Project K

As of the end of 2019, the Company completed implementation of all Project K initiatives.

Total project charges, after-tax cash costs and annual savings delivered by Project K were in line with expectations. The overall savings profile of the project reflects our go-to-market initiatives that will impact both selling, general and administrative expense and gross profit. Cost savings have been utilized to offset inflation and fund investments in areas such as in-store execution, sales capabilities, including adding sales representatives, and in the design and quality of our products. We have also invested in production capacity in developing and emerging markets, and in global category teams.