Company: KHC
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0001637459-25-000061
Chunk: 117

Company: Kraft Heinz Co
Filing Date: 2025-04-29
Form: 10-Q
Item: Part I, Item 8
Chunk 117
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 of its creditors, including holders of the KHFC Senior Notes). Consequently, the KHFC Senior Notes are structurally subordinated to all liabilities of the Parent Guarantor’s subsidiaries and any subsidiaries that it may in the future acquire or establish. The obligations of the Parent Guarantor will terminate and be of no further force or effect in the following circumstances: (i) (a) KHFC’s exercise of its legal defeasance option or, except in the case of a guarantee of any direct or indirect parent of KHFC, covenant defeasance option in accordance with the applicable indenture, or KHFC’s obligations under the applicable indenture have been discharged in accordance with the terms of the applicable indenture or (b) as specified in a supplemental indenture to the applicable indenture; and (ii) the Parent Guarantor has delivered to the trustee an officer’s certificate and an opinion of counsel, each stating that all conditions precedent provided for in the applicable indenture have been complied with. The Guarantee is limited by its terms to an amount not to exceed the maximum amount that can be guaranteed by the Parent Guarantor without rendering the Guarantee voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.

The following tables present summarized financial information for the Parent Guarantor and KHFC (as subsidiary issuer of the KHFC Senior Notes) (together, the “Obligor Group”), on a combined basis after the elimination of all intercompany balances and transactions between the Parent Guarantor and subsidiary issuer and investments in any subsidiary that is a non-guarantor.

Summarized Statement of Income

For the Three Months EndedMarch 29, 2025Net sales$3,864 Gross profit(a)1,467 Intercompany service fees and other recharges1,018 Operating income/(loss)279 Equity in earnings/(losses) of subsidiaries728 Net income/(loss)712 Net income/(loss) attributable to common shareholders712 

(a)    For the three months ended March 29, 2025, the Obligor Group recorded $118 million of net sales to the non-guarantor subsidiaries and $15 million of purchases from the non-guarantor subsidiaries.

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Summarized Balance Sheets

March 29, 2025December 28, 2024ASSETSCurrent assets$6,789 $4,506 Current assets due from affiliates(a)220 445 Non-current assets5