Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 03, 2016 | Feb. 28, 2016 | Jun. 26, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Kraft Heinz Co | ||
Entity Central Index Key | 1,637,459 | ||
Document Type | 10-K | ||
Document Period End Date | Jan. 3, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --01-03 | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding | 1,215,189,526 | ||
Entity Public Float | $ 0 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Successor | |||||
Net sales | $ 6,240 | $ 18,338 | $ 10,922 | ||
Cost of products sold | 4,908 | 12,577 | 7,645 | ||
Gross profit | 1,332 | 5,761 | 3,277 | ||
Selling, general and administrative expenses | 1,340 | 3,122 | 1,709 | ||
Operating income/(loss) | (8) | 2,639 | 1,568 | ||
Interest expense | 409 | 1,321 | 686 | ||
Other expense, net | (119) | 305 | 79 | ||
Income/(loss) from continuing operations before income taxes | (298) | 1,013 | 803 | ||
Provision for/(benefit from) income taxes | (232) | 366 | 131 | ||
Net income/(loss) from continuing operations | (66) | 647 | 672 | ||
Loss from discontinued operations, net of tax | (6) | 0 | 0 | ||
Net income/(loss) | (72) | 647 | 672 | ||
Net income attributable to noncontrolling interest | 5 | 13 | 15 | ||
Net income/(loss) attributable to Kraft Heinz | (77) | 634 | 657 | ||
Preferred dividends | 360 | 900 | 720 | ||
Accretion of Series A Preferred Stock to redemption value | 687 | 0 | 0 | ||
Net (loss)/income attributable to common shareholders | $ (1,124) | $ (266) | $ (63) | ||
Earnings Per Share [Abstract] | |||||
Basic (loss)/income from continuing operations per common share (in dollars per share) | $ (2.97) | $ (0.34) | $ (0.17) | ||
Basic (loss)/income from discontinued operations per common share (in dollars per share) | (0.01) | 0 | 0 | ||
Basic (loss)/income per share (in dollars per share) | (2.98) | (0.34) | (0.17) | ||
Diluted (loss)/income from continuing operations per common share (in dollars per share) | (2.97) | (0.34) | (0.17) | ||
Diluted (loss)/income from discontinued operations per common share (in dollars per share) | (0.01) | 0 | 0 | ||
Diluted (loss)/income per share (in dollars per share) | (2.98) | (0.34) | (0.17) | ||
Dividends declared (in dollars per share) | $ 0 | $ 1.7 | $ 0 | ||
Predecessor | |||||
Net sales | $ 1,113 | $ 11,529 | |||
Cost of products sold | 793 | 7,958 | |||
Gross profit | 320 | 3,571 | |||
Selling, general and administrative expenses | 292 | 1,909 | |||
Operating income/(loss) | 28 | 1,662 | |||
Interest expense | 35 | 284 | |||
Other expense, net | 123 | 34 | |||
Income/(loss) from continuing operations before income taxes | (130) | 1,344 | |||
Provision for/(benefit from) income taxes | 61 | 242 | |||
Net income/(loss) from continuing operations | (191) | 1,102 | |||
Loss from discontinued operations, net of tax | (1) | (75) | |||
Net income/(loss) | (192) | 1,027 | |||
Net income attributable to noncontrolling interest | 3 | 14 | |||
Net income/(loss) attributable to Kraft Heinz | (195) | 1,013 | |||
Preferred dividends | 0 | 0 | |||
Accretion of Series A Preferred Stock to redemption value | 0 | 0 | |||
Net (loss)/income attributable to common shareholders | $ (195) | $ 1,013 | |||
Earnings Per Share [Abstract] | |||||
Basic (loss)/income from continuing operations per common share (in dollars per share) | $ (0.60) | $ 3.39 | |||
Basic (loss)/income from discontinued operations per common share (in dollars per share) | (0.01) | (0.23) | |||
Basic (loss)/income per share (in dollars per share) | (0.61) | 3.16 | |||
Diluted (loss)/income from continuing operations per common share (in dollars per share) | (0.60) | 3.37 | |||
Diluted (loss)/income from discontinued operations per common share (in dollars per share) | (0.01) | (0.23) | |||
Diluted (loss)/income per share (in dollars per share) | (0.61) | 3.14 | |||
Dividends declared (in dollars per share) | $ 0 | $ 2.06 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Successor | |||||
Net income/(loss) | $ (72) | $ 647 | $ 672 | ||
Other comprehensive (loss)/income, net of tax: | |||||
Foreign currency translation adjustments | 129 | (1,604) | (939) | ||
Net deferred gains/(losses) on net investment hedges | (118) | 506 | 336 | ||
Net postemployment benefit gains/(losses) | 102 | 946 | (34) | ||
Reclassification of net postemployment benefit (gains)/losses to net income | 0 | (85) | (7) | ||
Net deferred (losses)/gains on cash flow hedges | 111 | (6) | (173) | ||
Net deferred losses/(gains) on cash flow hedges reclassified to net income | (3) | 120 | 4 | ||
Total other comprehensive (loss)/income | 221 | (123) | (813) | ||
Total comprehensive income/(loss) | 149 | 524 | (141) | ||
Comprehensive (loss)/income attributable to noncontrolling interest | (6) | (13) | 8 | ||
Comprehensive income/(loss) attributable to Kraft Heinz | $ 155 | $ 537 | $ (149) | ||
Predecessor | |||||
Net income/(loss) | $ (192) | $ 1,027 | |||
Other comprehensive (loss)/income, net of tax: | |||||
Foreign currency translation adjustments | (98) | (229) | |||
Net deferred gains/(losses) on net investment hedges | 0 | 0 | |||
Net postemployment benefit gains/(losses) | 0 | (189) | |||
Reclassification of net postemployment benefit (gains)/losses to net income | 7 | 55 | |||
Net deferred (losses)/gains on cash flow hedges | (1) | (12) | |||
Net deferred losses/(gains) on cash flow hedges reclassified to net income | 7 | 30 | |||
Total other comprehensive (loss)/income | (85) | (345) | |||
Total comprehensive income/(loss) | (277) | 682 | |||
Comprehensive (loss)/income attributable to noncontrolling interest | (1) | (1) | |||
Comprehensive income/(loss) attributable to Kraft Heinz | $ (276) | $ 683 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jan. 03, 2016 | Dec. 28, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 4,837 | $ 2,298 |
Trade receivables (net of allowances of $32 at January 3, 2016 and $8 at December 28, 2014) | 871 | 690 |
Sold receivables | 583 | 161 |
Inventories | 2,618 | 1,185 |
Other current assets | 871 | 581 |
Total current assets | 9,780 | 4,915 |
Property, plant and equipment, net | 6,524 | 2,365 |
Goodwill | 43,051 | 14,959 |
Intangible assets, net | 62,120 | 13,188 |
Other assets | 1,498 | 1,144 |
TOTAL ASSETS | 122,973 | 36,571 |
LIABILITIES AND EQUITY | ||
Trade payables | 2,844 | 1,651 |
Accrued marketing | 856 | 297 |
Accrued postemployment costs | 328 | 15 |
Income taxes payable | 417 | 232 |
Interest payable | 401 | 167 |
Dividends payable | 762 | 0 |
Other current liabilities | 1,324 | 730 |
Total current liabilities | 6,932 | 3,092 |
Long-term debt | 25,151 | 13,358 |
Deferred income taxes | 21,497 | 3,867 |
Accrued postemployment costs | 2,405 | 287 |
Other liabilities | 752 | 282 |
TOTAL LIABILITIES | $ 56,737 | $ 20,886 |
Commitments and Contingencies (Note 18) | ||
Redeemable noncontrolling interest | $ 23 | $ 29 |
9.00% Series A cumulative redeemable preferred stock, 80,000 authorized and issued shares at January 3, 2016 and December 28, 2014, $.01 par value | 8,320 | 8,320 |
Equity: | ||
Common stock, $.01 par value (5,000,000,000 shares authorized, 1,214,391,614 shares issued and 1,213,978,752 shares outstanding at January 3, 2016; 4,000,000,000 shares authorized, 377,010,463 shares issued and outstanding at December 28, 2014) | 12 | 4 |
Warrants | 0 | 367 |
Additional paid-in capital | 58,375 | 7,320 |
Retained earnings/(deficit) | 0 | 0 |
Accumulated other comprehensive income/(losses) | (671) | (574) |
Treasury stock, at cost | (31) | 0 |
Total shareholders' equity | 57,685 | 7,117 |
Noncontrolling interest | 208 | 219 |
TOTAL EQUITY | 57,893 | 7,336 |
TOTAL LIABILITIES AND EQUITY | $ 122,973 | $ 36,571 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 03, 2016 | Dec. 28, 2014 | |
Receivables, allowances | $ 32 | $ 8 |
9.00% Series A cumulative redeemable preferred stock, 80,000 shares authorized | 1,000,000 | |
Common stock, shares issued | 1,214,391,614 | 377,010,463 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 5,000,000,000 | 4,000,000,000 |
Common stock, shares outstanding | 1,213,978,752 | 377,010,463 |
Nine point zero zero percent Series A cumulative redeemable preferred stock | ||
9.00% Series A cumulative redeemable preferred stock, dividend percentage | 9.00% | 9.00% |
9.00% Series A cumulative redeemable preferred stock, 80,000 shares authorized | 80,000 | 80,000 |
9.00% Series A cumulative redeemable preferred stock, 80,000 shares issued | 80,000 | 80,000 |
9.00% Series A cumulative redeemable preferred stock, par value | $ 0.01 | $ 0.01 |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) $ in Millions | Total | Common Stock | Warrants | Additional Paid-in Capital | Retained Earnings/ (Deficit) | Accumulated Other Comprehensive Income/(Losses) | Treasury Stock | Noncontrolling Interest | Nine point zero zero percent Series A cumulative redeemable preferred stock | Nine point zero zero percent Series A cumulative redeemable preferred stockAdditional Paid-in Capital | Nine point zero zero percent Series A cumulative redeemable preferred stockRetained Earnings/ (Deficit) |
Beginning balance (Predecessor) at Apr. 29, 2012 | $ 2,812 | $ 108 | $ 0 | $ 595 | $ 7,568 | $ (845) | $ (4,666) | $ 52 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income/(loss) excluding redeemable noncontrolling interest | Predecessor | 1,026 | 1,013 | 13 | ||||||||
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | Predecessor | (334) | (329) | (5) | ||||||||
Dividends declared-common stock | Predecessor | (666) | (666) | |||||||||
Dividends declared-noncontrolling interest | Predecessor | (13) | (13) | |||||||||
Shares reacquired | Predecessor | (139) | ||||||||||
Shares reacquired | (139) | ||||||||||
Exercise of stock options, issuance of other stock awards, and other | Predecessor | 164 | 14 | (8) | 158 | |||||||
Ending balance (Predecessor) at Apr. 28, 2013 | 2,850 | 108 | 0 | 609 | 7,907 | (1,174) | (4,647) | 47 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Fair value of noncontrolling interest as of June 8, 2013 | Successor | 230 | 230 | |||||||||
Beginning balance (Successor) at Feb. 07, 2013 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income/(loss) excluding redeemable noncontrolling interest | Successor | (72) | (77) | 5 | ||||||||
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | Successor | 219 | 232 | (13) | ||||||||
Dividends declared-Series A Preferred Stock | Successor | $ (360) | $ (360) | |||||||||
Dividends declared-noncontrolling interest | Successor | (6) | (6) | |||||||||
Accretion of Series A Preferred Stock to redemption value | Successor | (687) | (687) | |||||||||
Warrants issued | Successor | 367 | 367 | |||||||||
Issuance of common stock to Sponsors | Successor | 8,500 | 4 | 8,496 | ||||||||
Exercise of stock options, issuance of other stock awards, and other | Successor | 1 | 1 | |||||||||
Ending balance (Successor) at Dec. 29, 2013 | 8,192 | 4 | 367 | 7,450 | (77) | 232 | 0 | 216 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income/(loss) excluding redeemable noncontrolling interest | Predecessor | (192) | (195) | 3 | ||||||||
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | Predecessor | (83) | (81) | (2) | ||||||||
Cancellation of stock options and restricted stock units | Predecessor | (178) | (178) | |||||||||
Exercise of stock options, issuance of other stock awards, and other | Predecessor | 5 | 4 | 1 | ||||||||
Ending balance (Predecessor) at Jun. 07, 2013 | 2,402 | 108 | 0 | 435 | 7,712 | (1,255) | (4,646) | 48 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income/(loss) excluding redeemable noncontrolling interest | Successor | 671 | 657 | 14 | ||||||||
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | Successor | (810) | (806) | (4) | ||||||||
Dividends declared-Series A Preferred Stock | Successor | (720) | (142) | $ (578) | ||||||||
Dividends declared-noncontrolling interest | Successor | (7) | (7) | |||||||||
Exercise of stock options, issuance of other stock awards, and other | Successor | 10 | 12 | (2) | ||||||||
Ending balance (Successor) at Dec. 28, 2014 | 7,336 | 4 | 367 | 7,320 | 0 | (574) | 0 | 219 | |||
Ending balance at Dec. 28, 2014 | 7,336 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income/(loss) excluding redeemable noncontrolling interest | Successor | 647 | 634 | 13 | ||||||||
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | Successor | (115) | (97) | (18) | ||||||||
Dividends declared-Series A Preferred Stock | Successor | $ (900) | $ (360) | $ (540) | ||||||||
Dividends declared-common stock | Successor | (2,064) | (1,972) | (92) | ||||||||
Dividends declared-noncontrolling interest | Successor | (6) | (6) | |||||||||
Exercise of warrants | Successor | 0 | (367) | 367 | ||||||||
Issuance of common stock to Sponsors | Successor | 10,000 | 2 | 9,998 | ||||||||
Acquisition of Kraft Foods Group, Inc. | Successor | 42,855 | 6 | 42,849 | ||||||||
Exercise of stock options, issuance of other stock awards, and other | Successor | 140 | 173 | (2) | (31) | |||||||
Ending balance (Successor) at Jan. 03, 2016 | 57,893 | $ 12 | $ 0 | $ 58,375 | $ 0 | $ (671) | $ (31) | $ 208 | |||
Ending balance at Jan. 03, 2016 | $ 57,893 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Adjustments to reconcile net income/(loss) to operating cash flows: | |||||
Impairment losses on indefinite-lived intangible assets | $ 58 | $ 221 | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Balance at beginning of period | 2,298 | ||||
Balance at end of period | 4,837 | 2,298 | |||
Successor | |||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net income/(loss) | $ (72) | 647 | 672 | ||
Adjustments to reconcile net income/(loss) to operating cash flows: | |||||
Depreciation and amortization | 280 | 740 | 530 | ||
Amortization of postretirement benefit plans prior service credits | 0 | (112) | (6) | ||
Business combination, inventory fair value adjustment | 383 | 347 | 0 | ||
Equity award compensation expense | 1 | 133 | 8 | ||
Deferred income tax provision | (298) | (317) | (174) | ||
Pension contributions | (152) | (286) | (102) | ||
Impairment losses on indefinite-lived intangible assets | 0 | 58 | 221 | ||
Nonmonetary currency devaluation | 0 | 234 | 0 | ||
Write-off of debt issuance costs | 0 | 236 | 0 | ||
Other items, net | (40) | 120 | 194 | ||
Changes in current assets and liabilities: | |||||
Trade receivables | (112) | 838 | 144 | ||
Sold receivables | (9) | (422) | (129) | ||
Inventories | 84 | 25 | 153 | ||
Accounts payable | (90) | (119) | 562 | ||
Other current assets | 46 | 114 | (20) | ||
Other current liabilities | 14 | 231 | 87 | ||
Net cash provided by/(used for) operating activities | 35 | 2,467 | 2,140 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Capital expenditures | (202) | (648) | (399) | ||
Acquisitions of businesses, net of cash on hand | (21,494) | (9,468) | 0 | ||
Proceeds from net investment hedges | 0 | 488 | 0 | ||
Other investing activities, net | 25 | (76) | 50 | ||
Net cash used for investing activities | (21,671) | (9,704) | (349) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Repayments of long-term debt | (2,670) | (12,314) | (1,103) | ||
Proceeds from issuance of long-term debt | 12,575 | 14,834 | 0 | ||
Payments of Debt Issuance Costs | (321) | (98) | 0 | ||
Net (payments)/proceeds on short-term debt | (1,641) | (49) | (3) | ||
Proceeds from Issuance of Preferred Stock and Preference Stock | 7,633 | 0 | 0 | ||
Proceeds from issuance of common stock to Sponsors | 8,500 | 10,000 | 0 | ||
Proceeds from Issuance of Warrants | 367 | 0 | 0 | ||
Dividends paid-Series A Preferred Stock | (360) | (900) | (720) | ||
Dividends paid-common stock | 0 | (1,302) | 0 | ||
Other financing activities, net | 26 | 12 | 6 | ||
Net cash provided by/(used for) financing activities | 24,109 | 10,183 | (1,820) | ||
Effect of exchange rate changes on cash and cash equivalents | (14) | (407) | (132) | ||
Net increase/(decrease) | 2,459 | 2,539 | (161) | ||
Balance at beginning of period | 0 | 2,298 | 2,459 | ||
Balance at end of period | 2,459 | 4,837 | 2,298 | ||
Interest Paid | 259 | 704 | 620 | ||
Income Taxes Paid | $ 131 | $ 577 | $ 86 | ||
Predecessor | |||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net income/(loss) | $ (192) | $ 1,027 | |||
Adjustments to reconcile net income/(loss) to operating cash flows: | |||||
Depreciation and amortization | 40 | 344 | |||
Amortization of postretirement benefit plans prior service credits | (1) | (4) | |||
Business combination, inventory fair value adjustment | 0 | 0 | |||
Equity award compensation expense | 26 | 34 | |||
Deferred income tax provision | (20) | (87) | |||
Pension contributions | (7) | (69) | |||
Impairment losses on indefinite-lived intangible assets | 0 | 0 | |||
Nonmonetary currency devaluation | 0 | 0 | |||
Write-off of debt issuance costs | 0 | 0 | |||
Other items, net | (3) | 114 | |||
Changes in current assets and liabilities: | |||||
Trade receivables | (37) | (103) | |||
Sold receivables | 63 | (3) | |||
Inventories | (183) | (49) | |||
Accounts payable | (70) | 169 | |||
Other current assets | (47) | (46) | |||
Other current liabilities | 58 | 63 | |||
Net cash provided by/(used for) operating activities | (373) | 1,390 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Capital expenditures | (120) | (399) | |||
Acquisitions of businesses, net of cash on hand | 0 | 0 | |||
Proceeds from net investment hedges | 0 | 0 | |||
Other investing activities, net | 30 | 26 | |||
Net cash used for investing activities | (90) | (373) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Repayments of long-term debt | (440) | (224) | |||
Proceeds from issuance of long-term debt | 2 | 205 | |||
Payments of Debt Issuance Costs | 0 | 0 | |||
Net (payments)/proceeds on short-term debt | 481 | 1,090 | |||
Proceeds from Issuance of Preferred Stock and Preference Stock | 0 | 0 | |||
Proceeds from issuance of common stock to Sponsors | 0 | 0 | |||
Proceeds from Issuance of Warrants | 0 | 0 | |||
Dividends paid-Series A Preferred Stock | 0 | 0 | |||
Dividends paid-common stock | 0 | (666) | |||
Other financing activities, net | 43 | (149) | |||
Net cash provided by/(used for) financing activities | 86 | 256 | |||
Effect of exchange rate changes on cash and cash equivalents | (30) | (127) | |||
Net increase/(decrease) | (407) | 1,146 | |||
Balance at beginning of period | 2,477 | 1,331 | |||
Balance at end of period | 2,070 | 2,477 | |||
Interest Paid | 42 | 285 | |||
Income Taxes Paid | $ 32 | $ 327 |
Background and Basis of Present
Background and Basis of Presentation (Notes) | 12 Months Ended |
Jan. 03, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background and Basis of Presentation | Background and Basis of Presentation Description of the Company We manufacture and market food and beverage products, including condiments and sauces, cheese and dairy, meals, meats, refreshment beverages, coffee, and other grocery products throughout the world . 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. (“Berkshire Hathaway”) and 3G Global Food Holdings, L.P. (“3G Capital,” and together with Berkshire Hathaway, the “Sponsors”) following their acquisition of H. J. Heinz Company (the “2013 Merger”) on June 7, 2013 (the “2013 Merger Date”). The Sponsors initially owned 850 million shares of common stock in Heinz; Berkshire Hathaway also held a warrant to purchase 46 million additional shares of common stock, which it exercised in June 2015. Additionally, in connection with the 2013 Merger, we issued an $8.0 billion preferred stock investment in Heinz which entitles Berkshire Hathaway to a 9.00% annual dividend. Prior to, but in connection with, the 2015 Merger, the Sponsors made equity investments whereby they purchased an additional 500 million newly issued shares of Heinz common stock for an aggregate purchase price of $10.0 billion . Immediately prior to the consummation of the 2015 Merger, each share of Heinz issued and outstanding common stock was reclassified and changed into 0.443332 of a share of Kraft Heinz common stock. All share and per share amounts in the consolidated financial statements and related notes have been retroactively adjusted for all historical Successor periods presented to give effect to this conversion, including reclassifying an amount equal to the change in value of common stock to additional paid-in capital. In the 2015 Merger, all outstanding shares of Kraft common stock were converted into the right to receive, on a one -for-one basis, shares of Kraft Heinz common stock. Deferred shares and restricted shares of Kraft were converted to deferred shares and restricted shares of Kraft Heinz, as applicable. Upon the completion of the 2015 Merger, the Kraft shareholders of record immediately prior to the closing of the 2015 Merger received a special cash dividend of $16.50 per share. On June 7, 2013, H. J. Heinz Company was acquired by Heinz (formerly known as Hawk Acquisition Holding Corporation), a Delaware corporation controlled by the Sponsors, pursuant to the Agreement and Plan of Merger, dated February 13, 2013 (the “2013 Merger Agreement”), as amended by the Amendment to Agreement and Plan of Merger, dated March 4, 2013 (the “Amendment”), by and among H. J. Heinz Company, Heinz, and Hawk Acquisition Sub, Inc. (“Hawk”). See Note 2, Merger and Acquisition , for additional information on the 2015 Merger and the 2013 Merger. Periods Presented The 2013 Merger established a new accounting basis for Heinz. Accordingly, the consolidated financial statements present both Predecessor and Successor periods, which relate to the accounting periods preceding and succeeding the completion of the 2013 Merger. The Predecessor and Successor periods are separated by a vertical line on the face of the consolidated financial statements to highlight the fact that the financial information for such periods has been prepared under two different historical-cost bases of accounting. Additionally, on October 21, 2013, our Board of Directors approved a change in our fiscal year-end from the Sunday closest to April 30 to the Sunday closest to December 31. In 2013, as a result of the change in fiscal year-end, the 2013 Merger, and the creation of Hawk, there are three 2013 reporting periods as described below. The “Successor (Heinz, renamed to The Kraft Heinz Company at the closing of the 2015 Merger) Period” includes: • The consolidated financial statements for the year ended January 3, 2016 (a 53 week period, including a full year of Heinz results and post-2015 Merger results of Kraft); • The consolidated financial statements for the year ended December 28, 2014 (a 52 week period, including a full year of Heinz results); and • The period from February 8, 2013 through December 29, 2013 (the “2013 Successor Period”), reflecting: ▪ The creation of Hawk on February 8, 2013 and the activity from February 8, 2013 to June 7, 2013, which related primarily to the issuance of debt and recognition of associated issuance costs and interest expense; and ▪ All activity subsequent to the 2013 Merger. Therefore, the 2013 Successor Period includes 29 weeks of operating activity (June 8, 2013 to December 29, 2013). We indicate on our financial statements the weeks of operating activities in this period. The “Predecessor (H. J. Heinz Company) Period” includes, but is not limited to: • The consolidated financial statements of H. J. Heinz Company prior to the 2013 Merger on June 7, 2013, which includes the period from April 29, 2013 through June 7, 2013 (the “2013 Predecessor Period”); this represents six weeks of activity from April 29, 2013 through the 2013 Merger; and • The consolidated financial statements of H. J. Heinz Company for the fiscal year from April 30, 2012 to April 28, 2013 (“Fiscal 2013”). The following represents the condensed statement of operations of Hawk for the period February 8, 2013 through April 28, 2013 and the condensed balance sheet of Hawk as of April 28, 2013: Hawk Acquisition Sub, Inc. (Successor) Condensed Statement of Operations For the Period from February 8, 2013 through April 28, 2013 February 8 - April 28, 2013 (in millions) Selling, general and administrative expenses $ 20 Operating loss (20 ) Interest expense 11 Other expense, net 65 Loss from continuing operations before income tax (96 ) Benefit from income taxes 38 Net loss $ (58 ) Hawk Acquisition Sub, Inc. (Successor) Condensed Balance Sheet As of April 28, 2013 April 28, 2013 (in millions) Cash $ 3,012 Other assets 125 Total assets $ 3,137 Notes payable $ 3,100 Other liabilities 95 Total liabilities 3,195 Shareholder's deficit (58 ) Total liabilities and shareholder's deficit $ 3,137 Changes in Accounting and Reporting: In 2015, we made the following changes in accounting and reporting to harmonize our accounting and reporting as Kraft Heinz: • We made a voluntary change in accounting policy to classify certain warehouse and distribution costs (including shipping and handling costs) associated with the distribution of finished product to our customers as cost of products sold, which were previously recorded in selling, general and administrative expenses (“SG&A”). We made this voluntary change in accounting policy because we believe this presentation is preferable, as the classification in cost of products sold better reflects the cost of producing and distributing products. Additionally, this presentation enhances the comparability of our financial statements with industry peers and aligns with how we now internally manage and review costs. As required by accounting principles generally accepted in the United States of America (“U.S. GAAP”), the change has been reflected in the consolidated statements of income through retrospective application of the change in accounting policy. The impact of this change was to increase cost of products sold and decrease SG&A by $666 million for the year ended December 28, 2014, $367 million in the 2013 Successor Period , $66 million in the 2013 Predecessor Period, and $656 million in Fiscal 2013. • We made a voluntary change in accounting policy to classify our trademark and license intangible asset impairments and amortization in SG&A, which were previously recorded in cost of products sold. We made this voluntary change in accounting policy because we believe this presentation is preferable, as removing these expenses from cost of products sold better aligns cost of products sold with costs directly associated with generating revenue. Additionally, this presentation enhances the comparability of our financial statements with industry peers and aligns with how we now internally manage and review costs. As required by U.S. GAAP, the change has been reflected in the consolidated statements of income through retrospective application of the change in accounting policy. The impact of this change was to increase SG&A and decrease cost of products sold by $244 million for the year ended December 28, 2014, $11 million in the 2013 Successor Period, $2 million in the 2013 Predecessor Period, and $13 million in Fiscal 2013. • In 2015, we determined that we had previously misclassified customer related intangible asset amortization. Such costs were previously included in cost of products sold but should have been included in SG&A. We have revised the classification to report these expenses in SG&A in the consolidated statements of income for all prior periods presented. The impact of this revision was to increase SG&A and decrease cost of products sold by $68 million for the year ended December 28, 2014, $36 million in the 2013 Successor Period, $1 million in the 2013 Predecessor Period, and $18 million in Fiscal 2013. These misstatements were not material to our current or any prior period financial statements. • We separately presented sold receivables on our consolidated balance sheets and consolidated statements of cash flows to align with current period presentation. We revised our other assets (long-term), accrued postemployment costs (long-term), and other liabilities (long-term) on our 2014 consolidated balance sheet to correct for a prior period classification error and to correct for the misclassification of other assets to accrued postemployment costs (long-term). This correction resulted in an increase of $36 million to other assets, an increase of $43 million to accrued postemployment costs (long-term), and a decrease of $7 million to other liabilities (long-term). This misstatement was not material to our current or any prior period financial statements. In 2015, we determined that we had misstated foreign currency translation gains and losses on goodwill from the date of the 2013 Merger through December 28, 2014, as well as deferred taxes recognized on the 2013 Merger opening balance sheet. In 2015, we recorded out-of-period corrections to reduce goodwill by $40 million , reduce deferred tax assets by $11 million , and reduce accumulated other comprehensive income/(losses) by $51 million . These misstatements were not material to our current or any prior period financial statements. Significant Accounting Policies Principles of Consolidation: The consolidated financial statements include The Kraft Heinz Company, as well as our wholly-owned and majority-owned subsidiaries. All intercompany transactions are eliminated. Our year end date for financial reporting purposes is the Sunday closest to December 31. As a result, we occasionally have a 53 rd week in a fiscal year. Our year ended January 3, 2016 includes a 53 rd week of activity. The year end date of certain of our U.S. and Canada businesses is the Saturday closest to December 31. Use of Estimates: We prepare our consolidated financial statements in accordance with U.S. GAAP, which requires us to make accounting policy elections, estimates, and assumptions that affect a number of amounts in our consolidated financial statements. We base our estimates on historical experience and other assumptions that we believe are reasonable. 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. 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 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 percent. Under highly inflationary accounting, the financial statements of a subsidiary are remeasured into our reporting currency (U.S. dollars) and exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in net income, 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. Cash and Cash Equivalents: Cash equivalents include demand deposits with banks and all highly liquid investments with original maturities of three months or less. Inventories: Inventories are stated at the lower of cost or market. 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 3 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 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 and liabilities 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 : We test goodwill and indefinite-lived intangible assets for impairment at least annually in the second quarter or when a triggering event occurs. We performed our annual impairment testing in the second quarter of 2015, prior to completion of the 2015 Merger. The first step of the goodwill impairment test compares the reporting unit’s estimated fair value with its carrying value. If the carrying value of a reporting unit’s net assets exceeds its fair value, the second step would be applied to measure the difference between the carrying value and implied fair value of goodwill. If the carrying value of goodwill exceeds its implied fair value, the goodwill would be considered impaired and would be reduced to its implied fair value. We test indefinite-lived intangible assets for impairment by comparing the fair value of each intangible asset with its carrying value. If the carrying value exceeds fair value, the intangible asset would be considered impaired and would be reduced to fair value. 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 and indefinite-lived intangible assets requires us to make assumptions and estimates regarding our future plans, as well as industry and economic conditions. These assumptions and estimates include projected revenues and income growth rates, terminal growth rates, competitive and consumer trends, market-based discount rates, and other market factors. If current expectations of future growth rates are not met or market factors outside of our control, such as discount rates, change significantly, then one or more reporting units or intangible assets might become impaired in the future. Additionally, as goodwill and intangible assets associated with recently acquired businesses are recorded on the balance sheet at their estimated acquisition date fair values, those amounts are more susceptible to an impairment risk if business operating results or macroeconomic conditions deteriorate. Revenue Recognition: We recognize revenues when title and risk of loss pass to our customers. We record revenues net of consumer incentives and trade promotions and include all shipping and handling charges billed to customers. We also record provisions 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. Advertising, Consumer Incentives, and Trade Promotions: We promote our products with advertising, consumer incentives, and trade promotions. Advertising expenses are recorded in SG&A. We recorded advertising expense of $464 million in the year ended January 3, 2016, $241 million in the year ended December 28, 2014, $190 million in the 2013 Successor Period, $22 million in the 2013 Predecessor Period, and $305 million in Fiscal 2013. 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. Consumer incentives and trade promotions include, but are not limited to, discounts, coupons, rebates, in-store display incentives, and volume-based incentives. Consumer incentive and trade promotion activities are 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 and redemption rates. We review and adjust these estimates each quarter based on actual experience and other information. Research and Development Expense: We expense costs as incurred for product research and development within SG&A. Research and development expense was $105 million in the year ended January 3, 2016, $58 million in the year ended December 28, 2014, $53 million in the 2013 Successor Period, $10 million in the 2013 Predecessor Period, and $93 million in Fiscal 2013. Postemployment Benefit Plans: We provide a range of benefits to our eligible employees and retirees. These include defined benefit pension, postretirement benefit plans, defined contribution, and multiemployer pension and medical benefits. We maintain various retirement plans for the majority of our employees. The cost of these plans is charged to expense over the working life of the covered employees. We generally amortize net actuarial gains or losses and changes in the fair value of plan assets in future periods within cost of products sold and SG&A. 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 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 earnings. The effective portion of gains and losses on cash flow hedges are deferred as a component of accumulated other comprehensive income/(losses) and are recognized in earnings at the time the hedged item affects earnings, in the same 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. The fair value of these derivatives and remeasurements of our non-derivatives designated as net investment hedges are calculated each period 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 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 generally classified within operating activities. For additional information on derivative activity within our operating results, see Note 16, Financial Instruments . 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. Any hedging ineffectiveness is recognized in net earnings when the change in the value of the hedge does not offset the change in the value of the underlying hedged item. We formally document our risk management objectives, strategies for undertaking the various hedge transactions, the nature of and relationships between the hedging instruments and hedged items, and 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 earnings in the current period. Unrealized gains and losses on our commodity derivatives not designated as hedging instruments are recorded in general corporate expenses until realized. Once realized, the gains and losses are recorded within the applicable segment operating results. When we use financial instruments, we are exposed to credit risk that a counterparty might fail to fulfill its performance obligations under the terms of our agreement. We minimize our credit risk by entering into transactions with counterparties with investment grade credit ratings, limiting the amount of exposure we have with each counterparty, and monitoring the financial condition of our counterparties. We also maintain a policy of requiring that all significant, non-exchange traded derivative contracts with a duration of greater than one year be governed by an International Swaps and Derivatives Association master agreement. We are also exposed to market risk as the value of our financial instruments might be adversely affected by a change in foreign currency exchange rates, commodity prices, or interest rates. We manage market risk by incorporating monitoring parameters within our risk management strategy that limit the types of derivative instruments and derivative strategies we use and the degree of market risk that we hedge with derivative instruments. 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 may include forward foreign exchange contracts and foreign currency options. Substantially all of these derivative instruments are highly effective and qualify for hedge accounting treatment. We exclude forward points from the assessment and measurement of hedge ineffectiveness and report such amounts in current period net income as interest expense. 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 and certain foreign denominated debt designated as net investment hedges. 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. Substantially all of these derivative instruments have been highly effective and have qualified for hedge accounting treatment. 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 coffee beans, meat products, sugar, wheat products, corn products, vegetable oils, cocoa products, and dairy products. These commodity purchase contracts generally are not subject to the accounting requirements for derivative instruments and hedging activities under the normal purchases exception. We also use commodity futures and options to economically hedge the price of certain commodity costs, including coffee beans, meat products, sugar, wheat products, corn products, vegetable oils, cocoa products, dairy products, diesel fuel, and packaging products. We do not designate these commodity contracts as hedging instruments. We also sell commodity futures to unprice future purchase commitments, and we occasionally use related futures to economically cross hedge a commodity exposure. 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 U.S. GAAP accounting and tax reporting. 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 income 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 increase or charge to income. 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. Recently Issued Accounting Standards: In May 2014, the Financial Accounting Standards Board (the “FASB”) issued an accounting standards update (“ASU”) that superseded previously existing revenue recognition guidance. Under this ASU, an entity will apply a principles-based five step model to recognize revenue upon the transfer of promised goods or services to customers and in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. This ASU will be effective beginning in the first quarter of our fiscal year 2018. We are currently evaluating the impact that this ASU will have on our financial statements and related disclosures. In April 2015, the FASB issued an ASU intended to simplify the presentation of debt issuance costs. The ASU requires that debt issuance costs be presented on the balance sheet as a direct deduction from the carrying amount of debt, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this ASU. We early-adopted this ASU in 2015, and accordingly reclassified unamortized debt issuance costs of $228 million from other assets to long-term debt on the consolidated balance sheet at December 28, 2014. In September 2015, the FASB issued an ASU intended to simplify the accounting for measurement period adjustments in a business combination. Measurement period adjustments are changes to provisional amounts recorded when the accounting for a business combination is incomplete as of the end of a reporting period. The measurement period can extend for up to a year following the transaction date. During the measurement period, companies may make adjustments to provisional amounts when information necessary to complete the measurement is received. The ASU requires companies to recognize these adjustments, including any related impacts to net income, in the reporting period in which the adjustments are determined. Companies are no longer required to retroactively apply measurement period adjustments to all periods presented. We early-adopted this ASU in 2015. See Note 2, Merger and Acquisition , for additional information on measurement period adjustments. In November 2015, the FASB issued an ASU intended to simplify the presentation of deferred income taxes. The ASU requires that deferred income tax liabilities and assets be classified as noncurrent in the balance sheet. Previously, companies were required to classify deferred tax liabilities and assets as current or noncurrent based on the classification of the related asset or liability. We early adopted this ASU 2015 on a prospective basis, as the impact to prior periods was not significant. |
Merger and Acquisition (Notes)
Merger and Acquisition (Notes) | 12 Months Ended |
Jan. 03, 2016 | |
Business Combinations [Abstract] | |
Merger and Acquisition | Merger and Acquisition 2015 Merger Transaction Overview: As discussed in Note 1, Background and Basis of Presentation , Heinz merged with Kraft on July 2, 2015. The Kraft businesses manufacture and market food and beverage products, including cheese, meats, refreshment beverages, coffee, packaged dinners, refrigerated meals, snack nuts, dressings, and other grocery products, primarily in the United States and Canada. Total net sales for Kraft during its most recent pre-acquisition year ended December 27, 2014 were $18.2 billion . Following the 2015 Merger Date, the operating results of the Kraft businesses have been included in our consolidated financial statements. For the period from the 2015 Merger Date through January 3, 2016, Kraft's net sales were $8.5 billion and net income was $478 million . The 2015 Merger was accounted for under the acquisition method of accounting for business combinations and Heinz was considered to be the acquiring company. Under the acquisition method of accounting, total consideration exchanged was (in millions): Aggregate fair value of Kraft common stock $ 42,502 $16.50 per share special cash dividend 9,782 Fair value of replacement equity awards 353 Total consideration exchanged $ 52,637 Valuation Assumptions and Preliminary Purchase Price Allocation: We utilized estimated fair values at the 2015 Merger Date for the preliminary allocation of consideration to the net tangible and intangible assets acquired and liabilities assumed. Our purchase price allocation is substantially complete with the exception of identifiable intangible assets, certain income tax accounts and goodwill. During our fourth quarter 2015, we made measurement period adjustments to reflect facts and circumstances in existence as of the acquisition date. These adjustments included a $5.4 billion increase in indefinite-lived trademarks, a related $2.0 billion increase in deferred tax liabilities, and a $3.4 billion decrease in goodwill. In addition, we reflected a correction to our third quarter foreign currency exchange rate assumptions impacting foreign currency translation and goodwill by approximately $100 million . This misstatement was not material to our current or any prior period financial statements. As we continue to integrate Kraft businesses, we may obtain additional information on the acquired identifiable intangible assets which, if significant, could require revisions to preliminary valuation assumptions, estimates and resulting fair values. Amounts for certain income tax accounts are also subject to change pending the filing of Kraft’s pre-acquisition tax returns and the receipt of information from taxing authorities which, if significant, could require revisions to preliminary assumptions and estimates. If we determine any measurement period adjustments are significant, we will recognize those adjustments, including any related impacts to deferred tax positions, goodwill or net income, in the reporting period in which the adjustments are determined. The preliminary purchase price allocation to assets acquired and liabilities assumed in the transaction was (in millions): Cash $ 314 Other current assets 3,423 Property, plant and equipment 4,193 Identifiable intangible assets 49,749 Other non-current assets 214 Trade and other payables (3,026 ) Long-term debt (9,286 ) Net postemployment benefits and other non-current liabilities (4,734 ) Deferred income tax liabilities (17,239 ) Net assets acquired 23,608 Goodwill on acquisition 29,029 Total consideration 52,637 Fair value of shares exchanged and equity awards 42,855 Total cash consideration paid to Kraft shareholders 9,782 Cash and cash equivalents of Kraft at the 2015 Merger Date 314 Acquisition of business, net of cash on hand $ 9,468 The 2015 Merger preliminarily resulted in $29.0 billion of non tax deductible goodwill relating principally to synergies expected to be achieved from the combined operations and planned growth in new markets. Goodwill has preliminarily been allocated to our segments as shown in Note 7, Goodwill and Intangible Assets . The preliminary purchase price allocation to identifiable intangible assets acquired was: Preliminary Fair Value Weighted Average Life (in millions of dollars) (in years) Indefinite-lived trademarks $ 45,082 Definite-lived trademarks 1,690 24 Customer relationships 2,977 29 Total identifiable intangible assets $ 49,749 We preliminarily valued trademarks using either the excess earnings method or relief from royalty method, which are both variations of the income approach. We used the excess earnings method for our most significant trademarks due to their impact on the cash flows of the business and used the relief from royalty method for the remaining trademarks and licenses. For customer relationships, we used the distributor method, a variation of the excess earnings method that uses distributor-based inputs for margins and contributory asset charges. Some of the more significant assumptions inherent in developing the valuations included the estimated annual net cash flows for each indefinite-lived or 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. Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. Preliminary assumptions may change and may result in changes to the final valuation. We used existing carrying values 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 2015 Merger Date. We valued finished goods and work-in-process inventory using a net realizable value approach, which resulted in a step-up of $347 million that was recognized in cost of products sold in the period from the 2015 Merger Date to September 27, 2015 as the related inventory was sold. 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 current replacement and/or reproduction cost of the asset as new, less depreciation attributable to physical, functional, and economic factors. Deferred income tax assets and liabilities as of the 2015 Merger Date represented the expected future tax consequences of temporary differences between the preliminary fair values of the assets acquired and liabilities assumed and their tax bases. Pro Forma Results: The following table provides unaudited pro forma results, prepared in accordance with ASC 805, for the years ended January 3, 2016 and December 28, 2014 , as if Kraft had been acquired as of December 30, 2013. For the Year Ended January 3, 2016 December 28, 2014 (in millions, except per share data) Net sales $ 27,447 $ 29,122 Net income from continuing operations 1,761 2,003 Basic earnings per share 0.72 1.08 Diluted earnings per share 0.70 1.05 The unaudited pro forma results include certain preliminary purchase accounting adjustments. We have made pro forma adjustments to exclude deal costs (“Deal Costs”) of $166 million ( $102 million net of tax) and non-cash costs related to the fair value step-up of Kraft’s inventory (“Inventory Step-up Costs”) of $347 million ( $213 million net of tax) for the year ended January 3, 2016 , because such costs are nonrecurring and are directly attributable to the 2015 Merger. As required by U.S. GAAP, we have made pro forma adjustments to include the Deal Costs and Inventory Step-up Costs in results for the year ended December 28, 2014 . The unaudited pro forma results do not include any anticipated cost savings or other effects of future integration efforts. Unaudited pro forma amounts are not necessarily indicative of results had the 2015 Merger occurred on December 30, 2013 or of future results. 2013 Merger Transaction Overview: As discussed in Note 1, Background and Basis of Presentation , the 2013 Merger occurred on June 7, 2013. Under the Merger Agreement between H. J. Heinz Company, Heinz, and Hawk, Hawk merged with and into H. J. Heinz Company, with H. J. Heinz Company surviving as a wholly-owned subsidiary of H.J. Heinz Corporation II. H.J. Heinz Corporation II was an indirect wholly-owned subsidiary of Heinz, which was controlled by the Sponsors. Upon completion of the 2013 Merger, H. J. Heinz Company’s shareholders received $72.50 in cash, without interest and less applicable taxes, for each share of common stock held prior to the effective time of the 2013 Merger. Additionally, all outstanding stock option awards, restricted stock units (“RSUs”) (except for certain retention RSUs which continued on their original terms), and restricted stock awards were automatically canceled and converted into the right to receive cash consideration of $72.50 . The total consideration paid in connection with the 2013 Merger was $28.8 billion , including the assumption of H. J. Heinz Company’s outstanding debt, which was funded by equity contributions from the Sponsors totaling $16.5 billion , comprised of $8.5 billion of common stock, $7.6 billion of preferred stock and $0.4 billion of warrants, as well as proceeds received by Hawk of approximately $11.5 billion (of which $9.5 billion was drawn at the close of the transaction), and $3.1 billion upon issuance of the 4.250% Second Lien Senior Secured Notes, less applicable debt issuance costs of $316 million . As a result of the 2013 Merger, we assumed the liabilities and obligations of Hawk. Valuation Assumptions and Purchase Price Allocation: The allocation of consideration to the net tangible and intangible assets acquired and liabilities assumed in the 2013 Merger was based on estimated fair values at the date of acquisition. The final allocation of the purchase price of the 2013 Merger to assets acquired and liabilities assumed in the transaction was (in millions): Cash $ 3,224 Other current assets 3,735 Property, plant and equipment 2,686 Identifiable intangible assets 13,914 Other non-current assets 651 Trade and other payables (2,742 ) Long-term debt (3,022 ) Net postemployment benefits and other non-current liabilities (671 ) Deferred income tax liabilities (4,056 ) Redeemable noncontrolling interest and noncontrolling interest (258 ) Net assets acquired 13,461 Goodwill on acquisition 15,292 Total consideration 28,753 Debt repayment and associated costs (3,977 ) Excess cash (1,154 ) Other transaction related costs (58 ) Total consideration paid to Predecessor shareholders 23,564 Cash and cash equivalents of Predecessor at June 7, 2013 (2,070 ) Acquisition of business, net of cash on hand $ 21,494 The total non tax deductible goodwill relating to the 2013 Merger was $15.3 billion . The goodwill recognized related principally to H. J. Heinz Company’s established global organization, reputation and strategic positioning. Trademarks were valued using the excess earnings method for our most significant trademarks due to their impact on the cash flows of the business and the relief from royalty method for other trademarks. Customer relationships were determined using the distributor method. We used existing carrying values 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 2013 Merger Date. We valued finished goods and work-in-process inventory using a net realizable value approach, which resulted in a step-up of $384 million that was recognized in cost of products sold in the 2013 Successor Period as the related inventory was sold. 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 current replacement and/or reproduction cost of the asset as new, less depreciation attributable to physical, functional, and economic factors. Deferred income tax assets and liabilities as of the 2013 Merger Date represented the expected future tax consequences of temporary differences between the fair values of the assets acquired and liabilities assumed and their tax bases. Pro Forma Results: The following table provides unaudited pro forma results, prepared in accordance with ASC 805, for the eight months ended December 29, 2013 and Fiscal 2013, as if the H. J. Heinz Company had been acquired as of April 30, 2012. Eight Months Ended December 29, 2013 Fiscal Year Ended April 28, 2013 (in millions, except per share data) Net sales $ 7,352 $ 11,529 Net income from continuing operations 187 324 Basic loss per share (0.78 ) (2.87 ) Diluted loss per share (0.78 ) (2.87 ) The unaudited pro forma results included certain purchase accounting adjustments. We have made pro forma adjustments to exclude $384 million in non-cash costs related to the fair value step-up of H. J. Heinz Company's inventory, $270 million of 2013 Merger costs, and a $118 million unrealized gain on derivative instruments for the eight months ended December 29, 2013, because such costs are nonrecurring and are directly attributable to the 2013 Merger. We have made pro forma adjustments to include these transactions in results for the fiscal year ended April 28, 2013. Unaudited pro forma amounts are not necessarily indicative of results had the 2013 Merger occurred on April 30, 2012 or of future results. Other Acquisitions During Fiscal 2013, we acquired an additional 15% interest in Coniexpress S.A. Industrias Alimenticias (“Coniexpress”), a leading Brazilian manufacturer of the Quero® brand of tomato-based sauces, tomato paste, ketchup, condiments and vegetables for $80 million . Prior to this transaction, we owned 80% of Coniexpress. See Note 18, Commitments and Contingencies , for further details regarding this redeemable noncontrolling interest. In the 2011 fiscal year, we acquired Foodstar Holding Pte (“Foodstar”), a manufacturer of soy sauces and fermented bean curd in China, which included a potential earn-out payment contingent upon certain net sales and EBITDA targets during Fiscal 2013 and the 2014 fiscal year. During Fiscal 2013, we renegotiated the terms of the earn-out agreement to obtain future flexibility for growing our business in China, resulting in a cash settlement of the earn-out for $60 million , including a $12 million charge for the difference between the settlement amount and the carrying value of the earn-out as reported on our balance sheet at the date of this transaction. |
Integration and Restructuring E
Integration and Restructuring Expenses (Notes) | 12 Months Ended |
Jan. 03, 2016 | |
Restructuring and Related Activities [Abstract] | |
Integration and Restructuring Expenses | Integration and Restructuring Expenses Following the 2015 Merger, we announced a multi-year program (the “Integration Program”) designed to reduce costs, integrate, and optimize the combined organization. As part of these activities, we incur expenses (primarily employee separations, lease terminations and other direct exit costs) that qualify as exit and disposal costs under U.S. GAAP. 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 (primarily accelerated depreciation, asset impairments, implementation costs such as new facility relocation and start-up costs, and other incremental costs). 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. Asset-related costs consist primarily of accelerated depreciation, and to a lesser degree asset impairments. 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 if carrying value exceeds fair value. All other costs are recognized as incurred. Integration Program: We currently expect the Integration Program will result in $1.9 billion of pre-tax costs, with approximately 60% reflected in cost of products sold, comprised of the following categories: • Organization costs ( $650 million ) associated with our plans to streamline and simplify our operating structure, resulting in workforce reduction. These costs will primarily include: severance and employee benefits (cash severance, non-cash severance, including accelerated equity award compensation expense, and pension and other termination benefits). Beginning in August 2015, we announced a new, streamlined structure for our businesses in the United States and Canada segments. This resulted in the reduction of salaried positions across the United States and Canada. We currently expect to eliminate 2,650 positions. • Footprint costs ( $1.1 billion ) associated with our plans to optimize our production and supply chain network, resulting in facility closures and consolidations. These costs will primarily include: asset-related costs (accelerated depreciation and asset impairment charges), costs to exit facilities, relocation and start-up costs of new facilities, and severance and employee benefits. On November 4, 2015, we announced the closure of seven factories and began consolidation of our distribution network. In a staged process over the next 12 to 24 months, production in these locations will shift to other existing factories in the United States and Canada. Overall, we expect to eliminate 2,600 positions. • Other costs ( $150 million ) incurred as a direct result of restructuring activities, primarily including: contract and lease terminations, professional fees, and other incremental third-party fees. For the year ended January 3, 2016 , we have incurred $829 million of costs under the Integration Program including: $562 million of severance and employee benefit costs, $136 million of non-cash asset-related costs, $76 million of other implementation costs and $55 million of other exit costs. We expect approximately 60% of the Integration Program expenses will be cash expenditures. At January 3, 2016 , the total Integration Program liability related primarily to the elimination of general salaried and footprint-related positions across the United States and Canada; 2,500 of whom have left the company by January 3, 2016 . The liability balance associated with the Integration Program, which qualifies as U.S. GAAP exit and disposal costs, was (in millions): Severance and Employee Benefit Costs Other Exit Costs (a) Total Balance at December 28, 2014 $ — $ — $ — Charges 562 55 617 Cash payments (327 ) (32 ) (359 ) Non-cash utilization (50 ) — (50 ) Balance at January 3, 2016 $ 185 $ 23 $ 208 (a) Other costs primarily represent contract and lease terminations. We expect a substantial portion of the January 3, 2016 Integration Program liability will be paid in 2016. Restructuring Activities: Prior to the 2015 Merger, we executed a number of other restructuring activities focused primarily on work-force reduction and factory closure and consolidation in relation to the 2013 Merger. Those programs, which are substantially complete, resulted in the elimination of 8,100 positions and cumulative $550 million severance and employee benefit costs, $340 million non-cash asset-related costs, and $350 million other exit costs through January 3, 2016 . Related to these restructuring activities we incurred expenses of $194 million for the year ended January 3, 2016 , expenses of $637 million for the year ended December 28, 2014 , and expenses of $411 million during the 2013 Successor Period. The expense/(benefit) related to these restructuring activities was insignificant during the 2013 Predecessor Period and during Fiscal 2013. As of January 3, 2016 , the liability balance associated with active restructuring projects, which qualifies as U.S. GAAP exit and disposal costs, was (in millions): Severance and Employee Benefit Costs Other Exit Costs (a) Total Balance at December 28, 2014 $ 53 $ 26 $ 79 Charges 75 23 98 Cash payments (102 ) (17 ) (119 ) Non-cash utilization (1 ) (2 ) (3 ) Balance at January 3, 2016 $ 25 $ 30 $ 55 (a) Other costs primarily represent contract and lease terminations. Total Integration and Restructuring: Our total Integration Program and Restructuring expenses were (in millions): Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Severance and Employee benefit costs - COGS $ 119 $ 135 $ 101 $ — $ — Severance and Employee benefit costs - SG&A 519 67 173 — — Asset related costs - COGS 186 199 60 6 — Asset related costs - SG&A 7 9 6 — — Other exit costs - COGS 99 179 7 — — Other exit costs - SG&A 93 48 64 (12 ) 1 $ 1,023 $ 637 $ 411 $ (6 ) $ 1 Following the 2015 Merger, we began to report under a new segment structure and have reflected these changes for all historical periods presented. See Note 20, Segment Reporting , for additional information. We do not include Integration Program and Restructuring expenses within Segment Adjusted EBITDA. The pre-tax impact of allocating such expenses to our segments would have been (in millions): Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, United States $ 790 $ 227 $ 113 $ — $ — Canada 47 101 59 — — Europe 141 224 126 4 — Rest of World 13 62 49 2 — Non-Operating 32 23 64 (12 ) 1 $ 1,023 $ 637 $ 411 $ (6 ) $ 1 |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 12 Months Ended |
Jan. 03, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations In 2013, our Board of Directors approved management’s plan to sell Shanghai LongFong Foods (“LongFong”), a manufacturer of frozen products in China, which was previously reported in the Rest of World segment. During Fiscal 2013, we secured an agreement with a buyer and the sale was completed during the 2013 Successor Period, which resulted in an insignificant pre-tax and after-tax loss recorded in discontinued operations. As a result, LongFong’s net assets were classified as held for sale and we adjusted the carrying value to the estimated fair value, recording a $36 million pre-tax and after-tax non-cash goodwill impairment charge to discontinued operations during Fiscal 2013. During Fiscal 2013, we sold our U.S. Foodservice frozen desserts business, which was previously reported in the United States segment, resulting in a $33 million pre-tax ( $21 million after-tax) loss recorded in discontinued operations. The operating results related to these businesses were included in discontinued operations in our consolidated statements of income. The operating results for these discontinued operations were (in millions): Successor Predecessor February 8 - December 29, April 29 - June 7, April 28, Net sales $ 3 $ 1 $ 48 Net after-tax losses (6 ) (1 ) (18 ) Tax benefit on losses — — 1 |
Inventories (Notes)
Inventories (Notes) | 12 Months Ended |
Jan. 03, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories at January 3, 2016 and December 28, 2014 were (in millions): January 3, 2016 December 28, 2014 Packaging and ingredients $ 563 $ 223 Work in process 393 136 Finished product 1,662 826 Inventories $ 2,618 $ 1,185 |
Property, Plant and Equipment (
Property, Plant and Equipment (Notes) | 12 Months Ended |
Jan. 03, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment at January 3, 2016 and December 28, 2014 was (in millions): January 3, 2016 December 28, 2014 Land $ 297 $ 199 Buildings and improvements 1,700 597 Equipment and other 4,432 1,735 Construction in progress 1,001 265 7,430 2,796 Accumulated depreciation (906 ) (431 ) Property, plant and equipment, net $ 6,524 $ 2,365 In 2015, we consummated the 2015 Merger and recorded $4.2 billion of property, plant and equipment in purchase accounting. See Note 2, Merger and Acquisition , for additional information. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Notes) | 12 Months Ended |
Jan. 03, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill: Following the 2015 Merger, we began to report under a new segment structure and have reflected these changes for all historical periods presented. See Note 20, Segment Reporting , for additional information. Changes in the carrying amount of goodwill from December 28, 2014 to January 3, 2016 , by segment, were (in millions): United States Canada Europe Rest of World Total Balance at December 28, 2014 $ 8,754 $ 1,348 $ 3,454 $ 1,403 $ 14,959 2015 Merger purchase accounting 25,008 4,021 — — 29,029 Translation adjustments — (568 ) (208 ) (207 ) (983 ) Other 1 (5 ) (94 ) 144 46 Balance at January 3, 2016 $ 33,763 $ 4,796 $ 3,152 $ 1,340 $ 43,051 In connection with the 2015 Merger, we recorded $29.0 billion of goodwill in purchase accounting, representing the preliminary fair value as of the 2015 Merger Date. As of the issuance date of this report, the assignment of goodwill to reporting units was also preliminary. We perform our annual impairment testing in the second quarter or when a triggering event occurs. We performed our annual impairment testing in the second quarter of 2015, prior to the completion of the 2015 Merger. No impairment of goodwill was reported as a result of our 2015 annual goodwill impairment test; however, the historical Heinz North America Consumer Products reporting unit had an estimated fair value in excess of its carrying value of less than 10% . If our current expectations of future growth rates are not met or if valuation factors outside of our control, such as discount rates, change unfavorably, the estimated fair value of our goodwill could be adversely affected, leading to a potential impairment in the future. There were no accumulated impairment losses to goodwill as of January 3, 2016 or December 28, 2014 . Indefinite-lived intangible assets: Indefinite-lived intangible assets primarily consisted of trademarks. The changes in indefinite-lived intangible assets from December 28, 2014 to January 3, 2016 were (in millions): Balance at December 28, 2014 $ 11,872 2015 Merger purchase accounting 45,082 Impairment losses on indefinite-lived intangible assets (58 ) Transfers to definite-lived intangible assets (553 ) Translation adjustments (519 ) Balance at January 3, 2016 $ 55,824 In connection with the 2015 Merger, we recorded $45.1 billion of indefinite-lived intangible assets in purchase accounting, representing the preliminary fair values as of the 2015 Merger Date . We test indefinite-lived intangible assets for impairment at least annually in the second quarter or when a triggering event occurs. We performed our annual impairment testing in the second quarter of 2015, prior to the completion of the 2015 Merger. As a result of our 2015 annual impairment test, we recognized non-cash impairment losses of $58 million in SG&A. The impairment losses were primarily related to declines within frozen soup in the United States, frozen meals and snacks primarily in the United Kingdom, and pasta sauce in the United States and Canada. Additionally, as of the date of our 2015 annual impairment test, 21 brands, with an aggregate carrying value of $2.5 billion , had excess fair values over their carrying values of less than 10% . If our current expectations of future growth rates are not met or if valuation factors outside of our control, such as discount rates, change unfavorably, the estimated fair values of our indefinite-lived intangible assets could be adversely affected, leading to potential impairments in the future. In the year ended December 28, 2014 , we recognized non-cash impairment losses of $221 million in SG&A, primarily related to our Heinz North America frozen meals and snacks business due to continued category softness and weaker than anticipated sales. Definite-lived intangible assets: Definite-lived intangible assets at January 3, 2016 and December 28, 2014 were (in millions): January 3, 2016 December 28, 2014 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trademarks $ 2,346 $ (70 ) $ 2,276 $ 118 $ (31 ) $ 87 Customer-related assets 4,218 (209 ) 4,009 1,315 (99 ) 1,216 Other 15 (4 ) 11 15 (2 ) 13 $ 6,579 $ (283 ) $ 6,296 $ 1,448 $ (132 ) $ 1,316 Amortization expense for definite-lived intangible assets was $178 million for the year ended January 3, 2016 , $93 million for the year ended December 28, 2014 , $47 million for the 2013 Successor Period, and $31 million for Fiscal 2013. Amortization expense was insignificant for the 2013 Predecessor Period. Aside from amortization expense, the changes in definite-lived intangible assets from December 28, 2014 to January 3, 2016 reflect the impacts of preliminary purchase accounting, $553 million of transfers from indefinite-lived intangible assets, and foreign currency. We estimate that annual amortization expense for definite-lived intangible assets for each of the next five years will be approximately $276 million . |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Jan. 03, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income before income taxes from continuing operations and the provision for income taxes for continuing operations, consisted of the following (in millions): Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Income/(loss) from continuing operations before income taxes: United States $ (13 ) $ (207 ) $ (291 ) $ (191 ) $ 379 International 1,026 1,010 (7 ) 61 965 Total $ 1,013 $ 803 $ (298 ) $ (130 ) $ 1,344 Provision/(benefit) for income taxes: Current: U.S. federal $ 427 $ 105 $ 10 $ 55 $ 127 U.S. state and local 22 12 2 8 15 International 234 188 54 18 187 683 305 66 81 329 Deferred: U.S. federal (173 ) (159 ) (125 ) (13 ) (14 ) U.S. state and local (70 ) (14 ) 5 — 1 International (74 ) (1 ) (178 ) (7 ) (74 ) (317 ) (174 ) (298 ) (20 ) (87 ) Total provision for income taxes $ 366 $ 131 $ (232 ) $ 61 $ 242 Tax benefits related to stock options and other equity instruments recorded directly to additional paid-in capital totaled $10 million in the year ended January 3, 2016, $47 million in the 2013 Predecessor Period and $21 million in Fiscal 2013. There were no tax benefits related to stock options and other equity instruments in the year ended December 28, 2014 or the 2013 Successor Period. The effective income tax rate on pre-tax income from continuing operations differed from the U.S. federal statutory tax rate for the following reasons: Successor Predecessor January 3, 2016 December 28, 2014 February 8 - December 29, 2013 April 29 - June 7, April 28, 2013 U.S. federal statutory tax rate 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % Increase/(decrease) resulting from: Tax on income of foreign subsidiaries (11.8 )% (8.3 )% 2.0 % 4.3 % (4.8 )% Changes in valuation allowances 1.4 % (1.3 )% (2.7 )% 1.6 % 0.9 % Domestic manufacturing deduction (2.9 )% (2.8 )% — % 0.7 % (0.3 )% U.S. state and local income taxes, net of federal tax benefit (0.6 )% (0.9 )% (4.3 )% (0.5 )% 0.3 % Nondeductible deal costs 1.3 % — % (2.0 )% (18.8 )% — % Earnings repatriation 21.9 % 8.0 % (1.0 )% (77.2 )% 0.9 % Tax exempt income (10.9 )% (12.3 )% 13.3 % 8.9 % (6.3 )% Effects of revaluation of tax basis of foreign assets — % — % — % 0.4 % (6.2 )% Reduction of manufacturing deduction for loss carryback — % — % (3.7 )% — % — % Deferred tax effect of statutory tax rate changes (10.4 )% (0.8 )% 35.9 % 0.3 % (0.7 )% Audit settlements and changes in uncertain tax positions 6.2 % 2.2 % (0.4 )% (3.6 )% (0.3 )% Venezuela nondeductible devaluation loss 9.9 % — % — % — % — % Venezuela inflation adjustment (1.7 )% (3.1 )% 4.9 % 1.7 % (0.7 )% Other (1.2 )% 0.6 % 0.8 % 0.2 % 0.2 % Effective tax rate 36.2 % 16.3 % 77.8 % (47.0 )% 18.0 % The provision for income taxes consists of provisions for federal, state and foreign income taxes. We operate in an international environment; accordingly, the consolidated income 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 domestic manufacturing deductions, uncertain tax positions and other items on the effective tax rate shown in the table above are affected by income before income taxes from continuing operations. Fluctuations in the amount of income could impact comparability of reconciling items between periods. The tax provision for the 2015 and 2014 tax years benefited from a favorable jurisdictional income mix which primarily resulted from restructuring and impairment costs recorded in the U.S. The tax benefit in the 2015 tax year included a benefit related to the impact on deferred taxes of a 200 basis point statutory rate reduction in the United Kingdom. The tax benefit for the 2013 Successor Period included a benefit related to the impact on deferred taxes of a 300 basis point statutory rate reduction in the United Kingdom. The benefits of these statutory rate reductions in the United Kingdom were favorably impacted by the increase in deferred tax liabilities recorded in purchase accounting in the 2013 merger. The tax provision for the June 7, 2013 Predecessor period was principally caused by the effect of repatriation costs of approximately $100 million for earnings of foreign subsidiaries distributed during the period and the effect of nondeductible costs related to the 2013 merger. In 2015, the FASB issued an ASU intended to simplify the presentation of deferred income taxes. We early adopted this ASU on a prospective basis, as the impact to prior periods was not significant, see Note 1, Background and Basis of Presentation , for additional information. The tax effects of temporary differences and carryforwards that gave rise to deferred income tax assets and liabilities consisted of the following at January 3, 2016 and December 28, 2014: January 3, 2016 December 28, 2014 (in millions) Deferred income tax liabilities: Depreciation and amortization $ 1,659 $ 686 Benefit plans 63 109 Deferred income 324 217 Indefinite lived intangible assets 21,525 3,493 Other 107 96 Deferred income tax liabilities 23,678 4,601 Deferred income tax assets: Operating loss carryforwards (135 ) (110 ) Benefit plans (1,323 ) (145 ) Depreciation and amortization (248 ) (404 ) Tax credit carryforwards (53 ) (36 ) Deferred income (165 ) (15 ) Other (410 ) (149 ) Deferred income tax assets (2,334 ) (859 ) Valuation allowance 83 64 Net deferred income tax liabilities $ 21,427 $ 3,806 The increase in our valuation allowance during 2015 of $19 million reflects the impact of the inclusion of valuation allowances resulting from the accounting acquisition of Kraft, the recording a valuation allowance for foreign tax credit carryforwards generated in the current year that are not expected to be utilized, partially offset by a reduction resulting from the utilization of foreign net operating losses and deferred tax assets that we had not previously anticipated being able to utilize. At January 3, 2016, foreign operating loss carryforwards totaled $364 million . Of that amount, $90 million expire between 2016 and 2035; the other $274 million do not expire. We have recorded $98 million of deferred tax assets related to these foreign operating loss carryforwards. Additionally, we have foreign operating loss carryforwards of $972 million for which the realization of a tax benefit is considered remote and, as a result, we have recorded a full valuation allowance for the tax benefits. However, due to the remote likelihood of utilizing these losses, neither the deferred tax asset nor the offsetting valuation allowance have been presented in the table above. Deferred tax assets of $37 million have been recorded for U.S. state and local operating loss carryforwards. These losses expire between 2016 and 2035. Deferred tax assets of $16 million have been recorded for U.S. foreign tax credit carryforwards. These credit carryforwards expire between 2022 and 2025. At January 3, 2016, our unrecognized tax benefits for uncertain tax positions of $353 million are included in income taxes payable (current liabilities) and other liabilities (long-term). If we had recognized all of these benefits, the impact on our income tax provision would have been $218 million . It is reasonably possible that our unrecognized tax benefits will decrease by as much as $118 million in the next 12 months primarily due to the progression of federal, state and foreign audits in process. The changes in our unrecognized tax benefits were (in millions): Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Balance at the beginning of the period $ 71 $ 53 $ 51 $ 45 $ 53 Increases for tax positions of prior years 25 5 — 6 2 Decreases for tax positions of prior years (9 ) (5 ) (7 ) (1 ) (9 ) Increases based on tax positions related to the current year 33 21 5 2 14 Increases due to acquisitions of businesses 242 — 4 — — Decreases due to settlements with taxing authorities — (1 ) — — (4 ) Decreases due to lapse of statute of limitations (9 ) (2 ) — (1 ) (11 ) Balance at the end of the period $ 353 $ 71 $ 53 $ 51 $ 45 The gross unrecognized tax balance increased substantially in 2015 as a result of 2015 Merger preliminary purchase accounting and the recognition of a tax reserve resulting from an unfavorable judgment in a foreign tax court case in the third quarter of 2015. While we plan to continue vigorously defending our position, the unfavorable court decision has resulted in a change in our evaluation of the ability to record benefits for the issue and accordingly we have recorded a $37 million reserve. As a result, the issue has now been fully reserved for all tax years which have not been substantially concluded. We include interest and penalties related to uncertain tax positions in our tax provision. Our provision for income taxes included an expense of $18 million in the year ended January 3, 2016 and a benefit of $10 million in Fiscal 2013 for interest and penalties. Our interest and penalties expense was insignificant in the year ended December 28, 2014, the 2013 Successor period, and the 2013 Predecessor period. Accrued interest and penalties were $72 million as of January 3, 2016, and $21 million as of December 28, 2014. The increase in the accrued amount of interest and penalties was primarily the result of the 2015 Merger. We have a tax sharing agreement with Mondelēz International, Inc. (“Mondelēz International,” formerly known as Kraft Foods Inc.), which provides that for legacy Kraft for periods prior to October 1, 2012, Mondelēz International is liable for and will indemnify us against all U.S. federal income taxes and substantially all foreign income taxes, excluding Canadian income taxes; and that we are liable for and will indemnify Mondelēz International against U.S. state income taxes and Canadian federal and provincial income taxes. Legacy 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 August 2014, Mondelēz International reached a final resolution on a U.S. federal income tax audit of the 2007-2009 tax years. The U.S. federal statute of limitations remains open for tax year 2010 and forward, and federal income tax returns for 2010-2012 are currently under examination. As noted above, we are indemnified for U.S. federal income taxes related to these periods. 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. We have substantially concluded all national income tax matters for years through the 2013 fiscal year for the Netherlands and the United Kingdom, through the 2011 fiscal year for the U.S. and Australia, through the 2010 fiscal year for Italy, and through the 2009 fiscal year for Canada. Undistributed earnings of foreign subsidiaries considered to be indefinitely reinvested or which may be remitted tax free in certain situations, amounted to approximately $3.6 billion at January 3, 2016. It is not practicable to determine the deferred tax liability associated with the indefinitely reinvested undistributed earnings. Additionally, we have undistributed earnings in foreign subsidiaries which are currently not considered to be indefinitely reinvested, for which we have recorded deferred taxes of $22 million as of January 3, 2016. 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 United States cash requirements. |
Employees' Stock Incentive Plan
Employees' Stock Incentive Plans (Notes) | 12 Months Ended |
Jan. 03, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employees' Stock Incentive Plans | Employees’ Stock Incentive Plans During the years ended January 3, 2016 and December 28, 2014 , the 2013 Successor Period, the 2013 Predecessor Period, and Fiscal 2013, we issued equity-based awards from the following plans: 2013 Omnibus Incentive Plan In October 2013, our Board of Directors adopted the 2013 Omnibus Incentive Plan (“2013 Omnibus Plan”), which authorized the issuance of shares of capital stock. Each Heinz stock option that was outstanding under the 2013 Omnibus Plan immediately prior to the completion of the 2015 Merger 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. All Heinz stock option amounts have been retrospectively adjusted for the Successor periods presented to give effect to this conversion. We grant non-qualified stock options under the 2013 Omnibus Plan to select employees with a five -year cliff vesting. Such options have a maximum exercise term of ten years. If a participant is involuntarily terminated without cause, 20% of their options will vest, on an accelerated basis, for each full year of service after the grant date. 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 stock 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 ten 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. Heinz 2003 Incentive Plan During the 2013 Predecessor Period and Fiscal 2013, we issued equity-based awards, including stock options, restricted stock, and RSUs from the Fiscal Year 2003 Stock Incentive Plan (“2003 Plan”). This program was terminated as a result of the 2013 Merger and each award outstanding was canceled and converted into the right to receive cash. See Note 2, Merger and Acquisition , for additional information. In connection with the accelerated vesting of these equity-based awards, we recorded expenses of $24 million in SG&A in the consolidated statement of income for the 2013 Predecessor Period. There were no outstanding pre-2013 Merger equity-based awards as of January 3, 2016. Stock Options: We use the Black-Scholes model to estimate the fair value of stock option grants. We used the Hull-White II Lattice (“Lattice”) model to estimate the fair value of Kraft converted stock options. We believe the Lattice model provided an appropriate estimate of fair value of Kraft converted options as it took into account each option’s distinct in-the-money level and remaining terms. The grant date fair value of options is amortized to expense over the vesting period. Our weighted average Black-Scholes fair value assumptions were: Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Risk-free interest rate 1.70 % 1.49 % 1.41 % NA 1.00 % Expected term 6.3 years 5 years 5 years NA 7 years Expected volatility 22.9 % 24.3 % 24.3 % NA 19.4 % Expected dividend yield 1.5 % — % — % NA 3.7 % Weighted average grant date fair value per share $ 9.60 $ 5.53 $ 5.48 NA $ 5.79 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 for the years ended January 3, 2016 and December 28, 2014, we calculated expected life using the Safe Harbor method, which uses the weighted average vesting period and the contractual term of the options. For the 2013 Successor Period and Fiscal 2013, the weighted average expected life of options was based on consideration of historical exercise patterns adjusted for changes in the contractual term and exercise periods of current awards. For the years ended January 3, 2016 and December 28, 2014, and for the 2013 Successor Period, volatility was estimated based on a review of the equity volatilities of publicly-traded peer companies for a period commensurate with the expected life of the options. Volatility for Fiscal 2013 was estimated based on a historic daily volatility rate over a period equal to the average life of an option. Dividend yield was estimated over the expected life of the options based on our stated dividend policy. Our Lattice model fair value assumptions for the Kraft converted options were: January 3, Risk-free interest rate 1.72 % Weighted average expected volatility 20.10 % Expected dividend yield 3.00 % Weighted average fair value per share $ 35.65 The risk-free interest rate represented the constant maturity U.S. Treasury rate in effect at the conversion date, with a remaining term equal to the expected life of the options. The expected volatility was calculated as the average leverage-adjusted historical volatility of several peer companies, matched to the remaining term of each option. Dividend yield was estimated based on our stated dividend policy and conversion date stock price. Our stock option activity and related information was: Number of Stock Options Weighted Average Exercise Price (per share) Aggregate Intrinsic Value (in millions) Average Remaining Contractual Term Outstanding at December 28, 2014 8,570,796 $ 22.56 Kraft options converted 13,887,135 37.69 Options granted 3,409,031 52.52 Options forfeited (576,362 ) 33.02 Options exercised (1,084,988 ) 30.30 Outstanding at January 3, 2016 24,205,612 34.86 $ 920 7 years Exercisable at January 3, 2016 10,713,602 35.92 395 6 years The aggregate intrinsic value of stock options exercised during the period was $21 million for the year ended January 3, 2016 and $148 million during Fiscal 2013. The aggregate intrinsic value of stock options exercised during the 2013 Predecessor Period was insignificant, and no stock options were exercised during the year ended December 28, 2014 or during the 2013 Successor Period. Cash received from options exercised was $29 million during year ended January 3, 2016 and $114 million during Fiscal 2013. The tax benefit realized from stock options exercised was $12 million during the year ended January 3, 2016, $51 million during the 2013 Predecessor Period, and $18 million during Fiscal 2013. Cash received from options exercised was insignificant during the 2013 Predecessor Period. There was no cash received and no tax benefit recognized related to stock option exercises during the year ended December 28, 2014 or during the 2013 Successor Period. Our unvested stock options and related information was: Number of Options Weighted Average Grant Date Fair Value (per share) Unvested options at December 28, 2014 8,570,796 $ 5.38 Kraft options converted 5,510,511 26.38 Options granted 3,409,031 9.60 Options vested (3,421,966 ) 24.40 Options forfeited (576,362 ) 10.59 Unvested options at January 3, 2016 13,492,010 10.02 RSUs: We use the closing stock price on the grant date to estimate the fair value of RSUs. The grant date fair value is amortized to expense over the vesting period. Our RSU activity and related information was: Number of Units Weighted Average Grant Date Fair Value (per share) RSUs at December 28, 2014 — $ — Kraft RSUs converted 1,950,365 72.96 Granted 58,520 26.24 Forfeited (31,538 ) 72.96 Vested (1,008,903 ) 72.96 RSUs at January 3, 2016 968,444 70.14 The aggregate fair value of restricted stock and RSUs that vested during the period was $76 million for the year ended January 3, 2016 and $34 million during Fiscal 2013. The aggregate fair value of restricted stock and RSUs that vested during the 2013 Predecessor Period was insignificant. No restricted stock or RSUs vested during the year ended December 28, 2014 or during the 2013 Successor Period. Total Equity Awards: The compensation cost related to equity awards was primarily recognized in general corporate expenses within SG&A. Equity award compensation cost and the related tax benefit was (in millions): Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Pre-tax compensation cost $ 133 $ 8 $ 1 $ 26 $ 34 Tax benefit (48 ) (3 ) — (8 ) (11 ) After-tax compensation cost $ 85 $ 5 $ 1 $ 18 $ 23 Unrecognized compensation cost related to unvested equity awards was $97 million at January 3, 2016 and is expected to be recognized over a weighted average period of two years. |
Postemployment Benefits (Notes)
Postemployment Benefits (Notes) | 12 Months Ended |
Jan. 03, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Postemployment Benefits | Postemployment Benefits We maintain various retirement plans for the majority of our employees. Current defined benefit 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 currently do not fund these benefit arrangements until claims occur and 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. Prior to the 2015 Merger, Kraft provided a range of benefits to its employees and retirees, including pension benefits and postretirement health care benefits. As part of the 2015 Merger, we assumed the assets and liabilities associated with these plans. We remeasure our postemployment benefit plans at least annually at the end of our fiscal year. Pension Plans Obligations and Funded Status: The projected benefit obligations, plan assets and funded status of our pension plans at January 3, 2016 and December 28, 2014 were: U.S. Plans Non-U.S. Plans January 3, 2016 December 28, 2014 January 3, 2016 December 28, 2014 (in millions) Benefit obligation at beginning of year $ 540 $ 639 $ 2,611 $ 2,587 Service cost 45 4 26 25 Interest cost 164 29 103 107 Benefits paid (167 ) (44 ) (138 ) (122 ) Actuarial (gains)/losses (121 ) 133 23 235 Plan amendments 7 — — — Currency — — (300 ) (181 ) Settlements (977 ) (220 ) (655 ) (5 ) Curtailments (148 ) — (50 ) (45 ) Special/contractual termination benefits 4 — 6 8 Assumption of Kraft's benefit obligations 6,645 — 1,264 — Other (2 ) (1 ) 2 2 Benefit obligation at end of year 5,990 540 2,892 2,611 Fair value of plan assets at beginning of year 547 748 3,088 2,907 Actual return on plan assets (34 ) 63 126 411 Participants' contributions — — 2 2 Employer contributions 227 — 59 102 Benefits paid (167 ) (44 ) (138 ) (122 ) Currency — — (331 ) (207 ) Settlements (977 ) (220 ) (655 ) (5 ) Assumption of Kraft's plan assets 5,686 — 1,277 — Fair value of plan assets at end of year 5,282 547 3,428 3,088 Net pension liability/(asset) recognized at end of year $ 708 $ (7 ) $ (536 ) $ (477 ) The accumulated benefit obligation, which represents benefits earned to the measurement date, was $6.0 billion at January 3, 2016 and $534 million at December 28, 2014 for the U.S. pension plans. The accumulated benefit obligation for the non-U.S. pension plans was $2.7 billion at January 3, 2016 and $2.4 billion at December 28, 2014. The combined U.S. and non-U.S. pension plans resulted in a net pension liability of $172 million at January 3, 2016 and net pension asset of $484 million at December 28, 2014. We recognized these amounts on our consolidated balance sheets at January 3, 2016 and December 28, 2014, as follows: January 3, 2016 December 28, 2014 (in millions) Other assets (long-term assets) $ 616 $ 581 Accrued postemployment costs (current liabilities) (172 ) (1 ) Accrued postemployment costs (long-term liabilities) (616 ) (96 ) $ (172 ) $ 484 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 at January 3, 2016 and December 28, 2014 were: U.S. Plans Non-U.S. Plans January 3, 2016 December 28, 2014 January 3, 2016 December 28, 2014 (in millions) Projected benefit obligation $ 5,990 $ 402 $ 72 $ 743 Accumulated benefit obligation 5,986 402 72 743 Fair value of plan assets 5,282 366 15 713 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 at January 3, 2016 and December 28, 2014 were: U.S. Plans Non-U.S. Plans January 3, 2016 December 28, 2014 January 3, 2016 December 28, 2014 (in millions) Projected benefit obligation $ 5,990 $ 402 $ 119 $ 810 Accumulated benefit obligation 5,986 402 72 743 Fair value of plan assets 5,282 366 43 748 We used the following weighted average assumptions to determine our projected benefit obligations under the pension plans at January 3, 2016 and December 28, 2014: U.S. Plans Non-U.S. Plans January 3, 2016 December 28, 2014 January 3, 2016 December 28, 2014 Discount rate 4.3 % 3.8 % 3.8 % 3.5 % Rate of compensation increase 4.2 % 4.5 % 3.4 % 3.3 % Components of Net Pension Cost/(Benefit): Net pension cost/(benefit) consisted of the following (in millions): U.S. Plans Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Service cost $ 45 $ 4 $ 3 $ 1 $ 4 Interest cost 164 29 14 3 27 Expected return on plan assets (179 ) (46 ) (25 ) (6 ) (55 ) Amortization of unrecognized losses 3 — — 3 31 Amortization of prior service costs — — — — 1 Settlements 102 10 (1 ) — 3 Curtailments (96 ) — 23 — — Special/contractual termination benefits 4 — — 17 — Net pension cost/(benefit) $ 43 $ (3 ) $ 14 $ 18 $ 11 Non-U.S. Plans Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Service cost $ 26 $ 25 $ 17 $ 3 $ 28 Interest cost 103 107 58 11 105 Expected return on plan assets (194 ) (169 ) (91 ) (22 ) (196 ) Amortization of unrecognized losses — — — 7 45 Amortization of prior service costs — — — — 2 Settlements 17 — — — 1 Curtailments (47 ) (6 ) (2 ) — — Special/contractual termination benefits 6 8 37 — — Net pension (benefit)/cost $ (89 ) $ (35 ) $ 19 $ (1 ) $ (15 ) In the year ended January 3, 2016, we recorded net settlement losses for the U.S. and non-U.S. plans primarily related to certain plan terminations. We also recorded net curtailment gains for the U.S. and non-U.S. plans primarily related to certain plan freezes and work force reductions under our integration and restructuring activities. In the year ended December 28, 2014 and the 2013 Successor Period, we recorded curtailment (gains)/losses and special termination benefit charges related to work force reductions under our restructuring activities. In the 2013 Predecessor Period, we recorded special termination benefit charges related to the accelerated vesting of benefits under certain plans. The accelerated vesting occurred upon the consummation of the 2013 Merger and these plans were terminated within 364 days . We used the following weighted average assumptions to determine our net pension cost: U.S. Plans Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Discount rate 4.4 % 4.8 % 4.1 % 3.6 % 4.3 % Expected rate of return on plan assets 5.6 % 6.5 % 6.5 % 8.8 % 8.8 % Rate of compensation increase 4.0 % 4.5 % 4.0 % 4.3 % 4.3 % Non-U.S. Plans Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Discount rate 3.7 % 4.5 % 4.2 % 4.1 % 5.0 % Expected rate of return on plan assets 6.4 % 6.1 % 6.1 % 8.0 % 8.0 % Rate of compensation increase 3.3 % 3.6 % 3.4 % 3.4 % 3.3 % 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 benefit obligations. 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 January 3, 2016 December 28, 2014 January 3, 2016 December 28, 2014 Equity securities 27 % 12 % 31 % 38 % Fixed-income securities 62 % 81 % 48 % 35 % Real estate 5 % — % 9 % 10 % Cash and cash equivalents 5 % 7 % 7 % 11 % Certain insurance contracts 1 % — % 5 % 6 % 100 % 100 % 100 % 100 % Our pension asset 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 70% of our U.S. plan assets in fixed-income securities and approximately 30% in return seeking assets, primarily equity securities. We expect to reach our investment target in 2016. For pension plans outside the U.S., 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 50% fixed-income securities, and approximately 50% in return seeking assets, primarily equity securities and real estate. The fair value of pension plan assets at January 3, 2016 was determined using the following fair value measurements: Asset Category Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (in millions) Equity securities $ 321 $ 321 $ — $ — Equity securities (mutual and pooled funds) 2,173 16 2,157 — Total equity securities 2,494 337 2,157 — Government bonds 671 671 — — Fixed-income securities (pooled funds) 1,254 — 1,254 — Corporate bonds and other fixed-income securities 2,994 — 2,994 — Total fixed-income securities 4,919 671 4,248 — Real estate 571 — — 571 Cash and cash equivalents 490 18 472 — Certain insurance contracts 236 — — 236 Total $ 8,710 $ 1,026 $ 6,877 $ 807 The fair value of pension plan assets at December 28, 2014 was determined using the following fair value measurements: Asset Category Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (in millions) Equity securities $ 377 $ 377 $ — $ — Equity securities (mutual and pooled funds) 852 95 757 — Total equity securities 1,229 472 757 — Government bonds 124 124 — — Fixed-income securities (pooled funds) 896 — 844 52 Corporate bonds and other fixed-income securities 517 — 517 — Total fixed-income securities 1,537 124 1,361 52 Real estate 307 — — 307 Cash and cash equivalents 374 17 357 — Certain insurance contracts 188 — — 188 Total $ 3,635 $ 613 $ 2,475 $ 547 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. 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. Equity Securities (mutual and pooled funds). Mutual funds are valued at the net asset value of shares held by the applicable plan at year end. As such, these mutual fund investments are classified as Level 1. Pooled funds are similar in nature to retail mutual funds, but are more efficient for institutional investors than retail mutual funds. As pooled funds are only accessible by institutional investors, the net asset value is not readily observable by non-institutional investors; therefore, pooled funds are classified as Level 2. Government Bonds. These securities consist of direct investments in publicly traded U.S. and non-U.S. fixed interest obligations (principally debentures). Such investments are valued using quoted prices in active markets. These securities are included in Level 1. Fixed-Income Securities (pooled funds). Pooled funds are similar in nature to retail mutual funds, but are more efficient for institutional investors than retail mutual funds. As pooled funds are only accessible by institutional investors, the net asset value is not readily observable by non-institutional investors. Pooled funds investing in securities with significant other observable inputs, such as publicly traded corporate bonds, are classified as Level 2. Pooled funds investing in securities with significant unobservable inputs, such as private debt, are classified as Level 3. 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. Real Estate. These holdings consist of real estate investments. Direct investments of real estate are valued by investment managers based on the most recent financial information available, which typically represents significant unobservable data. As such, these investments are generally classified as Level 3. 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. Institutional short-term investment vehicles are valued daily and are classified as Level 2. Certain Insurance Contracts. This category consists of group annuity contracts that have been purchased to cover a portion of the plan members. The fair value of non-participating annuity buy-in contracts fluctuates based on fluctuations in the obligation associated with the covered plan members. The fair value of certain participating annuity contracts are reported at contract value. These values have been classified as Level 3. Changes in our Level 3 plan assets for the year ended January 3, 2016 included: Asset Category December 28, 2014 2015 Merger Net Realized Gain/(Loss) Net Unrealized Gain/(Loss) Net Purchases, Issuances and Settlements Transfers Into/(Out of) Level 3 January 3, 2016 (in millions) Fixed-income securities $ 52 $ — $ 2 $ (2 ) $ (52 ) $ — $ — Real estate 307 273 4 11 (24 ) — 571 Certain insurance contracts 188 52 12 (14 ) (2 ) — 236 Total Level 3 investments $ 547 $ 325 $ 18 $ (5 ) $ (78 ) $ — $ 807 Changes in our Level 3 plan assets for the year ended December 28, 2014 included: Asset Category December 29, 2013 Net Realized Gain/(Loss) Net Unrealized Gain/(Loss) Net Purchases, Issuances and Settlements Transfers Into/(Out of) Level 3 December 28, 2014 (in millions) Fixed-income securities $ 11 $ — $ 2 $ 39 $ — $ 52 Real estate 283 (1 ) 45 (20 ) — 307 Certain insurance contracts 13 — 11 164 — 188 Total Level 3 investments $ 307 $ (1 ) $ 58 $ 183 $ — $ 547 Employer Contributions: In 2015 , we contributed $227 million to our U.S. pension plans and $59 million to our non-U.S. pension plans. We estimate that 2016 pension contributions will be approximately $315 million to our U.S. plans and approximately $30 million to our non-U.S. plans. Our U.S. contributions include approximately $160 million in the first quarter of 2016 related to the termination of our U.S. nonqualified pension plan that was effective December 31, 2015. However, our actual contributions may differ due to many factors, including changes in tax, employee benefit, or other laws, 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 January 3, 2016 were: U.S. Plans Non-U.S. Plans (in millions) 2016 $ 696 $ 140 2017 394 144 2018 381 323 2019 378 145 2020 373 147 2021-2025 1,900 770 Postretirement Benefit Plans Obligations: Our postretirement benefit plans are not funded. The changes in and the amount of the accrued benefit obligations at January 3, 2016 and December 28, 2014 were: January 3, 2016 December 28, 2014 (in millions) Accrued benefit obligations at beginning of year $ 205 $ 208 Service cost 13 5 Interest cost 56 9 Benefits paid (106 ) (13 ) Actuarial losses/(gains) (7 ) 7 Plan amendments (1,507 ) — Currency (25 ) (4 ) Curtailments (55 ) (8 ) Participant's contributions — 1 Assumption of Kraft's benefit obligations 3,371 — Accrued benefit obligations at end of year $ 1,945 $ 205 In the third quarter of 2015, we made a number of plan amendments to certain of our postretirement health care benefit plans in the U.S., which resulted in a $1.5 billion reduction to our postretirement plan accrued benefit obligations. This $1.5 billion pre-tax benefit was deferred as a component of accumulated other comprehensive income/(losses) and is being amortized to net income as a prior service credit over the remaining working life to full eligibility of the covered employees. We used the following weighted average assumptions to determine our postretirement benefit obligations at January 3, 2016 and December 28, 2014: January 3, 2016 December 28, 2014 Discount rate 4.2 % 3.7 % Health care cost trend rate assumed for next year 6.5 % 5.9 % Ultimate trend rate 4.9 % 4.8 % 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 benefit obligations. Our expected health care cost trend rate is based on historical costs. The year that the health care cost trend rate reaches the ultimate trend rate varies by plan and ranges between 2016 and 2024 as of January 3, 2016. 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 January 3, 2016: One-Percentage-Point Increase Decrease (in millions) Effect of annual service and interest cost $ 8 $ (7 ) Effect on postretirement benefit obligation 126 (104 ) Components of Net Postretirement Plans (Benefit)/Cost: Net postretirement plans (benefit)/cost consisted of the following (in millions): Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Service cost $ 13 $ 5 $ 4 $ 1 $ 6 Interest cost 56 9 5 1 10 Amortization of unrecognized losses — — — — 2 Amortization of prior service credits (112 ) (6 ) — (1 ) (6 ) Curtailments 1 (7 ) (1 ) — — Net postretirement benefit plans (benefit)/cost $ (42 ) $ 1 $ 8 $ 1 $ 12 The amortization of prior service credits of $112 million in the year ended January 3, 2016 was primarily driven by four months of amortization related to the 2015 plan amendments. In the years ended December 28, 2014 and the 2013 Successor Period, we had curtailment gains triggered by work force reductions under our restructuring activities. We used the following weighted average assumptions to determine our net postretirement benefit plans cost: Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Discount rate 4.2 % 4.3 % 3.7 % 3.4 % 4.1 % Health care cost trend rate 6.7 % 6.0 % 6.3 % 6.3 % 7.1 % Future Benefit Payments: Our estimated future benefit payments for our postretirement plans at January 3, 2016 were (in millions): 2016 $ 162 2017 160 2018 156 2019 152 2020 147 2021-2025 644 Other Costs 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 $52 million in the year ended January 3, 2016, $19 million in the year ended December 28, 2014, $24 million in the 2013 Successor Period, and $47 million in Fiscal 2013. Amounts charged to expense for defined contribution plans was insignificant for the 2013 Predecessor Period. Accumulated Other Comprehensive Income/(Losses): Our accumulated other comprehensive income/(losses) pension and postretirement benefit plans balances, before tax, consisted of the following: Pension Benefits Postretirement Benefits Total January 3, 2016 December 28, 2014 January 3, 2016 December 28, 2014 January 3, 2016 December 28, 2014 (in millions) Net actuarial gain $ 13 $ 36 $ 70 $ 9 $ 83 $ 45 Prior service credit — — 1,409 14 1,409 14 $ 13 $ 36 $ 1,479 $ 23 $ 1,492 $ 59 The net postemployment benefits recognized in other comprehensive income/(loss), consisted of the following (in millions): Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Net postemployment benefit gains/(losses): Net actuarial gain/(loss) arising during the period-Pension Benefits $ 3 $ (75 ) $ 102 $ — $ (256 ) Net actuarial gain/(loss) arising during the period-Postretirement Benefits 62 1 19 — (9 ) Prior service cost arising during the period-Pension Benefits (7 ) — — — — Prior service credit arising during the period-Postretirement Benefits 1,507 — 21 — — 1,565 (74 ) 142 — (265 ) Tax (expense)/benefit (619 ) 40 (40 ) — 76 $ 946 $ (34 ) $ 102 $ — $ (189 ) Reclassification of net postemployment benefit (gains)/losses to net income: Amortization of unrecognized loss-Pension Benefits $ 3 $ — $ — $ 10 $ 76 Amortization of unrecognized loss-Postretirement Benefits — — — — 2 Amortization of prior service cost-Pension Benefits — — — — 3 Amortization of prior service (credit)/cost-Postretirement Benefits (112 ) (6 ) — (1 ) (6 ) Net settlement and curtailment (gain)/loss-Pension Benefits (24 ) 4 — — 4 Net settlement and curtailment loss/(gain)-Postretirement Benefits 1 (7 ) — — — (132 ) (9 ) — 9 79 Tax benefit/(expense) 47 2 — (2 ) (24 ) $ (85 ) $ (7 ) $ — $ 7 $ 55 We revised certain of our prior period accumulated other comprehensive income/(losses) and other comprehensive income/(loss) balances, in this note to the consolidated financial statements, to correct the balances previously disclosed in the Accumulated Other Comprehensive Income/(Losses) footnote . These misstatements were not material to our current or any prior period financial statements. As of January 3, 2016, we expect to amortize $325 million of postretirement benefit plans prior service credits from accumulated other comprehensive income/(losses) into net postretirement benefit plans costs during 2016. We do not expect to reclassify any other significant postemployment benefit (gains)/losses into net pension or net postretirement benefit plans costs during 2016. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income/(Losses) (Notes) | 12 Months Ended |
Jan. 03, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income/(Losses) | Accumulated Other Comprehensive Income/(Losses) The components of, and changes in, accumulated other comprehensive income/(losses) were as follows (net of tax): Foreign Currency Translation Adjustments Net Postemployment Benefit Plan Adjustments Net Cash Flow Hedge Adjustments Total (in millions) Predecessor (H. J. Heinz Company) Balance as of April 29, 2012 $ (23 ) $ (828 ) $ 6 $ (845 ) Foreign currency translation adjustments (213 ) — — (213 ) Net postemployment benefit losses — (189 ) — (189 ) Reclassification of net postemployment benefit losses to net income — 55 — 55 Net deferred losses on cash flow hedges — — (12 ) (12 ) Net deferred losses on cash flow hedges reclassified to net income — — 30 30 Total other comprehensive (loss)/income (213 ) (134 ) 18 (329 ) Balance as of April 28, 2013 $ (236 ) $ (962 ) $ 24 $ (1,174 ) Foreign currency translation adjustments (94 ) — — (94 ) Reclassification of net postemployment benefit losses to net income — 7 — 7 Net deferred losses on cash flow hedges — — (1 ) (1 ) Net deferred losses on cash flow hedges reclassified to net income — — 7 7 Total other comprehensive (loss)/income (94 ) 7 6 (81 ) Balance as of June 7, 2013 $ (330 ) $ (955 ) $ 30 $ (1,255 ) Successor Balance as of February 8, 2013 $ — $ — $ — $ — Foreign currency translation adjustments 140 — — 140 Net deferred losses on net investment hedges (118 ) — — (118 ) Net postemployment benefit gains — 102 — 102 Net deferred gains on cash flow hedges — — 111 111 Net deferred gains on cash flow hedges reclassified to net income — — (3 ) (3 ) Total other comprehensive income 22 102 108 232 Balance as of December 29, 2013 $ 22 $ 102 $ 108 $ 232 Foreign currency translation adjustments (932 ) — — (932 ) Net deferred gains on net investment hedges 336 — — 336 Net postemployment benefit losses — (34 ) — (34 ) Reclassification of net postemployment benefit gains to net income — (7 ) — (7 ) Net deferred losses on cash flow hedges — — (173 ) (173 ) Net deferred losses on cash flow hedges reclassified to net income — — 4 4 Total other comprehensive loss (596 ) (41 ) (169 ) (806 ) Balance as of December 28, 2014 $ (574 ) $ 61 $ (61 ) $ (574 ) Foreign currency translation adjustments (1,578 ) — — (1,578 ) Net deferred gains on net investment hedges 506 — — 506 Net postemployment benefit gains — 946 — 946 Reclassification of net postemployment benefit gains to net income — (85 ) — (85 ) Net deferred losses on cash flow hedges — — (6 ) (6 ) Net deferred losses on cash flow hedges reclassified to net income — — 120 120 Total other comprehensive (loss)/income (1,072 ) 861 114 (97 ) Balance as of January 3, 2016 $ (1,646 ) $ 922 $ 53 $ (671 ) The tax (expense)/benefit recorded in and associated with each component of other comprehensive income/(loss) for the years ended January 3, 2016 and December 28, 2014, the 2013 Successor Period, the 2013 Predecessor Period, and Fiscal 2013 were as follows (in millions): Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Net deferred gains/(losses) on net investment hedges $ (295 ) $ (209 ) $ 73 $ — $ — Net postemployment benefit gains/(losses) $ (619 ) $ 40 $ (40 ) $ — $ 76 Reclassification of net postemployment benefit (gains)/losses to net income $ 47 $ 2 $ — $ (2 ) $ (24 ) Net deferred gains/(losses) on cash flow hedges $ 32 $ 95 $ (67 ) $ — $ 18 Net deferred (gains)/losses on cash flow hedges reclassified to net income $ (75 ) $ 9 $ 1 $ (3 ) $ (26 ) In 2015, we corrected the (expense)/benefit designation on the Fiscal 2013 $76 million tax balance for net postemployment benefit gains/(losses). This misstatement was not material to our current or any prior period financial statements. The amounts reclassified from accumulated other comprehensive income/(losses) in the years ended January 3, 2016 and December 28, 2014 , the 2013 Successor Period, and the 2013 Predecessor Period were as follows (in millions): Accumulated Other Comprehensive Income/(Losses) Component Reclassified from Accumulated Other Comprehensive Income/(Losses) to Net Income Affected Line Item in the Statement Where Net Income is Presented Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, Losses/(gains) on cash flow hedges: Foreign exchange contracts $ 2 $ 1 $ 1 $ (1 ) Net sales Foreign exchange contracts (45 ) (5 ) (3 ) (2 ) Cost of products sold Foreign exchange contracts (1 ) (1 ) (2 ) 2 Other expense/(income), net Interest rate contracts 239 — — — Interest expense Cross-currency interest rate swap contracts — — — 1 Interest expense Cross-currency interest rate swap contracts — — — 10 Other expense/(income), net Losses/(gains) on cash flow hedges before income taxes 195 (5 ) (4 ) 10 Income from continuing operations before income taxes Losses/(gains) on cash flow hedges income taxes (75 ) 9 1 (3 ) Provision for income taxes Losses/(gains) on cash flow hedges $ 120 $ 4 $ (3 ) $ 7 Net income from continuing operations (Gains)/ losses on postemployment benefits: Amortization of unrecognized losses $ 3 $ — $ — $ 10 (a) Amortization of prior service (credits)/costs (112 ) (6 ) — (1 ) (a) Settlement and curtailments gains (23 ) (3 ) — — (a) (Gains)/ losses on postemployment benefits before income taxes (132 ) (9 ) — 9 Income from continuing operations before income taxes (Gains)/ losses on postemployment benefits income taxes 47 2 — (2 ) Provision for income taxes (Gains)/ losses on postemployment benefits $ (85 ) $ (7 ) $ — $ 7 Net income from continuing operations (a) These components are included in the computation of net periodic postemployment benefit costs. See Note 10, Postemployment Benefits , for additional information. In this note we have excluded activity and balances related to noncontrolling interest (which was primarily comprised of foreign currency translation adjustments) due to its insignificance. |
Debt (Notes)
Debt (Notes) | 12 Months Ended |
Jan. 03, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-Term Debt: Balance as of December 28, 2014: At December 28, 2014, the carrying value of our long-term debt consisted of the following (in millions of dollars): Priority 1 Maturity Date Interest Rate Carrying Value Term B-1 Loan Senior Secured Loan * * $ 2,729 Term B-2 Loan Senior Secured Loan * * 5,503 $3.10 billion 4.250% Second Lien Senior Secured Notes due October 15, 2020 Senior Secured Notes October 15, 2020 4.250% 3,029 $931 million 7.125% U.S. Dollar Notes due August 1, 2039 Senior Notes August 1, 2039 7.125% 1,023 Other long-term debt Various 2016-2032 1.500%-6.750% 1,022 Capital lease obligations 63 Total long-term debt $ 13,369 Current portion of long-term debt 11 Total long-term debt, excluding current portion $ 13,358 1 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. *Borrowings under the Term B-1 and Term B-2 Loan Facilities had tranches of 6 and 7 year maturities and fluctuating interest rates based on, at our election, base rate or LIBOR plus a spread on each of the tranches, with respective spreads ranging from 125-150 basis points for base rate loans with a 2% base rate floor and 225-250 basis points for LIBOR loans with a 1% LIBOR floor. Current Year Activity: During the year ended January 3, 2016, the composition of our long-term debt changed largely due to the assumption of all outstanding long-term debt obligations of Kraft in connection with the 2015 Merger, as well as certain debt issuances, refinancing activities, and repayments as summarized in the table below (excluding capital lease activity): Aggregate Principal Amount (in millions) Issuances and assumption of debt: 2025 Notes (a) $ 2,000 Euro Notes (b) € 750 Pound Sterling Notes (c) £ 400 U.S. Dollar Notes (d) $ 10,000 Canadian Dollar Notes (e) C$ 1,000 Term Loan Facility (f) $ 600 Assumption of Kraft's long-term debt obligations (g) $ 8,600 Debt repayments (h) : Term B-1 Loan $ 2,780 Term B-2 Loan $ 5,601 2020 Notes $ 3,100 2025 Notes $ 800 (a) $2.0 billion aggregate principal amount of 4.875% Second Lien Senior Secured Notes due February 15, 2025 (the “2025 Notes”) (b) €750 million aggregate principal amount of 2.000% Senior Notes due June 30, 2023 (the “Euro Notes”) (c) £400 million aggregate principal amount of 4.125% Senior Notes due July 1, 2027 (the “Pound Sterling Notes”) (d) $1.0 billion aggregate principal amount of 1.600% Senior Notes due June 30, 2017 ; $1.5 billion aggregate principal amount of 2.000% Senior Notes due July 2, 2018 ; $1.5 billion aggregate principal amount of 2.800% Senior Notes due July 2, 2020 ; $1.0 billion aggregate principal amount of 3.500% Senior Notes due July 15, 2022 ; $2.0 billion aggregate principal amount of 3.950% Senior Notes due July 15, 2025 ; $1.0 billion aggregate principal amount of 5.000% Senior Notes due July 15, 2035 ; and $2.0 billion aggregate principal amount of 5.200% Senior Notes due July 15, 2045 (collectively, the “U.S. Dollar Notes”) In connection with the issuance of the U.S. Dollar Notes, we entered into a registration rights agreement pursuant to which we agreed to exchange the notes for a new issue of substantially identical debt securities registered under the Securities Act of 1933 within 455 days after July 2, 2015. If we fail to meet these registration obligations, then additional interest will accrue on the aggregate principal amount of the U.S. Dollar Notes at an annual interest rate of 0.25% for the first 90 days period and, thereafter, the annual interest rate will be increased by an additional 0.25% for each subsequent 90 days period that elapses, up to a maximum additional rate of 0.50% per annum. (e) C$200 million aggregate principal amount of Floating Rate Senior Notes due July 6, 2018 , C$300 million aggregate principal amount of 2.700% Senior Notes due July 6, 2020 , and C$500 million aggregate principal amount of Floating Rate Senior Notes due July 6, 2020 (collectively, the “Canadian Dollar Notes”) (f) $600 million aggregate principal amount of our Senior Unsecured Term Loan Facility floating rate (LIBOR plus 1.250% ) due July 6, 2022 (the “Term Loan Facility”) (g) In connection with the 2015 Merger, Kraft Heinz Foods Company, our 100% owned subsidiary, assumed all of the long-term debt obligations of Kraft including the following obligations relating to its notes (collectively, the “Kraft Notes”). : $1.0 billion aggregate principal amount of 2.250% Notes due June 5, 2017 ; $1,035 million aggregate principal amount of 6.125% Notes due August 23, 2018 ; $900 million aggregate principal amount of 5.375% Notes due February 10, 2020 ; $2.0 billion aggregate principal amount of 3.500% Notes due June 6, 2022 ; $878 million aggregate principal amount of 6.875% Notes due January 26, 2039 ; $787 million aggregate principal amount of 6.500% Notes due February 9, 2040 ; and $2.0 billion aggregate principal amount of 5.000% Notes due June 4, 2042 The aggregate principal amounts above exclude $686 million recorded in purchase accounting primarily related to a fair value adjustment. (h) In January 2015 we repaid $650 million aggregate principal amount of the Term B-1 Loan and $1,310 million aggregate principal amount of the Term B-2 Loan. On July 2, 2015, we repaid the remaining aggregate principal amounts of the Term B-1 Loan and the Term B-2 Loan, fully redeemed $3.1 billion aggregate principal amount of the 4.250% Second Lien Senior Secured Notes due October 15, 2020 (the “2020 Notes”) and partially redeemed $800 million aggregate principal amount of the 2025 Notes. In relation to our debt repayments, during the year ended January 3, 2016, we recorded a $341 million loss on extinguishment of debt, which was comprised of a write-off of debt issuance costs and unamortized debt discounts of $236 million in interest expense and call premiums of $66 million on the 2020 Notes and $39 million on the 2025 Notes in other expense/(income), net. In relation to our debt issuances, during the year ended January 3, 2016, we capitalized $99 million of debt issuance costs. The Euro Notes, Pound Sterling Notes, U.S. Dollar Notes, Canadian Dollar Notes and Kraft Notes are fully and unconditionally guaranteed by us. Additionally, in connection with the 2015 Merger, we became a guarantor of: • $1,719 million aggregate principal amount of securities previously issued by Kraft Heinz Foods Company, our 100% owned subsidiary, consisting of: 2.000% U.S. Dollar Notes due 2016 , 1.500% U.S. Dollar Notes due 2017 , 3.125% U.S. Dollar Notes due 2021 , 2.850% U.S. Dollar Notes due 2022 , 6.375% Debentures due 2028 , 6.750% Debentures due 2032 , and 7.125% Debentures due 2039 . • £125 million aggregate principal amount of 6.250% Pound Sterling notes due 2030 previously issued by H.J. Heinz Finance UK Plc and guaranteed by Kraft Heinz Foods Company. Balance at January 3, 2016: At January 3, 2016 the carrying value of our long-term debt consisted of the following (in millions of dollars): Priority 1 Maturity Date Interest Rate 2 Carrying Value 2025 Notes Senior Secured Notes 3 February 15, 2025 4.875% $ 1,190 Euro Notes Senior Notes June 30, 2023 2.000% 803 Pound Sterling Notes Senior Notes July 1, 2027 4.125% 584 U.S. Dollar Notes Senior Notes 2017-2045 1.600%-5.200% 9,916 Canadian Dollar Notes Senior Notes 2018-2020 1.598%-2.700% 720 Kraft Notes Senior Unsecured Notes 2017-2040 2.250%-6.875% 9,179 Term Loan Facility Senior Unsecured Loan July 6, 2022 1.573% 596 Other-long term debt Various 2016-2039 0.500%-7.125% 2,113 Capital lease obligations 129 Total long-term debt $ 25,230 Current portion of long-term debt 79 Total long-term debt, excluding current portion $ 25,151 1 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. 2 Floating interest rates are stated as of January 3, 2016. 3 The 2025 Notes, which are secured by certain assets of our subsidiary, Kraft Heinz Foods Company, are senior in right of payment of existing and future unsecured and subordinated indebtedness. Our long-term debt contains customary representations, covenants, and events of default. We were in compliance with all debt covenants at January 3, 2016. At January 3, 2016, aggregate principal maturities of our long-term debt excluding capital leases were (in millions): 2016 $ 60 2017 2,019 2018 2,682 2019 4 2020 3,582 Thereafter 16,138 Debt Issuance Costs: Unamortized debt issuance costs were $85 million at January 3, 2016 and $228 million at December 28, 2014. Unamortized debt issuance costs are presented on the balance sheets as a direct deduction from the carrying amount of the debt liability. Amortization of debt issuance costs was $27 million for the year ended January 3, 2016, $49 million for the year ended December 28, 2014, and $29 million in the 2013 Successor Period. Amortization of debt issuance costs were insignificant in the 2013 Predecessor Period and Fiscal 2013. In 2015, the FASB issued an ASU intended to simplify the presentation of debt issuance costs. We early-adopted this ASU in 2015, see Note 1, Background and Basis of Presentation , for additional information Debt Premium: Unamortized debt premium, net was $699 million at January 3, 2016 and $139 million at December 28, 2014. Amortization of our debt premium, net was $45 million for the year ended January 3, 2016 and $25 million for the year ended December 28, 2014. Amortization of our debt premium was insignificant in the 2013 Successor Period, in the 2013 Predecessor Period, and in Fiscal 2013. Borrowing Arrangements: On July 6, 2015 , together with Kraft Heinz Foods Company, our 100% owned subsidiary, we entered into a new $4.0 billion senior unsecured revolving credit facility (the “Revolving Credit Facility”) that will mature on July 6, 2020 , and a $600 million Term Loan Facility that will mature on July 6, 2022 , unless extended (together with the Revolving Credit Facility, the “Senior Credit Facilities”). The Revolving Credit Facility includes a $1.0 billion sub-limit for borrowings in Canadian dollars, Euro or Sterling as well as a letter of credit sub-facility of up to $150 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 Facilities 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 Revolving Credit Facility have a seven year maturity and interest rates based on, at our election, base rate, LIBOR, EURIBOR, CDO or Canadian prime rate plus a spread ranging from 87.5-175 basis points for LIBOR, EURIBOR and CDO rate loans, and 0-75 basis points for base rate or Canadian prime rate loans. The Senior Credit Facilities contain representations, warranties and covenants that are typical for these types of facilities. Our Revolving 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 debt covenants at January 3, 2016. In addition, we and Kraft Heinz Foods Company guarantee certain borrowings and other liabilities under the Senior Credit Facilities. At January 3, 2016, $600 million aggregate principal amount of our Term Loan Facility was outstanding. No amounts were drawn on our Revolving Credit Facility at January 3, 2016 or during the year ended January 3, 2016. In connection with the consummation of the 2015 Merger, on July 2, 2015, all outstanding obligations with respect to principal, interest, and fees under our previous credit agreement, dated as of June 7, 2013, were repaid and such credit agreement was terminated. Fair Value of Debt: At January 3, 2016, the aggregate fair value of our total debt was $25.7 billion as compared with the carrying value of $25.2 billion . 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. |
Preferred Stock and Warrants (N
Preferred Stock and Warrants (Notes) | 12 Months Ended |
Jan. 03, 2016 | |
Equity [Abstract] | |
Preferred Stock and Warrants | Preferred Stock and Warrants Our Amended and Restated Certificate of Incorporation authorizes the issuance of up to 1 million shares of preferred stock. In connection with the 2013 Merger, we issued 80,000 shares of 9.00% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”) and warrants to purchase 46 million Heinz common shares, at an exercise price of $0.01 per common share (the “Warrants”), for an aggregate purchase price of $8.0 billion . We allocated the proceeds to the Series A Preferred Stock ( $7.6 billion ) and the Warrants ( $367 million ) on a relative fair value basis. In June 2015, Berkshire Hathaway exercised the Warrants to purchase the additional 46 million Heinz common shares, which were subsequently reclassified and changed into approximately 20 million shares of Kraft Heinz common stock. The Series A Preferred Stock 9.00% annual dividend accrues whether or not declared by our Board of Directors and is payable, quarterly in arrears, only when declared and approved by our Board of Directors. In the event of our liquidation, dissolution, or wind up, whether voluntary or involuntary, each Series A Preferred Stock holder would be entitled to receive $100,000 per share plus any accrued and unpaid dividends. This payment would be made before any distribution of assets or proceeds to holders of common stock, or other stock ranked junior to the Series A Preferred Stock. We may not redeem the Series A Preferred Stock before June 7, 2016. On or after this date, we may redeem shares of Series A Preferred Stock, at a redemption price paid in cash for each share equal to the sum of (i) the Base Amount per share (as defined below), plus (ii) the accrued and unpaid dividends on each share. The “Base Amount” means one of the following amounts, as applicable: • $104,000 per share for any payment from June 7, 2016 and through June 6, 2017; • $105,000 per share for any payment made from June 7, 2017 and through June 6, 2018; • $106,000 per share for any payment made from June 7, 2018 and through June 6, 2019; • $107,000 per share for any payment made from June 7, 2019 and through June 6, 2020; and • $108,000 per share for any payment made on or after June 7, 2020. In addition, after June 7, 2021, the holders of our Series A Preferred Stock can require us to undertake a redemption offering, as defined, and use the proceeds net of expenses of such redemption offering to redeem outstanding Series A Preferred Stock at the redemption price of $108,000 per share. If such redemption is for less than all of the outstanding Preferred Stock, the holders of the Preferred Stock can require us to undertake additional redemption offerings until no shares of Preferred Stock remain outstanding. As a result, the Series A Preferred Stock is considered contingently redeemable and is shown on our consolidated balance sheets separate from shareholders’ equity. In the 2013 Successor Period, the carrying value of the Series A Preferred Stock was adjusted from its initial carrying value to the initial redemption price of $104,000 , which resulted in an increase in Series A Preferred Stock and expense of $687 million . In the event we do not redeem the Series A Preferred Stock before June 7, 2017, we will be required to record further accretion adjustments at each anniversary date until June 7, 2021 to the applicable redemption prices through net income attributable to common shareholders up to the maximum redemption price of $108,000 . |
Common Stock (Notes)
Common Stock (Notes) | 12 Months Ended |
Jan. 03, 2016 | |
Equity [Abstract] | |
Common Stock | Common Stock Our Amended and Restated Certificate of Incorporation authorizes the issuance of up to 5.0 billion shares of common stock. Immediately prior to the consummation of the 2015 Merger, each share of Heinz issued and outstanding common stock was reclassified and changed into 0.443332 of a share of Kraft Heinz common stock. All successor share and per share amounts have been retroactively adjusted for all historical Successor periods presented to give effect to this conversion. In the 2015 Merger, all outstanding shares of Kraft common stock were converted into the right to receive, on a one -for-one basis, shares of Kraft Heinz common stock. Shares of common stock issued, in treasury and outstanding were (in thousands of shares): Shares Issued Treasury Shares Shares Outstanding Predecessor (H. J. Heinz Company) Balance at April 29, 2012 431,096 (110,871 ) 320,225 Exercise of stock options, issuance of other stock awards, and other — 1,041 1,041 Balance at April 28, 2013 431,096 (109,830 ) 321,266 Exercise of stock options, issuance of other stock awards, and other — 33 33 Balance at June 7, 2013 431,096 (109,797 ) 321,299 Successor Balance at February 8, 2013 — — — Issuance of common stock to Sponsors 376,832 — 376,832 Balance at December 29, 2013 376,832 — 376,832 Exercise of stock options, issuance of other stock awards, and other 178 — 178 Balance at December 28, 2014 377,010 — 377,010 Exercise of warrants 20,480 — 20,480 Issuance of common stock to Sponsors 221,666 — 221,666 Acquisition of Kraft Foods Group, Inc. 592,898 — 592,898 Exercise of stock options, issuance of other stock awards, and other 2,338 (413 ) 1,925 Balance at January 3, 2016 1,214,392 (413 ) 1,213,979 Upon completion of the 2013 Merger, all outstanding shares of H. J. Heinz Company were canceled and automatically converted into the right to receive $72.50 . |
Financing Arrangements (Notes)
Financing Arrangements (Notes) | 12 Months Ended |
Jan. 03, 2016 | |
Transfers and Servicing [Abstract] | |
Financing Arrangements | Financing Arrangements We routinely enter into accounts receivable securitization and factoring programs . We account for transfers of receivables pursuant to these programs as a sale and remove them from our consolidated balance sheet. Significant programs in place at January 3, 2016 were: • On October 9, 2015, we entered into a $150 million U.S. securitization program, replacing a similar arrangement in existence during the first three quarters of 2015. Under this program, we receive cash consideration of up to $150 million and a receivable for the remainder of the purchase price (the “Deferred Purchase Price”). This securitization program utilizes a bankruptcy-remote special-purpose entity (“SPE”). The SPE is wholly-owned by a subsidiary of Kraft Heinz and its sole business consists of the purchase or acceptance, through capital contributions of receivables and related assets, from a Kraft Heinz subsidiary and subsequent transfer of such receivables and related assets to a bank. Although the SPE is included in our consolidated financial statements, it is a separate legal entity with separate creditors who will be entitled, upon its liquidation, 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. The assets of the SPE are not available to pay creditors of Kraft Heinz or its subsidiaries. This program expires in October 2016. • We have a $70 million Australian dollar factoring program in which we receive cash consideration of up to $70 million Australian dollars and a receivable for the Deferred Purchase Price. This program began in August 2014 and automatically renews annually until it is terminated by either party. • We have a $50 million New Zealand dollar factoring program in which we receive cash consideration of up to $50 million New Zealand dollars and a receivable for the Deferred Purchase Price. This program began in August 2014 and automatically renews annually until it is terminated by either party. • We have a £90 million and €35 million European factoring program in which we receive cash consideration of up to ninety-five percent of the £90 million and €35 million facilities and a receivable for the remainder of the Deferred Purchase Price. This program began in December 2014 and automatically renews annually until it is terminated by either party. The cash consideration and carrying amount of receivables removed from the consolidated balance sheets in connection with the above programs were $267 million at January 3, 2016 and $284 million at December 28, 2014. The fair value of the Deferred Purchase Price for the programs was $583 million at January 3, 2016 and $161 million at December 28, 2014. The Deferred Purchase Price is included in sold receivables on the consolidated balance sheets and had a carrying value which approximated its fair value at January 3, 2016 and December 28, 2014 . The proceeds from these sales are recognized on the consolidated statements of cash flows as a component of operating activities. We act as servicer for these arrangements and have not recorded any servicing assets or liabilities for these arrangements as of January 3, 2016 and December 28, 2014 because they were not material to the financial statements. |
Financial Instruments (Notes)
Financial Instruments (Notes) | 12 Months Ended |
Jan. 03, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Financial Instruments Derivative Volume: The notional values of our derivative instruments at January 3, 2016 and December 28, 2014 were (in millions): Notional Amount January 3, 2016 December 28, 2014 Commodity contracts $ 787 $ — Foreign exchange contracts 3,458 4,607 Cross-currency contracts 4,328 9,900 Interest rate contracts — 7,921 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 at January 3, 2016 and December 28, 2014 were (in millions): January 3, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Total Fair Value Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments: Foreign exchange contracts $ — $ — $ 46 $ 6 $ — $ — $ 46 $ 6 Cross-currency contracts — — 605 — — — 605 — Derivatives not designated as hedging instruments: Commodity contracts 24 29 1 7 — — 25 36 Foreign exchange contracts — — 88 13 — — 88 13 Cross-currency contracts — — 47 — — — 47 — Total fair value $ 24 $ 29 $ 787 $ 26 $ — $ — $ 811 $ 55 December 28, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments: Foreign exchange contracts $ — $ — $ 46 $ 15 $ — $ — $ 46 $ 15 Cross-currency contracts — — 357 2 — — 357 2 Interest rate contracts — — 2 16 — — 2 16 Derivatives not designated as hedging instruments: Foreign exchange contracts — — 169 108 — — 169 108 Total fair value $ — $ — $ 574 $ 141 $ — $ — $ 574 $ 141 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 $44 million at January 3, 2016 and $141 million at December 28, 2014 . No material amounts of collateral were received or posted on our derivative assets and liabilities at January 3, 2016 . 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 forwards, foreign exchange forwards, interest rate swaps and cross-currency swaps. Commodity forwards 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 are valued using an income approach based on observable market forward rates less the contract rate multiplied by the notional amount. Interest rate swaps are valued based on observable market swap rates. Cross-currency swaps are valued based on observable market spot and swap rates. Our calculation of the fair value of financial instruments takes into consideration the risk of nonperformance, including counterparty credit risk. There have been no transfers between Levels 1, 2, and 3 in any period presented. The fair values of our asset derivatives are recorded within other current assets and other assets. The fair values of our liability derivatives are recorded within other current liabilities and other liabilities. Net Investment Hedging: In the third quarter of 2015, we issued foreign denominated debt instruments, which we designated as net investment hedges. At January 3, 2016 , the principal amounts of this foreign denominated debt totaled €750 million and £400 million . At January 3, 2016 , our cross-currency swaps consisted of: Instrument Notional (local) (in billions) Notional (USD) (in billions) Maturity Cross-currency swap £ 0.8 $ 1.4 October 2019 Cross-currency swap € 0.9 $ 1.1 October 2019 Cross-currency swap C$ 1.8 $ 1.6 December 2019 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 movements in the fair values of our cross-currency swap contracts and remeasurement of our foreign denominated debt. In the year ended January 3, 2016 , we partially unwound our Euro swap (USD notional amount of $1.9 billion ) and our British Pound Sterling swap (USD notional amount of $3.2 billion ). Additionally, in the year ended January 3, 2016 , we fully unwound our Australian dollar swap (USD notional amount of $750 million ) and our Japanese yen swap (USD notional amount of $50 million ). Interest Rate Hedging: During 2015, we de-designated all of our outstanding interest rate swaps (total notional amount of $7.9 billion ) from hedging relationships in connection with the repayment of the Term B-1 and Term B-2 loans. We determined that the related forecasted future cash flows were probable of not occurring, and as a result, we reclassified $227 million of deferred losses initially reported in accumulated other comprehensive income/(losses) to net income as interest expense. Hedge Coverage: At January 3, 2016 , we had hedged transactions for the following durations: • foreign currency transactions for periods not exceeding the next two years; and • cross-currency transactions for periods not exceeding the next four years. Hedge Ineffectiveness: We record pre-tax gains or losses reclassified from accumulated other comprehensive income/(losses) due to ineffectiveness in: • other expense/(income), net for foreign exchange contracts related to forecasted transactions; and • interest expense for interest rate contracts. Deferred Hedging Gains and Losses: Based on our valuation at January 3, 2016 and assuming market rates remain constant through contract maturities, we expect to transfer unrealized gains of $60 million (net of taxes) for foreign currency cash flow hedges. We expect transfers to net income of unrealized losses for interest rate cash flow hedges during the next 12 months to be insignificant. Concentration of Credit Risk: Counterparties to foreign exchange and interest rate 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. Our commodity contracts generally mature in less than one year and our cross currency and foreign exchange contracts are scheduled to mature in the next three years. Gains and losses are recorded in net income 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. Derivative Impact on the Statements of Income and Statements of Comprehensive Income: The following tables present the pre-tax effect of derivative instruments on the statements of income and statements of comprehensive income for the years ended January 3, 2016 and December 28, 2014 : Successor January 3, December 28, Commodity Contracts Foreign Exchange Cross-Currency Contracts Cross-Currency Interest Rate Swap Contracts Interest Rate Contracts Commodity Contracts Foreign Exchange Cross-Currency Contracts Cross-Currency Interest Rate Swap Contracts Interest Rate (in millions) Derivatives designated as hedging instruments: Cash flow hedges: Gains/(losses) recognized in other comprehensive income (effective portion) $ — $ 73 $ — $ — $ (111 ) $ — $ 21 $ — $ — $ (289 ) Net investment hedges: Gains recognized in other comprehensive income (effective portion) — — 736 — — — — 545 — — Total gains/(losses) recognized in other comprehensive income (effective portion) $ — $ 73 $ 736 $ — $ (111 ) $ — $ 21 $ 545 $ — $ (289 ) Cash flow hedges reclassified to net income/(loss): Net sales $ — $ (2 ) $ — $ — $ — $ — $ (1 ) $ — $ — $ — Cost of products sold (effective portion) — 45 — — — — 5 — — — Other expense/(income), net — 1 — — — — 1 — — — Interest expense — — — — (239 ) — — — — — — 44 — — (239 ) — 5 — — — Derivatives not designated as hedging instruments: Unrealized gains on derivative instruments — — — — — — 75 — — — Losses on derivatives recognized in cost of products sold (57 ) — — — — — — — — — Gains on derivatives recognized in other expense/(income), net — 92 53 — 8 — 76 — — — (57 ) 92 53 — 8 — 151 — — — Total (losses)/gains recognized in statements of income $ (57 ) $ 136 $ 53 $ — $ (231 ) $ — $ 156 $ — $ — $ — Successor Predecessor February 8 - December 29, April 29 - June 7, Commodity Contracts Foreign Exchange Cross-Currency Contracts Cross-Currency Interest Rate Swap Contracts Interest Rate Contracts Commodity Contracts Foreign Exchange Cross-Currency Contracts Cross-Currency Interest Rate Swap Contracts Interest Rate (in millions) Derivatives designated as hedging instruments: Cash flow hedges: Gains/(losses) recognized in other comprehensive income (effective portion) $ — $ 30 $ — $ — $ 147 $ — $ 3 $ — $ (4 ) $ — Net investment hedges: Losses recognized in other comprehensive income (effective portion) — — (191 ) — — — — — — — Total gains/(losses) recognized in other comprehensive income (effective portion) $ — $ 30 $ (191 ) $ — $ 147 $ — $ 3 $ — $ (4 ) $ — Cash flow hedges reclassified to net income/(loss): Net sales $ — $ (1 ) $ — $ — $ — $ — $ 1 $ — $ — $ — Cost of products sold (effective portion) — 3 — — — — 2 — — — Other expense/(income), net — 2 — — — — (2 ) — (10 ) — — 4 — — — — 1 — (10 ) — Fair value hedges: Losses recognized in other expense/(income), net — — — — — — — — — (6 ) Derivatives not designated as hedging instruments: Unrealized gains on derivative instruments — — — — 118 — — — — — Losses on derivatives recognized in other expense/(income), net — (31 ) — — — — (4 ) — — — — (31 ) — — 118 — (4 ) — — — Total (losses)/gains recognized in statements of income $ — $ (27 ) $ — $ — $ 118 $ — $ (3 ) $ — $ (10 ) $ (6 ) Predecessor April 28, Commodity Contracts Foreign Exchange Cross-Currency Contracts Cross-Currency Interest Rate Swap Contracts Interest Rate (in millions) Derivatives designated as hedging instruments: Cash flow hedges: Gains/(losses) recognized in other comprehensive income (effective portion) $ — $ 48 $ — $ (77 ) $ — Cash flow hedges reclassified to net income/(loss): Net sales $ — $ 11 $ — $ — $ — Cost of products sold (effective portion) — (5 ) — — — Other expense/(income), net — 14 — (70 ) — Interest expense — — — (5 ) — — 20 — (75 ) — Fair value hedges: Gains/(losses) recognized in other expense/(income), net — — — 70 (3 ) Derivatives not designated as hedging instruments: Gains on derivatives recognized in other expense/(income), net — (8 ) — — (1 ) Total gains/(losses) recognized in statement of income $ — $ 12 $ — $ (5 ) $ (4 ) Related to our non-derivative, foreign denominated debt instruments designated as net investment hedges, we recognized a $65 million pre-tax gain in other comprehensive loss for the year ended January 3, 2016 . |
Venezuela - Foreign Currency an
Venezuela - Foreign Currency and Inflation (Notes) | 12 Months Ended |
Jan. 03, 2016 | |
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/nutrition categories. We apply highly inflationary accounting to our business in Venezuela. Under highly inflationary accounting, the financial statements of our Venezuelan 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 current net income, rather than accumulated other comprehensive income/(losses) on the balance sheet, until the Venezuelan economy is no longer considered highly inflationary. Certain non-monetary assets and liabilities are recorded at the applicable historical exchange rates. There are currently three exchange rates legally available to us for converting Venezuelan bolivars to U.S. dollars, including: • the official exchange rate of BsF 6.30 per U.S. dollar, which is available through the government-operated National Center of Foreign Commerce (“CENCOEX”) and is applicable to import activities related to certain necessities, including food products; • the Complimentary System of Foreign Currency Acquirement (“SICAD I”) rate of approximately BsF 12 per U.S. dollar, which operates similar to an auction system and allows entities in specific sectors to bid for U.S. dollars to be used for specified import transactions; and • the Marginal Currency System (“SIMADI”) rate, which has averaged approximately BsF 198 per U.S. dollar since commencement of trading and is an open-market exchange format that allows for legal trading of foreign currency based upon supply and demand. Prior to February 2015, a fourth foreign exchange market mechanism (SICAD II) was available to us. SICAD II became effective on March 24, 2014 and was the market through which U.S. dollars were to be obtained for the remittance of dividends. This market had significantly higher foreign exchange rates than those available through the other foreign exchange mechanisms, with published weighted average daily exchange rates of approximately BsF 50 per U.S. dollar. During 2014, we had limited access to the SICAD II market mechanism and converted 164 million bolivars into $3 million U.S. dollars, recognizing a $23 million transactional currency loss which was recorded in other expense/(income), net, in the consolidated statements of income for the year ended December 28, 2014. In February 2015, the SICAD I and SICAD II foreign currency exchange systems were merged (thereafter called “SICAD”). The published exchange rate for the SICAD mechanism continues to be approximately BsF 12 per U.S. dollar. We have had limited access to, and settlements at, the current official exchange rate of BsF 6.30 per U.S. dollar during the year ended January 3, 2016 . We had $26 million of outstanding requests at January 3, 2016 for payment of invoices for the purchase of ingredients and packaging materials for the years from 2012 through 2015. Subsequent to January 3, 2016, we have received approvals for payment of invoices at BsF 6.30 of approximately $2 million . Until June 2015, we had determined that the official CENCOEX rate of BsF 6.30 per U.S. dollar was the most appropriate rate to use for remeasurement. In June 2015, due to the continued lack of liquidity and increasing economic uncertainty, we reevaluated the rate used to remeasure the monetary assets and liabilities of our Venezuelan subsidiary. As of June 28, 2015, we determined that the then SIMADI rate of BsF 197.7 per U.S. dollar was the most appropriate legally available rate and remeasured our net monetary assets of our Venezuelan subsidiary, resulting in a nonmonetary currency devaluation of $234 million recorded in other expense/(income), net, in the consolidated statements of income during the second quarter of 2015. Additionally, we assessed the non-monetary assets of our Venezuelan subsidiary for impairment, which resulted in a $49 million loss to write down inventory to the lower of cost or market, which was recorded in cost of products sold in the consolidated statements of income during the second quarter of 2015. As of January 3, 2016 , we continue to believe that the SIMADI rate is the most appropriate legally available rate. Prior to the devaluation, our Venezuelan subsidiary had recognized net sales of $352 million and operating income of $51 million for the first half of 2015. As a result of the devaluation, it recognized net sales of $10 million and had an operating loss of $8 million for the second half of 2015. Our results of operations in Venezuela reflect a controlled subsidiary. 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 could impact our ability to control our Venezuelan operations and could lead us to deconsolidate our Venezuelan subsidiary in the future. On February 18, 2016, the Venezuelan government announced two changes to its exchange controls: (i) an official exchange rate change from BsF 6.30 per U.S. dollar to BsF 10 per U.S. dollar and (ii) a transition of SIMADI from open-market exchange format to free-floating format, in which exchange rates will fluctuate based on supply and demand. We do not expect these changes to have a significant impact on our Venezuelan results. |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 12 Months Ended |
Jan. 03, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings: We are routinely involved in legal proceedings, claims, and governmental inquiries, inspections or investigations (“Legal Matters”) arising in the ordinary course of our business. On April 1, 2015, the Commodity Futures Trading Commission (“CFTC”) filed a formal complaint against Mondelēz International and Kraft in the U.S. District Court for the Northern District of Illinois, Eastern Division, related to activities involving the trading of December 2011 wheat futures contracts. The complaint alleges that Mondelēz International and Kraft (1) manipulated or attempted to manipulate the wheat markets during the fall of 2011, (2) violated position limit levels for wheat futures, and (3) engaged in non-competitive trades by trading both sides of exchange-for-physical Chicago Board of Trade wheat contracts. As previously disclosed by Kraft, these activities arose prior to the October 1, 2012 spin-off of Kraft by Mondelēz International to its shareholders and involve the business now owned and operated by Mondelēz International or its affiliates. The Separation and Distribution Agreement between Kraft and Mondelēz International, dated as of September 27, 2012, governs the allocation of liabilities between Mondelēz International and Kraft and, accordingly, Mondelēz International will predominantly bear the costs of this matter and any monetary penalties or other payments that the CFTC may impose. We do not expect this matter to have a material adverse effect on our financial condition, results of operations, or business. As previously disclosed, six lawsuits were filed in connection with the 2015 Merger against Kraft, members of its board of directors, Heinz, Kite Merger Sub Corp., and Kite Merger Sub LLC. The plaintiffs in these matters alleged, among other things, that (i) the Form S-4 contained material omissions and misleading statements, and (ii) the members of the Kraft board of directors breached their fiduciary duties in connection with the 2015 Merger. The plaintiffs sought, among other things, injunctive relief and damages. As disclosed in Kraft’s Form 8-K filed on June 24, 2015, on June 23, 2015, Kraft entered into a memorandum of understanding with the plaintiffs providing for the settlement of all of these lawsuits. On October 28, 2015, we executed a stipulation of settlement with the plaintiffs formalizing the terms of the memorandum of understanding. On November 10, 2015, the U.S. District Court for the Eastern District of Virginia issued an order preliminarily approving the settlement and providing for notice to Kraft’s shareholders regarding the proposed settlement. On February 18, 2016, the court held a hearing regarding the proposed settlement. The court indicated that it intends to approve the settlement and requested that Plaintiffs’ counsel provide certain additional information. We do not expect this matter to have a material adverse effect on our financial condition or results of operations. 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. Leases: Rental expenses for leases of warehouse, production, and office facilities and equipment were $160 million for the year ended January 3, 2016 , $102 million for the year ended December 28, 2014 , $123 million in the 2013 Successor Period, $15 million in the 2013 Predecessor Period, and $145 million in Fiscal 2013. Minimum rental commitments under non-cancelable operating leases in effect at January 3, 2016 were (in millions): 2016 $ 120 2017 119 2018 106 2019 90 2020 68 Thereafter 235 Total $ 738 Redeemable Noncontrolling Interest: The minority partner in our Brazilian subsidiary, Coniexpress, has the right, at any time, to exercise a put option that would require us to purchase their equity interest at a redemption value determinable from a specified formula based on a multiple of EBITDA (subject to a fixed minimum linked to the original acquisition date value). We also have a call right on this noncontrolling interest exercisable at any time and subject to the same redemption price. The put and call options cannot be separated from the noncontrolling interest and the combination of a noncontrolling interest and the redemption feature require classification of the minority partner’s interest as a redeemable noncontrolling interest on the consolidated balance sheets. In Fiscal 2013, the minority partner exercised their put option for 15% of their initial 20% equity interest, retaining 5% . An adjustment was made to retained earnings to record the carrying value at the maximum redemption value immediately prior to this transaction. As this exercise did not result in a change in control of Coniexpress, it was accounted for as an equity transaction. In addition, the amount of cumulative translation adjustment previously allocated to the redeemable noncontrolling interest was adjusted to reflect the change in ownership. Any subsequent change in maximum redemption value will be adjusted through retained earnings. The carrying amount of the redeemable noncontrolling interest approximates its maximum redemption value of the remaining 5% equity interest at January 3, 2016 . We do not currently believe the exercise of the put option would materially impact our results of operations or financial condition. |
Earnings Per Share (Notes)
Earnings Per Share (Notes) | 12 Months Ended |
Jan. 03, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share As a result of the stock conversion prior to the 2015 Merger all historical Successor Period per share data, numbers of shares, and numbers of equity awards outstanding were retroactively adjusted. See Note 1, Background and Basis of Presentation , for additional information. Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, (in millions, except per share amounts) Basic Earnings Per Common Share: (Loss)/income from continuing operations attributable to common shareholders $ (266 ) $ (63 ) $ (1,118 ) $ (194 ) $ 1,088 Loss from discontinued operations, net of tax — — (6 ) (1 ) (75 ) Net (loss)/income attributable to common shareholders $ (266 ) $ (63 ) $ (1,124 ) $ (195 ) $ 1,013 Weighted average shares of common stock outstanding 786 377 377 321 321 Continuing operations $ (0.34 ) $ (0.17 ) $ (2.97 ) $ (0.60 ) $ 3.39 Discontinued operations — — (0.01 ) (0.01 ) (0.23 ) Net (loss)/earnings $ (0.34 ) $ (0.17 ) $ (2.98 ) $ (0.61 ) $ 3.16 Diluted Earnings Per Common Share: (Loss)/income from continuing operations attributable to common shareholders $ (266 ) $ (63 ) $ (1,118 ) $ (194 ) $ 1,088 Loss from discontinued operations, net of tax — — (6 ) (1 ) (75 ) Net (loss)/income attributable to common shareholders $ (266 ) $ (63 ) $ (1,124 ) $ (195 ) $ 1,013 Weighted average shares of common stock outstanding 786 377 377 321 321 Effect of dilutive securities: Equity awards — — — — 2 Weighted average shares of common stock, including dilutive effect 786 377 377 321 323 Continuing operations $ (0.34 ) $ (0.17 ) $ (2.97 ) $ (0.60 ) $ 3.37 Discontinued operations — — (0.01 ) (0.01 ) (0.23 ) Net (loss)/earnings $ (0.34 ) $ (0.17 ) $ (2.98 ) $ (0.61 ) $ 3.14 We use the treasury stock method to calculate the dilutive effect of outstanding warrants and equity awards in the denominator for diluted earnings per common share. We had net losses attributable to common shareholders for the years ended January 3, 2016 and December 28, 2014 , for the 2013 Successor Period, and for the 2013 Predecessor Period. Therefore, we have excluded the dilutive effects of stock options, RSUs, and warrants for these periods as their inclusion would have had an anti-dilutive effect on earnings per common share (“EPS”). Anti-dilutive shares were 17 million for the year ended January 3, 2016 , 29 million for the year ended December 28, 2014 , and 27 million for the 2013 Successor Period. Anti-dilutive shares were insignificant for the 2013 Predecessor Period and for Fiscal 2013. |
Segment Reporting (Notes)
Segment Reporting (Notes) | 12 Months Ended |
Jan. 03, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting We manufacture and market food and beverage products, including condiments and sauces, cheese and dairy, meals, meats, refreshment beverages, coffee, and other grocery products, throughout the world. Following the 2015 Merger, we revised our segment structure and began to manage and report our operating results through four segments. We have three reportable segments defined by geographic region: United States, Canada, and Europe. Our remaining businesses are combined and disclosed as “Rest of World”. Rest of World is comprised of three operating segments: Asia Pacific, Latin America, and Russia, India, the Middle East and Africa (“RIMEA”). We began to report on our reorganized segment structure during the third quarter of 2015 and have reflected this structure for all historical periods presented. Management evaluates segment performance based on several factors including net sales and segment adjusted earnings before interest, tax, depreciation and amortization (“Segment Adjusted EBITDA”). Management uses Segment Adjusted EBITDA to evaluate segment performance and allocate resources. Segment Adjusted EBITDA assists management in comparing our performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect our core operations. These items include depreciation and amortization (including amortization of postretirement benefit plans prior service credits), equity award compensation expense, integration and restructuring expenses, merger costs, unrealized gains and 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 operating results), impairment losses, gain/loss associated with the sale of a business, nonmonetary currency devaluation, and certain general corporate expenses. In addition, consistent with the manner in which management evaluates segment performance and allocates resources, Segment Adjusted EBITDA includes the operating results of Kraft on a pro forma basis, as if Kraft had been acquired as of December 30, 2013. There are no pro forma adjustments to any of the numbers disclosed in this note to the consolidated financial statements except for the Segment Adjusted EBITDA reconciliation. Consistent with internal management reporting, there are no pro forma adjustments in any of the 2013 periods presented as it would be impracticable to develop adjustments that would be meaningful. The information would not be meaningful due to the difficulty of interpreting these pro forma impacts on the various durations of the multiple 2013 periods presented, as well as, the length of time that has passed since 2013 makes it difficult to assess how the company would have performed if Kraft and Heinz had been a combined company at that time. Management does not use assets by segment to evaluate performance or allocate resources and therefore, we do not disclose assets by segment. Our net sales by segment and Segment Adjusted EBITDA were: Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, (in millions) Net sales: United States $ 11,124 $ 3,615 $ 2,072 $ 371 $ 3,857 Canada 1,437 631 371 73 709 Europe 2,485 2,973 1,659 269 3,049 Rest of World 3,292 3,703 2,138 400 3,914 Total net sales $ 18,338 $ 10,922 $ 6,240 $ 1,113 $ 11,529 Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, (in millions) Segment Adjusted EBITDA: United States $ 4,783 $ 4,499 $ 519 $ 81 $ 932 Canada 541 615 99 16 175 Europe 909 898 349 42 671 Rest of World 670 689 256 58 485 General corporate expenses (164 ) (175 ) (58 ) (25 ) (164 ) Depreciation and amortization (excluding integration and restructuring expenses) (779 ) (924 ) (216 ) (34 ) (340 ) Integration and restructuring expenses (1,117 ) (743 ) (411 ) 6 (1 ) Merger costs (194 ) (68 ) (158 ) (112 ) (45 ) Amortization of inventory step-up (347 ) — (383 ) — — Unrealized gains/(losses) on commodity hedges 41 (79 ) — — — Impairment losses (58 ) (221 ) — — — Gain on sale of business 21 — — — — Nonmonetary currency devaluation (57 ) — — — — Equity award compensation expense (excluding integration and restructuring expenses) (61 ) (108 ) (5 ) (4 ) (51 ) Other pro forma adjustments (1,549 ) (2,815 ) — — — Operating income/(loss) 2,639 1,568 (8 ) 28 1,662 Interest expense 1,321 686 409 35 284 Other expense/(income), net 305 79 (119 ) 123 34 Income/(loss) from continuing operations before income taxes $ 1,013 $ 803 $ (298 ) $ (130 ) $ 1,344 Total depreciation and amortization expense and capital expenditures by segment were: Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, (in millions) Depreciation and Amortization Expense: United States $ 484 $ 191 $ 125 $ 12 $ 104 Canada 36 83 28 4 23 Europe 83 121 60 9 90 Rest of World 88 103 55 10 96 Non-Operating (a) 49 32 12 5 31 Total depreciation and amortization expense $ 740 $ 530 $ 280 $ 40 $ 344 (a) Includes corporate overhead and general corporate expenses. Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, (in millions) Capital Expenditures: United States $ 377 $ 146 $ 42 $ 9 $ 68 Canada 19 2 5 1 39 Europe 102 95 40 5 92 Rest of World 103 93 67 6 144 Non-Operating (a) 47 63 48 99 56 Total capital expenditures $ 648 $ 399 $ 202 $ 120 $ 399 (a) Includes corporate overhead and general corporate expenses. Concentration of risk: For the year ended January 3, 2016 Wal-Mart Stores Inc., our largest customer, represented approximately 20% of our net sales. For the year ended December 28, 2014, the 2013 Successor Period, the 2013 Predecessor Period, and Fiscal 2013 Wal-Mart Stores Inc., represented approximately 10% of our net sales. All of our segments have sales to Wal-Mart Stores Inc. Our net sales by product category were: Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, (in millions) Condiments and sauces $ 5,846 $ 5,489 $ 3,081 $ 534 $ 5,376 Cheese and dairy 2,795 — — — — Ambient meals 1,858 1,544 865 140 1,646 Frozen and chilled meals 2,210 2,000 1,199 199 2,318 Meats 1,480 199 122 20 277 Refreshment beverages 665 — — — — Coffee 710 — — — — Infant/nutrition 902 1,116 624 119 1,189 Desserts, toppings and baking 521 — — — — Nuts and salted snacks 562 — — — — Other 789 574 349 101 723 Total net sales $ 18,338 $ 10,922 $ 6,240 $ 1,113 $ 11,529 We had significant net sales in the United States, Canada, and the United Kingdom. Sales are based on the location in which the sale originated. Our net sales by country were: Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, (in millions) Net sales: United States $ 11,124 $ 3,615 $ 2,072 $ 371 $ 3,857 Canada 1,437 631 371 73 709 United Kingdom 1,334 1,549 860 131 1,598 Other 4,443 5,127 2,937 538 5,365 Total net sales $ 18,338 $ 10,922 $ 6,240 $ 1,113 $ 11,529 We had significant long-lived assets in the United States and the United Kingdom. Long-lived assets include property, plant and equipment, goodwill, trademarks, and other intangibles, net of related depreciation and amortization. Our long-lived assets by country were: January 3, 2016 December 28, 2014 (in millions) Long-lived assets: United States $ 94,504 $ 15,957 United Kingdom 6,742 6,777 Canada 5,871 2,378 Other 4,578 5,400 Total long-lived assets $ 111,695 $ 30,512 |
Change in Fiscal Year End (Note
Change in Fiscal Year End (Notes) | 12 Months Ended |
Jan. 03, 2016 | |
Change in Fiscal Year End [Abstract] | |
Change in Fiscal Year End | Change in Fiscal Year End We changed our fiscal year end from the Sunday closest to April 30 to the Sunday closest to December 31, effective December 29, 2013. The consolidated statements of operations are provided below for the Successor period February 8, 2013 to December 29, 2013, the Predecessor period April 29, 2013 to June 7, 2013, and the eight months ended December 23, 2012. The financial information provided for the eight months ended December 23, 2012 is unaudited since it represented an interim period of fiscal year 2013. The unaudited financial information for the eight-month period ended December 23, 2012 (based on H. J. Heinz Company’s former fiscal month end), includes all normal recurring adjustments necessary for a fair statement of the results for that period. Successor Predecessor February 8 - December 29, April 29 - June 7, December 23, 2012 (34 Weeks) (Unaudited) (in millions) Net sales $ 6,240 $ 1,113 $ 7,438 Gross profit 1,332 320 2,282 (Benefit from)/provision for income taxes (232 ) 61 143 Net (loss)/income from continuing operations (66 ) (191 ) 769 Loss from discontinued operations, net of tax (6 ) (1 ) (36 ) Net (loss)/income attributable to Kraft Heinz (77 ) (195 ) 722 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) (Notes) | 12 Months Ended |
Jan. 03, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) Our quarterly financial data during the years ended January 3, 2016 and December 28, 2014 was: 2015 Quarters First Second Third Fourth (in millions, except per share data) Net sales $ 2,478 $ 2,616 $ 6,120 $ 7,124 Gross profit 847 882 1,628 2,404 Income/(loss) from continuing operations attributable to Kraft Heinz, net of tax 276 (164 ) (123 ) 645 Net income/(loss) attributable to common shareholders 96 (344 ) (303 ) 285 Per share data applicable to common shareholders: Basic earnings/(loss) 0.26 (0.91 ) (0.27 ) 0.23 Diluted earnings/(loss) 0.24 (0.91 ) (0.27 ) 0.23 2014 Quarters First Second Third Fourth (in millions, except per share data) Net sales $ 2,800 $ 2,729 $ 2,594 $ 2,799 Gross profit 812 803 767 895 Income from continuing operations attributable to Kraft Heinz, net of tax 195 127 172 163 Net income/(loss) attributable to common shareholders 15 (53 ) (8 ) (17 ) Per share data applicable to common shareholders: Basic earnings/(loss) 0.04 (0.14 ) (0.02 ) (0.04 ) Diluted earnings/(loss) 0.04 (0.14 ) (0.02 ) (0.04 ) We determined that we had previously misclassified customer related intangible asset amortization. Such costs were previously included in cost of products sold but should have been included in SG&A. We have revised the classification to report these expenses in SG&A in all periods presented. The impact of this revision was to increase SG&A and decrease cost of products sold by $17 million for each of the 2014 quarterly periods and $16 million for the first and second quarters of 2015. These misstatements were not material to our current or any prior period financial statements. |
Supplemental Financial Informat
Supplemental Financial Information (Notes) | 12 Months Ended |
Jan. 03, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Financial Information | Supplemental Financial Information As discussed in Note 12, Debt , we fully and unconditionally guarantee the notes issued by our 100% owned operating subsidiary, Kraft Heinz Foods Company. 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 The Kraft Heinz Company (as parent guarantor), Kraft Heinz Foods Company (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 SEC 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 (in millions) Successor For the Year Ended January 3, 2016 (53 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 10,580 $ 8,145 $ (387 ) $ 18,338 Cost of products sold — 7,298 5,666 (387 ) 12,577 Gross profit — 3,282 2,479 — 5,761 Selling, general and administrative expenses — 2,378 744 — 3,122 Operating income — 904 1,735 — 2,639 Interest expense — 1,221 100 — 1,321 Other expense, net — 140 165 — 305 (Loss)/income before income taxes — (457 ) 1,470 — 1,013 Equity in earnings of subsidiaries 634 899 — (1,533 ) — (Benefit from)/provision for income taxes — (192 ) 558 — 366 Net income 634 634 912 (1,533 ) 647 Net income attributable to noncontrolling interest — — 13 — 13 Net income excluding noncontrolling interest $ 634 $ 634 $ 899 $ (1,533 ) $ 634 Comprehensive income/(loss) excluding noncontrolling interest $ 537 $ 537 $ (734 ) $ 197 $ 537 The Kraft Heinz Company Condensed Consolidating Statements of Income (in millions) Successor For the Year Ended December 28, 2014 (52 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 3,740 $ 7,325 $ (143 ) $ 10,922 Cost of products sold — 2,663 5,125 (143 ) 7,645 Gross profit — 1,077 2,200 — 3,277 Selling, general and administrative expenses — 610 1,099 — 1,709 Operating income — 467 1,101 — 1,568 Interest expense — 556 130 — 686 Other expense/(income), net — 104 (25 ) — 79 (Loss)/income before income taxes — (193 ) 996 — 803 Equity in earnings of subsidiaries 657 694 — (1,351 ) — (Benefit from)/provision for income taxes — (156 ) 287 — 131 Net income 657 657 709 (1,351 ) 672 Net income attributable to noncontrolling interest — — 15 — 15 Net income excluding noncontrolling interest $ 657 $ 657 $ 694 $ (1,351 ) $ 657 Comprehensive loss excluding noncontrolling interest $ (149 ) $ (149 ) $ (180 ) $ 329 $ (149 ) The Kraft Heinz Company Condensed Consolidating Statements of Income (in millions) Successor For the Period from February 8, 2013 to December 29, 2013 (29 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 2,132 $ 4,192 $ (84 ) $ 6,240 Cost of products sold — 1,638 3,354 (84 ) 4,908 Gross profit — 494 838 — 1,332 Selling, general and administrative expenses — 485 855 — 1,340 Operating income/(loss) — 9 (17 ) — (8 ) Interest expense — 334 75 — 409 Other income, net — (63 ) (56 ) — (119 ) Loss from continuing operations before income taxes — (262 ) (36 ) — (298 ) Equity in (losses)/earnings of subsidiaries (77 ) 88 — (11 ) — Benefit from income taxes — (97 ) (135 ) — (232 ) Net (loss)/income from continuing operations (77 ) (77 ) 99 (11 ) (66 ) Loss from discontinued operations, net of tax — — (6 ) — (6 ) Net (loss)/income (77 ) (77 ) 93 (11 ) (72 ) Net income attributable to noncontrolling interest — — 5 — 5 Net (loss)/income excluding noncontrolling interest $ (77 ) $ (77 ) $ 88 $ (11 ) $ (77 ) Comprehensive income excluding noncontrolling interest $ 155 $ 155 $ 319 $ (474 ) $ 155 The Kraft Heinz Company Condensed Consolidating Statements of Income (in millions) Predecessor (H. J. Heinz Company) For the Period from April 29, 2013 to June 7, 2013 (6 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales NA $ 377 $ 744 $ (8 ) $ 1,113 Cost of products sold NA 263 538 (8 ) 793 Gross profit NA 114 206 — 320 Selling, general and administrative expenses NA 154 138 — 292 Operating (loss)/income NA (40 ) 68 — 28 Interest expense NA 12 23 — 35 Other expense, net NA 32 91 — 123 Loss from continuing operations before income taxes NA (84 ) (46 ) — (130 ) Equity in losses of subsidiaries NA (30 ) — 30 — Provision for/(benefit from) income taxes NA 81 (20 ) — 61 Net loss from continuing operations NA (195 ) (26 ) 30 (191 ) Loss from discontinued operations, net of tax NA — (1 ) — (1 ) Net loss NA (195 ) (27 ) 30 (192 ) Net income attributable to noncontrolling interest NA — 3 — 3 Net loss excluding noncontrolling interest NA $ (195 ) $ (30 ) $ 30 $ (195 ) Comprehensive loss excluding noncontrolling interest NA $ (276 ) $ (35 ) $ 35 $ (276 ) The Kraft Heinz Company Condensed Consolidating Statements of Income (in millions) Predecessor (H. J. Heinz Company) For the Year Ended April 28, 2013 (52 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales NA $ 3,962 $ 7,715 $ (148 ) $ 11,529 Cost of products sold NA 2,691 5,415 (148 ) 7,958 Gross profit NA 1,271 2,300 — 3,571 Selling, general and administrative expenses NA 628 1,281 — 1,909 Operating income NA 643 1,019 — 1,662 Interest expense NA 86 198 — 284 Other expense/(income), net NA 97 (63 ) — 34 Income from continuing operations before income taxes NA 460 884 — 1,344 Equity in earnings of subsidiaries NA 635 — (635 ) — Provision for income taxes NA 60 182 — 242 Net income from continuing operations NA 1,035 702 (635 ) 1,102 Loss from discontinued operations, net of tax NA (22 ) (53 ) — (75 ) Net income NA 1,013 649 (635 ) 1,027 Net income attributable to noncontrolling interest NA — 14 — 14 Net income excluding noncontrolling interest NA $ 1,013 $ 635 $ (635 ) $ 1,013 Comprehensive income excluding noncontrolling interest NA $ 683 $ 321 $ (321 ) $ 683 The Kraft Heinz Company Condensed Consolidating Balance Sheets (in millions) As of January 3, 2016 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 3,189 $ 1,648 $ — $ 4,837 Trade receivables — 62 809 — 871 Receivables due from affiliates — 555 319 (874 ) — Sold receivables — 554 29 583 Inventories — 1,741 877 — 2,618 Short-term lending due from affiliates — 3,657 4,353 (8,010 ) — Other current assets — 645 443 (217 ) 871 Total current assets — 10,403 8,478 (9,101 ) 9,780 Property, plant and equipment, net — 4,518 2,006 — 6,524 Goodwill — 10,976 32,075 — 43,051 Investments in subsidiaries 66,005 73,105 — (139,110 ) — Intangible assets, net — 3,838 58,282 — 62,120 Long-term lending due from affiliates — 1,700 2,000 (3,700 ) — Other assets — 534 964 — 1,498 TOTAL ASSETS $ 66,005 $ 105,074 $ 103,805 $ (151,911 ) $ 122,973 LIABILITIES AND EQUITY Short-term lending due to affiliates $ — $ 4,353 $ 3,657 $ (8,010 ) $ — Trade payables — 1,612 1,232 — 2,844 Payables due to affiliates — 319 555 (874 ) — Accrued marketing — 359 497 — 856 Accrued postemployment costs — 316 12 — 328 Income taxes payable — 71 563 (217 ) 417 Interest payable — 386 15 — 401 Dividends payable — 762 — — 762 Other current liabilities — 1,053 271 — 1,324 Total current liabilities — 9,231 6,802 (9,101 ) 6,932 Long-term debt — 24,143 1,008 — 25,151 Long-term borrowings due to affiliates — 2,000 1,905 (3,905 ) — Deferred income taxes — 1,278 20,219 — 21,497 Accrued postemployment costs — 2,147 258 — 2,405 Other liabilities — 270 482 — 752 TOTAL LIABILITIES — 39,069 30,674 (13,006 ) 56,737 Redeemable noncontrolling interest — — 23 — 23 9.00% Series A cumulative redeemable preferred stock 8,320 — — — 8,320 Total shareholders' equity 57,685 66,005 72,900 (138,905 ) 57,685 Noncontrolling interest — — 208 — 208 TOTAL EQUITY 57,685 66,005 73,108 (138,905 ) 57,893 TOTAL LIABILITIES AND EQUITY $ 66,005 $ 105,074 $ 103,805 $ (151,911 ) $ 122,973 The Kraft Heinz Company Condensed Consolidating Balance Sheets (in millions) As of December 28, 2014 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 541 $ 1,757 $ — $ 2,298 Trade receivables — — 690 — 690 Receivables due from affiliates — 159 197 (356 ) — Sold receivables — — 161 — 161 Inventories — 468 717 — 1,185 Short-term lending due from affiliates — 1,727 2,573 (4,300 ) — Other current assets — 316 313 (48 ) 581 Total current assets — 3,211 6,408 (4,704 ) 4,915 Property, plant and equipment, net — 940 1,425 — 2,365 Goodwill — 8,907 6,052 — 14,959 Investments in subsidiaries 15,437 15,627 — (31,064 ) — Intangible assets, net — 6,094 7,094 — 13,188 Long-term lending due from affiliates — 146 2,000 (2,146 ) — Other assets — 513 631 — 1,144 TOTAL ASSETS $ 15,437 $ 35,438 $ 23,610 $ (37,914 ) $ 36,571 LIABILITIES AND EQUITY Short-term lending due to affiliates $ — $ 2,573 $ 1,727 $ (4,300 ) $ — Trade payables — 613 1,038 — 1,651 Payables due to affiliates — 197 159 (356 ) — Accrued marketing — 53 244 — 297 Accrued postemployment costs — 12 3 — 15 Income taxes payable — 184 96 (48 ) 232 Interest payable — 113 54 — 167 Other current liabilities — 241 489 — 730 Total current liabilities — 3,986 3,810 (4,704 ) 3,092 Long-term debt — 11,355 2,003 — 13,358 Long-term borrowings due to affiliates — 2,000 374 (2,374 ) — Deferred income taxes — 2,340 1,527 — 3,867 Accrued postemployment costs — 185 102 — 287 Other liabilities — 135 147 — 282 TOTAL LIABILITIES — 20,001 7,963 (7,078 ) 20,886 Redeemable noncontrolling interest — — 29 — 29 9.00% Series A cumulative redeemable preferred stock 8,320 — — — 8,320 Total shareholders' equity 7,117 15,437 15,399 (30,836 ) 7,117 Noncontrolling interest — — 219 — 219 TOTAL EQUITY 7,117 15,437 15,618 (30,836 ) 7,336 TOTAL LIABILITIES AND EQUITY $ 15,437 $ 35,438 $ 23,610 $ (37,914 ) $ 36,571 The Kraft Heinz Company Condensed Consolidating Statements of Cash Flows (in millions) Successor For the Year Ended January 3, 2016 (53 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by operating activities $ 632 $ 1,227 $ 1,395 $ (787 ) $ 2,467 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures — (400 ) (248 ) — (648 ) Net proceeds from/(payments on) intercompany lending activities — 737 (721 ) (16 ) — Return of capital 1,570 5 — (1,575 ) — Acquisition of business, net of cash on hand — (9,535 ) 67 — (9,468 ) Additional investments in subsidiaries (10,000 ) — — 10,000 — Other investing activities, net — 422 (10 ) — 412 Net cash used for investing activities (8,430 ) (8,771 ) (912 ) 8,409 (9,704 ) CASH FLOWS FROM FINANCING ACTIVITIES Repayments of long-term debt — (12,284 ) (30 ) — (12,314 ) Proceeds from long-term debt — 14,032 802 — 14,834 Net repayments of short-term debt — — (49 ) — (49 ) Net proceeds from/(payments on) intercompany borrowing activities — 721 (737 ) 16 — Proceeds from issuance of common stock to Sponsors 10,000 — — — 10,000 Dividends paid-Series A Preferred Stock (900 ) — — — (900 ) Dividends paid-common stock (1,302 ) (2,202 ) (155 ) 2,357 (1,302 ) Other intercompany capital stock transactions — 10,000 (5 ) (9,995 ) — Other financing activities, net — (75 ) (11 ) — (86 ) Net cash provided by/(used for) financing activities 7,798 10,192 (185 ) (7,622 ) 10,183 Effect of exchange rate changes on cash and cash equivalents — — (407 ) — (407 ) Cash and cash equivalents: Net increase/(decrease) — 2,648 (109 ) — 2,539 Balance at beginning of period — 541 1,757 — 2,298 Balance at end of period $ — $ 3,189 $ 1,648 $ — $ 4,837 The Kraft Heinz Company Condensed Consolidating Statements of Cash Flows (in millions) Successor For the Year Ended December 28, 2014 (52 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by operating activities $ 578 $ 669 $ 1,556 $ (663 ) $ 2,140 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures — (211 ) (188 ) — (399 ) Net payments on intercompany lending activities — (802 ) (2,479 ) 3,281 — Return of capital 142 — — (142 ) — Other investing activities, net — 23 27 — 50 Net cash provided by/(used for) investing activities 142 (990 ) (2,640 ) 3,139 (349 ) CASH FLOWS FROM FINANCING ACTIVITIES Repayments of long-term debt — (1,096 ) (7 ) — (1,103 ) Net repayments of short-term debt — — (3 ) — (3 ) Net proceeds from intercompany borrowing activities — 2,479 802 (3,281 ) — Dividends paid-Series A Preferred Stock (720 ) — — — (720 ) Dividends paid-common stock — (720 ) (85 ) 805 — Other financing activities, net — 12 (6 ) — 6 Net cash (used for)/provided by financing activities (720 ) 675 701 (2,476 ) (1,820 ) Effect of exchange rate changes on cash and cash equivalents — — (132 ) — (132 ) Cash and cash equivalents: Net increase/(decrease) — 354 (515 ) — (161 ) Balance at beginning of period — 187 2,272 — 2,459 Balance at end of period $ — $ 541 $ 1,757 $ — $ 2,298 The Kraft Heinz Company Condensed Consolidating Statements of Cash Flows (in millions) Successor For the Period from February 8, 2013 to December 29, 2013 (29 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net cash (used for)/provided by operating activities $ — $ (137 ) $ 281 $ (109 ) $ 35 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures — (89 ) (113 ) — (202 ) Net proceeds from intercompany lending activities — 918 1,821 (2,739 ) — Return of capital 360 — — (360 ) — Acquisition of business, net of cash on hand — (23,564 ) 2,070 — (21,494 ) Additional investments in subsidiaries (16,500 ) (62 ) — 16,562 — Other investing activities, net — — 25 — 25 Net cash (used for)/provided by investing activities (16,140 ) (22,797 ) 3,803 13,463 (21,671 ) CASH FLOWS FROM FINANCING ACTIVITIES Repayments of long-term debt — (1,708 ) (962 ) — (2,670 ) Proceeds from issuance of long-term debt — 12,569 6 — 12,575 Net (payments on)/proceeds from short-term debt — (1,766 ) 125 — (1,641 ) Net payments on intercompany borrowing activities — (1,821 ) (918 ) 2,739 — Proceeds from issuance of Series A Preferred Stock 7,633 — — — 7,633 Proceeds from issuance of common stock to Sponsors 8,500 — — — 8,500 Proceeds from issuance of warrants 367 — — — 367 Dividends paid-Series A Preferred Stock (360 ) — — — (360 ) Dividends paid-common stock — (360 ) (109 ) 469 — Other intercompany capital stock transactions — 16,500 62 (16,562 ) — Other financing activities, net — (293 ) (2 ) — (295 ) Net cash provided by/(used for) financing activities 16,140 23,121 (1,798 ) (13,354 ) 24,109 Effect of exchange rate changes on cash and cash equivalents — — (14 ) — (14 ) Cash and cash equivalents: Net increase/(decrease) — 187 2,272 — 2,459 Balance at beginning of period — — — — — Balance at end of period $ — $ 187 $ 2,272 $ — $ 2,459 The Kraft Heinz Company Condensed Consolidating Statements of Cash Flows (in millions) Predecessor (H. J. Heinz Company) For the Period from April 29, 2013 to June 7, 2013 (6 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net cash used for operating activities NA $ (12 ) $ (351 ) $ (10 ) $ (373 ) CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures NA (19 ) (101 ) — (120 ) Net (payments on)/proceeds from intercompany lending activities NA (201 ) 2 199 — Other investing activities, net NA (4 ) 34 — 30 Net cash used for investing activities NA (224 ) (65 ) 199 (90 ) CASH FLOWS FROM FINANCING ACTIVITIES Repayments of long-term debt NA (307 ) (133 ) — (440 ) Proceeds from issuance of long-term debt NA — 2 — 2 Net proceeds from/(payments on) short-term debt NA 500 (19 ) — 481 Net (payments on)/proceeds from intercompany borrowing activities NA (2 ) 201 (199 ) — Dividends paid-common stock NA — (10 ) 10 — Other financing activities, net NA 45 (2 ) — 43 Net cash provided by financing activities NA 236 39 (189 ) 86 Effect of exchange rate changes on cash and cash equivalents NA — (30 ) — (30 ) Cash and cash equivalents: Net increase/(decrease) NA — (407 ) — (407 ) Balance at beginning of period NA — 2,477 — 2,477 Balance at end of period NA $ — $ 2,070 $ — $ 2,070 The Kraft Heinz Company Condensed Consolidating Statements of Cash Flows (in millions) Predecessor (H. J. Heinz Company) For the Year Ended April 28, 2013 (52 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by operating activities NA $ 648 $ 800 $ (58 ) $ 1,390 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures NA (124 ) (275 ) — (399 ) Net payments on intercompany lending activities NA (674 ) — 674 — Additional investments in subsidiaries NA (276 ) — 276 — Other investing activities, net NA 4 22 — 26 Net cash used for investing activities NA (1,070 ) (253 ) 950 (373 ) CASH FLOWS FROM FINANCING ACTIVITIES Repayments of long-term debt NA (189 ) (35 ) — (224 ) Proceeds from issuance of long-term debt NA 188 17 — 205 Net proceeds from/(payments on) short-term debt NA 1,100 (10 ) — 1,090 Net proceeds from intercompany borrowing activities NA — 674 (674 ) — Dividends paid-common stock NA (666 ) (58 ) 58 (666 ) Other intercompany capital stock transactions NA — 276 (276 ) — Other financing activities, net NA (11 ) (138 ) — (149 ) Net cash provided by financing activities NA 422 726 (892 ) 256 Effect of exchange rate changes on cash and cash equivalents NA — (127 ) — (127 ) Cash and cash equivalents: Net increase/(decrease) NA — 1,146 — 1,146 Balance at beginning of period NA — 1,331 — 1,331 Balance at end of period NA $ — $ 2,477 $ — $ 2,477 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts (Notes) | 12 Months Ended |
Jan. 03, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | The Kraft Heinz Company Valuation and Qualifying Accounts For the Years Ended January 3, 2016 and December 28, 2014, the Successor Period Ended December 29, 2013, the Predecessor Period Ended June 7, 2013, and the Fiscal Year Ended April 28, 2013 (in millions) Additions Deductions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts (a) Write-offs and Reclassifications Balance at End of Period Year ended January 3, 2016 Allowances related to trade accounts receivable $ 8 $ 5 $ 20 $ 1 $ 32 Allowances related to deferred taxes 64 10 12 3 83 $ 72 $ 15 $ 32 $ 4 $ 115 Year ended December 28, 2014 Allowances related to trade accounts receivable $ 1 $ 9 $ (1 ) $ 1 8 Allowances related to deferred taxes 78 1 (15 ) — $ 64 $ 79 $ 10 $ (16 ) $ 1 $ 72 Successor Period ended December 29, 2013 Allowances related to trade accounts receivable $ — $ 2 $ — $ 1 $ 1 Allowances related to deferred taxes 47 (3 ) 34 — 78 $ 47 $ (1 ) $ 34 $ 1 $ 79 Predecessor Period ended June 7, 2013 Allowances related to trade accounts receivable $ 8 $ — $ — $ — $ 8 Allowances related to deferred taxes 48 — (1 ) — 47 $ 56 $ — $ (1 ) $ — $ 55 Fiscal year ended April 28, 2013: Allowances related to trade accounts receivable $ 11 $ 2 $ — $ 5 $ 8 Allowances related to deferred taxes 91 10 10 63 48 $ 102 $ 12 $ 10 $ 68 $ 56 (a) Primarily relates to acquisitions and currency translation. |
Background and Basis of Prese32
Background and Basis of Presentation (Policies) | 12 Months Ended |
Jan. 03, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation, Policy | Principles of Consolidation: The consolidated financial statements include The Kraft Heinz Company, as well as our wholly-owned and majority-owned subsidiaries. All intercompany transactions are eliminated. Our year end date for financial reporting purposes is the Sunday closest to December 31. As a result, we occasionally have a 53 rd week in a fiscal year. Our year ended January 3, 2016 includes a 53 rd week of activity. The year end date of certain of our U.S. and Canada businesses is the Saturday closest to December 31. |
Use of Estimates, Policy | Use of Estimates: We prepare our consolidated financial statements in accordance with U.S. GAAP, which requires us to make accounting policy elections, estimates, and assumptions that affect a number of amounts in our consolidated financial statements. We base our estimates on historical experience and other assumptions that we believe are reasonable. 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. |
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 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 percent. Under highly inflationary accounting, the financial statements of a subsidiary are remeasured into our reporting currency (U.S. dollars) and exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in net income, 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. |
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. |
Inventory, Policy | Inventories: Inventories are stated at the lower of cost or market. 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 3 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 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 and liabilities 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 : We test goodwill and indefinite-lived intangible assets for impairment at least annually in the second quarter or when a triggering event occurs. We performed our annual impairment testing in the second quarter of 2015, prior to completion of the 2015 Merger. The first step of the goodwill impairment test compares the reporting unit’s estimated fair value with its carrying value. If the carrying value of a reporting unit’s net assets exceeds its fair value, the second step would be applied to measure the difference between the carrying value and implied fair value of goodwill. If the carrying value of goodwill exceeds its implied fair value, the goodwill would be considered impaired and would be reduced to its implied fair value. We test indefinite-lived intangible assets for impairment by comparing the fair value of each intangible asset with its carrying value. If the carrying value exceeds fair value, the intangible asset would be considered impaired and would be reduced to fair value. 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 and indefinite-lived intangible assets requires us to make assumptions and estimates regarding our future plans, as well as industry and economic conditions. These assumptions and estimates include projected revenues and income growth rates, terminal growth rates, competitive and consumer trends, market-based discount rates, and other market factors. If current expectations of future growth rates are not met or market factors outside of our control, such as discount rates, change significantly, then one or more reporting units or intangible assets might become impaired in the future. Additionally, as goodwill and intangible assets associated with recently acquired businesses are recorded on the balance sheet at their estimated acquisition date fair values, those amounts are more susceptible to an impairment risk if business operating results or macroeconomic conditions deteriorate. |
Revenue Recognition, Policy | Revenue Recognition: We recognize revenues when title and risk of loss pass to our customers. We record revenues net of consumer incentives and trade promotions and include all shipping and handling charges billed to customers. We also record provisions 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. |
Advertising, Consumer Promotions, and Trade Promotions, Policy | Advertising, Consumer Incentives, and Trade Promotions: We promote our products with advertising, consumer incentives, and trade promotions. Advertising expenses are recorded in SG&A. We recorded advertising expense of $464 million in the year ended January 3, 2016, $241 million in the year ended December 28, 2014, $190 million in the 2013 Successor Period, $22 million in the 2013 Predecessor Period, and $305 million in Fiscal 2013. 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. Consumer incentives and trade promotions include, but are not limited to, discounts, coupons, rebates, in-store display incentives, and volume-based incentives. Consumer incentive and trade promotion activities are 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 and redemption rates. We review and adjust these estimates each quarter 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. Research and development expense was $105 million in the year ended January 3, 2016, $58 million in the year ended December 28, 2014, $53 million in the 2013 Successor Period, $10 million in the 2013 Predecessor Period, and $93 million in Fiscal 2013. |
Postemployment Benefit Plans, Policy | Postemployment Benefit Plans: We provide a range of benefits to our eligible employees and retirees. These include defined benefit pension, postretirement benefit plans, defined contribution, and multiemployer pension and medical benefits. We maintain various retirement plans for the majority of our employees. The cost of these plans is charged to expense over the working life of the covered employees. We generally amortize net actuarial gains or losses and changes in the fair value of plan assets in future periods within cost of products sold and SG&A. |
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 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 earnings. The effective portion of gains and losses on cash flow hedges are deferred as a component of accumulated other comprehensive income/(losses) and are recognized in earnings at the time the hedged item affects earnings, in the same 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. The fair value of these derivatives and remeasurements of our non-derivatives designated as net investment hedges are calculated each period 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 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 generally classified within operating activities. For additional information on derivative activity within our operating results, see Note 16, Financial Instruments . 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. Any hedging ineffectiveness is recognized in net earnings when the change in the value of the hedge does not offset the change in the value of the underlying hedged item. We formally document our risk management objectives, strategies for undertaking the various hedge transactions, the nature of and relationships between the hedging instruments and hedged items, and 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 earnings in the current period. Unrealized gains and losses on our commodity derivatives not designated as hedging instruments are recorded in general corporate expenses until realized. Once realized, the gains and losses are recorded within the applicable segment operating results. When we use financial instruments, we are exposed to credit risk that a counterparty might fail to fulfill its performance obligations under the terms of our agreement. We minimize our credit risk by entering into transactions with counterparties with investment grade credit ratings, limiting the amount of exposure we have with each counterparty, and monitoring the financial condition of our counterparties. We also maintain a policy of requiring that all significant, non-exchange traded derivative contracts with a duration of greater than one year be governed by an International Swaps and Derivatives Association master agreement. We are also exposed to market risk as the value of our financial instruments might be adversely affected by a change in foreign currency exchange rates, commodity prices, or interest rates. We manage market risk by incorporating monitoring parameters within our risk management strategy that limit the types of derivative instruments and derivative strategies we use and the degree of market risk that we hedge with derivative instruments. 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 may include forward foreign exchange contracts and foreign currency options. Substantially all of these derivative instruments are highly effective and qualify for hedge accounting treatment. We exclude forward points from the assessment and measurement of hedge ineffectiveness and report such amounts in current period net income as interest expense. 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 and certain foreign denominated debt designated as net investment hedges. 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. Substantially all of these derivative instruments have been highly effective and have qualified for hedge accounting treatment. 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 coffee beans, meat products, sugar, wheat products, corn products, vegetable oils, cocoa products, and dairy products. These commodity purchase contracts generally are not subject to the accounting requirements for derivative instruments and hedging activities under the normal purchases exception. We also use commodity futures and options to economically hedge the price of certain commodity costs, including coffee beans, meat products, sugar, wheat products, corn products, vegetable oils, cocoa products, dairy products, diesel fuel, and packaging products. We do not designate these commodity contracts as hedging instruments. We also sell commodity futures to unprice future purchase commitments, and we occasionally use related futures to economically cross hedge a commodity exposure. |
Income Tax, 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 U.S. GAAP accounting and tax reporting. 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 income 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 increase or charge to income. 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. |
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. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards: In May 2014, the Financial Accounting Standards Board (the “FASB”) issued an accounting standards update (“ASU”) that superseded previously existing revenue recognition guidance. Under this ASU, an entity will apply a principles-based five step model to recognize revenue upon the transfer of promised goods or services to customers and in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. This ASU will be effective beginning in the first quarter of our fiscal year 2018. We are currently evaluating the impact that this ASU will have on our financial statements and related disclosures. In April 2015, the FASB issued an ASU intended to simplify the presentation of debt issuance costs. The ASU requires that debt issuance costs be presented on the balance sheet as a direct deduction from the carrying amount of debt, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this ASU. We early-adopted this ASU in 2015, and accordingly reclassified unamortized debt issuance costs of $228 million from other assets to long-term debt on the consolidated balance sheet at December 28, 2014. In September 2015, the FASB issued an ASU intended to simplify the accounting for measurement period adjustments in a business combination. Measurement period adjustments are changes to provisional amounts recorded when the accounting for a business combination is incomplete as of the end of a reporting period. The measurement period can extend for up to a year following the transaction date. During the measurement period, companies may make adjustments to provisional amounts when information necessary to complete the measurement is received. The ASU requires companies to recognize these adjustments, including any related impacts to net income, in the reporting period in which the adjustments are determined. Companies are no longer required to retroactively apply measurement period adjustments to all periods presented. We early-adopted this ASU in 2015. See Note 2, Merger and Acquisition , for additional information on measurement period adjustments. In November 2015, the FASB issued an ASU intended to simplify the presentation of deferred income taxes. The ASU requires that deferred income tax liabilities and assets be classified as noncurrent in the balance sheet. Previously, companies were required to classify deferred tax liabilities and assets as current or noncurrent based on the classification of the related asset or liability. We early adopted this ASU 2015 on a prospective basis, as the impact to prior periods was not significant. |
Background and Basis of Prese33
Background and Basis of Presentation (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Income Statement, Hawk Acquisition Sub, Inc. | The following represents the condensed statement of operations of Hawk for the period February 8, 2013 through April 28, 2013 and the condensed balance sheet of Hawk as of April 28, 2013: Hawk Acquisition Sub, Inc. (Successor) Condensed Statement of Operations For the Period from February 8, 2013 through April 28, 2013 February 8 - April 28, 2013 (in millions) Selling, general and administrative expenses $ 20 Operating loss (20 ) Interest expense 11 Other expense, net 65 Loss from continuing operations before income tax (96 ) Benefit from income taxes 38 Net loss $ (58 ) The Kraft Heinz Company Condensed Consolidating Statements of Income (in millions) Successor For the Year Ended January 3, 2016 (53 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 10,580 $ 8,145 $ (387 ) $ 18,338 Cost of products sold — 7,298 5,666 (387 ) 12,577 Gross profit — 3,282 2,479 — 5,761 Selling, general and administrative expenses — 2,378 744 — 3,122 Operating income — 904 1,735 — 2,639 Interest expense — 1,221 100 — 1,321 Other expense, net — 140 165 — 305 (Loss)/income before income taxes — (457 ) 1,470 — 1,013 Equity in earnings of subsidiaries 634 899 — (1,533 ) — (Benefit from)/provision for income taxes — (192 ) 558 — 366 Net income 634 634 912 (1,533 ) 647 Net income attributable to noncontrolling interest — — 13 — 13 Net income excluding noncontrolling interest $ 634 $ 634 $ 899 $ (1,533 ) $ 634 Comprehensive income/(loss) excluding noncontrolling interest $ 537 $ 537 $ (734 ) $ 197 $ 537 The Kraft Heinz Company Condensed Consolidating Statements of Income (in millions) Successor For the Year Ended December 28, 2014 (52 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 3,740 $ 7,325 $ (143 ) $ 10,922 Cost of products sold — 2,663 5,125 (143 ) 7,645 Gross profit — 1,077 2,200 — 3,277 Selling, general and administrative expenses — 610 1,099 — 1,709 Operating income — 467 1,101 — 1,568 Interest expense — 556 130 — 686 Other expense/(income), net — 104 (25 ) — 79 (Loss)/income before income taxes — (193 ) 996 — 803 Equity in earnings of subsidiaries 657 694 — (1,351 ) — (Benefit from)/provision for income taxes — (156 ) 287 — 131 Net income 657 657 709 (1,351 ) 672 Net income attributable to noncontrolling interest — — 15 — 15 Net income excluding noncontrolling interest $ 657 $ 657 $ 694 $ (1,351 ) $ 657 Comprehensive loss excluding noncontrolling interest $ (149 ) $ (149 ) $ (180 ) $ 329 $ (149 ) The Kraft Heinz Company Condensed Consolidating Statements of Income (in millions) Successor For the Period from February 8, 2013 to December 29, 2013 (29 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 2,132 $ 4,192 $ (84 ) $ 6,240 Cost of products sold — 1,638 3,354 (84 ) 4,908 Gross profit — 494 838 — 1,332 Selling, general and administrative expenses — 485 855 — 1,340 Operating income/(loss) — 9 (17 ) — (8 ) Interest expense — 334 75 — 409 Other income, net — (63 ) (56 ) — (119 ) Loss from continuing operations before income taxes — (262 ) (36 ) — (298 ) Equity in (losses)/earnings of subsidiaries (77 ) 88 — (11 ) — Benefit from income taxes — (97 ) (135 ) — (232 ) Net (loss)/income from continuing operations (77 ) (77 ) 99 (11 ) (66 ) Loss from discontinued operations, net of tax — — (6 ) — (6 ) Net (loss)/income (77 ) (77 ) 93 (11 ) (72 ) Net income attributable to noncontrolling interest — — 5 — 5 Net (loss)/income excluding noncontrolling interest $ (77 ) $ (77 ) $ 88 $ (11 ) $ (77 ) Comprehensive income excluding noncontrolling interest $ 155 $ 155 $ 319 $ (474 ) $ 155 The Kraft Heinz Company Condensed Consolidating Statements of Income (in millions) Predecessor (H. J. Heinz Company) For the Period from April 29, 2013 to June 7, 2013 (6 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales NA $ 377 $ 744 $ (8 ) $ 1,113 Cost of products sold NA 263 538 (8 ) 793 Gross profit NA 114 206 — 320 Selling, general and administrative expenses NA 154 138 — 292 Operating (loss)/income NA (40 ) 68 — 28 Interest expense NA 12 23 — 35 Other expense, net NA 32 91 — 123 Loss from continuing operations before income taxes NA (84 ) (46 ) — (130 ) Equity in losses of subsidiaries NA (30 ) — 30 — Provision for/(benefit from) income taxes NA 81 (20 ) — 61 Net loss from continuing operations NA (195 ) (26 ) 30 (191 ) Loss from discontinued operations, net of tax NA — (1 ) — (1 ) Net loss NA (195 ) (27 ) 30 (192 ) Net income attributable to noncontrolling interest NA — 3 — 3 Net loss excluding noncontrolling interest NA $ (195 ) $ (30 ) $ 30 $ (195 ) Comprehensive loss excluding noncontrolling interest NA $ (276 ) $ (35 ) $ 35 $ (276 ) The Kraft Heinz Company Condensed Consolidating Statements of Income (in millions) Predecessor (H. J. Heinz Company) For the Year Ended April 28, 2013 (52 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales NA $ 3,962 $ 7,715 $ (148 ) $ 11,529 Cost of products sold NA 2,691 5,415 (148 ) 7,958 Gross profit NA 1,271 2,300 — 3,571 Selling, general and administrative expenses NA 628 1,281 — 1,909 Operating income NA 643 1,019 — 1,662 Interest expense NA 86 198 — 284 Other expense/(income), net NA 97 (63 ) — 34 Income from continuing operations before income taxes NA 460 884 — 1,344 Equity in earnings of subsidiaries NA 635 — (635 ) — Provision for income taxes NA 60 182 — 242 Net income from continuing operations NA 1,035 702 (635 ) 1,102 Loss from discontinued operations, net of tax NA (22 ) (53 ) — (75 ) Net income NA 1,013 649 (635 ) 1,027 Net income attributable to noncontrolling interest NA — 14 — 14 Net income excluding noncontrolling interest NA $ 1,013 $ 635 $ (635 ) $ 1,013 Comprehensive income excluding noncontrolling interest NA $ 683 $ 321 $ (321 ) $ 683 |
Condensed Balance Sheet, Hawk Acquisition Sub, Inc. | Hawk Acquisition Sub, Inc. (Successor) Condensed Balance Sheet As of April 28, 2013 April 28, 2013 (in millions) Cash $ 3,012 Other assets 125 Total assets $ 3,137 Notes payable $ 3,100 Other liabilities 95 Total liabilities 3,195 Shareholder's deficit (58 ) Total liabilities and shareholder's deficit $ 3,137 The Kraft Heinz Company Condensed Consolidating Balance Sheets (in millions) As of January 3, 2016 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 3,189 $ 1,648 $ — $ 4,837 Trade receivables — 62 809 — 871 Receivables due from affiliates — 555 319 (874 ) — Sold receivables — 554 29 583 Inventories — 1,741 877 — 2,618 Short-term lending due from affiliates — 3,657 4,353 (8,010 ) — Other current assets — 645 443 (217 ) 871 Total current assets — 10,403 8,478 (9,101 ) 9,780 Property, plant and equipment, net — 4,518 2,006 — 6,524 Goodwill — 10,976 32,075 — 43,051 Investments in subsidiaries 66,005 73,105 — (139,110 ) — Intangible assets, net — 3,838 58,282 — 62,120 Long-term lending due from affiliates — 1,700 2,000 (3,700 ) — Other assets — 534 964 — 1,498 TOTAL ASSETS $ 66,005 $ 105,074 $ 103,805 $ (151,911 ) $ 122,973 LIABILITIES AND EQUITY Short-term lending due to affiliates $ — $ 4,353 $ 3,657 $ (8,010 ) $ — Trade payables — 1,612 1,232 — 2,844 Payables due to affiliates — 319 555 (874 ) — Accrued marketing — 359 497 — 856 Accrued postemployment costs — 316 12 — 328 Income taxes payable — 71 563 (217 ) 417 Interest payable — 386 15 — 401 Dividends payable — 762 — — 762 Other current liabilities — 1,053 271 — 1,324 Total current liabilities — 9,231 6,802 (9,101 ) 6,932 Long-term debt — 24,143 1,008 — 25,151 Long-term borrowings due to affiliates — 2,000 1,905 (3,905 ) — Deferred income taxes — 1,278 20,219 — 21,497 Accrued postemployment costs — 2,147 258 — 2,405 Other liabilities — 270 482 — 752 TOTAL LIABILITIES — 39,069 30,674 (13,006 ) 56,737 Redeemable noncontrolling interest — — 23 — 23 9.00% Series A cumulative redeemable preferred stock 8,320 — — — 8,320 Total shareholders' equity 57,685 66,005 72,900 (138,905 ) 57,685 Noncontrolling interest — — 208 — 208 TOTAL EQUITY 57,685 66,005 73,108 (138,905 ) 57,893 TOTAL LIABILITIES AND EQUITY $ 66,005 $ 105,074 $ 103,805 $ (151,911 ) $ 122,973 The Kraft Heinz Company Condensed Consolidating Balance Sheets (in millions) As of December 28, 2014 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 541 $ 1,757 $ — $ 2,298 Trade receivables — — 690 — 690 Receivables due from affiliates — 159 197 (356 ) — Sold receivables — — 161 — 161 Inventories — 468 717 — 1,185 Short-term lending due from affiliates — 1,727 2,573 (4,300 ) — Other current assets — 316 313 (48 ) 581 Total current assets — 3,211 6,408 (4,704 ) 4,915 Property, plant and equipment, net — 940 1,425 — 2,365 Goodwill — 8,907 6,052 — 14,959 Investments in subsidiaries 15,437 15,627 — (31,064 ) — Intangible assets, net — 6,094 7,094 — 13,188 Long-term lending due from affiliates — 146 2,000 (2,146 ) — Other assets — 513 631 — 1,144 TOTAL ASSETS $ 15,437 $ 35,438 $ 23,610 $ (37,914 ) $ 36,571 LIABILITIES AND EQUITY Short-term lending due to affiliates $ — $ 2,573 $ 1,727 $ (4,300 ) $ — Trade payables — 613 1,038 — 1,651 Payables due to affiliates — 197 159 (356 ) — Accrued marketing — 53 244 — 297 Accrued postemployment costs — 12 3 — 15 Income taxes payable — 184 96 (48 ) 232 Interest payable — 113 54 — 167 Other current liabilities — 241 489 — 730 Total current liabilities — 3,986 3,810 (4,704 ) 3,092 Long-term debt — 11,355 2,003 — 13,358 Long-term borrowings due to affiliates — 2,000 374 (2,374 ) — Deferred income taxes — 2,340 1,527 — 3,867 Accrued postemployment costs — 185 102 — 287 Other liabilities — 135 147 — 282 TOTAL LIABILITIES — 20,001 7,963 (7,078 ) 20,886 Redeemable noncontrolling interest — — 29 — 29 9.00% Series A cumulative redeemable preferred stock 8,320 — — — 8,320 Total shareholders' equity 7,117 15,437 15,399 (30,836 ) 7,117 Noncontrolling interest — — 219 — 219 TOTAL EQUITY 7,117 15,437 15,618 (30,836 ) 7,336 TOTAL LIABILITIES AND EQUITY $ 15,437 $ 35,438 $ 23,610 $ (37,914 ) $ 36,571 |
Merger and Acquisition (Tables)
Merger and Acquisition (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Kraft Foods Group, Inc. | |
Business Acquisition [Line Items] | |
Business Combination, Schedule of Consideration Exchanged | The 2015 Merger was accounted for under the acquisition method of accounting for business combinations and Heinz was considered to be the acquiring company. Under the acquisition method of accounting, total consideration exchanged was (in millions): Aggregate fair value of Kraft common stock $ 42,502 $16.50 per share special cash dividend 9,782 Fair value of replacement equity awards 353 Total consideration exchanged $ 52,637 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The preliminary purchase price allocation to assets acquired and liabilities assumed in the transaction was (in millions): Cash $ 314 Other current assets 3,423 Property, plant and equipment 4,193 Identifiable intangible assets 49,749 Other non-current assets 214 Trade and other payables (3,026 ) Long-term debt (9,286 ) Net postemployment benefits and other non-current liabilities (4,734 ) Deferred income tax liabilities (17,239 ) Net assets acquired 23,608 Goodwill on acquisition 29,029 Total consideration 52,637 Fair value of shares exchanged and equity awards 42,855 Total cash consideration paid to Kraft shareholders 9,782 Cash and cash equivalents of Kraft at the 2015 Merger Date 314 Acquisition of business, net of cash on hand $ 9,468 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The preliminary purchase price allocation to identifiable intangible assets acquired was: Preliminary Fair Value Weighted Average Life (in millions of dollars) (in years) Indefinite-lived trademarks $ 45,082 Definite-lived trademarks 1,690 24 Customer relationships 2,977 29 Total identifiable intangible assets $ 49,749 |
Business Acquisition, Pro Forma Information | The following table provides unaudited pro forma results, prepared in accordance with ASC 805, for the years ended January 3, 2016 and December 28, 2014 , as if Kraft had been acquired as of December 30, 2013. For the Year Ended January 3, 2016 December 28, 2014 (in millions, except per share data) Net sales $ 27,447 $ 29,122 Net income from continuing operations 1,761 2,003 Basic earnings per share 0.72 1.08 Diluted earnings per share 0.70 1.05 |
H. J. Heinz Company | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The final allocation of the purchase price of the 2013 Merger to assets acquired and liabilities assumed in the transaction was (in millions): Cash $ 3,224 Other current assets 3,735 Property, plant and equipment 2,686 Identifiable intangible assets 13,914 Other non-current assets 651 Trade and other payables (2,742 ) Long-term debt (3,022 ) Net postemployment benefits and other non-current liabilities (671 ) Deferred income tax liabilities (4,056 ) Redeemable noncontrolling interest and noncontrolling interest (258 ) Net assets acquired 13,461 Goodwill on acquisition 15,292 Total consideration 28,753 Debt repayment and associated costs (3,977 ) Excess cash (1,154 ) Other transaction related costs (58 ) Total consideration paid to Predecessor shareholders 23,564 Cash and cash equivalents of Predecessor at June 7, 2013 (2,070 ) Acquisition of business, net of cash on hand $ 21,494 |
Business Acquisition, Pro Forma Information | The following table provides unaudited pro forma results, prepared in accordance with ASC 805, for the eight months ended December 29, 2013 and Fiscal 2013, as if the H. J. Heinz Company had been acquired as of April 30, 2012. Eight Months Ended December 29, 2013 Fiscal Year Ended April 28, 2013 (in millions, except per share data) Net sales $ 7,352 $ 11,529 Net income from continuing operations 187 324 Basic loss per share (0.78 ) (2.87 ) Diluted loss per share (0.78 ) (2.87 ) |
Integration and Restructuring35
Integration and Restructuring Expenses (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Costs by Type and Income Statement Location | Our total Integration Program and Restructuring expenses were (in millions): Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Severance and Employee benefit costs - COGS $ 119 $ 135 $ 101 $ — $ — Severance and Employee benefit costs - SG&A 519 67 173 — — Asset related costs - COGS 186 199 60 6 — Asset related costs - SG&A 7 9 6 — — Other exit costs - COGS 99 179 7 — — Other exit costs - SG&A 93 48 64 (12 ) 1 $ 1,023 $ 637 $ 411 $ (6 ) $ 1 |
Restructuring Costs Excluded from Segments | We do not include Integration Program and Restructuring expenses within Segment Adjusted EBITDA. The pre-tax impact of allocating such expenses to our segments would have been (in millions): Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, United States $ 790 $ 227 $ 113 $ — $ — Canada 47 101 59 — — Europe 141 224 126 4 — Rest of World 13 62 49 2 — Non-Operating 32 23 64 (12 ) 1 $ 1,023 $ 637 $ 411 $ (6 ) $ 1 |
Integration Program | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost | The liability balance associated with the Integration Program, which qualifies as U.S. GAAP exit and disposal costs, was (in millions): Severance and Employee Benefit Costs Other Exit Costs (a) Total Balance at December 28, 2014 $ — $ — $ — Charges 562 55 617 Cash payments (327 ) (32 ) (359 ) Non-cash utilization (50 ) — (50 ) Balance at January 3, 2016 $ 185 $ 23 $ 208 (a) Other costs primarily represent contract and lease terminations. |
Restructuring Activities | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost | As of January 3, 2016 , the liability balance associated with active restructuring projects, which qualifies as U.S. GAAP exit and disposal costs, was (in millions): Severance and Employee Benefit Costs Other Exit Costs (a) Total Balance at December 28, 2014 $ 53 $ 26 $ 79 Charges 75 23 98 Cash payments (102 ) (17 ) (119 ) Non-cash utilization (1 ) (2 ) (3 ) Balance at January 3, 2016 $ 25 $ 30 $ 55 (a) Other costs primarily represent contract and lease terminations. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Results of Discontinued Operations | The operating results related to these businesses were included in discontinued operations in our consolidated statements of income. The operating results for these discontinued operations were (in millions): Successor Predecessor February 8 - December 29, April 29 - June 7, April 28, Net sales $ 3 $ 1 $ 48 Net after-tax losses (6 ) (1 ) (18 ) Tax benefit on losses — — 1 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories at January 3, 2016 and December 28, 2014 were (in millions): January 3, 2016 December 28, 2014 Packaging and ingredients $ 563 $ 223 Work in process 393 136 Finished product 1,662 826 Inventories $ 2,618 $ 1,185 |
Property, Plant and Equipment38
Property, Plant and Equipment (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment at January 3, 2016 and December 28, 2014 was (in millions): January 3, 2016 December 28, 2014 Land $ 297 $ 199 Buildings and improvements 1,700 597 Equipment and other 4,432 1,735 Construction in progress 1,001 265 7,430 2,796 Accumulated depreciation (906 ) (431 ) Property, plant and equipment, net $ 6,524 $ 2,365 |
Goodwill and Intangible Asset39
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the carrying amount of goodwill | Changes in the carrying amount of goodwill from December 28, 2014 to January 3, 2016 , by segment, were (in millions): United States Canada Europe Rest of World Total Balance at December 28, 2014 $ 8,754 $ 1,348 $ 3,454 $ 1,403 $ 14,959 2015 Merger purchase accounting 25,008 4,021 — — 29,029 Translation adjustments — (568 ) (208 ) (207 ) (983 ) Other 1 (5 ) (94 ) 144 46 Balance at January 3, 2016 $ 33,763 $ 4,796 $ 3,152 $ 1,340 $ 43,051 |
Changes in the carrying amount of indefinite-lived intangible assets | Indefinite-lived intangible assets primarily consisted of trademarks. The changes in indefinite-lived intangible assets from December 28, 2014 to January 3, 2016 were (in millions): Balance at December 28, 2014 $ 11,872 2015 Merger purchase accounting 45,082 Impairment losses on indefinite-lived intangible assets (58 ) Transfers to definite-lived intangible assets (553 ) Translation adjustments (519 ) Balance at January 3, 2016 $ 55,824 |
Schedule of definite-lived intangible assets by major asset class | Definite-lived intangible assets at January 3, 2016 and December 28, 2014 were (in millions): January 3, 2016 December 28, 2014 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trademarks $ 2,346 $ (70 ) $ 2,276 $ 118 $ (31 ) $ 87 Customer-related assets 4,218 (209 ) 4,009 1,315 (99 ) 1,216 Other 15 (4 ) 11 15 (2 ) 13 $ 6,579 $ (283 ) $ 6,296 $ 1,448 $ (132 ) $ 1,316 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Before Income Taxes and the Provision for Income Taxes | Income before income taxes from continuing operations and the provision for income taxes for continuing operations, consisted of the following (in millions): Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Income/(loss) from continuing operations before income taxes: United States $ (13 ) $ (207 ) $ (291 ) $ (191 ) $ 379 International 1,026 1,010 (7 ) 61 965 Total $ 1,013 $ 803 $ (298 ) $ (130 ) $ 1,344 Provision/(benefit) for income taxes: Current: U.S. federal $ 427 $ 105 $ 10 $ 55 $ 127 U.S. state and local 22 12 2 8 15 International 234 188 54 18 187 683 305 66 81 329 Deferred: U.S. federal (173 ) (159 ) (125 ) (13 ) (14 ) U.S. state and local (70 ) (14 ) 5 — 1 International (74 ) (1 ) (178 ) (7 ) (74 ) (317 ) (174 ) (298 ) (20 ) (87 ) Total provision for income taxes $ 366 $ 131 $ (232 ) $ 61 $ 242 |
Effective Income Tax Rate Reconciliation | The effective income tax rate on pre-tax income from continuing operations differed from the U.S. federal statutory tax rate for the following reasons: Successor Predecessor January 3, 2016 December 28, 2014 February 8 - December 29, 2013 April 29 - June 7, April 28, 2013 U.S. federal statutory tax rate 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % Increase/(decrease) resulting from: Tax on income of foreign subsidiaries (11.8 )% (8.3 )% 2.0 % 4.3 % (4.8 )% Changes in valuation allowances 1.4 % (1.3 )% (2.7 )% 1.6 % 0.9 % Domestic manufacturing deduction (2.9 )% (2.8 )% — % 0.7 % (0.3 )% U.S. state and local income taxes, net of federal tax benefit (0.6 )% (0.9 )% (4.3 )% (0.5 )% 0.3 % Nondeductible deal costs 1.3 % — % (2.0 )% (18.8 )% — % Earnings repatriation 21.9 % 8.0 % (1.0 )% (77.2 )% 0.9 % Tax exempt income (10.9 )% (12.3 )% 13.3 % 8.9 % (6.3 )% Effects of revaluation of tax basis of foreign assets — % — % — % 0.4 % (6.2 )% Reduction of manufacturing deduction for loss carryback — % — % (3.7 )% — % — % Deferred tax effect of statutory tax rate changes (10.4 )% (0.8 )% 35.9 % 0.3 % (0.7 )% Audit settlements and changes in uncertain tax positions 6.2 % 2.2 % (0.4 )% (3.6 )% (0.3 )% Venezuela nondeductible devaluation loss 9.9 % — % — % — % — % Venezuela inflation adjustment (1.7 )% (3.1 )% 4.9 % 1.7 % (0.7 )% Other (1.2 )% 0.6 % 0.8 % 0.2 % 0.2 % Effective tax rate 36.2 % 16.3 % 77.8 % (47.0 )% 18.0 % |
Deferred Income Tax Liabilities and Assets | The tax effects of temporary differences and carryforwards that gave rise to deferred income tax assets and liabilities consisted of the following at January 3, 2016 and December 28, 2014: January 3, 2016 December 28, 2014 (in millions) Deferred income tax liabilities: Depreciation and amortization $ 1,659 $ 686 Benefit plans 63 109 Deferred income 324 217 Indefinite lived intangible assets 21,525 3,493 Other 107 96 Deferred income tax liabilities 23,678 4,601 Deferred income tax assets: Operating loss carryforwards (135 ) (110 ) Benefit plans (1,323 ) (145 ) Depreciation and amortization (248 ) (404 ) Tax credit carryforwards (53 ) (36 ) Deferred income (165 ) (15 ) Other (410 ) (149 ) Deferred income tax assets (2,334 ) (859 ) Valuation allowance 83 64 Net deferred income tax liabilities $ 21,427 $ 3,806 |
Unrecognized Tax Benefits | The changes in our unrecognized tax benefits were (in millions): Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Balance at the beginning of the period $ 71 $ 53 $ 51 $ 45 $ 53 Increases for tax positions of prior years 25 5 — 6 2 Decreases for tax positions of prior years (9 ) (5 ) (7 ) (1 ) (9 ) Increases based on tax positions related to the current year 33 21 5 2 14 Increases due to acquisitions of businesses 242 — 4 — — Decreases due to settlements with taxing authorities — (1 ) — — (4 ) Decreases due to lapse of statute of limitations (9 ) (2 ) — (1 ) (11 ) Balance at the end of the period $ 353 $ 71 $ 53 $ 51 $ 45 |
Employees' Stock Incentive Pl41
Employees' Stock Incentive Plans (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Our weighted average Black-Scholes fair value assumptions were: Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Risk-free interest rate 1.70 % 1.49 % 1.41 % NA 1.00 % Expected term 6.3 years 5 years 5 years NA 7 years Expected volatility 22.9 % 24.3 % 24.3 % NA 19.4 % Expected dividend yield 1.5 % — % — % NA 3.7 % Weighted average grant date fair value per share $ 9.60 $ 5.53 $ 5.48 NA $ 5.79 |
Schedule of Share-based Payment Award, Converted Options, Valuation Assumptions | Our Lattice model fair value assumptions for the Kraft converted options were: January 3, Risk-free interest rate 1.72 % Weighted average expected volatility 20.10 % Expected dividend yield 3.00 % Weighted average fair value per share $ 35.65 |
Schedule of Share-based Compensation, Stock Options, Activity | Our stock option activity and related information was: Number of Stock Options Weighted Average Exercise Price (per share) Aggregate Intrinsic Value (in millions) Average Remaining Contractual Term Outstanding at December 28, 2014 8,570,796 $ 22.56 Kraft options converted 13,887,135 37.69 Options granted 3,409,031 52.52 Options forfeited (576,362 ) 33.02 Options exercised (1,084,988 ) 30.30 Outstanding at January 3, 2016 24,205,612 34.86 $ 920 7 years Exercisable at January 3, 2016 10,713,602 35.92 395 6 years |
Schedule of Nonvested Share Activity, Stock Options | Our unvested stock options and related information was: Number of Options Weighted Average Grant Date Fair Value (per share) Unvested options at December 28, 2014 8,570,796 $ 5.38 Kraft options converted 5,510,511 26.38 Options granted 3,409,031 9.60 Options vested (3,421,966 ) 24.40 Options forfeited (576,362 ) 10.59 Unvested options at January 3, 2016 13,492,010 10.02 |
Schedule of Share-based Compensation, RSU Activity | Our RSU activity and related information was: Number of Units Weighted Average Grant Date Fair Value (per share) RSUs at December 28, 2014 — $ — Kraft RSUs converted 1,950,365 72.96 Granted 58,520 26.24 Forfeited (31,538 ) 72.96 Vested (1,008,903 ) 72.96 RSUs at January 3, 2016 968,444 70.14 |
Schedule of Compensation Costs Related to Equity Plans | The compensation cost related to equity awards was primarily recognized in general corporate expenses within SG&A. Equity award compensation cost and the related tax benefit was (in millions): Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Pre-tax compensation cost $ 133 $ 8 $ 1 $ 26 $ 34 Tax benefit (48 ) (3 ) — (8 ) (11 ) After-tax compensation cost $ 85 $ 5 $ 1 $ 18 $ 23 |
Postemployment Benefits (Tables
Postemployment Benefits (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
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: Pension Benefits Postretirement Benefits Total January 3, 2016 December 28, 2014 January 3, 2016 December 28, 2014 January 3, 2016 December 28, 2014 (in millions) Net actuarial gain $ 13 $ 36 $ 70 $ 9 $ 83 $ 45 Prior service credit — — 1,409 14 1,409 14 $ 13 $ 36 $ 1,479 $ 23 $ 1,492 $ 59 |
Amounts Recognized in Other Comprehensive Income/(Loss) | The net postemployment benefits recognized in other comprehensive income/(loss), consisted of the following (in millions): Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Net postemployment benefit gains/(losses): Net actuarial gain/(loss) arising during the period-Pension Benefits $ 3 $ (75 ) $ 102 $ — $ (256 ) Net actuarial gain/(loss) arising during the period-Postretirement Benefits 62 1 19 — (9 ) Prior service cost arising during the period-Pension Benefits (7 ) — — — — Prior service credit arising during the period-Postretirement Benefits 1,507 — 21 — — 1,565 (74 ) 142 — (265 ) Tax (expense)/benefit (619 ) 40 (40 ) — 76 $ 946 $ (34 ) $ 102 $ — $ (189 ) Reclassification of net postemployment benefit (gains)/losses to net income: Amortization of unrecognized loss-Pension Benefits $ 3 $ — $ — $ 10 $ 76 Amortization of unrecognized loss-Postretirement Benefits — — — — 2 Amortization of prior service cost-Pension Benefits — — — — 3 Amortization of prior service (credit)/cost-Postretirement Benefits (112 ) (6 ) — (1 ) (6 ) Net settlement and curtailment (gain)/loss-Pension Benefits (24 ) 4 — — 4 Net settlement and curtailment loss/(gain)-Postretirement Benefits 1 (7 ) — — — (132 ) (9 ) — 9 79 Tax benefit/(expense) 47 2 — (2 ) (24 ) $ (85 ) $ (7 ) $ — $ 7 $ 55 |
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Projected Benefit Obligations, Plan Assets, and Funded Status | The projected benefit obligations, plan assets and funded status of our pension plans at January 3, 2016 and December 28, 2014 were: U.S. Plans Non-U.S. Plans January 3, 2016 December 28, 2014 January 3, 2016 December 28, 2014 (in millions) Benefit obligation at beginning of year $ 540 $ 639 $ 2,611 $ 2,587 Service cost 45 4 26 25 Interest cost 164 29 103 107 Benefits paid (167 ) (44 ) (138 ) (122 ) Actuarial (gains)/losses (121 ) 133 23 235 Plan amendments 7 — — — Currency — — (300 ) (181 ) Settlements (977 ) (220 ) (655 ) (5 ) Curtailments (148 ) — (50 ) (45 ) Special/contractual termination benefits 4 — 6 8 Assumption of Kraft's benefit obligations 6,645 — 1,264 — Other (2 ) (1 ) 2 2 Benefit obligation at end of year 5,990 540 2,892 2,611 Fair value of plan assets at beginning of year 547 748 3,088 2,907 Actual return on plan assets (34 ) 63 126 411 Participants' contributions — — 2 2 Employer contributions 227 — 59 102 Benefits paid (167 ) (44 ) (138 ) (122 ) Currency — — (331 ) (207 ) Settlements (977 ) (220 ) (655 ) (5 ) Assumption of Kraft's plan assets 5,686 — 1,277 — Fair value of plan assets at end of year 5,282 547 3,428 3,088 Net pension liability/(asset) recognized at end of year $ 708 $ (7 ) $ (536 ) $ (477 ) |
Schedule of Amounts Recognized in Balance Sheet | The combined U.S. and non-U.S. pension plans resulted in a net pension liability of $172 million at January 3, 2016 and net pension asset of $484 million at December 28, 2014. We recognized these amounts on our consolidated balance sheets at January 3, 2016 and December 28, 2014, as follows: January 3, 2016 December 28, 2014 (in millions) Other assets (long-term assets) $ 616 $ 581 Accrued postemployment costs (current liabilities) (172 ) (1 ) Accrued postemployment costs (long-term liabilities) (616 ) (96 ) $ (172 ) $ 484 |
Plans that were Underfunded Based on Accumulated Benefit Obligations in Excess of Plan Assets-Projected Benefit Obligations, Accumulated Benefit Obligations, and 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 at January 3, 2016 and December 28, 2014 were: U.S. Plans Non-U.S. Plans January 3, 2016 December 28, 2014 January 3, 2016 December 28, 2014 (in millions) Projected benefit obligation $ 5,990 $ 402 $ 72 $ 743 Accumulated benefit obligation 5,986 402 72 743 Fair value of plan assets 5,282 366 15 713 |
Plans that were Underfunded Based on Projected Benefit Obligations in Excess of Plan Assets-Projected Benefit Obligations, Accumulated Benefit Obligations, and 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 at January 3, 2016 and December 28, 2014 were: U.S. Plans Non-U.S. Plans January 3, 2016 December 28, 2014 January 3, 2016 December 28, 2014 (in millions) Projected benefit obligation $ 5,990 $ 402 $ 119 $ 810 Accumulated benefit obligation 5,986 402 72 743 Fair value of plan assets 5,282 366 43 748 |
Weighted Average Asset Allocation of Plan Assets | Our weighted average asset allocations were: U.S. Plans Non-U.S. Plans January 3, 2016 December 28, 2014 January 3, 2016 December 28, 2014 Equity securities 27 % 12 % 31 % 38 % Fixed-income securities 62 % 81 % 48 % 35 % Real estate 5 % — % 9 % 10 % Cash and cash equivalents 5 % 7 % 7 % 11 % Certain insurance contracts 1 % — % 5 % 6 % 100 % 100 % 100 % 100 % |
Fair Value of Plan Assets | The fair value of pension plan assets at January 3, 2016 was determined using the following fair value measurements: Asset Category Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (in millions) Equity securities $ 321 $ 321 $ — $ — Equity securities (mutual and pooled funds) 2,173 16 2,157 — Total equity securities 2,494 337 2,157 — Government bonds 671 671 — — Fixed-income securities (pooled funds) 1,254 — 1,254 — Corporate bonds and other fixed-income securities 2,994 — 2,994 — Total fixed-income securities 4,919 671 4,248 — Real estate 571 — — 571 Cash and cash equivalents 490 18 472 — Certain insurance contracts 236 — — 236 Total $ 8,710 $ 1,026 $ 6,877 $ 807 The fair value of pension plan assets at December 28, 2014 was determined using the following fair value measurements: Asset Category Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (in millions) Equity securities $ 377 $ 377 $ — $ — Equity securities (mutual and pooled funds) 852 95 757 — Total equity securities 1,229 472 757 — Government bonds 124 124 — — Fixed-income securities (pooled funds) 896 — 844 52 Corporate bonds and other fixed-income securities 517 — 517 — Total fixed-income securities 1,537 124 1,361 52 Real estate 307 — — 307 Cash and cash equivalents 374 17 357 — Certain insurance contracts 188 — — 188 Total $ 3,635 $ 613 $ 2,475 $ 547 |
Schedule of Changes in Level 3 Plan Assets | Changes in our Level 3 plan assets for the year ended January 3, 2016 included: Asset Category December 28, 2014 2015 Merger Net Realized Gain/(Loss) Net Unrealized Gain/(Loss) Net Purchases, Issuances and Settlements Transfers Into/(Out of) Level 3 January 3, 2016 (in millions) Fixed-income securities $ 52 $ — $ 2 $ (2 ) $ (52 ) $ — $ — Real estate 307 273 4 11 (24 ) — 571 Certain insurance contracts 188 52 12 (14 ) (2 ) — 236 Total Level 3 investments $ 547 $ 325 $ 18 $ (5 ) $ (78 ) $ — $ 807 Changes in our Level 3 plan assets for the year ended December 28, 2014 included: Asset Category December 29, 2013 Net Realized Gain/(Loss) Net Unrealized Gain/(Loss) Net Purchases, Issuances and Settlements Transfers Into/(Out of) Level 3 December 28, 2014 (in millions) Fixed-income securities $ 11 $ — $ 2 $ 39 $ — $ 52 Real estate 283 (1 ) 45 (20 ) — 307 Certain insurance contracts 13 — 11 164 — 188 Total Level 3 investments $ 307 $ (1 ) $ 58 $ 183 $ — $ 547 |
Expected Future Benefit Payments | The estimated future benefit payments from our pension plans at January 3, 2016 were: U.S. Plans Non-U.S. Plans (in millions) 2016 $ 696 $ 140 2017 394 144 2018 381 323 2019 378 145 2020 373 147 2021-2025 1,900 770 |
Pension Plan | Pension Plan Benefit Obligation Member | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Assumptions Used | We used the following weighted average assumptions to determine our projected benefit obligations under the pension plans at January 3, 2016 and December 28, 2014: U.S. Plans Non-U.S. Plans January 3, 2016 December 28, 2014 January 3, 2016 December 28, 2014 Discount rate 4.3 % 3.8 % 3.8 % 3.5 % Rate of compensation increase 4.2 % 4.5 % 3.4 % 3.3 % |
U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Cost/(Benefit) | Net pension cost/(benefit) consisted of the following (in millions): U.S. Plans Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Service cost $ 45 $ 4 $ 3 $ 1 $ 4 Interest cost 164 29 14 3 27 Expected return on plan assets (179 ) (46 ) (25 ) (6 ) (55 ) Amortization of unrecognized losses 3 — — 3 31 Amortization of prior service costs — — — — 1 Settlements 102 10 (1 ) — 3 Curtailments (96 ) — 23 — — Special/contractual termination benefits 4 — — 17 — Net pension cost/(benefit) $ 43 $ (3 ) $ 14 $ 18 $ 11 |
U.S. Plans | Net Periodic Pension Cost Member | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Assumptions Used | We used the following weighted average assumptions to determine our net pension cost: U.S. Plans Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Discount rate 4.4 % 4.8 % 4.1 % 3.6 % 4.3 % Expected rate of return on plan assets 5.6 % 6.5 % 6.5 % 8.8 % 8.8 % Rate of compensation increase 4.0 % 4.5 % 4.0 % 4.3 % 4.3 % |
Non-U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Cost/(Benefit) | Non-U.S. Plans Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Service cost $ 26 $ 25 $ 17 $ 3 $ 28 Interest cost 103 107 58 11 105 Expected return on plan assets (194 ) (169 ) (91 ) (22 ) (196 ) Amortization of unrecognized losses — — — 7 45 Amortization of prior service costs — — — — 2 Settlements 17 — — — 1 Curtailments (47 ) (6 ) (2 ) — — Special/contractual termination benefits 6 8 37 — — Net pension (benefit)/cost $ (89 ) $ (35 ) $ 19 $ (1 ) $ (15 ) |
Non-U.S. Plans | Net Periodic Pension Cost Member | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Assumptions Used | Non-U.S. Plans Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Discount rate 3.7 % 4.5 % 4.2 % 4.1 % 5.0 % Expected rate of return on plan assets 6.4 % 6.1 % 6.1 % 8.0 % 8.0 % Rate of compensation increase 3.3 % 3.6 % 3.4 % 3.4 % 3.3 % |
Postretirement Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Cost/(Benefit) | Net postretirement plans (benefit)/cost consisted of the following (in millions): Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Service cost $ 13 $ 5 $ 4 $ 1 $ 6 Interest cost 56 9 5 1 10 Amortization of unrecognized losses — — — — 2 Amortization of prior service credits (112 ) (6 ) — (1 ) (6 ) Curtailments 1 (7 ) (1 ) — — Net postretirement benefit plans (benefit)/cost $ (42 ) $ 1 $ 8 $ 1 $ 12 |
Expected Future Benefit Payments | Our estimated future benefit payments for our postretirement plans at January 3, 2016 were (in millions): 2016 $ 162 2017 160 2018 156 2019 152 2020 147 2021-2025 644 |
Accrued Benefit Obligations | Our postretirement benefit plans are not funded. The changes in and the amount of the accrued benefit obligations at January 3, 2016 and December 28, 2014 were: January 3, 2016 December 28, 2014 (in millions) Accrued benefit obligations at beginning of year $ 205 $ 208 Service cost 13 5 Interest cost 56 9 Benefits paid (106 ) (13 ) Actuarial losses/(gains) (7 ) 7 Plan amendments (1,507 ) — Currency (25 ) (4 ) Curtailments (55 ) (8 ) Participant's contributions — 1 Assumption of Kraft's benefit obligations 3,371 — Accrued benefit obligations at end of year $ 1,945 $ 205 |
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | 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 January 3, 2016: One-Percentage-Point Increase Decrease (in millions) Effect of annual service and interest cost $ 8 $ (7 ) Effect on postretirement benefit obligation 126 (104 ) |
Postretirement Benefit Plans | Postretirement Benefit Obligation | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Assumptions Used | We used the following weighted average assumptions to determine our postretirement benefit obligations at January 3, 2016 and December 28, 2014: January 3, 2016 December 28, 2014 Discount rate 4.2 % 3.7 % Health care cost trend rate assumed for next year 6.5 % 5.9 % Ultimate trend rate 4.9 % 4.8 % |
Postretirement Benefit Plans | Net Postretirement Cost | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Assumptions Used | We used the following weighted average assumptions to determine our net postretirement benefit plans cost: Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Discount rate 4.2 % 4.3 % 3.7 % 3.4 % 4.1 % Health care cost trend rate 6.7 % 6.0 % 6.3 % 6.3 % 7.1 % |
Accumulated Other Comprehensi43
Accumulated Other Comprehensive Income/(Losses) (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Equity [Abstract] | |
Components of and Changes in Accumulated Other Comprehensive Income/(Losses) | The components of, and changes in, accumulated other comprehensive income/(losses) were as follows (net of tax): Foreign Currency Translation Adjustments Net Postemployment Benefit Plan Adjustments Net Cash Flow Hedge Adjustments Total (in millions) Predecessor (H. J. Heinz Company) Balance as of April 29, 2012 $ (23 ) $ (828 ) $ 6 $ (845 ) Foreign currency translation adjustments (213 ) — — (213 ) Net postemployment benefit losses — (189 ) — (189 ) Reclassification of net postemployment benefit losses to net income — 55 — 55 Net deferred losses on cash flow hedges — — (12 ) (12 ) Net deferred losses on cash flow hedges reclassified to net income — — 30 30 Total other comprehensive (loss)/income (213 ) (134 ) 18 (329 ) Balance as of April 28, 2013 $ (236 ) $ (962 ) $ 24 $ (1,174 ) Foreign currency translation adjustments (94 ) — — (94 ) Reclassification of net postemployment benefit losses to net income — 7 — 7 Net deferred losses on cash flow hedges — — (1 ) (1 ) Net deferred losses on cash flow hedges reclassified to net income — — 7 7 Total other comprehensive (loss)/income (94 ) 7 6 (81 ) Balance as of June 7, 2013 $ (330 ) $ (955 ) $ 30 $ (1,255 ) Successor Balance as of February 8, 2013 $ — $ — $ — $ — Foreign currency translation adjustments 140 — — 140 Net deferred losses on net investment hedges (118 ) — — (118 ) Net postemployment benefit gains — 102 — 102 Net deferred gains on cash flow hedges — — 111 111 Net deferred gains on cash flow hedges reclassified to net income — — (3 ) (3 ) Total other comprehensive income 22 102 108 232 Balance as of December 29, 2013 $ 22 $ 102 $ 108 $ 232 Foreign currency translation adjustments (932 ) — — (932 ) Net deferred gains on net investment hedges 336 — — 336 Net postemployment benefit losses — (34 ) — (34 ) Reclassification of net postemployment benefit gains to net income — (7 ) — (7 ) Net deferred losses on cash flow hedges — — (173 ) (173 ) Net deferred losses on cash flow hedges reclassified to net income — — 4 4 Total other comprehensive loss (596 ) (41 ) (169 ) (806 ) Balance as of December 28, 2014 $ (574 ) $ 61 $ (61 ) $ (574 ) Foreign currency translation adjustments (1,578 ) — — (1,578 ) Net deferred gains on net investment hedges 506 — — 506 Net postemployment benefit gains — 946 — 946 Reclassification of net postemployment benefit gains to net income — (85 ) — (85 ) Net deferred losses on cash flow hedges — — (6 ) (6 ) Net deferred losses on cash flow hedges reclassified to net income — — 120 120 Total other comprehensive (loss)/income (1,072 ) 861 114 (97 ) Balance as of January 3, 2016 $ (1,646 ) $ 922 $ 53 $ (671 ) |
Tax (Expense)/Benefit Associated with each Component of Other Comprehensive Income/(Loss) | The tax (expense)/benefit recorded in and associated with each component of other comprehensive income/(loss) for the years ended January 3, 2016 and December 28, 2014, the 2013 Successor Period, the 2013 Predecessor Period, and Fiscal 2013 were as follows (in millions): Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, Net deferred gains/(losses) on net investment hedges $ (295 ) $ (209 ) $ 73 $ — $ — Net postemployment benefit gains/(losses) $ (619 ) $ 40 $ (40 ) $ — $ 76 Reclassification of net postemployment benefit (gains)/losses to net income $ 47 $ 2 $ — $ (2 ) $ (24 ) Net deferred gains/(losses) on cash flow hedges $ 32 $ 95 $ (67 ) $ — $ 18 Net deferred (gains)/losses on cash flow hedges reclassified to net income $ (75 ) $ 9 $ 1 $ (3 ) $ (26 ) In 2015, we corrected the (expense)/benefit designation on the Fiscal 2013 $76 million tax balance for net postemployment benefit gains/(losses). This misstatement was not material to our current or any prior period financial statements. |
Amounts Reclassified From Accumulated Other Comprehensive Income/(Losses) | The amounts reclassified from accumulated other comprehensive income/(losses) in the years ended January 3, 2016 and December 28, 2014 , the 2013 Successor Period, and the 2013 Predecessor Period were as follows (in millions): Accumulated Other Comprehensive Income/(Losses) Component Reclassified from Accumulated Other Comprehensive Income/(Losses) to Net Income Affected Line Item in the Statement Where Net Income is Presented Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, Losses/(gains) on cash flow hedges: Foreign exchange contracts $ 2 $ 1 $ 1 $ (1 ) Net sales Foreign exchange contracts (45 ) (5 ) (3 ) (2 ) Cost of products sold Foreign exchange contracts (1 ) (1 ) (2 ) 2 Other expense/(income), net Interest rate contracts 239 — — — Interest expense Cross-currency interest rate swap contracts — — — 1 Interest expense Cross-currency interest rate swap contracts — — — 10 Other expense/(income), net Losses/(gains) on cash flow hedges before income taxes 195 (5 ) (4 ) 10 Income from continuing operations before income taxes Losses/(gains) on cash flow hedges income taxes (75 ) 9 1 (3 ) Provision for income taxes Losses/(gains) on cash flow hedges $ 120 $ 4 $ (3 ) $ 7 Net income from continuing operations (Gains)/ losses on postemployment benefits: Amortization of unrecognized losses $ 3 $ — $ — $ 10 (a) Amortization of prior service (credits)/costs (112 ) (6 ) — (1 ) (a) Settlement and curtailments gains (23 ) (3 ) — — (a) (Gains)/ losses on postemployment benefits before income taxes (132 ) (9 ) — 9 Income from continuing operations before income taxes (Gains)/ losses on postemployment benefits income taxes 47 2 — (2 ) Provision for income taxes (Gains)/ losses on postemployment benefits $ (85 ) $ (7 ) $ — $ 7 Net income from continuing operations (a) These components are included in the computation of net periodic postemployment benefit costs. See Note 10, Postemployment Benefits , for additional information. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Balance as of December 28, 2014: At December 28, 2014, the carrying value of our long-term debt consisted of the following (in millions of dollars): Priority 1 Maturity Date Interest Rate Carrying Value Term B-1 Loan Senior Secured Loan * * $ 2,729 Term B-2 Loan Senior Secured Loan * * 5,503 $3.10 billion 4.250% Second Lien Senior Secured Notes due October 15, 2020 Senior Secured Notes October 15, 2020 4.250% 3,029 $931 million 7.125% U.S. Dollar Notes due August 1, 2039 Senior Notes August 1, 2039 7.125% 1,023 Other long-term debt Various 2016-2032 1.500%-6.750% 1,022 Capital lease obligations 63 Total long-term debt $ 13,369 Current portion of long-term debt 11 Total long-term debt, excluding current portion $ 13,358 1 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. *Borrowings under the Term B-1 and Term B-2 Loan Facilities had tranches of 6 and 7 year maturities and fluctuating interest rates based on, at our election, base rate or LIBOR plus a spread on each of the tranches, with respective spreads ranging from 125-150 basis points for base rate loans with a 2% base rate floor and 225-250 basis points for LIBOR loans with a 1% LIBOR floor. At January 3, 2016 the carrying value of our long-term debt consisted of the following (in millions of dollars): Priority 1 Maturity Date Interest Rate 2 Carrying Value 2025 Notes Senior Secured Notes 3 February 15, 2025 4.875% $ 1,190 Euro Notes Senior Notes June 30, 2023 2.000% 803 Pound Sterling Notes Senior Notes July 1, 2027 4.125% 584 U.S. Dollar Notes Senior Notes 2017-2045 1.600%-5.200% 9,916 Canadian Dollar Notes Senior Notes 2018-2020 1.598%-2.700% 720 Kraft Notes Senior Unsecured Notes 2017-2040 2.250%-6.875% 9,179 Term Loan Facility Senior Unsecured Loan July 6, 2022 1.573% 596 Other-long term debt Various 2016-2039 0.500%-7.125% 2,113 Capital lease obligations 129 Total long-term debt $ 25,230 Current portion of long-term debt 79 Total long-term debt, excluding current portion $ 25,151 1 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. 2 Floating interest rates are stated as of January 3, 2016. 3 The 2025 Notes, which are secured by certain assets of our subsidiary, Kraft Heinz Foods Company, are senior in right of payment of existing and future unsecured and subordinated indebtedness. |
Schedule of Debt Activity | During the year ended January 3, 2016, the composition of our long-term debt changed largely due to the assumption of all outstanding long-term debt obligations of Kraft in connection with the 2015 Merger, as well as certain debt issuances, refinancing activities, and repayments as summarized in the table below (excluding capital lease activity): Aggregate Principal Amount (in millions) Issuances and assumption of debt: 2025 Notes (a) $ 2,000 Euro Notes (b) € 750 Pound Sterling Notes (c) £ 400 U.S. Dollar Notes (d) $ 10,000 Canadian Dollar Notes (e) C$ 1,000 Term Loan Facility (f) $ 600 Assumption of Kraft's long-term debt obligations (g) $ 8,600 Debt repayments (h) : Term B-1 Loan $ 2,780 Term B-2 Loan $ 5,601 2020 Notes $ 3,100 2025 Notes $ 800 (a) $2.0 billion aggregate principal amount of 4.875% Second Lien Senior Secured Notes due February 15, 2025 (the “2025 Notes”) (b) €750 million aggregate principal amount of 2.000% Senior Notes due June 30, 2023 (the “Euro Notes”) (c) £400 million aggregate principal amount of 4.125% Senior Notes due July 1, 2027 (the “Pound Sterling Notes”) (d) $1.0 billion aggregate principal amount of 1.600% Senior Notes due June 30, 2017 ; $1.5 billion aggregate principal amount of 2.000% Senior Notes due July 2, 2018 ; $1.5 billion aggregate principal amount of 2.800% Senior Notes due July 2, 2020 ; $1.0 billion aggregate principal amount of 3.500% Senior Notes due July 15, 2022 ; $2.0 billion aggregate principal amount of 3.950% Senior Notes due July 15, 2025 ; $1.0 billion aggregate principal amount of 5.000% Senior Notes due July 15, 2035 ; and $2.0 billion aggregate principal amount of 5.200% Senior Notes due July 15, 2045 (collectively, the “U.S. Dollar Notes”) In connection with the issuance of the U.S. Dollar Notes, we entered into a registration rights agreement pursuant to which we agreed to exchange the notes for a new issue of substantially identical debt securities registered under the Securities Act of 1933 within 455 days after July 2, 2015. If we fail to meet these registration obligations, then additional interest will accrue on the aggregate principal amount of the U.S. Dollar Notes at an annual interest rate of 0.25% for the first 90 days period and, thereafter, the annual interest rate will be increased by an additional 0.25% for each subsequent 90 days period that elapses, up to a maximum additional rate of 0.50% per annum. (e) C$200 million aggregate principal amount of Floating Rate Senior Notes due July 6, 2018 , C$300 million aggregate principal amount of 2.700% Senior Notes due July 6, 2020 , and C$500 million aggregate principal amount of Floating Rate Senior Notes due July 6, 2020 (collectively, the “Canadian Dollar Notes”) (f) $600 million aggregate principal amount of our Senior Unsecured Term Loan Facility floating rate (LIBOR plus 1.250% ) due July 6, 2022 (the “Term Loan Facility”) (g) In connection with the 2015 Merger, Kraft Heinz Foods Company, our 100% owned subsidiary, assumed all of the long-term debt obligations of Kraft including the following obligations relating to its notes (collectively, the “Kraft Notes”). : $1.0 billion aggregate principal amount of 2.250% Notes due June 5, 2017 ; $1,035 million aggregate principal amount of 6.125% Notes due August 23, 2018 ; $900 million aggregate principal amount of 5.375% Notes due February 10, 2020 ; $2.0 billion aggregate principal amount of 3.500% Notes due June 6, 2022 ; $878 million aggregate principal amount of 6.875% Notes due January 26, 2039 ; $787 million aggregate principal amount of 6.500% Notes due February 9, 2040 ; and $2.0 billion aggregate principal amount of 5.000% Notes due June 4, 2042 The aggregate principal amounts above exclude $686 million recorded in purchase accounting primarily related to a fair value adjustment. (h) In January 2015 we repaid $650 million aggregate principal amount of the Term B-1 Loan and $1,310 million aggregate principal amount of the Term B-2 Loan. On July 2, 2015, we repaid the remaining aggregate principal amounts of the Term B-1 Loan and the Term B-2 Loan, fully redeemed $3.1 billion aggregate principal amount of the 4.250% Second Lien Senior Secured Notes due October 15, 2020 (the “2020 Notes”) and partially redeemed $800 million aggregate principal amount of the 2025 Notes. |
Schedule of Maturities of Long-term Debt | At January 3, 2016, aggregate principal maturities of our long-term debt excluding capital leases were (in millions): 2016 $ 60 2017 2,019 2018 2,682 2019 4 2020 3,582 Thereafter 16,138 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Equity [Abstract] | |
Schedule of Common Stock Outstanding Roll Forward | Shares of common stock issued, in treasury and outstanding were (in thousands of shares): Shares Issued Treasury Shares Shares Outstanding Predecessor (H. J. Heinz Company) Balance at April 29, 2012 431,096 (110,871 ) 320,225 Exercise of stock options, issuance of other stock awards, and other — 1,041 1,041 Balance at April 28, 2013 431,096 (109,830 ) 321,266 Exercise of stock options, issuance of other stock awards, and other — 33 33 Balance at June 7, 2013 431,096 (109,797 ) 321,299 Successor Balance at February 8, 2013 — — — Issuance of common stock to Sponsors 376,832 — 376,832 Balance at December 29, 2013 376,832 — 376,832 Exercise of stock options, issuance of other stock awards, and other 178 — 178 Balance at December 28, 2014 377,010 — 377,010 Exercise of warrants 20,480 — 20,480 Issuance of common stock to Sponsors 221,666 — 221,666 Acquisition of Kraft Foods Group, Inc. 592,898 — 592,898 Exercise of stock options, issuance of other stock awards, and other 2,338 (413 ) 1,925 Balance at January 3, 2016 1,214,392 (413 ) 1,213,979 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of notional amounts of outstanding derivative positions | The notional values of our derivative instruments at January 3, 2016 and December 28, 2014 were (in millions): Notional Amount January 3, 2016 December 28, 2014 Commodity contracts $ 787 $ — Foreign exchange contracts 3,458 4,607 Cross-currency contracts 4,328 9,900 Interest rate contracts — 7,921 |
Schedule of derivative fair values and levels within the fair value hierarchy on the balance sheets | The fair values and the levels within the fair value hierarchy of derivative instruments recorded on the consolidated balance sheets at January 3, 2016 and December 28, 2014 were (in millions): January 3, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Total Fair Value Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments: Foreign exchange contracts $ — $ — $ 46 $ 6 $ — $ — $ 46 $ 6 Cross-currency contracts — — 605 — — — 605 — Derivatives not designated as hedging instruments: Commodity contracts 24 29 1 7 — — 25 36 Foreign exchange contracts — — 88 13 — — 88 13 Cross-currency contracts — — 47 — — — 47 — Total fair value $ 24 $ 29 $ 787 $ 26 $ — $ — $ 811 $ 55 December 28, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments: Foreign exchange contracts $ — $ — $ 46 $ 15 $ — $ — $ 46 $ 15 Cross-currency contracts — — 357 2 — — 357 2 Interest rate contracts — — 2 16 — — 2 16 Derivatives not designated as hedging instruments: Foreign exchange contracts — — 169 108 — — 169 108 Total fair value $ — $ — $ 574 $ 141 $ — $ — $ 574 $ 141 |
Schedule of cross-currency swap derivatives | At January 3, 2016 , our cross-currency swaps consisted of: Instrument Notional (local) (in billions) Notional (USD) (in billions) Maturity Cross-currency swap £ 0.8 $ 1.4 October 2019 Cross-currency swap € 0.9 $ 1.1 October 2019 Cross-currency swap C$ 1.8 $ 1.6 December 2019 |
Schedule of gains/(losses) recognized in statements of operations | The following tables present the pre-tax effect of derivative instruments on the statements of income and statements of comprehensive income for the years ended January 3, 2016 and December 28, 2014 : Successor January 3, December 28, Commodity Contracts Foreign Exchange Cross-Currency Contracts Cross-Currency Interest Rate Swap Contracts Interest Rate Contracts Commodity Contracts Foreign Exchange Cross-Currency Contracts Cross-Currency Interest Rate Swap Contracts Interest Rate (in millions) Derivatives designated as hedging instruments: Cash flow hedges: Gains/(losses) recognized in other comprehensive income (effective portion) $ — $ 73 $ — $ — $ (111 ) $ — $ 21 $ — $ — $ (289 ) Net investment hedges: Gains recognized in other comprehensive income (effective portion) — — 736 — — — — 545 — — Total gains/(losses) recognized in other comprehensive income (effective portion) $ — $ 73 $ 736 $ — $ (111 ) $ — $ 21 $ 545 $ — $ (289 ) Cash flow hedges reclassified to net income/(loss): Net sales $ — $ (2 ) $ — $ — $ — $ — $ (1 ) $ — $ — $ — Cost of products sold (effective portion) — 45 — — — — 5 — — — Other expense/(income), net — 1 — — — — 1 — — — Interest expense — — — — (239 ) — — — — — — 44 — — (239 ) — 5 — — — Derivatives not designated as hedging instruments: Unrealized gains on derivative instruments — — — — — — 75 — — — Losses on derivatives recognized in cost of products sold (57 ) — — — — — — — — — Gains on derivatives recognized in other expense/(income), net — 92 53 — 8 — 76 — — — (57 ) 92 53 — 8 — 151 — — — Total (losses)/gains recognized in statements of income $ (57 ) $ 136 $ 53 $ — $ (231 ) $ — $ 156 $ — $ — $ — Successor Predecessor February 8 - December 29, April 29 - June 7, Commodity Contracts Foreign Exchange Cross-Currency Contracts Cross-Currency Interest Rate Swap Contracts Interest Rate Contracts Commodity Contracts Foreign Exchange Cross-Currency Contracts Cross-Currency Interest Rate Swap Contracts Interest Rate (in millions) Derivatives designated as hedging instruments: Cash flow hedges: Gains/(losses) recognized in other comprehensive income (effective portion) $ — $ 30 $ — $ — $ 147 $ — $ 3 $ — $ (4 ) $ — Net investment hedges: Losses recognized in other comprehensive income (effective portion) — — (191 ) — — — — — — — Total gains/(losses) recognized in other comprehensive income (effective portion) $ — $ 30 $ (191 ) $ — $ 147 $ — $ 3 $ — $ (4 ) $ — Cash flow hedges reclassified to net income/(loss): Net sales $ — $ (1 ) $ — $ — $ — $ — $ 1 $ — $ — $ — Cost of products sold (effective portion) — 3 — — — — 2 — — — Other expense/(income), net — 2 — — — — (2 ) — (10 ) — — 4 — — — — 1 — (10 ) — Fair value hedges: Losses recognized in other expense/(income), net — — — — — — — — — (6 ) Derivatives not designated as hedging instruments: Unrealized gains on derivative instruments — — — — 118 — — — — — Losses on derivatives recognized in other expense/(income), net — (31 ) — — — — (4 ) — — — — (31 ) — — 118 — (4 ) — — — Total (losses)/gains recognized in statements of income $ — $ (27 ) $ — $ — $ 118 $ — $ (3 ) $ — $ (10 ) $ (6 ) Predecessor April 28, Commodity Contracts Foreign Exchange Cross-Currency Contracts Cross-Currency Interest Rate Swap Contracts Interest Rate (in millions) Derivatives designated as hedging instruments: Cash flow hedges: Gains/(losses) recognized in other comprehensive income (effective portion) $ — $ 48 $ — $ (77 ) $ — Cash flow hedges reclassified to net income/(loss): Net sales $ — $ 11 $ — $ — $ — Cost of products sold (effective portion) — (5 ) — — — Other expense/(income), net — 14 — (70 ) — Interest expense — — — (5 ) — — 20 — (75 ) — Fair value hedges: Gains/(losses) recognized in other expense/(income), net — — — 70 (3 ) Derivatives not designated as hedging instruments: Gains on derivatives recognized in other expense/(income), net — (8 ) — — (1 ) Total gains/(losses) recognized in statement of income $ — $ 12 $ — $ (5 ) $ (4 ) |
Commitments and Contingencies47
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum rental commitments under non-cancelable operating leases in effect at January 3, 2016 were (in millions): 2016 $ 120 2017 119 2018 106 2019 90 2020 68 Thereafter 235 Total $ 738 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | As a result of the stock conversion prior to the 2015 Merger all historical Successor Period per share data, numbers of shares, and numbers of equity awards outstanding were retroactively adjusted. See Note 1, Background and Basis of Presentation , for additional information. Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, (in millions, except per share amounts) Basic Earnings Per Common Share: (Loss)/income from continuing operations attributable to common shareholders $ (266 ) $ (63 ) $ (1,118 ) $ (194 ) $ 1,088 Loss from discontinued operations, net of tax — — (6 ) (1 ) (75 ) Net (loss)/income attributable to common shareholders $ (266 ) $ (63 ) $ (1,124 ) $ (195 ) $ 1,013 Weighted average shares of common stock outstanding 786 377 377 321 321 Continuing operations $ (0.34 ) $ (0.17 ) $ (2.97 ) $ (0.60 ) $ 3.39 Discontinued operations — — (0.01 ) (0.01 ) (0.23 ) Net (loss)/earnings $ (0.34 ) $ (0.17 ) $ (2.98 ) $ (0.61 ) $ 3.16 Diluted Earnings Per Common Share: (Loss)/income from continuing operations attributable to common shareholders $ (266 ) $ (63 ) $ (1,118 ) $ (194 ) $ 1,088 Loss from discontinued operations, net of tax — — (6 ) (1 ) (75 ) Net (loss)/income attributable to common shareholders $ (266 ) $ (63 ) $ (1,124 ) $ (195 ) $ 1,013 Weighted average shares of common stock outstanding 786 377 377 321 321 Effect of dilutive securities: Equity awards — — — — 2 Weighted average shares of common stock, including dilutive effect 786 377 377 321 323 Continuing operations $ (0.34 ) $ (0.17 ) $ (2.97 ) $ (0.60 ) $ 3.37 Discontinued operations — — (0.01 ) (0.01 ) (0.23 ) Net (loss)/earnings $ (0.34 ) $ (0.17 ) $ (2.98 ) $ (0.61 ) $ 3.14 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Segment Reporting [Abstract] | |
Net Sales by Segment | Our net sales by segment and Segment Adjusted EBITDA were: Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, (in millions) Net sales: United States $ 11,124 $ 3,615 $ 2,072 $ 371 $ 3,857 Canada 1,437 631 371 73 709 Europe 2,485 2,973 1,659 269 3,049 Rest of World 3,292 3,703 2,138 400 3,914 Total net sales $ 18,338 $ 10,922 $ 6,240 $ 1,113 $ 11,529 |
Segment Adjusted EBITDA | Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, (in millions) Segment Adjusted EBITDA: United States $ 4,783 $ 4,499 $ 519 $ 81 $ 932 Canada 541 615 99 16 175 Europe 909 898 349 42 671 Rest of World 670 689 256 58 485 General corporate expenses (164 ) (175 ) (58 ) (25 ) (164 ) Depreciation and amortization (excluding integration and restructuring expenses) (779 ) (924 ) (216 ) (34 ) (340 ) Integration and restructuring expenses (1,117 ) (743 ) (411 ) 6 (1 ) Merger costs (194 ) (68 ) (158 ) (112 ) (45 ) Amortization of inventory step-up (347 ) — (383 ) — — Unrealized gains/(losses) on commodity hedges 41 (79 ) — — — Impairment losses (58 ) (221 ) — — — Gain on sale of business 21 — — — — Nonmonetary currency devaluation (57 ) — — — — Equity award compensation expense (excluding integration and restructuring expenses) (61 ) (108 ) (5 ) (4 ) (51 ) Other pro forma adjustments (1,549 ) (2,815 ) — — — Operating income/(loss) 2,639 1,568 (8 ) 28 1,662 Interest expense 1,321 686 409 35 284 Other expense/(income), net 305 79 (119 ) 123 34 Income/(loss) from continuing operations before income taxes $ 1,013 $ 803 $ (298 ) $ (130 ) $ 1,344 |
Depreciation and Amortization Expense by Segment | Total depreciation and amortization expense and capital expenditures by segment were: Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, (in millions) Depreciation and Amortization Expense: United States $ 484 $ 191 $ 125 $ 12 $ 104 Canada 36 83 28 4 23 Europe 83 121 60 9 90 Rest of World 88 103 55 10 96 Non-Operating (a) 49 32 12 5 31 Total depreciation and amortization expense $ 740 $ 530 $ 280 $ 40 $ 344 (a) Includes corporate overhead and general corporate expenses. |
Capital Expenditures by Segment | Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, (in millions) Capital Expenditures: United States $ 377 $ 146 $ 42 $ 9 $ 68 Canada 19 2 5 1 39 Europe 102 95 40 5 92 Rest of World 103 93 67 6 144 Non-Operating (a) 47 63 48 99 56 Total capital expenditures $ 648 $ 399 $ 202 $ 120 $ 399 (a) Includes corporate overhead and general corporate expenses. |
Net Sales by Product | Our net sales by product category were: Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, (in millions) Condiments and sauces $ 5,846 $ 5,489 $ 3,081 $ 534 $ 5,376 Cheese and dairy 2,795 — — — — Ambient meals 1,858 1,544 865 140 1,646 Frozen and chilled meals 2,210 2,000 1,199 199 2,318 Meats 1,480 199 122 20 277 Refreshment beverages 665 — — — — Coffee 710 — — — — Infant/nutrition 902 1,116 624 119 1,189 Desserts, toppings and baking 521 — — — — Nuts and salted snacks 562 — — — — Other 789 574 349 101 723 Total net sales $ 18,338 $ 10,922 $ 6,240 $ 1,113 $ 11,529 |
Net Sales by Country | We had significant net sales in the United States, Canada, and the United Kingdom. Sales are based on the location in which the sale originated. Our net sales by country were: Successor Predecessor January 3, December 28, February 8 - December 29, April 29 - June 7, April 28, (in millions) Net sales: United States $ 11,124 $ 3,615 $ 2,072 $ 371 $ 3,857 Canada 1,437 631 371 73 709 United Kingdom 1,334 1,549 860 131 1,598 Other 4,443 5,127 2,937 538 5,365 Total net sales $ 18,338 $ 10,922 $ 6,240 $ 1,113 $ 11,529 |
Long-lived Assets by Country | We had significant long-lived assets in the United States and the United Kingdom. Long-lived assets include property, plant and equipment, goodwill, trademarks, and other intangibles, net of related depreciation and amortization. Our long-lived assets by country were: January 3, 2016 December 28, 2014 (in millions) Long-lived assets: United States $ 94,504 $ 15,957 United Kingdom 6,742 6,777 Canada 5,871 2,378 Other 4,578 5,400 Total long-lived assets $ 111,695 $ 30,512 |
Change in Fiscal Year End (Tabl
Change in Fiscal Year End (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Change in Fiscal Year End [Abstract] | |
Schedule of Change in Fiscal Year End | The unaudited financial information for the eight-month period ended December 23, 2012 (based on H. J. Heinz Company’s former fiscal month end), includes all normal recurring adjustments necessary for a fair statement of the results for that period. Successor Predecessor February 8 - December 29, April 29 - June 7, December 23, 2012 (34 Weeks) (Unaudited) (in millions) Net sales $ 6,240 $ 1,113 $ 7,438 Gross profit 1,332 320 2,282 (Benefit from)/provision for income taxes (232 ) 61 143 Net (loss)/income from continuing operations (66 ) (191 ) 769 Loss from discontinued operations, net of tax (6 ) (1 ) (36 ) Net (loss)/income attributable to Kraft Heinz (77 ) (195 ) 722 |
Quarterly Financial Data (Una51
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | Our quarterly financial data during the years ended January 3, 2016 and December 28, 2014 was: 2015 Quarters First Second Third Fourth (in millions, except per share data) Net sales $ 2,478 $ 2,616 $ 6,120 $ 7,124 Gross profit 847 882 1,628 2,404 Income/(loss) from continuing operations attributable to Kraft Heinz, net of tax 276 (164 ) (123 ) 645 Net income/(loss) attributable to common shareholders 96 (344 ) (303 ) 285 Per share data applicable to common shareholders: Basic earnings/(loss) 0.26 (0.91 ) (0.27 ) 0.23 Diluted earnings/(loss) 0.24 (0.91 ) (0.27 ) 0.23 2014 Quarters First Second Third Fourth (in millions, except per share data) Net sales $ 2,800 $ 2,729 $ 2,594 $ 2,799 Gross profit 812 803 767 895 Income from continuing operations attributable to Kraft Heinz, net of tax 195 127 172 163 Net income/(loss) attributable to common shareholders 15 (53 ) (8 ) (17 ) Per share data applicable to common shareholders: Basic earnings/(loss) 0.04 (0.14 ) (0.02 ) (0.04 ) Diluted earnings/(loss) 0.04 (0.14 ) (0.02 ) (0.04 ) |
Supplemental Financial Inform52
Supplemental Financial Information (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Statements of Income | The following represents the condensed statement of operations of Hawk for the period February 8, 2013 through April 28, 2013 and the condensed balance sheet of Hawk as of April 28, 2013: Hawk Acquisition Sub, Inc. (Successor) Condensed Statement of Operations For the Period from February 8, 2013 through April 28, 2013 February 8 - April 28, 2013 (in millions) Selling, general and administrative expenses $ 20 Operating loss (20 ) Interest expense 11 Other expense, net 65 Loss from continuing operations before income tax (96 ) Benefit from income taxes 38 Net loss $ (58 ) The Kraft Heinz Company Condensed Consolidating Statements of Income (in millions) Successor For the Year Ended January 3, 2016 (53 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 10,580 $ 8,145 $ (387 ) $ 18,338 Cost of products sold — 7,298 5,666 (387 ) 12,577 Gross profit — 3,282 2,479 — 5,761 Selling, general and administrative expenses — 2,378 744 — 3,122 Operating income — 904 1,735 — 2,639 Interest expense — 1,221 100 — 1,321 Other expense, net — 140 165 — 305 (Loss)/income before income taxes — (457 ) 1,470 — 1,013 Equity in earnings of subsidiaries 634 899 — (1,533 ) — (Benefit from)/provision for income taxes — (192 ) 558 — 366 Net income 634 634 912 (1,533 ) 647 Net income attributable to noncontrolling interest — — 13 — 13 Net income excluding noncontrolling interest $ 634 $ 634 $ 899 $ (1,533 ) $ 634 Comprehensive income/(loss) excluding noncontrolling interest $ 537 $ 537 $ (734 ) $ 197 $ 537 The Kraft Heinz Company Condensed Consolidating Statements of Income (in millions) Successor For the Year Ended December 28, 2014 (52 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 3,740 $ 7,325 $ (143 ) $ 10,922 Cost of products sold — 2,663 5,125 (143 ) 7,645 Gross profit — 1,077 2,200 — 3,277 Selling, general and administrative expenses — 610 1,099 — 1,709 Operating income — 467 1,101 — 1,568 Interest expense — 556 130 — 686 Other expense/(income), net — 104 (25 ) — 79 (Loss)/income before income taxes — (193 ) 996 — 803 Equity in earnings of subsidiaries 657 694 — (1,351 ) — (Benefit from)/provision for income taxes — (156 ) 287 — 131 Net income 657 657 709 (1,351 ) 672 Net income attributable to noncontrolling interest — — 15 — 15 Net income excluding noncontrolling interest $ 657 $ 657 $ 694 $ (1,351 ) $ 657 Comprehensive loss excluding noncontrolling interest $ (149 ) $ (149 ) $ (180 ) $ 329 $ (149 ) The Kraft Heinz Company Condensed Consolidating Statements of Income (in millions) Successor For the Period from February 8, 2013 to December 29, 2013 (29 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 2,132 $ 4,192 $ (84 ) $ 6,240 Cost of products sold — 1,638 3,354 (84 ) 4,908 Gross profit — 494 838 — 1,332 Selling, general and administrative expenses — 485 855 — 1,340 Operating income/(loss) — 9 (17 ) — (8 ) Interest expense — 334 75 — 409 Other income, net — (63 ) (56 ) — (119 ) Loss from continuing operations before income taxes — (262 ) (36 ) — (298 ) Equity in (losses)/earnings of subsidiaries (77 ) 88 — (11 ) — Benefit from income taxes — (97 ) (135 ) — (232 ) Net (loss)/income from continuing operations (77 ) (77 ) 99 (11 ) (66 ) Loss from discontinued operations, net of tax — — (6 ) — (6 ) Net (loss)/income (77 ) (77 ) 93 (11 ) (72 ) Net income attributable to noncontrolling interest — — 5 — 5 Net (loss)/income excluding noncontrolling interest $ (77 ) $ (77 ) $ 88 $ (11 ) $ (77 ) Comprehensive income excluding noncontrolling interest $ 155 $ 155 $ 319 $ (474 ) $ 155 The Kraft Heinz Company Condensed Consolidating Statements of Income (in millions) Predecessor (H. J. Heinz Company) For the Period from April 29, 2013 to June 7, 2013 (6 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales NA $ 377 $ 744 $ (8 ) $ 1,113 Cost of products sold NA 263 538 (8 ) 793 Gross profit NA 114 206 — 320 Selling, general and administrative expenses NA 154 138 — 292 Operating (loss)/income NA (40 ) 68 — 28 Interest expense NA 12 23 — 35 Other expense, net NA 32 91 — 123 Loss from continuing operations before income taxes NA (84 ) (46 ) — (130 ) Equity in losses of subsidiaries NA (30 ) — 30 — Provision for/(benefit from) income taxes NA 81 (20 ) — 61 Net loss from continuing operations NA (195 ) (26 ) 30 (191 ) Loss from discontinued operations, net of tax NA — (1 ) — (1 ) Net loss NA (195 ) (27 ) 30 (192 ) Net income attributable to noncontrolling interest NA — 3 — 3 Net loss excluding noncontrolling interest NA $ (195 ) $ (30 ) $ 30 $ (195 ) Comprehensive loss excluding noncontrolling interest NA $ (276 ) $ (35 ) $ 35 $ (276 ) The Kraft Heinz Company Condensed Consolidating Statements of Income (in millions) Predecessor (H. J. Heinz Company) For the Year Ended April 28, 2013 (52 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales NA $ 3,962 $ 7,715 $ (148 ) $ 11,529 Cost of products sold NA 2,691 5,415 (148 ) 7,958 Gross profit NA 1,271 2,300 — 3,571 Selling, general and administrative expenses NA 628 1,281 — 1,909 Operating income NA 643 1,019 — 1,662 Interest expense NA 86 198 — 284 Other expense/(income), net NA 97 (63 ) — 34 Income from continuing operations before income taxes NA 460 884 — 1,344 Equity in earnings of subsidiaries NA 635 — (635 ) — Provision for income taxes NA 60 182 — 242 Net income from continuing operations NA 1,035 702 (635 ) 1,102 Loss from discontinued operations, net of tax NA (22 ) (53 ) — (75 ) Net income NA 1,013 649 (635 ) 1,027 Net income attributable to noncontrolling interest NA — 14 — 14 Net income excluding noncontrolling interest NA $ 1,013 $ 635 $ (635 ) $ 1,013 Comprehensive income excluding noncontrolling interest NA $ 683 $ 321 $ (321 ) $ 683 |
Condensed Consolidating Balance Sheets | Hawk Acquisition Sub, Inc. (Successor) Condensed Balance Sheet As of April 28, 2013 April 28, 2013 (in millions) Cash $ 3,012 Other assets 125 Total assets $ 3,137 Notes payable $ 3,100 Other liabilities 95 Total liabilities 3,195 Shareholder's deficit (58 ) Total liabilities and shareholder's deficit $ 3,137 The Kraft Heinz Company Condensed Consolidating Balance Sheets (in millions) As of January 3, 2016 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 3,189 $ 1,648 $ — $ 4,837 Trade receivables — 62 809 — 871 Receivables due from affiliates — 555 319 (874 ) — Sold receivables — 554 29 583 Inventories — 1,741 877 — 2,618 Short-term lending due from affiliates — 3,657 4,353 (8,010 ) — Other current assets — 645 443 (217 ) 871 Total current assets — 10,403 8,478 (9,101 ) 9,780 Property, plant and equipment, net — 4,518 2,006 — 6,524 Goodwill — 10,976 32,075 — 43,051 Investments in subsidiaries 66,005 73,105 — (139,110 ) — Intangible assets, net — 3,838 58,282 — 62,120 Long-term lending due from affiliates — 1,700 2,000 (3,700 ) — Other assets — 534 964 — 1,498 TOTAL ASSETS $ 66,005 $ 105,074 $ 103,805 $ (151,911 ) $ 122,973 LIABILITIES AND EQUITY Short-term lending due to affiliates $ — $ 4,353 $ 3,657 $ (8,010 ) $ — Trade payables — 1,612 1,232 — 2,844 Payables due to affiliates — 319 555 (874 ) — Accrued marketing — 359 497 — 856 Accrued postemployment costs — 316 12 — 328 Income taxes payable — 71 563 (217 ) 417 Interest payable — 386 15 — 401 Dividends payable — 762 — — 762 Other current liabilities — 1,053 271 — 1,324 Total current liabilities — 9,231 6,802 (9,101 ) 6,932 Long-term debt — 24,143 1,008 — 25,151 Long-term borrowings due to affiliates — 2,000 1,905 (3,905 ) — Deferred income taxes — 1,278 20,219 — 21,497 Accrued postemployment costs — 2,147 258 — 2,405 Other liabilities — 270 482 — 752 TOTAL LIABILITIES — 39,069 30,674 (13,006 ) 56,737 Redeemable noncontrolling interest — — 23 — 23 9.00% Series A cumulative redeemable preferred stock 8,320 — — — 8,320 Total shareholders' equity 57,685 66,005 72,900 (138,905 ) 57,685 Noncontrolling interest — — 208 — 208 TOTAL EQUITY 57,685 66,005 73,108 (138,905 ) 57,893 TOTAL LIABILITIES AND EQUITY $ 66,005 $ 105,074 $ 103,805 $ (151,911 ) $ 122,973 The Kraft Heinz Company Condensed Consolidating Balance Sheets (in millions) As of December 28, 2014 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 541 $ 1,757 $ — $ 2,298 Trade receivables — — 690 — 690 Receivables due from affiliates — 159 197 (356 ) — Sold receivables — — 161 — 161 Inventories — 468 717 — 1,185 Short-term lending due from affiliates — 1,727 2,573 (4,300 ) — Other current assets — 316 313 (48 ) 581 Total current assets — 3,211 6,408 (4,704 ) 4,915 Property, plant and equipment, net — 940 1,425 — 2,365 Goodwill — 8,907 6,052 — 14,959 Investments in subsidiaries 15,437 15,627 — (31,064 ) — Intangible assets, net — 6,094 7,094 — 13,188 Long-term lending due from affiliates — 146 2,000 (2,146 ) — Other assets — 513 631 — 1,144 TOTAL ASSETS $ 15,437 $ 35,438 $ 23,610 $ (37,914 ) $ 36,571 LIABILITIES AND EQUITY Short-term lending due to affiliates $ — $ 2,573 $ 1,727 $ (4,300 ) $ — Trade payables — 613 1,038 — 1,651 Payables due to affiliates — 197 159 (356 ) — Accrued marketing — 53 244 — 297 Accrued postemployment costs — 12 3 — 15 Income taxes payable — 184 96 (48 ) 232 Interest payable — 113 54 — 167 Other current liabilities — 241 489 — 730 Total current liabilities — 3,986 3,810 (4,704 ) 3,092 Long-term debt — 11,355 2,003 — 13,358 Long-term borrowings due to affiliates — 2,000 374 (2,374 ) — Deferred income taxes — 2,340 1,527 — 3,867 Accrued postemployment costs — 185 102 — 287 Other liabilities — 135 147 — 282 TOTAL LIABILITIES — 20,001 7,963 (7,078 ) 20,886 Redeemable noncontrolling interest — — 29 — 29 9.00% Series A cumulative redeemable preferred stock 8,320 — — — 8,320 Total shareholders' equity 7,117 15,437 15,399 (30,836 ) 7,117 Noncontrolling interest — — 219 — 219 TOTAL EQUITY 7,117 15,437 15,618 (30,836 ) 7,336 TOTAL LIABILITIES AND EQUITY $ 15,437 $ 35,438 $ 23,610 $ (37,914 ) $ 36,571 |
Condensed Consolidating Statements of Cash Flows | The Kraft Heinz Company Condensed Consolidating Statements of Cash Flows (in millions) Successor For the Year Ended January 3, 2016 (53 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by operating activities $ 632 $ 1,227 $ 1,395 $ (787 ) $ 2,467 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures — (400 ) (248 ) — (648 ) Net proceeds from/(payments on) intercompany lending activities — 737 (721 ) (16 ) — Return of capital 1,570 5 — (1,575 ) — Acquisition of business, net of cash on hand — (9,535 ) 67 — (9,468 ) Additional investments in subsidiaries (10,000 ) — — 10,000 — Other investing activities, net — 422 (10 ) — 412 Net cash used for investing activities (8,430 ) (8,771 ) (912 ) 8,409 (9,704 ) CASH FLOWS FROM FINANCING ACTIVITIES Repayments of long-term debt — (12,284 ) (30 ) — (12,314 ) Proceeds from long-term debt — 14,032 802 — 14,834 Net repayments of short-term debt — — (49 ) — (49 ) Net proceeds from/(payments on) intercompany borrowing activities — 721 (737 ) 16 — Proceeds from issuance of common stock to Sponsors 10,000 — — — 10,000 Dividends paid-Series A Preferred Stock (900 ) — — — (900 ) Dividends paid-common stock (1,302 ) (2,202 ) (155 ) 2,357 (1,302 ) Other intercompany capital stock transactions — 10,000 (5 ) (9,995 ) — Other financing activities, net — (75 ) (11 ) — (86 ) Net cash provided by/(used for) financing activities 7,798 10,192 (185 ) (7,622 ) 10,183 Effect of exchange rate changes on cash and cash equivalents — — (407 ) — (407 ) Cash and cash equivalents: Net increase/(decrease) — 2,648 (109 ) — 2,539 Balance at beginning of period — 541 1,757 — 2,298 Balance at end of period $ — $ 3,189 $ 1,648 $ — $ 4,837 The Kraft Heinz Company Condensed Consolidating Statements of Cash Flows (in millions) Successor For the Year Ended December 28, 2014 (52 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by operating activities $ 578 $ 669 $ 1,556 $ (663 ) $ 2,140 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures — (211 ) (188 ) — (399 ) Net payments on intercompany lending activities — (802 ) (2,479 ) 3,281 — Return of capital 142 — — (142 ) — Other investing activities, net — 23 27 — 50 Net cash provided by/(used for) investing activities 142 (990 ) (2,640 ) 3,139 (349 ) CASH FLOWS FROM FINANCING ACTIVITIES Repayments of long-term debt — (1,096 ) (7 ) — (1,103 ) Net repayments of short-term debt — — (3 ) — (3 ) Net proceeds from intercompany borrowing activities — 2,479 802 (3,281 ) — Dividends paid-Series A Preferred Stock (720 ) — — — (720 ) Dividends paid-common stock — (720 ) (85 ) 805 — Other financing activities, net — 12 (6 ) — 6 Net cash (used for)/provided by financing activities (720 ) 675 701 (2,476 ) (1,820 ) Effect of exchange rate changes on cash and cash equivalents — — (132 ) — (132 ) Cash and cash equivalents: Net increase/(decrease) — 354 (515 ) — (161 ) Balance at beginning of period — 187 2,272 — 2,459 Balance at end of period $ — $ 541 $ 1,757 $ — $ 2,298 The Kraft Heinz Company Condensed Consolidating Statements of Cash Flows (in millions) Successor For the Period from February 8, 2013 to December 29, 2013 (29 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net cash (used for)/provided by operating activities $ — $ (137 ) $ 281 $ (109 ) $ 35 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures — (89 ) (113 ) — (202 ) Net proceeds from intercompany lending activities — 918 1,821 (2,739 ) — Return of capital 360 — — (360 ) — Acquisition of business, net of cash on hand — (23,564 ) 2,070 — (21,494 ) Additional investments in subsidiaries (16,500 ) (62 ) — 16,562 — Other investing activities, net — — 25 — 25 Net cash (used for)/provided by investing activities (16,140 ) (22,797 ) 3,803 13,463 (21,671 ) CASH FLOWS FROM FINANCING ACTIVITIES Repayments of long-term debt — (1,708 ) (962 ) — (2,670 ) Proceeds from issuance of long-term debt — 12,569 6 — 12,575 Net (payments on)/proceeds from short-term debt — (1,766 ) 125 — (1,641 ) Net payments on intercompany borrowing activities — (1,821 ) (918 ) 2,739 — Proceeds from issuance of Series A Preferred Stock 7,633 — — — 7,633 Proceeds from issuance of common stock to Sponsors 8,500 — — — 8,500 Proceeds from issuance of warrants 367 — — — 367 Dividends paid-Series A Preferred Stock (360 ) — — — (360 ) Dividends paid-common stock — (360 ) (109 ) 469 — Other intercompany capital stock transactions — 16,500 62 (16,562 ) — Other financing activities, net — (293 ) (2 ) — (295 ) Net cash provided by/(used for) financing activities 16,140 23,121 (1,798 ) (13,354 ) 24,109 Effect of exchange rate changes on cash and cash equivalents — — (14 ) — (14 ) Cash and cash equivalents: Net increase/(decrease) — 187 2,272 — 2,459 Balance at beginning of period — — — — — Balance at end of period $ — $ 187 $ 2,272 $ — $ 2,459 The Kraft Heinz Company Condensed Consolidating Statements of Cash Flows (in millions) Predecessor (H. J. Heinz Company) For the Period from April 29, 2013 to June 7, 2013 (6 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net cash used for operating activities NA $ (12 ) $ (351 ) $ (10 ) $ (373 ) CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures NA (19 ) (101 ) — (120 ) Net (payments on)/proceeds from intercompany lending activities NA (201 ) 2 199 — Other investing activities, net NA (4 ) 34 — 30 Net cash used for investing activities NA (224 ) (65 ) 199 (90 ) CASH FLOWS FROM FINANCING ACTIVITIES Repayments of long-term debt NA (307 ) (133 ) — (440 ) Proceeds from issuance of long-term debt NA — 2 — 2 Net proceeds from/(payments on) short-term debt NA 500 (19 ) — 481 Net (payments on)/proceeds from intercompany borrowing activities NA (2 ) 201 (199 ) — Dividends paid-common stock NA — (10 ) 10 — Other financing activities, net NA 45 (2 ) — 43 Net cash provided by financing activities NA 236 39 (189 ) 86 Effect of exchange rate changes on cash and cash equivalents NA — (30 ) — (30 ) Cash and cash equivalents: Net increase/(decrease) NA — (407 ) — (407 ) Balance at beginning of period NA — 2,477 — 2,477 Balance at end of period NA $ — $ 2,070 $ — $ 2,070 The Kraft Heinz Company Condensed Consolidating Statements of Cash Flows (in millions) Predecessor (H. J. Heinz Company) For the Year Ended April 28, 2013 (52 weeks) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by operating activities NA $ 648 $ 800 $ (58 ) $ 1,390 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures NA (124 ) (275 ) — (399 ) Net payments on intercompany lending activities NA (674 ) — 674 — Additional investments in subsidiaries NA (276 ) — 276 — Other investing activities, net NA 4 22 — 26 Net cash used for investing activities NA (1,070 ) (253 ) 950 (373 ) CASH FLOWS FROM FINANCING ACTIVITIES Repayments of long-term debt NA (189 ) (35 ) — (224 ) Proceeds from issuance of long-term debt NA 188 17 — 205 Net proceeds from/(payments on) short-term debt NA 1,100 (10 ) — 1,090 Net proceeds from intercompany borrowing activities NA — 674 (674 ) — Dividends paid-common stock NA (666 ) (58 ) 58 (666 ) Other intercompany capital stock transactions NA — 276 (276 ) — Other financing activities, net NA (11 ) (138 ) — (149 ) Net cash provided by financing activities NA 422 726 (892 ) 256 Effect of exchange rate changes on cash and cash equivalents NA — (127 ) — (127 ) Cash and cash equivalents: Net increase/(decrease) NA — 1,146 — 1,146 Balance at beginning of period NA — 1,331 — 1,331 Balance at end of period NA $ — $ 2,477 $ — $ 2,477 |
Background and Basis of Prese53
Background and Basis of Presentation Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Billions | Jul. 02, 2015 | Jun. 07, 2013 | Jan. 03, 2016 | Dec. 28, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Common stock, shares outstanding | 1,213,978,752 | 377,010,463 | ||
Common stock, shares issued | 1,214,391,614 | 377,010,463 | ||
Berkshire Hathaway and 3G Global Food Holdings | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Common stock, shares outstanding | 850,000,000 | |||
Common stock, shares issued | 500,000,000 | |||
Proceeds from issuance of common stock to Sponsors | $ 10 | |||
Berkshire Hathaway | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Class of Warrant or Right, Outstanding | 46,000,000 | |||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 8 | |||
Nine point zero zero percent Series A cumulative redeemable preferred stock | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
9.00% Series A cumulative redeemable preferred stock, dividend percentage | 9.00% | 9.00% | ||
Nine point zero zero percent Series A cumulative redeemable preferred stock | Berkshire Hathaway | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
9.00% Series A cumulative redeemable preferred stock, dividend percentage | 9.00% | 9.00% | ||
H.J. Heinz Holding Corporation | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Business Acquisition, Common Stock of Parent, Conversion Ratio to Common Stock of Successor Company | 0.443332 | |||
Kraft Shareholders | H.J. Heinz Holding Corporation | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Business Acquisition, Common Stock of Subsidiary, Conversion Ratio to Common Stock of Parent | 1 | |||
Special Cash Dividend | Kraft Shareholders | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 16.50 |
Background and Basis of Prese54
Background and Basis of Presentation Changes in Accounting and Reporting - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||||||
Jun. 07, 2013 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||
Revision to Previously Misclassified Customer Related Intangible Asset Amortization Effect of Revision on Selling, General, and Administrative Expenses | $ 16 | $ 16 | $ 17 | $ 17 | $ 17 | $ 17 | |||||
Revision to Previously Misclassified Pension Plan, Effect of Revisoin on Other Assets | 36 | $ 36 | |||||||||
Revision to Previously Misclassified Pension Plan, Effect of Revision on Accrued Long-term Postemployment Costs | 43 | 43 | |||||||||
Revision to Previously Misclassified Pension Plan, Effect of Revision on Other Long-term Liabilities | (7) | (7) | |||||||||
Out of Period Correction to Goodwill | $ (40) | ||||||||||
Out-of-Period correction to Deferred Tax Assets | (11) | ||||||||||
Out-of-period correction to Accumulated Other Comprehensive Income | $ (51) | ||||||||||
Revision to Previously Misclassified Customer Related Intangible Asset Amortization Effect of Revision on Costs of Products Sold | $ (16) | $ (16) | $ (17) | $ (17) | $ (17) | $ (17) | |||||
Successor | |||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||
Revision to Previously Misclassified Customer Related Intangible Asset Amortization Effect of Revision on Selling, General, and Administrative Expenses | $ 36 | 68 | |||||||||
Revision to Previously Misclassified Customer Related Intangible Asset Amortization Effect of Revision on Costs of Products Sold | (36) | (68) | |||||||||
Successor | Change to Accounting Policy for Certain Warehouse and Distribution Costs | |||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||
Change in Accounting Policy Effect of Change on Costs of Products Sold | 367 | 666 | |||||||||
Change in Accounting Policy Effect of Change on Selling, General, and Administrative Expenses | (367) | (666) | |||||||||
Successor | Change to Accounting Policy for Trademark and License Intangible Asset Impairments and Amortization | |||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||
Change in Accounting Policy Effect of Change on Costs of Products Sold | (11) | (244) | |||||||||
Change in Accounting Policy Effect of Change on Selling, General, and Administrative Expenses | $ 11 | $ 244 | |||||||||
Predecessor | |||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||
Revision to Previously Misclassified Customer Related Intangible Asset Amortization Effect of Revision on Selling, General, and Administrative Expenses | $ 1 | $ 18 | |||||||||
Revision to Previously Misclassified Customer Related Intangible Asset Amortization Effect of Revision on Costs of Products Sold | (1) | (18) | |||||||||
Predecessor | Change to Accounting Policy for Certain Warehouse and Distribution Costs | |||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||
Change in Accounting Policy Effect of Change on Costs of Products Sold | 66 | 656 | |||||||||
Change in Accounting Policy Effect of Change on Selling, General, and Administrative Expenses | (66) | (656) | |||||||||
Predecessor | Change to Accounting Policy for Trademark and License Intangible Asset Impairments and Amortization | |||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||||||
Change in Accounting Policy Effect of Change on Costs of Products Sold | (2) | (13) | |||||||||
Change in Accounting Policy Effect of Change on Selling, General, and Administrative Expenses | $ 2 | $ 13 |
Background and Basis of Prese55
Background and Basis of Presentation Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Cash And Cash Equivalent Maturity Period Maximum | 3 months | ||||
Successor | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Advertising Expense | $ 190 | $ 464 | $ 241 | ||
Research and Development Expense | $ 53 | $ 105 | 58 | ||
Predecessor | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Advertising Expense | $ 22 | $ 305 | |||
Research and Development Expense | $ 10 | $ 93 | |||
New Accounting Pronouncement, Early Adoption, Effect | Long-term Debt | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Deferred Finance Costs, Net | 228 | ||||
New Accounting Pronouncement, Early Adoption, Effect | Other Assets | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Deferred Finance Costs, Net | $ (228) | ||||
Minimum | Machinery and Equipment | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Maximum | Machinery and Equipment | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 20 years | ||||
Maximum | Building and Improvements | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 40 years | ||||
Maximum | Software Costs | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 7 years |
Background and Basis of Prese56
Background and Basis of Presentation Condensed Statement of Income, Hawk Acquisition Sub, Inc. (Details) - Successor - USD ($) $ in Millions | 3 Months Ended | 11 Months Ended | 12 Months Ended | |
Apr. 28, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | |
Selling, general and administrative expenses | $ 1,340 | $ 3,122 | $ 1,709 | |
Operating income/(loss) | (8) | 2,639 | 1,568 | |
Interest expense | 409 | 1,321 | 686 | |
Other expense/(income), net | (119) | 305 | 79 | |
Income/(loss) from continuing operations before income taxes | (298) | 1,013 | 803 | |
Income Tax Expense (Benefit) | 232 | (366) | (131) | |
Net income/(loss) from continuing operations | $ (66) | $ 647 | $ 672 | |
Hawk Acquisition Sub, Inc. | ||||
Selling, general and administrative expenses | $ 20 | |||
Operating income/(loss) | (20) | |||
Interest expense | 11 | |||
Other expense/(income), net | 65 | |||
Income/(loss) from continuing operations before income taxes | (96) | |||
Income Tax Expense (Benefit) | 38 | |||
Net income/(loss) from continuing operations | $ (58) |
Background and Basis of Prese57
Background and Basis of Presentation Condensed Balance Sheet, Hawk Acquisition Sub, Inc. (Details) - USD ($) $ in Millions | Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | Apr. 28, 2013 | Feb. 07, 2013 |
Cash and cash equivalents | $ 4,837 | $ 2,298 | |||
Other assets | 1,498 | 1,144 | |||
TOTAL ASSETS | 122,973 | 36,571 | |||
Other liabilities | 752 | 282 | |||
TOTAL LIABILITIES | 56,737 | 20,886 | |||
Stockholders' Equity Attributable to Parent | 57,685 | 7,117 | |||
TOTAL LIABILITIES AND EQUITY | 122,973 | 36,571 | |||
Successor | |||||
Cash and cash equivalents | $ 4,837 | $ 2,298 | $ 2,459 | $ 0 | |
Successor | Hawk Acquisition Sub, Inc. | |||||
Cash and cash equivalents | $ 3,012 | ||||
Other assets | 125 | ||||
TOTAL ASSETS | 3,137 | ||||
Notes Payable | 3,100 | ||||
Other liabilities | 95 | ||||
TOTAL LIABILITIES | 3,195 | ||||
Stockholders' Equity Attributable to Parent | (58) | ||||
TOTAL LIABILITIES AND EQUITY | $ 3,137 |
Merger and Acquisition Addition
Merger and Acquisition Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 02, 2015 | Jun. 07, 2013 | Jan. 03, 2016 | Sep. 27, 2015 | Jan. 03, 2016 | Dec. 29, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 27, 2014 | Apr. 28, 2013 | Dec. 28, 2014 | Apr. 01, 2011 |
Business Acquisition [Line Items] | ||||||||||||
Goodwill on acquisition | $ 15,300 | $ 43,051 | $ 43,051 | $ 43,051 | $ 14,959 | |||||||
Debt Issuance Cost | 99 | |||||||||||
Kraft Foods Group, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities | 2,000 | |||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Equity Interests | (100) | |||||||||||
Business Acquisition, Pro Forma Adjustments, Business Acquisition Costs | 166 | |||||||||||
Net sales | $ 18,200 | |||||||||||
Business combination, net sales of acquiree since Merger Date, actual | 8,500 | |||||||||||
Business combination, net loss of acquiree since Merger Date, actual | $ 478 | |||||||||||
Goodwill on acquisition | $ 29,029 | |||||||||||
Business combination, inventory fair value adjustment | $ 347 | |||||||||||
Business acquisition, pro forma adjustments, business acquisition costs, net of tax | 102 | |||||||||||
Business Acquisition, Pro Forma Adjustments, Inventory Fair Value Adjustment | 347 | |||||||||||
Business Acquisition, Pro Forma Adjustment, Inventory Fair Value Adjustment, Net of Tax | $ 213 | |||||||||||
Total consideration exchanged | 52,637 | |||||||||||
Fair value of shares exchanged and equity awards | 42,855 | |||||||||||
Kraft Foods Group, Inc. | Trademarks | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 5,400 | |||||||||||
Kraft Foods Group, Inc. | Goodwill | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | $ (3,400) | $ 100 | ||||||||||
H. J. Heinz Company | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Acquisition, Pro Forma Adjustments, Business Acquisition Costs | $ 270 | |||||||||||
Business Acquisition, Pro Forma Adjustments, Unrealized Gain on Derivatives | $ 118 | |||||||||||
Goodwill on acquisition | $ 15,292 | |||||||||||
Business Acquisition, Pro Forma Adjustments, Inventory Fair Value Adjustment | $ 384 | |||||||||||
Business Acquisition, Share Price | $ 72.50 | |||||||||||
Total consideration exchanged | $ 28,753 | |||||||||||
Fair value of shares exchanged and equity awards | 16,500 | |||||||||||
Coniexpress Sa Industrias Alimenticias | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Redeemable Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners, Exercised Put Option | 15.00% | |||||||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 80 | |||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 80.00% | |||||||||||
Foodstar Holding Pte | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Acquisition, Preacquisition Contingency, Amount of Settlement | 60 | |||||||||||
Business Combination, Contingent Consideration, Settlement Charge | $ 12 | |||||||||||
Term B-1 Loans, Term B-2 Loans, and Revolving Credit Facility | H. J. Heinz Company | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Combination, Consideration Transferred, Debt Instruments Issued | 11,500 | |||||||||||
Term B-1 Loan and Term B-2 Loan | H. J. Heinz Company | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Combination, Consideration Transferred, Debt Instruments Issued | 9,500 | |||||||||||
Four Point Two Five Zero Percent Second Lien Senior Secured Notes due 2020 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | 4.25% | 4.25% | ||||||||
Four Point Two Five Zero Percent Second Lien Senior Secured Notes due 2020 | H. J. Heinz Company | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Combination, Consideration Transferred, Debt Instruments Issued | $ 3,100 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |||||||||||
Debt Issuance Cost | $ 316 | |||||||||||
Common Stock | Kraft Foods Group, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Fair value of shares exchanged and equity awards | $ 42,502 | |||||||||||
Common Stock | H. J. Heinz Company | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Fair value of shares exchanged and equity awards | 8,500 | |||||||||||
Preferred Stock | H. J. Heinz Company | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Fair value of shares exchanged and equity awards | 7,600 | |||||||||||
Warrants | H. J. Heinz Company | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Fair value of shares exchanged and equity awards | $ 400 |
Merger and Acquisition Consider
Merger and Acquisition Consideration Transferred (Details) $ / shares in Units, $ in Millions | Jul. 02, 2015USD ($)$ / shares |
Special Cash Dividend | Kraft Shareholders | |
Business Acquisition [Line Items] | |
Common Stock, Dividends, Per Share, Cash Paid | $ / shares | $ 16.50 |
Kraft Foods Group, Inc. | |
Business Acquisition [Line Items] | |
Fair value of shares exchanged and equity awards | $ 42,855 |
$16.50 per share special cash dividend | 9,782 |
Fair value of replacement equity awards | 42,855 |
Total consideration exchanged | $ 52,637 |
Kraft Foods Group, Inc. | Special Cash Dividend | Kraft Shareholders | |
Business Acquisition [Line Items] | |
Common Stock, Dividends, Per Share, Cash Paid | $ / shares | $ 16.50 |
Kraft Foods Group, Inc. | Common Stock | |
Business Acquisition [Line Items] | |
Fair value of shares exchanged and equity awards | $ 42,502 |
Fair value of replacement equity awards | 42,502 |
Kraft Foods Group, Inc. | Equity Securities | |
Business Acquisition [Line Items] | |
Fair value of shares exchanged and equity awards | 353 |
Fair value of replacement equity awards | $ 353 |
Merger and Acquisition Recogniz
Merger and Acquisition Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Jul. 02, 2015 | Jun. 07, 2013 | Jan. 03, 2016 | Dec. 28, 2014 |
Business Acquisition [Line Items] | ||||
Property, plant and equipment | $ 4,200 | |||
Identifiable intangible assets | 45,100 | |||
Goodwill on acquisition | $ 15,300 | $ 43,051 | $ 14,959 | |
Kraft Foods Group, Inc. | ||||
Business Acquisition [Line Items] | ||||
Cash | 314 | |||
Other current assets | 3,423 | |||
Property, plant and equipment | 4,193 | |||
Identifiable intangible assets | 49,749 | |||
Other non-current assets | 214 | |||
Trade and other payables | (3,026) | |||
Long-term debt | (9,286) | |||
Net postemployment benefits and other noncurrent liabilities | (4,734) | |||
Deferred income tax liabilities | (17,239) | |||
Net assets acquired | 23,608 | |||
Goodwill on acquisition | 29,029 | |||
Total consideration exchanged | 52,637 | |||
Fair value of shares exchanged and equity awards | 42,855 | |||
Total cash consideration paid to Kraft shareholders | 9,782 | |||
Acquisition of business, net of cash on hand | $ 9,468 | |||
H. J. Heinz Company | ||||
Business Acquisition [Line Items] | ||||
Cash | 3,224 | |||
Other current assets | 3,735 | |||
Property, plant and equipment | 2,686 | |||
Identifiable intangible assets | 13,914 | |||
Other non-current assets | 651 | |||
Trade and other payables | (2,742) | |||
Long-term debt | (3,022) | |||
Net postemployment benefits and other noncurrent liabilities | (671) | |||
Deferred income tax liabilities | (4,056) | |||
Noncontrolling Interest Liability, Including Redeemable Noncontrolling Interest | (258) | |||
Net assets acquired | 13,461 | |||
Goodwill on acquisition | 15,292 | |||
Total consideration exchanged | 28,753 | |||
Business Combination, Acquisition Related Costs, Debt Repayment and Associated Costs | (3,977) | |||
Business Acquisition, Cash Acquired in Excess of Payments to Acquire Business | (1,154) | |||
Business Acquisition, Transaction Costs | (58) | |||
Fair value of shares exchanged and equity awards | 16,500 | |||
Total cash consideration paid to Kraft shareholders | 23,564 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents Excluding Excess Cash | 2,070 | |||
Acquisition of business, net of cash on hand | $ 21,494 |
Merger and Acquisition Indefini
Merger and Acquisition Indefinite-lived and Definite-lived Intangible Assets Acquired (Details) $ in Millions | Jul. 02, 2015USD ($) |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 45,100 |
Kraft Foods Group, Inc. | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | 49,749 |
Kraft Foods Group, Inc. | Trademarks | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | 45,082 |
Kraft Foods Group, Inc. | Trademarks | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 1,690 |
Finite-lived intangible asset, useful life | 24 years |
Kraft Foods Group, Inc. | Customer relationships | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 2,977 |
Finite-lived intangible asset, useful life | 29 years |
Merger and Acquisition Pro Form
Merger and Acquisition Pro Forma (Details) - USD ($) $ / shares in Units, $ in Millions | 8 Months Ended | 12 Months Ended | ||
Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Kraft Foods Group, Inc. | ||||
Business Acquisition [Line Items] | ||||
Net sales | $ 27,447 | $ 29,122 | ||
Net income | $ 1,761 | $ 2,003 | ||
Basic (loss)/earnings per share (in dollars per share) | $ 0.72 | $ 1.08 | ||
Diluted (loss)/earnings per share (in dollars per share) | $ 0.70 | $ 1.05 | ||
H. J. Heinz Company | ||||
Business Acquisition [Line Items] | ||||
Net sales | $ 7,352 | $ 11,529 | ||
Net income | $ 187 | $ 324 | ||
Basic (loss)/earnings per share (in dollars per share) | $ (0.78) | $ (2.87) | ||
Diluted (loss)/earnings per share (in dollars per share) | $ (0.78) | $ (2.87) |
Integration and Restructuring63
Integration and Restructuring Expenses Additional Information (Details) $ in Millions | 11 Months Ended | 12 Months Ended | 31 Months Ended | |
Dec. 29, 2013USD ($) | Jan. 03, 2016USD ($)employeefactory | Dec. 28, 2014USD ($) | Jan. 03, 2016USD ($)employee | |
Integration Program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, expected costs | $ 1,900 | $ 1,900 | ||
Restructuring and related cost, expected cost, classified as costs of products sold, percent | 60.00% | 60.00% | ||
Restructuring and related cost, incurred costs | $ 829 | |||
Restructuring and related cost, expected cost, cash expenditures, percent | 60.00% | 60.00% | ||
Number, positions eliminated | employee | 2,500 | |||
Restructuring Activities | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number, positions eliminated | employee | 8,100 | |||
Severance and Employee Benefit Costs | Integration Program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, expected costs | $ 650 | $ 650 | ||
Restructuring and related cost, expected number of positions eliminated | employee | 2,650 | |||
Restructuring and related cost, incurred costs | $ 562 | |||
Severance and Employee Benefit Costs | Restructuring Activities | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, costs incurred to date | 550 | 550 | ||
Non-Cash Asset-Related Costs | Integration Program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, expected costs | $ 1,100 | 1,100 | ||
Restructuring and related cost, expected number of positions eliminated | employee | 2,600 | |||
Restructuring and related activities, number of facilities eliminated | factory | 7 | |||
Restructuring and related cost, incurred costs | $ 136 | |||
Non-Cash Asset-Related Costs | Restructuring Activities | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, costs incurred to date | 340 | 340 | ||
Other Exit Costs | Integration Program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, expected costs | 150 | 150 | ||
Charges | 55 | |||
Other Exit Costs | Restructuring Activities | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, costs incurred to date | 350 | $ 350 | ||
Other Implementation Costs | Integration Program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, incurred costs | $ 76 | |||
Minimum | Non-Cash Asset-Related Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related activities, length of time for facility closures | 12 months | |||
Maximum | Non-Cash Asset-Related Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related activities, length of time for facility closures | 24 months | |||
Successor | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, incurred costs | $ 411 | $ 1,023 | $ 637 | |
Successor | Restructuring Activities | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, incurred costs | $ 411 | $ 194 | $ 637 |
Integration and Restructuring64
Integration and Restructuring Expenses Integration Program Reserve Roll-forward (Details) - Integration Program $ in Millions | 12 Months Ended |
Jan. 03, 2016USD ($) | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | $ 0 |
Charges | 617 |
Cash payments | (359) |
Non-cash utilization | (50) |
Ending Balance | 208 |
Severance and Employee Benefit Costs | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 0 |
Charges | 562 |
Cash payments | (327) |
Non-cash utilization | (50) |
Ending Balance | 185 |
Other Exit Costs | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 0 |
Charges | 55 |
Cash payments | (32) |
Non-cash utilization | 0 |
Ending Balance | $ 23 |
Integration and Restructuring65
Integration and Restructuring Expenses Restructuring Reserve Roll-forward (Details) - Restructuring Activities $ in Millions | 12 Months Ended |
Jan. 03, 2016USD ($) | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | $ 79 |
Charges | 98 |
Cash payments | (119) |
Non-cash utilization | (3) |
Ending Balance | 55 |
Severance and Employee Benefit Costs | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 53 |
Charges | 75 |
Cash payments | (102) |
Non-cash utilization | (1) |
Ending Balance | 25 |
Other Exit Costs | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 26 |
Charges | 23 |
Cash payments | (17) |
Non-cash utilization | (2) |
Ending Balance | $ 30 |
Integration and Restructuring66
Integration and Restructuring Expenses Restructuring Costs by Type and Income Statement Location (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Successor | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, incurred costs | $ 411 | $ 1,023 | $ 637 | ||
Successor | Severance and Employee Benefit Costs | Cost of products sold | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, incurred costs | 101 | 119 | 135 | ||
Successor | Severance and Employee Benefit Costs | Selling, general and administrative expenses | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, incurred costs | 173 | 519 | 67 | ||
Successor | Non-Cash Asset-Related Costs | Cost of products sold | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, incurred costs | 60 | 186 | 199 | ||
Successor | Non-Cash Asset-Related Costs | Selling, general and administrative expenses | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, incurred costs | 6 | 7 | 9 | ||
Successor | Other Exit Costs | Cost of products sold | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, incurred costs | 7 | 99 | 179 | ||
Successor | Other Exit Costs | Selling, general and administrative expenses | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, incurred costs | $ 64 | $ 93 | $ 48 | ||
Predecessor | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, incurred costs | $ (6) | $ 1 | |||
Predecessor | Severance and Employee Benefit Costs | Cost of products sold | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, incurred costs | 0 | 0 | |||
Predecessor | Severance and Employee Benefit Costs | Selling, general and administrative expenses | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, incurred costs | 0 | 0 | |||
Predecessor | Non-Cash Asset-Related Costs | Cost of products sold | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, incurred costs | 6 | 0 | |||
Predecessor | Non-Cash Asset-Related Costs | Selling, general and administrative expenses | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, incurred costs | 0 | 0 | |||
Predecessor | Other Exit Costs | Cost of products sold | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, incurred costs | 0 | 0 | |||
Predecessor | Other Exit Costs | Selling, general and administrative expenses | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, incurred costs | $ (12) | $ 1 |
Integration and Restructuring67
Integration and Restructuring Expenses Restructuring Costs Excluded from Segments (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Successor | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and related cost, incurred costs | $ 411 | $ 1,023 | $ 637 | ||
Successor | United States | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and related cost, incurred costs | 113 | 790 | 227 | ||
Successor | Canada | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and related cost, incurred costs | 59 | 47 | 101 | ||
Successor | Europe | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and related cost, incurred costs | 126 | 141 | 224 | ||
Successor | Rest of World | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and related cost, incurred costs | 49 | 13 | 62 | ||
Successor | Non-Operating | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and related cost, incurred costs | $ 64 | $ 32 | $ 23 | ||
Predecessor | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and related cost, incurred costs | $ (6) | $ 1 | |||
Predecessor | United States | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and related cost, incurred costs | 0 | 0 | |||
Predecessor | Canada | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and related cost, incurred costs | 0 | 0 | |||
Predecessor | Europe | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and related cost, incurred costs | 4 | 0 | |||
Predecessor | Rest of World | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and related cost, incurred costs | 2 | 0 | |||
Predecessor | Non-Operating | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and related cost, incurred costs | $ (12) | $ 1 |
Discontinued Operations Results
Discontinued Operations Results of Discontinued Operations (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended |
Jun. 07, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | |
Successor | |||
Income Statement, Additional Disclosures, Discontinued Operations [Line Items] | |||
Net sales | $ 3 | ||
Net after-tax losses | (6) | ||
Tax benefit on losses | $ 0 | ||
Predecessor | |||
Income Statement, Additional Disclosures, Discontinued Operations [Line Items] | |||
Net sales | $ 1 | $ 48 | |
Net after-tax losses | (1) | (18) | |
Tax benefit on losses | $ 0 | $ 1 |
Discontinued Operations Additio
Discontinued Operations Additional Information (Details) - Predecessor $ in Millions | 12 Months Ended |
Apr. 28, 2013USD ($) | |
Shanghai LongFong Foods | |
Income Statement, Additional Disclosures, Discontinued Operations [Line Items] | |
Goodwill, Impairment Loss | $ 36 |
U.S. Foodservice Frozen Desserts | |
Income Statement, Additional Disclosures, Discontinued Operations [Line Items] | |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 33 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 21 |
Inventories Components of Inven
Inventories Components of Inventories (Details) - USD ($) $ in Millions | Jan. 03, 2016 | Dec. 28, 2014 |
Inventory Disclosure [Abstract] | ||
Packaging and ingredients | $ 563 | $ 223 |
Work in process | 393 | 136 |
Finished product | 1,662 | 826 |
Inventories | $ 2,618 | $ 1,185 |
Property, Plant and Equipment C
Property, Plant and Equipment Components of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Jan. 03, 2016 | Dec. 28, 2014 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 297 | $ 199 |
Buildings and improvements | 1,700 | 597 |
Equipment and other | 4,432 | 1,735 |
Construction in progress | 1,001 | 265 |
Property, plant and equipment, gross | 7,430 | 2,796 |
Accumulated depreciation | (906) | (431) |
Property, plant and equipment, net | $ 6,524 | $ 2,365 |
Property, Plant and Equipment A
Property, Plant and Equipment Additional Information (Details) $ in Billions | Jul. 02, 2015USD ($) |
Property, Plant and Equipment [Abstract] | |
Business Combination, Property, Plant, and Equipment Acquired | $ 4.2 |
Goodwill and Intangible Asset73
Goodwill and Intangible Assets Goodwill by Segment (Details) $ in Millions | 12 Months Ended |
Jan. 03, 2016USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 14,959 |
Goodwill, purchase accounting adjustments | 29,029 |
Goodwill, translation adjustments | (983) |
Goodwill, other changes | 46 |
Goodwill, ending balance | 43,051 |
United States | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 8,754 |
Goodwill, purchase accounting adjustments | 25,008 |
Goodwill, translation adjustments | 0 |
Goodwill, other changes | 1 |
Goodwill, ending balance | 33,763 |
Canada | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 1,348 |
Goodwill, purchase accounting adjustments | 4,021 |
Goodwill, translation adjustments | (568) |
Goodwill, other changes | (5) |
Goodwill, ending balance | 4,796 |
Europe | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 3,454 |
Goodwill, purchase accounting adjustments | 0 |
Goodwill, translation adjustments | (208) |
Goodwill, other changes | (94) |
Goodwill, ending balance | 3,152 |
Rest of World | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 1,403 |
Goodwill, purchase accounting adjustments | 0 |
Goodwill, translation adjustments | (207) |
Goodwill, other changes | 144 |
Goodwill, ending balance | $ 1,340 |
Goodwill and Intangible Asset74
Goodwill and Intangible Assets Goodwill-Additional Information (Details) - USD ($) | 12 Months Ended | ||
Jan. 03, 2016 | Mar. 30, 2015 | Dec. 28, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill, purchase accounting adjustments | $ 29,029,000,000 | ||
Reporting unit, percentage of fair value in excess of carrying amount (less than) | 10.00% | ||
Goodwill, accumulated impairment loss | $ 0 | $ 0 |
Goodwill and Intangible Asset75
Goodwill and Intangible Assets Indefinite-Lived Intangible Assets Roll-forward (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Jun. 28, 2015 | Jan. 03, 2016 | Dec. 28, 2014 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Indefinite-lived intangible assets, beginning balance | $ 11,872 | ||
Indefinite-lived intangible assets, purchase accounting adjustments | 45,082 | ||
Impairment losses | $ (58) | (58) | $ (221) |
Transfers from indefinite-lived intangible assets to definite-lived intangible assets | (553) | ||
Translation adjustments | (519) | ||
Indefinite-lived intangible assets, ending balance | $ 55,824 | $ 11,872 |
Goodwill and Intangible Asset76
Goodwill and Intangible Assets Indefinite-Lived Intangible Assets-Additional Information (Details) $ in Millions | Mar. 30, 2015USD ($)Brand | Jun. 28, 2015USD ($) | Dec. 29, 2013USD ($) | Jan. 03, 2016USD ($) | Dec. 28, 2014USD ($) | Jul. 02, 2015USD ($) |
Indefinite-lived Intangible Assets [Line Items] | ||||||
Identifiable intangible assets | $ 45,100 | |||||
Impairment losses on indefinite-lived intangible assets | $ 58 | $ 58 | $ 221 | |||
Number of brands with fair values that exceed carrying amounts by less than ten percent | Brand | 21 | |||||
Indefinite-lived intangible assets, aggregate carrying value of intangibles with a fair value that exceeds the carrying amount | $ 2,500 | |||||
Indefinite-lived intangible assets, percentage of fair value in excess of carrying amount (less than) | 10.00% | |||||
Successor | ||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Impairment losses on indefinite-lived intangible assets | $ 0 | $ 58 | $ 221 |
Goodwill and Intangible Asset77
Goodwill and Intangible Assets Definite-Lived Intangible Assets (Details) - USD ($) $ in Millions | Jan. 03, 2016 | Dec. 28, 2014 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross | $ 6,579 | $ 1,448 |
Accumulated Amortization | (283) | (132) |
Net | 6,296 | 1,316 |
Trademarks | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross | 2,346 | 118 |
Accumulated Amortization | (70) | (31) |
Net | 2,276 | 87 |
Customer-related assets | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross | 4,218 | 1,315 |
Accumulated Amortization | (209) | (99) |
Net | 4,009 | 1,216 |
Other | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross | 15 | 15 |
Accumulated Amortization | (4) | (2) |
Net | $ 11 | $ 13 |
Goodwill and Intangible Asset78
Goodwill and Intangible Assets Definite-Lived Intangible Assets-Additional Information (Details) - USD ($) $ in Millions | 11 Months Ended | 12 Months Ended | ||
Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Transfers from Indefinite-Lived Intangible Assets to Definite-Lived Intangible Assets | $ 553 | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 276 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 276 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 276 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 276 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 276 | |||
Successor | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 47 | $ 178 | $ 93 | |
Predecessor | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 31 |
Income Taxes Income Before Inco
Income Taxes Income Before Income Taxes and the Provision for Income Taxes (Details) - USD ($) $ in Millions | 1 Months Ended | 8 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 23, 2012 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Successor | ||||||
Income Tax [Line Items] | ||||||
Income/(loss) from continuing operations before income taxes, United States | $ (291) | $ (13) | $ (207) | |||
Income/(loss) from continuing operations before income taxes, International | (7) | 1,026 | 1,010 | |||
Income/(loss) from continuing operations before income taxes | (298) | 1,013 | 803 | |||
Provision/(benefit) for income taxes-current: | ||||||
Provision/(benefit) for income taxes-current United States federal | 10 | 427 | 105 | |||
Provision/(benefit) for income taxes-current state and local | 2 | 22 | 12 | |||
Provision/(benefit) for income taxes-current international | 54 | 234 | 188 | |||
Provision/(benefit) for income taxes-current | 66 | 683 | 305 | |||
Provision/(benefit) for income taxes-deferred: | ||||||
Provision/(benefit) for income taxes-deferred United States federal | (125) | (173) | (159) | |||
Provision/(benefit) for income taxes-deferred state and local | 5 | (70) | (14) | |||
Provision/(benefit) for income taxes-deferred international | (178) | (74) | (1) | |||
Provision/(benefit) for income taxes-deferred | (298) | (317) | (174) | |||
Total provision for income taxes | $ (232) | $ 366 | $ 131 | |||
Predecessor | ||||||
Income Tax [Line Items] | ||||||
Income/(loss) from continuing operations before income taxes, United States | $ (191) | $ 379 | ||||
Income/(loss) from continuing operations before income taxes, International | 61 | 965 | ||||
Income/(loss) from continuing operations before income taxes | (130) | 1,344 | ||||
Provision/(benefit) for income taxes-current: | ||||||
Provision/(benefit) for income taxes-current United States federal | 55 | 127 | ||||
Provision/(benefit) for income taxes-current state and local | 8 | 15 | ||||
Provision/(benefit) for income taxes-current international | 18 | 187 | ||||
Provision/(benefit) for income taxes-current | 81 | 329 | ||||
Provision/(benefit) for income taxes-deferred: | ||||||
Provision/(benefit) for income taxes-deferred United States federal | (13) | (14) | ||||
Provision/(benefit) for income taxes-deferred state and local | 0 | 1 | ||||
Provision/(benefit) for income taxes-deferred international | (7) | (74) | ||||
Provision/(benefit) for income taxes-deferred | (20) | (87) | ||||
Total provision for income taxes | $ 61 | $ 143 | $ 242 |
Income Taxes Additional Informa
Income Taxes Additional Information (Details) - USD ($) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | Feb. 07, 2013 | Apr. 29, 2012 | |
Income Tax [Line Items] | |||||||
Valuation allowance, deferred tax asset, increase/(decrease), amount | $ 19,000,000 | ||||||
Deferred tax assets, operating loss carryforwards, state and local | 37,000,000 | ||||||
Deferred tax assets, U.S. foreign tax credit carryforwards | 16,000,000 | ||||||
Unrecognized tax benefits | 353,000,000 | ||||||
Unrecognized tax benefits that would impact our income tax provision | 218,000,000 | ||||||
Tax reserve | 37,000,000 | ||||||
Interest and penalties accrued related to uncertain tax positions | 72,000,000 | $ 21,000,000 | |||||
Undistributed earnings of foreign subsidiaries | 3,600,000,000 | ||||||
Deferred tax liabilities, undistributed foreign earnings | 22,000,000 | ||||||
Maximum | |||||||
Income Tax [Line Items] | |||||||
Decrease in unrecognized tax benefit, reasonably possible | 118,000,000 | ||||||
Foreign Tax Authority | |||||||
Income Tax [Line Items] | |||||||
Foreign operating loss carryforwards | 364,000,000 | ||||||
Operating loss carryforwards subject to expiration | 90,000,000 | ||||||
Operating loss carryforwards not subject to expiration | 274,000,000 | ||||||
Deferred tax assets, operating loss carryforwards, foreign | 98,000,000 | ||||||
Foreign operating loss carryforwards for which the realization of a tax benefit is considered remote | 972,000,000 | ||||||
Successor | |||||||
Income Tax [Line Items] | |||||||
Income tax effects related to stock options and other equity instruments recorded directly to additional paid-in capital | $ 0 | (10,000,000) | 0 | ||||
Unrecognized tax benefits | $ 53,000,000 | 353,000,000 | $ 71,000,000 | $ 51,000,000 | |||
Interest and penalties expense related to uncertain tax positions | $ 18,000,000 | ||||||
Successor | United Kingdom | |||||||
Income Tax [Line Items] | |||||||
Statutory Tax Rate Change | (3.00%) | (2.00%) | |||||
Predecessor | |||||||
Income Tax [Line Items] | |||||||
Income tax effects related to stock options and other equity instruments recorded directly to additional paid-in capital | $ (47,000,000) | $ (21,000,000) | |||||
Costs of repatriation of earning of foreign subsidiaries | 100,000,000 | ||||||
Unrecognized tax benefits | $ 51,000,000 | 45,000,000 | $ 53,000,000 | ||||
Interest and penalties expense related to uncertain tax positions | $ (10,000,000) |
Income Taxes Effective Income T
Income Taxes Effective Income Tax Rate Reconciliation (Details) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Successor | |||||
Income Tax [Line Items] | |||||
U.S. federal statutory tax rate | 35.00% | 35.00% | 35.00% | ||
Increase/(decrease) resulting from: | |||||
Tax on income of foreign subsidiaries | 2.00% | (11.80%) | (8.30%) | ||
Changes in valuation allowances | (2.70%) | 1.40% | (1.30%) | ||
Domestic manufacturing deduction | (0.00%) | (2.90%) | (2.80%) | ||
U.S. state and local income taxes, net of federal tax benefit | (4.30%) | (0.60%) | (0.90%) | ||
Nondeductible deal costs | (2.00%) | 1.30% | 0.00% | ||
Earnings repatriation | (1.00%) | 21.90% | 8.00% | ||
Tax exempt income | 13.30% | (10.90%) | (12.30%) | ||
Effects of revaluation of tax basis of foreign assets | 0.00% | 0.00% | 0.00% | ||
Reduction of manufacturing deduction for loss carryback | (3.70%) | 0.00% | 0.00% | ||
Deferred tax effect of statutory tax rate changes | 35.90% | (10.40%) | (0.80%) | ||
Audit settlements and changes in uncertain tax positions | (0.40%) | 6.20% | 2.20% | ||
Venezuela nondeductible devaluation loss | 0.00% | 9.90% | 0.00% | ||
Venezuela inflation adjustment | 4.90% | (1.70%) | (3.10%) | ||
Other | 0.80% | (1.20%) | 0.60% | ||
Effective tax rate | 77.80% | 36.20% | 16.30% | ||
Predecessor | |||||
Income Tax [Line Items] | |||||
U.S. federal statutory tax rate | 35.00% | 35.00% | |||
Increase/(decrease) resulting from: | |||||
Tax on income of foreign subsidiaries | 4.30% | (4.80%) | |||
Changes in valuation allowances | 1.60% | 0.90% | |||
Domestic manufacturing deduction | 0.70% | (0.30%) | |||
U.S. state and local income taxes, net of federal tax benefit | (0.50%) | 0.30% | |||
Nondeductible deal costs | (18.80%) | 0.00% | |||
Earnings repatriation | (77.20%) | 0.90% | |||
Tax exempt income | 8.90% | (6.30%) | |||
Effects of revaluation of tax basis of foreign assets | 0.40% | (6.20%) | |||
Reduction of manufacturing deduction for loss carryback | 0.00% | 0.00% | |||
Deferred tax effect of statutory tax rate changes | 0.30% | (0.70%) | |||
Audit settlements and changes in uncertain tax positions | (3.60%) | (0.30%) | |||
Venezuela nondeductible devaluation loss | 0.00% | 0.00% | |||
Venezuela inflation adjustment | 1.70% | (0.70%) | |||
Other | 0.20% | 0.20% | |||
Effective tax rate | (47.00%) | 18.00% |
Income Taxes Deferred Income Ta
Income Taxes Deferred Income Tax Liabilities and Assets (Details) - USD ($) $ in Millions | Jan. 03, 2016 | Dec. 28, 2014 |
Deferred income tax liabilities: | ||
Deferred income tax liabilities, depreciation and amortization | $ 1,659 | $ 686 |
Deferred income tax liabilities, benefit plans | 63 | 109 |
Deferred income tax liabilities, deferred income | 324 | 217 |
Deferred income tax liabilities, indefinite lived intangible assets | 21,525 | 3,493 |
Deferred income tax liabilities, other | 107 | 96 |
Deferred income tax liabilities | 23,678 | 4,601 |
Deferred income tax assets: | ||
Deferred tax assets, operating loss carryforwards and carrybacks | (135) | (110) |
Deferred income tax assets, benefit plans | (1,323) | (145) |
Deferred income tax assets, depreciation and amortization | (248) | (404) |
Deferred income tax assets, tax credit carryforwards | (53) | (36) |
Deferred income tax assets, deferred income | (165) | (15) |
Deferred income tax assets, other | (410) | (149) |
Deferred income tax assets | (2,334) | (859) |
Valuation allowance | 83 | 64 |
Net deferred income tax liabilities | $ 21,427 | $ 3,806 |
Income Taxes Unrecognized Tax B
Income Taxes Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Income Tax [Line Items] | |||||
Balance at the end of the period | $ 353 | ||||
Successor | |||||
Income Tax [Line Items] | |||||
Balance at the beginning of the period | $ 51 | 71 | $ 53 | ||
Increases for tax positions of prior years | 0 | 25 | 5 | ||
Decreases for tax positions of prior years | (7) | (9) | (5) | ||
Increases based on tax positions related to the current year | 5 | 33 | 21 | ||
Increases due to acquisitions of businesses | 4 | 242 | 0 | ||
Decreases due to settlements with taxing authorities | 0 | 0 | (1) | ||
Decreases due to lapse of statute of limitations | 0 | (9) | (2) | ||
Balance at the end of the period | $ 53 | $ 353 | $ 71 | ||
Predecessor | |||||
Income Tax [Line Items] | |||||
Balance at the beginning of the period | $ 45 | $ 53 | |||
Increases for tax positions of prior years | 6 | 2 | |||
Decreases for tax positions of prior years | (1) | (9) | |||
Increases based on tax positions related to the current year | 2 | 14 | |||
Increases due to acquisitions of businesses | 0 | 0 | |||
Decreases due to settlements with taxing authorities | 0 | (4) | |||
Decreases due to lapse of statute of limitations | (1) | (11) | |||
Balance at the end of the period | $ 51 | $ 45 |
Employees' Stock Incentive Pl84
Employees' Stock Incentive Plans Additional Information (Details) $ in Millions | Jul. 02, 2015shares | Dec. 29, 2013USD ($) | Jan. 03, 2016USD ($)annual_installment | Apr. 28, 2013USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Business Acquisition, Restricted Stock Units of Acquiree, Converted to Restricted Stock Units of Successor Company, Number of Shares | shares | 1 | |||
Share-based compensation costs not yet recognized | $ 97 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||
2013 Omnibus Plan | Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Business Acquisition, Common Stock of Parent, Conversion Ratio to Common Stock of Successor Company | shares | 0.443332 | |||
Share-based compensation by type of award, number of shares authorized | shares | 17,555,947 | |||
Award vesting period | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
2012 Performance Incentive Plan | Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting, Number of Annual Installments | annual_installment | 3 | |||
2012 Performance Incentive Plan | Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting, Number of Annual Installments | annual_installment | 2 | |||
Involuntary termination without cause | 2013 Omnibus Plan | Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 20.00% | |||
Involuntary termination without cause | 2012 Performance Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting for Terminated Employees After Acquisition, Termination Period | 2 years | |||
Successor | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 21 | |||
Proceeds from Stock Options Exercised | 29 | |||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 12 | |||
Successor | RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 76 | |||
Predecessor | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 148 | |||
Proceeds from Stock Options Exercised | 114 | |||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 51 | 18 | ||
Predecessor | RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 34 | |||
Predecessor | 2003 Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | $ 24 |
Employees' Stock Incentive Pl85
Employees' Stock Incentive Plans Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - $ / shares | 11 Months Ended | 12 Months Ended | ||
Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average grant date fair value per share | $ 9.60 | |||
Employee Stock Option | Successor | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 1.41% | 1.70% | 1.49% | |
Expected term | 5 years | 6 years 4 months | 5 years | |
Expected volatility | 24.30% | 22.90% | 24.30% | |
Expected dividend yield | 0.00% | 1.50% | 0.00% | |
Weighted average grant date fair value per share | $ 5.48 | $ 9.60 | $ 5.53 | |
Employee Stock Option | Predecessor | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 1.00% | |||
Expected term | 7 years | |||
Expected volatility | 19.40% | |||
Expected dividend yield | 3.70% | |||
Weighted average grant date fair value per share | $ 5.79 |
Employees' Stock Incentive Pl86
Employees' Stock Incentive Plans Schedule of Share-based Payment Award, Converted Options, Valuation Assumptions (Details) - Converted Stock Options | 12 Months Ended |
Jan. 03, 2016$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 1.72% |
Weighted average expected volatility | 20.10% |
Expected dividend yield | 3.00% |
Weighted average fair value per share | $ 35.65 |
Employees' Stock Incentive Pl87
Employees' Stock Incentive Plans Schedule of Share-based Compensation, Stock Options, Activity (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Jan. 03, 2016USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 22.56 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Other Share Increase (Decrease) in Period, Weighted Average Exercise Price | $ / shares | 37.69 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | 52.52 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ / shares | 33.02 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares | 30.30 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 34.86 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 920 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 10,713,602 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 35.92 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ | $ 395 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 6 years |
Roll-forward of Stock Option Activity (in shares) | |
Beginning balance | shares | 8,570,796 |
Kraft options converted | shares | 13,887,135 |
Options granted | shares | 3,409,031 |
Options forfeited | shares | (576,362) |
Options exercised | shares | (1,084,988) |
Ending balance | shares | 24,205,612 |
Employees' Stock Incentive Pl88
Employees' Stock Incentive Plans Schedule of Nonvested Share Activity, Stock Options (Details) | 12 Months Ended |
Jan. 03, 2016$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 5.38 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Converted, Weighted Average Grant Date Fair Value | $ / shares | 26.38 |
Weighted average grant date fair value per share | $ / shares | 9.60 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ / shares | 24.40 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 10.59 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 10.02 |
Roll-forward of Unvested Stock Option Activity | |
Beginning balance | shares | 8,570,796 |
Kraft options converted | shares | 5,510,511 |
Options granted | shares | 3,409,031 |
Options vested | shares | (3,421,966) |
Options forfeited | shares | (576,362) |
Ending balance | shares | 13,492,010 |
Employees' Stock Incentive Pl89
Employees' Stock Incentive Plans Schedule of Share-based Compensation, RSU Activity (Details) - RSUs | 12 Months Ended |
Jan. 03, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shared-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Weighted Average Grant Date Fair Value | $ / shares | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Other, Weighted Average Grant Date Fair Value | $ / shares | 72.96 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | 26.24 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value | $ / shares | 72.96 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares | 72.96 |
Shared-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Weighted Average Grant Date Fair Value | $ / shares | $ 70.14 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Beginning balance | shares | 0 |
Kraft RSUs converted | shares | 1,950,365 |
RSUs granted | shares | 58,520 |
RSUs forfeited | shares | (31,538) |
RSUs vested | shares | (1,008,903) |
Ending balance | shares | 968,444 |
Employees' Stock Incentive Pl90
Employees' Stock Incentive Plans Schedule of Compensation Costs Related to Equity Plans (Details) - Stock option and restricted stock units - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Successor | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Pre-tax compensation cost | $ 1 | $ 133 | $ 8 | ||
Tax benefit | 0 | (48) | (3) | ||
After-tax compensation cost | $ 1 | $ 85 | $ 5 | ||
Predecessor | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Pre-tax compensation cost | $ 26 | $ 34 | |||
Tax benefit | (8) | (11) | |||
After-tax compensation cost | $ 18 | $ 23 |
Postemployment Benefits Pension
Postemployment Benefits Pension Plans-Projected Benefit Obligations, Plan Assets, and Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 03, 2016 | Dec. 28, 2014 | |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation at beginning of year | $ 540 | $ 639 |
Service cost | 45 | 4 |
Interest cost | 164 | 29 |
Benefits paid | (167) | (44) |
Actuarial (gains)/losses | (121) | 133 |
Plan amendments | 7 | 0 |
Currency | 0 | 0 |
Settlements | (977) | (220) |
Curtailments | (148) | 0 |
Special/contractual termination benefits | 4 | 0 |
Assumption of Kraft's benefit obligations | 6,645 | 0 |
Other | (2) | (1) |
Benefit obligation at end of year | 5,990 | 540 |
Fair value of plan assets at beginning of year | 547 | 748 |
Actual return on plan assets | (34) | 63 |
Participant's contributions | 0 | 0 |
Employer contributions | 227 | 0 |
Currency | 0 | 0 |
Settlements | (977) | (220) |
Assumption of Kraft's plan assets | 5,686 | 0 |
Fair value of plan assets at end of year | 5,282 | 547 |
Net pension liability/(asset) recognized at end of year | 708 | (7) |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation at beginning of year | 2,611 | 2,587 |
Service cost | 26 | 25 |
Interest cost | 103 | 107 |
Benefits paid | (138) | (122) |
Actuarial (gains)/losses | 23 | 235 |
Plan amendments | 0 | 0 |
Currency | (300) | (181) |
Settlements | (655) | (5) |
Curtailments | (50) | (45) |
Special/contractual termination benefits | 6 | 8 |
Assumption of Kraft's benefit obligations | 1,264 | 0 |
Other | 2 | 2 |
Benefit obligation at end of year | 2,892 | 2,611 |
Fair value of plan assets at beginning of year | 3,088 | 2,907 |
Actual return on plan assets | 126 | 411 |
Participant's contributions | 2 | 2 |
Employer contributions | 59 | 102 |
Currency | (331) | (207) |
Settlements | (655) | (5) |
Assumption of Kraft's plan assets | 1,277 | 0 |
Fair value of plan assets at end of year | 3,428 | 3,088 |
Net pension liability/(asset) recognized at end of year | $ (536) | $ (477) |
Postemployment Benefits Postemp
Postemployment Benefits Postemployment Benefit Plans-Additional Information (Details) - USD ($) $ in Millions | Jun. 07, 2013 | Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Maximum number of days after merger within which the plan was terminated | 364 days | |||||
Successor | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Amortization of prior service credits | $ 0 | $ (112) | $ (6) | |||
Defined contribution plans expense | 24 | 52 | 19 | |||
Predecessor | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Amortization of prior service credits | $ (1) | $ (4) | ||||
Defined contribution plans expense | 47 | |||||
U.S. Plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Accumulated benefit obligation | 6,000 | 534 | ||||
Employer contribution | 227 | 0 | ||||
Estimated future employer contributions in next fiscal year | 315 | |||||
Estimated future employer contributions in first quarter of the next fiscal year | 160 | |||||
Plan amendments | 7 | 0 | ||||
U.S. Plans | Successor | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Amortization of prior service credits | 0 | $ 0 | 0 | |||
U.S. Plans | Predecessor | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Amortization of prior service credits | 0 | 1 | ||||
U.S. Plans | Fixed-income securities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target plan asset allocations | 70.00% | |||||
U.S. Plans | Return seeking assets | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target plan asset allocations | 30.00% | |||||
Non-U.S. Plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Accumulated benefit obligation | $ 2,700 | 2,400 | ||||
Employer contribution | 59 | 102 | ||||
Estimated future employer contributions in next fiscal year | 30 | |||||
Plan amendments | 0 | 0 | ||||
Non-U.S. Plans | Successor | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Amortization of prior service credits | 0 | $ 0 | 0 | |||
Non-U.S. Plans | Predecessor | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Amortization of prior service credits | 0 | 2 | ||||
Non-U.S. Plans | Fixed-income securities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target plan asset allocations | 50.00% | |||||
Non-U.S. Plans | Return seeking assets | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target plan asset allocations | 50.00% | |||||
Pension Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net pension liability recognized | $ (172) | 484 | ||||
Postretirement Benefit Plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Plan amendments | (1,507) | 0 | ||||
Future amortization of prior service credits | (325) | |||||
Postretirement Benefit Plans | Successor | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Amortization of prior service credits | $ 0 | $ (112) | $ (6) | |||
Postretirement Benefit Plans | Predecessor | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Amortization of prior service credits | $ (1) | $ (6) | ||||
Postretirement Benefit Plans | Minimum | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Year that rate reaches ultimate trend rate | 2,016 | |||||
Postretirement Benefit Plans | Maximum | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Year that rate reaches ultimate trend rate | 2,024 |
Postemployment Benefits Pensi93
Postemployment Benefits Pension Plans-Schedule of Amounts Recognized in Balance Sheet (Details) - Pension Plan - USD ($) $ in Millions | Jan. 03, 2016 | Dec. 28, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets (long-term assets) | $ 616 | $ 581 |
Accrued postemployment costs (current liabilities) | (172) | (1) |
Accrued postemployment costs (long-term liabilities) | (616) | (96) |
Net pension liability recognized | $ (172) | $ 484 |
Postemployment Benefits Pensi94
Postemployment Benefits Pension Plans- Plans that were Underfunded Based on Accumulated Benefit Obligations in Excess of Plan Assets-Projected Benefit Obligations, Accumulated Benefit Obligations, and Fair Value of Plan Assets (Details) - USD ($) $ in Millions | Jan. 03, 2016 | Dec. 28, 2014 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 5,990 | $ 402 |
Accumulated benefit obligation | 5,986 | 402 |
Fair value of plan assets | 5,282 | 366 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 72 | 743 |
Accumulated benefit obligation | 72 | 743 |
Fair value of plan assets | $ 15 | $ 713 |
Postemployment Benefits Pensi95
Postemployment Benefits Pension Plans- Plans that were Underfunded Based on Projected Benefit Obligations in Excess of Plan Assets-Projected Benefit Obligations, Accumulated Benefit Obligations, and Fair Value of Plan Assets (Details) - USD ($) $ in Millions | Jan. 03, 2016 | Dec. 28, 2014 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 5,990 | $ 402 |
Accumulated benefit obligation | 5,986 | 402 |
Fair value of plan assets | 5,282 | 366 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 119 | 810 |
Accumulated benefit obligation | 72 | 743 |
Fair value of plan assets | $ 43 | $ 748 |
Postemployment Benefits Pensi96
Postemployment Benefits Pension Plans-Weighted Average Assumptions Used to Determine Projected Benefit Obligations (Details) | Jan. 03, 2016 | Dec. 28, 2014 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.30% | 3.80% |
Rate of compensation increase | 4.20% | 4.50% |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.80% | 3.50% |
Rate of compensation increase | 3.40% | 3.30% |
Postemployment Benefits Pensi97
Postemployment Benefits Pension Plans-Components of Net Pension Cost/(Benefit)-U.S. Plans (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
U.S. Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | $ 45 | $ 4 | |||
Interest cost | 164 | 29 | |||
Successor | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amortization of prior service credits | $ 0 | (112) | (6) | ||
Successor | U.S. Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 3 | 45 | 4 | ||
Interest cost | 14 | 164 | 29 | ||
Expected return on plan assets | (25) | (179) | (46) | ||
Amortization of unrecognized losses | 0 | 3 | 0 | ||
Amortization of prior service credits | 0 | 0 | 0 | ||
Settlements | (1) | 102 | 10 | ||
Curtailments | 23 | (96) | 0 | ||
Special/contractual termination benefits | 0 | 4 | 0 | ||
Defined benefit plan net cost/(benefit) | $ 14 | $ 43 | $ (3) | ||
Predecessor | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amortization of prior service credits | $ (1) | $ (4) | |||
Predecessor | U.S. Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 1 | 4 | |||
Interest cost | 3 | 27 | |||
Expected return on plan assets | (6) | (55) | |||
Amortization of unrecognized losses | 3 | 31 | |||
Amortization of prior service credits | 0 | 1 | |||
Settlements | 0 | 3 | |||
Curtailments | 0 | 0 | |||
Special/contractual termination benefits | 17 | 0 | |||
Defined benefit plan net cost/(benefit) | $ 18 | $ 11 |
Postemployment Benefits Pensi98
Postemployment Benefits Pension Plans-Components of Net Pension Cost/(Benefit)-Non U.S. Plans (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Non-U.S. Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | $ 26 | $ 25 | |||
Interest cost | 103 | 107 | |||
Successor | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amortization of prior service credits | $ 0 | (112) | (6) | ||
Successor | Non-U.S. Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 17 | 26 | 25 | ||
Interest cost | 58 | 103 | 107 | ||
Expected return on plan assets | (91) | (194) | (169) | ||
Amortization of unrecognized losses | 0 | 0 | 0 | ||
Amortization of prior service credits | 0 | 0 | 0 | ||
Settlements | 0 | 17 | 0 | ||
Curtailments | (2) | (47) | (6) | ||
Special/contractual termination benefits | 37 | 6 | 8 | ||
Defined benefit plan net cost/(benefit) | $ 19 | $ (89) | $ (35) | ||
Predecessor | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amortization of prior service credits | $ (1) | $ (4) | |||
Predecessor | Non-U.S. Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 3 | 28 | |||
Interest cost | 11 | 105 | |||
Expected return on plan assets | (22) | (196) | |||
Amortization of unrecognized losses | 7 | 45 | |||
Amortization of prior service credits | 0 | 2 | |||
Settlements | 0 | 1 | |||
Curtailments | 0 | 0 | |||
Special/contractual termination benefits | 0 | 0 | |||
Defined benefit plan net cost/(benefit) | $ (1) | $ (15) |
Postemployment Benefits Pensi99
Postemployment Benefits Pension Plans-Weighted Average Assumptions Used to Determine Net Pension Cost- U.S. Plans (Details) - U.S. Plans | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Successor | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rate | 4.10% | 4.40% | 4.80% | ||
Expected rate of return on plan assets | 6.50% | 5.60% | 6.50% | ||
Rate of compensation increase | 4.00% | 4.00% | 4.50% | ||
Predecessor | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rate | 3.60% | 4.30% | |||
Expected rate of return on plan assets | 8.80% | 8.80% | |||
Rate of compensation increase | 4.30% | 4.30% |
Postemployment Benefits Pens100
Postemployment Benefits Pension Plans-Weighted Average Assumptions Used to Determine Net Pension Cost- Non U.S. Plans (Details) - Non-U.S. Plans | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Successor | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rate | 4.20% | 3.70% | 4.50% | ||
Expected rate of return on plan assets | 6.10% | 6.40% | 6.10% | ||
Rate of compensation increase | 3.40% | 3.30% | 3.60% | ||
Predecessor | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rate | 4.10% | 5.00% | |||
Expected rate of return on plan assets | 8.00% | 8.00% | |||
Rate of compensation increase | 3.40% | 3.30% |
Postemployment Benefits Pens101
Postemployment Benefits Pension Plans-Weighted Average Asset Allocations (Details) | Jan. 03, 2016 | Dec. 28, 2014 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
U.S. Plans | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 27.00% | 12.00% |
U.S. Plans | Fixed-income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 62.00% | 81.00% |
U.S. Plans | Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 5.00% | 0.00% |
U.S. Plans | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 5.00% | 7.00% |
U.S. Plans | Certain insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 1.00% | 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 | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 31.00% | 38.00% |
Non-U.S. Plans | Fixed-income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 48.00% | 35.00% |
Non-U.S. Plans | Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 9.00% | 10.00% |
Non-U.S. Plans | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 7.00% | 11.00% |
Non-U.S. Plans | Certain insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 5.00% | 6.00% |
Postemployment Benefits Pens102
Postemployment Benefits Pension Plans-Fair Value of Pension Plan Assets (Details) - Pension Plan - USD ($) $ in Millions | Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 8,710 | $ 3,635 | |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,026 | 613 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 6,877 | 2,475 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 807 | 547 | $ 307 |
Equity securities (other than mutual and pooled funds) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 321 | 377 | |
Equity securities (other than mutual and pooled funds) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 321 | 377 | |
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 | |
Equity securities (mutual and pooled funds) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,173 | 852 | |
Equity securities (mutual and pooled funds) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 16 | 95 | |
Equity securities (mutual and pooled funds) | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,157 | 757 | |
Equity securities (mutual and pooled funds) | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,494 | 1,229 | |
Equity securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 337 | 472 | |
Equity securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,157 | 757 | |
Equity securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 671 | 124 | |
Government bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 671 | 124 | |
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 | |
Fixed-income securities (pooled funds) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,254 | 896 | |
Fixed-income securities (pooled funds) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fixed-income securities (pooled funds) | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,254 | 844 | |
Fixed-income securities (pooled funds) | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 52 | 11 |
Corporate bonds and other fixed-income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,994 | 517 | |
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 | 2,994 | 517 | |
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 | 4,919 | 1,537 | |
Fixed-income securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 671 | 124 | |
Fixed-income securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 4,248 | 1,361 | |
Fixed-income securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 52 | |
Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 571 | 307 | |
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 | 571 | 307 | 283 |
Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 490 | 374 | |
Cash and cash equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 18 | 17 | |
Cash and cash equivalents | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 472 | 357 | |
Cash and cash equivalents | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Certain insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 236 | 188 | |
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 | $ 236 | $ 188 | $ 13 |
Postemployment Benefits Pens103
Postemployment Benefits Pension Plans-Schedule of Changes in Level 3 Plan Assets (Details) - Pension Plan - USD ($) $ in Millions | 12 Months Ended | |
Jan. 03, 2016 | Dec. 28, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | $ 3,635 | |
Fair value of plan assets at end of year | 8,710 | $ 3,635 |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 547 | 307 |
2015 Merger | 325 | |
Net Realized Gain/(Loss) | 18 | (1) |
Net Unrealized Gain/(Loss) | (5) | 58 |
Net Purchases, Issuances and Settlements | (78) | 183 |
Transfers Into/(Out of) Level 3 | 0 | 0 |
Fair value of plan assets at end of year | 807 | 547 |
Fixed-income securities (pooled funds) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 896 | |
Fair value of plan assets at end of year | 1,254 | 896 |
Fixed-income securities (pooled funds) | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 52 | 11 |
2015 Merger | 0 | |
Net Realized Gain/(Loss) | 2 | 0 |
Net Unrealized Gain/(Loss) | (2) | 2 |
Net Purchases, Issuances and Settlements | (52) | 39 |
Transfers Into/(Out of) Level 3 | 0 | 0 |
Fair value of plan assets at end of year | 0 | 52 |
Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 307 | |
Fair value of plan assets at end of year | 571 | 307 |
Real estate | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 307 | 283 |
2015 Merger | 273 | |
Net Realized Gain/(Loss) | 4 | (1) |
Net Unrealized Gain/(Loss) | 11 | 45 |
Net Purchases, Issuances and Settlements | (24) | (20) |
Transfers Into/(Out of) Level 3 | 0 | 0 |
Fair value of plan assets at end of year | 571 | 307 |
Certain insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 188 | |
Fair value of plan assets at end of year | 236 | 188 |
Certain insurance contracts | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 188 | 13 |
2015 Merger | 52 | |
Net Realized Gain/(Loss) | 12 | 0 |
Net Unrealized Gain/(Loss) | (14) | 11 |
Net Purchases, Issuances and Settlements | (2) | 164 |
Transfers Into/(Out of) Level 3 | 0 | 0 |
Fair value of plan assets at end of year | $ 236 | $ 188 |
Postemployment Benefits Pens104
Postemployment Benefits Pension Plans-Expected Future Benefit Payments (Details) $ in Millions | Jan. 03, 2016USD ($) |
U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, 2016 | $ 696 |
Defined Benefit Plan, Expected Future Benefit Payments, 2017 | 394 |
Defined Benefit Plan, Expected Future Benefit Payments, 2018 | 381 |
Defined Benefit Plan, Expected Future Benefit Payments, 2019 | 378 |
Defined Benefit Plan, Expected Future Benefit Payments, 2020 | 373 |
Defined Benefit Plan, Expected Future Benefit Payments, 2021-2025 | 1,900 |
Non-U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, 2016 | 140 |
Defined Benefit Plan, Expected Future Benefit Payments, 2017 | 144 |
Defined Benefit Plan, Expected Future Benefit Payments, 2018 | 323 |
Defined Benefit Plan, Expected Future Benefit Payments, 2019 | 145 |
Defined Benefit Plan, Expected Future Benefit Payments, 2020 | 147 |
Defined Benefit Plan, Expected Future Benefit Payments, 2021-2025 | $ 770 |
Postemployment Benefits Postret
Postemployment Benefits Postretirement Benefit Plans- Accrued Benefit Obligations (Details) - Postretirement Benefit Plans - USD ($) $ in Millions | 12 Months Ended | |
Jan. 03, 2016 | Dec. 28, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation at beginning of year | $ 205 | $ 208 |
Service cost | 13 | 5 |
Interest cost | 56 | 9 |
Benefits paid | (106) | (13) |
Actuarial (gains)/losses | (7) | 7 |
Plan amendments | (1,507) | 0 |
Currency | (25) | (4) |
Curtailments | (55) | (8) |
Participant's contributions | 0 | 1 |
Assumption of Kraft's benefit obligations | 3,371 | 0 |
Benefit obligation at end of year | $ 1,945 | $ 205 |
Postemployment Benefits Post106
Postemployment Benefits Postretirement Benefit Plans-Weighted Average Assumptions Used to Determine Postretirement Benefit Obligations (Details) - Postretirement Benefit Plans | 12 Months Ended | |
Jan. 03, 2016 | Dec. 28, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.20% | 3.70% |
Health care cost trend rate assumed for next year | 6.50% | 5.90% |
Ultimate trend rate | 4.90% | 4.80% |
Postemployment Benefits Post107
Postemployment Benefits Postretirment Benefit Plans- Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Details) - Postretirement Benefit Plans $ in Millions | 12 Months Ended |
Jan. 03, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $ 8 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | (7) |
Defined Benefit Plan, Effect of One Percentage Point Increase on Postretirement Benefit Obligation | 126 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Postretirement Benefit Obligation | $ (104) |
Postemployment Benefits Post108
Postemployment Benefits Postretirement Benefit Plans-Components of Net Postretirement Health Care (Benefit)/Cost (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Postretirement Benefit Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | $ 13 | $ 5 | |||
Interest cost | 56 | 9 | |||
Successor | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amortization of prior service credits | $ 0 | (112) | (6) | ||
Successor | Postretirement Benefit Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 4 | 13 | 5 | ||
Interest cost | 5 | 56 | 9 | ||
Amortization of unrecognized losses | 0 | 0 | 0 | ||
Amortization of prior service credits | 0 | (112) | (6) | ||
Curtailments | (1) | 1 | (7) | ||
Defined benefit plan net cost/(benefit) | $ 8 | $ (42) | $ 1 | ||
Predecessor | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amortization of prior service credits | $ (1) | $ (4) | |||
Predecessor | Postretirement Benefit Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 1 | 6 | |||
Interest cost | 1 | 10 | |||
Amortization of unrecognized losses | 0 | 2 | |||
Amortization of prior service credits | (1) | (6) | |||
Curtailments | 0 | 0 | |||
Defined benefit plan net cost/(benefit) | $ 1 | $ 12 |
Postemployment Benefits Post109
Postemployment Benefits Postretirement Benefit Plans-Weighted Average Assumptions Used to Determine Net Postretirement Benefit Plans Cost (Details) - Postretirement Benefit Plans | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Successor | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rate | 3.70% | 4.20% | 4.30% | ||
Health care cost trend rate | 6.30% | 6.70% | 6.00% | ||
Predecessor | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rate | 3.40% | 4.10% | |||
Health care cost trend rate | 6.30% | 7.10% |
Postemployment Benefits Post110
Postemployment Benefits Postretirement Benefit Plans-Expected Future Benefit Payments (Details) - Postretirement Benefit Plans $ in Millions | Jan. 03, 2016USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, 2016 | $ 162 |
Defined Benefit Plan, Expected Future Benefit Payments, 2017 | 160 |
Defined Benefit Plan, Expected Future Benefit Payments, 2018 | 156 |
Defined Benefit Plan, Expected Future Benefit Payments, 2019 | 152 |
Defined Benefit Plan, Expected Future Benefit Payments, 2020 | 147 |
Defined Benefit Plan, Expected Future Benefit Payments, 2021-2025 | $ 644 |
Postemployment Benefits Post111
Postemployment Benefits Postemployment Benefits-Accumulated Other Comprehensive Income/(Losses) (Details) - USD ($) $ in Millions | Jan. 03, 2016 | Dec. 28, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain | $ 83 | $ 45 |
Prior service credit | 1,409 | 14 |
Pension and postretirement benefit plans, Accumulated Other Comprehensive Income (Loss), before Tax | 1,492 | 59 |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain | 13 | 36 |
Prior service credit | 0 | 0 |
Pension and postretirement benefit plans, Accumulated Other Comprehensive Income (Loss), before Tax | 13 | 36 |
Postretirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain | 70 | 9 |
Prior service credit | 1,409 | 14 |
Pension and postretirement benefit plans, Accumulated Other Comprehensive Income (Loss), before Tax | $ 1,479 | $ 23 |
Postemployment Benefits Post112
Postemployment Benefits Postemployment Benefits-Amounts Recognized in Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Successor | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net postemployment benefit gains/(losses)-before tax | $ 142 | $ 1,565 | $ (74) | ||
Net postemployment benefit gains/(losses)-tax | (40) | (619) | 40 | ||
Net postemployment benefit gains/(losses) | 102 | 946 | (34) | ||
Reclassification of net postemployment benefit (gains)/losses to net income-before tax | 0 | (132) | (9) | ||
Reclassification of net postemployment benefit (gains)/losses to net income-tax | 0 | 47 | 2 | ||
Reclassification of net postemployment benefit (gains)/losses to net income, net of tax | 0 | (85) | (7) | ||
Successor | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net actuarial gain/(loss) arising during the period | 102 | 3 | (75) | ||
Prior service (cost)/credit arising during the period | 0 | (7) | 0 | ||
Reclassification of net postemployment benefit (gains)/losses to net income-Amortization of unrecognized losses | 0 | 3 | 0 | ||
Reclassification of net postemployment benefit (gains)/losses to net income-Amortization of prior service (credits)/costs | 0 | 0 | 0 | ||
Reclassification of net postemployment benefit (gains)/losses to net income-Net settlement and curtailments (gain)/loss | 0 | (24) | 4 | ||
Successor | Postretirement Benefit Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net actuarial gain/(loss) arising during the period | 19 | 62 | 1 | ||
Prior service (cost)/credit arising during the period | 21 | 1,507 | 0 | ||
Reclassification of net postemployment benefit (gains)/losses to net income-Amortization of unrecognized losses | 0 | 0 | 0 | ||
Reclassification of net postemployment benefit (gains)/losses to net income-Amortization of prior service (credits)/costs | 0 | (112) | (6) | ||
Reclassification of net postemployment benefit (gains)/losses to net income-Net settlement and curtailments (gain)/loss | $ 0 | $ 1 | $ (7) | ||
Predecessor | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net postemployment benefit gains/(losses)-before tax | $ 0 | $ (265) | |||
Net postemployment benefit gains/(losses)-tax | 0 | 76 | |||
Net postemployment benefit gains/(losses) | 0 | (189) | |||
Reclassification of net postemployment benefit (gains)/losses to net income-before tax | 9 | 79 | |||
Reclassification of net postemployment benefit (gains)/losses to net income-tax | (2) | (24) | |||
Reclassification of net postemployment benefit (gains)/losses to net income, net of tax | 7 | 55 | |||
Predecessor | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net actuarial gain/(loss) arising during the period | 0 | (256) | |||
Prior service (cost)/credit arising during the period | 0 | 0 | |||
Reclassification of net postemployment benefit (gains)/losses to net income-Amortization of unrecognized losses | 10 | 76 | |||
Reclassification of net postemployment benefit (gains)/losses to net income-Amortization of prior service (credits)/costs | 0 | 3 | |||
Reclassification of net postemployment benefit (gains)/losses to net income-Net settlement and curtailments (gain)/loss | 0 | 4 | |||
Predecessor | Postretirement Benefit Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net actuarial gain/(loss) arising during the period | 0 | (9) | |||
Prior service (cost)/credit arising during the period | 0 | 0 | |||
Reclassification of net postemployment benefit (gains)/losses to net income-Amortization of unrecognized losses | 0 | 2 | |||
Reclassification of net postemployment benefit (gains)/losses to net income-Amortization of prior service (credits)/costs | (1) | (6) | |||
Reclassification of net postemployment benefit (gains)/losses to net income-Net settlement and curtailments (gain)/loss | $ 0 | $ 0 |
Accumulated Other Comprehens113
Accumulated Other Comprehensive Income/(Losses) Components of and Changes in Accumulated Other Comprehensive Income/(Losses) (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | $ (574) | ||||
Ending Balance | (671) | $ (574) | |||
Successor | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Foreign currency translation adjustments | $ 129 | (1,604) | (939) | ||
Net deferred gains/(losses) on net investment hedges | (118) | 506 | 336 | ||
Net postemployment benefit gains/(losses) | 102 | 946 | (34) | ||
Reclassification of net postemployment benefit (gains)/losses to net income | 0 | (85) | (7) | ||
Net deferred gains/(losses) on cash flow hedges | 111 | (6) | (173) | ||
Net deferred (gains)/losses on cash flow hedges reclassified to net income | (3) | 120 | 4 | ||
Successor | Foreign Currency Translation Adjustments | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | 0 | (574) | 22 | ||
Foreign currency translation adjustments | 140 | (1,578) | (932) | ||
Net deferred gains/(losses) on net investment hedges | (118) | 506 | 336 | ||
Net postemployment benefit gains/(losses) | 0 | 0 | 0 | ||
Reclassification of net postemployment benefit (gains)/losses to net income | 0 | 0 | |||
Net deferred gains/(losses) on cash flow hedges | 0 | 0 | 0 | ||
Net deferred (gains)/losses on cash flow hedges reclassified to net income | 0 | 0 | 0 | ||
Total other comprehensive (loss)/income | 22 | (1,072) | (596) | ||
Ending Balance | 22 | (1,646) | (574) | ||
Successor | Net Postemployment Benefit Plan Adjustments | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | 0 | 61 | 102 | ||
Foreign currency translation adjustments | 0 | 0 | 0 | ||
Net deferred gains/(losses) on net investment hedges | 0 | 0 | 0 | ||
Net postemployment benefit gains/(losses) | 102 | 946 | (34) | ||
Reclassification of net postemployment benefit (gains)/losses to net income | (85) | (7) | |||
Net deferred gains/(losses) on cash flow hedges | 0 | 0 | 0 | ||
Net deferred (gains)/losses on cash flow hedges reclassified to net income | 0 | 0 | 0 | ||
Total other comprehensive (loss)/income | 102 | 861 | (41) | ||
Ending Balance | 102 | 922 | 61 | ||
Successor | Net Cash Flow Hedge Adjustments | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | 0 | (61) | 108 | ||
Foreign currency translation adjustments | 0 | 0 | 0 | ||
Net deferred gains/(losses) on net investment hedges | 0 | 0 | 0 | ||
Net postemployment benefit gains/(losses) | 0 | 0 | 0 | ||
Reclassification of net postemployment benefit (gains)/losses to net income | 0 | 0 | |||
Net deferred gains/(losses) on cash flow hedges | 111 | (6) | (173) | ||
Net deferred (gains)/losses on cash flow hedges reclassified to net income | (3) | 120 | 4 | ||
Total other comprehensive (loss)/income | 108 | 114 | (169) | ||
Ending Balance | 108 | 53 | (61) | ||
Successor | Accumulated Other Comprehensive Income/(Losses) | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | 0 | (574) | 232 | ||
Foreign currency translation adjustments | 140 | (1,578) | (932) | ||
Net deferred gains/(losses) on net investment hedges | (118) | 506 | 336 | ||
Net postemployment benefit gains/(losses) | 102 | 946 | (34) | ||
Reclassification of net postemployment benefit (gains)/losses to net income | 0 | (85) | (7) | ||
Net deferred gains/(losses) on cash flow hedges | 111 | (6) | (173) | ||
Net deferred (gains)/losses on cash flow hedges reclassified to net income | (3) | 120 | 4 | ||
Total other comprehensive (loss)/income | 232 | (97) | (806) | ||
Ending Balance | $ 232 | $ (671) | $ (574) | ||
Predecessor | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Foreign currency translation adjustments | $ (98) | $ (229) | |||
Net deferred gains/(losses) on net investment hedges | 0 | 0 | |||
Net postemployment benefit gains/(losses) | 0 | (189) | |||
Reclassification of net postemployment benefit (gains)/losses to net income | 7 | 55 | |||
Net deferred gains/(losses) on cash flow hedges | (1) | (12) | |||
Net deferred (gains)/losses on cash flow hedges reclassified to net income | 7 | 30 | |||
Predecessor | Foreign Currency Translation Adjustments | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | (236) | (23) | |||
Foreign currency translation adjustments | (94) | (213) | |||
Net postemployment benefit gains/(losses) | 0 | ||||
Reclassification of net postemployment benefit (gains)/losses to net income | 0 | 0 | |||
Net deferred gains/(losses) on cash flow hedges | 0 | 0 | |||
Net deferred (gains)/losses on cash flow hedges reclassified to net income | 0 | 0 | |||
Total other comprehensive (loss)/income | (94) | (213) | |||
Ending Balance | (330) | (236) | |||
Predecessor | Net Postemployment Benefit Plan Adjustments | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | (962) | (828) | |||
Foreign currency translation adjustments | 0 | 0 | |||
Net postemployment benefit gains/(losses) | (189) | ||||
Reclassification of net postemployment benefit (gains)/losses to net income | 7 | 55 | |||
Net deferred gains/(losses) on cash flow hedges | 0 | 0 | |||
Net deferred (gains)/losses on cash flow hedges reclassified to net income | 0 | 0 | |||
Total other comprehensive (loss)/income | 7 | (134) | |||
Ending Balance | (955) | (962) | |||
Predecessor | Net Cash Flow Hedge Adjustments | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | 24 | 6 | |||
Foreign currency translation adjustments | 0 | 0 | |||
Net postemployment benefit gains/(losses) | 0 | ||||
Reclassification of net postemployment benefit (gains)/losses to net income | 0 | 0 | |||
Net deferred gains/(losses) on cash flow hedges | (1) | (12) | |||
Net deferred (gains)/losses on cash flow hedges reclassified to net income | 7 | 30 | |||
Total other comprehensive (loss)/income | 6 | 18 | |||
Ending Balance | 30 | 24 | |||
Predecessor | Accumulated Other Comprehensive Income/(Losses) | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | (1,174) | (845) | |||
Foreign currency translation adjustments | (94) | (213) | |||
Net postemployment benefit gains/(losses) | (189) | ||||
Reclassification of net postemployment benefit (gains)/losses to net income | 7 | 55 | |||
Net deferred gains/(losses) on cash flow hedges | (1) | (12) | |||
Net deferred (gains)/losses on cash flow hedges reclassified to net income | 7 | 30 | |||
Total other comprehensive (loss)/income | (81) | (329) | |||
Ending Balance | $ (1,255) | $ (1,174) |
Accumulated Other Comprehens114
Accumulated Other Comprehensive Income/(Losses) Tax (Expense)/Benefit Associated with each Component of OCI (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Successor | |||||
Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||
Net postemployment benefit gains/(losses) | $ (40) | $ (619) | $ 40 | ||
Reclassification of net postemployment benefit (gains)/losses to net income | 0 | 47 | 2 | ||
Successor | AOCI Attributable to Parent | |||||
Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||
Net deferred gains/(losses) on net investment hedges | 73 | (295) | (209) | ||
Net postemployment benefit gains/(losses) | (40) | (619) | 40 | ||
Reclassification of net postemployment benefit (gains)/losses to net income | 0 | 47 | 2 | ||
Net deferred gains/(losses) on cash flow hedges | (67) | 32 | 95 | ||
Net deferred (gains)/losses on cash flow hedges reclassified to net income | $ 1 | $ (75) | $ 9 | ||
Predecessor | |||||
Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||
Net postemployment benefit gains/(losses) | $ 0 | $ 76 | |||
Reclassification of net postemployment benefit (gains)/losses to net income | (2) | (24) | |||
Predecessor | AOCI Attributable to Parent | |||||
Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||
Net deferred gains/(losses) on net investment hedges | 0 | 0 | |||
Net postemployment benefit gains/(losses) | 0 | 76 | |||
Reclassification of net postemployment benefit (gains)/losses to net income | (2) | (24) | |||
Net deferred gains/(losses) on cash flow hedges | 0 | 18 | |||
Net deferred (gains)/losses on cash flow hedges reclassified to net income | $ (3) | $ (26) |
Accumulated Other Comprehens115
Accumulated Other Comprehensive Income/(Losses) Accumulated Other Comprehensive Income/(Losses)-Additional Information (Details) - Predecessor - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Jun. 07, 2013 | Apr. 28, 2013 | |
Accumulated Other Comprehensive Income/(Losses) [Line Items] | ||
Net postemployment benefit gains/(losses) | $ 0 | $ 76 |
Accumulated Other Comprehensive Income/(Losses) | ||
Accumulated Other Comprehensive Income/(Losses) [Line Items] | ||
Net postemployment benefit gains/(losses) | $ 0 | $ 76 |
Accumulated Other Comprehens116
Accumulated Other Comprehensive Income/(Losses) Amounts Reclassified from Accumulated Other Comprehensive Income/(Losses) (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Successor | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||
Losses/(gains), on cash flow hedges, net of tax | $ (3) | $ 120 | $ 4 | ||
Reclassification of net postemployment benefit (gains)/losses to net income-before tax | 0 | (132) | (9) | ||
Reclassification of net postemployment benefit (gains)/losses to net income-tax | 0 | 47 | 2 | ||
Reclassification of net postemployment benefit (gains)/losses to net income, net of tax | 0 | (85) | (7) | ||
Successor | AOCI Attributable to Parent | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||
Losses/(gains) on cash flow hedges, before tax | (4) | 195 | (5) | ||
Losses/(gains) on cash flow hedges, tax | 1 | (75) | 9 | ||
Losses/(gains), on cash flow hedges, net of tax | (3) | 120 | 4 | ||
Amortization of unrecognized losses | 0 | 3 | 0 | ||
Amortization of prior service (credits)/costs | 0 | (112) | (6) | ||
Settlement and curtailments gains | 0 | (23) | (3) | ||
Reclassification of net postemployment benefit (gains)/losses to net income-before tax | 0 | (132) | (9) | ||
Reclassification of net postemployment benefit (gains)/losses to net income-tax | 0 | 47 | 2 | ||
Reclassification of net postemployment benefit (gains)/losses to net income, net of tax | 0 | (85) | (7) | ||
Successor | AOCI Attributable to Parent | Foreign exchange contracts | Net sales | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||
Losses/(gains) on cash flow hedges, before tax | 1 | 2 | 1 | ||
Successor | AOCI Attributable to Parent | Foreign exchange contracts | Cost of products sold | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||
Losses/(gains) on cash flow hedges, before tax | (3) | (45) | (5) | ||
Successor | AOCI Attributable to Parent | Foreign exchange contracts | Other expense/(income), net | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||
Losses/(gains) on cash flow hedges, before tax | (2) | (1) | (1) | ||
Successor | AOCI Attributable to Parent | Interest rate contracts | Interest expense | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||
Losses/(gains) on cash flow hedges, before tax | 0 | 239 | 0 | ||
Successor | AOCI Attributable to Parent | Cross-currency interest rate swap contracts | Other expense/(income), net | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||
Losses/(gains) on cash flow hedges, before tax | 0 | 0 | 0 | ||
Successor | AOCI Attributable to Parent | Cross-currency interest rate swap contracts | Interest expense | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||
Losses/(gains) on cash flow hedges, before tax | $ 0 | $ 0 | $ 0 | ||
Predecessor | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||
Losses/(gains), on cash flow hedges, net of tax | $ 7 | $ 30 | |||
Reclassification of net postemployment benefit (gains)/losses to net income-before tax | 9 | 79 | |||
Reclassification of net postemployment benefit (gains)/losses to net income-tax | (2) | (24) | |||
Reclassification of net postemployment benefit (gains)/losses to net income, net of tax | 7 | 55 | |||
Predecessor | AOCI Attributable to Parent | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||
Losses/(gains) on cash flow hedges, before tax | 10 | ||||
Losses/(gains) on cash flow hedges, tax | (3) | (26) | |||
Losses/(gains), on cash flow hedges, net of tax | 7 | 30 | |||
Amortization of unrecognized losses | 10 | ||||
Amortization of prior service (credits)/costs | (1) | ||||
Settlement and curtailments gains | 0 | ||||
Reclassification of net postemployment benefit (gains)/losses to net income-before tax | 9 | ||||
Reclassification of net postemployment benefit (gains)/losses to net income-tax | (2) | (24) | |||
Reclassification of net postemployment benefit (gains)/losses to net income, net of tax | 7 | $ 55 | |||
Predecessor | AOCI Attributable to Parent | Foreign exchange contracts | Net sales | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||
Losses/(gains) on cash flow hedges, before tax | (1) | ||||
Predecessor | AOCI Attributable to Parent | Foreign exchange contracts | Cost of products sold | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||
Losses/(gains) on cash flow hedges, before tax | (2) | ||||
Predecessor | AOCI Attributable to Parent | Foreign exchange contracts | Other expense/(income), net | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||
Losses/(gains) on cash flow hedges, before tax | 2 | ||||
Predecessor | AOCI Attributable to Parent | Interest rate contracts | Interest expense | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||
Losses/(gains) on cash flow hedges, before tax | 0 | ||||
Predecessor | AOCI Attributable to Parent | Cross-currency interest rate swap contracts | Other expense/(income), net | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||
Losses/(gains) on cash flow hedges, before tax | 10 | ||||
Predecessor | AOCI Attributable to Parent | Cross-currency interest rate swap contracts | Interest expense | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||
Losses/(gains) on cash flow hedges, before tax | $ 1 |
Debt Long Term Debt as of Decem
Debt Long Term Debt as of December 28, 2014 (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 03, 2016 | Dec. 28, 2014 | |
Debt Instrument [Line Items] | ||
Capital lease obligations | $ 129 | $ 63 |
Total long-term debt | 25,230 | 13,369 |
Current portion of long-term debt | 79 | 11 |
Total long-term debt, excluding current portion | $ 25,151 | 13,358 |
Term B-1 Loan | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 2,729 | |
Term B-2 Loan | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 5,503 | |
Four Point Two Five Zero Percent Second Lien Senior Secured Notes due 2020 | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 3,029 | |
Debt Instrument, Face Amount | $ 3,100 | |
Debt Instrument, Maturity Date | Oct. 15, 2020 | Oct. 15, 2020 |
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% |
Seven Point One Two Five Percent U.S. Dollar Notes due August 1, 2039 | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 1,023 | |
Debt Instrument, Face Amount | $ 931 | |
Debt Instrument, Maturity Date | Aug. 1, 2039 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.125% | |
Other Long-term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 2,113 | $ 1,022 |
Debt Instrument, Maturity Date Range, Start | 2,016 | 2,016 |
Debt Instrument, Maturity Date Range, End | 2,039 | 2,032 |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.50% | 1.50% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 7.125% | 6.75% |
Term B-1 Loan and Term B-2 Loan | Base Rate | ||
Debt Instrument [Line Items] | ||
Base rate floor | 2.00% | |
Term B-1 Loan and Term B-2 Loan | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
LIBOR rate floor | 1.00% | |
Term B-1 Loan and Term B-2 Loan | Minimum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Term | 6 years | |
Term B-1 Loan and Term B-2 Loan | Minimum | Base Rate | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |
Term B-1 Loan and Term B-2 Loan | Minimum | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |
Term B-1 Loan and Term B-2 Loan | Maximum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Term | 7 years | |
Term B-1 Loan and Term B-2 Loan | Maximum | Base Rate | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
Term B-1 Loan and Term B-2 Loan | Maximum | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.50% |
Debt Additional Information (De
Debt Additional Information (Details) £ in Millions | 11 Months Ended | 12 Months Ended | ||
Dec. 29, 2013USD ($) | Jan. 03, 2016USD ($) | Jan. 03, 2016GBP (£) | Dec. 28, 2014USD ($) | |
Debt Instrument [Line Items] | ||||
Gains (Losses) on Extinguishment of Debt | $ (341,000,000) | |||
Write-off of Debt Issuance Costs and Unamortized Debt Discounts | 236,000,000 | |||
Debt Issuance Cost | 99,000,000 | |||
Aggregate Principal Amount of Previously Issued Debt that Parent Became Guarantor of During the Period | $ 1,719,000,000 | |||
Percentage of Subsidiary Owned by Parent | 100.00% | 100.00% | ||
Unamortized Debt Issuance Costs | $ 85,000,000 | $ 228,000,000 | ||
Debt Instrument, Unamortized Discount (Premium), Net | $ (699,000,000) | (139,000,000) | ||
Line of Credit Facility, Initiation Date | Jul. 6, 2015 | Jul. 6, 2015 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000,000,000 | |||
Line of Credit Facility, Expiration Date | Jul. 6, 2020 | Jul. 6, 2020 | ||
Revolving Credit Facility Sub-Limit for Borrowings in Canadian Dollars, Euro or Sterling | $ 1,000,000,000 | |||
Revolving Credit Facility Letter of Credit Sub-Facility Maximum Borrowing Capacity | 150,000,000 | |||
Maximum Possible Increase in the Amount of Revolving Commitments and/or Term Loans | $ 1,000,000,000 | |||
Maturity period of borrowings under revolving credit facility | 7 years | 7 years | ||
Incremental amount revolving credit facilities rates would increase for LIBOR, EURIBOR and CDO rate loans, low range | 0.875% | 0.875% | ||
Incremental amount revolving credit facilities rates would increase for LIBOR, EURIBOR and CDO rate loans, high range | 1.75% | 1.75% | ||
Incremental amount revolving credit facilities rates would increase for Canadian prime rate loans, low range | 0.00% | 0.00% | ||
Incremental amount revolving credit facilities rates would increase for Canadian prime rate loans, high range | 0.75% | 0.75% | ||
Minimum shareholder's equity required to maintain excluding accumulated other comprehensive income/losses | $ 35,000,000,000 | |||
Proceeds from Lines of Credit | 0 | |||
Long-term Debt, Fair Value | 25,700,000,000 | |||
Total long-term debt, excluding current portion | $ 25,230,000,000 | $ 13,369,000,000 | ||
Two Point Zero Zero Zero Percent U.S. Dollar Notes Due 2016 | ||||
Debt Instrument [Line Items] | ||||
Stated Interest Rate Percentage on Previously Issued Debt that Parent Became Guarantor of During the Period | 2.00% | |||
Maturity Year for Previously Issued Debt that Parent Became Guarantor of During the Period | 2,016 | 2,016 | ||
One Point Five Zero Zero Percent U.S. Dollar Notes Due 2017 | ||||
Debt Instrument [Line Items] | ||||
Stated Interest Rate Percentage on Previously Issued Debt that Parent Became Guarantor of During the Period | 1.50% | |||
Maturity Year for Previously Issued Debt that Parent Became Guarantor of During the Period | 2,017 | 2,017 | ||
Three Point One Two Five Percent U.S. Dollar Notes Due 2021 | ||||
Debt Instrument [Line Items] | ||||
Stated Interest Rate Percentage on Previously Issued Debt that Parent Became Guarantor of During the Period | 3.125% | |||
Maturity Year for Previously Issued Debt that Parent Became Guarantor of During the Period | 2,021 | 2,021 | ||
Two Point Eight Five Zero Percent U.S. Dollar Notes Due 2022 | ||||
Debt Instrument [Line Items] | ||||
Stated Interest Rate Percentage on Previously Issued Debt that Parent Became Guarantor of During the Period | 2.85% | |||
Maturity Year for Previously Issued Debt that Parent Became Guarantor of During the Period | 2,022 | 2,022 | ||
Six Point Three Seven Five Percent Debentures Due 2028 | ||||
Debt Instrument [Line Items] | ||||
Stated Interest Rate Percentage on Previously Issued Debt that Parent Became Guarantor of During the Period | 6.375% | |||
Maturity Year for Previously Issued Debt that Parent Became Guarantor of During the Period | 2,028 | 2,028 | ||
Six Point Seven Five Zero Percent Debentures Due 2032 | ||||
Debt Instrument [Line Items] | ||||
Stated Interest Rate Percentage on Previously Issued Debt that Parent Became Guarantor of During the Period | 6.75% | |||
Maturity Year for Previously Issued Debt that Parent Became Guarantor of During the Period | 2,032 | 2,032 | ||
Seven Point One Two Five Percent Debentures Due 2039 | ||||
Debt Instrument [Line Items] | ||||
Stated Interest Rate Percentage on Previously Issued Debt that Parent Became Guarantor of During the Period | 7.125% | |||
Maturity Year for Previously Issued Debt that Parent Became Guarantor of During the Period | 2,039 | 2,039 | ||
Six Point Two Five Zero Percent Pound Sterling Notes Due 2030 | ||||
Debt Instrument [Line Items] | ||||
Aggregate Principal Amount of Previously Issued Debt that Parent Became Guarantor of During the Period | £ | £ 125 | |||
Stated Interest Rate Percentage on Previously Issued Debt that Parent Became Guarantor of During the Period | 6.25% | |||
Maturity Year for Previously Issued Debt that Parent Became Guarantor of During the Period | 2,030 | 2,030 | ||
Four Point Two Five Zero Percent Second Lien Senior Secured Notes due 2020 | ||||
Debt Instrument [Line Items] | ||||
Call Premiums | $ 66,000,000 | |||
Debt Instrument, Maturity Date | Oct. 15, 2020 | Oct. 15, 2020 | Oct. 15, 2020 | |
Debt Instrument, Face Amount | $ 3,100,000,000 | |||
Four Point Eight Seven Five Percent Second Lien Senior Secured Notes Due February 15, 2025 | ||||
Debt Instrument [Line Items] | ||||
Call Premiums | $ 39,000,000 | |||
Aggregate Principal Amount of Debt Issued or Assumed During the Period | $ 2,000,000,000 | |||
Debt Instrument, Maturity Date | Feb. 15, 2025 | Feb. 15, 2025 | ||
Debt Instrument, Face Amount | $ 2,000,000,000 | |||
Senior Unsecured Term Loan Facility Floating Rate (LIBOR plus 1.250 percent) due July 6, 2022 | ||||
Debt Instrument [Line Items] | ||||
Aggregate Principal Amount of Debt Issued or Assumed During the Period | $ 600,000,000 | |||
Debt Instrument, Maturity Date | Jul. 6, 2022 | Jul. 6, 2022 | ||
Debt Instrument, Face Amount | $ 600,000,000 | |||
Successor | ||||
Debt Instrument [Line Items] | ||||
Amortization of Financing Costs | $ 29,000,000 | 27,000,000 | 49,000,000 | |
Amortization of Debt Discount (Premium) | $ (45,000,000) | $ (25,000,000) |
Debt Schedule of Debt Activity
Debt Schedule of Debt Activity (Details) € in Millions, £ in Millions, CAD in Millions, $ in Millions | Jul. 02, 2015USD ($) | Feb. 01, 2015USD ($) | Jan. 03, 2016USD ($) | Jan. 03, 2016EUR (€) | Jan. 03, 2016CAD | Jan. 03, 2016GBP (£) | Dec. 28, 2014USD ($) | Jan. 03, 2016EUR (€) | Jan. 03, 2016CAD | Jan. 03, 2016GBP (£) |
Debt Instrument [Line Items] | ||||||||||
Time Period in which we must exchange notes | 455 days | |||||||||
Increase in interest rate which will be incurred first 90 days after deadline to exchange notes, if notes have not been exchanged | 0.25% | 0.25% | 0.25% | 0.25% | ||||||
Time period after which interest rates will increase if notes are not exchanged within agreed time period | 90 days | 90 days | 90 days | 90 days | ||||||
Amount interest rate will increase each 90 day period after deadline to exchange notes, if notes have not been exchanged | 0.25% | 0.25% | 0.25% | 0.25% | ||||||
Maximum amount interest rate will increase per year after deadline to exchange notes, if notes have not been exchanged | 0.50% | 0.50% | 0.50% | 0.50% | ||||||
Percentage of Subsidiary Owned by Parent | 100.00% | 100.00% | 100.00% | 100.00% | ||||||
Debt Adjustment Recorded in Purchase Accounting | $ 686 | |||||||||
Four Point Eight Seven Five Percent Second Lien Senior Secured Notes Due February 15, 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate Principal Amount of Debt Issued or Assumed During the Period | 2,000 | |||||||||
Repayments of Debt | $ 800 | 800 | ||||||||
Debt Instrument, Face Amount | $ 2,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | 4.875% | 4.875% | 4.875% | ||||||
Debt Instrument, Maturity Date | Feb. 15, 2025 | Feb. 15, 2025 | Feb. 15, 2025 | Feb. 15, 2025 | ||||||
Two Point Zero Zero Zero Percent Senior Notes due June 30, 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate Principal Amount of Debt Issued or Assumed During the Period | € | € 750 | |||||||||
Debt Instrument, Face Amount | € | € 750 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | 2.00% | 2.00% | 2.00% | ||||||
Debt Instrument, Maturity Date | Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2023 | ||||||
Four Point One Two Five Percent Senior Notes Due July 1, 2027 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate Principal Amount of Debt Issued or Assumed During the Period | £ | £ 400 | |||||||||
Debt Instrument, Face Amount | £ | £ 400 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.125% | 4.125% | 4.125% | 4.125% | ||||||
Debt Instrument, Maturity Date | Jul. 1, 2027 | Jul. 1, 2027 | Jul. 1, 2027 | Jul. 1, 2027 | ||||||
US Dollar Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate Principal Amount of Debt Issued or Assumed During the Period | $ 10,000 | |||||||||
Canadian Dollar Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate Principal Amount of Debt Issued or Assumed During the Period | CAD | CAD 1,000 | |||||||||
Senior Unsecured Term Loan Facility Floating Rate (LIBOR plus 1.250 percent) due July 6, 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate Principal Amount of Debt Issued or Assumed During the Period | 600 | |||||||||
Debt Instrument, Face Amount | $ 600 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.573% | 1.573% | 1.573% | 1.573% | ||||||
Debt Instrument, Maturity Date | Jul. 6, 2022 | Jul. 6, 2022 | Jul. 6, 2022 | Jul. 6, 2022 | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | 1.25% | 1.25% | 1.25% | ||||||
Assumption of Long-Term Debt Obligations from Company Acquired Excluding Capital Leases | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate Principal Amount of Debt Issued or Assumed During the Period | $ 8,600 | |||||||||
Term B-1 Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Debt | $ 650 | 2,780 | ||||||||
Term B-2 Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Debt | $ 1,310 | 5,601 | ||||||||
Four Point Two Five Zero Percent Second Lien Senior Secured Notes due 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Debt | $ 3,100 | $ 3,100 | ||||||||
Debt Instrument, Face Amount | $ 3,100 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% | |||||
Debt Instrument, Maturity Date | Oct. 15, 2020 | Oct. 15, 2020 | Oct. 15, 2020 | Oct. 15, 2020 | Oct. 15, 2020 | |||||
One Point Six Zero Zero Percent Senior Notes Due June 30, 2017 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 1,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.60% | 1.60% | 1.60% | 1.60% | ||||||
Debt Instrument, Maturity Date | Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2017 | ||||||
Two Point Zero Zero Zero Senior Notes Due July 2, 2018 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 1,500 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | 2.00% | 2.00% | 2.00% | ||||||
Debt Instrument, Maturity Date | Jul. 2, 2018 | Jul. 2, 2018 | Jul. 2, 2018 | Jul. 2, 2018 | ||||||
Two Point Eight Zero Zero Senior Notes Due July 2, 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 1,500 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.80% | 2.80% | 2.80% | 2.80% | ||||||
Debt Instrument, Maturity Date | Jul. 2, 2020 | Jul. 2, 2020 | Jul. 2, 2020 | Jul. 2, 2020 | ||||||
Three Point Five Zero Zero Percent Senior Notes Due July 15, 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 1,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | 3.50% | 3.50% | 3.50% | ||||||
Debt Instrument, Maturity Date | Jul. 15, 2022 | Jul. 15, 2022 | Jul. 15, 2022 | Jul. 15, 2022 | ||||||
Three Point Nine Five Zero Percent Senior Notes Due July 15, 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 2,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | 3.95% | 3.95% | 3.95% | ||||||
Debt Instrument, Maturity Date | Jul. 15, 2025 | Jul. 15, 2025 | Jul. 15, 2025 | Jul. 15, 2025 | ||||||
Five Point Zero Zero Zero Senior Notes Due July 15, 2035 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 1,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | 5.00% | 5.00% | ||||||
Debt Instrument, Maturity Date | Jul. 15, 2035 | Jul. 15, 2035 | Jul. 15, 2035 | Jul. 15, 2035 | ||||||
Five Point Two Zero Zero Senior Notes Due July 15, 2045 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 2,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | 5.20% | 5.20% | 5.20% | ||||||
Debt Instrument, Maturity Date | Jul. 15, 2045 | Jul. 15, 2045 | Jul. 15, 2045 | Jul. 15, 2045 | ||||||
Floating Rate Senior Notes Due July 6, 2018 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | CAD | CAD 200 | |||||||||
Debt Instrument, Maturity Date | Jul. 6, 2018 | Jul. 6, 2018 | Jul. 6, 2018 | Jul. 6, 2018 | ||||||
Two Point Seven Zero Zero Senior Notes Due July 6, 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | CAD | CAD 300 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | 2.70% | 2.70% | 2.70% | ||||||
Debt Instrument, Maturity Date | Jul. 6, 2020 | Jul. 6, 2020 | Jul. 6, 2020 | Jul. 6, 2020 | ||||||
Floating Rate Senior Notes Due July 6, 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | CAD | CAD 500 | |||||||||
Debt Instrument, Maturity Date | Jul. 6, 2020 | Jul. 6, 2020 | Jul. 6, 2020 | Jul. 6, 2020 | ||||||
Two Point Two Five Zero Percent Notes due June 5, 2017 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 1,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | 2.25% | 2.25% | 2.25% | ||||||
Debt Instrument, Maturity Date | Jun. 5, 2017 | Jun. 5, 2017 | Jun. 5, 2017 | Jun. 5, 2017 | ||||||
Six Point One Two Five Percent Notes due August 23, 2018 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 1,035 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.125% | 6.125% | 6.125% | 6.125% | ||||||
Debt Instrument, Maturity Date | Aug. 23, 2018 | Aug. 23, 2018 | Aug. 23, 2018 | Aug. 23, 2018 | ||||||
Five Point Three Seven Five Percent Notes due February 10, 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 900 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | 5.375% | 5.375% | 5.375% | ||||||
Debt Instrument, Maturity Date | Feb. 10, 2020 | Feb. 10, 2020 | Feb. 10, 2020 | Feb. 10, 2020 | ||||||
Three Point Five Zero Zero Notes due June 6, 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 2,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | 3.50% | 3.50% | 3.50% | ||||||
Debt Instrument, Maturity Date | Jun. 6, 2022 | Jun. 6, 2022 | Jun. 6, 2022 | Jun. 6, 2022 | ||||||
Six Point Eight Seven Five Percent Notes due January 26, 2039 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 878 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% | 6.875% | 6.875% | ||||||
Debt Instrument, Maturity Date | Jan. 26, 2039 | Jan. 26, 2039 | Jan. 26, 2039 | Jan. 26, 2039 | ||||||
Six Point Five Zero Zero Notes due February 9, 2040 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 787 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% | 6.50% | 6.50% | ||||||
Debt Instrument, Maturity Date | Feb. 9, 2040 | Feb. 9, 2040 | Feb. 9, 2040 | Feb. 9, 2040 | ||||||
Five Point Zero Zero Zero Notes due June 4, 2042 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 2,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | 5.00% | 5.00% | ||||||
Debt Instrument, Maturity Date | Jun. 4, 2042 | Jun. 4, 2042 | Jun. 4, 2042 | Jun. 4, 2042 |
Debt Long Term Debt as of Janua
Debt Long Term Debt as of January 3, 2016 (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 03, 2016 | Dec. 28, 2014 | |
Debt Instrument [Line Items] | ||
Capital lease obligations | $ 129 | $ 63 |
Total long-term debt | 25,230 | 13,369 |
Current portion of long-term debt | 79 | 11 |
Total long-term debt, excluding current portion | $ 25,151 | 13,358 |
Four Point Eight Seven Five Percent Second Lien Senior Secured Notes Due February 15, 2025 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Feb. 15, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | |
Long-term Debt | $ 1,190 | |
Two Point Zero Zero Zero Percent Senior Notes due June 30, 2023 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jun. 30, 2023 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | |
Long-term Debt | $ 803 | |
Four Point One Two Five Percent Senior Notes Due July 1, 2027 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jul. 1, 2027 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.125% | |
Long-term Debt | $ 584 | |
US Dollar Notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 9,916 | |
Debt Instrument, Maturity Year Range, Start | 2,017 | |
Debt Instrument, Maturity Year Range, End | 2,045 | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.60% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 5.20% | |
Canadian Dollar Notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 720 | |
Debt Instrument, Maturity Year Range, Start | 2,018 | |
Debt Instrument, Maturity Year Range, End | 2,020 | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.598% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 2.70% | |
Kraft Notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 9,179 | |
Debt Instrument, Maturity Year Range, Start | 2,017 | |
Debt Instrument, Maturity Year Range, End | 2,040 | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.25% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 6.875% | |
Senior Unsecured Term Loan Facility Floating Rate (LIBOR plus 1.250 percent) due July 6, 2022 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jul. 6, 2022 | |
Debt Instrument, Interest Rate, Stated Percentage | 1.573% | |
Long-term Debt | $ 596 | |
Other Long-term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 2,113 | $ 1,022 |
Debt Instrument, Maturity Year Range, Start | 2,016 | 2,016 |
Debt Instrument, Maturity Year Range, End | 2,039 | 2,032 |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.50% | 1.50% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 7.125% | 6.75% |
Debt Aggregate Maturities of Lo
Debt Aggregate Maturities of Long-Term Debt (Details) $ in Millions | Jan. 03, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 60 |
2,017 | 2,019 |
2,018 | 2,682 |
2,019 | 4 |
2,020 | 3,582 |
Thereafter | $ 16,138 |
Preferred Stock and Warrants Ad
Preferred Stock and Warrants Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 07, 2013 | Jun. 28, 2015 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 |
Preferred Units [Line Items] | |||||
Preferred Stock, Shares Authorized | 1,000,000 | ||||
Warrants | $ 367 | $ 0 | $ 367 | ||
Berkshire Hathaway | |||||
Preferred Units [Line Items] | |||||
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Warrants Issued | 46,000,000 | 20,000,000 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 8,000 | ||||
Common Shares Purchased When Warrant Was Exercised | 46,000,000 | ||||
Nine point zero zero percent Series A cumulative redeemable preferred stock | |||||
Preferred Units [Line Items] | |||||
Preferred Stock, Shares Authorized | 80,000 | 80,000 | |||
9.00% Series A cumulative redeemable preferred stock, 80,000 shares issued | 80,000 | 80,000 | |||
9.00% Series A cumulative redeemable preferred stock, dividend percentage | 9.00% | 9.00% | |||
Preferred Stock, Value, Outstanding | $ 7,600 | ||||
Nine point zero zero percent Series A cumulative redeemable preferred stock | Berkshire Hathaway | |||||
Preferred Units [Line Items] | |||||
9.00% Series A cumulative redeemable preferred stock, 80,000 shares issued | 80,000 | ||||
9.00% Series A cumulative redeemable preferred stock, dividend percentage | 9.00% | 9.00% | |||
Preferred Stock, Liquidation Preference Per Share | $ 100,000 | ||||
Nine point zero zero percent Series A cumulative redeemable preferred stock | Berkshire Hathaway | June 7, 2016 through June 6, 2017 | |||||
Preferred Units [Line Items] | |||||
Preferred Stock, Redemption Price Per Share | 104,000 | ||||
Nine point zero zero percent Series A cumulative redeemable preferred stock | Berkshire Hathaway | June 7, 2017 through June 6, 2018 | |||||
Preferred Units [Line Items] | |||||
Preferred Stock, Redemption Price Per Share | 105,000 | ||||
Nine point zero zero percent Series A cumulative redeemable preferred stock | Berkshire Hathaway | June 7, 2018 through June 6, 2019 | |||||
Preferred Units [Line Items] | |||||
Preferred Stock, Redemption Price Per Share | 106,000 | ||||
Nine point zero zero percent Series A cumulative redeemable preferred stock | Berkshire Hathaway | June 7, 2019 through June 6, 2020 | |||||
Preferred Units [Line Items] | |||||
Preferred Stock, Redemption Price Per Share | 107,000 | ||||
Nine point zero zero percent Series A cumulative redeemable preferred stock | Berkshire Hathaway | After June 7, 2020 | |||||
Preferred Units [Line Items] | |||||
Preferred Stock, Redemption Price Per Share | 108,000 | ||||
Nine point zero zero percent Series A cumulative redeemable preferred stock | Berkshire Hathaway | After June 7, 2021 | |||||
Preferred Units [Line Items] | |||||
Preferred Stock, Redemption Price Per Share | $ 108,000 | ||||
Successor | |||||
Preferred Units [Line Items] | |||||
Accretion of Series A Preferred Stock to redemption value | $ 687 | $ 0 | $ 0 | ||
Successor | Nine point zero zero percent Series A cumulative redeemable preferred stock | Berkshire Hathaway | June 7, 2016 through June 6, 2017 | |||||
Preferred Units [Line Items] | |||||
Accretion of Series A Preferred Stock to redemption value | $ 687 |
Common Stock (Details)
Common Stock (Details) - $ / shares | Jul. 02, 2015 | Jan. 03, 2016 | Dec. 28, 2014 | Jun. 07, 2013 |
Class of Stock [Line Items] | ||||
Common Stock, shares authorized | 5,000,000,000 | 4,000,000,000 | ||
H. J. Heinz Company | ||||
Class of Stock [Line Items] | ||||
Business Acquisition, Share Price | $ 72.50 | |||
H.J. Heinz Holding Corporation | ||||
Class of Stock [Line Items] | ||||
Business Acquisition, Common Stock of Parent, Conversion Ratio to Common Stock of Successor Company | 0.443332 | |||
H.J. Heinz Holding Corporation | Kraft Shareholders | ||||
Class of Stock [Line Items] | ||||
Business Acquisition, Common Stock of Subsidiary, Conversion Ratio to Common Stock of Parent | 1 |
Common Stock Common Stock Table
Common Stock Common Stock Table (Details) - shares | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Class of Stock [Line Items] | |||||
Common stock, shares issued, beginning of period | 377,010,463 | ||||
Common Stock, shares, outstanding, beginning of period | 377,010,463 | ||||
Common stock, shares issued, end of period | 1,214,391,614 | 377,010,463 | |||
Common stock, shares outstanding, end of period | 1,213,978,752 | 377,010,463 | |||
Predecessor | |||||
Class of Stock [Line Items] | |||||
Common stock, shares issued, beginning of period | 431,096,000 | 431,096,000 | |||
Treasury stock, shares, beginning of period | (109,830,000) | (110,871,000) | |||
Common Stock, shares, outstanding, beginning of period | 321,266,000 | 320,225,000 | |||
Exercise of stock options, issuance of other stock awards, and other-shares issued | 0 | 0 | |||
Exercise of stock options, issuance of other stock awards, and other-treasury shares | 33,000 | 1,041,000 | |||
Exercise of stock options, issuance of other stock awards, and other-shares outstanding | 33,000 | 1,041,000 | |||
Common stock, shares issued, end of period | 431,096,000 | 431,096,000 | |||
Treasury stock, shares, end of period | (109,797,000) | (109,830,000) | |||
Common stock, shares outstanding, end of period | 321,299,000 | 321,266,000 | |||
Successor | |||||
Class of Stock [Line Items] | |||||
Common stock, shares issued, beginning of period | 0 | 377,010,000 | 376,832,000 | ||
Treasury stock, shares, beginning of period | 0 | 0 | 0 | ||
Common Stock, shares, outstanding, beginning of period | 0 | 377,010,000 | 376,832,000 | ||
Exercise of Warrants-Shares | 20,480,000 | ||||
Issuance of common stock to Sponsors-shares | 376,832,000 | 221,666,000 | |||
Acquisition of Kraft Foods Group, Inc. | 592,898,000 | ||||
Exercise of stock options, issuance of other stock awards, and other-shares issued | 2,338,000 | 178,000 | |||
Exercise of stock options, issuance of other stock awards, and other-treasury shares | (413,000) | 0 | |||
Exercise of stock options, issuance of other stock awards, and other-shares outstanding | 1,925,000 | 178,000 | |||
Common stock, shares issued, end of period | 376,832,000 | 1,214,392,000 | 377,010,000 | ||
Treasury stock, shares, end of period | 0 | (413,000) | 0 | ||
Common stock, shares outstanding, end of period | 376,832,000 | 1,213,979,000 | 377,010,000 |
Financing Arrangements Addition
Financing Arrangements Additional Information (Details) € in Millions, £ in Millions, NZD in Millions, AUD in Millions, $ in Millions | 12 Months Ended | ||||||
Jan. 03, 2016USD ($) | Jan. 03, 2016EUR (€) | Jan. 03, 2016GBP (£) | Jan. 03, 2016NZD | Jan. 03, 2016AUD | Oct. 09, 2015USD ($) | Dec. 28, 2014USD ($) | |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||||
Amount of accounts receivable securitization program | € 35 | £ 90 | NZD 50 | AUD 70 | |||
Amount of amended accounts receivable securitization program | $ 150 | ||||||
Receivables derecognized under receivable securitization program | $ 267 | $ 284 | |||||
Fair value of deferred purchase price | $ 583 | $ 161 | |||||
Maximum | |||||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||||
Accounts receivables securitization program, cash consideration up to, percent | 95.00% |
Financial Instruments Additiona
Financial Instruments Additional Information (Details) € in Millions, £ in Millions, $ in Millions | 12 Months Ended | |||
Jan. 03, 2016USD ($) | Jan. 03, 2016EUR (€) | Jan. 03, 2016GBP (£) | Dec. 28, 2014USD ($) | |
Derivative [Line Items] | ||||
Derivative, collateral, obligation to return cash | $ 44 | $ 141 | ||
Derivative, collateral, right to reclaim cash | 44 | $ 141 | ||
Loss on discontinuation of interest rate cash flow hedges | $ 227 | |||
Maximum length of time hedged in foreign currency cash flow hedge | 2 years | |||
Maximum length of time hedged in cross-currency net investment hedges | 4 years | |||
Foreign exchange contracts | ||||
Derivative [Line Items] | ||||
Cash flow hedge gain (loss) to be reclassified within 12 months | $ 60 | |||
Foreign exchange contracts | Not designated as hedging instrument | ||||
Derivative [Line Items] | ||||
Derivative, term | 3 years | |||
Cross-currency contracts | Euro Member Countries, Euro | ||||
Derivative [Line Items] | ||||
Derivative asset, notional amount | $ 1,100 | |||
Derivative asset, notional amount unwound during the period | 1,900 | |||
Cross-currency contracts | United Kingdom, Pounds | ||||
Derivative [Line Items] | ||||
Derivative asset, notional amount | 1,400 | |||
Derivative asset, notional amount unwound during the period | 3,200 | |||
Cross-currency contracts | Australia, Dollars | ||||
Derivative [Line Items] | ||||
Derivative asset, notional amount unwound during the period | 750 | |||
Cross-currency contracts | Japan, Yen | ||||
Derivative [Line Items] | ||||
Derivative asset, notional amount unwound during the period | 50 | |||
Interest rate contracts | Not designated as hedging instrument | ||||
Derivative [Line Items] | ||||
Derivative asset, notional amount unwound during the period | 7,900 | |||
Net Investment Hedging | Designated as hedging instrument | ||||
Derivative [Line Items] | ||||
Net deferred gains/(losses) on net investment hedges | $ 65 | |||
Net Investment Hedging | Debt | Designated as hedging instrument | Euro Member Countries, Euro | ||||
Derivative [Line Items] | ||||
Derivative, amount of hedged item | € | € 750 | |||
Net Investment Hedging | Debt | Designated as hedging instrument | United Kingdom, Pounds | ||||
Derivative [Line Items] | ||||
Derivative, amount of hedged item | £ | £ 400 |
Financial Instruments Outstandi
Financial Instruments Outstanding Notional Amounts (Details) - USD ($) $ in Millions | Jan. 03, 2016 | Dec. 28, 2014 |
Commodity contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 787 | $ 0 |
Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 3,458 | 4,607 |
Cross-currency contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 4,328 | 9,900 |
Interest rate contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 0 | $ 7,921 |
Financial Instruments Fair Valu
Financial Instruments Fair Values (Details) - USD ($) $ in Millions | Jan. 03, 2016 | Dec. 28, 2014 |
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | $ 811 | $ 574 |
Derivative liability, fair value, gross liability | 55 | 141 |
Commodity contracts | Not designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 25 | |
Derivative liability, fair value, gross liability | 36 | |
Foreign exchange contracts | Designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 46 | 46 |
Derivative liability, fair value, gross liability | 6 | 15 |
Foreign exchange contracts | Not designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 88 | 169 |
Derivative liability, fair value, gross liability | 13 | 108 |
Interest rate contracts | Designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 2 | |
Derivative liability, fair value, gross liability | 16 | |
Cross-currency contracts | Designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 605 | 357 |
Derivative liability, fair value, gross liability | 0 | 2 |
Cross-currency contracts | Not designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 47 | |
Derivative liability, fair value, gross liability | 0 | |
Level 1 | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 24 | 0 |
Derivative liability, fair value, gross liability | 29 | 0 |
Level 1 | Commodity contracts | Not designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 24 | |
Derivative liability, fair value, gross liability | 29 | |
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 | Interest rate contracts | Designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 0 | |
Derivative liability, fair value, gross liability | 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 | |
Derivative liability, fair value, gross liability | 0 | |
Level 2 | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 787 | 574 |
Derivative liability, fair value, gross liability | 26 | 141 |
Level 2 | Commodity contracts | Not designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 1 | |
Derivative liability, fair value, gross liability | 7 | |
Level 2 | Foreign exchange contracts | Designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 46 | 46 |
Derivative liability, fair value, gross liability | 6 | 15 |
Level 2 | Foreign exchange contracts | Not designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 88 | 169 |
Derivative liability, fair value, gross liability | 13 | 108 |
Level 2 | Interest rate contracts | Designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 2 | |
Derivative liability, fair value, gross liability | 16 | |
Level 2 | Cross-currency contracts | Designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 605 | 357 |
Derivative liability, fair value, gross liability | 0 | 2 |
Level 2 | Cross-currency contracts | Not designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 47 | |
Derivative liability, fair value, gross liability | 0 | |
Level 3 | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 0 | 0 |
Derivative liability, fair value, gross liability | 0 | 0 |
Level 3 | Commodity contracts | Not designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 0 | |
Derivative liability, fair value, gross liability | 0 | |
Level 3 | 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 3 | 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 3 | Interest rate contracts | Designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 0 | |
Derivative liability, fair value, gross liability | 0 | |
Level 3 | 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 3 | Cross-currency contracts | Not designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 0 | |
Derivative liability, fair value, gross liability | $ 0 |
Financial Instruments Cross-Cur
Financial Instruments Cross-Currency Swaps (Details) - Jan. 03, 2016 - Cross-currency contracts € in Billions, £ in Billions, CAD in Billions, $ in Billions | USD ($) | EUR (€) | CAD | GBP (£) |
United Kingdom, Pounds | ||||
Derivative [Line Items] | ||||
Derivative liability, notional amount | £ | £ 0.8 | |||
Derivative asset, notional amount | $ 1.4 | |||
Euro Member Countries, Euro | ||||
Derivative [Line Items] | ||||
Derivative liability, notional amount | € | € 0.9 | |||
Derivative asset, notional amount | 1.1 | |||
Canada, Dollars | ||||
Derivative [Line Items] | ||||
Derivative liability, notional amount | CAD | CAD 1.8 | |||
Derivative asset, notional amount | $ 1.6 |
Financial Instruments Gain_(Los
Financial Instruments Gain/(Loss) Recognized in Statements of Operations (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Successor | Commodity contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | $ 0 | $ (57) | $ 0 | ||
Successor | Foreign exchange contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | (27) | 136 | 156 | ||
Successor | Cross-currency contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 53 | 0 | ||
Successor | Cross-currency interest rate swap contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | 0 | ||
Successor | Interest rate contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 118 | (231) | 0 | ||
Successor | Designated as hedging instrument | Commodity contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 0 | 0 | 0 | ||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | 0 | ||
Successor | Designated as hedging instrument | Foreign exchange contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 30 | 73 | 21 | ||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 4 | 44 | 5 | ||
Successor | Designated as hedging instrument | Cross-currency contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | (191) | 736 | 545 | ||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | 0 | ||
Successor | Designated as hedging instrument | Cross-currency interest rate swap contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 0 | 0 | 0 | ||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | 0 | ||
Successor | Designated as hedging instrument | Interest rate contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 147 | (111) | (289) | ||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | (239) | 0 | ||
Successor | Not designated as hedging instrument | Commodity contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | (57) | 0 | ||
Successor | Not designated as hedging instrument | Foreign exchange contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | (31) | 92 | 151 | ||
Successor | Not designated as hedging instrument | Cross-currency contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 53 | 0 | ||
Successor | Not designated as hedging instrument | Cross-currency interest rate swap contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | 0 | ||
Successor | Not designated as hedging instrument | Interest rate contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 118 | 8 | 0 | ||
Successor | Not designated as hedging instrument | Cost of products sold | Commodity contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Unrealized Gain (Loss) on Derivatives | 0 | 0 | 0 | ||
Total amount recognized in statement of income | (57) | 0 | |||
Successor | Not designated as hedging instrument | Cost of products sold | Foreign exchange contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Unrealized Gain (Loss) on Derivatives | 0 | 0 | 75 | ||
Total amount recognized in statement of income | 0 | 0 | |||
Successor | Not designated as hedging instrument | Cost of products sold | Cross-currency contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Unrealized Gain (Loss) on Derivatives | 0 | 0 | 0 | ||
Total amount recognized in statement of income | 0 | 0 | |||
Successor | Not designated as hedging instrument | Cost of products sold | Cross-currency interest rate swap contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Unrealized Gain (Loss) on Derivatives | 0 | 0 | 0 | ||
Total amount recognized in statement of income | 0 | 0 | |||
Successor | Not designated as hedging instrument | Cost of products sold | Interest rate contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Unrealized Gain (Loss) on Derivatives | 118 | 0 | 0 | ||
Total amount recognized in statement of income | 0 | 0 | |||
Successor | Not designated as hedging instrument | Other income/(expense), net | Commodity contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | 0 | ||
Successor | Not designated as hedging instrument | Other income/(expense), net | Foreign exchange contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | (31) | 92 | 76 | ||
Successor | Not designated as hedging instrument | Other income/(expense), net | Cross-currency contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 53 | 0 | ||
Successor | Not designated as hedging instrument | Other income/(expense), net | Cross-currency interest rate swap contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | 0 | ||
Successor | Not designated as hedging instrument | Other income/(expense), net | Interest rate contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 8 | 0 | ||
Successor | Cash Flow Hedging | Designated as hedging instrument | Commodity contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 0 | 0 | 0 | ||
Successor | Cash Flow Hedging | Designated as hedging instrument | Foreign exchange contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 30 | 73 | 21 | ||
Successor | Cash Flow Hedging | Designated as hedging instrument | Cross-currency contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 0 | 0 | 0 | ||
Successor | Cash Flow Hedging | Designated as hedging instrument | Cross-currency interest rate swap contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 0 | 0 | 0 | ||
Successor | Cash Flow Hedging | Designated as hedging instrument | Interest rate contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 147 | (111) | (289) | ||
Successor | Cash Flow Hedging | Designated as hedging instrument | Net sales | Commodity contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | 0 | ||
Successor | Cash Flow Hedging | Designated as hedging instrument | Net sales | Foreign exchange contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | (1) | (2) | (1) | ||
Successor | Cash Flow Hedging | Designated as hedging instrument | Net sales | Cross-currency contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | 0 | ||
Successor | Cash Flow Hedging | Designated as hedging instrument | Net sales | Cross-currency interest rate swap contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | 0 | ||
Successor | Cash Flow Hedging | Designated as hedging instrument | Net sales | Interest rate contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | 0 | ||
Successor | Cash Flow Hedging | Designated as hedging instrument | Cost of products sold | Commodity contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gain/(loss) recognized in income (effective portion) | 0 | 0 | 0 | ||
Successor | Cash Flow Hedging | Designated as hedging instrument | Cost of products sold | Foreign exchange contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gain/(loss) recognized in income (effective portion) | 3 | 45 | 5 | ||
Successor | Cash Flow Hedging | Designated as hedging instrument | Cost of products sold | Cross-currency contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gain/(loss) recognized in income (effective portion) | 0 | 0 | 0 | ||
Successor | Cash Flow Hedging | Designated as hedging instrument | Cost of products sold | Cross-currency interest rate swap contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gain/(loss) recognized in income (effective portion) | 0 | 0 | 0 | ||
Successor | Cash Flow Hedging | Designated as hedging instrument | Cost of products sold | Interest rate contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gain/(loss) recognized in income (effective portion) | 0 | 0 | 0 | ||
Successor | Cash Flow Hedging | Designated as hedging instrument | Other income/(expense), net | Commodity contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | 0 | ||
Successor | Cash Flow Hedging | Designated as hedging instrument | Other income/(expense), net | Foreign exchange contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 2 | 1 | 1 | ||
Successor | Cash Flow Hedging | Designated as hedging instrument | Other income/(expense), net | Cross-currency contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | 0 | ||
Successor | Cash Flow Hedging | Designated as hedging instrument | Other income/(expense), net | Cross-currency interest rate swap contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | 0 | ||
Successor | Cash Flow Hedging | Designated as hedging instrument | Other income/(expense), net | Interest rate contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | 0 | ||
Successor | Cash Flow Hedging | Designated as hedging instrument | Interest expense | Commodity contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | |||
Successor | Cash Flow Hedging | Designated as hedging instrument | Interest expense | Foreign exchange contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | |||
Successor | Cash Flow Hedging | Designated as hedging instrument | Interest expense | Cross-currency contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | |||
Successor | Cash Flow Hedging | Designated as hedging instrument | Interest expense | Cross-currency interest rate swap contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | |||
Successor | Cash Flow Hedging | Designated as hedging instrument | Interest expense | Interest rate contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | (239) | 0 | |||
Successor | Net Investment Hedging | Designated as hedging instrument | Commodity contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 0 | 0 | 0 | ||
Successor | Net Investment Hedging | Designated as hedging instrument | Foreign exchange contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 0 | 0 | 0 | ||
Successor | Net Investment Hedging | Designated as hedging instrument | Cross-currency contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | (191) | 736 | 545 | ||
Successor | Net Investment Hedging | Designated as hedging instrument | Cross-currency interest rate swap contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 0 | 0 | 0 | ||
Successor | Net Investment Hedging | Designated as hedging instrument | Interest rate contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 0 | $ 0 | $ 0 | ||
Successor | Fair Value Hedging | Designated as hedging instrument | Other income/(expense), net | Commodity contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | ||||
Successor | Fair Value Hedging | Designated as hedging instrument | Other income/(expense), net | Foreign exchange contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | ||||
Successor | Fair Value Hedging | Designated as hedging instrument | Other income/(expense), net | Cross-currency contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | ||||
Successor | Fair Value Hedging | Designated as hedging instrument | Other income/(expense), net | Cross-currency interest rate swap contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | ||||
Successor | Fair Value Hedging | Designated as hedging instrument | Other income/(expense), net | Interest rate contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | $ 0 | ||||
Predecessor | Commodity contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | $ 0 | $ 0 | |||
Predecessor | Foreign exchange contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | (3) | 12 | |||
Predecessor | Cross-currency contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | |||
Predecessor | Cross-currency interest rate swap contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | (10) | (5) | |||
Predecessor | Interest rate contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | (6) | (4) | |||
Predecessor | Designated as hedging instrument | Commodity contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 0 | ||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | |||
Predecessor | Designated as hedging instrument | Foreign exchange contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 3 | ||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 1 | 20 | |||
Predecessor | Designated as hedging instrument | Cross-currency contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 0 | ||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | |||
Predecessor | Designated as hedging instrument | Cross-currency interest rate swap contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | (4) | ||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | (10) | (75) | |||
Predecessor | Designated as hedging instrument | Interest rate contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 0 | ||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | |||
Predecessor | Not designated as hedging instrument | Commodity contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | ||||
Predecessor | Not designated as hedging instrument | Foreign exchange contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | (4) | ||||
Predecessor | Not designated as hedging instrument | Cross-currency contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | ||||
Predecessor | Not designated as hedging instrument | Cross-currency interest rate swap contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | ||||
Predecessor | Not designated as hedging instrument | Interest rate contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | ||||
Predecessor | Not designated as hedging instrument | Cost of products sold | Commodity contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Unrealized Gain (Loss) on Derivatives | 0 | ||||
Predecessor | Not designated as hedging instrument | Cost of products sold | Foreign exchange contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Unrealized Gain (Loss) on Derivatives | 0 | ||||
Predecessor | Not designated as hedging instrument | Cost of products sold | Cross-currency contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Unrealized Gain (Loss) on Derivatives | 0 | ||||
Predecessor | Not designated as hedging instrument | Cost of products sold | Cross-currency interest rate swap contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Unrealized Gain (Loss) on Derivatives | 0 | ||||
Predecessor | Not designated as hedging instrument | Cost of products sold | Interest rate contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Unrealized Gain (Loss) on Derivatives | 0 | ||||
Predecessor | Not designated as hedging instrument | Other income/(expense), net | Commodity contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | |||
Predecessor | Not designated as hedging instrument | Other income/(expense), net | Foreign exchange contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | (4) | (8) | |||
Predecessor | Not designated as hedging instrument | Other income/(expense), net | Cross-currency contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | |||
Predecessor | Not designated as hedging instrument | Other income/(expense), net | Cross-currency interest rate swap contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | |||
Predecessor | Not designated as hedging instrument | Other income/(expense), net | Interest rate contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | (1) | |||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Commodity contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 0 | 0 | |||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Foreign exchange contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 3 | 48 | |||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Cross-currency contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 0 | 0 | |||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Cross-currency interest rate swap contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | (4) | (77) | |||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Interest rate contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 0 | 0 | |||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Net sales | Commodity contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | |||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Net sales | Foreign exchange contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 1 | 11 | |||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Net sales | Cross-currency contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | |||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Net sales | Cross-currency interest rate swap contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | |||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Net sales | Interest rate contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | |||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Cost of products sold | Commodity contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gain/(loss) recognized in income (effective portion) | 0 | 0 | |||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Cost of products sold | Foreign exchange contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gain/(loss) recognized in income (effective portion) | 2 | (5) | |||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Cost of products sold | Cross-currency contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gain/(loss) recognized in income (effective portion) | 0 | 0 | |||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Cost of products sold | Cross-currency interest rate swap contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gain/(loss) recognized in income (effective portion) | 0 | 0 | |||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Cost of products sold | Interest rate contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gain/(loss) recognized in income (effective portion) | 0 | 0 | |||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Other income/(expense), net | Commodity contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | |||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Other income/(expense), net | Foreign exchange contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | (2) | 14 | |||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Other income/(expense), net | Cross-currency contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | |||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Other income/(expense), net | Cross-currency interest rate swap contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | (10) | (70) | |||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Other income/(expense), net | Interest rate contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | |||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Interest expense | Commodity contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | ||||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Interest expense | Foreign exchange contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | ||||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Interest expense | Cross-currency contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | ||||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Interest expense | Cross-currency interest rate swap contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | (5) | ||||
Predecessor | Cash Flow Hedging | Designated as hedging instrument | Interest expense | Interest rate contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | ||||
Predecessor | Net Investment Hedging | Designated as hedging instrument | Commodity contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 0 | ||||
Predecessor | Net Investment Hedging | Designated as hedging instrument | Foreign exchange contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 0 | ||||
Predecessor | Net Investment Hedging | Designated as hedging instrument | Cross-currency contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 0 | ||||
Predecessor | Net Investment Hedging | Designated as hedging instrument | Cross-currency interest rate swap contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 0 | ||||
Predecessor | Net Investment Hedging | Designated as hedging instrument | Interest rate contracts | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Net gains recognized in other comprehensive loss (effective portion) | 0 | ||||
Predecessor | Fair Value Hedging | Designated as hedging instrument | Other income/(expense), net | Commodity contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | |||
Predecessor | Fair Value Hedging | Designated as hedging instrument | Other income/(expense), net | Foreign exchange contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | |||
Predecessor | Fair Value Hedging | Designated as hedging instrument | Other income/(expense), net | Cross-currency contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 0 | |||
Predecessor | Fair Value Hedging | Designated as hedging instrument | Other income/(expense), net | Cross-currency interest rate swap contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | 0 | 70 | |||
Predecessor | Fair Value Hedging | Designated as hedging instrument | Other income/(expense), net | Interest rate contracts | |||||
Derivatives not designated as hedging instruments: | |||||
Total amount recognized in statement of income | $ (6) | $ (3) |
Venezuela - Foreign Currency131
Venezuela - Foreign Currency and Inflation Additional Information (Details) VEF in Millions, $ in Millions | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 03, 2016USD ($) | Jun. 28, 2015USD ($)VEF / $ | Jan. 03, 2016USD ($)exchange_rateVEF / $ | Jun. 28, 2015USD ($)VEF / $ | Dec. 28, 2014USD ($) | Dec. 28, 2014VEF | Feb. 18, 2016VEF / $ | |
Foreign Currency [Line Items] | |||||||
Number of exchange rates legally available to us in Venezuela | exchange_rate | 3 | ||||||
Foreign currency exchange rate, translation | VEF / $ | 197.7 | 197.7 | |||||
Cash exchanged on SICAD II Exchange Market | VEF | VEF 164 | ||||||
Cash received on SICAD II Market | $ 3 | ||||||
Nonmonetary currency devaluation | $ 234 | $ 23 | |||||
Outstanding requests for currency settlements at the official exchange rate | $ 26 | ||||||
Nonmonetary currency devaluation | $ 49 | ||||||
Net Sales Attributable to Venezuela | 10 | $ 352 | |||||
Operating Income/(Loss) Attributable to Venezuela | $ (8) | $ 51 | |||||
Official CENCOEX BsF Rate | |||||||
Foreign Currency [Line Items] | |||||||
Foreign currency exchange rate, translation | VEF / $ | 6.30 | ||||||
Venezuelan BsF on SICAD Market | |||||||
Foreign Currency [Line Items] | |||||||
Foreign currency exchange rate, translation | VEF / $ | 12 | ||||||
Venezuelan BsF on SIMADI Market, Period End Average | |||||||
Foreign Currency [Line Items] | |||||||
Foreign currency exchange rate, translation | VEF / $ | 198 | ||||||
Venezuelan BsF on SICAD II Market | |||||||
Foreign Currency [Line Items] | |||||||
Foreign currency exchange rate, translation | VEF / $ | 50 | ||||||
Subsequent Event | |||||||
Foreign Currency [Line Items] | |||||||
Cash payments at official exchange rate | $ 2 | ||||||
Subsequent Event | Official CENCOEX BsF Rate | |||||||
Foreign Currency [Line Items] | |||||||
Foreign currency exchange rate, translation | VEF / $ | 10 |
Commitments and Contingencies L
Commitments and Contingencies Legal Proceedings (Details) | Jan. 03, 2016lawsuit |
Loss Contingency [Abstract] | |
Loss Contingency, Number of Lawsuits | 6 |
Commitments and Contingencies S
Commitments and Contingencies Schedule of Rental Payments for Operating Leases (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Successor | |||||
Other Commitments [Line Items] | |||||
Operating Leases, Rent Expense | $ 123 | $ 160 | $ 102 | ||
Predecessor | |||||
Other Commitments [Line Items] | |||||
Operating Leases, Rent Expense | $ 15 | $ 145 |
Commitments and Contingencie134
Commitments and Contingencies Schedule of Future Minimum Rental Payments for Operating Leases (Details) $ in Millions | Jan. 03, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 120 |
Operating Leases, Future Minimum Payments, Due in Two Years | 119 |
Operating Leases, Future Minimum Payments, Due in Three Years | 106 |
Operating Leases, Future Minimum Payments, Due in Four Years | 90 |
Operating Leases, Future Minimum Payments, Due in Five Years | 68 |
Operating Leases, Future Minimum Payments, Due Thereafter | 235 |
Operating Leases, Future Minimum Payments Due | $ 738 |
Commitments and Contingencies R
Commitments and Contingencies Redeemable Noncontrolling Interest (Details) - Coniexpress Sa Industrias Alimenticias | 12 Months Ended | ||
Apr. 28, 2013 | Jan. 03, 2016 | Apr. 01, 2011 | |
Redeemable Noncontrolling Interest [Line Items] | |||
Redeemable Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners, Exercised Put Option | 15.00% | ||
Redeemable Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 5.00% | 5.00% | 20.00% |
Earnings Per Share Basic and Di
Earnings Per Share Basic and Diluted (Loss)/Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 8 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||
Jun. 07, 2013 | Jan. 03, 2016 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 23, 2012 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Basic EPS | ||||||||||||||
Net (loss)/income from continuing operations attributable to Kraft Heinz | $ 645 | $ (123) | $ (164) | $ 276 | $ 163 | $ 172 | $ 127 | $ 195 | ||||||
Net (loss)/income attributable to common shareholders | $ 285 | $ (303) | $ (344) | $ 96 | $ (17) | $ (8) | $ (53) | $ 15 | ||||||
Basic (loss)/income per share (in dollars per share) | $ 0.23 | $ (0.27) | $ (0.91) | $ 0.26 | $ (0.04) | $ (0.02) | $ (0.14) | $ 0.04 | ||||||
Diluted EPS | ||||||||||||||
Diluted (loss)/income per share (in dollars per share) | $ 0.23 | $ (0.27) | $ (0.91) | $ 0.24 | $ (0.04) | $ (0.02) | $ (0.14) | $ 0.04 | ||||||
Successor | ||||||||||||||
Basic EPS | ||||||||||||||
Net (loss)/income from continuing operations attributable to Kraft Heinz | $ (1,118) | $ (266) | $ (63) | |||||||||||
Loss from discontinued operations, net of tax | (6) | 0 | 0 | |||||||||||
Net (loss)/income attributable to common shareholders | $ (1,124) | $ (266) | $ (63) | |||||||||||
Weighted average shares of common stock outstanding (in shares) | 377 | 786 | 377 | |||||||||||
Basic (loss)/income from continuing operations per common share (in dollars per share) | $ (2.97) | $ (0.34) | $ (0.17) | |||||||||||
Basic (loss)/income from discontinued operations per common share (in dollars per share) | (0.01) | 0 | 0 | |||||||||||
Basic (loss)/income per share (in dollars per share) | $ (2.98) | $ (0.34) | $ (0.17) | |||||||||||
Diluted EPS | ||||||||||||||
Net (loss)/income attributable to common shareholders | $ (1,124) | $ (266) | $ (63) | |||||||||||
Weighted average shares of common stock, including dilutive effect (in shares) | 377 | 786 | 377 | |||||||||||
Effect of dilutive stock options on basic (loss)/income per common share (in shares) | $ 0 | $ 0 | $ 0 | |||||||||||
Diluted (loss)/income from continuing operations per common share (in dollars per share) | $ (2.97) | $ (0.34) | $ (0.17) | |||||||||||
Diluted (loss)/income from discontinued operations per common share (in dollars per share) | (0.01) | 0 | 0 | |||||||||||
Diluted (loss)/income per share (in dollars per share) | $ (2.98) | $ (0.34) | $ (0.17) | |||||||||||
Predecessor | ||||||||||||||
Basic EPS | ||||||||||||||
Net (loss)/income from continuing operations attributable to Kraft Heinz | $ (194) | $ 1,088 | ||||||||||||
Loss from discontinued operations, net of tax | (1) | $ (36) | (75) | |||||||||||
Net (loss)/income attributable to common shareholders | $ (195) | $ 1,013 | ||||||||||||
Weighted average shares of common stock outstanding (in shares) | 321 | 321 | ||||||||||||
Basic (loss)/income from continuing operations per common share (in dollars per share) | $ (0.60) | $ 3.39 | ||||||||||||
Basic (loss)/income from discontinued operations per common share (in dollars per share) | (0.01) | (0.23) | ||||||||||||
Basic (loss)/income per share (in dollars per share) | $ (0.61) | $ 3.16 | ||||||||||||
Diluted EPS | ||||||||||||||
Net (loss)/income attributable to common shareholders | $ (195) | $ 1,013 | ||||||||||||
Weighted average shares of common stock, including dilutive effect (in shares) | 321 | 323 | ||||||||||||
Effect of dilutive stock options on basic (loss)/income per common share (in shares) | $ 0 | $ 2 | ||||||||||||
Diluted (loss)/income from continuing operations per common share (in dollars per share) | $ (0.60) | $ 3.37 | ||||||||||||
Diluted (loss)/income from discontinued operations per common share (in dollars per share) | (0.01) | (0.23) | ||||||||||||
Diluted (loss)/income per share (in dollars per share) | $ (0.61) | $ 3.14 |
Earnings Per Share Additional I
Earnings Per Share Additional Information (Details) - shares shares in Millions | 11 Months Ended | 12 Months Ended | |
Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | |
Successor | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from computation of earnings per share | 27 | 17 | 29 |
Segment Reporting Additional In
Segment Reporting Additional Information (Details) - segment | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Segment Reporting Information [Line Items] | |||||
Number of Segments | 4 | ||||
Number of reportable segments | 3 | ||||
Number of operating segments in Rest of World reportable segment | 3 | ||||
Successor | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Percentage | 10.00% | 20.00% | 10.00% | ||
Predecessor | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Percentage | 10.00% | 10.00% |
Segment Reporting Net Sales by
Segment Reporting Net Sales by Segment (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 8 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||
Jun. 07, 2013 | Jan. 03, 2016 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 23, 2012 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | $ 7,124 | $ 6,120 | $ 2,616 | $ 2,478 | $ 2,799 | $ 2,594 | $ 2,729 | $ 2,800 | ||||||
Successor | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | $ 6,240 | $ 18,338 | $ 10,922 | |||||||||||
Successor | United States | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 2,072 | 11,124 | 3,615 | |||||||||||
Successor | Canada | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 371 | 1,437 | 631 | |||||||||||
Successor | Europe | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 1,659 | 2,485 | 2,973 | |||||||||||
Successor | Rest of World | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | $ 2,138 | $ 3,292 | $ 3,703 | |||||||||||
Predecessor | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | $ 1,113 | $ 7,438 | $ 11,529 | |||||||||||
Predecessor | United States | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 371 | 3,857 | ||||||||||||
Predecessor | Canada | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 73 | 709 | ||||||||||||
Predecessor | Europe | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 269 | 3,049 | ||||||||||||
Predecessor | Rest of World | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | $ 400 | $ 3,914 |
Segment Reporting Segment Adjus
Segment Reporting Segment Adjusted EBITDA (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Jun. 28, 2015 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Segment Reporting Information [Line Items] | ||||||
Impairment losses | $ (58) | $ (58) | $ (221) | |||
Nonmonetary currency devaluation | $ (49) | |||||
Successor | ||||||
Segment Reporting Information [Line Items] | ||||||
General corporate expenses | $ (58) | (164) | (175) | |||
Depreciation and amortization (excluding integration and restructuring expenses) | (216) | (779) | (924) | |||
Integration and restructuring expenses | (411) | (1,117) | (743) | |||
Merger costs | (158) | (194) | (68) | |||
Amortization of inventory step-up | (383) | (347) | 0 | |||
Unrealized gains/(losses) on commodity hedges | 0 | 41 | (79) | |||
Impairment losses | 0 | (58) | (221) | |||
Gain on sale of business | 0 | 21 | 0 | |||
Nonmonetary currency devaluation | 0 | (57) | 0 | |||
Equity award compensation expense (excluding integration and restructuring expenses) | (5) | (61) | (108) | |||
Other pro forma adjustments | 0 | (1,549) | (2,815) | |||
Operating income/(loss) | (8) | 2,639 | 1,568 | |||
Interest expense | 409 | 1,321 | 686 | |||
Other expense/(income), net | (119) | 305 | 79 | |||
Income/(loss) from continuing operations before income taxes | (298) | 1,013 | 803 | |||
Successor | United States | ||||||
Segment Reporting Information [Line Items] | ||||||
Segment Adjusted EBITDA | 519 | 4,783 | 4,499 | |||
Successor | Canada | ||||||
Segment Reporting Information [Line Items] | ||||||
Segment Adjusted EBITDA | 99 | 541 | 615 | |||
Successor | Europe | ||||||
Segment Reporting Information [Line Items] | ||||||
Segment Adjusted EBITDA | 349 | 909 | 898 | |||
Successor | Rest of World | ||||||
Segment Reporting Information [Line Items] | ||||||
Segment Adjusted EBITDA | $ 256 | $ 670 | $ 689 | |||
Predecessor | ||||||
Segment Reporting Information [Line Items] | ||||||
General corporate expenses | $ (25) | $ (164) | ||||
Depreciation and amortization (excluding integration and restructuring expenses) | (34) | (340) | ||||
Integration and restructuring expenses | 6 | (1) | ||||
Merger costs | (112) | (45) | ||||
Amortization of inventory step-up | 0 | 0 | ||||
Unrealized gains/(losses) on commodity hedges | 0 | 0 | ||||
Impairment losses | 0 | 0 | ||||
Gain on sale of business | 0 | 0 | ||||
Nonmonetary currency devaluation | 0 | 0 | ||||
Equity award compensation expense (excluding integration and restructuring expenses) | (4) | (51) | ||||
Other pro forma adjustments | 0 | 0 | ||||
Operating income/(loss) | 28 | 1,662 | ||||
Interest expense | 35 | 284 | ||||
Other expense/(income), net | 123 | 34 | ||||
Income/(loss) from continuing operations before income taxes | (130) | 1,344 | ||||
Predecessor | United States | ||||||
Segment Reporting Information [Line Items] | ||||||
Segment Adjusted EBITDA | 81 | 932 | ||||
Predecessor | Canada | ||||||
Segment Reporting Information [Line Items] | ||||||
Segment Adjusted EBITDA | 16 | 175 | ||||
Predecessor | Europe | ||||||
Segment Reporting Information [Line Items] | ||||||
Segment Adjusted EBITDA | 42 | 671 | ||||
Predecessor | Rest of World | ||||||
Segment Reporting Information [Line Items] | ||||||
Segment Adjusted EBITDA | $ 58 | $ 485 |
Segment Reporting Depreciation
Segment Reporting Depreciation and Amortization Expense by Segment (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Successor | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | $ 280 | $ 740 | $ 530 | ||
Successor | United States | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 125 | 484 | 191 | ||
Successor | Canada | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 28 | 36 | 83 | ||
Successor | Europe | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 60 | 83 | 121 | ||
Successor | Rest of World | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 55 | 88 | 103 | ||
Successor | Non-operating | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | $ 12 | $ 49 | $ 32 | ||
Predecessor | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | $ 40 | $ 344 | |||
Predecessor | United States | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 12 | 104 | |||
Predecessor | Canada | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 4 | 23 | |||
Predecessor | Europe | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 9 | 90 | |||
Predecessor | Rest of World | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 10 | 96 | |||
Predecessor | Non-operating | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | $ 5 | $ 31 |
Segment Reporting Capital Expen
Segment Reporting Capital Expenditures by Segment (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Successor | |||||
Segment Reporting Information [Line Items] | |||||
Capital expenditures | $ 202 | $ 648 | $ 399 | ||
Successor | United States | |||||
Segment Reporting Information [Line Items] | |||||
Capital expenditures | 42 | 377 | 146 | ||
Successor | Canada | |||||
Segment Reporting Information [Line Items] | |||||
Capital expenditures | 5 | 19 | 2 | ||
Successor | Europe | |||||
Segment Reporting Information [Line Items] | |||||
Capital expenditures | 40 | 102 | 95 | ||
Successor | Rest of World | |||||
Segment Reporting Information [Line Items] | |||||
Capital expenditures | 67 | 103 | 93 | ||
Successor | Non-operating | |||||
Segment Reporting Information [Line Items] | |||||
Capital expenditures | $ 48 | $ 47 | $ 63 | ||
Predecessor | |||||
Segment Reporting Information [Line Items] | |||||
Capital expenditures | $ 120 | $ 399 | |||
Predecessor | United States | |||||
Segment Reporting Information [Line Items] | |||||
Capital expenditures | 9 | 68 | |||
Predecessor | Canada | |||||
Segment Reporting Information [Line Items] | |||||
Capital expenditures | 1 | 39 | |||
Predecessor | Europe | |||||
Segment Reporting Information [Line Items] | |||||
Capital expenditures | 5 | 92 | |||
Predecessor | Rest of World | |||||
Segment Reporting Information [Line Items] | |||||
Capital expenditures | 6 | 144 | |||
Predecessor | Non-operating | |||||
Segment Reporting Information [Line Items] | |||||
Capital expenditures | $ 99 | $ 56 |
Segment Reporting Net Sales 143
Segment Reporting Net Sales by Product (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 8 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||
Jun. 07, 2013 | Jan. 03, 2016 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 23, 2012 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | $ 7,124 | $ 6,120 | $ 2,616 | $ 2,478 | $ 2,799 | $ 2,594 | $ 2,729 | $ 2,800 | ||||||
Successor | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | $ 6,240 | $ 18,338 | $ 10,922 | |||||||||||
Successor | Condiments and sauces | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | 3,081 | 5,846 | 5,489 | |||||||||||
Successor | Cheese and dairy | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | 0 | 2,795 | 0 | |||||||||||
Successor | Ambient meals | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | 865 | 1,858 | 1,544 | |||||||||||
Successor | Frozen and chilled meals | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | 1,199 | 2,210 | 2,000 | |||||||||||
Successor | Meats | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | 122 | 1,480 | 199 | |||||||||||
Successor | Refreshment beverages | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | 0 | 665 | 0 | |||||||||||
Successor | Coffee | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | 0 | 710 | 0 | |||||||||||
Successor | Infant/nutrition | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | 624 | 902 | 1,116 | |||||||||||
Successor | Desserts, toppings and baking | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | 0 | 521 | 0 | |||||||||||
Successor | Nuts and salted snacks | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | 0 | 562 | 0 | |||||||||||
Successor | Other | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | $ 349 | $ 789 | $ 574 | |||||||||||
Predecessor | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | $ 1,113 | $ 7,438 | $ 11,529 | |||||||||||
Predecessor | Condiments and sauces | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | 534 | 5,376 | ||||||||||||
Predecessor | Cheese and dairy | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | 0 | 0 | ||||||||||||
Predecessor | Ambient meals | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | 140 | 1,646 | ||||||||||||
Predecessor | Frozen and chilled meals | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | 199 | 2,318 | ||||||||||||
Predecessor | Meats | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | 20 | 277 | ||||||||||||
Predecessor | Refreshment beverages | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | 0 | 0 | ||||||||||||
Predecessor | Coffee | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | 0 | 0 | ||||||||||||
Predecessor | Infant/nutrition | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | 119 | 1,189 | ||||||||||||
Predecessor | Desserts, toppings and baking | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | 0 | 0 | ||||||||||||
Predecessor | Nuts and salted snacks | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | 0 | 0 | ||||||||||||
Predecessor | Other | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | $ 101 | $ 723 |
Segment Reporting Net Sales 144
Segment Reporting Net Sales by Country (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 8 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||
Jun. 07, 2013 | Jan. 03, 2016 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 23, 2012 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Net sales | $ 7,124 | $ 6,120 | $ 2,616 | $ 2,478 | $ 2,799 | $ 2,594 | $ 2,729 | $ 2,800 | ||||||
Successor | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Net sales | $ 6,240 | $ 18,338 | $ 10,922 | |||||||||||
Successor | United States | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Net sales | 2,072 | 11,124 | 3,615 | |||||||||||
Successor | Canada | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Net sales | 371 | 1,437 | 631 | |||||||||||
Successor | United Kingdom | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Net sales | 860 | 1,334 | 1,549 | |||||||||||
Successor | Other | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Net sales | $ 2,937 | $ 4,443 | $ 5,127 | |||||||||||
Predecessor | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Net sales | $ 1,113 | $ 7,438 | $ 11,529 | |||||||||||
Predecessor | United States | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Net sales | 371 | 3,857 | ||||||||||||
Predecessor | Canada | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Net sales | 73 | 709 | ||||||||||||
Predecessor | United Kingdom | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Net sales | 131 | 1,598 | ||||||||||||
Predecessor | Other | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Net sales | $ 538 | $ 5,365 |
Segment Reporting Long-lived As
Segment Reporting Long-lived Assets by Country (Details) - USD ($) $ in Millions | Jan. 03, 2016 | Dec. 28, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | $ 111,695 | $ 30,512 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | 94,504 | 15,957 |
United Kingdom | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | 6,742 | 6,777 |
Canada | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | 5,871 | 2,378 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | $ 4,578 | $ 5,400 |
Change in Fiscal Year End (Deta
Change in Fiscal Year End (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 8 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||
Jun. 07, 2013 | Jan. 03, 2016 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 23, 2012 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Net sales | $ 7,124 | $ 6,120 | $ 2,616 | $ 2,478 | $ 2,799 | $ 2,594 | $ 2,729 | $ 2,800 | ||||||
Gross profit | $ 2,404 | $ 1,628 | $ 882 | $ 847 | $ 895 | $ 767 | $ 803 | $ 812 | ||||||
Successor | ||||||||||||||
Net sales | $ 6,240 | $ 18,338 | $ 10,922 | |||||||||||
Gross profit | 1,332 | 5,761 | 3,277 | |||||||||||
(Benefit from)/provision for income taxes | (232) | 366 | 131 | |||||||||||
Net income/(loss) from continuing operations | (66) | 647 | 672 | |||||||||||
Loss from discontinued operations, net of tax | (6) | 0 | 0 | |||||||||||
Net income/(loss) attributable to Kraft Heinz | $ (77) | $ 634 | $ 657 | |||||||||||
Predecessor | ||||||||||||||
Net sales | $ 1,113 | $ 7,438 | $ 11,529 | |||||||||||
Gross profit | 320 | 2,282 | 3,571 | |||||||||||
(Benefit from)/provision for income taxes | 61 | 143 | 242 | |||||||||||
Net income/(loss) from continuing operations | (191) | 769 | 1,102 | |||||||||||
Loss from discontinued operations, net of tax | (1) | (36) | (75) | |||||||||||
Net income/(loss) attributable to Kraft Heinz | $ (195) | $ 722 | $ 1,013 |
Quarterly Financial Data (Un147
Quarterly Financial Data (Unaudited) Schedule of Quarterly Financial (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||||||
Jan. 03, 2016 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||
Net sales | $ 7,124 | $ 6,120 | $ 2,616 | $ 2,478 | $ 2,799 | $ 2,594 | $ 2,729 | $ 2,800 |
Gross profit | 2,404 | 1,628 | 882 | 847 | 895 | 767 | 803 | 812 |
Net (loss)/income from continuing operations attributable to Kraft Heinz, net of tax | 645 | (123) | (164) | 276 | 163 | 172 | 127 | 195 |
Net (loss)/income attributable to common shareholders | $ 285 | $ (303) | $ (344) | $ 96 | $ (17) | $ (8) | $ (53) | $ 15 |
Basic (loss)/income per share (in dollars per share) | $ 0.23 | $ (0.27) | $ (0.91) | $ 0.26 | $ (0.04) | $ (0.02) | $ (0.14) | $ 0.04 |
Diluted (loss)/income per share (in dollars per share) | $ 0.23 | $ (0.27) | $ (0.91) | $ 0.24 | $ (0.04) | $ (0.02) | $ (0.14) | $ 0.04 |
Quarterly Financial Data (Un148
Quarterly Financial Data (Unaudited) Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |||||
Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||
Revision to Previously Misclassified Customer Related Intangible Asset Amortization Effect of Revision on Selling, General, and Administrative Expenses | $ 16 | $ 16 | $ 17 | $ 17 | $ 17 | $ 17 |
Revision to Previously Misclassified Customer Related Intangible Asset Amortization Effect of Revision on Costs of Products Sold | $ (16) | $ (16) | $ (17) | $ (17) | $ (17) | $ (17) |
Supplemental Financial Infor149
Supplemental Financial Information Additional Information (Details) | 12 Months Ended |
Jan. 03, 2016 | |
Business Combinations [Abstract] | |
Percentage of Subsidiary Owned by Parent | 100.00% |
Supplemental Financial Infor150
Supplemental Financial Information Condensed Consolidating Statements of Operations (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 8 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||
Jun. 07, 2013 | Jan. 03, 2016 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 23, 2012 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Net sales | $ 7,124 | $ 6,120 | $ 2,616 | $ 2,478 | $ 2,799 | $ 2,594 | $ 2,729 | $ 2,800 | ||||||
Gross profit | $ 2,404 | $ 1,628 | $ 882 | $ 847 | $ 895 | $ 767 | $ 803 | $ 812 | ||||||
Successor | ||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Net sales | $ 6,240 | $ 18,338 | $ 10,922 | |||||||||||
Cost of products sold | 4,908 | 12,577 | 7,645 | |||||||||||
Gross profit | 1,332 | 5,761 | 3,277 | |||||||||||
Selling, general and administrative expenses | 1,340 | 3,122 | 1,709 | |||||||||||
Operating income/(loss) | (8) | 2,639 | 1,568 | |||||||||||
Interest expense | 409 | 1,321 | 686 | |||||||||||
Other expense/(income), net | (119) | 305 | 79 | |||||||||||
Income/(loss) from continuing operations before income taxes | (298) | 1,013 | 803 | |||||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | |||||||||||
(Benefit from)/provision for income taxes | (232) | 366 | 131 | |||||||||||
Net income/(loss) from continuing operations | (66) | 647 | 672 | |||||||||||
Loss from discontinued operations, net of tax | (6) | 0 | 0 | |||||||||||
Net income/(loss) | (72) | 647 | 672 | |||||||||||
Net income attributable to noncontrolling interest | 5 | 13 | 15 | |||||||||||
Net income/(loss) attributable to Kraft Heinz | (77) | 634 | 657 | |||||||||||
Comprehensive (loss)/income excluding noncontrolling interest | 155 | 537 | (149) | |||||||||||
Successor | Parent Guarantor | ||||||||||||||
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 | 0 | 0 | 0 | |||||||||||
Operating income/(loss) | 0 | 0 | 0 | |||||||||||
Interest expense | 0 | 0 | 0 | |||||||||||
Other expense/(income), net | 0 | 0 | 0 | |||||||||||
Income/(loss) from continuing operations before income taxes | 0 | 0 | 0 | |||||||||||
Equity in earnings of subsidiaries | (77) | 634 | 657 | |||||||||||
(Benefit from)/provision for income taxes | 0 | 0 | 0 | |||||||||||
Net income/(loss) from continuing operations | (77) | |||||||||||||
Loss from discontinued operations, net of tax | 0 | |||||||||||||
Net income/(loss) | (77) | 634 | 657 | |||||||||||
Net income attributable to noncontrolling interest | 0 | 0 | 0 | |||||||||||
Net income/(loss) attributable to Kraft Heinz | (77) | 634 | 657 | |||||||||||
Comprehensive (loss)/income excluding noncontrolling interest | 155 | 537 | (149) | |||||||||||
Successor | Subsidiary Issuer | ||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Net sales | 2,132 | 10,580 | 3,740 | |||||||||||
Cost of products sold | 1,638 | 7,298 | 2,663 | |||||||||||
Gross profit | 494 | 3,282 | 1,077 | |||||||||||
Selling, general and administrative expenses | 485 | 2,378 | 610 | |||||||||||
Operating income/(loss) | 9 | 904 | 467 | |||||||||||
Interest expense | 334 | 1,221 | 556 | |||||||||||
Other expense/(income), net | (63) | 140 | 104 | |||||||||||
Income/(loss) from continuing operations before income taxes | (262) | (457) | (193) | |||||||||||
Equity in earnings of subsidiaries | 88 | 899 | 694 | |||||||||||
(Benefit from)/provision for income taxes | (97) | (192) | (156) | |||||||||||
Net income/(loss) from continuing operations | (77) | |||||||||||||
Loss from discontinued operations, net of tax | 0 | |||||||||||||
Net income/(loss) | (77) | 634 | 657 | |||||||||||
Net income attributable to noncontrolling interest | 0 | 0 | 0 | |||||||||||
Net income/(loss) attributable to Kraft Heinz | (77) | 634 | 657 | |||||||||||
Comprehensive (loss)/income excluding noncontrolling interest | 155 | 537 | (149) | |||||||||||
Successor | Non-Guarantor Subsidiaries | ||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Net sales | 4,192 | 8,145 | 7,325 | |||||||||||
Cost of products sold | 3,354 | 5,666 | 5,125 | |||||||||||
Gross profit | 838 | 2,479 | 2,200 | |||||||||||
Selling, general and administrative expenses | 855 | 744 | 1,099 | |||||||||||
Operating income/(loss) | (17) | 1,735 | 1,101 | |||||||||||
Interest expense | 75 | 100 | 130 | |||||||||||
Other expense/(income), net | (56) | 165 | (25) | |||||||||||
Income/(loss) from continuing operations before income taxes | (36) | 1,470 | 996 | |||||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | |||||||||||
(Benefit from)/provision for income taxes | (135) | 558 | 287 | |||||||||||
Net income/(loss) from continuing operations | 99 | |||||||||||||
Loss from discontinued operations, net of tax | (6) | |||||||||||||
Net income/(loss) | 93 | 912 | 709 | |||||||||||
Net income attributable to noncontrolling interest | 5 | 13 | 15 | |||||||||||
Net income/(loss) attributable to Kraft Heinz | 88 | 899 | 694 | |||||||||||
Comprehensive (loss)/income excluding noncontrolling interest | 319 | (734) | (180) | |||||||||||
Successor | Eliminations | ||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Net sales | (84) | (387) | (143) | |||||||||||
Cost of products sold | (84) | (387) | (143) | |||||||||||
Gross profit | 0 | 0 | 0 | |||||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | |||||||||||
Operating income/(loss) | 0 | 0 | 0 | |||||||||||
Interest expense | 0 | 0 | 0 | |||||||||||
Other expense/(income), net | 0 | 0 | 0 | |||||||||||
Income/(loss) from continuing operations before income taxes | 0 | 0 | 0 | |||||||||||
Equity in earnings of subsidiaries | (11) | (1,533) | (1,351) | |||||||||||
(Benefit from)/provision for income taxes | 0 | 0 | 0 | |||||||||||
Net income/(loss) from continuing operations | (11) | |||||||||||||
Loss from discontinued operations, net of tax | 0 | |||||||||||||
Net income/(loss) | (11) | (1,533) | (1,351) | |||||||||||
Net income attributable to noncontrolling interest | 0 | 0 | 0 | |||||||||||
Net income/(loss) attributable to Kraft Heinz | (11) | (1,533) | (1,351) | |||||||||||
Comprehensive (loss)/income excluding noncontrolling interest | $ (474) | $ 197 | $ 329 | |||||||||||
Predecessor | ||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Net sales | $ 1,113 | $ 7,438 | $ 11,529 | |||||||||||
Cost of products sold | 793 | 7,958 | ||||||||||||
Gross profit | 320 | 2,282 | 3,571 | |||||||||||
Selling, general and administrative expenses | 292 | 1,909 | ||||||||||||
Operating income/(loss) | 28 | 1,662 | ||||||||||||
Interest expense | 35 | 284 | ||||||||||||
Other expense/(income), net | 123 | 34 | ||||||||||||
Income/(loss) from continuing operations before income taxes | (130) | 1,344 | ||||||||||||
Equity in earnings of subsidiaries | 0 | 0 | ||||||||||||
(Benefit from)/provision for income taxes | 61 | 143 | 242 | |||||||||||
Net income/(loss) from continuing operations | (191) | 769 | 1,102 | |||||||||||
Loss from discontinued operations, net of tax | (1) | (36) | (75) | |||||||||||
Net income/(loss) | (192) | 1,027 | ||||||||||||
Net income attributable to noncontrolling interest | 3 | 14 | ||||||||||||
Net income/(loss) attributable to Kraft Heinz | (195) | $ 722 | 1,013 | |||||||||||
Comprehensive (loss)/income excluding noncontrolling interest | (276) | 683 | ||||||||||||
Predecessor | Subsidiary Issuer | ||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Net sales | 377 | 3,962 | ||||||||||||
Cost of products sold | 263 | 2,691 | ||||||||||||
Gross profit | 114 | 1,271 | ||||||||||||
Selling, general and administrative expenses | 154 | 628 | ||||||||||||
Operating income/(loss) | (40) | 643 | ||||||||||||
Interest expense | 12 | 86 | ||||||||||||
Other expense/(income), net | 32 | 97 | ||||||||||||
Income/(loss) from continuing operations before income taxes | (84) | 460 | ||||||||||||
Equity in earnings of subsidiaries | (30) | 635 | ||||||||||||
(Benefit from)/provision for income taxes | 81 | 60 | ||||||||||||
Net income/(loss) from continuing operations | (195) | 1,035 | ||||||||||||
Loss from discontinued operations, net of tax | 0 | (22) | ||||||||||||
Net income/(loss) | (195) | 1,013 | ||||||||||||
Net income attributable to noncontrolling interest | 0 | 0 | ||||||||||||
Net income/(loss) attributable to Kraft Heinz | (195) | 1,013 | ||||||||||||
Comprehensive (loss)/income excluding noncontrolling interest | (276) | 683 | ||||||||||||
Predecessor | Non-Guarantor Subsidiaries | ||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Net sales | 744 | 7,715 | ||||||||||||
Cost of products sold | 538 | 5,415 | ||||||||||||
Gross profit | 206 | 2,300 | ||||||||||||
Selling, general and administrative expenses | 138 | 1,281 | ||||||||||||
Operating income/(loss) | 68 | 1,019 | ||||||||||||
Interest expense | 23 | 198 | ||||||||||||
Other expense/(income), net | 91 | (63) | ||||||||||||
Income/(loss) from continuing operations before income taxes | (46) | 884 | ||||||||||||
Equity in earnings of subsidiaries | 0 | 0 | ||||||||||||
(Benefit from)/provision for income taxes | (20) | 182 | ||||||||||||
Net income/(loss) from continuing operations | (26) | 702 | ||||||||||||
Loss from discontinued operations, net of tax | (1) | (53) | ||||||||||||
Net income/(loss) | (27) | 649 | ||||||||||||
Net income attributable to noncontrolling interest | 3 | 14 | ||||||||||||
Net income/(loss) attributable to Kraft Heinz | (30) | 635 | ||||||||||||
Comprehensive (loss)/income excluding noncontrolling interest | (35) | 321 | ||||||||||||
Predecessor | Eliminations | ||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Net sales | (8) | (148) | ||||||||||||
Cost of products sold | (8) | (148) | ||||||||||||
Gross profit | 0 | 0 | ||||||||||||
Selling, general and administrative expenses | 0 | 0 | ||||||||||||
Operating income/(loss) | 0 | 0 | ||||||||||||
Interest expense | 0 | 0 | ||||||||||||
Other expense/(income), net | 0 | 0 | ||||||||||||
Income/(loss) from continuing operations before income taxes | 0 | 0 | ||||||||||||
Equity in earnings of subsidiaries | 30 | (635) | ||||||||||||
(Benefit from)/provision for income taxes | 0 | 0 | ||||||||||||
Net income/(loss) from continuing operations | 30 | (635) | ||||||||||||
Loss from discontinued operations, net of tax | 0 | 0 | ||||||||||||
Net income/(loss) | 30 | (635) | ||||||||||||
Net income attributable to noncontrolling interest | 0 | 0 | ||||||||||||
Net income/(loss) attributable to Kraft Heinz | 30 | (635) | ||||||||||||
Comprehensive (loss)/income excluding noncontrolling interest | $ 35 | $ (321) |
Supplemental Financial Infor151
Supplemental Financial Information Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Jan. 03, 2016 | Dec. 28, 2014 | Jun. 07, 2013 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Cash and cash equivalents | $ 4,837 | $ 2,298 | |
Trade receivables | 871 | 690 | |
Receivables due from affiliates | 0 | 0 | |
Sold receivables | 583 | 161 | |
Inventories | 2,618 | 1,185 | |
Short-term lending due from affiliates | 0 | 0 | |
Other current assets | 871 | 581 | |
Total current assets | 9,780 | 4,915 | |
Property, plant and equipment, net | 6,524 | 2,365 | |
Goodwill | 43,051 | 14,959 | $ 15,300 |
Investments in subsidiaries | 0 | 0 | |
Intangible assets, net | 62,120 | 13,188 | |
Long-term lending due from affiliates | 0 | 0 | |
Other assets | 1,498 | 1,144 | |
TOTAL ASSETS | 122,973 | 36,571 | |
Short-term lending due to affiliates | 0 | 0 | |
Trade payables | 2,844 | 1,651 | |
Payables due to affiliates | 0 | 0 | |
Accrued marketing | 856 | 297 | |
Accrued postemployment costs | 328 | 15 | |
Income taxes payable | 417 | 232 | |
Interest payable | 401 | 167 | |
Dividends payable | 762 | 0 | |
Other current liabilities | 1,324 | 730 | |
Total current liabilities | 6,932 | 3,092 | |
Long-term debt | 25,151 | 13,358 | |
Long-term borrowings due to affiliates | 0 | 0 | |
Deferred income taxes | 21,497 | 3,867 | |
Accrued postemployment costs | 2,405 | 287 | |
Other liabilities | 752 | 282 | |
TOTAL LIABILITIES | 56,737 | 20,886 | |
Redeemable noncontrolling interest | 23 | 29 | |
9.00% Series A cumulative redeemable preferred stock, 80,000 authorized and issued shares at January 3, 2016 and December 28, 2014, $.01 par value | 8,320 | 8,320 | |
Total shareholders' equity | 57,685 | 7,117 | |
Noncontrolling interest | 208 | 219 | |
TOTAL EQUITY | 57,893 | 7,336 | |
TOTAL LIABILITIES AND EQUITY | 122,973 | 36,571 | |
Parent Guarantor | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Cash and cash equivalents | 0 | 0 | |
Trade receivables | 0 | 0 | |
Receivables due from affiliates | 0 | 0 | |
Sold receivables | 0 | 0 | |
Inventories | 0 | 0 | |
Short-term lending due from affiliates | 0 | 0 | |
Other current assets | 0 | 0 | |
Total current assets | 0 | 0 | |
Property, plant and equipment, net | 0 | 0 | |
Goodwill | 0 | 0 | |
Investments in subsidiaries | 66,005 | 15,437 | |
Intangible assets, net | 0 | 0 | |
Long-term lending due from affiliates | 0 | 0 | |
Other assets | 0 | 0 | |
TOTAL ASSETS | 66,005 | 15,437 | |
Short-term lending due to affiliates | 0 | 0 | |
Trade payables | 0 | 0 | |
Payables due to affiliates | 0 | 0 | |
Accrued marketing | 0 | 0 | |
Accrued postemployment costs | 0 | 0 | |
Income taxes payable | 0 | 0 | |
Interest payable | 0 | 0 | |
Dividends payable | 0 | ||
Other current liabilities | 0 | 0 | |
Total current liabilities | 0 | 0 | |
Long-term debt | 0 | 0 | |
Long-term borrowings due to affiliates | 0 | 0 | |
Deferred income taxes | 0 | 0 | |
Accrued postemployment costs | 0 | 0 | |
Other liabilities | 0 | 0 | |
TOTAL LIABILITIES | 0 | 0 | |
Redeemable noncontrolling interest | 0 | 0 | |
9.00% Series A cumulative redeemable preferred stock, 80,000 authorized and issued shares at January 3, 2016 and December 28, 2014, $.01 par value | 8,320 | 8,320 | |
Total shareholders' equity | 57,685 | 7,117 | |
Noncontrolling interest | 0 | 0 | |
TOTAL EQUITY | 57,685 | 7,117 | |
TOTAL LIABILITIES AND EQUITY | 66,005 | 15,437 | |
Subsidiary Issuer | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Cash and cash equivalents | 3,189 | 541 | |
Trade receivables | 62 | 0 | |
Receivables due from affiliates | 555 | 159 | |
Sold receivables | 554 | 0 | |
Inventories | 1,741 | 468 | |
Short-term lending due from affiliates | 3,657 | 1,727 | |
Other current assets | 645 | 316 | |
Total current assets | 10,403 | 3,211 | |
Property, plant and equipment, net | 4,518 | 940 | |
Goodwill | 10,976 | 8,907 | |
Investments in subsidiaries | 73,105 | 15,627 | |
Intangible assets, net | 3,838 | 6,094 | |
Long-term lending due from affiliates | 1,700 | 146 | |
Other assets | 534 | 513 | |
TOTAL ASSETS | 105,074 | 35,438 | |
Short-term lending due to affiliates | 4,353 | 2,573 | |
Trade payables | 1,612 | 613 | |
Payables due to affiliates | 319 | 197 | |
Accrued marketing | 359 | 53 | |
Accrued postemployment costs | 316 | 12 | |
Income taxes payable | 71 | 184 | |
Interest payable | 386 | 113 | |
Dividends payable | 762 | ||
Other current liabilities | 1,053 | 241 | |
Total current liabilities | 9,231 | 3,986 | |
Long-term debt | 24,143 | 11,355 | |
Long-term borrowings due to affiliates | 2,000 | 2,000 | |
Deferred income taxes | 1,278 | 2,340 | |
Accrued postemployment costs | 2,147 | 185 | |
Other liabilities | 270 | 135 | |
TOTAL LIABILITIES | 39,069 | 20,001 | |
Redeemable noncontrolling interest | 0 | 0 | |
9.00% Series A cumulative redeemable preferred stock, 80,000 authorized and issued shares at January 3, 2016 and December 28, 2014, $.01 par value | 0 | 0 | |
Total shareholders' equity | 66,005 | 15,437 | |
Noncontrolling interest | 0 | 0 | |
TOTAL EQUITY | 66,005 | 15,437 | |
TOTAL LIABILITIES AND EQUITY | 105,074 | 35,438 | |
Non-Guarantor Subsidiaries | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Cash and cash equivalents | 1,648 | 1,757 | |
Trade receivables | 809 | 690 | |
Receivables due from affiliates | 319 | 197 | |
Sold receivables | 29 | 161 | |
Inventories | 877 | 717 | |
Short-term lending due from affiliates | 4,353 | 2,573 | |
Other current assets | 443 | 313 | |
Total current assets | 8,478 | 6,408 | |
Property, plant and equipment, net | 2,006 | 1,425 | |
Goodwill | 32,075 | 6,052 | |
Investments in subsidiaries | 0 | 0 | |
Intangible assets, net | 58,282 | 7,094 | |
Long-term lending due from affiliates | 2,000 | 2,000 | |
Other assets | 964 | 631 | |
TOTAL ASSETS | 103,805 | 23,610 | |
Short-term lending due to affiliates | 3,657 | 1,727 | |
Trade payables | 1,232 | 1,038 | |
Payables due to affiliates | 555 | 159 | |
Accrued marketing | 497 | 244 | |
Accrued postemployment costs | 12 | 3 | |
Income taxes payable | 563 | 96 | |
Interest payable | 15 | 54 | |
Dividends payable | 0 | ||
Other current liabilities | 271 | 489 | |
Total current liabilities | 6,802 | 3,810 | |
Long-term debt | 1,008 | 2,003 | |
Long-term borrowings due to affiliates | 1,905 | 374 | |
Deferred income taxes | 20,219 | 1,527 | |
Accrued postemployment costs | 258 | 102 | |
Other liabilities | 482 | 147 | |
TOTAL LIABILITIES | 30,674 | 7,963 | |
Redeemable noncontrolling interest | 23 | 29 | |
9.00% Series A cumulative redeemable preferred stock, 80,000 authorized and issued shares at January 3, 2016 and December 28, 2014, $.01 par value | 0 | 0 | |
Total shareholders' equity | 72,900 | 15,399 | |
Noncontrolling interest | 208 | 219 | |
TOTAL EQUITY | 73,108 | 15,618 | |
TOTAL LIABILITIES AND EQUITY | 103,805 | 23,610 | |
Eliminations | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Cash and cash equivalents | 0 | 0 | |
Trade receivables | 0 | 0 | |
Receivables due from affiliates | $ (874) | (356) | |
Sold receivables | 0 | ||
Inventories | $ 0 | 0 | |
Short-term lending due from affiliates | (8,010) | (4,300) | |
Other current assets | (217) | (48) | |
Total current assets | (9,101) | (4,704) | |
Property, plant and equipment, net | 0 | 0 | |
Goodwill | 0 | 0 | |
Investments in subsidiaries | (139,110) | (31,064) | |
Intangible assets, net | 0 | 0 | |
Long-term lending due from affiliates | (3,700) | (2,146) | |
Other assets | 0 | 0 | |
TOTAL ASSETS | (151,911) | (37,914) | |
Short-term lending due to affiliates | (8,010) | (4,300) | |
Trade payables | 0 | 0 | |
Payables due to affiliates | (874) | (356) | |
Accrued marketing | 0 | 0 | |
Accrued postemployment costs | 0 | 0 | |
Income taxes payable | (217) | (48) | |
Interest payable | 0 | 0 | |
Dividends payable | 0 | ||
Other current liabilities | 0 | 0 | |
Total current liabilities | (9,101) | (4,704) | |
Long-term debt | 0 | 0 | |
Long-term borrowings due to affiliates | (3,905) | (2,374) | |
Deferred income taxes | 0 | 0 | |
Accrued postemployment costs | 0 | 0 | |
Other liabilities | 0 | 0 | |
TOTAL LIABILITIES | (13,006) | (7,078) | |
Redeemable noncontrolling interest | 0 | 0 | |
9.00% Series A cumulative redeemable preferred stock, 80,000 authorized and issued shares at January 3, 2016 and December 28, 2014, $.01 par value | 0 | 0 | |
Total shareholders' equity | (138,905) | (30,836) | |
Noncontrolling interest | 0 | 0 | |
TOTAL EQUITY | (138,905) | (30,836) | |
TOTAL LIABILITIES AND EQUITY | $ (151,911) | $ (37,914) |
Supplemental Financial Infor152
Supplemental Financial Information Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Balance at beginning of period | $ 2,298 | ||||
Balance at end of period | 4,837 | $ 2,298 | |||
Parent Guarantor | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Balance at beginning of period | 0 | ||||
Balance at end of period | 0 | 0 | |||
Subsidiary Issuer | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Balance at beginning of period | 541 | ||||
Balance at end of period | 3,189 | 541 | |||
Non-Guarantor Subsidiaries | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Balance at beginning of period | 1,757 | ||||
Balance at end of period | 1,648 | 1,757 | |||
Eliminations | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Balance at beginning of period | 0 | ||||
Balance at end of period | 0 | 0 | |||
Successor | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by/(used for) operating activities | $ 35 | 2,467 | 2,140 | ||
Capital expenditures | (202) | (648) | (399) | ||
Net proceeds from/(payments on) intercompany lending activities | 0 | 0 | 0 | ||
Return of capital | 0 | 0 | 0 | ||
Acquisitions of businesses, net of cash on hand | (21,494) | (9,468) | 0 | ||
Additional investments in subsidiaries | 0 | 0 | |||
Other investing activities, net | 25 | 412 | 50 | ||
Net cash used for investing activities | (21,671) | (9,704) | (349) | ||
Repayments of long-term debt | (2,670) | (12,314) | (1,103) | ||
Proceeds from long-term debt | 12,575 | 14,834 | 0 | ||
Net (payments)/proceeds on short-term debt | (1,641) | (49) | (3) | ||
Net proceed from/(payments on) intercompany borrowing activities | 0 | 0 | 0 | ||
Proceeds from Issuance of Preferred Stock and Preference Stock | 7,633 | 0 | 0 | ||
Proceeds from issuance of common stock to Sponsors | 8,500 | 10,000 | 0 | ||
Proceeds from Issuance of Warrants | 367 | 0 | 0 | ||
Dividends paid-9.00% Series A cumulative redeemable preferred stock | (360) | (900) | (720) | ||
Dividends paid-common stock | 0 | (1,302) | 0 | ||
Other intercompany capital stock transactions | 0 | 0 | |||
Other financing activities, net | (295) | (86) | 6 | ||
Net cash provided by/(used for) financing activities | 24,109 | 10,183 | (1,820) | ||
Effect of exchange rate changes on cash and cash equivalents | (14) | (407) | (132) | ||
Net increase/(decrease) | 2,459 | 2,539 | (161) | ||
Balance at beginning of period | 0 | 2,298 | 2,459 | ||
Balance at end of period | 2,459 | 4,837 | 2,298 | ||
Successor | Parent Guarantor | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by/(used for) operating activities | 0 | 632 | 578 | ||
Capital expenditures | 0 | 0 | 0 | ||
Net proceeds from/(payments on) intercompany lending activities | 0 | 0 | 0 | ||
Return of capital | 360 | 1,570 | 142 | ||
Acquisitions of businesses, net of cash on hand | 0 | 0 | |||
Additional investments in subsidiaries | (16,500) | (10,000) | |||
Other investing activities, net | 0 | 0 | 0 | ||
Net cash used for investing activities | (16,140) | (8,430) | 142 | ||
Repayments of long-term debt | 0 | 0 | 0 | ||
Proceeds from long-term debt | 0 | 0 | |||
Net (payments)/proceeds on short-term debt | 0 | 0 | 0 | ||
Net proceed from/(payments on) intercompany borrowing activities | 0 | 0 | 0 | ||
Proceeds from Issuance of Preferred Stock and Preference Stock | 7,633 | ||||
Proceeds from issuance of common stock to Sponsors | 8,500 | 10,000 | |||
Proceeds from Issuance of Warrants | 367 | ||||
Dividends paid-9.00% Series A cumulative redeemable preferred stock | (360) | (900) | (720) | ||
Dividends paid-common stock | 0 | (1,302) | 0 | ||
Other intercompany capital stock transactions | 0 | 0 | |||
Other financing activities, net | 0 | 0 | 0 | ||
Net cash provided by/(used for) financing activities | 16,140 | 7,798 | (720) | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||
Net increase/(decrease) | 0 | 0 | 0 | ||
Balance at beginning of period | 0 | 0 | 0 | ||
Balance at end of period | 0 | 0 | 0 | ||
Successor | Subsidiary Issuer | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by/(used for) operating activities | (137) | 1,227 | 669 | ||
Capital expenditures | (89) | (400) | (211) | ||
Net proceeds from/(payments on) intercompany lending activities | 918 | 737 | (802) | ||
Return of capital | 0 | 5 | 0 | ||
Acquisitions of businesses, net of cash on hand | (23,564) | (9,535) | |||
Additional investments in subsidiaries | (62) | 0 | |||
Other investing activities, net | 0 | 422 | 23 | ||
Net cash used for investing activities | (22,797) | (8,771) | (990) | ||
Repayments of long-term debt | (1,708) | (12,284) | (1,096) | ||
Proceeds from long-term debt | 12,569 | 14,032 | |||
Net (payments)/proceeds on short-term debt | (1,766) | 0 | 0 | ||
Net proceed from/(payments on) intercompany borrowing activities | (1,821) | 721 | 2,479 | ||
Proceeds from Issuance of Preferred Stock and Preference Stock | 0 | ||||
Proceeds from issuance of common stock to Sponsors | 0 | 0 | |||
Proceeds from Issuance of Warrants | 0 | ||||
Dividends paid-9.00% Series A cumulative redeemable preferred stock | 0 | 0 | 0 | ||
Dividends paid-common stock | (360) | (2,202) | (720) | ||
Other intercompany capital stock transactions | 16,500 | 10,000 | |||
Other financing activities, net | (293) | (75) | 12 | ||
Net cash provided by/(used for) financing activities | 23,121 | 10,192 | 675 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||
Net increase/(decrease) | 187 | 2,648 | 354 | ||
Balance at beginning of period | 0 | 541 | 187 | ||
Balance at end of period | 187 | 3,189 | 541 | ||
Successor | Non-Guarantor Subsidiaries | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by/(used for) operating activities | 281 | 1,395 | 1,556 | ||
Capital expenditures | (113) | (248) | (188) | ||
Net proceeds from/(payments on) intercompany lending activities | 1,821 | (721) | (2,479) | ||
Return of capital | 0 | 0 | 0 | ||
Acquisitions of businesses, net of cash on hand | 2,070 | 67 | |||
Additional investments in subsidiaries | 0 | 0 | |||
Other investing activities, net | 25 | (10) | 27 | ||
Net cash used for investing activities | 3,803 | (912) | (2,640) | ||
Repayments of long-term debt | (962) | (30) | (7) | ||
Proceeds from long-term debt | 6 | 802 | |||
Net (payments)/proceeds on short-term debt | 125 | (49) | (3) | ||
Net proceed from/(payments on) intercompany borrowing activities | (918) | (737) | 802 | ||
Proceeds from Issuance of Preferred Stock and Preference Stock | 0 | ||||
Proceeds from issuance of common stock to Sponsors | 0 | 0 | |||
Proceeds from Issuance of Warrants | 0 | ||||
Dividends paid-9.00% Series A cumulative redeemable preferred stock | 0 | 0 | 0 | ||
Dividends paid-common stock | (109) | (155) | (85) | ||
Other intercompany capital stock transactions | 62 | (5) | |||
Other financing activities, net | (2) | (11) | (6) | ||
Net cash provided by/(used for) financing activities | (1,798) | (185) | 701 | ||
Effect of exchange rate changes on cash and cash equivalents | (14) | (407) | (132) | ||
Net increase/(decrease) | 2,272 | (109) | (515) | ||
Balance at beginning of period | 0 | 1,757 | 2,272 | ||
Balance at end of period | 2,272 | 1,648 | 1,757 | ||
Successor | Eliminations | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by/(used for) operating activities | (109) | (787) | (663) | ||
Capital expenditures | 0 | 0 | 0 | ||
Net proceeds from/(payments on) intercompany lending activities | (2,739) | (16) | 3,281 | ||
Return of capital | (360) | (1,575) | (142) | ||
Acquisitions of businesses, net of cash on hand | 0 | 0 | |||
Additional investments in subsidiaries | 16,562 | 10,000 | |||
Other investing activities, net | 0 | 0 | 0 | ||
Net cash used for investing activities | 13,463 | 8,409 | 3,139 | ||
Repayments of long-term debt | 0 | 0 | 0 | ||
Proceeds from long-term debt | 0 | 0 | |||
Net (payments)/proceeds on short-term debt | 0 | 0 | 0 | ||
Net proceed from/(payments on) intercompany borrowing activities | 2,739 | 16 | (3,281) | ||
Proceeds from Issuance of Preferred Stock and Preference Stock | 0 | ||||
Proceeds from issuance of common stock to Sponsors | 0 | 0 | |||
Proceeds from Issuance of Warrants | 0 | ||||
Dividends paid-9.00% Series A cumulative redeemable preferred stock | 0 | 0 | 0 | ||
Dividends paid-common stock | 469 | 2,357 | 805 | ||
Other intercompany capital stock transactions | (16,562) | (9,995) | |||
Other financing activities, net | 0 | 0 | 0 | ||
Net cash provided by/(used for) financing activities | (13,354) | (7,622) | (2,476) | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||
Net increase/(decrease) | 0 | 0 | 0 | ||
Balance at beginning of period | 0 | 0 | 0 | ||
Balance at end of period | $ 0 | $ 0 | $ 0 | ||
Predecessor | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by/(used for) operating activities | $ (373) | $ 1,390 | |||
Capital expenditures | (120) | (399) | |||
Net proceeds from/(payments on) intercompany lending activities | 0 | 0 | |||
Acquisitions of businesses, net of cash on hand | 0 | 0 | |||
Additional investments in subsidiaries | 0 | ||||
Other investing activities, net | 30 | 26 | |||
Net cash used for investing activities | (90) | (373) | |||
Repayments of long-term debt | (440) | (224) | |||
Proceeds from long-term debt | 2 | 205 | |||
Net (payments)/proceeds on short-term debt | 481 | 1,090 | |||
Net proceed from/(payments on) intercompany borrowing activities | 0 | 0 | |||
Proceeds from Issuance of Preferred Stock and Preference Stock | 0 | 0 | |||
Proceeds from issuance of common stock to Sponsors | 0 | 0 | |||
Proceeds from Issuance of Warrants | 0 | 0 | |||
Dividends paid-9.00% Series A cumulative redeemable preferred stock | 0 | 0 | |||
Dividends paid-common stock | 0 | (666) | |||
Other intercompany capital stock transactions | 0 | ||||
Other financing activities, net | 43 | (149) | |||
Net cash provided by/(used for) financing activities | 86 | 256 | |||
Effect of exchange rate changes on cash and cash equivalents | (30) | (127) | |||
Net increase/(decrease) | (407) | 1,146 | |||
Balance at beginning of period | 2,477 | 1,331 | |||
Balance at end of period | 2,070 | 2,477 | |||
Predecessor | Subsidiary Issuer | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by/(used for) operating activities | (12) | 648 | |||
Capital expenditures | (19) | (124) | |||
Net proceeds from/(payments on) intercompany lending activities | (201) | (674) | |||
Additional investments in subsidiaries | (276) | ||||
Other investing activities, net | (4) | 4 | |||
Net cash used for investing activities | (224) | (1,070) | |||
Repayments of long-term debt | (307) | (189) | |||
Proceeds from long-term debt | 0 | 188 | |||
Net (payments)/proceeds on short-term debt | 500 | 1,100 | |||
Net proceed from/(payments on) intercompany borrowing activities | (2) | 0 | |||
Dividends paid-common stock | 0 | (666) | |||
Other intercompany capital stock transactions | 0 | ||||
Other financing activities, net | 45 | (11) | |||
Net cash provided by/(used for) financing activities | 236 | 422 | |||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | |||
Net increase/(decrease) | 0 | 0 | |||
Balance at beginning of period | 0 | 0 | |||
Balance at end of period | 0 | 0 | |||
Predecessor | Non-Guarantor Subsidiaries | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by/(used for) operating activities | (351) | 800 | |||
Capital expenditures | (101) | (275) | |||
Net proceeds from/(payments on) intercompany lending activities | 2 | 0 | |||
Additional investments in subsidiaries | 0 | ||||
Other investing activities, net | 34 | 22 | |||
Net cash used for investing activities | (65) | (253) | |||
Repayments of long-term debt | (133) | (35) | |||
Proceeds from long-term debt | 2 | 17 | |||
Net (payments)/proceeds on short-term debt | (19) | (10) | |||
Net proceed from/(payments on) intercompany borrowing activities | 201 | 674 | |||
Dividends paid-common stock | (10) | (58) | |||
Other intercompany capital stock transactions | 276 | ||||
Other financing activities, net | (2) | (138) | |||
Net cash provided by/(used for) financing activities | 39 | 726 | |||
Effect of exchange rate changes on cash and cash equivalents | (30) | (127) | |||
Net increase/(decrease) | (407) | 1,146 | |||
Balance at beginning of period | 2,477 | 1,331 | |||
Balance at end of period | 2,070 | 2,477 | |||
Predecessor | Eliminations | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by/(used for) operating activities | (10) | (58) | |||
Capital expenditures | 0 | 0 | |||
Net proceeds from/(payments on) intercompany lending activities | 199 | 674 | |||
Additional investments in subsidiaries | 276 | ||||
Other investing activities, net | 0 | 0 | |||
Net cash used for investing activities | 199 | 950 | |||
Repayments of long-term debt | 0 | 0 | |||
Proceeds from long-term debt | 0 | 0 | |||
Net (payments)/proceeds on short-term debt | 0 | 0 | |||
Net proceed from/(payments on) intercompany borrowing activities | (199) | (674) | |||
Dividends paid-common stock | 10 | 58 | |||
Other intercompany capital stock transactions | (276) | ||||
Other financing activities, net | 0 | 0 | |||
Net cash provided by/(used for) financing activities | (189) | (892) | |||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | |||
Net increase/(decrease) | 0 | 0 | |||
Balance at beginning of period | 0 | 0 | |||
Balance at end of period | $ 0 | $ 0 |
Valuation and Qualifying Acc153
Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Apr. 28, 2013 | |
Successor | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Valuation Allowances and Reserves, Balance | $ 47 | $ 72 | $ 79 | ||
Valuation Allowances and Reserves, Charged to Cost and Expense | (1) | 15 | 10 | ||
Valuation Allowances and Reserves, Charged to Other Accounts | 34 | 32 | (16) | ||
Valuation Allowances and Reserves, Deductions | 1 | 4 | 1 | ||
Valuation Allowances and Reserves, Balance | 79 | 115 | 72 | ||
Successor | Allowance for Trade Receivables | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Valuation Allowances and Reserves, Balance | 0 | 8 | 1 | ||
Valuation Allowances and Reserves, Charged to Cost and Expense | 2 | 5 | 9 | ||
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 20 | (1) | ||
Valuation Allowances and Reserves, Deductions | 1 | 1 | 1 | ||
Valuation Allowances and Reserves, Balance | 1 | 32 | 8 | ||
Successor | Valuation Allowance of Deferred Tax Assets | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Valuation Allowances and Reserves, Balance | 47 | 64 | 78 | ||
Valuation Allowances and Reserves, Charged to Cost and Expense | (3) | 10 | 1 | ||
Valuation Allowances and Reserves, Charged to Other Accounts | 34 | 12 | (15) | ||
Valuation Allowances and Reserves, Deductions | 0 | 3 | 0 | ||
Valuation Allowances and Reserves, Balance | $ 78 | $ 83 | $ 64 | ||
Predecessor | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Valuation Allowances and Reserves, Balance | $ 56 | $ 102 | |||
Valuation Allowances and Reserves, Charged to Cost and Expense | 0 | 12 | |||
Valuation Allowances and Reserves, Charged to Other Accounts | (1) | 10 | |||
Valuation Allowances and Reserves, Deductions | 0 | 68 | |||
Valuation Allowances and Reserves, Balance | 55 | 56 | |||
Predecessor | Allowance for Trade Receivables | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Valuation Allowances and Reserves, Balance | 8 | 11 | |||
Valuation Allowances and Reserves, Charged to Cost and Expense | 0 | 2 | |||
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 0 | |||
Valuation Allowances and Reserves, Deductions | 0 | 5 | |||
Valuation Allowances and Reserves, Balance | 8 | 8 | |||
Predecessor | Valuation Allowance of Deferred Tax Assets | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Valuation Allowances and Reserves, Balance | 48 | 91 | |||
Valuation Allowances and Reserves, Charged to Cost and Expense | 0 | 10 | |||
Valuation Allowances and Reserves, Charged to Other Accounts | (1) | 10 | |||
Valuation Allowances and Reserves, Deductions | 0 | 63 | |||
Valuation Allowances and Reserves, Balance | $ 47 | $ 48 |