Company: KHC
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001637459-25-000011
Chunk: 91

Company: Kraft Heinz Co
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 91
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 our common stock repurchases, and favorable changes in other expense/(income), which more than offset higher taxes on adjusted earnings.

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Fiscal Year 2023 Compared to Fiscal Year 2022:

Diluted EPS increased 20.9% to $2.31 in 2023 compared to $1.91 in 2022, primarily driven by the net income/(loss) factors discussed above.

December 30, 2023December 31, 2022$ Change% ChangeDiluted EPS$2.31 $1.91 $0.40 20.9 %Restructuring activities0.16 0.05 0.11 Unrealized losses/(gains) on commodity hedges— 0.04 (0.04)Impairment losses0.50 0.70 (0.20)Certain non-ordinary course legal and regulatory matters— 0.13 (0.13)Losses/(gains) on sale of business— (0.01)0.01 Other losses/(gains) related to acquisitions and divestitures— (0.02)0.02 Nonmonetary currency devaluation0.02 0.01 0.01 Debt prepayment and extinguishment (benefit)/costs— (0.03)0.03 Certain significant discrete income tax items(0.01)— (0.01)Adjusted EPS(a)$2.98 $2.78 $0.20 7.2 %Key drivers of change in Adjusted EPS(a):Results of operations$0.27 53rd week(0.06)Interest expense0.03 Other expense/(income)(0.03)Effective tax rate(0.01)$0.20 

(a)     Adjusted EPS is a non-GAAP financial measure. See the Non-GAAP Financial Measures section at the end of this item. 

Adjusted EPS increased 7.2% to $2.98 in 2023 compared to $2.78 in 2022, primarily driven by higher Adjusted Operating Income and lower interest expense, which more than offset the decrease from lapping a 53rd week of shipments in the prior period, unfavorable changes in other expense/(income), and higher taxes on adjusted earnings.

Results of Operations by Segment

We manage our operating results through four operating segments. We have two reportable