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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One) | | | | | | | | |
☒ | | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 26, 2021
or | | | | | | | | |
☐ | | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from __________ to __________
Commission File Number: 001-37482
The Kraft Heinz Company
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | | | | |
Delaware | | 46-2078182 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
One PPG Place, | Pittsburgh, | Pennsylvania | | 15222 |
(Address of principal executive offices) | | (Zip Code) |
(412) 456-5700
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common stock, $0.01 par value | KHC | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. | | | | | | | | | | | | | | | | | | | | | | | |
Large accelerated filer | ☒ | | Accelerated filer | ☐ | | | |
Non-accelerated filer | ☐ | | Smaller reporting company | ☐ | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 31, 2021, there were 1,223,387,136 shares of the registrant’s common stock outstanding.
Unless the context otherwise requires, the terms “we,” “us,” “our,” “Kraft Heinz,” and the “Company” each refer to The Kraft Heinz Company and all of its consolidated subsidiaries.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The Kraft Heinz Company
Condensed Consolidated Statements of Income
(in millions, except per share data)
(Unaudited) | | | | | | | | | | | | | | | | | | | | | | | |
| For the Three Months Ended | | For the Six Months Ended |
| June 26, 2021 | | June 27, 2020 | | June 26, 2021 | | June 27, 2020 |
Net sales | $ | 6,615 | | | $ | 6,648 | | | $ | 13,009 | | | $ | 12,805 | |
Cost of products sold | 4,324 | | | 4,196 | | | 8,517 | | | 8,495 | |
Gross profit | 2,291 | | | 2,452 | | | 4,492 | | | 4,310 | |
Selling, general and administrative expenses, excluding impairment losses | 943 | | | 918 | | | 1,825 | | | 1,780 | |
Goodwill impairment losses | 35 | | | 1,817 | | | 265 | | | 2,043 | |
Intangible asset impairment losses | 78 | | | 1,056 | | | 78 | | | 1,056 | |
Selling, general and administrative expenses | 1,056 | | | 3,791 | | | 2,168 | | | 4,879 | |
Operating income/(loss) | 1,235 | | | (1,339) | | | 2,324 | | | (569) | |
Interest expense | 613 | | | 442 | | | 1,028 | | | 752 | |
Other expense/(income) | (23) | | | (78) | | | (53) | | | (159) | |
Income/(loss) before income taxes | 645 | | | (1,703) | | | 1,349 | | | (1,162) | |
Provision for/(benefit from) income taxes | 670 | | | (51) | | | 806 | | | 109 | |
Net income/(loss) | (25) | | | (1,652) | | | 543 | | | (1,271) | |
Net income/(loss) attributable to noncontrolling interest | 2 | | | (1) | | | 7 | | | 2 | |
Net income/(loss) attributable to common shareholders | $ | (27) | | | $ | (1,651) | | | $ | 536 | | | $ | (1,273) | |
Per share data applicable to common shareholders: | | | | | | | |
Basic earnings/(loss) | $ | (0.02) | | | $ | (1.35) | | | $ | 0.44 | | | $ | (1.04) | |
Diluted earnings/(loss) | (0.02) | | | (1.35) | | | 0.43 | | | (1.04) | |
See accompanying notes to the condensed consolidated financial statements.
The Kraft Heinz Company
Condensed Consolidated Statements of Comprehensive Income
(in millions)
(Unaudited) | | | | | | | | | | | | | | | | | | | | | | | |
| For the Three Months Ended | | For the Six Months Ended |
| June 26, 2021 | | June 27, 2020 | | June 26, 2021 | | June 27, 2020 |
Net income/(loss) | $ | (25) | | | $ | (1,652) | | | $ | 543 | | | $ | (1,271) | |
Other comprehensive income/(loss), net of tax: | | | | | | | |
Foreign currency translation adjustments | 190 | | | 186 | | | 249 | | | (604) | |
Net deferred gains/(losses) on net investment hedges | (49) | | | (17) | | | (44) | | | 149 | |
Amounts excluded from the effectiveness assessment of net investment hedges | 5 | | | 11 | | | 10 | | | 16 | |
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) | (3) | | | (5) | | | (6) | | | (11) | |
Net deferred gains/(losses) on cash flow hedges | (35) | | | 35 | | | (64) | | | 136 | |
Amounts excluded from the effectiveness assessment of cash flow hedges | 7 | | | 7 | | | 14 | | | 12 | |
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) | (1) | | | (51) | | | 26 | | | (61) | |
Net actuarial gains/(losses) arising during the period | 71 | | | — | | | 73 | | | — | |
Net postemployment benefit losses/(gains) reclassified to net income/(loss) | (7) | | | (24) | | | (13) | | | (49) | |
Total other comprehensive income/(loss) | 178 | | | 142 | | | 245 | | | (412) | |
Total comprehensive income/(loss) | 153 | | | (1,510) | | | 788 | | | (1,683) | |
Comprehensive income/(loss) attributable to noncontrolling interest | 2 | | | 11 | | | 5 | | | — | |
Comprehensive income/(loss) attributable to common shareholders | $ | 151 | | | $ | (1,521) | | | $ | 783 | | | $ | (1,683) | |
See accompanying notes to the condensed consolidated financial statements.
The Kraft Heinz Company
Condensed Consolidated Balance Sheets
(in millions, except per share data)
(Unaudited) | | | | | | | | | | | |
| June 26, 2021 | | December 26, 2020 |
ASSETS | | | |
Cash and cash equivalents | $ | 3,941 | | | $ | 3,417 | |
Trade receivables (net of allowances of $44 at June 26, 2021 and $48 at December 26, 2020) | 2,008 | | | 2,063 | |
Inventories | 2,820 | | | 2,773 | |
Prepaid expenses | 149 | | | 132 | |
Other current assets | 624 | | | 574 | |
Assets held for sale | 1,843 | | | 1,863 | |
Total current assets | 11,385 | | | 10,822 | |
Property, plant and equipment, net | 6,611 | | | 6,876 | |
Goodwill | 31,477 | | | 33,089 | |
Intangible assets, net | 44,941 | | | 46,667 | |
Other non-current assets | 2,624 | | | 2,376 | |
TOTAL ASSETS | $ | 97,038 | | | $ | 99,830 | |
LIABILITIES AND EQUITY | | | |
Commercial paper and other short-term debt | $ | 6 | | | $ | 6 | |
Current portion of long-term debt | 1,604 | | | 230 | |
Trade payables | 4,391 | | | 4,304 | |
Accrued marketing | 968 | | | 946 | |
Interest payable | 322 | | | 358 | |
Other current liabilities | 2,577 | | | 2,200 | |
Liabilities held for sale | 11 | | | 17 | |
Total current liabilities | 9,879 | | | 8,061 | |
Long-term debt | 23,545 | | | 28,070 | |
Deferred income taxes | 11,377 | | | 11,462 | |
Accrued postemployment costs | 248 | | | 243 | |
Other non-current liabilities | 1,847 | | | 1,751 | |
TOTAL LIABILITIES | 46,896 | | | 49,587 | |
Commitments and Contingencies (Note 15) | | | |
Equity: | | | |
Common stock, $0.01 par value (5,000 shares authorized; 1,230 shares issued and 1,223 shares outstanding at June 26, 2021; 1,228 shares issued and 1,223 shares outstanding at December 26, 2020) | 12 | | | 12 | |
Additional paid-in capital | 54,255 | | | 55,096 | |
Retained earnings/(deficit) | (2,158) | | | (2,694) | |
Accumulated other comprehensive income/(losses) | (1,720) | | | (1,967) | |
Treasury stock, at cost (7 shares at June 26, 2021 and 5 shares at December 26, 2020) | (392) | | | (344) | |
Total shareholders' equity | 49,997 | | | 50,103 | |
Noncontrolling interest | 145 | | | 140 | |
TOTAL EQUITY | 50,142 | | | 50,243 | |
TOTAL LIABILITIES AND EQUITY | $ | 97,038 | | | $ | 99,830 | |
See accompanying notes to the condensed consolidated financial statements.
The Kraft Heinz Company
Condensed Consolidated Statements of Equity
(in millions)
(Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-in Capital | | Retained Earnings/(Deficit) | | Accumulated Other Comprehensive Income/(Losses) | | Treasury Stock, at Cost | | Noncontrolling Interest | | Total Equity |
Balance at December 26, 2020 | $ | 12 | | | $ | 55,096 | | | $ | (2,694) | | | $ | (1,967) | | | $ | (344) | | | $ | 140 | | | $ | 50,243 | |
Net income/(loss) | — | | | — | | | 563 | | | — | | | — | | | 5 | | | 568 | |
Other comprehensive income/(loss) | — | | | — | | | — | | | 69 | | | — | | | (2) | | | 67 | |
Dividends declared-common stock ($0.40 per share) | — | | | (495) | | | — | | | — | | | — | | | — | | | (495) | |
Exercise of stock options, issuance of other stock awards, and other | — | | | 77 | | | — | | | — | | | (29) | | | — | | | 48 | |
Balance at March 27, 2021 | $ | 12 | | | $ | 54,678 | | | $ | (2,131) | | | $ | (1,898) | | | $ | (373) | | | $ | 143 | | | $ | 50,431 | |
Net income/(loss) | — | | | — | | | (27) | | | — | | | — | | | 2 | | | (25) | |
Other comprehensive income/(loss) | — | | | — | | | — | | | 178 | | | — | | | — | | | 178 | |
Dividends declared-common stock ($0.40 per share) | — | | | (495) | | | — | | | — | | | — | | | — | | | (495) | |
Exercise of stock options, issuance of other stock awards, and other | — | | | 72 | | | — | | | — | | | (19) | | | — | | | 53 | |
Balance at June 26, 2021 | $ | 12 | | | $ | 54,255 | | | $ | (2,158) | | | $ | (1,720) | | | $ | (392) | | | $ | 145 | | | $ | 50,142 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
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| Common Stock | | Additional Paid-in Capital | | Retained Earnings/(Deficit) | | Accumulated Other Comprehensive Income/(Losses) | | Treasury Stock, at Cost | | Noncontrolling Interest | | Total Equity |
Balance at December 28, 2019 | $ | 12 | | | $ | 56,828 | | | $ | (3,060) | | | $ | (1,886) | | | $ | (271) | | | $ | 126 | | | $ | 51,749 | |
Net income/(loss) excluding redeemable noncontrolling interest | — | | | — | | | 378 | | | — | | | — | | | 3 | | | 381 | |
Other comprehensive income/(loss) | — | | | — | | | — | | | (540) | | | — | | | (14) | | | (554) | |
Dividends declared-common stock ($0.40 per share) | — | | | (492) | | | — | | | — | | | — | | | — | | | (492) | |
Exercise of stock options, issuance of other stock awards, and other | — | | | 42 | | | (4) | | | — | | | 2 | | | — | | | 40 | |
Balance at March 28, 2020 | $ | 12 | | | $ | 56,378 | | | $ | (2,686) | | | $ | (2,426) | | | $ | (269) | | | $ | 115 | | | $ | 51,124 | |
Net income/(loss) excluding redeemable noncontrolling interest | — | | | — | | | (1,651) | | | — | | | — | | | (1) | | | (1,652) | |
Other comprehensive income/(loss) | — | | | — | | | — | | | 130 | | | — | | | 12 | | | 142 | |
Dividends declared-common stock ($0.40 per share) | — | | | (493) | | | — | | | — | | | — | | | — | | | (493) | |
Exercise of stock options, issuance of other stock awards, and other | — | | | 105 | | | 1 | | | — | | | (61) | | | — | | | 45 | |
Balance at June 27, 2020 | $ | 12 | | | $ | 55,990 | | | $ | (4,336) | | | $ | (2,296) | | | $ | (330) | | | $ | 126 | | | $ | 49,166 | |
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See accompanying notes to the condensed consolidated financial statements.
The Kraft Heinz Company
Condensed Consolidated Statements of Cash Flows
(in millions)
(Unaudited) | | | | | | | | | | | |
| For the Six Months Ended |
| June 26, 2021 | | June 27, 2020 |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | |
Net income/(loss) | $ | 543 | | | $ | (1,271) | |
Adjustments to reconcile net income/(loss) to operating cash flows: | | | |
Depreciation and amortization | 449 | | | 490 | |
Amortization of postemployment benefit plans prior service costs/(credits) | (3) | | | (61) | |
Equity award compensation expense | 104 | | | 73 | |
Deferred income tax provision/(benefit) | (114) | | | (489) | |
Postemployment benefit plan contributions | (14) | | | (15) | |
Goodwill and intangible asset impairment losses | 343 | | | 3,099 | |
Nonmonetary currency devaluation | 4 | | | 4 | |
Loss/(gain) on sale of business | 65 | | | 2 | |
Other items, net | 278 | | | 204 | |
Changes in current assets and liabilities: | | | |
Trade receivables | 62 | | | (60) | |
Inventories | (227) | | | (202) | |
Accounts payable | 220 | | | (54) | |
Other current assets | (67) | | | (138) | |
Other current liabilities | 386 | | | 634 | |
Net cash provided by/(used for) operating activities | 2,029 | | | 2,216 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | |
Capital expenditures | (431) | | | (258) | |
| | | |
| | | |
Proceeds from sale of business, net of cash disposed | 3,435 | | | — | |
Other investing activities, net | 23 | | | 21 | |
Net cash provided by/(used for) investing activities | 3,027 | | | (237) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | |
Repayments of long-term debt | (3,090) | | | (3,824) | |
Proceeds from issuance of long-term debt | — | | | 3,500 | |
Debt prepayment and extinguishment costs | (433) | | | (101) | |
Proceeds from revolving credit facility | — | | | 4,000 | |
Repayments of revolving credit facility | — | | | (4,000) | |
Dividends paid | (979) | | | (977) | |
Other financing activities, net | (53) | | | (35) | |
Net cash provided by/(used for) financing activities | (4,555) | | | (1,437) | |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 23 | | | (9) | |
Cash, cash equivalents, and restricted cash | | | |
Net increase/(decrease) | 524 | | | 533 | |
Balance at beginning of period | 3,418 | | | 2,280 | |
Balance at end of period | $ | 3,942 | | | $ | 2,813 | |
See accompanying notes to the condensed consolidated financial statements.
The Kraft Heinz Company
Notes to Condensed Consolidated Financial Statements
Note 1. Basis of Presentation
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted, in accordance with the rules of the Securities and Exchange Commission (the “SEC”). In management’s opinion, these interim financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary to fairly state our results for the periods presented.
We operate on a 52- or 53-week fiscal year ending on the last Saturday in December in each calendar year. Unless the context requires otherwise, references to years and quarters contained herein pertain to our fiscal years and fiscal quarters. Our 2021 fiscal year is scheduled to be a 52-week period ending on December 25, 2021, and the 2020 fiscal year was a 52-week period that ended on December 26, 2020.
The condensed consolidated balance sheet data at December 26, 2020 was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. These statements should be read in conjunction with our audited consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 26, 2020. The results for interim periods are not necessarily indicative of future or annual results.
Principles of Consolidation
The condensed consolidated financial statements include Kraft Heinz and all of our controlled subsidiaries. All intercompany transactions are eliminated.
Reportable Segments
We manage and report our operating results through three reportable segments defined by geographic region: United States, International, and Canada.
Considerations Related to COVID-19
The ongoing spread of COVID-19 throughout the United States and internationally, as well as measures implemented by governmental authorities in an attempt to minimize transmission of the virus, including social distancing mandates, shelter-in-place orders, and business restrictions and shutdowns, and consumer responses have had and continue to have negative and positive implications for portions of our business. Though many areas have relaxed restrictions, varying levels remain in many places and may be increased again.
In the preparation of these financial statements and related disclosures we have assessed the impact that COVID-19 has had on our estimates, assumptions, forecasts, and accounting policies and made additional disclosures, as necessary. As COVID-19 and its impacts are unprecedented and ever evolving, future events and effects related to the pandemic cannot be determined with precision and actual results could significantly differ from estimates or forecasts.
See Note 8, Goodwill and Intangible Assets, Note 11, Postemployment Benefits, and Note 15, Commitments, Contingencies, and Debt, for further discussion of COVID-19 considerations.
Use of Estimates
We prepare our condensed consolidated financial statements in accordance with U.S. GAAP, which requires us to make accounting policy elections, estimates, and assumptions that affect the reported amount of assets, liabilities, reserves, and expenses. These accounting policy elections, estimates, and assumptions are based on our best estimates and judgments. We evaluate our policy elections, estimates, and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. We believe these estimates to be reasonable given the current facts available. We adjust our policy elections, estimates, and assumptions when facts and circumstances dictate. Market volatility, including foreign currency exchange rates, increases the uncertainty inherent in our estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from estimates. If actual amounts differ from estimates, we include the revisions in our consolidated results of operations in the period the actual amounts become known. Historically, the aggregate differences, if any, between our estimates and actual amounts in any year have not had a material effect on our condensed consolidated financial statements.
Reclassifications
We made reclassifications and adjustments to certain previously reported financial information to conform to our current period presentation. In the first quarter of 2021, we reclassified certain balances, which were previously reported in prepaid expenses, to inventories on our condensed consolidated balance sheets. Certain financial statement line items in our condensed consolidated balance sheet at December 26, 2020 and our condensed consolidated statement of cash flows for the six months ended June 27, 2020, were adjusted as necessary. See Note 7, Inventories, for additional information.
Held for Sale
At June 26, 2021 and December 26, 2020, we classified certain assets and liabilities as held for sale in our condensed consolidated balance sheet, primarily relating to the divestiture of certain of our cheese businesses, a business in our International segment, and certain manufacturing equipment and land use rights across the globe. At March 27, 2021, we had classified certain assets and liabilities as held for sale related to the divestiture of our nuts business. This divestiture closed in the second quarter of 2021 and is therefore no longer classified as held for sale at June 26, 2021. See Note 4, Acquisitions and Divestitures, for additional information.
Note 2. Significant Accounting Policies
There were no significant changes to our accounting policies from those disclosed in our Annual Report on Form 10-K for the year ended December 26, 2020.
Note 3. New Accounting Standards
Accounting Standards Adopted in the Current Year
Simplifying the Accounting for Income Taxes:
In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2019-12 to simplify the accounting in Accounting Standards Codification (“ASC”) 740, Income Taxes. This guidance removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. This guidance also clarifies and simplifies other areas of ASC 740. Certain amendments in this update must be applied on a prospective basis, certain amendments must be applied on a retrospective basis, and certain amendments must be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings/(deficit) in the period of adoption. This ASU became effective in the first quarter of 2021. The adoption of this ASU did not impact our financial statements or the related disclosures.
Note 4. Acquisitions and Divestitures
Acquisitions
Assan Foods Acquisition:
In June 2021, we entered into a definitive agreement with two third parties, Kibar Holding Anonim Şirketi (“Kibar Holding”) and a certain holder of registered shares of Assan Gıda Sanayi ve Ticaret A.Ş. (“Assan Foods”), to acquire all of the outstanding equity interests in Assan Foods, a condiments and sauces manufacturer based in Turkey, for approximately $70 million of cash consideration (the “Assan Foods Acquisition”). As part of the Assan Foods Acquisition, we will assume the debt of Assan Foods, which was approximately $30 million as of April 30, 2021. The Assan Foods Acquisition is expected to close in the second half of 2021, subject to customary closing conditions, including regulatory approvals.
Deal Costs:
Related to our acquisition, we incurred insignificant deal costs for the three and six months ended June 26, 2021. We recognized these deal costs in selling, general and administrative expenses (“SG&A”). There were no deal costs related to acquisitions for the three and six months ended June 27, 2020.
Divestitures
Nuts Transaction:
In February 2021, we entered into a definitive agreement with a third party, Hormel Foods Corporation (“Hormel”), to sell certain assets in our global nuts business for total consideration of approximately $3.4 billion (the “Nuts Transaction”). The net assets to be transferred in the Nuts Transaction included, among other things, our intellectual property rights to the Planters brand and to the Corn Nuts brand, three manufacturing facilities in the U.S., and the associated inventories (collectively, the “Nuts Disposal Group”).
In the first quarter of 2021, we determined that the Nuts Disposal Group met the held for sale criteria. Accordingly, we presented the assets and liabilities of the Nuts Disposal Group as held for sale on the condensed consolidated balance sheet at March 27, 2021. As of February 10, 2021, the date the Nuts Disposal Group was determined to be held for sale, we tested the individual assets included within the Nuts Disposal Group for impairment. The net assets of the Nuts Disposal Group had an aggregate carrying amount above their $3.4 billion estimated fair value. We determined that the goodwill within the Nuts Disposal Group was partially impaired. As a result, we recorded a non-cash goodwill impairment loss of $230 million, which was recognized in SG&A, in the first quarter of 2021. Additionally, we recorded an estimated pre-tax loss on sale of business of $19 million in the first quarter of 2021 primarily related to estimated costs to sell, which was recognized in other expense/(income) on our condensed consolidated statement of income.
The Nuts Transaction closed in the second quarter of 2021. As a result of the Nuts Transaction closing, we recognized an incremental pre-tax loss on sale of business of $17 million in other expense/(income) on our condensed consolidated statement of income for the three months ended June 26, 2021. The total pre-tax loss on sale of business for the Nuts Transaction was $36 million for the six months ended June 26, 2021.
The Nuts Transaction is not considered a strategic shift that will have a major effect on our operations or financial results; therefore, it is not reported as discontinued operations.
Cheese Transaction:
In September 2020, we entered into a definitive agreement with a third party, an affiliate of Groupe Lactalis (“Lactalis”), to sell certain assets in our global cheese business, as well as to license certain trademarks, for total consideration of approximately $3.34 billion, including approximately $3.20 billion of cash consideration and approximately $140 million related to a perpetual license for the Cracker Barrel brand that Lactalis will grant to us for certain products (the “Cheese Transaction”). The Cheese Transaction has two primary components. The first component relates to the perpetual licenses for the Kraft and Velveeta brands that we will grant to Lactalis for certain cheese products (the “Kraft and Velveeta Licenses”). The second component relates to the net assets to be transferred to Lactalis (the “Cheese Disposal Group”).
Of the $3.34 billion total consideration, approximately $1.59 billion was attributed to the Kraft and Velveeta Licenses based on the estimated fair value of the licensed portion of each brand as of June 26, 2021. Lactalis will have rights to the Kraft and Velveeta brands in association with the manufacturing, distribution, marketing, and sale of certain cheese products in certain countries. Lactalis will also receive the rights to certain know-how in manufacturing the authorized cheese products. The license income will be recognized in the future as a reduction to SG&A over approximately 30 years, as it does not constitute our ongoing major or central operations.
The remaining $1.75