UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND
SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
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(Mark One)
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x
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2011
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OR
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¨
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from to
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Commission file number: Kraft Foods Inc. 1-16483
Kraft Foods Group, Inc. TIP Plan
(formerly Kraft Foods Global, Inc. TIP Plan)
(Full title of the plan)
KRAFT FOODS INC.
Three Lakes Drive
Northfield, Illinois 60093-2753
(Name of issuer of the securities held pursuant to the plan
and address of its principal executive office)
-1-
KRAFT FOODS GLOBAL, INC. TIP PLAN
ANNUAL REPORT ON FORM 11-K
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2011
TABLE OF CONTENTS
All other schedules required by Section 2520.103-10 of the Department of Labor Rules and Regulations for Reporting
and Disclosure under the Employee Retirement Income Security Act of 1974, as amended, have been omitted because they are not applicable.
-2-
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Kraft Foods Global, Inc. Management Committee for Employee Benefits and
the Participants of the Kraft Foods Global, Inc. TIP Plan
Kraft Foods Global, Inc.
Northfield, Illinois
We have audited the accompanying statements of net assets available for benefits of the Kraft Foods Global, Inc. TIP Plan (the
Plan) as of December 31, 2011 and 2010, and the related statement of changes in net assets available for benefits for the year ended December 31, 2011. These financial statements are the responsibility of the Plans management.
Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the
standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the
financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2011 and 2010, and the changes in net assets available for benefits for the year ended
December 31, 2011 in conformity with U.S. generally accepted accounting principles.
Our audit was conducted for the purpose of forming
an opinion on the basic financial statements taken as a whole. The supplemental Schedule H, Line 4i Schedule of Assets (Held at End of Year) is presented for the purpose of additional analysis and is not a required part of the basic financial
statements but is supplementary information required by the Department of Labors Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of
the Plans management. The supplemental schedule has been subjected to the auditing procedures applied in the audit of the basic 2011 financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic
2011 financial statements taken as a whole.
/s/ Crowe Horwath LLP
Oak Brook, Illinois
June 25, 2012
-3-
KRAFT FOODS GLOBAL, INC. TIP PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
at December 31, 2011 and 2010
(in thousands of dollars)
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2011
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2010
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Assets:
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Investment in Master Trust, at fair value (Notes 2 and 3)
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$
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549,629
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$
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507,114
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Receivables:
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Employee contribution
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334
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Notes receivable from participants
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17,704
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17,380
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Total receivables
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17,704
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17,714
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Total assets
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567,333
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524,828
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Liabilities:
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General and administrative expenses payable
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(96
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)
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(95
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Total liabilities
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(96
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)
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(95
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Net assets, reflecting all investments at fair value
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567,237
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524,733
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Adjustments from fair value to contract value for
investment in Master Trust from fully benefit-
responsive investment
contracts
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(7,377
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)
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(5,035
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)
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Net assets available for benefits
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$
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559,860
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$
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519,698
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The accompanying notes are an integral part of these financial statements.
-4-
KRAFT FOODS GLOBAL, INC. TIP PLAN
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS
for the Year Ended December 31, 2011
(in thousands of dollars)
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2011
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Additions to net assets attributed to:
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Net investment income from Master Trust (Notes 2 and 3)
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$
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47,209
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Interest from notes receivable from participants
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580
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Employer contributions
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5,437
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Participant contributions
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26,014
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Total additions
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79,240
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Deductions from net assets attributed to:
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Distributions and withdrawals
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(37,421
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General and administrative expenses
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(1,657
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)
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Total deductions
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(39,078
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)
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Increase in net assets available for benefits
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40,162
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Net assets available for benefits:
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Beginning of year
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519,698
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End of year
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$
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559,860
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The accompanying notes are an integral part of these financial statements.
-5-
Kraft Foods Global, Inc. TIP Plan
Notes to Financial Statements
1. Description of the Plan:
General:
The Kraft Foods Global, Inc. TIP Plan (the Plan) is a defined contribution plan designed to encourage employees to save for retirement by
providing eligible employees with an opportunity to invest a portion of their compensation and thereby share in contributions from Kraft Foods Global, Inc. (Kraft Foods). Kraft Foods is a wholly owned subsidiary of Kraft Foods, Inc.
Participants should refer to the official Plan document that legally governs the operation of the Plan for a complete description of the Plans provisions. The Plan is subject to the provisions of the Employee Retirement Income Security Act of
1974, as amended (ERISA) and the U.S. Internal Revenue Code of 1986 (the Code).
The Management Committee for Employee
Benefits of Kraft Foods Global, Inc. (the Management Committee) is responsible for plan design. The Plan vests the Kraft Foods Global, Inc. Administrative Committee (the Administrative Committee) with authority to control and
manage the non-investment operations of the Plan. The Benefits Investment Committee is responsible for selecting the investment options in which participants elect to invest their Plan accounts, appointing investment managers to manage one or more
of the investment options and monitoring the performance of the investment options. The Administrative Committee and the Benefits Investment Committee are hereinafter collectively referred to as the Fiduciaries.
Contributions:
Participant
Contributions:
Hourly employees of Kraft Foods who are represented by designated collective bargaining units are eligible to participate
in the Plan. The benefits offered under the Plan may vary, depending upon the job location of the employee and the collective bargaining unit of which he or she is a member. After completing up to one year of service, eligible employees can make
voluntary, tax-deferred and/or after-tax contributions.
The amount of both tax-deferred and after-tax contributions expressed as a percentage
of eligible pay may vary from year to year and may depend on the location and bargaining unit. Some eligible employees may elect to contribute up to 10% of their base rate of compensation, but contributions from base compensation over $15,000 may
not exceed 6%. Other eligible employees (including employees at Naperville, Illinois and certain other facilities) may elect to contribute up to 16% of their eligible pay, but only contributions not in excess of 6% of pay are eligible for Kraft
Foods Matching Contributions described below. Still other eligible employees (including employees at Visalia, California and certain other facilities) may elect to contribute up to 16% of their eligible pay, but do not have a company match.
Participants who will be age 50 or older by the end of a Plan year are eligible to make tax-deferred catch-up contributions up to $5,500 for
2011. The aggregate contributions made by participants may not cause the Plan to violate limitations on such contributions set forth in the Code. The Code also imposes a dollar limitation on the amount of tax-deferred contributions for a calendar
year. A participants tax-deferred contributions were limited to $16,500 for 2011.
-6-
Kraft Foods Global, Inc. TIP Plan
Notes to Financial Statements, Continued
Automatic Enrollment:
Newly hired, eligible employees are enrolled automatically with a 2% tax-deferred contribution rate, invested in the Plans default investment option. Employees may opt out of the automatic
enrollment, stop contributions, modify their contribution rate, or change investment elections at any time. Employees hired at certain locations after December 31, 2010 will have their tax-deferred contribution rate automatically increased by
1% annually, up to a maximum of 6%, starting with the first year after they are automatically enrolled in the Plan.
Employer Matching
Contributions:
Some eligible employees who make tax-deferred and/or after-tax contributions are eligible to receive matching contributions
from Kraft Foods (the Kraft Foods Matching Contributions). Kraft Foods Matching Contributions are based on the amount of each participants contributions to the Plan, subject to certain limitations under the Code. The amount of
Kraft Foods Matching Contributions is negotiated with each collective bargaining unit representing eligible employees. The amount of Kraft Foods Matching Contributions varies from 15% to 50% of each participants match-eligible contributions.
Employer Basic Contribution:
Eligible employees at certain locations hired after December 31, 2010, who are not eligible to participate in a Kraft Foods pension plan,
automatically receive a basic contribution equal to 3% of the employees eligible pay (the Kraft Foods Basic Contributions).
Employee Stock Ownership Plan:
The
employee stock ownership plan (ESOP) portion of the Plan permits participants who have an investment in the Kraft Foods Stock Fund, which is invested in Kraft Foods Inc. Class A common stock (Kraft Foods Common Stock)
and cash, to elect, no later than the business day immediately preceding an ex-dividend date with respect to a cash dividend payable on shares of Kraft Foods Common Stock, to have the dividend paid to them in cash or have the dividend reinvested in
additional units of the Kraft Foods Stock Fund.
Voting Rights:
Each participant is entitled to exercise voting rights attributable to the shares allocated to his or her account. Kraft Foods is required to make sure the participant receives proxy materials prior to
the time the voting rights are to be exercised. Participant votes are tabulated by the transfer agent and communicated to the Trustee. The Trustee generally is required to vote any allocated shares for which instructions have not been given by a
participant in the same proportion for which the Trustee received participant direction.
Participant Accounts and Investment Options:
Each participants Plan accounts, which may include a Kraft Foods Matching Contributions account, a tax-deferred contributions
account, an after-tax contributions account, a rollover account, a prior plan account, and for certain participants hired after December 31, 2010, a
-7-
Kraft Foods Global, Inc. TIP Plan
Notes to Financial Statements, Continued
Kraft Foods Basic Contributions account, are credited with the participants contributions, and the Kraft Foods Matching Contributions and the Kraft Foods Basic Contributions, as applicable,
and the allocated share of the investment activities of each investment option in which he or she participates. Each participant directs the investment of his or her account to any of the investment options available under the Plan, including Kraft
Foods Common Stock.
Vesting:
Each participant is at all times fully vested (1) in the balance held in his or her tax-deferred contributions account, after-tax contributions
account, rollover account and prior plan account, (2) in the balance held in his or her Kraft Foods Matching Contributions account attributable to amounts contributed before January 1, 1986 or transferred from the General Foods Employee
Stock Ownership Plan and (3) in his or her share (if any) of dividends paid on the Altria Stock Fund, the PMI Stock Fund or the Kraft Foods Stock Fund (including with respect to the Kraft Foods Matching Contributions and Kraft Foods Basic
Contributions accounts to the extent invested in such funds). A participant will fully vest in the Kraft Foods Matching Contributions and Kraft Foods Basic Contributions accounts upon attainment of age 55; permanent and total disability or death
while employed by Kraft Foods, or any of its affiliates; involuntary termination due to a change in control of Kraft Foods Inc., or upon a termination of the Plan (see Note 6). Otherwise, a participant who is employed by Kraft Foods, or any of its
affiliates, will vest in the Kraft Foods Matching Contributions account and Kraft Foods Basic Contributions account based on the number of years of vesting service determined in accordance with the following schedule:
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Years of Service
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Vested Percentage
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Less than 2
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0%
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2 but less than 3
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25%
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3 but less than 4
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50%
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4 but less than 5
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75%
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5 or more
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100%
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Kraft Foods Matching Contributions forfeited by terminated participants are used to reduce future Kraft Foods Matching
Contributions and Kraft Foods Basic Contributions to the Plan.
Distributions and Withdrawals:
A participant may take a distribution of his or her Plan accounts following a separation from service or attainment of age 59
1
/
2
. Upon termination of employment, including
retirement, a participant has numerous options available, as described in the Plan, with respect to the distribution of his or her Plan accounts.
Participants may make in-service withdrawals in accordance with the provisions outlined in the Plan.
-8-
Kraft Foods Global, Inc. TIP Plan
Notes to Financial Statements, Continued
Notes Receivable from Participants:
The notes receivable program permits participants to borrow from their Plan accounts in accordance with the provisions outlined in the Plan. Interest on notes receivable from participants is charged at
rates based on the Citibank Prime Rate, with terms from one to five years. The minimum notes receivable amount is $1,000 and the maximum notes receivable amount is the lesser of $50,000 minus the participants highest notes receivable balance
in the preceding 12 months or the combined value in the participants tax-deferred contributions account, after-tax contributions account and rollover account.
A participants notes receivable account equals the original principal amount less principal repayments. The principal amounts of notes receivable repayments reduce the notes receivable account and
are added back to the participants Plan accounts in the reverse order in which they were charged. The repaid amount (including interest) is reinvested in the investment options according to the participants investment directions in
effect at the time of repayment. Interest rates on notes receivable ranged from 3.22% to 10.5% for the year ended December 31, 2011.
Master Trust:
Assets of the Plan are
co-invested with the assets of other defined contribution plans sponsored by Kraft Foods in a commingled investment fund known as the Kraft Foods Savings Plan Master Trust (the Master Trust) for which State Street Bank and Trust Company
serves as the trustee.
2. Summary of Significant Accounting Policies:
Basis of Presentation:
The financial statements are prepared using the accrual basis of
accounting.
Use of Estimates:
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (US GAAP) requires the Fiduciaries to make estimates and
assumptions that affect the reported amounts in the financial statements and related disclosures. Actual results could differ from those estimates.
-9-
Kraft Foods Global, Inc. TIP Plan
Notes to Financial Statements, Continued
Risks and Uncertainties:
The Plan and Master Trust provide for various investment options. Investments, in general, are exposed to various risks, such as interest rate, credit, liquidity and overall market volatility. Due to the
level of risk associated with certain investments and the sensitivity of certain fair value estimates to changes in valuation assumptions, it is reasonably possible that changes in the values of investments will occur in the near term and that these
changes could materially affect participants account balances and the amounts reported in the financial statements.
Reporting of
Guaranteed Investment Contracts:
The statements of net assets available for benefits present fully benefit-responsive investment
contracts at fair value within the net investment in Master Trust line item with a separate line item to adjust from fair value to contract value. The statement of changes in net assets available for benefits is prepared on a contract value basis.
Contract value is the relevant measurement criteria since contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan.
Valuation of Investment in Master Trust:
Each participating plan holds units of
participation in the Master Trust. Net assets, investment income, and administrative expenses relating to the Master Trust are allocated to the individual plans based upon their interest in each of the underlying participant-directed investments.
Valuation of the Plan and Master Trusts Investments:
Investments of the Plan and the Master Trust are reported at fair value. The Plans interest in the Master Trust is reported at estimated fair value based upon the fair values of the underlying
investments held within the Master Trust. US GAAP defines fair value as the price that would be received by the Plan and the Master Trust for an asset or paid by the Plan and the Master Trust to transfer a liability (an exit price) in an
orderly transaction between market participants on the measurement date in the Plans and the Master Trusts principal or most advantageous market for the asset or liability. The guidance establishes a fair value hierarchy which requires
the Plan and the Master Trust to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The hierarchy places the highest priority on unadjusted quoted market prices in active markets for
identical assets or liabilities (level 1 measurements) and gives the lowest priority to unobservable inputs (level 3 measurements). The three levels of inputs within the fair value hierarchy are defined as follows:
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Plan has the ability to access as of
the measurement date.
Level 2: Significant other observable inputs other than level 1 prices such as quoted prices for
similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
-10-
Kraft Foods Global, Inc. TIP Plan
Notes to Financial Statements, Continued
Level 3: Significant unobservable inputs that reflect the Plans own assumptions
about the assumptions that market participants would use in pricing an asset or liability.
In some cases, a valuation technique used to
measure fair value may include inputs from multiple levels of the fair value hierarchy. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy.
The following descriptions of the valuation methods and assumptions used by the Plan to estimate the fair values of investments apply to investments held
directly by the Plan and those held as underlying investments of the Master Trust.
Equities:
Equities are valued using quoted market
prices. Securities listed on national and international exchanges are principally valued at the regular trading session closing price on the exchange or market in which these securities are principally traded on the last business day of each period
presented (level 1 inputs).
U. S. Government securities:
U. S. government securities are valued at the closing price reported in the
active market in which the individual security is traded (level 1 inputs).
Corporate bonds, international sovereign and other fixed income
securities:
Corporate bonds and international sovereigns are valued based on yields currently available on comparable securities of issuers with similar credit ratings (level 2 inputs). When quoted prices are not available for similar bonds, the
bond is valued using matrix pricing, a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities relationship to
other benchmark quoted securities (level 2 inputs). Agency-backed bonds, asset-backed securities, mortgage-backed securities, and municipal bonds are valued based on evaluation methodology where prices are based on a compilation of primary
observable market information, the value is imputed based on the conversion ratio and other security specific information, or a broker quote in a non-active market (level 2 inputs). Evaluation methodology relies on inputs that may include, but are
not limited to, treasury or floating index benchmarks, other benchmark yields, base spreads, spread adjustments, yield-to-maturity, swap curves, prepayment speeds, cash flows, ratings updates, collateral performance and collateral type.
Registered Investment Company
: The fair value of the registered investment company is determined by obtaining quoted prices on nationally
recognized security exchanges (level 1 input). The investment objective of the registered investment company is a combination of current income and capital growth and holds a diversified mix of domestic and international equities, domestic and
international investment grade bonds, domestic high yield bonds, and investment grade money market instruments.
Collective trusts:
The
fair values of participation units held in collective trusts, other than stable value funds, are based on their net asset values, as reported by the managers of the collective trusts and as supported by the unit prices of actual purchase and sale
transactions
-11-
Kraft Foods Global, Inc. TIP Plan
Notes to Financial Statements, Continued
occurring as of or close to the financial statement date (level 2 inputs). The investment objectives and underlying investments of the collective trusts vary. The investment objective of the
domestic large cap equity collective trust is capital growth and dividend income through investment in the companies in the Standard & Poors 500 Stock Index (the S&P 500). The investment objective of the domestic mid/small cap
equity collective trust is capital growth and dividend income through investment in the companies in the Russell Small Cap Completeness Index. There are two international equity collective trusts that are primarily invested in stocks of companies
based outside the U.S. The investment objective of these trusts are capital growth and dividend income through investment in common stocks of international companies by broadly tracking the MSCI Europe, Australia, and Far East (EAFE) Index with
Japan GDP weighted and the MSCI EMU stock index. The investment objective of the blended collective trusts are to provide varying degrees of long-term appreciation and capital preservation through exposure to a broadly diversified, actively managed
global portfolio of securities for investors who have reach their retirement date or with a targeted retirement dates near 2015, 2025, 2035 and 2045. As of December 31, 2011 the benchmark for the blended collective trusts are the
Morningstar Lifetime Conservative 2010, 2015, 2025, 2035 and 2045 indices. The investments provide daily redemptions by the Plan with no advance notice requirements, and have redemption prices that are determined by the funds net asset value
per unit.
Investment contracts:
The fair value of traditional guaranteed investment contracts (GICs) is calculated using
the income approach by discounting the contractual cash flows based on current yields of similar instruments with comparable durations (level 3 inputs). The fair value of each synthetic GIC wrapper is calculated using the replacement cost approach
by discounting the difference between the indicative replacement cost and the current annual fee multiplied by the notional dollar amount of the contract based on the appropriate published Bloomberg credit curve, as of December 31 (level 3
inputs).
The contract value of GICs represents contributions made under the contract and reinvested income, less any withdrawals plus accrued
interest. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value.
Short-term investments:
Short-term investments largely consist of a collective trust, the fair value of which is based on the net asset value
report by the manager of the collective trust and supported by the unit prices of actual purchase and sale transactions. Issuances and redemptions of participant units are made on each business day. Participant units are typically purchased and
redeemed at a constant net asset value of $1.00 per unit. In the event that a significant disparity develops between the constant net asset value and the fair value-based net asset value of the Fund, the Trustee may determine that continued issuance
or redemption at a constant $1.00 net asset value would create inequitable results for the Funds unitholders. In these circumstances, the Trustee, in its sole discretion and acting on behalf of the Funds unitholders, may direct that
units be issued or redeemed at the fair value-based net asset value until such time as the disparity between the fair value-based and the constant net asset value per unit is deemed to be immaterial. The short-term collective trust is designed to
provide safety of principal, daily liquidity, and a competitive yield by investing in high quality money market instruments.
-12-
Kraft Foods Global, Inc. TIP Plan
Notes to Financial Statements, Continued
Investment Transactions and Investment Income:
Investment transactions of the Plan and Master Trust are accounted for on the date the purchase or sale is executed. Dividend income is recorded on the
ex-dividend date; interest income is recorded as earned on an accrual basis.
In accordance with the policy of stating investments at fair
value, the net appreciation / (depreciation) in the fair value of investments reflects both realized gains or losses and the change in the unrealized appreciation / (depreciation) of investments held at year-end. Realized gains or losses from
security transactions are reported on the average cost method.
Contributions:
Participants contributions are recorded in the period in which they are withheld by Kraft Foods. Kraft Foods Matching Contributions are recorded in
the same period that participants contributions are recorded.
Distributions and Withdrawals:
Distributions and withdrawals are recorded when paid.
General and Administrative Expenses:
Investment management fees and brokerage commissions
are charged against the net asset value of the specific investment option and reduce investment return.
Administrative fees such as trustee
fees, participant recordkeeping, communications, investment advisory, audit and legal fees are paid by the Master Trust.
Notes Receivable
from Participants:
Notes receivable from participants are reported at their unpaid principal balance plus any accrued but unpaid
interest, with no allowance for credit losses, as repayments of principal and interest are received through payroll deductions and the notes are collateralized by the participants account balances.
-13-
Kraft Foods Global, Inc. TIP Plan
Notes to Financial Statements, Continued
3. Master Trust Investments:
The Plan had a 9% interest in the Master Trust at December 31, 2011 and 2010.
At
December 31, 2011 and 2010, the net assets of the Master Trust were (in thousands of dollars):
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2011
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2010
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Investments at fair value:
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Investment contracts
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$
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1,367,253
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$
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1,303,792
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Collective trusts
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2,025,278
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2,155,997
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Registered investment company
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382,865
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401,733
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U.S. Government securities
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207,047
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200,623
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|
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Altria common stock
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345,415
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314,018
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Kraft Foods common stock
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|
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596,621
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505,700
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|
|
|
|
|
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PMI common stock
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|
|
923,067
|
|
|
|
753,263
|
|
|
|
|
|
|
|
Short-term investments
|
|
|
142,032
|
|
|
|
69,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments
|
|
|
5,989,578
|
|
|
|
5,705,066
|
|
|
|
|
|
|
|
Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend income
|
|
|
24,561
|
|
|
|
25,055
|
|
|
|
|
|
|
|
Other
|
|
|
996
|
|
|
|
362
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
6,015,135
|
|
|
|
5,730,483
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
(26,994
|
)
|
|
|
(1,390
|
)
|
|
|
|
|
|
|
Adjustments from fair value to contract value for fully benefit-responsive investment contracts
|
|
|
(80,371
|
)
|
|
|
(56,886
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
5,907,770
|
|
|
$
|
5,672,207
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plans interest therein
|
|
$
|
542,252
|
|
|
$
|
502,079
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-14-
Kraft Foods Global, Inc. TIP Plan
Notes to Financial Statements, Continued
The Master Trusts investment income for the year ended December 31, 2011 is summarized as
follows (in thousands of dollars):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividends
|
|
$
|
113,830
|
|
|
|
|
|
|
|
|
|
Net depreciation in collective trusts
|
|
|
(100,934
|
)
|
|
|
|
|
|
|
|
|
Net depreciation in registered investment company
|
|
|
(7,479
|
)
|
|
|
|
|
|
|
|
|
Net appreciation in U.S. government securities
|
|
|
7,347
|
|
|
|
|
|
|
|
|
|
Net appreciation in Altria common stock
|
|
|
60,577
|
|
|
|
|
|
|
|
|
|
Net appreciation in Kraft Foods common stock
|
|
|
93,115
|
|
|
|
|
|
|
|
|
|
Net appreciation in PMI common stock
|
|
|
243,902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income
|
|
$
|
410,358
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plans interest therein
|
|
$
|
47,209
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-15-
Kraft Foods Global, Inc. TIP Plan
Notes to Financial Statements, Continued
Assets of the Master Trust that are measured at fair value on a recurring basis as of December 31,
2011 and 2010 are summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Assets at Fair Value as of December 31, 2011
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
|
|
|
|
(in thousands)
|
|
|
|
|
|
Investment contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traditional GIC wrapper
|
|
$
|
|
|
|
$
|
|
|
|
$
|
24,729
|
|
|
$
|
24,729
|
|
|
|
|
|
Synthetic GIC wrappers
|
|
|
|
|
|
|
|
|
|
|
3,223
|
|
|
|
3,223
|
|
|
|
|
|
Collective trust - Mortgage-backed security fund
|
|
|
|
|
|
|
472,712
|
|
|
|
|
|
|
|
472,712
|
|
|
|
|
|
U.S. Government securities
|
|
|
271,051
|
|
|
|
|
|
|
|
|
|
|
|
271,051
|
|
|
|
|
|
Asset-backed securities
|
|
|
|
|
|
|
104,669
|
|
|
|
|
|
|
|
104,669
|
|
|
|
|
|
Mortgage-backed securities
|
|
|
|
|
|
|
160,486
|
|
|
|
|
|
|
|
160,486
|
|
|
|
|
|
Corporate bonds
|
|
|
|
|
|
|
194,903
|
|
|
|
|
|
|
|
194,903
|
|
|
|
|
|
Agency bonds
|
|
|
|
|
|
|
110,592
|
|
|
|
|
|
|
|
110,592
|
|
|
|
|
|
Municipality and state bonds
|
|
|
|
|
|
|
12,267
|
|
|
|
|
|
|
|
12,267
|
|
|
|
|
|
Foreign government bonds
|
|
|
|
|
|
|
12,621
|
|
|
|
|
|
|
|
12,621
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment contracts subtotal:
|
|
|
271,051
|
|
|
|
1,068,250
|
|
|
|
27,952
|
|
|
|
1,367,253
|
|
|
|
|
|
Collective trusts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic equity fund - large cap
|
|
|
|
|
|
|
748,367
|
|
|
|
|
|
|
|
748,367
|
|
|
|
|
|
Domestic equity fund - mid/small cap
|
|
|
|
|
|
|
433,538
|
|
|
|
|
|
|
|
433,538
|
|
|
|
|
|
International equity fund - large cap
|
|
|
|
|
|
|
380,977
|
|
|
|
|
|
|
|
380,977
|
|
|
|
|
|
Blended fund
|
|
|
|
|
|
|
462,396
|
|
|
|
|
|
|
|
462,396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collective trusts subtotal:
|
|
|
|
|
|
|
2,025,278
|
|
|
|
|
|
|
|
2,025,278
|
|
|
|
|
|
Registered investment company - Blended fund
|
|
|
382,865
|
|
|
|
|
|
|
|
|
|
|
|
382,865
|
|
|
|
|
|
U.S. Government securities
|
|
|
197,203
|
|
|
|
|
|
|
|
|
|
|
|
197,203
|
|
|
|
|
|
Municipality and state bonds
|
|
|
|
|
|
|
9,844
|
|
|
|
|
|
|
|
9,844
|
|
|
|
|
|
Equities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altria common stock
|
|
|
345,415
|
|
|
|
|
|
|
|
|
|
|
|
345,415
|
|
|
|
|
|
Kraft Foods common stock
|
|
|
596,621
|
|
|
|
|
|
|
|
|
|
|
|
596,621
|
|
|
|
|
|
PMI common stock
|
|
|
923,067
|
|
|
|
|
|
|
|
|
|
|
|
923,067
|
|
|
|
|
|
Short-term investments
|
|
|
|
|
|
|
142,032
|
|
|
|
|
|
|
|
142,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment assets at fair value
|
|
$
|
2,716,222
|
|
|
$
|
3,245,404
|
|
|
$
|
27,952
|
|
|
$
|
5,989,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There were no significant transfers between Level 1 and Level 2 during 2011.
-16-
Kraft Foods Global, Inc. TIP Plan
Notes to Financial Statements, Continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Assets at Fair Value as of December 31, 2010
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
|
|
|
|
(in thousands)
|
|
|
|
|
|
Investment contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Synthetic GIC wrappers
|
|
$
|
|
|
|
$
|
|
|
|
$
|
4,654
|
|
|
$
|
4,654
|
|
|
|
|
|
Collective trust - Mortgage-backed security fund
|
|
|
|
|
|
|
444,195
|
|
|
|
|
|
|
|
444,195
|
|
|
|
|
|
U.S. Government securities
|
|
|
200,641
|
|
|
|
|
|
|
|
|
|
|
|
200,641
|
|
|
|
|
|
Asset-backed securities
|
|
|
|
|
|
|
134,920
|
|
|
|
|
|
|
|
134,920
|
|
|
|
|
|
Mortgage-backed securities
|
|
|
|
|
|
|
182,496
|
|
|
|
|
|
|
|
182,496
|
|
|
|
|
|
Corporate bonds
|
|
|
|
|
|
|
215,268
|
|
|
|
|
|
|
|
215,268
|
|
|
|
|
|
Agency bonds
|
|
|
|
|
|
|
108,752
|
|
|
|
|
|
|
|
108,752
|
|
|
|
|
|
Municipality and state bonds
|
|
|
|
|
|
|
2,453
|
|
|
|
|
|
|
|
2,453
|
|
|
|
|
|
Foreign government bonds
|
|
|
|
|
|
|
10,413
|
|
|
|
|
|
|
|
10,413
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment contracts subtotal:
|
|
|
200,641
|
|
|
|
1,098,497
|
|
|
|
4,654
|
|
|
|
1,303,792
|
|
|
|
|
|
Collective trusts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic equity fund - large cap
|
|
|
|
|
|
|
765,654
|
|
|
|
|
|
|
|
765,654
|
|
|
|
|
|
Domestic equity fund - mid/small cap
|
|
|
|
|
|
|
479,790
|
|
|
|
|
|
|
|
479,790
|
|
|
|
|
|
International equity fund - large cap
|
|
|
|
|
|
|
476,897
|
|
|
|
|
|
|
|
476,897
|
|
|
|
|
|
Blended fund
|
|
|
|
|
|
|
433,656
|
|
|
|
|
|
|
|
433,656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collective trusts subtotal:
|
|
|
|
|
|
|
2,155,997
|
|
|
|
|
|
|
|
2,155,997
|
|
|
|
|
|
Registered investment company - Blended fund
|
|
|
401,733
|
|
|
|
|
|
|
|
|
|
|
|
401,733
|
|
|
|
|
|
U.S. Government securities
|
|
|
200,623
|
|
|
|
|
|
|
|
|
|
|
|
200,623
|
|
|
|
|
|
Equities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altria common stock
|
|
|
314,018
|
|
|
|
|
|
|
|
|
|
|
|
314,018
|
|
|
|
|
|
Kraft Foods common stock
|
|
|
505,700
|
|
|
|
|
|
|
|
|
|
|
|
505,700
|
|
|
|
|
|
PMI common stock
|
|
|
753,263
|
|
|
|
|
|
|
|
|
|
|
|
753,263
|
|
|
|
|
|
Short-term investments
|
|
|
|
|
|
|
69,940
|
|
|
|
|
|
|
|
69,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment assets at fair value
|
|
$
|
2,375,978
|
|
|
$
|
3,324,434
|
|
|
$
|
4,654
|
|
|
$
|
5,705,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-17-
Kraft Foods Global, Inc. TIP Plan
Notes to Financial Statements, Continued
Below is a rollforward of the Level 3 assets, for the year ended December 31, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January
1,
2011
Balance
|
|
|
Net
Realized
Gains/(Losses)
|
|
|
Net
Unrealized
Gains/(Losses)
|
|
|
Net Purchases,
Issuances and
Settlements
|
|
|
December
31,
2011
Balance
|
|
|
|
(in thousands)
|
|
Asset Category:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traditional GIC
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(271)
|
|
|
$
|
25,000
|
|
|
$
|
24,729
|
|
Synthetic GIC Wrapper
|
|
|
4,654
|
|
|
|
|
|
|
|
(1,431)
|
|
|
|
|
|
|
|
3,223
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Level 3 investments
|
|
|
4,654
|
|
|
|
|
|
|
|
(1,702)
|
|
|
|
25,000
|
|
|
|
27,952
|
|
The net unrealized gain or loss from the investment contracts are excluded from the net investment income reported for
the Master Trust, but are instead reflected in the change in the adjustment from fair value to contract value for fully benefit responsive contracts reported on the statements of net assets available for benefits.
4. Guaranteed Investment Contracts Held by Master Trust:
The Master Trust holds investments in guaranteed investment contracts as part of the Interest Income Fund investment option. The Master Trust invests in both traditional and synthetic GICs.
The traditional GICs provide a fixed return on principal over a specified period of time through fully benefit-responsive contracts issued by a third
party which are backed by assets owned by the third party. The contract value and fair value of the traditional GICs was $25,062,000 and $24,729,000, respectively, at December 31, 2011. The Master Trust did not invest in traditional GICs at
December 31, 2010.
The synthetic GICs provide a fixed return on principal over a specified period of time through fully
benefit-responsive contracts or wrapper contracts issued by a third party. The portfolio of assets, overall of AAA credit quality, underlying the synthetic GICs includes mortgage-backed securities, U.S. government securities, asset-backed
securities, corporate bonds, agency bonds, municipality and state bonds, foreign exchange cash and foreign government bonds. The contract value of the synthetic GICs was $1,261,820,000 at December 31, 2011 and $1,246,906,000 at
December 31, 2010. The fair value of the synthetic GICs was $1,342,524,000 at December 31, 2011 and $1,303,792,000 at December 31, 2010.
The crediting interest rates for the synthetic GICs are calculated on a quarterly basis (or more frequently if necessary) using the contract value, and the value, yield and duration of the underlying
securities, but cannot be less than zero. The crediting interest rates for the traditional GICs are either agreed to in advance with the issuer or vary based on the agreed upon formulas, but cannot be less than zero. The crediting interest rate for
the Interest Income Fund was 3.35% at December 31, 2011 and 3.71% at December 31, 2010.
-18-
Kraft Foods Global, Inc. TIP Plan
Notes to Financial Statements, Continued
The relationship of future crediting rates and the adjustment to contract value reported on the
statement of net assets available for benefits is provided through the mechanism of the crediting rate formula. The difference between the contract value and the fair market value of the investments of each contract is periodically amortized into
each contracts crediting rate. The amortization factor is calculated by dividing the difference between the fair market value of the investments and the contract value by the duration of the bond portfolio covered by the investment contract.
Key factors that could influence future average interest crediting rates include, but are not limited to: Plan cash flows, changes in
interest rates, total return performance of the fair market value bond strategies underlying each synthetic GIC contract, default or credit failures of any of the securities, investment contracts, or other investments held in the fund, and the
initiation of an extended termination (immunization) of one or more synthetic GIC contract by the manager or the contract issuer.
The average
yield of the Interest Income Fund was 1.75% for 2011 and 2.47% for 2010 (calculated by taking the annualized earnings of all investment contracts in the Interest Income Fund divided by the fair value of the investment contracts in the Interest
Income Fund as of the last day of the Plan year). The average yield earned by the Interest Income Fund that reflects the actual interest credited to participants was 3.17% for 2011 and 3.55% for 2010 (calculated by annualizing the one-day interest
credited to participants as of the last day of the Plan year and dividing the annualized earnings by the fair value of the Interest Income Fund on the last day of the Plan year).
There are certain events not initiated by Plan participants that limit the ability of the Plan to transact with the issuer of a GIC at its contract value. Specific coverage provided by each traditional
GIC and synthetic GIC may be different from each issuer, and can be found in the individual traditional GIC or synthetic GIC contracts held by the Plan. Examples of these events include, but are not limited to: the Plans failure to qualify
under the Code; full or partial termination of the Plan; involuntary termination of employment as a result of a corporate merger, divestiture, spin-off, or other significant business restructuring, which may include early retirement incentive
programs or bankruptcy; changes to the Plans administration which decreases employee or employer contributions, the establishment of a competing plan by the Plan sponsor, the introduction of a competing investment option, or other Plan
amendments that have not been approved by the contract issuers; dissemination of a participant communication that is designed to induce participants to transfer assets from the stable value option; and events resulting in a material and adverse
financial impact on the contract issuer, including changes in the tax code, laws or regulations.
The Plan Fiduciaries do not believe that the
occurrence of any of these events, which would limit the Plans ability to transact with the issuer of a GIC at its contract value with participants, is probable.
Contract issuers are not allowed to terminate any of the above traditional GICs and synthetic GICs and settle at an amount different from contract value unless there is a breach of the contract which is
not corrected within the applicable cure period. Actions that will result in
-19-
Kraft Foods Global, Inc. TIP Plan
Notes to Financial Statements, Continued
a breach (after any relevant cure period) include, but are not limited to: material misrepresentation; failure to pay synthetic GIC fees or any other payment due under the contract; and failure
to adhere to investment guidelines.
5. Transactions with Parties-in-Interest:
Parties-in-interest are defined under Department of Labor regulations as any fiduciary of the Plan, any party rendering service to the Plan, the
employer, and certain others.
The Fiduciaries are not aware of any prohibited transactions between the Plan and Master Trust and a
party-in-interest (as defined by ERISA). The Master Trust had $597 million at December 31, 2011 and $506 million at December 31, 2010 in Kraft Foods Common Stock, which is exempt from the party-in-interest transaction prohibitions of
ERISA. The Master Trust recorded dividend income and net realized gains of $18,396,000 and $18,928,000 from investments in Kraft Foods Common Stock during the year ended December 31, 2011. The Master Trust invests in collective trusts issued by
State Street Bank and Trust Company, the Trustee of the Master Trust and the Plan, and managed by its affiliates; collective trusts issued by The Northern Trust Company, an investment manager, and managed by its affiliates; collective trusts issued
by UBS Global Asset Management Trust Company, an investment manager, and managed by its affiliates; and a registered investment company managed by DWS Scudder, an investment manager, and its affiliates, which are also exempt parties-in-interest
transactions. The Master Trust invests in investment contracts and the fees paid to issuers of the contracts qualify as exempt parties-in-interest transactions. Notes receivable from participants are also party-in-interest transactions that are
exempt.
Actual fees paid by the Plan for investment management, recordkeeping and consulting services, also qualify as parties-in-interest
transactions and are included in administrative expenses in the accompanying financial statements. Kraft Foods pays certain expenses for the administration of the Plan.
These transactions are exempt from the party-in interest transaction prohibitions of ERISA.
6. Plan Termination:
The Board of
Directors of Kraft Foods and the Management Committee have the right, subject to the applicable provisions of ERISA and the Code, to amend (retroactively or otherwise) the Plan, suspend Kraft Foods Matching Contributions to the Plan or terminate the
Plan. However, no such action may deprive any participant or beneficiary under the Plan of any vested right. In the event the Plan is terminated or partially terminated (within the meaning of the Code), each affected participant will become fully
vested in the balance of his or her Kraft Foods Matching Contributions account.
7. Tax Status:
By letter dated July 2, 2002, the Internal Revenue Service (IRS) determined that the Plan, as amended and in effect as of December 15, 2001, is
a qualified plan under Section 401(a) of the Code and that the ESOP portion of the Plan is a stock bonus plan as described in
-20-
Kraft Foods Global, Inc. TIP Plan
Notes to Financial Statements, Continued
Sections 401(a) and 4975(e) of the Code. The Plan has been amended since the receipt of the determination letter; however, the Fiduciaries believe that the Plan continues to be designed and
operated in accordance with the applicable provisions of the Code. Therefore, no provision for income taxes has been included in the Plans financial statements. A determination letter request with respect to the Plan as amended and restated
was filed with the IRS on January 31, 2011 and is still pending.
8. Reconciliation of Plans Financial Statements to Form 5500:
The following is a reconciliation of net assets per the financial statements to the Form 5500 as of December 31, 2011 and 2010 (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
|
2010
|
|
|
|
|
|
Net assets available for benefits per the financial statements
|
|
$
|
559,860
|
|
|
$
|
519,698
|
|
|
|
|
|
|
|
|
|
|
Adjustment from contract value to fair value for fully benefit- responsive investment contracts
|
|
|
7,377
|
|
|
|
5,035
|
|
|
|
|
|
|
|
|
|
|
Distributions and withdrawals payable
|
|
|
(608
|
)
|
|
|
(14
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets per the Form 5500
|
|
$
|
566,629
|
|
|
$
|
524,719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment contracts are shown at fair value on the Form 5500. Additionally, amounts currently payable to or for
participants are recorded as required on the Form 5500 for benefit claims that have been processed and approved for payment prior to December 31, but not yet paid as of that date.
The following is a reconciliation of the increase in net assets available for benefits per the financial statements to the net income per the Form 5500 for the year ended December 31, 2011 (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
Increase in net assets available for benefits per the financial statements
|
|
$
|
40,162
|
|
|
|
|
|
|
|
|
|
Change in adjustment from contract value to fair value for fully benefit-responsive investment contracts
|
|
|
2,342
|
|
|
|
|
|
|
|
|
|
Change in distributions and withdrawals payable
|
|
|
(594
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per the Form 5500
|
|
$
|
41,910
|
|
|
|
|
|
|
|
|
|
|
|
|
-21-
Kraft Foods Global, Inc. TIP Plan
Notes to Financial Statements, Continued
9. Subsequent Events:
Effective March 16, 2012, Kraft Foods Global, Inc. changed its name to Kraft Foods Group, Inc. and the Plan has been amended to reflect this name change.
Kraft Foods Inc. has announced its intent to spin-off its wholly-owned subsidiary, Kraft Foods Group, Inc., by the end of 2012. As of the spin-off date,
Kraft Foods Group will become an independent publicly traded company operating a North American grocery business. Kraft Foods Inc. will be a separate publicly traded company operating a global snack business and change its name to Mondelēz
International, Inc. (Mondelēz). As part of this transaction, it is expected that the assets and liabilities of the Plan attributable to all active Mondelēz employees and certain former Cadbury employees will be transferred to a
defined contribution plan that will be sponsored by Mondelēz effective as of the spin-off. It is expected that the terms and features of the Mondelēz defined contribution plan will substantially mirror the terms and features of the Plan.
-22-
Supplemental Schedule
-23-
KRAFT FOODS GLOBAL, INC. TIP PLAN
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
at December 31, 2011
Name of Plan Sponsor: Kraft Foods Global, Inc.
Employer Identification Number: 36-3083135
Three Digit Plan Number: 001
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
(b) Identity of issue, borrower, lessor, or similar party
|
|
(c) Description of investment
including maturity date, rate of
interest,
collateral, par, or
maturity value
|
|
(d) Cost
|
|
|
(e) Current value
|
|
|
|
|
|
|
*
|
|
Notes receivable from participants
|
|
Interest rates ranging from
3.22% to 10.5% as of
December 31, 2011;
Maturity
dates of loans range from
01/01/2012 to 01/31/2017
|
|
**
|
|
$
|
17,704,343
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
17,704,343
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Indicates a permitted party-in-interest.
|
**
|
Cost information is not required for participant-directed investments and therefore has not been included in this schedule.
|
-24-
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Kraft Foods Global, Inc. Administrative Committee, having
administrative responsibility of the Plan, has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
|
|
|
|
|
KRAFT FOODS GROUP, INC. TIP PLAN
(formerly Kraft Foods Global, Inc. TIP Plan)
|
|
|
(Name of Plan)
|
|
|
|
|
|
By
|
|
/s/ Jill K. Youman
|
|
|
|
|
|
|
|
Jill K. Youman
|
|
|
|
|
Vice President Human Resources, Benefits
|
|
|
|
|
Kraft Foods Group, Inc.
Date: June 25, 2012
|
-25-
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