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 ¨ (Do not check if a smaller reporting company) | Smaller reporting company ¨ |
Emerging growth company ¨ |
Amit Banati | 49 |
John A. Bryant | 52 |
Steven A. Cahillane | 52 |
Alistair D. Hirst | 58 |
Christopher M. Hood | 55 |
Melissa A. Howell | 51 |
Fareed Khan | 52 |
Maria Fernanda Mejia | 54 |
Donald O. Mondano | 46 |
Paul T. Norman | 53 |
Gary H. Pilnick | 53 |
Clive M. Sirkin | 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; |
• | discriminatory or conflicting fiscal policies, |
• | 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: 10/01/17-10/28/17 | — | — | — | $ | 558 | ||||||||
Month #2: 10/29/17-11/25/17 | — | — | — | $ | 558 | ||||||||
Month #3: 11/26/17-12/30/17 | — | — | — | $ | 558 |
(millions, except per share data and number of employees) | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Operating trends | ||||||||||||||||||||
Net sales | $ | 12,923 | $ | 13,014 | $ | 13,525 | $ | 14,580 | $ | 14,792 | ||||||||||
Gross profit as a % of net sales | 38.9 | % | 36.5 | % | 34.6 | % | 34.7 | % | 41.3 | % | ||||||||||
Depreciation | 469 | 510 | 526 | 494 | 523 | |||||||||||||||
Amortization | 12 | 7 | 8 | 9 | 9 | |||||||||||||||
Advertising expense (a) | 731 | 735 | 898 | 1,094 | 1,131 | |||||||||||||||
Research and development expense (a) | 148 | 182 | 193 | 199 | 199 | |||||||||||||||
Operating profit | 1,946 | 1,395 | 1,091 | 1,024 | 2,837 | |||||||||||||||
Operating profit as a % of net sales | 15.1 | % | 10.7 | % | 8.1 | % | 7.0 | % | 19.2 | % | ||||||||||
Interest expense | 256 | 406 | 227 | 209 | 235 | |||||||||||||||
Net income attributable to Kellogg Company | 1,269 | 694 | 614 | 632 | 1,807 | |||||||||||||||
Average shares outstanding: | ||||||||||||||||||||
Basic | 348 | 350 | 354 | 358 | 363 | |||||||||||||||
Diluted | 350 | 354 | 356 | 360 | 365 | |||||||||||||||
Per share amounts: | ||||||||||||||||||||
Basic | 3.65 | 1.98 | 1.74 | 1.76 | 4.98 | |||||||||||||||
Diluted | 3.62 | 1.96 | 1.72 | 1.75 | 4.94 | |||||||||||||||
Cash flow trends | ||||||||||||||||||||
Net cash provided by operating activities | $ | 1,646 | $ | 1,628 | $ | 1,691 | $ | 1,793 | $ | 1,807 | ||||||||||
Capital expenditures | 501 | 507 | 553 | 582 | 637 | |||||||||||||||
Net cash provided by operating activities reduced by capital expenditures (b) | 1,145 | 1,121 | 1,138 | 1,211 | 1,170 | |||||||||||||||
Net cash used in investing activities | (1,094 | ) | (893 | ) | (1,127 | ) | (573 | ) | (641 | ) | ||||||||||
Net cash used in financing activities | (604 | ) | (642 | ) | (706 | ) | (1,063 | ) | (1,141 | ) | ||||||||||
Interest coverage ratio (c) | 9.5 | 4.6 | 6.8 | 7.3 | 14.3 | |||||||||||||||
Capital structure trends | ||||||||||||||||||||
Total assets | $ | 16,350 | $ | 15,111 | $ | 15,251 | $ | 15,139 | $ | 15,456 | ||||||||||
Property, net | 3,716 | 3,569 | 3,621 | 3,769 | 3,856 | |||||||||||||||
Short-term debt and current maturities of long-term debt | 779 | 1,069 | 2,470 | 1,435 | 1,028 | |||||||||||||||
Long-term debt | 7,836 | 6,698 | 5,275 | 5,921 | 6,312 | |||||||||||||||
Total Kellogg Company equity | 2,212 | 1,910 | 2,128 | 2,789 | 3,545 | |||||||||||||||
Share price trends | ||||||||||||||||||||
Stock price range | $59-76 | $70-87 | $61-74 | $57-69 | $55-68 | |||||||||||||||
Cash dividends per common share | 2.12 | 2.04 | 1.98 | 1.90 | 1.80 | |||||||||||||||
Number of employees | 33,000 | 37,000 | 34,000 | 30,000 | 30,000 |
(a) | Advertising declined in both 2016 and 2015 as a 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. Research and development declined due to changes intended to create a more efficient organizational design. We remain committed to invest in our brands at an industry-leading level to maintain the strength of our many recognizable brands in the marketplace. |
(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. |
• | Comparable net sales: We adjust the GAAP financial measures to exclude the pre-tax effect of acquisitions, divestitures, shipping day differences, and impacts of the Venezuela deconsolidation . We excluded the items which we believe may obscure trends in our underlying net sales performance. By providing this non-GAAP net sales measure, 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 this non-GAAP measure to evaluate the effectiveness of initiatives behind net sales growth, pricing realization, and the impact of mix on our business results. This non-GAAP measure is also used to make decisions regarding the future direction of our business, and for resource allocation decisions. Currency-neutral comparable net sales represents comparable net sales excluding the impact of foreign currency. |
• | Comparable gross profit, comparable gross margin, comparable SGA, comparable SGA%, comparable operating profit, comparable operating profit margin, comparable net income attributable to Kellogg Company, and comparable diluted EPS: We adjust the GAAP financial measures to exclude the effect of Project K and cost reduction activities, acquisitions, divestitures, integration costs, mark-to-market adjustments for pension plans, commodities and certain foreign currency contracts, shipping day differences, impacts of the Venezuela remeasurement and deconsolidation, costs associated with the VIE deconsolidation, and costs associated with the early redemption of debt outstanding. We excluded the items which we believe may obscure trends in our underlying profitability. The impact of acquisitions and divestitures are not excluded from comparable diluted EPS. 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, ZBB and Revenue Growth Management, as well as to evaluate the impacts of inflationary pressures and decisions to invest in new initiatives within each of our segments. Currency-neutral comparable represents comparable excluding foreign currency impact. |
• | Comparable effective tax rate: We adjust the GAAP financial measure to exclude tax effect of Project K and cost reduction activities, integration costs, mark-to-market adjustments for pension plans, commodities and certain foreign currency contracts, shipping day differences, impacts of the Venezuela remeasurement and deconsolidation, costs associated with the VIE deconsolidation, and costs associated with the early redemption of debt outstanding. In addition, we have excluded the impact of adopting U.S. Tax Reform. We excluded the items which we believe may obscure trends in our underlying 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 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 of cash available for debt repayment, dividend distributions, acquisition opportunities, and share repurchases once all of the Company’s business needs and obligations are met. Additionally, certain performance-based compensation includes a component of this non-GAAP measure. |
Consolidated results (dollars in millions, except per share data) | 2017 | 2016 | ||||||
Reported net income attributable to Kellogg Company | $ | 1,269 | $ | 694 | ||||
Mark-to-market (pre-tax) | 45 | (261 | ) | |||||
Project K and cost reduction activities (pre-tax) | (263 | ) | (325 | ) | ||||
Debt redemption (pre-tax) | — | (153 | ) | |||||
Integration and transaction costs (pre-tax) | (5 | ) | (12 | ) | ||||
Shipping day differences (pre-tax) | (1 | ) | — | |||||
Venezuela operations impact (pre-tax) | — | 9 | ||||||
Venezuela deconsolidation (pre-tax) | — | (72 | ) | |||||
Venezuela remeasurement (pre-tax) | — | (11 | ) | |||||
Income tax impact applicable to adjustments, net* | 82 | 200 | ||||||
U.S. Tax Reform adoption impact | (4 | ) | — | |||||
Comparable net income attributable to Kellogg Company | $ | 1,415 | $ | 1,319 | ||||
Foreign currency impact | (6 | ) | ||||||
Currency neutral comparable net income attributable to Kellogg Company | $ | 1,421 | ||||||
Reported diluted EPS | $ | 3.62 | $ | 1.96 | ||||
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 | ) | |||||
Integration and transaction costs (pre-tax) | (0.01 | ) | (0.03 | ) | ||||
Venezuela operations impact (pre-tax) | — | 0.02 | ||||||
Venezuela deconsolidation (pre-tax) | — | (0.20 | ) | |||||
Venezuela remeasurement (pre-tax) | — | (0.03 | ) | |||||
Income tax impact applicable to adjustments, net* | 0.22 | 0.57 | ||||||
U.S. Tax Reform adoption impact | (0.01 | ) | — | |||||
Comparable diluted EPS | $ | 4.04 | $ | 3.72 | ||||
Foreign currency impact | (0.02 | ) | ||||||
Currency neutral comparable diluted EPS | $ | 4.06 | ||||||
Currency neutral comparable diluted EPS growth | 9.1 | % |
Consolidated results (dollars in millions, except per share data) | 2016 | 2015 | ||||||
Reported net income attributable to Kellogg Company | $ | 694 | $ | 614 | ||||
Mark-to-market (pre-tax) | (261 | ) | (446 | ) | ||||
Project K and cost reduction activities (pre-tax) | (325 | ) | (323 | ) | ||||
Debt redemption (pre-tax) | (153 | ) | ||||||
VIE deconsolidation (pre-tax) | — | 48 | ||||||
Integration and transaction costs (pre-tax) | (12 | ) | (26 | ) | ||||
Acquisitions/divestitures (pre-tax) | 1 | — | ||||||
Venezuela deconsolidation (pre-tax) | (72 | ) | — | |||||
Venezuela remeasurement (pre-tax) | (11 | ) | (169 | ) | ||||
Income tax impact applicable to adjustments, net* | 201 | 273 | ||||||
Comparable net income attributable to Kellogg Company | $ | 1,326 | $ | 1,257 | ||||
Foreign currency impact | (203 | ) | ||||||
Currency neutral comparable net income attributable to Kellogg Company | $ | 1,529 | ||||||
Reported diluted EPS | $ | 1.96 | $ | 1.72 | ||||
Mark-to-market (pre-tax) | (0.74 | ) | (1.25 | ) | ||||
Project K and cost reduction activities (pre-tax) | (0.92 | ) | (0.91 | ) | ||||
Debt redemption (pre-tax) | (0.43 | ) | — | |||||
VIE deconsolidation (pre-tax) | — | 0.13 | ||||||
Integration and transaction costs (pre-tax) | (0.03 | ) | (0.08 | ) | ||||
Venezuela deconsolidation (pre-tax) | (0.20 | ) | — | |||||
Venezuela remeasurement (pre-tax) | (0.03 | ) | (0.47 | ) | ||||
Income tax impact applicable to adjustments, net* | 0.57 | 0.77 | ||||||
Comparable diluted EPS | $ | 3.74 | $ | 3.53 | ||||
Foreign currency impact | (0.57 | ) | ||||||
Currency neutral comparable diluted EPS | $ | 4.31 | ||||||
Currency neutral comparable diluted EPS growth | 22.1 | % |
Year ended December 30, 2017 | ||||||||||||||||||||||||||||||||||||
(millions) | U.S. Morning Foods | U.S. Snacks | U.S. Specialty | North America Other | Europe | Latin America | Asia Pacific | Corporate | Kellogg Consolidated | |||||||||||||||||||||||||||
Reported net sales | $ | 2,778 | $ | 3,067 | $ | 1,249 | $ | 1,616 | $ | 2,291 | $ | 955 | $ | 967 | $ | — | $ | 12,923 | ||||||||||||||||||
Acquisitions/divestitures | — | — | — | 28 | 11 | 203 | — | — | 242 | |||||||||||||||||||||||||||
Shipping day differences | — | — | — | — | — | 14 | — | — | 14 | |||||||||||||||||||||||||||
Comparable net sales | $ | 2,778 | $ | 3,067 | $ | 1,249 | $ | 1,588 | $ | 2,280 | $ | 738 | $ | 967 | $ | — | $ | 12,667 | ||||||||||||||||||
Foreign currency impact | — | — | — | 12 | (14 | ) | 4 | 26 | — | 28 | ||||||||||||||||||||||||||
Currency-neutral comparable net sales | $ | 2,778 | $ | 3,067 | $ | 1,249 | $ | 1,576 | $ | 2,294 | $ | 734 | $ | 941 | $ | — | $ | 12,639 | ||||||||||||||||||
Year ended December 31, 2016 | ||||||||||||||||||||||||||||||||||||
(millions) | U.S. Morning Foods | U.S. Snacks | U.S. Specialty | North America Other | Europe | Latin America | Asia Pacific | Corporate | Kellogg Consolidated | |||||||||||||||||||||||||||
Reported net sales | $ | 2,931 | $ | 3,198 | $ | 1,214 | $ | 1,598 | $ | 2,377 | $ | 780 | $ | 916 | $ | — | $ | 13,014 | ||||||||||||||||||
Shipping day differences | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Venezuela operations impact | — | — | — | — | — | 31 | — | — | 31 | |||||||||||||||||||||||||||
Comparable net sales | $ | 2,931 | $ | 3,198 | $ | 1,214 | $ | 1,598 | $ | 2,377 | $ | 749 | $ | 916 | $ | — | $ | 12,983 | ||||||||||||||||||
% change - 2017 vs. 2016: | ||||||||||||||||||||||||||||||||||||
Reported growth | (5.2 | )% | (4.1 | )% | 2.9 | % | 1.1 | % | (3.6 | )% | 22.3 | % | 5.6 | % | — | % | (0.7 | )% | ||||||||||||||||||
Acquisitions/divestitures | — | % | — | % | — | % | 1.7 | % | 0.5 | % | 25.9 | % | — | % | — | % | 1.9 | % | ||||||||||||||||||
Shipping day differences | — | % | — | % | — | % | — | % | — | % | 1.9 | % | — | % | — | % | 0.1 | % | ||||||||||||||||||
Venezuela operations impact | — | % | — | % | — | % | — | % | — | % | (4.0 | )% | — | % | — | % | (0.3 | )% | ||||||||||||||||||
Comparable Growth | (5.2 | )% | (4.1 | )% | 2.9 | % | (0.6 | )% | (4.1 | )% | (1.5 | )% | 5.6 | % | — | % | (2.4 | )% | ||||||||||||||||||
Foreign currency impact | — | % | — | % | — | % | 0.8 | % | (0.6 | )% | 0.4 | % | 2.8 | % | — | % | 0.2 | % | ||||||||||||||||||
Currency-neutral comparable growth | (5.2 | )% | (4.1 | )% | 2.9 | % | (1.4 | )% | (3.5 | )% | (1.9 | )% | 2.8 | % | — | % | (2.6 | )% |
Year ended December 30, 2017 | ||||||||||||||||||||||||||||||||||||
(millions) | U.S. Morning Foods | U.S. Snacks | U.S. Specialty | North America Other | Europe | Latin America | Asia Pacific | Corporate | Kellogg Consolidated | |||||||||||||||||||||||||||
Reported operating profit | $ | 601 | $ | 115 | $ | 312 | $ | 230 | $ | 279 | $ | 108 | $ | 86 | $ | 215 | $ | 1,946 | ||||||||||||||||||
Mark-to-market | — | — | — | — | — | — | — | 45 | 45 | |||||||||||||||||||||||||||
Project K and cost reduction activities | (18 | ) | (309 | ) | (2 | ) | (16 | ) | (40 | ) | (8 | ) | (11 | ) | 141 | (263 | ) | |||||||||||||||||||
Integration and transaction costs | — | — | — | (2 | ) | — | (3 | ) | — | — | (5 | ) | ||||||||||||||||||||||||
Acquisitions/divestitures | — | — | — | 1 | (1 | ) | 25 | — | — | 25 | ||||||||||||||||||||||||||
Shipping day differences | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Comparable operating profit | $ | 619 | $ | 424 | $ | 314 | $ | 247 | $ | 320 | $ | 94 | $ | 97 | $ | 29 | $ | 2,144 | ||||||||||||||||||
Foreign currency impact | — | — | — | 1 | (4 | ) | (1 | ) | 2 | — | (2 | ) | ||||||||||||||||||||||||
Currency-neutral comparable operating profit | $ | 619 | $ | 424 | $ | 314 | $ | 246 | $ | 324 | $ | 95 | $ | 95 | $ | 29 | $ | 2,146 | ||||||||||||||||||
Year ended December 31, 2016 | ||||||||||||||||||||||||||||||||||||
(millions) | U.S. Morning Foods | U.S. Snacks | U.S. Specialty | North America Other | Europe | Latin America | Asia Pacific | Corporate | Kellogg Consolidated | |||||||||||||||||||||||||||
Reported operating profit | $ | 593 | $ | 324 | $ | 279 | $ | 181 | $ | 205 | $ | 84 | $ | 70 | $ | (341 | ) | $ | 1,395 | |||||||||||||||||
Mark-to-market | — | — | — | — | — | — | — | (261 | ) | (261 | ) | |||||||||||||||||||||||||
Project K and cost reduction activities | (23 | ) | (76 | ) | (8 | ) | (38 | ) | (126 | ) | (8 | ) | (7 | ) | (39 | ) | (325 | ) | ||||||||||||||||||
Integration and transaction costs | — | — | — | — | (3 | ) | (2 | ) | (3 | ) | (2 | ) | (10 | ) | ||||||||||||||||||||||
Shipping day differences | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Venezuela operations impact | — | — | — | — | — | 9 | — | — | 9 | |||||||||||||||||||||||||||
Venezuela remeasurement | — | — | — | — | — | (13 | ) | — | — | (13 | ) | |||||||||||||||||||||||||
Comparable operating profit | $ | 616 | $ | 400 | $ | 287 | $ | 219 | $ | 334 | $ | 98 | $ | 80 | $ | (39 | ) | $ | 1,995 | |||||||||||||||||
% change - 2017 vs. 2016: | ||||||||||||||||||||||||||||||||||||
Reported growth | 1.3 | % | (64.5 | )% | 12.0 | % | 27.3 | % | 35.6 | % | 28.2 | % | 23.1 | % | 163.0 | % | 39.5 | % | ||||||||||||||||||
Mark-to-market | — | % | — | % | — | % | — | % | — | % | — | % | — | % | (149.5 | )% | 24.7 | % | ||||||||||||||||||
Project K and cost reduction activities | 0.8 | % | (70.5 | )% | 2.6 | % | 14.5 | % | 39.6 | % | 2.5 | % | (3.3 | )% | 143.8 | % | 5.6 | % | ||||||||||||||||||
Integration and transaction costs | — | % | — | % | — | % | (0.8 | )% | 1.0 | % | (0.5 | )% | 5.3 | % | (2.5 | )% | 0.3 | % | ||||||||||||||||||
Acquisitions/divestitures | — | % | — | % | — | % | 0.4 | % | (0.3 | )% | 26.9 | % | — | % | — | % | 1.3 | % | ||||||||||||||||||
Shipping day differences | — | % | — | % | — | % | — | % | — | % | (0.2 | )% | — | % | — | % | — | % | ||||||||||||||||||
Venezuela operations impact | — | % | — | % | — | % | — | % | — | % | (11.5 | )% | — | % | (0.6 | )% | (0.5 | )% | ||||||||||||||||||
Venezuela remeasurement | — | % | — | % | — | % | — | % | — | % | 14.7 | % | — | % | — | % | 0.6 | % | ||||||||||||||||||
Comparable growth | 0.5 | % | 6.0 | % | 9.4 | % | 13.2 | % | (4.7 | )% | (3.7 | )% | 21.1 | % | 171.8 | % | 7.5 | % | ||||||||||||||||||
Foreign currency impact | — | % | — | % | — | % | 0.8 | % | (1.3 | )% | (2.0 | )% | 3.6 | % | (1.6 | )% | (0.1 | )% | ||||||||||||||||||
Currency-neutral comparable growth | 0.5 | % | 6.0 | % | 9.4 | % | 12.4 | % | (3.4 | )% | (1.7 | )% | 17.5 | % | 173.4 | % | 7.6 | % |
Year ended December 31, 2016 | ||||||||||||||||||||||||||||||||||||
(millions) | U.S. Morning Foods | U.S. Snacks | U.S. Specialty | North America Other | Europe | Latin America | Asia Pacific | Corporate | Kellogg Consolidated | |||||||||||||||||||||||||||
Reported net sales | $ | 2,931 | $ | 3,198 | $ | 1,214 | $ | 1,598 | $ | 2,377 | $ | 780 | $ | 916 | $ | — | $ | 13,014 | ||||||||||||||||||
Project K and cost reduction activities | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Integration and transaction costs | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Acquisitions/divestitures | — | — | — | 3 | 28 | — | — | 31 | ||||||||||||||||||||||||||||
Shipping day differences | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Comparable net sales | $ | 2,931 | $ | 3,198 | $ | 1,214 | $ | 1,595 | $ | 2,349 | $ | 780 | $ | 916 | $ | — | $ | 12,983 | ||||||||||||||||||
Comparable net sales excluding Venezuela | $ | 749 | $ | 12,952 | ||||||||||||||||||||||||||||||||
Foreign currency impact | — | — | — | (14 | ) | (132 | ) | (922 | ) | (5 | ) | — | (1,073 | ) | ||||||||||||||||||||||
Currency-neutral comparable net sales | $ | 2,931 | $ | 3,198 | $ | 1,214 | $ | 1,609 | $ | 2,481 | $ | 1,702 | $ | 921 | $ | — | $ | 14,056 | ||||||||||||||||||
Currency-neutral comparable net sales excluding Venezuela | $ | 824 | $ | 13,178 | ||||||||||||||||||||||||||||||||
Year ended January 2, 2016 | ||||||||||||||||||||||||||||||||||||
(millions) | U.S. Morning Foods | U.S. Snacks | U.S. Specialty | North America Other | Europe | Latin America | Asia Pacific | Corporate | Kellogg Consolidated | |||||||||||||||||||||||||||
Reported net sales | $ | 2,992 | $ | 3,234 | $ | 1,181 | $ | 1,687 | $ | 2,497 | $ | 1,015 | $ | 919 | $ | — | $ | 13,525 | ||||||||||||||||||
Project K and cost reduction activities | — | — | — | (2 | ) | (2 | ) | — | — | — | (4 | ) | ||||||||||||||||||||||||
Integration and transaction costs | — | — | — | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||||||||||||
Acquisitions/divestitures | — | — | — | — | — | — | 14 | — | 14 | |||||||||||||||||||||||||||
Shipping day differences | — | — | — | — | (3 | ) | — | — | — | (3 | ) | |||||||||||||||||||||||||
Comparable net sales | $ | 2,992 | $ | 3,234 | $ | 1,181 | $ | 1,689 | $ | 2,502 | $ | 1,015 | $ | 906 | $ | — | $ | 13,519 | ||||||||||||||||||
Comparable net sales excluding Venezuela | $ | 818 | $ | 13,322 | ||||||||||||||||||||||||||||||||
% change - 2016 vs. 2015: | ||||||||||||||||||||||||||||||||||||
Reported growth | (2.0 | )% | (1.1 | )% | 2.8 | % | (5.3 | )% | (4.8 | )% | (23.1 | )% | (0.4 | )% | — | % | (3.8 | )% | ||||||||||||||||||
Project K and cost reduction activities | — | % | — | % | — | % | 0.1 | % | 0.1 | % | — | % | — | % | — | % | — | % | ||||||||||||||||||
Integration and transaction costs | — | % | — | % | — | % | — | % | — | % | — | % | 0.2 | % | — | % | — | % | ||||||||||||||||||
Acquisitions/divestitures | — | % | — | % | — | % | 0.2 | % | 1.1 | % | — | % | (1.6 | )% | — | % | 0.1 | % | ||||||||||||||||||
Shipping day differences | — | % | — | % | — | % | — | % | 0.1 | % | — | % | — | % | — | % | 0.1 | % | ||||||||||||||||||
Comparable growth | (2.0 | )% | (1.1 | )% | 2.8 | % | (5.6 | )% | (6.1 | )% | (23.1 | )% | 1.0 | % | — | % | (4.0 | )% | ||||||||||||||||||
Comparable growth excluding Venezuela | (8.4 | )% | (2.8 | )% | ||||||||||||||||||||||||||||||||
Foreign currency impact | — | % | — | % | — | % | (0.9 | )% | (5.3 | )% | (90.8 | )% | (0.6 | )% | — | % | (8.0 | )% | ||||||||||||||||||
Currency-neutral comparable growth | (2.0 | )% | (1.1 | )% | 2.8 | % | (4.7 | )% | (0.8 | )% | 67.7 | % | 1.6 | % | — | % | 4.0 | % | ||||||||||||||||||
Currency-neutral comparable growth excluding Venezuela | 0.7 | % | (1.1 | )% |
Year ended December 31, 2016 | ||||||||||||||||||||||||||||||||||||
(millions) | U.S. Morning Foods | U.S. Snacks | U.S. Specialty | North America Other | Europe | Latin America | Asia Pacific | Corporate | Kellogg Consolidated | |||||||||||||||||||||||||||
Reported operating profit | $ | 593 | $ | 324 | $ | 279 | $ | 181 | $ | 205 | $ | 84 | $ | 70 | $ | (341 | ) | $ | 1,395 | |||||||||||||||||
Mark-to-market | — | — | — | — | — | — | — | (261 | ) | (261 | ) | |||||||||||||||||||||||||
Project K and cost reduction activities | (23 | ) | (76 | ) | (8 | ) | (38 | ) | (126 | ) | (8 | ) | (7 | ) | (39 | ) | (325 | ) | ||||||||||||||||||
VIE deconsolidation | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Integration and transaction costs | — | — | — | — | (3 | ) | (2 | ) | (3 | ) | (2 | ) | (10 | ) | ||||||||||||||||||||||
Acquisitions/divestitures | — | — | — | (1 | ) | 2 | — | — | — | 1 | ||||||||||||||||||||||||||
Shipping day differences | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Venezuela remeasurement | — | — | — | — | — | (13 | ) | — | — | (13 | ) | |||||||||||||||||||||||||
Comparable operating profit | $ | 616 | $ | 400 | $ | 287 | $ | 220 | $ | 332 | $ | 107 | $ | 80 | $ | (39 | ) | $ | 2,003 | |||||||||||||||||
Comparable operating profit excluding Venezuela | 98 | (39 | ) | 1,994 | ||||||||||||||||||||||||||||||||
Foreign currency impact | — | — | — | (2 | ) | (30 | ) | (250 | ) | 2 | 2 | (278 | ) | |||||||||||||||||||||||
Currency-neutral comparable operating profit | $ | 616 | $ | 400 | $ | 287 | $ | 222 | $ | 362 | $ | 357 | $ | 78 | $ | (41 | ) | $ | 2,281 | |||||||||||||||||
Currency-neutral comparable operating profit excluding Venezuela | $ | 106 | $ | (31 | ) | $ | 2,040 | |||||||||||||||||||||||||||||
Year ended January 2, 2016 | ||||||||||||||||||||||||||||||||||||
(millions) | U.S. Morning Foods | U.S. Snacks | U.S. Specialty | North America Other | Europe | Latin America | Asia Pacific | Corporate | Kellogg Consolidated | |||||||||||||||||||||||||||
Reported operating profit | $ | 474 | $ | 385 | $ | 260 | $ | 178 | $ | 247 | $ | 9 | $ | 54 | $ | (516 | ) | $ | 1,091 | |||||||||||||||||
Mark-to-market | — | — | — | — | — | — | — | (446 | ) | (446 | ) | |||||||||||||||||||||||||
Project K and cost reduction activities | (58 | ) | (50 | ) | (5 | ) | (63 | ) | (74 | ) | (4 | ) | (13 | ) | (56 | ) | (323 | ) | ||||||||||||||||||
VIE deconsolidation | — | 67 | — | — | — | — | — | — | 67 | |||||||||||||||||||||||||||
Integration and transaction costs | — | — | — | — | (11 | ) | (3 | ) | (14 | ) | (2 | ) | (30 | ) | ||||||||||||||||||||||
Acquisitions/divestitures | — | — | — | — | — | — | 4 | — | 4 | |||||||||||||||||||||||||||
Shipping day differences | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Venezuela remeasurement | — | — | — | — | — | (119 | ) | — | (1 | ) | (120 | ) | ||||||||||||||||||||||||
Comparable operating profit | $ | 532 | $ | 368 | $ | 265 | $ | 241 | $ | 332 | $ | 135 | $ | 77 | $ | (11 | ) | $ | 1,939 | |||||||||||||||||
Comparable operating profit excluding Venezuela | $ | 103 | $ | (6 | ) | $ | 1,912 | |||||||||||||||||||||||||||||
% change - 2016 vs. 2015: | ||||||||||||||||||||||||||||||||||||
Reported growth | 25.0 | % | (15.8 | )% | 7.4 | % | 1.9 | % | (16.9 | )% | 855.2 | % | 28.9 | % | 33.8 | % | 27.8 | % | ||||||||||||||||||
Mark-to-market | — | % | — | % | — | % | — | % | — | % | — | % | — | % | 48.9 | % | 20.1 | % | ||||||||||||||||||
Project K and cost reduction activities | 9.3 | % | (7.7 | )% | (1.4 | )% | 11.0 | % | (20.3 | )% | 252.8 | % | 14.9 | % | 188.5 | % | 1.2 | % | ||||||||||||||||||
VIE deconsolidation | — | % | (16.6 | )% | — | % | — | % | — | % | — | % | — | % | — | % | (4.0 | )% | ||||||||||||||||||
Integration and transaction costs | — | % | — | % | — | % | (0.1 | )% | 2.5 | % | 95.2 | % | 15.1 | % | 46.1 | % | 1.3 | % | ||||||||||||||||||
Acquisitions/divestitures | — | % | — | % | — | % | (0.6 | )% | 0.8 | % | — | % | (6.8 | )% | — | % | (0.3 | )% | ||||||||||||||||||
Shipping day differences | — | % | — | % | — | % | — | % | 0.2 | % | — | % | — | % | — | % | 0.1 | % | ||||||||||||||||||
Venezuela remeasurement | — | % | — | % | — | % | — | % | — | % | 527.9 | % | — | % | 31.6 | % | 6.1 | % | ||||||||||||||||||
Comparable growth | 15.7 | % | 8.5 | % | 8.8 | % | (8.4 | )% | (0.1 | )% | (20.7 | )% | 5.7 | % | (281.3 | )% | 3.3 | % | ||||||||||||||||||
Comparable growth excluding Venezuela | (5.9 | )% | (573.4 | )% | 4.3 | % | ||||||||||||||||||||||||||||||
Foreign currency impact | — | % | — | % | — | % | (0.9 | )% | (9.0 | )% | (185.6 | )% | 3.8 | % | 13.2 | % | (14.4 | )% | ||||||||||||||||||
Currency-neutral comparable growth | 15.7 | % | 8.5 | % | 8.8 | % | (7.5 | )% | 8.9 | % | 164.9 | % | 1.9 | % | (294.5 | )% | 17.7 | % | ||||||||||||||||||
Currency-neutral comparable growth excluding Venezuela | 2.5 | % | (429.9 | )% | 6.7 | % |
Change vs. prior year (pts.) | |||||||||
2017 | 2016 | ||||||||
Reported gross margin (a) | 38.9 | % | 36.5 | % | 2.4 | ||||
Mark-to-market (COGS) | 0.1 | % | (1.3 | )% | 1.4 | ||||
Project K and cost reduction activities (COGS) | (0.4 | )% | (1.3 | )% | 0.9 | ||||
Integration and transaction costs (COGS) | — | % | — | % | — | ||||
Acquisitions/divestitures (COGS) | 0.1 | % | — | % | 0.1 | ||||
Venezuela remeasurement (COGS) | — | % | (0.1 | )% | 0.1 | ||||
Comparable gross margin | 39.1 | % | 39.2 | % | (0.1 | ) | |||
Foreign currency impact | 0.1 | % | 0.1 | ||||||
Currency-neutral comparable gross margin | 39.0 | % | (0.2 | ) | |||||
Reported SGA% | (23.8 | )% | (25.8 | )% | 2.0 | ||||
Mark-to-market (SGA) | 0.3 | % | (0.7 | )% | 1.0 | ||||
Project K and cost reduction activities (SGA) | (1.7 | )% | (1.2 | )% | (0.5 | ) | |||
Integration and transactions costs (SGA) | — | % | (0.1 | )% | 0.1 | ||||
Acquisitions/divestitures (SGA) | (0.2 | )% | — | % | (0.2 | ) | |||
Venezuela remeasurement (SGA) | — | % | — | % | — | ||||
Comparable SGA% | (22.2 | )% | (23.8 | )% | 1.6 | ||||
Foreign currency impact | (0.2 | )% | (0.2 | ) | |||||
Currency-neutral comparable SGA% | (22.0 | )% | 1.8 | ||||||
Reported operating margin | 15.1 | % | 10.7 | % | 4.4 | ||||
Mark-to-market | 0.4 | % | (2.0 | )% | 2.4 | ||||
Project K and cost reduction activities | (2.1 | )% | (2.5 | )% | 0.4 | ||||
Integration and transactions costs | — | % | (0.1 | )% | 0.1 | ||||
Acquisitions/divestitures | (0.1 | )% | — | % | (0.1 | ) | |||
Venezuela remeasurement | — | % | (0.1 | )% | 0.1 | ||||
Comparable operating margin | 16.9 | % | 15.4 | % | 1.5 | ||||
Foreign currency impact | (0.1 | )% | (0.1 | ) | |||||
Currency-neutral comparable operating margin | 17.0 | % | 1.6 |
(dollars in millions) | 2017 | 2016 | ||||||
Reported gross profit (a) | $ | 5,022 | $ | 4,755 | ||||
Mark-to-market (COGS) | 8 | (159 | ) | |||||
Project K and cost reduction activities (COGS) | (46 | ) | (173 | ) | ||||
Integration and transaction costs (COGS) | (1 | ) | (2 | ) | ||||
Acquisitions/divestitures (COGS) | 106 | — | ||||||
Shipping day differences (COGS) | 6 | — | ||||||
Venezuela operations impact (COGS) | — | 11 | ||||||
Venezuela remeasurement (COGS) | — | (12 | ) | |||||
Comparable gross profit | $ | 4,949 | $ | 5,090 | ||||
Foreign currency impact | 14 | |||||||
Currency-neutral comparable gross profit | $ | 4,935 | ||||||
Reported SGA | $ | 3,076 | $ | 3,360 | ||||
Mark-to-market (SGA) | 37 | (102 | ) | |||||
Project K and cost reduction activities (SGA) | (217 | ) | (152 | ) | ||||
Integration and transaction costs (SGA) | (4 | ) | (8 | ) | ||||
Acquisitions/divestitures (SGA) | (81 | ) | — | |||||
Shipping day differences (SGA) | (6 | ) | — | |||||
Venezuela operations impact (SGA) | — | (2 | ) | |||||
Venezuela remeasurement (SGA) | — | (1 | ) | |||||
Comparable SGA | $ | 2,805 | $ | 3,095 | ||||
Foreign currency impact | (16 | ) | ||||||
Currency-neutral comparable SGA | $ | 2,789 | ||||||
Reported operating profit | $ | 1,946 | $ | 1,395 | ||||
Mark-to-market | 45 | (261 | ) | |||||
Project K and cost reduction activities | (263 | ) | (325 | ) | ||||
Integration and transaction costs | (5 | ) | (10 | ) | ||||
Acquisitions/divestitures | 25 | — | ||||||
Shipping day differences | — | — | ||||||
Venezuela operations impact | — | 9 | ||||||
Venezuela remeasurement | — | (13 | ) | |||||
Comparable operating profit | $ | 2,144 | $ | 1,995 | ||||
Foreign currency impact | (2 | ) | ||||||
Currency-neutral comparable operating profit | $ | 2,146 |
Change vs. prior year (pts.) | |||||||||
2016 | 2015 | ||||||||
Reported gross margin (a) | 36.5 | % | 34.6 | % | 1.9 | ||||
Mark-to-market (COGS) | (1.3 | )% | (2.2 | )% | 0.9 | ||||
Project K and cost reduction activities (COGS) | (1.3 | )% | (1.4 | )% | 0.1 | ||||
VIE deconsolidation (COGS) | — | % | — | % | — | ||||
Integration and transaction costs (COGS) | — | % | (0.1 | )% | 0.1 | ||||
Venezuela remeasurement (COGS) | (0.1 | )% | (0.9 | )% | 0.8 | ||||
Comparable gross margin | 39.2 | % | 39.2 | % | — | ||||
Comparable gross margin excluding Venezuela | 39.2 | % | 39.4 | % | (0.2 | ) | |||
Foreign currency impact | 0.3 | % | 0.3 | ||||||
Currency-neutral comparable gross margin | 38.9 | % | (0.3 | ) | |||||
Currency-neutral comparable gross margin excluding Venezuela | 39.2 | % | (0.2 | ) | |||||
Reported SGA% | (25.8 | )% | (26.5 | )% | 0.7 | ||||
Mark-to-market (SGA) | (0.7 | )% | (1.1 | )% | 0.4 | ||||
Project K and cost reduction activities (SGA) | (1.2 | )% | (1.0 | )% | (0.2 | ) | |||
VIE deconsolidation (SGA) | — | % | 0.5 | % | (0.5 | ) | |||
Integration and transactions costs (SGA) | (0.1 | )% | (0.1 | )% | — | ||||
Venezuela remeasurement (SGA) | — | % | 0.1 | % | (0.1 | ) | |||
Comparable SGA% | (23.8 | )% | (24.9 | )% | 1.1 | ||||
Comparable SGA% excluding Venezuela | (23.8 | )% | (25.0 | )% | 1.2 | ||||
Foreign currency impact | (1.1 | )% | (1.1 | ) | |||||
Currency-neutral comparable SGA% | (22.7 | )% | 2.2 | ||||||
Currency-neutral comparable SGA% excluding Venezuela | (23.7 | )% | 1.3 | ||||||
Reported operating margin | 10.7 | % | 8.1 | % | 2.6 | ||||
Mark-to-market | (2.0 | )% | (3.3 | )% | 1.3 | ||||
Project K and cost reduction activities | (2.5 | )% | (2.4 | )% | (0.1 | ) | |||
VIE deconsolidation | — | % | 0.5 | % | (0.5 | ) | |||
Integration and transactions costs | (0.1 | )% | (0.2 | )% | 0.1 | ||||
Venezuela remeasurement | (0.1 | )% | (0.8 | )% | 0.7 | ||||
Comparable operating margin | 15.4 | % | 14.3 | % | 1.1 | ||||
Comparable operating margin excluding Venezuela | 15.4 | % | 14.4 | % | 1.0 | ||||
Foreign currency impact | (0.8 | )% | (0.8 | ) | |||||
Currency-neutral comparable operating margin | 16.2 | % | 1.9 | ||||||
Currency-neutral comparable operating margin excluding Venezuela | 15.5 | % | 1.1 |
(dollars in millions) | 2016 | 2015 | ||||||
Reported gross profit (a) | $ | 4,755 | $ | 4,681 | ||||
Mark-to-market (COGS) | (159 | ) | (296 | ) | ||||
Project K and cost reduction activities (COGS) | (173 | ) | (195 | ) | ||||
VIE deconsolidation (COGS) | — | — | ||||||
Integration and transaction costs (COGS) | (2 | ) | (15 | ) | ||||
Acquisitions/divestitures (COGS) | 9 | 5 | ||||||
Venezuela remeasurement (COGS) | (12 | ) | (112 | ) | ||||
Comparable gross profit | $ | 5,092 | $ | 5,294 | ||||
Comparable gross profit excluding Venezuela | 5,081 | 5,243 | ||||||
Foreign currency impact | (377 | ) | ||||||
Currency-neutral comparable gross profit | $ | 5,469 | ||||||
Currency-neutral comparable gross profit excluding Venezuela | $ | 5,172 | ||||||
Reported SGA | $ | 3,360 | $ | 3,590 | ||||
Mark-to-market (SGA) | (102 | ) | (150 | ) | ||||
Project K and cost reduction activities (SGA) | (152 | ) | (128 | ) | ||||
VIE deconsolidation (SGA) | — | 67 | ||||||
Integration and transaction costs (SGA) | (8 | ) | (15 | ) | ||||
Acquisitions/divestitures (SGA) | (8 | ) | (1 | ) | ||||
Venezuela remeasurement (SGA) | (1 | ) | (8 | ) | ||||
Comparable SGA | $ | 3,089 | $ | 3,355 | ||||
Comparable SGA excluding Venezuela | $ | 3,087 | $ | 3,331 | ||||
Foreign currency impact | 99 | |||||||
Currency-neutral comparable SGA | $ | 3,188 | ||||||
Currency-neutral comparable SGA excluding Venezuela | $ | 3,132 | ||||||
Reported operating profit | $ | 1,395 | $ | 1,091 | ||||
Mark-to-market | (261 | ) | (446 | ) | ||||
Project K and cost reduction activities | (325 | ) | (323 | ) | ||||
VIE deconsolidation | — | 67 | ||||||
Integration and transaction costs | (10 | ) | (30 | ) | ||||
Acquisitions/divestitures | 1 | 4 | ||||||
Venezuela remeasurement | (13 | ) | (120 | ) | ||||
Comparable operating profit | $ | 2,003 | $ | 1,939 | ||||
Comparable operating profit excluding Venezuela | $ | 1,994 | $ | 1,912 | ||||
Foreign currency impact | (278 | ) | ||||||
Currency-neutral comparable operating profit | $ | 2,281 | ||||||
Currency-neutral comparable operating profit excluding Venezuela | $ | 2,040 |
(dollars in millions) | Change vs. prior year | |||||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | ||||||||||||
Reported interest expense | $ | 256 | $ | 406 | $ | 227 | ||||||||||
Amounts capitalized | 4 | 4 | 4 | |||||||||||||
Gross interest expense | $ | 260 | $ | 410 | $ | 231 | (36.6)% | 77.5% |
Consolidated results (dollars in millions) | 2017 | 2016 | ||||||
Reported income taxes | $ | 412 | $ | 233 | ||||
Mark-to-market | 6 | (59 | ) | |||||
Project K and cost reduction activities | (86 | ) | (85 | ) | ||||
Debt redemption | — | (54 | ) | |||||
Integration and transaction costs | (2 | ) | (3 | ) | ||||
Venezuela operations impact | — | 1 | ||||||
Venezuela deconsolidation | — | — | ||||||
Venezuela remeasurement | — | — | ||||||
U.S. Tax Reform adoption impact | 4 | |||||||
Comparable income taxes | $ | 490 | $ | 433 | ||||
Reported effective income tax rate | 24.6 | % | 25.2 | % | ||||
Mark-to-market | (0.3 | ) | 0.5 | |||||
Project K and cost reduction activities | (1.1 | ) | (0.3 | ) | ||||
Debt redemption | — | (0.9 | ) | |||||
Integration and transaction costs | — | — | ||||||
Venezuela operations impact | — | (0.1 | ) | |||||
Venezuela deconsolidation | — | 1.0 | ||||||
Venezuela remeasurement | — | 0.2 | ||||||
U.S. Tax Reform adoption impact | 0.2 | — | ||||||
Comparable effective income tax rate | 25.8 | % | 24.8 | % |
Consolidated results (dollars in millions) | 2016 | 2015 | ||||||
Reported income taxes | $ | 233 | $ | 159 | ||||
Mark-to-market | (59 | ) | (148 | ) | ||||
Project K and cost reduction activities | (85 | ) | (94 | ) | ||||
Debt redemption | (54 | ) | — | |||||
VIE deconsolidation | — | (2 | ) | |||||
Integration and transaction costs | (3 | ) | (9 | ) | ||||
Venezuela deconsolidation | — | — | ||||||
Venezuela remeasurement | — | (20 | ) | |||||
Comparable income taxes | $ | 434 | $ | 432 | ||||
Reported effective income tax rate | 25.2 | % | 20.6 | % | ||||
Mark-to-market | 0.5 | (4.6 | ) | |||||
Project K and cost reduction activities | (0.3 | ) | (0.8 | ) | ||||
Debt redemption | (0.9 | ) | — | |||||
VIE deconsolidation | — | (0.9 | ) | |||||
Integration and transaction costs | — | (0.2 | ) | |||||
Venezuela deconsolidation | 1.0 | — | ||||||
Venezuela remeasurement | 0.2 | 1.5 | ||||||
Comparable effective income tax rate | 24.7 | % | 25.6 | % |
2017 versus 2016 (pts): | Multipro | Other | Total unconsolidated entities | |||
Contributions from volume growth (a) | 10.8 | 20.9 | 11.0 | |||
Net price realization and mix | 27.1 | 6.9 | 26.2 | |||
Currency-neutral comparable sales growth | 37.9 | 27.8 | 37.2 | |||
Foreign currency exchange | (24.0 | ) | (7.8 | ) | (22.9 | ) |
Reported net sales growth | 13.9 | 20.0 | 14.3 | |||
(a) Measured in tons based on the stated weight of our product shipments. |
2016 versus 2015 (pts): | Multipro (a) | Other | Total unconsolidated entities | |||
Contributions from volume growth (b) | (5.8 | ) | (1.1 | ) | (5.5 | ) |
Net price realization and mix | 51.1 | 1.7 | 43.2 | |||
Currency-neutral comparable sales growth | 45.3 | 0.6 | 37.7 | |||
Foreign currency exchange | (48.7 | ) | (6.8 | ) | (41.6 | ) |
Reported net sales growth | (3.4 | ) | (6.2 | ) | (3.9 | ) |
(a) 2016 results based on four months of activity to be comparable to 2015. | ||||||
(b) Measured in tons based on the stated weight of our product shipments. |
(dollars in millions) | 2017 | 2016 | 2015 | |||||||||
Net cash provided by (used in): | ||||||||||||
Operating activities | $ | 1,646 | $ | 1,628 | $ | 1,691 | ||||||
Investing activities | (1,094 | ) | (893 | ) | (1,127 | ) | ||||||
Financing activities | (604 | ) | (642 | ) | (706 | ) | ||||||
Effect of exchange rates on cash and cash equivalents | 53 | (64 | ) | (50 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | $ | 1 | $ | 29 | $ | (192 | ) |
(dollars in millions) | 2017 | 2016 | 2015 | |||||||||
Net cash provided by operating activities | $ | 1,646 | $ | 1,628 | $ | 1,691 | ||||||
Additions to properties | (501 | ) | (507 | ) | (553 | ) | ||||||
Cash flow | $ | 1,145 | $ | 1,121 | $ | 1,138 | ||||||
year-over-year change | 2.1 | % | (1.5 | )% |
Contractual obligations | Payments due by period | |||||||||||||||||||||||||||
(millions) | Total | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 and beyond | |||||||||||||||||||||
Long-term debt: | ||||||||||||||||||||||||||||
Principal | $ | 8,319 | 407 | $ | 507 | $ | 850 | $ | 600 | $ | 1,079 | $ | 4,876 | |||||||||||||||
Interest (a) | 2,306 | 238 | 221 | 211 | 177 | 160 | 1,299 | |||||||||||||||||||||
Capital leases (b) | 3 | 1 | 1 | 1 | — | — | — | |||||||||||||||||||||
Operating leases (c) | 455 | 127 | 89 | 61 | 49 | 40 | 89 | |||||||||||||||||||||
Purchase obligations (d) | 1,341 | 924 | 306 | 86 | 21 | 3 | 1 | |||||||||||||||||||||
Uncertain tax positions (e) | 8 | 8 | — | — | — | — | — | |||||||||||||||||||||
Other long-term obligations (f) | 794 | 166 | 68 | 83 | 96 | 100 | 281 | |||||||||||||||||||||
Total | $ | 13,226 | $ | 1,871 | $ | 1,192 | $ | 1,292 | $ | 943 | $ | 1,382 | $ | 6,546 |
(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 30, 2017. |
(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 2017, 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 30, 2017, our total liability for uncertain tax positions was $60 million, of which $8 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 $52 million. |
(f) | Other long-term obligations are those associated with noncurrent liabilities recorded within the Consolidated Balance Sheet at year-end 2017 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 2023 as follows: 2018-$56; 2019-$47; 2020-$65; 2021-$77; 2022-$76; 2023-$117. |
• | 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. |
• | Currency-neutral adjusted operating profit and adjusted diluted EPS: We adjust the GAAP financial measures to exclude the effect of Project K and cost reduction activities, mark-to-market adjustments for |
• | 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 of cash available for debt repayment, dividend distributions, acquisition opportunities, and share repurchases once all of the Company’s business needs and obligations are met. Additionally, certain performance-based compensation includes a component of this non-GAAP measure. |
Impact of certain items excluded from non-GAAP guidance: | Net Sales | Operating Profit | Effective Tax Rate | Earnings Per Share |
Project K and cost restructuring activities | $90-110M | $0.27-0.32 | ||
Income Tax benefit applicable to adjustments, net** | $0.05-0.06 | |||
Currency-neutral adjusted guidance | Flat | 4-6% | 20-21% | 9-11% |
Reconciliation of Non-GAAP amounts - Cash Flow Guidance | |
(billions) | |
Approximate | |
Full Year 2018 | |
Net cash provided by (used in) operating activities | $1.7 - $1.8 |
Additions to properties | ~($.5) |
Cash Flow | $1.2 - $1.3 |
(millions, except per share data) | 2017 | 2016 | 2015 | |||||||||
Net sales | $ | 12,923 | $ | 13,014 | $ | 13,525 | ||||||
Cost of goods sold | 7,901 | 8,259 | 8,844 | |||||||||
Selling, general and administrative expense | 3,076 | 3,360 | 3,590 | |||||||||
Operating profit | $ | 1,946 | $ | 1,395 | $ | 1,091 | ||||||
Interest expense | 256 | 406 | 227 | |||||||||
Other income (expense), net | (16 | ) | (62 | ) | (91 | ) | ||||||
Income before income taxes | 1,674 | 927 | 773 | |||||||||
Income taxes | 412 | 233 | 159 | |||||||||
Earnings (loss) from unconsolidated entities | 7 | 1 | — | |||||||||
Net income | $ | 1,269 | $ | 695 | $ | 614 | ||||||
Net income (loss) attributable to noncontrolling interests | — | 1 | — | |||||||||
Net income attributable to Kellogg Company | $ | 1,269 | $ | 694 | $ | 614 | ||||||
Per share amounts: | ||||||||||||
Basic | $ | 3.65 | $ | 1.98 | $ | 1.74 | ||||||
Diluted | $ | 3.62 | $ | 1.96 | $ | 1.72 | ||||||
Dividends per share | $ | 2.12 | $ | 2.04 | $ | 1.98 |
2017 | 2016 | 2015 | ||||||||||||||||||||||||||||
(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 | $ | 1,269 | $ | 695 | $ | 614 | ||||||||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | (34 | ) | $ | 113 | 79 | $ | (230 | ) | $ | (24 | ) | (254 | ) | $ | (170 | ) | $ | (26 | ) | (196 | ) | ||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||||
Unrealized gain (loss) on cash flow hedges | — | — | — | (55 | ) | 22 | (33 | ) | 8 | (3 | ) | 5 | ||||||||||||||||||
Reclassification to net income | 9 | (3 | ) | 6 | 11 | (6 | ) | 5 | (23 | ) | 3 | (20 | ) | |||||||||||||||||
Postretirement and postemployment benefits: | ||||||||||||||||||||||||||||||
Amounts arising during the period: | ||||||||||||||||||||||||||||||
Net experience gain (loss) | 44 | (12 | ) | 32 | 25 | (9 | ) | 16 | — | — | — | |||||||||||||||||||
Prior service credit (cost) | — | — | — | (4 | ) | 2 | (2 | ) | 63 | (24 | ) | 39 | ||||||||||||||||||
Reclassification to net income: | ||||||||||||||||||||||||||||||
Net experience loss | — | — | — | 3 | (1 | ) | 2 | 3 | (1 | ) | 2 | |||||||||||||||||||
Prior service cost | 1 | — | 1 | 5 | (1 | ) | 4 | 9 | (3 | ) | 6 | |||||||||||||||||||
Venezuela deconsolidation loss | — | — | — | 63 | — | 63 | — | — | — | |||||||||||||||||||||
Other comprehensive income (loss) | $ | 20 | $ | 98 | $ | 118 | $ | (182 | ) | $ | (17 | ) | $ | (199 | ) | $ | (110 | ) | $ | (54 | ) | $ | (164 | ) | ||||||
Comprehensive income | $ | 1,387 | $ | 496 | $ | 450 | ||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | — | 1 | — | |||||||||||||||||||||||||||
Other comprehensive income (loss) attributable to noncontrolling interests | — | — | (1 | ) | ||||||||||||||||||||||||||
Comprehensive income attributable to Kellogg Company | $ | 1,387 | $ | 495 | $ | 451 |
(millions, except share data) | 2017 | 2016 | ||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 281 | $ | 280 | ||||
Accounts receivable, net | 1,389 | 1,231 | ||||||
Inventories | 1,217 | 1,238 | ||||||
Other current assets | 149 | 191 | ||||||
Total current assets | 3,036 | 2,940 | ||||||
Property, net | 3,716 | 3,569 | ||||||
Goodwill | 5,504 | 5,166 | ||||||
Other intangibles, net | 2,639 | 2,369 | ||||||
Investment in unconsolidated entities | 429 | 438 | ||||||
Other assets | 1,026 | 629 | ||||||
Total assets | $ | 16,350 | $ | 15,111 | ||||
Current liabilities | ||||||||
Current maturities of long-term debt | $ | 409 | $ | 631 | ||||
Notes payable | 370 | 438 | ||||||
Accounts payable | 2,269 | 2,014 | ||||||
Other current liabilities | 1,431 | 1,391 | ||||||
Total current liabilities | 4,479 | 4,474 | ||||||
Long-term debt | 7,836 | 6,698 | ||||||
Deferred income taxes | 363 | 525 | ||||||
Pension liability | 839 | 1,024 | ||||||
Other liabilities | 605 | 464 | ||||||
Commitments and contingencies | ||||||||
Equity | ||||||||
Common stock, $.25 par value, 1,000,000,000 shares authorized Issued: 420,514,582 shares in 2017 and 420,472,901 shares in 2016 | 105 | 105 | ||||||
Capital in excess of par value | 878 | 806 | ||||||
Retained earnings | 7,103 | 6,571 | ||||||
Treasury stock, at cost 74,911,865 shares in 2017 and 69,403,567 shares in 2016 | (4,417 | ) | (3,997 | ) | ||||
Accumulated other comprehensive income (loss) | (1,457 | ) | (1,575 | ) | ||||
Total Kellogg Company equity | 2,212 | 1,910 | ||||||
Noncontrolling interests | 16 | 16 | ||||||
Total equity | 2,228 | 1,926 | ||||||
Total liabilities and equity | $ | 16,350 | $ | 15,111 |
(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 3, 2015 | 420 | $ | 105 | $ | 678 | $ | 6,689 | 64 | $ | (3,470 | ) | $ | (1,213 | ) | $ | 2,789 | $ | 62 | $ | 2,851 | ||||||||
Common stock repurchases | 11 | (731 | ) | (731 | ) | (731 | ) | |||||||||||||||||||||
Net income (loss) | 614 | 614 | — | 614 | ||||||||||||||||||||||||
Acquisition of noncontrolling interest | — | 7 | 7 | |||||||||||||||||||||||||
VIE deconsolidation | — | (58 | ) | (58 | ) | |||||||||||||||||||||||
Dividends | (700 | ) | (700 | ) | (700 | ) | ||||||||||||||||||||||
Other comprehensive income | (163 | ) | (163 | ) | (1 | ) | (164 | ) | ||||||||||||||||||||
Stock compensation | 51 | 51 | 51 | |||||||||||||||||||||||||
Stock options exercised and other | 16 | (6 | ) | (5 | ) | 258 | 268 | 268 | ||||||||||||||||||||
Balance, January 2, 2016 | 420 | $ | 105 | $ | 745 | $ | 6,597 | 70 | $ | (3,943 | ) | $ | (1,376 | ) | $ | 2,128 | $ | 10 | $ | 2,138 | ||||||||
Common stock repurchases | 6 | (426 | ) | (426 | ) | (426 | ) | |||||||||||||||||||||
Net income (loss) | 694 | 694 | 1 | 695 | ||||||||||||||||||||||||
Acquisition of noncontrolling interest | — | 5 | 5 | |||||||||||||||||||||||||
Dividends | (716 | ) | (716 | ) | (716 | ) | ||||||||||||||||||||||
Other comprehensive 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 | $ | 6,571 | 69 | $ | (3,997 | ) | $ | (1,575 | ) | $ | 1,910 | $ | 16 | $ | 1,926 | ||||||||
Common stock repurchases | 7 | (516 | ) | (516 | ) | (516 | ) | |||||||||||||||||||||
Net income (loss) | 1,269 | 1,269 | — | 1,269 | ||||||||||||||||||||||||
Acquisition of noncontrolling interest | — | — | — | |||||||||||||||||||||||||
Dividends | (736 | ) | (736 | ) | (736 | ) | ||||||||||||||||||||||
Other comprehensive 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 | $ | 7,103 | 75 | $ | (4,417 | ) | $ | (1,457 | ) | $ | 2,212 | $ | 16 | $ | 2,228 |
(millions) | 2017 | 2016 | 2015 | |||||||||
Operating activities | ||||||||||||
Net income | $ | 1,269 | $ | 695 | $ | 614 | ||||||
Adjustments to reconcile net income to operating cash flows: | ||||||||||||
Depreciation and amortization | 481 | 517 | 534 | |||||||||
Postretirement benefit plan expense | (427 | ) | 198 | 320 | ||||||||
Deferred income taxes | (56 | ) | (26 | ) | (169 | ) | ||||||
Stock compensation | 66 | 63 | 51 | |||||||||
Venezuela deconsolidation | — | 72 | — | |||||||||
Venezuela remeasurement | — | 11 | 169 | |||||||||
VIE deconsolidation | — | — | (49 | ) | ||||||||
Noncurrent income taxes payable | 144 | (12 | ) | (21 | ) | |||||||
Other | 27 | (62 | ) | 8 | ||||||||
Postretirement benefit plan contributions | (44 | ) | (33 | ) | (33 | ) | ||||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||||||
Trade receivables | (57 | ) | 21 | (127 | ) | |||||||
Inventories | 80 | 7 | (42 | ) | ||||||||
Accounts payable | 193 | 124 | 427 | |||||||||
Accrued income taxes | (29 | ) | 4 | 29 | ||||||||
Accrued interest expense | 3 | 7 | 5 | |||||||||
Accrued and prepaid advertising, promotion and trade allowances | 34 | 14 | 7 | |||||||||
Accrued salaries and wages | (27 | ) | (7 | ) | 20 | |||||||
All other current assets and liabilities | (11 | ) | 35 | (52 | ) | |||||||
Net cash provided by (used in) operating activities | $ | 1,646 | $ | 1,628 | $ | 1,691 | ||||||
Investing activities | ||||||||||||
Additions to properties | $ | (501 | ) | $ | (507 | ) | $ | (553 | ) | |||
Acquisitions, net of cash acquired | (592 | ) | (398 | ) | (161 | ) | ||||||
Reduction of cash due to Venezuela deconsolidation | — | (2 | ) | — | ||||||||
Investments in unconsolidated entities | — | 27 | (456 | ) | ||||||||
Acquisition of cost method investments | (7 | ) | (2 | ) | — | |||||||
Other | 6 | (11 | ) | 43 | ||||||||
Net cash provided by (used in) investing activities | $ | (1,094 | ) | $ | (893 | ) | $ | (1,127 | ) | |||
Financing activities | ||||||||||||
Net increase (reduction) of notes payable, with maturities less than or equal to 90 days | 153 | (918 | ) | 443 | ||||||||
Issuances of notes payable, with maturities greater than 90 days | 17 | 1,961 | 214 | |||||||||
Reductions of notes payable, with maturities greater than 90 days | (238 | ) | (1,831 | ) | (283 | ) | ||||||
Issuances of long-term debt | 1,251 | 2,657 | 696 | |||||||||
Reductions of long-term debt | (632 | ) | (1,737 | ) | (606 | ) | ||||||
Net issuances of common stock | 97 | 368 | 261 | |||||||||
Common stock repurchases | (516 | ) | (426 | ) | (731 | ) | ||||||
Cash dividends | (736 | ) | (716 | ) | (700 | ) | ||||||
Net cash provided by (used in) financing activities | $ | (604 | ) | $ | (642 | ) | $ | (706 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | 53 | (64 | ) | (50 | ) | |||||||
Increase (decrease) in cash and cash equivalents | $ | 1 | $ | 29 | $ | (192 | ) | |||||
Cash and cash equivalents at beginning of period | 280 | 251 | 443 | |||||||||
Cash and cash equivalents at end of period | $ | 281 | $ | 280 | $ | 251 | ||||||
Supplemental cash flow disclosures: | ||||||||||||
Interest paid | $ | 258 | $ | 405 | $ | 228 | ||||||
Income taxes paid | $ | 352 | $ | 256 | $ | 337 | ||||||
Supplemental cash flow disclosures of non-cash investing activities: | ||||||||||||
Additions to properties included in accounts payable | $ | 151 | $ | 161 | $ | 147 |
• | Excess tax benefits and deficiencies for share-based payments are recorded as an adjustment of income taxes and reflected in operating cash flows after adoption of this ASU. Excess tax benefits and deficiencies were previously recorded in equity and as financing cash flows prior to adoption of this ASU. See Note 13 for information on the impact of this accounting change. |
• | The guidance allows the employer to withhold up to the maximum statutory tax rates in the applicable jurisdictions without triggering liability accounting. The Company's accounting treatment of outstanding equity awards was not impacted by its adoption of this provision of the ASU. |
• | The guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. The Company is not making this election, and will continue to account for forfeitures on an estimated basis. |
(millions) | October 27, 2017 | ||||
Current assets | $ | 43 | |||
Goodwill | 375 | ||||
Intangible assets, primarily indefinite-lived brands | 201 | ||||
Current liabilities | (23 | ) | |||
$ | 596 |
(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) | January 18, 2015 | ||
Current assets | $ | 11 | |
Property | 79 | ||
Goodwill | 59 | ||
Intangible assets and other | 30 | ||
Current liabilities | (15 | ) | |
Other non current liabilities, primarily deferred taxes | (27 | ) | |
Non-controlling interests | (20 | ) | |
$ | 117 |
Changes in the carrying amount of goodwill | ||||||||||||||||||||||||||||||||
(millions) | U.S. Morning Foods | U.S. Snacks | U.S. Specialty | North America Other | Europe | Latin America | Asia Pacific | Consoli- dated | ||||||||||||||||||||||||
January 2, 2016 | $ | 131 | $ | 3,568 | $ | 82 | $ | 456 | $ | 431 | $ | 76 | $ | 224 | $ | 4,968 | ||||||||||||||||
Additions | — | — | — | — | 4 | 241 | — | 245 | ||||||||||||||||||||||||
Currency translation adjustment | — | — | — | 1 | (59 | ) | 11 | — | (47 | ) | ||||||||||||||||||||||
December 31, 2016 | $ | 131 | $ | 3,568 | $ | 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 | $ | 131 | $ | 3,568 | $ | 82 | $ | 836 | $ | 414 | $ | 244 | $ | 229 | $ | 5,504 |
Intangible assets subject to amortization | ||||||||||||||||||||||||||||||||
(millions) Gross carrying amount | U.S. Morning Foods | U.S. Snacks | U.S. Specialty | North America Other | Europe | Latin America | Asia Pacific | Consoli- dated | ||||||||||||||||||||||||
January 2, 2016 | $ | 8 | $ | 42 | $ | — | $ | 5 | $ | 45 | $ | 6 | $ | 10 | $ | 116 | ||||||||||||||||
Additions | — | — | — | — | — | 29 | — | 29 | ||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | (5 | ) | 1 | — | (4 | ) | ||||||||||||||||||||||
December 31, 2016 | $ | 8 | $ | 42 | $ | — | $ | 5 | $ | 40 | $ | 36 | $ | 10 | $ | 141 | ||||||||||||||||
Additions | — | — | — | 17 | — | — | — | 17 | ||||||||||||||||||||||||
Purchase price allocation adjustment | — | — | — | — | — | 39 | — | 39 | ||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | 5 | (1 | ) | — | 4 | |||||||||||||||||||||||
December 30, 2017 | $ | 8 | $ | 42 | $ | — | $ | 22 | $ | 45 | $ | 74 | $ | 10 | $ | 201 | ||||||||||||||||
Accumulated Amortization | ||||||||||||||||||||||||||||||||
January 2, 2016 | $ | 8 | $ | 16 | $ | — | $ | 4 | $ | 11 | $ | 6 | $ | 2 | $ | 47 | ||||||||||||||||
Amortization | — | 3 | — | — | 3 | — | 1 | 7 | ||||||||||||||||||||||||
December 31, 2016 | $ | 8 | $ | 19 | $ | — | $ | 4 | $ | 14 | $ | 6 | $ | 3 | $ | 54 | ||||||||||||||||
Amortization (a) | — | 3 | — | 1 | 3 | 4 | 1 | 12 | ||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | 1 | — | — | 1 | ||||||||||||||||||||||||
December 30, 2017 | $ | 8 | $ | 22 | $ | — | $ | 5 | $ | 18 | $ | 10 | $ | 4 | $ | 67 | ||||||||||||||||
Intangible assets subject to amortization, net | ||||||||||||||||||||||||||||||||
January 2, 2016 | $ | — | $ | 26 | $ | — | $ | 1 | $ | 34 | $ | — | $ | 8 | $ | 69 | ||||||||||||||||
Additions | — | — | — | — | — | 29 | — | 29 | ||||||||||||||||||||||||
Amortization | — | (3 | ) | — | — | (3 | ) | — | (1 | ) | (7 | ) | ||||||||||||||||||||
Currency translation adjustment | — | — | — | — | (5 | ) | 1 | — | (4 | ) | ||||||||||||||||||||||
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 |
Intangible assets not subject to amortization | ||||||||||||||||||||||||||||||||
(millions) | U.S. Morning Foods | U.S. Snacks | U.S. Specialty | North America Other | Europe | Latin America | Asia Pacific | Consoli- dated | ||||||||||||||||||||||||
January 2, 2016 | $ | — | $ | 1,625 | $ | — | $ | 158 | $ | 416 | $ | — | $ | — | $ | 2,199 | ||||||||||||||||
Additions | — | — | — | 18 | 3 | 92 | — | 113 | ||||||||||||||||||||||||
Contribution to joint venture | — | — | — | — | (5 | ) | — | — | (5 | ) | ||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | (31 | ) | 6 | — | (25 | ) | ||||||||||||||||||||||
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 |
Statement of Operations | |||||||||
(millions) | 2017 | 2016 | 2015 | ||||||
Net sales: | |||||||||
Multipro (a) | $ | 754 | $ | 662 | $ | 240 | |||
Others | 55 | 46 | 49 | ||||||
Total net sales | $ | 809 | $ | 708 | $ | 289 | |||
Gross profit: | |||||||||
Multipro (a) | $ | 86 | $ | 71 | $ | 32 | |||
Others | 14 | 10 | 12 | ||||||
Total gross profit | $ | 100 | $ | 81 | $ | 44 | |||
Income before income taxes (a) | 43 | 28 | 12 | ||||||
Net income (a) | 25 | 15 | 5 | ||||||
Balance sheets | December 30, 2017 | December 31, 2016 | |||||||
Current assets | $ | 155 | $ | 128 | |||||
Non-current assets | 139 | 67 | |||||||
Current liabilities | (181 | ) | (103 | ) | |||||
Non-current liabilities | (37 | ) | (5 | ) |
Program costs to date | ||||||||||||||||
(millions) | 2017 | 2016 | 2015 | December 30, 2017 | ||||||||||||
Employee related costs | $ | 177 | $ | 108 | $ | 63 | $ | 534 | ||||||||
Pension curtailment (gain) loss, net | (148 | ) | 1 | (1 | ) | (137 | ) | |||||||||
Asset related costs | 77 | 46 | 103 | 269 | ||||||||||||
Asset impairment | — | 50 | 18 | 155 | ||||||||||||
Other costs | 157 | 120 | 140 | 596 | ||||||||||||
Total | $ | 263 | $ | 325 | $ | 323 | $ | 1,417 | ||||||||
Program costs to date | ||||||||||||||||
(millions) | 2017 | 2016 | 2015 | December 30, 2017 | ||||||||||||
U.S. Morning Foods | $ | 18 | $ | 23 | $ | 58 | $ | 259 | ||||||||
U.S. Snacks | 309 | 76 | 50 | 511 | ||||||||||||
U.S. Specialty | 2 | 8 | 5 | 21 | ||||||||||||
North America Other | 16 | 38 | 63 | 144 | ||||||||||||
Europe | 40 | 126 | 74 | 339 | ||||||||||||
Latin America | 9 | 8 | 4 | 33 | ||||||||||||
Asia Pacific | 11 | 7 | 13 | 92 | ||||||||||||
Corporate | (142 | ) | 39 | 56 | 18 | |||||||||||
Total | $ | 263 | $ | 325 | $ | 323 | $ | 1,417 |
(millions) | Employee Related Costs | Curtailment Gain Loss, net | Asset Impairment | Asset Related Costs | Other Costs | Total | |||||||||||||||||
Liability as of January 2, 2016 | $ | 55 | — | $ | — | $ | — | $ | 33 | $ | 88 | ||||||||||||
2016 restructuring charges | 108 | 1 | 50 | 46 | 120 | 325 | |||||||||||||||||
Cash payments | (62 | ) | — | — | (14 | ) | (124 | ) | (200 | ) | |||||||||||||
Non-cash charges and other | 1 | (1 | ) | (50 | ) | (32 | ) | — | (82 | ) | |||||||||||||
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 |
(millions, except per share data) | Net income attributable to Kellogg Company | Average shares outstanding | Earnings per share | ||||||||
2017 | |||||||||||
Basic | $ | 1,269 | 348 | $ | 3.65 | ||||||
Dilutive potential common shares | 2 | (0.03 | ) | ||||||||
Diluted | $ | 1,269 | 350 | $ | 3.62 | ||||||
2016 | |||||||||||
Basic | $ | 694 | 350 | $ | 1.98 | ||||||
Dilutive potential common shares | 4 | (0.02 | ) | ||||||||
Diluted | $ | 694 | 354 | $ | 1.96 | ||||||
2015 | |||||||||||
Basic | $ | 614 | 354 | $ | 1.74 | ||||||
Dilutive potential common shares | 2 | (0.02 | ) | ||||||||
Diluted | $ | 614 | 356 | $ | 1.72 |
2017 | 2016 | 2015 | |||||||||||||||||||||||||
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 | $ | 1,269 | $ | 695 | $ | 614 | |||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | (34 | ) | $ | 113 | 79 | $ | (230 | ) | $ | (24 | ) | $ | (254 | ) | $ | (170 | ) | (26 | ) | (196 | ) | |||||
Cash flow hedges: | |||||||||||||||||||||||||||
Unrealized gain (loss) on cash flow hedges | — | — | — | (55 | ) | 22 | (33 | ) | 8 | (3 | ) | 5 | |||||||||||||||
Reclassification to net income | 9 | (3 | ) | 6 | 11 | (6 | ) | 5 | (23 | ) | 3 | (20 | ) | ||||||||||||||
Postretirement and postemployment benefits: | |||||||||||||||||||||||||||
Amounts arising during the period: | |||||||||||||||||||||||||||
Net experience gain (loss) | 44 | (12 | ) | 32 | 25 | (9 | ) | 16 | — | — | — | ||||||||||||||||
Prior service credit (cost) | — | — | — | (4 | ) | 2 | (2 | ) | 63 | (24 | ) | 39 | |||||||||||||||
Reclassification to net income: | |||||||||||||||||||||||||||
Net experience loss | — | — | — | 3 | (1 | ) | 2 | 3 | (1 | ) | 2 | ||||||||||||||||
Prior service cost | 1 | — | 1 | 5 | (1 | ) | 4 | 9 | (3 | ) | 6 | ||||||||||||||||
Venezuela deconsolidation loss | — | — | — | 63 | — | 63 | — | — | — | ||||||||||||||||||
Other comprehensive income (loss) | $ | 20 | $ | 98 | $ | 118 | $ | (182 | ) | $ | (17 | ) | $ | (199 | ) | $ | (110 | ) | $ | (54 | ) | $ | (164 | ) | |||
Comprehensive income | $ | 1,387 | $ | 496 | $ | 450 | |||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | — | 1 | — | ||||||||||||||||||||||||
Other comprehensive income (loss) attributable to noncontrolling interests | — | — | (1 | ) | |||||||||||||||||||||||
Comprehensive income attributable to Kellogg Company | $ | 1,387 | $ | 495 | $ | 451 |
Details about AOCI Components | Amount reclassified from AOCI | Line item impacted within Income Statement | ||||||||||||
(millions) | 2017 | 2016 | 2015 | |||||||||||
Gains and losses on cash flow hedges: | ||||||||||||||
Foreign currency exchange contracts | $ | (1 | ) | $ | (14 | ) | $ | (40 | ) | COGS | ||||
Foreign currency exchange contracts | — | (1 | ) | 2 | SGA | |||||||||
Interest rate contracts | 10 | 13 | 3 | Interest expense | ||||||||||
Commodity contracts | — | 13 | 12 | COGS | ||||||||||
$ | 9 | $ | 11 | $ | (23 | ) | Total before tax | |||||||
(3 | ) | (6 | ) | 3 | Tax (expense) benefit | |||||||||
$ | 6 | $ | 5 | $ | (20 | ) | Net of tax | |||||||
Amortization of postretirement and postemployment benefits: | ||||||||||||||
Net experience loss | $ | — | $ | 3 | $ | 3 | (a) | |||||||
Prior service cost | 1 | 5 | 9 | (a) | ||||||||||
$ | 1 | $ | 8 | $ | 12 | Total before tax | ||||||||
— | (2 | ) | (4 | ) | Tax (expense) benefit | |||||||||
$ | 1 | $ | 6 | $ | 8 | Net of tax | ||||||||
Venezuela deconsolidation loss | $ | — | $ | 63 | $ | — | Other (income) expense | |||||||
Total reclassifications | $ | 7 | $ | 74 | $ | (12 | ) | Net of tax |
(millions) | December 30, 2017 | December 31, 2016 | ||||||
Foreign currency translation adjustments | $ | (1,426 | ) | $ | (1,505 | ) | ||
Cash flow hedges — unrealized net gain (loss) | (61 | ) | (67 | ) | ||||
Postretirement and postemployment benefits: | ||||||||
Net experience gain (loss) | 34 | 2 | ||||||
Prior service credit (cost) | (4 | ) | (5 | ) | ||||
Total accumulated other comprehensive income (loss) | $ | (1,457 | ) | $ | (1,575 | ) |
(millions) | Operating leases | Capital leases | ||||||
2018 | 127 | 1 | ||||||
2019 | 89 | 1 | ||||||
2020 | 61 | 1 | ||||||
2021 | 49 | — | ||||||
2022 | 40 | — | ||||||
2023 and beyond | 89 | — | ||||||
Total minimum payments | $ | 455 | $ | 3 | ||||
Amount representing interest | — | |||||||
Obligations under capital leases | 3 | |||||||
Obligations due within one year | (1 | ) | ||||||
Long-term obligations under capital leases | $ | 2 |
(millions) | 2017 | 2016 | ||||||||||||
Principal amount | Effective interest rate | Principal amount | Effective interest rate | |||||||||||
U.S. commercial paper | $ | 196 | 1.76 | % | $ | 80 | 0.61 | % | ||||||
Europe commercial paper | 96 | (0.32 | ) | 306 | (0.18 | ) | ||||||||
Bank borrowings | 78 | 52 | ||||||||||||
Total | $ | 370 | $ | 438 |
(millions) | 2017 | 2016 | ||||||
(a) 4.50% U.S. Dollar Notes due 2046 | $ | 637 | $ | 637 | ||||
(b) 7.45% U.S. Dollar Debentures due 2031 | 620 | 620 | ||||||
(c) 3.40% U.S. Dollar Notes due 2027 | 595 | — | ||||||
(d) 3.25% U.S. Dollar Notes due 2026 | 729 | 728 | ||||||
(e) 1.25% Euro Notes due 2025 | 712 | 629 | ||||||
(f) 1.00% Euro Notes due 2024 | 723 | 639 | ||||||
(g) 2.65% U.S. Dollar Notes due 2023 | 589 | 591 | ||||||
(h) 2.75% U.S. Dollar Notes due 2023 | 201 | 201 | ||||||
(i) 3.125% U.S. Dollar Notes due 2022 | 354 | 357 | ||||||
(j) 0.80% Euro Notes due 2022 | 717 | — | ||||||
(k) 1.75% Euro Notes due 2021 | 597 | 523 | ||||||
(l) 4.0% U.S. Dollar Notes due 2020 | 847 | 844 | ||||||
(m) 4.15% U.S. Dollar Notes due 2019 | 506 | 510 | ||||||
(n) 3.25% U.S. Dollar Notes due 2018 | 402 | 406 | ||||||
(o) 2.05% Canadian Dollar Notes due 2017 | — | 223 | ||||||
(p) 1.75% U.S. Dollar Notes due 2017 | — | 400 | ||||||
Other | 16 | 21 | ||||||
8,245 | 7,329 | |||||||
Less current maturities | (409 | ) | (631 | ) | ||||
Balance at year end | $ | 7,836 | $ | 6,698 |
(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 4.58%. |
(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 7.54%. 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 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 3.48%. |
(d) | 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 3.66% at December 30, 2017. 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. The fair value adjustment for the interest rate swaps was $17 million at December 30, 2017, recorded as a decrease in the hedged debt balance. |
(e) | In March 2015, the Company issued €600 million (approximately $716 million at December 30, 2017, 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 1.28% at December 30, 2017. 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 $4 million at December 30, 2017, recorded as a decrease in the hedged debt balance. |
(f) | In May 2016, the Company issued €600 million (approximately $714 million USD at December 30, 2017, 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 0.71% at December 30, 2017. 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 $11 million at December 30, 2017 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 |
(g) | 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 2.44% at December 30, 2017. 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 fair value adjustment for the interest rate swaps was $7 million at December 30, 2017, recorded as a decrease in the hedged debt balance. |
(h) | 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 2.88%. 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 fair value adjustment for the interest rate swaps was $9 million at December 30, 2017, recorded as a decrease in the hedged debt balance. |
(i) | 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 2.69% at December 30, 2017. 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 $13 million gain on termination of the 2016 and prior year interest rate swaps at December 30, 2017 will be amortized to interest expense over the remaining term of the Notes. The fair value adjustment for the outstanding interest rate swaps was $15 million, at December 30, 2017, recorded as a decrease in the hedged debt balance. |
(j) | In May 2017, the Company issued €600 million (approximately $717 million USD at December 30, 2017, 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 0.88%. The Notes were designated as a net investment hedge of the Company's investment in its Europe subsidiary when issued. |
(k) | In May 2014, the Company issued €500 million (approximately $597 million at December 30, 2017, 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 2.36%. The Notes were designated as a net investment hedge of the Company’s investment in its Europe subsidiary when issued. |
(l) | 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 3.41% at December 30, 2017. 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 Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. The $1 million gain on termination of the 2016 and prior year interest rate swaps at December 30, 2017 will be amortized to interest expense over the remaining term of the Notes. |
(m) | 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 3.50% at December 30, 2017. 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 30, 2017 had terminated all interest rate swaps. The $7 million gain on termination at December 30, 2017 will be amortized to interest expense over the remaining term of the Notes. |
(n) | 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. The effective interest rate on these Notes, reflecting issuance discount, hedge settlement and interest rate swaps, was 3.41% at December 30, 2017. 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, and the resulting unamortized gain of $2 million at December 30, 2017 will be amortized to interest expense over the remaining term of the Notes. |
(o) | In May 2014, the Company issued Cdn. $300 million of three-year 2.05% Canadian Dollar Notes due 2017, using the proceeds from these Notes, together with cash on hand, to repay the Company’s Cdn. $300 million, 2.10% Notes due 2014 at maturity. The Company redeemed these Notes in May 2017. |
(p) | In May 2012, the Company issued $400 million of five-year 1.75% U.S. Dollar Notes, using net proceeds from these Notes for general corporate purposes, including financing a portion of the acquisition of Pringles. In 2013, the Company entered into interest rate swaps with notional amounts totaling $400 million, which effectively converted the 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 2017. |
(millions) | 2017 | 2016 | 2015 | |||||||||
Pre-tax compensation expense | $ | 71 | $ | 68 | $ | 55 | ||||||
Related income tax benefit | $ | 26 | $ | 25 | $ | 20 |
(millions) | 2017 | 2016 | 2015 | |||||||||
Total cash received from option exercises and similar instruments | $ | 97 | $ | 368 | $ | 261 | ||||||
Tax benefits realized upon exercise or vesting of stock-based awards: | ||||||||||||
Windfall benefits classified as cash flow from operating activities | $ | 4 | $ | 36 | NA | |||||||
Windfall benefits classified as cash flow from financing activities | NA | NA | $ | 14 |
Stock option valuation model assumptions for grants within the year ended: | 2017 | 2016 | 2015 | |||||||||
Weighted-average expected volatility | 18.00 | % | 17.00 | % | 16.00 | % | ||||||
Weighted-average expected term (years) | 6.60 | 6.88 | 6.87 | |||||||||
Weighted-average risk-free interest rate | 2.26 | % | 1.60 | % | 1.98 | % | ||||||
Dividend yield | 2.80 | % | 2.60 | % | 3.00 | % | ||||||
Weighted-average fair value of options granted | $ | 10.14 | $ | 9.44 | $ | 7.21 |
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 | 15 | $ | 62 | ||||||||||
Granted | 2 | 73 | |||||||||||
Exercised | (2 | ) | 57 | ||||||||||
Forfeitures and expirations | (1 | ) | 70 | ||||||||||
Outstanding, end of year | 14 | $ | 64 | 6.5 | $ | 36 | |||||||
Exercisable, end of year | 10 | $ | 60 | 5.6 | $ | 36 |
(millions, except per share data) | 2016 | 2015 | ||||||
Outstanding, beginning of year | 19 | 21 | ||||||
Granted | 3 | 3 | ||||||
Exercised | (6 | ) | (5 | ) | ||||
Forfeitures and expirations | (1 | ) | — | |||||
Outstanding, end of year | 15 | 19 | ||||||
Exercisable, end of year | 8 | 10 | ||||||
Weighted-average exercise price: | ||||||||
Outstanding, beginning of year | $ | 58 | $ | 56 | ||||
Granted | 76 | 64 | ||||||
Exercised | 56 | 53 | ||||||
Forfeitures and expirations | 67 | 60 | ||||||
Outstanding, end of year | $ | 62 | $ | 58 | ||||
Exercisable, end of year | $ | 58 | $ | 55 |
Employee restricted stock and restricted stock units | Shares (thousands) | Weighted- average grant-date fair value | |||||
Non-vested, beginning of year | 1,166 | $ | 63 | ||||
Granted | 776 | 65 | |||||
Vested | (109 | ) | 58 | ||||
Forfeited | (160 | ) | 65 | ||||
Non-vested, end of year | 1,673 | $ | 65 |
Employee restricted stock and restricted stock units | 2016 | 2015 | ||||||
Shares (in thousands): | ||||||||
Non-vested, beginning of year | 806 | 346 | ||||||
Granted | 601 | 617 | ||||||
Vested | (116 | ) | (113 | ) | ||||
Forfeited | (125 | ) | (44 | ) | ||||
Non-vested, end of year | 1,166 | 806 | ||||||
Weighted-average exercise price: | ||||||||
Non-vested, beginning of year | $ | 57 | $ | 54 | ||||
Granted | 70 | 59 | ||||||
Vested | 56 | 50 | ||||||
Forfeited | 63 | 58 | ||||||
Non-vested, end of year | $ | 63 | $ | 57 |
(millions) | 2017 | 2016 | ||||||
Change in projected benefit obligation | ||||||||
Beginning of year | $ | 5,510 | $ | 5,316 | ||||
Service cost | 96 | 98 | ||||||
Interest cost | 164 | 174 | ||||||
Plan participants’ contributions | 1 | 1 | ||||||
Amendments | 6 | 5 | ||||||
Actuarial (gain)loss | 264 | 404 | ||||||
Benefits paid | (395 | ) | (299 | ) | ||||
Curtailment and special termination benefits | (156 | ) | (1 | ) | ||||
Other | 1 | 2 | ||||||
Foreign currency adjustments | 157 | (190 | ) | |||||
End of year | $ | 5,648 | $ | 5,510 | ||||
Change in plan assets | ||||||||
Fair value beginning of year | $ | 4,544 | $ | 4,584 | ||||
Actual return on plan assets | 666 | 415 | ||||||
Employer contributions | 31 | 18 | ||||||
Plan participants’ contributions | 1 | 1 | ||||||
Benefits paid | (364 | ) | (268 | ) | ||||
Other | 1 | 2 | ||||||
Foreign currency adjustments | 164 | (208 | ) | |||||
Fair value end of year | $ | 5,043 | $ | 4,544 | ||||
Funded status | $ | (605 | ) | $ | (966 | ) | ||
Amounts recognized in the Consolidated Balance Sheet consist of | ||||||||
Other assets | $ | 252 | $ | 66 | ||||
Other current liabilities | (19 | ) | (11 | ) | ||||
Other liabilities | (838 | ) | (1,021 | ) | ||||
Net amount recognized | $ | (605 | ) | $ | (966 | ) | ||
Amounts recognized in accumulated other comprehensive income consist of | ||||||||
Prior service cost | $ | 48 | $ | 56 | ||||
Net amount recognized | $ | 48 | $ | 56 |
(millions) | 2017 | 2016 | ||||||
Projected benefit obligation | $ | 4,119 | $ | 3,940 | ||||
Accumulated benefit obligation | $ | 4,051 | $ | 3,737 | ||||
Fair value of plan assets | $ | 3,279 | $ | 2,938 |
(millions) | 2017 | 2016 | 2015 | |||||||||
Service cost | $ | 96 | $ | 98 | $ | 114 | ||||||
Interest cost | 164 | 174 | 206 | |||||||||
Expected return on plan assets | (371 | ) | (352 | ) | (399 | ) | ||||||
Amortization of unrecognized prior service cost | 9 | 13 | 13 | |||||||||
Recognized net (gain) loss | (36 | ) | 323 | 303 | ||||||||
Net periodic benefit cost | (138 | ) | 256 | 237 | ||||||||
Curtailment and special termination benefits | (151 | ) | 1 | (1 | ) | |||||||
Pension (income) expense: | ||||||||||||
Defined benefit plans | (289 | ) | 257 | 236 | ||||||||
Defined contribution plans | 34 | 36 | 40 | |||||||||
Total | $ | (255 | ) | $ | 293 | $ | 276 |
2017 | 2016 | 2015 | |||||||
Discount rate | 3.3 | % | 3.6 | % | 4.1 | % | |||
Long-term rate of compensation increase | 3.9 | % | 3.9 | % | 3.9 | % |
2017 | 2016 | 2015 | |||||||
Discount rate | 3.6 | % | 4.1 | % | 3.9 | % | |||
Long-term rate of compensation increase | 3.9 | % | 3.9 | % | 4.0 | % | |||
Long-term rate of return on plan assets | 8.1 | % | 8.1 | % | 8.3 | % |
(millions) | Total Level 1 | Total Level 2 | Total Level 3 | Total NAV (practical expedient)(a) | 67 | 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 | ||||||||||||||||
Buy-in annuity contract | — | — | — | — | — | ||||||||||||||||
Real estate | — | — | — | 284 | 284 | ||||||||||||||||
Other | — | 128 | — | 63 | 191 | ||||||||||||||||
Total | $ | 583 | $ | 1,168 | $ | — | $ | 3,292 | $ | 5,043 |
(millions) | Total Level 1 | Total Level 2 | Total Level 3 | Total NAV (practical expedient)(a) | Total | |||||||||||||||
Cash and cash equivalents | $ | 54 | $ | 12 | $ | — | $ | — | $ | 66 | ||||||||||
Corporate stock, common: | ||||||||||||||||||||
Domestic | 482 | — | — | — | 482 | |||||||||||||||
International | 31 | 1 | — | — | 32 | |||||||||||||||
Mutual funds: | ||||||||||||||||||||
International equity | — | 116 | — | 32 | 148 | |||||||||||||||
Domestic debt | — | 24 | — | 42 | 66 | |||||||||||||||
Collective trusts: | ||||||||||||||||||||
Domestic equity | — | — | — | 653 | 653 | |||||||||||||||
International equity | — | 138 | — | 1,112 | 1,250 | |||||||||||||||
Other international debt | — | — | — | 310 | 310 | |||||||||||||||
Limited partnerships | — | — | — | 485 | 485 | |||||||||||||||
Bonds, corporate | — | 452 | — | — | 452 | |||||||||||||||
Bonds, government | — | 158 | — | — | 158 | |||||||||||||||
Bonds, other | — | 41 | — | — | 41 | |||||||||||||||
Buy-in annuity contract | — | — | 131 | — | 131 | |||||||||||||||
Real estate | — | — | — | 117 | 117 | |||||||||||||||
Other | — | 96 | — | 57 | 153 | |||||||||||||||
Total | $ | 567 | $ | 1,038 | $ | 131 | $ | 2,808 | $ | 4,544 |
(millions) | Buy-in Annuity Contract | Other | Total | |||||||||
January 2, 2016 | $ | 135 | $ | 6 | $ | 141 | ||||||
Sales | — | (3 | ) | (3 | ) | |||||||
Purchases | — | — | — | |||||||||
Transfers | — | (3 | ) | (3 | ) | |||||||
Realized and unrealized gain | (7 | ) | — | (7 | ) | |||||||
Currency translation | 3 | — | 3 | |||||||||
December 31, 2016 | $ | 131 | $ | — | $ | 131 | ||||||
Sales | (131 | ) | — | (131 | ) | |||||||
Purchases | — | — | — | |||||||||
Transfers | — | — | — | |||||||||
Realized and unrealized gain | — | — | — | |||||||||
Currency translation | — | — | — | |||||||||
December 30, 2017 | $ | — | $ | — | $ | — |
(millions) | 2017 | 2016 | ||||||
Change in accumulated benefit obligation | ||||||||
Beginning of year | $ | 1,161 | $ | 1,163 | ||||
Service cost | 18 | 21 | ||||||
Interest cost | 37 | 39 | ||||||
Actuarial (gain) loss | 29 | 2 | ||||||
Benefits paid | (61 | ) | (65 | ) | ||||
Curtailments | 3 | — | ||||||
Amendments | — | — | ||||||
Foreign currency adjustments | 3 | 1 | ||||||
End of year | $ | 1,190 | $ | 1,161 | ||||
Change in plan assets | ||||||||
Fair value beginning of year | $ | 1,136 | $ | 1,084 | ||||
Actual return on plan assets | 217 | 111 | ||||||
Employer contributions | 13 | 15 | ||||||
Benefits paid | (74 | ) | (74 | ) | ||||
Fair value end of year | $ | 1,292 | $ | 1,136 | ||||
Funded status | $ | 102 | $ | (25 | ) | |||
Amounts recognized in the Consolidated Balance Sheet consist of | ||||||||
Other non-current assets | $ | 144 | $ | 17 | ||||
Other current liabilities | (2 | ) | (2 | ) | ||||
Other liabilities | (40 | ) | (40 | ) | ||||
Net amount recognized | $ | 102 | $ | (25 | ) | |||
Amounts recognized in accumulated other comprehensive income consist of | ||||||||
Prior service credit | (77 | ) | (86 | ) | ||||
Net amount recognized | $ | (77 | ) | $ | (86 | ) |
(millions) | 2017 | 2016 | 2015 | |||||||||
Service cost | $ | 18 | $ | 21 | $ | 29 | ||||||
Interest cost | 37 | 39 | 48 | |||||||||
Expected return on plan assets | (98 | ) | (90 | ) | (100 | ) | ||||||
Amortization of unrecognized prior service credit | (9 | ) | (9 | ) | (5 | ) | ||||||
Recognized net (gain) loss | (90 | ) | (19 | ) | 112 | |||||||
Net periodic benefit cost | (142 | ) | (58 | ) | 84 | |||||||
Curtailment | 3 | — | — | |||||||||
Postretirement benefit expense: | ||||||||||||
Defined benefit plans | (139 | ) | (58 | ) | 84 | |||||||
Defined contribution plans | 16 | 17 | 14 | |||||||||
Total | $ | (123 | ) | $ | (41 | ) | $ | 98 |
2017 | 2016 | 2015 | |||||||
Discount rate | 3.6 | % | 4.0 | % | 4.2 | % |
2017 | 2016 | 2015 | |||||||
Discount rate | 4.0 | % | 4.2 | % | 4.0 | % | |||
Long-term rate of return on plan assets | 8.5 | % | 8.5 | % | 8.5 | % |
(millions) | One percentage point increase | One percentage point decrease | ||||||
Effect on total of service and interest cost components | $ | 7 | $ | (4 | ) | |||
Effect on postretirement benefit obligation | 117 | (79 | ) |
(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 | — | — | 9 | |||||||||||||||
Real estate | — | — | — | 51 | 51 | |||||||||||||||
Other | — | 2 | — | — | 2 | |||||||||||||||
Total | $ | 149 | $ | 338 | $ | — | $ | 805 | $ | 1,292 |
(millions) | Total Level 1 | Total Level 2 | Total Level 3 | Total NAV (practical expedient)(a) | Total | |||||||||||||||
Cash and cash equivalents | $ | 4 | $ | 6 | $ | — | $ | — | $ | 10 | ||||||||||
Corporate stock, common: | ||||||||||||||||||||
Domestic | 143 | — | — | — | 143 | |||||||||||||||
International | 6 | 1 | — | — | 7 | |||||||||||||||
Mutual funds: | ||||||||||||||||||||
Domestic equity | — | 57 | — | — | 57 | |||||||||||||||
International equity | — | 30 | — | — | 30 | |||||||||||||||
Domestic debt | — | 53 | — | — | 53 | |||||||||||||||
Collective trusts: | ||||||||||||||||||||
Domestic equity | — | — | — | 272 | 272 | |||||||||||||||
International equity | — | — | — | 210 | 210 | |||||||||||||||
Limited partnerships | — | — | — | 177 | 177 | |||||||||||||||
Bonds, corporate | — | 117 | — | — | 117 | |||||||||||||||
Bonds, government | — | 48 | — | — | 48 | |||||||||||||||
Bonds, other | — | 10 | — | — | 10 | |||||||||||||||
Other | — | 2 | — | — | 2 | |||||||||||||||
Total | $ | 153 | $ | 324 | $ | — | $ | 659 | $ | 1,136 |
(millions) | 2017 | 2016 | ||||||
Change in accumulated benefit obligation | ||||||||
Beginning of year | $ | 87 | $ | 108 | ||||
Service cost | 6 | 7 | ||||||
Interest cost | 3 | 3 | ||||||
Actuarial (gain)loss | (45 | ) | (25 | ) | ||||
Benefits paid | (8 | ) | (6 | ) | ||||
Amendments | — | — | ||||||
Foreign currency adjustments | — | — | ||||||
End of year | $ | 43 | $ | 87 | ||||
Funded status | $ | (43 | ) | $ | (87 | ) | ||
Amounts recognized in the Consolidated Balance Sheet consist of | ||||||||
Other current liabilities | $ | (4 | ) | $ | (8 | ) | ||
Other liabilities | (39 | ) | (79 | ) | ||||
Net amount recognized | $ | (43 | ) | $ | (87 | ) | ||
Amounts recognized in accumulated other comprehensive income consist of | ||||||||
Net prior service cost | $ | 5 | $ | 6 | ||||
Net experience gain | (46 | ) | (1 | ) | ||||
Net amount recognized | $ | (41 | ) | $ | 5 |
(millions) | 2017 | 2016 | 2015 | |||||||||
Service cost | $ | 6 | $ | 7 | $ | 7 | ||||||
Interest cost | 3 | 3 | 4 | |||||||||
Amortization of unrecognized prior service cost | 1 | 1 | 1 | |||||||||
Recognized net loss | — | 3 | 3 | |||||||||
Postemployment benefit expense | $ | 10 | $ | 14 | $ | 15 |
(millions) | Postretirement | Postemployment | ||||||
2018 | $ | 81 | $ | 4 | ||||
2019 | 76 | 4 | ||||||
2020 | 73 | 4 | ||||||
2021 | 72 | 4 | ||||||
2022 | 73 | 3 | ||||||
2023-2027 | 367 | 18 |
PPA Zone Status | Contributions (millions) | |||||||||||||||||||||||
Pension trust fund | EIN/PN | 2017 | 2016 | FIP/RP Status | 2017 | 2016 | 2015 | Surcharge Imposed | Expiration Date of CBA | |||||||||||||||
Bakery and Confectionery Union and Industry International Pension Fund (a) | 52-6118572 / 001 | Red - 12/31/2017 | Red - 12/31/2016 | Implemented | $ | 6.6 | $ | 4.8 | $ | 5.1 | Yes | 12/17/2019 to 3/16/2021 (b) | ||||||||||||
Central States, Southeast and Southwest Areas Pension Fund | 36-6044243 / 001 | Red - 12/31/217 | Red - 12/31/2016 | Implemented | 4.8 | 4.8 | 4.8 | Yes | 7/29/2018 (b) | |||||||||||||||
Western Conference of Teamsters Pension Trust | 91-6145047 / 001 | Green - 12/31/2017 | Green - 12/31/2016 | NA | 1.4 | 1.0 | 1.6 | No | 3/24/2018 (c) | |||||||||||||||
Hagerstown Motor Carriers and Teamsters Pension Fund | 52-6045424 / 001 | Red - 6/30/2018 | Red - 6/30/2017 | Implemented | 0.4 | 0.6 | 0.5 | No | (d) | |||||||||||||||
Local 734 Pension Plan | 51-6040136 / 001 | Red - 4/30/2018 | Red - 4/30/2017 | Implemented | 0.2 | 0.2 | 0.3 | Yes | (d) | |||||||||||||||
Twin Cities Bakery Drivers Pension Plan | 41-6172265 / 001 | Green - 12/31/2017 | Green - 12/31/2016 | NA | 0.2 | 0.2 | 0.2 | Yes | (d) | |||||||||||||||
Upstate New York Bakery Drivers and Industry Pension Fund | 15-0612437 / 001 | Green - 6/30/2017 | Green - 6/30/2016 | NA | 0.1 | — | 0.2 | No | (d) | |||||||||||||||
Other Plans | 2.2 | 2.1 | 2.0 | (e) | ||||||||||||||||||||
Total contributions: | $ | 15.9 | $ | 13.7 | $ | 14.7 |
(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 a material change in contributions for 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 a material change in contributions for 2018. |
(d) | During 2017, the Company terminated the CBAs, and withdrew from the funds. As a result, the Company recognized expense for the estimated withdrawal liability and will make no contributions in 2018. |
(e) | 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 will make no contributions in 2018. |
Pension trust fund | Contributions to the plan exceeded more than 5% of total contributions (as of the Plan’s year end) | |
Hagerstown Motor Carriers and Teamsters Pension Fund | 6/30/2016, 6/30/2015 and 6/30/2014 | |
Local 734 Pension Plan | 4/30/2017, 4/30/2016 and 4/30/2015 | |
Twin Cities Bakery Drivers Pension Plan | 12/31/2016, 12/31/2015 and 12/31/2014 | |
Upstate New York Bakery Drivers and Industry Pension Fund | 6/30/2016, 6/30/2015 and 6/30/2014 |
(millions) | 2017 | 2016 | 2015 | |||||||||
Income before income taxes | ||||||||||||
United States | $ | 1,109 | $ | 830 | $ | 551 | ||||||
Foreign | 565 | 97 | 222 | |||||||||
1,674 | 927 | 773 | ||||||||||
Income taxes | ||||||||||||
Currently payable | ||||||||||||
Federal | 358 | 173 | 212 | |||||||||
State | 31 | 26 | 42 | |||||||||
Foreign | 79 | 60 | 74 | |||||||||
468 | 259 | 328 | ||||||||||
Deferred | ||||||||||||
Federal | (39 | ) | 16 | (136 | ) | |||||||
State | 8 | 6 | (14 | ) | ||||||||
Foreign | (25 | ) | (48 | ) | (19 | ) | ||||||
(56 | ) | (26 | ) | (169 | ) | |||||||
Total income taxes | $ | 412 | $ | 233 | $ | 159 |
2017 | 2016 | 2015 | |||||||
U.S. statutory income tax rate | 35.0 | % | 35.0 | % | 35.0 | % | |||
Foreign rates varying from 35% | (6.7 | ) | (5.0 | ) | (9.6 | ) | |||
Excess tax benefits on share-based compensation | (0.3 | ) | (3.7 | ) | — | ||||
State income taxes, net of federal benefit | 1.4 | 2.4 | 2.3 | ||||||
Cost (benefit) of remitted and unremitted foreign earnings | 0.1 | 0.1 | (4.4 | ) | |||||
U.S. deduction for qualified production activities | (1.4 | ) | (2.8 | ) | (2.3 | ) | |||
Statutory rate changes, deferred tax impact | (9.0 | ) | (0.1 | ) | (0.8 | ) | |||
U.S. deemed repatriation tax | 10.4 | — | — | ||||||
Intangible property transfer | (2.4 | ) | — | — | |||||
Venezuela deconsolidation | — | 1.8 | — | ||||||
Venezuela remeasurement | — | 0.4 | 5.0 | ||||||
VIE deconsolidation | — | — | (2.3 | ) | |||||
Other | (2.5 | ) | (2.9 | ) | (2.3 | ) | |||
Effective income tax rate | 24.6 | % | 25.2 | % | 20.6 | % |
Deferred tax assets | Deferred tax liabilities | |||||||||||||||
(millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
U.S. state income taxes | $ | — | $ | — | $ | 48 | $ | 34 | ||||||||
Advertising and promotion-related | 13 | 17 | — | — | ||||||||||||
Wages and payroll taxes | 26 | 42 | — | — | ||||||||||||
Inventory valuation | 20 | 28 | — | — | ||||||||||||
Employee benefits | 154 | 403 | — | — | ||||||||||||
Operating loss, credit and other carryforwards | 239 | 181 | — | — | ||||||||||||
Hedging transactions | 42 | — | — | 51 | ||||||||||||
Depreciation and asset disposals | — | — | 208 | 318 | ||||||||||||
Trademarks and other intangibles | — | — | 332 | 602 | ||||||||||||
Deferred compensation | 25 | 38 | — | — | ||||||||||||
Stock options | 33 | 41 | — | — | ||||||||||||
Other | 71 | 31 | — | — | ||||||||||||
623 | 781 | 588 | 1,005 | |||||||||||||
Less valuation allowance | (153 | ) | (131 | ) | — | — | ||||||||||
Total deferred taxes | $ | 470 | $ | 650 | $ | 588 | $ | 1,005 | ||||||||
Net deferred tax asset (liability) | $ | (118 | ) | $ | (355 | ) | ||||||||||
Classified in balance sheet as: | ||||||||||||||||
Other assets | $ | 245 | $ | 170 | ||||||||||||
Other liabilities | (363 | ) | (525 | ) | ||||||||||||
Net deferred tax asset (liability) | $ | (118 | ) | $ | (355 | ) |
(millions) | 2017 | 2016 | 2015 | |||||||||
Balance at beginning of year | $ | 131 | $ | 63 | $ | 51 | ||||||
Additions charged to income tax expense (a) | 35 | 70 | 23 | |||||||||
Reductions credited to income tax expense | (28 | ) | (4 | ) | (7 | ) | ||||||
Currency translation adjustments | 15 | 2 | (4 | ) | ||||||||
Balance at end of year | $ | 153 | $ | 131 | $ | 63 |
(millions) | 2017 | 2016 | 2015 | |||||||||
Balance at beginning of year | $ | 63 | $ | 73 | $ | 78 | ||||||
Tax positions related to current year: | ||||||||||||
Additions | 6 | 6 | 8 | |||||||||
Tax positions related to prior years: | ||||||||||||
Additions | 5 | 1 | 9 | |||||||||
Reductions | (8 | ) | (14 | ) | (12 | ) | ||||||
Settlements | (4 | ) | 1 | (10 | ) | |||||||
Lapses in statutes of limitation | (2 | ) | (4 | ) | — | |||||||
Balance at end of year | $ | 60 | $ | 63 | $ | 73 |
(millions) | 2017 | 2016 | ||||||
Foreign currency exchange contracts | $ | 2,172 | $ | 1,396 | ||||
Interest rate contracts | 2,250 | 2,185 | ||||||
Commodity contracts | 544 | 437 | ||||||
Total | $ | 4,966 | $ | 4,018 |
2017 | 2016 | |||||||||||||||||||||||
(millions) | Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Foreign currency exchange contracts: | ||||||||||||||||||||||||
Other current assets | $ | — | $ | — | $ | — | $ | — | $ | 2 | $ | 2 | ||||||||||||
Interest rate contracts (a): | ||||||||||||||||||||||||
Other assets | — | — | — | — | 1 | 1 | ||||||||||||||||||
Total assets | $ | — | $ | — | $ | — | $ | — | $ | 3 | $ | 3 | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||
Other liabilities (a) | — | (54 | ) | (54 | ) | — | (65 | ) | (65 | ) | ||||||||||||||
Total liabilities | $ | — | $ | (54 | ) | $ | (54 | ) | $ | — | $ | (65 | ) | $ | (65 | ) |
(a) | The fair value of the related hedged portion of the Company’s long-term debt, a level 2 liability, was $2.3 billion as of December 30, 2017. |
2017 | 2016 | |||||||||||||||||||||||
(millions) | Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Foreign currency exchange contracts: | ||||||||||||||||||||||||
Other current assets | $ | — | $ | 10 | $ | 10 | $ | — | $ | 25 | $ | 25 | ||||||||||||
Commodity contracts: | ||||||||||||||||||||||||
Other current assets | 6 | — | 6 | 13 | — | 13 | ||||||||||||||||||
Total assets | $ | 6 | $ | 10 | $ | 16 | $ | 13 | $ | 25 | $ | 38 | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Foreign currency exchange contracts: | ||||||||||||||||||||||||
Other current liabilities | $ | — | (14 | ) | $ | (14 | ) | $ | — | $ | (11 | ) | $ | (11 | ) | |||||||||
Commodity contracts: | ||||||||||||||||||||||||
Other current liabilities | (7 | ) | — | (7 | ) | (7 | ) | — | (7 | ) | ||||||||||||||
Total liabilities | $ | (7 | ) | $ | (14 | ) | $ | (21 | ) | $ | (7 | ) | $ | (11 | ) | $ | (18 | ) |
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 | ) |
As of December 31, 2016 | ||||||||||||||||
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 | $ | 41 | $ | (24 | ) | $ | — | $ | 17 | |||||||
Total liability derivatives | $ | (83 | ) | $ | 24 | $ | 48 | $ | (11 | ) |
(millions) | Location of gain (loss) recognized in income | Gain (loss) recognized in income (a) | ||||||||
2017 | 2016 | |||||||||
Foreign currency exchange contracts | OIE | $ | (1 | ) | $ | — | ||||
Interest rate contracts | Interest expense | 18 | 18 | |||||||
Total | $ | 17 | $ | 18 |
(a) | Includes the ineffective portion and amount excluded from effectiveness testing. |
(millions) | Gain (loss) recognized in AOCI | Location of gain (loss) reclassified from AOCI | Gain (Loss) reclassified from AOCI into income | Location of gain (loss) recognized in income (a) | Gain (loss) recognized in income (a) | |||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 9 | COGS | $ | 1 | $ | 14 | OIE | $ | — | $ | (2 | ) | |||||||||||||
Foreign currency exchange contracts | — | 1 | SGA expense | — | 1 | OIE | — | — | ||||||||||||||||||||
Interest rate contracts | — | (65 | ) | Interest expense | (10 | ) | (13 | ) | N/A | — | — | |||||||||||||||||
Commodity contracts | — | — | COGS | — | (13 | ) | OIE | — | — | |||||||||||||||||||
Total | $ | — | $ | (55 | ) | $ | (9 | ) | $ | (11 | ) | $ | — | $ | (2 | ) |
(a) | Includes the ineffective portion and amount excluded from effectiveness testing. |
(millions) | Gain (loss) recognized in AOCI | |||||||
2017 | 2016 | |||||||
Foreign currency denominated long-term debt | $ | (316 | ) | $ | 88 | |||
Foreign currency exchange contracts | — | (23 | ) | |||||
Total | $ | (316 | ) | $ | 65 |
Derivatives not designated as hedging instruments | ||||||||||
(millions) | Location of gain (loss) recognized in income | Gain (loss) recognized in income | ||||||||
2017 | 2016 | |||||||||
Foreign currency exchange contracts | COGS | $ | (8 | ) | $ | 6 | ||||
Foreign currency exchange contracts | SGA | (1 | ) | (1 | ) | |||||
Foreign currency exchange contracts | OIE | (10 | ) | 8 | ||||||
Commodity contracts | COGS | (18 | ) | 3 | ||||||
Commodity contracts | SGA | (15 | ) | 3 | ||||||
Total | $ | (52 | ) | $ | 19 |
Net sales | Gross profit | |||||||||||||||
(millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
First | $ | 3,254 | $ | 3,395 | $ | 1,204 | $ | 1,245 | ||||||||
Second | 3,187 | 3,268 | 1,265 | 1,270 | ||||||||||||
Third | 3,273 | 3,254 | 1,232 | 1,264 | ||||||||||||
Fourth | 3,209 | 3,097 | 1,321 | 976 | ||||||||||||
$ | 12,923 | $ | 13,014 | $ | 5,022 | $ | 4,755 |
Net income attributable to Kellogg Company | Per share amounts | |||||||||||||||||||||||
(millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Basic | Diluted | Basic | Diluted | |||||||||||||||||||||
First | $ | 262 | $ | 175 | $ | 0.75 | $ | 0.74 | $ | 0.50 | $ | 0.49 | ||||||||||||
Second | 282 | 280 | 0.81 | 0.80 | 0.80 | 0.79 | ||||||||||||||||||
Third | 297 | 292 | 0.86 | 0.85 | 0.83 | 0.82 | ||||||||||||||||||
Fourth | 428 | (53 | ) | 1.24 | 1.23 | (0.15 | ) | (0.15 | ) | |||||||||||||||
$ | 1,269 | $ | 694 |
Dividend per share | Stock price | |||||||||||
2017 — Quarter | High | Low | ||||||||||
First | $ | 0.52 | $ | 76.44 | $ | 71.38 | ||||||
Second | 0.52 | 73.49 | 68.69 | |||||||||
Third | 0.54 | 70.36 | 62.37 | |||||||||
Fourth | 0.54 | 68.29 | 58.87 | |||||||||
$ | 2.12 | |||||||||||
2016 — Quarter | ||||||||||||
First | $ | 0.50 | $ | 77.86 | $ | 69.96 | ||||||
Second | 0.50 | 81.65 | 74.30 | |||||||||
Third | 0.52 | 86.98 | 77.13 | |||||||||
Fourth | 0.52 | 77.25 | 70.96 | |||||||||
$ | 2.04 |
2017 | ||||||||||||||||||||
(millions) | First | Second | Third | Fourth | Full Year | |||||||||||||||
Restructuring and cost reduction charges | $ | 142 | $ | 96 | $ | 1 | $ | 24 | $ | 263 | ||||||||||
(Gains) / losses on mark-to-market adjustments | 21 | (7 | ) | 104 | (163 | ) | (45 | ) | ||||||||||||
$ | 163 | $ | 89 | $ | 105 | $ | (139 | ) | $ | 218 |
2016 | ||||||||||||||||||||
(millions) | First | Second | Third | Fourth | Full Year | |||||||||||||||
Restructuring and cost reduction charges | $ | 52 | $ | 72 | $ | 40 | $ | 161 | $ | 325 | ||||||||||
(Gains) / losses on mark-to-market adjustments | 24 | (20 | ) | 31 | 226 | 261 | ||||||||||||||
$ | 76 | $ | 52 | $ | 71 | $ | 387 | $ | 586 |
(millions) | 2017 | 2016 | 2015 | |||||||||
Net sales | ||||||||||||
U.S. Morning Foods | $ | 2,778 | $ | 2,931 | $ | 2,992 | ||||||
U.S. Snacks | 3,067 | 3,198 | 3,234 | |||||||||
U.S. Specialty | 1,249 | 1,214 | 1,181 | |||||||||
North America Other | 1,616 | 1,598 | 1,687 | |||||||||
Europe | 2,291 | 2,377 | 2,497 | |||||||||
Latin America | 955 | 780 | 1,015 | |||||||||
Asia Pacific | 967 | 916 | 919 | |||||||||
Consolidated | $ | 12,923 | $ | 13,014 | $ | 13,525 | ||||||
Operating profit | ||||||||||||
U.S. Morning Foods | $ | 601 | $ | 593 | $ | 474 | ||||||
U.S. Snacks | 115 | 324 | 385 | |||||||||
U.S. Specialty | 312 | 279 | 260 | |||||||||
North America Other | 230 | 181 | 178 | |||||||||
Europe | 279 | 205 | 247 | |||||||||
Latin America | 108 | 84 | 9 | |||||||||
Asia Pacific | 86 | 70 | 54 | |||||||||
Total Reportable Segments | 1,731 | 1,736 | 1,607 | |||||||||
Corporate | 215 | (341 | ) | (516 | ) | |||||||
Consolidated | $ | 1,946 | $ | 1,395 | $ | 1,091 | ||||||
Depreciation and amortization (a) | ||||||||||||
U.S. Morning Foods | $ | 120 | $ | 122 | $ | 123 | ||||||
U.S. Snacks | 146 | 159 | 135 | |||||||||
U.S. Specialty | 13 | 11 | 11 | |||||||||
North America Other | 51 | 56 | 74 | |||||||||
Europe | 80 | 114 | 120 | |||||||||
Latin America | 37 | 22 | 28 | |||||||||
Asia Pacific | 33 | 30 | 29 | |||||||||
Total Reportable Segments | 480 | 514 | 520 | |||||||||
Corporate | 1 | 3 | 14 | |||||||||
Consolidated | $ | 481 | $ | 517 | $ | 534 |
(a) | Includes asset impairment charges as discussed in Note 14. |
(millions) | 2017 | 2016 | 2015 | |||||||||
Interest expense | ||||||||||||
North America | $ | 3 | $ | 5 | $ | 5 | ||||||
Europe | 16 | 8 | 5 | |||||||||
Latin America | 2 | 4 | 5 | |||||||||
Asia Pacific | 2 | 2 | 2 | |||||||||
Corporate | 233 | 387 | 210 | |||||||||
Consolidated | $ | 256 | $ | 406 | $ | 227 | ||||||
Income taxes | ||||||||||||
Europe | $ | (38 | ) | $ | (17 | ) | $ | 10 | ||||
Latin America | 33 | 30 | 34 | |||||||||
Asia Pacific | 12 | 14 | — | |||||||||
Corporate & North America | 405 | 206 | 115 | |||||||||
Consolidated | $ | 412 | $ | 233 | $ | 159 |
(millions) | 2017 | 2016 | 2015 | |||||||||
Total assets | ||||||||||||
North America | $ | 10,867 | $ | 10,533 | $ | 10,363 | ||||||
Europe | 4,057 | 3,824 | 3,742 | |||||||||
Latin America | 1,094 | 1,136 | 587 | |||||||||
Asia Pacific | 1,225 | 1,158 | 1,106 | |||||||||
Corporate | 1,426 | 1,248 | 1,184 | |||||||||
Elimination entries | (2,319 | ) | (2,788 | ) | (1,731 | ) | ||||||
Consolidated | $ | 16,350 | $ | 15,111 | $ | 15,251 | ||||||
Additions to long-lived assets | ||||||||||||
North America | $ | 329 | $ | 318 | $ | 342 | ||||||
Europe | 106 | 125 | 110 | |||||||||
Latin America | 32 | 24 | 23 | |||||||||
Asia Pacific | 30 | 36 | 76 | |||||||||
Corporate | 4 | 4 | 2 | |||||||||
Consolidated | $ | 501 | $ | 507 | $ | 553 |
(millions) | 2017 | 2016 | 2015 | |||||||||
Net sales | ||||||||||||
United States | $ | 8,196 | $ | 8,438 | $ | 8,560 | ||||||
All other countries | 4,727 | 4,576 | 4,965 | |||||||||
Consolidated | $ | 12,923 | $ | 13,014 | $ | 13,525 | ||||||
Long-lived assets | ||||||||||||
United States | $ | 2,195 | $ | 2,208 | $ | 2,220 | ||||||
All other countries | 1,521 | 1,361 | 1,401 | |||||||||
Consolidated | $ | 3,716 | $ | 3,569 | $ | 3,621 |
(millions) | 2017 | 2016 | 2015 | |||||||||
Snacks | $ | 6,700 | $ | 6,660 | $ | 6,698 | ||||||
Cereal | 5,270 | 5,440 | 5,871 | |||||||||
Frozen | 953 | 914 | 956 | |||||||||
Consolidated | $ | 12,923 | $ | 13,014 | $ | 13,525 |
Consolidated Statement of Income (millions) | 2017 | 2016 | 2015 | |||||||||
Research and development expense | $ | 148 | $ | 182 | $ | 193 | ||||||
Advertising expense | $ | 731 | $ | 735 | $ | 898 |
Consolidated Balance Sheet (millions) | 2017 | 2016 | ||||||
Trade receivables | $ | 1,250 | $ | 1,106 | ||||
Allowance for doubtful accounts | (10 | ) | (8 | ) | ||||
Refundable income taxes | 23 | 24 | ||||||
Other receivables | 126 | 109 | ||||||
Accounts receivable, net | $ | 1,389 | $ | 1,231 | ||||
Raw materials and supplies | $ | 333 | $ | 315 | ||||
Finished goods and materials in process | 884 | 923 | ||||||
Inventories | $ | 1,217 | $ | 1,238 | ||||
Land | $ | 111 | $ | 131 | ||||
Buildings | 2,200 | 2,020 | ||||||
Machinery and equipment | 6,018 | 5,646 | ||||||
Capitalized software | 403 | 366 | ||||||
Construction in progress | 634 | 686 | ||||||
Accumulated depreciation | (5,650 | ) | (5,280 | ) | ||||
Property, net | $ | 3,716 | $ | 3,569 | ||||
Other intangibles | $ | 2,706 | $ | 2,423 | ||||
Accumulated amortization | (67 | ) | (54 | ) | ||||
Other intangibles, net | $ | 2,639 | $ | 2,369 | ||||
Pension | $ | 252 | $ | 66 | ||||
Deferred income taxes | 245 | 170 | ||||||
Other | 529 | 393 | ||||||
Other assets | $ | 1,026 | $ | 629 | ||||
Accrued income taxes | $ | 31 | $ | 47 | ||||
Accrued salaries and wages | 311 | 318 | ||||||
Accrued advertising and promotion | 538 | 436 | ||||||
Other | 551 | 590 | ||||||
Other current liabilities | $ | 1,431 | $ | 1,391 | ||||
Income taxes payable | $ | 192 | $ | 48 | ||||
Nonpension postretirement benefits | 40 | 40 | ||||||
Other | 373 | 376 | ||||||
Other liabilities | $ | 605 | $ | 464 |
Allowance for doubtful accounts (millions) | 2017 | 2016 | 2015 | |||||||||
Balance at beginning of year | $ | 8 | $ | 8 | $ | 7 | ||||||
Additions charged to expense | 14 | 9 | 4 | |||||||||
Doubtful accounts charged to reserve | (12 | ) | (9 | ) | (3 | ) | ||||||
Balance at end of year | $ | 10 | $ | 8 | $ | 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 30, 2017 (a) | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights as of December 30, 2017 ($)(b) | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding Securities Reflected in Column (a)) as of December 30, 2017 (c)(1) | ||||||
Equity compensation plans approved by security holders | 16.3 | (2) | 64 | 19.0 | (3) | ||||
Equity compensation plans not approved by security holders | — | NA | 0.3 | ||||||
Total | 16.3 | 64 | 19.3 |
(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 14.6 million stock options and 1.7 million restricted share units. | |||
(3) | The total number of shares available remaining for issuance as of December 30, 2017 for each Equity Compensation Plan approved by shareowners are as follows: - The 2017 Long-Term Incentive Plan - 18.6 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 Kellogg Company 3.25% Senior Note Due 2018), incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K dated May 15, 2011, 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 | |||||
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) | ||||
Employment Letter between us and James M. Jenness, incorporated by reference to Exhibit 10.18 to our Annual Report in Form 10-K for the fiscal year ended January 1, 2005, Commission file number 1-4171.* | 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 | |||||
Stock Option Agreement between us and James Jenness, incorporated by reference to Exhibit 4.4 to our Registration Statement on Form S-8, file number 333-56536.* | 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 | |||||
Form of Non-Qualified Option Agreement for Senior Executives under 2003 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.4 to our Quarterly Report on Form 10-Q for the fiscal period ended September 25, 2004, Commission file number 1-4171.* | IBRF | |||||
Form of Restricted Stock Grant Award under 2003 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.5 to our Quarterly Report on Form 10-Q for the fiscal period ended September 25, 2004, Commission file number 1-4171.* | IBRF | |||||
Form of Non-Qualified Option Agreement for Non-Employee Director under 2000 Non-Employee Director Stock Plan, incorporated by reference to Exhibit 10.6 to our Quarterly Report on Form 10-Q for the fiscal period ended September 25, 2004, 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 |
Exhibit No. | Description | Electronic(E), Paper(P) or Incorp. By Ref.(IBRF) | ||||
Restricted Stock Grant/Non-Compete Agreement between us and John Bryant, incorporated by reference to Exhibit 10.1 of our Quarterly Report on Form 10-Q for the period ended April 2, 2005, Commission file number 1-4171 (the “2005 Q1 Form 10-Q”).* | 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 | |||||
Agreement between us and James M. Jenness, incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K dated October 20, 2006, Commission file number 1-4171.* | IBRF | |||||
Letter Agreement between us and John A. Bryant, dated July 23, 2007, incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K dated July 23, 2007, Commission file number 1-4171.* | IBRF | |||||
Agreement between us and James M. Jenness, dated February 22, 2008, incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K dated February 22, 2008, 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 | |||||
Amendment to Letter Agreement between us and John A. Bryant, dated December 18, 2008, incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K dated December 18, 2008, Commission file number 1-4171.* | IBRF | |||||
Form of Restricted Stock Grant Award under 2003 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K dated December 18, 2008, Commission file number 1-4171.* | IBRF | |||||
Form of Option Terms and Conditions for SVP Executive Officers under 2003 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K dated February 20, 2009, 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 | |||||
Kellogg Company Senior Executive Annual Incentive Plan, incorporated by reference to Appendix A of our Board of Directors’ proxy statement for the annual meeting of shareholders held on April 29, 2011.* | 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 | |||||
Form of Restricted Stock Terms and Conditions, incorporated by reference to Exhibit 10.45 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2011, Commission file number 1-4171.* | IBRF | |||||
Form of Restricted Stock Unit Terms and Conditions, incorporated by reference to Exhibit 10.45 to our Annual Report on Form 10-K for the fiscal year ended December 29, 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 | |||||
Amendment to Change of Control between the Company and John Bryant, dated December 5, 2014, incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K dated December 11, 2014.* | IBRF | |||||
2015-2017 Executive Performance Plan, incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K dated February 24, 2015, Commission file number 1-4171.* | IBRF |
Exhibit No. | Description | Electronic(E), Paper(P) or Incorp. By Ref.(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 | |||||
Amendment to Change of Control between the Company and John Bryant, dated December 5, 2014, incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K dated December 11, 2014.* | IBRF | |||||
2015-2017 Executive Performance Plan, incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K dated February 24, 2015, 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 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 | |||||
Receivables Sale Agreement, dated as of July 13, 2016, among Kellogg Sales Company and Kellogg Funding Company, LLC, incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K dated July 13, 2016, Commission file number 1-4171. | IBRF | |||||
Receivables Purchase Agreement, dated as of July 13, 2016, among Kellogg Funding Company, LLC, Kellogg Business Services Company and Coöperatieve Rabobank U.A., New York Branch, incorporated by reference to Exhibit 10.2 of our Current Report on Form 8-K dated July 13, 2016, Commission file number 1-4171. | IBRF | |||||
Performance Undertaking Agreement, dated as of July 13, 2016, made by Kellogg Company in favor of Coöperatieve Rabobank U.A, New York Branch, incorporated by reference to Exhibit 10.3 of our Current Report on Form 8-K dated July 13, 2016, Commission file number 1-4171. | IBRF | |||||
First Amendment to Receivables Purchase Agreement, dated as of September 29, 2016, among Kellogg Funding Company, LLC, Kellogg Business Services Company and Coöperatieve Rabobank U.A., New York Branch, incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K dated September 29, 2016, Commission file number 1-4171. | IBRF | |||||
Joinder Agreement, dated as of September 30, 2016, among Kellogg Business Services Company, The Bank Of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Coöperatieve Rabobank U.A., New York Branch, incorporated by reference to Exhibit 10.2 of our Current Report on Form 8-K dated September 29, 2016, Commission file number 1-4171. | IBRF |
Exhibit No. | Description | Electronic(E), Paper(P) or Incorp. By Ref.(IBRF) | ||||
Second Amendment to Receivables Purchase Agreement, dated as of November 25, 2016, among Kellogg Funding Company, LLC, Kellogg Business Services Company, Coöperatieve Rabobank U.A., New York Branch, and the other Purchasers party thereto, incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K dated November 25, 2016, Commission file number 1-4171. | IBRF | |||||
Joinder Agreement, dated as of November 25, 2016, among Kellogg Business Services Company, ING Luxembourg S.A., and Coöperatieve Rabobank U.A., New York Branch, incorporated by reference to Exhibit 10.2 of our Current Report on Form 8-K dated November 25, 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 | |||||
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 | |||||
Third Amendment to Receivables Purchase Agreement, dated as of July 10, 2017, among Kellogg Funding Company, LLC, Kellogg Business Services Company, Coöperatieve Rabobank U.A., New York Branch, and the other Purchasers party thereto, incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K dated July 12, 2017, Commission file number 1-4171. | 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 |
Exhibit No. | Description | Electronic(E), Paper(P) or Incorp. By Ref.(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 | |||||
364-Day Credit Agreement dated as of January 30, 2018 with JPMorgan Chase Bank, N.A., as Administrative Agent, Barclays Bank PLC, as Syndication Agent, 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 4.2 of our Current Report on Form 8-K dated February 1, 2018, 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 30, 2017, 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 | ||
Chief Executive Officer |
Name | Capacity | Date | ||
/s/ Steven A. Cahillane Steven A. Cahillane | Chief Executive Officer (Principal Executive Officer) | February 20, 2018 | ||
/s/ Fareed A. Khan Fareed A. Khan | Senior Vice President and Chief Financial Officer (Principal Financial Officer) | February 20, 2018 | ||
/s/ Donald O. Mondano Donald O. Mondano | Vice President and Corporate Controller (Principal Accounting Officer) | February 20, 2018 | ||
* John A. Bryant | Chairman and Director | February 20, 2018 | ||
* Stephanie A. Burns | Director | February 20, 2018 | ||
* Carter A. Cast | Director | February 20, 2018 | ||
* John T. Dillon | Director | February 20, 2018 | ||
* Richard W. Dreiling | Director | February 20, 2018 | ||
* Zachary Gund | Director | February 20, 2018 | ||
* James M. Jenness | Director | February 20, 2018 | ||
* Donald R. Knauss | Director | February 20, 2018 | ||
* Mary Laschinger | Director | February 20, 2018 | ||
* Cynthia H. Milligan | Director | February 20, 2018 | ||
* La June Montgomery Tabron | Director | February 20, 2018 | ||
* Carolyn M. Tastad | Director | February 20, 2018 | ||
* Noel R. Wallace | Director | February 20, 2018 |
* By: | /s/ Gary H. Pilnick Gary H. Pilnick | Attorney-in-fact | February 20, 2018 |
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• | CC Real Estate Holdings, LLC - Michigan |
• | Eighteen94 Capital, LLC - Delaware |
• | Kashi Company - California |
• | Keebler USA, Inc. - Delaware |
• | Kellogg Asia Inc. - Delaware |
• | Kellogg Chile Inc. - Delaware |
• | Kellogg Fearn, Inc. - Michigan |
• | Kellogg Holding, LLC - Delaware |
• | Kellogg International Holding Company - Delaware |
• | Kellogg Italia S.p.A. - Delaware |
• | Kellogg (Thailand) Limited - Delaware |
• | Kellogg Transition MA&P L.L.C. - Delaware |
• | Kellogg Treasury Services Company - Delaware |
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• | AQFTM, Inc. - Delaware |
• | Cary Land Corporation - North Carolina |
• | Godfrey Transport, Inc.- Delaware |
• | Illinois Baking Corporation - Delaware |
• | Kellogg Business Services Company - Delaware |
• | Kellogg North America Company - Delaware |
• | Kellogg Sales Company - Delaware |
• | 545 LLC - Delaware |
• | Barbara Dee Cookie Company, L.L.C. - Delaware |
• | Famous Amos Chocolate Chip Cookie Company, L.L.C. - Delaware |
• | Gardenburger, LLC - Delaware |
• | Kashi Sales, L.L.C. - Delaware |
• | Kellogg Funding Company, LLC - Delaware |
• | Little Brownie Bakers, L.L.C. - Delaware |
• | Mother’s Cookie Company, L.L.C.- Delaware |
• | Murray Biscuit Company, L.L.C. - Delaware |
• | President Baking Company, L.L.C.- Delaware |
• | Specialty Foods, L.L.C. - Delaware |
• | Stretch Island Fruit Sales L.L.C. - Delaware |
• | Sunshine Biscuits, L.L.C.- Delaware |
• | SIA Kellogg Latvija - Latvia |
• | Kellogg Latvia, Inc. - Delaware |
• | K (China) Limited - Delaware |
• | K India Private Limited - Delaware |
• | Kellogg (Thailand) Limited - Thailand |
• | Kellogg Asia Marketing Inc. - Delaware |
• | Kellogg Asia Sdn. Bhd. - Malaysia |
• | Kellogg India Private Limited - India |
• | Kellogg Asia Pacific Pte. Ltd - Singapore |
• | Kellogg Tolaram Pte. Ltd. - Singapore (JV) |
• | Kellogg Company East Africa Limited - Kenya |
• | Nhong Shim Kellogg Co. Ltd. - South Korea |
• | Shanghai Trading Co. Ltd. - China |
• | Kellogg Tolaram Ghana Private Limited - Ghana |
• | Kellogg Tolaram Nigeria Limited - Nigeria |
• | Kellogg Tolaram Noodles Singapore Pte. Ltd. - Singapore (JV) |
• | Multipro Singapore Pte. Ltd. - Singapore (JV) |
• | Kellogg Tolaram South Africa Proprietary Limited - South Africa |
• | Kellogg Tolaram Noodles Egypt L.L.C - Egypt |
• | Multipro Private Limited - Ghana |
• | Multipro Consumer Products Limited - Nigeria |
• | Kellogg Hong Kong Private Limited - Hong Kong |
• | Wimble Manufacturing Belgium BVBA - Belgium |
• | Wimble Services Belgium BVBA - Belgium |
• | Pringles Hong Kong Limited - Hong Kong |
• | Yihai Kerry Kellogg Foods (Shanghai) Company Limited - China (JV) |
• | Yihai Kerry Kellogg Foods (Kushan) Company Limited - China (JV) |
• | Wilmar Kellogg (Singapore) Pte. Ltd. (JV) |
• | Canada Holding LLC - Delaware |
• | Kellogg (Aust.) Pty. Ltd. - Australia |
• | Kashi Company Pty. Ltd. - Australia |
• | Kellogg Superannuation Pty. Ltd. - Australia |
• | Specialty Cereals Pty Limited - Australia |
• | The Healthy Snack People Pty Limited - Australia |
• | Pringles Australia Pty Ltd - Australia |
• | Kellogg Kayco - Cayman Islands |
• | Kellogg Group Limited - England and Wales |
• | KBAR SRL - Barbados |
• | Pringles Manufacturing Company - Delaware |
• | Gollek UK Limited - United Kingdom |
• | Kellogg Asia Products Sdn. Bhd. - Malaysia |
• | Kellogg Latin America Holding Company (One) Limited - England and Wales |
• | KPAR Limited - England and Wales |
• | Parati Indústria e Comércio De Alimentos Ltda - Brazil |
• | Gollek Inc. - Delaware |
• | Kelarg, Inc. - Delaware |
• | Kellogg Argentina S.R.L. - Argentina |
• | Kellogg Brasil, Inc. - Delaware |
• | Kellogg Caribbean Inc. - Delaware |
• | Kellogg Caribbean Services Company, Inc. - Puerto Rico |
• | Kellogg Chile Limitada - Chile |
• | Kellogg de Centro America, S.A. - Guatemala |
• | Kellogg de Colombia, S.A. - Colombia |
• | Alimentos Kellogg de Panama SRL - Panama |
• | Alimentos Kellogg, S.A. - Venezuela |
• | Gollek Argentina S.R.L. - Argentina |
• | Kellogg Company Mexico, S. de R.L. de C.V. - Mexico |
• | Kellogg Costa Rica S. de R.L. - Costa Rica |
• | Kellogg de Peru, S.A.L. - Peru |
• | Kellogg Ecuador C. Ltda. - Ecuador |
• | Gollek Interamericas, S. de R.L., de C.V. - Mexico |
• | Gollek Services, S.A. a/k/a Gollek Servicios, S.C. - Mexico |
• | Kellman, S. de R.L. de C.V. - Mexico |
• | Kellogg de Mexico, S. de R.L. de C.V. - Mexico |
• | Kellogg Servicios, S.C. - Mexico |
• | Pronumex, S. de R.L. de C.V. - Mexico |
• | Instituto de Nutricion y Salud Kellogg, A.C. - Mexico |
• | Servicios Argkel, S.C. - Mexico |
• | Alimentos Gollek, S.A. - Venezuela |
• | Kellogg Brasil Ltda. - Brasil |
• | Kellogg El Salvador S. de R.L. de C.V. - El Salvador |
• | Pádua Ltda - Brazil |
• | Afical Ltda - Brazil |
• | Afical Holding LLC - Delaware |
• | Bisco Misr - Egypt |
• | Gollek B.V. - Netherlands |
• | Kellogg UK Minor Limited - Manchester, England |
• | Kellogg Company of Great Britain Limited - England |
• | Kellogg Hong Kong Holding Company - England and Wales |
• | Kellogg Latin America Holding Company (Two) Limited - United Kingdom |
• | Kellogg Netherlands Holding B.V. - Netherlands |
• | Prime Bond Holdings Limited - Cyprus |
• | Pringles Overseas Holding S.a.r.l. - Switzerland |
• | Kellogg Holding Company Limited - Bermuda |
• | Kellogg Italia S.p.A. - Italy |
• | K Europe Holding Company Limited - England and Wales |
• | Klux A S.a.r.l. - Luxembourg |
• | Prime Bond Cyprus Holding Company Limited - Cyprus |
• | Kellogg Europe Company Limited - Bermuda |
• | KTRY Limited - Bermuda |
• | Klux B S.a.r.l. - Luxembourg |
• | Kellogg Lux I S.a.r.l. - Luxembourg |
• | Pringles S.a.r.l. - Luxembourg |
• | KECL, LLC - Delaware |
• | KT International Finance SRL - Barbados |
• | Kellogg Europe Trading Limited - Ireland |
• | Kellogg Europe Treasury Services Limited - Ireland |
• | Kellogg Irish Holding Company Limited - Ireland |
• | Kellogg Europe Emerging Markets Services (KEEM) - France |
• | UMA Investments sp. z o.o. - Poland |
• | Kellogg European Logistics Services Company Limited - Ireland |
• | Vita+ Naturprodukte GmbH - Austria |
• | Vita+ Naturprodukte GmbH - Germany |
• | PRUX S.a.r.l. - Luxembourg |
• | Pringles LP - Canada |
• | Kellogg Snacks Holding Company Europe Limited - Ireland |
• | Kellogg Lux V S.a.r.l. - Luxembourg |
• | Kellogg Snacks Financing Limited - Ireland |
• | Pringles International Operations S.a.r.l. - Switzerland |
• | Kellogg Canada Inc. - Canada |
• | Favorite Food Products Limited - England |
• | Kelcone Limited - England |
• | Kelcorn Limited - England |
• | Kelmill Limited - England |
• | Kelpac Limited - England |
• | Saragusa Frozen Foods Limited - England |
• | Kellogg Australia Holdings Pty Ltd. - Australia |
• | Keeb Canada, Inc. - Canada |
• | Pringles Japan G.K. - Japan |
• | Kellogg Lux VI S.a.r.l. - Luxembourg |
• | Kellogg Rus LLC - Russian Federation |
• | Kellogg Europe Services Limited - Ireland |
• | Pringles (Shanghai) Food Co. Ltd. - China |
• | Mass Food SAE - Egypt |
• | Mass Food International SAE - Egypt |
• | Mass Trade for Trade and Distribution SAE - Egypt |
• | Kellogg (Japan) G.K. - Japan |
• | Kellogg Med Gida Ticaret Limited Sirketi - Turkey (JV) |
• | Kellogg Lux III S.a.r.l. - Luxembourg |
• | Kellogg Group S.a.r.l. - Luxembourg |
• | Kellogg Europe Finance Limited - Ireland |
• | Kellogg (Deutschland) GmbH - Germany |
• | Kellogg Company of South Africa (Pty) Limited - South Africa |
• | Kellogg Group, LLC - Delaware |
• | Kellogg Hellas Single Member Limited Liability Company - Greece |
• | Kellogg Services GmbH - Austria |
• | Kellogg Northern Europe GmbH - Germany |
• | Kellogg U.K. Holding Company Limited - England |
• | Kellogg's Produits Alimentaires, S.A.S. - France |
• | Nordisk Kellogg's ApS - Denmark |
• | Portable Foods Manufacturing Company Limited - England |
• | Kellogg (Schweiz) GmbH - Switzerland |
• | Kellogg (Osterreich) GmbH - Austria |
• | Kellogg Services GmbH - Germany |
• | Kellogg Manufacturing GmbH & Co. KG - Germany |
• | Gebrueder Nielsen Reismuehlen und Staerke-Fabrik mit Beschraenkter Haftung - Germany |
• | Kellogg Company of Ireland, Limited - Ireland |
• | Kellogg Espana, S.L. - Spain |
• | Kellogg Management Services (Europe) Limited - England |
• | Kellogg Manchester Limited - England |
• | Kellogg Marketing and Sales Company (UK) Limited - England |
• | Kellogg Supply Services (Europe) Limited - England |
• | Kellogg Belgium Services Company bvba - Belgium |
• | Kellogg Manufacturing Espana, S.L. - Spain |
• | Kellogg European Support Services SRL - Romania |
• | KELF Limited - England |
• | Kellogg Talbot LLC - Delaware |
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 30, 2017 (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 30, 2017 (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. 30, 2017 |
Jan. 27, 2018 |
Jul. 01, 2017 |
|
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 30, 2017 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2017 | ||
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 | --12-30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Common Stock, Shares Outstanding | 345,748,749 | ||
Entity Public Float | $ 18.9 |
Consolidated Statement of Income Statement - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Income Statement [Abstract] | |||
Net sales | $ 12,923 | $ 13,014 | $ 13,525 |
Cost of goods sold | 7,901 | 8,259 | 8,844 |
Selling, general and administrative expense | 3,076 | 3,360 | 3,590 |
Operating profit | 1,946 | 1,395 | 1,091 |
Interest expense | 256 | 406 | 227 |
Other income (expense), net | (16) | (62) | (91) |
Income before income taxes | 1,674 | 927 | 773 |
Income taxes | 412 | 233 | 159 |
Earnings (loss) from unconsolidated entities | 7 | 1 | 0 |
Net income | 1,269 | 695 | 614 |
Net income (loss) attributable to noncontrolling interests | 0 | 1 | 0 |
Net income attributable to Kellogg Company | $ 1,269 | $ 694 | $ 614 |
Basic | $ 3.65 | $ 1.98 | $ 1.74 |
Diluted | 3.62 | 1.96 | 1.72 |
Dividends per share | $ 2.12 | $ 2.04 | $ 1.98 |
Consolidated Balance Sheet (Parenthetical) Consolidated Balance Sheet - $ / shares |
Dec. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
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 | 420,514,582 | 420,472,901 |
Treasury Stock, Shares | 74,911,865 | 69,403,567 |
Accounting Policies |
12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 30, 2017 | |||||||||||||
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 and the accounts of the variable interest entities (VIEs) of which Kellogg Company is the primary beneficiary (Kellogg or the Company). The Company continually evaluates its involvement with 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 2017, 2016 and 2015 fiscal years each contained 52 weeks and ended on December 30, 2017, December 31, 2016, and January 2, 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 2017 and 2016, 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 5-30; office equipment 4-5; computer equipment and capitalized software 3-7; building components 15-25; building structures 30-50. 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. As of year-end 2017 and 2016, 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. 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 earnings before interest, taxes, depreciation and amortization and earnings 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 in entering into the agreements is to capture overall supplier savings, in the form of payment terms or vendor funding, created by facilitating 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 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. As of December 31, 2016, $677 million of the Company’s outstanding payment obligations had been placed in the accounts payable tracking system, and participating suppliers had sold $507 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 provisions for 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. 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. 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 expense 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 accelerate 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. As of December 30, 2017 substantially all foreign earnings were considered permanently invested. As the Company's accumulated foreign earnings and profits continue to be indefinitely reinvested and the company is still finalizing its assessment of the territorial tax system and the Tax Act on its indefinite reinvestment assertion on a go-forward basis, it is impracticable for the Company to estimate a future tax cost for any unrecognized deferred tax liabilities because the actual tax liability, if any, would be dependent on complex analyses and calculations considering various tax laws, exchange rates, circumstances existing when a repatriation, sale, or liquidation occurs, and other factors. 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. 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. Beginning in 2018, the Company intends to account for the GILTI as a period cost and will include a provisional estimate for GILTI in its Q1 2018 effective tax rate. The 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. The Company is currently applying the SAB 118 guidance to the selection of a GILTI accounting policy election and, therefore, as of December 30, 2017, the determination of its GILTI accounting policy is not complete. The Company intends to finalize its GILTI accounting policy in 2018 during the measurement period. 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). 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, long-term rate of return on plan assets and health care cost trend rate, and is reported in COGS and SGA expense on the Consolidated Statement of Income. 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 and amortization of prior service cost. All other components of pension and postretirement benefit expense, including interest cost, expected return on assets, 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. Improvements to employee share-based payment accounting. In March 2016, the FASB issued an ASU as part of its simplification initiative. The Company early adopted the accounting standard update in the first quarter of 2016. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. The main provisions of the ASU are as follows:
Practical expedient for the measurement date of an employer's defined benefit obligation and plan assets. In April 2015, the FASB issued an ASU to provide a practical expedient for the measurement date of an employer’s defined benefit obligation and plan assets. For an entity with a fiscal year-end that does not coincide with a month-end, the amendments in this Update provide a practical expedient that permits the entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity’s fiscal year-end and apply that practical expedient consistently to all plans from year to year. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. Entities should apply the new guidance on a prospective basis. The Company early adopted the updated standard when measuring the fair value of plan assets at the end of its 2015 fiscal year with no impact to the Consolidated Financial Statements. 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, Balance sheet classification of deferred taxes. In November 2015, the FASB issued an ASU to simplify the presentation of deferred income taxes. The ASU requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. Entities should apply the new guidance either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company early adopted the updated standard in the first quarter of 2016, on a prospective basis. The year-end 2015 balance for current deferred tax assets and liabilities was $227 million and $(9) million, respectively. Please see Note 13 for more information on the Company’s deferred tax assets and liabilities. Prior period balances have not been adjusted. Simplifying the accounting for measurement-period adjustments. In September 2015, the FASB issued an ASU to simplify the accounting for measurement-period adjustments for items in a business combination. The ASU requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Entities should apply the new guidance prospectively to adjustments to provisional amounts that occur after the effective date of the ASU with earlier application permitted for financial statements that have not been issued. The Company adopted the updated standard in the first quarter of 2016 with no material impact to the financial statements. Accounting standards to be adopted in future periods 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 on January 1, 2019, with early adoption permitted. 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 will adopt the new ASU in the first quarter of 2018 and is currently assessing the impact and timing of adoption of this ASU. 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 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 (interim or annual) 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 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 will adopt the ASU in the first quarter of 2018. If the Company had adopted the ASU in the first quarter of 2017, the impact to its Consolidated Statement of Income would have been an increase to COGS and SG&A of $325 million and $217 million, respectively, with an offsetting decrease to Other income (expense), net (OIE) of $542 million in the year ended December 30, 2017. For the year ended December 31, 2016, the impact to the Company's Consolidated Statement of Income would have been a decrease to COGS and SG&A of $54 million and $26 million, respectively, with an offsetting increase to OIE of $80 million. Adoption will have no impact on net income or cash flow. The impact to the Consolidated Balance Sheet at December 30, 2017 and December 31, 2016 would have been immaterial. 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 annual or 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 is currently assessing the impact and timing of adoption of this ASU. Statement of Cash Flows. In August 2016, the FASB issued an ASU to provide cash flow statement classification guidance for certain cash receipts and payments including (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 will adopt the new ASU in the first quarter of 2018 and is currently evaluating the impact of adoption. 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 new ASU in the first quarter of 2019 and is currently evaluating the impact that implementing this ASU will have on its financial statements and disclosures. Please refer to Note 7 for a summary of the Company's undiscounted minimum rental commitments under operating leases as of December 30, 2017. Recognition and measurement of financial assets and liabilities. In January 2016, the FASB issued an ASU which primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. 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 will adopt the updated standard in the first quarter of 2018 and does not expect the adoption of this guidance to have a material impact on its financial statements. Revenue from contracts with customers. In May 2014, the FASB issued an ASU which provides guidance for accounting for revenue from contracts with customers across all industries with final amendments issued in 2016. 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 standard also calls for additional disclosures around the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including significant judgments and changes in judgments. When the ASU was originally issued it was effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption was not permitted. On July 9, 2015, the FASB decided to delay the effective date of the new revenue standard by one year. The updated standard will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Entities will be permitted to adopt the new revenue standard early, but not before the original effective date. Entities will have the option to apply the final standard retrospectively or use a modified retrospective method, recognizing the cumulative effect of the ASU in retained earnings at the date of initial application. The Company plans to adopt in the first quarter of 2018 using the full retrospective transition method which requires restating each prior reporting period presented. The adoption is not expected to have a material impact its financial statements and is limited to timing and classification differences as well as disaggregated revenue disclosures. |
Sale of Accounts Receivable (Notes) |
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Dec. 30, 2017 | |
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). In 2016, the Company entered into a Receivable Sales Agreement (Monetization Program) and 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 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 30, 2017 and December 31, 2016 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 In March 2016, the Company entered into a Monetization Program to sell, on a revolving basis, certain trade accounts receivable balances 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 Program provides 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 $800 million. Accounts receivable sold of $601 million and $562 million remained outstanding under this arrangement as of December 30, 2017 and December 31, 2016, respectively. During 2017 and 2016, approximately $2.2 billion and $1.5 billion of accounts receivable have been sold via the Monetization Program, 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 is approximately $11 million and $5 million for the years ended December 30, 2017 and December 31, 2016, respectively, and is included in Other income and expense. Securitization Program In July 2016, the Company entered into the 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. The Company terminated the accounts receivable securitization program as a result of declining customer interest in an extended-terms program, and recent changes to accounting guidelines that (i) no longer treat the advances from the securitization in a way that preserves Cash Flow, defined as Cash From Operations less Capital Expenditure, and (ii) require burdensome administration, including daily reconciliations of receivables sold and collected under the program. Terminating the securitization will have no impact on our Cash Flow. During the years ended December 30, 2017 and December 31, 2016, $2.6 billion and $839 million of accounts receivable were sold via the Securitization Program, respectively. 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. As of December 31, 2016, approximately $292 million of accounts receivable sold to Kellogg Funding under the Securitization Program remained outstanding, for which the Company received net cash proceeds of approximately $255 million and a deferred purchase price asset of approximately $37 million. The portion of the purchase price for the receivables which was 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. 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 is approximately $7 million for the year end December 30, 2017 and was 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. During the years ended December 30, 2017 and December 31, 2016, $237 million and $164 million of accounts receivable were sold via these programs, respectively. Accounts receivable sold of $86 million and $124 million remained outstanding under these programs as of December 30, 2017 and December 31, 2016, 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. |
Goodwill and Other Intangible Assets |
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Acquisitions, Goodwill and Other Intangibles [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions, Goodwill and Other Intangibles [Text Block] | GOODWILL AND OTHER INTANGIBLE ASSETS RXBAR 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 is 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. 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 30, 2017 within the North America Other reporting segment. The acquired assets and assumed liabilities include the following:
The amounts in the above table represent the preliminary allocation of purchase price and are subject to revision when the working capital and net debt adjustments to the purchase price are agreed between the parties and valuations are finalized for intangible assets. These items will be finalized in 2018. The goodwill from this acquisition is expected to be deductible for income tax purposes and reflects the value of utilizing the Company’s resources to increase the number of distribution locations and customers as well as any intangible assets that do not qualify for separate recognition. 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 year ended December 30, 2017 the acquisition added $217 million in net sales and $22 million of operating profit in the Company's Latin America reporting segment. 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. 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 certain contingencies arising from the business prior to the acquisition. During the year ended December 30, 2017, the Company recognized $7 million for certain pre-acquisition contingencies which are considered to be probable of being incurred, which increased goodwill. 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. The goodwill from this acquisition is expected to be deductible for income tax purposes. 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 31, 2016 and December 30, 2017 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 31, 2016 and December 30, 2017 within the North America Other segment. Bisco Misr acquisition In January 2015, the Company completed its acquisition of a majority interest in Bisco Misr, the number one packaged biscuits company in Egypt, for $125 million, or $117 million net of cash and cash equivalents acquired. The acquisition was accounted for under the purchase method and was financed through cash on hand. The assets and liabilities of Bisco Misr are included in the Consolidated Balance Sheet as of December 30, 2017 and December 31, 2016 and the results of its operations subsequent to the acquisition date, which are immaterial, are included in the Consolidated Statement of Income within the Europe operating segment. The acquired assets and assumed liabilities include the following:
Goodwill, which is not expected to be deductible for statutory tax purposes, is calculated as the excess of the purchase price over the fair value of the net assets recognized. The goodwill recorded primarily reflects the value of providing an established platform to leverage the Company's existing brands in the markets served by Bisco Misr as well as any intangible assets that do not qualify for separate recognition. The allocation of purchase price was finalized in the 4th quarter of 2015. In October 2015, the Company acquired additional ownership in Bisco Misr through payment of $13 million to non-controlling interests, which is reported as financing activity on the consolidated statement of cash flows. As of December 30, 2017 and December 31, 2016 the Company owns greater than 95% of Bisco Misr outstanding shares. Mass Food acquisition In September 2015, the Company completed the acquisition of Mass Foods, Egypt's leading cereal company, for $46 million, or $44 million net of cash and cash equivalents acquired. 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. During 2016, the purchase price was finalized resulting in a reduction in the purchase price of $3 million. The acquisition was accounted for under the purchase method and financed through cash on hand. The assets and liabilities of Mass Foods are included in the Consolidated Balance Sheet as of December 30, 2017 and December 31, 2016 and the results of its operations subsequent to the acquisition date, which are immaterial, are included in the Consolidated Statement of Income within the Europe reportable segment. The acquired assets and liabilities assumed include the following: Current assets - $8 million, Property, intangible assets and goodwill - $46 million, Current and non-current liabilities - $13 million. Goodwill, which is not expected to be deductible for statutory tax purposes, is calculated as the excess of the purchase price over the fair value of the net assets recognized. The goodwill recorded primarily reflects the value of providing an established platform to leverage the Company's existing brands in the markets served by Mass Foods as well as any intangibles that do not qualify for separate recognition. The allocation of purchase price was finalized during 2016. Goodwill and Intangible Assets Changes in the carrying amount of goodwill, intangible assets subject to amortization, consisting primarily of customer lists, 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 $12 million for 2018 and $11 million per year thereafter through 2022. Intangible assets not subject to amortization
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated entities [Text Block] | INVESTMENTS IN UNCONSOLIDATED ENTITIES In January 2016, the Company formed a Joint Venture with Tolaram Africa to develop snacks and breakfast foods for the West African market. In connection with the formation, the Company contributed rights to indefinitely use the Company's brands for this market and these categories, including the Pringles brand. Accordingly, the Company recorded a contribution of $5 million of intangible assets not subject to amortization with a corresponding increase in Investments in unconsolidated entities during 2016, which represents the value attributed to the Pringles brand for this market. In September 2015, the Company acquired, for a final net purchase price of $418 million, a 50% interest in Multipro Singapore Pte. Ltd. (Multipro), a leading distributor of a variety of food products in Nigeria and Ghana and also obtained a call option to acquire 24.5% of an affiliated food manufacturing entity under common ownership based on a fixed multiple of future earnings as defined in the agreement (Purchase Option). The acquisition of the 50% interest is accounted for under the equity method of accounting. The Purchase Option, is recorded at cost and has been monitored for impairment through December 30, 2017 with no impairment being required. In July 2017, the Company received notification that the entity, through June 30, 2017, had achieved the level of earnings as defined in the agreement for the purchase option to become exercisable for a 1 year period. During the exercise period, the Company will validate the information provided in the notification and evaluate whether to exercise its rights to acquire the 24.5% interest. While no decision to exercise the option has been made by the Company, if the option is exercised, the Company would acquire 24.5% of the affiliated food manufacturing entity for approximately $400 million. The difference between the amount paid for Multipro and the underlying equity in net assets is primarily attributable to intangible assets, a portion of which is being amortized over future periods, and goodwill. Summarized combined financial information for the Company’s investments in unconsolidated entities is as follows (on a 100% basis, excluding amortization):
(a) 2015 includes three months of results for Multipro. |
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 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 $263 million of costs in 2017 associated with cost reduction initiatives. The charges were comprised of $46 million being recorded in COGS and $217 million recorded in SGA expense. During 2016, the Company recorded $325 million of charges associated with all cost reduction initiatives. The charges were comprised of $173 million being recorded in COGS and $152 million recorded in SGA expense. During 2015, the Company recorded $323 million of charges associated with all cost reduction initiatives. The charges were comprised of $4 million being recorded as a reduction of revenue, $191 million being recorded in COGS and $128 million recorded in SGA expense. Project K In 2017, the Company announced an expansion and an extension to its previously-announced global efficiency and effectiveness program (“Project K”), to reflect additional and changed initiatives. 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 the Company's 2018 Margin Expansion target. In addition to the original program’s focus on strengthening existing businesses in core markets, increasing growth in developing and emerging markets, and driving an increased level of value-added innovation, the extended program will also focus on implementing a more efficient go-to-market model for certain businesses and creating a more efficient organizational design in several markets. Since inception, Project K has provided significant benefits and is expected to continue to provide a number of benefits in the future, including an optimized supply chain infrastructure, the implementation of global business services, a new global focus on categories, increased agility from a more efficient organization design, and improved effectiveness in go-to-market strategies. The Company currently anticipates that the program will result in total pre-tax charges, once all phases are approved and implemented, of approximately $1.5 to $1.6 billion, with after-tax cash costs, including incremental capital expenditures, estimated to be approximately $1.1 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 $500 million which includes severance, pension and other termination benefits; and other costs of approximately $600 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 34%), U.S. Specialty (approximately 1%), North America Other (approximately 13%), Europe (approximately 22%), Latin America (approximately 2%), Asia-Pacific (approximately 6%), and Corporate (approximately 5%). Since inception of Project K, the Company has recognized charges of $1,377 million that have been attributed to the program. The charges were comprised of $6 million being recorded as a reduction of revenue, $736 million being recorded in COGS and $635 million recorded in SGA. The Company will complete its implementation of Project K in 2018, with annual savings expected to increase through 2019. Project charges, after-tax cash costs and annual savings remain in line with expectations. Other projects In 2015 the Company implemented a zero-based budgeting (ZBB) program in its North America business that has delivered annual savings. During 2016, ZBB was expanded to include the international segments of the business. In support of the ZBB initiative, the Company incurred pre-tax charges of approximately $3 million, $25 million and $12 million for the years ended December 30, 2017, December 31, 2016 and January 2, 2016, respectively. Total charges of $40 million have been recognized since the inception of the ZBB program. The Company completed implementation of the ZBB program in 2017, with annual savings expected to increase through 2018. Project charges, after-tax cash costs and annual savings remain in line with expectations. The tables below provide the details for the charges incurred during 2017, 2016 and 2015 and program costs to date for all programs currently active as of December 30, 2017.
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 to-to-market model. At December 30, 2017 total project reserves were $160 million, related to severance payments and other costs of which a substantial portion will be paid in 2018 and 2019. The following table provides details for exit cost reserves.
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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): 2017-4.9; 2016-2.8; 2015-2.7. 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): 2017–7; 2016–7; 2015–5. 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 2015, the board of directors approved a new authorization to repurchase of up to $1.5 billion of the Company's common stock beginning in 2016 through December 2017. In December 2017, a new authorization by the board of directors approved the repurchase of up to $1.5 billion of our common stock beginning in January 2018 through December 2019. 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 for a total of $426 million. During 2015, the Company repurchased 11 million shares of common stock at a total cost of $731 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. During the year ended January 2, 2016, the Company modified assumptions for a U.S. postemployment benefit plan and amended a U.S. defined-benefit pension 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 postretirement benefit obligation. The U.S. defined-benefit pension plan amendment increased the Company's pension benefit obligation with an offsetting increase in prior service costs in other comprehensive income. See Note 10 and Note 11 for further details.
Reclassifications from Accumulated Other Comprehensive Income (AOCI) for the year ended December 30, 2017 and December 31, 2016, consisted of the following:
(a) See Note 10 and Note 11 for further details. Accumulated other comprehensive income (loss) as of December 30, 2017 and December 31, 2016 consisted of the following:
Noncontrolling interests In December 2012, the Company entered into a series of agreements with a third party including a subordinated loan (VIE Loan) of $44 million which was convertible into approximately 85% of the equity of the entity (VIE). Due to this convertible subordinated loan and other agreements, the Company determined that the entity was a variable interest entity, the Company was the primary beneficiary and the Company consolidated the financial statements of the VIE. During 2015, the 2012 Agreements were terminated and the VIE loan, including related accrued interest and other receivables, were settled, resulting in a charge of $19 million which was recorded as Other income (expense) in the year ended January 2, 2016. Upon termination of the 2012 Agreements, the Company was no longer considered the primary beneficiary of the VIE, the VIE was deconsolidated, and the Company derecognized all assets and liabilities of the VIE, including an allocation of a portion of goodwill from the U.S. Snacks operating segment, resulting in a $67 million non-cash gain, which was recorded within SGA expense for the year ended January 2, 2016. |
Leases and Other Commitment |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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): 2017-$195; 2016-$176; 2015-$189. During 2017, 2016 and 2015, the Company entered into less than $1 million in capital lease agreements. At December 30, 2017, future minimum annual lease commitments under non-cancelable operating and capital leases were as follows:
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 30, 2017, the Company had not recorded any liability related to these indemnifications. |
Debt |
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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 30, 2017 and December 31, 2016:
The following table presents the components of long-term debt at year end December 30, 2017 and December 31, 2016:
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 was $96 million and $306 million outstanding under this program as of December 30, 2017 and December 31, 2016, respectively. At December 30, 2017, the Company had $3.1 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 February 2014 and expires in 2019, replacing the Company’s unsecured Four-year Credit Agreement, which would have expired in March 2015. The Five-Year Credit Agreement allows the Company to borrow, on a revolving credit basis, up to $2.0 billion, which includes the ability to obtain letters of credit in an aggregate stated amount up to $75 million and to obtain U.S. swingline loans in an aggregate principal amount up to $200 million and European swingline loans in an aggregate principal amount up to $400 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 30, 2017. In January 2018, 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 $800 million 364-day facility that expired in January 2018. 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): 2018–$407; 2019–$507; 2020–$850; 2021–$600; 2022–$1,079; 2023 and beyond–$4,876. Interest expense capitalized as part of the construction cost of fixed assets was (in millions): 2017–$4; 2016–$4; 2015–$4. |
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 30, 2017, there were 24 million remaining authorized, but unissued, shares under the 2017 Plan. This amount includes 8 million shares remaining available under the 2013 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): 2017-25,209; 2016-24,249; 2015-26,877. 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 30, 2017, 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): 2017–65,000; 2016–63,000; 2015–73,000. 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): 2017–60,000; 2016–57,000; 2015–48,000. Compensation expense for all types of equity-based programs and the related income tax benefit recognized were as follows:
As of December 30, 2017, total stock-based compensation cost related to non-vested awards not yet recognized was $79 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 30, 2017 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): 2017–$22; 2016–$145; 2015–$65. 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 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 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 comparable operating margin performance is revised for changes in the expected outcome. The 2017 target grant currently corresponds to approximately 126,000 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 comparable operating profit growth and total shareholder return (TSR) of the Company's common stock relative to a select group of peer companies. The 2016 target grant currently corresponds to approximately 133,000 shares, with a grant-date fair value of $80 per share. In 2015, 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 cumulative operating cash flow and TSR of the Company's common stock relative to a select group of peer companies. The 2015 target grant currently corresponds to approximately 145,000 shares, with a grant-date fair value of $58 per share. Based on the market price of the Company’s common stock at year-end 2017, the maximum future value that could be awarded on the vesting date was (in millions): 2017 award–$17; 2016 award– $18; and 2015 award–$20. The 2014 performance share award, payable in stock, was settled at 35% of target in February 2017 for a total dollar equivalent of $5 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 30, 2017, is presented in the following table:
Additionally, restricted stock and restricted stock unit activity for 2016 and 2015 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): 2017–$5; 2016–$7; 2015–$7. |
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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 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 $5.4 billion and $5.1 billion at December 30, 2017 and December 31, 2016, 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. 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 $8 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): 2017 – $41 million; 2016 – $39 million; 2015 – $40 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 71% 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 2017 of 8.5% for the U.S. plans equated to approximately the 62nd 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 30, 2017, the Company considered the SOA's 2017 updated improvement scale. The SOA's 2017 scale incorporates changes consistent with the Company's view of future mortality improvements established in 2014. Therefore, the Company adopted the 2017 SOA improvement scales. The change to the mortality assumption decreased the year-end pension liability by $21 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 spot rates used in this process are derived from a yield curve created from yields on the 40th to 90th percentile of U.S. high quality bonds. A similar methodology is applied in Canada and Europe, except the smaller bond markets imply that yields between the 10th and 90th percentiles are preferable and in the U.K. the underlying yield curve was derived after further adjustments to the universe of bonds to remove bonds from issuers where it is not clear if they are truly corporate bonds. The measurement dates for the defined benefit plans are consistent with the Company’s fiscal year end. Accordingly, the Company selected discount rates to measure the benefit obligations consistent with market indices at year-end. Beginning in 2016, the Company changed the method used to estimate the service and interest costs for pension and postretirement benefits. The new method utilized a full yield curve approach to estimate service and interest costs by applying specific spot rates along the yield curve used to determine the benefit obligation of relevant projected cash outflows. Historically, the Company utilized a single weighted-average discount rate applied to projected cash outflows. The Company made the change to provide a more precise measurement of service and interest costs by aligning the timing of the plan's liability cash flows to the corresponding spot rate on the yield curve. The change did not impact the measurement of the plan's obligations. The Company accounted for this change as a change in accounting estimate. As a result of the change, 2016 interest and service cost for pension and postretirement benefit plans were approximately $30 million and $10 million lower, respectively. 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 the net asset value of shares held by the Plan at year end. Collective trusts: Value based on the net asset value of units held at year end. 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 30, 2017, the Company had no transfers between Levels 1 and 2. The fair value of Plan assets as of December 30, 2017 summarized by level within the fair value hierarchy are as follows:
The fair value of Plan assets at December 31, 2016 are summarized as follows:
There were no unfunded commitments to purchase investments at December 30, 2017 or December 31, 2016. 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–58%; debt securities–20%; real estate and other–22%. Investment in Company common stock represented 1.2% and 1.5% of consolidated plan assets at December 30, 2017 and December 31, 2016, 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 $24 million to its defined benefit pension plans during 2018. Additionally, the Company anticipates adjusting targeted asset allocation to a more conservative investment mix that will likely result in a lower Expected Rate of Return assumption for 2018. 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 30, 2017 was zero and $(7) million at December 31, 2016. Benefit payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in millions): 2018–$261; 2019–$256; 2020–$263; 2021–$276; 2022–$276; 2023 to 2027–$1,448. |
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 5.7% for 2018, 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 30, 2017 summarized by level within fair value hierarchy described in Note 10, are as follows:
The fair value of Plan assets at December 31, 2016 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 70% equity securities, 23% debt securities, and 7% real estate. The Company currently expects to contribute approximately $13 million to its VEBA trusts during 2018. Additionally, the Company anticipates adjusting targeted asset allocation to a more conservative investment mix that will likely result in a lower expected rate of return assumption for 2018. There were no Level 3 assets during 2017 and 2016. 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 30, 2017, 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 2017 and 2016 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 listed in the Forms 5500 of the following plans as of the following plan year ends 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 2017. 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. In 2017, the Company recognized expense totaling $26 million related to the exit of several multiemployer plans associated with Project K restructuring activity. This amount represents 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. Net estimated withdrawal expense related to curtailment and special termination benefits associated with the Company’s withdrawal from multiemployer plans was not material for the fiscal years ended 2016 and 2015. 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): 2017 – $16; 2016 – $17; 2015 – $14. |
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 2017 consolidated effective tax rate was 24.6%, as compared to 25.2% in 2016 and 20.6% in 2015. 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 impact 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 provides 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. Per SAB 118, the Company must reflect the income tax effects of the Tax Act in the reporting period in which the accounting under ASC Topic 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete, the Company can determine a reasonable estimate for those effects and record a provisional estimate in the financial statements in the first reporting period in which a reasonable estimate can be determined. If a Company cannot determine a provisional estimate to be included in the financial statements, the Company should continue to apply ASC 740 based on the provisions of the tax laws that were in effect immediately prior to the Tax Act being enacted. If a Company is unable to provide a reasonable estimate of the impacts of the Tax Act in a reporting period, a provisional amount must be recorded in the first reporting period in which a reasonable estimate can be determined. The Company's year end income tax provision includes $4 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. Reduction in U.S. Corporate Tax Rate: The tax provision includes a tax benefit of $153 million for the remeasurement of certain deferred tax assets and liabilities to reflect the corporate tax rate reduction impact to the Company's net deferred tax balances. This adjustment is considered complete. 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. The current portion of $17 million is included within Other current liabilities and the remainder is included within Other liabilities on the balance sheet. However, the Company is awaiting further interpretative guidance, continuing to assess available tax methods and elections, and continuing to gather additional information in order to finalize calculations and complete the accounting for the transition tax liability. In addition to the transition tax, the Tax Act introduced a territorial tax system, which will be effective beginning in 2018. The territorial tax system will impact the Company’s overall global capital and legal entity structure, working capital, and repatriation plan on a go-forward basis. In light of the territorial tax system, and other new international provisions within the Tax Act that are effective beginning in 2018, the Company is currently analyzing its global capital and legal entity structure, working capital requirements, and repatriation plans. Based on the Company's analysis of the territorial tax system and other new international tax provisions as of December 30, 2017, the Company continues to support the assertion to indefinitely reinvest $2.6 billion of accumulated foreign earnings and profits in Europe and other non-U.S. jurisdictions. As a result, as a reasonable provisional estimate, the Company did not record any new deferred tax liabilities associated with the territorial tax system or any changes to the indefinite reinvestment assertion. Further, it is impracticable for the Company to estimate any future tax costs for any unrecognized deferred tax liabilities associated with its indefinite reinvestment assertion as of December 30, 2017, because the actual tax liability, if any, would be dependent on complex analysis and calculations considering various tax laws, exchange rates, circumstances existing when a repatriation, sale, or liquidiation occurs, or other factors. If there are any changes to our indefinite reinvestment assertion as a result of finalizing our assessment of the new Tax Act, the Company will adjust its provisional estimates, record, and disclose any tax impacts in the appropriate period, pursuant to SAB 118. As of December 30, 2017, the Company did not identify any items from the Tax Act for which a provisional estimate could not be determined. In addition, other provisions of the Tax Act for which the Company has finalized or is continuing to finalize its accounting are not material (or expected to be material) to the financial statements as of and for the year ended December 30, 2017. 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. As of December 31, 2016 substantially all foreign earnings were considered permanently invested. Accumulated foreign earnings of approximately $1.9 billion, primarily in Europe, were considered indefinitely reinvested. Due to the varying tax laws around the world and fluctuation in foreign exchange rates, it is not practicable to determine the unrecognized deferred tax liability on these earnings because the actual tax liability, if any, would be dependent on circumstances existing when a repatriation, sale, or liquidation occurs. The 2015 effective income tax rate benefited due to mark-to-market loss adjustments to the Company’s pension plans in primarily higher tax jurisdictions. This resulted in a greater percentage of total income being generated in lower tax jurisdictions and permanent tax differences in the U.S. having a higher percentage impact on the tax rate. In addition, the tax rate benefited from a reduction in tax related to current year remitted and unremitted earnings. The VIE deconsolidation, described in Note 6, included a $67 million non-cash non-taxable gain which positively impacted the tax rate. During 2015, the Company recorded pre-tax charges of $112 million in the Latin America operating segment due to the devaluation of the Venezuelan currency which had no associated tax benefit. As of January 2, 2016 substantially all foreign earnings were considered permanently invested. Accumulated foreign earnings of approximately $2.0 billion, primarily in Europe, were considered indefinitely reinvested. Due to the varying tax laws around the world and fluctuation in foreign exchange rates, it is not practicable to determine the unrecognized deferred tax liability on these earnings because the actual tax liability, if any, would be dependent on circumstances existing when a repatriation, sale, or liquidation occurs. 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 2017 and 2016 were $239 million and $181 million, respectively, with related valuation allowances at year-end 2017 and 2016 of $153 million and $131 million, respectively. Of the total carryforwards at year-end 2017, substantially all will expire after 2021. The following table provides an analysis of the Company’s deferred tax assets and liabilities as of year-end 2017 and 2016. Deferred tax assets on employee benefits decreased in 2017 due primarily to the impact of the lower U.S. tax rate as a result of the Tax Act, the impact of favorable pension and postretirement plan asset returns, and a curtailment benefit in conjunction with the amendment of certain defined benefit pension plans in the U.S. and Canada for salaried employees freezing the compensation and service periods used to calculate pension benefits for active salaried employees who participate in the affected pension plans. Deferred tax liabilities related to intangible assets decreased as a result of the lower U.S. tax rate.
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 2017 provision for U.S. federal income taxes represents approximately 80% 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 2017. The Company is under examination for income and non-income tax filings in various state and foreign jurisdictions. As of December 30, 2017, the Company has classified $8 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 $5 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 30, 2017, December 31, 2016 and January 2, 2016. For the 2017 year, approximately $47 million represents the amount that, if recognized, would affect the Company’s effective income tax rate in future periods.
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. For the year ended January 2, 2016, the Company paid tax-related interest totaling $3 million reducing the accrual balance to $17 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 30, 2017 and December 31, 2016 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 30, 2017 and December 31, 2016, 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. 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 30, 2017 or December 31, 2016. 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 30, 2017 and December 31, 2016: 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 $2.7 billion and $1.8 billion as of December 30, 2017 and December 31, 2016, respectively. 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 30, 2017 and December 31, 2016 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 30, 2017 and December 31, 2016 were as follows: Derivatives in fair value hedging relationships
Derivatives in cash flow hedging relationships
Derivatives and non-derivatives in net investment hedging relationships
During the next 12 months, the Company expects $8 million of net deferred losses reported in accumulated other comprehensive income (AOCI) at December 30, 2017 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 30, 2017 was $59 million. If the credit-risk-related contingent features were triggered as of December 30, 2017, the Company would be required to post additional collateral of $39 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 30, 2017 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 will be consolidating the usage of and disposing 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 2017, the were no long-lived asset impairments related to Project K. During 2016, long-lived assets of $26 million and $57 million, related to manufacturing facilities in the Company's US Snacks and Europe reportable segments, respectively, were written down to estimated fair values of $10 million and $23 million, respectively, 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. 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 $8.3 billion and $7.8 billion, respectively, as of December 30, 2017. 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 30, 2017, 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 30, 2017, the Company posted $20 million related to reciprocal collateralization agreements. As of December 30, 2017, the Company posted $17 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 26% of consolidated trade receivables at December 30, 2017. Refer to Note 1 for disclosures regarding the Company’s accounting policies for derivative instruments. |
Contingencies |
12 Months Ended |
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Dec. 30, 2017 | |
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 30, 2017. 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 |
12 Months Ended |
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Dec. 31, 2016 | |
Foreign Currency [Abstract] | |
Foreign Currency Disclosure [Text Block] | VENEZUELA Venezuela is considered a highly inflationary economy. As such, the functional currency for the Company's operations in Venezuela is the U.S. dollar for all reporting periods in which they were included in the Company’s consolidated results. This required bolivar denominated monetary assets and liabilities to be remeasured into U.S. dollars using an exchange rate at which such balances could be settled as of each balance sheet date. In addition, revenues and expenses were recorded in U.S. dollars at an appropriate rate on the date of the transaction and gains and losses resulting from the remeasurement of the bolivar denominated monetary assets and liabilities were recorded in earnings. Deconsolidation 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. Under the cost method of accounting, the Company will recognize earnings only to the extent cash is received from its Venezuelan subsidiary. The Company will continually monitor its ability to control its Venezuelan subsidiary as the facts and circumstances surrounding Venezuela may change over time and lead to consolidation at a future date. In the meantime, the Company will continue to operate its Venezuelan subsidiary in spite of the restrictive economic and operational environment. Activity prior to deconsolidation From February 2013 through July 4, 2015, the Company used the CENCOEX, official rate, which was 6.3 bolivars to the U.S. dollar, to remeasure its Venezuelan subsidiary’s financial statements to U.S. dollars. The CENCOEX official rate was restricted toward goods and services for industry sectors considered essential, which are primarily food, medicines and a few others. In February 2015, the Venezuelan government announced the addition of a new foreign currency exchange system referred to as the Marginal Currency System, or SIMADI. During 2015, the Company experienced an increase in the amount of time it took to exchange bolivars for U.S. dollars through the CENCOEX exchange. Due to this reduced availability of U.S. dollars and upon review of U.S. dollar cash needs in the Company's Venezuela operations as of the quarter ended July 4, 2015, the Company concluded that it was no longer able to obtain sufficient U.S. dollars on a timely basis through the CENCOEX exchange resulting in a decision to remeasure its Venezuela subsidiary's financial statements using the SIMADI rate. In connection with the change in rates, the Company evaluated the carrying value of its non-monetary assets for impairment and lower of cost or market adjustments. As a result of moving from the CENCOEX official rate to the SIMADI rate, the Company recorded pre-tax charges totaling $152 million in the quarter ended July 4, 2015. Of the total charges, $100 million was recorded in COGS, $3 million was recorded in SGA, and $49 million was recorded in Other income (expense), net. These charges consisted of $47 million related to the remeasurement of net monetary assets denominated in Venezuelan bolivar at the SIMADI exchange rate (recorded in Other income (expense), net), $56 million related to reducing inventory to the lower of cost or market (recorded in COGS) and $49 million related to the impairment of long-lived assets in Venezuela (recorded primarily in COGS). In February 2016, the Venezuelan government announced changes to its foreign currency exchange mechanisms, including a 59% devaluation of the CENCOEX (renamed DIPRO) official rate from 6.3 bolivars to 10.0 bolivars to the U.S. dollar. Additionally the SIMADI exchange rate was replaced by the DICOM exchange rate, a floating exchange rate for non-essential imports. The DICOM exchange rate was introduced at 206 bolivars to the U.S. dollar. For the years ended December 31, 2016 and January 2, 2016, Venezuela represented less than 1% and approximately 2% of total net sales, respectively. |
Quarterly Financial Data |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | QUARTERLY FINANCIAL DATA (unaudited)
The principal market for trading Kellogg shares is the New York Stock Exchange (NYSE). At December 30, 2017, the closing price (on the NYSE) was $67.98 and there were 33,793 shareholders of record. Dividends paid per share and the quarterly price ranges on the NYSE during the last two years were:
During 2017, the Company recorded the following charges (gains) in operating profit:
During 2016, the Company recorded the following charges (gains) in operating profit:
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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 cookies and crackers and a leading producer of savory snacks and frozen foods. Additional product offerings include toaster pastries, cereal bars, fruit-flavored snacks and veggie foods. Kellogg products are manufactured and marketed globally. Principal markets for these products include the United States and United Kingdom. The Company has the following reportable segments: U.S. Morning Foods; U.S. Snacks; U.S. Specialty; North America Other; Europe; Latin America; and Asia Pacific. The Company manages its operations through 10 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. The U.S. Morning Foods reportable segment includes primarily cereal and toaster pastries. U.S. Snacks includes cookies, crackers, cereal bars, savory snacks and fruit-flavored snacks. U.S. Specialty 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 RXBAR 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 3 remaining reportable segments are based on geographic location — Europe which consists principally of European countries; 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. 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. Intercompany transactions between operating segments were immaterial for all periods presented.
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 20% of consolidated net sales during 2017, 20% in 2016, and 21% in 2015, 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 [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 and the accounts of the variable interest entities (VIEs) of which Kellogg Company is the primary beneficiary (Kellogg or the Company). The Company continually evaluates its involvement with 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 2017, 2016 and 2015 fiscal years each contained 52 weeks and ended on December 30, 2017, December 31, 2016, and January 2, 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 2017 and 2016, 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 5-30; office equipment 4-5; computer equipment and capitalized software 3-7; building components 15-25; building structures 30-50. 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. As of year-end 2017 and 2016, 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. 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 earnings before interest, taxes, depreciation and amortization and earnings 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 in entering into the agreements is to capture overall supplier savings, in the form of payment terms or vendor funding, created by facilitating 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 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. As of December 31, 2016, $677 million of the Company’s outstanding payment obligations had been placed in the accounts payable tracking system, and participating suppliers had sold $507 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 provisions for 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. |
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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. 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 expense 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 accelerate 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. As of December 30, 2017 substantially all foreign earnings were considered permanently invested. As the Company's accumulated foreign earnings and profits continue to be indefinitely reinvested and the company is still finalizing its assessment of the territorial tax system and the Tax Act on its indefinite reinvestment assertion on a go-forward basis, it is impracticable for the Company to estimate a future tax cost for any unrecognized deferred tax liabilities because the actual tax liability, if any, would be dependent on complex analyses and calculations considering various tax laws, exchange rates, circumstances existing when a repatriation, sale, or liquidation occurs, and other factors. 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. 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. Beginning in 2018, the Company intends to account for the GILTI as a period cost and will include a provisional estimate for GILTI in its Q1 2018 effective tax rate. The 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. The Company is currently applying the SAB 118 guidance to the selection of a GILTI accounting policy election and, therefore, as of December 30, 2017, the determination of its GILTI accounting policy is not complete. The Company intends to finalize its GILTI accounting policy in 2018 during the measurement period. |
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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). 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, long-term rate of return on plan assets and health care cost trend rate, and is reported in COGS and SGA expense on the Consolidated Statement of Income. 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 and amortization of prior service cost. All other components of pension and postretirement benefit expense, including interest cost, expected return on assets, 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. Improvements to employee share-based payment accounting. In March 2016, the FASB issued an ASU as part of its simplification initiative. The Company early adopted the accounting standard update in the first quarter of 2016. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. The main provisions of the ASU are as follows:
Practical expedient for the measurement date of an employer's defined benefit obligation and plan assets. In April 2015, the FASB issued an ASU to provide a practical expedient for the measurement date of an employer’s defined benefit obligation and plan assets. For an entity with a fiscal year-end that does not coincide with a month-end, the amendments in this Update provide a practical expedient that permits the entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity’s fiscal year-end and apply that practical expedient consistently to all plans from year to year. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. Entities should apply the new guidance on a prospective basis. The Company early adopted the updated standard when measuring the fair value of plan assets at the end of its 2015 fiscal year with no impact to the Consolidated Financial Statements. 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, Balance sheet classification of deferred taxes. In November 2015, the FASB issued an ASU to simplify the presentation of deferred income taxes. The ASU requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. Entities should apply the new guidance either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company early adopted the updated standard in the first quarter of 2016, on a prospective basis. The year-end 2015 balance for current deferred tax assets and liabilities was $227 million and $(9) million, respectively. Please see Note 13 for more information on the Company’s deferred tax assets and liabilities. Prior period balances have not been adjusted. Simplifying the accounting for measurement-period adjustments. In September 2015, the FASB issued an ASU to simplify the accounting for measurement-period adjustments for items in a business combination. The ASU requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Entities should apply the new guidance prospectively to adjustments to provisional amounts that occur after the effective date of the ASU with earlier application permitted for financial statements that have not been issued. The Company adopted the updated standard in the first quarter of 2016 with no material impact to the financial statements. Accounting standards to be adopted in future periods 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 on January 1, 2019, with early adoption permitted. 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 will adopt the new ASU in the first quarter of 2018 and is currently assessing the impact and timing of adoption of this ASU. 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 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 (interim or annual) 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 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 will adopt the ASU in the first quarter of 2018. If the Company had adopted the ASU in the first quarter of 2017, the impact to its Consolidated Statement of Income would have been an increase to COGS and SG&A of $325 million and $217 million, respectively, with an offsetting decrease to Other income (expense), net (OIE) of $542 million in the year ended December 30, 2017. For the year ended December 31, 2016, the impact to the Company's Consolidated Statement of Income would have been a decrease to COGS and SG&A of $54 million and $26 million, respectively, with an offsetting increase to OIE of $80 million. Adoption will have no impact on net income or cash flow. The impact to the Consolidated Balance Sheet at December 30, 2017 and December 31, 2016 would have been immaterial. 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 annual or 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 is currently assessing the impact and timing of adoption of this ASU. Statement of Cash Flows. In August 2016, the FASB issued an ASU to provide cash flow statement classification guidance for certain cash receipts and payments including (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 will adopt the new ASU in the first quarter of 2018 and is currently evaluating the impact of adoption. 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 new ASU in the first quarter of 2019 and is currently evaluating the impact that implementing this ASU will have on its financial statements and disclosures. Please refer to Note 7 for a summary of the Company's undiscounted minimum rental commitments under operating leases as of December 30, 2017. Recognition and measurement of financial assets and liabilities. In January 2016, the FASB issued an ASU which primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. 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 will adopt the updated standard in the first quarter of 2018 and does not expect the adoption of this guidance to have a material impact on its financial statements. Revenue from contracts with customers. In May 2014, the FASB issued an ASU which provides guidance for accounting for revenue from contracts with customers across all industries with final amendments issued in 2016. 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 standard also calls for additional disclosures around the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including significant judgments and changes in judgments. When the ASU was originally issued it was effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption was not permitted. On July 9, 2015, the FASB decided to delay the effective date of the new revenue standard by one year. The updated standard will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Entities will be permitted to adopt the new revenue standard early, but not before the original effective date. Entities will have the option to apply the final standard retrospectively or use a modified retrospective method, recognizing the cumulative effect of the ASU in retained earnings at the date of initial application. The Company plans to adopt in the first quarter of 2018 using the full retrospective transition method which requires restating each prior reporting period presented. The adoption is not expected to have a material impact its financial statements and is limited to timing and classification differences as well as disaggregated revenue disclosures. |
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Acquisitions, Goodwill and Other Intangibles [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | 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 is 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. 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 30, 2017 within the North America Other reporting segment. The acquired assets and assumed liabilities include the following:
The amounts in the above table represent the preliminary allocation of purchase price and are subject to revision when the working capital and net debt adjustments to the purchase price are agreed between the parties and valuations are finalized for intangible assets. These items will be finalized in 2018. The goodwill from this acquisition is expected to be deductible for income tax purposes and reflects the value of utilizing the Company’s resources to increase the number of distribution locations and customers as well as any intangible assets that do not qualify for separate recognition. 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 year ended December 30, 2017 the acquisition added $217 million in net sales and $22 million of operating profit in the Company's Latin America reporting segment. 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. 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 certain contingencies arising from the business prior to the acquisition. During the year ended December 30, 2017, the Company recognized $7 million for certain pre-acquisition contingencies which are considered to be probable of being incurred, which increased goodwill. 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. The goodwill from this acquisition is expected to be deductible for income tax purposes. 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 31, 2016 and December 30, 2017 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 31, 2016 and December 30, 2017 within the North America Other segment. Bisco Misr acquisition In January 2015, the Company completed its acquisition of a majority interest in Bisco Misr, the number one packaged biscuits company in Egypt, for $125 million, or $117 million net of cash and cash equivalents acquired. The acquisition was accounted for under the purchase method and was financed through cash on hand. The assets and liabilities of Bisco Misr are included in the Consolidated Balance Sheet as of December 30, 2017 and December 31, 2016 and the results of its operations subsequent to the acquisition date, which are immaterial, are included in the Consolidated Statement of Income within the Europe operating segment. The acquired assets and assumed liabilities include the following:
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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 lists, 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 $12 million for 2018 and $11 million per year thereafter through 2022. |
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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):
(a) 2015 includes three months of results for Multipro. |
Restructuring and Cost Reduction Activities (Tables) |
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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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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share |
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Changes in Comprehensive Income |
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Reclassification out of AOCI |
(a) See Note 10 and Note 11 for further details. |
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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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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating leases and capital leases [Table Text Block] |
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Debt (Tables) |
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Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Notes Payable |
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Schedule of Debt [Table Text Block] |
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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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Schedule of 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 2016 and 2015 is presented in the following table:
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Pension Benefits (Tables) - Pension |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 31, 2016 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. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 31, 2016 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. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multiemployer Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Multiemployer Plans [Table Text Block] |
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Schedule Of Pension Contributions Exceeding Five Percent Of Total Contributions [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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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Total Notional Amounts of the Company's Derivative Instruments [Table Text Block] |
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Schedule of Assets and Liabilities Measure at Fair Value on a Recurring Basis [Table Text Block] |
Derivatives not designated as hedging instruments
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Offsetting Assets [Table Text Block] |
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Offsetting Liabilities [Table Text Block] |
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Schedule of the Effect of Derivative Instrument on the Consolidated Statement of Income [Table Text Block] | The effect of derivative instruments on the Consolidated Statement of Income for the years ended December 30, 2017 and December 31, 2016 were as follows: Derivatives in fair value hedging relationships
Derivatives in cash flow hedging relationships
Derivatives and non-derivatives in net investment hedging relationships
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Quarterly Financial Data (Tables) |
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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 2017, the Company recorded the following charges (gains) in operating profit:
During 2016, the Company recorded the following charges (gains) in operating profit:
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Reportable Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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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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 | ||
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Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
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Accounting Policies and New Accounting Standards [Line Items] | |||
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 | $ 850 | $ 677 | |
Payables Financed By Participating Suppliers | 674 | 507 | |
Excess Tax Benefit From Share Based Compensation | 36 | ||
Excess Tax Benefit from Share-based Compensation, Operating Activities | 4 | 36 | |
Excess Tax Benefit from Share-based Compensation, Financing Activities | $ 14 | ||
Deferred Tax Assets, Net, Current | 227 | ||
Deferred Tax Liabilities, Net, Current | (9) | ||
Reductions credited to income tax expense | (28) | (4) | $ (7) |
Income tax credits and adjustments, transfer of intellectual property | $ 39 | ||
GILTI percentage excess of shareholder net tested income | 50.00% | ||
Percentage of taxes paid 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 | 5 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] | Minimum | |||
Accounting Policies and New Accounting Standards [Line Items] | |||
Property, Plant and Equipment, Useful Life | 4 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 | 30 years | ||
Building [Member] | Maximum | |||
Accounting Policies and New Accounting Standards [Line Items] | |||
Property, Plant and Equipment, Useful Life | 50 years | ||
Building Components [Member] | Minimum | |||
Accounting Policies and New Accounting Standards [Line Items] | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Building Components [Member] | Maximum | |||
Accounting Policies and New Accounting Standards [Line Items] | |||
Property, Plant and Equipment, Useful Life | 25 years | ||
COGS [Member] | |||
Accounting Policies and New Accounting Standards [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 325 | (54) | |
SGA [Member] | |||
Accounting Policies and New Accounting Standards [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 217 | (26) | |
Other Income (Expense), Net | |||
Accounting Policies and New Accounting Standards [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ (542) | $ 80 |
Sale of Accounts Receivable (Details) - USD ($) $ in Millions |
12 Months Ended | ||
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Dec. 30, 2017 |
Dec. 31, 2016 |
Jul. 31, 2016 |
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Receivables Sales Agreement | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Transfer of Accounts Receivable Agreements | $ 2,200 | $ 1,500 | |
Receivables Sales Agreement | Other Income (Expense), Net | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Gain (Loss) on Sale of Accounts Receivable | (11) | (5) | |
Receivables Sales Agreement | Maximum | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Transfers Of Accounts Receivable Agreements | 800 | ||
Receivables Sales Agreement | Sold And Outstanding | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Transfer of Accounts Receivable Agreements | 601 | 562 | |
Kellogg Funding Company Program | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Transfer of Accounts Receivable Agreements | 2,600 | 839 | |
Cash Proceeds Received for Assets Derecognized | 412 | 255 | |
Gain (Loss) on Sale of Accounts Receivable | (7) | ||
Deferred Purchase Price | 21 | 37 | |
Kellogg Funding Company Program | Maximum | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Transfers Of Accounts Receivable Agreements | $ 600 | ||
Kellogg Funding Company Program | Sold And Outstanding | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Transfer of Accounts Receivable Agreements | 433 | 292 | |
Kellogg Foreign Subsidiaries Other Program | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Transfer of Accounts Receivable Agreements | 237 | 164 | |
Kellogg Foreign Subsidiaries Other Program | Sold And Outstanding | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Transfer of Accounts Receivable Agreements | $ 86 | $ 124 |
Goodwill and Other Intangible Assets Narrative (Details) € in Millions, BRL in Millions, $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||
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Oct. 31, 2017
USD ($)
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Dec. 31, 2016
USD ($)
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Dec. 31, 2016
BRL
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Sep. 30, 2016
EUR (€)
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Mar. 31, 2016
USD ($)
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Jan. 31, 2016
USD ($)
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Oct. 31, 2015
USD ($)
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Sep. 30, 2015
USD ($)
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Jan. 31, 2015
USD ($)
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Dec. 30, 2017
USD ($)
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Sep. 30, 2017
USD ($)
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Jul. 01, 2017
USD ($)
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Apr. 01, 2017
USD ($)
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Dec. 31, 2016
USD ($)
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Oct. 01, 2016
USD ($)
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Jul. 02, 2016
USD ($)
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Apr. 02, 2016
USD ($)
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Jul. 01, 2017
USD ($)
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Jul. 01, 2017
BRL
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Dec. 30, 2017
USD ($)
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Dec. 31, 2016
USD ($)
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Jan. 02, 2016
USD ($)
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Oct. 27, 2017
USD ($)
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Dec. 01, 2016
USD ($)
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Jan. 18, 2015
USD ($)
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Business Acquisition [Line Items] | |||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | € 3 | $ 18 | |||||||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 592 | $ 398 | $ 161 | ||||||||||||||||||||||
Goodwill, Purchase Accounting Adjustments | (4) | ||||||||||||||||||||||||
Contribution to joint venture | (5) | ||||||||||||||||||||||||
Net sales | $ 3,209 | $ 3,273 | $ 3,187 | $ 3,254 | $ 3,097 | $ 3,254 | $ 3,268 | $ 3,395 | 12,923 | 13,014 | 13,525 | ||||||||||||||
Operating profit | 1,946 | $ 1,395 | 1,091 | ||||||||||||||||||||||
RXBAR | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 600 | ||||||||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 596 | ||||||||||||||||||||||||
Current assets | $ 43 | ||||||||||||||||||||||||
Ritmo Investimentos | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 381 | BRL 1,380 | |||||||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 379 | ||||||||||||||||||||||||
Escrow Related To Acquisition | 67 | ||||||||||||||||||||||||
Goodwill, Purchase Accounting Adjustments | $ 4 | BRL 14 | $ 7 | ||||||||||||||||||||||
Current assets | $ 44 | ||||||||||||||||||||||||
Bisco Misr | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 125 | ||||||||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 117 | ||||||||||||||||||||||||
Payments to Noncontrolling Interests | $ 13 | ||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 95.00% | 95.00% | 95.00% | 95.00% | 95.00% | ||||||||||||||||||||
Current assets | $ 11 | ||||||||||||||||||||||||
MassFoods | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 46 | ||||||||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 44 | ||||||||||||||||||||||||
Goodwill, Purchase Accounting Adjustments | $ (3) | ||||||||||||||||||||||||
Current assets | $ 8 | $ 8 | 8 | ||||||||||||||||||||||
Property, intangible assets and goodwill | 46 | 46 | 46 | ||||||||||||||||||||||
Current and noncurrent liabilities | $ 13 | $ 13 | 13 | ||||||||||||||||||||||
Tolaram | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Contribution to joint venture | $ (5) | ||||||||||||||||||||||||
North America Other | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Goodwill, Purchase Accounting Adjustments | $ 0 | ||||||||||||||||||||||||
Contribution to joint venture | 0 | ||||||||||||||||||||||||
Net sales | 1,616 | 1,598 | 1,687 | ||||||||||||||||||||||
Operating profit | 230 | 181 | 178 | ||||||||||||||||||||||
North America Other | RXBAR | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Net sales | 27 | ||||||||||||||||||||||||
Operating profit | 1 | ||||||||||||||||||||||||
Latin America | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Goodwill, Purchase Accounting Adjustments | (4) | ||||||||||||||||||||||||
Contribution to joint venture | 0 | ||||||||||||||||||||||||
Net sales | 955 | 780 | 1,015 | ||||||||||||||||||||||
Operating profit | 108 | $ 84 | $ 9 | ||||||||||||||||||||||
Latin America | Ritmo Investimentos | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Net sales | 217 | ||||||||||||||||||||||||
Operating profit | 22 | ||||||||||||||||||||||||
Intangible assets subject to amortization [Member] | Ritmo Investimentos | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Goodwill, Purchase Accounting Adjustments | 39 | ||||||||||||||||||||||||
Intangible assets not subject to amortization [Member] | Ritmo Investimentos | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Goodwill, Purchase Accounting Adjustments | (11) | ||||||||||||||||||||||||
Goodwill [Member] | Ritmo Investimentos | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Goodwill, Purchase Accounting Adjustments | (28) | ||||||||||||||||||||||||
Deferred tax liabilities and goodwill [Member] | Ritmo Investimentos | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Goodwill, Purchase Accounting Adjustments | $ (58) |
Goodwill and Other Intangible Assets Schedule of Acquired Assets and Assumed Liabilities (Details) - USD ($) $ in Millions |
Dec. 30, 2017 |
Oct. 27, 2017 |
Dec. 31, 2016 |
Dec. 01, 2016 |
Jan. 02, 2016 |
Jan. 18, 2015 |
---|---|---|---|---|---|---|
Business Acquisition [Line Items] | ||||||
Goodwill | $ 5,504 | $ 5,166 | $ 4,968 | |||
RXBAR | ||||||
Business Acquisition [Line Items] | ||||||
Current assets | $ 43 | |||||
Goodwill | 375 | |||||
Intangible assets and other | 201 | |||||
Current liabilities | (23) | |||||
Net assets acquired (liabilities assumed), net | $ 596 | |||||
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 | |||||
Bisco Misr | ||||||
Business Acquisition [Line Items] | ||||||
Current assets | $ 11 | |||||
Property | 79 | |||||
Goodwill | 59 | |||||
Intangible assets and other | 30 | |||||
Current liabilities | (15) | |||||
Other non current liabilities, primarily deferred taxes | (27) | |||||
Non-controlling interests | (20) | |||||
Net assets acquired (liabilities assumed), net | $ 117 |
Goodwill and Other Intangible Assets Carrying Amount of Goodwill (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Goodwill [Roll Forward] | ||
Goodwill | $ 5,166 | $ 4,968 |
Goodwill Additions | 375 | 245 |
Goodwill, purchase price allocation adjustment | (79) | |
Goodwill, Purchase Accounting Adjustments | (4) | |
Goodwill, Currency Translation Adjustments | 46 | (47) |
Goodwill | 5,504 | 5,166 |
U.S. Morning Foods | ||
Goodwill [Roll Forward] | ||
Goodwill | 131 | 131 |
Goodwill Additions | 0 | 0 |
Goodwill, purchase price allocation adjustment | 0 | |
Goodwill, Purchase Accounting Adjustments | 0 | |
Goodwill, Currency Translation Adjustments | 0 | 0 |
Goodwill | 131 | 131 |
U.S. Snacks | ||
Goodwill [Roll Forward] | ||
Goodwill | 3,568 | 3,568 |
Goodwill Additions | 0 | 0 |
Goodwill, purchase price allocation adjustment | 0 | |
Goodwill, Purchase Accounting Adjustments | 0 | |
Goodwill, Currency Translation Adjustments | 0 | 0 |
Goodwill | 3,568 | 3,568 |
U.S. Specialty | ||
Goodwill [Roll Forward] | ||
Goodwill | 82 | 82 |
Goodwill Additions | 0 | 0 |
Goodwill, purchase price allocation adjustment | 0 | |
Goodwill, Purchase Accounting Adjustments | 0 | |
Goodwill, Currency Translation Adjustments | 0 | 0 |
Goodwill | 82 | 82 |
North America Other | ||
Goodwill [Roll Forward] | ||
Goodwill | 457 | 456 |
Goodwill Additions | 375 | 0 |
Goodwill, purchase price allocation adjustment | 0 | |
Goodwill, Purchase Accounting Adjustments | 0 | |
Goodwill, Currency Translation Adjustments | 4 | 1 |
Goodwill | 836 | 457 |
Europe | ||
Goodwill [Roll Forward] | ||
Goodwill | 376 | 431 |
Goodwill Additions | 0 | 4 |
Goodwill, purchase price allocation adjustment | 0 | |
Goodwill, Purchase Accounting Adjustments | 0 | |
Goodwill, Currency Translation Adjustments | 38 | (59) |
Goodwill | 414 | 376 |
Latin America | ||
Goodwill [Roll Forward] | ||
Goodwill | 328 | 76 |
Goodwill Additions | 0 | 241 |
Goodwill, purchase price allocation adjustment | (79) | |
Goodwill, Purchase Accounting Adjustments | (4) | |
Goodwill, Currency Translation Adjustments | (1) | 11 |
Goodwill | 244 | 328 |
Asia Pacific | ||
Goodwill [Roll Forward] | ||
Goodwill | 224 | 224 |
Goodwill Additions | 0 | 0 |
Goodwill, purchase price allocation adjustment | 0 | |
Goodwill, Purchase Accounting Adjustments | 0 | |
Goodwill, Currency Translation Adjustments | 5 | 0 |
Goodwill | $ 229 | $ 224 |
Goodwill and Other Intangible Assets Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
||||
Finite-lived Intangible Assets [Roll Forward] | |||||
Gross carrying amount, beginning balance | $ 141 | $ 116 | |||
Additions | 17 | 29 | |||
Purchase price allocation adjustment | 39 | ||||
Currency translation adjustment | 4 | (4) | |||
Gross carrying amount, ending balance | 201 | 141 | |||
Accumulated amortization, beginning balance | 54 | 47 | |||
Amortization (a) | 12 | [1] | 7 | ||
Currency translation adjustment accumulated amortization | 1 | ||||
Accumulated amortization, ending balance | 67 | 54 | |||
Intangible assets subject to amortization net, beginning balance | 87 | 69 | |||
Additions | 17 | 29 | |||
Amortization | (12) | [1] | (7) | ||
Purchase price allocation adjustment net | 39 | ||||
Currency translation adjustment net | 3 | (4) | |||
Intangible assets subject to amortization net, ending balance | 134 | 87 | |||
Estimated aggregate annual amortization expense for next twelve months | 12 | ||||
Estimated aggregate annual amortization expense for year two | 11 | ||||
Estimated aggregate annual amortization expense for year three | 11 | ||||
Estimated aggregate annual amortization expense for year four | 11 | ||||
Estimated aggregate annual amortization expense for year five | 11 | ||||
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 | ||||
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 | ||||
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 | ||||
Currency translation adjustment net | 0 | 0 | |||
Intangible assets subject to amortization net, ending balance | 0 | 0 | |||
U.S. Snacks | |||||
Finite-lived Intangible Assets [Roll Forward] | |||||
Gross carrying amount, beginning balance | 42 | 42 | |||
Additions | 0 | 0 | |||
Purchase price allocation adjustment | 0 | ||||
Currency translation adjustment | 0 | 0 | |||
Gross carrying amount, ending balance | 42 | 42 | |||
Accumulated amortization, beginning balance | 19 | 16 | |||
Amortization (a) | 3 | [1] | 3 | ||
Currency translation adjustment accumulated amortization | 0 | ||||
Accumulated amortization, ending balance | 22 | 19 | |||
Intangible assets subject to amortization net, beginning balance | 23 | 26 | |||
Additions | 0 | 0 | |||
Amortization | (3) | [1] | (3) | ||
Purchase price allocation adjustment net | 0 | ||||
Currency translation adjustment net | 0 | 0 | |||
Intangible assets subject to amortization net, ending balance | 20 | 23 | |||
U.S. Specialty | |||||
Finite-lived Intangible Assets [Roll Forward] | |||||
Gross carrying amount, beginning balance | 0 | 0 | |||
Additions | 0 | 0 | |||
Purchase price allocation adjustment | 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 | ||||
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 | ||||
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 | 5 | 5 | |||
Additions | 17 | 0 | |||
Purchase price allocation adjustment | 0 | ||||
Currency translation adjustment | 0 | 0 | |||
Gross carrying amount, ending balance | 22 | 5 | |||
Accumulated amortization, beginning balance | 4 | 4 | |||
Amortization (a) | 1 | [1] | 0 | ||
Currency translation adjustment accumulated amortization | 0 | ||||
Accumulated amortization, ending balance | 5 | 4 | |||
Intangible assets subject to amortization net, beginning balance | 1 | 1 | |||
Additions | 17 | 0 | |||
Amortization | (1) | [1] | 0 | ||
Purchase price allocation adjustment net | 0 | ||||
Currency translation adjustment net | 0 | 0 | |||
Intangible assets subject to amortization net, ending balance | 17 | 1 | |||
Europe | |||||
Finite-lived Intangible Assets [Roll Forward] | |||||
Gross carrying amount, beginning balance | 40 | 45 | |||
Additions | 0 | 0 | |||
Purchase price allocation adjustment | 0 | ||||
Currency translation adjustment | 5 | (5) | |||
Gross carrying amount, ending balance | 45 | 40 | |||
Accumulated amortization, beginning balance | 14 | 11 | |||
Amortization (a) | 3 | [1] | 3 | ||
Currency translation adjustment accumulated amortization | 1 | ||||
Accumulated amortization, ending balance | 18 | 14 | |||
Intangible assets subject to amortization net, beginning balance | 26 | 34 | |||
Additions | 0 | 0 | |||
Amortization | (3) | [1] | (3) | ||
Purchase price allocation adjustment net | 0 | ||||
Currency translation adjustment net | 4 | (5) | |||
Intangible assets subject to amortization net, ending balance | 27 | 26 | |||
Latin America | |||||
Finite-lived Intangible Assets [Roll Forward] | |||||
Gross carrying amount, beginning balance | 36 | 6 | |||
Additions | 0 | 29 | |||
Purchase price allocation adjustment | 39 | ||||
Currency translation adjustment | (1) | 1 | |||
Gross carrying amount, ending balance | 74 | 36 | |||
Accumulated amortization, beginning balance | 6 | 6 | |||
Amortization (a) | 4 | [1] | 0 | ||
Currency translation adjustment accumulated amortization | 0 | ||||
Accumulated amortization, ending balance | 10 | 6 | |||
Intangible assets subject to amortization net, beginning balance | 30 | 0 | |||
Additions | 0 | 29 | |||
Amortization | (4) | [1] | 0 | ||
Purchase price allocation adjustment net | 39 | ||||
Currency translation adjustment net | (1) | 1 | |||
Intangible assets subject to amortization net, ending balance | 64 | 30 | |||
Asia Pacific | |||||
Finite-lived Intangible Assets [Roll Forward] | |||||
Gross carrying amount, beginning balance | 10 | 10 | |||
Additions | 0 | 0 | |||
Purchase price allocation adjustment | 0 | ||||
Currency translation adjustment | 0 | 0 | |||
Gross carrying amount, ending balance | 10 | 10 | |||
Accumulated amortization, beginning balance | 3 | 2 | |||
Amortization (a) | 1 | [1] | 1 | ||
Currency translation adjustment accumulated amortization | 0 | ||||
Accumulated amortization, ending balance | 4 | 3 | |||
Intangible assets subject to amortization net, beginning balance | 7 | 8 | |||
Additions | 0 | 0 | |||
Amortization | (1) | [1] | (1) | ||
Purchase price allocation adjustment net | 0 | ||||
Currency translation adjustment net | 0 | 0 | |||
Intangible assets subject to amortization net, ending balance | $ 6 | $ 7 | |||
|
Goodwill and Other Intangible Assets Intangible Assets Not Subject to Amortization (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Indefinite-lived Intangible Assets [Roll Forward] | ||
Intangible assets not subject to amortization, beginning balance | $ 2,282 | $ 2,199 |
Additions | 184 | 113 |
Contribution to joint venture | (5) | |
Purchase price allocation adjustments | (11) | |
Currency translation adjustment | 50 | (25) |
Intangible assets not subject to amortization, ending balance | 2,505 | 2,282 |
U.S. Morning Foods | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||
Intangible assets not subject to amortization, beginning balance | 0 | 0 |
Additions | 0 | 0 |
Contribution to joint venture | 0 | |
Purchase price allocation adjustments | 0 | |
Currency translation adjustment | 0 | 0 |
Intangible assets not subject to amortization, ending balance | 0 | 0 |
U.S. Snacks | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||
Intangible assets not subject to amortization, beginning balance | 1,625 | 1,625 |
Additions | 0 | 0 |
Contribution to joint venture | 0 | |
Purchase price allocation adjustments | 0 | |
Currency translation adjustment | 0 | 0 |
Intangible assets not subject to amortization, ending balance | 1,625 | 1,625 |
U.S. Specialty | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||
Intangible assets not subject to amortization, beginning balance | 0 | 0 |
Additions | 0 | 0 |
Contribution to joint venture | 0 | |
Purchase price allocation adjustments | 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 | 176 | 158 |
Additions | 184 | 18 |
Contribution to joint venture | 0 | |
Purchase price allocation adjustments | 0 | |
Currency translation adjustment | 0 | 0 |
Intangible assets not subject to amortization, ending balance | 360 | 176 |
Europe | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||
Intangible assets not subject to amortization, beginning balance | 383 | 416 |
Additions | 0 | 3 |
Contribution to joint venture | (5) | |
Purchase price allocation adjustments | 0 | |
Currency translation adjustment | 51 | (31) |
Intangible assets not subject to amortization, ending balance | 434 | 383 |
Latin America | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||
Intangible assets not subject to amortization, beginning balance | 98 | 0 |
Additions | 0 | 92 |
Contribution to joint venture | 0 | |
Purchase price allocation adjustments | (11) | |
Currency translation adjustment | (1) | 6 |
Intangible assets not subject to amortization, ending balance | 86 | 98 |
Asia Pacific | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||
Intangible assets not subject to amortization, beginning balance | 0 | 0 |
Additions | 0 | 0 |
Contribution to joint venture | 0 | |
Purchase price allocation adjustments | 0 | |
Currency translation adjustment | 0 | 0 |
Intangible assets not subject to amortization, ending balance | $ 0 | $ 0 |
Investment in Unconsolidated Entities Narrative (Details) - USD ($) $ in Millions |
1 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jan. 31, 2016 |
Sep. 30, 2015 |
Jul. 01, 2017 |
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Investment Percentage of Financial Information | 100.00% | |||||
Contribution to joint venture | $ (5) | |||||
Payments to Acquire Interest in Joint Venture | $ 0 | $ (27) | $ 456 | |||
Multipro | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Payments to Acquire Interest in Joint Venture | $ 418 | |||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Purchase option [Member] | Multipro | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Payments to Acquire Interest in Joint Venture | $ 400 | |||||
Equity Method Investment, Ownership Percentage | 24.50% | 24.50% | ||||
Acquisition Purchase Option Time Period | 1 year | |||||
Tolaram | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Contribution to joint venture | $ (5) |
Summarized Combined Financial Information (Details) - USD ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net sales: | $ 809 | $ 708 | $ 289 | |||
Gross profit | 100 | 81 | 44 | |||
Income before income taxes | 43 | 28 | 12 | [1] | ||
Net income | 25 | 15 | 5 | [1] | ||
Current assets | 155 | 128 | ||||
Non-current assets | 139 | 67 | ||||
Current liabilities | (181) | (103) | ||||
Non-current liabilities | (37) | (5) | ||||
Multipro | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net sales: | 754 | 662 | 240 | [1] | ||
Gross profit | 86 | 71 | 32 | [1] | ||
Other Equity Investments | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net sales: | 55 | 46 | 49 | |||
Gross profit | $ 14 | $ 10 | $ 12 | |||
|
Restructuring and Cost Reduction Activities Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related activities cash implementation costs recovery time frame | 5 years | ||
Restructuring and related costs since inception of program | $ 1,417 | ||
Restructuring and Related Cost, Incurred Cost | 263 | $ 325 | $ 323 |
Exit cost reserve | 160 | 131 | 88 |
Revenue | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 4 | ||
Cost of Goods Sold | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 46 | 173 | 191 |
SGA [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 217 | 152 | 128 |
U.S. Morning Foods | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 259 | ||
Restructuring and Related Cost, Incurred Cost | 18 | 23 | 58 |
U.S. Snacks | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 511 | ||
Restructuring and Related Cost, Incurred Cost | 309 | 76 | 50 |
U.S. Specialty | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 21 | ||
Restructuring and Related Cost, Incurred Cost | 2 | 8 | 5 |
North America Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 144 | ||
Restructuring and Related Cost, Incurred Cost | 16 | 38 | 63 |
Europe | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 339 | ||
Restructuring and Related Cost, Incurred Cost | 40 | 126 | 74 |
Latin America | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 33 | ||
Restructuring and Related Cost, Incurred Cost | 9 | 8 | 4 |
Asia Pacific | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 92 | ||
Restructuring and Related Cost, Incurred Cost | 11 | 7 | 13 |
Asset related costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 269 | ||
Restructuring and Related Cost, Incurred Cost | 77 | 46 | 103 |
Exit cost reserve | 0 | 0 | 0 |
Employee related cost | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 534 | ||
Restructuring and Related Cost, Incurred Cost | 177 | 108 | 63 |
Exit cost reserve | 97 | 102 | 55 |
Pension curtailment (gain) loss, net | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | (137) | ||
Restructuring and Related Cost, Incurred Cost | (148) | 1 | (1) |
Exit cost reserve | 0 | 0 | 0 |
Other cost | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 596 | ||
Restructuring and Related Cost, Incurred Cost | 157 | 120 | 140 |
Exit cost reserve | 63 | 29 | 33 |
Asset impairment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 155 | ||
Restructuring and Related Cost, Incurred Cost | 0 | 50 | 18 |
Exit cost reserve | 0 | 0 | 0 |
Project K | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 1,377 | ||
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 | 736 | ||
Project K | SGA [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 635 | ||
Project K | Minimum | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost | 1,500 | ||
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 | $ 1,100 | ||
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. Snacks | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost expected cost allocation | 34.00% | ||
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 | 13.00% | ||
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 | 2.00% | ||
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 | 500 | ||
Project K | Other cost | Maximum | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost | 600 | ||
ZBB | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 40 | ||
Restructuring and Related Cost, Incurred Cost | 3 | 25 | 12 |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related costs since inception of program | 18 | ||
Restructuring and Related Cost, Incurred Cost | $ (142) | $ 39 | $ 56 |
Corporate | Project K | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost expected cost allocation | 5.00% |
Restructuring and Cost Reduction Activities (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | $ 263 | $ 325 | $ 323 |
Program cost to date | 1,417 | ||
Employee related cost | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 177 | 108 | 63 |
Program cost to date | 534 | ||
Pension curtailment (gain) loss, net | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | (148) | 1 | (1) |
Program cost to date | (137) | ||
Asset related costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 77 | 46 | 103 |
Program cost to date | 269 | ||
Asset impairment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 0 | 50 | 18 |
Program cost to date | 155 | ||
Other cost | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 157 | 120 | 140 |
Program cost to date | 596 | ||
U.S. Morning Foods | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 18 | 23 | 58 |
Program cost to date | 259 | ||
U.S. Snacks | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 309 | 76 | 50 |
Program cost to date | 511 | ||
U.S. Specialty | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 2 | 8 | 5 |
Program cost to date | 21 | ||
North America Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 16 | 38 | 63 |
Program cost to date | 144 | ||
Europe | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 40 | 126 | 74 |
Program cost to date | 339 | ||
Latin America | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 9 | 8 | 4 |
Program cost to date | 33 | ||
Asia Pacific | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 11 | 7 | 13 |
Program cost to date | 92 | ||
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | (142) | $ 39 | $ 56 |
Program cost to date | $ 18 |
Restructuring and Cost Reduction Activities Reserves Rollforward (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | $ 131 | $ 88 |
Restructuring charge | 263 | 325 |
Cash payments | (339) | (200) |
Non-cash charges and other | 105 | (82) |
Liability, ending balance | 160 | 131 |
Employee related cost | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 102 | 55 |
Restructuring charge | 177 | 108 |
Cash payments | (182) | (62) |
Restructuring Reserve, Period Increase (Decrease) | 1 | |
Non-cash charges and other | 0 | |
Liability, ending balance | 97 | 102 |
Pension curtailment (gain) loss, net | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 0 | 0 |
Restructuring charge | (148) | 1 |
Cash payments | 0 | 0 |
Restructuring Reserve, Period Increase (Decrease) | (1) | |
Non-cash charges and other | 148 | |
Liability, ending balance | 0 | 0 |
Asset impairment | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 0 | 0 |
Restructuring charge | 0 | 50 |
Cash payments | 0 | 0 |
Non-cash charges and other | 0 | (50) |
Liability, ending balance | 0 | 0 |
Asset related costs | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 0 | 0 |
Restructuring charge | 77 | 46 |
Cash payments | (34) | (14) |
Non-cash charges and other | (43) | (32) |
Liability, ending balance | 0 | 0 |
Other cost | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 29 | 33 |
Restructuring charge | 157 | 120 |
Cash payments | (123) | (124) |
Non-cash charges and other | 0 | 0 |
Liability, ending balance | $ 63 | $ 29 |
Equity Narrative (Details) - USD ($) shares in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
Dec. 31, 2015 |
|
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 | 4.9 | 2.8 | 2.7 | |
Shares issued to employees and directors under various benefit plans and stock purchase programs | 7.0 | 7.0 | 5.0 | |
Common stock repurchases (in shares) | 7.0 | 6.0 | 11.0 | |
Common stock repurchased | $ 516 | $ 426 | $ 731 | |
December 2015 Share Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchase program, authorized amount | $ 1,500 | |||
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. 30, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 31, 2016 |
Oct. 01, 2016 |
Jul. 02, 2016 |
Apr. 02, 2016 |
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Equity [Abstract] | |||||||||||
Net income (loss) attributable to Kellogg Company, Basic | $ 428 | $ 297 | $ 282 | $ 262 | $ (53) | $ 292 | $ 280 | $ 175 | $ 1,269 | $ 694 | $ 614 |
Net income attributed to Kellogg Company, Diluted | $ 1,269 | $ 694 | $ 614 | ||||||||
Average shares outstanding, Basic (in shares) | 348 | 350 | 354 | ||||||||
Average shares outstanding, Dilutive potential common shares (in shares) | 2 | 4 | 2 | ||||||||
Average shares outstanding, Diluted (in shares) | 350 | 354 | 356 | ||||||||
Earnings per share, Basic (in shares) | $ 1.24 | $ 0.86 | $ 0.81 | $ 0.75 | $ (0.15) | $ 0.83 | $ 0.80 | $ 0.50 | $ 3.65 | $ 1.98 | $ 1.74 |
Earnings per share, Dilutive potential common shares (in dollars per share) | (0.03) | (0.02) | (0.02) | ||||||||
Earnings per share, Diluted (in dollars per share) | $ 1.23 | $ 0.85 | $ 0.80 | $ 0.74 | $ (0.15) | $ 0.82 | $ 0.79 | $ 0.49 | $ 3.62 | $ 1.96 | $ 1.72 |
Equity Changes in Comprehensive Income (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Equity [Abstract] | |||
Net income | $ 1,269 | $ 695 | $ 614 |
Foreign currency translation adjustment before tax | (34) | (230) | (170) |
Foreign currency translation adjustments tax (expense) benefit | 113 | (24) | (26) |
Foreign currency translation adjustments after tax | 79 | (254) | (196) |
Unrealized gain (loss) on cash flow hedges, pre-tax | 0 | (55) | 8 |
Unrealized gain (loss) on cash flow hedges, tax (expense) benefit | 0 | 22 | (3) |
Unrealized gain (loss) on cash flow hedges, after-tax | 0 | (33) | 5 |
Reclassifications to net income, pre-tax | 9 | 11 | (23) |
Reclassifications to net income, tax (expense) benefit | (3) | (6) | 3 |
Reclassification to net income, after-tax | 6 | 5 | (20) |
Net experience gain (loss) | 44 | 25 | 0 |
Net experience gain (loss), tax (expense) benefit | (12) | (9) | 0 |
Net experience gain (loss), after tax | 32 | 16 | 0 |
Prior service credit (cost) | 0 | (4) | 63 |
Prior service credit (cost), tax (expense) benefit | 0 | 2 | (24) |
Prior service credit (cost), after-tax | 0 | (2) | 39 |
Net experience loss, pre-tax | 0 | 3 | 3 |
Net experience loss, tax (expense) benefit | 0 | (1) | (1) |
Net experience loss, after-tax | 0 | 2 | 2 |
Prior service cost | 1 | 5 | 9 |
Prior service cost, tax (expense) benefit | 0 | (1) | (3) |
Prior service cost, after-tax | 1 | 4 | 6 |
Venezuela deconsolidation loss, pre-tax | 0 | 63 | 0 |
Venezuela deconsolidation loss, tax (expense) benefit | 0 | 0 | 0 |
Venezuela deconsolidation loss related to CTA, net of tax | 0 | 63 | 0 |
Other Comprehensive Income (Loss), before Tax | 20 | (182) | (110) |
Other Comprehensive Income (Loss), Tax | 98 | (17) | (54) |
Other Comprehensive Income (loss) | 118 | (199) | (164) |
Comprehensive income | 1,387 | 496 | 450 |
Net income (loss) attributable to noncontrolling interests | 0 | 1 | 0 |
Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | (1) |
Comprehensive income attributable to Kellogg Company | $ 1,387 | $ 495 | $ 451 |
Equity Reclassifications Out of AOCI (Details) - USD ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
COGS | $ (7,901) | $ (8,259) | $ (8,844) | |||
SGA | (3,076) | (3,360) | (3,590) | |||
Interest expense | (256) | (406) | (227) | |||
Net experience loss, pre-tax | 0 | 3 | 3 | |||
Prior service cost | 1 | 5 | 9 | |||
Total before tax | 1,674 | 927 | 773 | |||
Tax (expense) benefit | (412) | (233) | (159) | |||
Venezuela deconsolidation loss related to CTA, net of tax | 0 | 63 | 0 | |||
Net income | 1,269 | 695 | 614 | |||
Reclassification out of Accumulated Other Comprehensive Income | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Venezuela deconsolidation loss related to CTA, net of tax | 0 | 63 | 0 | |||
Net income | 7 | 74 | (12) | |||
Reclassification out of Accumulated Other Comprehensive Income | (Gains) losses on cash flow hedges | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Total before tax | 9 | 11 | (23) | |||
Tax (expense) benefit | (3) | (6) | 3 | |||
Net income | 6 | 5 | (20) | |||
Reclassification out of Accumulated Other Comprehensive Income | (Gains) losses on cash flow hedges | Foreign currency exchange contracts | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
COGS | (1) | (14) | (40) | |||
SGA | 0 | (1) | 2 | |||
Reclassification out of Accumulated Other Comprehensive Income | (Gains) losses on cash flow hedges | Interest rate contracts | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Interest expense | 10 | 13 | 3 | |||
Reclassification out of Accumulated Other Comprehensive Income | (Gains) losses on cash flow hedges | Commodity contracts | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
COGS | 0 | 13 | 12 | |||
Reclassification out of Accumulated Other Comprehensive Income | Amortization of postretirement and postemployment benefits | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Net experience loss, pre-tax | [1] | 0 | 3 | 3 | ||
Prior service cost | [1] | 1 | 5 | 9 | ||
Total before tax | 1 | 8 | 12 | |||
Tax (expense) benefit | 0 | (2) | (4) | |||
Net income | $ 1 | $ 6 | $ 8 | |||
|
Equity Summary of Accumulated Other Comprehensive Income (loss) (Details) - USD ($) $ in Millions |
Dec. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Equity [Abstract] | ||
Cash flow hedges — unrealized net gain (loss) | $ (61) | $ (67) |
Foreign currency translation adjustments | (1,426) | (1,505) |
Postretirement and postemployment benefits: | ||
Net experience gain (loss) | 34 | 2 |
Prior service credit (cost) | (4) | (5) |
Total accumulated other comprehensive income (loss) | ||
Accumulated other comprehensive income (loss) | $ (1,457) | $ (1,575) |
Equity Noncontrolling Interest (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
Dec. 31, 2012 |
|
Noncontrolling Interest [Line Items] | ||||
Non-cash gain from deconsolidation | $ 0 | $ 0 | $ 49 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Convertible debt | $ 44 | |||
Percentage debt convertible to equity | 85.00% | |||
Other Income (Expense), Net | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Non-cash charge (reversal) | 19 | |||
SGA [Member] | U.S. Snacks | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Non-cash gain from deconsolidation | $ 67 |
Leases and Other Commitment (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Leases [Abstract] | |||
Rent expense on all operating leases | $ 195 | $ 176 | $ 189 |
Capital lease agreements (less than) | 1 | $ 1 | $ 1 |
Operating Leases, 2018 | 127 | ||
Operating Leases, 2019 | 89 | ||
Operating Leases, 2020 | 61 | ||
Operating Leases, 2021 | 49 | ||
Operating Leases, 2022 | 40 | ||
Operating Leases, 2023 and beyond | 89 | ||
Capital Leases, 2018 | 1 | ||
Capital Leases, 2019 | 1 | ||
Capital Leases, 2020 | 1 | ||
Capital Leases, 2021 | 0 | ||
Capital Leases, 2022 | 0 | ||
Capital Leases, 2023 and beyond | 0 | ||
Operating leases, future minimum payments | 455 | ||
Capital leases, future minimum payments | 3 | ||
Amount representing interest | 0 | ||
Obligations under capital leases | 3 | ||
Obligations due within one year | (1) | ||
Long-term obligations under capital leases | $ 2 |
Debt Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
Jan. 31, 2018 |
|
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,100 | |||
Principal repayments on long-term debt in 2018 | 407 | |||
Principal repayments on long-term debt in 2019 | 507 | |||
Principal repayments on long-term debt in 2020 | 850 | |||
Principal repayments on long-term debt in 2021 | 600 | |||
Principal repayments on long-term debt in 2022 | 1,079 | |||
Principal repayments on long-term debt in 2023 and beyond | 4,876 | |||
Interest expense, capitalized | 4 | $ 4 | $ 4 | |
Unsecured Five Year Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000 | |||
Three Hundred Sixty Four Day Revolving Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 800 | $ 1,000 | ||
Letter of Credit [Member] | Unsecured Five Year Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 75 | |||
U.S. Swingline Loans [Member] | Unsecured Five Year Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 200 | |||
European Swingline Loans [Member] | Unsecured Five Year Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 400 | |||
Euro Commercial Paper [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 750 | |||
Line of Credit Facility, Maximum Month-end Outstanding Amount | $ 96 | $ 306 |
Debt Components of Notes Payable (Details) - USD ($) $ in Millions |
Dec. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Components of Notes Payable | ||
Notes payable | $ 370 | $ 438 |
U.S. Commercial Paper | ||
Components of Notes Payable | ||
Notes payable | $ 196 | $ 80 |
Debt Instrument, Interest Rate, Effective Percentage | 1.76% | 0.61% |
Europe Commerical Paper | ||
Components of Notes Payable | ||
Notes payable | $ 96 | $ 306 |
Debt Instrument, Interest Rate, Effective Percentage | (0.32%) | (0.18%) |
Bank Borrowings | ||
Components of Notes Payable | ||
Notes payable | $ 78 | $ 52 |
Debt Schedule of Long-term Debt (Details) - USD ($) $ in Millions |
Dec. 30, 2017 |
Nov. 30, 2017 |
May 31, 2017 |
Dec. 31, 2016 |
Nov. 30, 2016 |
May 31, 2016 |
Mar. 31, 2016 |
Mar. 31, 2015 |
May 31, 2014 |
Feb. 28, 2013 |
May 31, 2012 |
Nov. 30, 2011 |
May 31, 2011 |
Dec. 31, 2010 |
Nov. 30, 2009 |
May 31, 2009 |
Mar. 31, 2001 |
|||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term debt | $ 16 | $ 21 | ||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt, including current maturities of long-term debt | 8,245 | 7,329 | ||||||||||||||||||||||||||||||||||||||||||||||||
Current maturities of long-term debt | (409) | (631) | ||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 7,836 | 6,698 | ||||||||||||||||||||||||||||||||||||||||||||||||
4.5% U.S. Dollar Notes Due 2046 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [1] | 637 | 637 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 4.50% | |||||||||||||||||||||||||||||||||||||||||||||||||
7.45% U.S. Dollar Debentures Due 2031 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [2] | 620 | 620 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 7.45% | |||||||||||||||||||||||||||||||||||||||||||||||||
3.40% U.S. Dollar Notes Due 2027 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [3] | 595 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 3.40% | |||||||||||||||||||||||||||||||||||||||||||||||||
3.25% U.S. Dollar Notes Due 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [4] | 729 | 728 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 3.25% | |||||||||||||||||||||||||||||||||||||||||||||||||
1.25% Euro Note Due 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [5] | 712 | 629 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 1.25% | |||||||||||||||||||||||||||||||||||||||||||||||||
1.00% Euro Notes Due 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [6] | 723 | 639 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 1.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
2.65 U.S. Dollar Notes Due 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [7] | 589 | 591 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 2.65% | |||||||||||||||||||||||||||||||||||||||||||||||||
2.75% U.S. Dollar Note Due 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [8] | 201 | 201 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 2.75% | |||||||||||||||||||||||||||||||||||||||||||||||||
3.125% U.S. Dollar Debentures Due 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [9] | 354 | 357 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 3.125% | |||||||||||||||||||||||||||||||||||||||||||||||||
.80% Euro Notes Due 2022 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [10] | 717 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 0.80% | |||||||||||||||||||||||||||||||||||||||||||||||||
1.75% Euro Notes Due 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [11] | 597 | 523 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 1.75% | |||||||||||||||||||||||||||||||||||||||||||||||||
4.0% U.S. Dollar Notes Due 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [12] | 847 | 844 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 4.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
4.15% U.S. Dollar Notes Due 2019 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [13] | 506 | 510 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 4.15% | |||||||||||||||||||||||||||||||||||||||||||||||||
3.25% U.S. Dollar Notes Due 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [14] | 402 | 406 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 3.25% | |||||||||||||||||||||||||||||||||||||||||||||||||
2.05% Canadian Dollar Notes Due 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [15] | 0 | 223 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 2.05% | |||||||||||||||||||||||||||||||||||||||||||||||||
1.75% U.S. Dollar Notes Due 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [16] | $ 0 | $ 400 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 1.75% | 1.75% | ||||||||||||||||||||||||||||||||||||||||||||||||
1.875% U.S. Dollar Notes Due 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 1.875% | |||||||||||||||||||||||||||||||||||||||||||||||||
4.45% U.S. Notes Due 2016 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 4.45% | |||||||||||||||||||||||||||||||||||||||||||||||||
2.10% Canadian Dollar Notes Due 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 2.10% | |||||||||||||||||||||||||||||||||||||||||||||||||
4.25% U.S. Dollar Notes Due 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 4.25% | |||||||||||||||||||||||||||||||||||||||||||||||||
|
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 | 4.58% | |
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 | 7.54% |
Debt Long-term Debt Footnote B (Details) - 7.45% U.S. Dollar Debentures Due 2031 - USD ($) $ in Millions |
1 Months Ended | |
---|---|---|
Mar. 31, 2001 |
Mar. 31, 2016 |
|
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 | 7.54% | |
Debenture Redemption Percentage | 100.00% | |
Debt Instrument Amount Redeemed | $ 475 | |
Interest expense | $ 153 |
Debt Long-term Debt Footnote C (Details) - 3.40% U.S. Dollar Notes Due 2027 [Member] $ 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 | 3.48% |
Debt Long-term Debt Footnote D (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2001 |
Mar. 31, 2016 |
Dec. 30, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
|
Debt Instrument [Line Items] | |||||
Notional amounts of interest rate swaps | $ 4,966 | $ 4,018 | |||
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 | 3.66% | ||||
Notional amounts of interest rate swaps | $ 300 | ||||
Fair value adjustment for interest rate swaps | $ 17 | ||||
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 | 7.54% | ||||
Debt Instrument Amount Redeemed | $ 475 |
Debt Long-term Debt Footnote E (Details) € in Millions, $ in Millions |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2015
EUR (€)
|
Dec. 30, 2017
USD ($)
|
May 31, 2017
EUR (€)
|
Dec. 31, 2016
USD ($)
|
|
Debt Instrument [Line Items] | ||||
Notional amounts of interest rate swaps | $ 4,966 | $ 4,018 | ||
1.25% Euro Note Due 2025 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | € 600 | 716 | ||
Debt Instrument, Term | 10 years | |||
Debt instrument, stated interest rate | 1.25% | |||
Debt Instrument, Interest Rate, Effective Percentage | 1.28% | |||
Notional amounts of interest rate swaps | € | € 600 | |||
Fair value adjustment for interest rate swaps | $ 4 |
Debt Long-term Debt Footnote F (Details) € in Millions, $ in Millions |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
May 31, 2016
EUR (€)
|
May 31, 2009
USD ($)
|
Dec. 30, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Nov. 30, 2016
EUR (€)
|
|
Debt Instrument [Line Items] | |||||
Notional amounts of interest rate swaps | $ 4,966 | $ 4,018 | |||
1.00% Euro Notes Due 2024 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | € 600 | $ 714 | |||
Debt Instrument, Term | 8 years | ||||
Debt instrument, stated interest rate | 1.00% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 0.71% | ||||
Unamortized gain on termination of interest rate swaps | $ 11 | ||||
Notional amounts of interest rate swaps | € | € 300 | ||||
Fair value adjustment for interest rate swaps | $ 1 | ||||
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 G (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Nov. 30, 2016 |
Dec. 30, 2017 |
Dec. 31, 2016 |
Nov. 30, 2011 |
|
Debt Instrument [Line Items] | ||||
Notional amounts of interest rate swaps | $ 4,966 | $ 4,018 | ||
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 | 2.44% | |||
Notional amounts of interest rate swaps | $ 300 | |||
Fair value adjustment for interest rate swaps | $ 7 | |||
1.875% U.S. Dollar Notes Due 2016 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, stated interest rate | 1.875% |
Debt Long-term Debt Footnote H (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2014 |
Feb. 28, 2013 |
Dec. 30, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
|
Debt Instrument [Line Items] | |||||
Notional amounts of interest rate swaps | $ 4,966 | $ 4,018 | |||
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 | 2.88% | ||||
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 | ||||
Fair value adjustment for interest rate swaps | $ 9 | ||||
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 I (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2014 |
May 31, 2012 |
Dec. 30, 2017 |
Dec. 31, 2016 |
Nov. 30, 2016 |
|
Debt Instrument [Line Items] | |||||
Notional amounts of interest rate swaps | $ 4,966 | $ 4,018 | |||
3.125% U.S. Dollar Debentures Due 2022 | |||||
Debt Instrument [Line Items] | |||||
Interest expense | $ (2) | ||||
Fair value adjustment for interest rate swaps | $ 15 | ||||
Debt Instrument, Face Amount | $ 700 | ||||
Debt Instrument, Term | 10 years | ||||
Debt instrument, stated interest rate | 3.125% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.69% | ||||
Debt Instrument Amount Redeemed | 342 | ||||
Unamortized gain on termination of interest rate swaps | $ 13 | ||||
Debt instrument, fee amount | $ 2 | ||||
Notional amounts of interest rate swaps | $ 358 |
Debt Long-term Debt Footnote J (Details) € in Millions, $ in Millions |
1 Months Ended | |||||
---|---|---|---|---|---|---|
May 31, 2017
USD ($)
|
May 31, 2012
USD ($)
|
Dec. 30, 2017
USD ($)
|
May 31, 2017
EUR (€)
|
Dec. 31, 2016
USD ($)
|
May 31, 2013
USD ($)
|
|
Debt Instrument [Line Items] | ||||||
Notional amounts of interest rate swaps | $ 4,966 | $ 4,018 | ||||
.80% Euro Notes Due 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 717 | € 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 | 0.88% | 0.88% | ||||
1.75% U.S. Dollar Notes Due 2017 | ||||||
Debt Instrument [Line Items] | ||||||
Notional amounts of interest rate swaps | $ 400 | |||||
Debt Instrument, Face Amount | $ 400 | $ 400 | ||||
Debt Instrument, Term | 5 years | 5 years | ||||
Debt instrument, stated interest rate | 1.75% | 1.75% | 1.75% |
Debt Long-term Debt Footnote K (Details) - 1.75% Euro Notes Due 2021 € in Millions, $ in Millions |
1 Months Ended | |
---|---|---|
May 31, 2014
EUR (€)
|
Dec. 30, 2017
USD ($)
|
|
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | € 500 | $ 597 |
Debt Instrument, Term | 7 years | |
Debt instrument, stated interest rate | 1.75% | |
Debt Instrument, Interest Rate, Effective Percentage | 2.36% |
Debt Long-term Debt Footnote L (Details) - USD ($) $ in Millions |
1 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2014 |
Dec. 31, 2010 |
Dec. 30, 2017 |
Dec. 31, 2016 |
Jul. 31, 2016 |
|
Debt Instrument [Line Items] | |||||
Notional amounts of interest rate swaps | $ 4,966 | $ 4,018 | |||
4.0% U.S. Dollar Notes Due 2020 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument accelerated gains | $ 7 | ||||
Debt instrument, fee amount | 1 | ||||
Notional amounts of interest rate swaps | $ 600 | $ 700 | |||
Debt Instrument, Face Amount | $ 1,000 | ||||
Debt Instrument, Term | 10 years | ||||
Debt instrument, stated interest rate | 4.00% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.41% | ||||
Unamortized gain on termination of interest rate swaps | $ 1 | ||||
Debt Instrument Amount Redeemed | 150 | ||||
Interest expense | $ 12 |
Debt Long-term Debt Footnote M (Details) - USD ($) $ in Millions |
1 Months Ended | |
---|---|---|
Nov. 30, 2009 |
Dec. 30, 2017 |
|
4.15% U.S. Dollar Notes Due 2019 [Member] | ||
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 | 3.50% | |
Unamortized gain on termination of interest rate swaps | $ 7 | |
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 N (Details) - USD ($) $ in Millions |
1 Months Ended | ||
---|---|---|---|
May 31, 2011 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Debt Instrument [Line Items] | |||
Notional amount of derivatives | $ 4,966 | $ 4,018 | |
3.25% U.S. Dollar Notes Due 2018 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 400 | ||
Debt Instrument, Term | 7 years | ||
Debt instrument, stated interest rate | 3.25% | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.41% | ||
Unamortized gain on termination of interest rate swaps | $ 2 |
Debt Long-term Debt Footnote O (Details) CAD in Millions |
1 Months Ended |
---|---|
May 31, 2014
CAD
| |
2.05% Canadian Dollar Notes Due 2017 | |
Debt Instrument [Line Items] | |
Debt Instrument, Term | 3 years |
Debt Instrument, Face Amount | CAD 300 |
Debt instrument, stated interest rate | 2.05% |
2.10% Canadian Dollar Notes Due 2014 | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | CAD 300 |
Debt instrument, stated interest rate | 2.10% |
Debt Long-term Debt Footnote P (Details) - USD ($) $ in Millions |
1 Months Ended | ||||
---|---|---|---|---|---|
May 31, 2017 |
May 31, 2012 |
Dec. 30, 2017 |
Dec. 31, 2016 |
May 31, 2013 |
|
Debt Instrument [Line Items] | |||||
Notional amount of derivatives | $ 4,966 | $ 4,018 | |||
1.75% U.S. Dollar Notes Due 2017 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 400 | $ 400 | |||
Debt Instrument, Term | 5 years | 5 years | |||
Debt instrument, stated interest rate | 1.75% | 1.75% | |||
Notional amount of derivatives | $ 400 |
Stock Compensation Equity based compensation programs (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 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 | 24,000,000 | ||
Contractual terms, 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 | ||
Options granted remaining authorized, but unissued, shares | 8,000,000 | ||
Contractual terms, years | 10 years | ||
2009 Non Employee Director Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized, but unissued | 500,000 | ||
Number of shares awarded | 25,209 | 24,249 | 26,877 |
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 | 65,000 | 63,000 | 73,000 |
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 | 60,000 | 57,000 | 48,000 |
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. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Pre-tax compensation expense | $ 71 | $ 68 | $ 55 |
Related income tax benefit | 26 | $ 25 | $ 20 |
Non-vested stock-based compensation awards not yet recognized | $ 79 | ||
Weighted-average period of recognition, years | 2 years |
Stock Compensation Cash used to settle equity instruments (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Total cash received from option exercises and similar instruments | $ 97 | $ 368 | $ 261 |
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ 4 | $ 36 | |
Excess Tax Benefit from Share-based Compensation, Financing Activities | $ 14 |
Stock Compensation Fair Value Assumptions (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Weighted-average expected volatility | 18.00% | 17.00% | 16.00% |
Weighted-average expected term (years) | 6 years 7 months 6 days | 6 years 10 months 17 days | 6 years 10 months 13 days |
Weighted-average risk-free interest rate | 2.26% | 1.60% | 1.98% |
Dividend yield | 2.80% | 2.60% | 3.00% |
Weighted-average fair value of options granted | $ 10.14 | $ 9.44 | $ 7.21 |
Stock Compensation Summary of Share-based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Outstanding, beginning of period - shares | 15 | 19 | 21 |
Granted - shares | 2 | 3 | 3 |
Exercised - shares | (2) | (6) | (5) |
Forfeitures and expirations - shares | (1) | (1) | 0 |
Outstanding, end of period - shares | 14 | 15 | 19 |
Exerciseable, end of period - shares | 10 | 8 | 10 |
Outstanding, beginning of period - weighted-average exercise price | $ 62 | $ 58 | $ 56 |
Granted - weighted-average exercise price | 73 | 76 | 64 |
Exercised - weighted-average exercise price | 57 | 56 | 53 |
Forfeitures and expirations - weighted-average exercise price | 70 | 67 | 60 |
Outstanding, end of period - weighted-average exercise price | 64 | 62 | 58 |
Exercisable, end of period - weighted-average exercise price | $ 60 | $ 58 | $ 55 |
Outstanding, end of period - weighted-average remaining contractual term (years) | 6 years 6 months | ||
Excerciseable, end of period - weighted-average remaining contractual term (years) | 5 years 7 months 6 days | ||
Outstanding, end of period - aggregate intrinsic value | $ 36 | ||
Exerciseable, end of period - aggregate intrinsic value | 36 | ||
Total intrinsic value of options exercised | $ 22 | $ 145 | $ 65 |
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, 2017 |
Apr. 01, 2017 |
Dec. 31, 2016 |
Dec. 30, 2017 |
Jan. 02, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
2014 Performance share award settlement in terms of original target | 35.00% | ||||
2014 Performance share award settlement in dollars | $ 5 | ||||
2017 Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum future value | $ 17 | ||||
2016 Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum future value | 18 | ||||
2015 Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum future value | $ 20 | ||||
2017 Performance share award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance Shares Issued On Vesting Date Minimum | 0.00% | ||||
Non-vested, beginning of year - weighted-average grant date fair value | $ 67 | ||||
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 | ||||
Performance Share Target Grant | 126,000 | ||||
2016 Performance share award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance Shares Issued On Vesting Date Minimum | 0.00% | ||||
Non-vested, beginning of year - weighted-average grant date fair value | $ 80 | ||||
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 | ||||
Performance Share Target Grant | 133,000 | ||||
2015 Performance share awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance Shares Issued On Vesting Date Minimum | 0.00% | ||||
Non-vested, beginning of year - weighted-average grant date fair value | $ 58 | ||||
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 | ||||
Performance Share Target Grant | 145,000 |
Stock Compensation Summary of restricted stock activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
2015 Performance share awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance Shares Issued On Vesting Date Minimum | 0.00% | ||
Performance Award Condition Time Period | 3 years | ||
Non-vested, beginning of year - weighted-average grant-date fair value | $ 58 | ||
Non-vested, end of year - weighted-average grant-date fair value | $ 58 | ||
Performance Shares Issued On Vesting Date Maximum | 200.00% | ||
Share Based Compensation Arrangement By Share Based Payment Award Performance Target Time Period | 3 years | ||
Restricted Stock and Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested, beginning of year - shares | 1,166 | 806 | 346 |
Granted - shares | 776 | 601 | 617 |
Vested - shares | (109) | (116) | (113) |
Forfeited - shares | (160) | (125) | (44) |
Non-vested, end of year - shares | 1,673 | 1,166 | 806 |
Non-vested, beginning of year - weighted-average grant-date fair value | $ 63 | $ 57 | $ 54 |
Granted - weighted average grant-date fair value | 65 | 70 | 59 |
Vested - weighted-average grant-date fair value | 58 | 56 | 50 |
Forfeited - weighted-average grant-date fair value | 65 | 63 | 58 |
Non-vested, end of year - weighted-average grant-date fair value | $ 65 | $ 63 | $ 57 |
Vesting period, years | 3 years | ||
Total fair value of restricted stock and restricted stock units vested during period | $ 5 | $ 7 | $ 7 |
Pension Benefits Change in Projected Benefit Obligations, Plan Assets, and Funding Status (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jan. 31, 2019 |
Sep. 30, 2017 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) | ||||
Prior Service Cost | $ 48 | $ 56 | ||
Net Amount Recognized | 48 | 56 | ||
Amounts Recognized in Balance Sheet | ||||
Other Assets | 252 | 66 | ||
Other liabilities | (839) | (1,024) | ||
Defined Benefit Plan, Accumulated Benefit Obligation | 5,400 | 5,100 | ||
Pension | ||||
Change in Benefit Obligation [Roll Forward] | ||||
Beginning of Year | 5,510 | 5,316 | ||
Service Cost | 96 | 98 | ||
Interest Cost | 164 | 174 | ||
Plan Participants' Contributions | 1 | 1 | ||
Plan Amendments | 6 | 5 | ||
Actuarial Gain (Loss) | 264 | 404 | ||
Benefits Paid | (395) | (299) | ||
Curtailments and special termination benefits | (156) | (1) | ||
Other | 1 | 2 | ||
Foreign Currency Adjustments | 157 | (190) | ||
End of Year | 5,648 | 5,510 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair Value, Beginning of Year | 4,544 | 4,584 | ||
Actual Return on Plan Assets | 666 | 415 | ||
Employer Contributions | 31 | 18 | ||
Plan Participants' Contributions | 1 | 1 | ||
Benefits Paid, Plan Assets | (364) | (268) | ||
Other | 1 | 2 | ||
Foreign Currency Adjustments | 164 | (208) | ||
Fair Value, End of Year | 5,043 | 4,544 | ||
Funded Status | (605) | (966) | ||
Amounts Recognized in Balance Sheet | ||||
Other Assets | 252 | 66 | ||
Other Current Liabilities | (19) | (11) | ||
Other liabilities | (838) | (1,021) | ||
Net Amount Recognized | $ (605) | $ (966) | ||
Minimum | ||||
Amounts Recognized in Balance Sheet | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 3.00% | |||
Maximum | ||||
Amounts Recognized in Balance Sheet | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 7.00% | |||
Project K | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | $ 136 |
Pension Benefits Accumulated Benefit Obligations (Details) - Pension - USD ($) $ in Millions |
Dec. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligation | $ 4,119 | $ 3,940 |
Accumulated benefit obligation | 4,051 | 3,737 |
Fair value of plan assets | $ 3,279 | $ 2,938 |
Pension Benefits Components of Pension Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Pension | |||
401(k) expense | $ 41 | $ 39 | $ 40 |
Pension | |||
Pension | |||
Service Cost | 96 | 98 | |
Interest Cost | 164 | 174 | |
Pension Expense | (255) | 293 | 276 |
Pension | Defined Benefit Plans [Member] | |||
Pension | |||
Service Cost | 96 | 98 | 114 |
Interest Cost | 164 | 174 | 206 |
Expected Return on Plan Assets | (371) | (352) | (399) |
Amortization of Unrecognized Prior Service Cost (Credit) | 9 | 13 | 13 |
Recognized net (gain) loss | (36) | 323 | 303 |
Net periodic benefit cost | (138) | 256 | 237 |
Curtailment and special termination benefits | (151) | 1 | (1) |
Pension Expense | (289) | 257 | 236 |
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | 8 | ||
Pension | Defined Contribution Plans [Member] | |||
Pension | |||
Pension Expense | $ 34 | $ 36 | $ 40 |
Pension Benefits Assumptions (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Other Liabilities, Current | $ 1,431 | $ 1,391 | |
Other Liabilities | 40 | 40 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | $ 96 | $ 98 | |
Long-term rate of compensation increase | 3.90% | 3.90% | 3.90% |
Discount rate, benefit obligation | 3.30% | 3.60% | 4.10% |
Percentage of consolidated pension and postretirement benefit plan assets | 71.00% | ||
Discount Rate | 3.60% | 4.10% | 3.90% |
Long-term rate of compensation increase | 3.90% | 3.90% | 4.00% |
Long-term rate of return on plan assets | 8.10% | 8.10% | 8.30% |
Long-term inflation assumption | 2.50% | ||
Active management premium | 1.00% | ||
Expected rate of return on foreign plan assets | 8.50% | ||
Expected rates of return | 62nd percentile | ||
Defined Benefit Plan, Benefit Obligation | $ 5,648 | $ 5,510 | $ 5,316 |
Pension | Change in accounting estimate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 10 | ||
Pension | Change in assumptions | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | (21) | ||
Defined Benefit Plans [Member] | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | $ 96 | 98 | $ 114 |
Defined Benefit Plans [Member] | Pension | Change in accounting estimate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | $ 30 | ||
Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rates of return | 25th | ||
Minimum | US High Quality Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate Bond Yield Percentile | 40.00% | ||
Minimum | Canada And Europe [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate Bond Yield Percentile | 10.00% | ||
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rates of return | 75th | ||
Maximum | US High Quality Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate Bond Yield Percentile | 90.00% | ||
Maximum | Canada And Europe [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate Bond Yield Percentile | 90.00% |
Pension Benefits Plan Assets (Details) - USD ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Expected contribution by Company | $ 13 | |||||
Pension | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 5,043 | $ 4,544 | $ 4,584 | |||
Net Asset Value Excluded From Fair Value By Input | [1] | 3,292 | 2,808 | |||
Expected contribution by Company | 24 | |||||
Pension | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 583 | 567 | ||||
Pension | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 1,168 | 1,038 | ||||
Pension | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 131 | 141 | |||
Pension | Cash and Cash Equivalents | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 87 | 66 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 0 | 0 | |||
Pension | Cash and Cash Equivalents | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 66 | 54 | ||||
Pension | Cash and Cash Equivalents | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 21 | 12 | ||||
Pension | Cash and Cash Equivalents | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Domestic Corporate Common Stock | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 500 | 482 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | $ 0 | $ 0 | |||
Percentage of consolidated plan assets represented by investment in Company comon stock | 1.20% | 1.50% | ||||
Pension | Domestic Corporate Common Stock | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | $ 500 | $ 482 | ||||
Pension | Domestic Corporate Common Stock | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Domestic Corporate Common Stock | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Foreign Corporate Common Stock | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 18 | 32 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 0 | 0 | |||
Pension | Foreign Corporate Common Stock | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 17 | 31 | ||||
Pension | Foreign Corporate Common Stock | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 1 | 1 | ||||
Pension | Foreign Corporate Common Stock | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Mutual Fund International Equity | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 158 | 148 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 38 | 32 | |||
Pension | Mutual Fund International Equity | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Mutual Fund International Equity | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 120 | 116 | ||||
Pension | Mutual Fund International Equity | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Mutual Funds Domestic Debt | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 36 | 66 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 36 | 42 | |||
Pension | Mutual Funds Domestic Debt | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Mutual Funds Domestic Debt | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 24 | ||||
Pension | Mutual Funds Domestic Debt | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Collective Trusts Domestic Equity | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 525 | 653 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 525 | 653 | |||
Pension | Collective Trusts Domestic Equity | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Collective Trusts Domestic Equity | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Collective Trusts Domestic Equity | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Collective Trusts International Equity | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 1,566 | 1,250 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 1,390 | 1,112 | |||
Pension | Collective Trusts International Equity | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Collective Trusts International Equity | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 176 | 138 | ||||
Pension | Collective Trusts International Equity | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Collective Trusts Other International Debt | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 365 | 310 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 365 | 310 | |||
Pension | Collective Trusts Other International Debt | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Collective Trusts Other International Debt | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Collective Trusts Other International Debt | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Limited Partnership | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 591 | 485 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 591 | 485 | |||
Pension | Limited Partnership | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Limited Partnership | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Limited Partnership | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Bonds, corporate | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 482 | 452 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 0 | 0 | |||
Pension | Bonds, corporate | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Bonds, corporate | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 482 | 452 | ||||
Pension | Bonds, corporate | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Bonds, government | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 177 | 158 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 0 | 0 | |||
Pension | Bonds, government | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Bonds, government | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 177 | 158 | ||||
Pension | Bonds, government | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Bonds, other | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 63 | 41 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 0 | 0 | |||
Pension | Bonds, other | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Bonds, other | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 63 | 41 | ||||
Pension | Bonds, other | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Buy-in Annuity Contract | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 131 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 0 | 0 | |||
Pension | Buy-in Annuity Contract | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Buy-in Annuity Contract | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Buy-in Annuity Contract | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 131 | 135 | |||
Pension | Real estate | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 284 | 117 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 284 | 117 | |||
Pension | Real estate | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Real estate | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Real estate | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Other [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 191 | 153 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 63 | 57 | |||
Pension | Other [Member] | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 0 | 0 | ||||
Pension | Other [Member] | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | 128 | 96 | ||||
Pension | Other [Member] | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair Value of Plan Assets | $ 0 | $ 0 | $ 6 | |||
Pension | Debt Securities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Weighted-average target asset allocation | 20.00% | |||||
Pension | Equity Securities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Weighted-average target asset allocation | 58.00% | |||||
Pension | Real Estate And Other | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Weighted-average target asset allocation | 22.00% | |||||
US High Quality Bonds [Member] | Minimum | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate Bond Yield Percentile | 40.00% | |||||
US High Quality Bonds [Member] | Maximum | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate Bond Yield Percentile | 90.00% | |||||
Canada And Europe [Member] | Minimum | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate Bond Yield Percentile | 10.00% | |||||
Canada And Europe [Member] | Maximum | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate Bond Yield Percentile | 90.00% | |||||
|
Pension Benefits Level 3 Gains and Losses (Details) - Pension - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value, Beginning of Year | $ 4,544 | $ 4,584 |
Fair Value, End of Year | 5,043 | 4,544 |
Level 3 [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value, Beginning of Year | 131 | 141 |
Sales | (131) | (3) |
Purchases | 0 | 0 |
Transfers | 0 | (3) |
Realized gain and unrealized gain (loss) | 0 | (7) |
Currency Translation | 0 | 3 |
Fair Value, End of Year | 0 | 131 |
Buy-in Annuity Contract | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value, Beginning of Year | 131 | |
Fair Value, End of Year | 0 | 131 |
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 | 131 | 135 |
Sales | (131) | 0 |
Purchases | 0 | 0 |
Transfers | 0 | 0 |
Realized gain and unrealized gain (loss) | 0 | (7) |
Currency Translation | 0 | 3 |
Fair Value, End of Year | 0 | 131 |
Other Investments [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value, Beginning of Year | 153 | |
Fair Value, End of Year | 191 | 153 |
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 | 6 |
Sales | 0 | (3) |
Purchases | 0 | 0 |
Transfers | 0 | (3) |
Realized gain and unrealized gain (loss) | 0 | 0 |
Currency Translation | 0 | 0 |
Fair Value, End of Year | $ 0 | $ 0 |
Pension Benefits Benefit Payments (Details) - Pension $ in Millions |
Dec. 30, 2017
USD ($)
|
---|---|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Benefit payments in 2018 | $ 261 |
Benefit payments in 2019 | 256 |
Benefit payments in 2020 | 263 |
Benefit payments in 2021 | 276 |
Benefit payments in 2022 | 276 |
Benefit payments in 2023 through 2027 | $ 1,448 |
Nonpension Postretirement and Postemployment Benefits Change in Projected Benefit Obligations, Plan Assets, and Funded Status, Postretirement (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Amounts Recognized in Balance Sheet | ||
Other Assets | $ 252 | $ 66 |
Other Liabilities | (40) | (40) |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) | ||
Prior Service Cost | 48 | 56 |
Net Amount Recognized | 48 | 56 |
Nonpension Postretirement [Member] | ||
Defined Benefit Plan Change In Accumulated Benefit Obligation [Roll Forward] | ||
Beginning of Year | 1,161 | 1,163 |
Service Cost | 18 | 21 |
Interest Cost | 37 | 39 |
Actuarial Gain (Loss) | 29 | 2 |
Benefits Paid | (61) | (65) |
Curtailments and special termination benefits | 3 | 0 |
Plan Amendments | 0 | 0 |
Foreign Currency Adjustments | 3 | 1 |
End of Year | 1,190 | 1,161 |
Change in plan assets | ||
Fair Value, Beginning of Year | 1,136 | 1,084 |
Actual Return on Plan Assets | 217 | 111 |
Employer Contributions | 13 | 15 |
Benefits Paid, Plan Assets | (74) | (74) |
Fair Value, End of Year | 1,292 | 1,136 |
Funded Status | 102 | (25) |
Amounts Recognized in Balance Sheet | ||
Other Assets | 144 | 17 |
Other Current Liabilities | (2) | (2) |
Other Liabilities | (40) | (40) |
Net Amount Recognized | 102 | (25) |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) | ||
Prior Service Cost | (77) | (86) |
Net Amount Recognized | $ (77) | $ (86) |
Nonpension Postretirement and Postemployment Benefits Components of Postretirement Expense (Details) - Nonpension Postretirement [Member] - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service Cost | $ 18 | $ 21 | |
Interest Cost | 37 | 39 | |
Postretirement Benefit Expense | (123) | (41) | $ 98 |
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | 9 | ||
Defined Benefit Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service Cost | 18 | 21 | 29 |
Interest Cost | 37 | 39 | 48 |
Expected Return on Plan Assets | (98) | (90) | (100) |
Amortization of Unrecognized Prior Service Cost (Credit) | (9) | (9) | (5) |
Recognized net (gain) loss | (90) | (19) | 112 |
Net periodic benefit cost | (142) | (58) | 84 |
Curtailment and special termination benefits | 3 | 0 | 0 |
Postretirement Benefit Expense | (139) | (58) | 84 |
Defined Contribution Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Postretirement Benefit Expense | $ 16 | $ 17 | $ 14 |
Nonpension Postretirement and Postemployment Benefits Assumptions (Details) - Nonpension Postretirement [Member] |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate, benefit obligation | 3.60% | 4.00% | 4.20% |
Discount rate, annual net periodic cost | 4.00% | 4.20% | 4.00% |
Long-term rate of return on plan assets | 8.50% | 8.50% | 8.50% |
Nonpension Postretirement and Postemployment Benefits Health Care Cost Trend Rates (Details) - Nonpension Postretirement [Member] $ in Millions |
12 Months Ended |
---|---|
Dec. 30, 2017
USD ($)
| |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Assumed healthcare cost trend rate for 2018 | 5.70% |
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 | $ 7 |
Effect on postretirement benefit obligation, one percentage point increase | 117 |
Effect on total service and interest cost components, one percentage point decrease | (4) |
Effect on postretirement benefit obligation, one percentage point decrease | $ (79) |
Nonpension Postretirement and Postemployment Benefits Plan Assets (Details) - Nonpension Postretirement [Member] - USD ($) $ in Millions |
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|||
---|---|---|---|---|---|---|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1,292 | $ 1,136 | $ 1,084 | |||
Net Asset Value Excluded From Fair Value By Input | [1] | 805 | 659 | |||
Level 1 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 149 | 153 | ||||
Level 2 [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 338 | 324 | ||||
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 | 13 | 10 | ||||
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 | 0 | 4 | ||||
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 | 13 | 6 | ||||
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 | 141 | 143 | ||||
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 | 141 | 143 | ||||
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 | 8 | 7 | ||||
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 | 8 | 6 | ||||
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 | 0 | 1 | ||||
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 | 52 | 57 | ||||
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 | 52 | 57 | ||||
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 | 40 | 30 | ||||
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 | 40 | 30 | ||||
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 | 52 | 53 | ||||
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 | 52 | 53 | ||||
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 | 273 | 272 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 273 | 272 | |||
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 | 266 | 210 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 266 | 210 | |||
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 | 215 | 177 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 215 | 177 | |||
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 | 117 | 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 | 117 | 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 | 53 | 48 | ||||
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 | 53 | 48 | ||||
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 | 9 | 10 | ||||
Net Asset Value Excluded From Fair Value By Input | [1] | 0 | 0 | |||
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 | 9 | 10 | ||||
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 | 51 | |||||
Net Asset Value Excluded From Fair Value By Input | [1] | 51 | ||||
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 | 2 | 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 | 2 | 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) $ in Millions |
12 Months Ended |
---|---|
Dec. 30, 2017
USD ($)
| |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected contribution by Company | $ 13 |
Nonpension Postretirement [Member] | Debt Securities | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Weighted-average target asset allocation | 23.00% |
Nonpension Postretirement [Member] | Equity Securities | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Weighted-average target asset allocation | 70.00% |
Nonpension Postretirement [Member] | 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. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Defined Benefit Plan Change In Accumulated Benefit Obligation [Roll Forward] | |||
Other Assets | $ 252 | $ 66 | |
Amounts Recognized in Balance Sheet | |||
Other Liabilities | (40) | (40) | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) | |||
Prior Service Cost | 48 | 56 | |
Net Amount Recognized | 48 | 56 | |
Nonpension Postretirement [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,292 | 1,136 | $ 1,084 |
Defined Benefit Plan Change In Accumulated Benefit Obligation [Roll Forward] | |||
Beginning of Year | 1,161 | 1,163 | |
Service Cost | 18 | 21 | |
Interest Cost | 37 | 39 | |
Actuarial Gain (Loss) | 29 | 2 | |
Benefits Paid | (61) | (65) | |
Plan Amendments | 0 | 0 | |
Foreign Currency Adjustments | 3 | 1 | |
End of Year | 1,190 | 1,161 | 1,163 |
Funded Status | 102 | (25) | |
Other Assets | 144 | 17 | |
Amounts Recognized in Balance Sheet | |||
Other Current Liabilities | (2) | (2) | |
Other Liabilities | (40) | (40) | |
Net Amount Recognized | 102 | (25) | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) | |||
Prior Service Cost | (77) | (86) | |
Net Amount Recognized | (77) | (86) | |
Curtailments and special termination benefits | 3 | 0 | |
Actual Return on Plan Assets | 217 | 111 | |
Employer Contributions | 13 | 15 | |
Benefits Paid, Plan Assets | (74) | (74) | |
Postemployment [Member] | |||
Defined Benefit Plan Change In Accumulated Benefit Obligation [Roll Forward] | |||
Beginning of Year | 87 | 108 | |
Service Cost | 6 | 7 | 7 |
Interest Cost | 3 | 3 | 4 |
Actuarial Gain (Loss) | (45) | (25) | |
Benefits Paid | (8) | (6) | |
Plan Amendments | 0 | 0 | |
Foreign Currency Adjustments | 0 | 0 | |
End of Year | 43 | 87 | $ 108 |
Funded Status | (43) | (87) | |
Amounts Recognized in Balance Sheet | |||
Other Current Liabilities | (4) | (8) | |
Other Liabilities | (39) | (79) | |
Net Amount Recognized | (43) | (87) | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) | |||
Prior Service Cost | 5 | 6 | |
Net Experience Loss | (46) | (1) | |
Net Amount Recognized | $ (41) | $ 5 |
Nonpension Postretirement and Postemployment Benefits Components of Postretirement Expense, Postemployment (Details) - Postemployment [Member] - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actuarial gain change in incidence rate assumption | $ 31 | ||
Service Cost | 6 | $ 7 | $ 7 |
Interest Cost | 3 | 3 | 4 |
Amortization of Unrecognized Prior Service Cost (Credit) | 1 | 1 | 1 |
Recognized net (gain) loss | 0 | 3 | 3 |
Postemployment Benefits, Period Expense | 10 | $ 14 | $ 15 |
Estimated net prior service cost for defined benefit pension plans, expected to be amortized | 5 | ||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | $ 1 |
Nonpension Postretirement and Postemployment Benefits Benefit Payments (Details) $ in Millions |
Dec. 30, 2017
USD ($)
|
---|---|
Nonpension Postretirement [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Benefit payments in 2018 | $ 81 |
Benefit payments in 2019 | 76 |
Benefit payments in 2020 | 73 |
Benefit payments in 2021 | 72 |
Benefit payments in 2022 | 73 |
Benefit payments in 2023 through 2027 | 367 |
Postemployment [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Benefit payments in 2018 | 4 |
Benefit payments in 2019 | 4 |
Benefit payments in 2020 | 4 |
Benefit payments in 2021 | 4 |
Benefit payments in 2022 | 3 |
Benefit payments in 2023 through 2027 | $ 18 |
Multipemployer Pension and Postretirement Plans Narrative (Details) |
12 Months Ended |
---|---|
Dec. 30, 2017 | |
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. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
||||||||||||
Multiemployer Plans [Line Items] | ||||||||||||||
Multiemployer Plan, Period Contributions | $ 15.9 | $ 13.7 | $ 14.7 | |||||||||||
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, 2017 | Dec. 31, 2016 | |||||||||||
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, Period Contributions | [1] | $ 6.6 | $ 4.8 | 5.1 | ||||||||||
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, 2017 | Dec. 31, 2016 | ||||||||||||
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. 29, 2018 | ||||||||||||
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | |||||||||||||
Multiemployer Plan, Period Contributions | $ 4.8 | $ 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, 2017 | Dec. 31, 2016 | ||||||||||||
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. 24, 2018 | ||||||||||||
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | NA | |||||||||||||
Multiemployer Plan, Period Contributions | $ 1.4 | $ 1.0 | 1.6 | |||||||||||
Multiemployer Plans, Surcharge | No | |||||||||||||
Hagerstown Motor Carriers And Teamsters Pension Fund [Member] | ||||||||||||||
Multiemployer Plans [Line Items] | ||||||||||||||
Entity Tax Identification Number | 526045424 | |||||||||||||
Multiemployer Plan Number | 001 | |||||||||||||
Multiemployer Plans, Certified Zone Status | Red | Red | ||||||||||||
Multiemployer Plans, Certified Zone Status, Date | Jun. 30, 2018 | Jun. 30, 2017 | ||||||||||||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | [4] | |||||||||||||
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | |||||||||||||
Multiemployer Plan, Period Contributions | $ 0.4 | $ 0.6 | 0.5 | |||||||||||
Multiemployer Plans, Surcharge | No | |||||||||||||
Local 734 Pension Plan [Member] | ||||||||||||||
Multiemployer Plans [Line Items] | ||||||||||||||
Entity Tax Identification Number | 516040136 | |||||||||||||
Multiemployer Plan Number | 001 | |||||||||||||
Multiemployer Plans, Certified Zone Status | Red | Red | ||||||||||||
Multiemployer Plans, Certified Zone Status, Date | Apr. 30, 2018 | Apr. 30, 2017 | ||||||||||||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | [4] | |||||||||||||
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | |||||||||||||
Multiemployer Plan, Period Contributions | $ 0.2 | $ 0.2 | 0.3 | |||||||||||
Multiemployer Plans, Surcharge | Yes | |||||||||||||
Twin Cities Bakery Drivers Pension Plan [Member] | ||||||||||||||
Multiemployer Plans [Line Items] | ||||||||||||||
Entity Tax Identification Number | 416172265 | |||||||||||||
Multiemployer Plan Number | 001 | |||||||||||||
Multiemployer Plans, Certified Zone Status | Green | Green | ||||||||||||
Multiemployer Plans, Certified Zone Status, Date | Dec. 31, 2017 | Dec. 31, 2016 | ||||||||||||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | [4] | |||||||||||||
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | NA | |||||||||||||
Multiemployer Plan, Period Contributions | $ 0.2 | $ 0.2 | 0.2 | |||||||||||
Multiemployer Plans, Surcharge | Yes | |||||||||||||
Upstate New York Bakery Drivers And Industry Pension Fund [Member] | ||||||||||||||
Multiemployer Plans [Line Items] | ||||||||||||||
Entity Tax Identification Number | 150612437 | |||||||||||||
Multiemployer Plan Number | 001 | |||||||||||||
Multiemployer Plans, Certified Zone Status | Green | Green | ||||||||||||
Multiemployer Plans, Certified Zone Status, Date | Jun. 30, 2017 | Jun. 30, 2016 | ||||||||||||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | [4] | |||||||||||||
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | NA | |||||||||||||
Multiemployer Plan, Period Contributions | $ 0.1 | $ 0.0 | 0.2 | |||||||||||
Multiemployer Plans, Surcharge | No | |||||||||||||
Other Plans [Member] | ||||||||||||||
Multiemployer Plans [Line Items] | ||||||||||||||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | [5] | |||||||||||||
Multiemployer Plan, Period Contributions | $ 2.2 | $ 2.1 | $ 2.0 | |||||||||||
|
Multipemployer Pension and Postretirement Plans Multiemployer Pension Plans Trusts Funds Contributions (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Multiemployer Plans [Line Items] | |||
Multiemployer Contribution Percentage | 5.00% | ||
Hagerstown Motor Carriers And Teamsters Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Period contributions above 5% | true | ||
Plan Year End Date For Contributions To Plan Exceeding Five Percent Of Total Contributions | 6/30/2016 | 6/30/2015 | 6/30/2014 |
Local 734 Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Period contributions above 5% | true | ||
Plan Year End Date For Contributions To Plan Exceeding Five Percent Of Total Contributions | 4/30/2017 | 4/30/2016 | 4/30/2015 |
Twin Cities Bakery Drivers Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Period contributions above 5% | true | ||
Plan Year End Date For Contributions To Plan Exceeding Five Percent Of Total Contributions | 12/31/2016 | 12/31/2015 | 12/31/2014 |
Upstate New York Bakery Drivers And Industry Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Period contributions above 5% | true | ||
Plan Year End Date For Contributions To Plan Exceeding Five Percent Of Total Contributions | 6/30/2016 | 6/30/2015 | 6/30/2014 |
Project K | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plans, Withdrawal Obligation | $ 26 |
Multipemployer Pension and Postretirement Plans Multiemployer Pension Plans Curtailments, Settlements and Termination Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Multiemployer Plan, Period Contributions | $ 15.9 | $ 13.7 | $ 14.7 |
Multiemployer Other Postretirement Benefit Plans Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Multiemployer Plan, Period Contributions | $ 16.0 | $ 17.0 | $ 14.0 |
Income Taxes (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Operating Loss Carryforwards [Line Items] | ||||
Effective income tax rate | 24.60% | 25.20% | 20.60% | |
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 | $ 4 | |||
Tax benefit from U.S. corporate tax rate reduction | 153 | |||
Transition tax on accumulated foreign earnings | 157 | |||
Current portion of transition tax on accumulated foreign earnings | 17 | |||
Excess Tax Benefit From Share Based Compensation | $ 36 | |||
Venezuela Deconsolidation Loss Amount | $ (72) | 0 | (72) | $ 0 |
Non-cash gain from deconsolidation | 0 | 0 | 49 | |
Amount Recognized in Income Due to Inflationary Accounting | 112 | |||
Accumulated foreign earnings considered permanently reinvested | 2,600 | 1,900 | 2,000 | |
Deferred Tax Benefit Resulting From Intercompany Transfer Of Intellectual Property | 39 | |||
Tax benefits of carryforwards | 181 | 239 | 181 | |
Valuation allowance | 131 | 153 | 131 | |
Income taxes paid | $ 352 | 256 | 337 | |
U.S percentage of tax provision | 80.00% | |||
Unrecognized tax benefits classified as current liabilities | $ 8 | |||
Projected additions to unrecognized tax benefits related to ongoing intercompany pricing activity | 5 | |||
Unrecognized tax benefits that would affect the Company's effective tax rate in future periods | 47 | |||
Income Tax Examination, Interest Expense | 2 | 2 | 3 | |
Accrued tax-related interest and penalties | $ 19 | $ 21 | $ 19 | 17 |
U.S. Snacks | SGA [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Non-cash gain from deconsolidation | $ 67 |
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. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Income Tax Disclosure [Abstract] | |||
Income before income taxes, United States | $ 1,109 | $ 830 | $ 551 |
Income before income taxes, Foreign | 565 | 97 | 222 |
Income before income taxes | 1,674 | 927 | 773 |
Income taxes, currently payable, Federal | 358 | 173 | 212 |
Income taxes, currently payable, State | 31 | 26 | 42 |
Income taxes, currently payable, Foreign | 79 | 60 | 74 |
Income taxes, currently payable | 468 | 259 | 328 |
Income taxes, deferred, Federal | (39) | 16 | (136) |
Income taxes, deferred, State | 8 | 6 | (14) |
Income taxes, deferred, Foreign | (25) | (48) | (19) |
Income taxes, deferred | (56) | (26) | (169) |
Total income taxes | $ 412 | $ 233 | $ 159 |
Income Taxes Difference Between U.S. Federal Statutory Tax Rate and the Company's Effective Income Tax Rate (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Income Tax Disclosure [Abstract] | |||
U.S. statutory income tax rate | 35.00% | 35.00% | 35.00% |
Foreign rates varying from 35% | (6.70%) | (5.00%) | (9.60%) |
Excess tax benefits on share-based compensation | (0.30%) | (3.70%) | 0.00% |
State income taxes, net of federal benefit | 1.40% | 2.40% | 2.30% |
Cost (benefit) of remitted and unremitted foreign earnings | 0.10% | 0.10% | (4.40%) |
U.S. deduction for qualified production activities | (1.40%) | (2.80%) | (2.30%) |
Statutory rate changes, deferred tax impact | (9.00%) | (0.10%) | (0.80%) |
U.S. deemed repatriation tax | 10.40% | 0.00% | 0.00% |
Intangible property transfer | (2.40%) | 0.00% | 0.00% |
Venezuela deconsolidation | 0.00% | 1.80% | 0.00% |
Venezuela remeasurement | 0.00% | 0.40% | 5.00% |
VIE deconsolidation | 0.00% | 0.00% | (2.30%) |
Other | (2.50%) | (2.90%) | (2.30%) |
Effective Income Tax Rate Reconciliation, Percent | 24.60% | 25.20% | 20.60% |
Income Taxes Deferred tax assets and deferred tax liabilities (Details) - USD ($) $ in Millions |
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
Jan. 03, 2015 |
---|---|---|---|---|
Deferred Income Tax [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $ 0 | $ 0 | ||
Deferred Tax Liabilities Us State Income Taxes | 48 | 34 | ||
Deferred Tax Assets Advertising And Promotion Related | 13 | 17 | ||
Deferred Tax Assets Wages And Payroll Taxes | 26 | 42 | ||
Deferred Tax Assets, Inventory | 20 | 28 | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 154 | 403 | ||
Tax benefits of carryforwards | 239 | 181 | ||
Deferred Tax Assets, Hedging Transactions | 42 | 0 | ||
Deferred Tax Liabilities, Hedging Transactions | 0 | 51 | ||
Deferred Tax Liabilities, Property, Plant and Equipment | 208 | 318 | ||
Deferred Tax Liabilities, Intangible Assets | 332 | 602 | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 25 | 38 | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 33 | 41 | ||
Deferred Tax Assets, Other | 71 | 31 | ||
Deferred Tax Assets, Gross | 623 | 781 | ||
Deferred Tax Liabilities, Gross | 588 | 1,005 | ||
Deferred Tax Liabilities, Net | (118) | (355) | ||
Deferred Tax Assets, Valuation Allowance | (153) | (131) | $ (63) | $ (51) |
Deferred Tax Assets, Net of Valuation Allowance | 470 | 650 | ||
Other Assets [Member] | ||||
Deferred Income Tax [Line Items] | ||||
Deferred Tax Assets, Net | 245 | 170 | ||
Other Liabilities [Member] | ||||
Deferred Income Tax [Line Items] | ||||
Deferred Tax Liabilities, Net | $ (363) | $ (525) |
Income Taxes Change in Valuation Allowance Against Deferred Tax Assets (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|||||
Operating Loss Carryforwards [Line Items] | |||||||
Valuation Allowances and Reserves, Period Increase (Decrease) | $ 15 | $ 26 | |||||
Balance at beginning of year | 131 | 63 | $ 51 | ||||
Additions charged to income tax expense | 35 | [1] | 70 | [1] | 23 | ||
Reductions credited to income tax expense | (28) | (4) | (7) | ||||
Currency translation adjustments | 15 | 2 | (4) | ||||
Balance at end of year | $ 153 | 131 | $ 63 | ||||
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. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Income Tax Disclosure [Abstract] | |||
Income Tax Examination, Interest Expense | $ 2 | $ 2 | $ 3 |
Accrued tax-related interest and penalties | 21 | 19 | 17 |
Balance at beginning of year | 63 | 73 | 78 |
Additions, current year | 6 | 6 | 8 |
Additions, prior year | 5 | 1 | 9 |
Reducitons, prior year | (8) | (14) | (12) |
Settlements, decreases | (4) | (10) | |
Settlements, increases | 1 | ||
Lapse in statute of limitations | (2) | (4) | 0 |
Balance at end of year | $ 60 | $ 63 | $ 73 |
Derivative Instruments and Fair Value Measurements Narrative (Details) - USD ($) $ in Millions |
Dec. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Derivative [Line Items] | ||
Long-term debt total, carrying value | $ 8,245 | $ 7,329 |
Fair value of derivative instruments with credit-risk related contingent features in a liability position | 59 | |
Additional collateral required to be posted if the credit-risk related contingent features were triggered | $ 39 | |
Five largest customers percentage of consolidated trade receivables | 26.00% | |
Net Investment Hedging [Member] | ||
Derivative [Line Items] | ||
Long-term debt total, carrying value | $ 2,700 | $ 1,800 |
Accounts Receivable [Member] | ||
Derivative [Line Items] | ||
Collateral posting | 20 | |
Margin deposits | $ 17 |
Derivative Instruments and Fair Value Measurements Total Notional Amounts of the Company's Derivative Instruments (Details) - USD ($) $ in Millions |
Dec. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Derivative [Line Items] | ||
Notional amount of derivatives | $ 4,966 | $ 4,018 |
Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | 2,172 | 1,396 |
Interest rate contracts | ||
Derivative [Line Items] | ||
Notional amount of derivatives | 2,250 | 2,185 |
Commodity contracts | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 544 | $ 437 |
Derivative Instruments and Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions |
Dec. 30, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|
Derivative [Line Items] | |||||
Fair Value Of Related Hedge Portion Of Long Term Debt | $ 2,300 | ||||
Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Assets | 0 | $ 3 | |||
Liabilities | (54) | (65) | |||
Designated as Hedging Instrument [Member] | Level 1 [Member] | |||||
Derivative [Line Items] | |||||
Assets | 0 | 0 | |||
Liabilities | 0 | 0 | |||
Designated as Hedging Instrument [Member] | Level 2 [Member] | |||||
Derivative [Line Items] | |||||
Assets | 0 | 3 | |||
Liabilities | (54) | (65) | |||
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | |||||
Derivative [Line Items] | |||||
Assets | 0 | 2 | |||
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Level 1 [Member] | Other Current Assets [Member] | |||||
Derivative [Line Items] | |||||
Assets | 0 | 0 | |||
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Level 2 [Member] | Other Current Assets [Member] | |||||
Derivative [Line Items] | |||||
Assets | 0 | 2 | |||
Designated as Hedging Instrument [Member] | Interest rate contracts | Other Assets [Member] | |||||
Derivative [Line Items] | |||||
Assets | [1] | 0 | 1 | ||
Designated as Hedging Instrument [Member] | Interest rate contracts | Other Liabilities [Member] | |||||
Derivative [Line Items] | |||||
Liabilities | [1] | (54) | (65) | ||
Designated as Hedging Instrument [Member] | Interest rate contracts | Level 1 [Member] | Other Assets [Member] | |||||
Derivative [Line Items] | |||||
Assets | [1] | 0 | 0 | ||
Designated as Hedging Instrument [Member] | Interest rate contracts | Level 1 [Member] | Other Liabilities [Member] | |||||
Derivative [Line Items] | |||||
Liabilities | [1] | 0 | 0 | ||
Designated as Hedging Instrument [Member] | Interest rate contracts | Level 2 [Member] | Other Assets [Member] | |||||
Derivative [Line Items] | |||||
Assets | [1] | 0 | 1 | ||
Designated as Hedging Instrument [Member] | Interest rate contracts | Level 2 [Member] | Other Liabilities [Member] | |||||
Derivative [Line Items] | |||||
Liabilities | [1] | (54) | (65) | ||
Not Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Assets | 16 | 38 | |||
Liabilities | (21) | (18) | |||
Not Designated as Hedging Instrument [Member] | Level 1 [Member] | |||||
Derivative [Line Items] | |||||
Assets | 6 | 13 | |||
Liabilities | (7) | (7) | |||
Not Designated as Hedging Instrument [Member] | Level 2 [Member] | |||||
Derivative [Line Items] | |||||
Assets | 10 | 25 | |||
Liabilities | (14) | (11) | |||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | |||||
Derivative [Line Items] | |||||
Assets | 10 | 25 | |||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Liabilities [Member] | |||||
Derivative [Line Items] | |||||
Liabilities | (14) | (11) | |||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Level 1 [Member] | Other Current Assets [Member] | |||||
Derivative [Line Items] | |||||
Assets | 0 | 0 | |||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Level 1 [Member] | Other Current Liabilities [Member] | |||||
Derivative [Line Items] | |||||
Liabilities | 0 | 0 | |||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Level 2 [Member] | Other Current Assets [Member] | |||||
Derivative [Line Items] | |||||
Assets | 10 | 25 | |||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Level 2 [Member] | Other Current Liabilities [Member] | |||||
Derivative [Line Items] | |||||
Liabilities | (14) | (11) | |||
Not Designated as Hedging Instrument [Member] | Commodity contracts | Other Current Assets [Member] | |||||
Derivative [Line Items] | |||||
Assets | 6 | 13 | |||
Not Designated as Hedging Instrument [Member] | Commodity contracts | Other Current Liabilities [Member] | |||||
Derivative [Line Items] | |||||
Liabilities | (7) | (7) | |||
Not Designated as Hedging Instrument [Member] | Commodity contracts | Level 1 [Member] | Other Current Assets [Member] | |||||
Derivative [Line Items] | |||||
Assets | 6 | 13 | |||
Not Designated as Hedging Instrument [Member] | Commodity contracts | Level 1 [Member] | Other Current Liabilities [Member] | |||||
Derivative [Line Items] | |||||
Liabilities | (7) | (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 Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Net amount of assets presented in the balance sheet | $ 16 | $ 41 |
Financial instruments, gross amount not offset in balance sheet | (15) | (24) |
Cash collateral posted, gross amount not offset in balance sheet | 0 | 0 |
Net amount, assets derivatives | 1 | 17 |
Net amounts of liabilities presented in balance sheet | (75) | (83) |
Financial instruments, gross amount not offset in balance sheet | 15 | 24 |
Cash collateral received, gross amount not offset in balance sheet | 37 | 48 |
Net amount, liabilities derivatives | $ (23) | $ (11) |
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. 30, 2017 |
Dec. 31, 2016 |
||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 8 | ||||
Fair Value Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income | [1] | 17 | $ 18 | ||
Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in AOCI | 0 | (55) | |||
Gain (Loss) Reclassified from AOCI into Income | (9) | (11) | |||
Gain (Loss) Recognized in Income | [1] | 0 | (2) | ||
Net Investment Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in AOCI | (316) | 65 | |||
Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income | (52) | 19 | |||
Foreign Exchange Contract [Member] | COGS [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income | (8) | 6 | |||
Foreign Exchange Contract [Member] | SGA [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income | (1) | (1) | |||
Foreign Exchange Contract [Member] | Other Income (Expense), Net | Fair Value Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income | [1] | (1) | 0 | ||
Foreign Exchange Contract [Member] | Other Income (Expense), Net | Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income | (10) | 8 | |||
Foreign Exchange Contracts, One [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in AOCI | 0 | 9 | |||
Foreign Exchange Contracts, One [Member] | Net Investment Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in AOCI | 0 | (23) | |||
Foreign Exchange Contracts, One [Member] | Other Income (Expense), Net | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income | [1] | 0 | (2) | ||
Foreign Exchange Contracts, One [Member] | COGS [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from AOCI into Income | 1 | 14 | |||
Foreign Exchange Contracts, Two [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in AOCI | 0 | 1 | |||
Foreign Exchange Contracts, Two [Member] | SGA [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from AOCI into Income | 0 | 1 | |||
Interest rate contracts | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in AOCI | 0 | (65) | |||
Interest rate contracts | Interest Expense [Member] | Fair Value Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income | [1] | 18 | 18 | ||
Interest rate contracts | Interest Expense [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from AOCI into Income | (10) | (13) | |||
Commodity contracts | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in AOCI | 0 | 0 | |||
Commodity contracts | COGS [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from AOCI into Income | 0 | (13) | |||
Commodity contracts | COGS [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income | (18) | 3 | |||
Commodity contracts | SGA [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income | (15) | 3 | |||
Foreign Currency Denominated Long Term Debt | Net Investment Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in AOCI | $ (316) | $ 88 | |||
|
Derivative Instruments and Fair Value Measurements Assets Measured at Fair Value (Details) - Property, Plant and Equipment - Manufacturing Facility [Member] - Fair Value, Measurements, Nonrecurring [Member] $ in Millions |
Dec. 31, 2016
USD ($)
|
---|---|
U.S. Snacks | Long-lived assets value | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure | $ 26 |
U.S. Snacks | Estimate fair value | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure | 10 |
Europe | Long-lived assets value | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure | 57 |
Europe | Estimate fair value | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure | $ 23 |
Derivative Instruments and Fair Value Measurements Fair Value of Long-term Debt (Details) - USD ($) $ in Millions |
Dec. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Current maturities of long-term debt, carrying value | $ 409 | $ 631 |
Long-term Debt, Fair Value | 8,300 | |
Long-term debt, carrying value | 7,836 | 6,698 |
Long-term debt total, carrying value | $ 8,245 | $ 7,329 |
Venezuela (Details) $ in Millions |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Dec. 31, 2016
USD ($)
|
Jul. 04, 2015
USD ($)
VEF / $
|
Dec. 30, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Jan. 02, 2016
USD ($)
|
Feb. 29, 2016
VEF / $
|
Jan. 31, 2016
VEF / $
|
|
Foreign Currency [Line Items] | |||||||
Amount Recognized in Income Due to Inflationary Accounting | $ 112 | ||||||
Venezuela Remeasurement Charge, Pretax | $ 152 | ||||||
Venezuela Deconsolidation Loss Amount | $ (72) | $ 0 | $ (72) | 0 | |||
Venezuela deconsolidation loss related to CTA, net of tax | $ 0 | $ 63 | $ 0 | ||||
Net Monetary Asset Devaluation [Member] | |||||||
Foreign Currency [Line Items] | |||||||
Venezuela Remeasurement Charge, Pretax | 47 | ||||||
Inventory Valuation Reserve [Member] | |||||||
Foreign Currency [Line Items] | |||||||
Venezuela Remeasurement Charge, Pretax | 56 | ||||||
Asset impairment | |||||||
Foreign Currency [Line Items] | |||||||
Venezuela Remeasurement Charge, Pretax | $ 49 | ||||||
Cencoex [Member] | |||||||
Foreign Currency [Line Items] | |||||||
Foreign Currency Exchange Rate Devaluation | 59.00% | ||||||
Cencoex [Member] | Venezuelan bolívar fuerte | |||||||
Foreign Currency [Line Items] | |||||||
Foreign Currency Exchange Rate, Remeasurement | VEF / $ | 6.3 | 10.0 | 6.3 | ||||
DICOM [Member] | Venezuelan bolívar fuerte | |||||||
Foreign Currency [Line Items] | |||||||
Foreign Currency Exchange Rate, Remeasurement | VEF / $ | 206 | ||||||
SGA [Member] | |||||||
Foreign Currency [Line Items] | |||||||
Venezuela Remeasurement Charge, Pretax | $ 3 | ||||||
COGS [Member] | |||||||
Foreign Currency [Line Items] | |||||||
Venezuela Remeasurement Charge, Pretax | 100 | ||||||
Other Income (Expense), Net | |||||||
Foreign Currency [Line Items] | |||||||
Venezuela Remeasurement Charge, Pretax | $ 49 | ||||||
Geographic Concentration Risk [Member] | Venezuela | Net Sales | |||||||
Foreign Currency [Line Items] | |||||||
Concentration Risk, Percentage | 1.00% | 2.00% |
Quarterly Financial Data Narrative (Details) |
Dec. 30, 2017
$ / shares
|
---|---|
Quarterly Financial Information Disclosure [Abstract] | |
Market Value per share | $ 67.98 |
Number Of Shareholders | 33,793 |
Quarterly Financial Data Net sales and gross profit (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 30, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 31, 2016 |
Oct. 01, 2016 |
Jul. 02, 2016 |
Apr. 02, 2016 |
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 3,209 | $ 3,273 | $ 3,187 | $ 3,254 | $ 3,097 | $ 3,254 | $ 3,268 | $ 3,395 | $ 12,923 | $ 13,014 | $ 13,525 |
Gross Profit | $ 1,321 | $ 1,232 | $ 1,265 | $ 1,204 | $ 976 | $ 1,264 | $ 1,270 | $ 1,245 | $ 5,022 | $ 4,755 |
Quarterly Financial Data Net income and earnings per share (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 30, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 31, 2016 |
Oct. 01, 2016 |
Jul. 02, 2016 |
Apr. 02, 2016 |
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net income (loss) attributable to Kellogg Company, Basic | $ 428 | $ 297 | $ 282 | $ 262 | $ (53) | $ 292 | $ 280 | $ 175 | $ 1,269 | $ 694 | $ 614 |
Basic | $ 1.24 | $ 0.86 | $ 0.81 | $ 0.75 | $ (0.15) | $ 0.83 | $ 0.80 | $ 0.50 | $ 3.65 | $ 1.98 | $ 1.74 |
Diluted | $ 1.23 | $ 0.85 | $ 0.80 | $ 0.74 | $ (0.15) | $ 0.82 | $ 0.79 | $ 0.49 | $ 3.62 | $ 1.96 | $ 1.72 |
Quarterly Financial Data Dividends and stock prices (Details) - $ / shares |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 30, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 31, 2016 |
Oct. 01, 2016 |
Jul. 02, 2016 |
Apr. 02, 2016 |
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Dividends per share | $ 0.54 | $ 0.54 | $ 0.52 | $ 0.52 | $ 0.52 | $ 0.52 | $ 0.50 | $ 0.50 | $ 2.12 | $ 2.04 | $ 1.98 |
Market Price Of Common Stock High | 68.29 | 70.36 | 73.49 | 76.44 | 77.25 | 86.98 | 81.65 | 77.86 | 68.29 | 77.25 | |
Market Price Of Common Stock Low | $ 58.87 | $ 62.37 | $ 68.69 | $ 71.38 | $ 70.96 | $ 77.13 | $ 74.30 | $ 69.96 | $ 58.87 | $ 70.96 |
Quarterly Financial Data Asset impairment and MTM gains and losses (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 30, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 31, 2016 |
Oct. 01, 2016 |
Jul. 02, 2016 |
Apr. 02, 2016 |
Dec. 30, 2017 |
Dec. 31, 2016 |
|
Quarterly Financial Information Disclosure [Abstract] | ||||||||||
Restructuring, Settlement and Impairment Provisions | $ 24 | $ 1 | $ 96 | $ 142 | $ 161 | $ 40 | $ 72 | $ 52 | $ 263 | $ 325 |
Gain Loss On Mark To Market Adjustments | (163) | 104 | (7) | 21 | 226 | 31 | (20) | 24 | (45) | 261 |
Pre Tax Charges Gains In Operating Profit | $ (139) | $ 105 | $ 89 | $ 163 | $ 387 | $ 71 | $ 52 | $ 76 | $ 218 | $ 586 |
Reportable Segments Narrative (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Segment Reporting Information [Line Items] | |||
Number of Operating Segments | 10 | ||
Number of Remaining Reportable Segments Which are Based on Geographical Location | 3 | ||
Walmart Stores Inc [Member] | |||
Segment Reporting Information [Line Items] | |||
Largest customer, percentage of consolidated net sales | 20.00% | 20.00% | 21.00% |
Reportable Segments Information (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 30, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 31, 2016 |
Oct. 01, 2016 |
Jul. 02, 2016 |
Apr. 02, 2016 |
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|||||
Segment Reporting Information [Line Items] | |||||||||||||||
Assets | $ 16,350 | $ 15,111 | $ 16,350 | $ 15,111 | $ 15,251 | ||||||||||
Net sales | 3,209 | $ 3,273 | $ 3,187 | $ 3,254 | 3,097 | $ 3,254 | $ 3,268 | $ 3,395 | 12,923 | 13,014 | 13,525 | ||||
Operating profit | 1,946 | 1,395 | 1,091 | ||||||||||||
Depreciation and amortization | 481 | 517 | [1] | 534 | [1] | ||||||||||
Interest expense | 256 | 406 | 227 | ||||||||||||
Income taxes | 412 | 233 | 159 | ||||||||||||
Property, Plant and Equipment, Additions | 501 | 507 | 553 | ||||||||||||
U.S. Morning Foods | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 2,778 | 2,931 | 2,992 | ||||||||||||
Operating profit | 601 | 593 | 474 | ||||||||||||
Depreciation and amortization | 120 | 122 | 123 | ||||||||||||
U.S. Snacks | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 3,067 | 3,198 | 3,234 | ||||||||||||
Operating profit | 115 | 324 | 385 | ||||||||||||
Depreciation and amortization | 146 | 159 | [1] | 135 | |||||||||||
U.S. Specialty | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 1,249 | 1,214 | 1,181 | ||||||||||||
Operating profit | 312 | 279 | 260 | ||||||||||||
Depreciation and amortization | 13 | 11 | 11 | ||||||||||||
North America Other | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 1,616 | 1,598 | 1,687 | ||||||||||||
Operating profit | 230 | 181 | 178 | ||||||||||||
Depreciation and amortization | 51 | 56 | 74 | [1] | |||||||||||
Interest expense | 3 | 5 | 5 | ||||||||||||
North America [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Assets | 10,867 | 10,533 | 10,867 | 10,533 | 10,363 | ||||||||||
Property, Plant and Equipment, Additions | 329 | 318 | 342 | ||||||||||||
Europe | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Assets | 4,057 | 3,824 | 4,057 | 3,824 | 3,742 | ||||||||||
Net sales | 2,291 | 2,377 | 2,497 | ||||||||||||
Operating profit | 279 | 205 | 247 | ||||||||||||
Depreciation and amortization | 80 | 114 | [1] | 120 | |||||||||||
Interest expense | 16 | 8 | 5 | ||||||||||||
Income taxes | (38) | (17) | 10 | ||||||||||||
Property, Plant and Equipment, Additions | 106 | 125 | 110 | ||||||||||||
Latin America | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Assets | 1,094 | 1,136 | 1,094 | 1,136 | 587 | ||||||||||
Net sales | 955 | 780 | 1,015 | ||||||||||||
Operating profit | 108 | 84 | 9 | ||||||||||||
Depreciation and amortization | 37 | 22 | 28 | [1] | |||||||||||
Interest expense | 2 | 4 | 5 | ||||||||||||
Income taxes | 33 | 30 | 34 | ||||||||||||
Property, Plant and Equipment, Additions | 32 | 24 | 23 | ||||||||||||
Asia Pacific | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Assets | 1,225 | 1,158 | 1,225 | 1,158 | 1,106 | ||||||||||
Net sales | 967 | 916 | 919 | ||||||||||||
Operating profit | 86 | 70 | 54 | ||||||||||||
Depreciation and amortization | 33 | 30 | 29 | ||||||||||||
Interest expense | 2 | 2 | 2 | ||||||||||||
Income taxes | 12 | 14 | 0 | ||||||||||||
Property, Plant and Equipment, Additions | 30 | 36 | 76 | ||||||||||||
Total Reportable Segments [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating profit | 1,731 | 1,736 | 1,607 | ||||||||||||
Depreciation and amortization | 480 | 514 | [1] | 520 | [1] | ||||||||||
Corporate | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Assets | 1,426 | 1,248 | 1,426 | 1,248 | 1,184 | ||||||||||
Operating profit | 215 | (341) | (516) | ||||||||||||
Depreciation and amortization | 1 | 3 | 14 | ||||||||||||
Interest expense | 233 | 387 | 210 | ||||||||||||
Property, Plant and Equipment, Additions | 4 | 4 | 2 | ||||||||||||
Intersegment Eliminations [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Assets | $ (2,319) | $ (2,788) | (2,319) | (2,788) | (1,731) | ||||||||||
Corporate And North America [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Income taxes | $ 405 | $ 206 | $ 115 | ||||||||||||
|
Reportable Segments Net sales to external customers and long-lived assets (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 30, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 31, 2016 |
Oct. 01, 2016 |
Jul. 02, 2016 |
Apr. 02, 2016 |
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 3,209 | $ 3,273 | $ 3,187 | $ 3,254 | $ 3,097 | $ 3,254 | $ 3,268 | $ 3,395 | $ 12,923 | $ 13,014 | $ 13,525 |
Property, net | 3,716 | 3,569 | 3,716 | 3,569 | 3,621 | ||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 8,196 | 8,438 | 8,560 | ||||||||
Property, net | 2,195 | 2,208 | 2,195 | 2,208 | 2,220 | ||||||
All Other Countries [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 4,727 | 4,576 | 4,965 | ||||||||
Property, net | $ 1,521 | $ 1,361 | $ 1,521 | $ 1,361 | $ 1,401 |
Reportable Segments Supplemental product information (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 30, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 31, 2016 |
Oct. 01, 2016 |
Jul. 02, 2016 |
Apr. 02, 2016 |
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Segment Reporting Information [Line Items] | |||||||||||
Sales Revenue, Goods, Net | $ 3,209 | $ 3,273 | $ 3,187 | $ 3,254 | $ 3,097 | $ 3,254 | $ 3,268 | $ 3,395 | $ 12,923 | $ 13,014 | $ 13,525 |
Snacks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales Revenue, Goods, Net | 6,700 | 6,660 | 6,698 | ||||||||
Retail Channel Cereal [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales Revenue, Goods, Net | 5,270 | 5,440 | 5,871 | ||||||||
Frozen [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales Revenue, Goods, Net | $ 953 | $ 914 | $ 956 |
Supplemental Financial Statement Data Consolidated Statement of Income (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Supplemental Financial Statement Data [Abstract] | |||
Research and Development Expense | $ 148 | $ 182 | $ 193 |
Advertising Expense | $ 731 | $ 735 | $ 898 |
Supplemental Financial Statement Data Consolidated Balance Sheet (Details) - USD ($) $ in Millions |
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
Jan. 03, 2015 |
---|---|---|---|---|
Supplemental Financial Statement Data [Abstract] | ||||
Accounts Receivable, Gross, Current | $ 1,250 | $ 1,106 | ||
Allowance for Doubtful Accounts Receivable, Current | (10) | (8) | $ (8) | $ (7) |
Income Taxes Receivable | 23 | 24 | ||
Other Receivables | 126 | 109 | ||
Accounts Receivable, Net, Current | 1,389 | 1,231 | ||
Inventory, Raw Materials and Supplies, Gross | 333 | 315 | ||
Inventory, Finished Goods and Work in Process, Net of Reserves | 884 | 923 | ||
Inventory, Net | 1,217 | 1,238 | ||
Other Assets, Current | 149 | 191 | ||
Land | 111 | 131 | ||
Buildings and Improvements, Gross | 2,200 | 2,020 | ||
Machinery and Equipment, Gross | 6,018 | 5,646 | ||
Capitalized Computer Software, Gross | 403 | 366 | ||
Construction in Progress, Gross | 634 | 686 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (5,650) | (5,280) | ||
Property, Plant and Equipment, Net | 3,716 | 3,569 | 3,621 | |
Other Finite And Indefinite Lived Intangible Assets | 2,706 | 2,423 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (67) | (54) | $ (47) | |
Intangible Assets, Net (Excluding Goodwill) | 2,639 | 2,369 | ||
Pension | 252 | 66 | ||
Deferred Tax Assets, Net, Noncurrent | 245 | 170 | ||
Noncurrent Assets Other Than Pension | 529 | 393 | ||
Other Assets | 1,026 | 629 | ||
Accrued Income Taxes, Current | 31 | 47 | ||
Accrued Salaries, Current | 311 | 318 | ||
Accrued advertising and promotion | 538 | 436 | ||
Other Accrued Liabilities, Current | 551 | 590 | ||
Other Liabilities, Current | 1,431 | 1,391 | ||
Accrued Income Taxes, Noncurrent | 192 | 48 | ||
Nonpension postretirement benefits | 40 | 40 | ||
Liabilities, Other than Long-term Debt, Noncurrent | 373 | 376 | ||
Other liabilities | $ 605 | $ 464 |
Supplemental Financial Statement Data Allowance for doubtful accounts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Supplemental Financial Statement Data [Abstract] | |||
Balance at beginning of year | $ 8 | $ 8 | $ 7 |
Additions charged to expense | 14 | 9 | 4 |
Doubtful accounts charged to reserve | (12) | (9) | (3) |
Balance at end of year | $ 10 | $ 8 | $ 8 |
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