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There is more about this new item. Cough tablets - Kraft Canada Inc. It was incorporated on 31 December Sunday in Canada and as of 30 December Sunday is an inactive - amalgamated company. View Kraft Canada Inc location, revenue, industry and description. One month after the Competition Bureau approved the proposed merger of H.
Heinz and Kraft Foods Group, the company has announced a new leadership team that will operate in Canada as part of Kraft Heinz, a spokesperson confirmed. You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. Condensed Balance Sheet. As of April 28, April 28,. Other assets. Total assets. Notes payable. Other liabilities. Total liabilities. Shareholder's deficit. Total liabilities and shareholder's deficit.
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Changes in Accounting and Reporting:. In , we made the following changes in accounting and reporting to harmonize our accounting and reporting as Kraft Heinz:. We made this voluntary change in accounting policy because we believe this presentation is preferable, as the classification in cost of products sold better reflects the cost of producing and distributing products.
Additionally, this presentation enhances the comparability of our financial statements with industry peers and aligns with how we now internally manage and review costs. We made this voluntary change in accounting policy because we believe this presentation is preferable, as removing these expenses from cost of products sold better aligns cost of products sold with costs directly associated with generating revenue. As required by U. GAAP, the change has been reflected in the consolidated statements of income through retrospective application of the change in accounting policy.
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In , we determined that we had previously misclassified customer related intangible asset amortization. These misstatements were not material to our current or any prior period financial statements. We separately presented sold receivables on our consolidated balance sheets and consolidated statements of cash flows to align with current period presentation.
We revised our other assets long-term , accrued postemployment costs long-term , and other liabilities long-term on our consolidated balance sheet to correct for a prior period classification error and to correct for the misclassification of other assets to accrued postemployment costs long-term. This misstatement was not material to our current or any prior period financial statements. In , we determined that we had misstated foreign currency translation gains and losses on goodwill from the date of the Merger through December 28, , as well as deferred taxes recognized on the Merger opening balance sheet.
Significant Accounting Policies. Principles of Consolidation:. The consolidated financial statements include The Kraft Heinz Company, as well as our wholly-owned and majority-owned subsidiaries. All intercompany transactions are eliminated. As a result, we occasionally have a 53 rd week in a fiscal year. Our year ended January 3, includes a 53 rd week of activity. The year end date of certain of our U. Use of Estimates:. We prepare our consolidated financial statements in accordance with U. GAAP, which requires us to make accounting policy elections, estimates, and assumptions that affect a number of amounts in our consolidated financial statements.
We base our estimates on historical experience and other assumptions that we believe are reasonable. If actual amounts differ from estimates, we include the revisions in our consolidated results of operations in the period the actual amounts become known.
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Historically, the aggregate differences, if any, between our estimates and actual amounts in any year have not had a material effect on our consolidated financial statements. Translation of Foreign Currencies:.
For all significant foreign operations, the functional currency is the local currency. Assets and liabilities of these operations are translated at the exchange rate in effect at each period end. Income statement accounts are translated at the average rate of exchange prevailing during the period. Gains and losses from foreign currency transactions are included in net income for the period. Highly Inflationary Accounting:. We apply highly inflationary accounting if the cumulative inflation rate in an economy for a three-year period meets or exceeds percent.
Under highly inflationary accounting, the financial statements of a subsidiary are remeasured into our reporting currency U. Certain non-monetary assets and liabilities are recorded at the applicable historical exchange rates. Cash and Cash Equivalents:.
Cash equivalents include demand deposits with banks and all highly liquid investments with original maturities of three months or less. Inventories are stated at the lower of cost or market. We value inventories primarily using the average cost method. Property, Plant and Equipment:. Property, plant and equipment are stated at historical cost and depreciated on the straight-line method over the estimated useful lives of the assets.
Machinery and equipment are depreciated over periods ranging from 3 to 20 years and buildings and improvements over periods up to 40 years. Capitalized software costs are included in property, plant and equipment and amortized on a straight-line basis over the estimated useful lives of the software, which do not exceed seven years.
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We review long-lived assets for impairment when conditions exist that indicate the carrying amount of the assets may not be fully recoverable. Such conditions include significant adverse changes in the business climate, current-period operating or cash flow losses, significant declines in forecasted operations, or a current expectation that an asset group will be disposed of before the end of its useful life.
We perform undiscounted operating cash flow analyses to determine if an impairment exists.
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When testing for impairment of assets held for use, we group assets and liabilities at the lowest level for which cash flows are separately identifiable. If an impairment is determined to exist, the loss is calculated based on estimated fair value. Impairment losses on assets to be disposed of, if any, are based on the estimated proceeds to be received, less costs of disposal.
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Goodwill and Intangible Assets :. We test goodwill and indefinite-lived intangible assets for impairment at least annually in the second quarter or when a triggering event occurs. We performed our annual impairment testing in the second quarter of , prior to completion of the Merger.