Heinz Company's Use of Hedging Instruments

Please prepare a response post to the following post on foreign exchange risk:

My favorite condiment, ketchup, is made by Kraft Heinz so I have chosen them to research for the discussion this week. After reviewing the 10-k filed for December 31, 2022, I noted that the mention of foreign exchange risk occurred in multiple places within the document. It was found in the risk section before the financial statements, Business Risks, Financial Risks, and General Risk Factors, and the discussion included with the Consolidated Results of Operations and Consolidated Statements of Comprehensive Income. Most notably there were references in multiple disclosures, numbers 1 Use of Estimates, 2 Significant Accounting Policies, 4 Acquisitions and Divestitures, 8 Goodwill and Intangible Assets, 13 Accumulated Other Comprehensive Income, 16 Debt, and 21 Other Financial Data (Other Expenses) (Edgar). The most applicable disclosure is note 12, Financial Instruments. Heinz designates foreign exchange contracts and cross-currency contracts as hedging instruments but not their commodity contracts. It engages in many types of hedges - commodity future and options contracts; commodity swaps; foreign exchange forwards, options and swaps; and cross-currency swaps (Edgar). Note 12 indicates that these hedges “are economically offset by fair value movements on the effective portion of our cross-currency contracts and foreign exchange contracts and remeasurements of our foreign denominated debt”