10-Q – 2026-08-05 – khc-20260627.htm

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

FORM  10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 27, 2026
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 001-37482

The Kraft Heinz Co mpany
(Exact name of registrant as specified in its charter)

Delaware 46-2078182
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
One PPG Place, Pittsburgh, Pennsylvania 15222
(Address of principal executive offices) (Zip Code)

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

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

Securities registered pursuant to Section 12(b) of the Act
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common stock, $0.01 par value KHC The Nasdaq Stock Market LLC

3.500% Senior Notes due 2029
KHC29
The Nasdaq Stock Market LLC

3.500% Senior Notes due 2031
KHC31
The Nasdaq Stock Market LLC
3.250% Senior Notes due 2033
KHC33
The Nasdaq Stock Market LLC

3.950% Senior Notes due 2034 KHC34 The Nasdaq Stock Market LLC

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

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

As of August 1, 2026, there were 1,185,823,758 shares of the registrant’s common stock outstanding.

Table of Contents
PART I - FINANCIAL INFORMATION
1

Item 1. Financial Statements.
1

Condensed Consolidated Statements of Income
1

Condensed Consolidated Statements of Comprehensive Income
2

Condensed Consolidated Balance Sheets
3

Condensed Consolidated Statements of Equity
4

Condensed Consolidated Statements of Cash Flows
5

Notes to Condensed Consolidated Financial Statements
6

Note 1. Basis of Presentation
6

Note 2. Significant Accounting Policies
7

Note 3. New Accounting Standards
7

Note 4. Acquisitions and Divestitures
7

Note 5. Restructuring Activities
8

Note 6. Inventories
9

Note 7. Goodwill and Intangible Assets
10

Note 8. Income Taxes
14

Note 9. Employees’ Stock Incentive Plans
15

Note 10. Postemployment Benefits
15

Note 11. Financial Instruments
17

Note 12. Accumulated Other Comprehensive Income/(Losses)
24

Note 13. Financing Arrangements
26

Note 14. Commitments, Contingencies, and Debt
27

Note 15. Earnings Per Share
29

Note 16. Segment Reporting
30

Note 17. Other Financial Data
33

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
34

Overview
34

Consolidated Results of Operations
35

Results of Operations by Segment
39

Liquidity and Capital Resources
42

Commodity Trends
46

Critical Accounting Estimates
46

New Accounting Pronouncements
49

Contingencies
49

Non-GAAP Financial Measures
49

Item 3. Quantitative and Qualitative Disclosures about Market Risk.
54

Item 4. Controls and Procedures.
54

PART II - OTHER INFORMATION
55

Item 1. Legal Proceedings.
55

Item 1A. Risk Factors.
55

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
55

Item 5. Other Information.
55

Item 6. Exhibits.
56

Signatures
57

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

Forward-Looking Statements
This Quarterly Report on Form 10-Q contains a number of forward-looking statements. Words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “future,” “intend,” “plan,” “will,” and variations of such words and similar future or conditional expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding our plans, impacts of accounting standards and guidance, growth, legal matters, taxes, costs and cost savings, impairments, and dividends, as well as statements regarding the previously announced separation of Kraft Heinz into two independent publicly traded companies, including the timing and structure of such separation, the pause of work related to the separation, the ability to effect the separation and to meet the condition thereto, the characteristics of the separated businesses and the expected benefits of the separation if completed. These forward-looking statements reflect management’s current expectations and are not guarantees of future performance and are subject to a number of risks and uncertainties, many of which are difficult to predict and beyond our control.
Important factors that may affect our business and operations and that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, operating in a highly competitive industry; our ability to correctly predict, identify, and interpret changes in consumer preferences and demand, to offer new products to meet those changes, and to respond to competitive innovation; changes in the retail landscape or the loss of key retail customers; changes in our relationships with significant customers or suppliers, or in other business relationships; our ability to maintain, extend, and expand our reputation and brand image; our ability to effect the previously announced separation of Kraft Heinz into two independent publicly traded companies and to meet the conditions related thereto, including obtaining applicable regulatory approvals, if work related to the separation is resumed; negative effects of the announcement pendency of the separation, including the current pause on work related to the separation, on the market price of Kraft Heinz’s securities and/or on Kraft Heinz’s financial performance; our ability to leverage our brand value to compete against private label products; our ability to drive revenue growth in our key product categories or platforms, increase our market share, or add products that are in faster-growing and more profitable categories; product recalls or other product liability claims; weather or environmental conditions and trends, including the impacts from and responses to climate change; our ability to identify, complete, or realize the benefits from strategic acquisitions, divestitures, alliances, joint ventures, or investments; our ability to successfully execute our strategic initiatives; the impacts of our international operations; our ability to protect intellectual property rights; our ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes, and improve our competitiveness; the influence of our largest stockholder; our level of indebtedness, as well as our ability to comply with covenants under our debt instruments; additional impairments of the carrying amounts of goodwill or other indefinite-lived intangible assets; foreign exchange rate fluctuations; volatility in commodity, energy, and other input costs; volatility in the market value of all or a portion of the commodity derivatives we use; compliance with laws and regulations and related legal claims or regulatory enforcement actions; failure to maintain an effective system of internal controls; a downgrade in our credit rating; the impact of sales of our common stock in the public market; the impact of our share repurchases or any change in our share repurchase activity; our ability to continue to pay a regular dividend and the amounts of any such dividends; disruptions in the global economy caused by geopolitical conflicts (including the ongoing conflicts in the Middle East), unanticipated business disruptions and natural events in the locations in which we or our customers, suppliers, distributors, or regulators operate; economic and political conditions in the United States and various other nations where we do business (including inflationary pressures, the imposition of increased or new tariffs or other trade restrictions, instability in financial institutions, general economic slowdown, recession, or a potential U.S. federal government shutdown); changes in our management team or other key personnel and our ability to hire or retain key personnel or a highly skilled and diverse global workforce; our dependence on information technology and systems, including service interruptions, misappropriation of data, or breaches of security; increased pension, labor, and people-related expenses; changes in tax laws and interpretations and the final determination of tax audits, including transfer pricing matters, and any related litigation; volatility of capital markets and other macroeconomic factors; and other factors. For additional information on these and other factors that could affect our forward-looking statements, see Item 1A, Risk Factors, in our Annual Report on Form 10-K for the year ended December 27, 2025. We disclaim and do not undertake any obligation to update, revise, or withdraw any forward-looking statement in this report, except as required by applicable law or regulation.
We use our investor relations website, ir.kraftheinzcompany.com, as a routine channel for distribution of important, and often material, information about Kraft Heinz, including quarterly and annual earnings results and presentations, press releases and other announcements, webcasts, analyst presentations, investor days, sustainability initiatives, financial information, and corporate governance practices, as well as archives of past presentations and events. We encourage you to follow our investor relations website in addition to our filings with the SEC to receive timely information about the Company. The information on our website is not part of this Quarterly Report on Form 10-Q and shall not be deemed to be incorporated by reference into this report or any other filings we make with the Securities and Exchange Commission (“SEC”).

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

The Kraft Heinz Company
Condensed Consolidated Statements of Income
(in millions, except per share data)
(Unaudited)

For the Three Months Ended For the Six Months Ended
June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025
Net sales $ 6,262   $ 6,352   $ 12,309   $ 12,351  
Cost of products sold 4,234   4,169   8,062   8,104  
Gross profit 2,028   2,183   4,247   4,247  
Selling, general and administrative expenses, excluding impairment losses 1,107   891   2,168   1,759  
Goodwill impairment losses 2,441   6,694   2,441   6,694  
Intangible asset impairment losses 4,911   2,572   4,924   2,572  
Selling, general and administrative expenses 8,459   10,157   9,533   11,025  
Operating income/(loss) ( 6,431 ) ( 7,974 ) ( 5,286 ) ( 6,778 )
Interest expense/(income) ( 31 ) 240   205   469  
Other expense/(income) ( 24 ) ( 47 ) ( 125 ) ( 98 )
Income/(loss) before income taxes ( 6,376 ) ( 8,167 ) ( 5,366 ) ( 7,149 )
Provision for/(benefit from) income taxes ( 916 ) ( 344 ) ( 705 ) ( 40 )
Net income/(loss) ( 5,460 ) ( 7,823 ) ( 4,661 ) ( 7,109 )
Net income/(loss) attributable to noncontrolling interest —   1   1   3  
Net income/(loss) attributable to common shareholders $ ( 5,460 ) $ ( 7,824 ) $ ( 4,662 ) $ ( 7,112 )
Per share data applicable to common shareholders:
Basic earnings/(loss) $ ( 4.60 ) $ ( 6.60 ) $ ( 3.93 ) $ ( 5.98 )
Diluted earnings/(loss) ( 4.60 ) ( 6.60 ) ( 3.93 ) ( 5.98 )

See accompanying notes to the condensed consolidated financial statements.
1

The Kraft Heinz Company
Condensed Consolidated Statements of Comprehensive Income
(in millions)
(Unaudited)

For the Three Months Ended For the Six Months Ended
June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025
Net income/(loss) $ ( 5,460 ) $ ( 7,823 ) $ ( 4,661 ) $ ( 7,109 )
Other comprehensive income/(loss), net of tax:
Foreign currency translation adjustments ( 44 ) 672   ( 167 ) 981  
Net deferred gains/(losses) on net investment hedges 29   ( 239 ) 96   ( 299 )
Amounts excluded from the effectiveness assessment of net investment hedges 11   10   14   17  
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) ( 6 ) ( 12 ) ( 12 ) ( 19 )
Net deferred gains/(losses) on cash flow hedges ( 1 ) 86   9   106  
Amounts excluded from the effectiveness assessment of cash flow hedges ( 1 ) —   ( 2 ) ( 1 )
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) 3   ( 120 ) 5   ( 178 )
Amounts excluded from the effectiveness assessment of fair value hedges 3   ( 7 ) 10   12  
Net deferred losses/(gains) on fair value hedges reclassified to net income/(loss) ( 6 ) 1   ( 9 ) ( 1 )
Net deferred gains/(losses) on available-for-sale debt securities —   —   —   ( 1 )

Net actuarial gains/(losses) arising during the period —   ( 33 ) 3   ( 33 )

Net postemployment benefit losses/(gains) reclassified to net income/(loss) ( 3 ) 4   ( 41 ) —  
Total other comprehensive income/(loss) ( 15 ) 362   ( 94 ) 584  
Total comprehensive income/(loss) ( 5,475 ) ( 7,461 ) ( 4,755 ) ( 6,525 )
Comprehensive income/(loss) attributable to noncontrolling interest ( 5 ) ( 11 ) ( 5 ) ( 9 )
Comprehensive income/(loss) attributable to common shareholders $ ( 5,470 ) $ ( 7,450 ) $ ( 4,750 ) $ ( 6,516 )

See accompanying notes to the condensed consolidated financial statements.
2

The Kraft Heinz Company
Condensed Consolidated Balance Sheets
(in millions, except per share data)
(Unaudited)

June 27, 2026 December 27, 2025
ASSETS
Cash and cash equivalents $ 2,419   $ 2,615  
Trade receivables (net of allowances of $ 34 at June 27, 2026 and $ 34 at December 27, 2025)
2,286   2,254  
Inventories 3,308   3,167  
Prepaid expenses 266   291  
Marketable securities 262   1,060  
Other current assets 710   588  
Assets held for sale —   152  
Total current assets 9,251   10,127  
Property, plant and equipment, net 7,199   7,318  
Goodwill 19,714   22,179  
Intangible assets, net 32,372   37,529  
Other non-current assets 4,529   4,633  
TOTAL ASSETS $ 73,065   $ 81,786  
LIABILITIES AND EQUITY

Current portion of long-term debt $ 1,382   $ 1,908  
Accounts payable 4,478   4,308  
Accrued marketing 990   801  
Interest payable 271   298  

Other current liabilities 1,595   1,455  
Liabilities held for sale —   8  
Total current liabilities 8,716   8,778  
Long-term debt 17,619   19,311  
Deferred income taxes 7,848   9,022  
Accrued postemployment costs 128   131  
Long-term deferred income 1,291   1,321  
Other non-current liabilities 1,333   1,434  
TOTAL LIABILITIES 36,935   39,997  
Commitments and Contingencies (Note 14)
Redeemable noncontrolling interest 13   12  
Equity:
Common stock, $ 0.01 par value ( 5,000 shares authorized; 1,260 shares issued and 1,186 shares outstanding at June 27, 2026; 1,257 shares issued and 1,184 shares outstanding at December 27, 2025)
12   12  
Additional paid-in capital 50,392   51,287  
Retained earnings/(deficit) ( 9,291 ) ( 4,629 )
Accumulated other comprehensive income/(losses) ( 2,458 ) ( 2,370 )
Treasury stock, at cost ( 74 shares at June 27, 2026 and 73 shares at December 27, 2025)
( 2,649 ) ( 2,636 )
Total shareholders' equity 36,006   41,664  
Noncontrolling interest 111   113  
TOTAL EQUITY 36,117   41,777  
TOTAL LIABILITIES AND EQUITY $ 73,065   $ 81,786  

See accompanying notes to the condensed consolidated financial statements.
3

The Kraft Heinz Company
Condensed Consolidated Statements of Equity
(in millions)
(Unaudited)

Common Stock Additional Paid-in Capital Retained Earnings/(Deficit) Accumulated Other Comprehensive Income/(Losses) Treasury Stock, at Cost Noncontrolling Interest Total Equity
Balance at December 27, 2025 $ 12   $ 51,287   $ ( 4,629 ) $ ( 2,370 ) $ ( 2,636 ) $ 113   $ 41,777  
Net income/(loss) excluding redeemable noncontrolling interest —  —  798   —  —  1   799  
Other comprehensive income/(loss) excluding redeemable noncontrolling interest —  —  —  ( 78 ) —  ( 1 ) ( 79 )
Dividends declared-common stock ($ 0.40 per share)
—  ( 477 ) —  —  —  —  ( 477 )

Exercise of stock options, issuance of other stock awards, and other —  28   —  —  ( 12 ) —   16  
Balance at March 28, 2026 $ 12   $ 50,838   $ ( 3,831 ) $ ( 2,448 ) $ ( 2,648 ) $ 113   $ 42,036  
Net income/(loss) excluding redeemable noncontrolling interest —  —  ( 5,460 ) —  —  —   ( 5,460 )
Other comprehensive income/(loss) excluding redeemable noncontrolling interest —  —  —  ( 10 ) —  ( 3 ) ( 13 )
Dividends declared-common stock ($ 0.40 per share)
—  ( 477 ) —   —  —  —  ( 477 )

Exercise of stock options, issuance of other stock awards, and other —  31   —  —  ( 1 ) 1   31  
Balance at June 27, 2026 $ 12   $ 50,392   $ ( 9,291 ) $ ( 2,458 ) $ ( 2,649 ) $ 111   $ 36,117  

Common Stock Additional Paid-in Capital Retained Earnings/(Deficit) Accumulated Other Comprehensive Income/(Losses) Treasury Stock, at Cost Noncontrolling Interest Total Equity
Balance at December 28, 2024 $ 12   $ 52,135   $ 2,171   $ ( 2,915 ) $ ( 2,218 ) $ 134   $ 49,319  
Net income/(loss) excluding redeemable noncontrolling interest —  —  712   —  —  2   714  
Other comprehensive income/(loss) excluding redeemable noncontrolling interest —  —  —  222   —  ( 1 ) 221  
Dividends declared-common stock ($ 0.40 per share)
—  —  ( 479 ) —  —  —  ( 479 )

Repurchase of common stock —  —  —  —  ( 214 ) —  ( 214 )
Exercise of stock options, issuance of other stock awards, and other —  34   —  —  —  3   37  
Balance at March 29, 2025 $ 12   $ 52,169   $ 2,404   $ ( 2,693 ) $ ( 2,432 ) $ 138   $ 49,598  
Net income/(loss) excluding redeemable noncontrolling interest —  —  ( 7,824 ) —  —  1   ( 7,823 )
Other comprehensive income/(loss) excluding redeemable noncontrolling interest —  —  —  374   —  ( 13 ) 361  
Dividends declared-common stock ($ 0.40 per share)
—  —  ( 475 ) —  —  —  ( 475 )
Repurchase of common stock —  —  —  —  ( 188 ) —  ( 188 )
Exercise of stock options, issuance of other stock awards, and other —  27   —  —  ( 16 ) 1   12  
Balance at June 28, 2025 $ 12   $ 52,196   $ ( 5,895 ) $ ( 2,319 ) $ ( 2,636 ) $ 127   $ 41,485  

See accompanying notes to the condensed consolidated financial statements.
4

The Kraft Heinz Company
Condensed Consolidated Statements of Cash Flows
(in millions)
(Unaudited)

For the Six Months Ended
June 27, 2026 June 28, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss) $ ( 4,661 ) $ ( 7,109 )
Adjustments to reconcile net income/(loss) to operating cash flows:
Depreciation and amortization 506   472  

Divestiture-related license income ( 26 ) ( 26 )
Equity award compensation expense 53   53  
Deferred income tax provision/(benefit) ( 1,167 ) ( 595 )
Postemployment benefit plan contributions ( 8 ) ( 8 )
Goodwill and intangible asset impairment losses 7,365   9,266  
Nonmonetary currency devaluation 16   21  
Loss/(gain) on sale of business ( 3 ) —  
Loss/(gain) on extinguishment of debt ( 265 ) —  
Other items, net ( 124 ) ( 28 )
Changes in current assets and liabilities:
Trade receivables ( 61 ) ( 123 )
Inventories ( 228 ) ( 164 )
Accounts payable 392   109  
Other current assets ( 19 ) 1  
Other current liabilities 318   60  
Net cash provided by/(used for) operating activities 2,088   1,929  
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ( 429 ) ( 425 )

Purchases of marketable securities ( 105 ) ( 1,033 )
Proceeds from sale of marketable securities 910   45  
Proceeds from sale of business, net of cash disposed and working capital adjustments 146   9  

Other investing activities, net 29   56  
Net cash provided by/(used for) investing activities 551   ( 1,348 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long-term debt ( 2,981 ) ( 676 )
Proceeds from issuance of long-term debt 1,152   1,620  

Dividends paid ( 949 ) ( 951 )
Repurchases of common stock ( 27 ) ( 435 )
Other financing activities, net ( 77 ) 19  
Net cash provided by/(used for) financing activities ( 2,882 ) ( 423 )
Effect of exchange rate changes on cash, cash equivalents, and restricted cash ( 12 ) 68  
Cash, cash equivalents, and restricted cash
Net increase/(decrease) ( 255 ) 226  
Balance at beginning of period 2,944   1,486  
Balance at end of period $ 2,689   $ 1,712  

See accompanying notes to the condensed consolidated financial statements.
5

The Kraft Heinz Company
Notes to Condensed Consolidated Financial Statements

Note 1. Basis of Presentation
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted, in accordance with the rules of the SEC. In management’s opinion, these interim financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary to fairly state our results for the periods presented.
We operate on a 52- or 53-week fiscal year ending on the last Saturday in December in each calendar year. Unless the context requires otherwise, references to years and quarters contained herein pertain to our fiscal years and fiscal quarters. Our 2026 fiscal year is scheduled to be a 52-week period ending on December 26, 2026, and our 2025 fiscal year was a 52-week period that ended on December 27, 2025.
The condensed consolidated balance sheet data at December 27, 2025 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 27, 2025. The results for interim periods are not necessarily indicative of future or annual results.
Principles of Consolidation
The condensed consolidated financial statements include The Kraft Heinz Company and all of our controlled subsidiaries. All intercompany transactions are eliminated.
Reportable Segments
We manage our operating results through four operating segments: North America, Europe and Pacific Developed Markets (“EPDM” or “International Developed Markets”), West and East Emerging Markets (“WEEM”), and Asia Emerging Markets (“AEM”). We have two reportable segments defined by geographic region: North America and International Developed Markets. Our remaining operating segments, consisting of WEEM and AEM, are combined and disclosed as Emerging Markets.
During the second quarter of 2026, certain organizational changes were announced that are expected to impact our future internal reporting and reportable segments. We plan to combine our WEEM and AEM operating segments to form the Emerging Markets operating segment in order to increase efficiencies and drive sustainable growth across our global business. In conjunction with the creation of the Emerging Markets operating segment, we plan to move remaining European countries within the WEEM operating segment into the EPDM operating segment.
As a result of these changes, we expect to have three reportable segments: North America, Europe and Pacific Developed Markets, and Emerging Markets. We expect that the change to our reportable segments will be effective in the third quarter of 2026.
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.
6

Held for Sale
As of June 27, 2026, assets classified as held for sale were insignificant. As of December 27, 2025, we classified certain assets and liabilities as held for sale in our condensed consolidated balance sheet, primarily relating to the divestiture of our infant and specialty food business in Italy in our International Developed Markets segment. See Note 4, Acquisitions and Divestitures , for additional information.
Cash , Cash Equivalents , and Restricted Cash
Cash equivalents include term deposits with banks, money market funds, and all highly liquid investments with original maturities of 90 days or less. The fair value of cash equivalents approximates the carrying amount. Cash and cash equivalents that are legally restricted as to withdrawal or usage are classified in other current assets or other non-current assets, as applicable, on the condensed consolidated balance sheets. At June 27, 2026, we had restricted cash of $ 164 million recorded in other current assets and restricted cash of $ 106 million recorded in other non-current assets. At December 27, 2025, we had restricted cash of $ 164 million recorded in other current assets and restricted cash of $ 165 million recorded in other non-current assets. Total cash, cash equivalents, and restricted cash was $ 2,689  million at June 27, 2026 and $ 2,944 million at December 27, 2025.

Note 2. Significant Accounting Policies
There were no significant changes to our accounting policies from those disclosed in our Annual Report on Form 10-K for the year ended December 27, 2025.

Note 3. New Accounting Standards
Accounting Standards Not Yet Adopted
Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):
In November 2024, the FASB issued ASU 2024-03 to improve financial reporting under ASC 220, Income Statement — Reporting Comprehensive Income . The guidance requires entities to disclose additional information about specific expense categories related to cost of sales and SG&A in the notes to financial statements at interim and annual reporting periods. This ASU will be effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact this ASU will have on our financial statements and related disclosures.
Intangibles—Goodwill and Other—Internal–Use Software (Subtopic 350-40):
In September 2025, the FASB issued ASU 2025-06 to provide clarification and improvements to the accounting for internal-use software costs under ASC 350-40, Intangibles — Goodwill and Other — Internal-Use Software . The guidance includes amendments related to capitalization of implementation costs, subsequent measurement, and related presentation and disclosure requirements. This ASU will be effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact this ASU will have on our financial statements and related disclosures.

Note 4. Acquisitions and Divestitures
Divestitures
Italy Infant Transaction:
On July 9, 2025, we entered into a definitive agreement with a third party, NewPrinces S.p.A., to sell our infant and specialty food business in Italy, within our International Developed Markets segment (the “Italy Infant Transaction”). The net assets to be transferred in the Italy Infant Transaction include, among other things, our intellectual property rights to the Plasmon and Nipiol brands and one manufacturing facility in Italy (collectively, the “Italy Infant Disposal Group”).
In the third quarter of 2025, we determined that the Italy Infant Disposal Group met the held for sale criteria. As of July 9, 2025, the date the Italy Infant Disposal Group was determined to be held for sale, we tested the individual assets included within the Italy Infant Disposal Group for impairment. We determined that the net assets of the Italy Infant Disposal Group had an aggregate carrying amount above their estimated fair value less cost to sell, and that the goodwill within the Italy Infant Disposal Group was fully impaired. Accordingly, we recorded a non-cash goodwill impairment loss of $ 40  million, which was recognized in SG&A, for the year ended December 27, 2025. Further, we recorded an estimated pre-tax loss on sale of business of $ 47  million for the year ended December 27, 2025, which was recognized in other expense/(income) on our consolidated statement of income. We recognized these costs in the third and fourth quarters of 2025.
7

The Italy Infant Transaction closed on December 31, 2025, which is in the first quarter of our fiscal year 2026, for total cash consideration of approximately $ 146  million. We recognized an insignificant adjustment to pre-tax loss on sale of business in other expense/(income) on our condensed consolidated statement of income in the first quarter of 2026.

Note 5. Restructuring Activities
Restructuring Activities:
We have restructuring programs globally, which are focused primarily on streamlining our organizational design. For the six months ended June 27, 2026, we eliminated approximately 140 positions related to these programs. As of June 27, 2026, we expect to eliminate approximately 260 positions during the remainder of 2026 related to these programs, primarily outside of North America. For the three months ended June 27, 2026, restructuring activities resulted in a net expense of $ 9 million which included a net expense of $ 8 million of asset-related costs and a net expense of $ 1 million of other restructuring costs. For the six months ended June 27, 2026, restructuring activities resulted in a net benefit of $ 14 million which included a net benefit of $ 44 million of other restructuring costs, a net expense of $ 20 million of asset-related costs, and a net expense of $ 10 million of severance and employee benefit costs. Other restructuring costs included a non-cash benefit related to the settlement of our U.S. Retiree Life Insurance Plan during the six months ended June 27, 2026. Restructuring activities resulted in expenses of $ 10 million for the three months and $ 14 million for the six months ended June 28, 2025.
Our net liability balance for restructuring project costs that qualify as exit and disposal costs under U.S. GAAP was (in millions):

Severance and Employee Benefit Costs Other Exit Costs Total
Balance at December 27, 2025 $ 9   $ 2   $ 11  
Charges/(credits) 10   —   10  
Cash payments ( 4 ) ( 1 ) ( 5 )

Balance at June 27, 2026 $ 15   $ 1   $ 16  

We expect the majority of the liability for severance and employee benefit costs as of June 27, 2026 to be paid by the end of 2026. 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 in 2030.
Total Expenses/(Income):
Total expense/(income) related to restructuring activities, by income statement caption, were (in millions):

For the Three Months Ended For the Six Months Ended
June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025
Severance and employee benefit costs - Cost of products sold $ ( 1 ) $ 1   $ 10   $ ( 1 )
Severance and employee benefit costs - SG&A 1   ( 2 ) —   4  

Asset-related costs - Cost of products sold 8   —   20   —  

Other costs - SG&A 1   1   1   1  
Other costs - Other expense/(income) —   10   ( 45 ) 10  
$ 9   $ 10   $ ( 14 ) $ 14  

We do not include our restructuring activities within Segment Adjusted Operating Income (as defined in Note 16, Segment Reporting ). The pre-tax impact of allocating such expenses/(income) to our segments would have been (in millions):

For the Three Months Ended For the Six Months Ended
June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025
North America $ —   $ 11   $ ( 46 ) $ 15  
International Developed Markets 9   —   32   ( 3 )
Emerging Markets —   ( 1 ) —   ( 1 )
General corporate expenses —   —   —   3  
$ 9   $ 10   $ ( 14 ) $ 14  

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Note 6. Inventories
Inventories consisted of the following (in millions):

June 27, 2026 December 27, 2025
Packaging and ingredients $ 818   $ 870  
Spare parts 269   264  
Work in process 265   278  
Finished products 1,956   1,755  
Inventories $ 3,308   $ 3,167  

At December 27, 2025, inventories excluded amounts classified as held for sale. See Note 4, Acquisitions and Divestitures , for additional information.
9

Note 7. Goodwill and Intangible Assets
Goodwill:
Changes in the carrying amount of goodwill, by segment, were (in millions):

North America International Developed Markets
Emerging Markets
Total
Balance at December 27, 2025 $ 20,392   $ 1,470   $ 317   $ 22,179  
Impairment losses
( 1,653 ) ( 788 ) —   ( 2,441 )

Translation adjustments and other ( 1 ) ( 31 ) 8   ( 24 )
Balance at June 27, 2026
$ 18,738   $ 651   $ 325   $ 19,714  

Q2 2026 Goodwill Impairment Testing
In the second quarter of 2026, we concluded that the sustained decline in our share price and market capitalization, along with significant downside volatility during the second quarter, constituted a triggering event requiring an interim goodwill impairment assessment for all of our reporting units. We utilized the discounted cash flow method under the income approach to estimate the fair value of our reporting units.
As a result of the interim impairment test, we recognized non-cash goodwill impairment losses of $ 1.7  billion in SG&A in the second quarter of 2026, of which $ 788  million related to our Western Europe (“WE”) reporting unit within our International Developed Markets segment, as well as $ 656  million related to our Hydration, Desserts and Meals (“HDM”) reporting unit, $ 217  million related to our Elevation reporting unit, and $ 55  million related to our Canada reporting unit within our North America segment.
The goodwill impairments were driven by a combination of the market’s perceived risk of our ability to achieve future cash flow projections and the inclusion of updated cash flow expectations, which reflect the previously announced investments in marketing, sales, and R&D, as well as the allocation of those investments to reporting units and brands. These investments are expected to strengthen the competitive positioning of our brands; however, we believe the market remains uncertain as to the Company’s ability to achieve the plan.
Additionally, as of the last day of the second quarter of 2026, we separated the Elevation reporting unit into two reporting units, Taste Elevation (“TE”) and Away From Home (“AFH”) in an effort to drive focus and clarity in our organizational structure and reporting processes. As a result of this reorganization, we reassigned assets and liabilities and reallocated the existing goodwill, using the fair value approach, from the former Elevation reporting unit into the new reporting units, TE and AFH.
We performed our pre- and post-reorganization impairment tests as of June 27, 2026, which was the last day of the second quarter of 2026. We utilized the discounted cash flow method under the income approach to estimate the fair value as of June 27, 2026. As a result of our post-reorganization impairment test, we recognized non-cash goodwill impairment losses of $ 725  million in SG&A related to the AFH reporting unit within our North America segment. The impairment charge was largely due to the AFH business having a higher asset base supporting a lower margin business compared to the Taste Elevation business.
After the impairment tests performed in the second quarter of 2026 (the “Q2 2026 Impairment Tests”), the goodwill carrying amount is $ 10.1  billion in our TE reporting unit, $ 7.3  billion in our HDM reporting unit, $ 650  million in our WE reporting unit, $ 80  million in our AFH reporting unit, and no goodwill remaining in our Canada reporting unit.
As of June 27, 2026, we maintain 11 reporting units globally, six of which comprise our goodwill balance. These six reporting units had an aggregate goodwill carrying amount of $ 19.7 billion at June 27, 2026.
Accumulated impairment losses to goodwill were $ 22.6 billion as of June 27, 2026 and $ 20.2 billion as of December 27, 2025.
10

2025 Year-to-Date Goodwill Impairment Testing
During the second quarter of 2025, we concluded that the sustained decline in our share price and market capitalization was a triggering event requiring an interim goodwill impairment assessment for all reporting units. We performed an interim impairment test (“Q2 2025 Impairment Test”) as of the last day of our second quarter, June 28, 2025, and utilized the discounted cash flow method under the income approach to estimate the fair value of our reporting units.
As a result, we recognized non-cash goodwill impairment losses of $ 6.7  billion in SG&A in the second quarter of 2025, of which $ 3.1  billion related to our Taste Elevation, Ready Meals and Snacking (“TMS”) reporting unit, $ 1.6  billion related to our Meat & Cheese (“MC”) reporting unit, $ 805  million related to our Canada and North America Coffee (“CNAC”) reporting unit, and $ 400  million related to our Away from Home & Kraft Heinz Ingredients reporting unit within our North America segment, as well as $ 819  million related to our WE reporting unit within our International Developed Markets segment.
The impairments of our TMS, AFH, WE, MC, and CNAC reporting units were primarily due to the market’s perceived risk of our ability to achieve our future cash flow projections, due, in part, to uncertainty in the macroeconomic environment in which we operate. The impairment of our MC reporting unit was also partially driven by a reduction of future long-term growth assumptions.
Additional Goodwill Considerations
Our reporting units that were impaired in the Q2 2026 Impairment Tests were written down to their respective fair values resulting in zero excess fair value over carrying amount as of the applicable impairment test dates. Following the Q2 2026 Impairment Tests, our TE, AFH, HDM, and WE reporting units had less than 5 % fair value over carrying amount with an aggregate goodwill carrying amount of $ 18.2  billion. Our Meat, Cheese, Coffee, and Snacks (“MCCS”) and Asia reporting units have between 5 % to 10 % fair value over carrying amount and an aggregate carrying amount of $ 1.5  billion.
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, and to consider the market multiples of certain peer and guideline companies. These assumptions and estimates include estimated future annual cash flows (including net sales, cost of products sold, SG&A, depreciation and amortization, working capital, and capital expenditures), income tax rates, discount rates, long-term growth rates, royalty rates, and other market factors. As part of our Q2 2026 Impairment Tests as of June 27, 2026, we used discount rates ranging from 6.8 % to 13.5 % and long-term growth rates ranging from 0.0 % to 4.0 %. If current expectations of future growth rates and margins are not met, if market factors outside of our control change (such as discount rates, market capitalization, income tax rates, foreign currency exchange rates, or inflation), 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 future goodwill impairments.
During the second quarter of 2026, certain organizational changes were announced that are expected to impact our future internal reporting and reportable segments. We plan to combine our WEEM and AEM operating segments to form the Emerging Markets operating segment in order to increase efficiencies and drive sustainable growth across our global business. In conjunction with the creation of the Emerging Markets operating segment, we plan to move remaining European countries within the WEEM operating segment into the EPDM operating segment.
As a result of these changes, we expect to have three reportable segments: North America, Europe and Pacific Developed Markets, and Emerging Markets. We expect that the change to our reportable segments will be effective in the third quarter of 2026. We will continue to evaluate for possible goodwill impairment triggering events that this reorganization may cause as a result of the potential changes to our existing reporting unit composition.
In the third quarter of 2026, certain organizational changes were announced within our new Emerging Markets operating segment that could result in a change to the reporting unit composition. We expect that this change will be effective in the third quarter of 2026. A change in the reporting unit composition could require us to reallocate goodwill and perform transition tests. As these transition tests could incorporate changes to our reporting unit composition, as well as updates to our estimated future cash flows, among other assumptions, there is a risk that future impairment charges may occur.
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 27, 2025 $ 34,165  
Impairment losses ( 4,902 )

Translation adjustments and other ( 110 )
Balance at June 27, 2026
$ 29,153  

11

Our indefinite-lived intangible asset balance primarily consists of a number of individual brands, which had an aggregate carrying amount of $ 29.2  billion at June 27, 2026.
Q2 2026 Indefinite-Lived Intangible Asset Impairment Testing
In the second quarter of 2026, we concluded that the sustained decline in our share price and market capitalization, along with the significant downside volatility in our share price during the second quarter, constituted a triggering event requiring an interim indefinite-lived intangible asset impairment assessment of our brands. As part of the interim impairment test, we utilized the multi-period excess earnings and relief from royalty method under the income approach to estimate the fair value of our indefinite-lived intangible assets.
As a result, we recognized non-cash intangible asset impairment losses of $ 4.9  billion in SG&A in the second quarter of 2026, of which $ 3.4  billion related to Kraft , $ 660  million related to Oscar Mayer , $ 445  million related to Lunchables , and $ 379  million related to five other brands in our North America segment. We recorded a $ 48  million impairment to one brand in Emerging Markets and $ 10  million to one brand in our International Developed Markets segment.
The impairments of these brands were driven by a combination of the market’s perceived risk of our ability to achieve future revenue and margin growth projections and the inclusion of updated cash flow expectations, which reflect the previously announced investments in marketing, sales, and R&D, as well as the allocation of those investments to reporting units and brands. These investments are expected to strengthen the competitive positioning of our brands; however, we believe the market remains uncertain as to the Company’s ability to achieve the plan. After these impairments, the aggregate carrying amount of these brands was $ 9.3  billion.
2025 Year-to-Date Indefinite-Lived Intangible Asset Impairment Testing
During the second quarter of 2025, we concluded that the sustained decline in our share price and market capitalization was a triggering event requiring an interim indefinite-lived intangible asset impairment assessment for our brands. As part of the Q2 2025 Impairment Test, we utilized the multi-period excess earnings and relief from royalty method under the income approach to estimate the fair value of our indefinite-lived intangible assets.
As a result, we recognized non-cash intangible asset impairment losses of $ 2.6  billion in SG&A in the second quarter of 2025, of which $ 1.9  billion related to Kraft , $ 382  million related to Velveeta , $ 175  million related to Lunchables , $ 100  million related to Maxwell House and $ 42  million related to two other brands in our North America segment, consistent with ownership of the trademarks. The impairments of these brands were primarily due to the market’s perceived risk of our ability to achieve our future year revenue growth and margin growth assumptions, due in part to uncertainty in the macroeconomic environment in which we operate.
Additional Indefinite-Lived Intangible Asset Considerations
As of the impairment test, brands with 20 % or less fair value over carrying amount had an aggregate carrying amount after impairment of $ 12.8 billion, brands with 20 % to 50 % fair value over carrying amount had an aggregate carrying amount of $ 6.9  billion, and brands that had over 50 % fair value over carrying amount had an aggregate carrying amount of $ 9.5  billion.
Our brands that had 20 % or less excess fair value over carrying amount as of the impairment test have a heightened risk of future impairments if any assumptions, estimates, or market factors change in the future. Although our remaining brands had more than 20 % excess fair value over carrying amount, these amounts are also susceptible to impairments if any assumptions, estimates, or market factors significantly change in the future.
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, and to consider the market multiples of certain peer and guideline companies. These assumptions and estimates include estimated future annual cash flows, income tax considerations, discount rates, long-term growth rates, royalty rates, contributory asset charges, and other market factors. As part of the impairment test as of June 27, 2026, we used discount rates ranging from 8.1 % to 10.3 %, long-term growth rates ranging from 0.0 % to 4.0 %, and royalty rates ranging from 3.0 % to 20.0 %. If current expectations of future growth rates, royalty rates, and margins are not met, if market factors outside of our control change (such as discount rates, market capitalization, income tax rates, foreign currency exchange rates, or inflation), 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 future intangible asset impairments.
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Definite-lived intangible assets:
Definite-lived intangible assets were (in millions):

June 27, 2026 December 27, 2025
Gross Accumulated
Amortization Net Gross Accumulated
Amortization Net (a)

Trademarks $ 2,368   $ ( 1,074 ) $ 1,294   $ 2,369   $ ( 1,016 ) $ 1,353  
Customer-related assets 3,659   ( 1,740 ) 1,919   3,704   ( 1,700 ) 2,004  
Other 11   ( 5 ) 6   11   ( 4 ) 7  
$ 6,038   $ ( 2,819 ) $ 3,219   $ 6,084   $ ( 2,720 ) $ 3,364  

(a)    At December 27, 2025, definite-lived intangible assets excluded amounts classified as held for sale due to the Italy Infant Transaction. See Note 4, Acquisitions and Divestitures , for additional information on amounts held for sale.
Amortization expense for definite-lived intangible assets was $ 62 million for the three months and $ 123 million for the six months ended June 27, 2026 and $ 62 million for the three months and $ 123 million for the six months ended June 28, 2025. Aside from amortization expense and the impacts of foreign currency, the change in definite-lived intangible assets from December 27, 2025 to June 27, 2026 is primarily related to non-cash intangible asset impairment losses of $ 22  million related to four definite-lived intangible assets within our International Developed Markets and North America segments.
We estimate that amortization expense related to definite-lived intangible assets will be approximately $ 250 million in 2026, $ 240 million in 2027 and 2028, and $ 230 million in 2029, 2030, and 2031 .
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Note 8. Income Taxes
The provision for income taxes consists of provisions for federal, state, and non-U.S. income taxes. We operate in an international environment; accordingly, the consolidated effective tax rate is a composite rate reflecting the earnings in various locations and the applicable tax rates. Additionally, the calculation of the percentage point impact of goodwill impairment and other items on the effective tax rate is affected by income/(loss) before income taxes. Further, small movements in tax rates due to a change in tax law or a change in tax rates that cause us to revalue our deferred tax balances produce volatility in our effective tax rate. Our quarterly income tax provision is determined based on our estimated full year effective tax rate, adjusted for tax attributable to infrequent or unusual items, which are recognized on a discrete period basis in the income tax provision for the period in which they occur.
Our effective tax rate for the three months ended June 27, 2026 was a benefit of 14.4 % on pre-tax loss, which included the net unfavorable effective tax rate impact of goodwill and intangible asset impairment losses of 9.0 %. In addition to the impact of these non-cash impairment losses, our effective tax rate was favorably impacted by the geographic mix of pre-tax income in various non-U.S. jurisdictions.
Our effective tax rate for the three months ended June 28, 2025 was a benefit of 4.2 % on pre-tax loss, which included the net unfavorable effective tax rate impact of goodwill and intangible asset impairment losses of 21.6 %. In addition to the impact of these non-cash impairment losses, our effective tax rate was favorably impacted by the geographic mix of pre-tax income in various non-U.S. jurisdictions.
The year-over-year change in the effective tax rate for the three-month period was primarily due to the impact of non-deductible goodwill impairments and a more favorable geographic mix of pre-tax income in various non-U.S. jurisdictions.
Our effective tax rate for the six months ended June 27, 2026 was a benefit of 13.1 % on pre-tax loss, which included the net unfavorable effective tax rate impact of goodwill and intangible asset impairment losses of 10.8 %. In addition to the impact of these non-cash impairment losses, our effective tax rate was favorably impacted by the geographic mix of pre-tax income in various non-U.S. jurisdictions.
Our effective tax rate for the six months ended June 28, 2025 was a benefit of 0.6 % on pre-tax loss, which included the net unfavorable effective tax rate impact of goodwill and intangible asset impairment losses of 24.7 %. In addition to the impact of these non-cash impairment losses, our effective tax rate was favorably impacted by the geographic mix of pre-tax income in various non-U.S. jurisdictions.
The year-over-year change in the effective tax rate for the six month period was primarily due to the impact of non-deductible goodwill impairments and a more favorable geographic mix of pre-tax income in various non-U.S. jurisdictions.
Other Income Tax Matters:
We are currently under examination for income taxes by the Internal Revenue Service (“IRS”) for the years 2018 through 2022. In 2023, we received two Notices of Proposed Adjustment (the “NOPAs”) relating to transfer pricing with our foreign subsidiaries for the years 2018 and 2019. The NOPAs propose an increase to our U.S. taxable income that could result in additional U.S. federal income tax expense and liability of approximately $ 200  million for 2018 and approximately $ 210  million for 2019, excluding interest, and assert penalties of approximately $ 85  million for each of 2018 and 2019. In 2025, we received two NOPAs for the years 2020 through 2022 that could result in additional U.S. federal income tax expense and liability of approximately $ 200  million for 2020, $ 210  million for 2021, and $ 200  million for 2022, excluding interest, and assert penalties of approximately $ 85  million for each year. We strongly disagree with the IRS’s positions, believe that our tax positions are well documented and properly supported, and intend to vigorously contest the positions taken by the IRS and pursue all available administrative and judicial remedies. Therefore, we have not recorded any reserves related to this issue. We continue to maintain the same operating model and transfer pricing methodology with our foreign subsidiaries that was in place for the years 2018 through 2022. We believe our income tax reserves are appropriate for all open tax years and that final adjudication of this matter will not have a material impact on our results of operations and cash flows. However, the ultimate outcome of this matter is uncertain, and if we are required to pay the IRS additional U.S. taxes, interest, and/or potential penalties, our results of operations and cash flows could be materially affected.
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Note 9. Employees’ Stock Incentive Plans
Stock Options:
Our stock option activity and related information was:

Number of Stock Options Weighted Average Exercise Price
(per share)
Outstanding at December 27, 2025 5,520,483   $ 42.37  
Granted 1,015,873   24.61  
Forfeited ( 475,260 ) 54.97  

Outstanding at June 27, 2026 6,061,096   38.41  

Restricted Stock Units:
Our restricted stock unit (“RSU”) activity and related information was:

Number of Units Weighted Average Grant Date Fair Value
(per share)
Outstanding at December 27, 2025 6,611,644   $ 34.52  
Granted 4,359,030   24.85  
Forfeited ( 464,512 ) 31.65  
Vested ( 1,833,587 ) 37.63  
Outstanding at June 27, 2026 8,672,575   29.16  

The aggregate fair value of RSUs that vested during the period was $ 45 million for the six months ended June 27, 2026.
Performance Share Units:
Our performance share unit (“PSU”) activity and related information was:

Number of Units Weighted Average Grant Date Fair Value
(per share)
Outstanding at December 27, 2025 5,460,237   $ 30.64  
Granted 3,081,049   15.40  
Forfeited ( 580,681 ) 29.95  
Vested ( 763,492 ) 33.74  
Outstanding at June 27, 2026 7,197,113   23.85  

The aggregate fair value of PSUs that vested during the period was $ 19 million for the six months ended June 27, 2026.

Note 10. Postemployment Benefits
See our consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 27, 2025 for additional information on our postemployment-related accounting policies.
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Pension Plans
Components of Net Pension Cost/(Benefit):
Net pension cost/(benefit) consisted of the following (in millions):

For the Three Months Ended
U.S. Plans Non-U.S. Plans
June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025
Service cost $ 1   $ 1   $ 1   $ 1  
Interest cost 27   32   13   14  
Expected return on plan assets ( 44 ) ( 50 ) ( 19 ) ( 21 )
Amortization of prior service costs/(credits) —   1   1   —  
Amortization of unrecognized losses/(gains) —   —   3   4  
Settlements
—   10   —   —  

Net pension cost/(benefit) $ ( 16 ) $ ( 6 ) $ ( 1 ) $ ( 2 )

For the Six Months Ended
U.S. Plans Non-U.S. Plans
June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025
Service cost $ 1   $ 1   $ 2   $ 2  
Interest cost 54   65   27   28  
Expected return on plan assets ( 88 ) ( 99 ) ( 38 ) ( 42 )
Amortization of prior service costs/(credits) —   1   2   1  
Amortization of unrecognized losses/(gains) —   —   6   $ 7  
Settlements —   10   —   —  

Net pension cost/(benefit) $ ( 33 ) $ ( 22 ) $ ( 1 ) $ ( 4 )

We present all non-service cost components of net pension cost/(benefit) within other expense/(income) on our condensed consolidated statements of income.
Employer Contributions:
Related to our non-U.S. pension plans, we contributed $ 3 million during the six months ended June 27, 2026 and $ 2 million during the six months ended June 28, 2025. We plan to make further contributions of approximately $ 3 million during the remainder of 2026. We did not contribute to our U.S. pension plans during the six months ended June 27, 2026 or June 28, 2025 and do not plan to make contributions during the remainder of 2026. Estimated future contributions take into consideration current economic conditions, which at this time are expected to have minimal impact on expected contributions for the remainder of 2026. 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.
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Postretirement Plans
Components of Net Postretirement Cost/(Benefit):
Net postretirement cost/(benefit) consisted of the following (in millions):

For the Three Months Ended For the Six Months Ended
June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025
Service cost $ 1   $ —   $ 1   $ 1  
Interest cost 5   8   11   15  
Expected return on plan assets ( 8 ) ( 11 ) ( 16 ) ( 23 )
Amortization of prior service costs/(credits) ( 2 ) ( 3 ) ( 5 ) ( 6 )
Amortization of unrecognized losses/(gains) ( 6 ) ( 7 ) ( 12 ) ( 13 )
Settlements (a)
—   —   ( 45 ) —  

Net postretirement cost/(benefit) $ ( 10 ) $ ( 13 ) $ ( 66 ) $ ( 26 )

(a) Settlements represent a $ 45  million settlement of our U.S. Retiree Life Insurance Plan
During the first quarter of 2026, we recognized a non-cash benefit of $ 45  million related to the settlement of our U.S. Retiree Life Insurance Plan. 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:
Related to our postretirement benefit plans, we contributed $ 5 million during the six months ended June 27, 2026 and $ 6 million during the six months ended June 28, 2025. We plan to make further contributions of approximately $ 6 million to our postretirement benefit plans during the remainder of 2026. Estimated future contributions take into consideration current economic conditions, which at this time are expected to have minimal impact on expected contributions for the remainder of 2026. 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.

Note 11. Financial Instruments
See our consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 27, 2025 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
June 27, 2026 December 27, 2025
Commodity contracts $ 1,167   $ 976  
Foreign exchange contracts 3,737   4,229  
Cross-currency contracts 3,083   3,083  

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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):

June 27, 2026
Quoted Prices in Active Markets for Identical Assets and Liabilities
(Level 1) Significant Other Observable Inputs
(Level 2) Total Fair Value
Assets Liabilities Assets Liabilities Assets Liabilities
Derivatives designated as hedging instruments:
Foreign exchange contracts (a)
$ —   $ —   $ 30   $ 49   $ 30   $ 49  
Cross-currency contracts (b)
—   —   52   132   52   132  

Derivatives not designated as hedging instruments:
Commodity contracts (c)
32   38   48   25   80   63  
Foreign exchange contracts (a)
—   —   9   15   9   15  

Total fair value $ 32   $ 38   $ 139   $ 221   $ 171   $ 259  

(a)    At June 27, 2026, the fair value of our derivative assets was recorded in other current assets ($ 33 million) and other non-current assets ($ 6 million), and the fair value of our derivative liabilities was recorded in other current liabilities ($ 54 million) and other non-current liabilities ($ 10 million).
(b)    At June 27, 2026, the fair value of our derivative assets was recorded in other current assets ($ 42  million) and other non-current assets ($ 10  million), and the fair value of our derivative liabilities was recorded in other current liabilities ($ 2  million) and other non-current liabilities ($ 130  million).
(c)     At June 27, 2026, the fair value of our derivative assets was recorded in other current assets ($ 75  million) and other non-current assets ($ 5  million), and the fair value of our derivative liabilities was recorded in other current liabilities ($ 58  million) and other non-current liabilities ($ 5  million).

December 27, 2025
Quoted Prices in Active Markets for Identical Assets and Liabilities
(Level 1) Significant Other Observable Inputs
(Level 2) Total Fair Value
Assets Liabilities Assets Liabilities Assets Liabilities
Derivatives designated as hedging instruments:
Foreign exchange contracts (a)
$ —   $ —   $ 7   $ 30   $ 7   $ 30  
Cross-currency contracts (b)
—   —   46   210   46   210  
Derivatives not designated as hedging instruments:
Commodity contracts (c)
11   53   2   20   13   73  
Foreign exchange contracts (a)
—   —   14   13   14   13  
Total fair value $ 11   $ 53   $ 69   $ 273   $ 80   $ 326  

(a)    At December 27, 2025, 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 ($ 42  million) and other non-current liabilities ($ 1  million).
(b)    At December 27, 2025, the fair value of our derivative assets was recorded in other current assets ($ 38  million) and other non-current assets ($ 8  million), and the fair value of our derivative liabilities was recorded in other current liabilities ($ 2  million) and other non-current liabilities ($ 208  million).
(c)    At December 27, 2025, 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 ($ 70  million) and other non-current liabilities ($ 3  million).
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 would each have been reduced by $ 99 million at June 27, 2026 and $ 45 million at December 27, 2025. We had posted collateral related to commodity derivative margin requirements of $ 18  million at June 27, 2026, which was included in other current liabilities on our condensed consolidated balance sheet, and posted collateral related to commodity derivative margin requirements of $ 52  million at December 27, 2025, which was included in prepaid expenses on our condensed consolidated balance sheet.
Level 1 derivative 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.
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Level 2 derivative financial assets and liabilities consist of commodity swaps, foreign exchange forwards, options, and cross-currency contracts. 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 contracts are valued based on observable market spot and swap rates.
We did not have any Level 3 derivative financial assets or liabilities in any period presented.
Our calculation of the fair value of derivative financial instruments takes into consideration the risk of nonperformance, including counterparty credit risk.
Net Investment Hedging:
At June 27, 2026, we had the following items designated as net investment hedges:
• Non-derivative foreign-currency denominated debt with principal amounts of € 3.4 billion;
• Cross-currency contracts with notional amounts of € 954  million ($ 1.0 billion), C$ 1.3 billion ($ 900 million), and JPY 9.6 billion ($ 68 million); and
• Foreign exchange contracts with notional amounts of CNY 4.0 billion ($ 588  million).
The components 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.
Cash Flow Hedge Coverage:
At June 27, 2026, we had entered into foreign exchange contracts designated as cash flow hedges for periods not exceeding the next 2 years.
Fair Value Hedge Coverage:
At June 27, 2026, we had fair value hedges of the foreign currency exposure of both intercompany and external foreign currency denominated loans:
• Foreign exchange contracts with notional amounts of £ 400 million ($ 528  million) and the carrying value of the hedged item of $ 528 million is included in the long-term debt on the condensed consolidated balance sheets; and
• Cross-currency contracts with notional amounts of £ 683 million ($ 864  million) and MXN 4.8  billion ($ 251  million) and the carrying value of intercompany hedged items of $ 1.2 billion.
The gains/(losses) on the hedged item, driven by changes in foreign exchange rates, are economically offset by fair value movements on the effective portion of our cross-currency and foreign exchange contracts, which are reported in the same income statement line item in the same period. The amounts excluded from the assessment of effectiveness are recognized in earnings over the life of the hedge on a systematic and rational basis in the same line item as the hedged items.
Deferred Hedging Gains and Losses on Fair Value and Cash Flow Hedges:
Based on our valuation at June 27, 2026 and assuming market rates remain constant through contract maturities, we expect transfers to net income/(loss) of the existing losses reported in accumulated other comprehensive income/(losses) on interest rate cash flow hedges and cross-currency fair value hedges during the next 12 months to be insignificant. Additionally, we expect transfers to net income/(loss) of the existing gains reported in accumulated other comprehensive income/(losses) during the next 12 months on foreign exchange cash flow hedges, cross-currency cash flow hedges, and foreign exchange fair value hedges to be insignificant.
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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 For the Six Months Ended
June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025
Cash flow hedges:

Foreign exchange contracts $ 11   $ ( 38 ) $ 23   $ ( 48 ) Cost of products sold
Foreign exchange contracts (excluded component) ( 2 ) —   ( 3 ) ( 1 ) Cost of products sold
Foreign exchange contracts —   ( 1 ) 1   ( 2 ) SG&A

Cross-currency contracts —   158   —   201   Other expense/(income)

Cross-currency contracts —   ( 4 ) —   ( 10 ) Interest expense
Interest rate contracts ( 12 ) —   ( 12 ) —   Interest expense
Net investment hedges:
Foreign exchange contracts ( 14 ) —   ( 30 ) —   Other expense/(income)
Foreign exchange contracts (excluded component) 9   —   6   —   Interest expense
Cross-currency contracts ( 1 ) ( 229 ) 40   ( 259 ) Other expense/(income)
Cross-currency contracts (excluded component) 6   13   13   22   Interest expense
Fair value hedges:
Foreign exchange contracts (excluded component) 3   —   2   ( 3 ) Other expense/(income)
Cross-currency contracts (excluded component) 4   ( 7 ) 13   22   Other expense/(income)
Total gains/(losses) recognized in statements of comprehensive income $ 4   $ ( 108 ) $ 53   $ ( 78 )

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Derivative Impact on the Statements of Income:
The following tables present the pre-tax amounts of derivative gains/(losses) recorded to net income/(loss) and the affected income statement line items (in millions):

For the Three Months Ended
June 27, 2026 June 28, 2025
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 $ 4,234   $ ( 31 ) $ ( 24 ) $ 4,169   $ 240   $ ( 47 )

Gains/(losses) related to derivatives designated as hedging instruments:
Cash flow hedges: (a)

Foreign exchange contracts $ ( 5 ) $ —   $ —   $ 5   $ —   $ —  

Interest rate contracts —   ( 2 ) —   —   —   —  
Cross-currency contracts —   —   2   —   ( 5 ) 161  

Net investment hedges: (a)

Foreign exchange contracts (excluded component) —   1   —   —   —   —  
Cross-currency contracts (excluded component) —   7   —   —   16   —  
Fair value hedges: (b)

Foreign exchange contracts —   —   ( 3 ) —   —   31  

Cross-currency contracts —   —   13   —   —   ( 53 )
Cross-currency contracts (excluded component) (a)
—   —   8   —   —   —  
Hedged items
—   —   ( 10 ) —   —   22  
Gains/(losses) related to derivatives not designated as hedging instruments:
Commodity contracts ( 58 ) —   —   6   —   —  
Foreign exchange contracts —   —   ( 9 ) —   —   ( 2 )
Interest rate contracts —   —   ( 37 ) —   —   —  
Cross-currency contracts —   —   —   —   —   1  
Total gains/(losses) recognized in statements of income $ ( 63 ) $ 6   $ ( 36 ) $ 11   $ 11   $ 160  

(a)    Represents the pre-tax amounts of derivative gains/(losses) reclassified from accumulated other comprehensive income/(losses) to net income/(loss).
(b)    Represents the pre-tax amounts of the hedge and hedged items gains/(losses) in fair value hedges.
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For the Six Months Ended
June 27, 2026 June 28, 2025
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 $ 8,062   $ 205   $ ( 125 ) $ 8,104   $ 469   $ ( 98 )

Gains/(losses) related to derivatives designated as hedging instruments:
Cash flow hedges: (a)

Foreign exchange contracts $ ( 8 ) $ —   $ —   $ 15   $ —   $ —  
Foreign exchange contracts (excluded component) —   —   —   ( 1 ) —   —  
Interest rate contracts —   ( 2 ) —   —   —   —  
Cross-currency contracts —   —   3   —   ( 11 ) 235  

Net investment hedges: (a)

Foreign exchange contracts (excluded component) —   2   —   —   —   —  
Cross-currency contracts (excluded component) —   14   —   —   25   —  
Fair value hedges: (b)

Foreign exchange contracts —   —   ( 12 ) —   —   31  

Cross-currency contracts —   —   32   —   —   ( 87 )
Cross-currency contracts (excluded component) (a)
—   —   12   —   —   3  
Hedged items —   —   ( 20 ) —   —   56  
Gains/(losses) related to derivatives not designated as hedging instruments:
Commodity contracts 87   —   —   ( 5 ) —   —  
Foreign exchange contracts —   —   ( 16 ) —   —   7  
Interest rate contracts —   —   ( 37 ) —   —   —  
Cross-currency contracts —   —   —   —   —   2  
Total gains/(losses) recognized in statements of income $ 79   $ 14   $ ( 38 ) $ 9   $ 14   $ 247  

(a)    Represents the pre-tax amounts of derivative gains/(losses) reclassified from accumulated other comprehensive income/(losses) to net income/(loss).
(b)    Represents the pre-tax amounts of the hedge and hedged items gains/(losses) in fair value hedges.
Non-Derivative Impact on Statements of Comprehensive Income:
Related to our non-derivative foreign currency denominated debt instruments designated as net investment hedges, we recognized pre-tax gains of $ 53 million for the three months and $ 117 million for the six months ended June 27, 2026 and pre-tax losses of $ 86 million for the three months and $ 135 million for the six months ended June 28, 2025. These amounts were recognized in other comprehensive income/(loss).
Available-for-sale securities:
We invest in certain marketable fixed-income debt securities that are classified as available-for-sale.
We classify our investments in commercial paper, corporate bonds, and U.S. treasury and agency securities as Level 2 as these investments are valued through consultation and evaluation with brokers in the institutional market using quoted prices and other observable market data. We classify our investments in money market funds as Level 1 as the fair values of these investments are based on quoted (unadjusted) prices in active markets for identical assets.
The following table presents our available-for-sale debt securities’ amortized cost basis, fair value and unrealized gains and losses by significant investment category (in millions):
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June 27, 2026
December 27, 2025
Amortized Cost Basis (a)
Gross Unrealized Gains
Gross Unrealized Losses
Estimated Fair Value
Amortized Cost Basis (a)
Gross Unrealized Gains
Gross Unrealized Losses
Estimated Fair Value

Debt securities:

Corporate bonds
$ 153   $ —   $ —   $ 153   $ 456   $ —   $ —   $ 456  
Commercial paper
85   —   —   85   752   —   —   752  
U.S. treasury and agency 24   —   —   24   72   —   —   72  
Money market funds 104   —   —   104   1   —   —   1  
Total
$ 366   $ —   $ —   $ 366   $ 1,281   $ —   $ —   $ 1,281  

(a)    Amortized cost basis excludes approximately $ 2  million of accrued interest at June 27, 2026 and $ 4  million at December 27, 2025.
We purchased approximately $ 1.9 billion in corporate bonds, commercial paper, and U.S. treasury and agency securities and received approximately $ 2.9 billion in proceeds from maturity of corporate bonds, commercial paper, and U.S. treasury and agency securities for the six months ended June 27, 2026. We purchased approximately $ 1.6 billion in corporate bonds and commercial paper and received approximately $ 568 million in proceeds from maturity of corporate bonds and commercial paper for the six months ended June 28, 2025. No investments in corporate bonds, commercial paper, and U.S. treasury and agency securities were sold prior to maturity during the three months ended June 27, 2026 or June 28, 2025. We recognized no direct write-offs or allowances for credit losses in earnings for the three months ended June 27, 2026 or June 28, 2025. Cash flows related to the purchases and sale/maturity of these marketable securities are classified in the condensed consolidated statements of cash flows within investing activities.
The carrying values of our available-for-sale debt securities were included in the following line items in our condensed consolidated balance sheet (in millions):

June 27, 2026 December 27, 2025
Cash and cash equivalents
$ 104   $ 221  
Marketable securities
262   1,060  
Total
$ 366   $ 1,281  

The decrease in the available-for-sale debt securities was primarily related to the funding of the repayment of the $ 1.9 billion senior notes that matured in June 2026. See Note 14, Commitments, Contingencies, and Debt , for additional information on our debt repayments. The contractual maturities of these available-for-sale debt securities are all within one-year as of June 27, 2026 and December 27, 2025.
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Note 12. 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 Net Fair Value Hedges Total
Balance as of December 27, 2025 $ ( 2,301 ) $ ( 61 ) $ ( 2 ) $ ( 6 ) $ ( 2,370 )
Foreign currency translation adjustments ( 161 ) —  —  —  ( 161 )
Net deferred gains/(losses) on net investment hedges 96   —  —  —  96  
Amounts excluded from the effectiveness assessment of net investment hedges 14   —  —  —  14  
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) ( 12 ) —  —  —  ( 12 )
Net deferred gains/(losses) on cash flow hedges —  —  9   —  9  
Amounts excluded from the effectiveness assessment of cash flow hedges —  —  ( 2 ) —  ( 2 )
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) —  —  5   —  5  
Amounts excluded from the effectiveness assessment of fair value hedges —  —  —  10   10  
Net deferred losses/(gains) on fair value hedges reclassified to net income/(loss) —  —  —  ( 9 ) ( 9 )

Net actuarial gains/(losses) arising during the period —  3   —  —  3  
Net postemployment benefit losses/(gains) reclassified to net income/(loss) —  ( 41 ) —  —  ( 41 )

Total other comprehensive income/(loss) ( 63 ) ( 38 ) 12   1   ( 88 )
Balance as of June 27, 2026 $ ( 2,364 ) $ ( 99 ) $ 10   $ ( 5 ) $ ( 2,458 )

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
June 27, 2026 June 28, 2025
Before Tax Amount Tax Net of Tax Amount Before Tax Amount Tax Net of Tax Amount
Foreign currency translation adjustments $ ( 39 ) $ —   $ ( 39 ) $ 684   $ —   $ 684  
Net deferred gains/(losses) on net investment hedges 38   ( 9 ) 29   ( 315 ) 76   ( 239 )
Amounts excluded from the effectiveness assessment of net investment hedges 15   ( 4 ) 11   13   ( 3 ) 10  
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) ( 8 ) 2   ( 6 ) ( 16 ) 4   ( 12 )
Net deferred gains/(losses) on cash flow hedges ( 1 ) —   ( 1 ) 115   ( 29 ) 86  
Amounts excluded from the effectiveness assessment of cash flow hedges ( 2 ) 1   ( 1 ) —   —   —  
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) 5   ( 2 ) 3   ( 161 ) 41   ( 120 )
Amounts excluded from the effectiveness assessment of fair value hedges 7   ( 4 ) 3   ( 7 ) —   ( 7 )
Net deferred losses/(gains) on fair value hedges reclassified to net income/(loss) ( 8 ) 2   ( 6 ) —   1   1  

Net actuarial gains/(losses) arising during the period —   —   —   ( 44 ) 11   ( 33 )
Net postemployment benefit losses/(gains) reclassified to net income/(loss) ( 4 ) 1   ( 3 ) 5   ( 1 ) 4  

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For the Six Months Ended
June 27, 2026 June 28, 2025
Before Tax Amount Tax Net of Tax Amount Before Tax Amount Tax Net of Tax Amount
Foreign currency translation adjustments $ ( 161 ) $ —   $ ( 161 ) $ 993   $ —   $ 993  
Net deferred gains/(losses) on net investment hedges 127   ( 31 ) 96   ( 394 ) 95   ( 299 )
Amounts excluded from the effectiveness assessment of net investment hedges 19   ( 5 ) 14   22   ( 5 ) 17  
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) ( 16 ) 4   ( 12 ) ( 25 ) 6   ( 19 )
Net deferred gains/(losses) on cash flow hedges 12   ( 3 ) 9   141   ( 35 ) 106  
Amounts excluded from the effectiveness assessment of cash flow hedges ( 3 ) 1   ( 2 ) ( 1 ) —   ( 1 )
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) 7   ( 2 ) 5   ( 238 ) 60   ( 178 )
Amounts excluded from the effectiveness assessment of fair value hedges 15   ( 5 ) 10   19   ( 7 ) 12  
Net deferred losses/(gains) on fair value hedges reclassified to net income/(loss) ( 12 ) 3   ( 9 ) ( 3 ) 2   ( 1 )
Net deferred gains/(losses) on available-for-sale debt securities —   —   —   ( 1 ) —   ( 1 )

Net actuarial gains/(losses) arising during the period 4   ( 1 ) 3   ( 44 ) 11   ( 33 )

Net postemployment benefit losses/(gains) reclassified to net income/(loss) ( 54 ) 13   ( 41 ) —   —   —  

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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 For the Six Months Ended
June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025
Losses/(gains) on net investment hedges:

Foreign exchange contracts (a)
$ ( 1 ) $ —   $ ( 2 ) $ —   Interest expense
Cross-currency contracts (a)
( 7 ) ( 16 ) ( 14 ) ( 25 ) Interest expense
Losses/(gains) on cash flow hedges:

Foreign exchange contracts (a) (b)
5   ( 5 ) 8   ( 14 ) Cost of products sold

Cross-currency contracts (a) (b)
( 2 ) ( 161 ) ( 3 ) ( 235 ) Other expense/(income)
Cross-currency contracts (a) (b)
—   5   —   11   Interest expense
Interest rate contracts (b)
2   —   2   —   Interest expense

Losses/(gains) on fair value hedges:

Cross-currency contracts (a)
( 8 ) —   ( 12 ) ( 3 ) Other expense/(income)
Losses/(gains) on hedges before income taxes ( 11 ) ( 177 ) ( 21 ) ( 266 )
Losses/(gains) on hedges, income taxes 2   46   5   68  
Losses/(gains) on hedges $ ( 9 ) $ ( 131 ) $ ( 16 ) $ ( 198 )

Losses/(gains) on postemployment benefits:
Amortization of unrecognized losses/(gains) (c)
$ ( 3 ) $ ( 3 ) $ ( 6 ) $ ( 6 )
Amortization of prior service costs/(credits) (c)
( 1 ) ( 2 ) ( 3 ) ( 4 )
Settlement and curtailment losses/(gains) (c)
—   10   ( 45 ) 10  

Losses/(gains) on postemployment benefits before income taxes ( 4 ) 5   ( 54 ) —  
Losses/(gains) on postemployment benefits, income taxes 1   ( 1 ) 13   —  
Losses/(gains) on postemployment benefits $ ( 3 ) $ 4   $ ( 41 ) $ —  

(a)    Represents recognition of the excluded component in net income/(loss) following a systematic and rational approach.
(b)    Includes the effective portion of the related hedges.
(c)    These components are included in the computation of net periodic postemployment benefit costs. See Note 10, Postemployment Benefits , for additional information.
In this note we have excluded activity and balances related to noncontrolling interest due to their insignificance. This activity was primarily related to foreign currency translation adjustments.

Note 13. Financing Arrangements
Trade Payables Programs:
We maintain agreements with third party administrators that allow participating suppliers to track payment obligations from us, and, at the sole discretion of the supplier, sell one or more of those payment obligations to participating financial institutions. We have no economic interest in a supplier’s decision to enter into these agreements and no direct financial relationship with the financial institutions related to these programs. We pledged no assets or other forms of guarantees in connection with our trade payable programs. Our obligations to our suppliers, including amounts due and scheduled payment terms, are not impacted. Our current payment terms with our suppliers, which we deem to be commercially reasonable, generally range from 0 to 250 days. All amounts due to participating suppliers are paid to the third party on the original invoice due dates, regardless of whether a particular invoice was sold. Supplier participation in these agreements is voluntary. The amounts confirmed outstanding under these programs were $ 868  million at June 27, 2026 and $ 755  million at December 27, 2025. The amounts were included in accounts payable on our condensed consolidated balance sheets.
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Note 14. 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.
Stockholder Derivative Action:
Certain of The Kraft Heinz Company’s current and former officers and directors and 3G Capital, Inc. and several of its subsidiaries and affiliates (the “3G Entities”) have been named as defendants in a consolidated stockholder derivative action, In re Kraft Heinz Company Derivative Litigation , which was originally filed in 2019 in the Delaware Court of Chancery. The consolidated amended complaint, which was filed on April 27, 2020, alleged state law claims, contending that the 3G Entities were controlling stockholders 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 alleged 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 sought 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. The defendants filed a motion to dismiss the consolidated amended complaint, which motion the Delaware Chancery Court granted in an order dated December 15, 2021. The plaintiffs filed a notice of appeal on January 13, 2022, and the Delaware Supreme Court affirmed the trial court’s dismissal with prejudice of the consolidated amended complaint in an order dated August 1, 2022. One of the plaintiffs from the In re Kraft Heinz Company Derivative Litigation subsequently filed a new complaint, Erste Asset Management GmbH v. Hees , et al., against certain current and former officers and directors of The Kraft Heinz Company on November 28, 2023 in the Delaware Court of Chancery, seeking to reinstate the plaintiff’s previously-dismissed claims and recover attorneys’ fees and costs incurred in the dismissed litigation on the basis of alleged newly discovered evidence. Specifically, the plaintiff alleges the 3G Entities caused the Company to make false and misleading public disclosures regarding the independence of two directors of The Kraft Heinz Company, one of whose independence plaintiff contends formed a basis for the court’s prior dismissal of the In re Kraft Heinz Company Derivative Litigation consolidated amended complaint. The defendants filed a motion to dismiss the complaint, which the Delaware Chancery Court granted in an order dated August 8, 2024, dismissing the complaint with prejudice. The plaintiff filed a notice of appeal on September 5, 2024. The Delaware Supreme Court issued an opinion and order on June 9, 2025, reversing the trial court’s dismissal of the complaint and remanding the case to the trial court for further proceedings.
Following remand, the trial court entered a stipulation on December 1, 2025, consolidating the previously dismissed In re Kraft Heinz Company Derivative Litigation with the Erste Asset Management GmbH v. Hees, et al. suit under Case No. 2019-0587-LWW. The stipulation also appointed the General Retirement System of the City of Detroit, the Police & Fire Retirement System of the City of Detroit, and Erste Asset Management GmbH as co-lead plaintiffs and their counsel as co-lead counsel. The plaintiffs filed a verified consolidated second amended complaint on May 8, 2026. We intend to vigorously defend against this lawsuit; however, we cannot reasonably estimate the potential range of loss, if any, due to the early stage of the proceedings.
Environmental Actions:
Since March 2024, the Company has been engaged in ongoing discussions with the U.S. Department of Justice, joined by the U.S. Environmental Protection Agency (“U.S. EPA”) and the Indiana Department of Environmental Management, concerning alleged violations of the Clean Water Act related to a Company facility in Kendallville, Indiana. Previously, the Company entered into an Administrative Order on Consent with the U.S. EPA that requires the Company to implement a compliance plan to address related alleged violations of the Clean Water Act related to the facility in Kendallville, Indiana. While we cannot predict with certainty the resolution of these discussions, we do not expect that the ultimate costs to resolve this matter will have a material adverse effect on our financial condition, results of operations, or cash flows.
Since September 2021, the Company has been involved in an administrative proceeding with the environmental authority from the State of Goiás (“SEMAD”) regarding alleged pollution in the Capivara stream related to a Company facility in Brazil. In March 2025, SEMAD issued a first instance administrative decision maintaining the initial infraction notice, and in September 2025, SEMAD issued a second instance administrative decision again maintaining the initial infraction notice. In a separate civil action brought against the Company by the local Public Prosecutor in September 2025 relating to the same alleged pollution, the court of first instance imposed a penalty against the Company in November 2025. The appellate court overturned this decision in April 2026, such that the case must be retried in the court of first instance. Relatedly, the Public Prosecutor filed
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a criminal complaint against the Company and two former plant-level employees in March 2026 in connection with the same stream pollution contentions. Given that there are several available levels of appeal from both SEMAD’s administrative decision and the decision of the court in the Public Prosecutor’s civil action, and given the preliminary nature of the criminal action, we cannot predict with certainty how these matters will resolve; however, we do not expect that the ultimate costs to resolve either matter will have a material adverse effect on our financial condition, results of operations, or cash flows.
Debt
We may from time to time seek to retire or purchase our outstanding debt through redemptions, tender offers, cash purchases, prepayments, refinancing, exchange offers, open market or privately negotiated transactions, Rule 10b5-1 plans, or otherwise.
Borrowing Arrangements:
Together with Kraft Heinz Foods Company (“KHFC”), our 100% owned operating subsidiary, we have a credit agreement, which provides for a five-year senior unsecured revolving credit facility in an aggregate amount of $ 4.0  billion (as amended, the “Senior Credit Facility”). On July 8, 2026, we entered into an amendment to this agreement (“Senior Credit Facility Amendment”) which extends the maturity date from July 8, 2030 to July 8, 2031. See Note 17,  Debt , to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 27, 2025 for additional information on our borrowing arrangements.
Our long-term debt contains customary representations, covenants, and events of default. We were in compliance with all financial covenants as of June 27, 2026 .
Tender Offer:
In May 2026, KHFC, our 100% owned operating subsidiary, commenced a cash tender offer to purchase up to the maximum combined aggregate purchase price of $ 1.1  billion, excluding accrued and unpaid interest, of its outstanding 4.375 % Senior Notes due June 2046 (the “2046 Notes”) and 4.875 % Senior Notes due October 2049 (the “2049 Notes”) (collectively the “Tender Offer”), listed in order of priority. Based on participation, KHFC elected to settle the Tender on the early settlement date, May 26, 2026. As a result, KHFC purchased $ 1.4  billion aggregate principal amount of the 2046 Notes that were validly tendered. The remaining outstanding aggregate principal amount for the 2046 Notes after this transaction was $ 1.4  billion. Since the aggregate purchase price of the senior notes validly tendered and not validly withdrawn as of the early tender time exceeded the maximum tender amount, we did not accept for purchase any of the 2049 Notes.
In connection with the Tender Offer, we recognized a gain on extinguishment of debt of $ 265  million within interest expense on the condensed consolidated statement of income for the three and six months ended June 27, 2026. This gain reflects the difference between the consideration required to tender the debt, including fees, and the carrying value of the debt. 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 six months ended June 27, 2026, debt prepayment and extinguishment costs per the condensed consolidated statement of cash flows related to the Tender Offer were insignificant.
Debt Issuances:
2026 Debt Issuance
In the second quarter of 2026, KHFC, our 100% owned operating subsidiary, issued 500  million euro aggregate principal amount of 3.500 % senior notes due May 2031, and 500  million euro aggregate principal amount of 3.950 % senior notes due May 2034 (collectively, the “2026 Notes”). The 2026 Notes are fully and unconditionally guaranteed by The Kraft Heinz Company as to payment of principal, premium, if any, and interest on a senior unsecured basis. We used the proceeds from the issuance to fund the Tender Offer.
2025 Debt Issuance
In the first quarter of 2025, KHFC, our 100% owned operating subsidiary, issued 600  million euro aggregate principal amount of 3.250 % senior notes due March 2033, $ 500  million aggregate principal amount of 5.200 % senior notes due March 2032, and $ 500  million aggregate principal amount of 5.400 % senior notes due March 2035 (collectively, the “2025 Notes”). The 2025 Notes are fully and unconditionally guaranteed by The Kraft Heinz Company as to payment of principal, premium, if any, and interest on a senior unsecured basis.
Debt Issuance Costs:
Debt issuance costs related to the 2026 Notes and 2025 Notes were insignificant.
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Debt Repayments:
In July 2026, we partially redeemed $ 1.0  billion aggregate principal amount of the 3.875 % Senior Notes due May 2027 at a redemption price of $ 1.0  billion.
In June 2026, we repaid $ 1.9 billion in aggregate principal amount of senior notes that matured in the period.
In May 2025, we repaid 600  million euro aggregate principal amount of senior notes that matured in the period.
Fair Value of Debt:
At June 27, 2026, the aggregate fair value of our total debt was $ 18.2  billion as compared with a carrying value of $ 19.0  billion. At December 27, 2025, the aggregate fair value of our total debt was $ 20.4 billion as compared with a carrying value of $ 21.2 billion. We determined the fair value of our long-term debt using Level 2 inputs. Fair values are generally estimated based on quoted market prices for identical or similar instruments.
Synthetic Lease Arrangements
In June 2023, we entered into a non-cancellable synthetic lease for a distribution facility, for which we are the construction agent, for which we now anticipate the estimated construction cost to be approximately $ 625  million. The lease will commence upon completion of construction of the facility which is now expected to be in the later part of 2027. The term of the lease is five years after commencement. At the end of the lease term, we will be required to either purchase the facility or, in the event that option is not elected, to remarket the facility. Upon lease commencement, the lease classification, right-of-use asset, and lease liability will be determined and recorded. The lease arrangement contains a residual value guarantee of 100 % of the total construction cost. The construction agreement and lease contain covenants that are consistent with our Senior Credit Facility.

Note 15. Earnings Per Share
Our earnings per common share (“EPS”) were:

For the Three Months Ended For the Six Months Ended
June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025
(in millions, except per share data)
Basic Earnings Per Common Share:
Net income/(loss) attributable to common shareholders $ ( 5,460 ) $ ( 7,824 ) $ ( 4,662 ) $ ( 7,112 )
Weighted average shares of common stock outstanding 1,186   1,185   1,186   1,190  
Net earnings/(loss) $ ( 4.60 ) $ ( 6.60 ) $ ( 3.93 ) $ ( 5.98 )
Diluted Earnings Per Common Share:
Net income/(loss) attributable to common shareholders $ ( 5,460 ) $ ( 7,824 ) $ ( 4,662 ) $ ( 7,112 )
Weighted average shares of common stock outstanding 1,186   1,185   1,186   1,190  
Effect of dilutive equity awards —   —   —   —  
Weighted average shares of common stock outstanding, including dilutive effect 1,186   1,185   1,186   1,190  
Net earnings/(loss) $ ( 4.60 ) $ ( 6.60 ) $ ( 3.93 ) $ ( 5.98 )

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 17 million for the three months and 16 million for the six months ended June 27, 2026 and 14 million for the three and six months ended June 28, 2025.
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Note 16. Segment Reporting
We manage our operating results through four operating segments: North America, Europe and Pacific Developed Markets (“EPDM” or “International Developed Markets”), West and East Emerging Markets (“WEEM”), and Asia Emerging Markets (“AEM”). We have two reportable segments defined by geographic region: North America and International Developed Markets. Our remaining operating segments, consisting of WEEM and AEM, are combined and disclosed as Emerging Markets.
During the second quarter of 2026, certain organizational changes were announced that are expected to impact our future internal reporting and reportable segments. We plan to combine our WEEM and AEM operating segments to form the Emerging Markets operating segment in order to increase efficiencies and drive sustainable growth across our global business. In conjunction with the creation of the Emerging Markets operating segment, we plan to move remaining European countries within the WEEM operating segment into the EPDM operating segment.
As a result of these changes, we expect to have three reportable segments: North America, Europe and Pacific Developed Markets, and Emerging Markets. We expect that the change to our reportable segments will be effective in the third quarter of 2026.
Our chief operating decision maker (“CODM”) is our Chief Executive Officer. Our CODM evaluates segment performance based on several factors, including net sales and Segment Adjusted Operating Income. Segment Adjusted Operating Income is defined as operating income/(loss) excluding, when they occur, the impacts of restructuring activities, deal costs, separation 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 certain non-ordinary course legal and regulatory matters. Segment Adjusted Operating Income is a financial measure that assists our CODM in comparing our performance on a consistent basis by removing the impact of certain items that our CODM believes do not directly reflect our underlying operations. Our CODM also considers monthly budget-to-actual variances and year-over-year performance of Segment Adjusted Operating Income when making decisions about allocating resources to our segments. Our CODM does not use assets by segment to evaluate performance or allocate resources. Therefore, we do not disclose assets by segment.
Emerging Markets represents the aggregation of our WEEM and AEM operating segments. Segment Adjusted Operating Income for WEEM and AEM is the measure reported to our chief operating decision maker for purposes of making decisions about allocating resources to these operating segments and assessing their performance.

Net sales by segment were (in millions):

For the Three Months Ended For the Six Months Ended
June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025
Net sales:
North America $ 4,626   $ 4,757   $ 9,084   $ 9,245  
International Developed Markets 865   897   1,708   1,714  
Total segment net sales 5,491   5,654   10,792   10,959  
Emerging Markets
771   698   1,517   1,392  
Total net sales $ 6,262   $ 6,352   $ 12,309   $ 12,351  

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Segment Adjusted Operating Income was (in millions):

For the Three Months Ended
June 27, 2026 June 28, 2025
North America International Developed Markets Total North America International Developed Markets Total
Net Sales $ 4,626   $ 865   $ 4,757   $ 897  
Adjusted Cost of Products Sold (a)
2,982   603   3,060   633  
Other segment items (b)
656   138   524   128  
Segment Adjusted Operating Income $ 988   $ 124   $ 1,112   $ 1,173   $ 136   $ 1,309  
Emerging Markets
107   100  
General corporate expenses ( 178 ) ( 133 )
Restructuring activities ( 9 ) —  

Unrealized gains/(losses) on commodity hedges ( 101 ) 16  
Impairment losses ( 7,352 ) ( 9,266 )
Separation costs
( 10 ) —  

Operating income/(loss) ( 6,431 ) ( 7,974 )
Interest expense/(income) ( 31 ) 240  
Other expense/(income) ( 24 ) ( 47 )
Income/(loss) before income taxes $ ( 6,376 ) $ ( 8,167 )

(a)    Adjusted Cost of Products Sold is defined as cost of products sold excluding, 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, separation costs, and certain non-ordinary course legal and regulatory matters.
(b)    Other segment items for North America and International Developed Markets includes SG&A, primarily for marketing and advertising expenses, employee compensation-related expenses, amortization of definite-lived intangible assets, and research and development costs.

For the Six Months Ended
June 27, 2026 June 28, 2025
North America International Developed Markets Total North America International Developed Markets Total
Net Sales $ 9,084   $ 1,708   $ 9,245   $ 1,714  
Adjusted Cost of Products Sold (a)
5,867   1,178   $ 5,931   $ 1,201  
Other segment items (b)
1,255   273   $ 1,040   $ 250  
Segment Adjusted Operating Income $ 1,962   $ 257   $ 2,219   $ 2,274   $ 263   $ 2,537  
Emerging Markets
202   199  
General corporate expenses ( 322 ) ( 261 )
Restructuring activities ( 31 ) ( 4 )

Unrealized gains/(losses) on commodity hedges 77   17  
Impairment losses ( 7,365 ) ( 9,266 )
Separation costs
( 66 ) —  

Operating income/(loss) ( 5,286 ) ( 6,778 )
Interest expense/(income) 205   469  
Other expense/(income) ( 125 ) ( 98 )
Income/(loss) before income taxes $ ( 5,366 ) $ ( 7,149 )

(a)    Adjusted Cost of Products Sold is defined as cost of products sold excluding, 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, separation costs, and certain non-ordinary course legal and regulatory matters.
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(b)    Other segment items for North America and International Developed Markets includes SG&A, primarily for marketing and advertising expenses, employee compensation-related expenses, amortization of definite-lived intangible assets, and research and development costs.
Total depreciation and amortization expense by segment was (in millions):

For the Three Months Ended For the Six Months Ended
June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025
Depreciation and amortization expense:
North America $ 166   $ 161   $ 328   $ 316  
International Developed Markets 44   38   81   74  
Total segment depreciation and amortization expense 210   199   409   390  
Emerging Markets 32   28   62   56  
General corporate expenses 19   14   35   26  
Total depreciation and amortization expense $ 261   $ 241   $ 506   $ 472  

Total capital expenditures by segment were (in millions):

For the Three Months Ended For the Six Months Ended
June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025
Capital expenditures:
North America $ 138   $ 126   $ 278   $ 265  
International Developed Markets 13   17   55   62  
Total segment capital expenditures 151   143   333   327  
Emerging Markets 23   25   48   51  
General corporate expenses 15   19   48   47  
Total capital expenditures $ 189   $ 187   $ 429   $ 425  

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In the first quarter of 2026, we modified our net sales disaggregation disclosure to present net sales by product category. This change has been reflected in all periods presented. We report net sales through ten product categories: Condiments, Sauces and Spreads, Ambient Meals and Sides, Refreshment Beverages, Meats, Frozen Meals and Sides, Cheese, Refrigerated Snacks, Desserts, Coffee, and Other.
• Condiments, Sauces, and Spreads primarily includes Heinz ketchup and other condiments, Kraft mayonnaise and dressings, Philadelphia cream cheese, Classico pasta sauces, and Miracle Whip , among other condiments and sauces.
• Ambient Meals and Sides primarily includes Kraft and Velveeta Mac & Cheese varieties, Heinz beans and soups, Stove Top stuffing mix, and other shelf stable products.
• Refreshment Beverages primarily includes Capri-Sun and Kool-Aid ready-to-drink beverages, Crystal Light powdered beverages, and Mio liquid concentrates.
• Meats primarily includes Oscar Mayer cold cuts, bacon, and hot dogs.
• Frozen Meals and Sides primarily includes Ore-Ida frozen potato products, and other frozen snacks and meals.
• Cheese primarily includes our Kraft and Velveeta cheese varieties.
• Refrigerated Snacks primarily includes Lunchables meal kits, Claussen pickles, and other refrigerated varieties.
• Desserts primarily includes Jell-O , Cool Whip and other dry packaged, refrigerated, and frozen desserts.
• Coffee primarily includes Maxwell House coffee and other coffee products.
• Other primarily includes our infant foods varieties and other regional products.
Net sales by category were (in millions):

For the Three Months Ended For the Six Months Ended
June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025
Condiments, Sauces, and Spreads $ 2,897   $ 2,873   $ 5,599   $ 5,480  
Ambient Meals and Sides 679   679   1,426   1,421  
Refreshment Beverages 584   575   1,086   1,077  
Meats 481   546   940   1,033  
Frozen Meals and Sides 363   378   765   797  
Cheese 396   420   786   816  
Refrigerated Snacks 298   302   581   591  
Desserts 281   280   525   506  
Coffee 225   207   457   429  
Other 58   92   144   201  
Total net sales $ 6,262   $ 6,352   $ 12,309   $ 12,351  

Note 17. Other Financial Data
Condensed Consolidated Statements of Income Information
Other expense/(income) consists of the following (in millions):