The Kraft Heinz Company (KHC) 10-Q 30 Apr 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 27, 2021	Apr. 24, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 27, 2021
Document Transition Report	false
Entity File Number	001-37482
Entity Registrant Name	Kraft Heinz Co
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-2078182
Entity Address, Address Line One	One PPG Place,
Entity Address, City or Town	Pittsburgh,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15222
City Area Code	412
Local Phone Number	456-5700
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	KHC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,223,147,340
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001637459
Current Fiscal Year End Date	--12-25

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Income Statement [Abstract]
Net sales	$ 6,394	$ 6,157
Cost of products sold	4,193	4,299
Gross profit	2,201	1,858
Selling, general and administrative expenses, excluding impairment losses	882	862
Goodwill impairment losses	230	226
Selling, general and administrative expenses	1,112	1,088
Operating income/(loss)	1,089	770
Interest expense	415	310
Other expense/(income)	(30)	(81)
Income/(loss) before income taxes	704	541
Provision for/(benefit from) income taxes	136	160
Net income/(loss)	568	381
Net income/(loss) attributable to noncontrolling interest	5	3
Net income/(loss) attributable to common shareholders	$ 563	$ 378
Per share data applicable to common shareholders:
Basic earnings/(loss) per share (in dollars per share)	$ 0.46	$ 0.31
Diluted earnings/(loss) per share (in dollars per share)	$ 0.46	$ 0.31

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 568	$ 381
Other comprehensive income/(loss), net of tax:
Foreign currency translation adjustments	59	(790)
Net deferred gains/(losses) on net investment hedges	5	166
Amounts excluded from the effectiveness assessment of net investment hedges	5	5
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss)	(3)	(6)
Net deferred gains/(losses) on cash flow hedges	(29)	101
Amounts excluded from the effectiveness assessment of cash flow hedges	7	5
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss)	27	(10)
Net actuarial gains/(losses) arising during the period	2	0
Net postemployment benefit losses/(gains) reclassified to net income/(loss)	(6)	(25)
Total other comprehensive income/(loss)	67	(554)
Total comprehensive income/(loss)	635	(173)
Comprehensive income/(loss) attributable to noncontrolling interest	3	(11)
Comprehensive income/(loss) attributable to common shareholders	$ 632	$ (162)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 27, 2021	Dec. 26, 2020
ASSETS
Cash and cash equivalents	$ 2,360	$ 3,417
Trade receivables (net of allowances of $45 at March 27, 2021 and $48 at December 26, 2020)	2,079	2,063
Inventories	2,676	2,773
Prepaid expenses	136	132
Other current assets	621	574
Assets held for sale	5,264	1,863
Total current assets	13,136	10,822
Property, plant and equipment, net	6,579	6,876
Goodwill	31,447	33,089
Intangible assets, net	45,021	46,667
Other non-current assets	2,481	2,376
TOTAL ASSETS	98,664	99,830
LIABILITIES AND EQUITY
Commercial paper and other short-term debt	6	6
Current portion of long-term debt	126	230
Trade payables	4,225	4,304
Accrued marketing	1,001	946
Interest payable	371	358
Other current liabilities	1,824	2,200
Liabilities held for sale	17	17
Total current liabilities	7,570	8,061
Long-term debt	27,074	28,070
Deferred income taxes	11,619	11,462
Accrued postemployment costs	244	243
Other non-current liabilities	1,726	1,751
TOTAL LIABILITIES	48,233	49,587
Commitments and Contingencies (Note 15)
Equity:
Common stock, $0.01 par value (5,000 shares authorized; 1,229 shares issued and 1,223 shares outstanding at March 27, 2021; 1,228 shares issued and 1,223 shares outstanding at December 26, 2020)	12	12
Additional paid-in capital	54,678	55,096
Retained earnings/(deficit)	(2,131)	(2,694)
Accumulated other comprehensive income/(losses)	(1,898)	(1,967)
Treasury stock, at cost (6 shares at March 27, 2021 and 5 shares at December 26, 2020)	(373)	(344)
Total shareholders' equity	50,288	50,103
Noncontrolling interest	143	140
TOTAL EQUITY	50,431	50,243
TOTAL LIABILITIES AND EQUITY	$ 98,664	$ 99,830

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 27, 2021	Dec. 26, 2020
Statement of Financial Position [Abstract]
Accounts Receivable, Allowance for Credit Loss	$ 45	$ 48
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	5,000,000,000	5,000,000,000
Common Stock, Shares, Issued	1,229,000,000	1,228,000,000
Common Stock, Shares, Outstanding	1,223,000,000	1,223,000,000
Treasury Stock, Common, Shares	6,000,000	5,000,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings/(Deficit)	Accumulated Other Comprehensive Income/(Losses)	Treasury Stock, at Cost	Noncontrolling Interest
Beginning balance at Dec. 28, 2019	$ 51,749	$ 12	$ 56,828	$ (3,060)	$ (1,886)	$ (271)	$ 126
Total Shareholders' Equity [Roll forward]
Net income/(loss)	381			378			3
Other comprehensive income/(loss)	(554)				(540)		(14)
Dividends declared-common stock	(492)		(492)
Exercise of stock options, issuance of other stock awards, and other	40		42	(4)		2
Ending balance at Mar. 28, 2020	$ 51,124	12	56,378	(2,686)	(2,426)	(269)	115
Dividends Declared, Per Share [Abstract]
Common stock dividends declared (in dollars per share)	$ 0.40
Beginning balance at Dec. 26, 2020	$ 50,243	12	55,096	(2,694)	(1,967)	(344)	140
Total Shareholders' Equity [Roll forward]
Net income/(loss)	568			563			5
Other comprehensive income/(loss)	67				69		(2)
Dividends declared-common stock	(495)		(495)
Exercise of stock options, issuance of other stock awards, and other	48		77	0		(29)
Ending balance at Mar. 27, 2021	$ 50,431	$ 12	$ 54,678	$ (2,131)	$ (1,898)	$ (373)	$ 143
Dividends Declared, Per Share [Abstract]
Common stock dividends declared (in dollars per share)	$ 0.40

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	$ 568	$ 381
Adjustments to reconcile net income/(loss) to operating cash flows:
Depreciation and amortization	222	243
Amortization of postretirement benefit plans prior service costs/(credits)	(2)	(31)
Equity award compensation expense	51	33
Deferred income tax provision/(benefit)	127	(46)
Postemployment benefit plan contributions	(9)	(9)
Goodwill and intangible asset impairment losses	230	226
Nonmonetary currency devaluation	4	1
Loss/(gain) on sale of business	19	2
Other items, net	30	169
Changes in current assets and liabilities:
Trade receivables	(34)	(423)
Inventories	(101)	(231)
Accounts payable	(11)	(2)
Other current assets	(54)	(142)
Other current liabilities	(230)	41
Net cash provided by/(used for) operating activities	810	212
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(227)	(131)
Other investing activities, net	11	9
Net cash provided by/(used for) investing activities	(216)	(122)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long-term debt	(1,014)	(407)
Debt prepayment and extinguishment costs	(103)	0
Proceeds from revolving credit facility	0	4,000
Dividends paid	(489)	(488)
Other financing activities, net	(37)	0
Net cash provided by/(used for) financing activities	(1,643)	3,105
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(8)	(71)
Cash, cash equivalents, and restricted cash
Net increase/(decrease)	(1,057)	3,124
Balance at beginning of period	3,418	2,280
Balance at end of period	$ 2,361	$ 5,404

Basis of Presentation (Notes)

Basis of Presentation (Notes)	3 Months Ended
	Mar. 27, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	Basis of Presentation Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted, in accordance with the rules of the Securities and Exchange Commission (the “SEC”). In management’s opinion, these interim financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary to fairly state our results for the periods presented. We operate on a 52- or 53-week fiscal year ending on the last Saturday in December in each calendar year. Unless the context requires otherwise, references to years and quarters contained herein pertain to our fiscal years and fiscal quarters. Our 2021 fiscal year is scheduled to be a 52-week period ending on December 25, 2021, and the 2020 fiscal year was a 52-week period that ended on December 26, 2020. The condensed consolidated balance sheet data at December 26, 2020 was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. These statements should be read in conjunction with our audited consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 26, 2020. The results for interim periods are not necessarily indicative of future or annual results. Principles of Consolidation The condensed consolidated financial statements include Kraft Heinz and all of our controlled subsidiaries. All intercompany transactions are eliminated. Reportable Segments We manage and report our operating results through three reportable segments defined by geographic region: United States, International, and Canada. Considerations Related to COVID-19 The ongoing spread of COVID-19 throughout the United States and internationally, as well as measures implemented by governmental authorities in an attempt to minimize transmission of the virus, including social distancing restrictions, shelter-in-place orders, and business shutdowns, and consumer responses have had and continue to have negative and positive implications for portions of our business. Though many areas have begun relaxing such restrictions, varying levels of restrictions remain in many places and may be increased. In the preparation of these financial statements and related disclosures we have assessed the impact that COVID-19 has had on our estimates, assumptions, forecasts, and accounting policies and made additional disclosures, as necessary. As COVID-19 and its impacts are unprecedented and ever evolving, future events and effects related to the pandemic cannot be determined with precision and actual results could significantly differ from estimates or forecasts. See Note 8, Goodwill and Intangible Assets , Note 11, Postemployment Benefits , and Note 15, Commitments, Contingencies and Debt , for further discussion of COVID-19 considerations. Use of Estimates We prepare our condensed consolidated financial statements in accordance with U.S. GAAP, which requires us to make accounting policy elections, estimates, and assumptions that affect the reported amount of assets, liabilities, reserves, and expenses. These accounting policy elections, estimates, and assumptions are based on our best estimates and judgments. We evaluate our policy elections, estimates, and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. We believe these estimates to be reasonable given the current facts available. We adjust our policy elections, estimates, and assumptions when facts and circumstances dictate. Market volatility, including foreign currency exchange rates, increases the uncertainty inherent in our estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from estimates. If actual amounts differ from estimates, we include the revisions in our consolidated results of operations in the period the actual amounts become known. Historically, the aggregate differences, if any, between our estimates and actual amounts in any year have not had a material effect on our condensed consolidated financial statements. Reclassifications We made reclassifications and adjustments to certain previously reported financial information to conform to our current period presentation. In the first quarter of 2021, we reclassified certain balances, which were previously reported in prepaid expenses, to inventories on our condensed consolidated balance sheets. Certain financial statement line items in our condensed consolidated balance sheet at December 26, 2020 and our condensed consolidated statement of cash flows for the three months ended March 28, 2020, were adjusted as necessary. See Note 7, Inventories , for additional information. Held for Sale At March 27, 2021, we classified certain assets and liabilities as held for sale in our condensed consolidated balance sheet, primarily relating to the divestitures of our nuts business and certain of our cheese businesses, a business in our International segment, and certain manufacturing equipment and land use rights across the globe. At December 26, 2020, the assets and liabilities identified as held for sale in our condensed consolidated balance sheet primarily related to the divestiture of certain of our cheese businesses, a business in our International segment, and certain manufacturing equipment and land use rights across the globe. See Note 4, Acquisitions and Divestitures , for additional information.

Significant Accounting Policies

Significant Accounting Policies (Notes)	3 Months Ended
	Mar. 27, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting PoliciesThere were no significant changes to our accounting policies from those disclosed in our Annual Report on Form 10-K for the year ended December 26, 2020

New Accounting Standards (Notes

New Accounting Standards (Notes)	3 Months Ended
	Mar. 27, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Standards	New Accounting Standards Accounting Standards Adopted in the Current Year Simplifying the Accounting for Income Taxes: In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2019-12 to simplify the accounting in Accounting Standards Codification (“ASC”) 740, Income Taxes . This guidance removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. This guidance also clarifies and simplifies other areas of ASC 740. Certain amendments in this update must be applied on a prospective basis, certain amendments must be applied on a retrospective basis, and certain amendments must be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings/(deficit) in the period of adoption. This ASU became effective in the first quarter of 2021. The adoption of this ASU did not impact our financial statements or the related disclosures.

Acquisitions and Divestitures (

Acquisitions and Divestitures (Notes)	3 Months Ended
	Mar. 27, 2021
Business Combinations [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Divestitures Nuts Transaction: In February 2021, we entered into a definitive agreement with Hormel Foods Corporation (“Hormel”) to sell certain assets in our global nuts business for total consideration of approximately $3.4 billion (the “Nuts Transaction”). The net assets to be transferred in the Nuts Transaction include, among other things, our intellectual property rights to the Planters brand and to the Corn Nuts brand, three manufacturing facilities in the U.S., and the associated inventories (collectively, the “Nuts Disposal Group”). In the first quarter of 2021, we determined that the Nuts Disposal Group met the held for sale criteria. Accordingly, we have presented the assets and liabilities of the Nuts Disposal Group as held for sale on the condensed consolidated balance sheet at March 27, 2021. As of February 10, 2021, the date the Nuts Disposal Group was determined to be held for sale, we tested the individual assets included within the Nuts Disposal Group for impairment. The net assets of the Nuts Disposal Group had an aggregate carrying amount above their $3.4 billion estimated fair value. We determined that the goodwill within the Nuts Disposal Group was partially impaired. As a result, we recorded a non-cash goodwill impairment loss of $230 million, which was recognized in selling, general and administrative expenses (“SG&A”), in the first quarter of 2021. Additionally, we recorded an estimated pre-tax loss on sale of business of $19 million in the first quarter of 2021 primarily related to estimated costs to sell, which was recognized in other expense/(income) on our condensed consolidated statement of income. The Nuts Transaction is expected to close in the second quarter of 2021, subject to customary closing conditions. The Nuts Transaction is not considered a strategic shift that will have a major effect on our operations or financial results; therefore, it will not be reported as discontinued operations. Cheese Transaction: In September 2020, we entered into a definitive agreement with an affiliate of Groupe Lactalis (“Lactalis”) to sell certain assets in our global cheese business, as well as to license certain trademarks, for total consideration of approximately $3.3 billion, including approximately $3.2 billion of cash consideration and approximately $75 million related to a perpetual license for the Cracker Barrel brand that Lactalis will grant to us for certain products (the “Cheese Transaction”). The Cheese Transaction has two primary components. The first component relates to the perpetual licenses for the Kraft and Velveeta brands that we will grant to Lactalis for certain cheese products (the “ Kraft and Velveeta Licenses”). The second component relates to the net assets to be transferred to Lactalis (the “Cheese Disposal Group”), for which we recorded a $300 million impairment loss in the third quarter of 2020. We discuss the considerations related to each of these components in more detail below. Of the $3.3 billion total consideration, approximately $1.5 billion was attributed to the Kraft and Velveeta Licenses based on the estimated fair value of the licensed portion of each brand. Lactalis will have rights to the Kraft and Velveeta brands in association with the manufacturing, distribution, marketing, and sale of certain cheese products in certain countries. Lactalis will also receive the rights to certain know-how in manufacturing the authorized cheese products. The license income will be recognized in the future as a reduction to SG&A, as it does not constitute our ongoing major or central operations. The remaining $1.8 billion of consideration was attributed to the Cheese Disposal Group. The net assets in the Cheese Disposal Group are associated with our natural, grated, cultured, and specialty cheese businesses in the U.S., our grated cheese business in Canada, and our grated, processed, and natural cheese businesses outside the U.S. and Canada. The Cheese Disposal Group includes our global intellectual property rights to several brands, including, among others, Cracker Barrel , Breakstone’s , Knudsen , Athenos , Polly-O , and Hoffman’s , along with the Cheez Whiz brand in the majority of the countries outside of the U.S. and Canada. The Cheese Disposal Group also includes certain inventories, three manufacturing facilities and one distribution center in the U.S., and certain other manufacturing equipment. Included in the consideration attributed to the Cheese Disposal Group is the perpetual license that Lactalis will grant to us for the Cracker Barrel brand for certain products, including macaroni and cheese. We determined that the Cracker Barrel license will be recognized on our consolidated balance sheet as an intangible asset upon closing of the Cheese Transaction, and increased the total consideration by approximately $75 million as noted above, which was the estimated fair value of the licensed portion of the Cracker Barrel brand. In the third quarter of 2020, we determined that the Cheese Disposal Group met the held for sale criteria. Accordingly, we have presented the assets and liabilities of the Cheese Disposal Group as held for sale on the condensed consolidated balance sheets at March 27, 2021 and December 26, 2020. As of September 15, 2020, the date the Cheese Disposal Group was determined to be held for sale, we tested the individual assets included within the Cheese Disposal Group for impairment. The net assets of the Cheese Disposal Group had an aggregate carrying amount above their $1.8 billion estimated fair value. We determined that the goodwill within the Cheese Disposal Group was partially impaired. Accordingly, we recorded a non-cash impairment loss of $300 million, which was recognized in SG&A, in the third quarter of 2020. As of March 27, 2021, we assessed the fair value less costs to sell of the net assets of the Cheese Disposal Group and determined that their estimated fair value exceeded their carrying amount. Additional considerations related to the Cheese Transaction include the treatment of the Kraft and Velveeta Licenses upon closing of the transaction. At the time the licensed rights are granted, we will reassess the remaining fair value of the retained portions of the Kraft and Velveeta brands and may record a charge to reduce the intangible asset carrying amounts to reflect the lower future cash flows expected to be generated after monetization of the licensed portion of each brand. Any potential reduction to the intangible asset carrying amounts will depend upon the excess fair value, if any, over carrying amount for each brand at the time we grant the perpetual licenses, which will be on the closing date of the Cheese Transaction. Changes in the fair value of the retained and licensed portions of each brand will impact the amount of any potential charges and the amount of license income that will be recognized, which, at this time, we would not expect to exceed the fair value of the perpetual licenses. The Cheese Transaction is expected to close in the second half of 2021, subject to customary closing conditions, including regulatory approvals. Upon closing of the Cheese Transaction, and in addition to any potential impairment losses identified related to the Kraft and Velveeta brands noted above, we may recognize a gain or loss on sale of business. While the consideration for the transaction is not expected to materially change, the actual gain or loss on sale of business to be recognized will depend on, among other things, final transaction proceeds, inventory levels and underlying costs as of the closing date, and changes in the estimated fair values of certain components of the consideration. We utilized the excess earnings method under the income approach to estimate the fair value of the licensed portion of the Kraft brand and the relief from royalty method under the income approach to estimate the fair value of the licensed portions of the Velveeta brand and the Cracker Barrel brand. Some of the more significant assumptions inherent in estimating these fair values include the estimated future annual net sales and net cash flows for each brand, contributory asset charges, royalty rates (as a percentage of net sales that would hypothetically be charged by a licensor of the brand to an unrelated licensee), income tax considerations, long-term growth rates, and a discount rate that reflects the level of risk associated with the future earnings attributable to each brand. We selected the assumptions used in the financial forecasts using historical data, supplemented by current and anticipated market conditions, estimated product category growth rates, and guideline companies. Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions, estimates, and market factors. See Note 8, Goodwill and Intangible Assets , for additional information on the underlying assumptions and sensitivities. The Cheese Transaction is not considered a strategic shift that will have a major effect on our operations or financial results; therefore, it will not be reported as discontinued operations. Other Potential Dispositions: As of March 27, 2021, we were in negotiations with a prospective third-party buyer for the sale of one business in our International segment. We expect this potential transaction to close in the next 12 months. We classified the related assets and liabilities as held for sale on the condensed consolidated balance sheets at March 27, 2021 and December 26, 2020. See Note 4, Acquisitions and Divestitures , to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 28, 2019 for additional information. In the first quarter of 2020, we had deemed a separate business in our International segment held for sale and recorded an estimated pre-tax loss on sale of business of $3 million within other expense/(income). In the fourth quarter of 2020, we deemed this business no longer held for sale and reversed the corresponding pre-tax loss. The related assets and liabilities were no longer classified as held for sale on our consolidated balance sheet at December 26, 2020. Heinz India Transaction: In October 2018, we entered into a definitive agreement with two third parties, Zydus Wellness Limited and Cadila Healthcare Limited (collectively, the “Buyers”), to sell 100% of our equity interests in Heinz India Private Limited (“Heinz India”) (the “Heinz India Transaction”). In connection with the Heinz India Transaction, we agreed to indemnify the Buyers from and against any tax losses for any taxable period prior to January 30, 2019 (the “Heinz India Closing Date”), including taxes for which we are liable as a result of any transaction that occurred on or before such date. We recorded tax indemnity liabilities related to the Heinz India Transaction totaling approximately $48 million as of the Heinz India Closing Date. Future changes to the fair value of these tax indemnity liabilities will continue to impact other expense/(income) throughout the life of the exposures as a component of the gain on sale for the Heinz India Transaction. There were no changes to the tax indemnity liabilities in the first quarter of 2021. We recognized a gain of approximately $1 million related to local India tax recoveries in the first quarter of 2020. See Note 4, Acquisitions and Divestitures , to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 26, 2020 for additional details related to this transaction and the tax indemnity associated with the Heinz India Transaction. Deal Costs: Related to our divestitures, we incurred aggregate deal costs of $7 million for the three months ended March 27, 2021. We recognized these deal costs in SG&A. There were no deal costs related to divestitures for the three months ended March 28, 2020. Held for Sale Our assets and liabilities held for sale, by major class, were (in millions): March 27, 2021 Nuts Transaction Cheese Transaction Other Total ASSETS Cash and cash equivalents $ — $ — $ 33 $ 33 Inventories 160 358 11 529 Property, plant and equipment, net 195 256 15 466 Goodwill (net of impairments of $530) 1,432 281 — 1,713 Intangible assets, net 1,645 850 24 2,519 Other 3 6 21 30 Reserve for disposal groups (26) — — (26) Total assets held for sale $ 3,409 $ 1,751 $ 104 $ 5,264 LIABILITIES Other 3 7 7 17 Total liabilities held for sale $ 3 $ 7 $ 7 $ 17 December 26, 2020 Cheese Transaction Other Total ASSETS Cash and cash equivalents $ — $ 33 $ 33 Inventories 373 12 385 Property, plant and equipment, net 243 14 257 Goodwill (net of impairment of $300) 281 — 281 Intangible assets, net 850 23 873 Other 10 24 34 Total assets held for sale $ 1,757 $ 106 $ 1,863 LIABILITIES Other 7 10 17 Total liabilities held for sale $ 7 $ 10 $ 17 Other balances held for sale at March 27, 2021 and December 26, 2020 primarily related to a business in our International segment as well as certain manufacturing equipment and land use rights across the globe. We recorded non-cash goodwill impairment losses of $230 million in the first quarter of 2021 related to the Nuts Transaction and $300 million in the third quarter of 2020 related to the Cheese Transaction. As a result, goodwill held for sale in the table above is presented net of cumulative goodwill impairment losses of $530 million at March 27, 2021 and $300 million at December 26, 2020.

Restructuring Activities (Notes

Restructuring Activities (Notes)	3 Months Ended
	Mar. 27, 2021
Restructuring and Related Activities [Abstract]
Restructuring Activities	Restructuring Activities See our consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 26, 2020 for additional information on our restructuring activities. Restructuring Activities: We have restructuring programs globally, which are focused primarily on workforce reduction and factory closure and consolidation. For the three months ended March 27, 2021, we eliminated approximately 100 positions related to these programs. As of March 27, 2021, we expect to eliminate approximately 270 additional positions during the remainder of 2021. For the three months ended March 27, 2021, restructuring expenses were $18 million, which included $4 million of severance and employee benefit costs and $14 million of other implementation costs. Total restructuring expenses for the three months ended March 28, 2020 were insignificant. Our net liability balance for restructuring project costs that qualify as exit and disposal costs under U.S. GAAP (i.e., severance and employee benefit costs and other exit costs) was (in millions): Severance and Employee Benefit Costs Other Exit Costs Total Balance at December 26, 2020 $ 10 $ 20 $ 30 Charges/(credits) 4 — 4 Cash payments (3) (1) (4) Balance at March 27, 2021 $ 11 $ 19 $ 30 We expect the liability for severance and employee benefit costs as of March 27, 2021 to be paid by the end of 2021. The liability for other exit costs primarily relates to lease obligations. The cash impact of these obligations will continue for the duration of the lease terms, which expire between 2021 and 2026. Total Expenses: Total expense/(income) related to restructuring activities, by income statement caption, were (in millions): For the Three Months Ended March 27, 2021 March 28, 2020 Severance and employee benefit costs - Cost of products sold $ 3 $ 1 Severance and employee benefit costs - SG&A 1 (4) Other costs - SG&A 14 3 $ 18 $ — We do not include our restructuring activities within Segment Adjusted EBITDA (as defined in Note 17, Segment Reporting ). The pre-tax impact of allocating such expenses to our segments would have been (in millions): For the Three Months Ended March 27, 2021 March 28, 2020 United States $ 1 $ — International 4 (1) Canada — 1 General corporate expenses 13 — $ 18 $ —

Restricted Cash (Notes)

Restricted Cash (Notes)	3 Months Ended
	Mar. 27, 2021
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Restricted Cash	Restricted Cash The following table provides a reconciliation of cash and cash equivalents, as reported on our condensed consolidated balance sheets, to cash, cash equivalents, and restricted cash, as reported on our condensed consolidated statements of cash flows (in millions): March 27, 2021 December 26, 2020 Cash and cash equivalents $ 2,360 $ 3,417 Restricted cash included in other non-current assets 1 1 Cash, cash equivalents, and restricted cash $ 2,361 $ 3,418 At March 27, 2021 and December 26, 2020, cash and cash equivalents excluded amounts classified as held for sale. See Note 4, Acquisitions and Divestitures , for additional information.

Inventories (Notes)

Inventories (Notes)	3 Months Ended
	Mar. 27, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in millions): March 27, 2021 December 26, 2020 Packaging and ingredients $ 482 $ 482 Spare parts 211 219 Work in process 247 268 Finished products 1,736 1,804 Inventories $ 2,676 $ 2,773 At March 27, 2021 and December 26, 2020, inventories excluded amounts classified as held for sale. See Note 4, Acquisitions and Divestitures , for additional information. In the first quarter of 2021, we reclassified certain balances from prepaid expenses to inventories on our condensed consolidated balance sheets. See Note 1, Basis of Presentation , for additional information.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Notes)	3 Months Ended
	Mar. 27, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill: Changes in the carrying amount of goodwill, by segment, were (in millions): United States International Canada Total Balance at December 26, 2020 $ 28,429 $ 3,160 $ 1,500 $ 33,089 Reclassified to assets held for sale (1,653) — (9) (1,662) Translation adjustments and other — (15) 35 20 Balance at March 27, 2021 $ 26,776 $ 3,145 $ 1,526 $ 31,447 At March 27, 2021 and December 26, 2020, goodwill excluded amounts classified as held for sale. Additionally, the amounts reclassified to assets held for sale in the table above represent the goodwill that was tested and determined to be partially impaired in connection with the Nuts Transaction. The resulting impairment loss of $230 million was recognized as a reduction to assets held for sale at March 27, 2021. See Note 4, Acquisitions and Divestitures , for additional information related to the Nuts Transaction and the Cheese Transaction and their financial statement impacts. Q1 2021 Goodwill Impairment Testing In the first quarter of 2021, we announced the Nuts Transaction and determined that the Nuts Disposal Group was held for sale. Accordingly, based on a relative fair value allocation, we reclassified $1.7 billion of goodwill to assets held for sale, which included a portion of goodwill from four of our reporting units. The Nuts Transaction primarily affected our Kids, Snacks, and Beverages (“KSB”) reporting unit but also affected, to a lesser extent, our Enhancers, Specialty, and Away From Home (“ESA”), Canada Foodservice, and Puerto Rico reporting units. These reporting units were evaluated for impairment prior to their representative inclusion in the Nuts Disposal Group as well as on a post-reclassification basis. The fair value of all reporting units was determined to be in excess of their carrying amounts in both scenarios and, therefore, no impairment was recorded. As of March 27, 2021, we maintain 14 reporting units, nine of which comprise our goodwill balance. These nine reporting units had an aggregate goodwill carrying amount of $31.4 billion at March 27, 2021. As of their latest impairment testing date, three reporting units had 10% or less fair value over carrying amount and an aggregate goodwill carrying amount of $7.3 billion, three reporting units had between 10-20% fair value over carrying amount and a goodwill carrying amount of $11.1 billion, two reporting units had between 20-50% fair value over carrying amount and a goodwill carrying amount of $12.4 billion, and one reporting unit had over 50% fair value over carrying amount and a goodwill carrying amount of $326 million. We test our reporting units for impairment annually as of the first day of our second quarter, or more frequently if events or circumstances indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Q1 2020 Goodwill Impairment Testing As previously disclosed, in the first quarter of 2020, following changes to our internal reporting and reportable segments, the composition of certain of our reporting units changed and we performed an interim impairment test (or transition test) on the affected reporting units on both a pre- and post-reorganization basis. We performed our pre-reorganization impairment test as of December 29, 2019, which was our first day of 2020. There were no impairment losses resulting from our pre-reorganization impairment test. We performed our post-reorganization impairment test as of December 29, 2019. There were six reporting units in scope for our post-reorganization impairment test: Northern Europe, Continental Europe, Asia, Australia, New Zealand, and Japan (“ANJ”), Latin America (“LATAM”), and Puerto Rico. As a result of our post-reorganization impairment test, we recognized a non-cash impairment loss of $226 million in SG&A in the first quarter of 2020 related to two reporting units contained within our International segment, including $83 million related to our ANJ reporting unit and $143 million related to our LATAM reporting unit, which represented all of the goodwill associated with these reporting units. The remaining reporting units tested as part of our post-reorganization impairment test each had excess fair value over carrying amount as of December 29, 2019. See Note 9, Goodwill and Intangible Assets , to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 26, 2020 for additional information on these impairment losses. Accumulated impairment losses to goodwill were $10.8 billion as of March 27, 2021. Additional Goodwill Considerations Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions, estimates, and market factors. Estimating the fair value of individual reporting units requires us to make assumptions and estimates regarding our future plans, as well as industry, economic, and regulatory conditions. These assumptions and estimates include estimated future annual net cash flows, income tax rates, discount rates, growth rates, and other market factors. If current expectations of future growth rates and margins are not met, if market factors outside of our control, such as discount rates, income tax rates, foreign currency exchange rates, or any factors that could be affected by COVID-19, change, or if management’s expectations or plans otherwise change, including updates to our long-term operating plans, then one or more of our reporting units might become impaired in the future. Additionally, any decisions to divest certain non-strategic assets could lead to the impairment of one or more of our reporting units in the future. In 2020 and continuing into 2021, the COVID-19 pandemic produced and has continued to produce a short-term beneficial financial impact for our consolidated results. Retail sales have increased due to higher than anticipated consumer demand for our products. The foodservice channel, however, has experienced a negative impact from prolonged social distancing mandates limiting access to and capacity at away-from-home establishments for a longer period of time than was expected when they were originally put in place. Our Canada Foodservice reporting unit is the most exposed of our reporting units to the long-term impacts to away-from-home establishments. While our other reporting units have varying levels of exposure to the foodservice channel, they also have exposure to the retail channel, which offsets some of the risk associated with the potential long-term impacts of shifts in net sales between retail and away-from-home establishments. Our Canada Foodservice reporting unit was impaired during our 2020 annual impairment test, reflecting our best estimate at that time of the future outlook and risks of this business. The Canada Foodservice reporting unit maintains an aggregate goodwill carrying amount of approximately $157 million as of March 27, 2021. A number of factors could result in further future impairments of our foodservice (or away-from-home) businesses, including but not limited to: continued mandates around closures of dining rooms in restaurants, distancing of people within establishments resulting in fewer customers, the total number of restaurant closures, forthcoming changes in consumer preferences or regulatory requirements over product formats (e.g., table top packaging vs. single serve packaging), and consumer trends of dining-in versus dining-out. Given the evolving nature of and uncertainty driven by the COVID-19 pandemic, we will continue to evaluate the impact on our reporting units as adverse changes to these assumptions could result in future impairments. Our reporting units that were impaired were written down to their respective fair values resulting in zero excess fair value over carrying amount as of the applicable impairment test dates. Accordingly, these and other reporting units that have 20% or less excess fair value over carrying amount as of their latest impairment testing date have a heightened risk of future impairments if any assumptions, estimates, or market factors change in the future. Although the remaining reporting units have more than 20% excess fair value over carrying amount as of their latest impairment testing date, these amounts are also associated with the acquisition of H. J. Heinz Company in 2013 by Berkshire Hathaway Inc. and 3G Global Food Holdings, LP (the “2013 Heinz Acquisition”) and the merger of Kraft Foods Group, Inc. with and into H.J. Heinz Holding Corporation in 2015 (the “2015 Merger”) and are recorded on the balance sheet at their estimated acquisition date fair values. Therefore, if any assumptions, estimates, or market factors change in the future, these amounts are also susceptible to impairments. Indefinite-lived intangible assets: Changes in the carrying amount of indefinite-lived intangible assets, which primarily consisted of trademarks, were (in millions): Balance at December 26, 2020 $ 42,267 Reclassified to assets held for sale (1,487) Translation adjustments 66 Balance at March 27, 2021 $ 40,846 At March 27, 2021 and December 26, 2020, indefinite-lived intangible assets excluded amounts classified as held for sale. Indefinite-lived intangible assets amounts reclassified to assets held for sale in the table above represent the Planters trademark in connection with the Nuts Transaction. See Note 4, Acquisitions and Divestitures , for additional information on amounts held for sale. Our indefinite-lived intangible asset balance primarily consists of a number of individual brands, which had an aggregate carrying amount of $40.8 billion at March 27, 2021. We test our brands for impairment annually as of the first day of our second quarter, or more frequently if events or circumstances indicate it is more likely than not that the fair value of a brand is less than its carrying amount. There were no indications that any of our brands were more likely than not impaired in the first quarter of 2021. Additional Indefinite-Lived Intangible Asset Considerations Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions, estimates, and market factors. Estimating the fair value of individual brands requires us to make assumptions and estimates regarding our future plans, as well as industry, economic, and regulatory conditions. These assumptions and estimates include estimated future annual net cash flows, income tax considerations, discount rates, growth rates, royalty rates, contributory asset charges, and other market factors. If current expectations of future growth rates and margins are not met, if market factors outside of our control, such as discount rates, income tax rates, foreign currency exchange rates, or any factors that could be affected by COVID-19, change, or if management’s expectations or plans otherwise change, including updates to our long-term operating plans, then one or more of our brands might become impaired in the future. Additionally, any decisions to divest certain non-strategic assets could lead to the impairment of one or more of our brands in the future. As we consider the ongoing impact of the COVID-19 pandemic with regard to our indefinite-lived intangible assets, a number of factors could have a future adverse impact on our brands, including changes in consumer and consumption trends in both the short and long term, the extent of continued government mandates to shelter in place, total number of restaurant closures, economic declines, and reductions in consumer discretionary income. We have seen an increase in our retail business in the short-term that has more than offset declines in our foodservice business over the same period. Our brands are generally common across both the retail and foodservice businesses and the fair value of our brands are subject to a similar mix of positive and negative factors. Given the evolving nature and uncertainty driven by COVID-19 pandemic, we will continue to evaluate the impact on our brands. Our brands that were impaired in 2020 were written down to their respective fair values resulting in zero excess fair value over carrying amount as of the applicable impairment test dates. Accordingly, these and other individual brands that have 20% or less excess fair value over carrying amount as of their latest impairment testing date have a heightened risk of future impairments if any assumptions, estimates, or market factors change in the future. Although the remaining brands have more than 20% excess fair value over carrying amount as of their latest impairment testing date, these amounts are also associated with the 2013 Heinz Acquisition and the 2015 Merger and are recorded on the balance sheet at their estimated acquisition date fair values. Therefore, if any assumptions, estimates, or market factors change in the future, these amounts are also susceptible to impairments. Definite-lived intangible assets: Definite-lived intangible assets were (in millions): March 27, 2021 December 26, 2020 Gross Accumulated Net Gross Accumulated Net Trademarks $ 1,962 $ (492) $ 1,470 $ 2,000 $ (478) $ 1,522 Customer-related assets 3,631 (938) 2,693 3,808 (942) 2,866 Other 15 (3) 12 15 (3) 12 $ 5,608 $ (1,433) $ 4,175 $ 5,823 $ (1,423) $ 4,400 At March 27, 2021 and December 26, 2020, definite-lived intangible assets excluded amounts classified as held for sale. In the first quarter of 2021 in connection with the Nuts Transaction, definite-lived intangible assets reclassified to assets held for sale included customer-related assets with a net carrying value of $133 million and the Corn Nuts trademark with a net carrying value of $25 million. See Note 4, Acquisitions and Divestitures , for additional information on amounts held for sale. Amortization expense for definite-lived intangible assets was $61 million for the three months ended March 27, 2021 and $68 million for the three months ended March 28, 2020. Aside from amortization expense and the amounts reclassified to assets held for sale, the change in definite-lived intangible assets from December 26, 2020 to March 27, 2021 primarily reflects the impact of foreign currency.

Income Taxes (Notes)

Income Taxes (Notes)	3 Months Ended
	Mar. 27, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes consists of provisions for federal, state, and foreign income taxes. We operate in an international environment; accordingly, the consolidated effective tax rate is a composite rate reflecting the earnings in various locations and the applicable tax rates. Additionally, the calculation of the percentage point impact of goodwill impairment and other items on the effective tax rate are affected by income/(loss) before income taxes. Further, small movements in tax rates due to a change in tax law or a change in tax rates that causes us to revalue our deferred tax balances produces volatility in our effective tax rate. Our quarterly income tax provision is determined based on our estimated full year effective tax rate, adjusted for tax attributable to infrequent or unusual items, which are recognized on a discrete period basis in the income tax provision for the period in which they occur. Our effective tax rate of 19.3% for the three months ended March 27, 2021 was favorably impacted by the geographic mix of pre-tax income and the impact of certain net discrete items, including the reversal of uncertain tax position reserves in certain U.S. state and foreign jurisdictions, favorable changes in estimates of certain foreign taxes, and the revaluation of our deferred tax balances due to changes in U.S. state tax rates. These impacts were partially offset by the unfavorable impact of certain net discrete items, primarily due to non-deductible goodwill impairment (8.2%) related to the Nuts Transaction. Our effective tax rate of 29.6% for the three months ended March 28, 2020 was unfavorably impacted by net discrete items, primarily related to non-deductible goodwill impairments (9.1%), which were partially offset by a favorable geographic mix of pre-tax income.

Employees' Stock Incentive Plan

Employees' Stock Incentive Plans (Notes)	3 Months Ended
	Mar. 27, 2021
Share-based Payment Arrangement [Abstract]
Employees' Stock Incentive Plans	Employees’ Stock Incentive Plans Stock Options: Our stock option activity and related information was: Number of Stock Options Weighted Average Exercise Price Outstanding at December 26, 2020 13,479,668 $ 43.71 Granted 980,222 37.09 Forfeited (202,229) 49.25 Exercised (958,927) 25.82 Outstanding at March 27, 2021 13,298,734 44.43 The aggregate intrinsic value of stock options exercised during the period was $9 million for the three months ended March 27, 2021 . Restricted Stock Units: Our restricted stock unit (“RSU”) activity and related information was: Number of Units Weighted Average Grant Date Fair Value Outstanding at December 26, 2020 14,235,922 $ 31.32 Granted 2,880,455 37.09 Forfeited (271,523) 30.73 Vested (233,994) 77.29 Outstanding at March 27, 2021 16,610,860 31.68 The aggregate fair value of RSUs that vested during the period was $9 million for the three months ended March 27, 2021. Performance Share Units: Our performance share unit (“PSU”) activity and related information was: Number of Units Weighted Average Grant Date Fair Value Outstanding at December 26, 2020 7,778,710 $ 33.16 Granted 1,571,066 34.66 Forfeited (144,762) 42.79 Outstanding at March 27, 2021 9,205,014 33.27

Postemployment Benefits (Notes)

Postemployment Benefits (Notes)	3 Months Ended
	Mar. 27, 2021
Retirement Benefits [Abstract]
Postemployment Benefits	Postemployment Benefits See our consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 26, 2020 for additional information on our postemployment related accounting policies. Pension Plans Components of Net Pension Cost/(Benefit): Net pension cost/(benefit) consisted of the following (in millions): For the Three Months Ended U.S. Plans Non-U.S. Plans March 27, 2021 March 28, 2020 March 27, 2021 March 28, 2020 Service cost $ 2 $ 2 $ 4 $ 4 Interest cost 22 33 7 9 Expected return on plan assets (45) (52) (23) (26) Special/contractual termination benefits 4 — — — Net pension cost/(benefit) $ (17) $ (17) $ (12) $ (13) We present all non-service cost components of net pension cost/(benefit) within other expense/(income) on our condensed consolidated statements of income. In the first quarter of 2021, we recognized $4 million of special/contractual termination benefits related to the Nuts Transaction. These costs are recorded in other expense/(income) as a component of our estimated pre-tax loss on sale of business on the condensed consolidated statement of income for the three months ended March 27, 2021. Employer Contributions: Related to our non-U.S. pension plans, we contributed $5 million during the three months ended March 27, 2021 and plan to make further contributions of approximately $9 million during the remainder of 2021. We did not contribute to our U.S. pension plans during the three months ended March 27, 2021 and do not plan to make contributions during the remainder of 2021. Estimated future contributions take into consideration current economic conditions, including the impacts of COVID-19, which at this time are expected to have minimal impact on expected contributions for the remainder of 2021. Our actual contributions and plans may change due to many factors, including changes in tax, employee benefit, or other laws and regulations, tax deductibility, significant differences between expected and actual pension asset performance or interest rates, or other factors. Postretirement Plans Components of Net Postretirement Cost/(Benefit): Net postretirement cost/(benefit) consisted of the following (in millions): For the Three Months Ended March 27, 2021 March 28, 2020 Service cost $ 1 $ 2 Interest cost 5 8 Expected return on plan assets (12) (12) Amortization of prior service costs/(credits) (2) (31) Amortization of unrecognized losses/(gains) (4) (3) Net postretirement cost/(benefit) $ (12) $ (36) We present all non-service cost components of net postretirement cost/(benefit) within other expense/(income) on our condensed consolidated statements of income. Employer Contributions: During the three months ended March 27, 2021, we contributed $4 million to our postretirement benefit plans. We plan to make further contributions of approximately $10 million to our postretirement benefit plans during the remainder of 2021. Estimated future contributions take into consideration current economic conditions, including the impacts of COVID-19, which at this time are expected to have minimal impact on expected contributions for the remainder of 2021. Our actual contributions and plans may change due to many factors, including changes in tax, employee benefit, or other laws and regulations, tax deductibility, significant differences between expected and actual postretirement plan asset performance or interest rates, or other factors.

Financial Instruments (Notes)

Financial Instruments (Notes)	3 Months Ended
	Mar. 27, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	Financial Instruments See our consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 26, 2020 for additional information on our overall risk management strategies, our use of derivatives, and our related accounting policies. Derivative Volume: The notional values of our outstanding derivative instruments were (in millions): Notional Amount March 27, 2021 December 26, 2020 Commodity contracts $ 493 $ 384 Foreign exchange contracts 3,626 3,658 Cross-currency contracts 8,189 8,189 Fair Value of Derivative Instruments: The fair values and the levels within the fair value hierarchy of derivative instruments recorded on the condensed consolidated balance sheets were (in millions): March 27, 2021 Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Total Fair Value Assets Liabilities Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments: Foreign exchange contracts (a) $ — $ — $ 8 $ 55 $ 8 $ 55 Cross-currency contracts (b) — — 294 354 294 354 Derivatives not designated as hedging instruments: Commodity contracts (c) 77 6 6 2 83 8 Foreign exchange contracts (a) — — 19 11 19 11 Total fair value $ 77 $ 6 $ 327 $ 422 $ 404 $ 428 (a) At March 27, 2021, the fair value of our derivative assets was recorded in other current assets ($26 million) and other non-current assets ($1 million), and the fair value of our derivative liabilities was recorded in other current liabilities ($58 million) and other non-current liabilities ($8 million). (b) At March 27, 2021, the fair value of our derivative assets was recorded in other non-current assets, and the fair value of our derivative liabilities was recorded in other current liabilities ($66 million) and other non-current liabilities ($288 million). (c) At March 27, 2021, the fair value of our derivative assets was recorded in other current assets, and the fair value of derivative liabilities was recorded in other current liabilities. December 26, 2020 Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Total Fair Value Assets Liabilities Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments: Foreign exchange contracts (a) $ — $ — $ 9 $ 46 $ 9 $ 46 Cross-currency contracts (b) — — 298 333 298 333 Derivatives not designated as hedging instruments: Commodity contracts (c) 50 14 3 1 53 15 Foreign exchange contracts (a) — — 20 9 20 9 Total fair value $ 50 $ 14 $ 330 $ 389 $ 380 $ 403 (a) At December 26, 2020, the fair value of our derivative assets was recorded in other current assets ($28 million) and other non-current assets ($1 million), and the fair value of our derivative liabilities was recorded in other current liabilities ($50 million) and other non-current liabilities ($5 million). (b) At December 26, 2020, the fair value of our derivative assets was recorded in other non-current assets, and the fair value of our derivative liabilities was recorded in other current liabilities ($41 million) and other non-current liabilities ($292 million). (c) At December 26, 2020, the fair value of our derivative assets was recorded in other current assets, and the fair value of our derivative liabilities was recorded in other current liabilities. Our derivative financial instruments are subject to master netting arrangements that allow for the offset of assets and liabilities in the event of default or early termination of the contract. We elect to record the gross assets and liabilities of our derivative financial instruments on the condensed consolidated balance sheets. If the derivative financial instruments had been netted on the condensed consolidated balance sheets, the asset and liability positions each would have been reduced by $263 million at March 27, 2021 and $315 million at December 26, 2020. We had collected collateral related to commodity derivative margin requirements of $69 million at March 27, 2021 and $25 million at December 26, 2020, which was included in other current liabilities on our condensed consolidated balance sheets. Level 1 financial assets and liabilities consist of commodity future and options contracts and are valued using quoted prices in active markets for identical assets and liabilities. Level 2 financial assets and liabilities consist of commodity swaps, foreign exchange forwards, options, and swaps, and cross-currency swaps. Commodity swaps are valued using an income approach based on the observable market commodity index prices less the contract rate multiplied by the notional amount. Foreign exchange forwards and swaps are valued using an income approach based on observable market forward rates less the contract rate multiplied by the notional amount. Foreign exchange options are valued using an income approach based on a Black-Scholes-Merton formula. This formula uses present value techniques and reflects the time value and intrinsic value based on observable market rates. Cross-currency swaps are valued based on observable market spot and swap rates. We did not have any Level 3 financial assets or liabilities in any period presented. Our calculation of the fair value of financial instruments takes into consideration the risk of nonperformance, including counterparty credit risk. Net Investment Hedging: At March 27, 2021, we had the following items designated as net investment hedges: • Non-derivative foreign-denominated debt with principal amounts of €650 million and £400 million; • Cross-currency contracts with notional amounts of £1.0 billion ($1.4 billion), C$2.1 billion ($1.6 billion), €1.9 billion ($2.1 billion), and ¥9.6 billion ($85 million); and • Foreign exchange contracts denominated in Chinese renminbi with an aggregate notional amount of $114 million. We periodically use non-derivative instruments such as non-U.S. dollar financing transactions or non-U.S. dollar assets or liabilities, including intercompany loans, to hedge the exposure of changes in underlying foreign currency denominated subsidiary net assets, and they are designated as net investment hedges. At March 27, 2021, we had euro intercompany loans with an aggregate notional amount of $94 million. The component of the gains and losses on our net investment in these designated foreign operations, driven by changes in foreign exchange rates, are economically offset by fair value movements on the effective portion of our cross-currency contracts and foreign exchange contracts and remeasurements of our foreign-denominated debt. Cash Flow Hedge Coverage: At March 27, 2021, we had entered into foreign exchange contracts designated as cash flow hedges for periods not exceeding the next two years and into cross-currency contracts designated as cash flow hedges for periods not exceeding the next eight years. Deferred Hedging Gains and Losses on Cash Flow Hedges: Based on our valuation at March 27, 2021 and assuming market rates remain constant through contract maturities, we expect transfers to net income/(loss) of unrealized losses on foreign currency cash flow hedges during the next 12 months to be approximately $34 million. Additionally, we expect transfers to net income/(loss) of unrealized gains on cross-currency cash flow hedges and unrealized losses on interest rate cash flow hedges during the next 12 months to each be insignificant. Derivative Impact on the Statements of Comprehensive Income: The following table presents the pre-tax amounts of derivative gains/(losses) deferred into accumulated other comprehensive income/(losses) and the income statement line item that will be affected when reclassified to net income/(loss) (in millions): Accumulated Other Comprehensive Income/(Losses) Component Gains/(Losses) Recognized in Other Comprehensive Income/(Losses) Related to Derivatives Designated as Hedging Instruments Location of Gains/(Losses) When Reclassified to Net Income/(Loss) For the Three Months Ended March 27, 2021 March 28, 2020 Cash flow hedges: Foreign exchange contracts $ (1) $ 1 Net sales Foreign exchange contracts (23) 72 Cost of products sold Foreign exchange contracts (excluded component) — (1) Cost of products sold Foreign exchange contracts — — Other expense/(income) Cross-currency contracts (15) 41 Other expense/(income) Cross-currency contracts (excluded component) 7 6 Other expense/(income) Cross-currency contracts (6) — Interest expense Net investment hedges: Foreign exchange contracts 1 2 Other expense/(income) Foreign exchange contracts (excluded component) — (1) Interest expense Cross-currency contracts (14) 186 Other expense/(income) Cross-currency contracts (excluded component) 6 8 Interest expense Total gains/(losses) recognized in statements of comprehensive income $ (45) $ 314 Derivative Impact on the Statements of Income: The following tables present the pre-tax amounts of derivative gains/(losses) reclassified from accumulated other comprehensive income/(losses) to net income/(loss) and the affected income statement line items (in millions): For the Three Months Ended March 27, 2021 March 28, 2020 Cost of products sold Interest expense Other expense/(income) Cost of products sold Interest expense Other expense/(income) Total amounts presented in the condensed consolidated statements of income in which the following effects were recorded $ 4,193 $ 415 $ (30) $ 4,299 $ 310 $ (81) Gains/(losses) related to derivatives designated as hedging instruments: Cash flow hedges: Foreign exchange contracts $ (7) $ — $ — $ 1 $ — $ — Foreign exchange contracts (excluded component) — — — — — — Interest rate contracts — — — — (1) — Cross-currency contracts — (6) (43) — — 3 Cross-currency contracts (excluded component) — — 6 — — 7 Net investment hedges: Foreign exchange contracts (excluded component) — — — — — — Cross-currency contracts (excluded component) — 4 — — 8 — Gains/(losses) related to derivatives not designated as hedging instruments: Commodity contracts 50 — — (150) — — Foreign exchange contracts — — (5) — — (28) Cross-currency contracts — — — — — — Total gains/(losses) recognized in statements of income $ 43 $ (2) $ (42) $ (149) $ 7 $ (18) Non-Derivative Impact on Statements of Comprehensive Income: Related to our non-derivative foreign-denominated debt instruments designated as net investment hedges, we recognized pre-tax gains of $18 million for the three months ended March 27, 2021 and $34 million for the three months ended March 28, 2020. These amounts were recognized in other comprehensive income/(loss). Other Financial Instruments: The carrying amounts of cash equivalents approximated fair values at March 27, 2021 and December 26, 2020. Money market funds are included in cash and cash equivalents on the condensed consolidated balance sheets. The fair value of money market funds was $157 million at March 27, 2021 and $144 million at December 26, 2020. These are considered Level 1 financial assets and are valued using quoted prices in active markets for identical assets.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income/(Losses) (Notes)	3 Months Ended
	Mar. 27, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income/(Losses)	Accumulated Other Comprehensive Income/(Losses) The components of, and changes in, accumulated other comprehensive income/(losses), net of tax, were as follows (in millions): Foreign Currency Translation Adjustments Net Postemployment Benefit Plan Adjustments Net Cash Flow Hedge Adjustments Total Balance as of December 26, 2020 $ (2,218) $ 158 $ 93 $ (1,967) Foreign currency translation adjustments 61 — — 61 Net deferred gains/(losses) on net investment hedges 5 — — 5 Amounts excluded from the effectiveness assessment of net investment hedges 5 — — 5 Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) (3) — — (3) Net deferred gains/(losses) on cash flow hedges — — (29) (29) Amounts excluded from the effectiveness assessment of cash flow hedges — — 7 7 Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) — — 27 27 Net actuarial gains/(losses) arising during the period — 2 — 2 Net postemployment benefit losses/(gains) reclassified to net income/(loss) — (6) — (6) Total other comprehensive income/(loss) 68 (4) 5 69 Balance as of March 27, 2021 $ (2,150) $ 154 $ 98 $ (1,898) The gross amount and related tax benefit/(expense) recorded in, and associated with, each component of other comprehensive income/(loss) were as follows (in millions): For the Three Months Ended March 27, 2021 March 28, 2020 Before Tax Amount Tax Net of Tax Amount Before Tax Amount Tax Net of Tax Amount Foreign currency translation adjustments $ 61 $ — $ 61 $ (776) $ — $ (776) Net deferred gains/(losses) on net investment hedges 5 — 5 222 (56) 166 Amounts excluded from the effectiveness assessment of net investment hedges 6 (1) 5 7 (2) 5 Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) (4) 1 (3) (8) 2 (6) Net deferred gains/(losses) on cash flow hedges (45) 16 (29) 114 (13) 101 Amounts excluded from the effectiveness assessment of cash flow hedges 7 — 7 5 — 5 Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) 50 (23) 27 (10) — (10) Net actuarial gains/(losses) arising during the period 2 — 2 — — — Net postemployment benefit losses/(gains) reclassified to net income/(loss) (7) 1 (6) (34) 9 (25) The amounts reclassified from accumulated other comprehensive income/(losses) were as follows (in millions): Accumulated Other Comprehensive Income/(Losses) Component Reclassified from Accumulated Other Comprehensive Income/(Losses) to Net Income/(Loss) Affected Line Item in the Statements of Income For the Three Months Ended March 27, 2021 March 28, 2020 Losses/(gains) on net investment hedges: Cross-currency contracts (a) (4) (8) Interest expense Losses/(gains) on cash flow hedges: Foreign exchange contracts (b) 7 (1) Cost of products sold Cross-currency contracts (b) 37 (10) Other expense/(income) Cross-currency contracts (b) 6 — Interest expense Interest rate contracts (c) — 1 Interest expense Losses/(gains) on hedges before income taxes 46 (18) Losses/(gains) on hedges, income taxes (22) 2 Losses/(gains) on hedges $ 24 $ (16) Losses/(gains) on postemployment benefits: Amortization of unrecognized losses/(gains) (d) $ (4) $ (3) Amortization of prior service costs/(credits) (d) (2) (31) Settlement and curtailment losses/(gains) (d) (1) — Losses/(gains) on postemployment benefits before income taxes (7) (34) Losses/(gains) on postemployment benefits, income taxes 1 9 Losses/(gains) on postemployment benefits $ (6) $ (25) (a) Represents recognition of the excluded component in net income/(loss). (b) Includes amortization of the excluded component and the effective portion of the related hedges. (c) Represents amortization of realized hedge losses that were deferred into accumulated other comprehensive income/(losses) through the maturity of the related long-term debt instruments. (d) These components are included in the computation of net periodic postemployment benefit costs. See Note 11, Postemployment Benefits , for additional information. In this note we have excluded activity and balances related to noncontrolling interest due to their insignificance. This activity was primarily related to foreign currency translation adjustments.

Financing Arrangements (Notes)

Financing Arrangements (Notes)	3 Months Ended
	Mar. 27, 2021
Transfers and Servicing [Abstract]
Financing Arrangements	Financing Arrangements We enter into various product financing arrangements to facilitate supply from our vendors. Balance sheet classification is based on the nature of the arrangements. We have concluded that our obligations to our suppliers, including amounts due and scheduled payment terms, are impacted by their participation in the program and therefore we classify amounts outstanding within other current liabilities on our condensed consolidated balance sheets. We had approximately $202 million at March 27, 2021 and approximately $236 million at December 26, 2020 on our condensed consolidated balance sheets related to these arrangements. Transfers of Financial Assets: During the fourth quarter of 2020, we entered into a nonrecourse accounts receivable factoring program whereby certain eligible receivables are sold to third party financial institutions in exchange for cash. The program provides us with an additional means for managing liquidity. Under the terms of the arrangement, we act as the collecting agent on behalf of the financial institutions to collect amounts due from customers for the receivables sold. We account for the transfer of receivables as a true sale at the point control is transferred through derecognition of the receivable on our condensed consolidated balance sheet. No receivables were sold under this accounts receivable factoring program during the three months ended March 27, 2021, and there were no amounts outstanding at March 27, 2021 or December 26, 2020. Any proceeds from the sales of receivables are included in cash flows from operating activities in the condensed consolidated statement of cash flows.

Commitments, Contingencies and

Commitments, Contingencies and Debt (Notes)	3 Months Ended
	Mar. 27, 2021
Debt Disclosure [Abstract]
Commitments, Contingencies and Debt	Commitments, Contingencies and Debt Legal Proceedings We are involved in legal proceedings, claims, and governmental inquiries, inspections, or investigations (“Legal Matters”) arising in the ordinary course of our business. While we cannot predict with certainty the results of Legal Matters in which we are currently involved or may in the future be involved, we do not expect that the ultimate costs to resolve the Legal Matters that are currently pending will have a material adverse effect on our financial condition, results of operations, or cash flows. Class Actions and Stockholder Derivative Actions: The Kraft Heinz Company and certain of our current and former officers and directors are currently defendants in a consolidated securities class action lawsuit pending in the United States District Court for the Northern District of Illinois, Union Asset Management Holding AG, et al. v. The Kraft Heinz Company, et al . The consolidated amended class action complaint, which was filed on August 14, 2020 and also names 3G Capital, Inc. and several of its subsidiaries and affiliates (“3G Entities”) as defendants, asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 promulgated thereunder, based on allegedly materially false or misleading statements and omissions in public statements, press releases, investor presentations, earnings calls, Company documents, and SEC filings regarding the Company’s business, financial results, and internal controls, and further alleges the 3G Entities engaged in insider trading and misappropriated the Company’s material, non-public information. The plaintiffs seek damages in an unspecified amount, attorneys’ fees, and other relief. In addition, our Employee Benefits Administration Board and certain of The Kraft Heinz Company’s current and former officers and employees are currently defendants in an Employee Retirement Income Security Act (“ERISA”) class action lawsuit, Osborne v. Employee Benefits Administration Board of Kraft Heinz, et al. , which is pending in the United States District Court for the Northern District of Illinois. Plaintiffs in the lawsuit purport to represent a class of current and former employees who were participants in and beneficiaries of various retirement plans which were co-invested in a commingled investment fund known as the Kraft Foods Savings Plan Master Trust (the “Master Trust”) during the period of May 4, 2017 through February 21, 2019. An amended complaint was filed on June 28, 2019. The amended complaint alleges violations of Section 502 of ERISA based on alleged breaches of obligations as fiduciaries subject to ERISA by allowing the Master Trust to continue investing in our common stock, and alleges additional breaches of fiduciary duties by current and former officers for their purported failure to monitor Master Trust fiduciaries. The plaintiffs seek damages in an unspecified amount, attorneys’ fees, and other relief. Certain of The Kraft Heinz Company’s current and former officers and directors and the 3G Entities are also named as defendants in a stockholder derivative action, In re Kraft Heinz Shareholder Derivative Litigation , which had been previously consolidated in the United States District Court for the Western District of Pennsylvania, and is now pending in the United States District Court for the Northern District of Illinois. That complaint, which was filed on July 31, 2019, asserts state law claims for alleged breaches of fiduciary duties and unjust enrichment, as well as federal claims for contribution for alleged violations of Sections 10(b) and 21D of the Exchange Act and Rule 10b-5 promulgated thereunder, based on allegedly materially false or misleading statements and omissions in public statements and SEC filings, and for implementing cost cutting measures that allegedly damaged the Company. The plaintiffs seek damages in an unspecific amount, attorneys’ fees, and other relief. A further consolidated amended complaint is expected after appointment of a lead plaintiff. Certain of The Kraft Heinz Company’s current and former officers and directors and the 3G Entities are also named as defendants in a consolidated stockholder derivative action, In re Kraft Heinz Company Derivative Litigation , which was filed in the Delaware Court of Chancery. The consolidated amended complaint, which was filed on April 27, 2020, alleges state law claims, contending that the 3G Entities were controlling shareholders who owed fiduciary duties to the Company, and that they breached those duties by allegedly engaging in insider trading and misappropriating the Company’s material, non-public information. The complaint further alleges that certain of The Kraft Heinz Company’s current and former officers and directors breached their fiduciary duties to the Company by purportedly making materially misleading statements and omissions regarding the Company’s financial performance and the impairment of its goodwill and intangible assets, and by supposedly approving or allowing the 3G Entities’ alleged insider trading. The complaint seeks relief against the defendants in the form of damages, disgorgement of all profits obtained from the alleged insider trading, contribution and indemnification, and an award of attorneys’ fees and costs. We intend to vigorously defend against these lawsuits; however, we cannot reasonably estimate the potential range of loss, if any, due to the early stage of these proceedings. United States Government Investigations: As previously disclosed on February 21, 2019, we received a subpoena in October 2018 from the SEC related to our procurement area, specifically the accounting policies, procedures, and internal controls related to our procurement function, including, but not limited to, agreements, side agreements, and changes or modifications to agreements with our suppliers. Following the receipt of this subpoena, we, together with external counsel and forensic accountants, and subsequently, under the oversight of the Audit Committee, conducted an internal investigation into our procurement area and related matters. The SEC has issued additional subpoenas seeking information related to our financial reporting, incentive plans, debt issuances, internal controls, disclosures, personnel, our assessment of goodwill and intangible asset impairments, our communications with certain stockholders, and other related information and materials in connection with its investigation. We have been responsive to the ongoing subpoenas and other document requests and are in discussions with the SEC regarding the potential resolution of its investigation. It is not possible at this time to predict the outcome of those discussions. The United States Attorney’s Office for the Northern District of Illinois is also reviewing this matter. We cannot predict the eventual scope, duration, or outcome of any potential SEC investigation resolution or legal action, or other action, or whether it could have a material impact on our financial condition, results of operations, or cash flows. Debt Borrowing Arrangements: On July 6, 2015, together with Kraft Heinz Foods Company (“KHFC”), our 100% owned operating subsidiary, we entered into a credit agreement (as amended, the “Credit Agreement”), which provides for a $4.0 billion senior unsecured revolving credit facility (as amended, the “Senior Credit Facility”). In June 2018, we entered into an agreement that became effective on July 6, 2018 to extend the maturity date of our Senior Credit Facility from July 6, 2021 to July 6, 2023 and to establish a $400 million euro equivalent swing line facility, which is available under the $4.0 billion revolving credit facility limit for short-term loans denominated in euros on a same-day basis. In March 2020, we entered into an extension letter agreement (the “2020 Extension Agreement”), which extends $3.9 billion of the revolving loans and commitments under the Credit Agreement from July 6, 2023 to July 6, 2024. The revolving loans and commitments of each lender that did not agree to the 2020 Extension Agreement shall continue to terminate on the existing maturity date of July 6, 2023. In October 2020, we entered into the Commitment Increase Amendment (the “Amendment”) to the Credit Agreement, which provides for incremental revolving commitments by two additional lenders in the amount of $50 million each, for an aggregate commitment of $100 million. Following the execution of the Amendment, the revolving loans and commitments available under the Credit Agreement are $4.1 billion through July 6, 2023 and $4.0 billion through July 6, 2024. On April 9, 2021, we entered into an extension letter agreement (the “2021 Extension Agreement”), which extends the revolving loans and commitments under the Credit Agreement, as amended by the Amendment, from July 6, 2024 to July 6, 2025. In the first quarter of 2020, as a precautionary measure to preserve financial flexibility in light of the uncertainty in the global economy resulting from the COVID-19 pandemic, we borrowed $4.0 billion under our Senior Credit Facility. No amounts were drawn on our Senior Credit Facility at March 27, 2021, at December 26, 2020, or during the three months ended March 27, 2021. The Senior Credit Facility contains representations, warranties, and covenants that are typical for these types of facilities and could upon the occurrence of certain events of default restrict our ability to access our Senior Credit Facility. Our Senior Credit Facility requires us to maintain a minimum shareholders’ equity (excluding accumulated other comprehensive income/(losses)) of at least $35 billion. We were in compliance with this covenant as of March 27, 2021. The obligations under the Credit Agreement are guaranteed by KHFC in the case of indebtedness and other liabilities of any subsidiary borrower and by The Kraft Heinz Company in the case of indebtedness and other liabilities of any subsidiary borrower and KHFC. In March 2020, together with KHFC, we entered into an uncommitted revolving credit line agreement, which provides for borrowings up to $300 million. Each borrowing under this uncommitted revolving credit line agreement is due within six months of the disbursement date. On March 10, 2021, we amended the uncommitted revolving credit line agreement to extend the final maturity date of the agreement from June 9, 2021 to June 9, 2022. As of March 27, 2021, no amounts had been drawn on this facility. See Note 18, Debt , to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 26, 2020 for additional information on our borrowing arrangements. Tender Offer: In February 2021, KHFC commenced a tender offer to purchase for cash up to the maximum combined aggregate purchase price of $1.0 billion, including principal and premium but excluding accrued and unpaid interest, of its outstanding 3.950% senior notes due July 2025, 3.000% senior notes due June 2026, 4.000% senior notes due June 2023, and 3.500% senior notes due June 2022 (the “Tender Offer”), listed in order of priority. Based on participation, KHFC elected to settle the Tender Offer on the early settlement date, March 9, 2021. The aggregate principal amounts of senior notes before and after the Tender Offer and the amounts validly tendered pursuant to the Tender Offer were (in millions): Aggregate Principal Amount Outstanding Before Tender Offer Amount Validly Tendered Aggregate Principal Amount Outstanding After Tender Offer 3.950% senior notes due July 2025 $ 1,609 $ 812 $ 797 3.000% senior notes due June 2026 2,000 88 1,912 4.000% senior notes due June 2023 447 — 447 3.500% senior notes due June 2022 631 — 631 In connection with the Tender Offer, we recognized a loss on extinguishment of debt of $106 million. This loss primarily reflects the payment of early tender premiums and fees associated with the Tender Offer as well as the write-off of unamortized debt issuance costs and discounts. We recognized this loss on extinguishment of debt within interest expense on the condensed consolidated statement of income for the three months ended March 27, 2021. The cash payments related to the debt extinguishment are classified as cash outflows from financing activities on the condensed consolidated statement of cash flows. For the three months ended March 27, 2021, debt prepayment and extinguishment costs per the condensed consolidated statement of cash flows related to the Tender Offer were $103 million, which reflect the $106 million loss on extinguishment of debt adjusted for the non-cash write-off of unamortized debt issuance costs of $2 million and unamortized discounts of $1 million. Debt Repayments: In February 2021, we repaid $111 million aggregate principal amount of senior notes that matured in the period. In February 2020, we repaid $405 million aggregate principal amount of senior notes that matured in the period. Fair Value of Debt: At March 27, 2021, the aggregate fair value of our total debt was $30.4 billion as compared with a carrying value of $27.2 billion. At December 26, 2020, the aggregate fair value of our total debt was $32.1 billion as compared with a carrying value of $28.3 billion. Our short-term debt had a carrying value that approximated its fair value at March 27, 2021 and December 26, 2020. 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. Subsequent Event: On April 1, 2021, we issued a notice of redemption by KHFC of all of its 4.000% senior notes due June 2023, of which $447 million aggregate principal amount is outstanding. The effective date of this redemption is May 1, 2021. Our condensed consolidated financial statements as of March 27, 2021 are not impacted by this notice of redemption as it occurred in the second quarter of 2021.

Earnings Per Share (Notes)

Earnings Per Share (Notes)	3 Months Ended
	Mar. 27, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Our earnings per common share (“EPS”) were: For the Three Months Ended March 27, 2021 March 28, 2020 (in millions, except per share data) Basic Earnings Per Common Share: Net income/(loss) attributable to common shareholders $ 563 $ 378 Weighted average shares of common stock outstanding 1,223 1,222 Net earnings/(loss) $ 0.46 $ 0.31 Diluted Earnings Per Common Share: Net income/(loss) attributable to common shareholders $ 563 $ 378 Weighted average shares of common stock outstanding 1,223 1,222 Effect of dilutive equity awards 9 2 Weighted average shares of common stock outstanding, including dilutive effect 1,232 1,224 Net earnings/(loss) $ 0.46 $ 0.31 We use the treasury stock method to calculate the dilutive effect of outstanding equity awards in the denominator for diluted EPS. Anti-dilutive shares were 8 million for the three months ended March 27, 2021 and 13 million for the three months ended March 28, 2020.

Segment Reporting (Notes)

Segment Reporting (Notes)	3 Months Ended
	Mar. 27, 2021
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We manage and report our operating results through three reportable segments defined by geographic region: United States, International, and Canada. Management evaluates segment performance based on several factors, including net sales and Segment Adjusted EBITDA. Segment Adjusted EBITDA is defined as net income/(loss) from continuing operations before interest expense, other expense/(income), provision for/(benefit from) income taxes, and depreciation and amortization (excluding restructuring activities); in addition to these adjustments, we exclude, when they occur, the impacts of restructuring activities, deal costs, unrealized gains/(losses) on commodity hedges (the unrealized gains and losses are recorded in general corporate expenses until realized; once realized, the gains and losses are recorded in the applicable segment’s operating results), impairment losses, and equity award compensation expense (excluding restructuring activities). Segment Adjusted EBITDA is a tool that can assist management and investors in comparing our performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect our underlying operations. Management uses Segment Adjusted EBITDA to evaluate segment performance and allocate resources. Management does not use assets by segment to evaluate performance or allocate resources. Therefore, we do not disclose assets by segment. Net sales by segment were (in millions): For the Three Months Ended March 27, 2021 March 28, 2020 Net sales: United States $ 4,608 $ 4,495 International 1,394 1,301 Canada 392 361 Total net sales $ 6,394 $ 6,157 Segment Adjusted EBITDA was (in millions): For the Three Months Ended March 27, 2021 March 28, 2020 Segment Adjusted EBITDA: United States $ 1,280 $ 1,209 International 283 245 Canada 87 55 General corporate expenses (70) (94) Depreciation and amortization (excluding restructuring activities) (222) (243) Restructuring activities (18) — Deal costs (7) — Unrealized gains/(losses) on commodity hedges 37 (143) Impairment losses (230) (226) Equity award compensation expense (excluding restructuring activities) (51) (33) Operating income/(loss) 1,089 770 Interest expense 415 310 Other expense/(income) (30) (81) Income/(loss) before income taxes $ 704 $ 541 Net sales by platform were (in millions): For the Three Months Ended March 27, 2021 March 28, 2020 Taste Elevation $ 1,776 $ 1,639 Fast Fresh Meals 1,541 1,456 Easy Meals Made Better 1,201 1,228 Real Food Snacking 581 570 Flavorful Hydration 411 388 Easy Indulgent Desserts 212 177 Other 672 699 Total net sales $ 6,394 $ 6,157 Net sales by product category were (in millions): For the Three Months Ended March 27, 2021 March 28, 2020 Condiments and sauces $ 1,682 $ 1,581 Cheese and dairy 1,233 1,139 Ambient foods 698 716 Frozen and chilled foods 674 648 Meats and seafood 611 590 Refreshment beverages 411 389 Coffee 210 275 Infant and nutrition 107 113 Desserts, toppings and baking 242 204 Nuts and salted snacks 251 250 Other 275 252 Total net sales $ 6,394 $ 6,157

Other Financial Data (Notes)

Other Financial Data (Notes)	3 Months Ended
	Mar. 27, 2021
Other Income and Expenses [Abstract]
Other Financial Data	Other Financial Data Condensed Consolidated Statements of Income Information Other expense/(income) consists of the following (in millions): For the Three Months Ended March 27, 2021 March 28, 2020 Amortization of prior service costs/(credits) $ (2) $ (31) Net pension and postretirement non-service cost/(benefit) (a) (50) (43) Loss/(gain) on sale of business 19 2 Interest income (5) (9) Foreign exchange losses/(gains) (36) (17) Derivative losses/(gains) 42 18 Other miscellaneous expense/(income) 2 (1) Other expense/(income) $ (30) $ (81) (a) Excludes amortization of prior service costs/(credits). We present all non-service cost components of net pension cost/(benefit) and net postretirement cost/(benefit) within other expense/(income) on our condensed consolidated statements of income. See Note 11, Postemployment Benefits , for additional information on these components, including any curtailments and settlements, as well as information on our prior service credit amortization. See Note 4, Acquisitions and Divestitures , for additional information related to our loss/(gain) on sale of business. See Note 12, Financial Instruments , for information related to our derivative impacts. Other expense/(income) was $30 million of income for the three months ended March 27, 2021 compared to $81 million of income for the three months ended March 28, 2020. This change was primarily driven by a $29 million decrease in amortization of prior service credits as compared to the prior year period, a $42 million net loss on derivative activities in the first quarter of 2021 compared to an $18 million net loss on derivative activities in the first quarter of 2020, and a $19 million loss on sale of business in the first quarter of 2021 compared to a $2 million net loss on sales of businesses recorded in the first quarter of 2020. These impacts were partially offset by a $36 million net foreign exchange gain in the first quarter of 2021 as compared to a $17 million net foreign exchange gain in the first quarter of 2020.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 27, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fiscal Period, Policy	We operate on a 52- or 53-week fiscal year ending on the last Saturday in December in each calendar year. Unless the context requires otherwise, references to years and quarters contained herein pertain to our fiscal years and fiscal quarters. Our 2021 fiscal year is scheduled to be a 52-week period ending on December 25, 2021, and the 2020 fiscal year was a 52-week period that ended on December 26, 2020.
Principles of Consolidation, Policy	Principles of Consolidation The condensed consolidated financial statements include Kraft Heinz and all of our controlled subsidiaries. All intercompany transactions are eliminated.
Reportable Segments, Policy	Reportable Segments We manage and report our operating results through three reportable segments defined by geographic region: United States, International, and Canada.
Use of Estimates, Policy	Use of Estimates We prepare our condensed consolidated financial statements in accordance with U.S. GAAP, which requires us to make accounting policy elections, estimates, and assumptions that affect the reported amount of assets, liabilities, reserves, and expenses. These accounting policy elections, estimates, and assumptions are based on our best estimates and judgments. We evaluate our policy elections, estimates, and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. We believe these estimates to be reasonable given the current facts available. We adjust our policy elections, estimates, and assumptions when facts and circumstances dictate. Market volatility, including foreign currency exchange rates, increases the uncertainty inherent in our estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from estimates. If actual amounts differ from estimates, we include the revisions in our consolidated results of operations in the period the actual amounts become known. Historically, the aggregate differences, if any, between our estimates and actual amounts in any year have not had a material effect on our condensed consolidated financial statements.
Reclassifications, Policy	Reclassifications We made reclassifications and adjustments to certain previously reported financial information to conform to our current period presentation. In the first quarter of 2021, we reclassified certain balances, which were previously reported in prepaid expenses, to inventories on our condensed consolidated balance sheets. Certain financial statement line items in our condensed consolidated balance sheet at December 26, 2020 and our condensed consolidated statement of cash flows for the three months ended March 28, 2020, were adjusted as necessary. See Note 7, Inventories , for additional information.

New Accounting Standards (Polic

New Accounting Standards (Policies)	3 Months Ended
	Mar. 27, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Standards	Accounting Standards Adopted in the Current Year Simplifying the Accounting for Income Taxes: In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2019-12 to simplify the accounting in Accounting Standards Codification (“ASC”) 740, Income Taxes . This guidance removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. This guidance also clarifies and simplifies other areas of ASC 740. Certain amendments in this update must be applied on a prospective basis, certain amendments must be applied on a retrospective basis, and certain amendments must be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings/(deficit) in the period of adoption. This ASU became effective in the first quarter of 2021. The adoption of this ASU did not impact our financial statements or the related disclosures.

Acquisitions and Divestitures_2

Acquisitions and Divestitures (Tables)	3 Months Ended
	Mar. 27, 2021
Business Combinations [Abstract]
Assets and Liabilities Held for Sale by Major Class	Our assets and liabilities held for sale, by major class, were (in millions): March 27, 2021 Nuts Transaction Cheese Transaction Other Total ASSETS Cash and cash equivalents $ — $ — $ 33 $ 33 Inventories 160 358 11 529 Property, plant and equipment, net 195 256 15 466 Goodwill (net of impairments of $530) 1,432 281 — 1,713 Intangible assets, net 1,645 850 24 2,519 Other 3 6 21 30 Reserve for disposal groups (26) — — (26) Total assets held for sale $ 3,409 $ 1,751 $ 104 $ 5,264 LIABILITIES Other 3 7 7 17 Total liabilities held for sale $ 3 $ 7 $ 7 $ 17 December 26, 2020 Cheese Transaction Other Total ASSETS Cash and cash equivalents $ — $ 33 $ 33 Inventories 373 12 385 Property, plant and equipment, net 243 14 257 Goodwill (net of impairment of $300) 281 — 281 Intangible assets, net 850 23 873 Other 10 24 34 Total assets held for sale $ 1,757 $ 106 $ 1,863 LIABILITIES Other 7 10 17 Total liabilities held for sale $ 7 $ 10 $ 17

Restructuring Activities (Table

Restructuring Activities (Tables)	3 Months Ended
	Mar. 27, 2021
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost	Our net liability balance for restructuring project costs that qualify as exit and disposal costs under U.S. GAAP (i.e., severance and employee benefit costs and other exit costs) was (in millions): Severance and Employee Benefit Costs Other Exit Costs Total Balance at December 26, 2020 $ 10 $ 20 $ 30 Charges/(credits) 4 — 4 Cash payments (3) (1) (4) Balance at March 27, 2021 $ 11 $ 19 $ 30
Restructuring Costs by Type and Income Statement Location	Total expense/(income) related to restructuring activities, by income statement caption, were (in millions): For the Three Months Ended March 27, 2021 March 28, 2020 Severance and employee benefit costs - Cost of products sold $ 3 $ 1 Severance and employee benefit costs - SG&A 1 (4) Other costs - SG&A 14 3 $ 18 $ —
Restructuring Costs Excluded from Segments	The pre-tax impact of allocating such expenses to our segments would have been (in millions): For the Three Months Ended March 27, 2021 March 28, 2020 United States $ 1 $ — International 4 (1) Canada — 1 General corporate expenses 13 — $ 18 $ —

Restricted Cash (Tables)

Restricted Cash (Tables)	3 Months Ended
	Mar. 27, 2021
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Reconciliation from Cash and Cash Equivalents to Cash, Cash Equivalents, and Restricted Cash	The following table provides a reconciliation of cash and cash equivalents, as reported on our condensed consolidated balance sheets, to cash, cash equivalents, and restricted cash, as reported on our condensed consolidated statements of cash flows (in millions): March 27, 2021 December 26, 2020 Cash and cash equivalents $ 2,360 $ 3,417 Restricted cash included in other non-current assets 1 1 Cash, cash equivalents, and restricted cash $ 2,361 $ 3,418

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 27, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following (in millions): March 27, 2021 December 26, 2020 Packaging and ingredients $ 482 $ 482 Spare parts 211 219 Work in process 247 268 Finished products 1,736 1,804 Inventories $ 2,676 $ 2,773

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 27, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the Carrying Amount of Goodwill by Segment	Changes in the carrying amount of goodwill, by segment, were (in millions): United States International Canada Total Balance at December 26, 2020 $ 28,429 $ 3,160 $ 1,500 $ 33,089 Reclassified to assets held for sale (1,653) — (9) (1,662) Translation adjustments and other — (15) 35 20 Balance at March 27, 2021 $ 26,776 $ 3,145 $ 1,526 $ 31,447
Changes in the Carrying Amount of Indefinite-Lived Intangible Assets	Changes in the carrying amount of indefinite-lived intangible assets, which primarily consisted of trademarks, were (in millions): Balance at December 26, 2020 $ 42,267 Reclassified to assets held for sale (1,487) Translation adjustments 66 Balance at March 27, 2021 $ 40,846
Schedule of Definite-Lived Intangible Assets By Major Asset Class	Definite-lived intangible assets were (in millions): March 27, 2021 December 26, 2020 Gross Accumulated Net Gross Accumulated Net Trademarks $ 1,962 $ (492) $ 1,470 $ 2,000 $ (478) $ 1,522 Customer-related assets 3,631 (938) 2,693 3,808 (942) 2,866 Other 15 (3) 12 15 (3) 12 $ 5,608 $ (1,433) $ 4,175 $ 5,823 $ (1,423) $ 4,400

Employees' Stock Incentive Pl_2

Employees' Stock Incentive Plans (Tables)	3 Months Ended
	Mar. 27, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock Option Activity and Related Information	Our stock option activity and related information was: Number of Stock Options Weighted Average Exercise Price Outstanding at December 26, 2020 13,479,668 $ 43.71 Granted 980,222 37.09 Forfeited (202,229) 49.25 Exercised (958,927) 25.82 Outstanding at March 27, 2021 13,298,734 44.43
Schedule of RSU Activity and Related Information	Our restricted stock unit (“RSU”) activity and related information was: Number of Units Weighted Average Grant Date Fair Value Outstanding at December 26, 2020 14,235,922 $ 31.32 Granted 2,880,455 37.09 Forfeited (271,523) 30.73 Vested (233,994) 77.29 Outstanding at March 27, 2021 16,610,860 31.68
Schedule of PSU Activity and Related Information	Our performance share unit (“PSU”) activity and related information was: Number of Units Weighted Average Grant Date Fair Value Outstanding at December 26, 2020 7,778,710 $ 33.16 Granted 1,571,066 34.66 Forfeited (144,762) 42.79 Outstanding at March 27, 2021 9,205,014 33.27

Postemployment Benefits (Tables

Postemployment Benefits (Tables)	3 Months Ended
	Mar. 27, 2021
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Net Cost/(Benefit)	Net pension cost/(benefit) consisted of the following (in millions): For the Three Months Ended U.S. Plans Non-U.S. Plans March 27, 2021 March 28, 2020 March 27, 2021 March 28, 2020 Service cost $ 2 $ 2 $ 4 $ 4 Interest cost 22 33 7 9 Expected return on plan assets (45) (52) (23) (26) Special/contractual termination benefits 4 — — — Net pension cost/(benefit) $ (17) $ (17) $ (12) $ (13)
Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Net Cost/(Benefit)	Net postretirement cost/(benefit) consisted of the following (in millions): For the Three Months Ended March 27, 2021 March 28, 2020 Service cost $ 1 $ 2 Interest cost 5 8 Expected return on plan assets (12) (12) Amortization of prior service costs/(credits) (2) (31) Amortization of unrecognized losses/(gains) (4) (3) Net postretirement cost/(benefit) $ (12) $ (36)

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 27, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Values of Outstanding Derivatives	The notional values of our outstanding derivative instruments were (in millions): Notional Amount March 27, 2021 December 26, 2020 Commodity contracts $ 493 $ 384 Foreign exchange contracts 3,626 3,658 Cross-currency contracts 8,189 8,189
Schedule of Derivative Fair Values	The fair values and the levels within the fair value hierarchy of derivative instruments recorded on the condensed consolidated balance sheets were (in millions): March 27, 2021 Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Total Fair Value Assets Liabilities Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments: Foreign exchange contracts (a) $ — $ — $ 8 $ 55 $ 8 $ 55 Cross-currency contracts (b) — — 294 354 294 354 Derivatives not designated as hedging instruments: Commodity contracts (c) 77 6 6 2 83 8 Foreign exchange contracts (a) — — 19 11 19 11 Total fair value $ 77 $ 6 $ 327 $ 422 $ 404 $ 428 (a) At March 27, 2021, the fair value of our derivative assets was recorded in other current assets ($26 million) and other non-current assets ($1 million), and the fair value of our derivative liabilities was recorded in other current liabilities ($58 million) and other non-current liabilities ($8 million). (b) At March 27, 2021, the fair value of our derivative assets was recorded in other non-current assets, and the fair value of our derivative liabilities was recorded in other current liabilities ($66 million) and other non-current liabilities ($288 million). (c) At March 27, 2021, the fair value of our derivative assets was recorded in other current assets, and the fair value of derivative liabilities was recorded in other current liabilities. December 26, 2020 Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Total Fair Value Assets Liabilities Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments: Foreign exchange contracts (a) $ — $ — $ 9 $ 46 $ 9 $ 46 Cross-currency contracts (b) — — 298 333 298 333 Derivatives not designated as hedging instruments: Commodity contracts (c) 50 14 3 1 53 15 Foreign exchange contracts (a) — — 20 9 20 9 Total fair value $ 50 $ 14 $ 330 $ 389 $ 380 $ 403 (a) At December 26, 2020, the fair value of our derivative assets was recorded in other current assets ($28 million) and other non-current assets ($1 million), and the fair value of our derivative liabilities was recorded in other current liabilities ($50 million) and other non-current liabilities ($5 million). (b) At December 26, 2020, the fair value of our derivative assets was recorded in other non-current assets, and the fair value of our derivative liabilities was recorded in other current liabilities ($41 million) and other non-current liabilities ($292 million). (c) At December 26, 2020, the fair value of our derivative assets was recorded in other current assets, and the fair value of our derivative liabilities was recorded in other current liabilities.
Derivative Impact on Statements of Other Comprehensive Income	The following table presents the pre-tax amounts of derivative gains/(losses) deferred into accumulated other comprehensive income/(losses) and the income statement line item that will be affected when reclassified to net income/(loss) (in millions): Accumulated Other Comprehensive Income/(Losses) Component Gains/(Losses) Recognized in Other Comprehensive Income/(Losses) Related to Derivatives Designated as Hedging Instruments Location of Gains/(Losses) When Reclassified to Net Income/(Loss) For the Three Months Ended March 27, 2021 March 28, 2020 Cash flow hedges: Foreign exchange contracts $ (1) $ 1 Net sales Foreign exchange contracts (23) 72 Cost of products sold Foreign exchange contracts (excluded component) — (1) Cost of products sold Foreign exchange contracts — — Other expense/(income) Cross-currency contracts (15) 41 Other expense/(income) Cross-currency contracts (excluded component) 7 6 Other expense/(income) Cross-currency contracts (6) — Interest expense Net investment hedges: Foreign exchange contracts 1 2 Other expense/(income) Foreign exchange contracts (excluded component) — (1) Interest expense Cross-currency contracts (14) 186 Other expense/(income) Cross-currency contracts (excluded component) 6 8 Interest expense Total gains/(losses) recognized in statements of comprehensive income $ (45) $ 314
Derivative Impact on Statements of Income	The following tables present the pre-tax amounts of derivative gains/(losses) reclassified from accumulated other comprehensive income/(losses) to net income/(loss) and the affected income statement line items (in millions): For the Three Months Ended March 27, 2021 March 28, 2020 Cost of products sold Interest expense Other expense/(income) Cost of products sold Interest expense Other expense/(income) Total amounts presented in the condensed consolidated statements of income in which the following effects were recorded $ 4,193 $ 415 $ (30) $ 4,299 $ 310 $ (81) Gains/(losses) related to derivatives designated as hedging instruments: Cash flow hedges: Foreign exchange contracts $ (7) $ — $ — $ 1 $ — $ — Foreign exchange contracts (excluded component) — — — — — — Interest rate contracts — — — — (1) — Cross-currency contracts — (6) (43) — — 3 Cross-currency contracts (excluded component) — — 6 — — 7 Net investment hedges: Foreign exchange contracts (excluded component) — — — — — — Cross-currency contracts (excluded component) — 4 — — 8 — Gains/(losses) related to derivatives not designated as hedging instruments: Commodity contracts 50 — — (150) — — Foreign exchange contracts — — (5) — — (28) Cross-currency contracts — — — — — — Total gains/(losses) recognized in statements of income $ 43 $ (2) $ (42) $ (149) $ 7 $ (18)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income/(Losses) (Tables) - AOCI Attributable to Parent	3 Months Ended
	Mar. 27, 2021
Accumulated Other Comprehensive Income/(Loss) [Line Items]
Components of and Changes in Accumulated Other Comprehensive Income/(Losses)	The components of, and changes in, accumulated other comprehensive income/(losses), net of tax, were as follows (in millions): Foreign Currency Translation Adjustments Net Postemployment Benefit Plan Adjustments Net Cash Flow Hedge Adjustments Total Balance as of December 26, 2020 $ (2,218) $ 158 $ 93 $ (1,967) Foreign currency translation adjustments 61 — — 61 Net deferred gains/(losses) on net investment hedges 5 — — 5 Amounts excluded from the effectiveness assessment of net investment hedges 5 — — 5 Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) (3) — — (3) Net deferred gains/(losses) on cash flow hedges — — (29) (29) Amounts excluded from the effectiveness assessment of cash flow hedges — — 7 7 Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) — — 27 27 Net actuarial gains/(losses) arising during the period — 2 — 2 Net postemployment benefit losses/(gains) reclassified to net income/(loss) — (6) — (6) Total other comprehensive income/(loss) 68 (4) 5 69 Balance as of March 27, 2021 $ (2,150) $ 154 $ 98 $ (1,898)
Gross Amount and Related Tax Benefit/(Expense) Recorded in and Associated with each Component of Other Comprehensive Income/(Loss)	The gross amount and related tax benefit/(expense) recorded in, and associated with, each component of other comprehensive income/(loss) were as follows (in millions): For the Three Months Ended March 27, 2021 March 28, 2020 Before Tax Amount Tax Net of Tax Amount Before Tax Amount Tax Net of Tax Amount Foreign currency translation adjustments $ 61 $ — $ 61 $ (776) $ — $ (776) Net deferred gains/(losses) on net investment hedges 5 — 5 222 (56) 166 Amounts excluded from the effectiveness assessment of net investment hedges 6 (1) 5 7 (2) 5 Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) (4) 1 (3) (8) 2 (6) Net deferred gains/(losses) on cash flow hedges (45) 16 (29) 114 (13) 101 Amounts excluded from the effectiveness assessment of cash flow hedges 7 — 7 5 — 5 Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) 50 (23) 27 (10) — (10) Net actuarial gains/(losses) arising during the period 2 — 2 — — — Net postemployment benefit losses/(gains) reclassified to net income/(loss) (7) 1 (6) (34) 9 (25)
Amounts Reclassified From Accumulated Other Comprehensive Income/(Losses)	The amounts reclassified from accumulated other comprehensive income/(losses) were as follows (in millions): Accumulated Other Comprehensive Income/(Losses) Component Reclassified from Accumulated Other Comprehensive Income/(Losses) to Net Income/(Loss) Affected Line Item in the Statements of Income For the Three Months Ended March 27, 2021 March 28, 2020 Losses/(gains) on net investment hedges: Cross-currency contracts (a) (4) (8) Interest expense Losses/(gains) on cash flow hedges: Foreign exchange contracts (b) 7 (1) Cost of products sold Cross-currency contracts (b) 37 (10) Other expense/(income) Cross-currency contracts (b) 6 — Interest expense Interest rate contracts (c) — 1 Interest expense Losses/(gains) on hedges before income taxes 46 (18) Losses/(gains) on hedges, income taxes (22) 2 Losses/(gains) on hedges $ 24 $ (16) Losses/(gains) on postemployment benefits: Amortization of unrecognized losses/(gains) (d) $ (4) $ (3) Amortization of prior service costs/(credits) (d) (2) (31) Settlement and curtailment losses/(gains) (d) (1) — Losses/(gains) on postemployment benefits before income taxes (7) (34) Losses/(gains) on postemployment benefits, income taxes 1 9 Losses/(gains) on postemployment benefits $ (6) $ (25) (a) Represents recognition of the excluded component in net income/(loss). (b) Includes amortization of the excluded component and the effective portion of the related hedges. (c) Represents amortization of realized hedge losses that were deferred into accumulated other comprehensive income/(losses) through the maturity of the related long-term debt instruments. (d) These components are included in the computation of net periodic postemployment benefit costs. See Note 11, Postemployment Benefits , for additional information.

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 27, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Debt	The aggregate principal amounts of senior notes before and after the Tender Offer and the amounts validly tendered pursuant to the Tender Offer were (in millions): Aggregate Principal Amount Outstanding Before Tender Offer Amount Validly Tendered Aggregate Principal Amount Outstanding After Tender Offer 3.950% senior notes due July 2025 $ 1,609 $ 812 $ 797 3.000% senior notes due June 2026 2,000 88 1,912 4.000% senior notes due June 2023 447 — 447 3.500% senior notes due June 2022 631 — 631

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 27, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Common Share, Basic and Diluted	Our earnings per common share (“EPS”) were: For the Three Months Ended March 27, 2021 March 28, 2020 (in millions, except per share data) Basic Earnings Per Common Share: Net income/(loss) attributable to common shareholders $ 563 $ 378 Weighted average shares of common stock outstanding 1,223 1,222 Net earnings/(loss) $ 0.46 $ 0.31 Diluted Earnings Per Common Share: Net income/(loss) attributable to common shareholders $ 563 $ 378 Weighted average shares of common stock outstanding 1,223 1,222 Effect of dilutive equity awards 9 2 Weighted average shares of common stock outstanding, including dilutive effect 1,232 1,224 Net earnings/(loss) $ 0.46 $ 0.31

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 27, 2021
Segment Reporting [Abstract]
Net Sales by Segment	Net sales by segment were (in millions): For the Three Months Ended March 27, 2021 March 28, 2020 Net sales: United States $ 4,608 $ 4,495 International 1,394 1,301 Canada 392 361 Total net sales $ 6,394 $ 6,157
Segment Adjusted EBITDA	Segment Adjusted EBITDA was (in millions): For the Three Months Ended March 27, 2021 March 28, 2020 Segment Adjusted EBITDA: United States $ 1,280 $ 1,209 International 283 245 Canada 87 55 General corporate expenses (70) (94) Depreciation and amortization (excluding restructuring activities) (222) (243) Restructuring activities (18) — Deal costs (7) — Unrealized gains/(losses) on commodity hedges 37 (143) Impairment losses (230) (226) Equity award compensation expense (excluding restructuring activities) (51) (33) Operating income/(loss) 1,089 770 Interest expense 415 310 Other expense/(income) (30) (81) Income/(loss) before income taxes $ 704 $ 541
Net Sales by Platform	Net sales by platform were (in millions): For the Three Months Ended March 27, 2021 March 28, 2020 Taste Elevation $ 1,776 $ 1,639 Fast Fresh Meals 1,541 1,456 Easy Meals Made Better 1,201 1,228 Real Food Snacking 581 570 Flavorful Hydration 411 388 Easy Indulgent Desserts 212 177 Other 672 699 Total net sales $ 6,394 $ 6,157
Net Sales by Product Category	Net sales by product category were (in millions): For the Three Months Ended March 27, 2021 March 28, 2020 Condiments and sauces $ 1,682 $ 1,581 Cheese and dairy 1,233 1,139 Ambient foods 698 716 Frozen and chilled foods 674 648 Meats and seafood 611 590 Refreshment beverages 411 389 Coffee 210 275 Infant and nutrition 107 113 Desserts, toppings and baking 242 204 Nuts and salted snacks 251 250 Other 275 252 Total net sales $ 6,394 $ 6,157

Other Financial Data (Tables)

Other Financial Data (Tables)	3 Months Ended
	Mar. 27, 2021
Other Income and Expenses [Abstract]
Schedule of Other Expense/(Income)	Other expense/(income) consists of the following (in millions): For the Three Months Ended March 27, 2021 March 28, 2020 Amortization of prior service costs/(credits) $ (2) $ (31) Net pension and postretirement non-service cost/(benefit) (a) (50) (43) Loss/(gain) on sale of business 19 2 Interest income (5) (9) Foreign exchange losses/(gains) (36) (17) Derivative losses/(gains) 42 18 Other miscellaneous expense/(income) 2 (1) Other expense/(income) $ (30) $ (81) (a) Excludes amortization of prior service costs/(credits).

Basis of Presentation (Details)

Basis of Presentation (Details)	3 Months Ended
	Mar. 27, 2021segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3

Acquisitions and Divestitures A

Acquisitions and Divestitures Additional Information (Details) $ in Millions	1 Months Ended	3 Months Ended			9 Months Ended
	Oct. 31, 2018third-party	Mar. 27, 2021USD ($)employee	Sep. 26, 2020USD ($)manufacturingFacilities	Mar. 28, 2020USD ($)	Sep. 26, 2020USD ($)manufacturingFacilities	Feb. 10, 2021USD ($)manufacturingFacilities	Dec. 26, 2020USD ($)	Jan. 30, 2019USD ($)
Business Acquisition [Line Items]
Goodwill impairment losses		$ 230		$ 226
Gains/(losses) on sale of business		(19)		(2)
Consideration related to perpetual licenses		2,519					$ 873
Deal costs		7		0
Disposal Group, impairment of goodwill in Disposal Group		530					300
Nuts Transaction
Business Acquisition [Line Items]
Consideration related to perpetual licenses		1,645
Nuts Transaction | Disposal Group, held-for-sale, not discontinued operations
Business Acquisition [Line Items]
Consideration received on sale of assets						$ 3,400
Number of manufacturing facilities | manufacturingFacilities						3
Disposal Group, Including Discontinued Operations, Net Assets						$ 3,400
Goodwill impairment losses		230
Gains/(losses) on sale of business		19
Cheese Transaction | Disposal Group, held-for-sale, not discontinued operations
Business Acquisition [Line Items]
Consideration received on sale of assets			$ 3,300		$ 3,300
Number of manufacturing facilities | manufacturingFacilities			3		3
Proceeds from sale of business					$ 3,200
Consideration related to perpetual licenses			$ 1,500		1,500
Consideration related to net assets, excluding intangible assets			$ 1,800		$ 1,800
Number of distribution centers | manufacturingFacilities			1		1
Cheese Transaction, Disposal Group
Business Acquisition [Line Items]
Consideration related to perpetual licenses		$ 850					$ 850
Cheese Transaction, Disposal Group | Disposal Group, held-for-sale, not discontinued operations
Business Acquisition [Line Items]
Goodwill impairment losses			$ 300
Consideration related to perpetual licenses			$ 75		$ 75
First potential disposition | Disposal Group, held-for-sale, not discontinued operations
Business Acquisition [Line Items]
Number of businesses to be disposed of | employee		1
Second potential disposition | Disposal Group, held-for-sale, not discontinued operations
Business Acquisition [Line Items]
Gains/(losses) on sale of business				(3)
Heinz India
Business Acquisition [Line Items]
Number of third-parties | third-party	2
Sale of stock, percentage of ownership before transaction	100.00%
Tax indemnity liabilities								$ 48
Other adjustments, Heinz India transaction		$ 0		1
Divestitures
Business Acquisition [Line Items]
Deal costs		$ 7		$ 0

Acquisitions and Divestitures_3

Acquisitions and Divestitures Assets and Liabilities Held for Sale by Major Class (Details) - USD ($) $ in Millions	Mar. 27, 2021	Dec. 26, 2020
Business Acquisition [Line Items]
Cash and cash equivalents	$ 33	$ 33
Inventories	529	385
Property, plant and equipment, net	466	257
Goodwill, net of Impairment	1,713	281
Intangible assets, net	2,519	873
Other	(30)	(34)
Reserve for Assets Held for Sale	(26)
Total assets held for sale	5,264	1,863
Other	17	17
Total liabilities held for sale	17	17
Disposal Group, impairment of goodwill in Disposal Group	(530)	(300)
Nuts Transaction
Business Acquisition [Line Items]
Cash and cash equivalents	0
Inventories	160
Property, plant and equipment, net	195
Goodwill, net of Impairment	1,432
Intangible assets, net	1,645
Other	(3)
Reserve for Assets Held for Sale	(26)
Total assets held for sale	3,409
Other	3
Total liabilities held for sale	3
Cheese Transaction, Disposal Group
Business Acquisition [Line Items]
Cash and cash equivalents	0	0
Inventories	358	373
Property, plant and equipment, net	256	243
Goodwill, net of Impairment	281	281
Intangible assets, net	850	850
Other	(6)	(10)
Reserve for Assets Held for Sale	0
Total assets held for sale	1,751	1,757
Other	7	7
Total liabilities held for sale	7	7
Other Transactions, Disposal Groups
Business Acquisition [Line Items]
Cash and cash equivalents	33	33
Inventories	11	12
Property, plant and equipment, net	15	14
Goodwill, net of Impairment	0	0
Intangible assets, net	24	23
Other	(21)	(24)
Reserve for Assets Held for Sale	0
Total assets held for sale	104	106
Other	7	10
Total liabilities held for sale	$ 7	$ 10

Restructuring Activities Additi

Restructuring Activities Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 27, 2021USD ($)employee	Mar. 28, 2020USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost (credit)	$ 18	$ 0
Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated | employee	100
Restructuring and related cost, expected number of positions eliminated | employee	270
Restructuring and related cost, incurred cost (credit)	$ 18
Restructuring Activities | Severance and Employee Benefit Costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost (credit)	4
Restructuring Activities | Other Implementation Costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost (credit)	$ 14

Restructuring Activities Restru

Restructuring Activities Restructuring Reserve Roll-forward (Details) - Restructuring Activities $ in Millions	3 Months Ended
	Mar. 27, 2021USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 30
Charges/(credits)	4
Cash payments	(4)
Ending balance	30
Severance and Employee Benefit Costs
Restructuring Reserve [Roll Forward]
Beginning balance	10
Charges/(credits)	4
Cash payments	(3)
Ending balance	11
Other Exit Costs
Restructuring Reserve [Roll Forward]
Beginning balance	20
Charges/(credits)	0
Cash payments	(1)
Ending balance	$ 19

Restructuring Activities Rest_2

Restructuring Activities Restructuring Costs by Type and Income Statement Location (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost (credit)	$ 18	$ 0
Severance and Employee Benefit Costs | Cost of products sold
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost (credit)	3	1
Severance and Employee Benefit Costs | Selling, general, and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost (credit)	1	(4)
Other Costs | Selling, general, and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost (credit)	$ 14	$ 3

Restructuring Activities Rest_3

Restructuring Activities Restructuring Costs Excluded from Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Segment Reporting Information [Line Items]
Restructuring and related cost, incurred cost (credit)	$ 18	$ 0
General corporate expenses
Segment Reporting Information [Line Items]
Restructuring and related cost, incurred cost (credit)	13	0
United States | Operating Segments
Segment Reporting Information [Line Items]
Restructuring and related cost, incurred cost (credit)	1	0
International | Operating Segments
Segment Reporting Information [Line Items]
Restructuring and related cost, incurred cost (credit)	4	(1)
Canada | Operating Segments
Segment Reporting Information [Line Items]
Restructuring and related cost, incurred cost (credit)	$ 0	$ 1

Restricted Cash Reconciliation

Restricted Cash Reconciliation from Cash and Cash Equivalents to Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Mar. 27, 2021	Dec. 26, 2020	Mar. 28, 2020	Dec. 28, 2019
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 2,360	$ 3,417
Restricted cash included in other non-current assets	1	1
Cash, cash equivalents, and restricted cash	$ 2,361	$ 3,418	$ 5,404	$ 2,280

Inventories Components of Inven

Inventories Components of Inventories (Details) - USD ($) $ in Millions	Mar. 27, 2021	Dec. 26, 2020
Inventory Disclosure [Abstract]
Packaging and ingredients	$ 482	$ 482
Spare parts	211	219
Work in process	247	268
Finished products	1,736	1,804
Inventories	$ 2,676	$ 2,773

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets Changes in the Carrying Amount of Goodwill by Segment (Details) $ in Millions	3 Months Ended
	Mar. 27, 2021USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 33,089
Reclassified to assets held for sale	(1,662)
Translation adjustments and other	20
Ending balance	31,447
United States
Goodwill [Roll Forward]
Beginning balance	28,429
Reclassified to assets held for sale	(1,653)
Translation adjustments and other	0
Ending balance	26,776
International
Goodwill [Roll Forward]
Beginning balance	3,160
Reclassified to assets held for sale	0
Translation adjustments and other	(15)
Ending balance	3,145
Canada
Goodwill [Roll Forward]
Beginning balance	1,500
Reclassified to assets held for sale	(9)
Translation adjustments and other	35
Ending balance	$ 1,526

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets Goodwill - Additional Information (Details) $ in Millions	Dec. 29, 2019goodwill_reporting_unit	Mar. 27, 2021USD ($)goodwill_reporting_unit	Mar. 28, 2020USD ($)	Dec. 26, 2020USD ($)
Goodwill [Line Items]
Impairment losses		$ 230	$ 226
Reclassified to assets held for sale		$ (1,662)
Number of reporting units | goodwill_reporting_unit		14
Goodwill		$ 31,447		$ 33,089
Goodwill, impaired, accumulated impairment loss		(10,800)
International
Goodwill [Line Items]
Reclassified to assets held for sale		0
Goodwill		3,145		3,160
Number of reporting units requiring impairment | goodwill_reporting_unit	2
Canada
Goodwill [Line Items]
Reclassified to assets held for sale		(9)
Goodwill		$ 1,526		$ 1,500
Four Reporting Units
Goodwill [Line Items]
Number of reporting units | goodwill_reporting_unit		4
Reporting unit, goodwill balance held
Goodwill [Line Items]
Number of reporting units | goodwill_reporting_unit		9
Reporting unit, goodwill balance held | 10% or less
Goodwill [Line Items]
Number of reporting units | goodwill_reporting_unit		3
Goodwill		$ 7,300
Reporting unit, goodwill balance held | 10 to 20%
Goodwill [Line Items]
Number of reporting units | goodwill_reporting_unit		3
Goodwill		$ 11,100
Reporting unit, goodwill balance held | 20 to 50%
Goodwill [Line Items]
Number of reporting units | goodwill_reporting_unit		2
Goodwill		$ 12,400
Reporting unit, goodwill balance held | In Excess of 50%
Goodwill [Line Items]
Number of reporting units | goodwill_reporting_unit		1
Goodwill		$ 326
Three Reporting Units | 10% or less
Goodwill [Line Items]
Percentage of fair value in excess of carrying amount		10.00%
Reporting Units Four, Five, and Six | 10 to 20% | Minimum
Goodwill [Line Items]
Percentage of fair value in excess of carrying amount		10.00%
Reporting Units Four, Five, and Six | 10 to 20% | Maximum
Goodwill [Line Items]
Percentage of fair value in excess of carrying amount		20.00%
Reporting Units Seven and Eight | 20 to 50% | Minimum
Goodwill [Line Items]
Percentage of fair value in excess of carrying amount		20.00%
Reporting Units Seven and Eight | 20 to 50% | Maximum
Goodwill [Line Items]
Percentage of fair value in excess of carrying amount		50.00%
Reporting Unit Nine | In Excess of 50%
Goodwill [Line Items]
Percentage of fair value in excess of carrying amount		50.00%
Post-reorganization, number of reporting units for impairment test
Goodwill [Line Items]
Number of reporting units | goodwill_reporting_unit	6
Reporting unit, fair value below carrying amount
Goodwill [Line Items]
Impairment losses			226
Australia, New Zealand, and Japan | International
Goodwill [Line Items]
Impairment losses			83
Latin America | International
Goodwill [Line Items]
Impairment losses			$ 143
Canada Foodservice | Canada
Goodwill [Line Items]
Goodwill		$ 157

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets Changes in the Carrying Amount of Indefinite-Lived Intangible Assets (Details) $ in Millions	3 Months Ended
	Mar. 27, 2021USD ($)
Indefinite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 42,267
Reclassified to assets held for sale	(1,487)
Translation adjustments	66
Ending balance	$ 40,846

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets Indefinite-Lived Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	Mar. 27, 2021	Dec. 26, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Indefinite-lived intangible assets	$ 40,846	$ 42,267

Goodwill and Intangible Asset_7

Goodwill and Intangible Assets Definite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Mar. 27, 2021	Dec. 26, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross	$ 5,608	$ 5,823
Accumulated amortization	(1,433)	(1,423)
Net	4,175	4,400
Trademarks
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross	1,962	2,000
Accumulated amortization	(492)	(478)
Net	1,470	1,522
Customer-related assets
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross	3,631	3,808
Accumulated amortization	(938)	(942)
Net	2,693	2,866
Other
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross	15	15
Accumulated amortization	(3)	(3)
Net	$ 12	$ 12

Goodwill and Intangible Asset_8

Goodwill and Intangible Assets Definite-Lived Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 61	$ 68
Amortization of definite-lived intangible assets, next twelve months	239
Amortization of definite-lived intangible assets, year two	239
Amortization of definite-lived intangible assets, year three	239
Amortization of definite-lived intangible assets, year four	239
Amortization of definite-lived intangible assets, year five	239
Customer-related assets
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets reclassified to held for sale	133
Trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets reclassified to held for sale	$ 25

Income Taxes Additional Informa

Income Taxes Additional Information (Details)	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	19.30%	29.60%
Effective tax rate, non-deductible goodwill impairments, percent	8.20%	9.10%

Employees' Stock Incentive Pl_3

Employees' Stock Incentive Plans Schedule of Stock Option Activity and Related Information (Details)	3 Months Ended
	Mar. 27, 2021$ / sharesshares
Roll-forward of Stock Option Activity (in shares)
Beginning balance (in shares) | shares	13,479,668
Granted (in shares) | shares	980,222
Forfeited (in shares) | shares	(202,229)
Exercised (in shares) | shares	(958,927)
Ending balance (in shares) | shares	13,298,734
Stock Option Activity, Weighted Average Exercise Price [Abstract]
Options outstanding at period start, weighted average exercise price (in dollars per share) | $ / shares	$ 43.71
Options granted, weighted average exercise price (in dollars per share) | $ / shares	37.09
Options forfeited, weighted average exercise price (in dollars per share) | $ / shares	49.25
Options exercised, weighted average exercise price (in dollars per share) | $ / shares	25.82
Options outstanding at period end, weighted average exercise price (in dollars per share) | $ / shares	$ 44.43

Employees' Stock Incentive Pl_4

Employees' Stock Incentive Plansd Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 27, 2021USD ($)
Share-based Payment Arrangement [Abstract]
Options, exercises in period, intrinsic value	$ 9
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, vested in period, fair value	$ 9

Employees' Stock Incentive Pl_5

Employees' Stock Incentive Plans Schedule of RSU Activity and Related Information (Details) - RSUs	3 Months Ended
	Mar. 27, 2021$ / sharesshares
Roll-forward of RSU Activity (in shares)
Beginning balance (in shares) | shares	14,235,922
Granted (in shares) | shares	2,880,455
Forfeited (in shares) | shares	(271,523)
Vested (in shares) | shares	(233,994)
Ending balance (in shares) | shares	16,610,860
Weighted Average Grant Date Fair Value [Abstract]
Outstanding at period start, weighted average grant date fair value (in dollars per share) | $ / shares	$ 31.32
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	37.09
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	30.73
Vested, weighted average grant date fair value (in dollars per share) | $ / shares	77.29
Outstanding at period end, weighted average grant date fair value (in dollars per share) | $ / shares	$ 31.68

Employees' Stock Incentive Pl_6

Employees' Stock Incentive Plans Schedule of PSU Activity and Related Information (Details) - PSUs	3 Months Ended
	Mar. 27, 2021$ / sharesshares
Roll-forward of PSU Activity (in shares)
Beginning balance (in shares) | shares	7,778,710
Granted (in shares) | shares	1,571,066
Forfeited (in shares) | shares	(144,762)
Ending balance (in shares) | shares	9,205,014
Weighted Average Grant Date Fair Value [Abstract]
Outstanding at period start, weighted average grant date fair value (in dollars per share) | $ / shares	$ 33.16
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	34.66
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	42.79
Outstanding at period end, weighted average grant date fair value (in dollars per share) | $ / shares	$ 33.27

Postemployment Benefits Pension

Postemployment Benefits Pension Plans - Net Cost/(Benefit) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Defined Benefit Plan Disclosure [Line Items]
Amortization of prior service costs/(credits)	$ (2)	$ (31)
Pension Plans | U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	2
Interest cost	22	33
Expected return on plan assets	(45)	(52)
Special/contractual termination benefits	4	0
Net cost/(benefit)	(17)	(17)
Pension Plans | Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	4	4
Interest cost	7	9
Expected return on plan assets	(23)	(26)
Special/contractual termination benefits	0	0
Net cost/(benefit)	$ (12)	$ (13)

Postemployment Benefits Postret

Postemployment Benefits Postretirement Benefit Plans - Net Cost/(Benefit) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Defined Benefit Plan Disclosure [Line Items]
Amortization of prior service costs/(credits)	$ (2)	$ (31)
Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	2
Interest cost	5	8
Expected return on plan assets	(12)	(12)
Amortization of prior service costs/(credits)	(2)	(31)
Amortization of unrecognized losses/(gains)	(4)	(3)
Net cost/(benefit)	$ (12)	$ (36)

Postemployment Benefits Additio

Postemployment Benefits Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Pension Plans | Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Special/contractual termination benefits	$ 0	$ 0
Employer contributions	5,000,000
Estimated future employer contributions	9,000,000
Pension Plans | U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Special/contractual termination benefits	4,000,000	$ 0
Employer contributions	0
Estimated future employer contributions	0
Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	4,000,000
Estimated future employer contributions	$ 10,000,000

Financial Instruments Schedule

Financial Instruments Schedule of Notional Values of Outstanding Derivatives (Details) - USD ($) $ in Millions	Mar. 27, 2021	Dec. 26, 2020
Commodity contracts
Derivative [Line Items]
Derivative, notional amount	$ 493	$ 384
Foreign exchange contracts
Derivative [Line Items]
Derivative, notional amount	3,626	3,658
Cross-currency contracts
Derivative [Line Items]
Derivative, notional amount	$ 8,189	$ 8,189

Financial Instruments Schedul_2

Financial Instruments Schedule of Derivative Fair Values (Details) - USD ($) $ in Millions	Mar. 27, 2021	Dec. 26, 2020
Derivatives Fair Value [Line Items]
Derivative asset, fair value, gross asset	$ 404	$ 380
Derivative liability, fair value, gross liability	428	403
Foreign exchange contracts | Designated as hedging instrument
Derivatives Fair Value [Line Items]
Derivative asset, fair value, gross asset	8	9
Derivative liability, fair value, gross liability	55	46
Foreign exchange contracts | Not designated as hedging instrument
Derivatives Fair Value [Line Items]
Derivative asset, fair value, gross asset	19	20
Derivative liability, fair value, gross liability	11	9
Cross-currency contracts | Designated as hedging instrument
Derivatives Fair Value [Line Items]
Derivative asset, fair value, gross asset	294	298
Derivative liability, fair value, gross liability	354	333
Commodity contracts | Not designated as hedging instrument
Derivatives Fair Value [Line Items]
Derivative asset, fair value, gross asset	83	53
Derivative liability, fair value, gross liability	8	15
Level 1
Derivatives Fair Value [Line Items]
Derivative asset, fair value, gross asset	77	50
Derivative liability, fair value, gross liability	6	14
Level 1 | Foreign exchange contracts | Designated as hedging instrument
Derivatives Fair Value [Line Items]
Derivative asset, fair value, gross asset	0	0
Derivative liability, fair value, gross liability	0	0
Level 1 | Foreign exchange contracts | Not designated as hedging instrument
Derivatives Fair Value [Line Items]
Derivative asset, fair value, gross asset	0	0
Derivative liability, fair value, gross liability	0	0
Level 1 | Cross-currency contracts | Designated as hedging instrument
Derivatives Fair Value [Line Items]
Derivative asset, fair value, gross asset	0	0
Derivative liability, fair value, gross liability	0	0
Level 1 | Commodity contracts | Not designated as hedging instrument
Derivatives Fair Value [Line Items]
Derivative asset, fair value, gross asset	77	50
Derivative liability, fair value, gross liability	6	14
Level 2
Derivatives Fair Value [Line Items]
Derivative asset, fair value, gross asset	327	330
Derivative liability, fair value, gross liability	422	389
Level 2 | Foreign exchange contracts | Other current assets
Derivatives Fair Value [Line Items]
Derivative asset, fair value, gross asset	26	28
Level 2 | Foreign exchange contracts | Other non-current assets
Derivatives Fair Value [Line Items]
Derivative asset, fair value, gross asset	1	1
Level 2 | Foreign exchange contracts | Other current liabilities
Derivatives Fair Value [Line Items]
Derivative liability, fair value, gross liability	58	50
Level 2 | Foreign exchange contracts | Other non-current liabilities
Derivatives Fair Value [Line Items]
Derivative liability, fair value, gross liability	8	5
Level 2 | Foreign exchange contracts | Designated as hedging instrument
Derivatives Fair Value [Line Items]
Derivative asset, fair value, gross asset	8	9
Derivative liability, fair value, gross liability	55	46
Level 2 | Foreign exchange contracts | Not designated as hedging instrument
Derivatives Fair Value [Line Items]
Derivative asset, fair value, gross asset	19	20
Derivative liability, fair value, gross liability	11	9
Level 2 | Cross-currency contracts | Other current liabilities
Derivatives Fair Value [Line Items]
Derivative liability, fair value, gross liability	66	41
Level 2 | Cross-currency contracts | Other non-current liabilities
Derivatives Fair Value [Line Items]
Derivative liability, fair value, gross liability	288	292
Level 2 | Cross-currency contracts | Designated as hedging instrument
Derivatives Fair Value [Line Items]
Derivative asset, fair value, gross asset	294	298
Derivative liability, fair value, gross liability	354	333
Level 2 | Commodity contracts | Not designated as hedging instrument
Derivatives Fair Value [Line Items]
Derivative asset, fair value, gross asset	6	3
Derivative liability, fair value, gross liability	$ 2	$ 1

Financial Instruments Additiona

Financial Instruments Additional Information (Details) € in Millions, £ in Millions, $ in Millions, ¥ in Billions, $ in Billions	3 Months Ended
	Mar. 27, 2021USD ($)	Mar. 28, 2020USD ($)	Mar. 27, 2021EUR (€)	Mar. 27, 2021GBP (£)	Mar. 27, 2021CAD ($)	Mar. 27, 2021JPY (¥)	Dec. 26, 2020USD ($)
Derivative [Line Items]
Derivative, collateral, obligation to return cash	$ 263						$ 315
Derivative, collateral, right to reclaim cash	263						315
Collateral posted related to commodity derivative margin requirements, liability	69						25
Level 1 | Money market funds
Derivative [Line Items]
Fair value of money market funds	$ 157						$ 144
Cross-currency contracts
Derivative [Line Items]
Maximum length of time hedged in cash flow hedge	8 years
Foreign exchange contracts
Derivative [Line Items]
Maximum length of time hedged in cash flow hedge	2 years
Cash flow hedges gain (loss) to be reclassified within twelve months	$ (34)
Designated as hedging instrument | Debt | Net Investment Hedging
Derivative [Line Items]
Non-derivative instruments, loss (gain) recognized in other comprehensive income (loss), net	(18)	$ (34)
Designated as hedging instrument | Debt | Euro Member Countries, Euro | Net Investment Hedging
Derivative [Line Items]
Derivative, amount of hedged item | €			€ 650
Designated as hedging instrument | Debt | United Kingdom, Pounds | Net Investment Hedging
Derivative [Line Items]
Derivative, amount of hedged item | £				£ 400
Designated as hedging instrument | Cross-currency contracts | Euro Member Countries, Euro | Net Investment Hedging
Derivative [Line Items]
Derivative asset, notional amount	2,100		€ 1,900
Designated as hedging instrument | Cross-currency contracts | United Kingdom, Pounds | Net Investment Hedging
Derivative [Line Items]
Derivative liability, notional amount	1,400			£ 1,000
Designated as hedging instrument | Cross-currency contracts | Canada, Dollars | Net Investment Hedging
Derivative [Line Items]
Derivative liability, notional amount	1,600				$ 2.1
Designated as hedging instrument | Cross-currency contracts | Japan, Yen | Net Investment Hedging
Derivative [Line Items]
Derivative asset, notional amount	85					¥ 9.6
Designated as hedging instrument | Foreign exchange contracts | China, Yuan Renminbi | Net Investment Hedging
Derivative [Line Items]
Derivative asset, notional amount	114
Designated as hedging instrument | Other contract | Euro Member Countries, Euro | Net Investment Hedging
Derivative [Line Items]
Derivative, amount of hedged item	$ 94

Financial Instruments Derivativ

Financial Instruments Derivative Impact on Statements of Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Derivative [Line Items]
Other comprehensive income (loss), derivatives, gain (loss), before reclassification and tax	$ (45)	$ 314
Cash Flow Hedging | Net sales | Foreign exchange contracts
Derivative [Line Items]
Gains/(losses) recognized in other comprehensive income (loss) on cash flow hedges, before tax	(1)	1
Cash Flow Hedging | Cost of products sold | Foreign exchange contracts
Derivative [Line Items]
Gains/(losses) recognized in other comprehensive income (loss) on cash flow hedges, before tax	(23)	72
Amounts excluded from the effectiveness assessment of cash flow hedges, before tax	0	(1)
Cash Flow Hedging | Other expense/(income) | Foreign exchange contracts
Derivative [Line Items]
Gains/(losses) recognized in other comprehensive income (loss) on cash flow hedges, before tax	0	0
Cash Flow Hedging | Other expense/(income) | Cross-currency contracts
Derivative [Line Items]
Gains/(losses) recognized in other comprehensive income (loss) on cash flow hedges, before tax	(15)	41
Amounts excluded from the effectiveness assessment of cash flow hedges, before tax	7	6
Cash Flow Hedging | Interest expense | Cross-currency contracts
Derivative [Line Items]
Gains/(losses) recognized in other comprehensive income (loss) on cash flow hedges, before tax	(6)	0
Net Investment Hedging | Other expense/(income) | Foreign exchange contracts
Derivative [Line Items]
Gains/(losses) recognized in other comprehensive income (loss) on net investment hedges, before tax	1	2
Net Investment Hedging | Other expense/(income) | Cross-currency contracts
Derivative [Line Items]
Gains/(losses) recognized in other comprehensive income (loss) on net investment hedges, before tax	(14)	186
Net Investment Hedging | Interest expense | Foreign exchange contracts
Derivative [Line Items]
Amounts excluded from the effectiveness assessment of net investment hedges, before tax	0	(1)
Net Investment Hedging | Interest expense | Cross-currency contracts
Derivative [Line Items]
Amounts excluded from the effectiveness assessment of net investment hedges, before tax	$ 6	$ 8

Financial Instruments Derivat_2

Financial Instruments Derivative Impact on Statements of Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Total amounts presented in the condensed consolidated statements of income in which the following effects were recorded
Cost of products sold	$ 4,193	$ 4,299
Interest expense	415	310
Other expense/(income)	(30)	(81)
Cost of products sold
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	43	(149)
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	43	(149)
Interest expense
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	(2)	7
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	(2)	7
Other expense/(income)
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	(42)	(18)
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	(42)	(18)
Not designated as hedging instrument | Cost of products sold | Foreign exchange contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Not designated as hedging instrument | Cost of products sold | Cross-currency contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Not designated as hedging instrument | Cost of products sold | Commodity contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	50	(150)
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	50	(150)
Not designated as hedging instrument | Interest expense | Foreign exchange contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Not designated as hedging instrument | Interest expense | Cross-currency contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Not designated as hedging instrument | Interest expense | Commodity contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Not designated as hedging instrument | Other expense/(income) | Foreign exchange contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	(5)	(28)
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	(5)	(28)
Not designated as hedging instrument | Other expense/(income) | Cross-currency contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Not designated as hedging instrument | Other expense/(income) | Commodity contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Cash Flow Hedging | Designated as hedging instrument | Cost of products sold | Foreign exchange contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	(7)	1
Net gain/(loss) on derivatives, excluded component, reclassified to net income	0	0
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	(7)	1
Cash Flow Hedging | Designated as hedging instrument | Cost of products sold | Interest rate contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Cash Flow Hedging | Designated as hedging instrument | Cost of products sold | Cross-currency contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Net gain/(loss) on derivatives, excluded component, reclassified to net income	0	0
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Cash Flow Hedging | Designated as hedging instrument | Interest expense | Foreign exchange contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Net gain/(loss) on derivatives, excluded component, reclassified to net income	0	0
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Cash Flow Hedging | Designated as hedging instrument | Interest expense | Interest rate contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	(1)
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	(1)
Cash Flow Hedging | Designated as hedging instrument | Interest expense | Cross-currency contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	(6)	0
Net gain/(loss) on derivatives, excluded component, reclassified to net income	0	0
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	(6)	0
Cash Flow Hedging | Designated as hedging instrument | Other expense/(income) | Foreign exchange contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Net gain/(loss) on derivatives, excluded component, reclassified to net income	0	0
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Cash Flow Hedging | Designated as hedging instrument | Other expense/(income) | Interest rate contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Cash Flow Hedging | Designated as hedging instrument | Other expense/(income) | Cross-currency contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	(43)	3
Net gain/(loss) on derivatives, excluded component, reclassified to net income	6	7
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	(43)	3
Net Investment Hedging | Designated as hedging instrument | Cost of products sold | Foreign exchange contracts
Derivatives designated as hedging instruments:
Net gain/(loss) on derivatives, excluded component, reclassified to net income	0	0
Net Investment Hedging | Designated as hedging instrument | Cost of products sold | Cross-currency contracts
Derivatives designated as hedging instruments:
Net gain/(loss) on derivatives, excluded component, reclassified to net income	0	0
Net Investment Hedging | Designated as hedging instrument | Interest expense | Foreign exchange contracts
Derivatives designated as hedging instruments:
Net gain/(loss) on derivatives, excluded component, reclassified to net income	0	0
Net Investment Hedging | Designated as hedging instrument | Interest expense | Cross-currency contracts
Derivatives designated as hedging instruments:
Net gain/(loss) on derivatives, excluded component, reclassified to net income	4	8
Net Investment Hedging | Designated as hedging instrument | Other expense/(income) | Foreign exchange contracts
Derivatives designated as hedging instruments:
Net gain/(loss) on derivatives, excluded component, reclassified to net income	0	0
Net Investment Hedging | Designated as hedging instrument | Other expense/(income) | Cross-currency contracts
Derivatives designated as hedging instruments:
Net gain/(loss) on derivatives, excluded component, reclassified to net income	$ 0	$ 0

Components of and Changes in Ac

Components of and Changes in Accumulated Other Comprehensive Income/(Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 50,103
Total other comprehensive income/(loss)	69
Ending balance	50,288
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(2,218)
Other comprehensive income/(loss) before reclassifications	61	$ (776)
Total other comprehensive income/(loss)	68
Ending balance	(2,150)
Net investment hedge adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income/(loss) before reclassifications	5	166
Amounts excluded from effectiveness assessment	5	5
Reclassifications from AOCI	(3)	(6)
Net cash flow hedge adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	93
Other comprehensive income/(loss) before reclassifications	(29)	101
Amounts excluded from effectiveness assessment	7	5
Reclassifications from AOCI	27	(10)
Total other comprehensive income/(loss)	5
Ending balance	98
Net postemployment benefit plan adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	158
Other comprehensive income/(loss) before reclassifications	2	0
Reclassifications from AOCI	(6)	$ (25)
Total other comprehensive income/(loss)	(4)
Ending balance	154
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,967)
Ending balance	$ (1,898)

Gross Amount and Related Tax Be

Gross Amount and Related Tax Benefit/(Expense) Recorded in and Associated with each Component of Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Foreign currency translation adjustments
OCI Before Reclassifications
Before Tax Amount	$ 61	$ (776)
Tax	0	0
Net of Tax Amount	61	(776)
Net investment hedge adjustments
OCI Before Reclassifications
Before Tax Amount	5	222
Tax	0	(56)
Net of Tax Amount	5	166
Amounts Excluded from Effectiveness Assessment
Before Tax Amount	6	7
Tax	(1)	(2)
Net of Tax Amount	5	5
Reclassifications
Before Tax Amount	(4)	(8)
Tax	1	2
Net of Tax Amount	(3)	(6)
Net cash flow hedge adjustments
OCI Before Reclassifications
Before Tax Amount	(45)	114
Tax	16	(13)
Net of Tax Amount	(29)	101
Amounts Excluded from Effectiveness Assessment
Before Tax Amount	7	5
Tax	0	0
Net of Tax Amount	7	5
Reclassifications
Before Tax Amount	50	(10)
Tax	(23)	0
Net of Tax Amount	27	(10)
Net postemployment benefit plan adjustments
OCI Before Reclassifications
Before Tax Amount	2	0
Tax	0	0
Net of Tax Amount	2	0
Reclassifications
Before Tax Amount	(7)	(34)
Tax	1	9
Net of Tax Amount	$ (6)	$ (25)

Amounts Reclassified from Accum

Amounts Reclassified from Accumulated Other Comprehensive Income/(Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items]
Other expense/(income)	$ (30)	$ (81)
Interest expense	415	310
Cost of products sold	4,193	4,299
Income/(loss) before income taxes	704	541
Provision for/(benefit from) income taxes	136	160
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(568)	(381)
Reclassification out of Accumulated Other Comprehensive Income | Net investment hedge adjustments | Cross-currency contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items]
Interest expense	(4)	(8)
Reclassification out of Accumulated Other Comprehensive Income | Net cash flow hedge adjustments | Foreign exchange contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items]
Cost of products sold	7	(1)
Reclassification out of Accumulated Other Comprehensive Income | Net cash flow hedge adjustments | Cross-currency contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items]
Other expense/(income)	37	(10)
Interest expense	6	0
Reclassification out of Accumulated Other Comprehensive Income | Net cash flow hedge adjustments | Interest rate contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items]
Interest expense	0	1
Reclassification out of Accumulated Other Comprehensive Income | Hedge adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items]
Income/(loss) before income taxes	(46)	18
Provision for/(benefit from) income taxes	(22)	2
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	24	(16)
Reclassification out of Accumulated Other Comprehensive Income | Net postemployment benefit plan adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items]
Income/(loss) before income taxes	7	34
Provision for/(benefit from) income taxes	1	9
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(6)	(25)
Reclassification out of Accumulated Other Comprehensive Income | Amortization of unrecognized losses/(gains)
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items]
Other expense/(income)	(4)	(3)
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service costs/(credits)
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items]
Other expense/(income)	(2)	(31)
Reclassification out of Accumulated Other Comprehensive Income | Settlement and curtailment losses/(gains)
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items]
Other expense/(income)	$ (1)	$ 0

Financing Arrangements Addition

Financing Arrangements Additional Information (Details) - USD ($) $ in Millions	Mar. 27, 2021	Dec. 26, 2020
Transfers and Servicing [Abstract]
Other liabilities, structured payables, current	$ 202	$ 236

Commitments, Contingencies an_2

Commitments, Contingencies and Debt - Narrative (Details)	Apr. 01, 2021USD ($)	Mar. 27, 2021USD ($)numberOfLenders	Mar. 09, 2021USD ($)	Dec. 26, 2020USD ($)	Mar. 27, 2021USD ($)numberOfLenders	Feb. 28, 2021USD ($)	Feb. 29, 2020USD ($)	Mar. 27, 2021USD ($)numberOfLenders	Mar. 28, 2020USD ($)	Mar. 30, 2020USD ($)
Debt Instrument [Line Items]
Minimum shareholder's equity required to maintain excluding accumulated other comprehensive income/(losses)		$ 35,000,000,000			$ 35,000,000,000			$ 35,000,000,000
Debt prepayment and extinguishment costs								103,000,000	$ 0
Repayments of long-term debt								1,014,000,000	407,000,000
Fair value of total debt		30,400,000,000		$ 32,100,000,000	30,400,000,000			30,400,000,000
Carrying value of total debt		27,200,000,000		28,300,000,000	27,200,000,000			27,200,000,000
Tender Offer, Senior Notes
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt								106,000,000
Debt prepayment and extinguishment costs								103,000,000
Write off of deferred debt issuance costs								2,000,000
Write off of unamortized debt discounts								1,000,000
Senior notes due in February 2021 | Senior Notes
Debt Instrument [Line Items]
Repayments of long-term debt						$ 111,000,000
Senior notes due in February 2020 | Senior Notes
Debt Instrument [Line Items]
Repayments of long-term debt							$ 405,000,000
Senior unsecured revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		4,000,000,000			4,000,000,000			4,000,000,000
Maximum amount of credit facility outstanding during the period									$ 4,000,000,000
Borrowings under credit facility		0		$ 0				0
Senior unsecured revolving credit facility | Amendment To Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 100,000,000			$ 100,000,000			$ 100,000,000
Number of additional lenders | numberOfLenders		2			2			2
Senior unsecured revolving credit facility | Amendment To Credit Agreement | Lender One
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 50,000,000			$ 50,000,000			$ 50,000,000
Senior unsecured revolving credit facility | Amendment To Credit Agreement | Lender Two
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		50,000,000			50,000,000			50,000,000
Senior unsecured revolving credit facility | Amendment To Credit Agreement | Through July 6, 2023
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		4,100,000,000			4,100,000,000			4,100,000,000
Senior unsecured revolving credit facility | Amendment To Credit Agreement | Through July 6, 2024
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		4,000,000,000			4,000,000,000			4,000,000,000
Euro equivalent swingline facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		400,000,000			400,000,000			400,000,000
Senior unsecured revolving credit facility, extension agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 3,900,000,000			3,900,000,000			$ 3,900,000,000
Uncommitted revolving credit line
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity										$ 300,000,000
Senior Notes | 2021 Tender Offer, Senior Notes
Debt Instrument [Line Items]
Aggregate purchase price of debt			$ 1,000,000,000
Senior Notes | Senior Notes Due June 2023
Debt Instrument [Line Items]
Aggregate purchase price of debt					$ 0
Interest rate		4.00%			4.00%			4.00%
Outstanding aggregate principal amount		$ 447,000,000			$ 447,000,000	447,000,000		$ 447,000,000
Senior Notes | Senior Notes Due June 2023 | Subsequent Event [Member]
Debt Instrument [Line Items]
Interest rate	4.00%
Repayments of long-term debt	$ 447,000,000
Senior Notes | Senior Notes Due June 2023 | 2021 Tender Offer, Senior Notes
Debt Instrument [Line Items]
Interest rate			4.00%
Senior Notes | Senior Notes Due June 2026
Debt Instrument [Line Items]
Aggregate purchase price of debt					$ 88,000,000
Interest rate		3.00%			3.00%			3.00%
Outstanding aggregate principal amount		$ 1,912,000,000			$ 1,912,000,000	$ 2,000,000,000		$ 1,912,000,000
Senior Notes | Senior Notes Due June 2026 | 2021 Tender Offer, Senior Notes
Debt Instrument [Line Items]
Interest rate			3.00%

Commitments, Contingencies an_3

Commitments, Contingencies and Debt - Schedule of Aggregate Amount of Senior Notes (Details) - Senior Notes - USD ($) $ in Millions	Mar. 09, 2021	Mar. 27, 2021	Feb. 28, 2021
2021 Tender Offer, Senior Notes
Debt Instrument [Line Items]
Amount validly tendered	$ 1,000
Senior Notes Due June 2022
Debt Instrument [Line Items]
Interest rate		3.50%
Outstanding aggregate principal amount		$ 631	$ 631
Amount validly tendered		$ 0
Senior Notes Due June 2022 | 2021 Tender Offer, Senior Notes
Debt Instrument [Line Items]
Interest rate	3.50%
Senior Notes Due June 2023
Debt Instrument [Line Items]
Interest rate		4.00%
Outstanding aggregate principal amount		$ 447	447
Amount validly tendered		$ 0
Senior Notes Due June 2023 | 2021 Tender Offer, Senior Notes
Debt Instrument [Line Items]
Interest rate	4.00%
Senior Notes Due July 2025
Debt Instrument [Line Items]
Interest rate		3.95%
Outstanding aggregate principal amount		$ 797	1,609
Amount validly tendered		$ 812
Senior Notes Due July 2025 | 2021 Tender Offer, Senior Notes
Debt Instrument [Line Items]
Interest rate	3.95%
Senior Notes Due June 2026
Debt Instrument [Line Items]
Interest rate		3.00%
Outstanding aggregate principal amount		$ 1,912	$ 2,000
Amount validly tendered		$ 88
Senior Notes Due June 2026 | 2021 Tender Offer, Senior Notes
Debt Instrument [Line Items]
Interest rate	3.00%

Earnings Per Share Schedule of

Earnings Per Share Schedule of Earnings Per Common Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Basic EPS
Net income/(loss) attributable to common shareholders	$ 563	$ 378
Weighted average shares of common stock outstanding (in shares)	1,223	1,222
Basic earnings/(loss) per common share (in dollars per share)	$ 0.46	$ 0.31
Diluted EPS
Net income/(loss) attributable to common shareholders	$ 563	$ 378
Weighted average shares of common stock outstanding (in shares)	1,223	1,222
Effect of dilutive equity awards (in shares)	9	2
Weighted average shares of common stock outstanding, including dilutive effect (in shares)	1,232	1,224
Diluted earnings/(loss) per common share (in dollars per share)	$ 0.46	$ 0.31

Earnings Per Share Additional I

Earnings Per Share Additional Information (Details) - shares shares in Millions	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Earnings Per Share [Abstract]
Anti-dilutive shares	8	13

Segment Reporting Additional In

Segment Reporting Additional Information (Details)	3 Months Ended
	Mar. 27, 2021segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Reporting Net Sales by

Segment Reporting Net Sales by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	$ 6,394	$ 6,157
United States
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	4,608	4,495
International
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	1,394	1,301
Canada
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	$ 392	$ 361

Segment Reporting Segment Adjus

Segment Reporting Segment Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Segment Reporting Information [Line Items]
Depreciation and amortization (excluding restructuring activities)	$ (222)	$ (243)
Restructuring activities	(18)	0
Deal costs	(7)	0
Unrealized gains/(losses) on commodity hedges	37	(143)
Impairment losses	(230)	(226)
Equity award compensation expense (excluding restructuring activities)	(51)	(33)
Operating Income (Loss)	1,089	770
Interest expense	415	310
Other expense/(income)	(30)	(81)
Income/(loss) before income taxes	704	541
General corporate expenses
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	(70)	(94)
United States | Operating Segments
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	1,280	1,209
International | Operating Segments
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	283	245
Canada | Operating Segments
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	$ 87	$ 55

Segment Reporting Net Sales b_2

Segment Reporting Net Sales by Platform (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Revenue from External Customer [Line Items]
Net sales	$ 6,394	$ 6,157
Taste Elevation
Revenue from External Customer [Line Items]
Net sales	1,776	1,639
Fast Fresh Meals
Revenue from External Customer [Line Items]
Net sales	1,541	1,456
Easy Meals Made Better
Revenue from External Customer [Line Items]
Net sales	1,201	1,228
Real Food Snacking
Revenue from External Customer [Line Items]
Net sales	581	570
Flavorful Hydration
Revenue from External Customer [Line Items]
Net sales	411	388
Easy Indulgent Desserts
Revenue from External Customer [Line Items]
Net sales	212	177
Other
Revenue from External Customer [Line Items]
Net sales	$ 672	$ 699

Segment Reporting Net Sales b_3

Segment Reporting Net Sales by Product Category (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Revenue from External Customer [Line Items]
Net sales	$ 6,394	$ 6,157
Condiments and sauces
Revenue from External Customer [Line Items]
Net sales	1,682	1,581
Cheese and dairy
Revenue from External Customer [Line Items]
Net sales	1,233	1,139
Ambient foods
Revenue from External Customer [Line Items]
Net sales	698	716
Frozen and chilled foods
Revenue from External Customer [Line Items]
Net sales	674	648
Meats and seafood
Revenue from External Customer [Line Items]
Net sales	611	590
Refreshment beverages
Revenue from External Customer [Line Items]
Net sales	411	389
Coffee
Revenue from External Customer [Line Items]
Net sales	210	275
Infant and nutrition
Revenue from External Customer [Line Items]
Net sales	107	113
Desserts, toppings and baking
Revenue from External Customer [Line Items]
Net sales	242	204
Nuts and salted snacks
Revenue from External Customer [Line Items]
Net sales	251	250
Other
Revenue from External Customer [Line Items]
Net sales	$ 275	$ 252

Schedule of Other Expense_(Inco

Schedule of Other Expense/(Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Other Income and Expenses [Abstract]
Amortization of prior service costs/(credits)	$ (2)	$ (31)
Net pension and postretirement non-service cost/(benefit)	(50)	(43)
Loss/(gain) on sale of business	19	2
Interest income	5	9
Foreign exchange losses/(gains)	(36)	(17)
Derivative losses/(gains)	42	18
Other miscellaneous expense/(income)	2	(1)
Other expense/(income)	$ 30	$ 81

Other Financial Data Additional

Other Financial Data Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Other Income and Expenses [Abstract]
Other expense/(income)	$ 30	$ 81
Defined Benefit Plan, year over year change in amortization of prior service credits		29
Derivative losses/(gains)	42	18
Loss/(gain) on sale of business	(19)	(2)
Foreign exchange losses/(gains)	$ (36)	$ (17)