Delaware | 46-2078182 | |
(State or other jurisdiction of incorporation) | (IRS Employer Identification No.) |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |
99.1 | Kraft Heinz Unaudited Pro Forma Results by Quarter and Related Non-GAAP Reconciliations |
The Kraft Heinz Company | ||
Date: November 4, 2015 | By: | /s/ Paulo Basilio |
Paulo Basilio | ||
Executive Vice President and Chief Financial Officer |
• | Application of the acquisition method of accounting; |
• | The issuance of Heinz common stock to the Sponsors in connection with the equity investments; |
• | The Conversion; |
• | The exchange of one share of Kraft Heinz common stock for each share of Kraft common stock; and |
• | Conformance of accounting policies. |
• | We made a voluntary change in accounting policy to classify certain warehouse and distribution costs (including shipping and handling costs) associated with the distribution of finished product to our customers as cost of products sold, which were previously recorded in selling, general and administrative expenses (“SG&A”). We made this voluntary change in accounting policy because we believe this presentation is preferable, as the classification in cost of products sold better reflects the cost of producing and distributing products. As required by U.S. GAAP, this change has been retrospectively applied. |
• | We made a voluntary change in accounting policy to classify our trademark and license intangible asset impairments and amortization in SG&A, which were previously recorded in cost of products sold. We made this voluntary change in accounting policy because we believe this presentation is preferable, as removing these expenses from cost of products sold better aligns cost of products sold with costs directly associated with generating revenue. As required by U.S. GAAP, this change has been retrospectively applied. |
• | We determined that we had previously misclassified customer related intangible asset amortization. Such costs were previously included in cost of products sold but should have been included in SG&A. We have revised the classification to report these expenses in SG&A in all periods presented. |
• | We reclassified expenses related to the 2015 Merger into SG&A. Previously, we recorded these expenses as 2015 Merger related costs in our condensed consolidated statements of income. |
• | We combined interest income and other expense, net. |
For the Three Months Ended | For the Year Ended | For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||||||||
March 30, 2014 | June 29, 2014 | September 28, 2014 | December 28, 2014 | December 28, 2014 | March 29, 2015 | June 28, 2015 | June 28, 2015 | ||||||||||||||||||||||||
Net sales | $ | 7,160 | $ | 7,473 | $ | 6,993 | $ | 7,496 | $ | 29,122 | $ | 6,830 | $ | 7,130 | $ | 13,960 | |||||||||||||||
Cost of products sold | 4,816 | 5,153 | 4,893 | 5,284 | 20,146 | 4,556 | 4,709 | 9,265 | |||||||||||||||||||||||
Gross profit | 2,344 | 2,320 | 2,100 | 2,212 | 8,976 | 2,274 | 2,421 | 4,695 | |||||||||||||||||||||||
Selling, general and administrative expenses | 1,130 | 1,170 | 1,002 | 1,291 | 4,593 | 992 | 1,107 | 2,099 | |||||||||||||||||||||||
Operating income | 1,214 | 1,150 | 1,098 | 921 | 4,383 | 1,282 | 1,314 | 2,596 | |||||||||||||||||||||||
Interest expense | 275 | 276 | 274 | 288 | 1,113 | 305 | 497 | 802 | |||||||||||||||||||||||
Other expense/(income), net | 5 | 41 | 20 | (9 | ) | 57 | (56 | ) | 246 | 190 | |||||||||||||||||||||
Income before income taxes | 934 | 833 | 804 | 642 | 3,213 | 1,033 | 571 | 1,604 | |||||||||||||||||||||||
Provision for income taxes | 286 | 263 | 194 | 137 | 880 | 292 | 201 | 493 | |||||||||||||||||||||||
Net income | 648 | 570 | 610 | 505 | 2,333 | 741 | 370 | 1,111 | |||||||||||||||||||||||
Net income attributable to noncontrolling interest | 3 | 8 | 2 | 2 | 15 | 3 | 4 | 7 | |||||||||||||||||||||||
Net income attributable to Kraft Heinz | 645 | 562 | 608 | 503 | 2,318 | 738 | 366 | 1,104 | |||||||||||||||||||||||
Preferred dividend | 180 | 180 | 180 | 180 | 720 | 180 | 180 | 360 | |||||||||||||||||||||||
Net income attributable to common shareholders | $ | 465 | $ | 382 | $ | 428 | $ | 323 | $ | 1,598 | $ | 558 | $ | 186 | $ | 744 | |||||||||||||||
Basic common shares outstanding | 1,192 | 1,192 | 1,192 | 1,192 | 1,192 | 1,187 | 1,194 | 1,190 | |||||||||||||||||||||||
Diluted common shares outstanding | 1,222 | 1,222 | 1,222 | 1,222 | 1,222 | 1,218 | 1,224 | 1,221 | |||||||||||||||||||||||
Per share data applicable to common shareholders: | |||||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.39 | $ | 0.32 | $ | 0.36 | $ | 0.27 | $ | 1.34 | $ | 0.47 | $ | 0.16 | $ | 0.63 | |||||||||||||||
Diluted earnings per share | $ | 0.38 | $ | 0.31 | $ | 0.35 | $ | 0.26 | $ | 1.31 | $ | 0.46 | $ | 0.15 | $ | 0.61 |
Historical Heinz | Historical Kraft | Pro Forma Adjustments1 | Pro Forma | ||||||||||||
Net sales | $ | 2,800 | $ | 4,360 | $ | — | $ | 7,160 | |||||||
Cost of products sold | 1,988 | 2,766 | 62 | 4,816 | |||||||||||
Gross profit | 812 | 1,594 | (62 | ) | 2,344 | ||||||||||
Selling, general and administrative expenses | 379 | 690 | 61 | 1,130 | |||||||||||
Operating income | 433 | 904 | (123 | ) | 1,214 | ||||||||||
Interest expense | 169 | 126 | (20 | ) | 275 | ||||||||||
Other expense/(income), net | 15 | (10 | ) | — | 5 | ||||||||||
Income before income taxes | 249 | 788 | (103 | ) | 934 | ||||||||||
Provision for income taxes | 51 | 275 | (40 | ) | 286 | ||||||||||
Net income | 198 | 513 | (63 | ) | 648 | ||||||||||
Net income attributable to noncontrolling interest | 3 | — | — | 3 | |||||||||||
Net income attributable to Kraft Heinz | 195 | 513 | (63 | ) | 645 | ||||||||||
Preferred dividend | 180 | — | — | 180 | |||||||||||
Net income attributable to common shareholders | $ | 15 | $ | 513 | $ | (63 | ) | $ | 465 | ||||||
Basic common shares outstanding | 1,192 | ||||||||||||||
Diluted common shares outstanding | 1,222 | ||||||||||||||
Per share data applicable to common shareholders: | |||||||||||||||
Basic earnings per share | $ | 0.39 | |||||||||||||
Diluted earnings per share | $ | 0.38 |
Historical Heinz | Historical Kraft | Pro Forma Adjustments1 | Pro Forma | ||||||||||||
Net sales | $ | 2,729 | $ | 4,744 | $ | — | $ | 7,473 | |||||||
Cost of products sold | 1,926 | 3,196 | 31 | 5,153 | |||||||||||
Gross profit | 803 | 1,548 | (31 | ) | 2,320 | ||||||||||
Selling, general and administrative expenses | 429 | 675 | 66 | 1,170 | |||||||||||
Operating income | 374 | 873 | (97 | ) | 1,150 | ||||||||||
Interest expense | 168 | 128 | (20 | ) | 276 | ||||||||||
Other expense, net | 37 | 4 | — | 41 | |||||||||||
Income before income taxes | 169 | 741 | (77 | ) | 833 | ||||||||||
Provision for income taxes | 34 | 259 | (30 | ) | 263 | ||||||||||
Net income | 135 | 482 | (47 | ) | 570 | ||||||||||
Net income attributable to noncontrolling interest | 8 | — | — | 8 | |||||||||||
Net income attributable to Kraft Heinz | 127 | 482 | (47 | ) | 562 | ||||||||||
Preferred dividend | 180 | — | — | 180 | |||||||||||
Net (loss)/income attributable to common shareholders | $ | (53 | ) | $ | 482 | $ | (47 | ) | $ | 382 | |||||
Basic common shares outstanding | 1,192 | ||||||||||||||
Diluted common shares outstanding | 1,222 | ||||||||||||||
Per share data applicable to common shareholders: | |||||||||||||||
Basic earnings per share | $ | 0.32 | |||||||||||||
Diluted earnings per share | $ | 0.31 |
Historical Heinz | Historical Kraft | Pro Forma Adjustments1 | Pro Forma | ||||||||||||
Net sales | $ | 2,594 | $ | 4,399 | $ | — | $ | 6,993 | |||||||
Cost of products sold | 1,827 | 3,078 | (12 | ) | 4,893 | ||||||||||
Gross profit | 767 | 1,321 | 12 | 2,100 | |||||||||||
Selling, general and administrative expenses | 358 | 595 | 49 | 1,002 | |||||||||||
Operating income | 409 | 726 | (37 | ) | 1,098 | ||||||||||
Interest expense | 167 | 127 | (20 | ) | 274 | ||||||||||
Other expense/(income), net | 28 | (8 | ) | — | 20 | ||||||||||
Income before income taxes | 214 | 607 | (17 | ) | 804 | ||||||||||
Provision for income taxes | 40 | 161 | (7 | ) | 194 | ||||||||||
Net income | 174 | 446 | (10 | ) | 610 | ||||||||||
Net income attributable to noncontrolling interest | 2 | — | — | 2 | |||||||||||
Net income attributable to Kraft Heinz | 172 | 446 | (10 | ) | 608 | ||||||||||
Preferred dividend | 180 | — | — | 180 | |||||||||||
Net (loss)/income attributable to common shareholders | $ | (8 | ) | $ | 446 | $ | (10 | ) | $ | 428 | |||||
Basic common shares outstanding | 1,192 | ||||||||||||||
Diluted common shares outstanding | 1,222 | ||||||||||||||
Per share data applicable to common shareholders: | |||||||||||||||
Basic earnings per share | $ | 0.36 | |||||||||||||
Diluted earnings per share | $ | 0.35 |
Historical Heinz | Historical Kraft | Pro Forma Adjustments1 | Pro Forma | ||||||||||||
Net sales | $ | 2,799 | $ | 4,697 | $ | — | $ | 7,496 | |||||||
Cost of products sold | 1,904 | 4,208 | (828 | ) | 5,284 | ||||||||||
Gross profit | 895 | 489 | 828 | 2,212 | |||||||||||
Selling, general and administrative expenses | 543 | 1,102 | (354 | ) | 1,291 | ||||||||||
Operating income/(loss) | 352 | (613 | ) | 1,182 | 921 | ||||||||||
Interest expense | 182 | 126 | (20 | ) | 288 | ||||||||||
Other expense/(income), net | (1 | ) | (8 | ) | — | (9 | ) | ||||||||
Income before income taxes | 171 | (731 | ) | 1,202 | 642 | ||||||||||
Provision for/(benefit from) income taxes | 6 | (332 | ) | 463 | 137 | ||||||||||
Net income/(loss) | 165 | (399 | ) | 739 | 505 | ||||||||||
Net income attributable to noncontrolling interest | 2 | — | — | 2 | |||||||||||
Net income/(loss) attributable to Kraft Heinz | 163 | (399 | ) | 739 | 503 | ||||||||||
Preferred dividend | 180 | — | — | 180 | |||||||||||
Net (loss)/income attributable to common shareholders | $ | (17 | ) | $ | (399 | ) | $ | 739 | $ | 323 | |||||
Basic common shares outstanding | 1,192 | ||||||||||||||
Diluted common shares outstanding | 1,222 | ||||||||||||||
Per share data applicable to common shareholders: | |||||||||||||||
Basic earnings per share | $ | 0.27 | |||||||||||||
Diluted earnings per share | $ | 0.26 |
Historical Heinz | Historical Kraft | Pro Forma Adjustments1 | Pro Forma | ||||||||||||
Net sales | $ | 2,478 | $ | 4,352 | $ | — | $ | 6,830 | |||||||
Cost of products sold | 1,631 | 2,989 | (64 | ) | 4,556 | ||||||||||
Gross profit | 847 | 1,363 | 64 | 2,274 | |||||||||||
Selling, general and administrative expenses | 338 | 622 | 32 | 992 | |||||||||||
Operating income | 509 | 741 | 32 | 1,282 | |||||||||||
Interest expense | 201 | 124 | (20 | ) | 305 | ||||||||||
Other income, net | (39 | ) | (17 | ) | — | (56 | ) | ||||||||
Income before income taxes | 347 | 634 | 52 | 1,033 | |||||||||||
Provision for income taxes | 68 | 204 | 20 | 292 | |||||||||||
Net income | 279 | 430 | 32 | 741 | |||||||||||
Net income attributable to noncontrolling interest | 3 | — | — | 3 | |||||||||||
Net income attributable to Kraft Heinz | 276 | 430 | 32 | 738 | |||||||||||
Preferred dividend | 180 | — | — | 180 | |||||||||||
Net income attributable to common shareholders | $ | 96 | $ | 430 | $ | 32 | $ | 558 | |||||||
Basic common shares outstanding | 1,187 | ||||||||||||||
Diluted common shares outstanding | 1,218 | ||||||||||||||
Per share data applicable to common shareholders: | |||||||||||||||
Basic earnings per share | $ | 0.47 | |||||||||||||
Diluted earnings per share | $ | 0.46 |
Historical Heinz | Historical Kraft | Pro Forma Adjustments1 | Pro Forma | ||||||||||||
Net sales | $ | 2,616 | $ | 4,514 | $ | — | $ | 7,130 | |||||||
Cost of products sold | 1,734 | 2,945 | 30 | 4,709 | |||||||||||
Gross profit | 882 | 1,569 | (30 | ) | 2,421 | ||||||||||
Selling, general and administrative expenses | 438 | 646 | 23 | 1,107 | |||||||||||
Operating income | 444 | 923 | (53 | ) | 1,314 | ||||||||||
Interest expense | 394 | 123 | (20 | ) | 497 | ||||||||||
Other expense, net | 245 | 1 | — | 246 | |||||||||||
(Loss)/income before income taxes | (195 | ) | 799 | (33 | ) | 571 | |||||||||
(Benefit from)/provision for income taxes | (35 | ) | 248 | (12 | ) | 201 | |||||||||
Net (loss)/income | (160 | ) | 551 | (21 | ) | 370 | |||||||||
Net income attributable to noncontrolling interest | 4 | — | — | 4 | |||||||||||
Net (loss)/income attributable to Kraft Heinz | (164 | ) | 551 | (21 | ) | 366 | |||||||||
Preferred dividend | 180 | — | — | 180 | |||||||||||
Net (loss)/income attributable to common shareholders | $ | (344 | ) | $ | 551 | $ | (21 | ) | $ | 186 | |||||
Basic common shares outstanding | 1,194 | ||||||||||||||
Diluted common shares outstanding | 1,224 | ||||||||||||||
Per share data applicable to common shareholders: | |||||||||||||||
Basic earnings per share | $ | 0.16 | |||||||||||||
Diluted earnings per share | $ | 0.15 |
For the Three Months Ended | |||||||||||||||||||||||
March 30, 2014 | June 29, 2014 | September 28, 2014 | December 28, 2014 | March 29, 2015 | June 28, 2015 | ||||||||||||||||||
Impact to cost of products sold: | |||||||||||||||||||||||
Postemployment benefit costs (a) | $ | 62 | $ | 31 | $ | (12 | ) | $ | (828 | ) | $ | (64 | ) | $ | 30 | ||||||||
Impact to cost of products sold | $ | 62 | $ | 31 | $ | (12 | ) | $ | (828 | ) | $ | (64 | ) | $ | 30 | ||||||||
Impact to selling, general and administrative expenses: | |||||||||||||||||||||||
Depreciation and amortization (b) | $ | 42 | $ | 42 | $ | 42 | $ | 42 | $ | 42 | $ | 42 | |||||||||||
Compensation expense (c) | 18 | 16 | 15 | 19 | 13 | 18 | |||||||||||||||||
Postemployment benefit costs (a) | 1 | 8 | (8 | ) | (415 | ) | 1 | 10 | |||||||||||||||
Deal costs (d) | — | — | — | — | (24 | ) | (47 | ) | |||||||||||||||
Impact to selling, general and administrative expenses | $ | 61 | $ | 66 | $ | 49 | $ | (354 | ) | $ | 32 | $ | 23 | ||||||||||
Impact to interest expense: | |||||||||||||||||||||||
Interest expense (e) | $ | (20 | ) | $ | (20 | ) | $ | (20 | ) | $ | (20 | ) | $ | (20 | ) | $ | (20 | ) | |||||
Impact to interest expense | $ | (20 | ) | $ | (20 | ) | $ | (20 | ) | $ | (20 | ) | $ | (20 | ) | $ | (20 | ) |
(a) | Represents the change to align Kraft's accounting policy to our accounting policy for postemployment benefit plans. Kraft historically elected a mark-to-market accounting policy and recognized net actuarial gains or losses and changes in the fair value of plan assets immediately in earnings upon remeasurement. Our policy is to initially record such items in other comprehensive income/(loss). Also represents the elimination of Kraft’s historical amortization of postemployment benefit plan prior service credits. |
(b) | Represents incremental amortization resulting from the fair value adjustment of Kraft’s definite-lived intangible assets in connection with the 2015 Merger. The net change in depreciation expense resulting from the fair value adjustment of property, plant, and equipment was insignificant. |
(c) | Represents the incremental compensation expense due to the fair value remeasurement of certain of Kraft’s equity awards in connection with the 2015 Merger. |
(d) | Represents the elimination of nonrecurring deal costs incurred in connection with the 2015 Merger. |
(e) | Represents the incremental change in interest expense resulting from the fair value adjustment of Kraft’s long-term debt in connection with the 2015 Merger, including the elimination of the historical amortization of deferred financing fees and amortization of original issuance discount. |
For the Three Months Ended | For the Year Ended | For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||||||||
March 30, 2014 | June 29, 2014 | September 28, 2014 | December 28, 2014 | December 28, 2014 | March 29, 2015 | June 28, 2015 | June 28, 2015 | ||||||||||||||||||||||||
Pro forma net sales | $ | 7,160 | $ | 7,473 | $ | 6,993 | $ | 7,496 | $ | 29,122 | $ | 6,830 | $ | 7,130 | $ | 13,960 | |||||||||||||||
Impact of currency | — | — | (134 | ) | (140 | ) | (274 | ) | 243 | 326 | 569 | ||||||||||||||||||||
Impact of divestitures | (30 | ) | (28 | ) | (26 | ) | (39 | ) | (123 | ) | (29 | ) | (15 | ) | (44 | ) | |||||||||||||||
Pro Forma Organic Net Sales | $ | 7,130 | $ | 7,445 | $ | 6,833 | $ | 7,317 | $ | 28,725 | $ | 7,044 | $ | 7,441 | $ | 14,485 |
For the Three Months Ended | For the Year Ended | For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||||||||
March 30, 2014 | June 29, 2014 | September 28, 2014 | December 28, 2014 | December 28, 2014 | March 29, 2015 | June 28, 2015 | June 28, 2015 | ||||||||||||||||||||||||
United States | $ | 4,894 | $ | 4,953 | $ | 4,716 | $ | 5,072 | $ | 19,635 | $ | 4,790 | $ | 4,871 | $ | 9,661 | |||||||||||||||
Canada | 636 | 757 | 665 | 753 | 2,811 | 551 | 664 | 1,215 | |||||||||||||||||||||||
Europe | 763 | 766 | 696 | 748 | 2,973 | 626 | 620 | 1,246 | |||||||||||||||||||||||
Rest of World | 867 | 997 | 916 | 923 | 3,703 | 863 | 975 | 1,838 | |||||||||||||||||||||||
Pro forma net sales | $ | 7,160 | $ | 7,473 | $ | 6,993 | $ | 7,496 | $ | 29,122 | $ | 6,830 | $ | 7,130 | $ | 13,960 |
For the Three Months Ended | For the Year Ended | For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||||||||
March 30, 2014 | June 29, 2014 | September 28, 2014 | December 28, 2014 | December 28, 2014 | March 29, 2015 | June 28, 2015 | June 28, 2015 | ||||||||||||||||||||||||
United States | $ | 4,894 | $ | 4,953 | $ | 4,716 | $ | 5,072 | $ | 19,635 | $ | 4,790 | $ | 4,871 | $ | 9,661 | |||||||||||||||
Canada | 636 | 757 | 665 | 753 | 2,811 | 614 | 752 | 1,366 | |||||||||||||||||||||||
Europe | 733 | 738 | 670 | 709 | 2,850 | 690 | 718 | 1,408 | |||||||||||||||||||||||
Rest of World | 867 | 997 | 782 | 783 | 3,429 | 950 | 1,100 | 2,050 | |||||||||||||||||||||||
Pro Forma Organic Net Sales | $ | 7,130 | $ | 7,445 | $ | 6,833 | $ | 7,317 | $ | 28,725 | $ | 7,044 | $ | 7,441 | $ | 14,485 |
Pro Forma Net Sales | Impact of Currency | Impact of Divestitures | Pro Forma Organic Net Sales | Price | Volume/Mix | ||||||||||||
March 29, 2015 | |||||||||||||||||
United States | $4,790 | $ | — | $ | — | $4,790 | |||||||||||
Canada | 551 | 63 | — | 614 | |||||||||||||
Europe | 626 | 93 | (29 | ) | 690 | ||||||||||||
Rest of World | 863 | 87 | — | 950 | |||||||||||||
$6,830 | $ | 243 | $ | (29 | ) | $7,044 | |||||||||||
March 30, 2014 | |||||||||||||||||
United States | $4,894 | $ | — | $ | — | $4,894 | |||||||||||
Canada | 636 | — | — | 636 | |||||||||||||
Europe | 763 | — | (30 | ) | 733 | ||||||||||||
Rest of World | 867 | — | — | 867 | |||||||||||||
$7,160 | $ | — | $ | (30 | ) | $7,130 | |||||||||||
Year-over-year growth rates | |||||||||||||||||
United States | (2.1 | )% | 0.0 pp | 0.0 pp | (2.1 | )% | 1.5 pp | (3.6) pp | |||||||||
Canada | (13.3 | )% | 9.9 pp | 0.0 pp | (3.4 | )% | 5.1 pp | (8.5) pp | |||||||||
Europe | (18.0 | )% | 12.8 pp | (0.7) pp | (5.9 | )% | 0.6 pp | (6.5) pp | |||||||||
Rest of World | (0.7 | )% | 10.0 pp | 0.0 pp | 9.3 | % | 9.2 pp | 0.1 pp | |||||||||
(4.6 | )% | 3.4 pp | 0.0 pp | (1.2 | )% | 2.6 pp | (3.8) pp |
Pro Forma Net Sales | Impact of Currency | Impact of Divestitures | Pro Forma Organic Net Sales | Price | Volume/Mix | ||||||||||||
June 28, 2015 | |||||||||||||||||
United States | $4,871 | $ | — | $ | — | $4,871 | |||||||||||
Canada | 664 | 88 | — | 752 | |||||||||||||
Europe | 620 | 113 | (15 | ) | 718 | ||||||||||||
Rest of World | 975 | 125 | — | 1,100 | |||||||||||||
$7,130 | $ | 326 | $ | (15 | ) | $7,441 | |||||||||||
June 29, 2014 | |||||||||||||||||
United States | $4,953 | $ | — | $ | — | $4,953 | |||||||||||
Canada | 757 | — | — | 757 | |||||||||||||
Europe | 766 | — | (28 | ) | 738 | ||||||||||||
Rest of World | 997 | — | — | 997 | |||||||||||||
$7,473 | $ | — | $ | (28 | ) | $7,445 | |||||||||||
Year-over-year growth rates | |||||||||||||||||
United States | (1.7 | )% | 0.0 pp | 0.0 pp | (1.7 | )% | (0.2) pp | (1.5) pp | |||||||||
Canada | (12.3 | )% | 11.6 pp | 0.0 pp | (0.7 | )% | (0.7) pp | 0.0 pp | |||||||||
Europe | (19.1 | )% | 15.4 pp | 1.1 pp | (2.6 | )% | 1.4 pp | (4.0) pp | |||||||||
Rest of World | (2.2 | )% | 12.6 pp | 0.0 pp | 10.4 | % | 9.0 pp | 1.4 pp | |||||||||
(4.6 | )% | 4.4 pp | 0.2 pp | 0.0% | 1.1 pp | (1.1) pp |
For the Three Months Ended | For the Year Ended | For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||||||||
March 30, 2014 | June 29, 2014 | September 28, 2014 | December 28, 2014 | December 28, 2014 | March 29, 2015 | June 28, 2015 | June 28, 2015 | ||||||||||||||||||||||||
Pro forma operating income | $ | 1,214 | $ | 1,150 | $ | 1,098 | $ | 921 | $ | 4,383 | $ | 1,282 | $ | 1,314 | $ | 2,596 | |||||||||||||||
Depreciation and amortization (excluding integration and restructuring expenses) | 241 | 231 | 222 | 230 | 924 | 216 | 210 | 426 | |||||||||||||||||||||||
Integration and restructuring expenses | 163 | 176 | 163 | 241 | 743 | 81 | 118 | 199 | |||||||||||||||||||||||
Merger costs | 18 | 16 | 15 | 19 | 68 | 13 | 41 | 54 | |||||||||||||||||||||||
Unrealized (gains)/losses on commodity hedges | (42 | ) | 19 | 10 | 92 | 79 | (2 | ) | (21 | ) | (23 | ) | |||||||||||||||||||
Impairment losses | — | 62 | — | 159 | 221 | — | 58 | 58 | |||||||||||||||||||||||
Gain on sale of business | — | — | — | — | — | — | (21 | ) | (21 | ) | |||||||||||||||||||||
Nonmonetary currency devaluation | — | — | — | — | — | — | 49 | 49 | |||||||||||||||||||||||
Equity award compensation expense | 32 | 22 | 26 | 28 | 108 | 19 | 25 | 44 | |||||||||||||||||||||||
Adjusted Pro Forma EBITDA | $ | 1,626 | $ | 1,676 | $ | 1,534 | $ | 1,690 | $ | 6,526 | $ | 1,609 | $ | 1,773 | $ | 3,382 | |||||||||||||||
Segment Adjusted EBITDA1: | |||||||||||||||||||||||||||||||
United States | $ | 1,196 | $ | 1,119 | $ | 1,046 | $ | 1,138 | $ | 4,499 | $ | 1,145 | $ | 1,231 | $ | 2,376 | |||||||||||||||
Canada | 124 | 173 | 138 | 180 | 615 | 113 | 151 | 264 | |||||||||||||||||||||||
Europe | 217 | 236 | 205 | 240 | 898 | 214 | 225 | 439 | |||||||||||||||||||||||
Rest of World | 133 | 183 | 177 | 196 | 689 | 168 | 205 | 373 | |||||||||||||||||||||||
General corporate expenses | (44 | ) | (35 | ) | (32 | ) | (64 | ) | (175 | ) | (31 | ) | (39 | ) | (70 | ) | |||||||||||||||
Adjusted Pro Forma EBITDA | $ | 1,626 | $ | 1,676 | $ | 1,534 | $ | 1,690 | $ | 6,526 | $ | 1,609 | $ | 1,773 | $ | 3,382 |
For the Three Months Ended | For the Year Ended | For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||||||||
March 30, 2014 | June 29, 2014 | September 28, 2014 | December 28, 2014 | December 28, 2014 | March 29, 2015 | June 28, 2015 | June 28, 2015 | ||||||||||||||||||||||||
Pro forma diluted EPS | $ | 0.38 | $ | 0.31 | $ | 0.35 | $ | 0.26 | $ | 1.31 | $ | 0.46 | $ | 0.15 | $ | 0.61 | |||||||||||||||
Integration and restructuring expenses | 0.11 | 0.13 | 0.09 | 0.10 | 0.43 | 0.05 | 0.07 | 0.12 | |||||||||||||||||||||||
Merger costs | 0.01 | 0.01 | 0.01 | 0.01 | 0.04 | 0.02 | 0.15 | 0.17 | |||||||||||||||||||||||
Unrealized (gains)/losses on commodity hedges | (0.02 | ) | 0.01 | 0.01 | 0.05 | 0.05 | — | (0.01 | ) | (0.01 | ) | ||||||||||||||||||||
Impairment losses | — | 0.03 | — | 0.08 | 0.11 | — | 0.03 | 0.03 | |||||||||||||||||||||||
Gain on sale of business | — | — | — | — | — | — | (0.01 | ) | (0.01 | ) | |||||||||||||||||||||
Nonmonetary currency devaluation | — | — | — | — | — | — | 0.23 | 0.23 | |||||||||||||||||||||||
Adjusted Pro Forma EPS | $ | 0.48 | $ | 0.49 | $ | 0.46 | $ | 0.50 | $ | 1.94 | $ | 0.53 | $ | 0.61 | $ | 1.14 |