The Kraft Heinz Company (KHC) 10-Q3 May 232022 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Apr. 01, 2023	Apr. 29, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 01, 2023
Document Transition Report	false
Entity File Number	001-37482
Entity Registrant Name	Kraft Heinz Co
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-2078182
Entity Address, Address Line One	One PPG Place,
Entity Address, City or Town	Pittsburgh,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15222
City Area Code	412
Local Phone Number	456-5700
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	KHC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,227,237,484
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001637459
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Income Statement [Abstract]
Net sales	$ 6,489	$ 6,045
Cost of products sold	4,376	4,114
Gross profit	2,113	1,931
Selling, general and administrative expenses, excluding impairment losses	870	827
Goodwill impairment losses	0	(11)
Selling, general and administrative expenses	870	816
Operating income/(loss)	1,243	1,115
Interest expense	227	242
Other expense/(income)	(35)	(98)
Income/(loss) before income taxes	1,051	971
Provision for/(benefit from) income taxes	214	190
Net income/(loss)	837	781
Net income/(loss) attributable to noncontrolling interest	1	5
Net income/(loss) attributable to common shareholders	$ 836	$ 776
Per share data applicable to common shareholders:
Basic earnings/(loss) per common share (in dollars per share)	$ 0.68	$ 0.63
Diluted earnings/(loss) per common share (in dollars per share)	$ 0.68	$ 0.63

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 837	$ 781
Other comprehensive income/(loss), net of tax:
Foreign currency translation adjustments	119	(33)
Net deferred gains/(losses) on net investment hedges	(24)	52
Amounts excluded from the effectiveness assessment of net investment hedges	6	9
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss)	(6)	(8)
Net deferred gains/(losses) on cash flow hedges	(15)	(34)
Amounts excluded from the effectiveness assessment of cash flow hedges	4	7
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss)	(16)	22
Net postemployment benefit losses/(gains) reclassified to net income/(loss)	(2)	(4)
Total other comprehensive income/(loss)	66	11
Total comprehensive income/(loss)	903	792
Comprehensive income/(loss) attributable to noncontrolling interest	5	4
Comprehensive income/(loss) attributable to common shareholders	$ 898	$ 788

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 826	$ 1,040
Trade receivables (net of allowances of $45 at April 1, 2023 and $46 at December 31, 2022)	2,286	2,120
Inventories	4,016	3,651
Prepaid expenses	329	240
Other current assets	755	842
Assets held for sale	4	4
Total current assets	8,216	7,897
Property, plant and equipment, net	6,776	6,740
Goodwill	30,888	30,833
Intangible assets, net	42,665	42,649
Other non-current assets	2,398	2,394
TOTAL ASSETS	90,943	90,513
LIABILITIES AND EQUITY
Commercial paper and other short-term debt	2	6
Current portion of long-term debt	840	831
Trade payables	4,804	4,848
Accrued marketing	758	749
Interest payable	315	264
Other current liabilities	2,235	2,330
Total current liabilities	8,954	9,028
Long-term debt	19,263	19,233
Deferred income taxes	10,162	10,152
Accrued postemployment costs	145	144
Long-term deferred income	1,465	1,477
Other non-current liabilities	1,601	1,609
TOTAL LIABILITIES	41,590	41,643
Commitments and Contingencies (Note 14)
Redeemable noncontrolling interest	40	40
Equity:
Common stock, $0.01 par value (5,000 shares authorized; 1,245 shares issued and 1,227 shares outstanding at April 1, 2023; 1,243 shares issued and 1,225 shares outstanding at December 31, 2022)	12	12
Additional paid-in capital	51,910	51,834
Retained earnings/(deficit)	831	489
Accumulated other comprehensive income/(losses)	(2,748)	(2,810)
Treasury stock, at cost (18 shares at April 1, 2023 and 18 shares at December 31, 2022)	(852)	(847)
Total shareholders' equity	49,153	48,678
Noncontrolling interest	160	152
TOTAL EQUITY	49,313	48,830
TOTAL LIABILITIES AND EQUITY	$ 90,943	$ 90,513

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts Receivable, Allowance for Credit Loss	$ 45	$ 46
Common Stock, Par or Stated Value Per Share	$ 0.01
Common Stock, Shares Authorized	5,000,000,000
Common Stock, Shares, Issued	1,245,000,000	1,243,000,000
Common Stock, Shares, Outstanding	1,227,000,000	1,225,000,000
Treasury Stock, Common, Shares	18,000,000	18,000,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings/(Deficit)	Accumulated Other Comprehensive Income/(Losses)	Treasury Stock, at Cost	Noncontrolling Interest
Beginning balance at Dec. 25, 2021	$ 49,448	$ 12	$ 53,379	$ (1,682)	$ (1,824)	$ (587)	$ 150
Total Shareholders' Equity [Roll forward]
Net income/(loss) excluding redeemable noncontrolling interest	780			776			4
Other comprehensive income/(loss) excluding redeemable noncontrolling interest	11				12		(1)
Dividends declared-common stock	(492)		(492)
Exercise of stock options, issuance of other stock awards, and other	50		67	1		(18)
Ending balance at Mar. 26, 2022	49,797	12	52,954	(905)	(1,812)	(605)	153
Beginning balance at Dec. 31, 2022	48,830	12	51,834	489	(2,810)	(847)	152
Total Shareholders' Equity [Roll forward]
Net income/(loss) excluding redeemable noncontrolling interest	837			836			1
Other comprehensive income/(loss) excluding redeemable noncontrolling interest	66				62		4
Dividends declared-common stock	(494)			(494)
Exercise of stock options, issuance of other stock awards, and other	74		76	0		(5)	(3)
Ending balance at Apr. 01, 2023	$ 49,313	$ 12	$ 51,910	$ 831	$ (2,748)	$ (852)	$ 160

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared (in dollars per share)	$ 0.40	$ 0.40
Other comprehensive income/(loss) excluding redeemable noncontrolling interest	$ 66	$ 11

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	$ 837	$ 781
Adjustments to reconcile net income/(loss) to operating cash flows:
Depreciation and amortization	220	220
Amortization of postemployment benefit plans prior service costs/(credits)	(3)	(4)
Divestiture-related license income	(13)	(14)
Equity award compensation expense	31	34
Deferred income tax provision/(benefit)	(3)	23
Postemployment benefit plan contributions	(6)	(7)
Goodwill and intangible asset impairment losses	0	(11)
Nonmonetary currency devaluation	3	4
Loss/(gain) on sale of business	1	1
Other items, net	29	(69)
Changes in current assets and liabilities:
Trade receivables	(151)	(123)
Inventories	(406)	(382)
Accounts payable	(32)	6
Other current assets	(53)	(91)
Other current liabilities	32	118
Net cash provided by/(used for) operating activities	486	486
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(266)	(214)
Payments to acquire business, net of cash acquired	0	(241)
Proceeds from sale of business, net of cash disposed and working capital adjustments	0	(20)
Other investing activities, net	2	6
Net cash provided by/(used for) investing activities	(264)	(469)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long-term debt	(1)	(9)
Dividends paid	(491)	(490)
Other financing activities, net	53	14
Net cash provided by/(used for) financing activities	(439)	(485)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	4	2
Cash, cash equivalents, and restricted cash
Net increase/(decrease)	(213)	(466)
Balance at beginning of period	1,041	3,446
Balance at end of period	$ 828	$ 2,980

Basis of Presentation (Notes)

Basis of Presentation (Notes)	3 Months Ended
Basis of Presentation (Notes)	Apr. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted, in accordance with the rules of the Securities and Exchange Commission (the “SEC”). In management’s opinion, these interim financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary to fairly state our results for the periods presented. We operate on a 52- or 53-week fiscal year ending on the last Saturday in December in each calendar year. Unless the context requires otherwise, references to years and quarters contained herein pertain to our fiscal years and fiscal quarters. Our 2023 fiscal year is scheduled to be a 52-week period ending on December 30, 2023, and our 2022 fiscal year was a 53-week period that ended on December 31, 2022. The condensed consolidated balance sheet data at December 31, 2022 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 31, 2022. 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 and report our operating results through two reportable segments defined by geographic region: North America and International. 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. Held for Sale At April 1, 2023 and December 31, 2022, we classified certain assets as held for sale in our condensed consolidated balance sheet, primarily relating to land use rights across the globe. 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 three months 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 April 1, 2023, we had restricted cash recorded in other current assets of $1 million and in other non-current assets of $1 million. At December 31, 2022, we had restricted cash recorded in other non-current assets of $1 million. Total cash, cash equivalents, and restricted cash was $828 million at April 1, 2023 and $1,041 million at December 31, 2022.

Significant Accounting Policies

Significant Accounting Policies (Notes)	3 Months Ended
Significant Accounting Policies (Notes)	Apr. 01, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting PoliciesThere were no significant changes to our accounting policies from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022.

New Accounting Standards (Notes

New Accounting Standards (Notes)	3 Months Ended
New Accounting Standards (Notes)	Apr. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Standards	New Accounting Standards Accounting Standards Adopted in the Current Year Supplier Finance Programs (Topic 405-50) - Disclosure of Supplier Finance Program Obligations: In September 2022, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2022-04 to add disclosure requirements relative to supplier financing programs under ASC 405, Liabilities . The guidance requires entities that maintain supplier financing programs to provide information in their financial statements about their use of supplier finance programs and their effect on the entity’s working capital, liquidity, and cash flows. Specifically, the amendment requires entities to disclose the key terms of their programs, amounts outstanding, balance sheet presentation, and a rollforward of amounts outstanding during the annual period. Only the amount outstanding at the end of the period is required to be disclosed in interim periods. We adopted this ASU when it became effective in the first quarter of our fiscal year 2023, except for the rollforward requirement, which is effective in fiscal year 2024. The adoption of this ASU did not have a significant impact on our financial statements and related disclosures.

Acquisitions and Divestitures (

Acquisitions and Divestitures (Notes)	3 Months Ended
Acquisitions and Divestitures (Notes)	Apr. 01, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisitions Hemmer Acquisition: On March 31, 2022 (the “Hemmer Acquisition Date”), we acquired a majority of the outstanding equity interests of Companhia Hemmer Indústria e Comércio (“Hemmer”), a Brazilian food and beverage manufacturing company focused on the condiments and sauces category, from certain third-party shareholders (the “Hemmer Acquisition”). The Hemmer Acquisition was accounted for under the acquisition method of accounting for business combinations. Total cash consideration related to the Hemmer Acquisition was approximately 1.3 billion Brazilian reais (approximately $279 million at the Hemmer Acquisition Date). A noncontrolling interest was recognized at fair value, which was determined to be the noncontrolling interest’s proportionate share of the acquiree’s identifiable net assets, as of the Hemmer Acquisition Date. As of the Hemmer Acquisition Date, we acquired 94% of the outstanding shares of Hemmer. In the third quarter of 2022, we completed the redemption of the remaining outstanding shares and own 100% of the controlling interest in Hemmer. We entered into foreign exchange derivative contracts to economically hedge the foreign currency exposure related to the cash consideration for the Hemmer Acquisition. See Note 11, Financial Instruments , for additional information. We utilized fair values at the Hemmer Acquisition Date to allocate the total consideration exchanged to the net tangible and intangible assets acquired and liabilities assumed. The purchase price allocation for the Hemmer Acquisition became final during the first quarter of 2023. The final purchase price allocation to assets acquired and liabilities assumed in the Hemmer Acquisition was (in millions): Initial Allocation (a) Adjustments Final Allocation Cash $ 1 $ — $ 1 Trade receivables 13 — 13 Inventories 17 — 17 Other current assets 2 — 2 Property, plant and equipment, net 14 — 14 Identifiable intangible assets 122 — 122 Other non-current assets 13 4 17 Short-term debt (9) — (9) Trade payables (11) — (11) Other current liabilities (31) — (31) Long-term debt (11) — (11) Other non-current liabilities (44) — (44) Net assets acquired 76 4 80 Noncontrolling interest (16) — (16) Goodwill on acquisition 219 (4) 215 Total consideration $ 279 $ — $ 279 (a) As reported in Note 4, Acquisitions and Divestitures , to our condensed consolidated financial statements in our Quarterly Report on Form 10-Q for the three months ended June 25, 2022. The Hemmer Acquisition preliminarily resulted in $219 million of non-tax deductible goodwill relating principally to Hemmer’s long-term experience and large presence operating in emerging markets. In the fourth quarter of 2022, a portion of the goodwill became tax deductible following the merger of Hemmer into our existing legal entity structure. This goodwill was assigned to the Latin America (“LATAM”) reporting unit within our International segment. In the fourth quarter of 2022, certain insignificant measurement period adjustments were made to the initial allocation, and the final amount of goodwill was adjusted to $215 million. The purchase price allocation to identifiable intangible assets acquired in the Hemmer Acquisition was: Fair Value Weighted Average Life Definite-lived trademarks $ 101 13 Customer-related assets 21 15 Total $ 122 We valued trademarks using the relief from royalty method and customer-related assets using the distributor method. Some of the more significant assumptions inherent in developing the valuations included the estimated annual net cash flows for each definite-lived intangible asset (including net sales, cost of products sold, selling and marketing costs, and working capital/contributory asset charges), the discount rate that appropriately reflects the risk inherent in each future cash flow stream, the assessment of each asset’s life cycle, and competitive trends, as well as other factors. We determined the assumptions used in the financial forecasts using historical data, supplemented by current and anticipated market conditions, estimated product category growth rates, management’s plans, and market comparables. We used carrying values as of the Hemmer Acquisition Date to value certain current and non-current assets and liabilities, as we determined that they represented the fair value of those items at such date. Just Spices Acquisition: On January 18, 2022 (the “Just Spices Acquisition Date”), we acquired 85% of the shares of Just Spices GmbH (“Just Spices”), a German-based company focused on direct-to-consumer sales of premium spice blends, from certain third-party shareholders (the “Just Spices Acquisition”). The Just Spices Acquisition was accounted for under the acquisition method of accounting for business combinations. Total cash consideration related to the Just Spices Acquisition was approximately 214 million euros (approximately $243 million at the Just Spices Acquisition Date). A noncontrolling interest was recognized at fair value, which was determined to be the noncontrolling interest’s proportionate share of the acquiree’s identifiable net assets, as of the Just Spices Acquisition Date. Under the terms of certain transaction agreements, Just Spices’ other equity holders each have a put option to require us to purchase the remaining equity interests beginning three years after the Just Spices Acquisition Date. If the put option is not exercised, we have a call option to acquire the remaining equity interests of Just Spices. Considering the contractual terms related to the noncontrolling interest, it is classified as redeemable noncontrolling interest on our condensed consolidated balance sheet. Subsequent to the Just Spices Acquisition, the redeemable noncontrolling interest is measured at the greater of the amount that would be paid if settlement occurred as of the balance sheet date based on the contractually defined redemption value and its carrying amount adjusted for the net income/(loss) attributable to the noncontrolling interest. We utilized fair values at the Just Spices Acquisition Date to allocate the total consideration exchanged to the net tangible and intangible assets acquired and liabilities assumed. The purchase price allocation for the Just Spices Acquisition was final as of December 31, 2022. The final purchase price allocation to assets acquired and liabilities assumed in the Just Spices Acquisition was (in millions): Final Allocation Cash $ 2 Trade receivables 4 Inventories 7 Other current assets 9 Property, plant and equipment, net 1 Identifiable intangible assets 172 Other non-current assets 7 Trade payables (10) Other current liabilities (12) Other non-current liabilities (54) Net assets acquired 126 Redeemable noncontrolling interest (39) Goodwill on acquisition 156 Total consideration $ 243 The Just Spices Acquisition preliminarily resulted in $167 million of non-tax deductible goodwill relating principally to Just Spices’ social media presence. This goodwill was assigned to the Continental Europe reporting unit within our International segment. In 2022, certain insignificant measurement period adjustments were made to the initial allocation, and the final amount of goodwill was adjusted to $156 million. The purchase price allocation to identifiable intangible assets acquired in the Just Spices Acquisition was: Fair Value Weighted Average Life Definite-lived trademarks $ 72 10 Customer-related assets 100 15 Total $ 172 We valued trademarks using the relief from royalty method and customer-related assets using the distributor method. Some of the more significant assumptions inherent in developing the valuations included the estimated annual net cash flows for each definite-lived intangible asset (including net sales, cost of products sold, selling and marketing costs, and working capital/contributory asset charges), the discount rate that appropriately reflects the risk inherent in each future cash flow stream, the assessment of each asset’s life cycle, and competitive trends, as well as other factors. We determined the assumptions used in the financial forecasts using historical data, supplemented by current and anticipated market conditions, estimated product category growth rates, management’s plans, and market comparables. We used carrying values as of the Just Spices Acquisition Date to value certain current and non-current assets and liabilities, as we determined that they represented the fair value of those items at such date. Deal Costs: We incurred insignificant deal costs for the three months ended April 1, 2023 and the three months ended March 26, 2022 related to our acquisitions and divestitures. We recognized these deal costs in selling, general and administrative expenses (“SG&A”).

Restructuring Activities (Notes

Restructuring Activities (Notes)	3 Months Ended
Restructuring Activities (Notes)	Apr. 01, 2023
Restructuring and Related Activities [Abstract]
Restructuring Activities	Restructuring Activities See our consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 31, 2022 for additional information on our restructuring activities. Restructuring Activities: We have restructuring programs globally, which are focused primarily on reducing our overall cost structure and streamlining our organizational design. For the three months ended April 1, 2023, we eliminated approximately 335 positions related to these programs. As of April 1, 2023, we expect to eliminate approximately 100 additional positions during the remainder of 2023, primarily in our International segment. For the three months ended April 1, 2023, restructuring activities resulted in income of $8 million and included $2 million of asset-related costs and a benefit of $10 million in other implementation costs. Restructuring activities resulted in expenses of $19 million for the three months ended March 26, 2022. 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 31, 2022 $ 28 $ 11 $ 39 Cash payments (10) (1) (11) Non-cash utilization (2) (1) (3) Balance at April 1, 2023 $ 16 $ 9 $ 25 We expect the liability for severance and employee benefit costs as of April 1, 2023 to be paid by the end of 2023. The liability for other exit costs primarily relates to lease obligations. The cash impact of these obligations will continue for the duration of the lease terms, which expire between 2024 and 2026. Total Expenses/(Income): Total expense/(income) related to restructuring activities, by income statement caption, were (in millions): For the Three Months Ended April 1, 2023 March 26, 2022 Severance and employee benefit costs - Cost of products sold $ 2 $ (3) Severance and employee benefit costs - SG&A (4) 13 Severance and employee benefit costs - Other expense/(income) 2 — Asset-related costs - Cost of products sold 2 4 Other costs - Cost of products sold 2 3 Other costs - SG&A (12) 2 $ (8) $ 19 We do not include our restructuring activities within Segment Adjusted EBITDA (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 April 1, 2023 March 26, 2022 North America $ 6 $ 20 International (1) (2) General corporate expenses (13) 1 $ (8) $ 19

Inventories (Notes)

Inventories (Notes)	3 Months Ended
Inventories (Notes)	Apr. 01, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in millions): April 1, 2023 December 31, 2022 Packaging and ingredients $ 965 $ 1,032 Spare parts 213 208 Work in process 330 334 Finished products 2,508 2,077 Inventories $ 4,016 $ 3,651

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Notes)	3 Months Ended
Goodwill and Intangible Assets (Notes)	Apr. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill: Changes in the carrying amount of goodwill, by segment, were (in millions): North America International Total Balance at December 31, 2022 $ 27,685 $ 3,148 $ 30,833 Translation adjustments and other 3 52 55 Balance at April 1, 2023 $ 27,688 $ 3,200 $ 30,888 As of April 1, 2023, we maintain 11 reporting units, seven of which comprise our goodwill balance. These seven reporting units had an aggregate goodwill carrying amount of $30.9 billion at April 1, 2023. As of their latest impairment test, our reporting units with 20% or less fair value over carrying amount had an aggregate goodwill carrying amount of $16.4 billion and included Taste, Meals, and Away From Home (“TMA”), Canada and North America Coffee (“CNAC”), and Continental Europe; and our reporting units with between 20-50% fair value over carrying amount had an aggregate goodwill carrying amount of $14.5 billion and included Fresh, Beverages, and Desserts (“FBD”), Northern Europe, Asia, and LATAM. Accumulated impairment losses to goodwill were $11.3 billion as of April 1, 2023 and December 31, 2022. No events occurred during the three months ended April 1, 2023 or the three months ended March 26, 2022 that indicated it was more likely than not that our goodwill was impaired. Additional Goodwill Considerations Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions, estimates, and market factors. Estimating the fair value of individual reporting units requires us to make assumptions and estimates regarding our future plans, as well as industry, economic, and regulatory conditions. These assumptions and estimates include estimated future annual net cash flows, income tax rates, discount rates, growth rates, and other market factors. Our current expectations also include certain assumptions that could be negatively impacted if we are unable to meet our pricing expectations in relation to inflation. If current expectations of future growth rates and margins are not met, if market factors outside of our control, such as discount rates, income tax rates, foreign currency exchange rates, or inflation, change, or if management’s expectations or plans otherwise change, including updates to our long-term operating plans, then one or more of our reporting units might become impaired in the future. Additionally, any decisions to divest certain non-strategic assets has led and could in the future lead to goodwill impairments. Our reporting units that were impaired in 2022 were written down to their respective fair values resulting in zero excess fair value over carrying amount as of the applicable impairment test dates. Accordingly, reporting units that have 20% or less excess fair value over carrying amount as of their latest impairment test have a heightened risk of future impairments if any assumptions, estimates, or market factors change in the future. Although the remaining reporting units have more than 20% excess fair value over carrying amount as of their latest impairment test, these amounts are also susceptible to impairments if any assumptions, estimates, or market factors significantly change in the future. 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 31, 2022 $ 38,552 Translation adjustments and other 68 Balance at April 1, 2023 $ 38,620 Our indefinite-lived intangible asset balance primarily consists of a number of individual brands, which had an aggregate carrying amount of $38.6 billion at April 1, 2023. As of their latest impairment test, brands with 20% or less fair value over carrying amount had an aggregate carrying amount after impairment of $16.6 billion, brands with between 20-50% fair value over carrying amount had an aggregate carrying amount of $2.5 billion, and brands that had over 50% fair value over carrying amount had an aggregate carrying amount of $19.4 billion. No events occurred during the three months ended April 1, 2023 or the three months ended March 26, 2022 that indicated it was more likely than not that any brand was impaired. Additional Indefinite-Lived Intangible Asset Considerations Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions, estimates, and market factors. Estimating the fair value of individual brands requires us to make assumptions and estimates regarding our future plans, as well as industry, economic, and regulatory conditions. These assumptions and estimates include estimated future annual net cash flows, income tax considerations, discount rates, growth rates, royalty rates, contributory asset charges, and other market factors. Our current expectations also include certain assumptions that could be negatively impacted if we are unable to meet our pricing expectations in relation to inflation. If current expectations of future growth rates and margins are not met, if market factors outside of our control, such as discount rates, income tax rates, foreign currency exchange rates, or inflation, change, or if management’s expectations or plans otherwise change, including updates to our long-term operating plans, then one or more of our brands might become impaired in the future. Additionally, any decisions to divest certain non-strategic assets has led and could in the future lead to intangible asset impairments. Our brands that were impaired in 2022 were written down to their respective fair values resulting in zero excess fair value over carrying amount as of the applicable impairment test dates. Accordingly, these and other individual brands that have 20% or less excess fair value over carrying amount as of their latest impairment test have a heightened risk of future impairments if any assumptions, estimates, or market factors change in the future. Although the remaining brands have more than 20% excess fair value over carrying amount as of their latest impairment test, these amounts are also susceptible to impairments if any assumptions, estimates, or market factors significantly change in the future. Definite-lived intangible assets: Definite-lived intangible assets were (in millions): April 1, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Trademarks $ 2,225 $ (672) $ 1,553 $ 2,223 $ (649) $ 1,574 Customer-related assets 3,698 (1,216) 2,482 3,690 (1,177) 2,513 Other 14 (4) 10 13 (3) 10 $ 5,937 $ (1,892) $ 4,045 $ 5,926 $ (1,829) $ 4,097 Amortization expense for definite-lived intangible assets was $62 million for the three months ended April 1, 2023 and $64 million for the three months ended March 26, 2022. Aside from amortization expense, the change in definite-lived intangible assets from December 31, 2022 to April 1, 2023 primarily reflects the impact of foreign currency. We estimate that amortization expense related to definite-lived intangible assets will be approximately $250 million in 2023 and each of the following five years.

Income Taxes (Notes)

Income Taxes (Notes)	3 Months Ended
Income Taxes (Notes)	Apr. 01, 2023
Income Tax Disclosure [Abstract]
Income Taxes	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 are affected by income/(loss) before income taxes. Further, small movements in tax rates due to a change in tax law or a change in tax rates that causes us to revalue our deferred tax balances produces volatility in our effective tax rate. Our quarterly income tax provision is determined based on our estimated full year effective tax rate, adjusted for tax attributable to infrequent or unusual items, which are recognized on a discrete period basis in the income tax provision for the period in which they occur. Our effective tax rate for the three months ended April 1, 2023 was an expense of 20.3% on pre-tax income. 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 March 26, 2022 was an expense of 19.6% on pre-tax income. Our effective tax rate was favorably impacted by the geographic mix of pre-tax income in various non-U.S. jurisdictions and the impact of certain net discrete items, primarily the reversal of uncertain tax position reserves in certain foreign jurisdictions. The year over year increase was due primarily to the impact of changes in uncertain tax position reserves. Other Income Tax Matters: As previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022, we are currently under examination for income taxes by the Internal Revenue Service (“IRS”) for the years 2018 and 2019. We are continuing to respond to Information Document Requests. We received a draft economist report and expect to receive a Notice of Proposed Adjustment relating to transfer pricing with our foreign subsidiaries asserting that our U.S. taxable income should have been higher in 2018 and 2019, which would result in additional U.S. tax expense for 2018 and 2019 plus interest and potential penalties. We strongly disagree with the IRS’s suggested position, believe that our tax positions are properly supported, and intend to vigorously contest the position taken by the IRS and pursue all available administrative and judicial remedies. We continue to maintain our operating model and 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 potential penalties, our results of operations and cash flows could be materially affected.

Employees' Stock Incentive Plan

Employees' Stock Incentive Plans (Notes)	3 Months Ended
Employees' Stock Incentive Plans (Notes)	Apr. 01, 2023
Share-Based Payment Arrangement [Abstract]
Employees' Stock Incentive Plans	Employees’ Stock Incentive Plans Stock Options: Our stock option activity and related information was: Number of Stock Options Weighted Average Exercise Price Outstanding at December 31, 2022 9,559,063 $ 46.80 Granted 794,301 38.40 Forfeited (200,449) 56.49 Exercised (1,161,560) 35.58 Outstanding at April 1, 2023 8,991,355 47.29 The aggregate intrinsic value of stock options exercised during the period was insignificant for the three months ended April 1, 2023 . Restricted Stock Units: Our restricted stock unit (“RSU”) activity and related information was: Number of Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2022 9,330,718 $ 34.36 Granted 2,319,570 38.42 Forfeited (78,684) 36.27 Vested (1,576,924) 35.32 Outstanding at April 1, 2023 9,994,680 35.13 The aggregate fair value of RSUs that vested during the period was $61 million for the three months ended April 1, 2023. Performance Share Units: Our performance share unit (“PSU”) activity and related information was: Number of Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2022 4,018,654 $ 32.15 Granted 2,234,387 33.33 Forfeited (47,673) 34.35 Vested (47,948) 22.25 Outstanding at April 1, 2023 6,157,420 32.48 The aggregate fair value of PSUs that vested during the period was insignificant for the three months ended April 1, 2023.

Postemployment Benefits (Notes)

Postemployment Benefits (Notes)	3 Months Ended
Postemployment Benefits (Notes)	Apr. 01, 2023
Retirement Benefits [Abstract]
Postemployment Benefits	Postemployment Benefits See our consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 31, 2022 for additional information on our postemployment-related accounting policies. Pension Plans Components of Net Pension Cost/(Benefit): Net pension cost/(benefit) consisted of the following (in millions): For the Three Months Ended U.S. Plans Non-U.S. Plans April 1, 2023 March 26, 2022 April 1, 2023 March 26, 2022 Service cost $ — $ 1 $ 2 $ 4 Interest cost 36 24 15 10 Expected return on plan assets (49) (48) (21) (19) Amortization of unrecognized losses/(gains) — — 4 — Special/contractual termination benefits — — 2 — Net pension cost/(benefit) $ (13) $ (23) $ 2 $ (5) 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 three months ended April 1, 2023 and plan to make further contributions of approximately $7 million during the remainder of 2023. We did not contribute to our U.S. pension plans during the three months ended April 1, 2023 and do not plan to make contributions during the remainder of 2023. 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 2023. Our actual contributions and plans may change due to many factors, including changes in tax, employee benefit, or other laws and regulations, tax deductibility, significant differences between expected and actual pension asset performance or interest rates, or other factors. Postretirement Plans Components of Net Postretirement Cost/(Benefit): Net postretirement cost/(benefit) consisted of the following (in millions): For the Three Months Ended April 1, 2023 March 26, 2022 Service cost $ 1 $ 1 Interest cost 9 5 Expected return on plan assets (14) (14) Amortization of prior service costs/(credits) (3) (4) Amortization of unrecognized losses/(gains) (4) (4) Net postretirement cost/(benefit) $ (11) $ (16) We present all non-service cost components of net postretirement cost/(benefit) within other expense/(income) on our condensed consolidated statements of income. Employer Contributions: During the three months ended April 1, 2023, we contributed $3 million to our postretirement benefit plans. We plan to make further contributions of approximately $9 million to our postretirement benefit plans during the remainder of 2023. 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 2023. Our actual contributions and plans may change due to many factors, including changes in tax, employee benefit, or other laws and regulations, tax deductibility, significant differences between expected and actual postretirement plan asset performance or interest rates, or other factors.

Financial Instruments (Notes)

Financial Instruments (Notes)	3 Months Ended
Financial Instruments (Notes)	Apr. 01, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	Financial Instruments See our consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 31, 2022 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 April 1, 2023 December 31, 2022 Commodity contracts $ 1,043 $ 1,166 Foreign exchange contracts 2,931 3,139 Cross-currency contracts 6,336 6,336 Interest rate contracts 400 — 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): April 1, 2023 Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Total Fair Value Assets Liabilities Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments: Foreign exchange contracts (a) $ — $ — $ 30 $ 13 $ 30 $ 13 Cross-currency contracts (b) — — 231 182 231 182 Interest rate contracts (c) — — — 3 — 3 Derivatives not designated as hedging instruments: Commodity contracts (d) 26 81 6 4 32 85 Foreign exchange contracts (a) — — 22 23 22 23 Total fair value $ 26 $ 81 $ 289 $ 225 $ 315 $ 306 (a) At April 1, 2023, the fair value of our derivative assets was recorded in other current assets ($50 million) and other non-current assets ($2 million), and the fair value of our derivative liabilities was recorded in other current liabilities ($34 million) and other non-current liabilities ($2 million). (b) At April 1, 2023, the fair value of our derivative assets was recorded in other current assets ($125 million) and other non-current assets ($106 million), and the fair value of our derivative liabilities was recorded in other current liabilities ($57 million) and other non-current liabilities ($125 million). (c) At April 1, 2023, the fair value of our derivative liabilities was recorded in other current liabilities. (d) At April 1, 2023, the fair value of our derivative assets was recorded in other current assets and the fair value of derivative liabilities was recorded in other current liabilities. December 31, 2022 Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Total Fair Value Assets Liabilities Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments: Foreign exchange contracts (a) $ — $ — $ 40 $ 10 $ 40 $ 10 Cross-currency contracts (b) — — 236 183 236 183 Derivatives not designated as hedging instruments: Commodity contracts (c) 33 61 — 15 33 76 Foreign exchange contracts (a) — — 33 25 33 25 Total fair value $ 33 $ 61 $ 309 $ 233 $ 342 $ 294 (a) At December 31, 2022, the fair value of our derivative assets was recorded in other current assets ($70 million) and other non-current assets ($3 million), and the fair value of our derivative liabilities was recorded in other current liabilities ($33 million) and other non-current liabilities ($2 million). (b) At December 31, 2022, the fair value of our derivative assets was recorded in other current assets ($132 million) and other non-current assets ($104 million), and the fair value of our derivative liabilities was recorded in other current liabilities ($59 million) and other non-current liabilities ($124 million). (c) At December 31, 2022, the fair value of our derivative assets was recorded in other current assets and the fair value of derivative liabilities was recorded in other current liabilities. Our derivative financial instruments are subject to master netting arrangements that allow for the offset of assets and liabilities in the event of default or early termination of the contract. We elect to record the gross assets and liabilities of our derivative financial instruments on the condensed consolidated balance sheets. If the derivative financial instruments had been netted on the condensed consolidated balance sheets, the asset and liability positions each would have been reduced by $203 million at April 1, 2023 and $222 million at December 31, 2022. We had posted collateral related to commodity derivative margin requirements of $72 million at April 1, 2023 and $43 million at December 31, 2022, which were included in prepaid expenses on our condensed consolidated balance sheets. Level 1 financial assets and liabilities consist of commodity future and options contracts and are valued using quoted prices in active markets for identical assets and liabilities. Level 2 financial assets and liabilities consist of commodity swaps, foreign exchange forwards, options, and swaps, cross-currency swaps, and treasury lock agreements. Commodity swaps are valued using an income approach based on the observable market commodity index prices less the contract rate multiplied by the notional amount. Foreign exchange forwards and swaps are valued using an income approach based on observable market forward rates less the contract rate multiplied by the notional amount. Foreign exchange options are valued using an income approach based on a Black-Scholes-Merton formula. This formula uses present value techniques and reflects the time value and intrinsic value based on observable market rates. Cross-currency swaps are valued based on observable market spot and swap rates. Treasury lock agreements are valued based on forward U.S. Treasury interest rates. We did not have any Level 3 financial assets or liabilities in any period presented. Our calculation of the fair value of financial instruments takes into consideration the risk of nonperformance, including counterparty credit risk. Net Investment Hedging: At April 1, 2023, we had the following items designated as net investment hedges: • Non-derivative foreign-denominated debt with principal amounts of €650 million and £400 million; and • Cross-currency contracts with notional amounts of C$1.4 billion ($1.0 billion), €1.9 billion ($2.1 billion), JPY9.6 billion ($67 million), and CNH500 million ($68 million) We periodically use non-derivative instruments such as non-U.S. dollar financing transactions or non-U.S. dollar assets or liabilities, including intercompany loans, to hedge the exposure of changes in underlying foreign currency denominated subsidiary net assets, and they are designated as net investment hedges. At April 1, 2023, we had euro intercompany loans with an aggregate notional amount of $108 million designated as net investment hedges. The component of the gains and losses on our net investment in these designated foreign operations, driven by changes in foreign exchange rates, are economically offset by fair value movements on the effective portion of our cross-currency contracts and foreign exchange contracts and remeasurements of our foreign-denominated debt. Cash Flow Hedge Coverage: At April 1, 2023, we had entered into foreign exchange contracts designated as cash flow hedges for periods not exceeding the next two years, cross-currency contracts designated as cash flow hedges for periods not exceeding the next six years, and interest rate contracts designated as cash flow hedges for periods not exceeding two months. Deferred Hedging Gains and Losses on Cash Flow Hedges: Based on our valuation at April 1, 2023 and assuming market rates remain constant through contract maturities, we expect transfers to net income/(loss) of unrealized gains during the next 12 months on foreign currency cash flow hedges to be approximately $20 million and on cross-currency cash flow hedges to be insignificant. Additionally, we expect transfers to net income/(loss) of unrealized losses on interest rate cash flow hedges during the next 12 months to be insignificant. Acquisition Hedging: We entered into foreign exchange derivative contracts to economically hedge the foreign currency exposure related to the cash consideration for the Hemmer Acquisition. For the three months ended March 26, 2022, the related derivative gains were $38 million, which were recorded within other expense/(income). These gains were classified as other losses/(gains) related to acquisitions and divestitures. These derivative contracts settled in our second quarter of 2022. See Note 4, Acquisitions and Divestitures , for additional information related to the Hemmer Acquisition. 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 April 1, 2023 March 26, 2022 Cash flow hedges: Foreign exchange contracts $ (4) $ (9) Cost of products sold Foreign exchange contracts (excluded component) (2) — Cost of products sold Cross-currency contracts (1) (31) Other expense/(income) Cross-currency contracts (excluded component) 6 8 Other expense/(income) Cross-currency contracts (6) (7) Interest expense Interest rate contracts (3) — Interest expense Net investment hedges: Foreign exchange contracts 1 (1) Other expense/(income) Cross-currency contracts (12) 35 Other expense/(income) Cross-currency contracts (excluded component) 8 11 Interest expense Total gains/(losses) recognized in statements of comprehensive income $ (13) $ 6 Derivative Impact on the Statements of Income: The following tables present the pre-tax amounts of derivative gains/(losses) reclassified from accumulated other comprehensive income/(losses) to net income/(loss) and the affected income statement line items (in millions): For the Three Months Ended April 1, 2023 March 26, 2022 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 $ 4,376 $ 227 $ (35) $ 4,114 $ 242 $ (98) Gains/(losses) related to derivatives designated as hedging instruments: Cash flow hedges: Foreign exchange contracts $ 10 $ — $ — $ (6) $ — $ — Foreign exchange contracts (excluded component) (3) — — (1) — — Cross-currency contracts — (6) 14 — (7) (35) Cross-currency contracts (excluded component) — — 6 — — 8 Net investment hedges: Foreign exchange contracts (excluded component) — — — — 1 — Cross-currency contracts (excluded component) — 8 — — 9 — Gains/(losses) related to derivatives not designated as hedging instruments: Commodity contracts (47) — — 139 — — Foreign exchange contracts — — (12) — — 38 Total gains/(losses) recognized in statements of income $ (40) $ 2 $ 8 $ 132 $ 3 $ 11 Non-Derivative Impact on Statements of Comprehensive Income: Related to our non-derivative foreign-denominated debt instruments designated as net investment hedges, we recognized pre-tax losses of $20 million for the three months ended April 1, 2023 and pre-tax gains of $32 million for the three months ended March 26, 2022. These amounts were recognized in other comprehensive income/(loss).

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income/(Losses) (Notes)	3 Months Ended
Accumulated Other Comprehensive Income/(Losses) (Notes)	Apr. 01, 2023
Equity [Abstract]
Accumulated Other Comprehensive Income/(Losses)	Accumulated Other Comprehensive Income/(Losses) The components of, and changes in, accumulated other comprehensive income/(losses), net of tax, were as follows (in millions): Foreign Currency Translation Adjustments Net Postemployment Benefit Plan Adjustments Net Cash Flow Hedge Adjustments Total Balance as of December 31, 2022 $ (2,845) $ (30) $ 65 $ (2,810) Foreign currency translation adjustments 115 — — 115 Net deferred gains/(losses) on net investment hedges (24) — — (24) Amounts excluded from the effectiveness assessment of net investment hedges 6 — — 6 Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) (6) — — (6) Net deferred gains/(losses) on cash flow hedges — — (15) (15) Amounts excluded from the effectiveness assessment of cash flow hedges — — 4 4 Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) — — (16) (16) Net postemployment benefit losses/(gains) reclassified to net income/(loss) — (2) — (2) Total other comprehensive income/(loss) 91 (2) (27) 62 Balance as of April 1, 2023 $ (2,754) $ (32) $ 38 $ (2,748) 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 April 1, 2023 March 26, 2022 Before Tax Amount Tax Net of Tax Amount Before Tax Amount Tax Net of Tax Amount Foreign currency translation adjustments $ 115 $ — $ 115 $ (32) $ — $ (32) Net deferred gains/(losses) on net investment hedges (31) 7 (24) 66 (14) 52 Amounts excluded from the effectiveness assessment of net investment hedges 8 (2) 6 11 (2) 9 Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) (8) 2 (6) (10) 2 (8) Net deferred gains/(losses) on cash flow hedges (14) (1) (15) (47) 13 (34) Amounts excluded from the effectiveness assessment of cash flow hedges 4 — 4 8 (1) 7 Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) (21) 5 (16) 41 (19) 22 Net postemployment benefit losses/(gains) reclassified to net income/(loss) (3) 1 (2) (8) 4 (4) 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 April 1, 2023 March 26, 2022 Losses/(gains) on net investment hedges: Foreign exchange contracts (a) $ — $ (1) Interest expense Cross-currency contracts (a) (8) (9) Interest expense Losses/(gains) on cash flow hedges: Foreign exchange contracts (b) (7) 7 Cost of products sold Cross-currency contracts (b) (20) 27 Other expense/(income) Cross-currency contracts (b) 6 7 Interest expense Losses/(gains) on hedges before income taxes (29) 31 Losses/(gains) on hedges, income taxes 7 (17) Losses/(gains) on hedges $ (22) $ 14 Losses/(gains) on postemployment benefits: Amortization of unrecognized losses/(gains) (c) $ — $ (4) Amortization of prior service costs/(credits) (c) (3) (4) Losses/(gains) on postemployment benefits before income taxes (3) (8) Losses/(gains) on postemployment benefits, income taxes 1 4 Losses/(gains) on postemployment benefits $ (2) $ (4) (a) Represents recognition of the excluded component in net income/(loss). (b) Includes amortization of the excluded component and the effective portion of the related hedges. (c) 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.

Financing Arrangements (Notes)

Financing Arrangements (Notes)	3 Months Ended
Financing Arrangements (Notes)	Apr. 01, 2023
Transfers and Servicing [Abstract]
Financing Arrangements	Financing Arrangements Product Financing Arrangements: We enter into various product financing arrangements to facilitate supply from our vendors. Balance sheet classification is based on the nature of the arrangements. We have concluded that our obligations to our suppliers, including amounts due and scheduled payment terms, are impacted by their participation in the program and therefore we classify amounts outstanding within other current liabilities on our condensed consolidated balance sheets. We had approximately $71 million at April 1, 2023 and approximately $87 million at December 31, 2022 on our condensed consolidated balance sheets related to these arrangements. Transfers of Financial Assets: Since 2020, we have had a nonrecourse accounts receivable factoring program whereby certain eligible receivables are sold to third party financial institutions in exchange for cash. The program provides us with an additional means for managing liquidity. Under the terms of the arrangement, we act as the collecting agent on behalf of the financial institutions to collect amounts due from customers for the receivables sold. We account for the transfer of receivables as a true sale at the point control is transferred through derecognition of the receivable on our condensed consolidated balance sheet. Receivables sold under this accounts receivable factoring program were approximately $100 million during the three months ended April 1, 2023, with $100 million outstanding as of April 1, 2023. The incremental costs of factoring receivables under this arrangement were insignificant for the three months ended April 1, 2023. No receivables were sold under this accounts receivable factoring program during the three months ended March 26, 2022, and there was an insignificant amount outstanding as of December 31, 2022. The proceeds from the sales of receivables are included in cash flows from operating activities on the condensed consolidated statement of cash flows. As collecting agent on the sold receivables, we had $68 million of cash collected that was not yet remitted to the third party financial institutions as of April 1, 2023. This obligation is reported within other current liabilities on the condensed consolidated balance sheet as of April 1, 2023 and within cash flows from financing activities on the condensed consolidated statement of cash flows for the three months ended April 1, 2023. As of December 31, 2022, we had an insignificant amount of cash collected and not yet remitted to the bank. Trade Payables Programs: In order to manage our cash flow and related liquidity, we work with our suppliers to optimize our terms and conditions, which include the extension of payment terms. Our current payment terms with our suppliers, which we deem to be commercially reasonable, generally range from zero to 200 days. We also 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. We pledged no assets in connection with our trade payable programs. Our obligations to our suppliers, including amounts due and scheduled payment terms, are not impacted. 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. We estimate that the amounts outstanding under these programs were $866 million at April 1, 2023 and $1.1 billion at December 31, 2022. The amounts were included in trade payables on our condensed consolidated balance sheets.

Commitments, Contingencies and

Commitments, Contingencies and Debt (Notes)	3 Months Ended
Commitments, Contingencies and Debt (Notes)	Apr. 01, 2023
Debt Disclosure [Abstract]
Commitments, Contingencies and Debt	Commitments, Contingencies, and Debt Legal Proceedings We are involved in legal proceedings, claims, and governmental inquiries, inspections, or investigations (“Legal Matters”) arising in the ordinary course of our business. While we cannot predict with certainty the results of Legal Matters in which we are currently involved or may in the future be involved, we do not expect that the ultimate costs to resolve the Legal Matters that are currently pending will have a material adverse effect on our financial condition, results of operations, or cash flows. Class Actions and Stockholder Derivative Actions: The Kraft Heinz Company and certain of our current and former officers and directors are currently defendants in a consolidated securities class action lawsuit pending in the United States District Court for the Northern District of Illinois, Union Asset Management Holding AG, et al. v. The Kraft Heinz Company, et al . The consolidated amended class action complaint, which was filed on August 14, 2020 and also names 3G Capital, Inc. and several of its subsidiaries and affiliates (the “3G Entities”) as defendants, asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 promulgated thereunder, based on allegedly materially false or misleading statements and omissions in public statements, press releases, investor presentations, earnings calls, Company documents, and SEC filings regarding the Company’s business, financial results, and internal controls, and further alleges the 3G Entities engaged in insider trading and misappropriated the Company’s material, non-public information. In February 2023, the parties to the litigation reached a preliminary settlement agreement. Based upon our current estimate for the ultimate resolution of this matter, in the fourth quarter of 2022, we recorded a net expense of $210 million within SG&A in our consolidated statements of income. This expense contemplates the Company’s estimated liability after insurance recoveries and contributions from other defendants. The Company’s estimated liability and the insurance recoveries are reflected in current liabilities and current assets on the condensed consolidated balance sheets at December 31, 2022 and April 1, 2023. While it is possible that the ultimate amount of our liability in connection with this settlement could be different than the amount accrued, we believe that any difference between that ultimate liability and the amount already accrued will not have a material impact on our financial condition, results of operations, or cash flows. Any eventual final settlement agreement will be subject to approval by the United States District Court for the Northern District of Illinois. Certain of The Kraft Heinz Company’s current and former officers and directors and the 3G Entities are also named as defendants in a stockholder derivative action, In re Kraft Heinz Shareholder Derivative Litigation , which had been previously consolidated in the United States District Court for the Western District of Pennsylvania, and is now pending in the United States District Court for the Northern District of Illinois. The court appointed lead plaintiffs and plaintiffs’ counsel on October 21, 2021, and lead plaintiffs filed a consolidated amended complaint on November 22, 2021. The consolidated amended complaint asserts state law claims for alleged breaches of fiduciary duties and unjust enrichment, as well as federal claims for contribution for alleged violations of Sections 10(b) and 21D of the Exchange Act and Rule 10b-5 promulgated thereunder, based on allegedly materially false or misleading statements and omissions in public statements and SEC filings, and for implementing cost cutting measures that allegedly damaged the Company. The plaintiffs seek damages in an unspecified amount, attorneys’ fees, and other relief. The defendants filed a motion to dismiss the consolidated amended complaint, which motion the court granted, without prejudice, on March 31, 2023. The court granted plaintiffs leave to file any consolidated second amended complaint on or before May 1, 2023, which deadline the parties have agreed to extend to May 31, 2023. Certain of The Kraft Heinz Company’s current and former officers and directors and the 3G Entities are named as defendants in two stockholder derivative actions pending in the Delaware Court of Chancery, Datnoff, et al. v. Behring, et al. , which was filed on May 6, 2022, and Felicetti, et al. v. Behring, et al. , which was filed on March 6, 2023. The complaints allege state law claims and contend that the Company’s Board of Directors wrongfully refused plaintiffs’ demands to pursue legal action against the named defendants. Specifically, the complaints allege that certain of the 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. The complaints further allege that the 3G Entities and certain of the Company’s current and former officers and directors breached their fiduciary duties by engaging in insider trading and misappropriating the Company’s material, non-public information, or aided and abetted such alleged breaches of fiduciary duty. The complaints seek relief against the defendants, principally in the form of damages, disgorgement of all profits obtained from the alleged insider trading, contribution and indemnification, and an award of attorneys’ fees and costs. We intend to vigorously defend against these lawsuits; however, we cannot reasonably estimate the potential range of loss, if any, due to the early stage of these proceedings. 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. Cash payments related to debt extinguishment are classified as cash outflows from financing activities on the condensed consolidated statements of cash flows. Any gains or losses on extinguishment of debt are recognized in interest expense on the condensed consolidated statements of income. Borrowing Arrangements: See Note 16, Debt , to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2022 for 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 April 1, 2023 . Debt Repayments: In March 2022, we repaid $6 million aggregate principal amount of senior notes that matured in the period. Fair Value of Debt: At April 1, 2023, the aggregate fair value of our total debt was $19.4 billion as compared with a carrying value of $20.1 billion. At December 31, 2022, the aggregate fair value of our total debt was $18.7 billion as compared with a carrying value of $20.1 billion. Our short-term debt had a carrying value that approximated its fair value at April 1, 2023 and December 31, 2022. 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.

Earnings Per Share (Notes)

Earnings Per Share (Notes)	3 Months Ended
Earnings Per Share (Notes)	Apr. 01, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Our earnings per common share (“EPS”) were: For the Three Months Ended April 1, 2023 March 26, 2022 (in millions, except per share data) Basic Earnings Per Common Share: Net income/(loss) attributable to common shareholders $ 836 $ 776 Weighted average shares of common stock outstanding 1,226 1,225 Net earnings/(loss) $ 0.68 $ 0.63 Diluted Earnings Per Common Share: Net income/(loss) attributable to common shareholders $ 836 $ 776 Weighted average shares of common stock outstanding 1,226 1,225 Effect of dilutive equity awards 8 9 Weighted average shares of common stock outstanding, including dilutive effect 1,234 1,234 Net earnings/(loss) $ 0.68 $ 0.63

Segment Reporting (Notes)

Segment Reporting (Notes)	3 Months Ended
Segment Reporting (Notes)	Apr. 01, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We manage and report our operating results through two reportable segments defined by geographic region: North America and International. Management evaluates segment performance based on several factors, including net sales and Segment Adjusted EBITDA. Segment Adjusted EBITDA is defined as net income/(loss) from continuing operations before interest expense, other expense/(income), provision for/(benefit from) income taxes, and depreciation and amortization (excluding restructuring activities); in addition to these adjustments, we exclude, when they occur, the impacts of divestiture-related license income, 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, certain non-ordinary course legal and regulatory matters, and equity award compensation expense (excluding restructuring activities). Segment Adjusted EBITDA is a tool that can assist management and investors in comparing our performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect our underlying operations. Management also uses Segment Adjusted EBITDA to allocate resources. Management does not use assets by segment to evaluate performance or allocate resources. Therefore, we do not disclose assets by segment. Net sales by segment were (in millions): For the Three Months Ended April 1, 2023 March 26, 2022 Net sales: North America $ 4,885 $ 4,601 International 1,604 1,444 Total net sales $ 6,489 $ 6,045 Segment Adjusted EBITDA was (in millions): For the Three Months Ended April 1, 2023 March 26, 2022 Segment Adjusted EBITDA: North America $ 1,333 $ 1,173 International 255 242 General corporate expenses (108) (73) Depreciation and amortization (excluding restructuring activities) (217) (217) Divestiture-related license income 13 14 Restructuring activities 10 (19) Deal costs — (8) Unrealized gains/(losses) on commodity hedges (11) 92 Impairment losses — (55) Certain non-ordinary course legal and regulatory matters (1) — Equity award compensation expense (31) (34) Operating income/(loss) 1,243 1,115 Interest expense 227 242 Other expense/(income) (35) (98) Income/(loss) before income taxes $ 1,051 $ 971 Net sales by platform were (in millions): For the Three Months Ended April 1, 2023 March 26, 2022 Taste Elevation $ 2,142 $ 1,830 Fast Fresh Meals 1,373 1,358 Easy Meals Made Better 1,341 1,238 Real Food Snacking 295 315 Flavorful Hydration 490 455 Easy Indulgent Desserts 224 217 Other 624 632 Total net sales $ 6,489 $ 6,045 Net sales by product category were (in millions): For the Three Months Ended April 1, 2023 March 26, 2022 Condiments and sauces $ 2,169 $ 1,827 Cheese and dairy 917 885 Ambient foods 749 722 Frozen and chilled foods 719 674 Meats and seafood 595 628 Refreshment beverages 489 456 Coffee 220 214 Infant and nutrition 93 104 Desserts, toppings, and baking 259 246 Other 279 289 Total net sales $ 6,489 $ 6,045

Other Financial Data (Notes)

Other Financial Data (Notes)	3 Months Ended
Other Financial Data (Notes)	Apr. 01, 2023
Other Income and Expenses [Abstract]
Other Financial Data	Other Financial Data Condensed Consolidated Statements of Income Information Other expense/(income) consists of the following (in millions): For the Three Months Ended April 1, 2023 March 26, 2022 Amortization of postemployment benefit plans prior service costs/(credits) $ (3) $ (4) Net pension and postretirement non-service cost/(benefit) (a) (22) (46) Loss/(gain) on sale of business 1 1 Interest income (6) (5) Foreign exchange losses/(gains) 6 (32) Derivative losses/(gains) (8) (11) Other miscellaneous expense/(income) (3) (1) Other expense/(income) $ (35) $ (98) (a) Excludes amortization of postemployment benefit plans prior service costs/(credits). We present all non-service cost components of net pension cost/(benefit) and net postretirement cost/(benefit) within other expense/(income) on our condensed consolidated statements of income. See Note 10, Postemployment Benefits , for additional information on these components, including any curtailments and settlements, as well as information on our prior service costs/(credits) amortization. See Note 11, Financial Instruments , for information related to our derivative impacts.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Apr. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fiscal Period	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 2023 fiscal year is scheduled to be a 52-week period ending on December 30, 2023, and our 2022 fiscal year was a 53-week period that ended on December 31, 2022.
Principles of Consolidation	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	Reportable Segments We manage and report our operating results through two reportable segments defined by geographic region: North America and International.
Use of Estimates	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	Reclassifications We made reclassifications and adjustments to certain previously reported financial information to conform to our current period presentation.
Cash and Cash Equivalents, Policy	Cash , Cash Equivalents , and Restricted Cash

New Accounting Standards (Polic

New Accounting Standards (Policies)	3 Months Ended
New Accounting Standards (Policies)	Apr. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Standards	Accounting Standards Adopted in the Current Year Supplier Finance Programs (Topic 405-50) - Disclosure of Supplier Finance Program Obligations: In September 2022, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2022-04 to add disclosure requirements relative to supplier financing programs under ASC 405, Liabilities . The guidance requires entities that maintain supplier financing programs to provide information in their financial statements about their use of supplier finance programs and their effect on the entity’s working capital, liquidity, and cash flows. Specifically, the amendment requires entities to disclose the key terms of their programs, amounts outstanding, balance sheet presentation, and a rollforward of amounts outstanding during the annual period. Only the amount outstanding at the end of the period is required to be disclosed in interim periods. We adopted this ASU when it became effective in the first quarter of our fiscal year 2023, except for the rollforward requirement, which is effective in fiscal year 2024. The adoption of this ASU did not have a significant impact on our financial statements and related disclosures.

Acquisitions and Divestitures_2

Acquisitions and Divestitures (Tables)	3 Months Ended
Acquisitions and Divestitures (Tables)	Apr. 01, 2023
Hemmer Acquisition
Business Acquisition [Line Items]
Purchase Price Allocation to Assets Acquired and Liabilities Assumed	Initial Allocation (a) Adjustments Final Allocation Cash $ 1 $ — $ 1 Trade receivables 13 — 13 Inventories 17 — 17 Other current assets 2 — 2 Property, plant and equipment, net 14 — 14 Identifiable intangible assets 122 — 122 Other non-current assets 13 4 17 Short-term debt (9) — (9) Trade payables (11) — (11) Other current liabilities (31) — (31) Long-term debt (11) — (11) Other non-current liabilities (44) — (44) Net assets acquired 76 4 80 Noncontrolling interest (16) — (16) Goodwill on acquisition 219 (4) 215 Total consideration $ 279 $ — $ 279
Purchase Price Allocation to Identifiable Intangible Assets Acquired	Fair Value Weighted Average Life Definite-lived trademarks $ 101 13 Customer-related assets 21 15 Total $ 122
Just Spices Acquisition
Business Acquisition [Line Items]
Purchase Price Allocation to Assets Acquired and Liabilities Assumed	The final purchase price allocation to assets acquired and liabilities assumed in the Just Spices Acquisition was (in millions): Final Allocation Cash $ 2 Trade receivables 4 Inventories 7 Other current assets 9 Property, plant and equipment, net 1 Identifiable intangible assets 172 Other non-current assets 7 Trade payables (10) Other current liabilities (12) Other non-current liabilities (54) Net assets acquired 126 Redeemable noncontrolling interest (39) Goodwill on acquisition 156 Total consideration $ 243
Purchase Price Allocation to Identifiable Intangible Assets Acquired	The purchase price allocation to identifiable intangible assets acquired in the Just Spices Acquisition was: Fair Value Weighted Average Life Definite-lived trademarks $ 72 10 Customer-related assets 100 15 Total $ 172

Restructuring Activities (Table

Restructuring Activities (Tables)	3 Months Ended
Restructuring Activities (Tables)	Apr. 01, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost	Our net liability balance for restructuring project costs that qualify as exit and disposal costs under U.S. GAAP was (in millions): Severance and Employee Benefit Costs Other Exit Costs Total Balance at December 31, 2022 $ 28 $ 11 $ 39 Cash payments (10) (1) (11) Non-cash utilization (2) (1) (3) Balance at April 1, 2023 $ 16 $ 9 $ 25
Restructuring Costs by Type and Income Statement Location	Total expense/(income) related to restructuring activities, by income statement caption, were (in millions): For the Three Months Ended April 1, 2023 March 26, 2022 Severance and employee benefit costs - Cost of products sold $ 2 $ (3) Severance and employee benefit costs - SG&A (4) 13 Severance and employee benefit costs - Other expense/(income) 2 — Asset-related costs - Cost of products sold 2 4 Other costs - Cost of products sold 2 3 Other costs - SG&A (12) 2 $ (8) $ 19
Restructuring Costs Excluded from Segments	The pre-tax impact of allocating such expenses/(income) to our segments would have been (in millions): For the Three Months Ended April 1, 2023 March 26, 2022 North America $ 6 $ 20 International (1) (2) General corporate expenses (13) 1 $ (8) $ 19

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Apr. 01, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following (in millions): April 1, 2023 December 31, 2022 Packaging and ingredients $ 965 $ 1,032 Spare parts 213 208 Work in process 330 334 Finished products 2,508 2,077 Inventories $ 4,016 $ 3,651

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Tables)	3 Months Ended
Goodwill and Intangible Assets (Tables)	Apr. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the Carrying Amount of Goodwill by Segment	Changes in the carrying amount of goodwill, by segment, were (in millions): North America International Total Balance at December 31, 2022 $ 27,685 $ 3,148 $ 30,833 Translation adjustments and other 3 52 55 Balance at April 1, 2023 $ 27,688 $ 3,200 $ 30,888
Changes in the Carrying Amount of Indefinite-Lived Intangible Assets	Changes in the carrying amount of indefinite-lived intangible assets, which primarily consisted of trademarks, were (in millions): Balance at December 31, 2022 $ 38,552 Translation adjustments and other 68 Balance at April 1, 2023 $ 38,620
Schedule of Definite-Lived Intangible Assets By Major Asset Class	Definite-lived intangible assets were (in millions): April 1, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Trademarks $ 2,225 $ (672) $ 1,553 $ 2,223 $ (649) $ 1,574 Customer-related assets 3,698 (1,216) 2,482 3,690 (1,177) 2,513 Other 14 (4) 10 13 (3) 10 $ 5,937 $ (1,892) $ 4,045 $ 5,926 $ (1,829) $ 4,097

Employees' Stock Incentive Pl_2

Employees' Stock Incentive Plans (Tables)	3 Months Ended
Employees' Stock Incentive Plans (Tables)	Apr. 01, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity and Related Information	Our stock option activity and related information was: Number of Stock Options Weighted Average Exercise Price Outstanding at December 31, 2022 9,559,063 $ 46.80 Granted 794,301 38.40 Forfeited (200,449) 56.49 Exercised (1,161,560) 35.58 Outstanding at April 1, 2023 8,991,355 47.29
Schedule of RSU Activity and Related Information	Our restricted stock unit (“RSU”) activity and related information was: Number of Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2022 9,330,718 $ 34.36 Granted 2,319,570 38.42 Forfeited (78,684) 36.27 Vested (1,576,924) 35.32 Outstanding at April 1, 2023 9,994,680 35.13
Schedule of PSU Activity and Related Information	Our performance share unit (“PSU”) activity and related information was: Number of Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2022 4,018,654 $ 32.15 Granted 2,234,387 33.33 Forfeited (47,673) 34.35 Vested (47,948) 22.25 Outstanding at April 1, 2023 6,157,420 32.48

Postemployment Benefits (Tables

Postemployment Benefits (Tables)	3 Months Ended
Postemployment Benefits (Tables)	Apr. 01, 2023
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Net Cost/(Benefit)	Net pension cost/(benefit) consisted of the following (in millions): For the Three Months Ended U.S. Plans Non-U.S. Plans April 1, 2023 March 26, 2022 April 1, 2023 March 26, 2022 Service cost $ — $ 1 $ 2 $ 4 Interest cost 36 24 15 10 Expected return on plan assets (49) (48) (21) (19) Amortization of unrecognized losses/(gains) — — 4 — Special/contractual termination benefits — — 2 — Net pension cost/(benefit) $ (13) $ (23) $ 2 $ (5)
Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Net Cost/(Benefit)	Net postretirement cost/(benefit) consisted of the following (in millions): For the Three Months Ended April 1, 2023 March 26, 2022 Service cost $ 1 $ 1 Interest cost 9 5 Expected return on plan assets (14) (14) Amortization of prior service costs/(credits) (3) (4) Amortization of unrecognized losses/(gains) (4) (4) Net postretirement cost/(benefit) $ (11) $ (16)

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
Financial Instruments (Tables)	Apr. 01, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Values of Outstanding Derivatives	The notional values of our outstanding derivative instruments were (in millions): Notional Amount April 1, 2023 December 31, 2022 Commodity contracts $ 1,043 $ 1,166 Foreign exchange contracts 2,931 3,139 Cross-currency contracts 6,336 6,336 Interest rate contracts 400 —
Schedule of Derivative Fair Values	The fair values and the levels within the fair value hierarchy of derivative instruments recorded on the condensed consolidated balance sheets were (in millions): April 1, 2023 Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Total Fair Value Assets Liabilities Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments: Foreign exchange contracts (a) $ — $ — $ 30 $ 13 $ 30 $ 13 Cross-currency contracts (b) — — 231 182 231 182 Interest rate contracts (c) — — — 3 — 3 Derivatives not designated as hedging instruments: Commodity contracts (d) 26 81 6 4 32 85 Foreign exchange contracts (a) — — 22 23 22 23 Total fair value $ 26 $ 81 $ 289 $ 225 $ 315 $ 306 (a) At April 1, 2023, the fair value of our derivative assets was recorded in other current assets ($50 million) and other non-current assets ($2 million), and the fair value of our derivative liabilities was recorded in other current liabilities ($34 million) and other non-current liabilities ($2 million). (b) At April 1, 2023, the fair value of our derivative assets was recorded in other current assets ($125 million) and other non-current assets ($106 million), and the fair value of our derivative liabilities was recorded in other current liabilities ($57 million) and other non-current liabilities ($125 million). (c) At April 1, 2023, the fair value of our derivative liabilities was recorded in other current liabilities. (d) At April 1, 2023, the fair value of our derivative assets was recorded in other current assets and the fair value of derivative liabilities was recorded in other current liabilities. December 31, 2022 Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Total Fair Value Assets Liabilities Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments: Foreign exchange contracts (a) $ — $ — $ 40 $ 10 $ 40 $ 10 Cross-currency contracts (b) — — 236 183 236 183 Derivatives not designated as hedging instruments: Commodity contracts (c) 33 61 — 15 33 76 Foreign exchange contracts (a) — — 33 25 33 25 Total fair value $ 33 $ 61 $ 309 $ 233 $ 342 $ 294 (a) At December 31, 2022, the fair value of our derivative assets was recorded in other current assets ($70 million) and other non-current assets ($3 million), and the fair value of our derivative liabilities was recorded in other current liabilities ($33 million) and other non-current liabilities ($2 million). (b) At December 31, 2022, the fair value of our derivative assets was recorded in other current assets ($132 million) and other non-current assets ($104 million), and the fair value of our derivative liabilities was recorded in other current liabilities ($59 million) and other non-current liabilities ($124 million). (c) At December 31, 2022, the fair value of our derivative assets was recorded in other current assets and the fair value of derivative liabilities was recorded in other current liabilities.
Derivative Impact on Statements of Other Comprehensive Income	The following table presents the pre-tax amounts of derivative gains/(losses) deferred into accumulated other comprehensive income/(losses) and the income statement line item that will be affected when reclassified to net income/(loss) (in millions): Accumulated Other Comprehensive Income/(Losses) Component Gains/(Losses) Recognized in Other Comprehensive Income/(Losses) Related to Derivatives Designated as Hedging Instruments Location of Gains/(Losses) When Reclassified to Net Income/(Loss) For the Three Months Ended April 1, 2023 March 26, 2022 Cash flow hedges: Foreign exchange contracts $ (4) $ (9) Cost of products sold Foreign exchange contracts (excluded component) (2) — Cost of products sold Cross-currency contracts (1) (31) Other expense/(income) Cross-currency contracts (excluded component) 6 8 Other expense/(income) Cross-currency contracts (6) (7) Interest expense Interest rate contracts (3) — Interest expense Net investment hedges: Foreign exchange contracts 1 (1) Other expense/(income) Cross-currency contracts (12) 35 Other expense/(income) Cross-currency contracts (excluded component) 8 11 Interest expense Total gains/(losses) recognized in statements of comprehensive income $ (13) $ 6
Derivative Impact on Statements of Income	The following tables present the pre-tax amounts of derivative gains/(losses) reclassified from accumulated other comprehensive income/(losses) to net income/(loss) and the affected income statement line items (in millions): For the Three Months Ended April 1, 2023 March 26, 2022 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 $ 4,376 $ 227 $ (35) $ 4,114 $ 242 $ (98) Gains/(losses) related to derivatives designated as hedging instruments: Cash flow hedges: Foreign exchange contracts $ 10 $ — $ — $ (6) $ — $ — Foreign exchange contracts (excluded component) (3) — — (1) — — Cross-currency contracts — (6) 14 — (7) (35) Cross-currency contracts (excluded component) — — 6 — — 8 Net investment hedges: Foreign exchange contracts (excluded component) — — — — 1 — Cross-currency contracts (excluded component) — 8 — — 9 — Gains/(losses) related to derivatives not designated as hedging instruments: Commodity contracts (47) — — 139 — — Foreign exchange contracts — — (12) — — 38 Total gains/(losses) recognized in statements of income $ (40) $ 2 $ 8 $ 132 $ 3 $ 11

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income/(Losses) (Tables) - AOCI Attributable to Parent	3 Months Ended
	Apr. 01, 2023
Accumulated Other Comprehensive Income/(Loss) [Line Items]
Components of and Changes in Accumulated Other Comprehensive Income/(Losses)	The components of, and changes in, accumulated other comprehensive income/(losses), net of tax, were as follows (in millions): Foreign Currency Translation Adjustments Net Postemployment Benefit Plan Adjustments Net Cash Flow Hedge Adjustments Total Balance as of December 31, 2022 $ (2,845) $ (30) $ 65 $ (2,810) Foreign currency translation adjustments 115 — — 115 Net deferred gains/(losses) on net investment hedges (24) — — (24) Amounts excluded from the effectiveness assessment of net investment hedges 6 — — 6 Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) (6) — — (6) Net deferred gains/(losses) on cash flow hedges — — (15) (15) Amounts excluded from the effectiveness assessment of cash flow hedges — — 4 4 Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) — — (16) (16) Net postemployment benefit losses/(gains) reclassified to net income/(loss) — (2) — (2) Total other comprehensive income/(loss) 91 (2) (27) 62 Balance as of April 1, 2023 $ (2,754) $ (32) $ 38 $ (2,748)
Gross Amount and Related Tax Benefit/(Expense) Recorded in and Associated with each Component of Other Comprehensive Income/(Loss)	The gross amount and related tax benefit/(expense) recorded in, and associated with, each component of other comprehensive income/(loss) were as follows (in millions): For the Three Months Ended April 1, 2023 March 26, 2022 Before Tax Amount Tax Net of Tax Amount Before Tax Amount Tax Net of Tax Amount Foreign currency translation adjustments $ 115 $ — $ 115 $ (32) $ — $ (32) Net deferred gains/(losses) on net investment hedges (31) 7 (24) 66 (14) 52 Amounts excluded from the effectiveness assessment of net investment hedges 8 (2) 6 11 (2) 9 Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) (8) 2 (6) (10) 2 (8) Net deferred gains/(losses) on cash flow hedges (14) (1) (15) (47) 13 (34) Amounts excluded from the effectiveness assessment of cash flow hedges 4 — 4 8 (1) 7 Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) (21) 5 (16) 41 (19) 22 Net postemployment benefit losses/(gains) reclassified to net income/(loss) (3) 1 (2) (8) 4 (4)
Amounts Reclassified From Accumulated Other Comprehensive Income/(Losses)	The amounts reclassified from accumulated other comprehensive income/(losses) were as follows (in millions): Accumulated Other Comprehensive Income/(Losses) Component Reclassified from Accumulated Other Comprehensive Income/(Losses) to Net Income/(Loss) Affected Line Item in the Statements of Income For the Three Months Ended April 1, 2023 March 26, 2022 Losses/(gains) on net investment hedges: Foreign exchange contracts (a) $ — $ (1) Interest expense Cross-currency contracts (a) (8) (9) Interest expense Losses/(gains) on cash flow hedges: Foreign exchange contracts (b) (7) 7 Cost of products sold Cross-currency contracts (b) (20) 27 Other expense/(income) Cross-currency contracts (b) 6 7 Interest expense Losses/(gains) on hedges before income taxes (29) 31 Losses/(gains) on hedges, income taxes 7 (17) Losses/(gains) on hedges $ (22) $ 14 Losses/(gains) on postemployment benefits: Amortization of unrecognized losses/(gains) (c) $ — $ (4) Amortization of prior service costs/(credits) (c) (3) (4) Losses/(gains) on postemployment benefits before income taxes (3) (8) Losses/(gains) on postemployment benefits, income taxes 1 4 Losses/(gains) on postemployment benefits $ (2) $ (4) (a) Represents recognition of the excluded component in net income/(loss). (b) Includes amortization of the excluded component and the effective portion of the related hedges. (c) 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.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Apr. 01, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Common Share, Basic and Diluted	Our earnings per common share (“EPS”) were: For the Three Months Ended April 1, 2023 March 26, 2022 (in millions, except per share data) Basic Earnings Per Common Share: Net income/(loss) attributable to common shareholders $ 836 $ 776 Weighted average shares of common stock outstanding 1,226 1,225 Net earnings/(loss) $ 0.68 $ 0.63 Diluted Earnings Per Common Share: Net income/(loss) attributable to common shareholders $ 836 $ 776 Weighted average shares of common stock outstanding 1,226 1,225 Effect of dilutive equity awards 8 9 Weighted average shares of common stock outstanding, including dilutive effect 1,234 1,234 Net earnings/(loss) $ 0.68 $ 0.63

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
Segment Reporting (Tables)	Apr. 01, 2023
Segment Reporting [Abstract]
Net Sales by Segment	Net sales by segment were (in millions): For the Three Months Ended April 1, 2023 March 26, 2022 Net sales: North America $ 4,885 $ 4,601 International 1,604 1,444 Total net sales $ 6,489 $ 6,045
Segment Adjusted EBITDA	Segment Adjusted EBITDA was (in millions): For the Three Months Ended April 1, 2023 March 26, 2022 Segment Adjusted EBITDA: North America $ 1,333 $ 1,173 International 255 242 General corporate expenses (108) (73) Depreciation and amortization (excluding restructuring activities) (217) (217) Divestiture-related license income 13 14 Restructuring activities 10 (19) Deal costs — (8) Unrealized gains/(losses) on commodity hedges (11) 92 Impairment losses — (55) Certain non-ordinary course legal and regulatory matters (1) — Equity award compensation expense (31) (34) Operating income/(loss) 1,243 1,115 Interest expense 227 242 Other expense/(income) (35) (98) Income/(loss) before income taxes $ 1,051 $ 971
Net Sales by Platform	Net sales by platform were (in millions): For the Three Months Ended April 1, 2023 March 26, 2022 Taste Elevation $ 2,142 $ 1,830 Fast Fresh Meals 1,373 1,358 Easy Meals Made Better 1,341 1,238 Real Food Snacking 295 315 Flavorful Hydration 490 455 Easy Indulgent Desserts 224 217 Other 624 632 Total net sales $ 6,489 $ 6,045
Net Sales by Product Category	Net sales by product category were (in millions): For the Three Months Ended April 1, 2023 March 26, 2022 Condiments and sauces $ 2,169 $ 1,827 Cheese and dairy 917 885 Ambient foods 749 722 Frozen and chilled foods 719 674 Meats and seafood 595 628 Refreshment beverages 489 456 Coffee 220 214 Infant and nutrition 93 104 Desserts, toppings, and baking 259 246 Other 279 289 Total net sales $ 6,489 $ 6,045

Other Financial Data (Tables)

Other Financial Data (Tables)	3 Months Ended
Other Financial Data (Tables)	Apr. 01, 2023
Other Income and Expenses [Abstract]
Schedule of Other Expense/(Income)	Other expense/(income) consists of the following (in millions): For the Three Months Ended April 1, 2023 March 26, 2022 Amortization of postemployment benefit plans prior service costs/(credits) $ (3) $ (4) Net pension and postretirement non-service cost/(benefit) (a) (22) (46) Loss/(gain) on sale of business 1 1 Interest income (6) (5) Foreign exchange losses/(gains) 6 (32) Derivative losses/(gains) (8) (11) Other miscellaneous expense/(income) (3) (1) Other expense/(income) $ (35) $ (98)

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions	3 Months Ended
Basis of Presentation (Details) $ in Millions	Apr. 01, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Mar. 26, 2022 USD ($)	Dec. 25, 2021 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments \| segment	2
Restricted cash included in other non-current assets	$ 1	$ 1
Cash, cash equivalents, and restricted cash	828	$ 1,041	$ 2,980	$ 3,446
Restricted Cash and Cash Equivalents, Current	$ 1

Acquisitions and Divestitures -

Acquisitions and Divestitures - Hemmer Additional Information (Details) $ in Millions, R$ in Billions	Mar. 31, 2022 USD ($)	Mar. 31, 2022 BRL (R$)	Apr. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Goodwill on acquisition			$ 30,888	$ 30,833
Hemmer Acquisition
Business Acquisition [Line Items]
Total consideration paid	$ 279	R$ 1.3
Percent acquired	94%		100%
Goodwill on acquisition	$ 219		$ 215

Acquisitions and Divestitures_3

Acquisitions and Divestitures - Hemmer Purchase Price Allocation to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 01, 2023	Dec. 31, 2022	Mar. 31, 2022
Business Acquisition [Line Items]
Goodwill on acquisition	$ 30,888	$ 30,833
Hemmer Acquisition
Business Acquisition [Line Items]
Cash	1		$ 1
Cash	0
Trade receivables	13		13
Trade receivables	0
Inventories	17		17
Inventories	0
Other current assets	2		2
Other current assets	0
Property, plant and equipment, net	14		14
Property, plant and equipment, net	0
Identifiable intangible assets	122		122
Identifiable intangible assets	0
Other non-current assets	17		13
Other non-current assets	4
Short-term debt	(9)		(9)
Short-term debt	0
Trade payables	(11)		(11)
Trade payables	0
Other current liabilities	(31)		(31)
Other current liabilities	0
Long-term debt	(11)		(11)
Long-term debt	0
Other non-current liabilities	(44)		(44)
Other non-current liabilities	0
Net assets acquired	80		76
Net assets acquired	4
Noncontrolling interest	(16)		(16)
Noncontrolling interest	0
Goodwill on acquisition	215		219
Goodwill on acquisition	(4)
Total consideration	279		$ 279
Total consideration	$ 0

Acquisitions and Divestitures_4

Acquisitions and Divestitures - Hemmer Purchase Price Allocation to Identifiable Intangible Assets Acquired (Details) - Hemmer Acquisition - USD ($) $ in Millions	Mar. 31, 2022	Apr. 01, 2023
Business Acquisition [Line Items]
Fair Value (in millions of dollars)	$ 122	$ 122
Definite-lived trademarks
Business Acquisition [Line Items]
Fair Value (in millions of dollars)	$ 101
Weighted Average Life (in years)	13 years
Customer-related assets
Business Acquisition [Line Items]
Fair Value (in millions of dollars)	$ 21
Weighted Average Life (in years)	15 years

Acquisitions and Divestitures_5

Acquisitions and Divestitures - Just Spices Additional Information (Details) € in Millions, $ in Millions	Jan. 18, 2022 USD ($)	Jan. 18, 2022 EUR (€)	Apr. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Goodwill on acquisition			$ 30,888	$ 30,833
Just Spices Acquisition
Business Acquisition [Line Items]
Percent acquired	85%
Total consideration paid	$ 243	€ 214
Goodwill on acquisition	$ 167			$ 156

Acquisition and Divestitures -

Acquisition and Divestitures - Just Spices Purchase Price Allocation to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022	Jan. 18, 2022
Business Acquisition [Line Items]
Goodwill on acquisition	$ 30,888	$ 30,833
Just Spices Acquisition
Business Acquisition [Line Items]
Cash		2
Trade receivables		4
Inventories		7
Other current assets		9
Property, plant and equipment, net		1
Identifiable intangible assets		172	$ 172
Other non-current assets		7
Trade payables		(10)
Other current liabilities		(12)
Other non-current liabilities		(54)
Net assets acquired		126
Redeemable noncontrolling interest		(39)
Goodwill on acquisition		156	$ 167
Total consideration		$ 243

Acquisitions and Divestitures_6

Acquisitions and Divestitures - Just Spices Purchase Price Allocation to Identifiable Intangible Assets Acquired (Details) - Just Spices Acquisition - USD ($) $ in Millions	Jan. 18, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Fair Value (in millions of dollars)	$ 172	$ 172
Definite-lived trademarks
Business Acquisition [Line Items]
Fair Value (in millions of dollars)	$ 72
Weighted Average Life (in years)	10 years
Customer-related assets
Business Acquisition [Line Items]
Fair Value (in millions of dollars)	$ 100
Weighted Average Life (in years)	15 years

Restructuring Activities - Addi

Restructuring Activities - Additional Information (Details) $ in Millions	3 Months Ended
	Apr. 01, 2023 USD ($) employee	Mar. 26, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost (credit)	$ (8)	$ 19
Asset-Related Costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost (credit)	$ 2	4
Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated \| employee	335
Restructuring and related cost, expected number of positions eliminated \| employee	100
Restructuring and related cost, incurred cost (credit)	$ (8)	$ 19
Restructuring Activities \| Asset-Related Costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost (credit)	2
Restructuring Activities \| Other Implementation Costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost (credit)	$ (10)

Restructuring Activities - Rest

Restructuring Activities - Restructuring Reserve Roll-forward (Details) - Restructuring Activities $ in Millions	3 Months Ended
	Apr. 01, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 39
Cash payments	(11)
Restructuring Reserve, Settled without Cash	(3)
Ending balance	25
Severance and Employee Benefit Costs
Restructuring Reserve [Roll Forward]
Beginning balance	28
Cash payments	(10)
Restructuring Reserve, Settled without Cash	(2)
Ending balance	16
Other Exit Costs
Restructuring Reserve [Roll Forward]
Beginning balance	11
Cash payments	(1)
Restructuring Reserve, Settled without Cash	(1)
Ending balance	$ 9

Restructuring Activities - Re_2

Restructuring Activities - Restructuring Costs by Type and Income Statement Location (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of products sold	Cost of products sold
Restructuring and related cost, incurred cost (credit)	$ (8)	$ 19
Severance and Employee Benefit Costs \| Cost of products sold
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost (credit)	2	(3)
Severance and Employee Benefit Costs \| SG&A
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost (credit)	(4)	13
Severance and Employee Benefit Costs \| Other expense/(income)
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost (credit)	2	0
Asset-Related Costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost (credit)	2	4
Other Costs \| Cost of products sold
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost (credit)	2	3
Other Costs \| SG&A
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost (credit)	$ (12)	$ 2

Restructuring Activities - Re_3

Restructuring Activities - Restructuring Costs Excluded from Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Segment Reporting Information [Line Items]
Restructuring and related cost, incurred cost (credit)	$ (8)	$ 19
General corporate expenses
Segment Reporting Information [Line Items]
Restructuring and related cost, incurred cost (credit)	(13)	1
North America \| Operating Segments
Segment Reporting Information [Line Items]
Restructuring and related cost, incurred cost (credit)	6	20
International \| Operating Segments
Segment Reporting Information [Line Items]
Restructuring and related cost, incurred cost (credit)	$ (1)	$ (2)

Inventories Components of Inven

Inventories Components of Inventories (Details) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Packaging and ingredients	$ 965	$ 1,032
Spare parts	213	208
Work in process	330	334
Finished products	2,508	2,077
Inventories	$ 4,016	$ 3,651

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Changes in the Carrying Amount of Goodwill by Segment (Details) $ in Millions	3 Months Ended
	Apr. 01, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 30,833
Translation adjustments and other	55
Ending balance	30,888
North America
Goodwill [Roll Forward]
Beginning balance	27,685
Translation adjustments and other	3
Ending balance	27,688
International
Goodwill [Roll Forward]
Beginning balance	3,148
Translation adjustments and other	52
Ending balance	$ 3,200

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Goodwill Additional Information (Details) $ in Millions	3 Months Ended
	Apr. 01, 2023 USD ($) goodwillReportingUnit	Dec. 31, 2022 USD ($)	Jun. 26, 2022 USD ($)
Goodwill [Line Items]
Number of reporting units \| goodwillReportingUnit	11
Goodwill on acquisition	$ 30,888	$ 30,833
Goodwill, impaired, accumulated impairment loss	$ (11,300)
Reporting unit, goodwill balance held
Goodwill [Line Items]
Number of reporting units \| goodwillReportingUnit	7
Reporting unit, goodwill balance held \| 20% or less
Goodwill [Line Items]
Goodwill on acquisition			$ 16,400
Reporting unit, goodwill balance held \| 20 to 50%
Goodwill [Line Items]
Goodwill on acquisition			$ 14,500
Three Reporting Units \| 20% or less
Goodwill [Line Items]
Percentage of fair value in excess of carrying amount			20%
Four Reporting Units \| 20 to 50% \| Minimum
Goodwill [Line Items]
Percentage of fair value in excess of carrying amount			20%
Four Reporting Units \| 20 to 50% \| Maximum
Goodwill [Line Items]
Percentage of fair value in excess of carrying amount			50%
Reporting Units With 20% Or Less Excess Fair Value Over Carrying Amount
Goodwill [Line Items]
Percentage of fair value in excess of carrying amount			20%
Reporting Units With More Than 20% Excess Fair Value Over Carrying Amount
Goodwill [Line Items]
Percentage of fair value in excess of carrying amount			20%

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Changes in the Carrying Amount of Indefinite-Lived Intangible Assets (Details) $ in Millions	3 Months Ended
	Apr. 01, 2023 USD ($)
Indefinite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 38,552
Translation adjustments and other	68
Ending balance	$ 38,620

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets - Indefinite-Lived Intangible Assets Additional Information (Details) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022	Jun. 26, 2022
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 38,620	$ 38,552
Brand, percentage of fair value in excess of carrying value			20%
Impaired Brands \| 20% or less
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets			$ 16,600
Percentage of fair value in excess of carrying amount			20%
Impaired Brands \| 20 to 50%
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets			$ 2,500
Impaired Brands \| In Excess of 50%
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets			$ 19,400
Percentage of fair value in excess of carrying amount			50%
Impaired Brands \| Minimum \| 20 to 50%
Indefinite-lived Intangible Assets [Line Items]
Percentage of fair value in excess of carrying amount			20%
Impaired Brands \| Maximum \| 20 to 50%
Indefinite-lived Intangible Assets [Line Items]
Percentage of fair value in excess of carrying amount			50%

Goodwill and Intangible Asset_7

Goodwill and Intangible Assets - Summary of Definite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross	$ 5,937	$ 5,926
Accumulated Amortization	(1,892)	(1,829)
Net	4,045	4,097
Definite-lived trademarks
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross	2,225	2,223
Accumulated Amortization	(672)	(649)
Net	1,553	1,574
Customer-related assets
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross	3,698	3,690
Accumulated Amortization	(1,216)	(1,177)
Net	2,482	2,513
Other
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross	14	13
Accumulated Amortization	(4)	(3)
Net	$ 10	$ 10

Goodwill and Intangible Asset_8

Goodwill and Intangible Assets - Definite Lived Intangible Assets Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 62	$ 64
Amortization of definite-lived intangible assets, current year	250
Amortization of definite-lived intangible assets, year one	250
Amortization of definite-lived intangible assets, year two	250
Amortization of definite-lived intangible assets, year three	250
Amortization of definite-lived intangible assets, year four	250
Amortization of definite-lived intangible assets, year five	$ 250

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended
Income Taxes - Additional Information (Details)	Apr. 01, 2023	Mar. 26, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	20.30%	19.60%

Employees' Stock Incentive Pl_3

Employees' Stock Incentive Plans - Schedule of Stock Option Activity and Related Information (Details)	3 Months Ended
	Apr. 01, 2023 $ / shares shares
Number of Stock Options
Beginning balance (in shares) \| shares	9,559,063
Granted (in shares) \| shares	794,301
Forfeited (in shares) \| shares	(200,449)
Exercised (in shares) \| shares	(1,161,560)
Ending balance (in shares) \| shares	8,991,355
Weighted Average Exercise Price (per share)
Options outstanding at period start, weighted average exercise price (in dollars per share) \| $ / shares	$ 46.80
Options granted, weighted average exercise price (in dollars per share) \| $ / shares	38.40
Options forfeited, weighted average exercise price (in dollars per share) \| $ / shares	56.49
Options exercised, weighted average exercise price (in dollars per share) \| $ / shares	35.58
Options outstanding at period end, weighted average exercise price (in dollars per share) \| $ / shares	$ 47.29

Employees' Stock Incentive Pl_4

Employees' Stock Incentive Plans - Schedule of RSU Activity and Related Information (Details) - RSUs	3 Months Ended
	Apr. 01, 2023 $ / shares shares
Number of Units
Beginning balance (in shares) \| shares	9,330,718
Granted (in shares) \| shares	2,319,570
Forfeited (in shares) \| shares	(78,684)
Vested (in shares) \| shares	(1,576,924)
Ending balance (in shares) \| shares	9,994,680
Weighted Average Grant Date Fair Value (per share)
Outstanding at period start, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 34.36
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	38.42
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	36.27
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	35.32
Outstanding at period end, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 35.13

Employees' Stock Incentive Pl_5

Employees' Stock Incentive Plans - Schedule of PSU Activity and Related Information (Details) - PSUs	3 Months Ended
	Apr. 01, 2023 $ / shares shares
Number of Units
Beginning balance (in shares) \| shares	4,018,654
Granted (in shares) \| shares	2,234,387
Forfeited (in shares) \| shares	(47,673)
Vested (in shares) \| shares	(47,948)
Ending balance (in shares) \| shares	6,157,420
Weighted Average Grant Date Fair Value (per share)
Outstanding at period start, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 32.15
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	33.33
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	34.35
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	22.25
Outstanding at period end, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 32.48

Employees' Stock Incentive Pl_6

Employees' Stock Incentive Plans - Additional Information (Details) $ in Millions	3 Months Ended
	Apr. 01, 2023 USD ($)
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, vested in period, fair value	$ 61

Postemployment Benefits Pension

Postemployment Benefits Pension Plans - Net Cost/(Benefit) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Defined Benefit Plan Disclosure [Line Items]
Amortization of postemployment benefit plans prior service costs/(credits)	$ (3)	$ (4)
U.S. Plans \| Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	1
Interest cost	36	24
Expected return on plan assets	(49)	(48)
Amortization of unrecognized losses/(gains)	0	0
Special/contractual termination benefits	0	0
Net postretirement cost/(benefit)	(13)	(23)
Non-U.S. Plans \| Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	4
Interest cost	15	10
Expected return on plan assets	(21)	(19)
Amortization of unrecognized losses/(gains)	4	0
Special/contractual termination benefits	2	0
Net postretirement cost/(benefit)	$ 2	$ (5)

Postemployment Benefits - Addit

Postemployment Benefits - Additional Information (Details)	3 Months Ended
Postemployment Benefits - Additional Information (Details)	Apr. 01, 2023 USD ($)
Pension Plans \| Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 3,000,000
Estimated future employer contributions	7,000,000
Pension Plans \| U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	0
Estimated future employer contributions	0
Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	3,000,000
Estimated future employer contributions	$ 9,000,000

Postemployment Benefits - Postr

Postemployment Benefits - Postretirement Benefit Plans Net Cost/(Benefit) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Defined Benefit Plan Disclosure [Line Items]
Amortization of postemployment benefit plans prior service costs/(credits)	$ (3)	$ (4)
Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	1
Interest cost	9	5
Expected return on plan assets	(14)	(14)
Amortization of postemployment benefit plans prior service costs/(credits)	(3)	(4)
Amortization of unrecognized losses/(gains)	(4)	(4)
Net postretirement cost/(benefit)	$ (11)	$ (16)

Financial Instruments - Schedul

Financial Instruments - Schedule of Notional Values of Outstanding Derivatives (Details) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
Commodity contracts
Derivative [Line Items]
Derivative, notional amount	$ 1,043	$ 1,166
Foreign exchange contracts
Derivative [Line Items]
Derivative, notional amount	2,931	3,139
Cross-currency contracts
Derivative [Line Items]
Derivative, notional amount	6,336	6,336
Interest rate contracts
Derivative [Line Items]
Derivative, notional amount	$ 400	$ 0

Financial Instruments - Sched_2

Financial Instruments - Schedule of Derivative Fair Values (Details) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
Derivatives Fair Value [Line Items]
Assets	$ 315	$ 342
Liabilities	306	294
Foreign exchange contracts \| Designated as hedging instrument
Derivatives Fair Value [Line Items]
Assets	30	40
Liabilities	13	10
Foreign exchange contracts \| Not designated as hedging instrument
Derivatives Fair Value [Line Items]
Assets	22	33
Liabilities	23	25
Cross-currency contracts \| Designated as hedging instrument
Derivatives Fair Value [Line Items]
Assets	231	236
Liabilities	182	183
Interest rate contracts \| Designated as hedging instrument
Derivatives Fair Value [Line Items]
Assets	0
Liabilities	3
Commodity contracts \| Not designated as hedging instrument
Derivatives Fair Value [Line Items]
Assets	32	33
Liabilities	85	76
Level 1
Derivatives Fair Value [Line Items]
Assets	26	33
Liabilities	81	61
Level 1 \| Foreign exchange contracts \| Designated as hedging instrument
Derivatives Fair Value [Line Items]
Assets	0	0
Liabilities	0	0
Level 1 \| Foreign exchange contracts \| Not designated as hedging instrument
Derivatives Fair Value [Line Items]
Assets	0	0
Liabilities	0	0
Level 1 \| Cross-currency contracts \| Designated as hedging instrument
Derivatives Fair Value [Line Items]
Assets	0	0
Liabilities	0	0
Level 1 \| Interest rate contracts \| Designated as hedging instrument
Derivatives Fair Value [Line Items]
Assets	0
Liabilities	0
Level 1 \| Commodity contracts \| Not designated as hedging instrument
Derivatives Fair Value [Line Items]
Assets	26	33
Liabilities	81	61
Level 2
Derivatives Fair Value [Line Items]
Assets	289	309
Liabilities	225	233
Level 2 \| Foreign exchange contracts \| Other current assets
Derivatives Fair Value [Line Items]
Assets	50	70
Level 2 \| Foreign exchange contracts \| Other non-current assets
Derivatives Fair Value [Line Items]
Assets	2	3
Level 2 \| Foreign exchange contracts \| Other current liabilities
Derivatives Fair Value [Line Items]
Liabilities	34	33
Level 2 \| Foreign exchange contracts \| Other non-current liabilities
Derivatives Fair Value [Line Items]
Liabilities	2	2
Level 2 \| Foreign exchange contracts \| Designated as hedging instrument
Derivatives Fair Value [Line Items]
Assets	30	40
Liabilities	13	10
Level 2 \| Foreign exchange contracts \| Not designated as hedging instrument
Derivatives Fair Value [Line Items]
Assets	22	33
Liabilities	23	25
Level 2 \| Cross-currency contracts \| Other current assets
Derivatives Fair Value [Line Items]
Assets	125	132
Level 2 \| Cross-currency contracts \| Other non-current assets
Derivatives Fair Value [Line Items]
Assets	106	104
Level 2 \| Cross-currency contracts \| Other current liabilities
Derivatives Fair Value [Line Items]
Liabilities	57	59
Level 2 \| Cross-currency contracts \| Other non-current liabilities
Derivatives Fair Value [Line Items]
Liabilities	125	124
Level 2 \| Cross-currency contracts \| Designated as hedging instrument
Derivatives Fair Value [Line Items]
Assets	231	236
Liabilities	182	183
Level 2 \| Interest rate contracts \| Designated as hedging instrument
Derivatives Fair Value [Line Items]
Assets	0
Liabilities	3
Level 2 \| Commodity contracts \| Not designated as hedging instrument
Derivatives Fair Value [Line Items]
Assets	6	0
Liabilities	$ 4	$ 15

Financial Instruments - Additio

Financial Instruments - Additional Information (Details) € in Millions, £ in Millions, $ in Millions, ¥ in Billions, $ in Billions	3 Months Ended
	Apr. 01, 2023 USD ($)	Mar. 26, 2022 USD ($)	Apr. 01, 2023 EUR (€)	Apr. 01, 2023 GBP (£)	Apr. 01, 2023 CAD ($)	Apr. 01, 2023 JPY (¥)	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Derivative, collateral, obligation to return cash	$ 203						$ 222
Derivative, collateral, right to reclaim cash	203						222
Collateral posted related to commodity derivative margin requirements, asset	$ 72						$ 43
Cross-currency contracts
Derivative [Line Items]
Maximum length of time hedged in cash flow hedge	6 years
Foreign exchange contracts
Derivative [Line Items]
Maximum length of time hedged in cash flow hedge	2 years
Cash flow hedges gain (loss) to be reclassified within twelve months	$ 20
Interest rate contracts
Derivative [Line Items]
Maximum length of time hedged in cash flow hedge	2 months
Designated as hedging instrument \| Debt \| Net Investment Hedging
Derivative [Line Items]
Non-derivative instruments, loss (gain) recognized in other comprehensive income (loss), net	$ 20	$ (32)
Designated as hedging instrument \| Debt \| Euro Member Countries, Euro \| Net Investment Hedging
Derivative [Line Items]
Derivative, amount of hedged item \| €			€ 650
Designated as hedging instrument \| Debt \| United Kingdom, Pounds \| Net Investment Hedging
Derivative [Line Items]
Derivative, amount of hedged item \| £				£ 400
Designated as hedging instrument \| Cross-currency contracts \| Euro Member Countries, Euro \| Net Investment Hedging
Derivative [Line Items]
Derivative asset, notional amount	2,100		€ 1,900
Designated as hedging instrument \| Cross-currency contracts \| Canada, Dollars \| Net Investment Hedging
Derivative [Line Items]
Derivative liability, notional amount	1,000				$ 1.4
Designated as hedging instrument \| Cross-currency contracts \| Japan, Yen \| Net Investment Hedging
Derivative [Line Items]
Derivative asset, notional amount	67					¥ 9.6
Designated as hedging instrument \| Cross-currency contracts \| China, Yuan Renminbi \| Net Investment Hedging
Derivative [Line Items]
Derivative liability, notional amount	68					¥ 0.5
Designated as hedging instrument \| Other contract \| Euro Member Countries, Euro \| Net Investment Hedging
Derivative [Line Items]
Derivative, amount of hedged item	$ 108
Not designated as hedging instrument \| Foreign exchange contracts \| Hemmer Acquisition
Derivative [Line Items]
Net gains/(losses) on derivatives, reclassified to net income		$ 38

Financial Instruments - Derivat

Financial Instruments - Derivative Impact on Statements of Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Derivative [Line Items]
Other comprehensive income (loss), derivatives, gain (loss), before reclassification and tax	$ (13)	$ 6
Cash Flow Hedging \| Cost of products sold \| Foreign exchange contracts
Derivative [Line Items]
Gains/(losses) recognized in other comprehensive income (loss) on cash flow hedges, before tax	(4)	(9)
Amounts excluded from the effectiveness assessment of cash flow hedges, before tax	(2)	0
Cash Flow Hedging \| Interest expense \| Cross-currency contracts
Derivative [Line Items]
Gains/(losses) recognized in other comprehensive income (loss) on cash flow hedges, before tax	(6)	(7)
Cash Flow Hedging \| Interest expense \| Interest rate contracts
Derivative [Line Items]
Gains/(losses) recognized in other comprehensive income (loss) on cash flow hedges, before tax	(3)	0
Cash Flow Hedging \| Other expense/(income) \| Cross-currency contracts
Derivative [Line Items]
Gains/(losses) recognized in other comprehensive income (loss) on cash flow hedges, before tax	(1)	(31)
Amounts excluded from the effectiveness assessment of cash flow hedges, before tax	6	8
Net Investment Hedging \| Interest expense \| Cross-currency contracts
Derivative [Line Items]
Amounts excluded from the effectiveness assessment of net investment hedges, before tax	8	11
Net Investment Hedging \| Other expense/(income) \| Foreign exchange contracts
Derivative [Line Items]
Gains/(losses) recognized in other comprehensive income (loss) on net investment hedges, before tax	1	(1)
Net Investment Hedging \| Other expense/(income) \| Cross-currency contracts
Derivative [Line Items]
Gains/(losses) recognized in other comprehensive income (loss) on net investment hedges, before tax	$ (12)	$ 35

Financial Instruments - Deriv_2

Financial Instruments - Derivative Impact on Statements of Income (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Total amounts presented in the condensed consolidated statements of income in which the following effects were recorded
Cost of products sold	$ 4,376	$ 4,114
Selling, general and administrative expenses	870	816
Interest expense	227	242
Other expense/(income)	(35)	(98)
Cost of products sold
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	(40)	132
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	(40)	132
Interest expense
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	2	3
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	2	3
Other expense/(income)
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	8	11
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	8	11
Not designated as hedging instrument \| Cost of products sold \| Foreign exchange contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Not designated as hedging instrument \| Cost of products sold \| Commodity contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	(47)	139
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	(47)	139
Not designated as hedging instrument \| Interest expense \| Foreign exchange contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Not designated as hedging instrument \| Interest expense \| Commodity contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Not designated as hedging instrument \| Other expense/(income) \| Foreign exchange contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	(12)	38
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	(12)	38
Not designated as hedging instrument \| Other expense/(income) \| Commodity contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Cash Flow Hedging \| Designated as hedging instrument \| Cost of products sold \| Foreign exchange contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	10	(6)
Net gain/(loss) on derivatives, excluded component, reclassified to net income	(3)	(1)
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	10	(6)
Cash Flow Hedging \| Designated as hedging instrument \| Cost of products sold \| Cross-currency contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Net gain/(loss) on derivatives, excluded component, reclassified to net income	0	0
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Cash Flow Hedging \| Designated as hedging instrument \| Interest expense \| Foreign exchange contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Net gain/(loss) on derivatives, excluded component, reclassified to net income	0	0
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Cash Flow Hedging \| Designated as hedging instrument \| Interest expense \| Cross-currency contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	(6)	(7)
Net gain/(loss) on derivatives, excluded component, reclassified to net income	0	0
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	(6)	(7)
Cash Flow Hedging \| Designated as hedging instrument \| Other expense/(income) \| Foreign exchange contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Net gain/(loss) on derivatives, excluded component, reclassified to net income	0	0
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	0	0
Cash Flow Hedging \| Designated as hedging instrument \| Other expense/(income) \| Cross-currency contracts
Derivatives designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	14	(35)
Net gain/(loss) on derivatives, excluded component, reclassified to net income	6	8
Derivatives not designated as hedging instruments:
Net gains/(losses) on derivatives, reclassified to net income	14	(35)
Net Investment Hedging \| Designated as hedging instrument \| Cost of products sold \| Foreign exchange contracts
Derivatives designated as hedging instruments:
Net gain/(loss) on derivatives, excluded component, reclassified to net income	0	0
Net Investment Hedging \| Designated as hedging instrument \| Cost of products sold \| Cross-currency contracts
Derivatives designated as hedging instruments:
Net gain/(loss) on derivatives, excluded component, reclassified to net income	0	0
Net Investment Hedging \| Designated as hedging instrument \| Interest expense \| Foreign exchange contracts
Derivatives designated as hedging instruments:
Net gain/(loss) on derivatives, excluded component, reclassified to net income	0	1
Net Investment Hedging \| Designated as hedging instrument \| Interest expense \| Cross-currency contracts
Derivatives designated as hedging instruments:
Net gain/(loss) on derivatives, excluded component, reclassified to net income	8	9
Net Investment Hedging \| Designated as hedging instrument \| Other expense/(income) \| Foreign exchange contracts
Derivatives designated as hedging instruments:
Net gain/(loss) on derivatives, excluded component, reclassified to net income	0	0
Net Investment Hedging \| Designated as hedging instrument \| Other expense/(income) \| Cross-currency contracts
Derivatives designated as hedging instruments:
Net gain/(loss) on derivatives, excluded component, reclassified to net income	$ 0	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income/(Losses) - Components of and Changes in Accumulated Other Comprehensive Income/(Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 48,678
Total other comprehensive income/(loss)	62
Ending balance	49,153
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(2,845)
Other comprehensive income/(loss) before reclassifications	115	$ (32)
Total other comprehensive income/(loss)	91
Ending balance	(2,754)
Net investment hedge adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income/(loss) before reclassifications	(24)	52
Amounts excluded from effectiveness assessment	6	9
Reclassifications from AOCI	(6)	(8)
Net cash flow hedge adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	65
Other comprehensive income/(loss) before reclassifications	(15)	(34)
Amounts excluded from effectiveness assessment	4	7
Reclassifications from AOCI	(16)	22
Total other comprehensive income/(loss)	(27)
Ending balance	38
Net postemployment benefit plan adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(30)
Reclassifications from AOCI	(2)	$ (4)
Total other comprehensive income/(loss)	(2)
Ending balance	(32)
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(2,810)
Ending balance	$ (2,748)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income/(Losses) - Gross Amount and Related Tax Benefit/(Expense) Recorded in and Associated with each Component of Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Foreign currency translation adjustments
OCI Before Reclassifications
Before Tax Amount	$ 115	$ (32)
Tax	0	0
Net of Tax Amount	115	(32)
Net investment hedge adjustments
OCI Before Reclassifications
Before Tax Amount	(31)	66
Tax	7	(14)
Net of Tax Amount	(24)	52
Amounts Excluded from Effectiveness Assessment
Before Tax Amount	8	11
Tax	(2)	(2)
Net of Tax Amount	6	9
Reclassifications
Before Tax Amount	(8)	(10)
Tax	2	2
Net of Tax Amount	(6)	(8)
Net cash flow hedge adjustments
OCI Before Reclassifications
Before Tax Amount	(14)	(47)
Tax	(1)	13
Net of Tax Amount	(15)	(34)
Amounts Excluded from Effectiveness Assessment
Before Tax Amount	4	8
Tax	0	(1)
Net of Tax Amount	4	7
Reclassifications
Before Tax Amount	(21)	41
Tax	5	(19)
Net of Tax Amount	(16)	22
Net postemployment benefit plan adjustments
Reclassifications
Before Tax Amount	(3)	(8)
Tax	1	4
Net of Tax Amount	$ (2)	$ (4)

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Income/(Losses) - Amounts Reclassified from Accumulated Other Comprehensive Income/(Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items]
Interest expense	$ 227	$ 242
Cost of products sold	4,376	4,114
Other expense/(income)	(35)	(98)
Income/(loss) before income taxes	1,051	971
Provision for/(benefit from) income taxes	214	190
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(837)	(781)
Reclassification out of Accumulated Other Comprehensive Income \| Net investment hedge adjustments \| Foreign exchange contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items]
Interest expense	0	(1)
Reclassification out of Accumulated Other Comprehensive Income \| Net investment hedge adjustments \| Cross-currency contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items]
Interest expense	(8)	(9)
Reclassification out of Accumulated Other Comprehensive Income \| Net cash flow hedge adjustments \| Foreign exchange contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items]
Cost of products sold	(7)	7
Reclassification out of Accumulated Other Comprehensive Income \| Net cash flow hedge adjustments \| Cross-currency contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items]
Interest expense	6	7
Other expense/(income)	(20)	27
Reclassification out of Accumulated Other Comprehensive Income \| Hedge adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items]
Income/(loss) before income taxes	29	(31)
Provision for/(benefit from) income taxes	7	(17)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(22)	14
Reclassification out of Accumulated Other Comprehensive Income \| Net postemployment benefit plan adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items]
Income/(loss) before income taxes	3	8
Provision for/(benefit from) income taxes	1	4
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(2)	(4)
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of unrecognized losses/(gains)
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items]
Other expense/(income)	0	(4)
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of prior service costs/(credits)
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items]
Other expense/(income)	$ (3)	$ (4)

Financing Arrangements - Additi

Financing Arrangements - Additional Information (Details) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
Assets that Continue to be Recognized, Securitized or Asset-Backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items]
Other liabilities, structured payables, current	$ 71	$ 87
Cash proceeds received for assets derecognized, amount	100
Transfer of Financial Assets Accounted for as Sales, Cash Proceeds Received for Assets Derecognized, Amount Outstanding	100
Transfer of Financial Assets Accounted for as Sales, Unremitted Cash Collections	68
Accounts Payable and Accrued Liabilities
Assets that Continue to be Recognized, Securitized or Asset-Backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items]
Supplier Finance Programs, Amounts Outstanding	$ 866	$ 1,100

Commitments and Contingencies D

Commitments and Contingencies Disclosure (Details) $ in Millions	3 Months Ended
	Dec. 31, 2022 USD ($)
Securities Class Action Lawsuit
Loss Contingencies [Line Items]
Payments for Legal Settlements	$ 210

Commitments, Contingencies an_2

Commitments, Contingencies and Debt - Debt Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Mar. 26, 2022	Apr. 01, 2023	Mar. 26, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Repayments of long-term debt		$ 1	$ 9
Fair value of total debt		19,400		$ 18,700
Carrying value of total debt		$ 20,100		$ 20,100
Senior Notes \| Senior notes due in March 2022
Debt Instrument [Line Items]
Repayments of long-term debt	$ 6

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Common Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Basic EPS
Net income/(loss) attributable to common shareholders	$ 836	$ 776
Weighted average shares of common stock outstanding (in shares)	1,226	1,225
Basic earnings/(loss) per common share (in dollars per share)	$ 0.68	$ 0.63
Diluted EPS
Net income/(loss) attributable to common shareholders	$ 836	$ 776
Weighted average shares of common stock outstanding (in shares)	1,226	1,225
Effect of dilutive equity awards (in shares)	8	9
Weighted average shares of common stock outstanding, including dilutive effect (in shares)	1,234	1,234
Diluted earnings/(loss) per common share (in dollars per share)	$ 0.68	$ 0.63

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Earnings Per Share [Abstract]
Anti-dilutive shares	7	8

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	3 Months Ended
Segment Reporting - Additional Information (Details)	Apr. 01, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Reporting - Net Sales b

Segment Reporting - Net Sales by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	$ 6,489	$ 6,045
North America
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	4,885	4,601
International
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	$ 1,604	$ 1,444

Segment Reporting - Segment Adj

Segment Reporting - Segment Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Segment Reporting Information [Line Items]
Depreciation and amortization (excluding restructuring activities)	$ (217)	$ (217)
Divestiture-related license income	13	14
Restructuring activities	10	(19)
Deal costs	0	(8)
Unrealized gains/(losses) on commodity hedges	(11)	92
Impairment losses	0	(55)
Certain non-ordinary course legal and regulatory matters	(1)	0
Equity award compensation expense	(31)	(34)
Operating income/(loss)	1,243	1,115
Interest expense	227	242
Other expense/(income)	(35)	(98)
Income/(loss) before income taxes	1,051	971
General corporate expenses
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	(108)	(73)
North America \| Operating Segments
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	1,333	1,173
International \| Operating Segments
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	$ 255	$ 242

Segment Reporting - Net Sales_2

Segment Reporting - Net Sales by Platform (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Revenue from External Customer [Line Items]
Net sales	$ 6,489	$ 6,045
Taste Elevation
Revenue from External Customer [Line Items]
Net sales	2,142	1,830
Fast Fresh Meals
Revenue from External Customer [Line Items]
Net sales	1,373	1,358
Easy Meals Made Better
Revenue from External Customer [Line Items]
Net sales	1,341	1,238
Real Food Snacking
Revenue from External Customer [Line Items]
Net sales	295	315
Flavorful Hydration
Revenue from External Customer [Line Items]
Net sales	490	455
Easy Indulgent Desserts
Revenue from External Customer [Line Items]
Net sales	224	217
Other
Revenue from External Customer [Line Items]
Net sales	$ 624	$ 632

Segment Reporting - Net Sales_3

Segment Reporting - Net Sales by Product Category (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Revenue from External Customer [Line Items]
Net sales	$ 6,489	$ 6,045
Condiments and sauces
Revenue from External Customer [Line Items]
Net sales	2,169	1,827
Cheese and dairy
Revenue from External Customer [Line Items]
Net sales	917	885
Ambient foods
Revenue from External Customer [Line Items]
Net sales	749	722
Frozen and chilled foods
Revenue from External Customer [Line Items]
Net sales	719	674
Meats and seafood
Revenue from External Customer [Line Items]
Net sales	595	628
Refreshment beverages
Revenue from External Customer [Line Items]
Net sales	489	456
Coffee
Revenue from External Customer [Line Items]
Net sales	220	214
Infant and nutrition
Revenue from External Customer [Line Items]
Net sales	93	104
Desserts, toppings, and baking
Revenue from External Customer [Line Items]
Net sales	259	246
Other
Revenue from External Customer [Line Items]
Net sales	$ 279	$ 289

Other Financial Data - Schedule

Other Financial Data - Schedule of Other Expense/(Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Other Income and Expenses [Abstract]
Amortization of postemployment benefit plans prior service costs/(credits)	$ (3)	$ (4)
Net pension and postretirement non-service cost/(benefit)(a)	(22)	(46)
Loss/(gain) on sale of business	1	1
Interest income	6	5
Foreign exchange losses/(gains)	6	(32)
Derivative losses/(gains)	(8)	(11)
Other miscellaneous expense/(income)	(3)	(1)
Other expense/(income)	$ 35	$ 98

Other Financial Data - Addition

Other Financial Data - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Other Income and Expenses [Abstract]
Other expense/(income)	$ 35	$ 98
Derivative losses/(gains)	(8)	(11)
Increase/(Decrease) in net pension and postretirement non-service benefits	24
Foreign exchange losses/(gains)	$ 6	$ (32)