þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 38-0710690 | |
(State or other jurisdiction of Incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class: | Name of each exchange on which registered: | |
Common Stock, $.25 par value per share | New York Stock Exchange | |
1.750% Senior Notes due 2021 | New York Stock Exchange | |
0.800% Senior Notes due 2022 | New York Stock Exchange | |
1.000% Senior Notes due 2024 | New York Stock Exchange | |
1.250% Senior Notes due 2025 | New York Stock Exchange |
Large accelerated filer þ | Accelerated filer ¨ |
Non-accelerated filer ¨ | Smaller reporting company ¨ |
Emerging growth company ¨ |
Amit Banati | 50 |
Steven A. Cahillane | 53 |
Kurt D. Forche | 49 |
Alistair D. Hirst | 59 |
Christopher M. Hood | 56 |
Melissa A. Howell | 52 |
Fareed Khan | 53 |
David Lawlor | 51 |
Maria Fernanda Mejia | 55 |
Monica H. McGurk | 48 |
Gary H. Pilnick | 54 |
• | impairing the ability to access global capital markets to obtain additional financing for working capital, capital expenditures or general corporate purposes, particularly if the ratings assigned to our debt securities by rating organizations were revised downward or if a rating organization announces that our ratings are under review for a potential downgrade; |
• | a downgrade in our credit ratings, particularly our short-term credit rating, would likely reduce the amount of commercial paper we could issue, increase our commercial paper borrowing costs, or both; |
• | restricting our flexibility in responding to changing market conditions or making us more vulnerable in the event of a general downturn in economic conditions or our business; |
• | requiring a substantial portion of the cash flow from operations to be dedicated to the payment of principal and interest on our debt, reducing the funds available to us for other purposes such as expansion through acquisitions, paying dividends, repurchasing shares, marketing and other spending and expansion of our product offerings; and |
• | causing us to be more leveraged than some of our competitors, which may place us at a competitive disadvantage. |
• | compliance with U.S. laws affecting operations outside of the United States, such as OFAC trade sanction regulations and Anti-Boycott regulations, |
• | compliance with anti-corruption laws, including U.S. Foreign Corrupt Practices Act (FCPA) and U.K. Bribery Act (UKBA), |
• | compliance with antitrust and competition laws, data privacy laws, and a variety of other local, national and multi-national regulations and laws in multiple regimes, |
• | changes in tax laws, interpretation of tax laws and tax audit outcomes, |
• | fluctuations or devaluations in currency values, especially in emerging markets, |
• | changes in capital controls, including currency exchange controls, government currency policies or other limits on our ability to import raw materials or finished product or repatriate cash from outside the United States, |
• | changes in local regulations and laws, the uncertainty of enforcement of remedies in foreign jurisdictions, and foreign ownership restrictions and the potential for nationalization or expropriation of property or other resources, |
• | Laws relating to information security, privacy (including the GDPR), cashless payments, and consumer protection, |
• | uncertainty relating to Brexit and its impact on the local and international markets, the flow of goods and materials across borders, and political environments, |
• | discriminatory or conflicting fiscal policies, |
• | challenges associated with cross-border product distribution, |
• | increased sovereign risk, such as default by or deterioration in the economies and credit worthiness of local governments, |
• | varying abilities to enforce intellectual property and contractual rights, |
• | greater risk of uncollectible accounts and longer collection cycles, |
• | loss of ability to manage our operations in certain markets which could result in the deconsolidation of such businesses, |
• | design and implementation of effective control environment processes across our diverse operations and employee base, |
• | imposition of more or new tariffs, quotas, trade barriers, and similar restrictions on our sales or regulations, taxes or policies that might negatively affect our sales, and |
• | changes in trade policies and trade relations. |
• | unfavorably impact the cost or availability of raw or packaging materials, especially if such events have a negative impact on agricultural productivity or on the supply of water; |
• | disrupt our ability, or the ability of our suppliers or contract manufacturers, to manufacture or distribute our products; |
• | disrupt the retail operations of our customers; or |
• | unfavorably impact the demand for, or the consumer's ability to purchase, our products. |
(millions, except per share data) | ||||||||||||||
Period | (a) Total Number of Shares Purchased | (b) Average Price Paid Per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||
Month #1: 9/30/18-10/27/18 | — | — | — | $ | 1,380 | |||||||||
Month #2: 10/28/18-11/24/18 | 2.4 | $ | 62.16 | 2.4 | $ | 1,230 | ||||||||
Month #3: 11/25/18-12/29/18 | 0.8 | $ | 59.42 | 0.8 | $ | 1,180 |
(millions, except per share data and number of employees) | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Operating trends | ||||||||||||||||||||
Net sales | $ | 13,547 | $ | 12,854 | $ | 12,965 | $ | 13,525 | $ | 14,580 | ||||||||||
Gross profit as a % of net sales | 34.9 | % | 36.6 | % | 37.3 | % | 35.4 | % | 37.5 | % | ||||||||||
Depreciation | 493 | 469 | 510 | 526 | 494 | |||||||||||||||
Amortization | 23 | 12 | 7 | 8 | 9 | |||||||||||||||
Advertising expense (a) | 752 | 732 | 736 | 898 | 1,094 | |||||||||||||||
Research and development expense (a) | 154 | 148 | 182 | 193 | 199 | |||||||||||||||
Operating profit | 1,706 | 1,387 | 1,483 | 1,268 | 1,693 | |||||||||||||||
Operating profit as a % of net sales | 12.6 | % | 10.8 | % | 11.4 | % | 9.4 | % | 11.6 | % | ||||||||||
Interest expense | 287 | 256 | 406 | 227 | 209 | |||||||||||||||
Net income attributable to Kellogg Company | 1,336 | 1,254 | 699 | 614 | 632 | |||||||||||||||
Average shares outstanding: | ||||||||||||||||||||
Basic | 347 | 348 | 350 | 354 | 358 | |||||||||||||||
Diluted | 348 | 350 | 354 | 356 | 360 | |||||||||||||||
Per share amounts: | ||||||||||||||||||||
Basic | 3.85 | 3.61 | 1.99 | 1.74 | 1.76 | |||||||||||||||
Diluted | 3.83 | 3.58 | 1.97 | 1.72 | 1.75 | |||||||||||||||
Cash flow trends | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,536 | $ | 403 | $ | 1,271 | $ | 1,691 | $ | 1,793 | ||||||||||
Capital expenditures | 578 | 501 | 507 | 553 | 582 | |||||||||||||||
Net cash provided by (used in) operating activities reduced by capital expenditures (b) | 958 | (98 | ) | 764 | 1,138 | 1,211 | ||||||||||||||
Net cash provided by (used in) investing activities | (948 | ) | 149 | (392 | ) | (1,127 | ) | (573 | ) | |||||||||||
Net cash provided by (used in) used in financing activities | (566 | ) | (604 | ) | (786 | ) | (706 | ) | (1,063 | ) | ||||||||||
Interest coverage ratio (c) | 8.1 | 9.4 | 4.6 | 6.8 | 7.3 | |||||||||||||||
Capital structure trends | ||||||||||||||||||||
Total assets | $ | 17,780 | $ | 16,351 | $ | 15,111 | $ | 15,251 | $ | 15,139 | ||||||||||
Property, net | 3,731 | 3,716 | 3,569 | 3,621 | 3,769 | |||||||||||||||
Short-term debt and current maturities of long-term debt | 686 | 779 | 1,069 | 2,470 | 1,435 | |||||||||||||||
Long-term debt | 8,207 | 7,836 | 6,698 | 5,275 | 5,921 | |||||||||||||||
Total Kellogg Company equity | 2,601 | 2,178 | 1,891 | 2,128 | 2,789 | |||||||||||||||
Share price trends | ||||||||||||||||||||
Stock price range | $56-75 | $59-76 | $70-87 | $61-74 | $57-69 | |||||||||||||||
Cash dividends per common share | 2.20 | 2.12 | 2.04 | 1.98 | 1.90 | |||||||||||||||
Number of employees | 34,000 | 33,000 | 37,000 | 34,000 | 30,000 |
(a) | Recent declines in advertising were the result of foreign currency translation, implementation of efficiency and effectiveness programs including zero-based budgeting, the change in media landscape migrating investment to digital, and shifting investment to food innovation and renovation. |
(b) | We use this non-GAAP financial measure, which is reconciled above, to focus management and investors on the amount of cash available for debt repayment, dividend distribution, acquisition opportunities, and share repurchase. |
(c) | Interest coverage ratio is calculated based on net income attributable to Kellogg Company before interest expense, income taxes, depreciation and amortization, divided by interest expense. |
• | Currency-neutral net sales and organic net sales: We adjust the GAAP financial measure to exclude the impact of foreign currency, resulting in currency-neutral sales. In addition, we exclude the impact of acquisitions, dispositions, related integration costs, shipping day differences, and foreign currency, resulting in organic net sales. We excluded the items which we believe may obscure trends in our underlying net sales performance. By providing these non-GAAP net sales measures, management intends to provide investors with a meaningful, consistent comparison of net sales performance for the Company and each of our reportable segments for the periods presented. Management uses these non-GAAP measures to evaluate the effectiveness of initiatives behind net sales growth, pricing realization, and the impact of mix on our business results. These non-GAAP measures are also used to make decisions regarding the future direction of our business, and for resource allocation decisions. |
• | Adjusted: operating profit, net income, and diluted EPS: We adjust the GAAP financial measures to exclude the effect of Project K and cost reduction activities, mark-to-market adjustments for pension plans (service cost, interest cost, expected return on plan assets, and other net periodic pension costs are not excluded), commodities and certain foreign currency contracts, and other costs impacting comparability resulting in adjusted. We excluded the items which we believe may obscure trends in our underlying profitability. By providing these non-GAAP profitability measures, management intends to provide investors with a meaningful, consistent comparison of the Company's profitability measures for the periods presented. Management uses these non-GAAP financial measures to evaluate the effectiveness of initiatives intended to improve profitability, such as Project K, Zero Based Budgeting (ZBB), and Revenue Growth Management, to assess performance of newly acquired businesses, as well as to evaluate the impacts of inflationary pressures and decisions to invest in new initiatives within each of our segments. |
• | Currency-neutral adjusted: gross profit, gross margin, operating profit, net income, and diluted EPS: We adjust the GAAP financial measures to exclude the effect of Project K and cost reduction activities, mark-to-market adjustments for pension plans (service cost, interest cost, expected return on plan assets, and other net periodic pension costs are not excluded), commodities and certain foreign currency contracts, other costs impacting comparability, and foreign currency, resulting in currency-neutral adjusted. We excluded the items which we believe may obscure trends in our underlying profitability. By providing these non-GAAP profitability measures, management intends to provide investors with a meaningful, consistent comparison of the Company's profitability measures for the periods presented. Management uses these non-GAAP financial measures to evaluate the effectiveness of initiatives intended to improve profitability, such as Project K, Zero Based Budgeting (ZBB), and Revenue Growth Management, to assess performance of newly acquired businesses, as well as to evaluate the impacts of inflationary pressures and decisions to invest in new initiatives within each of our segments. |
• | Adjusted effective income tax rate: We adjust the GAAP financial measures to exclude the effect of Project K and cost reduction activities, mark-to-market adjustments for pension plans (service cost, interest cost, expected return on plan assets, and other net periodic pension costs are not excluded), commodities and certain foreign currency contracts. In addition, we have excluded an adjustment for the transitional estimates related to the adoption of U.S. Tax Reform. We excluded the items which we believe may obscure trends in our pre-tax income and the related tax effect of those items on our adjusted effective income tax rate. By providing this non-GAAP measure, management intends to provide investors with a meaningful, consistent comparison of the Company's effective tax rate, excluding the pre-tax income and tax effect of the items noted above, for the periods presented. Management uses this non-GAAP measure to monitor the effectiveness of initiatives in place to optimize our global tax rate. |
• | Cash flow: Defined as net cash provided by operating activities reduced by expenditures for property additions. Cash flow does not represent the residual cash flow available for discretionary expenditures. We use this non-GAAP financial measure of cash flow to focus management and investors on the amount |
Consolidated results (dollars in millions, except per share data) | 2018 | 2017 | ||||||
Reported net income attributable to Kellogg Company | $ | 1,336 | $ | 1,254 | ||||
Mark-to-market (pre-tax) | (343 | ) | 45 | |||||
Project K and cost reduction activities (pre-tax) | (143 | ) | (263 | ) | ||||
Brexit impacts (pre-tax) | (3 | ) | — | |||||
Business and portfolio realignment (pre-tax) | (5 | ) | — | |||||
Income tax impact applicable to adjustments, net* | 109 | 80 | ||||||
Adoption of U.S. Tax Reform | 11 | (8 | ) | |||||
Gain from unconsolidated entities, net | 200 | — | ||||||
Adjusted net income attributable to Kellogg Company | $ | 1,510 | $ | 1,400 | ||||
Foreign currency impact | 4 | |||||||
Currency-neutral adjusted net income attributable to Kellogg Company | $ | 1,506 | $ | 1,400 | ||||
Reported diluted EPS | $ | 3.83 | $ | 3.58 | ||||
Mark-to-market (pre-tax) | (0.98 | ) | 0.13 | |||||
Project K and cost reduction activities (pre-tax) | (0.41 | ) | (0.75 | ) | ||||
Brexit impacts (pre-tax) | (0.01 | ) | — | |||||
Business and portfolio realignment (pre-tax) | (0.01 | ) | — | |||||
Income tax impact applicable to adjustments, net* | 0.30 | 0.22 | ||||||
Adoption of U.S. Tax Reform | 0.04 | (0.02 | ) | |||||
Gain from unconsolidated entities, net | 0.57 | — | ||||||
Adjusted diluted EPS | $ | 4.33 | $ | 4.00 | ||||
Foreign currency impact | 0.01 | |||||||
Currency-neutral adjusted diluted EPS | $ | 4.32 | $ | 4.00 | ||||
Currency-neutral adjusted diluted EPS growth | 8.0 | % |
Consolidated results (dollars in millions, except per share data) | 2017 | 2016 | ||||||
Reported net income attributable to Kellogg Company | $ | 1,254 | $ | 699 | ||||
Mark-to-market (pre-tax) | 45 | (261 | ) | |||||
Project K and cost reduction activities (pre-tax) | (263 | ) | (325 | ) | ||||
Debt redemption (pre-tax) | — | (153 | ) | |||||
Venezuela deconsolidation (pre-tax) | — | (72 | ) | |||||
Venezuela remeasurement (pre-tax) | — | (11 | ) | |||||
Income tax impact applicable to adjustments, net* | 80 | 198 | ||||||
Adoption of U.S. Tax Reform | (8 | ) | — | |||||
Adjusted net income attributable to Kellogg Company | $ | 1,400 | $ | 1,323 | ||||
Foreign currency impact | (6 | ) | ||||||
Currency-neutral adjusted net income attributable to Kellogg Company | $ | 1,406 | $ | 1,323 | ||||
Reported diluted EPS | $ | 3.58 | $ | 1.97 | ||||
Mark-to-market (pre-tax) | 0.13 | (0.74 | ) | |||||
Project K and cost reduction activities (pre-tax) | (0.75 | ) | (0.92 | ) | ||||
Debt redemption (pre-tax) | — | (0.43 | ) | |||||
Venezuela deconsolidation (pre-tax) | — | (0.20 | ) | |||||
Venezuela remeasurement (pre-tax) | — | (0.03 | ) | |||||
Income tax impact applicable to adjustments, net* | 0.22 | 0.55 | ||||||
Adoption of U.S. Tax Reform | (0.02 | ) | — | |||||
Adjusted diluted EPS | $ | 4.00 | $ | 3.74 | ||||
Foreign currency impact | (0.02 | ) | ||||||
Currency-neutral adjusted diluted EPS | $ | 4.02 | $ | 3.74 | ||||
Currency-neutral adjusted diluted EPS growth | 7.5 | % |
Year ended December 29, 2018 | ||||||||||||||||||||||||||||||||||||
(millions) | U.S. Snacks | U.S. Morning Foods | U.S. Specialty Channels | North America Other | Europe | Latin America | Asia Pacific | Corporate | Kellogg Consolidated | |||||||||||||||||||||||||||
Reported net sales | $ | 2,957 | $ | 2,643 | $ | 1,235 | $ | 1,853 | $ | 2,395 | $ | 947 | $ | 1,517 | $ | — | $ | 13,547 | ||||||||||||||||||
Foreign currency impact on total business (inc)/dec | — | — | — | (3 | ) | 46 | (47 | ) | (102 | ) | — | (106 | ) | |||||||||||||||||||||||
Currency-neutral net sales | $ | 2,957 | $ | 2,643 | $ | 1,235 | $ | 1,856 | $ | 2,349 | $ | 994 | $ | 1,619 | $ | — | $ | 13,653 | ||||||||||||||||||
Acquisitions | — | — | — | 186 | — | — | 536 | — | 722 | |||||||||||||||||||||||||||
Foreign currency impact on acquisitions (inc)/dec | — | — | — | — | — | — | 89 | — | 89 | |||||||||||||||||||||||||||
Organic net sales | $ | 2,957 | $ | 2,643 | $ | 1,235 | $ | 1,670 | $ | 2,349 | $ | 994 | $ | 994 | $ | — | $ | 12,842 | ||||||||||||||||||
Year ended December 30, 2017 | ||||||||||||||||||||||||||||||||||||
(millions) | U.S. Snacks | U.S. Morning Foods | U.S. Specialty Channels | North America Other | Europe | Latin America | Asia Pacific | Corporate | Kellogg Consolidated | |||||||||||||||||||||||||||
Reported net sales | $ | 3,110 | $ | 2,709 | $ | 1,242 | $ | 1,612 | $ | 2,291 | $ | 944 | $ | 946 | $ | — | $ | 12,854 | ||||||||||||||||||
Shipping day differences | — | — | — | — | — | 14 | — | — | 14 | |||||||||||||||||||||||||||
Organic net sales | $ | 3,110 | $ | 2,709 | $ | 1,242 | $ | 1,612 | $ | 2,291 | $ | 930 | $ | 946 | $ | — | $ | 12,840 | ||||||||||||||||||
% change - 2018 vs. 2017: | ||||||||||||||||||||||||||||||||||||
Reported growth | (4.9 | )% | (2.4 | )% | (0.6 | )% | 15.0 | % | 4.5 | % | 0.3 | % | 60.4 | % | — | % | 5.4 | % | ||||||||||||||||||
Foreign currency impact | — | % | — | % | — | % | (0.2 | )% | 1.9 | % | (5.0 | )% | (10.7 | )% | — | % | (0.8 | )% | ||||||||||||||||||
Currency-neutral growth | (4.9 | )% | (2.4 | )% | (0.6 | )% | 15.2 | % | 2.6 | % | 5.3 | % | 71.1 | % | — | % | 6.2 | % | ||||||||||||||||||
Acquisitions | — | % | — | % | — | % | 11.5 | % | — | % | — | % | 56.6 | % | — | % | 5.6 | % | ||||||||||||||||||
Shipping day differences | — | % | — | % | — | % | — | % | — | % | (1.6 | )% | — | % | — | % | (0.1 | )% | ||||||||||||||||||
Foreign currency impact on acquisitions (inc)/dec | — | % | — | % | — | % | — | % | — | % | — | % | 9.5 | % | — | % | 0.7 | % | ||||||||||||||||||
Organic growth | (4.9 | )% | (2.4 | )% | (0.6 | )% | 3.7 | % | 2.6 | % | 6.9 | % | 5.0 | % | — | % | — | % |
Year ended December 29, 2018 | ||||||||||||||||||||||||||||||||||||
(millions) | U.S. Snacks | U.S. Morning Foods | U.S. Specialty Channels | North America Other | Europe | Latin America | Asia Pacific | Corporate | Kellogg Consolidated | |||||||||||||||||||||||||||
Reported operating profit | $ | 446 | $ | 478 | $ | 251 | $ | 222 | $ | 297 | $ | 102 | $ | 128 | $ | (218 | ) | $ | 1,706 | |||||||||||||||||
Mark-to-market | — | — | — | — | — | — | — | 7 | 7 | |||||||||||||||||||||||||||
Project K and cost reduction activities | (28 | ) | (50 | ) | (4 | ) | (25 | ) | (33 | ) | (15 | ) | (11 | ) | (7 | ) | (173 | ) | ||||||||||||||||||
Brexit impacts | — | — | — | — | (3 | ) | — | — | — | (3 | ) | |||||||||||||||||||||||||
Business and portfolio realignment | (3 | ) | — | — | — | — | — | — | (2 | ) | (5 | ) | ||||||||||||||||||||||||
Adjusted operating profit | $ | 477 | $ | 528 | $ | 255 | $ | 247 | $ | 333 | $ | 117 | $ | 139 | $ | (216 | ) | $ | 1,880 | |||||||||||||||||
Foreign currency impact | — | — | — | (2 | ) | 6 | (3 | ) | (7 | ) | 3 | (3 | ) | |||||||||||||||||||||||
Currency-neutral adjusted operating profit | $ | 477 | $ | 528 | $ | 255 | $ | 249 | $ | 327 | $ | 120 | $ | 146 | $ | (219 | ) | $ | 1,883 | |||||||||||||||||
Year ended December 30, 2017 | ||||||||||||||||||||||||||||||||||||
(millions) | U.S. Snacks | U.S. Morning Foods | U.S. Specialty Channels | North America Other | Europe | Latin America | Asia Pacific | Corporate | Kellogg Consolidated | |||||||||||||||||||||||||||
Reported operating profit | $ | 138 | $ | 567 | $ | 312 | $ | 229 | $ | 276 | $ | 108 | $ | 84 | $ | (327 | ) | $ | 1,387 | |||||||||||||||||
Mark-to-market | — | — | — | — | — | — | — | (81 | ) | (81 | ) | |||||||||||||||||||||||||
Project K and cost reduction activities | (309 | ) | (18 | ) | (2 | ) | (16 | ) | (40 | ) | (8 | ) | (11 | ) | (7 | ) | (411 | ) | ||||||||||||||||||
Adjusted operating profit | $ | 447 | $ | 585 | $ | 314 | $ | 245 | $ | 316 | $ | 116 | $ | 95 | $ | (239 | ) | $ | 1,879 | |||||||||||||||||
% change - 2018 vs. 2017: | ||||||||||||||||||||||||||||||||||||
Reported growth | 224.4 | % | (15.7 | )% | (19.8 | )% | (3.0 | )% | 7.8 | % | (5.2 | )% | 50.7 | % | 33.1 | % | 22.9 | % | ||||||||||||||||||
Mark-to-market | — | % | — | % | — | % | — | % | — | % | — | % | — | % | 25.2 | % | 7.3 | % | ||||||||||||||||||
Project K and cost reduction activities | 218.3 | % | (6.0 | )% | (0.7 | )% | (3.9 | )% | 3.1 | % | (5.6 | )% | 6.1 | % | (0.5 | )% | 16.1 | % | ||||||||||||||||||
Brexit impacts | — | % | — | % | — | % | — | % | (0.9 | )% | — | % | — | % | — | % | (0.2 | )% | ||||||||||||||||||
Business and portfolio realignment | (0.8 | )% | — | % | — | % | — | % | — | % | — | % | — | % | (0.8 | )% | (0.3 | )% | ||||||||||||||||||
Adjusted growth | 6.9 | % | (9.7 | )% | (19.1 | )% | 0.9 | % | 5.6 | % | 0.4 | % | 44.6 | % | 9.2 | % | — | % | ||||||||||||||||||
Foreign currency impact | — | % | — | % | — | % | (0.4 | )% | 1.9 | % | (2.8 | )% | (7.2 | )% | 0.6 | % | (0.1 | )% | ||||||||||||||||||
Currency-neutral adjusted growth | 6.9 | % | (9.7 | )% | (19.1 | )% | 1.3 | % | 3.7 | % | 3.2 | % | 51.8 | % | 8.6 | % | 0.1 | % |
Year ended December 30, 2017 | ||||||||||||||||||||||||||||||||||||
(millions) | U.S. Snacks | U.S. Morning Foods | U.S. Specialty Channels | North America Other | Europe | Latin America | Asia Pacific | Corporate | Kellogg Consolidated | |||||||||||||||||||||||||||
Reported net sales | $ | 3,110 | $ | 2,709 | $ | 1,242 | $ | 1,612 | $ | 2,291 | $ | 944 | $ | 946 | $ | — | $ | 12,854 | ||||||||||||||||||
Foreign currency impact on total business (inc)/dec | — | — | — | 12 | (18 | ) | 17 | 25 | — | 36 | ||||||||||||||||||||||||||
Currency-neutral net sales | $ | 3,110 | $ | 2,709 | $ | 1,242 | $ | 1,600 | $ | 2,309 | $ | 927 | $ | 921 | $ | — | $ | 12,818 | ||||||||||||||||||
Acquisitions | — | — | — | 28 | 11 | 203 | — | — | 242 | |||||||||||||||||||||||||||
Shipping day differences | — | — | — | — | — | 14 | — | — | 14 | |||||||||||||||||||||||||||
Foreign currency impact on acquisitions (inc)/dec | — | — | — | — | — | (13 | ) | — | — | (13 | ) | |||||||||||||||||||||||||
Organic net sales | $ | 3,110 | $ | 2,709 | $ | 1,242 | $ | 1,572 | $ | 2,298 | $ | 723 | $ | 921 | $ | — | $ | 12,575 | ||||||||||||||||||
Year ended December 31, 2016 | ||||||||||||||||||||||||||||||||||||
(millions) | U.S. Snacks | U.S. Morning Foods | U.S. Specialty Channels | North America Other | Europe | Latin America | Asia Pacific | Corporate | Kellogg Consolidated | |||||||||||||||||||||||||||
Reported net sales | $ | 3,197 | $ | 2,917 | $ | 1,207 | $ | 1,593 | $ | 2,383 | $ | 772 | $ | 896 | $ | — | $ | 12,965 | ||||||||||||||||||
Venezuela operations impact | — | — | — | — | — | 31 | — | — | 31 | |||||||||||||||||||||||||||
Organic net sales | $ | 3,197 | $ | 2,917 | $ | 1,207 | $ | 1,593 | $ | 2,383 | $ | 741 | $ | 896 | $ | — | $ | 12,934 | ||||||||||||||||||
% change - 2017 vs. 2016: | ||||||||||||||||||||||||||||||||||||
Reported growth | (2.8 | )% | (7.1 | )% | 2.9 | % | 1.2 | % | (3.9 | )% | 22.2 | % | 5.6 | % | — | % | (0.9 | )% | ||||||||||||||||||
Foreign currency impact on total business (inc)/dec | — | % | — | % | — | % | 0.8 | % | (0.8 | )% | 2.1 | % | 2.8 | % | — | % | 0.2 | % | ||||||||||||||||||
Currency-neutral growth | (2.8 | )% | (7.1 | )% | 2.9 | % | 0.4 | % | (3.1 | )% | 20.1 | % | 2.8 | % | — | % | (1.1 | )% | ||||||||||||||||||
Acquisitions | — | % | — | % | — | % | 1.8 | % | 0.5 | % | 26.2 | % | — | % | — | % | 1.9 | % | ||||||||||||||||||
Venezuela operations impact | — | % | — | % | — | % | — | % | — | % | (3.9 | )% | — | % | — | % | (0.2 | )% | ||||||||||||||||||
Shipping day differences | — | % | — | % | — | % | — | % | — | % | 1.9 | % | — | % | — | % | 0.1 | % | ||||||||||||||||||
Foreign currency impact on acquisitions (inc)/dec | — | % | — | % | — | % | — | % | — | % | (1.8 | )% | — | % | — | % | (0.1 | )% | ||||||||||||||||||
Organic growth | (2.8 | )% | (7.1 | )% | 2.9 | % | (1.4 | )% | (3.6 | )% | (2.3 | )% | 2.8 | % | — | % | (2.8 | )% |
Year ended December 30, 2017 | ||||||||||||||||||||||||||||||||||||
(millions) | U.S. Snacks | U.S. Morning Foods | U.S. Specialty Channels | North America Other | Europe | Latin America | Asia Pacific | Corporate | Kellogg Consolidated | |||||||||||||||||||||||||||
Reported operating profit | $ | 138 | $ | 567 | $ | 312 | $ | 229 | $ | 276 | $ | 108 | $ | 84 | $ | (327 | ) | $ | 1,387 | |||||||||||||||||
Mark-to-market | — | — | — | — | — | — | — | (81 | ) | (81 | ) | |||||||||||||||||||||||||
Project K and cost reduction activities | (309 | ) | (18 | ) | (2 | ) | (16 | ) | (40 | ) | (8 | ) | (11 | ) | (7 | ) | (411 | ) | ||||||||||||||||||
Adjusted operating profit | $ | 447 | $ | 585 | $ | 314 | $ | 245 | $ | 316 | $ | 116 | $ | 95 | $ | (239 | ) | $ | 1,879 | |||||||||||||||||
Foreign currency impact | — | — | — | 1 | (6 | ) | — | 2 | 2 | (1 | ) | |||||||||||||||||||||||||
Currency-neutral adjusted operating profit | $ | 447 | $ | 585 | $ | 314 | $ | 244 | $ | 322 | $ | 116 | $ | 93 | $ | (241 | ) | $ | 1,880 | |||||||||||||||||
Year ended December 31, 2016 | ||||||||||||||||||||||||||||||||||||
(millions) | U.S. Snacks | U.S. Morning Foods | U.S. Specialty Channels | North America Other | Europe | Latin America | Asia Pacific | Corporate | Kellogg Consolidated | |||||||||||||||||||||||||||
Reported operating profit | $ | 325 | $ | 597 | $ | 279 | $ | 181 | $ | 208 | $ | 84 | $ | 69 | $ | (260 | ) | $ | 1,483 | |||||||||||||||||
Mark-to-market | — | — | — | — | — | — | — | 43 | 43 | |||||||||||||||||||||||||||
Project K and cost reduction activities | (76 | ) | (23 | ) | (8 | ) | (38 | ) | (126 | ) | (8 | ) | (7 | ) | (38 | ) | (324 | ) | ||||||||||||||||||
Venezuela remeasurement | — | — | — | — | — | (13 | ) | — | — | (13 | ) | |||||||||||||||||||||||||
Adjusted operating profit | $ | 401 | $ | 620 | $ | 287 | $ | 219 | $ | 334 | $ | 105 | $ | 76 | $ | (265 | ) | $ | 1,777 | |||||||||||||||||
% change - 2017 vs. 2016: | ||||||||||||||||||||||||||||||||||||
Reported growth | (57.7 | )% | (5.0 | )% | 12.0 | % | 26.3 | % | 32.0 | % | 28.2 | % | 22.9 | % | (25.2 | )% | (6.4 | )% | ||||||||||||||||||
Mark-to-market | — | % | — | % | — | % | — | % | — | % | — | % | — | % | (44.4 | )% | (8.4 | )% | ||||||||||||||||||
Project K and cost reduction activities | (69.1 | )% | 0.6 | % | 2.5 | % | 14.3 | % | 37.8 | % | 2.5 | % | (3.3 | )% | 9.1 | % | (4.6 | )% | ||||||||||||||||||
Venezuela remeasurement | — | % | — | % | — | % | — | % | — | % | 15.3 | % | — | % | — | % | 0.8 | % | ||||||||||||||||||
Adjusted growth | 11.4 | % | (5.6 | )% | 9.5 | % | 12.0 | % | (5.8 | )% | 10.4 | % | 26.2 | % | 10.1 | % | 5.8 | % | ||||||||||||||||||
Foreign currency impact | — | % | — | % | — | % | 0.9 | % | (2.1 | )% | (0.1 | )% | 3.8 | % | 0.5 | % | (0.1 | )% | ||||||||||||||||||
Currency-neutral adjusted growth | 11.4 | % | (5.6 | )% | 9.5 | % | 11.1 | % | (3.7 | )% | 10.5 | % | 22.4 | % | 9.6 | % | 5.9 | % |
Change vs. prior year (pts.) | ||||||
2018 | 2017 | |||||
Reported gross margin (a) | 34.9 | % | 36.6 | % | (1.7 | ) |
Mark-to-market (COGS) | 0.1 | % | (0.6 | )% | 0.7 | |
Project K and cost reduction activities (COGS) | (0.8 | )% | (0.9 | )% | 0.1 | |
Brexit impacts (COGS) | — | % | — | % | — | |
Business and portfolio realignment (COGS) | — | % | — | % | — | |
Foreign currency impact | 0.1 | % | — | % | 0.1 | |
Currency-neutral adjusted gross margin | 35.5 | % | 38.1 | % | (2.6 | ) |
(dollars in millions) | 2018 | 2017 | ||||||
Reported gross profit (a) | $ | 4,726 | $ | 4,699 | ||||
Mark-to-market (COGS) | 6 | (79 | ) | |||||
Project K and cost reduction activities (COGS) | (99 | ) | (115 | ) | ||||
Brexit impacts (COGS) | (2 | ) | — | |||||
Business and portfolio realignment (COGS) | — | — | ||||||
Foreign currency impact | (19 | ) | — | |||||
Currency-neutral adjusted gross profit | $ | 4,840 | $ | 4,893 |
Change vs. prior year (pts.) | ||||||
2017 | 2016 | |||||
Reported gross margin (a) | 36.6 | % | 37.3 | % | (0.7 | ) |
Mark-to-market (COGS) | (0.6 | )% | 0.3 | % | (0.9 | ) |
Project K and cost reduction activities (COGS) | (0.9 | )% | (1.3 | )% | 0.4 | |
Venezuela remeasurement (COGS) | — | % | (0.1 | )% | 0.1 | |
Foreign currency impact | 0.1 | % | — | % | 0.1 | |
Currency-neutral adjusted gross margin | 38.0 | % | 38.4 | % | (0.4 | ) |
(dollars in millions) | 2017 | 2016 | ||||||
Reported gross profit (a) | $ | 4,699 | $ | 4,834 | ||||
Mark-to-market (COGS) | (79 | ) | 36 | |||||
Project K and cost reduction activities (COGS) | (115 | ) | (172 | ) | ||||
Venezuela remeasurement (COGS) | — | (12 | ) | |||||
Foreign currency impact | 18 | — | ||||||
Currency-neutral adjusted gross profit | $ | 4,875 | $ | 4,982 |
Consolidated results (dollars in millions) | 2018 | 2017 | ||||||
Reported income taxes | $ | 181 | $ | 410 | ||||
Mark-to-market | (75 | ) | 6 | |||||
Project K and cost reduction activities | (33 | ) | (86 | ) | ||||
Business and portfolio realignment | (1 | ) | — | |||||
Adoption of U.S. Tax Reform | (11 | ) | 8 | |||||
Adjusted income taxes | $ | 301 | $ | 482 | ||||
Reported effective income tax rate | 13.6 | % | 24.8 | % | ||||
Mark-to-market | (1.7 | ) | (0.3 | ) | ||||
Project K and cost reduction activities | (0.6 | ) | (1.1 | ) | ||||
Business and portfolio realignment | — | — | ||||||
Adoption of U.S. Tax Reform | (0.6 | ) | 0.4 | |||||
Adjusted effective income tax rate | 16.5 | % | 25.8 | % |
Consolidated results (dollars in millions) | 2017 | 2016 | ||||||
Reported income taxes | $ | 410 | $ | 235 | ||||
Mark-to-market | 6 | (59 | ) | |||||
Project K and cost reduction activities | (86 | ) | (85 | ) | ||||
Debt redemption | — | (54 | ) | |||||
Venezuela deconsolidation | — | — | ||||||
Venezuela remeasurement | — | — | ||||||
Adoption of U.S. Tax Reform | 8 | — | ||||||
Adjusted income taxes | $ | 482 | $ | 433 | ||||
Reported effective income tax rate | 24.8 | % | 25.2 | % | ||||
Mark-to-market | (0.3 | ) | 0.5 | |||||
Project K and cost reduction activities | (1.1 | ) | (0.3 | ) | ||||
Debt redemption | — | (0.9 | ) | |||||
Venezuela deconsolidation | — | 1.0 | ||||||
Venezuela remeasurement | — | 0.2 | ||||||
Adoption of U.S. Tax Reform | 0.4 | — | ||||||
Adjusted effective income tax rate | 25.8 | % | 24.7 | % |
• | Net sales could be negatively impacted by reduced efficiency in processing of product shipments between the United Kingdom and other countries resulting in insufficient products in the appropriate market for sale to customers, |
• | Cost of goods sold could increase due to increased costs related to incremental warehousing and logistics services required to adequately service our customers, |
• | Cost of goods sold could increase significantly due to tariffs that are implemented between the United Kingdom and other countries as the location of our European production facilities and the markets we sell in regularly require significant import and export shipments involving the United Kingdom, |
• | Profitability may be impacted as we update our conclusions on our ability to realize future benefit from other assets, such as deferred tax assets, or as we evaluate the effectiveness of existing or future derivative contracts. This may result in additional valuation allowances or reserves being established, or require changes in the notional value of derivative contracts, |
• | Cash flow could decrease as a result of the requirement to increase inventory levels maintained in both the United Kingdom and other countries to ensure adequate supply of product to support both base and promotional activities normally executed with our customers. |
(dollars in millions) | 2018 | 2017 | 2016 | |||||||||
Net cash provided by (used in): | ||||||||||||
Operating activities | $ | 1,536 | $ | 403 | $ | 1,271 | ||||||
Investing activities | (948 | ) | 149 | (392 | ) | |||||||
Financing activities | (566 | ) | (604 | ) | (786 | ) | ||||||
Effect of exchange rates on cash and cash equivalents | 18 | 53 | (64 | ) | ||||||||
Net increase (decrease) in cash and cash equivalents | $ | 40 | $ | 1 | $ | 29 |
(dollars in millions) | 2018 | 2017 | 2016 | |||||||||
Net cash provided by operating activities | $ | 1,536 | $ | 403 | $ | 1,271 | ||||||
Additions to properties | (578 | ) | (501 | ) | (507 | ) | ||||||
Cash flow | $ | 958 | $ | (98 | ) | $ | 764 | |||||
year-over-year change | 1,078 | % | (113 | )% |
Contractual obligations | Payments due by period | |||||||||||||||||||||||||||
(millions) | Total | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 and beyond | |||||||||||||||||||||
Long-term debt: | ||||||||||||||||||||||||||||
Principal | $ | 8,785 | 507 | $ | 851 | $ | 973 | $ | 1,045 | $ | 811 | $ | 4,598 | |||||||||||||||
Interest (a) | 2,359 | 260 | 250 | 215 | 193 | 172 | 1,269 | |||||||||||||||||||||
Capital leases (b) | 1 | 1 | — | — | — | — | — | |||||||||||||||||||||
Operating leases (c) | 525 | 121 | 97 | 73 | 57 | 48 | 129 | |||||||||||||||||||||
Purchase obligations (d) | 1,239 | 1,057 | 117 | 27 | 9 | 5 | 24 | |||||||||||||||||||||
Uncertain tax positions (e) | 4 | 4 | — | — | — | — | — | |||||||||||||||||||||
Other long-term obligations (f) | 640 | 122 | 51 | 50 | 96 | 98 | 223 | |||||||||||||||||||||
Total | $ | 13,553 | $ | 2,072 | $ | 1,366 | $ | 1,338 | $ | 1,400 | $ | 1,134 | $ | 6,243 |
(a) | Includes interest payments on our long-term debt and payments on our interest rate swaps. Interest calculated on our variable rate debt was forecasted using the LIBOR forward rate curve as of December 29, 2018. |
(b) | The total expected cash payments on our capital leases include interest expense totaling less than $1 million over the periods presented above. |
(c) | Operating leases represent the minimum rental commitments under non-cancelable operating leases. |
(d) | Purchase obligations consist primarily of fixed commitments for raw materials to be utilized in the normal course of business and for marketing, advertising and other services. The amounts presented in the table do not include items already recorded in accounts payable or other current liabilities at year-end 2018, nor does the table reflect cash flows we are likely to incur based on our plans, but are not obligated to incur. Therefore, it should be noted that the exclusion of these items from the table could be a limitation in assessing our total future cash flows under contracts. |
(e) | As of December 29, 2018, our total liability for uncertain tax positions was $97 million, of which $4 million is expected to be paid in the next twelve months. We are not able to reasonably estimate the timing of future cash flows related to the remaining $93 million. |
(f) | Other long-term obligations are those associated with noncurrent liabilities recorded within the Consolidated Balance Sheet at year-end 2018 and consist principally of projected commitments under deferred compensation arrangements, multiemployer plans, and supplemental employee retirement benefits. The table also includes our current estimate of minimum contributions to defined benefit pension and postretirement benefit plans through 2024 as follows: 2019-$42; 2020-$37; 2021-$39; 2022-$83; 2023-$78; 2024-$103. |
Impact of certain items excluded from Non-GAAP guidance: | Net Sales | Operating Profit | Earnings Per Share |
Project K and cost restructuring activities (pre-tax) | $45-55M | $0.13-0.16 | |
Income tax impact applicable to adjustments, net** | $0.03-0.04 | ||
Currency-neutral adjusted guidance* | 3-4% | ~Flat | (5)-(7)% |
Acquisitions | ~2% | ||
Organic guidance | 1-2% |
Reconciliation of Non-GAAP amounts - Cash Flow Guidance | |
(billions) | |
Full Year 2019 | |
Net cash provided by (used in) operating activities | ~$1.5-1.6 |
Additions to properties | ~($0.6) |
Cash Flow | ~$0.9-1.0 |
(millions, except per share data) | 2018 | 2017 | 2016 | |||||||||
Net sales | $ | 13,547 | $ | 12,854 | $ | 12,965 | ||||||
Cost of goods sold | 8,821 | 8,155 | 8,131 | |||||||||
Selling, general and administrative expense | 3,020 | 3,312 | 3,351 | |||||||||
Operating profit | $ | 1,706 | $ | 1,387 | $ | 1,483 | ||||||
Interest expense | 287 | 256 | 406 | |||||||||
Other income (expense), net | (90 | ) | 526 | (143 | ) | |||||||
Income before income taxes | 1,329 | 1,657 | 934 | |||||||||
Income taxes | 181 | 410 | 235 | |||||||||
Earnings (loss) from unconsolidated entities | 196 | 7 | 1 | |||||||||
Net income | $ | 1,344 | $ | 1,254 | $ | 700 | ||||||
Net income (loss) attributable to noncontrolling interests | 8 | — | 1 | |||||||||
Net income attributable to Kellogg Company | $ | 1,336 | $ | 1,254 | $ | 699 | ||||||
Per share amounts: | ||||||||||||
Basic | $ | 3.85 | $ | 3.61 | $ | 1.99 | ||||||
Diluted | $ | 3.83 | $ | 3.58 | $ | 1.97 |
2018 | 2017 | 2016 | ||||||||||||||||||||||||||||
(millions) | Pre-tax amount | Tax (expense) benefit | After-tax amount | Pre-tax amount | Tax (expense) benefit | After-tax amount | Pre-tax amount | Tax (expense) benefit | After-tax amount | |||||||||||||||||||||
Net income | $ | 1,344 | $ | 1,254 | $ | 700 | ||||||||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | 5 | $ | (53 | ) | (48 | ) | $ | (34 | ) | $ | 113 | 79 | $ | (230 | ) | $ | (24 | ) | (254 | ) | |||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||||
Unrealized gain (loss) on cash flow hedges | 3 | (1 | ) | 2 | — | — | — | (55 | ) | 22 | (33 | ) | ||||||||||||||||||
Reclassification to net income | 8 | (2 | ) | 6 | 9 | (3 | ) | 6 | 11 | (6 | ) | 5 | ||||||||||||||||||
Postretirement and postemployment benefits: | ||||||||||||||||||||||||||||||
Amounts arising during the period: | ||||||||||||||||||||||||||||||
Net experience gain (loss) | (8 | ) | 1 | (7 | ) | 44 | (12 | ) | 32 | 25 | (9 | ) | 16 | |||||||||||||||||
Prior service credit (cost) | 1 | — | 1 | — | — | — | (4 | ) | 2 | (2 | ) | |||||||||||||||||||
Reclassification to net income: | ||||||||||||||||||||||||||||||
Net experience (gain) loss | (5 | ) | 1 | (4 | ) | — | — | — | 3 | (1 | ) | 2 | ||||||||||||||||||
Prior service (credit) cost | — | — | — | 1 | — | 1 | 5 | (1 | ) | 4 | ||||||||||||||||||||
Venezuela deconsolidation loss | — | — | — | — | — | — | 63 | — | 63 | |||||||||||||||||||||
Other comprehensive income (loss) | $ | 4 | $ | (54 | ) | $ | (50 | ) | $ | 20 | $ | 98 | $ | 118 | $ | (182 | ) | $ | (17 | ) | $ | (199 | ) | |||||||
Comprehensive income | $ | 1,294 | $ | 1,372 | $ | 501 | ||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 8 | — | 1 | |||||||||||||||||||||||||||
Other comprehensive income (loss) attributable to noncontrolling interests | (7 | ) | — | — | ||||||||||||||||||||||||||
Comprehensive income attributable to Kellogg Company | $ | 1,293 | $ | 1,372 | $ | 500 |
(millions, except share data) | 2018 | 2017 | ||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 321 | $ | 281 | ||||
Accounts receivable, net | 1,375 | 1,389 | ||||||
Inventories | 1,330 | 1,217 | ||||||
Other current assets | 131 | 149 | ||||||
Total current assets | 3,157 | 3,036 | ||||||
Property, net | 3,731 | 3,716 | ||||||
Goodwill | 6,050 | 5,504 | ||||||
Other intangibles, net | 3,361 | 2,639 | ||||||
Investment in unconsolidated entities | 413 | 429 | ||||||
Other assets | 1,068 | 1,027 | ||||||
Total assets | $ | 17,780 | $ | 16,351 | ||||
Current liabilities | ||||||||
Current maturities of long-term debt | $ | 510 | $ | 409 | ||||
Notes payable | 176 | 370 | ||||||
Accounts payable | 2,427 | 2,269 | ||||||
Other current liabilities | 1,416 | 1,474 | ||||||
Total current liabilities | 4,529 | 4,522 | ||||||
Long-term debt | 8,207 | 7,836 | ||||||
Deferred income taxes | 730 | 355 | ||||||
Pension liability | 651 | 839 | ||||||
Other liabilities | 504 | 605 | ||||||
Commitments and contingencies | ||||||||
Equity | ||||||||
Common stock, $.25 par value, 1,000,000,000 shares authorized Issued: 420,666,780 shares in 2018 and 420,514,582 shares in 2017 | 105 | 105 | ||||||
Capital in excess of par value | 895 | 878 | ||||||
Retained earnings | 7,652 | 7,069 | ||||||
Treasury stock, at cost 76,801,314 shares in 2018 and 74,911,865 shares in 2017 | (4,551 | ) | (4,417 | ) | ||||
Accumulated other comprehensive income (loss) | (1,500 | ) | (1,457 | ) | ||||
Total Kellogg Company equity | 2,601 | 2,178 | ||||||
Noncontrolling interests | 558 | 16 | ||||||
Total equity | 3,159 | 2,194 | ||||||
Total liabilities and equity | $ | 17,780 | $ | 16,351 |
(millions) | Common stock | Capital in excess of par value | Retained earnings | Treasury stock | Accumulated other comprehensive income (loss) | Total Kellogg Company equity | Non- controlling interests | Total equity | ||||||||||||||||||||
shares | amount | shares | amount | |||||||||||||||||||||||||
Balance, January 2, 2016 | 420 | $ | 105 | $ | 745 | $ | 6,573 | 70 | $ | (3,943 | ) | $ | (1,376 | ) | $ | 2,104 | $ | 10 | $ | 2,114 | ||||||||
Common stock repurchases | 6 | (426 | ) | (426 | ) | (426 | ) | |||||||||||||||||||||
Net income (loss) | 699 | 699 | 1 | 700 | ||||||||||||||||||||||||
Acquisition of noncontrolling interest | — | 5 | 5 | |||||||||||||||||||||||||
Dividends declared ($2.04 per share) | (716 | ) | (716 | ) | (716 | ) | ||||||||||||||||||||||
Other comprehensive income (loss) | (199 | ) | (199 | ) | — | (199 | ) | |||||||||||||||||||||
Stock compensation | 63 | 63 | 63 | |||||||||||||||||||||||||
Stock options exercised and other | (2 | ) | (4 | ) | (7 | ) | 372 | 366 | 366 | |||||||||||||||||||
Balance, December 31, 2016 | 420 | $ | 105 | $ | 806 | $ | 6,552 | 69 | $ | (3,997 | ) | $ | (1,575 | ) | $ | 1,891 | $ | 16 | $ | 1,907 | ||||||||
Common stock repurchases | 7 | (516 | ) | (516 | ) | (516 | ) | |||||||||||||||||||||
Net income (loss) | 1,254 | 1,254 | — | 1,254 | ||||||||||||||||||||||||
Acquisition of noncontrolling interest | — | — | — | |||||||||||||||||||||||||
Dividends declared ($2.12 per share) | (736 | ) | (736 | ) | (736 | ) | ||||||||||||||||||||||
Other comprehensive income (loss) | 118 | 118 | — | 118 | ||||||||||||||||||||||||
Stock compensation | 66 | 66 | 66 | |||||||||||||||||||||||||
Stock options exercised and other | 1 | 6 | (1 | ) | (1 | ) | 96 | 101 | 101 | |||||||||||||||||||
Balance, December 30, 2017 | 421 | $ | 105 | $ | 878 | $ | 7,069 | 75 | $ | (4,417 | ) | $ | (1,457 | ) | $ | 2,178 | $ | 16 | $ | 2,194 | ||||||||
Common stock repurchases | 5 | (320 | ) | (320 | ) | (320 | ) | |||||||||||||||||||||
Net income (loss) | 1,336 | 1,336 | 8 | 1,344 | ||||||||||||||||||||||||
Acquisition of noncontrolling interest | — | 552 | 552 | |||||||||||||||||||||||||
Dividends declared ($2.20 per share) | (762 | ) | (762 | ) | (11 | ) | (773 | ) | ||||||||||||||||||||
Other comprehensive income (loss) | (43 | ) | (43 | ) | (7 | ) | (50 | ) | ||||||||||||||||||||
Stock compensation | 59 | 59 | 59 | |||||||||||||||||||||||||
Stock options exercised and other | — | (42 | ) | 9 | (3 | ) | 186 | 153 | 153 | |||||||||||||||||||
Balance, December 29, 2018 | 421 | $ | 105 | $ | 895 | $ | 7,652 | 77 | $ | (4,551 | ) | $ | (1,500 | ) | $ | 2,601 | $ | 558 | $ | 3,159 |
(millions) | 2018 | 2017 | 2016 | |||||||||
Operating activities | ||||||||||||
Net income | $ | 1,344 | $ | 1,254 | $ | 700 | ||||||
Adjustments to reconcile net income to operating cash flows: | ||||||||||||
Depreciation and amortization | 516 | 481 | 517 | |||||||||
Postretirement benefit plan expense (benefit) | 170 | (427 | ) | 198 | ||||||||
Deferred income taxes | 46 | (58 | ) | (24 | ) | |||||||
Stock compensation | 59 | 66 | 63 | |||||||||
Venezuela deconsolidation | — | — | 72 | |||||||||
Venezuela remeasurement | — | — | 11 | |||||||||
Gain from unconsolidated entities, net | (200 | ) | — | — | ||||||||
Noncurrent income taxes payable | (23 | ) | 144 | (12 | ) | |||||||
Other | (40 | ) | 27 | 82 | ||||||||
Postretirement benefit plan contributions | (287 | ) | (44 | ) | (33 | ) | ||||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||||||
Trade receivables | 76 | (1,300 | ) | (480 | ) | |||||||
Inventories | (86 | ) | 80 | 7 | ||||||||
Accounts payable | 115 | 193 | 124 | |||||||||
All other current assets and liabilities | (154 | ) | (13 | ) | 46 | |||||||
Net cash provided by (used in) operating activities | $ | 1,536 | $ | 403 | $ | 1,271 | ||||||
Investing activities | ||||||||||||
Additions to properties | $ | (578 | ) | $ | (501 | ) | $ | (507 | ) | |||
Collections of deferred purchase price on securitized trade receivables | — | 1,243 | 501 | |||||||||
Acquisitions, net of cash acquired | (28 | ) | (592 | ) | (398 | ) | ||||||
Reduction of cash due to Venezuela deconsolidation | — | — | (2 | ) | ||||||||
Investments in unconsolidated entities | (389 | ) | — | 27 | ||||||||
Acquisition of cost method investments | (8 | ) | (7 | ) | (2 | ) | ||||||
Other | 55 | 6 | (11 | ) | ||||||||
Net cash provided by (used in) investing activities | $ | (948 | ) | $ | 149 | $ | (392 | ) | ||||
Financing activities | ||||||||||||
Net increase (reduction) of notes payable, with maturities less than or equal to 90 days | (264 | ) | 153 | (918 | ) | |||||||
Issuances of notes payable, with maturities greater than 90 days | 62 | 17 | 1,961 | |||||||||
Reductions of notes payable, with maturities greater than 90 days | (23 | ) | (238 | ) | (1,831 | ) | ||||||
Issuances of long-term debt | 993 | 1,251 | 2,657 | |||||||||
Reductions of long-term debt | (408 | ) | (632 | ) | (1,737 | ) | ||||||
Debt extinguishment costs | — | — | (144 | ) | ||||||||
Net issuances of common stock | 167 | 97 | 368 | |||||||||
Common stock repurchases | (320 | ) | (516 | ) | (426 | ) | ||||||
Cash dividends | (762 | ) | (736 | ) | (716 | ) | ||||||
Other | (11 | ) | — | — | ||||||||
Net cash provided by (used in) financing activities | $ | (566 | ) | $ | (604 | ) | $ | (786 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | 18 | 53 | (64 | ) | ||||||||
Increase (decrease) in cash and cash equivalents | $ | 40 | $ | 1 | $ | 29 | ||||||
Cash and cash equivalents at beginning of period | 281 | 280 | 251 | |||||||||
Cash and cash equivalents at end of period | $ | 321 | $ | 281 | $ | 280 | ||||||
Supplemental cash flow disclosures: | ||||||||||||
Interest paid | $ | 280 | $ | 258 | $ | 405 | ||||||
Income taxes paid | $ | 188 | $ | 352 | $ | 256 | ||||||
Supplemental cash flow disclosures of non-cash investing activities: | ||||||||||||
Beneficial interests obtained in exchange for securitized trade receivables | $ | — | $ | 1,222 | $ | 538 | ||||||
Additions to properties included in accounts payable | $ | 162 | $ | 151 | $ | 161 |
• | Significant financing component - The Company elected not to adjust the promised amount of consideration for the effects of a significant financing component as the Company expects, at contract inception, that the period between the transfer of a promised good or service to a customer and when the customer pays for that good or service will be one year or less. |
• | Shipping and handling costs - The Company elected to account for shipping and handling activities that occur before the customer has obtained control of a good as fulfillment activities (i.e., an expense) rather than as a promised service. |
• | Measurement of transaction price - The Company has elected to exclude from the measurement of transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer for sales taxes. |
(Dollars in millions, except per share data) | Year ended December 30, 2017 | |||||||||||
Consolidated Statement of Income | Previously Reported | Revenue Recognition ASU | Pension ASU | Restated | ||||||||
Net sales | $ | 12,923 | $ | (69 | ) | $ | — | $ | 12,854 | |||
Cost of goods sold | $ | 7,901 | $ | (71 | ) | $ | 325 | $ | 8,155 | |||
Selling, general and administrative expense | $ | 3,076 | $ | 19 | $ | 217 | $ | 3,312 | ||||
Other income (expense), net | $ | (16 | ) | $ | — | $ | 542 | $ | 526 | |||
Income taxes | $ | 412 | $ | (2 | ) | $ | — | $ | 410 | |||
Net income | $ | 1,269 | $ | (15 | ) | $ | — | $ | 1,254 | |||
Per share amounts: | ||||||||||||
Basic earnings | $ | 3.65 | $ | (0.04 | ) | $ | — | $ | 3.61 | |||
Diluted earnings | $ | 3.62 | $ | (0.04 | ) | $ | — | $ | 3.58 |
(Dollars in millions, except per share data) | As of December 30, 2017 | ||||||||
Consolidated Balance Sheet | Previously Reported | Revenue Recognition ASU | Restated | ||||||
Other assets | $ | 1,026 | $ | 1 | $ | 1,027 | |||
Other current liabilities | $ | 1,431 | $ | 43 | $ | 1,474 | |||
Deferred income taxes | $ | 363 | $ | (8 | ) | $ | 355 | ||
Retained earnings | $ | 7,103 | $ | (34 | ) | $ | 7,069 |
(Dollars in millions, except per share data) | Year ended December 30, 2017 | |||||||||||
Consolidated Statement of Cash Flows | Previously Reported | Revenue Recognition ASU | Cash Flow ASU | Restated | ||||||||
Net income | $ | 1,269 | $ | (15 | ) | $ | — | $ | 1,254 | |||
Deferred income taxes | $ | (56 | ) | $ | (2 | ) | $ | — | $ | (58 | ) | |
Trade receivables | $ | (57 | ) | $ | — | $ | (1,243 | ) | $ | (1,300 | ) | |
All other current assets and liabilities, net | $ | (30 | ) | $ | 17 | $ | — | $ | (13 | ) | ||
Net cash provided by (used in) operating activities | $ | 1,646 | $ | — | $ | (1,243 | ) | $ | 403 | |||
Collections of deferred purchase price on securitized trade receivables | $ | — | $ | — | $ | 1,243 | $ | 1,243 | ||||
Net cash provided by (used in) investing activities | $ | (1,094 | ) | $ | — | $ | 1,243 | $ | 149 |
(Dollars in millions, except per share data) | Year ended December 31, 2016 | |||||||||||
Consolidated Statement of Income | Previously Reported | Revenue Recognition ASU | Pension ASU | Restated | ||||||||
Net sales | $ | 13,014 | $ | (49 | ) | $ | — | $ | 12,965 | |||
Cost of goods sold | $ | 8,259 | $ | (73 | ) | $ | (55 | ) | $ | 8,131 | ||
Selling, general and administrative expense | $ | 3,360 | $ | 17 | $ | (26 | ) | $ | 3,351 | |||
Other income (expense), net | $ | (62 | ) | $ | — | $ | (81 | ) | $ | (143 | ) | |
Income taxes | $ | 233 | $ | 2 | $ | — | $ | 235 | ||||
Net income | $ | 695 | $ | 5 | $ | — | $ | 700 | ||||
Per share amounts: | ||||||||||||
Basic earnings | $ | 1.98 | $ | 0.01 | $ | — | $ | 1.99 | ||||
Diluted earnings | $ | 1.96 | $ | 0.01 | $ | — | $ | 1.97 |
(Dollars in millions, except per share data) | Year ended December 31, 2016 | |||||||||||
Consolidated Statement of Cash Flows | Previously Reported | Revenue Recognition ASU | Cash Flow ASU | Restated | ||||||||
Net income | $ | 695 | $ | 5 | $ | — | $ | 700 | ||||
Deferred income taxes | $ | (26 | ) | $ | 2 | $ | — | $ | (24 | ) | ||
Other | $ | (62 | ) | $ | — | $ | 144 | $ | 82 | |||
Trade receivables | $ | 21 | $ | — | $ | (501 | ) | $ | (480 | ) | ||
All other current assets and liabilities, net | $ | 53 | $ | (7 | ) | $ | — | $ | 46 | |||
Net cash provided by (used in) operating activities | $ | 1,628 | $ | — | $ | (357 | ) | $ | 1,271 | |||
Collections of deferred purchase price on securitized trade receivables | $ | — | $ | — | $ | 501 | $ | 501 | ||||
Net cash provided by (used in) investing activities | $ | (893 | ) | $ | — | $ | 501 | $ | (392 | ) | ||
Debt extinguishment costs | $ | — | $ | — | $ | (144 | ) | $ | (144 | ) | ||
Net cash provided by (used in) financing activities | $ | (642 | ) | $ | — | $ | (144 | ) | $ | (786 | ) |
(millions) | May 2, 2018 | ||||
Current assets | $ | 118 | |||
Property | 41 | ||||
Goodwill | 616 | ||||
Intangible assets subject to amortization, primarily customer relationships | 425 | ||||
Intangible assets not subject to amortization, primarily distribution rights | 373 | ||||
Deferred tax liability | (254 | ) | |||
Other liabilities | (150 | ) | |||
Noncontrolling interest | (552 | ) | |||
$ | 617 |
Year-to-date period ended | ||||||
(millions) | December 29, 2018 | December 30, 2017 | ||||
Net sales | $ | 13,829 | $ | 13,511 | ||
Net Income attributable to Kellogg Company | $ | 1,336 | $ | 1,255 |
(millions) | October 27, 2017 | ||||
Current assets | $ | 42 | |||
Goodwill | 373 | ||||
Intangible assets, primarily indefinite-lived brands | 203 | ||||
Current liabilities | (23 | ) | |||
$ | 595 |
(millions) | December 1, 2016 | ||||
Current assets | $ | 44 | |||
Property | 72 | ||||
Goodwill | 165 | ||||
Intangible assets | 148 | ||||
Current liabilities | (48 | ) | |||
Non-current deferred tax liability and other | (6 | ) | |||
$ | 375 |
(millions) | U.S. Snacks | U.S. Morning Foods | U.S. Specialty Channels | North America Other | Europe | Latin America | Asia Pacific | Consoli- dated | ||||||||||||||||
December 31, 2016 | $ | 3,568 | $ | 131 | $ | 82 | $ | 457 | $ | 376 | $ | 328 | $ | 224 | $ | 5,166 | ||||||||
Additions | — | — | — | 375 | — | — | — | 375 | ||||||||||||||||
Purchase price allocation adjustment | — | — | — | — | — | (79 | ) | — | (79 | ) | ||||||||||||||
Purchase price adjustment | — | — | — | — | — | (4 | ) | — | (4 | ) | ||||||||||||||
Currency translation adjustment | — | — | — | 4 | 38 | (1 | ) | 5 | 46 | |||||||||||||||
December 30, 2017 | $ | 3,568 | $ | 131 | $ | 82 | $ | 836 | $ | 414 | $ | 244 | $ | 229 | $ | 5,504 | ||||||||
Additions | — | — | — | — | — | — | 616 | 616 | ||||||||||||||||
Purchase price allocation adjustment | — | — | — | (2 | ) | — | — | — | (2 | ) | ||||||||||||||
Purchase price adjustment | — | — | — | — | — | — | — | — | ||||||||||||||||
Currency translation adjustment | — | — | — | (4 | ) | (22 | ) | (26 | ) | (16 | ) | (68 | ) | |||||||||||
December 29, 2018 | $ | 3,568 | $ | 131 | $ | 82 | $ | 830 | $ | 392 | $ | 218 | $ | 829 | $ | 6,050 |
Gross carrying amount | ||||||||||||||||||||||||
(millions) | U.S. Snacks | U.S. Morning Foods | U.S. Specialty Channels | North America Other | Europe | Latin America | Asia Pacific | Consoli- dated | ||||||||||||||||
December 31, 2016 | $ | 42 | $ | 8 | $ | — | $ | 5 | $ | 40 | $ | 36 | $ | 10 | $ | 141 | ||||||||
Additions | — | — | — | 17 | — | — | — | 17 | ||||||||||||||||
Purchase price allocation adjustment | — | — | — | — | — | 39 | — | 39 | ||||||||||||||||
Currency translation adjustment | — | — | — | — | 5 | (1 | ) | — | 4 | |||||||||||||||
December 30, 2017 | $ | 42 | $ | 8 | $ | — | $ | 22 | $ | 45 | $ | 74 | $ | 10 | $ | 201 | ||||||||
Additions | — | — | — | — | — | — | 425 | 425 | ||||||||||||||||
Purchase price allocation adjustment | — | — | — | 2 | — | — | — | 2 | ||||||||||||||||
Currency translation adjustment | — | — | — | — | (2 | ) | (11 | ) | (7 | ) | (20 | ) | ||||||||||||
December 29, 2018 | $ | 42 | $ | 8 | $ | — | $ | 24 | $ | 43 | $ | 63 | $ | 428 | $ | 608 | ||||||||
Accumulated Amortization | ||||||||||||||||||||||||
December 31, 2016 | $ | 19 | $ | 8 | $ | — | $ | 4 | $ | 14 | $ | 6 | $ | 3 | $ | 54 | ||||||||
Amortization | 3 | — | — | 1 | 3 | 4 | 1 | 12 | ||||||||||||||||
Currency translation adjustment | — | — | — | — | 1 | — | — | 1 | ||||||||||||||||
December 30, 2017 | $ | 22 | $ | 8 | $ | — | $ | 5 | $ | 18 | $ | 10 | $ | 4 | $ | 67 | ||||||||
Amortization (a) | 3 | — | — | 1 | 3 | 4 | 12 | 23 | ||||||||||||||||
Currency translation adjustment | — | — | — | — | (1 | ) | (2 | ) | — | (3 | ) | |||||||||||||
December 29, 2018 | $ | 25 | $ | 8 | $ | — | $ | 6 | $ | 20 | $ | 12 | $ | 16 | $ | 87 | ||||||||
Intangible assets subject to amortization, net | ||||||||||||||||||||||||
December 31, 2016 | $ | 23 | $ | — | $ | — | $ | 1 | $ | 26 | $ | 30 | $ | 7 | $ | 87 | ||||||||
Additions | — | — | — | 17 | — | — | — | 17 | ||||||||||||||||
Amortization | (3 | ) | — | — | (1 | ) | (3 | ) | (4 | ) | (1 | ) | (12 | ) | ||||||||||
Purchase price allocation adjustment | — | — | — | — | — | 39 | — | 39 | ||||||||||||||||
Currency translation adjustment | — | — | — | — | 4 | (1 | ) | — | 3 | |||||||||||||||
December 30, 2017 | $ | 20 | $ | — | $ | — | $ | 17 | $ | 27 | $ | 64 | $ | 6 | $ | 134 | ||||||||
Additions | — | — | — | — | — | — | 425 | 425 | ||||||||||||||||
Amortization | (3 | ) | — | — | (1 | ) | (3 | ) | (4 | ) | (12 | ) | (23 | ) | ||||||||||
Purchase price allocation adjustment | — | — | — | 2 | — | — | — | 2 | ||||||||||||||||
Currency translation adjustment | — | — | — | — | (1 | ) | (9 | ) | (7 | ) | (17 | ) | ||||||||||||
December 29, 2018 | $ | 17 | $ | — | $ | — | $ | 18 | $ | 23 | $ | 51 | $ | 412 | $ | 521 |
(millions) | U.S. Snacks | U.S. Morning Foods | U.S. Specialty Channels | North America Other | Europe | Latin America | Asia Pacific | Consoli- dated | ||||||||||||||||
December 31, 2016 | $ | 1,625 | $ | — | $ | — | $ | 176 | $ | 383 | $ | 98 | $ | — | $ | 2,282 | ||||||||
Additions | — | — | — | 184 | — | — | — | 184 | ||||||||||||||||
Purchase price allocation adjustment | — | — | — | — | — | (11 | ) | — | (11 | ) | ||||||||||||||
Currency translation adjustment | — | — | — | — | 51 | (1 | ) | — | 50 | |||||||||||||||
December 30, 2017 | $ | 1,625 | $ | — | $ | — | $ | 360 | $ | 434 | $ | 86 | $ | — | $ | 2,505 | ||||||||
Additions | — | — | — | — | — | — | 373 | 373 | ||||||||||||||||
Purchase price allocation adjustment | — | — | — | — | — | — | — | — | ||||||||||||||||
Currency translation adjustment | — | — | — | — | (19 | ) | (13 | ) | (6 | ) | (38 | ) | ||||||||||||
December 29, 2018 | $ | 1,625 | $ | — | $ | — | $ | 360 | $ | 415 | $ | 73 | $ | 367 | $ | 2,840 |
Statement of Operations | |||||||||
(millions) | 2018 | 2017 | 2016 | ||||||
Net sales (a): | |||||||||
TAF | $ | 350 | $ | — | $ | — | |||
Multipro | 281 | 754 | 662 | ||||||
Others | 81 | 55 | 46 | ||||||
Total net sales | $ | 712 | $ | 809 | $ | 708 | |||
Gross profit (a): | |||||||||
TAF | $ | 70 | $ | — | $ | — | |||
Multipro | 30 | 86 | 71 | ||||||
Others | 12 | 14 | 10 | ||||||
Total gross profit | $ | 112 | $ | 100 | $ | 81 | |||
Income before income taxes (a) | 16 | 43 | 28 | ||||||
Net income (a) | 9 | 25 | 15 | ||||||
Balance sheets | December 29, 2018 | December 30, 2017 | |||||||
Current assets | $ | 312 | $ | 155 | |||||
Non-current assets | 213 | 139 | |||||||
Current liabilities | (233 | ) | (181 | ) | |||||
Non-current liabilities | (167 | ) | (37 | ) |
Program costs to date | ||||||||||||||||
(millions) | 2018 | 2017 | 2016 | December 29, 2018 | ||||||||||||
Employee related costs | $ | 63 | $ | 177 | $ | 108 | $ | 597 | ||||||||
Pension curtailment (gain) loss, net | (30 | ) | (148 | ) | 1 | (167 | ) | |||||||||
Asset related costs | 16 | 77 | 46 | 285 | ||||||||||||
Asset impairment | 14 | — | 50 | 169 | ||||||||||||
Other costs | 80 | 157 | 120 | 636 | ||||||||||||
Total | $ | 143 | $ | 263 | $ | 325 | $ | 1,520 | ||||||||
Program costs to date | ||||||||||||||||
(millions) | 2018 | 2017 | 2016 | December 29, 2018 | ||||||||||||
U.S. Morning Foods | $ | 50 | $ | 18 | $ | 23 | $ | 301 | ||||||||
U.S. Snacks | 28 | 309 | 76 | 531 | ||||||||||||
U.S. Specialty Channels | 4 | 2 | 8 | 25 | ||||||||||||
North America Other | 25 | 16 | 38 | 165 | ||||||||||||
Europe | 3 | 40 | 126 | 333 | ||||||||||||
Latin America | 15 | 9 | 8 | 42 | ||||||||||||
Asia Pacific | 11 | 11 | 7 | 98 | ||||||||||||
Corporate | 7 | (142 | ) | 39 | 25 | |||||||||||
Total | $ | 143 | $ | 263 | $ | 325 | $ | 1,520 |
(millions) | Employee Related Costs | Curtailment Gain Loss, net | Asset Impairment | Asset Related Costs | Other Costs | Total | ||||||||||||||||||
Liability as of December 31, 2016 | $ | 102 | — | $ | — | $ | — | $ | 29 | $ | 131 | |||||||||||||
2017 restructuring charges | 177 | (148 | ) | — | 77 | 157 | 263 | |||||||||||||||||
Cash payments | (182 | ) | — | — | (34 | ) | (123 | ) | (339 | ) | ||||||||||||||
Non-cash charges and other | — | 148 | — | (43 | ) | — | 105 | |||||||||||||||||
Liability as of December 30, 2017 | $ | 97 | $ | — | $ | — | $ | — | $ | 63 | $ | 160 | ||||||||||||
2018 restructuring charges | 63 | (30 | ) | 14 | 16 | 80 | 143 | |||||||||||||||||
Cash payments | (67 | ) | — | — | (9 | ) | (133 | ) | (209 | ) | ||||||||||||||
Non-cash charges and other | — | 30 | (14 | ) | (6 | ) | — | 10 | ||||||||||||||||
Liability as of December 29, 2018 | $ | 93 | $ | — | $ | — | $ | 1 | $ | 10 | $ | 104 |
(millions, except per share data) | Net income attributable to Kellogg Company | Average shares outstanding | Earnings per share | ||||||||
2018 | |||||||||||
Basic | $ | 1,336 | 347 | $ | 3.85 | ||||||
Dilutive potential common shares | 1 | (0.02 | ) | ||||||||
Diluted | $ | 1,336 | 348 | $ | 3.83 | ||||||
2017 | |||||||||||
Basic | $ | 1,254 | 348 | $ | 3.61 | ||||||
Dilutive potential common shares | 2 | (0.03 | ) | ||||||||
Diluted | $ | 1,254 | 350 | $ | 3.58 | ||||||
2016 | |||||||||||
Basic | $ | 699 | 350 | $ | 1.99 | ||||||
Dilutive potential common shares | 4 | (0.02 | ) | ||||||||
Diluted | $ | 699 | 354 | $ | 1.97 |
2018 | 2017 | 2016 | |||||||||||||||||||||||||
Pre-tax | Tax (expense) | After-tax | Pre-tax | Tax (expense) | After-tax | Pre-tax | Tax (expense) | After-tax | |||||||||||||||||||
amount | benefit | amount | amount | benefit | amount | amount | benefit | amount | |||||||||||||||||||
Net income | $ | 1,344 | $ | 1,254 | $ | 700 | |||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | 5 | $ | (53 | ) | (48 | ) | $ | (34 | ) | $ | 113 | $ | 79 | $ | (230 | ) | (24 | ) | (254 | ) | ||||||
Cash flow hedges: | |||||||||||||||||||||||||||
Unrealized gain (loss) on cash flow hedges | 3 | (1 | ) | 2 | — | — | — | (55 | ) | 22 | (33 | ) | |||||||||||||||
Reclassification to net income | 8 | (2 | ) | 6 | 9 | (3 | ) | 6 | 11 | (6 | ) | 5 | |||||||||||||||
Postretirement and postemployment benefits: | |||||||||||||||||||||||||||
Amounts arising during the period: | |||||||||||||||||||||||||||
Net experience gain (loss) | (8 | ) | 1 | (7 | ) | 44 | (12 | ) | 32 | 25 | (9 | ) | 16 | ||||||||||||||
Prior service credit (cost) | 1 | — | 1 | — | — | — | (4 | ) | 2 | (2 | ) | ||||||||||||||||
Reclassification to net income: | |||||||||||||||||||||||||||
Net experience (gain) loss | (5 | ) | 1 | (4 | ) | — | — | — | 3 | (1 | ) | 2 | |||||||||||||||
Prior service (credit) cost | — | — | — | 1 | — | 1 | 5 | (1 | ) | 4 | |||||||||||||||||
Venezuela deconsolidation loss | — | — | — | — | — | — | 63 | — | 63 | ||||||||||||||||||
Other comprehensive income (loss) | $ | 4 | $ | (54 | ) | $ | (50 | ) | $ | 20 | $ | 98 | $ | 118 | $ | (182 | ) | $ | (17 | ) | $ | (199 | ) | ||||
Comprehensive income | $ | 1,294 | $ | 1,372 | $ | 501 | |||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 8 | — | 1 | ||||||||||||||||||||||||
Other comprehensive income (loss) attributable to noncontrolling interests | (7 | ) | — | — | |||||||||||||||||||||||
Comprehensive income attributable to Kellogg Company | $ | 1,293 | $ | 1,372 | $ | 500 |
Details about AOCI Components | Amount reclassified from AOCI | Line item impacted within Income Statement | ||||||||||||
(millions) | 2018 | 2017 | 2016 | |||||||||||
Gains and losses on cash flow hedges: | ||||||||||||||
Foreign currency exchange contracts | $ | — | $ | (1 | ) | $ | (14 | ) | COGS | |||||
Foreign currency exchange contracts | — | — | (1 | ) | SGA | |||||||||
Interest rate contracts | 8 | 10 | 13 | Interest expense | ||||||||||
Commodity contracts | — | — | 13 | COGS | ||||||||||
$ | 8 | $ | 9 | $ | 11 | Total before tax | ||||||||
(2 | ) | (3 | ) | (6 | ) | Tax (expense) benefit | ||||||||
$ | 6 | $ | 6 | $ | 5 | Net of tax | ||||||||
Amortization of postretirement and postemployment benefits: | ||||||||||||||
Net experience loss | $ | (5 | ) | $ | — | $ | 3 | OIE | ||||||
Prior service cost | — | 1 | 5 | OIE | ||||||||||
$ | (5 | ) | $ | 1 | $ | 8 | Total before tax | |||||||
1 | — | (2 | ) | Tax (expense) benefit | ||||||||||
$ | (4 | ) | $ | 1 | $ | 6 | Net of tax | |||||||
Venezuela deconsolidation loss | $ | — | $ | — | $ | 63 | Other (income) expense | |||||||
Total reclassifications | $ | 2 | $ | 7 | $ | 74 | Net of tax |
(millions) | December 29, 2018 | December 30, 2017 | ||||||
Foreign currency translation adjustments | $ | (1,467 | ) | $ | (1,426 | ) | ||
Cash flow hedges — unrealized net gain (loss) | (53 | ) | (61 | ) | ||||
Postretirement and postemployment benefits: | ||||||||
Net experience gain (loss) | 23 | 34 | ||||||
Prior service credit (cost) | (3 | ) | (4 | ) | ||||
Total accumulated other comprehensive income (loss) | $ | (1,500 | ) | $ | (1,457 | ) |
(millions) | Operating leases | |||
2019 | 121 | |||
2020 | 97 | |||
2021 | 73 | |||
2022 | 57 | |||
2023 | 48 | |||
2024 and beyond | 129 | |||
Total minimum payments | $ | 525 |
(millions) | 2018 | 2017 | ||||||||||||
Principal amount | Effective interest rate | Principal amount | Effective interest rate | |||||||||||
U.S. commercial paper | $ | 15 | 2.75 | % | $ | 196 | 1.76 | % | ||||||
Europe commercial paper | — | — | 96 | (0.32 | ) | |||||||||
Bank borrowings | 161 | 78 | ||||||||||||
Total | $ | 176 | $ | 370 |
(millions) | 2018 | 2017 | ||||||
(a) 4.50% U.S. Dollar Notes due 2046 | $ | 638 | $ | 637 | ||||
(b) 7.45% U.S. Dollar Debentures due 2031 | 621 | 620 | ||||||
(c) 4.30% U.S. Dollar Notes due 2028 | 595 | — | ||||||
(d) 3.40% U.S. Dollar Notes due 2027 | 595 | 595 | ||||||
(e) 3.25% U.S. Dollar Notes due 2026 | 731 | 729 | ||||||
(f) 1.25% Euro Notes due 2025 | 693 | 712 | ||||||
(g) 1.00% Euro Notes due 2024 | 697 | 723 | ||||||
(h) 2.65% U.S. Dollar Notes due 2023 | 585 | 589 | ||||||
(i) 2.75% U.S. Dollar Notes due 2023 | 198 | 201 | ||||||
(j) 3.125% U.S. Dollar Notes due 2022 | 351 | 354 | ||||||
(k) 0.80% Euro Notes due 2022 | 684 | 717 | ||||||
(l) 1.75% Euro Notes due 2021 | 570 | 597 | ||||||
(m) 3.25% U.S. Notes Dollar Notes due 2021 | 399 | — | ||||||
(n) 4.0% U.S. Dollar Notes due 2020 | 848 | 847 | ||||||
(o) 4.15% U.S. Dollar Notes due 2019 | 503 | 506 | ||||||
(p) 3.25% U.S. Dollar Notes due 2018 | — | 402 | ||||||
Other | 9 | 16 | ||||||
8,717 | 8,245 | |||||||
Less current maturities | (510 | ) | (409 | ) | ||||
Balance at year end | $ | 8,207 | $ | 7,836 |
(a) | In March 2016, the Company issued $650 million of thirty-year 4.50% U.S. Dollar Notes, using the net proceeds for general corporate purposes, which included repayment of a portion of the Company's 7.45% U.S. Dollar Debentures due 2031 and a portion of its commercial paper borrowings. The effective interest rate on the Debentures, reflecting issuance discount and hedge settlement, was 4.59%. |
(b) | In March 2001, the Company issued long-term debt instruments, primarily to finance the acquisition of Keebler Foods Company, of which $625 million of thirty-year 7.45% Debentures remain outstanding. The effective interest rate on the Debentures, reflecting issuance discount and hedge settlement, was 7.55%. The Debentures contain standard events of default and covenants, and can be redeemed in whole or in part by the Company at any time at prices determined under a formula (but not less than 100% of the principal amount plus unpaid interest to the redemption date). In March 2016, the Company redeemed $475 million of the Debentures. In connection with the debt redemption, the Company incurred $153 million of interest expense, consisting primarily of a premium on the tender offer and also including accelerated losses on pre-issuance interest rate hedges, acceleration of fees and debt discount on the redeemed debt and fees related to the tender offer. |
(c) | In May 2018, the Company issued $600 million of ten-year 4.30% Senior Notes due 2028, using the net proceeds for general corporate purposes, which included repayment of the Company's $400 million , seven-year 3.25% U.S. Dollar Notes due 2018 at maturity, and the repayment of a portion of the Company's commercial paper borrowings used to finance the acquisition of ownership interests in TAF and Multipro. The effective interest rate on the Debentures, reflecting issuance discount and hedge settlement, was 4.34%. |
(d) | In November 2017, the Company issued $600 million of ten-year 3.40% U.S. Dollar Notes, using the net proceeds for general corporate purposes, which included repayment of a portion of the Company's commercial paper borrowings used to finance the acquisition of Chicago Bar Company LLC, the maker of RXBAR. The effective interest rate on the Debentures, reflecting issuance discount and hedge settlement, was 3.49%. |
(e) | In March 2016, the Company issued $750 million of ten-year 3.25% U.S. Dollar Notes, using the net proceeds for general corporate purposes, which included repayment of a portion of the Company's 7.45% U.S. Dollar Debentures due 2031 and a portion of its commercial paper borrowings. The effective interest rate on these Notes, reflecting issuance discount, hedge settlement and interest rate swaps was 4.00% at December 29, 2018. In September 2016, the Company entered into interest rate swaps with notional amounts totaling $300 million, which effectively converted a portion of these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. In October 2018, the Company entered into interest rate swaps with notional amounts totaling $450 million, which effectively converted a portion of these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. The Company subsequently terminated the interest rate swaps, and the resulting unamortized gain of $8 million at December 29, 2018 will be amortized to interest expense over the remaining term of the Notes. The fair value adjustment for the interest rate swaps was $22 million at December 29, 2018, recorded as a decrease in the hedged debt balance. |
(f) | In March 2015, the Company issued €600 million (approximately $686 million at December 29, 2018, which reflects the discount, fees and translation adjustments) of ten-year 1.25% Euro Notes due 2025, using the proceeds from these Notes for general corporate purposes, which included repayment of a portion of the Company’s commercial paper borrowings. The effective interest rate on the Notes, reflecting issuance discount and hedge settlement, was 1.32% at December 29, 2018. The Notes were designated as a net investment hedge of the Company’s investment in its Europe subsidiary when issued. In May 2017, the Company entered into interest rate swaps with notional amounts totaling €600 million, which effectively converted these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. The fair value adjustment for the interest rate swaps was $8 million at December 29, 2018, recorded as a decrease in the hedged debt balance. |
(g) | In May 2016, the Company issued €600 million (approximately $686 million USD at December 29, 2018, which reflects the discount, fees and translation adjustments) of eight-year 1.00% Euro Notes due 2024. The proceeds from these Notes were used for general corporate purposes, including, together with cash on hand and additional commercial paper borrowings, repayment of the Company's $750 million, seven-year 4.45% U.S. Dollar Notes due 2016 at maturity. The Notes were designated as a net investment hedge of the Company’s investment in its Europe subsidiary when issued. The effective interest rate on these Notes, reflecting issuance discount, hedge settlement and interest rate swaps was 0.34% at December 29, 2018. During 2016, the Company entered into interest rate swaps which effectively converted these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. The Company subsequently terminated the interest rate swaps, and the resulting unamortized gain of $9 million at December 29, 2018 will be amortized to interest expense over the remaining term of the Notes. In November 2016, the Company entered into interest rate swaps with notional amounts totaling €300 million, which effectively converted a portion of these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. In October 2018, the Company entered into interest rate swaps with notional amounts totaling €348 million, which effectively converted a portion of these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. The fair value adjustment for the interest rate swaps was $7 million at December 29, 2018, recorded as an increase in the hedged debt balance. |
(h) | In November 2016, the Company issued $600 million of seven-year 2.65% U.S. Dollar Notes, using the net proceeds for general corporate purposes, which included repayment of the Company's 1.875% U.S. Dollar Notes due 2016 at maturity and a portion of its commercial paper borrowings. The effective interest rate on these Notes, reflecting issuance discount, hedge settlement and interest rate swaps was 3.43% at December 29, 2018. In November 2016, the Company entered into interest rate swaps with notional amounts totaling $300 million, which effectively converted a portion of these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. The Company subsequently terminated the interest rate swaps in the first quarter of 2018, and the resulting unamortized loss of $12 million at December 29, 2018 will be amortized to interest expense over the remaining term of the Notes. |
(i) | In February 2013, the Company issued $400 million of ten-year 2.75% U.S. Dollar Notes, using net proceeds from these Notes for general corporate purposes, including, together with cash on hand, to repay a portion of the Company’s $750 million 4.25% U.S. Dollar Notes that matured in March 2013. The effective interest rate on these Notes, reflecting issuance discount and hedge settlement, was 4.04%. In March 2014, the Company redeemed $189 million of the Notes. In connection with the debt redemption, the Company reduced interest expense by $10 million, including $1 million of accelerated gains on interest rate swaps previously recorded in accumulated other comprehensive income, and incurred $2 million expense, recorded in Other Income, Expense (net), related to acceleration of fees on the redeemed debt and fees related to the tender offer. In September 2016, the Company entered into interest rate swaps with notional amounts totaling $211 million, which effectively converted these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. The Company subsequently terminated the interest rate swaps in the first quarter of 2018, and the resulting unamortized loss of $12 million at December 29, 2018 will be amortized to interest expense over the remaining term of the Notes. |
(j) | In May 2012, the Company issued $700 million of ten-year 3.125% U.S. Dollar Notes, using net proceeds from these Notes for general corporate purposes, including financing a portion of the acquisition of Pringles. The effective interest rate on these Notes, reflecting issuance discount and interest rate swaps, was 3.72% at December 29, 2018. In March 2014, the Company redeemed $342 million of the Notes. In connection with the debt redemption, the Company reduced interest expense by $2 million and incurred $2 million expense, recorded in Other Income, Expense (net), related to acceleration of fees on the redeemed debt and fees related to the tender offer. During 2016, the Company entered into interest rate swaps which effectively converted these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. The Company subsequently terminated the interest rate swaps. In November 2016, the Company entered into interest rate swaps with notional amounts totaling $358 million, which effectively converted these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. The Company subsequently terminated the interest rate swaps in the first quarter of 2018. In October 2018, the Company entered into interest rate swaps with notional amounts totaling $358 million, which effectively converted these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. The Company subsequently terminated the interest rate swaps in the fourth quarter of 2018. The $6 million loss on termination of the interest rate swaps at December 29, 2018 will be amortized to interest expense over the remaining term of the Notes. |
(k) | In May 2017, the Company issued €600 million (approximately $686 million USD at December 29, 2018, which reflects the discount and translation adjustments) of five-year 0.80% Euro Notes due 2022, resulting in aggregate net proceeds after debt discount of $656 million. The proceeds from these Notes were used for general corporate purposes, including, together with cash on hand and additional commercial paper borrowings, repayment of the Company's $400 million, five-year 1.75% U.S. Dollar Notes due 2017 at maturity. The effective interest rate on the Notes, reflecting issuance discount and hedge settlement, was 0.87%. The Notes were designated as a net investment hedge of the Company's investment in its Europe subsidiary when issued. |
(l) | In May 2014, the Company issued €500 million (approximately $572 million at December 29, 2018, which reflects the discount and translation adjustments) of seven-year 1.75% Euro Notes due 2021, using the proceeds from these Notes for general corporate purposes, which included repayment of a portion of the Company’s commercial paper borrowings. The effective interest rate on the Notes, reflecting issuance discount and hedge settlement, was 2.34%. The Notes were designated as a net investment hedge of the Company’s investment in its Europe subsidiary when issued. |
(m) | In May 2018, the Company issued $400 million of three-year 3.25% Senior Notes due 2021, using the net proceeds for general corporate purposes, which included repayment of the Company's $400 million, seven-year 3.25% U.S. Dollar Notes due 2018 at maturity, and the repayment of a portion of the Company's commercial paper borrowings used to finance the acquisition of ownership interests in TAF and Multipro. The effective interest rate on the Debentures, reflecting issuance discount and hedge settlement, was 3.40%. |
(n) | In December 2010, the Company issued $1.0 billion of ten-year 4.0% fixed rate U.S. Dollar Notes, using net proceeds from these Notes for incremental pension and postretirement benefit plan contributions and to retire a portion of its commercial paper. The effective interest rate on these Notes, reflecting issuance discount, hedge settlement and interest rate swaps, was 3.37% at December 29, 2018. In March 2014, the Company redeemed $150 million of the Notes. In connection with the debt redemption, the Company incurred $12 million of interest expense offset by $7 million of accelerated gains on interest rate swaps previously recorded in accumulated other comprehensive income, and incurred $1 million expense, recorded in Other Income, Expense (net), related to acceleration of fees on the redeemed debt and fees related to the tender offer. During 2016, the Company entered into interest rate swaps with notional amounts of $600 million, which effectively converted a portion of these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. The Company subsequently terminated the interest rate swaps. In July 2016, the Company entered into interest rate swaps with notional amounts totaling $700 million, which effectively converted a portion of these |
(o) | In November 2009, the Company issued $500 million of ten-year 4.15% fixed rate U.S. Dollar Notes, using net proceeds from these Notes to retire a portion of its 6.6% U.S. Dollar Notes due 2011. The effective interest rate on these Notes, reflecting issuance discount, hedge settlement and interest rate swaps was 3.41% at December 29, 2018. In 2012, the Company entered into interest rate swaps which effectively converted these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. During 2015, the Company entered into and terminated a series of interest rate swaps and as of December 29, 2018 had terminated all interest rate swaps. The $3 million gain on termination at December 29, 2018 will be amortized to interest expense over the remaining term of the Notes. |
(p) | In May 2011, the Company issued $400 million of seven-year 3.25% fixed rate U.S. Dollar Notes, using net proceeds from these Notes for general corporate purposes including repayment of a portion of its commercial paper. In 2011, the Company entered into interest rate swaps which effectively converted these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. During 2013, the Company terminated all of the interest rate swaps and subsequently entered into interest rate swaps which effectively converted these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. During 2015, the Company terminated all interest rate swaps. The Company redeemed these Notes in May 2018. |
(millions) | 2018 | 2017 | 2016 | |||||||||
Pre-tax compensation expense | $ | 64 | $ | 71 | $ | 68 | ||||||
Related income tax benefit | $ | 16 | $ | 26 | $ | 25 |
(millions) | 2018 | 2017 | 2016 | |||||||||
Total cash received from option exercises and similar instruments | $ | 167 | $ | 97 | $ | 368 | ||||||
Tax benefits realized upon exercise or vesting of stock-based awards: | ||||||||||||
Windfall benefits classified as cash flow from operating activities | $ | 11 | $ | 4 | $ | 36 |
Stock option valuation model assumptions for grants within the year ended: | 2018 | 2017 | 2016 | |||||||||
Weighted-average expected volatility | 18.00 | % | 18.00 | % | 17.00 | % | ||||||
Weighted-average expected term (years) | 6.60 | 6.60 | 6.88 | |||||||||
Weighted-average risk-free interest rate | 2.82 | % | 2.26 | % | 1.60 | % | ||||||
Dividend yield | 3.00 | % | 2.80 | % | 2.60 | % | ||||||
Weighted-average fair value of options granted | $ | 10.00 | $ | 10.14 | $ | 9.44 |
Employee and director stock options | Shares (millions) | Weighted- average exercise price | Weighted- average remaining contractual term (yrs.) | Aggregate intrinsic value (millions) | |||||||||
Outstanding, beginning of year | 14 | $ | 64 | ||||||||||
Granted | 3 | 70 | |||||||||||
Exercised | (2 | ) | 58 | ||||||||||
Forfeitures and expirations | (1 | ) | 71 | ||||||||||
Outstanding, end of year | 14 | $ | 66 | 6.3 | $ | 7 | |||||||
Exercisable, end of year | 10 | $ | 63 | 5.3 | $ | 7 |
(millions, except per share data) | 2017 | 2016 | ||||||
Outstanding, beginning of year | 15 | 19 | ||||||
Granted | 2 | 3 | ||||||
Exercised | (2 | ) | (6 | ) | ||||
Forfeitures and expirations | (1 | ) | (1 | ) | ||||
Outstanding, end of year | 14 | 15 | ||||||
Exercisable, end of year | 10 | 8 | ||||||
Weighted-average exercise price: | ||||||||
Outstanding, beginning of year | $ | 62 | $ | 58 | ||||
Granted | 73 | 76 | ||||||
Exercised | 57 | 56 | ||||||
Forfeitures and expirations | 70 | 67 | ||||||
Outstanding, end of year | $ | 64 | $ | 62 | ||||
Exercisable, end of year | $ | 60 | $ | 58 |
Employee restricted stock and restricted stock units | Shares (thousands) | Weighted- average grant-date fair value | |||||
Non-vested, beginning of year | 1,673 | $ | 65 | ||||
Granted | 772 | 63 | |||||
Vested | (507 | ) | 59 | ||||
Forfeited | (230 | ) | 64 | ||||
Non-vested, end of year | 1,708 | $ | 65 |
Employee restricted stock and restricted stock units | 2017 | 2016 | ||||||
Shares (in thousands): | ||||||||
Non-vested, beginning of year | 1,166 | 806 | ||||||
Granted | 776 | 601 | ||||||
Vested | (109 | ) | (116 | ) | ||||
Forfeited | (160 | ) | (125 | ) | ||||
Non-vested, end of year | 1,673 | 1,166 | ||||||
Weighted-average exercise price: | ||||||||
Non-vested, beginning of year | $ | 63 | $ | 57 | ||||
Granted | 65 | 70 | ||||||
Vested | 58 | 56 | ||||||
Forfeited | 65 | 63 | ||||||
Non-vested, end of year | $ | 65 | $ | 63 |
(millions) | 2018 | 2017 | ||||||
Change in projected benefit obligation | ||||||||
Beginning of year | $ | 5,648 | $ | 5,510 | ||||
Service cost | 87 | 96 | ||||||
Interest cost | 165 | 164 | ||||||
Plan participants’ contributions | 1 | 1 | ||||||
Amendments | 6 | 6 | ||||||
Actuarial (gain)loss | (384 | ) | 264 | |||||
Benefits paid | (280 | ) | (395 | ) | ||||
Curtailment and special termination benefits | (36 | ) | (156 | ) | ||||
Other | 1 | 1 | ||||||
Foreign currency adjustments | (91 | ) | 157 | |||||
End of year | $ | 5,117 | $ | 5,648 | ||||
Change in plan assets | ||||||||
Fair value beginning of year | $ | 5,043 | $ | 4,544 | ||||
Actual return on plan assets | (299 | ) | 666 | |||||
Employer contributions | 270 | 31 | ||||||
Plan participants’ contributions | 1 | 1 | ||||||
Benefits paid | (236 | ) | (364 | ) | ||||
Other | (1 | ) | 1 | |||||
Foreign currency adjustments | (101 | ) | 164 | |||||
Fair value end of year | $ | 4,677 | $ | 5,043 | ||||
Funded status | $ | (440 | ) | $ | (605 | ) | ||
Amounts recognized in the Consolidated Balance Sheet consist of | ||||||||
Other assets | $ | 228 | $ | 252 | ||||
Other current liabilities | (17 | ) | (19 | ) | ||||
Other liabilities | (651 | ) | (838 | ) | ||||
Net amount recognized | $ | (440 | ) | $ | (605 | ) | ||
Amounts recognized in accumulated other comprehensive income consist of | ||||||||
Prior service cost | $ | 41 | $ | 48 | ||||
Net amount recognized | $ | 41 | $ | 48 |
(millions) | 2018 | 2017 | ||||||
Projected benefit obligation | $ | 3,725 | $ | 4,119 | ||||
Accumulated benefit obligation | $ | 3,689 | $ | 4,051 | ||||
Fair value of plan assets | $ | 3,081 | $ | 3,279 |
(millions) | 2018 | 2017 | 2016 | |||||||||
Service cost | $ | 87 | $ | 96 | $ | 98 | ||||||
Interest cost | 165 | 164 | 174 | |||||||||
Expected return on plan assets | (361 | ) | (371 | ) | (352 | ) | ||||||
Amortization of unrecognized prior service cost | 8 | 9 | 13 | |||||||||
Recognized net (gain) loss | 269 | (36 | ) | 323 | ||||||||
Net periodic benefit cost | 168 | (138 | ) | 256 | ||||||||
Curtailment and special termination benefits | (30 | ) | (151 | ) | 1 | |||||||
Pension (income) expense: | ||||||||||||
Defined benefit plans | 138 | (289 | ) | 257 | ||||||||
Defined contribution plans | 27 | 34 | 36 | |||||||||
Total | $ | 165 | $ | (255 | ) | $ | 293 |
2018 | 2017 | 2016 | |||||||
Discount rate | 3.9 | % | 3.3 | % | 3.6 | % | |||
Long-term rate of compensation increase | 3.8 | % | 3.9 | % | 3.9 | % |
2018 | 2017 | 2016 | |||||||
Discount rate | 3.3 | % | 3.6 | % | 4.1 | % | |||
Long-term rate of compensation increase | 3.9 | % | 3.9 | % | 3.9 | % | |||
Long-term rate of return on plan assets | 7.4 | % | 8.1 | % | 8.1 | % |
(millions) | Total Level 1 | Total Level 2 | Total Level 3 | Total NAV (practical expedient)(a) | Total | |||||||||||||||
Cash and cash equivalents | $ | 75 | $ | — | $ | — | $ | — | $ | 75 | ||||||||||
Corporate stock, common: | ||||||||||||||||||||
Domestic | 412 | — | — | — | 412 | |||||||||||||||
International | 10 | 1 | — | — | 11 | |||||||||||||||
Mutual funds: | ||||||||||||||||||||
International equity | — | 7 | — | 34 | 41 | |||||||||||||||
Domestic debt | — | 53 | — | — | 53 | |||||||||||||||
Collective trusts: | ||||||||||||||||||||
Domestic equity | — | — | — | 437 | 437 | |||||||||||||||
International equity | — | 92 | — | 1,330 | 1,422 | |||||||||||||||
Other international debt | — | — | — | 331 | 331 | |||||||||||||||
Limited partnerships | — | — | — | 283 | 283 | |||||||||||||||
Bonds, corporate | — | 498 | — | — | 498 | |||||||||||||||
Bonds, government | — | 562 | — | — | 562 | |||||||||||||||
Bonds, other | — | 62 | — | — | 62 | |||||||||||||||
Real estate | — | — | — | 378 | 378 | |||||||||||||||
Other | — | 55 | — | 57 | 112 | |||||||||||||||
Total | $ | 497 | $ | 1,330 | $ | — | $ | 2,850 | $ | 4,677 |
(millions) | Total Level 1 | Total Level 2 | Total Level 3 | Total NAV (practical expedient)(a) | Total | |||||||||||||||
Cash and cash equivalents | $ | 66 | $ | 21 | $ | — | $ | — | $ | 87 | ||||||||||
Corporate stock, common: | ||||||||||||||||||||
Domestic | 500 | — | — | — | 500 | |||||||||||||||
International | 17 | 1 | — | — | 18 | |||||||||||||||
Mutual funds: | ||||||||||||||||||||
International equity | — | 120 | — | 38 | 158 | |||||||||||||||
Domestic debt | — | — | — | 36 | 36 | |||||||||||||||
Collective trusts: | ||||||||||||||||||||
Domestic equity | — | — | — | 525 | 525 | |||||||||||||||
International equity | — | 176 | — | 1,390 | 1,566 | |||||||||||||||
Other international debt | — | — | — | 365 | 365 | |||||||||||||||
Limited partnerships | — | — | — | 591 | 591 | |||||||||||||||
Bonds, corporate | — | 482 | — | — | 482 | |||||||||||||||
Bonds, government | — | 177 | — | — | 177 | |||||||||||||||
Bonds, other | — | 63 | — | — | 63 | |||||||||||||||
Real estate | — | — | — | 284 | 284 | |||||||||||||||
Other | — | 128 | — | 63 | 191 | |||||||||||||||
Total | $ | 583 | $ | 1,168 | $ | — | $ | 3,292 | $ | 5,043 |
(millions) | Buy-in Annuity Contract | Other | Total | |||||||||
December 31, 2016 | $ | 131 | $ | — | $ | 131 | ||||||
Sales | (131 | ) | — | (131 | ) | |||||||
Purchases | — | — | — | |||||||||
Transfers | — | — | — | |||||||||
Realized and unrealized gain | — | — | — | |||||||||
Currency translation | — | — | — | |||||||||
December 30, 2017 | $ | — | $ | — | $ | — |
(millions) | 2018 | 2017 | ||||||
Change in accumulated benefit obligation | ||||||||
Beginning of year | $ | 1,190 | $ | 1,161 | ||||
Service cost | 18 | 18 | ||||||
Interest cost | 36 | 37 | ||||||
Actuarial (gain) loss | (105 | ) | 29 | |||||
Benefits paid | (67 | ) | (61 | ) | ||||
Curtailments | — | 3 | ||||||
Amendments | — | — | ||||||
Foreign currency adjustments | (3 | ) | 3 | |||||
End of year | $ | 1,069 | $ | 1,190 | ||||
Change in plan assets | ||||||||
Fair value beginning of year | $ | 1,292 | $ | 1,136 | ||||
Actual return on plan assets | (91 | ) | 217 | |||||
Employer contributions | 17 | 13 | ||||||
Benefits paid | (78 | ) | (74 | ) | ||||
Fair value end of year | $ | 1,140 | $ | 1,292 | ||||
Funded status | $ | 71 | $ | 102 | ||||
Amounts recognized in the Consolidated Balance Sheet consist of | ||||||||
Other non-current assets | $ | 107 | $ | 144 | ||||
Other current liabilities | (2 | ) | (2 | ) | ||||
Other liabilities | (34 | ) | (40 | ) | ||||
Net amount recognized | $ | 71 | $ | 102 | ||||
Amounts recognized in accumulated other comprehensive income consist of | ||||||||
Prior service credit | (68 | ) | (77 | ) | ||||
Net amount recognized | $ | (68 | ) | $ | (77 | ) |
(millions) | 2018 | 2017 | 2016 | |||||||||
Service cost | $ | 18 | $ | 18 | $ | 21 | ||||||
Interest cost | 36 | 37 | 39 | |||||||||
Expected return on plan assets | (94 | ) | (98 | ) | (90 | ) | ||||||
Amortization of unrecognized prior service credit | (9 | ) | (9 | ) | (9 | ) | ||||||
Recognized net (gain) loss | 81 | (90 | ) | (19 | ) | |||||||
Net periodic benefit cost | 32 | (142 | ) | (58 | ) | |||||||
Curtailment | — | 3 | — | |||||||||
Postretirement benefit expense: | ||||||||||||
Defined benefit plans | 32 | (139 | ) | (58 | ) | |||||||
Defined contribution plans | 11 | 16 | 17 | |||||||||
Total | $ | 43 | $ | (123 | ) | $ | (41 | ) |
2018 | 2017 | 2016 | |||||||
Discount rate | 4.3 | % | 3.6 | % | 4.0 | % |
2018 | 2017 | 2016 | |||||||
Discount rate | 3.6 | % | 4.0 | % | 4.2 | % | |||
Long-term rate of return on plan assets | 7.5 | % | 8.5 | % | 8.5 | % |
(millions) | One percentage point increase | One percentage point decrease | ||||||
Effect on total of service and interest cost components | $ | 6 | $ | (3 | ) | |||
Effect on postretirement benefit obligation | 97 | (67 | ) |
(millions) | Total Level 1 | Total Level 2 | Total Level 3 | Total NAV (practical expedient)(a) | Total | |||||||||||||||
Cash and cash equivalents | $ | 2 | $ | 1 | $ | — | $ | — | $ | 3 | ||||||||||
Corporate stock, common: | ||||||||||||||||||||
Domestic | 108 | — | — | — | 108 | |||||||||||||||
International | 5 | 1 | — | — | 6 | |||||||||||||||
Mutual funds: | ||||||||||||||||||||
Domestic equity | — | 37 | — | — | 37 | |||||||||||||||
International equity | — | — | — | — | — | |||||||||||||||
Domestic debt | — | 42 | — | — | 42 | |||||||||||||||
Collective trusts: | ||||||||||||||||||||
Domestic equity | — | — | — | 281 | 281 | |||||||||||||||
International equity | — | — | — | 228 | 228 | |||||||||||||||
Limited partnerships | — | — | — | 199 | 199 | |||||||||||||||
Bonds, corporate | — | 95 | — | — | 95 | |||||||||||||||
Bonds, government | — | 50 | — | — | 50 | |||||||||||||||
Bonds, other | — | 7 | — | — | 7 | |||||||||||||||
Real estate | — | — | — | 83 | 83 | |||||||||||||||
Other | — | 1 | — | — | 1 | |||||||||||||||
Total | $ | 115 | $ | 234 | $ | — | $ | 791 | $ | 1,140 |
(millions) | Total Level 1 | Total Level 2 | Total Level 3 | Total NAV (practical expedient)(a) | Total | |||||||||||||||
Cash and cash equivalents | $ | — | $ | 13 | $ | — | $ | — | $ | 13 | ||||||||||
Corporate stock, common: | ||||||||||||||||||||
Domestic | 141 | — | — | — | 141 | |||||||||||||||
International | 8 | — | — | — | 8 | |||||||||||||||
Mutual funds: | ||||||||||||||||||||
Domestic equity | — | 52 | — | — | 52 | |||||||||||||||
International equity | — | 40 | — | — | 40 | |||||||||||||||
Domestic debt | — | 52 | — | — | 52 | |||||||||||||||
Collective trusts: | ||||||||||||||||||||
Domestic equity | — | — | — | 273 | 273 | |||||||||||||||
International equity | — | — | — | 266 | 266 | |||||||||||||||
Limited partnerships | — | — | — | 215 | 215 | |||||||||||||||
Bonds, corporate | — | 117 | — | — | 117 | |||||||||||||||
Bonds, government | — | 53 | — | — | 53 | |||||||||||||||
Bonds, other | — | 9 | — | 51 | 60 | |||||||||||||||
Other | — | 2 | — | — | 2 | |||||||||||||||
Total | $ | 149 | $ | 338 | $ | — | $ | 805 | $ | 1,292 |
(millions) | 2018 | 2017 | ||||||
Change in accumulated benefit obligation | ||||||||
Beginning of year | $ | 43 | $ | 87 | ||||
Service cost | 3 | 6 | ||||||
Interest cost | 1 | 3 | ||||||
Actuarial (gain)loss | 3 | (45 | ) | |||||
Benefits paid | (8 | ) | (8 | ) | ||||
Amendments | — | — | ||||||
Foreign currency adjustments | — | — | ||||||
End of year | $ | 42 | $ | 43 | ||||
Funded status | $ | (42 | ) | $ | (43 | ) | ||
Amounts recognized in the Consolidated Balance Sheet consist of | ||||||||
Other current liabilities | $ | (5 | ) | $ | (4 | ) | ||
Other liabilities | (37 | ) | (39 | ) | ||||
Net amount recognized | $ | (42 | ) | $ | (43 | ) | ||
Amounts recognized in accumulated other comprehensive income consist of | ||||||||
Net prior service cost | $ | 4 | $ | 5 | ||||
Net experience gain | (38 | ) | (46 | ) | ||||
Net amount recognized | $ | (34 | ) | $ | (41 | ) |
(millions) | 2018 | 2017 | 2016 | |||||||||
Service cost | $ | 3 | $ | 6 | $ | 7 | ||||||
Interest cost | 1 | 3 | 3 | |||||||||
Amortization of unrecognized prior service cost | 1 | 1 | 1 | |||||||||
Recognized net loss | (5 | ) | — | 3 | ||||||||
Postemployment benefit expense | $ | — | $ | 10 | $ | 14 |
(millions) | Postretirement | Postemployment | ||||||
2019 | $ | 80 | $ | 5 | ||||
2020 | 73 | 4 | ||||||
2021 | 72 | 4 | ||||||
2022 | 73 | 4 | ||||||
2023 | 73 | 4 | ||||||
2024-2028 | 361 | 18 |
PPA Zone Status | Contributions (millions) | ||||||||||||||
Pension trust fund | EIN/PN | 2018 | 2017 | FIP/RP Status | 2018 | 2017 | 2016 | Surcharge Imposed | Expiration Date of CBA | ||||||
Bakery and Confectionery Union and Industry International Pension Fund (a) | 52-6118572 / 001 | Red - 12/31/2018 | Red - 12/31/2017 | Implemented | $ | 6.5 | $ | 6.6 | $ | 4.8 | Yes | 12/17/2019 to 3/16/2021 (b) | |||
Central States, Southeast and Southwest Areas Pension Fund | 36-6044243 / 001 | Red - 12/31/2018 | Red - 12/31/2017 | Implemented | 1.9 | 4.8 | 4.8 | Yes | 7/28/2019 (b) | ||||||
Western Conference of Teamsters Pension Trust | 91-6145047 / 001 | Green - 12/31/2018 | Green - 12/31/2017 | NA | 1.0 | 1.4 | 1.0 | No | 3/26/2022 (c) | ||||||
Other Plans | 1.0 | 3.1 | 3.1 | (d) | |||||||||||
Total contributions: | $ | 10.4 | $ | 15.9 | $ | 13.7 |
(a) | The Company is party to multiple CBAs requiring contributions to this fund, each with its own expiration date. Over 80 percent of the Company’s participants in this fund are covered by a single CBA that expires on 3/16/2021. |
(b) | During 2017, the Company terminated certain CBAs covered by these funds. Because of the Company's level of continuing involvement in each fund, the Company does not anticipate being subject to a withdrawal liability. The Company does not expect 2019 contributions to be materially different than 2018. |
(c) | During 2017, the Company terminated certain CBAs covered by this fund. As a result, the Company has partially withdrawn from the fund and recognized expense for its estimated withdrawal liability. The Company does not expect 2019 contributions to be materially different than 2018. |
(d) | During 2017, the Company terminated the CBAs covered by certain of these funds. As a result, for the impacted funds, the Company recognized expense for the estimated withdrawal liability and made no contributions in 2018. The Company does not expect 2019 contributions to the remaining funds to be materially different from 2018. |
(millions) | 2018 | 2017 | 2016 | |||||||||
Income before income taxes | ||||||||||||
United States | $ | 851 | $ | 1,097 | $ | 835 | ||||||
Foreign | 478 | 560 | 99 | |||||||||
1,329 | 1,657 | 934 | ||||||||||
Income taxes | ||||||||||||
Currently payable | ||||||||||||
Federal | 7 | 358 | 173 | |||||||||
State | 28 | 31 | 26 | |||||||||
Foreign | 99 | 79 | 60 | |||||||||
134 | 468 | 259 | ||||||||||
Deferred | ||||||||||||
Federal | 109 | (41 | ) | 18 | ||||||||
State | (59 | ) | 8 | 6 | ||||||||
Foreign | (3 | ) | (25 | ) | (48 | ) | ||||||
47 | (58 | ) | (24 | ) | ||||||||
Total income taxes | $ | 181 | $ | 410 | $ | 235 |
2018 | 2017 | 2016 | |||||||
U.S. statutory income tax rate | 21.0 | % | 35.0 | % | 35.0 | % | |||
Foreign rates varying from U.S. statutory rate | (3.0 | ) | (6.7 | ) | (5.0 | ) | |||
Excess tax benefits on share-based compensation | (0.3 | ) | (0.3 | ) | (3.7 | ) | |||
State income taxes, net of federal benefit | 1.5 | 1.4 | 2.4 | ||||||
Cost (benefit) of remitted and unremitted foreign earnings | 0.7 | 0.1 | 0.1 | ||||||
Legal entity restructuring, deferred tax impact | (3.3 | ) | — | — | |||||
Discretionary pension contributions | (2.3 | ) | — | — | |||||
Net change in valuation allowance | 2.0 | (0.4 | ) | 0.5 | |||||
U.S. deduction for qualified production activities | — | (1.4 | ) | (2.8 | ) | ||||
Statutory rate changes, deferred tax impact | — | (9.0 | ) | (0.1 | ) | ||||
U.S. deemed repatriation tax | (1.2 | ) | 10.4 | — | |||||
Intangible property transfer | — | (2.4 | ) | — | |||||
Venezuela deconsolidation | — | — | 1.8 | ||||||
Venezuela remeasurement | — | — | 0.4 | ||||||
Other | (1.5 | ) | (1.9 | ) | (3.4 | ) | |||
Effective income tax rate | 13.6 | % | 24.8 | % | 25.2 | % |
Deferred tax assets | Deferred tax liabilities | |||||||||||||||
(millions) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
U.S. state income taxes | $ | — | $ | — | $ | 19 | $ | 48 | ||||||||
Advertising and promotion-related | 11 | 22 | — | — | ||||||||||||
Wages and payroll taxes | 20 | 26 | — | — | ||||||||||||
Inventory valuation | 14 | 20 | — | — | ||||||||||||
Employee benefits | 132 | 154 | — | — | ||||||||||||
Operating loss, credit and other carryforwards | 270 | 239 | — | — | ||||||||||||
Hedging transactions | 10 | 42 | — | — | ||||||||||||
Depreciation and asset disposals | — | — | 220 | 208 | ||||||||||||
Trademarks and other intangibles | — | — | 613 | 332 | ||||||||||||
Deferred compensation | 20 | 25 | — | — | ||||||||||||
Stock options | 31 | 33 | — | — | ||||||||||||
Other | 26 | 71 | — | — | ||||||||||||
534 | 632 | 852 | 588 | |||||||||||||
Less valuation allowance | (166 | ) | (153 | ) | — | — | ||||||||||
Total deferred taxes | $ | 368 | $ | 479 | $ | 852 | $ | 588 | ||||||||
Net deferred tax asset (liability) | $ | (484 | ) | $ | (109 | ) | ||||||||||
Classified in balance sheet as: | ||||||||||||||||
Other assets | $ | 246 | $ | 246 | ||||||||||||
Other liabilities | (730 | ) | (355 | ) | ||||||||||||
Net deferred tax asset (liability) | $ | (484 | ) | $ | (109 | ) |
(millions) | 2018 | 2017 | 2016 | |||||||||
Balance at beginning of year | $ | 153 | $ | 131 | $ | 63 | ||||||
Additions charged to income tax expense (a) | 29 | 35 | 70 | |||||||||
Reductions credited to income tax expense | (1 | ) | (28 | ) | (4 | ) | ||||||
Currency translation adjustments | (15 | ) | 15 | 2 | ||||||||
Balance at end of year | $ | 166 | $ | 153 | $ | 131 |
(millions) | 2018 | 2017 | 2016 | |||||||||
Balance at beginning of year | $ | 60 | $ | 63 | $ | 73 | ||||||
Tax positions related to current year: | ||||||||||||
Additions (a) | 51 | 6 | 6 | |||||||||
Tax positions related to prior years: | ||||||||||||
Additions | 4 | 5 | 1 | |||||||||
Reductions | (13 | ) | (8 | ) | (14 | ) | ||||||
Settlements | (4 | ) | (4 | ) | 1 | |||||||
Lapses in statutes of limitation | (1 | ) | (2 | ) | (4 | ) | ||||||
Balance at end of year | $ | 97 | $ | 60 | $ | 63 |
(millions) | 2018 | 2017 | ||||||
Foreign currency exchange contracts | $ | 1,863 | $ | 2,172 | ||||
Cross-currency contracts | 1,197 | — | ||||||
Interest rate contracts | 1,608 | 2,250 | ||||||
Commodity contracts | 417 | 544 | ||||||
Total | $ | 5,085 | $ | 4,966 |
2018 | 2017 | |||||||||||||||||||||||
(millions) | Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cross currency contracts: | ||||||||||||||||||||||||
Other Assets | $ | — | $ | 79 | $ | 79 | $ | — | $ | — | $ | — | ||||||||||||
Interest rate contracts (a): | ||||||||||||||||||||||||
Other assets | — | 17 | 17 | — | — | — | ||||||||||||||||||
Total assets | $ | — | $ | 96 | $ | 96 | $ | — | $ | — | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||
Other liabilities (a) | — | (22 | ) | (22 | ) | — | (54 | ) | (54 | ) | ||||||||||||||
Total liabilities | $ | — | $ | (22 | ) | $ | (22 | ) | $ | — | $ | (54 | ) | $ | (54 | ) |
(a) | The fair value of the related hedged portion of the Company’s long-term debt, a level 2 liability, was $1.6 billion and $2.3 billion as of December 29, 2018 and December 30, 2017, respectively. |
2018 | 2017 | |||||||||||||||||||||||
(millions) | Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Foreign currency exchange contracts: | ||||||||||||||||||||||||
Other current assets | $ | — | $ | 3 | $ | 3 | $ | — | $ | 10 | $ | 10 | ||||||||||||
Commodity contracts: | ||||||||||||||||||||||||
Other current assets | 3 | — | 3 | 6 | — | 6 | ||||||||||||||||||
Total assets | $ | 3 | $ | 3 | $ | 6 | $ | 6 | $ | 10 | $ | 16 | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Foreign currency exchange contracts: | ||||||||||||||||||||||||
Other current liabilities | $ | — | (4 | ) | $ | (4 | ) | $ | — | $ | (14 | ) | $ | (14 | ) | |||||||||
Commodity contracts: | ||||||||||||||||||||||||
Other current liabilities | (9 | ) | — | (9 | ) | (7 | ) | — | (7 | ) | ||||||||||||||
Total liabilities | $ | (9 | ) | $ | (4 | ) | $ | (13 | ) | $ | (7 | ) | $ | (14 | ) | $ | (21 | ) |
(millions) | Line Item in the Consolidated Balance Sheet in which the hedged item is included | Carrying amount of the hedged liabilities | Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities (a) | |||||||||||||
December 29, 2018 | December 30, 2017 | December 29, 2018 | December 30, 2017 | |||||||||||||
Interest rate contracts | Current maturities of long-term debt | $ | 503 | $ | 402 | $ | 3 | $ | 2 | |||||||
Interest rate contracts | Long-term debt | $ | 3,354 | $ | 3,481 | $ | (18 | ) | $ | (22 | ) |
(a) | The current maturities of hedged long-term debt includes $3 million and $2 million of hedging adjustment on discontinued hedging relationships as of December 29, 2018 and December 30, 2017. The hedged long-term debt includes $(12) million and $32 million of hedging adjustment on discontinued hedging relationships as of December 29, 2018 and December 30, 2017, respectively. |
As of December 29, 2018 | ||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | ||||||||||||||||
Amounts Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received/ Posted | Net Amount | |||||||||||||
Total asset derivatives | $ | 102 | $ | (27 | ) | $ | (2 | ) | $ | 73 | ||||||
Total liability derivatives | $ | (35 | ) | $ | 27 | $ | — | $ | (8 | ) |
As of December 30, 2017 | ||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | ||||||||||||||||
Amounts Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received/ Posted | Net Amount | |||||||||||||
Total asset derivatives | $ | 16 | $ | (15 | ) | $ | — | $ | 1 | |||||||
Total liability derivatives | $ | (75 | ) | $ | 15 | $ | 37 | $ | (23 | ) |
(millions) | Gain (loss) recognized in AOCI | Gain (loss) excluded from assessment of hedge effectiveness | Location of gain (loss) in income of excluded component | |||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Foreign currency denominated long-term debt | $ | 129 | $ | (316 | ) | $ | — | $ | — | |||||||
Cross-currency contracts | 79 | — | 16 | — | Interest expense | |||||||||||
Total | $ | 208 | $ | (316 | ) | $ | 16 | $ | — |
Derivatives not designated as hedging instruments | ||||||||||
(millions) | Location of gain (loss) recognized in income | Gain (loss) recognized in income | ||||||||
2018 | 2017 | |||||||||
Foreign currency exchange contracts | COGS | $ | 19 | $ | (8 | ) | ||||
Foreign currency exchange contracts | SGA | 1 | (1 | ) | ||||||
Foreign currency exchange contracts | OIE | — | (10 | ) | ||||||
Commodity contracts | COGS | (23 | ) | (18 | ) | |||||
Commodity contracts | SGA | — | (15 | ) | ||||||
Total | $ | (3 | ) | $ | (52 | ) |
December 29, 2018 | December 30, 2017 | |||||||||||||||
(millions) | Interest Expense | COGS | Interest Expense | Other Income / (Expense) | ||||||||||||
Total amounts of income and expense line items presented in the Consolidated Income Statement in which the effects of fair value or cash flow hedges are recorded | $ | 287 | $ | 8,155 | $ | 256 | $ | 526 | ||||||||
Gain (loss) on fair value hedging relationships: | ||||||||||||||||
Interest contracts: | ||||||||||||||||
Hedged items | (5 | ) | — | 22 | — | |||||||||||
Derivatives designated as hedging instruments | 9 | — | (4 | ) | (1 | ) | ||||||||||
Gain (loss) on cash flow hedging relationships: | ||||||||||||||||
Interest contracts: | ||||||||||||||||
Amount of gain (loss) reclassified from AOCI into income | (8 | ) | — | (10 | ) | — | ||||||||||
Foreign exchange contracts: | ||||||||||||||||
Amount of gain (loss) reclassified from AOCI into income | — | 1 | — | — |
Net sales | Gross profit | |||||||||||
(millions) | 2018 | 2017 | 2018 | 2017 | ||||||||
First | $ | 3,401 | $ | 3,248 | $ | 1,252 | $ | 1,160 | ||||
Second | 3,360 | 3,175 | 1,209 | 1,225 | ||||||||
Third | 3,469 | 3,246 | 1,176 | 1,172 | ||||||||
Fourth | 3,317 | 3,185 | 1,089 | 1,142 | ||||||||
$ | 13,547 | $ | 12,854 | $ | 4,726 | $ | 4,699 |
Net income (loss) attributable to Kellogg Company | Per share amounts | |||||||||||||||||
(millions) | 2018 | 2017 | 2018 | 2017 | ||||||||||||||
Basic | Diluted | Basic | Diluted | |||||||||||||||
First | $ | 444 | $ | 266 | $ | 1.28 | $ | 1.27 | $ | 0.76 | $ | 0.75 | ||||||
Second | 596 | 283 | 1.72 | 1.71 | 0.81 | 0.80 | ||||||||||||
Third | 380 | 288 | 1.10 | 1.09 | 0.83 | 0.83 | ||||||||||||
Fourth (a) | (84 | ) | 417 | (0.24 | ) | (0.24 | ) | 1.21 | 1.20 | |||||||||
$ | 1,336 | $ | 1,254 |
(a) | The significant decrease in the fourth quarter 2018 net income is primarily due to a mark-to-market adjustment recognized on pension assets. |
Quarter | 2018 | 2017 | ||||
First | $ | 0.54 | $ | 0.52 | ||
Second | 0.54 | 0.52 | ||||
Third | 0.56 | 0.54 | ||||
Fourth | 0.56 | 0.54 | ||||
$ | 2.20 | $ | 2.12 |
2018 | |||||||||||||||
(millions) | First | Second | Third | Fourth | Full Year | ||||||||||
Operating profit | |||||||||||||||
Restructuring and cost reduction charges | $ | (20 | ) | $ | (5 | ) | $ | (64 | ) | $ | (84 | ) | $ | (173 | ) |
Gains / (losses) on mark-to-market adjustments | 30 | 3 | (11 | ) | (15 | ) | 7 | ||||||||
Other income (expense) | |||||||||||||||
Restructuring and cost reduction charges | $ | — | $ | — | $ | 30 | $ | — | $ | 30 | |||||
Gains / (losses) on mark-to-market adjustments | 9 | 2 | 36 | (397 | ) | $ | (350 | ) | |||||||
2017 | |||||||||||||||
(millions) | First | Second | Third | Fourth | Full Year | ||||||||||
Operating profit | |||||||||||||||
Restructuring and cost reduction charges | $ | (138 | ) | $ | (98 | ) | $ | (136 | ) | $ | (39 | ) | $ | (411 | ) |
Gains / (losses) on mark-to-market adjustments | (47 | ) | 5 | (21 | ) | (18 | ) | (81 | ) | ||||||
Other income (expense) | |||||||||||||||
Restructuring and cost reduction charges | $ | (4 | ) | $ | 3 | $ | 134 | $ | 15 | $ | 148 | ||||
Gains / (losses) on mark-to-market adjustments | 26 | 1 | (82 | ) | 181 | $ | 126 | ||||||||
(millions) | 2018 | 2017 | 2016 | |||||||||
Net sales | ||||||||||||
U.S. Snacks | $ | 2,957 | $ | 3,110 | $ | 3,197 | ||||||
U.S. Morning Foods | 2,643 | 2,709 | 2,917 | |||||||||
U.S. Specialty Channels | 1,235 | 1,242 | 1,207 | |||||||||
North America Other | 1,853 | 1,612 | 1,593 | |||||||||
Europe | 2,395 | 2,291 | 2,383 | |||||||||
Latin America | 947 | 944 | 772 | |||||||||
Asia Pacific | 1,517 | 946 | 896 | |||||||||
Consolidated | $ | 13,547 | $ | 12,854 | $ | 12,965 | ||||||
Operating profit | ||||||||||||
U.S. Snacks | $ | 446 | $ | 138 | $ | 325 | ||||||
U.S. Morning Foods | 478 | 567 | 597 | |||||||||
U.S. Specialty Channels | 251 | 312 | 279 | |||||||||
North America Other | 222 | 229 | 181 | |||||||||
Europe | 297 | 276 | 208 | |||||||||
Latin America | 102 | 108 | 84 | |||||||||
Asia Pacific | 128 | 84 | 69 | |||||||||
Total Reportable Segments | 1,924 | 1,714 | 1,743 | |||||||||
Corporate | (218 | ) | (327 | ) | (260 | ) | ||||||
Consolidated | $ | 1,706 | $ | 1,387 | $ | 1,483 | ||||||
Depreciation and amortization (a) | ||||||||||||
U.S. Snacks | $ | 138 | $ | 146 | $ | 159 | ||||||
U.S. Morning Foods | 127 | 120 | 122 | |||||||||
U.S. Specialty Channels | 12 | 13 | 11 | |||||||||
North America Other | 64 | 51 | 56 | |||||||||
Europe | 80 | 80 | 114 | |||||||||
Latin America | 37 | 37 | 22 | |||||||||
Asia Pacific | 55 | 33 | 30 | |||||||||
Total Reportable Segments | 513 | 480 | 514 | |||||||||
Corporate | 3 | 1 | 3 | |||||||||
Consolidated | $ | 516 | $ | 481 | $ | 517 |
(a) | Includes asset impairment charges as discussed in Note 14. |
(millions) | 2018 | 2017 | 2016 | |||||||||
Interest expense | ||||||||||||
North America | $ | 1 | $ | 3 | $ | 5 | ||||||
Europe | 10 | 16 | 8 | |||||||||
Latin America | 3 | 2 | 4 | |||||||||
Asia Pacific | 5 | 2 | 2 | |||||||||
Corporate | 268 | 233 | 387 | |||||||||
Consolidated | $ | 287 | $ | 256 | $ | 406 | ||||||
Income taxes | ||||||||||||
Europe | $ | 22 | $ | (39 | ) | $ | (16 | ) | ||||
Latin America | 30 | 33 | 30 | |||||||||
Asia Pacific | 24 | 12 | 14 | |||||||||
Corporate & North America | 105 | 404 | 207 | |||||||||
Consolidated | $ | 181 | $ | 410 | $ | 235 |
(millions) | 2018 | 2017 | 2016 | |||||||||
Additions to long-lived assets | ||||||||||||
North America | $ | 336 | $ | 329 | $ | 318 | ||||||
Europe | 90 | 106 | 125 | |||||||||
Latin America | 76 | 32 | 24 | |||||||||
Asia Pacific | 73 | 30 | 36 | |||||||||
Corporate | 3 | 4 | 4 | |||||||||
Consolidated | $ | 578 | $ | 501 | $ | 507 |
(millions) | 2018 | 2017 | ||||||
Total assets | ||||||||
North America | $ | 10,777 | $ | 10,867 | ||||
Europe | 4,870 | 4,057 | ||||||
Latin America | 1,060 | 1,094 | ||||||
Asia Pacific | 2,812 | 1,226 | ||||||
Corporate | 649 | 1,426 | ||||||
Elimination entries | (2,388 | ) | (2,319 | ) | ||||
Consolidated | $ | 17,780 | $ | 16,351 |
(millions) | 2018 | 2017 | 2016 | |||||||||
Net sales | ||||||||||||
United States | $ | 8,176 | $ | 8,160 | $ | 8,413 | ||||||
All other countries | 5,371 | 4,694 | 4,552 | |||||||||
Consolidated | $ | 13,547 | $ | 12,854 | $ | 12,965 | ||||||
Long-lived assets | ||||||||||||
United States | $ | 2,197 | $ | 2,195 | $ | 2,208 | ||||||
All other countries | 1,534 | 1,521 | 1,361 | |||||||||
Consolidated | $ | 3,731 | $ | 3,716 | $ | 3,569 |
(millions) | 2018 | 2017 | 2016 | |||||||||
Snacks | $ | 6,797 | $ | 6,683 | $ | 6,655 | ||||||
Cereal | 5,208 | 5,222 | 5,402 | |||||||||
Frozen and other | 1,542 | 949 | 908 | |||||||||
Consolidated | $ | 13,547 | $ | 12,854 | $ | 12,965 |
Consolidated Statement of Income (millions) | 2018 | 2017 | 2016 | |||||||||
Research and development expense | $ | 154 | $ | 148 | $ | 182 | ||||||
Advertising expense | $ | 752 | $ | 732 | $ | 736 |
Consolidated Balance Sheet (millions) | 2018 | 2017 | ||||||
Trade receivables | $ | 1,163 | $ | 1,250 | ||||
Allowance for doubtful accounts | (10 | ) | (10 | ) | ||||
Refundable income taxes | 28 | 23 | ||||||
Other receivables | 194 | 126 | ||||||
Accounts receivable, net | $ | 1,375 | $ | 1,389 | ||||
Raw materials and supplies | $ | 339 | $ | 333 | ||||
Finished goods and materials in process | 991 | 884 | ||||||
Inventories | $ | 1,330 | $ | 1,217 | ||||
Land | $ | 120 | $ | 111 | ||||
Buildings | 2,061 | 2,200 | ||||||
Machinery and equipment | 5,971 | 6,018 | ||||||
Capitalized software | 438 | 403 | ||||||
Construction in progress | 583 | 634 | ||||||
Accumulated depreciation | (5,442 | ) | (5,650 | ) | ||||
Property, net | $ | 3,731 | $ | 3,716 | ||||
Other intangibles | $ | 3,448 | $ | 2,706 | ||||
Accumulated amortization | (87 | ) | (67 | ) | ||||
Other intangibles, net | $ | 3,361 | $ | 2,639 | ||||
Pension | $ | 228 | $ | 252 | ||||
Deferred income taxes | 246 | 246 | ||||||
Other | 594 | 529 | ||||||
Other assets | $ | 1,068 | $ | 1,027 | ||||
Accrued income taxes | $ | 48 | $ | 30 | ||||
Accrued salaries and wages | 309 | 311 | ||||||
Accrued advertising and promotion | 557 | 582 | ||||||
Other | 502 | 551 | ||||||
Other current liabilities | $ | 1,416 | $ | 1,474 | ||||
Income taxes payable | $ | 115 | $ | 192 | ||||
Nonpension postretirement benefits | 34 | 40 | ||||||
Other | 355 | 373 | ||||||
Other liabilities | $ | 504 | $ | 605 |
Allowance for doubtful accounts (millions) | 2018 | 2017 | 2016 | |||||||||
Balance at beginning of year | $ | 10 | $ | 8 | $ | 8 | ||||||
Additions charged to expense | 4 | 14 | 9 | |||||||||
Doubtful accounts charged to reserve | (4 | ) | (12 | ) | (9 | ) | ||||||
Balance at end of year | $ | 10 | $ | 10 | $ | 8 |
(millions, except per share data) | |||||||||
Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights as of December 29, 2018 (a) | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights as of December 29, 2018 ($)(b) | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding Securities Reflected in Column (a)) as of December 29, 2018 (c)(1) | ||||||
Equity compensation plans approved by security holders | 15.4 | (2) | 66 | 20.2 | (3) | ||||
Equity compensation plans not approved by security holders | — | NA | 0.3 | ||||||
Total | 15.4 | 66 | 20.5 |
(1) | The total number of shares remaining available for issuance under the 2017 Long-Term Incentive Plan will be reduced by two shares for each share issued pursuant to an award other than a stock option or stock appreciation right, or potentially issuable pursuant to an outstanding award other than a stock option or stock appreciation right, which will in each case reduce the total number of shares remaining by one share for each share issued. | |||
(2) | Includes 13.7 million stock options and 1.7 million restricted share units. | |||
(3) | The total number of shares available remaining for issuance as of December 29, 2018 for each Equity Compensation Plan approved by shareowners are as follows: - The 2017 Long-Term Incentive Plan - 19.8 million; - The Non-Employee Director Stock Plan (2009 Director Plan) - 0.2 million; - The 2002 Employee Stock Purchase Plan - 0.2 million. |
Exhibit No. | Description | Electronic(E), Paper(P) or Incorp. By Ref.(IBRF) | ||||
Amended and Restated Transaction Agreement between us and The Procter & Gamble Company, incorporated by reference to Exhibit 1.1 of our Current Report on Form 8-K dated May 31, 2012, Commission file number 1-4171. | IBRF | |||||
Amended Restated Certificate of Incorporation of Kellogg Company, incorporated by reference to Exhibit 4.1 to our Registration Statement on Form S-8, file number 333-56536. | IBRF | |||||
Bylaws of Kellogg Company, as amended, incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K dated December 15, 2017, Commission file number 1-4171. | IBRF | |||||
Indenture, dated March 15, 2001, between Kellogg Company and BNY Midwest Trust Company, including the form of 7.45% Debentures due 2031, incorporated by reference to Exhibit 4.01 to our Quarterly Report on Form 10-Q for the quarter ending March 31, 2001, Commission file number 1-4171. | IBRF | |||||
Supplemental Indenture, dated March 29, 2001, between Kellogg Company and BNY Midwest Trust Company, including the form of 7.45% Debentures due 2031, incorporated by reference to Exhibit 4.02 to our Quarterly Report on Form 10-Q for the quarter ending March 31, 2001, Commission file number 1-4171. | IBRF | |||||
Indenture, dated as of May 21, 2009, between Kellogg Company and The Bank of New York Mellon Trust Company, N.A., incorporated by reference to Exhibit 4.1 to our Registration Statement on Form S-3, Commission file number 333-209699. | IBRF | |||||
Officers’ Certificate of Kellogg Company (with form of Kellogg Company 4.150% Senior Note Due 2019), incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K dated November 16, 2009, Commission file number 1-4171. | IBRF | |||||
Officers’ Certificate of Kellogg Company (with form of Kellogg Company 4.000% Senior Note Due 2020), incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K dated December 8, 2010, Commission file number 1-4171. | IBRF | |||||
Officers’ Certificate of Kellogg Company (with form of 1.125% Senior Note due 2015, 1.750% Senior Note due 2017 and 3.125% Senior Note due 2022), incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K dated May 17, 2012, Commission file number 1-4171. | IBRF |
Exhibit No. | Description | Electronic(E), Paper(P) or Incorp. By Ref.(IBRF) | ||||
Officer’s Certificate of Kellogg Company (with form of Floating Rate Senior Notes due 2015 and 2.750% Senior Notes due 2023), incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K dated February 14, 2013, Commission file number 1-4171. | IBRF | |||||
Officer’s Certificate of Kellogg Company (with form of 1.250% Senior Notes due 2025), incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K dated March 9, 2015, Commission file number 1-4171. | IBRF | |||||
Officers’ Certificate of Kellogg Company (with form of 3.250% Senior Notes due 2026 and 4.500% Senior Debentures due 2046), incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K dated March 7, 2016, Commission file number 1-4171. | IBRF | |||||
Officers’ Certificate of Kellogg Company (with form of 1.000% Senior Notes due 2024), incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K dated May 19, 2016, Commission file number 1-4171. | IBRF | |||||
Officers’ Certificate of Kellogg Company (with form of 2.650% Senior Notes due 2023), incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K dated November 15, 2016, Commission file number 1-4171. | IBRF | |||||
Officers’ Certificate of Kellogg Company (with form of 0.800% Senior Notes due 2022), incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K dated May 17, 2017, Commission file number 1-4171. | IBRF | |||||
Officers’ Certificate of Kellogg Company (with form of 3.400% Senior Notes due 2027), incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K dated November 13, 2017, Commission file number 1-4171. | IBRF | |||||
Officers’ Certificate of Kellogg Company (with form of 3.250% Senior Notes due 20201 and form of 4.300% Senior Notes due 2028), incorporated by reference to Exhibit 4.1 of our Current Report on Form 8-K dated May 15, 2018, Commission file number 1-4171. | ||||||
Kellogg Company Supplemental Savings and Investment Plan, as amended and restated as of January 1, 2003, incorporated by reference to Exhibit 10.03 to our Annual Report on Form 10-K for the fiscal year ended December 28, 2002, Commission file number 1-4171.* | IBRF | |||||
Kellogg Company Key Employee Long Term Incentive Plan, incorporated by reference to Exhibit 10.07 to our Annual Report on Form 10-K for the fiscal year ended December 29, 2007, Commission file number 1-4171.* | IBRF | |||||
Kellogg Company 2000 Non-Employee Director Stock Plan, incorporated by reference to Exhibit 10.10 to our Annual Report on Form 10-K for the fiscal year ended December 29, 2007, Commission file number 1-4171.* | IBRF |
Exhibit No. | Description | Electronic(E), Paper(P) or Incorp. By Ref.(IBRF) | ||||
Agreement between us and other executives, incorporated by reference to Exhibit 10.05 of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2000, Commission file number 1-4171.* | IBRF | |||||
Kellogg Company 2002 Employee Stock Purchase Plan, as amended and restated as of January 1, 2008, incorporated by reference to Exhibit 10.22 to our Annual Report on Form 10-K for the fiscal year ended December 29, 2007, Commission file number 1-4171.* | IBRF | |||||
Kellogg Company 1993 Employee Stock Ownership Plan, incorporated by reference to Exhibit 10.23 to our Annual Report on Form 10-K for the fiscal year ended December 29, 2007, Commission file number 1-4171.* | IBRF | |||||
Kellogg Company 2003 Long-Term Incentive Plan, as amended and restated as of December 8, 2006, incorporated by reference to Exhibit 10. to our Annual Report on Form 10-K for the fiscal year ended December 30, 2006, Commission file number 1-4171.* | IBRF | |||||
Kellogg Company Severance Plan, incorporated by reference to Exhibit 10.25 of our Annual Report on Form 10-K for the fiscal year ended December 28, 2002, Commission file number 1-4171.* | IBRF | |||||
First Amendment to the Key Executive Benefits Plan, incorporated by reference to Exhibit 10.39 of our Annual Report in Form 10-K for our fiscal year ended January 1, 2005, Commission file number 1-4171.* | IBRF | |||||
Executive Survivor Income Plan, incorporated by reference to Exhibit 10.42 of our Annual Report in Form 10-K for our fiscal year ended December 31, 2005, Commission file number 1-4171.* | IBRF | |||||
Form of Amendment to Form of Agreement between us and certain executives, incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K dated December 18, 2008, Commission file number 1-4171.* | IBRF | |||||
Kellogg Company 2009 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.1 to our Registration Statement on Form S-8 dated April 27, 2009, Commission file number 333-158824.* | IBRF | |||||
Kellogg Company 2009 Non-Employee Director Stock Plan, incorporated by reference to Exhibit 10.1 to our Registration Statement on Form S-8 dated April 27, 2009, Commission file number 333-158826.* | IBRF | |||||
Form of Option Terms and Conditions under 2009 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K dated February 25, 2011, Commission file number 1-4171. | IBRF |
Exhibit No. | Description | Electronic(E), Paper(P) or Incorp. By Ref.(IBRF) | ||||
Letter Agreement between us and Gary Pilnick, dated May 20, 2008, incorporated by reference to Exhibit 10.54 to our Annual Report on Form 10-K for the fiscal year ended January 1, 2011, commission file number 1-4171.* | IBRF | |||||
Form of Option Terms and Conditions, incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K dated February 23, 2012, Commission file number 1-4171.* | IBRF | |||||
Kellogg Company 2013 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.1 to our Registration Statement on Form S-8, file number 333-188222.* | IBRF | |||||
Kellogg Company Pringles Savings and Investment Plan, incorporated by reference to Exhibit 4.3 to our Registration Statement on Form S-8, file number 333-189638.* | IBRF | |||||
Amendment Number 1. to the Kellogg Company Pringles Savings and Investment Plan, incorporated by reference to Exhibit 4.4 to our Registration Statement on Form S-8, file number 333-189638.* | IBRF | |||||
Kellogg Company Deferred Compensation Plan for Non-Employee Directors, incorporated by reference to Exhibit 10.49 to our Annual Report on Form 10-K dated February 24, 2014, Commission file number 1-4171.* | IBRF | |||||
Kellogg Company Executive Compensation Deferral Plan, incorporated by reference to Exhibit 10.50 to our Annual Report on Form 10-K dated February 24, 2014, Commission file number 1-4171.* | IBRF | |||||
Kellogg Company Change of Control Severance Policy for Key Executives, incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K dated December 11, 2014.* | IBRF | |||||
Form of Option Terms and Conditions, incorporated by reference to Exhibit 10.2 of our Current Report on Form 8-K dated February 24, 2015, Commission file number 1-4171.* | IBRF | |||||
2016-2018 Executive Performance Plan, incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K dated February 23, 2016, Commission file number 1-4171.* | IBRF | |||||
Form of Option Terms and Conditions, incorporated by reference to Exhibit 10.2 of our Current Report on Form 8-K dated February 23, 2016, Commission file number 1-4171.* | IBRF | |||||
2017-2019 Executive Performance Plan, incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K dated February 24, 2017, Commission file number 1-4171.* | IBRF | |||||
Form of Restricted Stock Unit Terms and Conditions, incorporated by reference to Exhibit 10.2 of our Current Report on Form 8-K dated February 24, 2017, Commission file number 1-4171.* | IBRF |
Exhibit No. | Description | Electronic(E), Paper(P) or Incorp. By Ref.(IBRF) | ||||
Kellogg Company 2017 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.1 to our Registration Statement on Form S-8, file number 333-217769.* | IBRF | |||||
Letter agreement with Steve Cahillane, dated September 22, 2017, incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K dated September 28, 2017, Commission file number 1-4171.* | IBRF | |||||
Letter agreement with John Bryant, dated September 22, 2017, incorporated by reference to Exhibit 10.2 of our Current Report on Form 8-K dated September 28, 2017, Commission file number 1-4171.* | IBRF | |||||
Five-Year Credit Agreement dated as of January 30, 2018 with JPMorgan Chase Bank, N.A., as Administrative Agent, Barclays Bank PLC, as Syndication Agent, Bank of America, N.A., Citibank, N.A., Cooperatieve Rabobank U.A., New York Branch, Morgan Stanley MUFG Loan Partners, LLC and Wells Fargo Bank, National Association, as Documentation Agents, JPMorgan Chase Bank, N.A., Barclays Bank PLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Cooperatieve Rabobank U.A., New York Branch, Morgan Stanley MUFG Loan Partners, LLC and Wells Fargo Securities, LLC, as Joint Lead Arrangers and Joint Bookrunners and the lenders named therein, incorporated by reference to Exhibit 4.1 of our Current Report on Form 8-K dated February 1, 2018, Commission file number 1-4171. | IBRF | |||||
Letter Agreement with Paul Norman, dated February 16, 2018, incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K dated February 16, 2018, Commission file number 1-4171.* | IBRF | |||||
2018-2020 Executive Performance Plan, incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K dated February 22, 2018, Commission file number 1-4171.* | IBRF | |||||
Form of Restricted Stock Unit Terms and Conditions, incorporated by reference to Exhibit 10.2 of our Current Report on Form 8-K dated February 22, 2018, Commission File number 1-4171.* | IBRF | |||||
Form of Option Terms and Conditions, incorporated by reference to Exhibit 10.3 of our Current Report on Form 8-K dated February 22, 2018, Commission file number 4-4171.* | IBRF | |||||
Amendment to the Kellogg Company 2017 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K dated June 11, 2018, Commission file number 1-4171.* | IBRF |
Exhibit No. | Description | Electronic(E), Paper(P) or Incorp. By Ref.(IBRF) | ||||
364-Day Credit Agreement dated as of January 29, 2019 with JPMorgan Chase Bank, N.A., as Administrative Agent, Barclays Bank PLC, as Syndication Agent, and JPMorgan Chase Bank, N.A. Barclays Bank PLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Coöperatieve Rabobank U.A., New York Branch, Morgan Stanley MUFG Loan Partners, LLC and Wells Fargo Securities, LLC, as Joint Lead Arrangers and Joint Bookrunners and the lenders named therein, incorporated by reference to Exhibit 4.1 of our Current Report on Form 8-K dated February 4, 2019, Commission file number 1-4171. | IBRF | |||||
Domestic and Foreign Subsidiaries of Kellogg. | E | |||||
Consent of Independent Registered Public Accounting Firm. | E | |||||
Powers of Attorney authorizing Gary H. Pilnick to execute our Annual Report on Form 10-K for the fiscal year ended December 29, 2018, on behalf of the Board of Directors, and each of them. | E | |||||
Rule 13a-14(a)/15d-14(a) Certification by Steven A. Cahillane. | E | |||||
Rule 13a-14(a)/15d-14(a) Certification by Fareed Khan. | E | |||||
Section 1350 Certification by Steven A. Cahillane. | E | |||||
Section 1350 Certification by Fareed Khan. | E | |||||
101.INS | XBRL Instance Document | E | ||||
101.SCH | XBRL Taxonomy Extension Schema Document | E | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | E | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | E | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | E | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | E |
* | A management contract or compensatory plan required to be filed with this Report. |
KELLOGG COMPANY | ||
By: | /s/ Steven A. Cahillane | |
Steven A. Cahillane | ||
Chairman and Chief Executive Officer |
Name | Capacity | Date | ||
/s/ Steven A. Cahillane Steven A. Cahillane | Chairman and Chief Executive Officer and Director (Principal Executive Officer) | February 25, 2019 | ||
/s/ Fareed A. Khan Fareed A. Khan | Senior Vice President and Chief Financial Officer (Principal Financial Officer) | February 25, 2019 | ||
/s/ Kurt Forche Kurt Forche | Vice President and Corporate Controller (Principal Accounting Officer) | February 25, 2019 | ||
* Stephanie A. Burns | Director | February 25, 2019 | ||
* Carter A. Cast | Director | February 25, 2019 | ||
* Richard W. Dreiling | Director | February 25, 2019 | ||
* Zachary Gund | Director | February 25, 2019 | ||
* James M. Jenness | Director | February 25, 2019 | ||
* Donald R. Knauss | Director | February 25, 2019 | ||
* Mary Laschinger | Director | February 25, 2019 | ||
* Cynthia H. Milligan | Director | February 25, 2019 | ||
* La June Montgomery Tabron | Director | February 25, 2019 | ||
* Carolyn M. Tastad | Director | February 25, 2019 | ||
* By: | /s/ Gary H. Pilnick Gary H. Pilnick | Attorney-in-fact | February 25, 2019 |
Kellogg Company Subsidiaries | State or Other Jurisdiction of Incorporation |
545 LLC | Delaware |
Afical - Industria e Comercio de Alimentos Ltda | Brazil |
Afical Holding LLC | Delaware |
Alimentos Gollek S.A. | Venezuela |
Alimentos Kellogg de Panama SRL | Panama |
Alimentos Kellogg, S.A. | Venezuela |
AQFTM, Inc. | Delaware |
Argkel, Inc. | Delaware |
Austin Quality Foods, Inc. | Delaware |
Barbara Dee Cookie Company, LLC | Delaware |
BDH, Inc. | Delaware |
Bear Naked, Inc. | Delaware |
Bisco Misr* | Egypt |
Canada Holding LLC | Delaware |
Cary Land Corporation | North Carolina |
CC Real Estate Holdings, LLC | Michigan |
Eighteen94 Capital, LLC | Delaware |
Famous Amos Chocolate Chip Cookie Company, L.L.C. | Delaware |
Favorite Food Products Limited | United Kingdom |
Gardenburger, LLC | Delaware |
Gebruder Nielsen Vetriebs-GmbH | Germany |
Gollek Argentina S.R.L. | Argentina |
Gollek B.V. | Netherlands |
Gollek Inc. | Delaware |
Gollek Interamericas, S. de R.L. de C.V. | Mexico |
Gollek Servicios, S.C. | Mexico |
Gollek UK Limited | United Kingdom |
Illinois Baking Corporation | Delaware |
Instituto De Nutricion y Salud Kellogg A.C. | Mexico |
Insurgent Brands LLC | Illinois |
K (China) Limited | Delaware |
K Europe Holding Company Limited | United Kingdom |
K India Private Limited | Delaware |
Kashi Company | California |
Kashi Company Pty Ltd | Australia |
Kashi Sales, L.L.C. | Delaware |
KBAR SRL | Barbados |
KECL, LLC | Delaware |
Keeb Canada Inc. | Canada |
Keebler Company | Delaware |
Keebler Foods Company | Delaware |
Keebler Holding Corp. | Georgia |
Keebler USA, Inc. | Delaware |
Kelarg, Inc. | Delaware |
Kelcone Limited | United Kingdom |
Kelcorn Limited | United Kingdom |
Kellogg Company Subsidiaries | State or Other Jurisdiction of Incorporation |
KELF Limited | United Kingdom |
Kellman, S. de R.L. de C.V. | Mexico |
Kellogg (Aust.) Pty. Ltd. | Australia |
Kellogg (Deutschland) GmbH | Germany |
Kellogg (Japan) G.K. | Japan |
Kellogg (Osterreich) Gesellschaft GmbH | Austria |
Kellogg (Schweiz) GmbH | Switzerland |
Kellogg (Thailand) Limited | Thailand |
Kellogg (Thailand) Limited | Delaware |
Kellogg Argentina S.R.L. | Argentina |
Kellogg Asia Inc. | Delaware |
Kellogg Asia Marketing Inc. | Delaware |
Kellogg Asia Pacific Pte. Ltd. | Singapore |
Kellogg Asia Products Sdn.. Bhd. | Malaysia |
Kellogg Asia Sdn. Bhd. | Malaysia |
Kellogg Australia Holdings Pty. Ltd. | Australia |
Kellogg Belgium Services Company BVBA | Belgium |
Kellogg Brasil Ltda. | Brazil |
Kellogg Brasil, Inc. | United States |
Kellogg Business Services Company | United States |
Kellogg Canada Inc. | Canada |
Kellogg Caribbean Inc. | Delaware |
Kellogg Caribbean Services Company, Inc. | Puerto Rico |
Kellogg Chile Inc. | Delaware |
Kellogg Chile Limitada | Chile |
Kellogg Company East Africa Limited | Kenya |
Kellogg Company Mexico, S. de R.L. de C.V. | Mexico |
Kellogg Company of Great Britain Limited | United Kingdom |
Kellogg Company of Ireland Limited | Ireland |
Kellogg Company of South Africa (Pty.) Ltd. | Republic of South Africa |
Kellogg Costa Rica S. de R.L. | Costa Rica |
Kellogg de Centro America, S.A. | Guatemala |
Kellogg de Colombia, S.A. | Colombia |
Kellogg de Mexico, S. de R.L. de C.V. | Mexico |
Kellogg de Peru S.R.L. | Peru |
Kellogg Ecuador C. LTDA. | Ecuador |
Kellogg El Salvador, Ltda. de C.V. | El Salvador |
Kellogg España, S.L. | Spain |
Kellogg Europe Company Limited | Bermuda |
Kellogg Europe Finance Limited | Ireland |
Kellogg Europe Services Limited | Ireland |
Kellogg Europe Trading Limited | Ireland |
Kellogg Europe Treasury Services Limited | Ireland |
Kellogg European Logistics Services Company Limited | Ireland |
Kellogg European Support Services SRL | Romania |
Kellogg Fearn, Inc. | Michigan |
Kellogg Funding Company, LLC | Delaware |
Kellogg Group Limited | United Kingdom |
Kellogg Group S.a.r.l. | Luxembourg |
Kellogg Group, LLC | Delaware |
Kellogg Hellas Single Member Limited Liability Company | Greece |
Kellogg Company Subsidiaries | State or Other Jurisdiction of Incorporation |
Kellogg Holding Company Limited | Bermuda |
Kellogg Holding, LLC | Delaware |
Kellogg Hong Kong Holding Company Limited | United Kingdom |
Kellogg Hong Kong Private Limited | Hong Kong |
Kellogg India Private Limited | India |
Kellogg International Holding Company | Delaware |
Kellogg Irish Holding Limited | Ireland |
Kellogg Italia S.p.A. | Delaware |
Kellogg Italia S.p.A. | Italy |
Kellogg Kayco | Cayman Islands |
Kellogg Latin America Holding Company (One) Limited | United Kingdom |
Kellogg Latin America Holding Company (Two) Limited | United Kingdom |
Kellogg Latvia, Inc. | Delaware |
Kellogg Lux I S.ar.l. | Luxembourg |
Kellogg Lux III S. ar L. | Luxembourg |
Kellogg Lux V S.a.r.l. | Luxembourg |
Kellogg Lux VI S.ar.l. | Luxembourg |
Kellogg Management Services (Europe) Limited | United Kingdom |
Kellogg Manchester Limited | United Kingdom |
Kellogg Manufacturing España, S.L. | Spain |
Kellogg Marketing and Sales Company (UK) Limited | United Kingdom |
Kellogg Netherlands Holding B.V. | Netherlands |
Kellogg North America Company | Delaware |
Kellogg Northern Europe GmbH | Germany |
Kellogg Rus LLC | Russian Federation |
Kellogg Sales Company | Delaware |
Kellogg Services GmbH | Austria |
Kellogg Services GmbH | Germany |
Kellogg Servicios, S.C. | Mexico |
Kellogg Snacks Financing Limited | Ireland |
Kellogg Snacks Holding Company Europe Limited | Ireland |
Kellogg Superannuation Pty. Ltd. | Australia |
Kellogg Supply Services (Europe) Limited | United Kingdom |
Kellogg Talbot, LLC | Delaware |
Kellogg Transition MA&P L.L.C. | Delaware |
Kellogg Treasury Services Company | Delaware |
Kellogg U.K. Holding Company Limited | United Kingdom |
Kellogg UK Minor Limited | United Kingdom |
Kellogg USA LLC | Michigan |
Kellogg's Produits Alimentaires, S.A.S. | France |
Kelmill Limited | United Kingdom |
Kelpac Limited | United Kingdom |
KJAL Limited | United Kingdom |
Klux A Sarl | Luxembourg |
Klux B Sarl | Luxembourg |
K-One Inc. | United States |
KPAR Limited | United Kingdom |
KT International Finance SRL | Barbados |
KTRY Limited | Bermuda |
K-Two Inc. | Delaware |
Little Brownie Bakers, L.L.C. | Delaware |
Kellogg Company Subsidiaries | State or Other Jurisdiction of Incorporation |
Mass Food International SAE | Egypt |
Mass Food SAE | Egypt |
Mass Trade for Trade and Distribution SAE | Egypt |
McCamly Plaza Hotel Inc. | Delaware |
Mother's Cookie Company L.L.C. | Delaware |
Multipro Consumer Products Limited* | Nigeria |
Multipro Private Limited* | Ghana |
Multipro Singapore Pte. Ltd* | Singapore |
Murray Biscuit Company, L.L.C. | Delaware |
Nikko Industries* | Nigeria |
Nhong Shim Kellogg Co. Ltd. | South Korea |
Nordisk Kellogg's ApS | Denmark |
Padua Ltda | Brazil |
Parati Industria e Comercio de Alimentos Ltda | Brazil |
Portable Foods Manufacturing Company Limited | United Kingdom |
President Baking Company, L.L.C. | Delaware |
Prime Bond Cyprus Holding Company Limited | Cyprus |
Prime Bond Holdings Limited | Cyprus |
Pringles (Shanghai) Food Co. Ltd. | China |
Pringles Australia Pty Ltd | Australia |
Pringles Hong Kong Limited | Hong Kong |
Pringles International Operations Sarl | Switzerland |
Pringles Japan G.K. | Japan |
Pringles LLC | Delaware |
Pringles Manufacturing Company | Delaware |
Pringles Overseas Holdings Sarl | Switzerland |
Pringles S.a r.l. | Luxembourg |
Pronumex, S de R.L. de C.V. | Mexico |
PRUX S.a r.l. | Luxembourg |
Rondo Food Manufacturing S.A.E. | Egypt |
RX Bar UK Limited | United Kingdom |
RXBRANDS Canada ULC | Nova Scotia |
Saragusa Frozen Foods Limited | United Kingdom |
Servicios Argkel, S.C. | Mexico |
Shaffer, Clarke & Co., Inc. | Delaware |
Specialty Cereals Pty Limited | Australia |
Specialty Foods L.L.C. | Delaware |
Stretch Fibres* | Nigeria |
Stretch Island Fruit Sales L.L.C. | Delaware |
Sunshine Biscuits, L.L.C. | Delaware |
The Eggo Company | Delaware |
The Healthy Snack People Pty Limited | Australia |
Trafford Park Insurance Limited | Bermuda |
Uma Investments sp. z o.o. | Poland |
Vita+ Naturprodukte GmbH | Austria |
Wimble Manufacturing Belgium BVBA | Belgium |
Wimble Services Belgium BVBA | Belgium |
Worthington Foods, Inc. | Ohio |
*Indicates a non-wholly owned subsidiary of the registrant. |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
(1) | the Annual Report on Form 10-K of Kellogg Company for the period ended December 29, 2018 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Kellogg Company. |
(1) | the Annual Report on Form 10-K of Kellogg Company for the period ended December 29, 2018 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Kellogg Company. |
Document and Entity Information Document - USD ($) $ in Billions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Jan. 26, 2019 |
Jun. 30, 2018 |
|
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 29, 2018 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2018 | ||
Trading Symbol | K | ||
Entity Registrant Name | KELLOGG CO | ||
Entity Central Index Key | 0000055067 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-29 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Common Stock, Shares Outstanding | 343,894,654 | ||
Entity Public Float | $ 19.1 |
Consolidated Statement of Income Statement - USD ($) $ in Millions |
12 Months Ended | ||
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Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
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Income Statement [Abstract] | |||
Net sales | $ 13,547 | $ 12,854 | $ 12,965 |
Cost of goods sold | 8,821 | 8,155 | 8,131 |
Selling, general and administrative expense | 3,020 | 3,312 | 3,351 |
Operating profit | 1,706 | 1,387 | 1,483 |
Interest expense | 287 | 256 | 406 |
Other income (expense), net | (90) | 526 | (143) |
Income before income taxes | 1,329 | 1,657 | 934 |
Income taxes | 181 | 410 | 235 |
Earnings (loss) from unconsolidated entities | 196 | 7 | 1 |
Net income | 1,344 | 1,254 | 700 |
Net income (loss) attributable to noncontrolling interests | 8 | 0 | 1 |
Net income attributable to Kellogg Company | $ 1,336 | $ 1,254 | $ 699 |
Basic | $ 3.85 | $ 3.61 | $ 1.99 |
Diluted | $ 3.83 | $ 3.58 | $ 1.97 |
Consolidated Balance Sheet (Parenthetical) Consolidated Balance Sheet - $ / shares |
Dec. 29, 2018 |
Dec. 30, 2017 |
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Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.25 | $ 0.25 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued | 420,666,780 | 420,514,582 |
Treasury Stock, Shares | 76,801,314 | 74,911,865 |
Statement of Shareholders' Equity (Parenthetical) Statement of Shareholders' Equity - $ / shares |
12 Months Ended | ||
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Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
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Statement of Stockholders' Equity [Abstract] | |||
Dividends declared per share | $ 2.20 | $ 2.12 | $ 2.04 |
Accounting Policies |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies | ACCOUNTING POLICIES Basis of presentation The consolidated financial statements include the accounts of the Kellogg Company, those of the subsidiaries that it controls due to ownership of a majority voting interest (Kellogg or the Company). The Company continually evaluates its involvement with variable interest entities (VIEs) to determine whether it has variable interests and is the primary beneficiary of the VIE. When these criteria are met, the Company is required to consolidate the VIE. The Company’s share of earnings or losses of nonconsolidated affiliates is included in its consolidated operating results using the equity method of accounting when it is able to exercise significant influence over the operating and financial decisions of the affiliate. The Company uses the cost method of accounting if it is not able to exercise significant influence over the operating and financial decisions of the affiliate. Intercompany balances and transactions are eliminated. The Company’s fiscal year normally ends on the Saturday closest to December 31 and as a result, a 53rd week is added approximately every sixth year. The Company’s 2018, 2017 and 2016 fiscal years each contained 52 weeks and ended on December 29, 2018, December 30, 2017, and December 31, 2016, respectively. Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods reported. Actual results could differ from those estimates. Cash and cash equivalents Highly liquid investments with remaining stated maturities of three months or less when purchased are considered cash equivalents and recorded at cost. Accounts receivable Accounts receivable consists principally of trade receivables, which are recorded at the invoiced amount, net of allowances for doubtful accounts and prompt payment discounts. Trade receivables do not bear interest. The allowance for doubtful accounts represents management’s estimate of the amount of probable credit losses in existing accounts receivable, as determined from a review of past due balances and other specific account data. Account balances are written off against the allowance when management determines the receivable is uncollectible. As of year-end 2018, the Company did not have off-balance sheet credit exposure related to its customers. As of year-end 2017, the Company's off-balance sheet credit exposure related to its customers was immaterial. Please refer to Note 2 for information on sales of accounts receivable. Inventories Inventories are valued at the lower of cost or net realizable value. Cost is determined on an average cost basis. Property The Company’s property consists mainly of plants and equipment used for manufacturing activities. These assets are recorded at cost and depreciated over estimated useful lives using straight-line methods for financial reporting and accelerated methods, where permitted, for tax reporting. Major property categories are depreciated over various periods as follows (in years): manufacturing machinery and equipment 15-30; office equipment 5; computer equipment and capitalized software 3-7; building components 20; building structures 10-50. Cost includes interest associated with significant capital projects. Plant and equipment are reviewed for impairment when conditions indicate that the carrying value may not be recoverable. Such conditions include an extended period of idleness or a plan of disposal. Assets to be disposed of at a future date are depreciated over the remaining period of use. Assets to be sold are written down to realizable value at the time the assets are being actively marketed for sale and a sale is expected to occur within one year. There were no assets held for sale at the year-end 2018. As of year-end 2017, the carrying value of assets held for sale was immaterial. Goodwill and other intangible assets Goodwill and indefinite-lived intangibles are not amortized, but are tested at least annually for impairment of value and whenever events or changes in circumstances indicate the carrying amount of the asset may be impaired. An intangible asset with a finite life is amortized on a straight-line basis over the estimated useful life, which materially approximates the pattern of economic benefit. For the goodwill impairment test, the fair value of the reporting units are estimated based on market multiples. This approach employs market multiples based on either sales or earnings before interest, taxes, depreciation and amortization for companies that are comparable to the Company’s reporting units. In the event the fair value determined using the market multiple approach is close to carrying value, the Company may supplement the fair value determination using discounted cash flows. The assumptions used for the impairment test are consistent with those utilized by a market participant performing similar valuations for the Company’s reporting units. Similarly, impairment testing of other intangible assets requires a comparison of carrying value to fair value of that particular asset. Fair values of non-goodwill intangible assets are based primarily on projections of future cash flows to be generated from that asset. For instance, cash flows related to a particular trademark would be based on a projected royalty stream attributable to branded product sales, discounted at rates consistent with rates used by market participants. These estimates are made using various inputs including historical data, current and anticipated market conditions, management plans, and market comparables. Accounts payable The Company has agreements with third parties to provide accounts payable tracking systems which facilitate participating suppliers’ ability to monitor and, if elected, sell payment obligations from the Company to designated third-party financial institutions. Participating suppliers may, at their sole discretion, make offers to sell one or more payment obligations of the Company prior to their scheduled due dates at a discounted price to participating financial institutions. The Company’s goal is to capture overall supplier savings, in the form of payment terms or vendor funding, and the agreements facilitate the suppliers’ ability to sell payment obligations, while providing them with greater working capital flexibility. The Company has no economic interest in the sale of these suppliers’ receivables and no direct financial relationship with the financial institutions concerning these services. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to sell amounts under the arrangements. However, the Company’s right to offset balances due from suppliers against payment obligations is restricted by the agreements for those payment obligations that have been sold by suppliers. As of December 29, 2018, $893 million of the Company’s outstanding payment obligations had been placed in the accounts payable tracking system, and participating suppliers had sold $701 million of those payment obligations to participating financial institutions. As of December 30, 2017, $850 million of the Company’s outstanding payment obligations had been placed in the accounts payable tracking system, and participating suppliers had sold $674 million of those payment obligations to participating financial institutions. Revenue recognition The Company recognizes sales upon delivery of its products to customers. Revenue, which includes shipping and handling charges billed to the customer, is reported net of applicable discounts, returns, allowances, and various government withholding taxes. Methodologies for determining these provisions are dependent on local customer pricing and promotional practices, which range from contractually fixed percentage price reductions to reimbursement based on actual occurrence or performance. Where applicable, future reimbursements are estimated based on a combination of historical patterns and future expectations regarding specific in-market product performance. The Company recognizes revenue from the sale of food products which are sold to retailers through direct sales forces, broker and distributor arrangements. The Company also recognizes revenue from the license of our trademarks granted to third parties who uses these trademarks on their merchandise and revenue from hauling services provided to third parties within certain markets. Revenue from these licenses and hauling services is not material to the Company. Contract balances recognized in the current period that are not the result of current period performance are not material to the Company. The Company also does not incur costs to obtain or fulfill contracts. Performance obligations The Company recognizes revenue when (or as) performance obligations are satisfied by transferring control of the goods to customers. Control is transferred upon delivery of the goods to the customer. At the time of delivery, the customer is invoiced with payment terms which are commensurate with the customer’s credit profile. Shipping and/or handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs. The Company assesses the goods and services promised in its customers’ purchase orders and identifies a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, the Company considers all the goods or services promised, whether explicitly stated or implied based on customary business practices. For a purchase order that has more than one performance obligation, the Company allocates the total consideration to each distinct performance obligation on a relative standalone selling price basis. Significant Judgments The Company offers various forms of trade promotions and the methodologies for determining these provisions are dependent on local customer pricing and promotional practices, which range from contractually fixed percentage price reductions to provisions based on actual occurrence or performance. Where applicable, future provisions are estimated based on a combination of historical patterns and future expectations regarding specific in-market product performance. Our promotional activities are conducted either through the retail trade or directly with consumers and include activities such as in-store displays and events, feature price discounts, consumer coupons, contests and loyalty programs. The costs of these activities are generally recognized at the time the related revenue is recorded, which normally precedes the actual cash expenditure. The recognition of these costs therefore requires management judgment regarding the volume of promotional offers that will be redeemed by either the retail trade or consumer. These estimates are made using various techniques including historical data on performance of similar promotional programs. Differences between estimated expense and actual redemptions are normally immaterial and recognized as a change in management estimate in a subsequent period. Advertising and promotion The Company expenses production costs of advertising the first time the advertising takes place. Advertising expense is classified in selling, general and administrative (SGA) expense. The Company classifies promotional payments to its customers, the cost of consumer coupons, and other cash redemption offers in net sales. Promotional allowances are estimated using various techniques including historical cash expenditure and redemption experience and patterns. Differences between estimated expense and actual redemptions are normally immaterial and recognized as a change in management estimate in a subsequent period. The liability associated with these promotions are recorded in other current liabilities. The cost of promotional package inserts is recorded in cost of goods sold (COGS). Other types of consumer promotional expenditures are recorded in SGA expense. Research and development The costs of research and development (R&D) are expensed as incurred and are classified in SGA expense. R&D includes expenditures for new product and process innovation, as well as significant technological improvements to existing products and processes. The Company’s R&D expenditures primarily consist of internal salaries, wages, consulting, and supplies attributable to time spent on R&D activities. Other costs include depreciation and maintenance of research facilities and equipment, including assets at manufacturing locations that are temporarily engaged in pilot plant activities. Stock-based compensation The Company uses stock-based compensation, including stock options, restricted stock, restricted stock units, and executive performance shares, to provide long-term performance incentives for its global workforce. The Company classifies pre-tax stock compensation expense in SGA and COGS within its corporate operations. Expense attributable to awards of equity instruments is recorded in capital in excess of par value in the Consolidated Balance Sheet. Certain of the Company’s stock-based compensation plans contain provisions that prorate vesting of awards upon retirement, disability, or death of eligible employees and directors. A stock-based award is considered vested for expense attribution purposes when the employee’s retention of the award is no longer contingent on providing subsequent service. Accordingly, the Company recognizes compensation cost immediately for awards granted to retirement-eligible individuals or over the period from the grant date to the date retirement eligibility is achieved, if less than the stated vesting period. The Company recognizes compensation cost for stock option awards that have a graded vesting schedule on a straight-line basis over the requisite service period for the entire award. Income taxes The Company recognizes uncertain tax positions based on a benefit recognition model. Provided that the tax position is deemed more likely than not of being sustained, the Company recognizes the largest amount of tax benefit that is greater than 50 percent likely of being ultimately realized upon settlement. The tax position is derecognized when it is no longer more likely than not of being sustained. The Company classifies income tax-related interest and penalties as interest expense and SGA expense, respectively, on the Consolidated Statement of Income. The current portion of the Company’s unrecognized tax benefits is presented in the Consolidated Balance Sheet in other current assets and other current liabilities, and the amounts expected to be settled after one year are recorded in other assets and other liabilities. Management monitors the Company’s ability to utilize certain future tax deductions, operating losses and tax credit carryforwards, prior to expiration as well as the reinvestment assertion regarding our undistributed foreign earnings. Changes resulting from management’s assessment will result in impacts to deferred tax assets and the corresponding impacts on the effective income tax rate. Valuation allowances were recorded to reduce deferred tax assets to an amount that will, more likely than not, be realized in the future. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act includes a provision designed to tax currently global intangible low taxed income (GILTI) starting in 2018. Under the provision, a U.S. shareholder is required to include in gross income the amount of its GILTI, which is 50% of the excess of the shareholder’s net tested income of its controlled foreign corporation over the deemed tangible income return. The amount of GILTI included by a U.S. shareholder is computed by aggregating all controlled foreign corporations (CFC). Shareholders are allowed to claim a foreign tax credit for 80 percent of the taxes paid or accrued with respect to the tested income of each CFC, subject to some limitations. The Financial Accounting Standards Board (FASB) staff has indicated that a company should make and disclose a policy election as to whether it will (1) recognize deferred taxes for basis differences expected to reverse as GILTI or (2) account for GILTI as a period cost if and when incurred. During 2018, the Company elected to account for the GILTI as a period cost and has included an estimate for GILTI in its effective tax rate. Derivative Instruments The fair value of derivative instruments is recorded in other current assets, other assets, other current liabilities or other liabilities. Gains and losses representing either hedge ineffectiveness, hedge components excluded from the assessment of effectiveness, or hedges of translational exposure are recorded in the Consolidated Statement of Income in other income (expense), net (OIE) or interest expense. In the Consolidated Statement of Cash Flows, settlements of cash flow and fair value hedges are classified as an operating activity; settlements of all other derivative instruments, including instruments for which hedge accounting has been discontinued, are classified consistent with the nature of the instrument. Cash flow hedges. Qualifying derivatives are accounted for as cash flow hedges when the hedged item is a forecasted transaction. Gains and losses on these instruments are recorded in other comprehensive income until the underlying transaction is recorded in earnings. When the hedged item is realized, gains or losses are reclassified from accumulated other comprehensive income (loss) (AOCI) to the Consolidated Statement of Income on the same line item as the underlying transaction. Fair value hedges. Qualifying derivatives are accounted for as fair value hedges when the hedged item is a recognized asset, liability, or firm commitment. Gains and losses on these instruments are recorded in earnings, offsetting gains and losses on the hedged item. Net investment hedges. Qualifying derivative and nonderivative financial instruments are accounted for as net investment hedges when the hedged item is a nonfunctional currency investment in a subsidiary. Gains and losses on these instruments are included in foreign currency translation adjustments in AOCI. Derivatives not designated for hedge accounting. Gains and losses on these instruments are recorded in the Consolidated Statement of Income, on the same line item as the underlying hedged item. Foreign currency exchange risk. The Company is exposed to fluctuations in foreign currency cash flows related primarily to third-party purchases, intercompany transactions and when applicable, nonfunctional currency denominated third-party debt. The Company is also exposed to fluctuations in the value of foreign currency investments in subsidiaries and cash flows related to repatriation of these investments. Additionally, the Company is exposed to volatility in the translation of foreign currency denominated earnings to U.S. dollars. Management assesses foreign currency risk based on transactional cash flows and translational volatility and may enter into forward contracts, options, and currency swaps to reduce fluctuations in long or short currency positions. Forward contracts and options are generally less than 18 months duration. Currency swap agreements are established in conjunction with the term of underlying debt issues. For foreign currency cash flow and fair value hedges, the assessment of effectiveness is generally based on changes in spot rates. Changes in time value are reported in OIE. Interest rate risk. The Company is exposed to interest rate volatility with regard to future issuances of fixed rate debt and existing and future issuances of variable rate debt. The Company periodically uses interest rate swaps, including forward-starting swaps, to reduce interest rate volatility and funding costs associated with certain debt issues, and to achieve a desired proportion of variable versus fixed rate debt, based on current and projected market conditions. Fixed-to-variable interest rate swaps are accounted for as fair value hedges and the assessment of effectiveness is based on changes in the fair value of the underlying debt, using incremental borrowing rates currently available on loans with similar terms and maturities. Price risk. The Company is exposed to price fluctuations primarily as a result of anticipated purchases of raw and packaging materials, fuel, and energy. The Company has historically used the combination of long-term contracts with suppliers, and exchange-traded futures and option contracts to reduce price fluctuations in a desired percentage of forecasted raw material purchases over a duration of generally less than 18 months. Pension benefits, nonpension postretirement and postemployment benefits The Company sponsors a number of U.S. and foreign plans to provide pension, health care, and other welfare benefits to retired employees, as well as salary continuance, severance, and long-term disability to former or inactive employees. The recognition of benefit expense is based on actuarial assumptions, such as discount rate, long-term rate of compensation increase, and long-term rate of return on plan assets and health care cost trend rate. Service cost is reported in COGS and SGA expense on the Consolidated Statement of Income. All other components of net periodic pension cost are included in OIE. Postemployment benefits. The Company recognizes an obligation for postemployment benefit plans that vest or accumulate with service. Obligations associated with the Company’s postemployment benefit plans, which are unfunded, are included in other current liabilities and other liabilities on the Consolidated Balance Sheet. All gains and losses are recognized over the average remaining service period of active plan participants. Postemployment benefits that do not vest or accumulate with service or benefits to employees in excess of those specified in the respective plans are expensed as incurred. Pension and nonpension postretirement benefits. The Company recognizes actuarial gains and losses in operating results in the year in which they occur. Experience gains and losses are recognized annually as of the measurement date, which is the Company’s fiscal year-end, or when remeasurement is otherwise required under generally accepted accounting principles. The Company uses the fair value of plan assets to calculate the expected return on plan assets. Reportable segments are allocated service cost. All other components of pension and postretirement benefit expense, including interest cost, expected return on assets, prior service cost, and experience gains and losses are considered unallocated corporate costs and are not included in the measure of reportable segment operating results. See Note 18 for more information on reportable segments. Management reviews the Company’s expected long-term rates of return annually; however, the benefit trust investment performance for one particular year does not, by itself, significantly influence this evaluation. The expected rates of return are generally not revised provided these rates fall between the 25th and 75th percentile of expected long-term returns, as determined by the Company’s modeling process. For defined benefit pension and postretirement plans, the Company records the net overfunded or underfunded position as a pension asset or pension liability on the Consolidated Balance Sheet. New accounting standards Income Taxes. In October 2016, the Financial Accounting Standards Board (FASB), as part of their simplification initiative, issued an Accounting Standards Update (ASU) to improve the accounting for income tax consequences of intra-entity transfers of assets other than inventory. Current Generally Accepted Accounting Principles (GAAP) prohibit recognition of current and deferred income taxes for intra-entity asset transfers until the asset has been sold to an outside party, which is an exception to the principle of comprehensive recognition of current and deferred income taxes in GAAP. The amendments in the ASU eliminate the exception, such that entities should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted, as of the beginning of an annual reporting period for which financial statements have not been issued or made available for issuance. That is, early adoption should be the first interim period if an entity issues interim financial statements. The amendments in this ASU should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the period of adoption. The Company early adopted the ASU in the first quarter of 2017. As a result of intercompany transfers of intellectual property, the Company recorded a $39 million reduction in income tax expense during the year ended December 30, 2017. Upon adoption, there was no cumulative effect adjustment to retained earnings. Simplifying the Measurement of Inventory. In July 2015, the FASB issued an ASU to simplify the measurement of inventory. The ASU requires that inventory be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The Company adopted the updated standard in the first quarter of 2017 with no material impact to the financial statements, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. In August 2017, the FASB issued an ASU intended to simplify hedge accounting by better aligning an entity’s financial reporting for hedging relationships with its risk management activities. The ASU also simplifies the application of the hedge accounting guidance. The new guidance is effective fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. For cash flow hedges existing at the adoption date, the standard requires adoption on a modified retrospective basis with a cumulative-effect adjustment to the Consolidated Balance Sheet as of the beginning of the year of adoption. The amendments to presentation guidance and disclosure requirements are required to be adopted prospectively. The Company adopted the ASU in the first quarter of 2018. The impact of adoption was immaterial to the financial statements. Improving the Presentation of net Periodic Pension Cost and net Periodic Postretirement Benefit Cost. In March 2017, the FASB issued an ASU to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost. The ASU requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. The amendments in this ASU should be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. The Company adopted the ASU in the first quarter of 2018. Refer to Impacts to Previously Reported Results below for the impact of adoption of the standard on our consolidated financial statements. Simplifying the test for goodwill impairment. In January 2017, the FASB issued an ASU to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit's goodwill with the carrying amount of that goodwill. The ASU is effective for an entity's annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The amendments in this ASU should be applied on a prospective basis. The Company adopted the ASU in the first quarter of 2018 with no impact. Statement of Cash Flows. In August 2016, the FASB issued an ASU to provide various cash flow statement classification guidance for certain cash receipts and payments of which the following amendments were most applicable to the Company: (a) debt prepayment or extinguishment costs; (b) contingent consideration payments made after a business combination; (c) insurance settlement proceeds; (d) distributions from equity method investees; (e) beneficial interests in securitization transactions and (f) application of the predominance principle for cash receipts and payments with aspects of more than one class of cash flows. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period, in which case adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. The amendments in this ASU should be applied retrospectively. The Company adopted the new ASU in the first quarter of 2018. Refer to Impacts to Previously Reported Results below for the impact of adoption of the standard on our consolidated financial statements. Recognition and measurement of financial assets and liabilities. In January 2016, the FASB issued an ASU which requires equity investments that are not accounted for under the equity method of accounting to be measured at fair value with changes recognized in net income and which updates certain presentation and disclosure requirements. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption can be elected for all financial statements of fiscal years and interim periods that have not yet been issued or that have not yet been made available for issuance. Entities should apply the update by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The Company adopted the updated standard in the first quarter of 2018. The impact of adoption was immaterial to the financial statements. Revenue from contracts with customers. In May 2014, the FASB issued an ASU, as amended, which provides guidance for accounting for revenue from contracts with customers. The core principle of this ASU is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. To achieve that core principle, an entity would be required to apply the following five steps: 1) identify the contract(s) with a customer; 2) identify the performance obligations in the contract; 3) determine the transaction price; 4) allocate the transaction price to the performance obligations in the contract and 5) recognize revenue when (or as) the entity satisfies a performance obligation. The Company adopted the updated standard in the first quarter of 2018 using the full retrospective method and restated previously reported amounts. In connection with the adoption, the Company made reclassification of certain customer allowances. The adoption effects relate to the timing of recognition and classification of certain promotional allowances. The updated revenue standard also required additional disaggregated revenue disclosures. Refer to Impacts to Previously Reported Results below for the impact of adoption of the standard on our consolidated financial statements. Practical expedients The Company elected the following practical expedients in accordance with ASU 2014-09:
Impacts to Previously Reported Results Adoption of the standards related to revenue recognition, pension and cash flow impacted our previously reported 2017 results as follows:
Adoption of the standards related to revenue recognition, pension and cash flow impacted our previously reported 2016 results as follows:
Accounting standards to be adopted in future periods Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. In February 2018, the FASB issued an ASU permitting a company to reclassify the disproportionate income tax effects of the Tax Cuts and Jobs Act of 2017 on items within accumulated other comprehensive income (AOCI). The reclassification is optional. Regardless of whether or not a company opts to make the reclassification, the new guidance requires all companies to include certain disclosures in their financial statements. The guidance is effective for all fiscal years beginning after December 15, 2018. Early adoption is permitted. The Company will adopt the ASU in the first quarter of 2019. Leases. In February 2016, the FASB issued an ASU which will require the recognition of lease assets and lease liabilities by lessees for all leases with terms greater than 12 months. The distinction between finance leases and operating leases will remain, with similar classification criteria as current GAAP to distinguish between capital and operating leases. The principal difference from current guidance is that the lease assets and lease liabilities arising from operating leases will be recognized on the Consolidated Balance Sheet. Lessor accounting remains substantially similar to current GAAP. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The Company will adopt the ASU in the first quarter of 2019, and expects to elect certain practical expedients permitted under the transition guidance. Additionally, the Company will elect the optional transition method that allows for a cumulative-effect adjustment in the period of adoption and will not restate prior periods. The Company continues to evaluate the effect of adoption to its Consolidated Financial Statements and disclosures, however the Company currently estimates total assets and liabilities will increase approximately $450 million to $500 million upon adoption. This estimate could change as the Company continues to progress with implementation and will also fluctuate based on the lease portfolio and discount rates as of the adoption date. The Company does not expect a material impact to the Company’s Consolidated Statements of Income or Cash Flows. Cloud Computing Arrangements. In August 2018, the FASB issued ASU 2018-15: Intangibles - Goodwill and Other - Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. The ASU allows companies to capitalize implementation costs incurred in a hosting arrangement that is a service contract over the term of the hosting arrangement, including periods covered by renewal options that are reasonably certain to be exercised. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019 and can be applied retrospectively or prospectively. Early adoption is permitted. The Company is currently assessing when to adopt the ASU and the impact of adoption. Compensation Retirement Benefits. In August 2018, the FASB issued ASU 2018-14: Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. The ASU removed disclosures that no longer are considered cost beneficial, clarified the specific requirements of disclosures, and added disclosure requirements identified as relevant. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020 and can be applied retrospectively or prospectively. Early adoption is permitted. The Company is currently assessing when to adopt the ASU and the impact of adoption. |
Sale of Accounts Receivable (Notes) |
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Transfers and Servicing of Financial Assets [Abstract] | |
Transfers and Servicing of Financial Assets [Text Block] | SALE OF ACCOUNTS RECEIVABLE During 2016, The Company initiated a program in which a customer could extend their payment terms in exchange for the elimination of early payment discounts (Extended Terms Program). The Company has two Receivable Sales Agreements (Monetization Programs) and previously had a separate U.S. accounts receivable securitization program (Securitization Program), both described below, which are intended to directly offset the impact the Extended Terms Program would have on the days-sales-outstanding (DSO) metric that is critical to the effective management of the Company's accounts receivable balance and overall working capital. The Company terminated the Securitization Program at the end of 2017 and entered into the second monetization program during the quarter ended March 31, 2018. The Monetization and Securitization Programs are designed to effectively offset the impact on working capital of the Extended Terms Program. The Company has no retained interest in the receivables sold, however the Company does have collection and administrative responsibilities for the sold receivables. The Company has not recorded any servicing assets or liabilities as of December 29, 2018 and December 30, 2017 for these agreements as the fair value of these servicing arrangements as well as the fees earned were not material to the financial statements. Monetization Program The Company has two Monetization Programs, for a discrete group of customers, to sell, on a revolving basis, certain trade accounts receivable invoices to third party financial institutions. Transfers under this agreement are accounted for as sales of receivables resulting in the receivables being de-recognized from the Consolidated Balance Sheet. The Monetization Programs provide for the continuing sale of certain receivables on a revolving basis until terminated by either party; however the maximum receivables that may be sold at any time is $1,033 million. Accounts receivable sold of $900 million and $601 million remained outstanding under these arrangements as of December 29, 2018 and December 30, 2017, respectively. The proceeds from these sales of receivables are included in cash from operating activities in the Consolidated Statement of Cash Flows. The recorded net loss on sale of receivables was $26 million, $11 million and $5 million for the years ended December 29, 2018, December 30, 2017 and December 31, 2016, respectively. The recorded loss is included in Other income and expense. Securitization Program Between July 2016 and December 2017, the Company had a Securitization Program with a third party financial institution. Under the program, the Company received cash consideration of up to $600 million and a deferred purchase price asset for the remainder of the purchase price. Transfers under the Securitization Program were accounted for as sales of receivables resulting in the receivables being de-recognized from the Consolidated Balance Sheet. This Securitization Program utilized Kellogg Funding Company (Kellogg Funding), a wholly-owned subsidiary of the Company. Kellogg Funding's sole business consisted of the purchase of receivables, from its parent or other subsidiary and subsequent transfer of such receivables and related assets to financial institutions. Although Kellogg Funding is included in the Company's consolidated financial statements, it is a separate legal entity with separate creditors who will be entitled, upon its liquidation, to be satisfied out of Kellogg Funding assets prior to any assets or value in Kellogg Funding becoming available to the Company or its subsidiaries. The assets of Kellogg Funding are not available to pay creditors of the Company or its subsidiaries. The Securitization Program was structured to expire in July 2018, but was terminated at the end of 2017. In March 2018 the Company substantially replaced the securitization program with the second monetization program. Kellogg Funding had no creditors and held no assets at December 29, 2018. As of December 30, 2017, approximately $433 million of accounts receivable sold to Kellogg Funding under the Securitization Program remained outstanding, for which the Company received net cash proceeds of approximately $412 million and a deferred purchase price asset of approximately $21 million. The portion of the purchase price for the receivables which is not paid in cash by the financial institutions is a deferred purchase price asset, which is paid to Kellogg Funding as payments on the receivables are collected from customers. The deferred purchase price asset represents a beneficial interest in the transferred financial assets and is recognized at fair value as part of the sale transaction. The deferred purchase price asset is included in Other current assets on the Consolidated Balance Sheet as of December 30, 2017. Upon final settlement of the program in March 2018, the outstanding deferred purchase price asset of $21 million was exchanged for previously sold trade accounts receivable. The recorded net loss on sale of receivables is approximately $7 million for the year ended December 30, 2017 and is not material for year ended December 31, 2016. The recorded net loss on sale of receivables is included in Other income and expense. Other programs Additionally, from time to time certain of the Company's foreign subsidiaries will transfer, without recourse, accounts receivable balances of certain customers to financial institutions. These transactions are accounted for as sales of the receivables resulting in the receivables being de-recognized from the Consolidated Balance Sheet. Accounts receivable sold of $93 million and $86 million remained outstanding under these programs as of December 29, 2018 and December 30, 2017, respectively. The proceeds from these sales of receivables are included in cash from operating activities in the Consolidated Statement of Cash Flows. The recorded net loss on the sale of these receivables is included in Other income and expense and is not material. |
Acquisitions, West Africa Investments, Goodwill and Other Intangible Assets |
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Acquisitions, Goodwill and Other Intangibles [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions, West Africa Investments, Goodwill and Other Intangible Assets [Text Block] | ACQUISITIONS, WEST AFRICA INVESTMENTS, GOODWILL AND OTHER INTANGIBLE ASSETS Multipro acquisition On May 2, 2018, the Company (i) acquired an incremental 1% ownership interest in Multipro, a leading distributor of a variety of food products in Nigeria and Ghana, and (ii) exercised its call option (Purchase Option) to acquire a 50% interest in Tolaram Africa Foods, PTE LTD (TAF), a holding company with a 49% equity interest in an affiliated food manufacturer, resulting in the Company having a 24.5% interest in the affiliated food manufacturer. The aggregate cash consideration paid was approximately $419 million and was funded through cash on hand and short-term borrowings, which was refinanced with long-term borrowings in May 2018. As part of the consideration for the acquisition, an escrow established in connection with the original Multipro investment in 2015, which represented a significant portion of the amount paid for the Company’s initial investment, was released by the Company. The amount paid to exercise the Purchase Option was subject to certain working capital and net debt adjustments based on the actual working capital and net debt existing on the exercise date compared to targeted amounts. These adjustments were finalized during 2018 and resulted in an increase in the purchase price of $1 million. As a result of the Company’s incremental ownership interest in Multipro and concurrent changes to the shareholders' agreement, the Company now has a 51% controlling interest in and began consolidating Multipro. Accordingly, the acquisition was accounted for as a business combination and the assets and liabilities of Multipro were included in the December 29, 2018 Consolidated Balance Sheet and the results of its operations have been included in the Consolidated Statement of Income subsequent to the acquisition date. The aggregate of the consideration paid and the fair value of previously held equity interest totaled $626 million, or $617 million net of cash acquired. The Multipro investment was previously accounted for under the equity method of accounting and the Company recorded our share of equity income or loss from Multipro within Earnings (loss) from unconsolidated entities. In connection with the business combination, the Company recognized a one-time, non-cash gain on the disposition of our previously held equity interest in Multipro of $245 million, which is included within Earnings (loss) from unconsolidated entities. We utilized estimated fair values at the acquisition date to allocate the total consideration exchanged to the net tangible and intangible assets acquired and liabilities assumed. The acquisition resulted in $616 million of non-tax deductible goodwill relating principally to planned growth in new markets, deferred taxes associated with intangible assets, and any intangible assets that did not qualify for separate recognition. We used the excess earnings method, a variation of the income approach, to value a perpetual distribution agreement indefinite lived intangible asset. We also valued customer relationships, using either the excess earnings method or with-and-without method, which is also a variation of the income approach. Some of the more significant assumptions inherent in developing the valuations included the estimated annual net cash flows for each indefinite-lived or 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 plans, and market comparables. We used carrying values as of the 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 the acquisition date. Deferred income tax assets and liabilities as of the acquisition date represented the expected future tax consequences of temporary differences between the fair values of the assets acquired and liabilities assumed and their tax bases. We estimated the fair value of non-controlling interests assumed consistent with the manner in which we valued all of the underlying assets and liabilities. The assets and liabilities are included in the Consolidated Balance Sheet as of December 29, 2018 within the Asia-Pacific reporting segment. The fair value of the acquired assets, assumed liabilities, and noncontrolling interest include the following:
The amounts in the above table represent the final allocation of purchase price as of December 29, 2018. During 2018, deferred tax liabilities were decreased by $2 million and other liabilities were increased by $2 million in conjunction with an updated allocation of the purchase price. Multipro contributed net sales of $536 million and net earnings of $8 million since the acquisition, including transaction fees and integration costs. The Company's consolidated unaudited pro forma historical net sales and net income, as if Multipro had been acquired at the beginning of 2017, exclusive of the non-cash $245 million gain on the disposition of the equity interest recognized in the second quarter of 2018, are estimated as follows:
Investment in TAF The investment in TAF, our interest in an affiliated food manufacturer, is accounted for under the equity method of accounting with the Company’s share of equity income or loss being recognized within Earnings (loss) from unconsolidated entities. The $458 million aggregate of the consideration paid upon exercise and the historical cost value of the Put Option was compared to the estimated fair value of the Company’s ownership percentage of TAF and the Company recognized a one-time, non-cash loss of $45 million within Earnings (loss) from unconsolidated entities, which represents an other than temporary excess of cost over fair value of the investment. The difference between the carrying amount of TAF and the underlying equity in net assets is primarily attributable to brand and customer list intangible assets, a portion of which is being amortized over future periods, and goodwill. RX acquisition In October 2017, the Company completed its acquisition of Chicago Bar Co., LLC, the manufacturer of RXBAR, for $600 million, or $596 million net of cash and cash equivalents. The purchase price was subject to certain working capital and net debt adjustments based on the actual working capital and net debt existing on the acquisition date compared to targeted amounts. These adjustments were finalized during 2018 and resulted in a purchase price reduction of $1 million. The acquisition was accounted for under the purchase price method and was financed with short-term borrowings. For the post-acquisition period ended December 30, 2017, the acquisition added $27 million in net sales and less than $1 million of operating profit in the Company's North America Other reporting segment. The pro forma effects of this acquisition were not material. The assets and liabilities are included in the Consolidated Balance Sheet as of December 29, 2018 within the North America Other reporting segment. The acquired assets and assumed liabilities include the following:
The amounts in the above table represent the final allocation of purchase price as of December 29, 2018, which resulted in a $2 million increase in amortizable intangible assets with a corresponding reduction of goodwill during 2018. Parati acquisition In December 2016, the Company acquired Ritmo Investimentos, controlling shareholder of Parati S/A, Afical Ltda and Padua Ltda ("Parati Group"), a leading Brazilian food group for approximately BRL1.38 billion ($381 million) or $379 million, net of cash and cash equivalents. The purchase price was subject to certain working capital and net debt adjustments based on the actual working capital and net debt existing on the acquisition date compared to targeted amounts. These adjustments were finalized during 2017 and resulted in a purchase price reduction of BRL14 million ($4 million). The acquisition was accounted for under the purchase price method and was financed with cash on hand and short-term borrowings. For the post-acquisition period ended December 31, 2016, the impacts to net sales and operating profit were not material. The pro forma effects of this acquisition were not material. The assets and liabilities of the Parati Group are included in the Consolidated Balance Sheet as of December 30, 2017 within the Latin America segment. The acquired assets and assumed liabilities include the following:
During the year ended December 30, 2017, the value of intangible assets subject to amortization increased $39 million, resulting in an immaterial change to amortization expense, and intangible assets not subject to amortization decreased $11 million with an offsetting $28 million adjustment to goodwill in conjunction with an updated allocation of the purchase price. The Company also recognized $7 million for certain pre-acquisition contingencies which increased goodwill during 2017 and are considered to be probable of being incurred as of December 29, 2018 and December 30, 2017. A portion of the acquisition price aggregating $67 million was placed in escrow in favor of the seller for general representations and warranties, as well as pending resolution of specified contingencies arising from the business prior to the acquisition. As of December 29, 2018, approximately $17 million remained in escrow related to specified contingencies, of which approximately $4 million and $1 million is scheduled to be released in 2019 and 2020, respectively. The remaining balance will be released only upon resolution of the related contingency. During 2017, the Company finalized plans to merge the acquired and pre-existing Brazilian legal entities, which resulted in tax basis of the acquired intangible assets. Accordingly, deferred tax liabilities and goodwill were both reduced by $58 million. The amounts in the above table represent the allocation of purchase price as of December 30, 2017 and represent the finalization of the valuations for intangible assets and the Company's evaluation of pre-acquisition contingencies and finalization of the merger. Other acquisitions In September 2016, the Company acquired a majority ownership interest in a natural, bio-organic certified breakfast company for €3 million, which was accounted for under the purchase method and financed with cash on hand. The assets, which primarily consist of indefinite lived intangible assets and goodwill, and liabilities, including non-controlling interests, are included in the Consolidated Balance Sheet as of December 30, 2017 and December 29, 2018 within the Europe segment. In March 2016, the Company completed the acquisition of an organic and natural snack company for $18 million, which was accounted for under the purchase method and financed with cash on hand. The assets, which primarily consist of indefinite lived brands, and liabilities are included in the Consolidated Balance Sheet as of December 30, 2017 and December 29, 2018 within the North America Other segment. Goodwill and Intangible Assets Changes in the carrying amount of goodwill, intangible assets subject to amortization, consisting primarily of customer relationships, distribution agreements, and indefinite-lived intangible assets, consisting of brands, are presented in the following tables: Carrying amount of goodwill
Intangible assets subject to amortization
(a) The currently estimated aggregate amortization expense for each of the next five succeeding fiscal periods is approximately $27 million per year through 2023. Intangible assets not subject to amortization
Annual Impairment Testing At December 29, 2018, goodwill and other intangible assets amounted to $9.4 billion, consisting primarily of goodwill and brands associated with the 2001 acquisition of Keebler Foods Company and the 2012 acquisition of Pringles. Within this total, approximately $2.8 billion of non-goodwill intangible assets were classified as indefinite-lived, comprised principally of Keebler and Pringles trademarks. The majority of these intangible assets are recorded in our U.S. Snacks reporting unit. The Company currently believes the fair value of goodwill and other intangible assets exceeds their carrying value and that those intangibles so classified will contribute indefinitely to cash flows. The percentage of excess fair value over carrying value of the U.S. Snacks reporting unit was approximately 62% and 57% in 2018 and 2017, respectively. Additionally, the Company has $207 million of goodwill related to the Kashi reporting unit, which was primarily a result of establishing Kashi as a separate operating segment in 2015, which required an allocation of goodwill from our U.S. Snacks operating segment. The 2018 fair value of the Kashi reporting unit was estimated primarily based on a multiple of net sales and discounted cash flows. The percentage of excess over fair value was approximately 12% and 9%, in 2018 and 2017, respectively, using the same methodology on a year-on-year basis. The Company also has $616 million and $798 million of goodwill and other intangible assets, respectively, related to our Multipro operating segment as a result of the acquisition of this business in May 2018. Consistent with expectations given the recent acquisition, the 2018 fair value approximates carrying value for both goodwill and the indefinitely lived assets. |
Investment in Unconsolidated Entities |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated entities [Text Block] | INVESTMENTS IN UNCONSOLIDATED ENTITIES On May 2, 2018, the Company (i) acquired an incremental 1% ownership interest in Multipro, a leading distributor of a variety of food products in Nigeria and Ghana, and (ii) exercised its call option (Purchase Option) to acquire a 50% interest in Tolaram Africa Foods, PTE LTD (TAF), a holding company with a 49% equity interest in an affiliated food manufacturer, resulting in the Company having a 24.5% interest in the affiliated food manufacturer. As a result of the Company's incremental ownership interest in Multipro and concurrent changes to the shareholders' agreement, the Company now has a 51% controlling interest in and began consolidating Multipro. Accordingly, the acquisition was accounted for as a business combination and the assets and liabilities of Multipro were included in the June 30, 2018 Consolidated Balance Sheet and the results of its operations have been included in the Consolidated Statement of Income subsequent to the acquisition date. TAF and other unconsolidated entities of the Company are suppliers of Multipro. The related trade payables are generally settled on a monthly basis. TAF’s net sales consist of inventory purchases by Multipro. Multipro’s cost of goods sold primarily consists of inventory purchases from TAF and other unconsolidated entities of the Company. See discussion regarding the Multipro acquisition and Investment in TAF, in Note 3. Summarized combined financial information for the Company’s investments in unconsolidated entities is as follows (on a 100% basis, excluding amortization and before the elimination of intercompany accounts):
(a) 2018 includes four months of results for Multipro and seven months of results for TAF. |
Restructuring and Cost Reduction Activities |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities | RESTRUCTURING AND COST REDUCTION ACTIVITIES The Company views its restructuring and cost reduction activities as part of its operating principles to provide greater visibility in achieving its long-term profit growth targets. Initiatives undertaken are currently expected to recover cash implementation costs within a 3 to 5-year period of completion. Upon completion (or as each major stage is completed in the case of multi-year programs), the project begins to deliver cash savings and/or reduced depreciation. Total projects The Company recorded $143 million of costs in 2018 associated with cost reduction initiatives. The charges were comprised of $99 million being recorded in Cost of Goods Sold (COGS), $74 million recorded in Selling, General, Administrative (SG&A) expense and $(30) million recorded in Other (Income) Expense, net (OIE). The Company recorded $263 million of costs in 2017 associated with all cost reduction initiatives. The charges were comprised of $115 million expense being recorded in COGS, a $296 million expense recorded in SGA expense, and a $(148) million gain recorded in OIE. During 2016, the Company recorded $325 million of charges associated with all cost reduction initiatives. The charges were comprised of $172 million expense being recorded in COGS, a $152 million expense recorded in SGA expense, and a $1 million loss recorded in OIE. Project K Project K is expected to continue generating a significant amount of savings that may be invested in key strategic areas of focus for the business or utilized to achieve our growth initiatives. Since inception, Project K has reduced the Company’s cost structure, and is expected to provide enduring benefits, including an optimized supply chain infrastructure, an efficient global business services model, a global focus on categories, increased agility from a more efficient organization design, and improved effectiveness in go-to-market models. These benefits are intended to strengthen existing businesses in core markets, increase growth in developing and emerging markets, and drive an increased level of value-added innovation. As of the end of 2018, the Company has approved all remaining Project K initiatives and implementation of these remaining initiatives will be completed in 2019. Project charges, after-tax cash costs and annual savings remain in line with expectations. The Company currently anticipates that the program will result in total pre-tax charges, once all phases are implemented, of approximately $1.6 billion, with after-tax cash costs, including incremental capital expenditures, estimated to be approximately $1.2 billion. Based on current estimates and actual charges incurred to date, the Company expects the total project charges will consist of asset-related costs of approximately $500 million which consists primarily of asset impairments, accelerated depreciation and other exit-related costs; employee-related costs of approximately $400 million which includes severance, pension and other termination benefits; and other costs of approximately $700 million which consists primarily of charges related to the design and implementation of global business capabilities and a more efficient go-to-market model. The Company currently expects that total pre-tax charges related to Project K will impact reportable segments as follows: U.S. Morning Foods (approximately 17%), U.S. Snacks (approximately 31%), U.S. Specialty Channels (approximately 1%), North America Other (approximately 16%), Europe (approximately 22%), Latin America (approximately 3%), Asia-Pacific (approximately 6%), and Corporate (approximately 4%). Since inception of Project K, the Company has recognized charges of $1,520 million that have been attributed to the program. The charges were comprised of $6 million being recorded as a reduction of revenue, $893 million being recorded in COGS, $788 million recorded in SGA and $(167) million recorded in OIE. Other projects The Company implemented a global zero-based budgeting (ZBB) program that has delivered annual savings. The Company completed implementation of the ZBB program in 2017. Final project charges, after-tax cash costs and annual savings remain in line with expectations. In support of the ZBB initiative, the Company incurred pre-tax charges of approximately $3 million and $25 million for the years ended December 30, 2017 and December 31, 2016, respectively. Total charges of $40 million were recognized related to implementation of the ZBB program. The tables below provide the details for the charges incurred during 2018, 2017 and 2016 and program costs to date for all programs currently active as of December 29, 2018.
Employee related costs consisted of severance and pension charges. Pension curtailment (gain) loss consists of curtailment gains or losses that resulted from project initiatives. Asset impairments were recorded for fixed assets that were determined to be impaired and were written down to their estimated fair value. See Note 14 for more information. Asset related costs consist primarily of accelerated depreciation. Other costs incurred consist primarily of lease termination costs as well as third-party incremental costs related to the development and implementation of global business capabilities and a more efficient go-to-market model. At December 29, 2018 total project reserves were $104 million, related to severance payments and other costs of which a substantial portion will be paid in 2019. The following table provides details for exit cost reserves.
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Equity | EQUITY Earnings per share Basic earnings per share is determined by dividing net income attributable to Kellogg Company by the weighted average number of common shares outstanding during the period. Diluted earnings per share is similarly determined, except that the denominator is increased to include the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Dilutive potential common shares consist principally of employee stock options issued by the Company, restricted stock units, and to a lesser extent, certain contingently issuable performance shares. Basic earnings per share is reconciled to diluted earnings per share in the following table:
The total number of anti-dilutive potential common shares excluded from the reconciliation for each period was (shares in millions): 2018-6.5; 2017-4.9; 2016-2.8. Stock transactions The Company issues shares to employees and directors under various equity-based compensation and stock purchase programs, as further discussed in Note 9. The number of shares issued during the periods presented was (shares in millions): 2018–8; 2017–7; 2016–7. The Company issued shares totaling less than one million in each of the years presented under Kellogg Direct™, a direct stock purchase and dividend reinvestment plan for U.S. shareholders. In December 2017, the board of directors approved a new authorization to repurchase up to $1.5 billion of the Company's common stock beginning in 2018 through December 2019. During 2018, the Company repurchased 5 million shares of common stock for a total of $320 million . During 2017, the Company repurchased 7 million shares of common stock for a total of $516 million. During 2016, the Company repurchased 6 million shares of common stock at a total cost of $426 million. Comprehensive income Comprehensive income includes net income and all other changes in equity during a period except those resulting from investments by or distributions to shareholders. Other comprehensive income for all years presented consists of foreign currency translation adjustments, fair value adjustments associated with cash flow hedges and adjustments for net experience gains (losses) and prior service credit (cost) related to employee benefit plans. For the years ended December 30, 2017 and December 31, 2016, the Company modified assumptions for a U.S. postemployment benefit plan. As a result of the U.S. postemployment benefit plan assumption change, a net experience gain was recognized in other comprehensive income with an offsetting reduction in the accumulated postemployment benefit obligation. See Note 10 and Note 11 for further details.
Reclassifications from Accumulated Other Comprehensive Income (AOCI) for the year ended December 29, 2018 and December 30, 2017, consisted of the following:
Accumulated other comprehensive income (loss) as of December 29, 2018 and December 30, 2017 consisted of the following:
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Commitments Disclosure [Text Block] | LEASES AND OTHER COMMITMENTS The Company’s leases are generally for equipment and warehouse space. Rent expense on all operating leases was (in millions): 2018-$133; 2017-$195; 2016-$176. During 2018, 2017 and 2016, the Company entered into less than $1 million in capital lease agreements. At December 29, 2018, future minimum annual lease commitments under non-cancelable operating leases were as follows:
At December 29, 2018, future minimum annual lease commitments under non-cancelable capital leases were immaterial. The Company has provided various standard indemnifications in agreements to sell and purchase business assets and lease facilities over the past several years, related primarily to pre-existing tax, environmental, and employee benefit obligations. Certain of these indemnifications are limited by agreement in either amount and/or term and others are unlimited. The Company has also provided various “hold harmless” provisions within certain service type agreements. Because the Company is not currently aware of any actual exposures associated with these indemnifications, management is unable to estimate the maximum potential future payments to be made. At December 29, 2018, the Company had not recorded any liability related to these indemnifications. |
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Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt [Text Block] | DEBT The following table presents the components of notes payable at year end December 29, 2018 and December 30, 2017:
The following table presents the components of long-term debt at year end December 29, 2018 and December 30, 2017:
All of the Company’s Notes contain customary covenants that limit the ability of the Company and its restricted subsidiaries (as defined) to incur certain liens or enter into certain sale and lease-back transactions and also contain a change of control provision. The Company and two of its subsidiaries (the Issuers) maintain a program under which the Issuers may issue euro-commercial paper notes up to a maximum aggregate amount outstanding at any time of $750 million or its equivalent in alternative currencies. The notes may have maturities ranging up to 364 days and will be senior unsecured obligations of the applicable Issuer. Notes issued by subsidiary Issuers will be guaranteed by the Company. The notes may be issued at a discount or may bear fixed or floating rate interest or a coupon calculated by reference to an index or formula. There were no commercial paper notes outstanding under this program as of December 29, 2018 and $96 million outstanding under this program as of December 30, 2017. At December 29, 2018, the Company had $2.8 billion of short-term lines of credit, virtually all of which were unused and available for borrowing on an unsecured basis. These lines were comprised principally of an unsecured Five-Year Credit Agreement, which the Company entered into in January 2018 and expires in 2023, replacing the Company’s unsecured Five-year Credit Agreement, which would have expired in February 2019. The Five-Year Credit Agreement allows the Company to borrow, on a revolving credit basis, up to $1.5 billion, which includes the ability to obtain letters of credit in an aggregate stated amount up to $75 million and to obtain European swingline loans in an aggregate principal amount up to the equivalent of $300 million. The agreement contains customary covenants and warranties, including specified restrictions on indebtedness, liens and a specified interest coverage ratio. If an event of default occurs, then, to the extent permitted, the administrative agent may terminate the commitments under the credit facility, accelerate any outstanding loans under the agreement, and demand the deposit of cash collateral equal to the lender’s letter of credit exposure plus interest. The Company was in compliance with all covenants as of December 29, 2018. In January 2019, the Company entered into an unsecured 364-Day Credit Agreement to borrow, on a revolving credit basis, up to $1.0 billion at any time outstanding, to replace the $1.0 billion 364-day facility that expired in January 2019. The new credit facilities contains customary covenants and warranties, including specified restrictions on indebtedness, liens and a specified interest expense coverage ratio. If an event of default occurs, then, to the extent permitted, the administrative agent may terminate the commitments under the credit facility, accelerate any outstanding loans under the agreement, and demand the deposit of cash collateral equal to the lender's letter of credit exposure plus interest. There are no borrowings outstanding under the new credit facilities. Scheduled principal repayments on long-term debt are (in millions): 2019–$507; 2020–$851; 2021–$973; 2022–$1,045; 2023–$811; 2024 and beyond–$4,598. Interest expense capitalized as part of the construction cost of fixed assets was immaterial for all periods presented. |
Stock Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Compensation [Text Block] | STOCK COMPENSATION The Company uses various equity-based compensation programs to provide long-term performance incentives for its global workforce. Currently, these incentives consist principally of stock options, restricted stock units and, to a lesser extent, executive performance shares. The Company also sponsors a discounted stock purchase plan in the United States and matching-grant programs in several international locations. Additionally, the Company awards restricted stock to its outside directors. These awards are administered through several plans, as described within this Note. The 2017 Long-Term Incentive Plan (2017 Plan), approved by shareholders in 2017, permits awards to employees and officers in the form of incentive and non-qualified stock options, performance units, restricted stock or restricted stock units, and stock appreciation rights. The 2017 Plan, which replaced the 2013 Long-Term Incentive Plan (2013 Plan), authorizes the issuance of a total of (a) 16 million shares; plus (b) the total number of shares remaining available for future grants under the 2013 Plan. The total number of shares remaining available for issuance under the 2017 Plan will be reduced by two shares for each share issued pursuant to an award under the 2017 Plan other than a stock option or stock appreciation right, or potentially issuable pursuant to an outstanding award other than a stock option or stock appreciation right, which will in each case reduce the total number of shares remaining by one share for each share issued. The 2017 Plan includes several limitations on awards or payments to individual participants. Options granted under the 2017 and 2013 Plans generally vest over three years. At December 29, 2018, there were 20 million remaining authorized, but unissued, shares under the 2017 Plan. The Non-Employee Director Stock Plan (2009 Director Plan) was approved by shareholders in 2009 and allows each eligible non-employee director to receive shares of the Company’s common stock annually. The number of shares granted pursuant to each annual award will be determined by the Nominating and Governance Committee of the Board of Directors. The 2009 Director Plan, which replaced the 2000 Non-Employee Director Stock Plan (2000 Director Plan), reserves 500,000 shares for issuance, plus the total number of shares as to which awards granted under the 2009 Director Plan or the 2000 Director Plans expire or are forfeited, terminated or settled in cash. Under both the 2009 and 2000 Director Plans, shares (other than stock options) are placed in the Kellogg Company Grantor Trust for Non-Employee Directors (the Grantor Trust). Under the terms of the Grantor Trust, shares are available to a director only upon termination of service on the Board. Under the 2009 Director Plan, awards were as follows (number of shares): 2018-30,045; 2017-25,209; 2016-24,249. The 2002 Employee Stock Purchase Plan was approved by shareholders in 2002 and permits eligible employees to purchase Company stock at a discounted price. This plan allows for a maximum of 2.5 million shares of Company stock to be issued at a purchase price equal to 95% of the fair market value of the stock on the last day of the quarterly purchase period. Total purchases through this plan for any employee are limited to a fair market value of $25,000 during any calendar year. At December 29, 2018, there were approximately 0.2 million remaining authorized, but unissued, shares under this plan. Shares were purchased by employees under this plan as follows (approximate number of shares): 2018–54,000; 2017–65,000; 2016–63,000. Options granted to employees to purchase discounted stock under this plan are included in the option activity tables within this note. Additionally, an international subsidiary of the Company maintains a stock purchase plan for its employees. Subject to limitations, employee contributions to this plan are matched 1:1 by the Company. Under this plan, shares were granted by the Company to match an equal number of shares purchased by employees as follows (approximate number of shares): 2018–63,000; 2017–60,000; 2016–57,000. Compensation expense for all types of equity-based programs and the related income tax benefit recognized were as follows:
As of December 29, 2018, total stock-based compensation cost related to non-vested awards not yet recognized was $85 million and the weighted-average period over which this amount is expected to be recognized was 2 years. Cash flows realized upon exercise or vesting of stock-based awards in the periods presented are included in the following table. Tax benefits realized upon exercise or vesting of stock-based awards generally represent the tax benefit of the difference between the exercise price and the strike price of the option. Cash used by the Company to settle equity instruments granted under stock-based awards was not material.
Shares used to satisfy stock-based awards are normally issued out of treasury stock, although management is authorized to issue new shares to the extent permitted by respective plan provisions. Refer to Note 6 for information on shares issued during the periods presented to employees and directors under various long-term incentive plans and share repurchases under the Company’s stock repurchase authorizations. The Company does not currently have a policy of repurchasing a specified number of shares issued under employee benefit programs during any particular time period. Stock options During the periods presented, non-qualified stock options were granted to eligible employees under the 2017 and 2013 Plans with exercise prices equal to the fair market value of the Company’s stock on the grant date, a contractual term of ten years, and a three-year graded vesting period. Management estimates the fair value of each annual stock option award on the date of grant using a lattice-based option valuation model. Composite assumptions are presented in the following table. Weighted-average values are disclosed for certain inputs which incorporate a range of assumptions. Expected volatilities are based principally on historical volatility of the Company’s stock, and to a lesser extent, on implied volatilities from traded options on the Company’s stock. Historical volatility corresponds to the contractual term of the options granted. The Company uses historical data to estimate option exercise and employee termination within the valuation models; separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of options granted represents the period of time that options granted are expected to be outstanding; the weighted-average expected term for all employee groups is presented in the following table. The risk-free rate for periods within the contractual life of the options is based on the U.S. Treasury yield curve in effect at the time of grant.
A summary of option activity for the year ended December 29, 2018 is presented in the following table:
Additionally, option activity for the comparable prior year periods is presented in the following table:
The total intrinsic value of options exercised during the periods presented was (in millions): 2018–$33; 2017–$22; 2016–$145. Other stock-based awards During the periods presented, other stock-based awards consisted principally of executive performance shares and restricted stock granted under the 2017 and 2013 Plans. In the first quarter of 2018, the Company granted performance shares to a limited number of senior executive-level employees, which entitle these employees to receive a specified number of shares of the Company's common stock upon vesting. The number of shares earned could range between 0 and 200% of the target amount depending upon performance achieved over the three year vesting period. The performance conditions of the award include three-year currency-neutral net sales growth and total shareholder return (TSR) of the Company's common stock relative to a select group of peer companies. A Monte Carlo valuation model was used to determine the fair value of the awards. The TSR performance metric is a market condition. Therefore, compensation cost of the TSR condition is fixed at the measurement date and is not revised based on actual performance. The TSR metric was valued as a multiplier of possible levels of currency-neutral comparable operating margin expansion. Compensation cost related to currency-neutral net sales growth performance is revised for changes in the expected outcome. The 2018 target grant currently corresponds to approximately 166,000 shares, with a grant-date fair value of $72 per share. In 2017, the Company granted performance shares to a limited number of senior executive-level employees, which entitle these employees to receive a specified number of shares of the Company's common stock upon vesting. The number of shares earned could range between 0 and 200% of the target amount depending upon performance achieved over the three year vesting period. The performance conditions of the award include three-year currency-neutral comparable operating margin expansion and total shareholder return (TSR) of the Company's common stock relative to a select group of peer companies. The 2017 target grant currently corresponds to approximately 100,000 shares, with a grant-date fair value of $67 per share. In 2016, the Company granted performance shares to a limited number of senior executive-level employees, which entitle these employees to receive a specified number of shares of the Company's common stock upon vesting. The number of shares earned could range between 0 and 200% of the target amount depending upon performance achieved over the three year vesting period. The performance conditions of the award include three-year currency neutral adjusted operating profit growth and TSR of the Company's common stock relative to a select group of peer companies. The 2016 target grant currently corresponds to approximately 129,000 shares, with a grant-date fair value of $80 per share. Based on the market price of the Company’s common stock at year-end 2018, the maximum future value that could be awarded on the vesting date was (in millions): 2018 award–$19; 2017 award– $11; and 2016 award–$15. The 2015 performance share award, payable in stock, was settled at 75% of target in February 2018 for a total dollar equivalent of $8 million. The Company also grants restricted stock and restricted stock units to eligible employees under the 2017 Plan. Restrictions with respect to sale or transferability generally lapse after three years and, in the case of restricted stock, the grantee is normally entitled to receive shareholder dividends during the vesting period. Management estimates the fair value of restricted stock grants based on the market price of the underlying stock on the date of grant. A summary of restricted stock and restricted stock unit activity for the year ended December 29, 2018, is presented in the following table:
Additionally, restricted stock and restricted stock unit activity for 2017 and 2016 is presented in the following table:
The total fair value of restricted stock and restricted stock units vesting in the periods presented was (in millions): 2018–$35; 2017–$5; 2016–$7. |
Pension Benefits |
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Pension Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits [Text Block] | PENSION BENEFITS The Company sponsors a number of U.S. and foreign pension plans to provide retirement benefits for its employees. The majority of these plans are funded or unfunded defined benefit plans, although the Company does participate in a limited number of multiemployer or other defined contribution plans for certain employee groups. See Note 12 for more information regarding the Company’s participation in multiemployer plans. Defined benefits for salaried employees are generally based on salary and years of service, while union employee benefits are generally a negotiated amount for each year of service. The Company uses a December 31 measurement date for these plans and, when necessary, adjusts for plan contributions and significant events between December 31 and its fiscal year-end. In September 2018, the Company recognized a curtailment gain of $30 million as certain European pension plans were frozen as of December 29, 2018 in conjunction with Project K restructuring. In September 2017, the Company amended certain defined benefit pension plans in the U.S. and Canada for salaried employees. As of December 31, 2018, the amendment will freeze the compensation and service periods used to calculate pension benefits for active salaried employees who participate in the affected pension plans. During the third quarter of 2017, the Company recognized related pension curtailment gains totaling $136 million included within Project K restructuring activity. Beginning January 1, 2019, impacted employees will not accrue additional benefits for future service and eligible compensation received under these plans. Concurrently, the Company also amended its 401(k) savings plans effective January 1, 2019, to make previously ineligible salaried U.S. and Canada employees eligible for Company retirement contributions, which range from 3% to 7% of eligible compensation based on the employee’s length of employment. Obligations and funded status The aggregate change in projected benefit obligation, plan assets, and funded status is presented in the following tables.
The accumulated benefit obligation for all defined benefit pension plans was $5.0 billion and $5.4 billion at December 29, 2018 and December 30, 2017, respectively. Information for pension plans with accumulated benefit obligations in excess of plan assets were:
Expense The components of pension expense are presented in the following table. Service cost is recorded in COGS and SGA expense. All other components of net periodic benefit cost are included in OIE. Pension expense for defined contribution plans relates to certain foreign-based defined contribution plans and multiemployer plans in the United States in which the Company participates on behalf of certain unionized workforces.
The estimated prior service cost for defined benefit pension plans that will be amortized from accumulated other comprehensive income into pension expense over the next fiscal year is approximately $7 million. The Company and certain of its subsidiaries sponsor 401(k) or similar savings plans for active employees. Expense related to these plans was (in millions): 2018 – $38 million; 2017 – $41 million; 2016 – $39 million. These amounts are not included in the preceding expense table. Company contributions to these savings plans approximate annual expense. Company contributions to multiemployer and other defined contribution pension plans approximate the amount of annual expense presented in the preceding table. Assumptions The worldwide weighted-average actuarial assumptions used to determine benefit obligations were:
The worldwide weighted-average actuarial assumptions used to determine annual net periodic benefit cost were:
To determine the overall expected long-term rate of return on plan assets, the Company models expected returns over a 20-year investment horizon with respect to the specific investment mix of its major plans. The return assumptions used reflect a combination of rigorous historical performance analysis and forward-looking views of the financial markets including consideration of current yields on long-term bonds, price-earnings ratios of the major stock market indices, and long-term inflation. The U.S. model, which corresponds to approximately 72% of consolidated pension and other postretirement benefit plan assets, incorporates a long-term inflation assumption of 2.5% and an active management premium of 1% (net of fees) validated by historical analysis. Similar methods are used for various foreign plans with invested assets, reflecting local economic conditions. The expected rate of return for 2018 of 7.5% for the U.S. plans equated to approximately the 39th percentile expectation. Refer to Note 1. At the end of 2014, the Company revised its mortality assumption after considering the Society of Actuaries’ (SOA) updated mortality tables and improvement scale, as well as other mortality information available from the Social Security Administration to develop assumptions aligned with the Company’s expectation of future improvement rates. In determining the appropriate mortality assumptions as of December 29, 2018, the Company considered the SOA's 2018 updated improvement scale. The SOA's 2018 scale incorporates changes consistent with the Company's view of future mortality improvements established in 2014. Therefore, the Company adopted the 2018 SOA improvement scales. The change to the mortality assumption decreased the year-end pension liability by $10 million. To conduct the annual review of discount rates, the Company selected the discount rate based on a cash-flow matching analysis using Towers Watson’s proprietary RATE:Link tool and projections of the future benefit payments that constitute the projected benefit obligation for the plans. RATE:Link establishes the uniform discount rate that produces the same present value of the estimated future benefit payments, as is generated by discounting each year’s benefit payments by a spot rate applicable to that year. The measurement dates for the defined benefit plans are consistent with the Company’s fiscal year end. Accordingly, the Company selects yield curves to measure benefit obligations consistent with market indices during December of each year. Plan assets The Company categorized Plan assets within a three level fair value hierarchy described as follows: Investments stated at fair value as determined by quoted market prices (Level 1) include: Cash and cash equivalents: Value based on cost, which approximates fair value. Corporate stock, common: Value based on the last sales price on the primary exchange. Investments stated at estimated fair value using significant observable inputs (Level 2) include: Cash and cash equivalents: Institutional short-term investment vehicles valued daily. Mutual funds: Valued at exit prices quoted in active or non-active markets or based on observable inputs. Collective trusts: Valued at exit prices quoted in active or non-active markets or based on observable inputs. Bonds: Value based on matrices or models from pricing vendors. Limited partnerships: Value based on the ending net capital account balance at year end. Investments stated at estimated fair value using significant unobservable inputs (Level 3) include: Real estate: Value based on the net asset value of units held at year end. The fair value of real estate holdings is based on market data including earnings capitalization, discounted cash flow analysis, comparable sales transactions or a combination of these methods. Buy-in annuity contracts: Value based on the calculated pension benefit obligation covered by the non-participating annuity contracts at year-end. Bonds: Value based on matrices or models from brokerage firms. A limited number of the investments are in default. The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The Company’s practice regarding the timing of transfers between levels is to measure transfers in at the beginning of the month and transfers out at the end of the month. For the year ended December 29, 2018, the Company had no transfers between Levels 1 and 2. The fair value of Plan assets as of December 29, 2018 summarized by level within the fair value hierarchy are as follows:
The fair value of Plan assets at December 30, 2017 are summarized as follows:
There were no unfunded commitments to purchase investments at December 29, 2018 or December 30, 2017. The Company’s investment strategy for its major defined benefit plans is to maintain a diversified portfolio of asset classes with the primary goal of meeting long-term cash requirements as they become due. Assets are invested in a prudent manner to maintain the security of funds while maximizing returns within the Plan’s investment policy. The investment policy specifies the type of investment vehicles appropriate for the Plan, asset allocation guidelines, criteria for the selection of investment managers, procedures to monitor overall investment performance as well as investment manager performance. It also provides guidelines enabling Plan fiduciaries to fulfill their responsibilities. The current weighted-average target asset allocation reflected by this strategy is: equity securities–45%; debt securities–28%; real estate and other–27%. Investment in Company common stock represented 1.0% and 1.2% of consolidated plan assets at December 29, 2018 and December 30, 2017, respectively. Plan funding strategies are influenced by tax regulations and funding requirements. The Company currently expects to contribute, before consideration of incremental discretionary contributions, approximately $7 million to its defined benefit pension plans during 2019. Level 3 gains and losses Changes in the fair value of the Plan’s Level 3 assets are summarized as follows:
The net change in Level 3 assets includes a gain attributable to the change in unrealized holding gains or losses related to Level 3 assets held at December 29, 2018 and December 30, 2017 was zero. Benefit payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in millions): 2019–$261; 2020–$261; 2021–$269; 2022–$275; 2023–$281; 2024 to 2028–$1,482. |
Nonpension Postretirement and Postemployment Benefits |
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Nonpension Postretirement And Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonpension Postretirement And Postemployment Benefits [Text Block] | NONPENSION POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS Postretirement The Company sponsors a number of plans to provide health care and other welfare benefits to retired employees in the United States and Canada, who have met certain age and service requirements. The majority of these plans are funded or unfunded defined benefit plans, although the Company does participate in a limited number of multiemployer or other defined contribution plans for certain employee groups. The Company contributes to voluntary employee benefit association (VEBA) trusts to fund certain U.S. retiree health and welfare benefit obligations. The Company uses a December 31 measurement date for these plans and, when necessary, adjusts for plan contributions and significant events between December 31 and its fiscal year-end. Obligations and funded status The aggregate change in accumulated postretirement benefit obligation, plan assets, and funded status is presented in the following tables.
Expense Components of postretirement benefit expense (income) were:
The estimated prior service credit that will be amortized from accumulated other comprehensive income into nonpension postretirement benefit expense over the next fiscal year is expected to be approximately $9 million. Assumptions The weighted-average actuarial assumptions used to determine benefit obligations were:
The weighted-average actuarial assumptions used to determine annual net periodic benefit cost were:
The Company determines the overall discount rate and expected long-term rate of return on VEBA trust obligations and assets in the same manner as that described for pension trusts in Note 10. The assumed health care cost trend rate is 5.5% for 2019, decreasing 0.25% annually to 4.5% by the year 2023 and remaining at that level thereafter. These trend rates reflect the Company’s historical experience and management’s expectations regarding future trends. A one percentage point change in assumed health care cost trend rates would have the following effects:
Plan assets The fair value of Plan assets as of December 29, 2018 summarized by level within fair value hierarchy described in Note 10, are as follows:
The fair value of Plan assets at December 30, 2017 are summarized as follows:
The Company’s asset investment strategy for its VEBA trusts is consistent with that described for its pension trusts in Note 10. The current target asset allocation is 58% equity securities, 35% debt securities, and 7% real estate. The Company currently expects to contribute approximately $18 million to its VEBA trusts during 2019. There were no Level 3 assets during 2018 and 2017. Postemployment Under certain conditions, the Company provides benefits to former or inactive employees, including salary continuance, severance, and long-term disability, in the United States and several foreign locations. The Company’s postemployment benefit plans are unfunded. Actuarial assumptions used are generally consistent with those presented for pension benefits in Note 10. During 2017, the Company reduced its incidence rate assumption based on our review of historical experience, resulting in an actuarial gain of $31 million. The aggregate change in accumulated postemployment benefit obligation and the net amount recognized were:
Components of postemployment benefit expense were:
The estimated net experience gain and net prior service cost that will be amortized from accumulated other comprehensive income into postemployment benefit expense over the next fiscal year is $5 million and $1 million, respectively. Benefit payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
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Multipemployer Pension and Postretirement Plans |
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Multiemployer Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multiemployer Plans [Text Block] | MULTIEMPLOYER PENSION AND POSTRETIREMENT PLANS The Company contributes to multiemployer defined contribution pension and postretirement benefit plans under the terms of collective-bargaining agreements that cover certain unionized employee groups in the United States. Contributions to these plans are included in total pension and postretirement benefit expense as reported in Note 10 and Note 11, respectively. Pension benefits The risks of participating in multiemployer pension plans are different from single-employer plans. Assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the plan, the unfunded obligations of the plan are borne by the remaining participating employers. The Company’s participation in multiemployer pension plans for the year ended December 29, 2018, is outlined in the table below. The “EIN/PN” column provides the Employer Identification Number (EIN) and the three-digit plan number (PN). The most recent Pension Protection Act (PPA) zone status available for 2018 and 2017 is for the plan year-ends as indicated below. The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are between 65 percent and 80 percent funded, and plans in the green zone are at least 80 percent funded. The “FIP/RP Status” column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. In addition to regular plan contributions, the Company may be subject to a surcharge if the plan is in the red zone. The “Surcharge Imposed” column indicates whether a surcharge has been imposed on contributions to the plan. The last column lists the expiration date(s) of the collective-bargaining agreement(s) (CBA) to which the plans are subject. The Company was not listed in the available Forms 5500 of the three plans listed below as providing more than 5 percent of total contributions. At the date the Company’s financial statements were issued, certain Forms 5500 were not available for the plan years ending in 2018.
As discussed in Note 5, the Company engages in restructuring and cost reduction projects to help achieve its long-term growth targets. Current and future restructuring and cost reduction activities and other strategic initiatives could impact the Company's participation in certain multiemployer plans. In addition to regular contributions, the Company could be obligated to pay additional amounts, known as a withdrawal liability, if a multiemployer pension plan has unfunded vested benefits and the Company decreases or ceases participation in that plan. The Company exited several multiemployer plans associated with Project K restructuring activity and recognized expense as follows (millions): 2018 - $7; 2017 - $26; 2016 - $0. These amounts represent management's best estimate; actual results could differ. The cash obligation is payable over a maximum 20-year period; management has not determined the actual period over which the payments will be made. Withdrawal liability payments of $3 million were made during 2018 to multiemployer plans. Withdrawal liability payments made in 2017 and 2016 were immaterial. The Company had withdrawal liabilities of $32 million and $28 million at December 29, 2018 and December 30, 2017, respectively. Postretirement benefits Multiemployer postretirement benefit plans provide health care and other welfare benefits to active and retired employees who have met certain age and service requirements. Contributions to multiemployer postretirement benefit plans were (in millions): 2018 – $11; 2017 – $16; 2016 – $17. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | INCOME TAXES The components of income before income taxes and the provision for income taxes were as follows:
The difference between the U.S. federal statutory tax rate and the Company’s effective income tax rate was:
As presented in the preceding table, the Company’s 2018 consolidated effective tax rate was 13.6%, as compared to 24.8% in 2017 and 25.2% in 2016. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (Tax Act). The Tax Act makes broad and complex changes to the U.S. tax code which impacted our year ended December 30, 2017 including but not limited to, reducing the corporate tax rate from 35% to 21%, requiring a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries that may be electively paid over eight years, and accelerating first year expensing of certain capital expenditures. Shortly after the Tax Act was enacted, the SEC staff issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (SAB 118), which provides guidance on accounting for the Tax Act’s impact. SAB 118 provided a measurement period, which in no case should extend beyond one year from the Tax Act enactment date, during which a company may complete the accounting for the impacts of the Tax Act under ASC Topic 740. The Company's 2018 income tax provision includes an $11 million reduction to income tax expense due to changes in estimates related to the Tax Act. The reduction is primarily related to a $16 million reduction in the transition tax estimate and $5 million of additional tax associated primarily with the final assessment of changes in our indefinite reinvestment assertion and resulting tax. The Company's 2017 year end income tax provision includes $8 million of net additional income tax expense during the quarter ended December 30, 2017, driven by the reduction in the U.S. corporate tax rate and the transition tax on foreign earnings. Transition tax on foreign earnings: The transition tax is a tax on the previously untaxed accumulated and current earnings and profits of certain of our foreign subsidiaries. In order to determine the amount of the transition tax, the Company must determine, in addition to other factors, the amount of post-1986 earnings and profits (E&P) of the relevant subsidiaries, as well as the amount of non-U.S. income taxes paid on such earnings. E&P is similar to retained earnings of the subsidiary, but requires other adjustments to conform to U.S. tax rules. As of December 30, 2017, based on accumulated foreign earnings and profits of approximately $2.6 billion, which are primarily in Europe, the Company was able to make a reasonable estimate of the transition tax and recorded a transition tax obligation of $157 million, which the Company expects to elect to pay over eight years. In the third quarter of 2018, the Company recorded a $16 million reduction to the transition tax liability and tax expense based on updated estimates of E&P. During the fourth quarter of 2018, the Company, as part of completing its accounting under SAB 118, revised its estimate of the transition tax liability to $94 million, and recorded $47 million of tax reserves related to uncertainty in our interpretation of the statute and associated regulations. Indefinite reinvestment assertion: Prior to the Tax Act, we treated a significant portion of our undistributed foreign earnings as indefinitely reinvested. In light of the Tax Act, which included a new territorial tax regime, as of the period ended December 30, 2017, Management determined that the Company would analyze its global capital structure and working capital strategy and considered the indefinite reinvestment assertion to be provisional under SAB 118. In the fourth quarter of 2018, we finished analyzing our global capital structure and working capital strategy and determined that $2.4 billion of foreign earnings as of December 30, 2017 were no longer considered to be indefinitely invested. Accordingly, income tax expense of approximately $5 million was recorded in the fourth quarter of 2018. We have completed the assessment and accounting under SAB 118 for our indefinite investment assertion. Reduction in U.S. Corporate Tax Rate: The tax provision as of December 30, 2017, included a tax benefit of $149 million for the remeasurement of certain deferred tax assets and liabilities to reflect the corporate income tax rate reduction impact to the Company's net deferred tax balances. The accounting for the reduction in the U.S. Corporate Tax rate was considered complete in the fourth quarter of 2017. The Tax Act also created a new requirement that certain income earned by foreign subsidiaries, known as global intangible low-tax income (GILTI), must be included in the gross income of their U.S. shareholder. During the fourth quarter of 2018, the Company elected to treat the tax effect of GILTI as a current-period expense when incurred. In conjunction with SAB 118, we have completed the accounting for the Tax Act in the fourth quarter 2018. The 2018 effective income tax rate benefited from the reduction of the U.S. corporate tax rate as well as a $11 million reduction of income tax expense due to changes in estimates related to the Tax Act, the impact of discretionary pension contributions totaling $250 million in 2018, which were designated as 2017 tax year contributions, and a $44 million discrete tax benefit as a result of the remeasurement of deferred taxes following a legal entity restructuring. As of December 29, 2018, approximately $700 million of unremitted earnings were considered indefinitely reinvested. The unrecognized deferred tax liability for these earnings is estimated at approximately $20 million. However, this estimate could change based on the manner in which the outside basis difference associated with these earnings reverses. The 2017 effective income tax rate benefited from a deferred tax benefit of $39 million resulting from intercompany transfers of intellectual property under the application of the newly adopted standard. See discussion regarding the adoption of ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory, in Note 1. The 2016 effective income tax rate benefited from excess tax benefits from share-based compensation totaling $36 million for federal, state, and foreign income taxes. During 2016, as described in Note 16, the Company deconsolidated its Venezuelan operations resulting in a pre-tax charge of $72 million with no significant associated tax benefit. Management monitors the Company’s ability to utilize certain future tax deductions, operating losses and tax credit carryforwards, prior to expiration. Changes resulting from management’s assessment will result in impacts to deferred tax assets and the corresponding impacts on the effective income tax rate. Valuation allowances were recorded to reduce deferred tax assets to an amount that will, more likely than not, be realized in the future. The total tax benefit of carryforwards at year-end 2018 and 2017 were $270 million and $239 million, respectively, with related valuation allowances at year-end 2018 and 2017 of $166 million and $153 million, respectively. Of the total carryforwards at year-end 2018, substantially all will expire after 2022. The following table provides an analysis of the Company’s deferred tax assets and liabilities as of year-end 2018 and 2017. Deferred tax liabilities increased in 2018 due primarily to the additional investment and consolidation of Multipro resulting in a deferred tax liability of $253 million.
The change in valuation allowance reducing deferred tax assets was:
(a) During 2017, the Company increased deferred tax assets by $15 million related to a foreign loss carryforward related to the acquisition of a majority ownership interest in a natural, bio-organic certified breakfast company. The entire adjustment of $15 million was offset by a corresponding valuation allowance because it is not expected to be used in the future. During 2016, the Company increased its deferred tax assets by $34 million relating to a revision of 2014 foreign loss carryforwards. The entire adjustment of $34 million was offset by a corresponding adjustment in the valuation allowance because it is not expected to be used in the future. These adjustments are not considered material to the previously issued or current year financial statements. Also during 2016, the Company increased its deferred tax assets by $26 million related to a foreign loss carryforward. The entire amount was offset by a corresponding valuation allowance because it is not expected to be used in the future. Uncertain tax positions The Company is subject to federal income taxes in the U.S. as well as various state, local, and foreign jurisdictions. The Company’s 2018 provision for U.S. federal income taxes represents approximately 65% of the Company’s consolidated income tax provision. The Company was chosen to participate in the Internal Revenue Service (IRS) Compliance Assurance Program (CAP) beginning with the 2008 tax year. As a result, with limited exceptions, the Company is no longer subject to U.S. federal examinations by the IRS for years prior to 2018. The Company is under examination for income and non-income tax filings in various state and foreign jurisdictions. As of December 29, 2018, the Company has classified $12 million of unrecognized tax benefits as a current liability. Management’s estimate of reasonably possible changes in unrecognized tax benefits during the next twelve months is comprised of the current liability balance expected to be settled within one year, offset by approximately $4 million of projected additions related primarily to ongoing intercompany transfer pricing activity. Management is currently unaware of any issues under review that could result in significant additional payments, accruals, or other material deviation in this estimate. Following is a reconciliation of the Company’s total gross unrecognized tax benefits as of the years ended December 29, 2018, December 30, 2017 and December 31, 2016. For the 2018 year, approximately $86 million represents the amount that, if recognized, would affect the Company’s effective income tax rate in future periods.
(a) During the fourth quarter of 2018, the Company recorded, as part of its final estimate under SAB 118, $47 million of tax reserves related to uncertainty in our interpretation of the statute and associated regulations. For the year ended December 29, 2018, the Company paid tax-related interest totaling $2 million and recognized $3 million of tax-related interest increasing the accrual balance to $22 million at year end. For the year ended December 30, 2017, the Company recognized $2 million of tax-related interest resulting in an accrual balance of $21 million at year-end. For the year ended December 31, 2016, the Company recognized $2 million of tax-related interest resulting in an accrual balance of $19 million at year-end. |
Derivative Instruments and Fair Value Measurements |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Fair Value [Text Block] | DERIVATIVE INSTRUMENTS AND FAIR VALUE MEASUREMENTS The Company is exposed to certain market risks such as changes in interest rates, foreign currency exchange rates, and commodity prices, which exist as a part of its ongoing business operations. Management uses derivative financial and commodity instruments, including futures, options, and swaps, where appropriate, to manage these risks. Instruments used as hedges must be effective at reducing the risk associated with the exposure being hedged and must be designated as a hedge at the inception of the contract. The Company designates derivatives as cash flow hedges, fair value hedges, net investment hedges, and uses other contracts to reduce volatility in interest rates, foreign currency and commodities. As a matter of policy, the Company does not engage in trading or speculative hedging transactions. Total notional amounts of the Company’s derivative instruments as of December 29, 2018 and December 30, 2017 were as follows:
Following is a description of each category in the fair value hierarchy and the financial assets and liabilities of the Company that were included in each category at December 29, 2018 and December 30, 2017, measured on a recurring basis. Level 1 — Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market. For the Company, level 1 financial assets and liabilities consist primarily of commodity derivative contracts. Level 2 — Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. For the Company, level 2 financial assets and liabilities consist of interest rate swaps and over-the-counter commodity and currency contracts. The Company’s calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve. Over-the-counter commodity derivatives are valued using an income approach based on the commodity index prices less the contract rate multiplied by the notional amount. Foreign currency contracts are valued using an income approach based on forward rates less the contract rate multiplied by the notional amount. Cross-currency contracts are valued based on changes in the spot rate at the time of valuation compared to the spot rate at the time of execution, as well as the change in the interest differential between the two currencies. The Company’s calculation of the fair value of level 2 financial assets and liabilities takes into consideration the risk of nonperformance, including counterparty credit risk. Level 3 — Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. The Company did not have any level 3 financial assets or liabilities as of December 29, 2018 or December 30, 2017. The following table presents assets and liabilities that were measured at fair value in the Consolidated Balance Sheet on a recurring basis as of December 29, 2018 and December 30, 2017: Derivatives designated as hedging instruments
Derivatives not designated as hedging instruments
The Company has designated a portion of its outstanding foreign currency denominated long-term debt as a net investment hedge of a portion of the Company’s investment in its subsidiaries foreign currency denominated net assets. The carrying value of this debt was $2.6 billion and $2.7 billion as of December 29, 2018 and December 30, 2017, respectively. The following amounts were recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for existing fair value hedges as of December 29, 2018 and December 30, 2017.
The Company has elected to not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if the Company were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheet as of December 29, 2018 and December 30, 2017 would be adjusted as detailed in the following table:
The effect of derivative instruments on the Consolidated Statement of Income for the years ended December 29, 2018 and December 30, 2017 were as follows: Derivatives and non-derivatives in net investment hedging relationships
The effect of fair value and cash flow hedge accounting on the Consolidated Income Statement for the year-to-date periods ended December 29, 2018 and December 30, 2017:
During the next 12 months, the Company expects $7 million of net deferred losses reported in accumulated other comprehensive income (AOCI) at December 29, 2018 to be reclassified to income, assuming market rates remain constant through contract maturities. Certain of the Company’s derivative instruments contain provisions requiring the Company to post collateral on those derivative instruments that are in a liability position if the Company’s credit rating falls below BB+ (S&P), or Baa1 (Moody’s). The fair value of all derivative instruments with credit-risk-related contingent features in a liability position on December 29, 2018 was $3 million. If the credit-risk-related contingent features were triggered as of December 29, 2018, the Company would be required to post additional collateral of $3 million. In addition, certain derivative instruments contain provisions that would be triggered in the event the Company defaults on its debt agreements. There were no collateral posting requirements as of December 29, 2018 triggered by credit-risk-related contingent features. Other fair value measurements Fair Value Measurements on a Nonrecurring Basis As part of Project K, the Company has consolidated the usage of and has disposed certain long-lived assets, including manufacturing facilities and Corporate owned assets over the term of the program. See Note 5 for more information regarding Project K. During the year-to-date period ended December 29, 2018, long-lived assets of $19 million related to a manufacturing facility in the Company's North America Other reportable segment, were written down to an estimated fair value of $5 million due to Project K activities. The Company's calculation of the fair value of these long-lived assets is based on level 3 inputs, including market comparables, market trends and the condition of the assets. During 2017, there were no long-lived asset impairments related to Project K. Financial instruments The carrying values of the Company’s short-term items, including cash, cash equivalents, accounts receivable, accounts payable, notes payable and current maturities of long-term debt approximate fair value. The fair value of the Company’s long-term debt, which are level 2 liabilities, is calculated based on broker quotes. The fair value and carrying value of the Company's long-term debt was $8.2 billion as of December 29, 2018. Counterparty credit risk concentration The Company is exposed to credit loss in the event of nonperformance by counterparties on derivative financial and commodity contracts. Management believes a concentration of credit risk with respect to derivative counterparties is limited due to the credit ratings and use of master netting and reciprocal collateralization agreements with the counterparties and the use of exchange-traded commodity contracts. Master netting agreements apply in situations where the Company executes multiple contracts with the same counterparty. If these counterparties fail to perform according to the terms of derivative contracts, this could result in a loss to the Company. As of December 29, 2018, there were no counterparties that represented a significant concentration of credit risk to the Company. For certain derivative contracts, reciprocal collateralization agreements with counterparties call for the posting of collateral in the form of cash, treasury securities or letters of credit if a fair value loss position to the Company or its counterparties exceeds a certain amount. In addition, the company is required to maintain cash margin accounts in connection with its open positions for exchange-traded commodity derivative instruments executed with the counterparty that are subject to enforceable netting agreements. As of December 29, 2018, the Company had no collateral posting requirements related to reciprocal collateralization agreements and collected approximately $20 million of collateral related to reciprocal collaterization agreements which is reflected as an increase in other liabilities. As of December 29, 2018, the Company posted $18 million in margin deposits for exchange-traded commodity derivative instruments, which was reflected as an increase in accounts receivable, net. Management believes concentrations of credit risk with respect to accounts receivable is limited due to the generally high credit quality of the Company’s major customers, as well as the large number and geographic dispersion of smaller customers. However, the Company conducts a disproportionate amount of business with a small number of large multinational grocery retailers, with the five largest accounts encompassing approximately 20% of consolidated trade receivables at December 29, 2018. Refer to Note 1 for disclosures regarding the Company’s accounting policies for derivative instruments. |
Contingencies |
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Dec. 29, 2018 | |
Loss Contingencies [Abstract] | |
Contingencies Disclosure [Text Block] | CONTINGENCIES The Company is subject to various legal proceedings, claims, and governmental inspections or investigations in the ordinary course of business covering matters such as general commercial, governmental regulations, antitrust and trade regulations, product liability, environmental, intellectual property, workers’ compensation, employment and other actions. These matters are subject to uncertainty and the outcome is not predictable with assurance. The Company uses a combination of insurance and self-insurance for a number of risks, including workers’ compensation, general liability, automobile liability and product liability. The Company has established accruals for certain matters where losses are deemed probable and reasonably estimable. There are other claims and legal proceedings pending against the Company for which accruals have not been established. It is reasonably possible that some of these matters could result in an unfavorable judgment against the Company and could require payment of claims in amounts that cannot be estimated at December 29, 2018. Based upon current information, management does not expect any of the claims or legal proceedings pending against the Company to have a material impact on the Company’s consolidated financial statements. |
Venezuela |
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Dec. 30, 2017 | |
Foreign Currency [Abstract] | |
Foreign Currency Disclosure [Text Block] | VENEZUELA Effective as of December 31, 2016, the Company concluded that it no longer met the accounting criteria for consolidation of its Venezuela subsidiary due to a loss of control over the Venezuelan operations. Historically, the Company took steps to reduce its reliance on imports in order to run its operations in Venezuela without the need of foreign currency, including the substitution, where possible, of imported ingredients, materials and parts with locally produced inputs. However, the availability of certain key raw materials, even if locally sourced, was largely controlled by the local government and the Company experienced an increase in government intervention and restrictions on the local supply of these key raw materials. During the fourth quarter of 2016, the Company experienced increased disruptions and restrictions in the procurement of certain locally sourced raw materials and packaging due to local government actions, which greatly diminished the Venezuelan operation’s ability to produce products for sale, culminating in record low production volume and capacity utilization during the quarter. These supply chain disruptions, along with other factors such as the worsening economic environment in Venezuela and the limited access to dollars to import goods through the use of any of the available currency mechanisms, impaired the Company’s ability to effectively operate and fully control its Venezuelan subsidiary. As of December 31, 2016, the Company deconsolidated and changed to the cost method of accounting for its Venezuelan subsidiary. During the fourth quarter of 2016, the Company recorded a $72 million pre-tax charge in Other income (expense), net as it fully impaired the value of its cost method investment in Venezuela. The deconsolidation charge included the historical cumulative translation losses of approximately $63 million related to the Company's Venezuelan operations that had previously been recorded in accumulated other comprehensive losses within equity. Beginning in fiscal year 2017, the Company no longer included the financial statements of its Venezuelan subsidiary within its consolidated financial statements. |
Quarterly Financial Data |
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Quarterly Financial Information [Text Block] | QUARTERLY FINANCIAL DATA (unaudited)
The principal market for trading Kellogg shares (Ticker symbol: K) is the New York Stock Exchange (NYSE). At December 29, 2018 there were 30,802 shareholders of record. Dividends paid per share during the last two years were:
During 2018, the Company recorded the following in operating profit and other income (expense):
During 2017, the Company recorded the following in operating profit and other income (expense):
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Reportable Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | REPORTABLE SEGMENTS Kellogg Company is the world’s leading producer of cereal, second largest producer of crackers and cookies and a leading producer of savory snacks and frozen foods. Additional product offerings include toaster pastries, cereal bars, fruit-flavored snacks, veggie foods, and noodles. Kellogg products are manufactured and marketed globally. Principal markets for these products include the United States and United Kingdom. For the periods presented, the Company has the following reportable segments: U.S. Snacks; U.S. Morning Foods; U.S. Specialty Channels; North America Other; Europe; Latin America; and Asia Pacific. The Company manages its operations through ten operating segments that are based on product category or geographic location. These operating segments are evaluated for similarity with regards to economic characteristics, products, production processes, types or classes of customers, distribution methods and regulatory environments to determine if they can be aggregated into reportable segments. The reportable segments are discussed in greater detail below. U.S. Snacks includes crackers, cookies, cereal bars, savory snacks and fruit-flavored snacks. The U.S. Morning Foods reportable segment includes primarily cereal and toaster pastries. U.S. Specialty Channels primarily represents food away from home channels, including food service, convenience, vending, Girl Scouts and food manufacturing. The food service business is mostly non-commercial, serving institutions such as schools and hospitals. The convenience business includes traditional convenience stores as well as alternate retailing outlets. North America Other includes the U.S. Frozen, Kashi, Canada, and RX operating segments. As these operating segments are not considered economically similar enough to aggregate with other operating segments and are immaterial for separate disclosure, they have been grouped together as a single reportable segment. The three remaining reportable segments are based on geographic location — Europe which consists principally of European countries, the Middle East and Northern Africa; Latin America which consists of Central and South America and includes Mexico; and Asia Pacific which consists of Sub-Saharan Africa, Australia and other Asian and Pacific markets. In November 2018, the Company announced plans to reorganize Kellogg North America effective at the beginning of fiscal 2019. As a result of these changes, the Company has re-evaluated its North American operating segments and determined that effective at the beginning of fiscal 2019, the Company will have the following reportable segments: North America, Europe, Latin America, and Asia Middle East and Africa (AMEA). Additionally, the Company announced the transfer of the Middle East, Northern Africa, and Turkey businesses out of the Europe reportable segment and into Asia Pacific. The Asia Pacific reportable segment will be renamed Kellogg AMEA, at the beginning of fiscal 2019. Also in November 2018, the Company announced that it will begin to explore the potential sale of the cookie, fruit snacks, pie crusts, and ice cream cone businesses. These businesses are primarily reported as part of the U.S. Snacks, U.S. Specialty Channels and North America Other reportable segments and represent approximately $900 million in net sales for the year ended December 29, 2018. At December 29, 2018, these businesses were not classified as held for sale based upon the status of the process and board authorization. The measurement of reportable segment results is based on segment operating profit which is generally consistent with the presentation of operating profit in the Consolidated Statement of Income. Reportable segment results were as follows:
Certain items such as interest expense and income taxes, while not included in the measure of reportable segment operating results, are regularly reviewed by Management for the Company’s internationally-based reportable segments as shown below.
Management reviews balance sheet information, including total assets, based on geography. For all North American-based operating segments, balance sheet information is reviewed by Management in total and not on an individual operating segment basis.
The Company’s largest customer, Wal-Mart Stores, Inc. and its affiliates, accounted for approximately 19% of consolidated net sales during 2018, 20% in 2017, and 20% in 2016, comprised principally of sales within the United States. Supplemental geographic information is provided below for net sales to external customers and long-lived assets:
Supplemental product information is provided below for net sales to external customers:
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Supplemental Financial Statement Data |
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Supplemental Financial Statement Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Financial Statement Data [Text Block] | SUPPLEMENTAL FINANCIAL STATEMENT DATA
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Accounting Policies (Policies) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of accounting [Policy Text Block] | The consolidated financial statements include the accounts of the Kellogg Company, those of the subsidiaries that it controls due to ownership of a majority voting interest (Kellogg or the Company). The Company continually evaluates its involvement with variable interest entities (VIEs) to determine whether it has variable interests and is the primary beneficiary of the VIE. When these criteria are met, the Company is required to consolidate the VIE. The Company’s share of earnings or losses of nonconsolidated affiliates is included in its consolidated operating results using the equity method of accounting when it is able to exercise significant influence over the operating and financial decisions of the affiliate. The Company uses the cost method of accounting if it is not able to exercise significant influence over the operating and financial decisions of the affiliate. Intercompany balances and transactions are eliminated. The Company’s fiscal year normally ends on the Saturday closest to December 31 and as a result, a 53rd week is added approximately every sixth year. The Company’s 2018, 2017 and 2016 fiscal years each contained 52 weeks and ended on December 29, 2018, December 30, 2017, and December 31, 2016, respectively. |
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Use of estimates [Policy Text Block] | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods reported. Actual results could differ from those estimates. |
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Cash and cash equivalents [Policy Text Block] | Highly liquid investments with remaining stated maturities of three months or less when purchased are considered cash equivalents and recorded at cost. |
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Accounts receivables [Policy Text Block] | Accounts receivable consists principally of trade receivables, which are recorded at the invoiced amount, net of allowances for doubtful accounts and prompt payment discounts. Trade receivables do not bear interest. The allowance for doubtful accounts represents management’s estimate of the amount of probable credit losses in existing accounts receivable, as determined from a review of past due balances and other specific account data. Account balances are written off against the allowance when management determines the receivable is uncollectible. As of year-end 2018, the Company did not have off-balance sheet credit exposure related to its customers. As of year-end 2017, the Company's off-balance sheet credit exposure related to its customers was immaterial. Please refer to Note 2 for information on sales of accounts receivable. |
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Inventories [Policy Text Block] | Inventories are valued at the lower of cost or net realizable value. Cost is determined on an average cost basis. |
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Property [Policy Text Block] | The Company’s property consists mainly of plants and equipment used for manufacturing activities. These assets are recorded at cost and depreciated over estimated useful lives using straight-line methods for financial reporting and accelerated methods, where permitted, for tax reporting. Major property categories are depreciated over various periods as follows (in years): manufacturing machinery and equipment 15-30; office equipment 5; computer equipment and capitalized software 3-7; building components 20; building structures 10-50. Cost includes interest associated with significant capital projects. Plant and equipment are reviewed for impairment when conditions indicate that the carrying value may not be recoverable. Such conditions include an extended period of idleness or a plan of disposal. Assets to be disposed of at a future date are depreciated over the remaining period of use. Assets to be sold are written down to realizable value at the time the assets are being actively marketed for sale and a sale is expected to occur within one year. There were no assets held for sale at the year-end 2018. As of year-end 2017, the carrying value of assets held for sale was immaterial. |
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Goodwill and other intangible assets [Policy Text Block] | Goodwill and indefinite-lived intangibles are not amortized, but are tested at least annually for impairment of value and whenever events or changes in circumstances indicate the carrying amount of the asset may be impaired. An intangible asset with a finite life is amortized on a straight-line basis over the estimated useful life, which materially approximates the pattern of economic benefit. For the goodwill impairment test, the fair value of the reporting units are estimated based on market multiples. This approach employs market multiples based on either sales or earnings before interest, taxes, depreciation and amortization for companies that are comparable to the Company’s reporting units. In the event the fair value determined using the market multiple approach is close to carrying value, the Company may supplement the fair value determination using discounted cash flows. The assumptions used for the impairment test are consistent with those utilized by a market participant performing similar valuations for the Company’s reporting units. Similarly, impairment testing of other intangible assets requires a comparison of carrying value to fair value of that particular asset. Fair values of non-goodwill intangible assets are based primarily on projections of future cash flows to be generated from that asset. For instance, cash flows related to a particular trademark would be based on a projected royalty stream attributable to branded product sales, discounted at rates consistent with rates used by market participants. These estimates are made using various inputs including historical data, current and anticipated market conditions, management plans, and market comparables. |
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Accounts payable [Policy Text Block] | The Company has agreements with third parties to provide accounts payable tracking systems which facilitate participating suppliers’ ability to monitor and, if elected, sell payment obligations from the Company to designated third-party financial institutions. Participating suppliers may, at their sole discretion, make offers to sell one or more payment obligations of the Company prior to their scheduled due dates at a discounted price to participating financial institutions. The Company’s goal is to capture overall supplier savings, in the form of payment terms or vendor funding, and the agreements facilitate the suppliers’ ability to sell payment obligations, while providing them with greater working capital flexibility. The Company has no economic interest in the sale of these suppliers’ receivables and no direct financial relationship with the financial institutions concerning these services. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to sell amounts under the arrangements. However, the Company’s right to offset balances due from suppliers against payment obligations is restricted by the agreements for those payment obligations that have been sold by suppliers. As of December 29, 2018, $893 million of the Company’s outstanding payment obligations had been placed in the accounts payable tracking system, and participating suppliers had sold $701 million of those payment obligations to participating financial institutions. As of December 30, 2017, $850 million of the Company’s outstanding payment obligations had been placed in the accounts payable tracking system, and participating suppliers had sold $674 million of those payment obligations to participating financial institutions. |
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Revenue recognition [Policy Text Block] | The Company recognizes sales upon delivery of its products to customers. Revenue, which includes shipping and handling charges billed to the customer, is reported net of applicable discounts, returns, allowances, and various government withholding taxes. Methodologies for determining these provisions are dependent on local customer pricing and promotional practices, which range from contractually fixed percentage price reductions to reimbursement based on actual occurrence or performance. Where applicable, future reimbursements are estimated based on a combination of historical patterns and future expectations regarding specific in-market product performance. The Company recognizes revenue from the sale of food products which are sold to retailers through direct sales forces, broker and distributor arrangements. The Company also recognizes revenue from the license of our trademarks granted to third parties who uses these trademarks on their merchandise and revenue from hauling services provided to third parties within certain markets. Revenue from these licenses and hauling services is not material to the Company. Contract balances recognized in the current period that are not the result of current period performance are not material to the Company. The Company also does not incur costs to obtain or fulfill contracts. Performance obligations The Company recognizes revenue when (or as) performance obligations are satisfied by transferring control of the goods to customers. Control is transferred upon delivery of the goods to the customer. At the time of delivery, the customer is invoiced with payment terms which are commensurate with the customer’s credit profile. Shipping and/or handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs. The Company assesses the goods and services promised in its customers’ purchase orders and identifies a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, the Company considers all the goods or services promised, whether explicitly stated or implied based on customary business practices. For a purchase order that has more than one performance obligation, the Company allocates the total consideration to each distinct performance obligation on a relative standalone selling price basis. Significant Judgments The Company offers various forms of trade promotions and the methodologies for determining these provisions are dependent on local customer pricing and promotional practices, which range from contractually fixed percentage price reductions to provisions based on actual occurrence or performance. Where applicable, future provisions are estimated based on a combination of historical patterns and future expectations regarding specific in-market product performance. Our promotional activities are conducted either through the retail trade or directly with consumers and include activities such as in-store displays and events, feature price discounts, consumer coupons, contests and loyalty programs. The costs of these activities are generally recognized at the time the related revenue is recorded, which normally precedes the actual cash expenditure. The recognition of these costs therefore requires management judgment regarding the volume of promotional offers that will be redeemed by either the retail trade or consumer. These estimates are made using various techniques including historical data on performance of similar promotional programs. Differences between estimated expense and actual redemptions are normally immaterial and recognized as a change in management estimate in a subsequent period. |
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Advertising and promotion [Policy Text Block] | The Company expenses production costs of advertising the first time the advertising takes place. Advertising expense is classified in selling, general and administrative (SGA) expense. The Company classifies promotional payments to its customers, the cost of consumer coupons, and other cash redemption offers in net sales. Promotional allowances are estimated using various techniques including historical cash expenditure and redemption experience and patterns. Differences between estimated expense and actual redemptions are normally immaterial and recognized as a change in management estimate in a subsequent period. The liability associated with these promotions are recorded in other current liabilities. The cost of promotional package inserts is recorded in cost of goods sold (COGS). Other types of consumer promotional expenditures are recorded in SGA expense. |
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Research and development [Policy Text Block] | The costs of research and development (R&D) are expensed as incurred and are classified in SGA expense. R&D includes expenditures for new product and process innovation, as well as significant technological improvements to existing products and processes. The Company’s R&D expenditures primarily consist of internal salaries, wages, consulting, and supplies attributable to time spent on R&D activities. Other costs include depreciation and maintenance of research facilities and equipment, including assets at manufacturing locations that are temporarily engaged in pilot plant activities. |
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Share-based compensation [Policy Text Block] | The Company uses stock-based compensation, including stock options, restricted stock, restricted stock units, and executive performance shares, to provide long-term performance incentives for its global workforce. The Company classifies pre-tax stock compensation expense in SGA and COGS within its corporate operations. Expense attributable to awards of equity instruments is recorded in capital in excess of par value in the Consolidated Balance Sheet. Certain of the Company’s stock-based compensation plans contain provisions that prorate vesting of awards upon retirement, disability, or death of eligible employees and directors. A stock-based award is considered vested for expense attribution purposes when the employee’s retention of the award is no longer contingent on providing subsequent service. Accordingly, the Company recognizes compensation cost immediately for awards granted to retirement-eligible individuals or over the period from the grant date to the date retirement eligibility is achieved, if less than the stated vesting period. The Company recognizes compensation cost for stock option awards that have a graded vesting schedule on a straight-line basis over the requisite service period for the entire award. |
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Income taxes [Policy Text Block] | The Company recognizes uncertain tax positions based on a benefit recognition model. Provided that the tax position is deemed more likely than not of being sustained, the Company recognizes the largest amount of tax benefit that is greater than 50 percent likely of being ultimately realized upon settlement. The tax position is derecognized when it is no longer more likely than not of being sustained. The Company classifies income tax-related interest and penalties as interest expense and SGA expense, respectively, on the Consolidated Statement of Income. The current portion of the Company’s unrecognized tax benefits is presented in the Consolidated Balance Sheet in other current assets and other current liabilities, and the amounts expected to be settled after one year are recorded in other assets and other liabilities. Management monitors the Company’s ability to utilize certain future tax deductions, operating losses and tax credit carryforwards, prior to expiration as well as the reinvestment assertion regarding our undistributed foreign earnings. Changes resulting from management’s assessment will result in impacts to deferred tax assets and the corresponding impacts on the effective income tax rate. Valuation allowances were recorded to reduce deferred tax assets to an amount that will, more likely than not, be realized in the future. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act includes a provision designed to tax currently global intangible low taxed income (GILTI) starting in 2018. Under the provision, a U.S. shareholder is required to include in gross income the amount of its GILTI, which is 50% of the excess of the shareholder’s net tested income of its controlled foreign corporation over the deemed tangible income return. The amount of GILTI included by a U.S. shareholder is computed by aggregating all controlled foreign corporations (CFC). Shareholders are allowed to claim a foreign tax credit for 80 percent of the taxes paid or accrued with respect to the tested income of each CFC, subject to some limitations. The Financial Accounting Standards Board (FASB) staff has indicated that a company should make and disclose a policy election as to whether it will (1) recognize deferred taxes for basis differences expected to reverse as GILTI or (2) account for GILTI as a period cost if and when incurred. During 2018, the Company elected to account for the GILTI as a period cost and has included an estimate for GILTI in its effective tax rate. |
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Derivatives instruments[Policy Text Block] | The fair value of derivative instruments is recorded in other current assets, other assets, other current liabilities or other liabilities. Gains and losses representing either hedge ineffectiveness, hedge components excluded from the assessment of effectiveness, or hedges of translational exposure are recorded in the Consolidated Statement of Income in other income (expense), net (OIE) or interest expense. In the Consolidated Statement of Cash Flows, settlements of cash flow and fair value hedges are classified as an operating activity; settlements of all other derivative instruments, including instruments for which hedge accounting has been discontinued, are classified consistent with the nature of the instrument. Cash flow hedges. Qualifying derivatives are accounted for as cash flow hedges when the hedged item is a forecasted transaction. Gains and losses on these instruments are recorded in other comprehensive income until the underlying transaction is recorded in earnings. When the hedged item is realized, gains or losses are reclassified from accumulated other comprehensive income (loss) (AOCI) to the Consolidated Statement of Income on the same line item as the underlying transaction. Fair value hedges. Qualifying derivatives are accounted for as fair value hedges when the hedged item is a recognized asset, liability, or firm commitment. Gains and losses on these instruments are recorded in earnings, offsetting gains and losses on the hedged item. Net investment hedges. Qualifying derivative and nonderivative financial instruments are accounted for as net investment hedges when the hedged item is a nonfunctional currency investment in a subsidiary. Gains and losses on these instruments are included in foreign currency translation adjustments in AOCI. Derivatives not designated for hedge accounting. Gains and losses on these instruments are recorded in the Consolidated Statement of Income, on the same line item as the underlying hedged item. Foreign currency exchange risk. The Company is exposed to fluctuations in foreign currency cash flows related primarily to third-party purchases, intercompany transactions and when applicable, nonfunctional currency denominated third-party debt. The Company is also exposed to fluctuations in the value of foreign currency investments in subsidiaries and cash flows related to repatriation of these investments. Additionally, the Company is exposed to volatility in the translation of foreign currency denominated earnings to U.S. dollars. Management assesses foreign currency risk based on transactional cash flows and translational volatility and may enter into forward contracts, options, and currency swaps to reduce fluctuations in long or short currency positions. Forward contracts and options are generally less than 18 months duration. Currency swap agreements are established in conjunction with the term of underlying debt issues. For foreign currency cash flow and fair value hedges, the assessment of effectiveness is generally based on changes in spot rates. Changes in time value are reported in OIE. Interest rate risk. The Company is exposed to interest rate volatility with regard to future issuances of fixed rate debt and existing and future issuances of variable rate debt. The Company periodically uses interest rate swaps, including forward-starting swaps, to reduce interest rate volatility and funding costs associated with certain debt issues, and to achieve a desired proportion of variable versus fixed rate debt, based on current and projected market conditions. Fixed-to-variable interest rate swaps are accounted for as fair value hedges and the assessment of effectiveness is based on changes in the fair value of the underlying debt, using incremental borrowing rates currently available on loans with similar terms and maturities. Price risk. The Company is exposed to price fluctuations primarily as a result of anticipated purchases of raw and packaging materials, fuel, and energy. The Company has historically used the combination of long-term contracts with suppliers, and exchange-traded futures and option contracts to reduce price fluctuations in a desired percentage of forecasted raw material purchases over a duration of generally less than 18 months. |
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Pension benefits, nonpension postretirement and postemployment benefits [Policy Text Block] | The Company sponsors a number of U.S. and foreign plans to provide pension, health care, and other welfare benefits to retired employees, as well as salary continuance, severance, and long-term disability to former or inactive employees. The recognition of benefit expense is based on actuarial assumptions, such as discount rate, long-term rate of compensation increase, and long-term rate of return on plan assets and health care cost trend rate. Service cost is reported in COGS and SGA expense on the Consolidated Statement of Income. All other components of net periodic pension cost are included in OIE. Postemployment benefits. The Company recognizes an obligation for postemployment benefit plans that vest or accumulate with service. Obligations associated with the Company’s postemployment benefit plans, which are unfunded, are included in other current liabilities and other liabilities on the Consolidated Balance Sheet. All gains and losses are recognized over the average remaining service period of active plan participants. Postemployment benefits that do not vest or accumulate with service or benefits to employees in excess of those specified in the respective plans are expensed as incurred. Pension and nonpension postretirement benefits. The Company recognizes actuarial gains and losses in operating results in the year in which they occur. Experience gains and losses are recognized annually as of the measurement date, which is the Company’s fiscal year-end, or when remeasurement is otherwise required under generally accepted accounting principles. The Company uses the fair value of plan assets to calculate the expected return on plan assets. Reportable segments are allocated service cost. All other components of pension and postretirement benefit expense, including interest cost, expected return on assets, prior service cost, and experience gains and losses are considered unallocated corporate costs and are not included in the measure of reportable segment operating results. See Note 18 for more information on reportable segments. Management reviews the Company’s expected long-term rates of return annually; however, the benefit trust investment performance for one particular year does not, by itself, significantly influence this evaluation. The expected rates of return are generally not revised provided these rates fall between the 25th and 75th percentile of expected long-term returns, as determined by the Company’s modeling process. For defined benefit pension and postretirement plans, the Company records the net overfunded or underfunded position as a pension asset or pension liability on the Consolidated Balance Sheet. |
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New Accounting Pronouncements, Policy [Policy Text Block] | New accounting standards Income Taxes. In October 2016, the Financial Accounting Standards Board (FASB), as part of their simplification initiative, issued an Accounting Standards Update (ASU) to improve the accounting for income tax consequences of intra-entity transfers of assets other than inventory. Current Generally Accepted Accounting Principles (GAAP) prohibit recognition of current and deferred income taxes for intra-entity asset transfers until the asset has been sold to an outside party, which is an exception to the principle of comprehensive recognition of current and deferred income taxes in GAAP. The amendments in the ASU eliminate the exception, such that entities should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted, as of the beginning of an annual reporting period for which financial statements have not been issued or made available for issuance. That is, early adoption should be the first interim period if an entity issues interim financial statements. The amendments in this ASU should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the period of adoption. The Company early adopted the ASU in the first quarter of 2017. As a result of intercompany transfers of intellectual property, the Company recorded a $39 million reduction in income tax expense during the year ended December 30, 2017. Upon adoption, there was no cumulative effect adjustment to retained earnings. Simplifying the Measurement of Inventory. In July 2015, the FASB issued an ASU to simplify the measurement of inventory. The ASU requires that inventory be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The Company adopted the updated standard in the first quarter of 2017 with no material impact to the financial statements, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. In August 2017, the FASB issued an ASU intended to simplify hedge accounting by better aligning an entity’s financial reporting for hedging relationships with its risk management activities. The ASU also simplifies the application of the hedge accounting guidance. The new guidance is effective fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. For cash flow hedges existing at the adoption date, the standard requires adoption on a modified retrospective basis with a cumulative-effect adjustment to the Consolidated Balance Sheet as of the beginning of the year of adoption. The amendments to presentation guidance and disclosure requirements are required to be adopted prospectively. The Company adopted the ASU in the first quarter of 2018. The impact of adoption was immaterial to the financial statements. Improving the Presentation of net Periodic Pension Cost and net Periodic Postretirement Benefit Cost. In March 2017, the FASB issued an ASU to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost. The ASU requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. The amendments in this ASU should be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. The Company adopted the ASU in the first quarter of 2018. Refer to Impacts to Previously Reported Results below for the impact of adoption of the standard on our consolidated financial statements. Simplifying the test for goodwill impairment. In January 2017, the FASB issued an ASU to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit's goodwill with the carrying amount of that goodwill. The ASU is effective for an entity's annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The amendments in this ASU should be applied on a prospective basis. The Company adopted the ASU in the first quarter of 2018 with no impact. Statement of Cash Flows. In August 2016, the FASB issued an ASU to provide various cash flow statement classification guidance for certain cash receipts and payments of which the following amendments were most applicable to the Company: (a) debt prepayment or extinguishment costs; (b) contingent consideration payments made after a business combination; (c) insurance settlement proceeds; (d) distributions from equity method investees; (e) beneficial interests in securitization transactions and (f) application of the predominance principle for cash receipts and payments with aspects of more than one class of cash flows. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period, in which case adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. The amendments in this ASU should be applied retrospectively. The Company adopted the new ASU in the first quarter of 2018. Refer to Impacts to Previously Reported Results below for the impact of adoption of the standard on our consolidated financial statements. Recognition and measurement of financial assets and liabilities. In January 2016, the FASB issued an ASU which requires equity investments that are not accounted for under the equity method of accounting to be measured at fair value with changes recognized in net income and which updates certain presentation and disclosure requirements. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption can be elected for all financial statements of fiscal years and interim periods that have not yet been issued or that have not yet been made available for issuance. Entities should apply the update by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The Company adopted the updated standard in the first quarter of 2018. The impact of adoption was immaterial to the financial statements. Revenue from contracts with customers. In May 2014, the FASB issued an ASU, as amended, which provides guidance for accounting for revenue from contracts with customers. The core principle of this ASU is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. To achieve that core principle, an entity would be required to apply the following five steps: 1) identify the contract(s) with a customer; 2) identify the performance obligations in the contract; 3) determine the transaction price; 4) allocate the transaction price to the performance obligations in the contract and 5) recognize revenue when (or as) the entity satisfies a performance obligation. The Company adopted the updated standard in the first quarter of 2018 using the full retrospective method and restated previously reported amounts. In connection with the adoption, the Company made reclassification of certain customer allowances. The adoption effects relate to the timing of recognition and classification of certain promotional allowances. The updated revenue standard also required additional disaggregated revenue disclosures. Refer to Impacts to Previously Reported Results below for the impact of adoption of the standard on our consolidated financial statements. Practical expedients The Company elected the following practical expedients in accordance with ASU 2014-09:
Impacts to Previously Reported Results Adoption of the standards related to revenue recognition, pension and cash flow impacted our previously reported 2017 results as follows:
Adoption of the standards related to revenue recognition, pension and cash flow impacted our previously reported 2016 results as follows:
Accounting standards to be adopted in future periods Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. In February 2018, the FASB issued an ASU permitting a company to reclassify the disproportionate income tax effects of the Tax Cuts and Jobs Act of 2017 on items within accumulated other comprehensive income (AOCI). The reclassification is optional. Regardless of whether or not a company opts to make the reclassification, the new guidance requires all companies to include certain disclosures in their financial statements. The guidance is effective for all fiscal years beginning after December 15, 2018. Early adoption is permitted. The Company will adopt the ASU in the first quarter of 2019. Leases. In February 2016, the FASB issued an ASU which will require the recognition of lease assets and lease liabilities by lessees for all leases with terms greater than 12 months. The distinction between finance leases and operating leases will remain, with similar classification criteria as current GAAP to distinguish between capital and operating leases. The principal difference from current guidance is that the lease assets and lease liabilities arising from operating leases will be recognized on the Consolidated Balance Sheet. Lessor accounting remains substantially similar to current GAAP. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The Company will adopt the ASU in the first quarter of 2019, and expects to elect certain practical expedients permitted under the transition guidance. Additionally, the Company will elect the optional transition method that allows for a cumulative-effect adjustment in the period of adoption and will not restate prior periods. The Company continues to evaluate the effect of adoption to its Consolidated Financial Statements and disclosures, however the Company currently estimates total assets and liabilities will increase approximately $450 million to $500 million upon adoption. This estimate could change as the Company continues to progress with implementation and will also fluctuate based on the lease portfolio and discount rates as of the adoption date. The Company does not expect a material impact to the Company’s Consolidated Statements of Income or Cash Flows. Cloud Computing Arrangements. In August 2018, the FASB issued ASU 2018-15: Intangibles - Goodwill and Other - Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. The ASU allows companies to capitalize implementation costs incurred in a hosting arrangement that is a service contract over the term of the hosting arrangement, including periods covered by renewal options that are reasonably certain to be exercised. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019 and can be applied retrospectively or prospectively. Early adoption is permitted. The Company is currently assessing when to adopt the ASU and the impact of adoption. Compensation Retirement Benefits. In August 2018, the FASB issued ASU 2018-14: Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. The ASU removed disclosures that no longer are considered cost beneficial, clarified the specific requirements of disclosures, and added disclosure requirements identified as relevant. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020 and can be applied retrospectively or prospectively. Early adoption is permitted. The Company is currently assessing when to adopt the ASU and the impact of adoption. |
Accounting Policies Accounting Policies (Tables) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Adoption of the standards related to revenue recognition, pension and cash flow impacted our previously reported 2017 results as follows:
Adoption of the standards related to revenue recognition, pension and cash flow impacted our previously reported 2016 results as follows:
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Acquisitions, West Africa Investments, Goodwill and Other Intangible Assets (Tables) |
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Acquisitions, Goodwill and Other Intangibles [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The assets and liabilities of the Parati Group are included in the Consolidated Balance Sheet as of December 30, 2017 within the Latin America segment. The acquired assets and assumed liabilities include the following:
The assets and liabilities are included in the Consolidated Balance Sheet as of December 29, 2018 within the North America Other reporting segment. The acquired assets and assumed liabilities include the following:
The assets and liabilities are included in the Consolidated Balance Sheet as of December 29, 2018 within the Asia-Pacific reporting segment. The fair value of the acquired assets, assumed liabilities, and noncontrolling interest include the following:
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Schedule of Business Acquisitions, Pro Forma Information [Table Text Block] |
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Schedule of Goodwill [Table Text Block] | Changes in the carrying amount of goodwill, intangible assets subject to amortization, consisting primarily of customer relationships, distribution agreements, and indefinite-lived intangible assets, consisting of brands, are presented in the following tables: Carrying amount of goodwill
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Schedule of Finite-Lived Intangible Assets [Table Text Block] |
(a) The currently estimated aggregate amortization expense for each of the next five succeeding fiscal periods is approximately $27 million per year through 2023. |
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Schedule of Indefinite-Lived Intangible Assets [Table Text Block] |
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Investment in Unconsolidated Entities (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments [Table Text Block] | Summarized combined financial information for the Company’s investments in unconsolidated entities is as follows (on a 100% basis, excluding amortization and before the elimination of intercompany accounts):
(a) 2018 includes four months of results for Multipro and seven months of results for TAF. |
Restructuring and Cost Reduction Activities (Tables) |
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Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring and Cost Reduction Activities |
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Schedule of Exit Cost Reserves |
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Equity (Tables) |
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Dec. 29, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share |
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Changes in Comprehensive Income |
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Reclassification out of AOCI |
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Summary of Accumulated Other Comprehensive Income (Loss) |
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Leases and Other Commitment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 29, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating leases and capital leases [Table Text Block] |
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Debt (Tables) |
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Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term Debt [Table Text Block] |
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Schedule of Debt [Table Text Block] | The following table presents the components of long-term debt at year end December 29, 2018 and December 30, 2017:
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Stock Compensation (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Compensation Expense For Equity Programs And Related Tax Benefits Text Block [Table Text Block] |
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Schedule of Cash and Tax Benefits Received Upon Exercise of Stock Options and Similar Instruments [Table Text Block] |
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Schedule of Stock Option Valuation Model Assumptions for Grants [Table Text Block] |
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Share-based Compensation, Activity [Table Text Block] |
Additionally, option activity for the comparable prior year periods is presented in the following table:
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Summary of Restricted Stock Summary [Table Text Block] |
Additionally, restricted stock and restricted stock unit activity for 2017 and 2016 is presented in the following table:
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Pension Benefits (Tables) - Pension |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 29, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Company Plan Benefit Expense [Table Text Block] |
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Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] |
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Schedule of Net Benefit Costs [Table Text Block] |
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Schedule of Assumptions Used [Table Text Block] |
The worldwide weighted-average actuarial assumptions used to determine annual net periodic benefit cost were:
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Schedule of Allocation of Plan Assets [Table Text Block] |
The fair value of Plan assets at December 30, 2017 are summarized as follows:
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Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] |
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Nonpension Postretirement and Postemployment Benefits (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 29, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonpension Postretirement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] |
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Schedule of Net Benefit Costs [Table Text Block] |
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Schedule of Assumptions Used [Table Text Block] |
The weighted-average actuarial assumptions used to determine annual net periodic benefit cost were:
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Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] |
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Schedule of Allocation of Plan Assets [Table Text Block] |
The fair value of Plan assets at December 30, 2017 are summarized as follows:
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Postemployment [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] |
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Schedule of Net Benefit Costs [Table Text Block] |
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Schedule of Expected Benefit Payments [Table Text Block] |
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Multipemployer Pension and Postretirement Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 29, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multiemployer Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Multiemployer Plans [Table Text Block] |
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income before Income Tax and Provision for Income Taxes [Table Text Block] |
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Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
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Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
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Summary of Valuation Allowance [Table Text Block] |
(a) During 2017, the Company increased deferred tax assets by $15 million related to a foreign loss carryforward related to the acquisition of a majority ownership interest in a natural, bio-organic certified breakfast company. The entire adjustment of $15 million was offset by a corresponding valuation allowance because it is not expected to be used in the future. During 2016, the Company increased its deferred tax assets by $34 million relating to a revision of 2014 foreign loss carryforwards. The entire adjustment of $34 million was offset by a corresponding adjustment in the valuation allowance because it is not expected to be used in the future. These adjustments are not considered material to the previously issued or current year financial statements. Also during 2016, the Company increased its deferred tax assets by $26 million related to a foreign loss carryforward. The entire amount was offset by a corresponding valuation allowance because it is not expected to be used in the future. |
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Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block] |
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Derivative Instruments and Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 29, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Total Notional Amounts of the Company's Derivative Instruments |
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents assets and liabilities that were measured at fair value in the Consolidated Balance Sheet on a recurring basis as of December 29, 2018 and December 30, 2017: Derivatives designated as hedging instruments
Derivatives not designated as hedging instruments
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Schedule of Derivative Instruments in Statement of Financial Position Fair Value | The following amounts were recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for existing fair value hedges as of December 29, 2018 and December 30, 2017.
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Offsetting Assets |
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Offsetting Liabilities |
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Schedule of the Effect of Derivative Instrument on the Consolidated Statement of Income | The effect of derivative instruments on the Consolidated Statement of Income for the years ended December 29, 2018 and December 30, 2017 were as follows: Derivatives and non-derivatives in net investment hedging relationships
The effect of fair value and cash flow hedge accounting on the Consolidated Income Statement for the year-to-date periods ended December 29, 2018 and December 30, 2017:
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Quarterly Financial Data (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 29, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Quarterly Financial Data Net Sales And Gross Profit [Table Text Block] |
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Schedule Of Quarterly Financial Data Net Income And Earnings Per Share [Table Text Block] |
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Schedule Of Quarterly Financial Data Dividends Per Share And Stock Prices [Table Text Block] |
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Schedule Of Quarterly Financial Data Charges Gain In Operating Profit [Table Text Block] | During 2018, the Company recorded the following in operating profit and other income (expense):
During 2017, the Company recorded the following in operating profit and other income (expense):
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Reportable Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 29, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
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Schedule Of Interest Expense And Income Tax Expense By Segment [Table Text Block] |
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Schedule Of Total Assets And Additions To Long Lived Assets By Segment [Table Text Block] |
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Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] |
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Revenue from External Customers by Products and Services [Table Text Block] |
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Supplemental Financial Statement Data (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 29, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Financial Statement Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Financial Data Consolidated Statement Of Income [Table Text Block] |
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Supplemental Financial Data Consolidated Balance Sheet [Table Text Block] |
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Supplemental Financial Data Allowance For Doubtful Accounts [Table Text Block] |
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Accounting Policies (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Accounting Policies and New Accounting Standards [Line Items] | |||
Assets | $ 17,780 | $ 16,351 | |
Income tax examination percentage likelihood of being realized upon settlement | 50.00% | ||
Maximum length of time, forward contracts and options | 18 months | ||
Maximum length of time hedged in price risk cash flow hedge | 18 months | ||
Payables Placed On Tracking System | $ 893 | 850 | |
Payables Financed By Participating Suppliers | 701 | 674 | |
Excess Tax Benefit From Share Based Compensation | $ 36 | ||
Excess Tax Benefit from Share-based Compensation, Operating Activities | 11 | 4 | 36 |
Reductions credited to income tax expense | (1) | $ (28) | $ (4) |
Income tax credits and adjustments, transfer of intellectual property | $ 39 | ||
GILTI percentage excess of shareholder net tested income | 50.00% | ||
Credit for percentage of taxes paid or accrued for tested income of controlled foreign corporations | 80.00% | ||
Minimum | |||
Accounting Policies and New Accounting Standards [Line Items] | |||
Expected rates of return | 25th | ||
Maximum | |||
Accounting Policies and New Accounting Standards [Line Items] | |||
Expected rates of return | 75th | ||
Machinery and Equipment [Member] | Minimum | |||
Accounting Policies and New Accounting Standards [Line Items] | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Machinery and Equipment [Member] | Maximum | |||
Accounting Policies and New Accounting Standards [Line Items] | |||
Property, Plant and Equipment, Useful Life | 30 years | ||
Office Equipment [Member] | Maximum | |||
Accounting Policies and New Accounting Standards [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Computer Equipment and Capitalized Software [Member] | Minimum | |||
Accounting Policies and New Accounting Standards [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Computer Equipment and Capitalized Software [Member] | Maximum | |||
Accounting Policies and New Accounting Standards [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Building [Member] | Minimum | |||
Accounting Policies and New Accounting Standards [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Building [Member] | Maximum | |||
Accounting Policies and New Accounting Standards [Line Items] | |||
Property, Plant and Equipment, Useful Life | 50 years | ||
Building Components [Member] | Maximum | |||
Accounting Policies and New Accounting Standards [Line Items] | |||
Property, Plant and Equipment, Useful Life | 20 years | ||
Leases ASU | Minimum | |||
Accounting Policies and New Accounting Standards [Line Items] | |||
Assets | $ 450 | ||
Leases ASU | Maximum | |||
Accounting Policies and New Accounting Standards [Line Items] | |||
Assets | $ 500 |
Accounting Policies Impacts of Adoption of Standards Related to Revenue Recognition, Leases and Cash Flow to Previously Reported Results (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 29, 2018 |
Sep. 29, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 30, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Consolidated Balance Sheet | |||||||||||
Other Assets | $ 1,068 | $ 1,027 | $ 1,068 | $ 1,027 | |||||||
Other current liabilities | 1,416 | 1,474 | 1,416 | 1,474 | |||||||
Deferred income taxes | 730 | 355 | 730 | 355 | |||||||
Retained earnings | 7,652 | 7,069 | 7,652 | 7,069 | |||||||
Consolidated Statement of Income | |||||||||||
Net sales | $ 3,317 | $ 3,469 | $ 3,360 | $ 3,401 | $ 3,185 | $ 3,246 | $ 3,175 | $ 3,248 | 13,547 | 12,854 | $ 12,965 |
Cost of goods sold | 8,821 | 8,155 | 8,131 | ||||||||
Selling, general and administrative expense | 3,020 | 3,312 | 3,351 | ||||||||
Other income (expense), net | (90) | 526 | (143) | ||||||||
Income taxes | 181 | 410 | 235 | ||||||||
Net income | $ 1,344 | $ 1,254 | $ 700 | ||||||||
Per share amounts: | |||||||||||
Earnings per share, basic | $ (0.24) | $ 1.10 | $ 1.72 | $ 1.28 | $ 1.21 | $ 0.83 | $ 0.81 | $ 0.76 | $ 3.85 | $ 3.61 | $ 1.99 |
Earnings per share, diluted | $ (0.24) | $ 1.09 | $ 1.71 | $ 1.27 | $ 1.20 | $ 0.83 | $ 0.80 | $ 0.75 | $ 3.83 | $ 3.58 | $ 1.97 |
Consolidated Statement of Cash Flows | |||||||||||
Net income | $ 1,344 | $ 1,254 | $ 700 | ||||||||
Deferred income taxes | 46 | (58) | (24) | ||||||||
Other | (40) | 27 | 82 | ||||||||
Trade receivables | 76 | (1,300) | (480) | ||||||||
All other current assets and liabilities | (154) | (13) | 46 | ||||||||
Net cash provided by (used in) operating activities | 1,536 | 403 | 1,271 | ||||||||
Collections of deferred purchase price on securitized trade receivables | 0 | 1,243 | 501 | ||||||||
Net cash provided by (used in) investing activities | (948) | 149 | (392) | ||||||||
Debt extinguishment costs | 0 | 0 | (144) | ||||||||
Net cash provided by (used in) financing activities | $ (566) | (604) | (786) | ||||||||
As previously reported | |||||||||||
Consolidated Balance Sheet | |||||||||||
Other Assets | $ 1,026 | 1,026 | |||||||||
Other current liabilities | 1,431 | 1,431 | |||||||||
Deferred income taxes | 363 | 363 | |||||||||
Retained earnings | 7,103 | 7,103 | |||||||||
Consolidated Statement of Income | |||||||||||
Net sales | 12,923 | 13,014 | |||||||||
Cost of goods sold | 7,901 | 8,259 | |||||||||
Selling, general and administrative expense | 3,076 | 3,360 | |||||||||
Other income (expense), net | (16) | (62) | |||||||||
Income taxes | 412 | 233 | |||||||||
Net income | $ 1,269 | $ 695 | |||||||||
Per share amounts: | |||||||||||
Earnings per share, basic | $ 3.65 | $ 1.98 | |||||||||
Earnings per share, diluted | $ 3.62 | $ 1.96 | |||||||||
Consolidated Statement of Cash Flows | |||||||||||
Net income | $ 1,269 | $ 695 | |||||||||
Deferred income taxes | (56) | (26) | |||||||||
Other | (62) | ||||||||||
Trade receivables | (57) | 21 | |||||||||
All other current assets and liabilities | (30) | 53 | |||||||||
Net cash provided by (used in) operating activities | 1,646 | 1,628 | |||||||||
Collections of deferred purchase price on securitized trade receivables | 0 | 0 | |||||||||
Net cash provided by (used in) investing activities | (1,094) | (893) | |||||||||
Debt extinguishment costs | 0 | ||||||||||
Net cash provided by (used in) financing activities | (642) | ||||||||||
Revenue recognition ASU | |||||||||||
Consolidated Balance Sheet | |||||||||||
Other Assets | 1 | 1 | |||||||||
Other current liabilities | 43 | 43 | |||||||||
Deferred income taxes | (8) | (8) | |||||||||
Retained earnings | $ (34) | (34) | |||||||||
Consolidated Statement of Income | |||||||||||
Net sales | (69) | (49) | |||||||||
Cost of goods sold | (71) | (73) | |||||||||
Selling, general and administrative expense | 19 | 17 | |||||||||
Other income (expense), net | 0 | 0 | |||||||||
Income taxes | (2) | 2 | |||||||||
Net income | $ (15) | $ 5 | |||||||||
Per share amounts: | |||||||||||
Earnings per share, basic | $ (0.04) | $ 0.01 | |||||||||
Earnings per share, diluted | $ (0.04) | $ 0.01 | |||||||||
Consolidated Statement of Cash Flows | |||||||||||
Net income | $ (15) | $ 5 | |||||||||
Deferred income taxes | (2) | 2 | |||||||||
Other | 0 | ||||||||||
Trade receivables | 0 | 0 | |||||||||
All other current assets and liabilities | 17 | (7) | |||||||||
Net cash provided by (used in) operating activities | 0 | 0 | |||||||||
Collections of deferred purchase price on securitized trade receivables | 0 | 0 | |||||||||
Net cash provided by (used in) investing activities | 0 | 0 | |||||||||
Debt extinguishment costs | 0 | ||||||||||
Net cash provided by (used in) financing activities | 0 | ||||||||||
Pension ASU | |||||||||||
Consolidated Statement of Income | |||||||||||
Net sales | 0 | 0 | |||||||||
Cost of goods sold | 325 | (55) | |||||||||
Selling, general and administrative expense | 217 | (26) | |||||||||
Other income (expense), net | 542 | (81) | |||||||||
Income taxes | 0 | 0 | |||||||||
Net income | $ 0 | $ 0 | |||||||||
Per share amounts: | |||||||||||
Earnings per share, basic | $ 0.00 | $ 0.00 | |||||||||
Earnings per share, diluted | $ 0.00 | $ 0.00 | |||||||||
Consolidated Statement of Cash Flows | |||||||||||
Net income | $ 0 | $ 0 | |||||||||
Cash Flow ASU | |||||||||||
Consolidated Statement of Income | |||||||||||
Net income | 0 | 0 | |||||||||
Consolidated Statement of Cash Flows | |||||||||||
Net income | 0 | 0 | |||||||||
Deferred income taxes | 0 | 0 | |||||||||
Other | 144 | ||||||||||
Trade receivables | (1,243) | (501) | |||||||||
All other current assets and liabilities | 0 | 0 | |||||||||
Net cash provided by (used in) operating activities | (1,243) | (357) | |||||||||
Collections of deferred purchase price on securitized trade receivables | 1,243 | 501 | |||||||||
Net cash provided by (used in) investing activities | $ 1,243 | 501 | |||||||||
Debt extinguishment costs | (144) | ||||||||||
Net cash provided by (used in) financing activities | $ (144) |
Sale of Accounts Receivable (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Monetization Program | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Gain (Loss) on Sale of Accounts Receivable | $ (26) | $ (11) | $ (5) |
Monetization Program | Maximum | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Transfers Of Accounts Receivable Agreements | 1,033 | ||
Monetization Program | Sold And Outstanding | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Transfer of Accounts Receivable Agreements | 900 | 601 | |
SecuritizationProgram [Member] | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Transfer of Accounts Receivable Agreements | 412 | ||
Gain (Loss) on Sale of Accounts Receivable | (7) | ||
Deferred Purchase Price | 21 | ||
SecuritizationProgram [Member] | Maximum | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Transfers Of Accounts Receivable Agreements | 600 | ||
SecuritizationProgram [Member] | Sold And Outstanding | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Transfer of Accounts Receivable Agreements | 433 | ||
Kellogg Foreign Subsidiaries Program | Sold And Outstanding | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Transfer of Accounts Receivable Agreements | $ 93 | $ 86 |
Acquisitions, West Africa Investments, Goodwill and Other Intangible Assets Narrative (Details) € in Millions, R$ in Millions, $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 02, 2018
USD ($)
|
Oct. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2016
BRL (R$)
|
Sep. 30, 2016
EUR (€)
|
Mar. 31, 2016
USD ($)
|
Dec. 29, 2018
USD ($)
|
Sep. 29, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
|
Mar. 31, 2018
USD ($)
|
Dec. 30, 2017
USD ($)
|
Sep. 30, 2017
USD ($)
|
Jul. 01, 2017
USD ($)
|
Apr. 01, 2017
USD ($)
|
Jul. 01, 2017
USD ($)
|
Jul. 01, 2017
BRL (R$)
|
Dec. 29, 2018
USD ($)
|
Dec. 30, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Oct. 27, 2017
USD ($)
|
Dec. 01, 2016
USD ($)
|
||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Payments to acquire businesses, net of cash acquired | $ 28 | $ 592 | $ 398 | |||||||||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 200 | 0 | 0 | |||||||||||||||||||||
Purchase price adjustments | 0 | (4) | ||||||||||||||||||||||
Net sales | $ 3,317 | $ 3,469 | $ 3,360 | $ 3,401 | $ 3,185 | $ 3,246 | $ 3,175 | $ 3,248 | 13,547 | 12,854 | 12,965 | |||||||||||||
Net income attributable to Kellogg | (84) | [1] | $ 380 | 596 | $ 444 | 417 | $ 288 | $ 283 | $ 266 | 1,336 | 1,254 | 699 | ||||||||||||
Operating profit | 1,706 | 1,387 | 1,483 | |||||||||||||||||||||
Goodwill | $ 5,166 | 6,050 | 5,504 | 6,050 | 5,504 | 5,166 | ||||||||||||||||||
Multipro | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Equity method investment incremental ownership percentage | 1.00% | |||||||||||||||||||||||
Equity method investment ownership percentage | 51.00% | |||||||||||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 245 | |||||||||||||||||||||||
Deferred tax liabilities noncurrent | $ 254 | (2) | (2) | |||||||||||||||||||||
Other liabilities | 2 | 2 | ||||||||||||||||||||||
Purchase price adjustments | 1 | |||||||||||||||||||||||
Current assets | 118 | |||||||||||||||||||||||
Net sales | 536 | |||||||||||||||||||||||
Net income attributable to Kellogg | 8 | |||||||||||||||||||||||
Pro forma net sales | 13,829 | 13,511 | ||||||||||||||||||||||
Pro forma net income attributable to Kellogg Company | 1,336 | 1,255 | ||||||||||||||||||||||
Goodwill | $ 616 | 616 | 616 | |||||||||||||||||||||
Tolaram Africa Foods (TAF) PTE LTD | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Equity method investment ownership percentage | 50.00% | |||||||||||||||||||||||
Equity method investment, aggregate cost | $ 458 | |||||||||||||||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 45 | |||||||||||||||||||||||
TAF Investment in Affiliated Food Manufacturer | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Equity method investment ownership percentage | 49.00% | |||||||||||||||||||||||
Affiliated Food Manufacturer | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Equity method investment ownership percentage | 24.50% | |||||||||||||||||||||||
Multipro And Tolaram Africa Foods PTE LTD | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Aggregate consideration paid and fair value of previously held equity investment | $ 626 | |||||||||||||||||||||||
Aggregate consideration paid and fair value of previously held equity investment, net of cash acquired | 617 | |||||||||||||||||||||||
Payments to acquire businesses, gross | $ 419 | |||||||||||||||||||||||
RXBAR | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Payments to acquire businesses, gross | $ 600 | |||||||||||||||||||||||
Payments to acquire businesses, net of cash acquired | $ 596 | |||||||||||||||||||||||
Purchase price adjustments | (1) | |||||||||||||||||||||||
Current assets | $ 42 | |||||||||||||||||||||||
Goodwill | (2) | (2) | $ 373 | |||||||||||||||||||||
Amortizable intangible assets | 2 | 2 | ||||||||||||||||||||||
Ritmo Investimentos | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Payments to acquire businesses, gross | 381 | R$ 1,380 | ||||||||||||||||||||||
Payments to acquire businesses, net of cash acquired | 379 | |||||||||||||||||||||||
Escrow preacquisition contingencies | 17 | 17 | $ 67 | |||||||||||||||||||||
Escrow for specified contingency to be released in 2019 | 4 | 4 | ||||||||||||||||||||||
Escrow for specified contingency to be released in 2020 | 1 | 1 | ||||||||||||||||||||||
Purchase price adjustments | $ (4) | R$ (14) | 7 | |||||||||||||||||||||
Current assets | 44 | |||||||||||||||||||||||
Goodwill | 165 | |||||||||||||||||||||||
Amortizable intangible assets | $ 148 | |||||||||||||||||||||||
Bio-organic Certified Breakfast Company | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Payments to acquire businesses, gross | € | € 3 | |||||||||||||||||||||||
Organic and natural snack company | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Payments to acquire businesses, gross | $ 18 | |||||||||||||||||||||||
North America Other | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Purchase price adjustments | 0 | 0 | ||||||||||||||||||||||
Net sales | 1,853 | 1,612 | 1,593 | |||||||||||||||||||||
Operating profit | 222 | 229 | 181 | |||||||||||||||||||||
Goodwill | 457 | 830 | 836 | 830 | 836 | 457 | ||||||||||||||||||
North America Other | RXBAR | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Net sales | 27 | |||||||||||||||||||||||
Operating profit | 1 | |||||||||||||||||||||||
Latin America | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Purchase price adjustments | 0 | (4) | ||||||||||||||||||||||
Net sales | 947 | 944 | 772 | |||||||||||||||||||||
Operating profit | 102 | 108 | 84 | |||||||||||||||||||||
Goodwill | $ 328 | $ 218 | $ 244 | 218 | $ 244 | $ 328 | ||||||||||||||||||
Intangible assets subject to amortization [Member] | Ritmo Investimentos | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Purchase price adjustments | 39 | |||||||||||||||||||||||
Intangible assets not subject to amortization [Member] | Ritmo Investimentos | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Purchase price adjustments | (11) | |||||||||||||||||||||||
Goodwill [Member] | Ritmo Investimentos | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Purchase price adjustments | (28) | |||||||||||||||||||||||
Deferred tax liabilities and goodwill [Member] | Ritmo Investimentos | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Purchase price adjustments | $ (58) | |||||||||||||||||||||||
|
Acquisitions, West Africa Investments, Goodwill and Other Intangible Assets Schedule of Acquired Assets and Assumed Liabilities (Details) - USD ($) $ in Millions |
Dec. 29, 2018 |
May 02, 2018 |
Dec. 30, 2017 |
Oct. 27, 2017 |
Dec. 31, 2016 |
Dec. 01, 2016 |
---|---|---|---|---|---|---|
Business Acquisition [Line Items] | ||||||
Goodwill | $ 6,050 | $ 5,504 | $ 5,166 | |||
Multipro | ||||||
Business Acquisition [Line Items] | ||||||
Current assets | $ 118 | |||||
Property | 41 | |||||
Goodwill | 616 | 616 | ||||
Intangible assets subject to amortization, primarily customer relationships | 425 | |||||
Intangible assets not subject to amortization, primarily distribution rights or indefinite lived brands | 373 | |||||
Deferred tax liabilities noncurrent | 2 | (254) | ||||
Other liabilities | (150) | |||||
Non-controlling interests | (552) | |||||
Net assets acquired (liabilities assumed), net | $ 617 | |||||
RXBAR | ||||||
Business Acquisition [Line Items] | ||||||
Current assets | $ 42 | |||||
Goodwill | (2) | 373 | ||||
Intangible assets not subject to amortization, primarily distribution rights or indefinite lived brands | 203 | |||||
Intangible assets and other | $ 2 | |||||
Current liabilities | (23) | |||||
Net assets acquired (liabilities assumed), net | $ 595 | |||||
Ritmo Investimentos | ||||||
Business Acquisition [Line Items] | ||||||
Current assets | $ 44 | |||||
Property | 72 | |||||
Goodwill | 165 | |||||
Intangible assets and other | 148 | |||||
Current liabilities | (48) | |||||
Other non current liabilities, primarily deferred taxes | (6) | |||||
Net assets acquired (liabilities assumed), net | $ 375 |
Acquisitions, West Africa Investments, Goodwill and Other Intangible Assets Carrying Amount of Goodwill (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
|
Goodwill [Roll Forward] | ||
Goodwill | $ 5,504 | $ 5,166 |
Goodwill Additions | 616 | 375 |
Goodwill, purchase price allocation adjustment | (2) | (79) |
Goodwill, Purchase Accounting Adjustments | 0 | (4) |
Goodwill, Currency Translation Adjustments | (68) | 46 |
Goodwill | 6,050 | 5,504 |
U.S. Snacks | ||
Goodwill [Roll Forward] | ||
Goodwill | 3,568 | 3,568 |
Goodwill Additions | 0 | 0 |
Goodwill, purchase price allocation adjustment | 0 | 0 |
Goodwill, Purchase Accounting Adjustments | 0 | 0 |
Goodwill, Currency Translation Adjustments | 0 | 0 |
Goodwill | 3,568 | 3,568 |
U.S. Morning Foods | ||
Goodwill [Roll Forward] | ||
Goodwill | 131 | 131 |
Goodwill Additions | 0 | 0 |
Goodwill, purchase price allocation adjustment | 0 | 0 |
Goodwill, Purchase Accounting Adjustments | 0 | 0 |
Goodwill, Currency Translation Adjustments | 0 | 0 |
Goodwill | 131 | 131 |
U.S. Specialty | ||
Goodwill [Roll Forward] | ||
Goodwill | 82 | 82 |
Goodwill Additions | 0 | 0 |
Goodwill, purchase price allocation adjustment | 0 | 0 |
Goodwill, Purchase Accounting Adjustments | 0 | 0 |
Goodwill, Currency Translation Adjustments | 0 | 0 |
Goodwill | 82 | 82 |
North America Other | ||
Goodwill [Roll Forward] | ||
Goodwill | 836 | 457 |
Goodwill Additions | 0 | 375 |
Goodwill, purchase price allocation adjustment | (2) | 0 |
Goodwill, Purchase Accounting Adjustments | 0 | 0 |
Goodwill, Currency Translation Adjustments | (4) | 4 |
Goodwill | 830 | 836 |
Europe | ||
Goodwill [Roll Forward] | ||
Goodwill | 414 | 376 |
Goodwill Additions | 0 | 0 |
Goodwill, purchase price allocation adjustment | 0 | 0 |
Goodwill, Purchase Accounting Adjustments | 0 | 0 |
Goodwill, Currency Translation Adjustments | (22) | 38 |
Goodwill | 392 | 414 |
Latin America | ||
Goodwill [Roll Forward] | ||
Goodwill | 244 | 328 |
Goodwill Additions | 0 | 0 |
Goodwill, purchase price allocation adjustment | 0 | (79) |
Goodwill, Purchase Accounting Adjustments | 0 | (4) |
Goodwill, Currency Translation Adjustments | (26) | (1) |
Goodwill | 218 | 244 |
Asia Pacific | ||
Goodwill [Roll Forward] | ||
Goodwill | 229 | 224 |
Goodwill Additions | 616 | 0 |
Goodwill, purchase price allocation adjustment | 0 | 0 |
Goodwill, Purchase Accounting Adjustments | 0 | 0 |
Goodwill, Currency Translation Adjustments | (16) | 5 |
Goodwill | $ 829 | $ 229 |
Acquisitions, West Africa Investments, Goodwill and Other Intangible Assets Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
||||
Finite-lived Intangible Assets [Roll Forward] | |||||
Gross carrying amount, beginning balance | $ 201 | $ 141 | |||
Additions | 425 | 17 | |||
Purchase price allocation adjustment | 2 | 39 | |||
Currency translation adjustment | (20) | 4 | |||
Gross carrying amount, ending balance | 608 | 201 | |||
Accumulated amortization, beginning balance | 67 | 54 | |||
Amortization (a) | 23 | [1] | 12 | ||
Currency translation adjustment accumulated amortization | (3) | 1 | |||
Accumulated amortization, ending balance | 87 | 67 | |||
Intangible assets subject to amortization net, beginning balance | 134 | 87 | |||
Additions | 425 | 17 | |||
Amortization | (23) | [1] | (12) | ||
Purchase price allocation adjustment net | 2 | 39 | |||
Currency translation adjustment net | (17) | 3 | |||
Intangible assets subject to amortization net, ending balance | 521 | 134 | |||
Estimated aggregate annual amortization expense for next twelve months | 27 | ||||
Estimated aggregate annual amortization expense for year two | 27 | ||||
Estimated aggregate annual amortization expense for year three | 27 | ||||
Estimated aggregate annual amortization expense for year four | 27 | ||||
Estimated aggregate annual amortization expense for year five | 27 | ||||
U.S. Snacks | |||||
Finite-lived Intangible Assets [Roll Forward] | |||||
Gross carrying amount, beginning balance | 42 | 42 | |||
Additions | 0 | 0 | |||
Purchase price allocation adjustment | 0 | 0 | |||
Currency translation adjustment | 0 | 0 | |||
Gross carrying amount, ending balance | 42 | 42 | |||
Accumulated amortization, beginning balance | 22 | 19 | |||
Amortization (a) | 3 | [1] | 3 | ||
Currency translation adjustment accumulated amortization | 0 | 0 | |||
Accumulated amortization, ending balance | 25 | 22 | |||
Intangible assets subject to amortization net, beginning balance | 20 | 23 | |||
Additions | 0 | 0 | |||
Amortization | (3) | [1] | (3) | ||
Purchase price allocation adjustment net | 0 | 0 | |||
Currency translation adjustment net | 0 | 0 | |||
Intangible assets subject to amortization net, ending balance | 17 | 20 | |||
U.S. Morning Foods | |||||
Finite-lived Intangible Assets [Roll Forward] | |||||
Gross carrying amount, beginning balance | 8 | 8 | |||
Additions | 0 | 0 | |||
Purchase price allocation adjustment | 0 | 0 | |||
Currency translation adjustment | 0 | 0 | |||
Gross carrying amount, ending balance | 8 | 8 | |||
Accumulated amortization, beginning balance | 8 | 8 | |||
Amortization (a) | 0 | [1] | 0 | ||
Currency translation adjustment accumulated amortization | 0 | 0 | |||
Accumulated amortization, ending balance | 8 | 8 | |||
Intangible assets subject to amortization net, beginning balance | 0 | 0 | |||
Additions | 0 | 0 | |||
Amortization | 0 | [1] | 0 | ||
Purchase price allocation adjustment net | 0 | 0 | |||
Currency translation adjustment net | 0 | 0 | |||
Intangible assets subject to amortization net, ending balance | 0 | 0 | |||
U.S. Specialty | |||||
Finite-lived Intangible Assets [Roll Forward] | |||||
Gross carrying amount, beginning balance | 0 | 0 | |||
Additions | 0 | 0 | |||
Purchase price allocation adjustment | 0 | 0 | |||
Currency translation adjustment | 0 | 0 | |||
Gross carrying amount, ending balance | 0 | 0 | |||
Accumulated amortization, beginning balance | 0 | 0 | |||
Amortization (a) | 0 | [1] | 0 | ||
Currency translation adjustment accumulated amortization | 0 | 0 | |||
Accumulated amortization, ending balance | 0 | 0 | |||
Intangible assets subject to amortization net, beginning balance | 0 | 0 | |||
Additions | 0 | 0 | |||
Amortization | 0 | [1] | 0 | ||
Purchase price allocation adjustment net | 0 | 0 | |||
Currency translation adjustment net | 0 | 0 | |||
Intangible assets subject to amortization net, ending balance | 0 | 0 | |||
North America Other | |||||
Finite-lived Intangible Assets [Roll Forward] | |||||
Gross carrying amount, beginning balance | 22 | 5 | |||
Additions | 0 | 17 | |||
Purchase price allocation adjustment | 2 | 0 | |||
Currency translation adjustment | 0 | 0 | |||
Gross carrying amount, ending balance | 24 | 22 | |||
Accumulated amortization, beginning balance | 5 | 4 | |||
Amortization (a) | 1 | [1] | 1 | ||
Currency translation adjustment accumulated amortization | 0 | 0 | |||
Accumulated amortization, ending balance | 6 | 5 | |||
Intangible assets subject to amortization net, beginning balance | 17 | 1 | |||
Additions | 0 | 17 | |||
Amortization | (1) | [1] | (1) | ||
Purchase price allocation adjustment net | 2 | 0 | |||
Currency translation adjustment net | 0 | 0 | |||
Intangible assets subject to amortization net, ending balance | 18 | 17 | |||
Europe | |||||
Finite-lived Intangible Assets [Roll Forward] | |||||
Gross carrying amount, beginning balance | 45 | 40 | |||
Additions | 0 | 0 | |||
Purchase price allocation adjustment | 0 | 0 | |||
Currency translation adjustment | (2) | 5 | |||
Gross carrying amount, ending balance | 43 | 45 | |||
Accumulated amortization, beginning balance | 18 | 14 | |||
Amortization (a) | 3 | [1] | 3 | ||
Currency translation adjustment accumulated amortization | (1) | 1 | |||
Accumulated amortization, ending balance | 20 | 18 | |||
Intangible assets subject to amortization net, beginning balance | 27 | 26 | |||
Additions | 0 | 0 | |||
Amortization | (3) | [1] | (3) | ||
Purchase price allocation adjustment net | 0 | 0 | |||
Currency translation adjustment net | (1) | 4 | |||
Intangible assets subject to amortization net, ending balance | 23 | 27 | |||
Latin America | |||||
Finite-lived Intangible Assets [Roll Forward] | |||||
Gross carrying amount, beginning balance | 74 | 36 | |||
Additions | 0 | 0 | |||
Purchase price allocation adjustment | 0 | 39 | |||
Currency translation adjustment | (11) | (1) | |||
Gross carrying amount, ending balance | 63 | 74 | |||
Accumulated amortization, beginning balance | 10 | 6 | |||
Amortization (a) | 4 | [1] | 4 | ||
Currency translation adjustment accumulated amortization | (2) | 0 | |||
Accumulated amortization, ending balance | 12 | 10 | |||
Intangible assets subject to amortization net, beginning balance | 64 | 30 | |||
Additions | 0 | 0 | |||
Amortization | (4) | [1] | (4) | ||
Purchase price allocation adjustment net | 0 | 39 | |||
Currency translation adjustment net | (9) | (1) | |||
Intangible assets subject to amortization net, ending balance | 51 | 64 | |||
Asia Pacific | |||||
Finite-lived Intangible Assets [Roll Forward] | |||||
Gross carrying amount, beginning balance | 10 | 10 | |||
Additions | 425 | 0 | |||
Purchase price allocation adjustment | 0 | 0 | |||
Currency translation adjustment | (7) | 0 | |||
Gross carrying amount, ending balance | 428 | 10 | |||
Accumulated amortization, beginning balance | 4 | 3 | |||
Amortization (a) | 12 | [1] | 1 | ||
Currency translation adjustment accumulated amortization | 0 | 0 | |||
Accumulated amortization, ending balance | 16 | 4 | |||
Intangible assets subject to amortization net, beginning balance | 6 | 7 | |||
Additions | 425 | 0 | |||
Amortization | (12) | [1] | (1) | ||
Purchase price allocation adjustment net | 0 | 0 | |||
Currency translation adjustment net | (7) | 0 | |||
Intangible assets subject to amortization net, ending balance | $ 412 | $ 6 | |||
|
Acquisitions, West Africa Investments, Goodwill and Other Intangible Assets Intangible Assets Not Subject to Amortization (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
|
Indefinite-lived Intangible Assets [Roll Forward] | ||
Intangible assets not subject to amortization, beginning balance | $ 2,505 | $ 2,282 |
Additions | 373 | 184 |
Purchase price allocation adjustments | 0 | (11) |
Currency translation adjustment | (38) | 50 |
Intangible assets not subject to amortization, ending balance | 2,840 | 2,505 |
U.S. Snacks | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||
Intangible assets not subject to amortization, beginning balance | 1,625 | 1,625 |
Additions | 0 | 0 |
Purchase price allocation adjustments | 0 | 0 |
Currency translation adjustment | 0 | 0 |
Intangible assets not subject to amortization, ending balance | 1,625 | 1,625 |
U.S. Morning Foods | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||
Intangible assets not subject to amortization, beginning balance | 0 | 0 |
Additions | 0 | 0 |
Purchase price allocation adjustments | 0 | 0 |
Currency translation adjustment | 0 | 0 |
Intangible assets not subject to amortization, ending balance | 0 | 0 |
U.S. Specialty | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||
Intangible assets not subject to amortization, beginning balance | 0 | 0 |
Additions | 0 | 0 |
Purchase price allocation adjustments | 0 | 0 |
Currency translation adjustment | 0 | 0 |
Intangible assets not subject to amortization, ending balance | 0 | 0 |
North America Other | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||
Intangible assets not subject to amortization, beginning balance | 360 | 176 |
Additions | 0 | 184 |
Purchase price allocation adjustments | 0 | 0 |
Currency translation adjustment | 0 | 0 |
Intangible assets not subject to amortization, ending balance | 360 | 360 |
Europe | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||
Intangible assets not subject to amortization, beginning balance | 434 | 383 |
Additions | 0 | 0 |
Purchase price allocation adjustments | 0 | 0 |
Currency translation adjustment | (19) | 51 |
Intangible assets not subject to amortization, ending balance | 415 | 434 |
Latin America | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||
Intangible assets not subject to amortization, beginning balance | 86 | 98 |
Additions | 0 | 0 |
Purchase price allocation adjustments | 0 | (11) |
Currency translation adjustment | (13) | (1) |
Intangible assets not subject to amortization, ending balance | 73 | 86 |
Asia Pacific | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||
Intangible assets not subject to amortization, beginning balance | 0 | 0 |
Additions | 373 | 0 |
Purchase price allocation adjustments | 0 | 0 |
Currency translation adjustment | (6) | 0 |
Intangible assets not subject to amortization, ending balance | $ 367 | $ 0 |
Acquisitions, West Africa Investments, Goodwill and Other Intangible Assets Annual Impairment Testing (Details) - USD ($) $ in Millions |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
---|---|---|---|
Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill and other intangible assets | $ 9,400 | ||
Other intangible assets excluding goodwill | 2,840 | $ 2,505 | $ 2,282 |
Goodwill | 6,050 | 5,504 | 5,166 |
U.S. Snacks | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Other intangible assets excluding goodwill | $ 1,625 | $ 1,625 | 1,625 |
Percentage of excess over fair value | 62.00% | 57.00% | |
Goodwill | $ 3,568 | $ 3,568 | $ 3,568 |
Kashi | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Percentage of excess over fair value | 12.00% | 9.00% | |
Goodwill | $ 207 | ||
Multipro | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Other intangible assets excluding goodwill | 798 | ||
Goodwill | 616 | ||
Keebler and Pringles Trademarks | U.S. Snacks | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Other intangible assets excluding goodwill | $ 2,800 |
Investment in Unconsolidated Entities Narrative (Details) |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
May 02, 2018 |
|
Schedule of Equity Method Investments [Line Items] | ||
Equity Investment Percentage of Financial Information | 100.00% | |
Tolaram Africa Foods (TAF) PTE LTD | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment ownership percentage | 50.00% | |
Multipro | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment incremental ownership percentage | 1.00% | |
Equity method investment ownership percentage | 51.00% | |
TAF Investment in Affiliated Food Manufacturer | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment ownership percentage | 49.00% | |
Affiliated Food Manufacturer | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment ownership percentage | 24.50% |
Summarized Combined Financial Information (Details) - USD ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net sales (a): | $ 712 | $ 809 | $ 708 | |||
Gross profit (a): | 112 | 100 | 81 | |||
Income before income taxes (a): | 16 | [1] | 43 | 28 | ||
Net income (a): | 9 | [1] | 25 | 15 | ||
Current assets | 312 | 155 | ||||
Non-current assets | 213 | 139 | ||||
Current liabilities | (233) | (181) | ||||
Non-current liabilities | (167) | (37) | ||||
Multipro | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net sales (a): | 281 | [1] | 754 | 662 | ||
Gross profit (a): | 30 | [1] | 86 | 71 | ||
Tolaram Africa Foods (TAF) PTE LTD | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net sales (a): | 350 | [1] | 0 | 0 | ||
Gross profit (a): | 70 | [1] | 0 | 0 | ||
Other Equity Investments | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net sales (a): | 81 | 55 | 46 | |||
Gross profit (a): | $ 12 | $ 14 | $ 10 | |||
|
Restructuring and Cost Reduction Activities Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | $ 1,520 | ||
Restructuring and Related Cost, Incurred Cost | 143 | $ 263 | $ 325 |
Exit cost reserve | 104 | 160 | 131 |
Cost of goods sold | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 99 | 115 | 172 |
SGA | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 74 | 296 | 152 |
Other (income) expense | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | $ (30) | (148) | 1 |
Minimum | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related activities cash implementation costs recovery time frame | 3 years | ||
Maximum | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related activities cash implementation costs recovery time frame | 5 years | ||
U.S. Snacks | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | $ 531 | ||
Restructuring and Related Cost, Incurred Cost | 28 | 309 | 76 |
U.S. Morning Foods | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 301 | ||
Restructuring and Related Cost, Incurred Cost | 50 | 18 | 23 |
U.S. Specialty | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 25 | ||
Restructuring and Related Cost, Incurred Cost | 4 | 2 | 8 |
North America Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 165 | ||
Restructuring and Related Cost, Incurred Cost | 25 | 16 | 38 |
Europe | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 333 | ||
Restructuring and Related Cost, Incurred Cost | 3 | 40 | 126 |
Latin America | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 42 | ||
Restructuring and Related Cost, Incurred Cost | 15 | 9 | 8 |
Asia Pacific | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 98 | ||
Restructuring and Related Cost, Incurred Cost | 11 | 11 | 7 |
Asset related costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 285 | ||
Restructuring and Related Cost, Incurred Cost | 16 | 77 | 46 |
Exit cost reserve | 1 | 0 | 0 |
Employee related cost | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 597 | ||
Restructuring and Related Cost, Incurred Cost | 63 | 177 | 108 |
Exit cost reserve | 93 | 97 | 102 |
Pension curtailment (gain) loss, net | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | (167) | ||
Restructuring and Related Cost, Incurred Cost | (30) | (148) | 1 |
Exit cost reserve | 0 | 0 | 0 |
Other cost | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 636 | ||
Restructuring and Related Cost, Incurred Cost | 80 | 157 | 120 |
Exit cost reserve | 10 | 63 | 29 |
Asset impairment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 169 | ||
Restructuring and Related Cost, Incurred Cost | 14 | 0 | 50 |
Exit cost reserve | 0 | 0 | 0 |
Project K | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 1,520 | ||
Project K | Revenue | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 6 | ||
Project K | Cost of goods sold | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 893 | ||
Project K | SGA | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 788 | ||
Project K | Other (income) expense | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | (167) | ||
Project K | Maximum | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost | 1,600 | ||
Estimated after-tax cash costs for program, including incremental capital investments | $ 1,200 | ||
Project K | U.S. Snacks | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost expected cost allocation | 31.00% | ||
Project K | U.S. Morning Foods | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost expected cost allocation | 17.00% | ||
Project K | U.S. Specialty | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost expected cost allocation | 1.00% | ||
Project K | North America Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost expected cost allocation | 16.00% | ||
Project K | Europe | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost expected cost allocation | 22.00% | ||
Project K | Latin America | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost expected cost allocation | 3.00% | ||
Project K | Asia Pacific | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost expected cost allocation | 6.00% | ||
Project K | Asset related costs | Maximum | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost | $ 500 | ||
Project K | Employee related cost | Maximum | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost | 400 | ||
Project K | Other cost | Maximum | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost | 700 | ||
ZBB | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 40 | ||
Restructuring and Related Cost, Incurred Cost | 3 | 25 | |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 25 | ||
Restructuring and Related Cost, Incurred Cost | $ 7 | $ (142) | $ 39 |
Corporate | Project K | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost expected cost allocation | 4.00% |
Restructuring and Cost Reduction Activities (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | $ 143 | $ 263 | $ 325 |
Program cost to date | 1,520 | ||
Employee related cost | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 63 | 177 | 108 |
Program cost to date | 597 | ||
Pension curtailment (gain) loss, net | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | (30) | (148) | 1 |
Program cost to date | (167) | ||
Asset related costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 16 | 77 | 46 |
Program cost to date | 285 | ||
Asset impairment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 14 | 0 | 50 |
Program cost to date | 169 | ||
Other cost | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 80 | 157 | 120 |
Program cost to date | 636 | ||
U.S. Snacks | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 28 | 309 | 76 |
Program cost to date | 531 | ||
U.S. Morning Foods | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 50 | 18 | 23 |
Program cost to date | 301 | ||
U.S. Specialty | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 4 | 2 | 8 |
Program cost to date | 25 | ||
North America Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 25 | 16 | 38 |
Program cost to date | 165 | ||
Europe | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 3 | 40 | 126 |
Program cost to date | 333 | ||
Latin America | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 15 | 9 | 8 |
Program cost to date | 42 | ||
Asia Pacific | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 11 | 11 | 7 |
Program cost to date | 98 | ||
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 7 | $ (142) | $ 39 |
Program cost to date | $ 25 |
Restructuring and Cost Reduction Activities Reserves Rollforward (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
|
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | $ 160 | $ 131 |
Restructuring charge | 143 | 263 |
Cash payments | (209) | (339) |
Non-cash charges and other | 10 | 105 |
Liability, ending balance | 104 | 160 |
Employee related cost | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 97 | 102 |
Restructuring charge | 63 | 177 |
Cash payments | (67) | (182) |
Restructuring Reserve, Period Increase (Decrease) | 0 | |
Non-cash charges and other | 0 | |
Liability, ending balance | 93 | 97 |
Pension curtailment (gain) loss, net | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 0 | 0 |
Restructuring charge | (30) | (148) |
Cash payments | 0 | 0 |
Restructuring Reserve, Period Increase (Decrease) | 148 | |
Non-cash charges and other | 30 | |
Liability, ending balance | 0 | 0 |
Asset impairment | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 0 | 0 |
Restructuring charge | 14 | 0 |
Cash payments | 0 | 0 |
Non-cash charges and other | (14) | 0 |
Liability, ending balance | 0 | 0 |
Asset related costs | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 0 | 0 |
Restructuring charge | 16 | 77 |
Cash payments | (9) | (34) |
Non-cash charges and other | (6) | (43) |
Liability, ending balance | 1 | 0 |
Other cost | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 63 | 29 |
Restructuring charge | 80 | 157 |
Cash payments | (133) | (123) |
Non-cash charges and other | 0 | 0 |
Liability, ending balance | $ 10 | $ 63 |
Equity Narrative (Details) - USD ($) shares in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Equity, Class of Treasury Stock [Line Items] | |||
Direct Stock Purchase and Dividend Reinvestment Plan number of shares issued | less than one million | less than one million | less than one million |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6.5 | 4.9 | 2.8 |
Shares issued to employees and directors under various benefit plans and stock purchase programs | 8.0 | 7.0 | 7.0 |
Common stock repurchases (in shares) | 5.0 | 7.0 | 6.0 |
Common stock repurchased | $ 320 | $ 516 | $ 426 |
December 2017 Share Repurchase Program [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Stock repurchase program, authorized amount | $ 1,500 |
Equity Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 29, 2018 |
Sep. 29, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 30, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
||||
Equity [Abstract] | ||||||||||||||
Net income (loss) attributable to Kellogg Company, Basic | $ (84) | [1] | $ 380 | $ 596 | $ 444 | $ 417 | $ 288 | $ 283 | $ 266 | $ 1,336 | $ 1,254 | $ 699 | ||
Net income attributed to Kellogg Company, Diluted | $ 1,336 | $ 1,254 | $ 699 | |||||||||||
Average shares outstanding, Basic (in shares) | 347 | 348 | 350 | |||||||||||
Average shares outstanding, Dilutive potential common shares (in shares) | 1 | 2 | 4 | |||||||||||
Average shares outstanding, Diluted (in shares) | 348 | 350 | 354 | |||||||||||
Earnings per share, basic | $ (0.24) | $ 1.10 | $ 1.72 | $ 1.28 | $ 1.21 | $ 0.83 | $ 0.81 | $ 0.76 | $ 3.85 | $ 3.61 | $ 1.99 | |||
Earnings per share, Dilutive potential common shares (in dollars per share) | (0.02) | (0.03) | (0.02) | |||||||||||
Earnings per share, diluted | $ (0.24) | $ 1.09 | $ 1.71 | $ 1.27 | $ 1.20 | $ 0.83 | $ 0.80 | $ 0.75 | $ 3.83 | $ 3.58 | $ 1.97 | |||
|
Equity Changes in Comprehensive Income (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Equity [Abstract] | |||
Net income | $ 1,344 | $ 1,254 | $ 700 |
Foreign currency translation adjustment before tax | 5 | (34) | (230) |
Foreign currency translation adjustments tax (expense) benefit | (53) | 113 | (24) |
Foreign currency translation adjustments after tax | (48) | 79 | (254) |
Unrealized gain (loss) on cash flow hedges, pre-tax | 3 | 0 | (55) |
Unrealized gain (loss) on cash flow hedges, tax (expense) benefit | (1) | 0 | 22 |
Unrealized gain (loss) on cash flow hedges, after-tax | 2 | 0 | (33) |
Reclassifications to net income, pre-tax | 8 | 9 | 11 |
Reclassifications to net income, tax (expense) benefit | (2) | (3) | (6) |
Reclassification to net income, after-tax | 6 | 6 | 5 |
Net experience gain (loss) | (8) | 44 | 25 |
Net experience gain (loss), tax (expense) benefit | 1 | (12) | (9) |
Net experience gain (loss), after tax | (7) | 32 | 16 |
Prior service credit (cost) | 1 | 0 | (4) |
Prior service credit (cost), tax (expense) benefit | 0 | 0 | 2 |
Prior service credit (cost), after-tax | 1 | 0 | (2) |
Net experience loss, pre-tax | (5) | 0 | 3 |
Net experience loss, tax (expense) benefit | 1 | 0 | (1) |
Net experience loss, after-tax | (4) | 0 | 2 |
Prior service cost | 0 | 1 | 5 |
Prior service cost, tax (expense) benefit | 0 | 0 | (1) |
Prior service cost, after-tax | 0 | 1 | 4 |
Venezuela deconsolidation loss, pre-tax | 0 | 0 | 63 |
Venezuela deconsolidation loss, tax (expense) benefit | 0 | 0 | 0 |
Venezuela deconsolidation loss related to CTA, net of tax | 0 | 0 | 63 |
Other Comprehensive Income (Loss), before Tax | 4 | 20 | (182) |
Other Comprehensive Income (Loss), Tax | (54) | 98 | (17) |
Other Comprehensive Income (loss) | (50) | 118 | (199) |
Comprehensive income | 1,294 | 1,372 | 501 |
Net income (loss) attributable to noncontrolling interests | 8 | 0 | 1 |
Other comprehensive income (loss) attributable to noncontrolling interests | (7) | 0 | 0 |
Comprehensive income attributable to Kellogg Company | $ 1,293 | $ 1,372 | $ 500 |
Equity Reclassifications Out of AOCI (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||
COGS | $ (8,821) | $ (8,155) | $ (8,131) |
SGA | (3,020) | (3,312) | (3,351) |
Interest expense | (287) | (256) | (406) |
Net experience loss, pre-tax | (5) | 0 | 3 |
Prior service cost | 0 | 1 | 5 |
Total before tax | 1,329 | 1,657 | 934 |
Tax (expense) benefit | (181) | (410) | (235) |
Venezuela deconsolidation loss related to CTA, net of tax | 0 | 0 | 63 |
Net income | 1,344 | 1,254 | 700 |
Reclassification out of Accumulated Other Comprehensive Income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Venezuela deconsolidation loss related to CTA, net of tax | 0 | 0 | 63 |
Net income | 2 | 7 | 74 |
Reclassification out of Accumulated Other Comprehensive Income | (Gains) losses on cash flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total before tax | 8 | 9 | 11 |
Tax (expense) benefit | (2) | (3) | (6) |
Net income | 6 | 6 | 5 |
Reclassification out of Accumulated Other Comprehensive Income | (Gains) losses on cash flow hedges | Foreign currency exchange contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
COGS | 0 | (1) | (14) |
SGA | 0 | 0 | (1) |
Reclassification out of Accumulated Other Comprehensive Income | (Gains) losses on cash flow hedges | Interest rate contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest expense | 8 | 10 | 13 |
Reclassification out of Accumulated Other Comprehensive Income | (Gains) losses on cash flow hedges | Commodity contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
COGS | 0 | 0 | 13 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of postretirement and postemployment benefits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net experience loss, pre-tax | (5) | 0 | 3 |
Prior service cost | 0 | 1 | 5 |
Total before tax | (5) | 1 | 8 |
Tax (expense) benefit | 1 | 0 | (2) |
Net income | $ (4) | $ 1 | $ 6 |
Equity Summary of Accumulated Other Comprehensive Income (loss) (Details) - USD ($) $ in Millions |
Dec. 29, 2018 |
Dec. 30, 2017 |
---|---|---|
Equity [Abstract] | ||
Cash flow hedges — unrealized net gain (loss) | $ (53) | $ (61) |
Foreign currency translation adjustments | (1,467) | (1,426) |
Postretirement and postemployment benefits: | ||
Net experience gain (loss) | 23 | 34 |
Prior service credit (cost) | (3) | (4) |
Total accumulated other comprehensive income (loss) | ||
Accumulated other comprehensive income (loss) | $ (1,500) | $ (1,457) |
Leases and Other Commitment (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Leases [Abstract] | |||
Rent expense on all operating leases | $ 133 | $ 195 | $ 176 |
Capital lease agreements (less than) | 1 | $ 1 | $ 1 |
Operating Leases, 2019 | 121 | ||
Operating Leases, 2020 | 97 | ||
Operating Leases, 2021 | 73 | ||
Operating Leases, 2022 | 57 | ||
Operating Leases, 2023 | 48 | ||
Operating Leases, 2024 and beyond | 129 | ||
Operating leases, future minimum payments | $ 525 |
Debt Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Jan. 31, 2019 |
|
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,800 | ||
Principal repayments on long-term debt in 2019 | 507 | ||
Principal repayments on long-term debt in 2020 | 851 | ||
Principal repayments on long-term debt in 2021 | 973 | ||
Principal repayments on long-term debt in 2022 | 1,045 | ||
Principal repayments on long-term debt in 2023 | 811 | ||
Principal repayments on long-term debt in 2024 and beyond | 4,598 | ||
Five Year Credit Agreement | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 1,500 | ||
Three Hundred Sixty Four Day Revolving Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000 | ||
Expired Three Hundred Sixty Four Day Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 | ||
Letter of Credit [Member] | Five Year Credit Agreement | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 75 | ||
Euro Commercial Paper [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750 | ||
Debt Instrument, Term | 364 days | ||
Line of Credit Facility, Maximum Month-end Outstanding Amount | $ 0 | $ 96 | |
European Swingline Loans [Member] | Five Year Credit Agreement | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300 |
Debt Components of Notes Payable (Details) - USD ($) $ in Millions |
Dec. 29, 2018 |
Dec. 30, 2017 |
---|---|---|
Components of Notes Payable | ||
Notes payable | $ 176 | $ 370 |
U.S. Commercial Paper | ||
Components of Notes Payable | ||
Notes payable | $ 15 | $ 196 |
Debt Instrument, Interest Rate, Effective Percentage | 2.75% | 1.76% |
Europe Commerical Paper | ||
Components of Notes Payable | ||
Notes payable | $ 0 | $ 96 |
Debt Instrument, Interest Rate, Effective Percentage | 0.00% | (0.32%) |
Bank Borrowings | ||
Components of Notes Payable | ||
Notes payable | $ 161 | $ 78 |
Debt Schedule of Long-term Debt (Details) - USD ($) $ in Millions |
Dec. 29, 2018 |
May 31, 2018 |
Dec. 30, 2017 |
Nov. 30, 2017 |
May 31, 2017 |
Nov. 30, 2016 |
May 31, 2016 |
Mar. 31, 2016 |
Mar. 31, 2015 |
May 31, 2014 |
Feb. 28, 2013 |
May 31, 2012 |
May 31, 2011 |
Dec. 31, 2010 |
Nov. 30, 2009 |
Mar. 31, 2001 |
|||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term debt | $ 9 | $ 16 | |||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt, including current maturities of long-term debt | 8,717 | 8,245 | |||||||||||||||||||||||||||||||||||||||||||||||
Current maturities of long-term debt | (510) | (409) | |||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 8,207 | 7,836 | |||||||||||||||||||||||||||||||||||||||||||||||
4.5% U.S. Dollar Notes Due 2046 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [1] | 638 | 637 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 4.50% | ||||||||||||||||||||||||||||||||||||||||||||||||
7.45% U.S. Dollar Debentures Due 2031 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [2] | 621 | 620 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 7.45% | ||||||||||||||||||||||||||||||||||||||||||||||||
4.30% U.S. Dollar Notes Due 2028 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [3] | 595 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 4.30% | ||||||||||||||||||||||||||||||||||||||||||||||||
3.40% U.S. Dollar Notes Due 2027 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [4] | 595 | 595 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 3.40% | ||||||||||||||||||||||||||||||||||||||||||||||||
3.25% U.S. Dollar Notes Due 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [5] | 731 | 729 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 3.25% | ||||||||||||||||||||||||||||||||||||||||||||||||
1.25% Euro Note Due 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [6] | 693 | 712 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 1.25% | ||||||||||||||||||||||||||||||||||||||||||||||||
1.00% Euro Notes Due 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [7] | 697 | 723 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 1.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
2.65% U.S. Dollar Notes Due 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [8] | 585 | 589 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 2.65% | ||||||||||||||||||||||||||||||||||||||||||||||||
2.75% U.S. Dollar Note Due 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [9] | 198 | 201 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 2.75% | ||||||||||||||||||||||||||||||||||||||||||||||||
3.125% U.S. Dollar Debentures Due 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [10] | 351 | 354 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 3.125% | ||||||||||||||||||||||||||||||||||||||||||||||||
.80% Euro Notes Due 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [11] | 684 | 717 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 0.80% | ||||||||||||||||||||||||||||||||||||||||||||||||
1.75% Euro Notes Due 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [12] | 570 | 597 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 1.75% | ||||||||||||||||||||||||||||||||||||||||||||||||
3.25% U.S. Dollar Notes Due 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [13] | 399 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 3.25% | ||||||||||||||||||||||||||||||||||||||||||||||||
4.0% U.S. Dollar Notes Due 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [14] | 848 | 847 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 4.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
4.15% U.S. Dollar Notes Due 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [15] | 503 | 506 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 4.15% | ||||||||||||||||||||||||||||||||||||||||||||||||
3.25% U.S. Dollar Notes Due 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [16] | $ 0 | $ 402 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 3.25% | 3.25% | |||||||||||||||||||||||||||||||||||||||||||||||
|
Debt Long-term Debt Footnote A (Details) - USD ($) $ in Millions |
1 Months Ended | |
---|---|---|
Mar. 31, 2001 |
Mar. 31, 2016 |
|
4.5% U.S. Dollar Notes Due 2046 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 650 | |
Debt Instrument, Term | 30 years | |
Debt instrument, stated interest rate | 4.50% | |
Debt Instrument, Interest Rate, Effective Percentage | 4.59% | |
7.45% U.S. Dollar Debentures Due 2031 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 625 | |
Debt Instrument, Term | 30 years | |
Debt instrument, stated interest rate | 7.45% | |
Debt Instrument, Interest Rate, Effective Percentage | 7.55% |
Debt Long-term Debt Footnote B (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2001 |
Mar. 31, 2016 |
Dec. 29, 2018 |
Dec. 30, 2017 |
|
Debt Instrument [Line Items] | ||||
Interest expense | $ 287 | $ 256 | ||
7.45% U.S. Dollar Debentures Due 2031 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 625 | |||
Debt Instrument, Term | 30 years | |||
Debt instrument, stated interest rate | 7.45% | |||
Debt Instrument, Interest Rate, Effective Percentage | 7.55% | |||
Debenture Redemption Percentage | 100.00% | |||
Debt Instrument Amount Redeemed | $ 475 | |||
Interest expense | $ 153 |
Debt Long-term Debt Footnote C (Details) - USD ($) $ in Millions |
1 Months Ended | |
---|---|---|
May 31, 2018 |
May 31, 2011 |
|
4.30% U.S. Dollar Notes Due 2028 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Term | 10 years | |
Debt Instrument, Face Amount | $ 600 | |
Debt instrument, stated interest rate | 4.30% | |
3.25% U.S. Dollar Notes Due 2018 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Term | 7 years | 7 years |
Debt Instrument, Face Amount | $ 400 | $ 400 |
Debt instrument, stated interest rate | 3.25% | 3.25% |
Debt Instrument, Interest Rate, Effective Percentage | 4.34% |
Debt Long-term Debt Footnote D (Details) - 3.40% U.S. Dollar Notes Due 2027 $ in Millions |
1 Months Ended |
---|---|
Nov. 30, 2017
USD ($)
| |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 600 |
Debt Instrument, Term | 10 years |
Debt instrument, stated interest rate | 3.40% |
Debt Instrument, Interest Rate, Effective Percentage | 3.49% |
Debt Long-term Debt Footnote E (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Mar. 31, 2001 |
Mar. 31, 2016 |
Dec. 29, 2018 |
Oct. 31, 2018 |
Dec. 30, 2017 |
Sep. 30, 2016 |
|
Debt Instrument [Line Items] | ||||||
Notional amounts of interest rate swaps | $ 5,085 | $ 4,966 | ||||
3.25% U.S. Dollar Notes Due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 750 | |||||
Debt Instrument, Term | 10 years | |||||
Debt instrument, stated interest rate | 3.25% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 4.00% | |||||
Notional amounts of interest rate swaps | $ 450 | $ 300 | ||||
Unamortized gain (loss) on termination of interest rate swaps | $ 8 | |||||
Fair value adjustment for interest rate swaps | $ 22 | |||||
7.45% U.S. Dollar Debentures Due 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 625 | |||||
Debt Instrument, Term | 30 years | |||||
Debt instrument, stated interest rate | 7.45% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 7.55% |
Debt Long-term Debt Footnote F (Details) € in Millions, $ in Millions |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2015
EUR (€)
|
Dec. 29, 2018
USD ($)
|
Dec. 30, 2017
USD ($)
|
May 31, 2017
EUR (€)
|
|
Debt Instrument [Line Items] | ||||
Notional amounts of interest rate swaps | $ 5,085 | $ 4,966 | ||
1.25% Euro Note Due 2025 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | € 600 | $ 686 | ||
Debt Instrument, Term | 10 years | |||
Debt instrument, stated interest rate | 1.25% | |||
Debt Instrument, Interest Rate, Effective Percentage | 1.32% | |||
Notional amounts of interest rate swaps | € | € 600 | |||
Fair value adjustment for interest rate swaps | $ 8 |
Debt Long-term Debt Footnote G (Details) € in Millions, $ in Millions |
1 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
May 31, 2016
EUR (€)
|
May 31, 2009
USD ($)
|
Dec. 29, 2018
USD ($)
|
Oct. 31, 2018
EUR (€)
|
Dec. 30, 2017
USD ($)
|
Nov. 30, 2016
EUR (€)
|
|
Debt Instrument [Line Items] | ||||||
Notional amounts of interest rate swaps | $ 5,085 | $ 4,966 | ||||
1.00% Euro Notes Due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | € 600 | $ 686 | ||||
Debt Instrument, Term | 8 years | |||||
Debt instrument, stated interest rate | 1.00% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 0.34% | |||||
Unamortized gain (loss) on termination of interest rate swaps | $ 9 | |||||
Notional amounts of interest rate swaps | € | € 348 | € 300 | ||||
Fair value adjustment for interest rate swaps | $ 7 | |||||
4.45% U.S. Notes Due 2016 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 750 | |||||
Debt Instrument, Term | 7 years | |||||
Debt instrument, stated interest rate | 4.45% |
Debt Long-term Debt Footnote H (Details) - USD ($) $ in Millions |
1 Months Ended | |||
---|---|---|---|---|
Nov. 30, 2016 |
Dec. 29, 2018 |
Dec. 30, 2017 |
Nov. 30, 2011 |
|
Debt Instrument [Line Items] | ||||
Notional amounts of interest rate swaps | $ 5,085 | $ 4,966 | ||
2.65% U.S. Dollar Notes Due 2023 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 600 | |||
Debt Instrument, Term | 7 years | |||
Debt instrument, stated interest rate | 2.65% | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.43% | |||
Notional amounts of interest rate swaps | $ 300 | |||
Unamortized gain (loss) on termination of interest rate swaps | $ 12 | |||
1.875% U.S. Dollar Notes Due 2016 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, stated interest rate | 1.875% |
Debt Long-term Debt Footnote I (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2014 |
Feb. 28, 2013 |
Dec. 29, 2018 |
Dec. 30, 2017 |
Sep. 30, 2016 |
|
Debt Instrument [Line Items] | |||||
Interest expense | $ 287 | $ 256 | |||
Notional amounts of interest rate swaps | 5,085 | $ 4,966 | |||
2.75% U.S. Dollar Note Due 2023 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 400 | ||||
Debt Instrument, Term | 10 years | ||||
Debt instrument, stated interest rate | 2.75% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 4.04% | ||||
Debt Instrument Amount Redeemed | $ 189 | ||||
Interest expense | (10) | ||||
Debt instrument accelerated gains | 1 | ||||
Debt instrument, fee amount | $ 2 | ||||
Notional amounts of interest rate swaps | $ 211 | ||||
Unamortized gain (loss) on termination of interest rate swaps | $ (12) | ||||
4.25% U.S. Dollar Notes Due 2013 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 750 | ||||
Debt instrument, stated interest rate | 4.25% |
Debt Long-term Debt Footnote J (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2014 |
May 31, 2012 |
Dec. 29, 2018 |
Dec. 30, 2017 |
Oct. 31, 2018 |
|
Debt Instrument [Line Items] | |||||
Interest expense | $ 287 | $ 256 | |||
Notional amounts of interest rate swaps | $ 5,085 | $ 4,966 | |||
3.125% U.S. Dollar Debentures Due 2022 | |||||
Debt Instrument [Line Items] | |||||
Interest expense | $ (2) | ||||
Debt Instrument, Face Amount | $ 700 | ||||
Debt Instrument, Term | 10 years | ||||
Debt instrument, stated interest rate | 3.125% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.72% | ||||
Debt Instrument Amount Redeemed | 342 | ||||
Unamortized gain (loss) on termination of interest rate swaps | $ (6) | ||||
Debt instrument, fee amount | $ 2 | ||||
Notional amounts of interest rate swaps | $ 358 |
Debt Long-term Debt Footnote K (Details) € in Millions, $ in Millions |
1 Months Ended | ||
---|---|---|---|
May 31, 2017
USD ($)
|
Dec. 29, 2018
USD ($)
|
May 31, 2017
EUR (€)
|
|
.80% Euro Notes Due 2022 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 686 | € 600 | |
Debt Instrument, Term | 5 years | ||
Debt instrument, stated interest rate | 0.80% | 0.80% | |
Proceeds from Debt, Net of Issuance Costs | $ 656 | ||
Debt Instrument, Interest Rate, Effective Percentage | 0.87% | 0.87% | |
1.75% U.S. Dollar Notes Due 2017 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 400 | ||
Debt Instrument, Term | 5 years | ||
Debt instrument, stated interest rate | 1.75% | 1.75% |
Debt Long-term Debt Footnote L (Details) - 1.75% Euro Notes Due 2021 € in Millions, $ in Millions |
1 Months Ended | |
---|---|---|
May 31, 2014
EUR (€)
|
Dec. 29, 2018
USD ($)
|
|
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | € 500 | $ 572 |
Debt Instrument, Term | 7 years | |
Debt instrument, stated interest rate | 1.75% | |
Debt Instrument, Interest Rate, Effective Percentage | 2.34% |
Debt Long-term Debt Footnote M (Details) - USD ($) $ in Millions |
1 Months Ended | |||
---|---|---|---|---|
May 31, 2018 |
May 31, 2011 |
Dec. 29, 2018 |
Dec. 30, 2017 |
|
Debt Instrument [Line Items] | ||||
Notional amount of derivatives | $ 5,085 | $ 4,966 | ||
3.25% U.S. Dollar Notes Due 2021 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 400 | |||
Debt Instrument, Term | 3 years | |||
Debt instrument, stated interest rate | 3.25% | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.40% | |||
3.25% U.S. Dollar Notes Due 2018 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 400 | $ 400 | ||
Debt Instrument, Term | 7 years | 7 years | ||
Debt instrument, stated interest rate | 3.25% | 3.25% | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.34% |
Debt Long-term Debt Footnote N (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Mar. 31, 2014 |
Dec. 31, 2010 |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
Jul. 31, 2016 |
|
Debt Instrument [Line Items] | ||||||
Interest expense | $ 287 | $ 256 | ||||
Notional amounts of interest rate swaps | $ 5,085 | $ 4,966 | ||||
4.0% U.S. Dollar Notes Due 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 1,000 | |||||
Debt Instrument, Term | 10 years | |||||
Debt instrument, stated interest rate | 4.00% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 3.37% | |||||
Debt Instrument Amount Redeemed | $ 150 | |||||
Interest expense | 12 | |||||
Debt instrument accelerated gains | 7 | |||||
Debt instrument, fee amount | $ 1 | |||||
Notional amounts of interest rate swaps | $ 600 | $ 700 | ||||
Unamortized gain (loss) on termination of interest rate swaps | $ 1 |
Debt Long-term Debt Footnote O (Details) - USD ($) $ in Millions |
1 Months Ended | |
---|---|---|
Nov. 30, 2009 |
Dec. 29, 2018 |
|
4.15% U.S. Dollar Notes Due 2019 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 500 | |
Debt Instrument, Term | 10 years | |
Debt instrument, stated interest rate | 4.15% | |
Debt Instrument, Interest Rate, Effective Percentage | 3.41% | |
Unamortized gain (loss) on termination of interest rate swaps | $ 3 | |
Ten Year 66 Us Dollar Notes Due 2011 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 6.60% |
Debt Long-term Debt Footnote P (Details) - 3.25% U.S. Dollar Notes Due 2018 - USD ($) $ in Millions |
1 Months Ended | |
---|---|---|
May 31, 2018 |
May 31, 2011 |
|
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 400 | $ 400 |
Debt Instrument, Term | 7 years | 7 years |
Debt instrument, stated interest rate | 3.25% | 3.25% |
Stock Compensation Equity based compensation programs (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
2017 Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized, but unissued | 16,000,000 | ||
Vesting period, years | 3 years | ||
Options granted remaining authorized, but unissued, shares | 20,000,000 | ||
Contractual term, years | 10 years | ||
Shares, Issued | 2 | ||
Shares Reduced From Remaining Available | 1 | ||
Shares Reduced From Outstanding Award | 1 | ||
2013 Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period, years | 3 years | ||
Contractual term, years | 10 years | ||
2009 Non Employee Director Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized for issuance Non-Employee Director Stock Plan | 500,000 | ||
Shares issued Non-Employee Director Stock Plan | 30,045 | 25,209 | 24,249 |
2002 Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized, but unissued | 200,000 | ||
Maximum number of shares allowed to be issued under plan | 2,500,000 | ||
Purchase price, percentage of fair market value of stock on last day of quarterly purchase period | 95.00% | ||
Maximum value of purchases for any employee in any calendar year | $ 25,000 | ||
Number of shares purchased by employees under plan | 54,000 | 65,000 | 63,000 |
International Subsidiary Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares purchased by employees under plan | 63,000 | 60,000 | 57,000 |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% |
Stock Compensation Schedule of Compensation Expense for Equity Programs and Related Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Pre-tax compensation expense | $ 64 | $ 71 | $ 68 |
Related income tax benefit | 16 | $ 26 | $ 25 |
Non-vested stock-based compensation awards not yet recognized | $ 85 | ||
Weighted-average period of recognition, years | 2 years |
Stock Compensation Cash used to settle equity instruments (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Total cash received from option exercises and similar instruments | $ 167 | $ 97 | $ 368 |
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ 11 | $ 4 | $ 36 |
Stock Compensation Fair Value Assumptions (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Weighted-average expected volatility | 18.00% | 18.00% | 17.00% |
Weighted-average expected term (years) | 6 years 7 months 6 days | 6 years 7 months 6 days | 6 years 10 months 17 days |
Weighted-average risk-free interest rate | 2.82% | 2.26% | 1.60% |
Dividend yield | 3.00% | 2.80% | 2.60% |
Weighted-average fair value of options granted | $ 10.00 | $ 10.14 | $ 9.44 |
Stock Compensation Summary of Share-based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Outstanding, beginning of period - shares | 14 | 15 | 19 |
Granted - shares | 3 | 2 | 3 |
Exercised - shares | (2) | (2) | (6) |
Forfeitures and expirations - shares | (1) | (1) | (1) |
Outstanding, end of period - shares | 14 | 14 | 15 |
Exerciseable, end of period - shares | 10 | 10 | 8 |
Outstanding, beginning of period - weighted-average exercise price | $ 64 | $ 62 | $ 58 |
Granted - weighted-average exercise price | 70 | 73 | 76 |
Exercised - weighted-average exercise price | 58 | 57 | 56 |
Forfeitures and expirations - weighted-average exercise price | 71 | 70 | 67 |
Outstanding, end of period - weighted-average exercise price | 66 | 64 | 62 |
Exercisable, end of period - weighted-average exercise price | $ 63 | $ 60 | $ 58 |
Outstanding, end of period - weighted-average remaining contractual term (years) | 6 years 3 months 18 days | ||
Excerciseable, end of period - weighted-average remaining contractual term (years) | 5 years 3 months 18 days | ||
Outstanding, end of period - aggregate intrinsic value | $ 7 | ||
Exerciseable, end of period - aggregate intrinsic value | 7 | ||
Total intrinsic value of options exercised | $ 33 | $ 22 | $ 145 |
Stock Compensation Maximum Future Value of Performance Shares (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Feb. 28, 2018 |
Mar. 31, 2018 |
Dec. 30, 2017 |
Dec. 29, 2018 |
Dec. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
2015 Performance share award settlement in terms of original target | 75.00% | ||||
2015 Performance share award settlement in dollars | $ 8 | ||||
2018 Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum future value | $ 19 | ||||
2017 Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum future value | 11 | ||||
2016 Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum future value | $ 15 | ||||
2018 Performance share award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance Shares Issued On Vesting Date Minimum | 0.00% | ||||
Performance Shares Issued On Vesting Date Maximum | 200.00% | ||||
Share Based Compensation Arrangement By Share Based Payment Award Performance Target Time Period | 3 years | ||||
Performance Award Condition Time Period | 3 years | ||||
Non-vested, beginning of year - weighted-average grant date fair value | $ 72 | ||||
Performance Share Target Grant | 166,000 | ||||
2017 Performance share award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance Shares Issued On Vesting Date Minimum | 0.00% | ||||
Performance Shares Issued On Vesting Date Maximum | 200.00% | ||||
Share Based Compensation Arrangement By Share Based Payment Award Performance Target Time Period | 3 years | ||||
Performance Award Condition Time Period | 3 years | ||||
Non-vested, beginning of year - weighted-average grant date fair value | $ 67 | ||||
Performance Share Target Grant | 100,000 | ||||
2016 Performance share award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance Shares Issued On Vesting Date Minimum | 0.00% | ||||
Performance Shares Issued On Vesting Date Maximum | 200.00% | ||||
Share Based Compensation Arrangement By Share Based Payment Award Performance Target Time Period | 3 years | ||||
Performance Award Condition Time Period | 3 years | ||||
Non-vested, beginning of year - weighted-average grant date fair value | $ 80 | ||||
Performance Share Target Grant | 129,000 |
Stock Compensation Summary of restricted stock activity (Details) - Restricted Stock and Restricted Stock Units - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period, years | 3 years | ||
Non-vested, beginning of year - shares | 1,673 | 1,166 | 806 |
Granted - shares | 772 | 776 | 601 |
Vested - shares | (507) | (109) | (116) |
Forfeited - shares | (230) | (160) | (125) |
Non-vested, end of year - shares | 1,708 | 1,673 | 1,166 |
Non-vested, beginning of year - weighted-average grant-date fair value | $ 65 | $ 63 | $ 57 |
Granted - weighted average grant-date fair value | 63 | 65 | 70 |
Vested - weighted-average grant-date fair value | 59 | 58 | 56 |
Forfeited - weighted-average grant-date fair value | 64 | 65 | 63 |
Non-vested, end of year - weighted-average grant-date fair value | $ 65 | $ 65 | $ 63 |
Total fair value of restricted stock and restricted stock units vested during period | $ 35 | $ 5 | $ 7 |
Pension Benefits Change in Projected Benefit Obligations, Plan Assets, and Funding Status (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jan. 31, 2019 |
Sep. 30, 2017 |
Sep. 29, 2018 |
Dec. 29, 2018 |
Dec. 30, 2017 |
|
Amounts Recognized in Balance Sheet | |||||
Other Assets | $ 228 | $ 252 | |||
Other liabilities | (651) | (839) | |||
Europe | Europe | Project K | Pension | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Curtailment gain | $ 30 | ||||
U.S. and Canada | Project K | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Curtailment gain | $ 136 | ||||
U.S. and Canada defined contribution plans | Minimum | |||||
Amounts Recognized in Balance Sheet | |||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 3.00% | ||||
U.S. and Canada defined contribution plans | Maximum | |||||
Amounts Recognized in Balance Sheet | |||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 7.00% | ||||
Global | Pension | |||||
Change in Benefit Obligation [Roll Forward] | |||||
Beginning of Year | 5,648 | 5,510 | |||
Service Cost | 87 | 96 | |||
Interest Cost | 165 | 164 | |||
Plan participants' contributions | 1 | 1 | |||
Plan Amendments | 6 | 6 | |||
Actuarial (gain) loss | (384) | 264 | |||
Benefits paid | (280) | (395) | |||
Curtailments and special termination benefits | (36) | (156) | |||
Other | 1 | 1 | |||
Foreign Currency Adjustments | (91) | 157 | |||
End of Year | 5,117 | 5,648 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair Value, Beginning of Year | 5,043 | 4,544 | |||
Actual Return on Plan Assets | (299) | 666 | |||
Employer Contributions | 270 | 31 | |||
Plan participants' contributions | 1 | 1 | |||
Benefits Paid, Plan Assets | (236) | (364) | |||
Other | (1) | 1 | |||
Foreign Currency Adjustments | (101) | 164 | |||
Fair Value, End of Year | 4,677 | 5,043 | |||
Funded Status | (440) | (605) | |||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) | |||||
Prior Service Cost | 41 | 48 | |||
Net Amount Recognized | 41 | 48 | |||
Amounts Recognized in Balance Sheet | |||||
Other Assets | 228 | 252 | |||
Other Current Liabilities | (17) | (19) | |||
Other liabilities | (651) | (838) | |||
Net Amount Recognized | (440) | (605) | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 5,000 | $ 5,400 |
Pension Benefits Accumulated Benefit Obligations (Details) - Global - Pension - USD ($) $ in Millions |
Dec. 29, 2018 |
Dec. 30, 2017 |
---|---|---|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligation | $ 3,725 | $ 4,119 |
Accumulated benefit obligation | 3,689 | 4,051 |
Fair value of plan assets | $ 3,081 | $ 3,279 |
Pension Benefits Components of Pension Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Global defined benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
401(k) expense | $ 38 | $ 41 | $ 39 |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension (income) expense | 165 | (255) | 293 |
Pension | Global defined benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 87 | 96 | |
Interest Cost | 165 | 164 | |
Net periodic benefit cost | 168 | (138) | 256 |
Curtailment and special termination benefits | (30) | (151) | 1 |
Pension (income) expense | 138 | (289) | 257 |
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | 7 | ||
Pension | Foreign and U.S. Multiemployer defined contribution plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension (income) expense | 27 | 34 | 36 |
COGS and SGA | Pension | Global defined benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 87 | 96 | 98 |
OIE | Pension | Global defined benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest Cost | 165 | 164 | 174 |
Expected Return on Plan Assets | (361) | (371) | (352) |
Amortization of Unrecognized Prior Service Cost (Credit) | 8 | 9 | 13 |
Recognized net (gain) loss | $ 269 | $ (36) | $ 323 |
Pension Benefits Assumptions (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rates of return | 25th | ||
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rates of return | 75th | ||
Global | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, benefit obligation | 3.90% | 3.30% | 3.60% |
Long-term rate of compensation increase | 3.80% | 3.90% | 3.90% |
Discount Rate | 3.30% | 3.60% | 4.10% |
Long-term rate of compensation increase | 3.90% | 3.90% | 3.90% |
Long-term rate of return on plan assets | 7.40% | 8.10% | 8.10% |
Percentage of consolidated pension and postretirement benefit plan assets | 72.00% | ||
Long-term inflation assumption | 2.50% | ||
Active management premium | 1.00% | ||
Expected rate of return on foreign plan assets | 7.50% | ||
Expected rates of return | 39th percentile | ||
Defined Benefit Plan, Benefit Obligation | $ 5,117 | $ 5,648 | $ 5,510 |
Global | Pension | Change in assumptions | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | $ (10) |
Pension Benefits Plan Assets (Details) - Global - Pension - USD ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | $ 4,677 | $ 5,043 | $ 4,544 | |||
Net Asset Value Excluded From Fair Value By Input | [1] | 2,850 | 3,292 | |||
Expected contribution by Company | 7 | |||||
Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 497 | 583 | ||||
Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 1,330 | 1,168 | ||||
Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | 131 | |||
Cash and Cash Equivalents | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 75 | 87 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 0 | 0 | |||
Cash and Cash Equivalents | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 75 | 66 | ||||
Cash and Cash Equivalents | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 21 | ||||
Cash and Cash Equivalents | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Domestic Corporate Common Stock | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 412 | 500 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | $ 0 | $ 0 | |||
Percentage of consolidated plan assets represented by investment in Company comon stock | 1.00% | 1.20% | ||||
Domestic Corporate Common Stock | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | $ 412 | $ 500 | ||||
Domestic Corporate Common Stock | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Domestic Corporate Common Stock | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Foreign Corporate Common Stock | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 11 | 18 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 0 | 0 | |||
Foreign Corporate Common Stock | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 10 | 17 | ||||
Foreign Corporate Common Stock | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 1 | 1 | ||||
Foreign Corporate Common Stock | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Mutual Fund International Equity | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 41 | 158 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 34 | 38 | |||
Mutual Fund International Equity | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Mutual Fund International Equity | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 7 | 120 | ||||
Mutual Fund International Equity | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Mutual Funds Domestic Debt | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 53 | 36 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 0 | 36 | |||
Mutual Funds Domestic Debt | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Mutual Funds Domestic Debt | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 53 | 0 | ||||
Mutual Funds Domestic Debt | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Collective Trusts Domestic Equity | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 437 | 525 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 437 | 525 | |||
Collective Trusts Domestic Equity | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Collective Trusts Domestic Equity | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Collective Trusts Domestic Equity | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Collective Trusts International Equity | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 1,422 | 1,566 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 1,330 | 1,390 | |||
Collective Trusts International Equity | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Collective Trusts International Equity | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 92 | 176 | ||||
Collective Trusts International Equity | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Collective Trusts Other International Debt | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 331 | 365 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 331 | 365 | |||
Collective Trusts Other International Debt | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Collective Trusts Other International Debt | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Collective Trusts Other International Debt | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Limited Partnership | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 283 | 591 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 283 | 591 | |||
Limited Partnership | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Limited Partnership | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Limited Partnership | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Bonds, corporate | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 498 | 482 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 0 | 0 | |||
Bonds, corporate | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Bonds, corporate | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 498 | 482 | ||||
Bonds, corporate | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Bonds, government | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 562 | 177 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 0 | 0 | |||
Bonds, government | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Bonds, government | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 562 | 177 | ||||
Bonds, government | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Bonds, other | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 62 | 63 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 0 | 0 | |||
Bonds, other | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Bonds, other | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 62 | 63 | ||||
Bonds, other | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Real estate | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 378 | 284 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 378 | 284 | |||
Real estate | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Real estate | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Real estate | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Other [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 112 | 191 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 57 | 63 | |||
Other [Member] | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Other [Member] | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 55 | 128 | ||||
Other [Member] | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | $ 0 | $ 0 | $ 0 | |||
Debt Securities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Weighted-average target asset allocation | 28.00% | |||||
Equity Securities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Weighted-average target asset allocation | 45.00% | |||||
Real Estate And Other | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Weighted-average target asset allocation | 27.00% | |||||
|
Pension Benefits Level 3 Gains and Losses (Details) - Global - Pension - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value, Beginning of Year | $ 5,043 | $ 4,544 |
Fair Value, End of Year | 4,677 | 5,043 |
Level 3 [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value, Beginning of Year | 0 | 131 |
Sales | (131) | |
Purchases | 0 | |
Transfers | 0 | |
Realized gain and unrealized gain (loss) | 0 | 0 |
Currency Translation | 0 | |
Fair Value, End of Year | 0 | 0 |
Buy-in Annuity Contract | Level 3 [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value, Beginning of Year | 0 | 131 |
Sales | (131) | |
Purchases | 0 | |
Transfers | 0 | |
Realized gain and unrealized gain (loss) | 0 | |
Currency Translation | 0 | |
Fair Value, End of Year | 0 | |
Other Investments [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value, Beginning of Year | 191 | |
Fair Value, End of Year | 112 | 191 |
Other Investments [Member] | Level 3 [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value, Beginning of Year | 0 | 0 |
Sales | 0 | |
Purchases | 0 | |
Transfers | 0 | |
Realized gain and unrealized gain (loss) | 0 | |
Currency Translation | 0 | |
Fair Value, End of Year | $ 0 | $ 0 |
Pension Benefits Benefit Payments (Details) - Global - Pension $ in Millions |
Dec. 29, 2018
USD ($)
|
---|---|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Benefit payments in 2019 | $ 261 |
Benefit payments in 2020 | 261 |
Benefit payments in 2021 | 269 |
Benefit payments in 2022 | 275 |
Benefit payments in 2023 | 281 |
Benefit payments in 2024 through 2028 | $ 1,482 |
Nonpension Postretirement and Postemployment Benefits Change in Projected Benefit Obligations, Plan Assets, and Funded Status, Postretirement (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Amounts Recognized in Balance Sheet | |||
Other Assets | $ 228 | $ 252 | |
Other Liabilities | (34) | (40) | |
U.S. and Canada | Nonpension postretirement | |||
Defined Benefit Plan Change In Accumulated Benefit Obligation [Roll Forward] | |||
Beginning of Year | 1,190 | 1,161 | |
Service Cost | 18 | 18 | $ 21 |
Interest Cost | 36 | 37 | 39 |
Actuarial (gain) loss | (105) | 29 | |
Benefits paid | (67) | (61) | |
Curtailments and special termination benefits | 0 | 3 | |
Plan Amendments | 0 | 0 | |
Foreign Currency Adjustments | (3) | 3 | |
End of Year | 1,069 | 1,190 | 1,161 |
Change in plan assets | |||
Fair Value, Beginning of Year | 1,292 | 1,136 | |
Actual Return on Plan Assets | (91) | 217 | |
Employer Contributions | 17 | 13 | |
Benefits Paid, Plan Assets | (78) | (74) | |
Fair Value, End of Year | 1,140 | 1,292 | $ 1,136 |
Funded Status | 71 | 102 | |
Amounts Recognized in Balance Sheet | |||
Other Assets | 107 | 144 | |
Other Current Liabilities | (2) | (2) | |
Other Liabilities | (34) | (40) | |
Net Amount Recognized | 71 | 102 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) | |||
Prior Service Cost | (68) | (77) | |
Net Amount Recognized | $ (68) | $ (77) |
Nonpension Postretirement and Postemployment Benefits Components of Postretirement Expense (Details) - Nonpension postretirement - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Postretirement Benefit Expense | $ 43 | $ (123) | $ (41) |
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | 9 | ||
U.S. and Canada defined benefit plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service Cost | 18 | 18 | 21 |
Interest Cost | 36 | 37 | 39 |
Expected Return on Plan Assets | (94) | (98) | (90) |
Amortization of Unrecognized Prior Service Cost (Credit) | (9) | (9) | (9) |
Recognized net (gain) loss | 81 | (90) | (19) |
Net periodic benefit cost | 32 | (142) | (58) |
Curtailment and special termination benefits | 0 | 3 | 0 |
Postretirement Benefit Expense | 32 | (139) | (58) |
U.S. and Canada defined contribution plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Postretirement Benefit Expense | $ 11 | $ 16 | $ 17 |
Nonpension Postretirement and Postemployment Benefits Assumptions (Details) - U.S. and Canada - Nonpension postretirement |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate, benefit obligation | 4.30% | 3.60% | 4.00% |
Discount rate, annual net periodic cost | 3.60% | 4.00% | 4.20% |
Long-term rate of return on plan assets | 7.50% | 8.50% | 8.50% |
Nonpension Postretirement and Postemployment Benefits Health Care Cost Trend Rates (Details) - U.S. and Canada - Nonpension postretirement $ in Millions |
12 Months Ended |
---|---|
Dec. 29, 2018
USD ($)
| |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Assumed healthcare cost trend rate for 2019 | 5.50% |
Annual change in assumed healthcare cost trend rate | 0.25% |
Assumed health care cost trend rate by 2023 | 4.50% |
Effiect on total service and interest cost components, one percentage point increase | $ 6 |
Effect on postretirement benefit obligation, one percentage point increase | 97 |
Effect on total service and interest cost components, one percentage point decrease | (3) |
Effect on postretirement benefit obligation, one percentage point decrease | $ (67) |
Nonpension Postretirement and Postemployment Benefits Plan Assets (Details) - U.S. and Canada - Nonpension postretirement - USD ($) $ in Millions |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|---|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1,140 | $ 1,292 | $ 1,136 | |||
Net Asset Value Excluded From Fair Value By Input | [1] | 791 | 805 | |||
Level 1 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 115 | 149 | ||||
Level 2 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 234 | 338 | ||||
Level 3 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Cash and Cash Equivalents | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 3 | 13 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 0 | 0 | |||
Cash and Cash Equivalents | Level 1 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 2 | 0 | ||||
Cash and Cash Equivalents | Level 2 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | 13 | ||||
Cash and Cash Equivalents | Level 3 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Domestic Corporate Common Stock | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 108 | 141 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 0 | 0 | |||
Domestic Corporate Common Stock | Level 1 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 108 | 141 | ||||
Domestic Corporate Common Stock | Level 2 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Domestic Corporate Common Stock | Level 3 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Foreign Corporate Common Stock | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 6 | 8 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 0 | 0 | |||
Foreign Corporate Common Stock | Level 1 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 5 | 8 | ||||
Foreign Corporate Common Stock | Level 2 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | 0 | ||||
Foreign Corporate Common Stock | Level 3 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Mutual Funds Domestic Equity | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 37 | 52 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 0 | 0 | |||
Mutual Funds Domestic Equity | Level 1 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Mutual Funds Domestic Equity | Level 2 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 37 | 52 | ||||
Mutual Funds Domestic Equity | Level 3 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Mutual Fund International Equity | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 40 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 0 | 0 | |||
Mutual Fund International Equity | Level 1 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Mutual Fund International Equity | Level 2 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 40 | ||||
Mutual Fund International Equity | Level 3 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Mutual Funds Domestic Debt | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 42 | 52 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 0 | 0 | |||
Mutual Funds Domestic Debt | Level 1 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Mutual Funds Domestic Debt | Level 2 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 42 | 52 | ||||
Mutual Funds Domestic Debt | Level 3 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Collective Trusts Domestic Equity | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 281 | 273 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 281 | 273 | |||
Collective Trusts Domestic Equity | Level 1 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Collective Trusts Domestic Equity | Level 2 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Collective Trusts Domestic Equity | Level 3 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Collective Trusts International Equity | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 228 | 266 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 228 | 266 | |||
Collective Trusts International Equity | Level 1 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Collective Trusts International Equity | Level 2 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Collective Trusts International Equity | Level 3 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Limited Partnership | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 199 | 215 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 199 | 215 | |||
Limited Partnership | Level 1 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Limited Partnership | Level 2 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Limited Partnership | Level 3 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Bonds, corporate | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 95 | 117 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 0 | 0 | |||
Bonds, corporate | Level 1 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Bonds, corporate | Level 2 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 95 | 117 | ||||
Bonds, corporate | Level 3 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Bonds, government | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 50 | 53 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 0 | 0 | |||
Bonds, government | Level 1 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Bonds, government | Level 2 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 50 | 53 | ||||
Bonds, government | Level 3 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Bonds, other | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 7 | 60 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 0 | 51 | |||
Bonds, other | Level 1 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Bonds, other | Level 2 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 7 | 9 | ||||
Bonds, other | Level 3 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Real Estate | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 83 | |||||
Net Asset Value Excluded From Fair Value By Input | [1] | 83 | ||||
Real Estate | Level 1 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Real Estate | Level 2 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Real Estate | Level 3 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Other [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | 2 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 0 | 0 | |||
Other [Member] | Level 1 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Other [Member] | Level 2 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | 2 | ||||
Other [Member] | Level 3 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 | ||||
|
Nonpension Postretirement and Postemployment Benefits VEBA Trusts (Details) - U.S. and Canada $ in Millions |
Dec. 29, 2018
USD ($)
|
---|---|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected contribution by Company | $ 18 |
Nonpension postretirement | Debt Securities | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Weighted-average target asset allocation | 35.00% |
Nonpension postretirement | Equity Securities | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Weighted-average target asset allocation | 58.00% |
Nonpension postretirement | Real Estate | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Weighted-average target asset allocation | 7.00% |
Nonpension Postretirement and Postemployment Benefits Change in Projected Benefit Obligations, Plan Assets, and Funded Status, Postemployment (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Defined Benefit Plan Change In Accumulated Benefit Obligation [Roll Forward] | |||
Other Assets | $ 228 | $ 252 | |
Amounts Recognized in Balance Sheet | |||
Other Liabilities | (34) | (40) | |
Global | Postemployment | |||
Defined Benefit Plan Change In Accumulated Benefit Obligation [Roll Forward] | |||
Beginning of Year | 43 | 87 | |
Service Cost | 3 | 6 | $ 7 |
Interest Cost | 1 | 3 | 3 |
Actuarial (gain) loss | 3 | (45) | |
Benefits paid | (8) | (8) | |
Plan Amendments | 0 | 0 | |
Foreign Currency Adjustments | 0 | 0 | |
End of Year | 42 | 43 | $ 87 |
Funded Status | (42) | (43) | |
Amounts Recognized in Balance Sheet | |||
Other Current Liabilities | (5) | (4) | |
Other Liabilities | (37) | (39) | |
Net Amount Recognized | (42) | (43) | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) | |||
Prior Service Cost | 4 | 5 | |
Net experience loss | (38) | (46) | |
Net Amount Recognized | $ (34) | $ (41) |
Nonpension Postretirement and Postemployment Benefits Components of Postretirement Expense, Postemployment (Details) - Global - Postemployment - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actuarial gain change in incidence rate assumption | $ 31 | ||
Service Cost | 3 | $ 6 | $ 7 |
Interest Cost | 1 | 3 | 3 |
Amortization of Unrecognized Prior Service Cost (Credit) | 1 | 1 | 1 |
Recognized net (gain) loss | (5) | 0 | 3 |
Postemployment Benefits, Period Expense | 0 | $ 10 | $ 14 |
Estimated net prior service cost for defined benefit pension plans, expected to be amortized | 5 | ||
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | $ 1 |
Nonpension Postretirement and Postemployment Benefits Benefit Payments (Details) $ in Millions |
Dec. 29, 2018
USD ($)
|
---|---|
Global | Postemployment | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Benefit payments in 2019 | $ 5 |
Benefit payments in 2020 | 4 |
Benefit payments in 2021 | 4 |
Benefit payments in 2022 | 4 |
Benefit payments in 2023 | 4 |
Benefit payments in 2024 through 2028 | 18 |
U.S. and Canada | Nonpension postretirement | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Benefit payments in 2019 | 80 |
Benefit payments in 2020 | 73 |
Benefit payments in 2021 | 72 |
Benefit payments in 2022 | 73 |
Benefit payments in 2023 | 73 |
Benefit payments in 2024 through 2028 | $ 361 |
Multipemployer Pension and Postretirement Plans Narrative (Details) |
12 Months Ended |
---|---|
Dec. 29, 2018 | |
Minimum | |
Multiemployer Plans [Line Items] | |
Red Zone Multiemployer Plans Funded Percentage | 0.00% |
Yellow Zone Multiemployer Plans Funded Percentage | 65.00% |
Green Zone Multiemployer Plan Funded Percentage | 80.00% |
Maximum | |
Multiemployer Plans [Line Items] | |
Red Zone Multiemployer Plans Funded Percentage | 65.00% |
Yellow Zone Multiemployer Plans Funded Percentage | 80.00% |
Green Zone Multiemployer Plan Funded Percentage | 100.00% |
Multipemployer Pension and Postretirement Plans Multiemployer Pension Plans Trusts Funds (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
||||||||||
Multiemployer Plans [Line Items] | ||||||||||||
Multiemployer Plan, Contributions by Employer | $ 10.4 | $ 15.9 | $ 13.7 | |||||||||
Bakery And Confectionary Union And Industry International Pension Fund [Member] | ||||||||||||
Multiemployer Plans [Line Items] | ||||||||||||
Multiemployer Plans, Collective-Bargaining Arrangement, Percentage of Employer's Participants | 80.00% | |||||||||||
Entity Tax Identification Number | [1] | 526118572 | ||||||||||
Multiemployer Plan Number | [1] | 001 | ||||||||||
Multiemployer Plans, Certified Zone Status | [1] | Red | Red | |||||||||
Multiemployer Plans, Certified Zone Status, Date | [1] | Dec. 31, 2018 | Dec. 31, 2017 | |||||||||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date, First | [1] | Dec. 17, 2019 | ||||||||||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date, Last | [1] | Mar. 16, 2021 | ||||||||||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | [1],[2] | Mar. 16, 2021 | ||||||||||
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | [1] | Implemented | ||||||||||
Multiemployer Plan, Contributions by Employer | [1] | $ 6.5 | $ 6.6 | 4.8 | ||||||||
Multiemployer Plans, Surcharge | [1] | Yes | ||||||||||
Central States Southeast And Southwest Areas Pension Fund [Member] | ||||||||||||
Multiemployer Plans [Line Items] | ||||||||||||
Entity Tax Identification Number | 366044243 | |||||||||||
Multiemployer Plan Number | 001 | |||||||||||
Multiemployer Plans, Certified Zone Status | Red | Red | ||||||||||
Multiemployer Plans, Certified Zone Status, Date | Dec. 31, 2018 | Dec. 31, 2017 | ||||||||||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date, First | ||||||||||||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date, Last | ||||||||||||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | [2] | Jul. 28, 2019 | ||||||||||
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | |||||||||||
Multiemployer Plan, Contributions by Employer | $ 1.9 | $ 4.8 | 4.8 | |||||||||
Multiemployer Plans, Surcharge | Yes | |||||||||||
Western Conference Of Teamsters Pension Trust [Member] | ||||||||||||
Multiemployer Plans [Line Items] | ||||||||||||
Entity Tax Identification Number | 916145047 | |||||||||||
Multiemployer Plan Number | 001 | |||||||||||
Multiemployer Plans, Certified Zone Status | Green | Green | ||||||||||
Multiemployer Plans, Certified Zone Status, Date | Dec. 31, 2018 | Dec. 31, 2017 | ||||||||||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date, First | ||||||||||||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date, Last | ||||||||||||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | [3] | Mar. 26, 2022 | ||||||||||
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | NA | |||||||||||
Multiemployer Plan, Contributions by Employer | $ 1.0 | $ 1.4 | 1.0 | |||||||||
Multiemployer Plans, Surcharge | No | |||||||||||
Other Plans [Member] | ||||||||||||
Multiemployer Plans [Line Items] | ||||||||||||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | [4] | |||||||||||
Multiemployer Plan, Contributions by Employer | $ 1.0 | $ 3.1 | $ 3.1 | |||||||||
|
Multipemployer Pension and Postretirement Plans Multiemployer Pension Plans Trusts Funds Contributions (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Multiemployer Plans [Line Items] | |||
Collective-Bargaining Arrangement, percentage of total contributions | 5.00% | ||
Multiemployer Plans, Withdrawal Obligation | $ 32 | $ 28 | |
Multiemployer plan withdrawal obligation term | 20 years | ||
Multiemployer withdrawal liability payments | $ 3 | ||
Project K | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plan withdrawal expense | $ 7 | $ 26 | $ 0 |
Multipemployer Pension and Postretirement Plans Multiemployer Pension Plans Curtailments, Settlements and Termination Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Multiemployer Plan, Contributions by Employer | $ 10.4 | $ 15.9 | $ 13.7 |
Multiemployer Plans, Postretirement Benefit | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Multiemployer Plan, Contributions by Employer | $ 11.0 | $ 16.0 | $ 17.0 |
Income Taxes (Narrative) (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 29, 2018 |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Operating Loss Carryforwards [Line Items] | ||||
Effective income tax rate | 13.60% | 24.80% | 25.20% | |
U.S. Federal Corporate Tax Rate Prior to Tax Cuts and Jobs Act of 2017 | 35.00% | |||
U.S. Federal Corporate Tax Rate after Tax Cuts and Jobs Act of 2017 | 21.00% | |||
Transition tax on unrepatriated earnings of foreign subsidiaries payment term | 8 years | |||
Year end tax provision net of reduction in U.S. Corporate tax rate and transition tax | $ 8 | |||
Tax benefit from U.S. corporate tax rate reduction | $ (11) | |||
Transition tax estimate | $ (16) | |||
Discrete tax expense related to changes in our reinvestment assertion | 5 | |||
Remeasurement of deferred taxes Tax Cuts Jobs Act of 2017 | 149 | |||
Transition tax liability on accumulated foreign earnings | $ (16) | 94 | 157 | |
Tax reserves for transition tax on foreign earnings | 47 | |||
Pension contributions | 287 | 44 | $ 33 | |
Discrete tax benefit remeasurement of deferred taxes following a legal entity restructuring | 44 | |||
Undistributed earnings of foreign subsidiaries | 700 | 2,400 | ||
Amount of unrecognized deferred tax liability on undistributed earnings of foreign subsidiaries | 20 | |||
Excess Tax Benefit From Share Based Compensation | 36 | |||
Venezuela Deconsolidation Loss Amount | 0 | 0 | (72) | |
Accumulated foreign earnings considered permanently reinvested | 2,600 | |||
Deferred Tax Benefit Resulting From Intercompany Transfer Of Intellectual Property | 39 | |||
Tax benefits of carryforwards | 270 | 239 | ||
Valuation allowance | 166 | 153 | ||
Income taxes paid | $ 188 | 352 | $ 256 | |
U.S percentage of tax provision | 65.00% | |||
Unrecognized tax benefits classified as current liabilities | $ 12 | |||
Projected additions to unrecognized tax benefits related to ongoing intercompany pricing activity | 4 | |||
Unrecognized tax benefits that would affect the Company's effective tax rate in future periods | 86 | |||
Deferred Tax Liabilities, Gross | 852 | 588 | ||
Deferred tax liabilities | 484 | $ 109 | ||
Discretionary pension contribution | ||||
Operating Loss Carryforwards [Line Items] | ||||
Pension contributions | 250 | |||
Multipro | ||||
Operating Loss Carryforwards [Line Items] | ||||
Deferred tax liabilities | $ 253 |
Income Taxes Income before income taxes and the provision for U.S. federal, state and foreign taxes on earnings (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Income Tax Disclosure [Abstract] | |||
Income before income taxes, United States | $ 851 | $ 1,097 | $ 835 |
Income before income taxes, Foreign | 478 | 560 | 99 |
Income before income taxes | 1,329 | 1,657 | 934 |
Income taxes, currently payable, Federal | 7 | 358 | 173 |
Income taxes, currently payable, State | 28 | 31 | 26 |
Income taxes, currently payable, Foreign | 99 | 79 | 60 |
Income taxes, currently payable | 134 | 468 | 259 |
Income taxes, deferred, Federal | 109 | (41) | 18 |
Income taxes, deferred, State | (59) | 8 | 6 |
Income taxes, deferred, Foreign | (3) | (25) | (48) |
Income taxes, deferred | 47 | (58) | (24) |
Total income taxes | $ 181 | $ 410 | $ 235 |
Income Taxes Difference Between U.S. Federal Statutory Tax Rate and the Company's Effective Income Tax Rate (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Income Tax Disclosure [Abstract] | |||
U.S. statutory income tax rate | 21.00% | 35.00% | 35.00% |
Foreign rates varying from U.S. statutory rate | (3.00%) | (6.70%) | (5.00%) |
Excess tax benefits on share-based compensation | (0.30%) | (0.30%) | (3.70%) |
State income taxes, net of federal benefit | 1.50% | 1.40% | 2.40% |
Cost (benefit) of remitted and unremitted foreign earnings | 0.70% | 0.10% | 0.10% |
Legal entity restructuring, deferred tax impact | (3.30%) | 0.00% | 0.00% |
Discretionary pension contributions | (2.30%) | 0.00% | 0.00% |
Net change in valuation allowance | 2.00% | (0.40%) | 0.50% |
U.S. deduction for qualified production activities | (0.00%) | (1.40%) | (2.80%) |
Statutory rate changes, deferred tax impact | 0.00% | (9.00%) | (0.10%) |
U.S. deemed repatriation tax | (1.20%) | 10.40% | 0.00% |
Intangible property transfer | 0.00% | (2.40%) | 0.00% |
Venezuela deconsolidation | 0.00% | 0.00% | 1.80% |
Venezuela remeasurement | 0.00% | 0.00% | 0.40% |
Other | (1.50%) | (1.90%) | (3.40%) |
Effective Income Tax Rate Reconciliation, Percent | 13.60% | 24.80% | 25.20% |
Income Taxes Deferred tax assets and deferred tax liabilities (Details) - USD ($) $ in Millions |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
---|---|---|---|---|
Deferred Income Tax [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $ 0 | $ 0 | ||
Deferred Tax Liabilities Us State Income Taxes | 19 | 48 | ||
Deferred Tax Assets Advertising And Promotion Related | 11 | 22 | ||
Deferred Tax Assets Wages And Payroll Taxes | 20 | 26 | ||
Deferred Tax Assets, Inventory | 14 | 20 | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 132 | 154 | ||
Tax benefits of carryforwards | 270 | 239 | ||
Deferred Tax Assets, Hedging Transactions | 10 | 42 | ||
Deferred Tax Liabilities, Hedging Transactions | 0 | 0 | ||
Deferred Tax Liabilities, Property, Plant and Equipment | 220 | 208 | ||
Deferred Tax Liabilities, Intangible Assets | 613 | 332 | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 20 | 25 | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 31 | 33 | ||
Deferred Tax Assets, Other | 26 | 71 | ||
Deferred Tax Assets, Gross | 534 | 632 | ||
Deferred Tax Liabilities, Gross | 852 | 588 | ||
Deferred Tax Liabilities, Net | (484) | (109) | ||
Deferred Tax Assets, Valuation Allowance | (166) | (153) | $ (131) | $ (63) |
Deferred Tax Assets, Net of Valuation Allowance | 368 | 479 | ||
Other Assets [Member] | ||||
Deferred Income Tax [Line Items] | ||||
Deferred Tax Assets, Net | 246 | 246 | ||
Other liabilities | ||||
Deferred Income Tax [Line Items] | ||||
Deferred Tax Liabilities, Net | $ (730) | $ (355) |
Income Taxes Change in Valuation Allowance Against Deferred Tax Assets (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|||||
Operating Loss Carryforwards [Line Items] | |||||||
Valuation Allowances and Reserves, Period Increase (Decrease) | $ 15 | $ 26 | |||||
Balance at beginning of year | $ 153 | 131 | 63 | ||||
Additions charged to income tax expense | 29 | 35 | [1] | 70 | [1] | ||
Reductions credited to income tax expense | (1) | (28) | (4) | ||||
Currency translation adjustments | (15) | 15 | 2 | ||||
Balance at end of year | $ 166 | $ 153 | 131 | ||||
2014 Loss Carryforward [Member] | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Valuation Allowances and Reserves, Period Increase (Decrease) | $ 34 | ||||||
|
Income Taxes Unrecognized Tax Benefit Reconciliation (Details) - USD ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
||||
Income Tax Disclosure [Abstract] | ||||||
Balance at beginning of year | $ 60 | $ 63 | $ 73 | |||
Additions, current year | 51 | [1] | 6 | 6 | ||
Additions, prior year | 4 | 5 | 1 | |||
Reductions, prior year | (13) | (8) | (14) | |||
Settlements, decreases | (4) | (4) | ||||
Settlements, increases | 1 | |||||
Lapse in statute of limitations | (1) | (2) | (4) | |||
Balance at end of year | 97 | 60 | 63 | |||
Tax reserves for transition tax on foreign earnings | 47 | |||||
Income tax examination interest payments | 2 | |||||
Income Tax Examination, Interest Expense | 3 | 2 | 2 | |||
Accrued tax-related interest and penalties | $ 22 | $ 21 | $ 19 | |||
|
Derivative Instruments and Fair Value Measurements Narrative (Details) - USD ($) $ in Millions |
Dec. 29, 2018 |
Dec. 30, 2017 |
---|---|---|
Derivative [Line Items] | ||
Long-term debt total, carrying value | $ 8,717 | $ 8,245 |
Fair value of derivative instruments with credit-risk related contingent features in a liability position | 3 | |
Additional collateral required to be posted if the credit-risk related contingent features were triggered | 3 | |
Derivative, Collateral, Obligation to Return Cash | $ 2 | 0 |
Five largest customers percentage of consolidated trade receivables | 20.00% | |
Net Investment Hedging [Member] | ||
Derivative [Line Items] | ||
Long-term debt total, carrying value | $ 2,600 | $ 2,700 |
Accounts receivable | ||
Derivative [Line Items] | ||
Collateral posting | 0 | |
Margin deposits | 18 | |
Other liabilities | ||
Derivative [Line Items] | ||
Derivative, Collateral, Obligation to Return Cash | $ 20 |
Derivative Instruments and Fair Value Measurements Total Notional Amounts of the Company's Derivative Instruments (Details) - USD ($) $ in Millions |
Dec. 29, 2018 |
Dec. 30, 2017 |
---|---|---|
Derivative [Line Items] | ||
Notional amount of derivatives | $ 5,085 | $ 4,966 |
Foreign currency exchange contracts | ||
Derivative [Line Items] | ||
Notional amount of derivatives | 1,863 | 2,172 |
Cross-currency contracts | ||
Derivative [Line Items] | ||
Notional amount of derivatives | 1,197 | 0 |
Interest rate contracts | ||
Derivative [Line Items] | ||
Notional amount of derivatives | 1,608 | 2,250 |
Commodity contracts | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 417 | $ 544 |
Derivative Instruments and Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions |
Dec. 29, 2018 |
Dec. 30, 2017 |
|||
---|---|---|---|---|---|
Derivative [Line Items] | |||||
Fair Value Of Related Hedge Portion Of Long Term Debt | $ 1,600 | $ 2,300 | |||
Designated as hedging instrument | |||||
Derivative [Line Items] | |||||
Assets | 96 | 0 | |||
Liabilities | (22) | (54) | |||
Designated as hedging instrument | Level 1 [Member] | |||||
Derivative [Line Items] | |||||
Assets | 0 | 0 | |||
Liabilities | 0 | 0 | |||
Designated as hedging instrument | Level 2 [Member] | |||||
Derivative [Line Items] | |||||
Assets | 96 | 0 | |||
Liabilities | (22) | (54) | |||
Designated as hedging instrument | Cross-currency contracts | Other Current Assets [Member] | |||||
Derivative [Line Items] | |||||
Assets | 79 | 0 | |||
Designated as hedging instrument | Cross-currency contracts | Level 1 [Member] | Other Current Assets [Member] | |||||
Derivative [Line Items] | |||||
Assets | 0 | 0 | |||
Designated as hedging instrument | Cross-currency contracts | Level 2 [Member] | Other Current Assets [Member] | |||||
Derivative [Line Items] | |||||
Assets | 79 | 0 | |||
Designated as hedging instrument | Interest rate contracts | Other Assets [Member] | |||||
Derivative [Line Items] | |||||
Assets | [1] | 17 | 0 | ||
Designated as hedging instrument | Interest rate contracts | Other liabilities | |||||
Derivative [Line Items] | |||||
Liabilities | [1] | (22) | (54) | ||
Designated as hedging instrument | Interest rate contracts | Level 1 [Member] | Other Assets [Member] | |||||
Derivative [Line Items] | |||||
Assets | [1] | 0 | 0 | ||
Designated as hedging instrument | Interest rate contracts | Level 1 [Member] | Other liabilities | |||||
Derivative [Line Items] | |||||
Liabilities | [1] | 0 | 0 | ||
Designated as hedging instrument | Interest rate contracts | Level 2 [Member] | Other Assets [Member] | |||||
Derivative [Line Items] | |||||
Assets | [1] | 17 | 0 | ||
Designated as hedging instrument | Interest rate contracts | Level 2 [Member] | Other liabilities | |||||
Derivative [Line Items] | |||||
Liabilities | [1] | (22) | (54) | ||
Not Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Assets | 6 | 16 | |||
Liabilities | (13) | (21) | |||
Not Designated as Hedging Instrument [Member] | Level 1 [Member] | |||||
Derivative [Line Items] | |||||
Assets | 3 | 6 | |||
Liabilities | (9) | (7) | |||
Not Designated as Hedging Instrument [Member] | Level 2 [Member] | |||||
Derivative [Line Items] | |||||
Assets | 3 | 10 | |||
Liabilities | (4) | (14) | |||
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts | Other Current Assets [Member] | |||||
Derivative [Line Items] | |||||
Assets | 3 | 10 | |||
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts | Other Current Liabilities [Member] | |||||
Derivative [Line Items] | |||||
Liabilities | (4) | (14) | |||
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts | Level 1 [Member] | Other Current Assets [Member] | |||||
Derivative [Line Items] | |||||
Assets | 0 | 0 | |||
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts | Level 1 [Member] | Other Current Liabilities [Member] | |||||
Derivative [Line Items] | |||||
Liabilities | 0 | 0 | |||
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts | Level 2 [Member] | Other Current Assets [Member] | |||||
Derivative [Line Items] | |||||
Assets | 3 | 10 | |||
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts | Level 2 [Member] | Other Current Liabilities [Member] | |||||
Derivative [Line Items] | |||||
Liabilities | (4) | (14) | |||
Not Designated as Hedging Instrument [Member] | Commodity contracts | Other Current Assets [Member] | |||||
Derivative [Line Items] | |||||
Assets | 3 | 6 | |||
Not Designated as Hedging Instrument [Member] | Commodity contracts | Other Current Liabilities [Member] | |||||
Derivative [Line Items] | |||||
Liabilities | (9) | (7) | |||
Not Designated as Hedging Instrument [Member] | Commodity contracts | Level 1 [Member] | Other Current Assets [Member] | |||||
Derivative [Line Items] | |||||
Assets | 3 | 6 | |||
Not Designated as Hedging Instrument [Member] | Commodity contracts | Level 1 [Member] | Other Current Liabilities [Member] | |||||
Derivative [Line Items] | |||||
Liabilities | (9) | (7) | |||
Not Designated as Hedging Instrument [Member] | Commodity contracts | Level 2 [Member] | Other Current Assets [Member] | |||||
Derivative [Line Items] | |||||
Assets | 0 | 0 | |||
Not Designated as Hedging Instrument [Member] | Commodity contracts | Level 2 [Member] | Other Current Liabilities [Member] | |||||
Derivative [Line Items] | |||||
Liabilities | $ 0 | $ 0 | |||
|
Derivative Instruments and Fair Value Measurements Schedule of Cumulative Basis Adjustments for Fair Value Hedges (Details) - USD ($) $ in Millions |
Dec. 29, 2018 |
Dec. 30, 2017 |
|||
---|---|---|---|---|---|
Derivatives, Fair Value [Line Items] | |||||
Current maturities of long-term debt | $ 510 | $ 409 | |||
Long-term debt | 8,207 | 7,836 | |||
Carrying amount of hedged liability | Fair value hedges | Interest rate contracts | Designated as hedging instrument | |||||
Derivatives, Fair Value [Line Items] | |||||
Current maturities of long-term debt | 503 | 402 | |||
Long-term debt | 3,354 | 3,481 | |||
Cumulative fair value adjustment | Fair value hedges | Interest rate contracts | Designated as hedging instrument | |||||
Derivatives, Fair Value [Line Items] | |||||
Current maturities of long-term debt | [1] | 3 | 2 | ||
Long-term debt | [1] | (18) | (22) | ||
Cumulative fair value adjustment | Discontinued hedging | Interest rate contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Current maturities of long-term debt | 3 | 2 | |||
Long-term debt | $ (12) | $ 32 | |||
|
Derivative Instruments and Fair Value Measurements Schedule of Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 29, 2018 |
Dec. 30, 2017 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Net amount of assets presented in the balance sheet | $ 102 | $ 16 |
Financial instruments, gross amount not offset in balance sheet | (27) | (15) |
Cash collateral posted, gross amount not offset in balance sheet | (2) | 0 |
Net amount, assets derivatives | 73 | 1 |
Net amounts of liabilities presented in balance sheet | (35) | (75) |
Financial instruments, gross amount not offset in balance sheet | 27 | 15 |
Cash collateral received, gross amount not offset in balance sheet | 0 | 37 |
Net amount, liabilities derivatives | $ (8) | $ (23) |
Derivative Instruments and Fair Value Measurements The Effect of Derivative Instruments on the Consolidated Statement of Income (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 7 | ||
Gain (Loss) Recognized in AOCI | 3 | $ 0 | $ (55) |
Net Investment Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in AOCI | 208 | (316) | |
Gain (loss) excluded from assessment of hedge effectiveness | 16 | 0 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income | (3) | (52) | |
Foreign currency exchange contracts | COGS [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income | 19 | (8) | |
Foreign currency exchange contracts | SGA | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income | 1 | (1) | |
Foreign currency exchange contracts | Other Income (Expense), Net | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income | 0 | (10) | |
Foreign Currency Denominated Long Term Debt | Net Investment Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in AOCI | 129 | (316) | |
Gain (loss) excluded from assessment of hedge effectiveness | 0 | 0 | |
Cross-currency contracts | Net Investment Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in AOCI | 79 | 0 | |
Gain (loss) excluded from assessment of hedge effectiveness | 16 | 0 | |
Commodity contracts | COGS [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income | (23) | (18) | |
Commodity contracts | SGA | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income | $ 0 | $ (15) |
Derivative Instruments and Fair Value Measurements Schedule of Effect of Fair Value and Cash Flow Hedge Accounting on Consolidated Statement of Income (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest expense | $ 287 | $ 256 | |
Cost of goods sold | 8,821 | 8,155 | $ 8,131 |
Other income (expense), net | (90) | 526 | $ (143) |
Interest rate contracts | Interest expense | Designated as hedging instrument | Fair value hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (5) | 22 | |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 9 | (4) | |
Interest rate contracts | Interest expense | Designated as hedging instrument | Cash Flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from AOCI into Income | (8) | (10) | |
Interest rate contracts | Other income (expense) | Designated as hedging instrument | Fair value hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | ||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | (1) | ||
Interest rate contracts | Other income (expense) | Designated as hedging instrument | Cash Flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from AOCI into Income | 0 | ||
Interest rate contracts | Cost of goods sold | Designated as hedging instrument | Fair value hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | ||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 0 | ||
Interest rate contracts | Cost of goods sold | Designated as hedging instrument | Cash Flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from AOCI into Income | 0 | ||
Foreign currency exchange contracts | Interest expense | Designated as hedging instrument | Fair value hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from AOCI into Income | $ 0 | 0 | |
Foreign currency exchange contracts | Other income (expense) | Designated as hedging instrument | Fair value hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from AOCI into Income | 0 | ||
Foreign currency exchange contracts | Cost of goods sold | Designated as hedging instrument | Fair value hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from AOCI into Income | $ 1 |
Derivative Instruments and Fair Value Measurements Assets Measured at Fair Value (Details) - North America Other - Property, Plant and Equipment - Manufacturing Facility [Member] - Fair Value, Measurements, Nonrecurring [Member] - Level 3 [Member] - Project K $ in Millions |
Dec. 29, 2018
USD ($)
|
---|---|
Long-lived assets value | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure | $ 19 |
Estimate fair value | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure | $ 5 |
Derivative Instruments and Fair Value Measurements Fair Value of Long-term Debt (Details) - USD ($) $ in Millions |
Dec. 29, 2018 |
Dec. 30, 2017 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Current maturities of long-term debt, carrying value | $ 510 | $ 409 |
Long-term Debt, Fair Value | 8,200 | |
Long-term debt, carrying value | 8,207 | 7,836 |
Long-term debt total, carrying value | $ 8,717 | $ 8,245 |
Venezuela (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Foreign Currency [Line Items] | ||||
Venezuela Deconsolidation Loss Amount | $ 0 | $ 0 | $ (72) | |
Venezuela deconsolidation loss related to CTA, net of tax | $ 0 | $ 0 | $ 63 | |
Other Income (Expense), Net | ||||
Foreign Currency [Line Items] | ||||
Venezuela Deconsolidation Loss Amount | $ (72) |
Quarterly Financial Data Narrative (Details) |
Dec. 29, 2018 |
---|---|
Quarterly Financial Information Disclosure [Abstract] | |
Number Of Shareholders | 30,802 |
Quarterly Financial Data Net sales and gross profit (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 29, 2018 |
Sep. 29, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 30, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 3,317 | $ 3,469 | $ 3,360 | $ 3,401 | $ 3,185 | $ 3,246 | $ 3,175 | $ 3,248 | $ 13,547 | $ 12,854 | $ 12,965 |
Gross Profit | $ 1,089 | $ 1,176 | $ 1,209 | $ 1,252 | $ 1,142 | $ 1,172 | $ 1,225 | $ 1,160 | $ 4,726 | $ 4,699 |
Quarterly Financial Data Net income and earnings per share (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 29, 2018 |
Sep. 29, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 30, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Net income (loss) attributable to Kellogg Company, Basic | $ (84) | [1] | $ 380 | $ 596 | $ 444 | $ 417 | $ 288 | $ 283 | $ 266 | $ 1,336 | $ 1,254 | $ 699 | ||
Basic | $ (0.24) | $ 1.10 | $ 1.72 | $ 1.28 | $ 1.21 | $ 0.83 | $ 0.81 | $ 0.76 | $ 3.85 | $ 3.61 | $ 1.99 | |||
Diluted | $ (0.24) | $ 1.09 | $ 1.71 | $ 1.27 | $ 1.20 | $ 0.83 | $ 0.80 | $ 0.75 | $ 3.83 | $ 3.58 | $ 1.97 | |||
|
Quarterly Financial Data Dividends and stock prices (Details) - $ / shares |
3 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 29, 2018 |
Sep. 29, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 30, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 29, 2018 |
Dec. 30, 2017 |
|
Quarterly Financial Information Disclosure [Abstract] | ||||||||||
Dividends per share | $ 0.56 | $ 0.56 | $ 0.54 | $ 0.54 | $ 0.54 | $ 0.54 | $ 0.52 | $ 0.52 | $ 2.20 | $ 2.12 |
Quarterly Financial Data Asset impairment and MTM gains and losses (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 29, 2018 |
Sep. 29, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 30, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Operating profit | $ 1,706 | $ 1,387 | $ 1,483 | ||||||||
Other income (expense) | (90) | 526 | $ (143) | ||||||||
Restructuring and cost reduction charges | |||||||||||
Operating profit | $ (84) | $ (64) | $ (5) | $ (20) | $ (39) | $ (136) | $ (98) | $ (138) | (173) | (411) | |
Other income (expense) | 0 | 30 | 0 | 0 | 15 | 134 | 3 | (4) | 30 | 148 | |
Gains (Losses) on mark-to-market adjustments | |||||||||||
Operating profit | (15) | (11) | 3 | 30 | (18) | (21) | 5 | (47) | 7 | (81) | |
Other income (expense) | $ (397) | $ 36 | $ 2 | $ 9 | $ 181 | $ (82) | $ 1 | $ 26 | $ (350) | $ 126 |
Reportable Segments Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 29, 2018 |
Sep. 29, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 30, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Segment Reporting Information [Line Items] | |||||||||||
Number of Operating Segments | 10 | ||||||||||
Number of Remaining Reportable Segments Which are Based on Geographical Location | 3 | ||||||||||
Net sales | $ 3,317 | $ 3,469 | $ 3,360 | $ 3,401 | $ 3,185 | $ 3,246 | $ 3,175 | $ 3,248 | $ 13,547 | $ 12,854 | $ 12,965 |
Walmart Stores Inc [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Largest customer, percentage of consolidated net sales | 19.00% | 20.00% | 20.00% | ||||||||
Cookie and fruit snacks | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 900 |
Reportable Segments Information (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 29, 2018 |
Sep. 29, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 30, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | $ 3,317 | $ 3,469 | $ 3,360 | $ 3,401 | $ 3,185 | $ 3,246 | $ 3,175 | $ 3,248 | $ 13,547 | $ 12,854 | $ 12,965 | |||
Operating profit | 1,706 | 1,387 | 1,483 | |||||||||||
Depreciation and amortization | 516 | [1] | 481 | 517 | ||||||||||
Interest expense | 287 | 256 | 406 | |||||||||||
Income taxes | 181 | 410 | 235 | |||||||||||
Property, Plant and Equipment, Additions | 578 | 501 | 507 | |||||||||||
Assets | 17,780 | 16,351 | 17,780 | 16,351 | ||||||||||
U.S. Snacks | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 2,957 | 3,110 | 3,197 | |||||||||||
Operating profit | 446 | 138 | 325 | |||||||||||
Depreciation and amortization | 138 | 146 | 159 | |||||||||||
U.S. Morning Foods | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 2,643 | 2,709 | 2,917 | |||||||||||
Operating profit | 478 | 567 | 597 | |||||||||||
Depreciation and amortization | 127 | 120 | 122 | |||||||||||
U.S. Specialty | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 1,235 | 1,242 | 1,207 | |||||||||||
Operating profit | 251 | 312 | 279 | |||||||||||
Depreciation and amortization | 12 | 13 | 11 | |||||||||||
North America Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 1,853 | 1,612 | 1,593 | |||||||||||
Operating profit | 222 | 229 | 181 | |||||||||||
Depreciation and amortization | 64 | [1] | 51 | 56 | ||||||||||
Interest expense | 1 | 3 | 5 | |||||||||||
North America [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Property, Plant and Equipment, Additions | 336 | 329 | 318 | |||||||||||
Assets | 10,777 | 10,867 | 10,777 | 10,867 | ||||||||||
Europe | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 2,395 | 2,291 | 2,383 | |||||||||||
Operating profit | 297 | 276 | 208 | |||||||||||
Depreciation and amortization | 80 | 80 | 114 | |||||||||||
Interest expense | 10 | 16 | 8 | |||||||||||
Income taxes | 22 | (39) | (16) | |||||||||||
Property, Plant and Equipment, Additions | 90 | 106 | 125 | |||||||||||
Assets | 4,870 | 4,057 | 4,870 | 4,057 | ||||||||||
Latin America | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 947 | 944 | 772 | |||||||||||
Operating profit | 102 | 108 | 84 | |||||||||||
Depreciation and amortization | 37 | 37 | 22 | |||||||||||
Interest expense | 3 | 2 | 4 | |||||||||||
Income taxes | 30 | 33 | 30 | |||||||||||
Property, Plant and Equipment, Additions | 76 | 32 | 24 | |||||||||||
Assets | 1,060 | 1,094 | 1,060 | 1,094 | ||||||||||
Asia Pacific | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 1,517 | 946 | 896 | |||||||||||
Operating profit | 128 | 84 | 69 | |||||||||||
Depreciation and amortization | 55 | 33 | 30 | |||||||||||
Interest expense | 5 | 2 | 2 | |||||||||||
Income taxes | 24 | 12 | 14 | |||||||||||
Property, Plant and Equipment, Additions | 73 | 30 | 36 | |||||||||||
Assets | 2,812 | 1,226 | 2,812 | 1,226 | ||||||||||
Total Reportable Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating profit | 1,924 | 1,714 | 1,743 | |||||||||||
Depreciation and amortization | 513 | [1] | 480 | 514 | ||||||||||
Corporate | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating profit | (218) | (327) | (260) | |||||||||||
Depreciation and amortization | 3 | 1 | 3 | |||||||||||
Interest expense | 268 | 233 | 387 | |||||||||||
Property, Plant and Equipment, Additions | 3 | 4 | 4 | |||||||||||
Assets | 649 | 1,426 | 649 | 1,426 | ||||||||||
Intersegment Eliminations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Assets | $ (2,388) | $ (2,319) | (2,388) | (2,319) | ||||||||||
Corporate And North America [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Income taxes | $ 105 | $ 404 | $ 207 | |||||||||||
|
Reportable Segments Net sales to external customers and long-lived assets (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 29, 2018 |
Sep. 29, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 30, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 3,317 | $ 3,469 | $ 3,360 | $ 3,401 | $ 3,185 | $ 3,246 | $ 3,175 | $ 3,248 | $ 13,547 | $ 12,854 | $ 12,965 |
Property, net | 3,731 | 3,716 | 3,731 | 3,716 | 3,569 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 8,176 | 8,160 | 8,413 | ||||||||
Property, net | 2,197 | 2,195 | 2,197 | 2,195 | 2,208 | ||||||
All Other Countries [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 5,371 | 4,694 | 4,552 | ||||||||
Property, net | $ 1,534 | $ 1,521 | $ 1,534 | $ 1,521 | $ 1,361 |
Reportable Segments Supplemental product information (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 29, 2018 |
Sep. 29, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 30, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 3,317 | $ 3,469 | $ 3,360 | $ 3,401 | $ 3,185 | $ 3,246 | $ 3,175 | $ 3,248 | $ 13,547 | $ 12,854 | $ 12,965 |
Snacks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 6,797 | 6,683 | 6,655 | ||||||||
Retail Channel Cereal [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 5,208 | 5,222 | 5,402 | ||||||||
Frozen [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 1,542 | $ 949 | $ 908 |
Supplemental Financial Statement Data Consolidated Statement of Income (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Supplemental Financial Statement Data [Abstract] | |||
Research and Development Expense | $ 154 | $ 148 | $ 182 |
Advertising Expense | $ 752 | $ 732 | $ 736 |
Supplemental Financial Statement Data Consolidated Balance Sheet (Details) - USD ($) $ in Millions |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
---|---|---|---|---|
Supplemental Financial Statement Data [Abstract] | ||||
Trade receivables | $ 1,163 | $ 1,250 | ||
Allowance for doubtful accounts | (10) | (10) | $ (8) | $ (8) |
Refundable income taxes | 28 | 23 | ||
Other Receivables | 194 | 126 | ||
Accounts receivable, net | 1,375 | 1,389 | ||
Raw materials and supplies | 339 | 333 | ||
Finished goods and materials in process | 991 | 884 | ||
Inventories, net | 1,330 | 1,217 | ||
Land | 120 | 111 | ||
Buildings | 2,061 | 2,200 | ||
Machinery and equipment | 5,971 | 6,018 | ||
Capitalized software | 438 | 403 | ||
Construction in progress | 583 | 634 | ||
Accumulated depreciation | (5,442) | (5,650) | ||
Property, net | 3,731 | 3,716 | 3,569 | |
Other intangibles | 3,448 | 2,706 | ||
Accumulated amortization | (87) | (67) | $ (54) | |
Other intangibles, net | 3,361 | 2,639 | ||
Pension | 228 | 252 | ||
Deferred income taxes | 246 | 246 | ||
Other | 594 | 529 | ||
Other Assets | 1,068 | 1,027 | ||
Accrued income taxes | 48 | 30 | ||
Accrued salaries and wages | 309 | 311 | ||
Accrued advertising and promotion | 557 | 582 | ||
Other | 502 | 551 | ||
Other Liabilities, Current | 1,416 | 1,474 | ||
Income taxes payable | 115 | 192 | ||
Nonpension postretirement benefits | 34 | 40 | ||
Other | 355 | 373 | ||
Other liabilities | $ 504 | $ 605 |
Supplemental Financial Statement Data Allowance for doubtful accounts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Supplemental Financial Statement Data [Abstract] | |||
Balance at beginning of year | $ 10 | $ 8 | $ 8 |
Additions charged to expense | 4 | 14 | 9 |
Doubtful accounts charged to reserve | (4) | (12) | (9) |
Balance at end of year | $ 10 | $ 10 | $ 8 |
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