Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Apr. 27, 2014 | 29-May-14 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'CAMPBELL SOUP CO | ' |
Entity Central Index Key | '0000016732 | ' |
Current Fiscal Year End Date | '--08-03 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 27-Apr-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 313,914,401 |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $1,970 | $1,962 | $6,416 | $6,329 |
Costs and expenses | ' | ' | ' | ' |
Cost of products sold | 1,294 | 1,256 | 4,149 | 4,040 |
Marketing and selling expenses | 217 | 245 | 746 | 756 |
Administrative expenses | 134 | 164 | 424 | 482 |
Research and development expenses | 30 | 35 | 88 | 94 |
Other expenses / (income) | 2 | 4 | 16 | 24 |
Restructuring charges | 1 | 1 | 35 | 31 |
Total costs and expenses | 1,678 | 1,705 | 5,458 | 5,427 |
Earnings before interest and taxes | 292 | 257 | 958 | 902 |
Interest expense | 31 | 33 | 91 | 102 |
Interest income | 1 | 2 | 2 | 7 |
Earnings before taxes | 262 | 226 | 869 | 807 |
Taxes on earnings | 79 | 59 | 278 | 242 |
Earnings from continuing operations | 183 | 167 | 591 | 565 |
Earnings from discontinued operations | 0 | 12 | 81 | 44 |
Net earnings | 183 | 179 | 672 | 609 |
Less: Net earnings (loss) attributable to noncontrolling interests | -1 | -2 | -9 | -7 |
Net earnings attributable to Campbell Soup Company | $184 | $181 | $681 | $616 |
Per Share - Basic | ' | ' | ' | ' |
Earnings from continuing operations attributable to Campbell Soup Company | $0.59 | $0.54 | $1.91 | $1.82 |
Earnings from discontinued operations | $0 | $0.04 | $0.26 | $0.14 |
Net earnings attributable to Campbell Soup Company | $0.59 | $0.58 | $2.17 | $1.96 |
Dividends | $0.31 | $0 | $0.94 | $0.87 |
Weighted average shares outstanding - basic | 314 | 314 | 314 | 314 |
Per Share - Assuming Dilution | ' | ' | ' | ' |
Earnings from continuing operations attributable to Campbell Soup Company | $0.58 | $0.53 | $1.90 | $1.80 |
Earnings from discontinued operations | $0 | $0.04 | $0.26 | $0.14 |
Net earnings attributable to Campbell Soup Company | $0.58 | $0.57 | $2.16 | $1.94 |
Weighted average shares outstanding - assuming dilution | 316 | 317 | 316 | 317 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | ||||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Net earnings | $183 | $179 | $672 | $609 | ||||
Other comprehensive income (loss), before tax [Abstract] | ' | ' | ' | ' | ||||
Foreign currency translation adjustments, before tax | 68 | -32 | -1 | 6 | ||||
Reclassification of currency translation adjustments realized upon disposal of business, before tax | ' | ' | -22 | 0 | ||||
Cash-flow hedges, before tax [Abstract] | ' | ' | ' | ' | ||||
Unrealized gains (losses) arising during the period, before tax | -5 | -5 | -4 | -1 | ||||
Reclassification adjustment for (gains) losses included in net earnings, before tax | 1 | 0 | 1 | 1 | ||||
Pension and other postretirement benefits, before tax, [Abstract] | ' | ' | ' | ' | ||||
Net actuarial gain (loss) arising during the period, before tax | -1 | 1 | 7 | 1 | ||||
Reclassification of prior service credit included in net earnings, before tax | -1 | [1] | 0 | [1] | -2 | [1] | -2 | [1] |
Reclassification of net actuarial loss included in net earnings before tax | 40 | [1] | 31 | [1] | 87 | [1] | 93 | [1] |
Other comprehensive income (loss), before tax | 102 | -5 | 66 | 98 | ||||
Other comprehensive income (loss), tax (expense) benefit [Abstract] | ' | ' | ' | ' | ||||
Foreign currency translation adjustments, tax (expense) benefit | 0 | 5 | -1 | 1 | ||||
Reclassification of currency translation adjustments realized upon disposal of business, tax (expense) benefit | ' | ' | 3 | 0 | ||||
Cash-flow hedges, tax effect [Abstract] | ' | ' | ' | ' | ||||
Unrealized gains (losses) arising during the period, tax (expense) benefit | 2 | 2 | 2 | 0 | ||||
Reclassification adjustment for (gains) losses included in net earnings, tax (expense) benefit | 0 | 0 | 0 | 0 | ||||
Pension and other postretirement liability adjustments, tax effect [Abstract] | ' | ' | ' | ' | ||||
Net actuarial gain (loss) arising during the period, tax (expense) benefit | 0 | 0 | -2 | 0 | ||||
Reclassification of prior service credit included in net earnings, tax (expense) benefit | 0 | 0 | 0 | 0 | ||||
Reclassification of net actuarial loss included in net earnings, tax (expense) benefit | -14 | -11 | -30 | -32 | ||||
Other comprehensive income (loss), tax (expense) benefit | -12 | -4 | -28 | -31 | ||||
Other comprehensive income (loss), after-tax [Abstract] | ' | ' | ' | ' | ||||
Foreign currency translation adjustments, after-tax | 68 | -27 | -2 | 7 | ||||
Reclassification of currency translation adjustments realized upon disposal of business, after-tax | ' | ' | -19 | 0 | ||||
Cash-flow hedges, after-tax[Abstract] | ' | ' | ' | ' | ||||
Unrealized gains (losses) arising during the period, after-tax | -3 | -3 | -2 | -1 | ||||
Reclassification adjustment for (gains) losses included in net earnings, after-tax | 1 | 0 | 1 | 1 | ||||
Pension and other postretirement liability adjustments, after-tax [Abstract] | ' | ' | ' | ' | ||||
Net actuarial gain (loss) arising during the period, after-tax | -1 | 1 | 5 | 1 | ||||
Reclassification of prior service credit included in net earnings, after-tax | -1 | 0 | -2 | -2 | ||||
Reclassification of net actuarial loss included in net earnings, after-tax | 26 | 20 | 57 | 61 | ||||
Other comprehensive income (loss), after tax | 90 | -9 | 38 | 67 | ||||
Total comprehensive income (loss), after-tax | 273 | 170 | 710 | 676 | ||||
Total comprehensive income (loss) attributable to noncontrolling interests | 0 | -2 | -9 | -7 | ||||
Total comprehensive income (loss) attributable to Campbell Soup Company | $273 | $172 | $719 | $683 | ||||
[1] | Net actuarial losses of $2 were recognized in earnings from discontinued operations as a result of the sale of the European simple meals business. Excluding the net actuarial losses related to the sale of the business, these items are included in the components of net periodic benefit costs (see Note 11 for additional details). |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Apr. 27, 2014 | Jul. 28, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $222 | $333 |
Accounts receivable, net | 669 | 635 |
Inventories | 858 | 925 |
Other current assets | 198 | 135 |
Current assets of discontinued operations held for sale | 0 | 193 |
Total current assets | 1,947 | 2,221 |
Plant assets, net of depreciation | 2,263 | 2,260 |
Goodwill | 2,431 | 2,297 |
Other intangible assets, net of amortization | 1,185 | 1,021 |
Other assets | 138 | 131 |
Non-current assets of discontinued operations held for sale | 0 | 393 |
Total assets | 7,964 | 8,323 |
Current liabilities | ' | ' |
Short-term borrowings | 1,662 | 1,909 |
Payable to suppliers and others | 501 | 523 |
Accrued liabilities | 550 | 617 |
Dividend payable | 101 | 100 |
Accrued income taxes | 3 | 19 |
Current liabilties of discontinued operations held for sale | 0 | 114 |
Total current liabilities | 2,817 | 3,282 |
Long-term debt | 2,247 | 2,544 |
Deferred taxes | 581 | 489 |
Other liabilities | 728 | 776 |
Non-current liabilities of discontinued operations held for sale | 0 | 22 |
Total liabilities | 6,373 | 7,113 |
Commitments and contingencies | ' | ' |
Campbell Soup Company shareholders' equity | ' | ' |
Preferred stock; authorized 40 shares; none issued | 0 | 0 |
Capital stock, $.0375 par value; authorized 560 shares; issued 323 shares | 12 | 12 |
Additional paid-in capital | 322 | 362 |
Earnings retained in the business | 2,159 | 1,772 |
Capital stock in treasury, at cost | -364 | -364 |
Accumulated other comprehensive loss | -527 | -565 |
Total Campbell Soup Company shareholders' equity | 1,602 | 1,217 |
Noncontrolling interests | -11 | -7 |
Total equity | 1,591 | 1,210 |
Total liabilities and equity | $7,964 | $8,323 |
Preferred Stock, Shares Authorized | 40 | 40 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $0.04 | $0.04 |
Capital Stock, Shares Authorized | 560 | 560 |
Common Stock, Shares, Issued | 323 | 323 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 |
Cash flows from operating activities: | ' | ' |
Net earnings | $672 | $609 |
Adjustments to reconcile net earnings to operating cash flow | ' | ' |
Restructuring charges | 35 | 31 |
Stock-based compensation | 46 | 82 |
Depreciation and amortization | 222 | 318 |
Deferred income taxes | 20 | -10 |
Gain on sale of business | -141 | 0 |
Other, net | 90 | 114 |
Changes in working capital | ' | ' |
Accounts receivable | -55 | -40 |
Inventories | 104 | -52 |
Prepaid assets | -25 | 1 |
Accounts payable and accrued liabilities | -110 | -82 |
Pension fund contributions | -45 | -83 |
Receipts from (payments of) hedging activities | -6 | 20 |
Other | -44 | -44 |
Net cash provided by operating activities | 763 | 864 |
Cash flows from investing activities: | ' | ' |
Purchases of plant assets | -198 | -205 |
Sales of plant assets | 19 | 4 |
Businesses acquired, net of cash acquired | -329 | -1,558 |
Sale of business, net of cash divested | 520 | 0 |
Other, net | -1 | -15 |
Net cash provided by (used in) investing activities | 11 | -1,774 |
Cash flows from financing activities: | ' | ' |
Net short-term borrowings (repayments) | -303 | 613 |
Long-term borrowings | 0 | 1,250 |
Repayments of notes payable | -300 | -400 |
Dividends paid | -293 | -366 |
Treasury stock purchases | -76 | -139 |
Treasury stock issuances | 14 | 78 |
Excess tax benefits on stock-based compensation | 11 | 9 |
Contributions from noncontrolling interest | 5 | 3 |
Other, net | 0 | -17 |
Net cash provided by (used in) financing activities | -942 | 1,031 |
Effect of exchange rate changes on cash | -11 | -3 |
Net change in cash and cash equivalents | -179 | 118 |
Cash and cash equivalents continuing operations - beginning of period | 333 | 335 |
Cash balance of discontinued operations - beginning of period | 68 | 0 |
Cash balance of discontinued operations - end of period | 0 | 0 |
Cash and cash equivalents continuing operations - end of period | $222 | $453 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Capital Stock Issued [Member] | Capital Stock In Treasury [Member] | Additional Paid-In Capital [Member] | Earnings Retained In The Business [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] |
In Millions, except Per Share data | |||||||
Balance, value at Jul. 29, 2012 | $898 | $20 | ($8,259) | $329 | $9,584 | ($776) | $0 |
Treasury stock, shares at Jul. 29, 2012 | ' | ' | -230 | ' | ' | ' | ' |
Capital stock, shares at Jul. 29, 2012 | ' | 542 | ' | ' | ' | ' | ' |
Contribution from noncontrolling interest | 3 | ' | ' | ' | ' | ' | 3 |
Net earnings (loss) | 609 | ' | ' | ' | 616 | ' | -7 |
Other comprehensive income (loss) | 67 | ' | ' | ' | ' | 67 | 0 |
Dividends | -279 | ' | ' | ' | -279 | ' | ' |
Dividends per share | $0.87 | ' | ' | ' | ' | ' | ' |
Treasury stock purchased, shares | ' | ' | -4 | ' | ' | ' | ' |
Treasury stock purchased, value | -139 | ' | -139 | ' | ' | ' | ' |
Treasury stock retired, shares | ' | -219 | -219 | ' | ' | ' | ' |
Treasury stock retired, value | 0 | 8 | 7,907 | ' | 7,899 | ' | ' |
Treasury stock issued under management incentive and stock option plans, shares | ' | ' | 4 | ' | ' | ' | ' |
Treasury stock issued under management incentive and stock option plans, value | 154 | ' | 126 | 28 | ' | ' | ' |
Balance, value at Apr. 28, 2013 | 1,313 | 12 | -365 | 357 | 2,022 | -709 | -4 |
Treasury stock, shares at Apr. 28, 2013 | ' | ' | -11 | ' | ' | ' | ' |
Capital stock, shares at Apr. 28, 2013 | ' | 323 | ' | ' | ' | ' | ' |
Balance, value at Jul. 28, 2013 | 1,210 | 12 | -364 | 362 | 1,772 | -565 | -7 |
Treasury stock, shares at Jul. 28, 2013 | ' | ' | -11 | ' | ' | ' | ' |
Capital stock, shares at Jul. 28, 2013 | ' | 323 | ' | ' | ' | ' | ' |
Contribution from noncontrolling interest | 5 | ' | ' | ' | ' | ' | 5 |
Net earnings (loss) | 672 | ' | ' | ' | 681 | ' | -9 |
Other comprehensive income (loss) | 38 | ' | ' | ' | ' | 38 | 0 |
Dividends | -294 | ' | ' | ' | -294 | ' | ' |
Dividends per share | $0.94 | ' | ' | ' | ' | ' | ' |
Treasury stock purchased, shares | ' | ' | -2 | ' | ' | ' | ' |
Treasury stock purchased, value | -76 | ' | -76 | ' | ' | ' | ' |
Treasury stock issued under management incentive and stock option plans, shares | ' | ' | 2 | ' | ' | ' | ' |
Treasury stock issued under management incentive and stock option plans, value | 36 | ' | 76 | -40 | ' | ' | ' |
Balance, value at Apr. 27, 2014 | $1,591 | $12 | ($364) | $322 | $2,159 | ($527) | ($11) |
Treasury stock, shares at Apr. 27, 2014 | ' | ' | -11 | ' | ' | ' | ' |
Capital stock, shares at Apr. 27, 2014 | ' | 323 | ' | ' | ' | ' | ' |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Apr. 27, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation and Significant Accounting Policies | ' |
Basis of Presentation and Significant Accounting Policies | |
The financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations, financial position, and cash flows for the indicated periods. The accounting policies used in preparing these financial statements are consistent with those applied in the Annual Report on Form 10-K for the year ended July 28, 2013. The results for the period are not necessarily indicative of the results to be expected for other interim periods or the full year. Certain amounts in prior-year financial statements were reclassified to conform to the current-year presentation. The company's fiscal year ends on the Sunday nearest July 31. There were 52 weeks in 2013. There will be 53 weeks in 2014. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Apr. 27, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In December 2011, the Financial Accounting Standards Board (FASB) issued guidance related to disclosures about offsetting (netting) of assets and liabilities in the statement of financial position. The guidance requires entities to disclose gross information and net information about both instruments and transactions that are offset in the statement of financial position, and instruments and transactions subject to an agreement similar to a master netting arrangement. The scope includes financial instruments and derivative instruments. In January 2013, the FASB issued an amendment to the guidance to limit the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements, and securities lending transactions to the extent that they are offset in the financial statements or subject to an enforceable master netting arrangement or similar arrangement. The disclosures were required for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. The company adopted the guidance in the first quarter of 2014. The adoption resulted in additional disclosures, but did not have an impact on the company’s consolidated financial statements. See Note 12. | |
In July 2012, the FASB issued revised guidance intended to simplify how an entity tests indefinite-lived intangible assets for impairment. The amendments will allow an entity first to assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test. An entity will no longer be required to calculate the fair value of an indefinite-lived intangible asset and perform the quantitative test unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The amendments are effective for annual and interim indefinite-lived intangible asset impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The company does not expect the adoption to have a material impact on the company’s consolidated financial statements. | |
In February 2013, the FASB issued guidance for the recognition, measurement, and disclosure of certain obligations resulting from joint and several liability arrangements for which the total amount is fixed. Such obligations may include debt arrangements, legal settlements, and other contractual arrangements. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, and should be applied retrospectively to all prior periods presented for those obligations within scope that existed as of the beginning of the fiscal year of adoption. Early adoption is permitted. The company is currently evaluating the guidance but does not expect the adoption to have a material impact on the company’s consolidated financial statements. | |
In March 2013, the FASB issued guidance on the accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. The guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The company will apply the guidance to applicable transactions. | |
In July 2013, the FASB issued guidance which permits an entity to designate the Fed Funds Effective Swap Rate, also referred to as the overnight index swap rate, as a benchmark interest rate in a hedge accounting relationship. In addition, the guidance removes the restriction on using different benchmark interest rates for similar hedges. The guidance was effective in July 2013. The company will apply the guidance to applicable transactions. | |
In July 2013, the FASB issued guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance requires the netting of unrecognized tax benefits (UTBs) against a deferred tax asset for a loss or other carryforward that would apply in settlement of uncertain tax positions. Under the new standard, UTBs will be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the UTBs. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, and should be applied prospectively to all UTBs that exist at the effective date. Retrospective application is permitted. The company is currently evaluating the new guidance but does not expect the adoption to have a material impact on the company’s consolidated financial statements. | |
In April 2014, the FASB issued revised guidance redefining discontinued operations, which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. The guidance is effective for fiscal years beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted. The company will prospectively apply the guidance to applicable transactions. | |
In May 2014, the FASB issued revised guidance on the recognition of revenue from contracts with customers. The guidance is designed to create greater comparability for financial statement users across industries and jurisdictions. The guidance also requires enhanced disclosures. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is not permitted. The company is currently evaluating the new guidance. |
Acquistions
Acquistions | 9 Months Ended | |||||||||||||||
Apr. 27, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Acquisitions | ' | |||||||||||||||
Acquisitions | ||||||||||||||||
On August 8, 2013, the company completed the acquisition of Kelsen Group A/S (Kelsen). The purchase price was $331. Kelsen is a producer of quality baked snacks that are sold in 85 countries around the world. Its primary brands include Kjeldsens and Royal Dansk. Kelsen has established distribution networks in markets in Asia, the U.S., Europe, the Middle East, South America and Africa. | ||||||||||||||||
The excess of the purchase price over the estimated fair values of the identifiable tangible and intangible assets was recorded as $136 of goodwill. The goodwill is not expected to be deductible for tax purposes. The goodwill was primarily attributable to future growth opportunities and any intangible assets that did not qualify for separate recognition. The goodwill is included in the Global Baking and Snacking segment. | ||||||||||||||||
The acquisition of Kelsen contributed $17 to Net sales and resulted in a Net loss of $4 for the three-month period ended April 27, 2014. The acquisition also contributed $161 to Net sales and $7 to Net earnings from August 8, 2013 to April 27, 2014. | ||||||||||||||||
On June 13, 2013, the company completed the acquisition of Plum, PBC (formerly Plum Inc.) for $249. | ||||||||||||||||
The acquisition of Plum contributed $24 to Net sales and resulted in a Net loss of $3 for the three-month period ended April 27, 2014. The acquisition also contributed $56 to Net sales and resulted in a Net loss of $15 for the nine-month period ended April 27, 2014. The Net loss for the nine-month period ended April 27, 2014 included $11 of after-tax costs incurred from a voluntary product recall (see Note 18 for additional details). | ||||||||||||||||
The acquired assets and assumed liabilities include the following: | ||||||||||||||||
Kelsen | Plum | |||||||||||||||
Cash | $ | 2 | $ | 1 | ||||||||||||
Accounts receivable | 20 | 15 | ||||||||||||||
Inventories | 50 | 20 | ||||||||||||||
Other current assets | 2 | 1 | ||||||||||||||
Plant assets | 51 | 2 | ||||||||||||||
Goodwill | 136 | 128 | ||||||||||||||
Other intangible assets | 173 | 133 | ||||||||||||||
Short-term debt | (32 | ) | — | |||||||||||||
Accounts payable | (11 | ) | (12 | ) | ||||||||||||
Accrued liabilities | (11 | ) | (5 | ) | ||||||||||||
Long-term debt | (4 | ) | — | |||||||||||||
Deferred income taxes | (45 | ) | (34 | ) | ||||||||||||
Total of assets acquired and liabilities assumed | $ | 331 | $ | 249 | ||||||||||||
The purchase price allocation for Kelsen is preliminary and is subject to the finalization of tax balances. | ||||||||||||||||
The identifiable intangible assets of Kelsen consist of $147 in non-amortizable trademarks, $4 in amortizable trademarks to be amortized over 10 years, and $22 in customer relationships to be amortized over 10 to 15 years. The identifiable intangible assets of Plum consist of $115 in non-amortizable trademarks and $18 in customer relationships to be amortized over 15 years. | ||||||||||||||||
On August 6, 2012, the company completed the acquisition of BF Bolthouse Holdco LLC (Bolthouse Farms) from a fund managed by Madison Dearborn Partners, LLC, a private equity firm, for $1,550 in cash, subject to customary purchase price adjustments. On August 6, 2012, the preliminary purchase price adjustments resulted in an increase in the purchase price of $20. In the third quarter of 2013, the purchase price adjustments were finalized and reduced to $11. The company incurred transaction costs of $10 ($7 after tax) in the three-month period ended October 28, 2012 related to this acquisition. The costs were recorded in Other expenses/(income). | ||||||||||||||||
The following unaudited summary information is presented on a consolidated pro forma basis as if the Kelsen acquisition had occurred on July 30, 2012 and the Plum and Bolthouse acquisitions had occurred on August 1, 2011: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
27-Apr-14 | 28-Apr-13 | 27-Apr-14 | 28-Apr-13 | |||||||||||||
Net sales | $ | 1,970 | $ | 2,001 | $ | 6,420 | $ | 6,573 | ||||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ | 184 | $ | 165 | $ | 601 | $ | 569 | ||||||||
Earnings per share from continuing operations attributable to Campbell Soup Company | $ | 0.58 | $ | 0.52 | $ | 1.9 | $ | 1.79 | ||||||||
The pro forma amounts include additional interest expense on the debt issued to finance the purchases, amortization and depreciation expense based on the estimated fair value and useful lives of intangible assets, plant assets, and related tax effects. The pro forma results are not necessarily indicative of the combined results had the Kelsen acquisition been completed on July 30, 2012, and the Plum and Bolthouse acquisitions been completed on August 1, 2011, nor are they indicative of future combined results. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Apr. 27, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | |||||||||||||||
Discontinued Operations | ||||||||||||||||
On October 28, 2013, the company completed the sale of its European simple meals business to Soppa Investments S.à r.l., an affiliate of CVC Capital Partners, for approximately €400, or $548. The purchase price was subject to certain post-closing adjustments, which resulted in a $14 reduction of proceeds. The company recognized a pre-tax gain of $141 ($72 after tax or $.23 per share) in the nine-month period ended April 27, 2014. The European business included the Erasco and Heisse Tasse soups in Germany; Liebig and Royco soups in France; Devos Lemmens mayonnaise and cold sauces and Royco soups in Belgium; and Blå Band and Isomitta soups and sauces in Sweden. The company used the proceeds from the sale to pay taxes on the sale, reduce debt and for other general corporate purposes. | ||||||||||||||||
The company has reflected the results of the European simple meals business as discontinued operations in the Consolidated Statements of Earnings for all periods presented. The business was historically included in the International Simple Meals and Beverages segment. | ||||||||||||||||
Results of discontinued operations were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
April 27, 2014 | April 28, 2013 | April 27, 2014 | April 28, 2013 | |||||||||||||
Net sales | $ | — | $ | 132 | $ | 137 | $ | 434 | ||||||||
Earnings before taxes | $ | — | $ | 15 | $ | 14 | $ | 56 | ||||||||
Taxes on earnings | — | 3 | 5 | 12 | ||||||||||||
Gain on sale | — | — | 141 | — | ||||||||||||
Tax impact of gain on sale | — | — | 69 | — | ||||||||||||
Earnings from discontinued operations | $ | — | $ | 12 | $ | 81 | $ | 44 | ||||||||
The assets and liabilities of the business have been reflected in assets and liabilities held for sale in the Consolidated Balance Sheet as of July 28, 2013, and are comprised of the following: | ||||||||||||||||
July 28, | ||||||||||||||||
2013 | ||||||||||||||||
Cash | $ | 68 | ||||||||||||||
Accounts receivable | 54 | |||||||||||||||
Inventories | 68 | |||||||||||||||
Prepaid expenses | 3 | |||||||||||||||
Current assets | $ | 193 | ||||||||||||||
Plant assets | $ | 98 | ||||||||||||||
Goodwill | 110 | |||||||||||||||
Intangible assets | 150 | |||||||||||||||
Other assets | 35 | |||||||||||||||
Non-current assets | $ | 393 | ||||||||||||||
Accounts payable | $ | 60 | ||||||||||||||
Accrued liabilities | 54 | |||||||||||||||
Current liabilities | $ | 114 | ||||||||||||||
Non-current pension obligation | $ | 11 | ||||||||||||||
Other liabilities | 11 | |||||||||||||||
Non-current liabilities | $ | 22 | ||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||||||||
Apr. 27, 2014 | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
The components of Accumulated other comprehensive income (loss) consisted of the following: | |||||||||||||||||||
Foreign Currency Translation Adjustment (1) | Gains (Losses) on Cash Flow Hedges (2) | Pension and Postretirement Benefit Plan Adjustments (3) | Total Accumulated Comprehensive Income (Loss) | ||||||||||||||||
Balance at July 28, 2013 | $ | 170 | $ | 5 | $ | (740 | ) | $ | (565 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | (2 | ) | (2 | ) | 5 | 1 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (19 | ) | 1 | 55 | 37 | ||||||||||||||
Net current-period other comprehensive income (loss) | (21 | ) | (1 | ) | 60 | 38 | |||||||||||||
Balance at April 27, 2014 | $ | 149 | $ | 4 | $ | (680 | ) | $ | (527 | ) | |||||||||
_____________________________________ | |||||||||||||||||||
(1) | Included a tax expense of $7 as of April 27, 2014, and $9 as of July 28, 2013. The amount reclassified from other comprehensive income was related to the divestiture of the European simple meals business and was included in earnings from discontinued operations. | ||||||||||||||||||
(2) | Included a tax expense of $1 as of April 27, 2014, and $3 as of July 28, 2013. | ||||||||||||||||||
(3) | Included a tax benefit of $392 as of April 27, 2014, and $424 as of July 28, 2013. The amount reclassified from other comprehensive income included a pre-tax settlement charge of $18, or $11 after tax. | ||||||||||||||||||
The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following: | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | April 27, 2014 | April 28, 2013 | April 27, 2014 | April 28, 2013 | Location of (Gain) Loss Recognized in Earnings | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
(Gains) losses on cash flow hedges: | |||||||||||||||||||
Foreign exchange forward contracts | $ | (1 | ) | $ | (1 | ) | $ | (2 | ) | $ | (2 | ) | Cost of products sold | ||||||
Foreign exchange forward contracts | 1 | — | — | — | Other expenses / (income) | ||||||||||||||
Forward starting interest rate swaps | 1 | 1 | 3 | 3 | Interest expense | ||||||||||||||
Total before tax | 1 | — | 1 | 1 | |||||||||||||||
Tax expense (benefit) | — | — | — | — | |||||||||||||||
(Gain) loss, net of tax | $ | 1 | $ | — | $ | 1 | $ | 1 | |||||||||||
Amortization of pension and postretirement benefit adjustments: | |||||||||||||||||||
Prior service credits | $ | (1 | ) | $ | — | $ | (2 | ) | $ | (2 | ) | (1) | |||||||
Net actuarial losses | 40 | 31 | 87 | 93 | (1) | ||||||||||||||
Total before tax | 39 | 31 | 85 | 91 | |||||||||||||||
Tax expense (benefit) | (14 | ) | (11 | ) | (30 | ) | (32 | ) | |||||||||||
(Gain) loss, net of tax | $ | 25 | $ | 20 | $ | 55 | $ | 59 | |||||||||||
_____________________________________ | |||||||||||||||||||
(1) | Net actuarial losses of $2 were recognized in earnings from discontinued operations as a result of the sale of the European simple meals business. Excluding the net actuarial losses related to the sale of the business, these items are included in the components of net periodic benefit costs (see Note 11 for additional details). | ||||||||||||||||||
In the nine-month period ended April 27, 2014, a pre-tax loss of $22 ($19 after tax) on foreign currency translation adjustments was also reclassified from Accumulated other comprehensive income. The loss was related to the divestiture of the European simple meals business and was included in earnings from discontinued operations. |
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 9 Months Ended | |||||||||||||||||||||||
Apr. 27, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||||||||||
The following table shows the changes in the carrying amount of goodwill by business segment: | ||||||||||||||||||||||||
U.S. | Global | International | U.S. | Bolthouse and Foodservice | Total | |||||||||||||||||||
Simple | Baking | Simple Meals | Beverages | |||||||||||||||||||||
Meals | and | and | ||||||||||||||||||||||
Snacking | Beverages | |||||||||||||||||||||||
Balance at July 28, 2013 | $ | 450 | $ | 775 | $ | 122 | $ | 112 | $ | 838 | $ | 2,297 | ||||||||||||
Acquisition | — | 136 | — | — | — | 136 | ||||||||||||||||||
Foreign currency translation adjustment | — | 6 | (8 | ) | — | — | (2 | ) | ||||||||||||||||
Balance at April 27, 2014 | $ | 450 | $ | 917 | $ | 114 | $ | 112 | $ | 838 | $ | 2,431 | ||||||||||||
In 2014, the company acquired Kelsen for $331 and goodwill related to the acquisition was $136. See Note 3. | ||||||||||||||||||||||||
The following table sets forth balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization: | ||||||||||||||||||||||||
Intangible Assets | April 27, | July 28, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Non-amortizable intangible assets | ||||||||||||||||||||||||
Trademarks | $ | 961 | $ | 810 | ||||||||||||||||||||
Amortizable intangible assets | ||||||||||||||||||||||||
Customer relationships | $ | 179 | $ | 156 | ||||||||||||||||||||
Technology | 40 | 40 | ||||||||||||||||||||||
Other | 36 | 32 | ||||||||||||||||||||||
Total gross amortizable intangible assets | $ | 255 | $ | 228 | ||||||||||||||||||||
Accumulated amortization | (31 | ) | (17 | ) | ||||||||||||||||||||
Total net intangible assets | $ | 1,185 | $ | 1,021 | ||||||||||||||||||||
Non-amortizable intangible assets consist of trademarks, which include Bolthouse Farms, Pace, Plum Organics, Kjeldsens and Royal Dansk. Other amortizable intangible assets consist substantially of recipes, patents, trademarks and distributor relationships. | ||||||||||||||||||||||||
Amortization of intangible assets in Earnings from continuing operations was $13 and $11 for the nine-month periods ended April 27, 2014 and April 28, 2013, respectively. The estimated aggregated amortization expense is estimated to be $18 in each of the fiscal periods 2014 through 2017 and $14 in 2018. Asset useful lives range from 5 to 20 years. |
Business_And_Geographic_Segmen
Business And Geographic Segment Information | 9 Months Ended | ||||||||||||||||
Apr. 27, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Business and Geographic Segment Information | ' | ||||||||||||||||
Business and Geographic Segment Information | |||||||||||||||||
The company manages operations through 10 operating segments based on product type and geographic location and has aggregated the operating segments into the appropriate reportable segment based on similar economic characteristics; products; production processes; types or classes of customers; distribution methods; and regulatory environment. The reportable segments are discussed in greater detail below. | |||||||||||||||||
The U.S. Simple Meals segment includes the following products: Campbell’s condensed and ready-to-serve soups; Swanson broth and stocks; Prego pasta sauces; Pace Mexican sauces; Campbell’s gravies, pasta, beans and dinner sauces; Swanson canned poultry; and as of June 13, 2013, Plum Organics food and snacks. | |||||||||||||||||
The Global Baking and Snacking segment aggregates the following operating segments: Pepperidge Farm cookies, crackers, bakery and frozen products in U.S. retail; Arnott’s biscuits in Australia and Asia Pacific; and as of August 8, 2013, Kelsen cookies globally. | |||||||||||||||||
The International Simple Meals and Beverages segment aggregates the following operating segments: the retail business in Canada and the simple meals and beverages business in Asia Pacific, Latin America, and China. See also Note 4 for information on the sale of the simple meals business in Europe. This business was historically included in this segment. The results of operations of this business have been reflected as discontinued operations for the periods presented. Prior periods were reclassified to conform to the current presentation. | |||||||||||||||||
The U.S. Beverages segment represents the U.S. retail beverages business, including the following products: V8 juices and beverages; and Campbell’s tomato juice. | |||||||||||||||||
Bolthouse and Foodservice comprises the Bolthouse Farms carrot products operating segment, including fresh carrots, juice concentrate and fiber; the Bolthouse Farms super-premium refrigerated beverages and refrigerated salad dressings operating segment; and the North America Foodservice operating segment. The North America Foodservice operating segment represents the distribution of products such as soup, specialty entrées, beverage products, other prepared foods and Pepperidge Farm products through various food service channels in the U.S. and Canada. None of these operating segments meets the criteria for aggregation nor the thresholds for separate disclosure. | |||||||||||||||||
The company evaluates segment performance before interest, taxes and costs associated with restructuring activities. Unrealized gains and losses on commodity hedging activities are excluded from segment operating earnings and are recorded in Corporate expenses as these open positions represent hedges of future purchases. Upon closing of the contracts, the realized gain or loss is transferred to segment operating earnings, which allows the segments to reflect the economic effects of the hedge without exposure to quarterly volatility of unrealized gains and losses. Certain manufacturing, warehousing and distribution activities of the segments are integrated in order to maximize efficiency and productivity. As a result, asset information by segment is not discretely maintained for internal reporting or used in evaluating performance. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
April 27, | April 28, | April 27, | April 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales | |||||||||||||||||
U.S. Simple Meals | $ | 672 | $ | 627 | $ | 2,426 | $ | 2,356 | |||||||||
Global Baking and Snacking | 564 | 568 | 1,812 | 1,703 | |||||||||||||
International Simple Meals and Beverages | 186 | 225 | 592 | 682 | |||||||||||||
U.S. Beverages | 190 | 198 | 539 | 569 | |||||||||||||
Bolthouse and Foodservice | 358 | 344 | 1,047 | 1,019 | |||||||||||||
Total | $ | 1,970 | $ | 1,962 | $ | 6,416 | $ | 6,329 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
April 27, | April 28, | April 27, | April 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Earnings before interest and taxes | |||||||||||||||||
U.S. Simple Meals | $ | 175 | $ | 156 | $ | 600 | $ | 621 | |||||||||
Global Baking and Snacking | 68 | 73 | 234 | 232 | |||||||||||||
International Simple Meals and Beverages | 27 | 28 | 85 | 94 | |||||||||||||
U.S. Beverages | 29 | 33 | 84 | 100 | |||||||||||||
Bolthouse and Foodservice | 23 | 27 | 88 | 91 | |||||||||||||
Corporate(1) | (29 | ) | (59 | ) | (98 | ) | (205 | ) | |||||||||
Restructuring charges(2) | (1 | ) | (1 | ) | (35 | ) | (31 | ) | |||||||||
Total | $ | 292 | $ | 257 | $ | 958 | $ | 902 | |||||||||
_______________________________________ | |||||||||||||||||
(1) | Represents unallocated corporate expenses. A pension settlement charge of $18 associated with a U.S. pension plan was included in the three- and nine-month periods ended April 27, 2014. The settlement resulted from the level of lump sum distributions from the plan's assets in 2014, primarily due to the closure of the facility in Sacramento, California. Restructuring-related costs of $2 were included in the nine-month period ended April 27, 2014. In addition, a loss of $9 on foreign exchange forward contracts related to the sale of the European simple meals business was included in the nine-month period ended April 27, 2014. Restructuring-related costs of $20 and $81 were included in unallocated corporate expenses for the three- and nine-month periods ended April 28, 2013, respectively. Also, acquisition related costs of $10 were included in the nine-month period ended April 28, 2013. | ||||||||||||||||
(2) | See Note 8 for additional information. | ||||||||||||||||
The company’s global net sales based on product categories are as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
April 27, | April 28, | April 27, | April 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales | |||||||||||||||||
Simple Meals | $ | 1,063 | $ | 1,040 | $ | 3,626 | $ | 3,611 | |||||||||
Baked Snacks | 597 | 601 | 1,912 | 1,805 | |||||||||||||
Beverages | 310 | 321 | 878 | 913 | |||||||||||||
Total | $ | 1,970 | $ | 1,962 | $ | 6,416 | $ | 6,329 | |||||||||
Simple Meals include condensed and ready-to-serve soups, broths, sauces, carrot products, refrigerated salad dressings and Plum foods and snacks for babies, toddlers and children. Baked Snacks include cookies, crackers, biscuits, and other baked products. |
Restructuring_Charges
Restructuring Charges | 9 Months Ended | |||||||||||||||||||||||||||
Apr. 27, 2014 | ||||||||||||||||||||||||||||
Restructuring Charges [Abstract] | ' | |||||||||||||||||||||||||||
Restructuring Charges | ' | |||||||||||||||||||||||||||
Restructuring Charges | ||||||||||||||||||||||||||||
2014 Initiatives | ||||||||||||||||||||||||||||
In the second quarter of 2014, the company and its joint venture partner Swire Pacific Limited agreed to restructure manufacturing and streamline operations for its soup and broth business in China. As a result, certain assets were impaired, and approximately 110 positions will be eliminated. The company recorded a restructuring charge of $14 ($6 after tax or $.02 per share in earnings from continuing operations attributable to Campbell Soup Company) related to this initiative. The company does not expect additional charges. | ||||||||||||||||||||||||||||
A summary of the restructuring activity and related reserve associated with this initiative at April 27, 2014 is as follows: | ||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||
April 27, 2014 | ||||||||||||||||||||||||||||
Accrued | Charges | Cash | Accrued | |||||||||||||||||||||||||
Balance at | Payments | Balance at | ||||||||||||||||||||||||||
28-Jul-13 | 27-Apr-14 | |||||||||||||||||||||||||||
Severance pay and benefits | $ | — | $ | 2 | $ | — | $ | 2 | ||||||||||||||||||||
Other exit costs (1) | 1 | |||||||||||||||||||||||||||
Asset impairment | 11 | |||||||||||||||||||||||||||
Total charges | $ | 14 | ||||||||||||||||||||||||||
_______________________________________ | ||||||||||||||||||||||||||||
-1 | Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. | |||||||||||||||||||||||||||
These charges are associated with the International Simple Meals and Beverages segment. Segment operating results do not include restructuring charges as segment performance is evaluated excluding such charges. | ||||||||||||||||||||||||||||
In the first quarter of 2014, the company implemented initiatives to streamline its salaried workforce in North America and its workforce in the Asia Pacific region. Approximately 250 positions were eliminated. The actions were substantially completed in October 2013. The company recorded a restructuring charge of $20 ($13 after tax or $.04 per share) associated with this initiative for severance and benefit costs. The company does not expect additional charges. The company expects the total pre-tax costs of this initiative to represent cash expenditures, the majority of which will be spent in 2014. | ||||||||||||||||||||||||||||
A summary of the restructuring reserve associated with this workforce-related initiative at April 27, 2014 is as follows: | ||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||
April 27, 2014 | ||||||||||||||||||||||||||||
Accrued | Charges | Cash | Foreign | Accrued | ||||||||||||||||||||||||
Balance at | Payments | Currency | Balance at | |||||||||||||||||||||||||
28-Jul-13 | Translation Adjustment | 27-Apr-14 | ||||||||||||||||||||||||||
Severance pay and benefits | $ | — | $ | 20 | $ | (9 | ) | $ | — | $ | 11 | |||||||||||||||||
The total pre-tax costs of $20 associated with each segment are as follows: U.S. Simple Meals - $5; Global Baking and Snacking - $9; International Simple Meals and Beverages - $3; U.S. Beverages - $1; Bolthouse and Foodservice - $1; and Corporate - $1. Segment operating results do not include restructuring charges as segment performance is evaluated excluding such charges. | ||||||||||||||||||||||||||||
2013 Initiatives | ||||||||||||||||||||||||||||
In 2013, the company implemented the following initiatives to improve supply chain efficiency, expand access to manufacturing and distribution capabilities, and reduce costs: | ||||||||||||||||||||||||||||
• | The company implemented initiatives to improve its U.S. supply chain cost structure and increase asset utilization across its U.S. thermal plant network, including closing its thermal plant in Sacramento, California, which produced soups, sauces and beverages. The closure resulted in the elimination of approximately 700 full-time positions and was completed in phases. Most of the positions were eliminated in 2013 and operations ceased in August 2013. The company shifted the majority of Sacramento's soup, sauce and beverage production to its thermal plants in Maxton, North Carolina; Napoleon, Ohio; and Paris, Texas. The company also closed its spice plant in South Plainfield, New Jersey, which resulted in the elimination of 27 positions. The company consolidated spice production at its Milwaukee, Wisconsin, plant in 2013. | |||||||||||||||||||||||||||
• | In Mexico, the company entered into commercial arrangements with third-party providers to expand access to manufacturing and distribution capabilities. The third-party providers will produce and distribute the company's beverages, soups, broths and sauces throughout the Mexican market. As a result of these agreements, the company closed its plant in Villagrán, Mexico, and eliminated approximately 260 positions in the first quarter of 2014. | |||||||||||||||||||||||||||
• | The company implemented an initiative to improve its Pepperidge Farm bakery supply chain cost structure by closing its plant in Aiken, South Carolina. The plant was closed in May 2014. The company shifted the majority of Aiken's bread production to its bakery plant in Lakeland, Florida. Approximately 110 positions were eliminated as a result of the plant closure. | |||||||||||||||||||||||||||
• | The company streamlined its salaried workforce in U.S. Simple Meals, North America Foodservice and U.S. Beverages by approximately 70 positions. This action was substantially completed in August 2013. | |||||||||||||||||||||||||||
In the nine-month period ended April 27, 2014, the company recorded a restructuring charge of $1 related to the 2013 initiatives. In addition, approximately $2 of costs related to the 2013 initiatives were recorded in Cost of products sold, representing other exit costs. The aggregate after-tax impact of restructuring charges and related costs recorded in the nine-month period ended April 27, 2014 was $2, or $.01 per share. In 2013, the company recorded a restructuring charge of $51. In addition, approximately $91 of costs related to these initiatives were recorded in 2013 in Cost of products sold, representing accelerated depreciation and other exit costs. The aggregate after-tax impact of restructuring charges and related costs recorded in 2013 was $90, or $.28 per share. Of the amounts recorded in 2013, $31 of restructuring charges were recorded in the nine-month period ended April 28, 2013, and approximately $81 of costs related to these initiatives were recorded in Cost of products sold, representing accelerated depreciation and other exit costs. The aggregate after-tax impact of restructuring charges and related costs recorded in the nine-month period ended April 28, 2013 was $71, or $.22 per share. A summary of the pre-tax costs and remaining costs associated with the initiatives is as follows: | ||||||||||||||||||||||||||||
Total | Recognized | Remaining | ||||||||||||||||||||||||||
Program | as of | Costs to be | ||||||||||||||||||||||||||
27-Apr-14 | Recognized | |||||||||||||||||||||||||||
Severance pay and benefits | $ | 35 | $ | (35 | ) | $ | — | |||||||||||||||||||||
Accelerated depreciation/asset impairment | 99 | (99 | ) | — | ||||||||||||||||||||||||
Other exit costs | 14 | (11 | ) | 3 | ||||||||||||||||||||||||
Total | $ | 148 | $ | (145 | ) | $ | 3 | |||||||||||||||||||||
Of the aggregate $148 of pre-tax costs, the company expects approximately $46 will be cash expenditures. In addition, the company expects to invest approximately $31 in capital expenditures, primarily to relocate and refurbish a beverage filling and packaging line, and relocate bread production, of which approximately $26 has been invested as of April 27, 2014. The outstanding aspects of the 2013 initiatives are expected to be completed in 2014. | ||||||||||||||||||||||||||||
A summary of the restructuring activity and related reserves associated with the 2013 initiatives at April 27, 2014 is as follows: | ||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||
April 27, 2014 | ||||||||||||||||||||||||||||
Accrued | Charges | Cash | Accrued | |||||||||||||||||||||||||
Balance at | Payments | Balance at | ||||||||||||||||||||||||||
28-Jul-13 | 27-Apr-14 | |||||||||||||||||||||||||||
Severance pay and benefits | $ | 17 | $ | — | $ | (12 | ) | $ | 5 | |||||||||||||||||||
Other exit costs (1) | 3 | |||||||||||||||||||||||||||
Total charges | $ | 3 | ||||||||||||||||||||||||||
_______________________________________ | ||||||||||||||||||||||||||||
(1) | Includes non-cash costs and other exit costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. | |||||||||||||||||||||||||||
A summary of restructuring charges and related costs incurred to date associated with segments is as follows: | ||||||||||||||||||||||||||||
U.S. | Global Baking and Snacking | International Simple Meals and Beverages | U.S. | Bolthouse and Foodservice | Total | |||||||||||||||||||||||
Simple | Beverages | |||||||||||||||||||||||||||
Meals | ||||||||||||||||||||||||||||
Severance pay and benefits | $ | 19 | $ | 2 | 5 | $ | 7 | 2 | $ | 35 | ||||||||||||||||||
Accelerated depreciation/asset impairment | 64 | 10 | 3 | 22 | — | 99 | ||||||||||||||||||||||
Other exit costs | 7 | 1 | 1 | 2 | — | 11 | ||||||||||||||||||||||
$ | 90 | $ | 13 | $ | 9 | $ | 31 | $ | 2 | $ | 145 | |||||||||||||||||
The company expects to recognize additional pre-tax costs of approximately $3 in the Global Baking and Snacking segment. Segment operating results do not include restructuring charges as segment performance is evaluated excluding such charges. | ||||||||||||||||||||||||||||
2011 Initiatives | ||||||||||||||||||||||||||||
In the fourth quarter of 2011, the company announced a series of initiatives to improve supply chain efficiency and reduce overhead costs across the organization to help fund plans to drive the growth of the business. The company also announced its exit from the Russian market. Details of the 2011 initiatives include: | ||||||||||||||||||||||||||||
• | In Australia, the company is investing in a new system to automate packing operations at its biscuit plant in Virginia. This investment continued through the third quarter of 2014 and resulted in the elimination of approximately 190 positions in 2014. The company expects to continue investing in the new system through 2015. Further, the company improved asset utilization in the U.S. by shifting production of ready-to-serve soups from Paris, Texas, to other facilities in 2012. In addition, the manufacturing facility in Marshall, Michigan, was closed in 2011, and manufacturing of Campbell’s Soup at Hand microwavable products was consolidated at the Maxton, North Carolina, plant in 2012. | |||||||||||||||||||||||||||
• | The company streamlined its salaried workforce by approximately 510 positions around the world, including approximately 130 positions at its world headquarters in Camden, New Jersey. These actions were substantially completed in 2011. As part of this action, the company outsourced a larger portion of its U.S. retail merchandising activities to its retail sales agent, Acosta Sales and Marketing, and eliminated approximately 190 positions. | |||||||||||||||||||||||||||
• | In connection with exiting the Russian market, the company eliminated approximately 50 positions. The exit process commenced in 2011 and was substantially completed in 2012. | |||||||||||||||||||||||||||
In 2012, the company recorded a restructuring charge of $10 ($6 after tax or $.02 per share) related to the 2011 initiatives. Of the amount recorded in 2012, $3 related to discontinued operations. In the fourth quarter of 2011, the company recorded a restructuring charge of $63 ($41 after tax or $.12 per share). Of the amount recorded in 2011, $3 related to discontinued operations. A summary of the pre-tax charges recognized is as follows: | ||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||
Program | ||||||||||||||||||||||||||||
Severance pay and benefits | $ | 41 | ||||||||||||||||||||||||||
Asset impairment/accelerated depreciation | 23 | |||||||||||||||||||||||||||
Other exit costs | 9 | |||||||||||||||||||||||||||
Total | $ | 73 | ||||||||||||||||||||||||||
As of January 26, 2014, the 2011 initiatives were substantially completed. Of the aggregate $73 of pre-tax costs, approximately $50 represented cash expenditures, the majority of which was spent in 2012. In addition, the company expects to invest approximately $45 in capital expenditures in connection with the actions, of which approximately $37 has been invested as of April 27, 2014. | ||||||||||||||||||||||||||||
A summary of the restructuring activity and related reserves associated with the 2011 initiatives at April 27, 2014 is as follows: | ||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||
27-Apr-14 | ||||||||||||||||||||||||||||
Accrued | Charges | Cash Payments | Foreign Currency | Accrued | ||||||||||||||||||||||||
Balance at July 28, 2013 | Translation Adjustment | Balance at | ||||||||||||||||||||||||||
27-Apr-14 | ||||||||||||||||||||||||||||
Severance pay and benefits | $ | 3 | $ | — | $ | (2 | ) | $ | — | $ | 1 | |||||||||||||||||
Other exit costs | 1 | — | — | — | 1 | |||||||||||||||||||||||
$ | 4 | $ | — | $ | (2 | ) | $ | — | $ | 2 | ||||||||||||||||||
A summary of restructuring charges associated with each segment is as follows: | ||||||||||||||||||||||||||||
U.S. | Global | International | U.S. | Bolthouse and Foodservice | Corporate | Total | ||||||||||||||||||||||
Simple | Baking | Simple Meals | Beverages | |||||||||||||||||||||||||
Meals | and | and | ||||||||||||||||||||||||||
Snacking | Beverages | |||||||||||||||||||||||||||
Severance pay and benefits | $ | 10 | $ | 14 | $ | 11 | $ | 3 | $ | 1 | $ | 2 | $ | 41 | ||||||||||||||
Asset impairment/accelerated depreciation | 20 | — | 3 | — | — | — | 23 | |||||||||||||||||||||
Other exit costs | 2 | — | 3 | — | — | 4 | 9 | |||||||||||||||||||||
$ | 32 | $ | 14 | $ | 17 | $ | 3 | $ | 1 | $ | 6 | $ | 73 | |||||||||||||||
Segment operating results do not include restructuring charges as segment performance is evaluated excluding such charges. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended |
Apr. 27, 2014 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share | ' |
Earnings per Share | |
For the periods presented in the Consolidated Statements of Earnings, the calculations of basic EPS and EPS assuming dilution vary in that the weighted average shares outstanding assuming dilution include the incremental effect of stock options and other share-based payment awards, except when such effect would be antidilutive. There were no antidilutive stock options for the three- and nine-month periods ended April 27, 2014 and April 28, 2013. |
Noncontrolling_Interests
Noncontrolling Interests | 9 Months Ended |
Apr. 27, 2014 | |
Income Amounts Attributable to Noncontrolling Interest, Disclosures [Abstract] | ' |
Noncontrolling Interest | ' |
Noncontrolling Interests | |
The company owns a 60% controlling interest in a joint venture formed with Swire Pacific Limited to support the development of the company’s soup and broth business in China. The joint venture began operations on January 31, 2011. In August 2013, the company and joint venture partner contributed additional cash of $7 and $5, respectively. The noncontrolling interest’s share in the net loss was included in Net earnings (loss) attributable to noncontrolling interests in the Consolidated Statements of Earnings. In the three-month period ended January 26, 2014, the company and its joint venture partner agreed to restructure manufacturing and streamline operations for its soup and broth business in China. The after-tax restructuring charge attributable to the noncontrolling interest was $5. See also Note 8. | |
The company owns a 70% controlling interest in a Malaysian food products manufacturing company. The noncontrolling interest’s share in the net earnings was included in Net earnings (loss) attributable to noncontrolling interests in the Consolidated Statements of Earnings and was not material in the nine-month periods ended April 27, 2014 or April 28, 2013. | |
The noncontrolling interests in these entities were included in Total equity in the Consolidated Balance Sheets and Consolidated Statements of Equity. |
Pension_And_Postretirement_Ben
Pension And Postretirement Benefits | 9 Months Ended | |||||||||||||||||||||||||||||||
Apr. 27, 2014 | ||||||||||||||||||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | |||||||||||||||||||||||||||||||
Pension And Postretirement Benefits | ' | |||||||||||||||||||||||||||||||
Pension and Postretirement Benefits | ||||||||||||||||||||||||||||||||
The company sponsors certain defined benefit pension plans and postretirement benefit plans for employees. Components of benefit expense were as follows: | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
Pension | Postretirement | Pension | Postretirement | |||||||||||||||||||||||||||||
April 27, | April 28, | April 27, | April 28, | April 27, | April 28, | April 27, | April 28, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Service cost | $ | 11 | $ | 15 | $ | 1 | $ | 1 | $ | 32 | $ | 43 | $ | 2 | $ | 3 | ||||||||||||||||
Interest cost | 29 | 27 | 4 | 3 | 87 | 81 | 13 | 11 | ||||||||||||||||||||||||
Expected return on plan assets | (44 | ) | (44 | ) | — | — | (133 | ) | (133 | ) | — | — | ||||||||||||||||||||
Amortization of prior service credit | (1 | ) | — | — | — | (1 | ) | (1 | ) | (1 | ) | (1 | ) | |||||||||||||||||||
Recognized net actuarial loss | 20 | 27 | 2 | 4 | 58 | 81 | 9 | 11 | ||||||||||||||||||||||||
Curtailment loss | — | — | — | — | — | 3 | — | — | ||||||||||||||||||||||||
Settlement charge | 18 | — | — | — | 18 | — | — | — | ||||||||||||||||||||||||
Net periodic benefit expense | $ | 33 | $ | 25 | $ | 7 | $ | 8 | $ | 61 | $ | 74 | $ | 23 | $ | 24 | ||||||||||||||||
The settlement charge of $18 in 2014 was associated with a U.S. pension plan. The settlement resulted from the level of lump sum distributions from the plan's assets in 2014, primarily due to the closure of the facility in Sacramento, California. | ||||||||||||||||||||||||||||||||
The curtailment loss of $3 in 2013 related to the closure of the plant in Mexico and was included in the Restructuring charges. See also Note 8. | ||||||||||||||||||||||||||||||||
A contribution of $35 was made to U.S. pension plans and contributions of $10 were made to non-U.S. pension plans during the nine-month period ended April 27, 2014. Additional contributions to U.S. pension plans are not expected this year. Contributions to non-U.S. pension plans are expected to be approximately $1 during the remainder of the year. |
Financial_Instruments
Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||
Apr. 27, 2014 | |||||||||||||||||||||||||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ' | ||||||||||||||||||||||||
Financial Instruments | ' | ||||||||||||||||||||||||
Financial Instruments | |||||||||||||||||||||||||
The principal market risks to which the company is exposed are changes in foreign currency exchange rates, interest rates, and commodity prices. In addition, the company is exposed to equity price changes related to certain deferred compensation obligations. In order to manage these exposures, the company follows established risk management policies and procedures, including the use of derivative contracts such as swaps, options, forwards and commodity futures. These derivative contracts are entered into for periods consistent with the related underlying exposures and do not constitute positions independent of those exposures. The company does not enter into derivative contracts for speculative purposes and does not use leveraged instruments. The company’s derivative programs include both instruments that qualify and that do not qualify for hedge accounting treatment. | |||||||||||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||||||||||
The company is exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. To mitigate counterparty credit risk, the company only enters into contracts with carefully selected, leading, credit-worthy financial institutions, and distributes contracts among several financial institutions to reduce the concentration of credit risk. The company does not have credit-risk-related contingent features in its derivative instruments as of April 27, 2014. During 2013, the company's largest customer accounted for approximately 19% of consolidated net sales. The company closely monitors credit risk associated with counterparties and customers. | |||||||||||||||||||||||||
Foreign Currency Exchange Risk | |||||||||||||||||||||||||
The company is exposed to foreign currency exchange risk related to its international operations, including non-functional currency intercompany debt and net investments in subsidiaries. The company is also exposed to foreign exchange risk as a result of transactions in currencies other than the functional currency of certain subsidiaries. Principal currencies hedged include the Australian dollar, Canadian dollar, euro, Hong Kong dollar, Swedish krona, New Zealand dollar, British pound and Japanese yen. The company utilizes foreign exchange forward purchase and sale contracts, as well as cross-currency swaps, to hedge these exposures. The contracts are either designated as cash-flow hedging instruments or are undesignated. The company hedges portions of its forecasted foreign currency transaction exposure with foreign exchange forward contracts for periods typically up to 18 months. To hedge currency exposures related to intercompany debt, foreign exchange forward purchase and sale contracts, as well as cross-currency swap contracts, are entered into for periods consistent with the underlying debt. As of April 27, 2014, cross-currency swap contracts mature between 15 and 39 months. The notional amount of foreign exchange forward and cross-currency swap contracts accounted for as cash-flow hedges was $70 at April 27, 2014 and $129 at July 28, 2013. The effective portion of the changes in fair value on these instruments is recorded in other comprehensive income (loss) and is reclassified into the Consolidated Statements of Earnings on the same line item and the same period in which the underlying hedged transaction affects earnings. The notional amount of foreign exchange forward and cross-currency swap contracts that are not designated as accounting hedges was $584 and $895 at April 27, 2014 and July 28, 2013, respectively. | |||||||||||||||||||||||||
Interest Rate Risk | |||||||||||||||||||||||||
The company manages its exposure to changes in interest rates by optimizing the use of variable-rate and fixed-rate debt and by utilizing interest rate swaps in order to maintain its variable-to-total debt ratio within targeted guidelines. Receive fixed rate/pay variable rate interest rate swaps are accounted for as fair-value hedges. The notional amount of outstanding fair-value interest rate swaps totaled $200 at July 28, 2013. These swaps matured in October 2013. The company manages its exposure to interest rate volatility on future debt issuances by entering into forward starting interest rate swaps to lock in the rate on the interest payments related to the forecasted debt issuances. Pay fixed rate/receive variable rate forward starting interest rate swaps are accounted for as cash-flow hedges. The notional amount of outstanding forward starting interest rate swaps totaled $250 at April 27, 2014 and at July 28, 2013. | |||||||||||||||||||||||||
Commodity Price Risk | |||||||||||||||||||||||||
The company principally uses a combination of purchase orders and various short- and long-term supply arrangements in connection with the purchase of raw materials, including certain commodities and agricultural products. The company also enters into commodity futures, options and swap contracts to reduce the volatility of price fluctuations of diesel fuel, soybean oil, wheat, aluminum, natural gas, cocoa and corn, which impact the cost of raw materials. Commodity futures, options, and swap contracts are either accounted for as cash-flow hedges or are not designated as accounting hedges. The company hedges a portion of commodity requirements for periods typically up to 18 months. There were no commodity contracts accounted for as cash-flow hedges as of April 27, 2014 or July 28, 2013. The notional amount of commodity contracts not designated as accounting hedges was $107 at April 27, 2014 and $105 at July 28, 2013. | |||||||||||||||||||||||||
Equity Price Risk | |||||||||||||||||||||||||
The company enters into swap contracts which hedge a portion of exposures relating to certain deferred compensation obligations linked to the total return of the company’s capital stock, the total return of the Vanguard Institutional Index, and the total return of the Vanguard Total International Stock Index. Under these contracts, the company pays variable interest rates and receives from the counterparty either the total return on company capital stock; the total return of the Standard & Poor's 500 Index, which is expected to approximate the total return of the Vanguard Institutional Index; or the total return of the iShares MSCI EAFE Index, which is expected to approximate the total return of the Vanguard Total International Stock Index. These contracts were not designated as hedges for accounting purposes and are entered into for periods typically not exceeding 12 months. The notional amounts of the contracts as of April 27, 2014 and July 28, 2013 were $54 and $50, respectively. | |||||||||||||||||||||||||
The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of April 27, 2014 and July 28, 2013: | |||||||||||||||||||||||||
Balance Sheet Classification | April 27, | July 28, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Asset Derivatives | |||||||||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 1 | $ | 2 | ||||||||||||||||||||
Forward starting interest rate swaps | Other current assets | 17 | — | ||||||||||||||||||||||
Interest rate swaps | Other current assets | — | 1 | ||||||||||||||||||||||
Forward starting interest rate swaps | Other assets | — | 23 | ||||||||||||||||||||||
Total derivatives designated as hedges | $ | 18 | $ | 26 | |||||||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||||||
Commodity derivative contracts | Other current assets | $ | 7 | $ | 2 | ||||||||||||||||||||
Deferred compensation derivative contracts | Other current assets | — | 2 | ||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | 2 | 2 | ||||||||||||||||||||||
Total derivatives not designated as hedges | $ | 9 | $ | 6 | |||||||||||||||||||||
Total asset derivatives | $ | 27 | $ | 32 | |||||||||||||||||||||
Balance Sheet Classification | April 27, | July 28, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Liability Derivatives | |||||||||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||||
Cross-currency swap contracts | Accrued liabilities | $ | — | $ | 22 | ||||||||||||||||||||
Foreign exchange forward contracts | Accrued liabilities | 1 | 2 | ||||||||||||||||||||||
Total derivatives designated as hedges | $ | 1 | $ | 24 | |||||||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||||||
Commodity derivative contracts | Accrued liabilities | $ | — | $ | 6 | ||||||||||||||||||||
Cross-currency swap contracts | Accrued liabilities | — | 1 | ||||||||||||||||||||||
Foreign exchange forward contracts | Accrued liabilities | 1 | 4 | ||||||||||||||||||||||
Cross-currency swap contracts | Other liabilities | 3 | 1 | ||||||||||||||||||||||
Total derivatives not designated as hedges | $ | 4 | $ | 12 | |||||||||||||||||||||
Total liability derivatives | $ | 5 | $ | 36 | |||||||||||||||||||||
The company has elected not to 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 Sheets as of April 27, 2014 and July 28, 2013 would be adjusted as detailed in the following table: | |||||||||||||||||||||||||
April 27, 2014 | July 28, 2013 | ||||||||||||||||||||||||
Derivative Instrument | Gross Amounts Presented in the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements | Net Amount | Gross Amounts Presented in the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements | Net Amount | |||||||||||||||||||
Total asset derivatives | $ | 27 | $ | (1 | ) | $ | 26 | $ | 32 | $ | (8 | ) | $ | 24 | |||||||||||
Total liability derivatives | $ | 5 | $ | (1 | ) | $ | 4 | $ | 36 | $ | (8 | ) | $ | 28 | |||||||||||
The company has elected not to offset fair value amounts recognized for exchange-traded commodity derivative instruments and cash margin accounts executed with the same counterparty that are subject to enforceable netting agreements. The company is required to maintain cash margin accounts in connection with funding the settlement of open positions. At April 27, 2014, the cash margin account requirement was not material. At July 28, 2013, a cash margin account balance of $7 was included in Other current assets in the Consolidated Balance Sheet. | |||||||||||||||||||||||||
The following tables show the effect of the company’s derivative instruments designated as cash-flow hedges for the three- and nine-month periods ended April 27, 2014 and April 28, 2013, in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings: | |||||||||||||||||||||||||
Derivatives Designated as Cash-Flow Hedges | |||||||||||||||||||||||||
Total | |||||||||||||||||||||||||
Cash-Flow | |||||||||||||||||||||||||
Hedge | |||||||||||||||||||||||||
OCI Activity | |||||||||||||||||||||||||
Three Months Ended April 27, 2014, and April 28, 2013 | 2014 | 2013 | |||||||||||||||||||||||
OCI derivative gain (loss) at beginning of quarter | $ | 9 | $ | (11 | ) | ||||||||||||||||||||
Effective portion of changes in fair value recognized in OCI: | |||||||||||||||||||||||||
Foreign exchange forward contracts | (1 | ) | — | ||||||||||||||||||||||
Forward starting interest rate swaps | (4 | ) | (6 | ) | |||||||||||||||||||||
Cross-currency swap contracts | — | 1 | |||||||||||||||||||||||
Amount of (gain) loss reclassified from OCI to earnings: | Location in Earnings | ||||||||||||||||||||||||
Foreign exchange forward contracts | Cost of products sold | (1 | ) | (1 | ) | ||||||||||||||||||||
Foreign exchange forward contracts | Other expenses / (income) | 1 | — | ||||||||||||||||||||||
Forward starting interest rate swaps | Interest expense | 1 | 1 | ||||||||||||||||||||||
OCI derivative gain (loss) at end of quarter | $ | 5 | $ | (16 | ) | ||||||||||||||||||||
Total | |||||||||||||||||||||||||
Cash-Flow | |||||||||||||||||||||||||
Hedge | |||||||||||||||||||||||||
OCI Activity | |||||||||||||||||||||||||
Nine Months Ended April 27, 2014, and April 28, 2013 | 2014 | 2013 | |||||||||||||||||||||||
OCI derivative gain (loss) at beginning of year | $ | 8 | $ | (16 | ) | ||||||||||||||||||||
Effective portion of changes in fair value recognized in OCI: | |||||||||||||||||||||||||
Foreign exchange forward contracts | 2 | (1 | ) | ||||||||||||||||||||||
Forward starting interest rate swaps | (6 | ) | (1 | ) | |||||||||||||||||||||
Cross-currency swap contracts | — | 1 | |||||||||||||||||||||||
Amount of (gain) loss reclassified from OCI to earnings: | Location in Earnings | ||||||||||||||||||||||||
Foreign exchange forward contracts | Cost of products sold | (2 | ) | (2 | ) | ||||||||||||||||||||
Forward starting interest rate swaps | Interest expense | 3 | 3 | ||||||||||||||||||||||
OCI derivative gain (loss) at end of quarter | $ | 5 | $ | (16 | ) | ||||||||||||||||||||
Based on current valuations, the amount expected to be reclassified from OCI into earnings within the next 12 months is not material. The ineffective portion and amount excluded from effectiveness testing were not material. | |||||||||||||||||||||||||
The following table shows the effect of the company’s derivative instruments designated as fair-value hedges in the Consolidated Statements of Earnings: | |||||||||||||||||||||||||
Amount of | Amount of | ||||||||||||||||||||||||
Gain (Loss) | Gain (Loss) | ||||||||||||||||||||||||
Recognized in Earnings | Recognized in Earnings | ||||||||||||||||||||||||
on Derivatives | on Hedged Item | ||||||||||||||||||||||||
Derivatives Designated | Location of Gain (Loss) | April 27, | April 28, | April 27, | April 28, | ||||||||||||||||||||
as Fair-Value Hedges | Recognized in Earnings | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | — | $ | (2 | ) | $ | — | $ | 2 | |||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | (1 | ) | $ | (9 | ) | $ | 1 | $ | 9 | ||||||||||||||
The following table shows the effects of the company’s derivative instruments not designated as hedges in the Consolidated Statements of Earnings: | |||||||||||||||||||||||||
Amount of | |||||||||||||||||||||||||
Gain (Loss) | |||||||||||||||||||||||||
Recognized in Earnings | |||||||||||||||||||||||||
on Derivatives | |||||||||||||||||||||||||
Derivatives not Designated as Hedges | Location of Gain (Loss) | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
Recognized in Earnings | April 27, 2014 | April 28, 2013 | April 27, 2014 | April 28, 2013 | |||||||||||||||||||||
Foreign exchange forward contracts | Cost of products sold | $ | (1 | ) | $ | — | $ | 4 | $ | (1 | ) | ||||||||||||||
Foreign exchange forward contracts | Other expenses/income | — | 1 | (12 | ) | 1 | |||||||||||||||||||
Cross-currency swap contracts | Other expenses/income | (11 | ) | 15 | 10 | (3 | ) | ||||||||||||||||||
Commodity derivative contracts | Cost of products sold | 11 | 5 | 11 | 4 | ||||||||||||||||||||
Deferred compensation derivative contracts | Administrative expenses | 3 | 9 | 2 | 15 | ||||||||||||||||||||
Total | $ | 2 | $ | 30 | $ | 15 | $ | 16 | |||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||||||||||||||||||
Apr. 27, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||
Financial assets and liabilities are categorized based on the following fair value hierarchy: | ||||||||||||||||||||||||||||||||
• | Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. | |||||||||||||||||||||||||||||||
• | Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data. | |||||||||||||||||||||||||||||||
• | Level 3: Unobservable inputs, which are valued based on the company's estimates of assumptions that market participants would use in pricing the asset or liability. | |||||||||||||||||||||||||||||||
Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. When available, the company uses unadjusted quoted market prices to measure the fair value and classifies such items as Level 1. If quoted market prices are not available, the company bases fair value upon internally developed models that use current market-based or independently sourced market parameters such as interest rates and currency rates. Included in the fair value of derivative instruments is an adjustment for credit and nonperformance risk. | ||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||||||||||
The following table presents the company’s financial assets and liabilities that are measured at fair value on a recurring basis as of April 27, 2014, and July 28, 2013, consistent with the fair value hierarchy: | ||||||||||||||||||||||||||||||||
Fair Value | Fair Value Measurements at | Fair Value | Fair Value Measurements at | |||||||||||||||||||||||||||||
as of | April 27, 2014 Using | as of | July 28, 2013 Using | |||||||||||||||||||||||||||||
April 27, | Fair Value Hierarchy | July 28, | Fair Value Hierarchy | |||||||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Interest rate swaps(1) | $ | — | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | 1 | $ | — | ||||||||||||||||
Forward starting interest rate swaps(1) | 17 | — | 17 | — | 23 | — | 23 | — | ||||||||||||||||||||||||
Foreign exchange forward contracts(2) | 3 | — | 3 | — | 4 | — | 4 | — | ||||||||||||||||||||||||
Commodity derivative contracts(4) | 7 | 7 | — | — | 2 | 2 | — | — | ||||||||||||||||||||||||
Deferred compensation derivative contracts(5) | — | — | — | — | 2 | — | 2 | — | ||||||||||||||||||||||||
Total assets at fair value | $ | 27 | $ | 7 | $ | 20 | $ | — | $ | 32 | $ | 2 | $ | 30 | $ | — | ||||||||||||||||
Fair Value | Fair Value Measurements at | Fair Value | Fair Value Measurements at | |||||||||||||||||||||||||||||
as of | April 27, 2014 Using | as of | July 28, 2013 Using | |||||||||||||||||||||||||||||
April 27, | Fair Value Hierarchy | July 28, | Fair Value Hierarchy | |||||||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Foreign exchange forward contracts(2) | $ | 2 | $ | — | $ | 2 | $ | — | $ | 6 | $ | — | $ | 6 | $ | — | ||||||||||||||||
Cross-currency swap contracts(3) | 3 | — | 3 | — | 24 | — | 24 | — | ||||||||||||||||||||||||
Commodity derivative contracts(4) | — | — | — | — | 6 | 5 | 1 | — | ||||||||||||||||||||||||
Deferred compensation obligation(6) | 122 | 122 | — | — | 123 | 123 | — | — | ||||||||||||||||||||||||
Total liabilities at fair value | $ | 127 | $ | 122 | $ | 5 | $ | — | $ | 159 | $ | 128 | $ | 31 | $ | — | ||||||||||||||||
___________________________________ | ||||||||||||||||||||||||||||||||
(1) | Based on LIBOR swap rates. | |||||||||||||||||||||||||||||||
(2) | Based on observable market transactions of spot currency rates and forward rates. | |||||||||||||||||||||||||||||||
(3) | Based on observable local benchmarks for currency and interest rates. | |||||||||||||||||||||||||||||||
(4) | Based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. | |||||||||||||||||||||||||||||||
(5) | Based on LIBOR and equity index swap rates. | |||||||||||||||||||||||||||||||
(6) | Based on the fair value of the participants’ investments. | |||||||||||||||||||||||||||||||
Items Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||||||||||||||||||
In addition to assets and liabilities that are measured at fair value on a recurring basis, the company is also required to measure certain items at fair value on a nonrecurring basis. | ||||||||||||||||||||||||||||||||
In the three-month period ended January 26, 2014, the company recognized an impairment charge of $11 on plant assets associated with the initiative to restructure manufacturing and streamline operations for its soup and broth business in China. See also Note 8. The carrying value was reduced to estimated fair value based on expected proceeds. The carrying value was not material. | ||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||||||||||
The carrying values of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings, excluding the current portion of long-term debt, approximate fair value. Cash equivalents of $40 at April 27, 2014 and $4 at July 28, 2013 represent fair value as these highly liquid investments have an original maturity of three months or less. Fair value of cash equivalents is based on Level 2 inputs. The fair value of long-term debt, including the current portion of long-term debt in Short-term borrowings, was $3,025 at April 27, 2014 and $3,299 at July 28, 2013. The carrying value was $2,947 at April 27, 2014 and $3,244 at July 28, 2013. The fair value of long-term debt is principally estimated using Level 2 inputs based on quoted market prices or pricing models using current market rates. |
Share_Repurchases
Share Repurchases | 9 Months Ended |
Apr. 27, 2014 | |
Equity [Abstract] | ' |
Share Repurchases | ' |
Share Repurchases | |
In June 2011, the Board authorized the purchase of up to $1,000 of company stock. This program has no expiration date. The company suspended purchases under this program in July 2012. Approximately $750 remained available under this program as of April 27, 2014. The company also repurchases shares to offset the impact of dilution from shares issued under the company’s stock compensation plans. During the nine-month period ended April 27, 2014, the company repurchased approximately 2 million shares at a cost of $76. During the nine-month period ended April 28, 2013, the company repurchased 4 million shares at a cost of $139. |
Stockbased_Compensation
Stock-based Compensation | 9 Months Ended | ||||||||||||
Apr. 27, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-based Compensation | |||||||||||||
The company provides compensation benefits by issuing unrestricted stock, restricted stock and restricted stock units (including time-lapse restricted stock units, EPS performance restricted stock units, total shareholder return (TSR) performance restricted stock units and strategic performance restricted stock units). In 2014, the company issued time-lapse restricted stock units, EPS performance restricted stock units, TSR performance restricted stock units and strategic performance restricted stock units. In previous years, the company also issued stock options and stock appreciation rights. | |||||||||||||
Total pre-tax stock-based compensation expense recognized in Earnings from continuing operations was $9 and $30 for the three-month periods ended April 27, 2014, and April 28, 2013, respectively. The pre-tax stock-based compensation expense recognized in Earnings from discontinued operations was $1 for the three-month period ended April 28, 2013. Tax-related benefits of $3 and $12 were also recognized for the three-month periods ended April 27, 2014, and April 28, 2013, respectively. Total pre-tax stock-based compensation expense recognized in Earnings from continuing operations was $45 and $79 for the nine-month periods ended April 27, 2014, and April 28, 2013, respectively. The pre-tax stock-based compensation expense recognized in Earnings from discontinued operations was $1 and $3 for the nine-month periods ended April 27, 2014, and April 28, 2013, respectively. Tax-related benefits of $17 and $31 were also recognized for the nine-month periods ended April 27, 2014, and April 28, 2013, respectively. Cash received from the exercise of stock options was $14 and $78 for the nine-month periods ended April 27, 2014, and April 28, 2013, respectively, and is reflected in cash flows from financing activities in the Consolidated Statements of Cash Flows. | |||||||||||||
The following table summarizes stock option activity as of April 27, 2014: | |||||||||||||
Options | Weighted- | Weighted- | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Life | |||||||||||||
(Options in | (In years) | ||||||||||||
thousands) | |||||||||||||
Outstanding at July 28, 2013 | 1,101 | $ | 27.25 | ||||||||||
Granted | — | $ | — | ||||||||||
Exercised | (513 | ) | $ | 26.61 | |||||||||
Terminated | — | $ | — | ||||||||||
Outstanding at April 27, 2014 | 588 | $ | 27.82 | 0.8 | $ | 10 | |||||||
Exercisable at April 27, 2014 | 588 | $ | 27.82 | 0.8 | $ | 10 | |||||||
The total intrinsic value of options exercised during the nine-month periods ended April 27, 2014, and April 28, 2013, was $8 and $32, respectively. As of January 2009, compensation related to stock options was fully expensed. The company measured the fair value of stock options using the Black-Scholes option pricing model. | |||||||||||||
The following table summarizes time-lapse restricted stock units, EPS performance restricted stock units and strategic performance restricted stock units as of April 27, 2014: | |||||||||||||
Units | Weighted- | ||||||||||||
Average | |||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
(Restricted stock | |||||||||||||
units in thousands) | |||||||||||||
Nonvested at July 28, 2013 | 4,208 | $ | 34.05 | ||||||||||
Granted | 1,679 | $ | 39.83 | ||||||||||
Vested | (2,565 | ) | $ | 33.23 | |||||||||
Forfeited | (282 | ) | $ | 37.57 | |||||||||
Nonvested at April 27, 2014 | 3,040 | $ | 37.61 | ||||||||||
The fair value of time-lapse restricted stock units, EPS performance restricted stock units, and strategic performance restricted stock units is determined based on the quoted price of the company’s stock at the date of grant. Time-lapse restricted stock units are expensed on a straight-line basis over the vesting period, except for awards issued to retirement-eligible participants, which are expensed on an accelerated basis. EPS performance restricted stock units are expensed on a graded-vesting basis, except for awards issued to retirement-eligible participants, which are expensed on an accelerated basis. There were approximately 251 thousand EPS performance target grants outstanding at April 27, 2014 with a weighted-average grant-date fair value of $37.49. Strategic performance restricted stock units are expensed on a straight-line basis over the service period. Awards of the strategic performance restricted stock units will be earned based upon the achievement of two key metrics, net sales and EPS growth, compared to strategic plan objectives during a two-year period for grants in 2013 and during a three-year period for grants in 2014. There were approximately 927 thousand strategic performance target grants outstanding at April 27, 2014 with a weighted-average grant-date fair value of $37.86. The actual number of EPS performance restricted stock units and strategic performance restricted stock units issued at the vesting date could range from 0% to 100% and 0% to 200%, respectively, of the initial grant, depending on actual performance achieved. Expense is estimated based on the number of awards expected to vest. | |||||||||||||
As of April 27, 2014, total remaining unearned compensation related to nonvested time-lapse restricted stock units, EPS performance restricted stock units and strategic performance restricted stock units was $44, which will be amortized over the weighted-average remaining service period of 1.8 years. The fair value of restricted stock units vested during the nine-month periods ended April 27, 2014, and April 28, 2013, was $105 and $39, respectively. The weighted-average grant-date fair value of the restricted stock units granted during nine-month period ended April 28, 2013 was $35.13. | |||||||||||||
The following table summarizes TSR performance restricted stock units as of April 27, 2014: | |||||||||||||
Units | Weighted- | ||||||||||||
Average | |||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
(Restricted stock | |||||||||||||
units in thousands) | |||||||||||||
Nonvested at July 28, 2013 | 1,458 | $ | 41.88 | ||||||||||
Granted | 458 | $ | 36.26 | ||||||||||
Vested | — | $ | — | ||||||||||
Forfeited | (1,006 | ) | $ | 42.75 | |||||||||
Nonvested at April 27, 2014 | 910 | $ | 38.14 | ||||||||||
The company estimated the fair value of TSR performance restricted stock units at the grant date using a Monte Carlo simulation. Assumptions used in the Monte Carlo simulation were as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Risk-free interest rate | 0.60% | 0.30% | |||||||||||
Expected dividend yield | 2.98% | 3.26% | |||||||||||
Expected volatility | 15.76% | 15.07% | |||||||||||
Expected term | 3 years | 3 years | |||||||||||
Compensation expense is recognized on a straight-line basis over the service period. As of April 27, 2014, total remaining unearned compensation related to TSR performance restricted stock units was $19, which will be amortized over the weighted-average remaining service period of 2.0 years. In the first quarter of 2014, recipients of TSR performance restricted stock units earned 0% of the initial grants based upon the company’s TSR ranking in a performance peer group during a three-year period ended July 26, 2013. The grant-date fair value of the TSR performance restricted stock units granted during 2013 was $39.76. | |||||||||||||
The excess tax benefits on the exercise of stock options and vested restricted stock presented as cash flows from financing activities for the nine-month periods ended April 27, 2014 and April 28, 2013 were $11 and $9, respectively. |
Inventories
Inventories | 9 Months Ended | |||||||
Apr. 27, 2014 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
April 27, 2014 | July 28, 2013 | |||||||
Raw materials, containers and supplies | $ | 359 | $ | 364 | ||||
Finished products | 499 | 561 | ||||||
Total inventories | $ | 858 | $ | 925 | ||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | |||||||
Apr. 27, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Cash Flow Information | ' | |||||||
Supplemental Cash Flow Information | ||||||||
Other cash used in operating activities for the nine-month periods was comprised of the following: | ||||||||
April 27, 2014 | April 28, 2013 | |||||||
Benefit related payments | $ | (42 | ) | $ | (42 | ) | ||
Other | (2 | ) | (2 | ) | ||||
$ | (44 | ) | $ | (44 | ) |
Product_Recall
Product Recall | 9 Months Ended |
Apr. 27, 2014 | |
Product Recall [Abstract] | ' |
Product Recall [Text Block] | ' |
Voluntary Product Recall | |
On November 8, 2013, the company voluntarily recalled a range of Plum products packaged in resealable pouches after discovering a manufacturing defect that may cause spoilage in some pouches. In the three-month period ended October 27, 2013, the company recognized costs of $16 ($11 after tax or $.03 per share) associated with the recall, including estimates for customer returns and consumer rebates, costs associated with returned product and the disposal and write-off of inventory. |
Acquistions_Tables
Acquistions (Tables) | 9 Months Ended | |||||||||||||||
Apr. 27, 2014 | ||||||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||||||
Schedule of Purchase Price Allocation [Table Text Block] | ' | |||||||||||||||
The acquired assets and assumed liabilities include the following: | ||||||||||||||||
Kelsen | Plum | |||||||||||||||
Cash | $ | 2 | $ | 1 | ||||||||||||
Accounts receivable | 20 | 15 | ||||||||||||||
Inventories | 50 | 20 | ||||||||||||||
Other current assets | 2 | 1 | ||||||||||||||
Plant assets | 51 | 2 | ||||||||||||||
Goodwill | 136 | 128 | ||||||||||||||
Other intangible assets | 173 | 133 | ||||||||||||||
Short-term debt | (32 | ) | — | |||||||||||||
Accounts payable | (11 | ) | (12 | ) | ||||||||||||
Accrued liabilities | (11 | ) | (5 | ) | ||||||||||||
Long-term debt | (4 | ) | — | |||||||||||||
Deferred income taxes | (45 | ) | (34 | ) | ||||||||||||
Total of assets acquired and liabilities assumed | $ | 331 | $ | 249 | ||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | |||||||||||||||
The following unaudited summary information is presented on a consolidated pro forma basis as if the Kelsen acquisition had occurred on July 30, 2012 and the Plum and Bolthouse acquisitions had occurred on August 1, 2011: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
27-Apr-14 | 28-Apr-13 | 27-Apr-14 | 28-Apr-13 | |||||||||||||
Net sales | $ | 1,970 | $ | 2,001 | $ | 6,420 | $ | 6,573 | ||||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ | 184 | $ | 165 | $ | 601 | $ | 569 | ||||||||
Earnings per share from continuing operations attributable to Campbell Soup Company | $ | 0.58 | $ | 0.52 | $ | 1.9 | $ | 1.79 | ||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Apr. 27, 2014 | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |||||||||||||||
Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||||||||||
Results of discontinued operations were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
April 27, 2014 | April 28, 2013 | April 27, 2014 | April 28, 2013 | |||||||||||||
Net sales | $ | — | $ | 132 | $ | 137 | $ | 434 | ||||||||
Earnings before taxes | $ | — | $ | 15 | $ | 14 | $ | 56 | ||||||||
Taxes on earnings | — | 3 | 5 | 12 | ||||||||||||
Gain on sale | — | — | 141 | — | ||||||||||||
Tax impact of gain on sale | — | — | 69 | — | ||||||||||||
Earnings from discontinued operations | $ | — | $ | 12 | $ | 81 | $ | 44 | ||||||||
The assets and liabilities of the business have been reflected in assets and liabilities held for sale in the Consolidated Balance Sheet as of July 28, 2013, and are comprised of the following: | ||||||||||||||||
July 28, | ||||||||||||||||
2013 | ||||||||||||||||
Cash | $ | 68 | ||||||||||||||
Accounts receivable | 54 | |||||||||||||||
Inventories | 68 | |||||||||||||||
Prepaid expenses | 3 | |||||||||||||||
Current assets | $ | 193 | ||||||||||||||
Plant assets | $ | 98 | ||||||||||||||
Goodwill | 110 | |||||||||||||||
Intangible assets | 150 | |||||||||||||||
Other assets | 35 | |||||||||||||||
Non-current assets | $ | 393 | ||||||||||||||
Accounts payable | $ | 60 | ||||||||||||||
Accrued liabilities | 54 | |||||||||||||||
Current liabilities | $ | 114 | ||||||||||||||
Non-current pension obligation | $ | 11 | ||||||||||||||
Other liabilities | 11 | |||||||||||||||
Non-current liabilities | $ | 22 | ||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||||
Apr. 27, 2014 | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||||
Components Of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||
The components of Accumulated other comprehensive income (loss) consisted of the following: | |||||||||||||||||||
Foreign Currency Translation Adjustment (1) | Gains (Losses) on Cash Flow Hedges (2) | Pension and Postretirement Benefit Plan Adjustments (3) | Total Accumulated Comprehensive Income (Loss) | ||||||||||||||||
Balance at July 28, 2013 | $ | 170 | $ | 5 | $ | (740 | ) | $ | (565 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | (2 | ) | (2 | ) | 5 | 1 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (19 | ) | 1 | 55 | 37 | ||||||||||||||
Net current-period other comprehensive income (loss) | (21 | ) | (1 | ) | 60 | 38 | |||||||||||||
Balance at April 27, 2014 | $ | 149 | $ | 4 | $ | (680 | ) | $ | (527 | ) | |||||||||
_____________________________________ | |||||||||||||||||||
(1) | Included a tax expense of $7 as of April 27, 2014, and $9 as of July 28, 2013. The amount reclassified from other comprehensive income was related to the divestiture of the European simple meals business and was included in earnings from discontinued operations. | ||||||||||||||||||
(2) | Included a tax expense of $1 as of April 27, 2014, and $3 as of July 28, 2013. | ||||||||||||||||||
(3) | Included a tax benefit of $392 as of April 27, 2014, and $424 as of July 28, 2013. The amount reclassified from other comprehensive income included a pre-tax settlement charge of $18, or $11 after tax. | ||||||||||||||||||
Schedule Of Amounts Reclassified From Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||||||
The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following: | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | April 27, 2014 | April 28, 2013 | April 27, 2014 | April 28, 2013 | Location of (Gain) Loss Recognized in Earnings | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
(Gains) losses on cash flow hedges: | |||||||||||||||||||
Foreign exchange forward contracts | $ | (1 | ) | $ | (1 | ) | $ | (2 | ) | $ | (2 | ) | Cost of products sold | ||||||
Foreign exchange forward contracts | 1 | — | — | — | Other expenses / (income) | ||||||||||||||
Forward starting interest rate swaps | 1 | 1 | 3 | 3 | Interest expense | ||||||||||||||
Total before tax | 1 | — | 1 | 1 | |||||||||||||||
Tax expense (benefit) | — | — | — | — | |||||||||||||||
(Gain) loss, net of tax | $ | 1 | $ | — | $ | 1 | $ | 1 | |||||||||||
Amortization of pension and postretirement benefit adjustments: | |||||||||||||||||||
Prior service credits | $ | (1 | ) | $ | — | $ | (2 | ) | $ | (2 | ) | (1) | |||||||
Net actuarial losses | 40 | 31 | 87 | 93 | (1) | ||||||||||||||
Total before tax | 39 | 31 | 85 | 91 | |||||||||||||||
Tax expense (benefit) | (14 | ) | (11 | ) | (30 | ) | (32 | ) | |||||||||||
(Gain) loss, net of tax | $ | 25 | $ | 20 | $ | 55 | $ | 59 | |||||||||||
_____________________________________ | |||||||||||||||||||
(1) | Net actuarial losses of $2 were recognized in earnings from discontinued operations as a result of the sale of the European simple meals business. Excluding the net actuarial losses related to the sale of the business, these items are included in the components of net periodic benefit costs (see Note 11 for additional details). |
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||
Apr. 27, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||||||||||||||
The following table shows the changes in the carrying amount of goodwill by business segment: | ||||||||||||||||||||||||
U.S. | Global | International | U.S. | Bolthouse and Foodservice | Total | |||||||||||||||||||
Simple | Baking | Simple Meals | Beverages | |||||||||||||||||||||
Meals | and | and | ||||||||||||||||||||||
Snacking | Beverages | |||||||||||||||||||||||
Balance at July 28, 2013 | $ | 450 | $ | 775 | $ | 122 | $ | 112 | $ | 838 | $ | 2,297 | ||||||||||||
Acquisition | — | 136 | — | — | — | 136 | ||||||||||||||||||
Foreign currency translation adjustment | — | 6 | (8 | ) | — | — | (2 | ) | ||||||||||||||||
Balance at April 27, 2014 | $ | 450 | $ | 917 | $ | 114 | $ | 112 | $ | 838 | $ | 2,431 | ||||||||||||
Intangible Assets Disclosure [Text Block] | ' | |||||||||||||||||||||||
The following table sets forth balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization: | ||||||||||||||||||||||||
Intangible Assets | April 27, | July 28, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Non-amortizable intangible assets | ||||||||||||||||||||||||
Trademarks | $ | 961 | $ | 810 | ||||||||||||||||||||
Amortizable intangible assets | ||||||||||||||||||||||||
Customer relationships | $ | 179 | $ | 156 | ||||||||||||||||||||
Technology | 40 | 40 | ||||||||||||||||||||||
Other | 36 | 32 | ||||||||||||||||||||||
Total gross amortizable intangible assets | $ | 255 | $ | 228 | ||||||||||||||||||||
Accumulated amortization | (31 | ) | (17 | ) | ||||||||||||||||||||
Total net intangible assets | $ | 1,185 | $ | 1,021 | ||||||||||||||||||||
Business_And_Geographic_Segmen1
Business And Geographic Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Apr. 27, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule Of Segment Reporting | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
April 27, | April 28, | April 27, | April 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales | |||||||||||||||||
U.S. Simple Meals | $ | 672 | $ | 627 | $ | 2,426 | $ | 2,356 | |||||||||
Global Baking and Snacking | 564 | 568 | 1,812 | 1,703 | |||||||||||||
International Simple Meals and Beverages | 186 | 225 | 592 | 682 | |||||||||||||
U.S. Beverages | 190 | 198 | 539 | 569 | |||||||||||||
Bolthouse and Foodservice | 358 | 344 | 1,047 | 1,019 | |||||||||||||
Total | $ | 1,970 | $ | 1,962 | $ | 6,416 | $ | 6,329 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
April 27, | April 28, | April 27, | April 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Earnings before interest and taxes | |||||||||||||||||
U.S. Simple Meals | $ | 175 | $ | 156 | $ | 600 | $ | 621 | |||||||||
Global Baking and Snacking | 68 | 73 | 234 | 232 | |||||||||||||
International Simple Meals and Beverages | 27 | 28 | 85 | 94 | |||||||||||||
U.S. Beverages | 29 | 33 | 84 | 100 | |||||||||||||
Bolthouse and Foodservice | 23 | 27 | 88 | 91 | |||||||||||||
Corporate(1) | (29 | ) | (59 | ) | (98 | ) | (205 | ) | |||||||||
Restructuring charges(2) | (1 | ) | (1 | ) | (35 | ) | (31 | ) | |||||||||
Total | $ | 292 | $ | 257 | $ | 958 | $ | 902 | |||||||||
_______________________________________ | |||||||||||||||||
(1) | Represents unallocated corporate expenses. A pension settlement charge of $18 associated with a U.S. pension plan was included in the three- and nine-month periods ended April 27, 2014. The settlement resulted from the level of lump sum distributions from the plan's assets in 2014, primarily due to the closure of the facility in Sacramento, California. Restructuring-related costs of $2 were included in the nine-month period ended April 27, 2014. In addition, a loss of $9 on foreign exchange forward contracts related to the sale of the European simple meals business was included in the nine-month period ended April 27, 2014. Restructuring-related costs of $20 and $81 were included in unallocated corporate expenses for the three- and nine-month periods ended April 28, 2013, respectively. Also, acquisition related costs of $10 were included in the nine-month period ended April 28, 2013. | ||||||||||||||||
(2) | See Note 8 for additional information. | ||||||||||||||||
Additional Product Information for Net Sales | ' | ||||||||||||||||
The company’s global net sales based on product categories are as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
April 27, | April 28, | April 27, | April 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales | |||||||||||||||||
Simple Meals | $ | 1,063 | $ | 1,040 | $ | 3,626 | $ | 3,611 | |||||||||
Baked Snacks | 597 | 601 | 1,912 | 1,805 | |||||||||||||
Beverages | 310 | 321 | 878 | 913 | |||||||||||||
Total | $ | 1,970 | $ | 1,962 | $ | 6,416 | $ | 6,329 | |||||||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Apr. 27, 2014 | ||||||||||||||||||||||||||||
2014 Initiatives [Member] | ' | |||||||||||||||||||||||||||
Schedule Of Restructuring Activity And Related Reserves | ' | |||||||||||||||||||||||||||
A summary of the restructuring reserve associated with this workforce-related initiative at April 27, 2014 is as follows: | ||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||
April 27, 2014 | ||||||||||||||||||||||||||||
Accrued | Charges | Cash | Foreign | Accrued | ||||||||||||||||||||||||
Balance at | Payments | Currency | Balance at | |||||||||||||||||||||||||
28-Jul-13 | Translation Adjustment | 27-Apr-14 | ||||||||||||||||||||||||||
Severance pay and benefits | $ | — | $ | 20 | $ | (9 | ) | $ | — | $ | 11 | |||||||||||||||||
2014 Initiatives [Member] | CHINA | ' | |||||||||||||||||||||||||||
Schedule Of Restructuring Activity And Related Reserves | ' | |||||||||||||||||||||||||||
A summary of the restructuring activity and related reserve associated with this initiative at April 27, 2014 is as follows: | ||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||
April 27, 2014 | ||||||||||||||||||||||||||||
Accrued | Charges | Cash | Accrued | |||||||||||||||||||||||||
Balance at | Payments | Balance at | ||||||||||||||||||||||||||
28-Jul-13 | 27-Apr-14 | |||||||||||||||||||||||||||
Severance pay and benefits | $ | — | $ | 2 | $ | — | $ | 2 | ||||||||||||||||||||
Other exit costs (1) | 1 | |||||||||||||||||||||||||||
Asset impairment | 11 | |||||||||||||||||||||||||||
Total charges | $ | 14 | ||||||||||||||||||||||||||
2013 Initiatives [Member] | ' | |||||||||||||||||||||||||||
Schedule Of Pre-Tax Charge And Remaining Costs | ' | |||||||||||||||||||||||||||
A summary of the pre-tax costs and remaining costs associated with the initiatives is as follows: | ||||||||||||||||||||||||||||
Total | Recognized | Remaining | ||||||||||||||||||||||||||
Program | as of | Costs to be | ||||||||||||||||||||||||||
27-Apr-14 | Recognized | |||||||||||||||||||||||||||
Severance pay and benefits | $ | 35 | $ | (35 | ) | $ | — | |||||||||||||||||||||
Accelerated depreciation/asset impairment | 99 | (99 | ) | — | ||||||||||||||||||||||||
Other exit costs | 14 | (11 | ) | 3 | ||||||||||||||||||||||||
Total | $ | 148 | $ | (145 | ) | $ | 3 | |||||||||||||||||||||
Schedule Of Restructuring Activity And Related Reserves | ' | |||||||||||||||||||||||||||
A summary of the restructuring activity and related reserves associated with the 2013 initiatives at April 27, 2014 is as follows: | ||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||
April 27, 2014 | ||||||||||||||||||||||||||||
Accrued | Charges | Cash | Accrued | |||||||||||||||||||||||||
Balance at | Payments | Balance at | ||||||||||||||||||||||||||
28-Jul-13 | 27-Apr-14 | |||||||||||||||||||||||||||
Severance pay and benefits | $ | 17 | $ | — | $ | (12 | ) | $ | 5 | |||||||||||||||||||
Other exit costs (1) | 3 | |||||||||||||||||||||||||||
Total charges | $ | 3 | ||||||||||||||||||||||||||
_______________________________________ | ||||||||||||||||||||||||||||
(1) | Includes non-cash costs and other exit costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet | |||||||||||||||||||||||||||
Schedule Of Restructuring Charges Associated With Each Reportable Segment | ' | |||||||||||||||||||||||||||
A summary of restructuring charges and related costs incurred to date associated with segments is as follows: | ||||||||||||||||||||||||||||
U.S. | Global Baking and Snacking | International Simple Meals and Beverages | U.S. | Bolthouse and Foodservice | Total | |||||||||||||||||||||||
Simple | Beverages | |||||||||||||||||||||||||||
Meals | ||||||||||||||||||||||||||||
Severance pay and benefits | $ | 19 | $ | 2 | 5 | $ | 7 | 2 | $ | 35 | ||||||||||||||||||
Accelerated depreciation/asset impairment | 64 | 10 | 3 | 22 | — | 99 | ||||||||||||||||||||||
Other exit costs | 7 | 1 | 1 | 2 | — | 11 | ||||||||||||||||||||||
$ | 90 | $ | 13 | $ | 9 | $ | 31 | $ | 2 | $ | 145 | |||||||||||||||||
2011 Initiatives [Member] | ' | |||||||||||||||||||||||||||
Schedule Of Pre-Tax Charge And Remaining Costs | ' | |||||||||||||||||||||||||||
A summary of the pre-tax charges recognized is as follows: | ||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||
Program | ||||||||||||||||||||||||||||
Severance pay and benefits | $ | 41 | ||||||||||||||||||||||||||
Asset impairment/accelerated depreciation | 23 | |||||||||||||||||||||||||||
Other exit costs | 9 | |||||||||||||||||||||||||||
Total | $ | 73 | ||||||||||||||||||||||||||
Schedule Of Restructuring Activity And Related Reserves | ' | |||||||||||||||||||||||||||
A summary of the restructuring activity and related reserves associated with the 2011 initiatives at April 27, 2014 is as follows: | ||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||
27-Apr-14 | ||||||||||||||||||||||||||||
Accrued | Charges | Cash Payments | Foreign Currency | Accrued | ||||||||||||||||||||||||
Balance at July 28, 2013 | Translation Adjustment | Balance at | ||||||||||||||||||||||||||
27-Apr-14 | ||||||||||||||||||||||||||||
Severance pay and benefits | $ | 3 | $ | — | $ | (2 | ) | $ | — | $ | 1 | |||||||||||||||||
Other exit costs | 1 | — | — | — | 1 | |||||||||||||||||||||||
$ | 4 | $ | — | $ | (2 | ) | $ | — | $ | 2 | ||||||||||||||||||
Schedule Of Restructuring Charges Associated With Each Reportable Segment | ' | |||||||||||||||||||||||||||
A summary of restructuring charges associated with each segment is as follows: | ||||||||||||||||||||||||||||
U.S. | Global | International | U.S. | Bolthouse and Foodservice | Corporate | Total | ||||||||||||||||||||||
Simple | Baking | Simple Meals | Beverages | |||||||||||||||||||||||||
Meals | and | and | ||||||||||||||||||||||||||
Snacking | Beverages | |||||||||||||||||||||||||||
Severance pay and benefits | $ | 10 | $ | 14 | $ | 11 | $ | 3 | $ | 1 | $ | 2 | $ | 41 | ||||||||||||||
Asset impairment/accelerated depreciation | 20 | — | 3 | — | — | — | 23 | |||||||||||||||||||||
Other exit costs | 2 | — | 3 | — | — | 4 | 9 | |||||||||||||||||||||
$ | 32 | $ | 14 | $ | 17 | $ | 3 | $ | 1 | $ | 6 | $ | 73 | |||||||||||||||
Pension_And_Postretirement_Ben1
Pension And Postretirement Benefits (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Apr. 27, 2014 | ||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||||||||||
Schedule Of Components Of Benefit Expense | ' | |||||||||||||||||||||||||||||||
Components of benefit expense were as follows: | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
Pension | Postretirement | Pension | Postretirement | |||||||||||||||||||||||||||||
April 27, | April 28, | April 27, | April 28, | April 27, | April 28, | April 27, | April 28, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Service cost | $ | 11 | $ | 15 | $ | 1 | $ | 1 | $ | 32 | $ | 43 | $ | 2 | $ | 3 | ||||||||||||||||
Interest cost | 29 | 27 | 4 | 3 | 87 | 81 | 13 | 11 | ||||||||||||||||||||||||
Expected return on plan assets | (44 | ) | (44 | ) | — | — | (133 | ) | (133 | ) | — | — | ||||||||||||||||||||
Amortization of prior service credit | (1 | ) | — | — | — | (1 | ) | (1 | ) | (1 | ) | (1 | ) | |||||||||||||||||||
Recognized net actuarial loss | 20 | 27 | 2 | 4 | 58 | 81 | 9 | 11 | ||||||||||||||||||||||||
Curtailment loss | — | — | — | — | — | 3 | — | — | ||||||||||||||||||||||||
Settlement charge | 18 | — | — | — | 18 | — | — | — | ||||||||||||||||||||||||
Net periodic benefit expense | $ | 33 | $ | 25 | $ | 7 | $ | 8 | $ | 61 | $ | 74 | $ | 23 | $ | 24 | ||||||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Apr. 27, 2014 | |||||||||||||||||||||||||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ' | ||||||||||||||||||||||||
Schedule Of The Fair Value Of Derivative Instruments | ' | ||||||||||||||||||||||||
The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of April 27, 2014 and July 28, 2013: | |||||||||||||||||||||||||
Balance Sheet Classification | April 27, | July 28, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Asset Derivatives | |||||||||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 1 | $ | 2 | ||||||||||||||||||||
Forward starting interest rate swaps | Other current assets | 17 | — | ||||||||||||||||||||||
Interest rate swaps | Other current assets | — | 1 | ||||||||||||||||||||||
Forward starting interest rate swaps | Other assets | — | 23 | ||||||||||||||||||||||
Total derivatives designated as hedges | $ | 18 | $ | 26 | |||||||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||||||
Commodity derivative contracts | Other current assets | $ | 7 | $ | 2 | ||||||||||||||||||||
Deferred compensation derivative contracts | Other current assets | — | 2 | ||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | 2 | 2 | ||||||||||||||||||||||
Total derivatives not designated as hedges | $ | 9 | $ | 6 | |||||||||||||||||||||
Total asset derivatives | $ | 27 | $ | 32 | |||||||||||||||||||||
Balance Sheet Classification | April 27, | July 28, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Liability Derivatives | |||||||||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||||
Cross-currency swap contracts | Accrued liabilities | $ | — | $ | 22 | ||||||||||||||||||||
Foreign exchange forward contracts | Accrued liabilities | 1 | 2 | ||||||||||||||||||||||
Total derivatives designated as hedges | $ | 1 | $ | 24 | |||||||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||||||
Commodity derivative contracts | Accrued liabilities | $ | — | $ | 6 | ||||||||||||||||||||
Cross-currency swap contracts | Accrued liabilities | — | 1 | ||||||||||||||||||||||
Foreign exchange forward contracts | Accrued liabilities | 1 | 4 | ||||||||||||||||||||||
Cross-currency swap contracts | Other liabilities | 3 | 1 | ||||||||||||||||||||||
Total derivatives not designated as hedges | $ | 4 | $ | 12 | |||||||||||||||||||||
Total liability derivatives | $ | 5 | $ | 36 | |||||||||||||||||||||
Offsetting Assets and Liabilities | ' | ||||||||||||||||||||||||
The company has elected not to 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 Sheets as of April 27, 2014 and July 28, 2013 would be adjusted as detailed in the following table: | |||||||||||||||||||||||||
April 27, 2014 | July 28, 2013 | ||||||||||||||||||||||||
Derivative Instrument | Gross Amounts Presented in the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements | Net Amount | Gross Amounts Presented in the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements | Net Amount | |||||||||||||||||||
Total asset derivatives | $ | 27 | $ | (1 | ) | $ | 26 | $ | 32 | $ | (8 | ) | $ | 24 | |||||||||||
Total liability derivatives | $ | 5 | $ | (1 | ) | $ | 4 | $ | 36 | $ | (8 | ) | $ | 28 | |||||||||||
Schedule Of Changes In Cash-Flow Hedges In Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
The following tables show the effect of the company’s derivative instruments designated as cash-flow hedges for the three- and nine-month periods ended April 27, 2014 and April 28, 2013, in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings: | |||||||||||||||||||||||||
Derivatives Designated as Cash-Flow Hedges | |||||||||||||||||||||||||
Total | |||||||||||||||||||||||||
Cash-Flow | |||||||||||||||||||||||||
Hedge | |||||||||||||||||||||||||
OCI Activity | |||||||||||||||||||||||||
Three Months Ended April 27, 2014, and April 28, 2013 | 2014 | 2013 | |||||||||||||||||||||||
OCI derivative gain (loss) at beginning of quarter | $ | 9 | $ | (11 | ) | ||||||||||||||||||||
Effective portion of changes in fair value recognized in OCI: | |||||||||||||||||||||||||
Foreign exchange forward contracts | (1 | ) | — | ||||||||||||||||||||||
Forward starting interest rate swaps | (4 | ) | (6 | ) | |||||||||||||||||||||
Cross-currency swap contracts | — | 1 | |||||||||||||||||||||||
Amount of (gain) loss reclassified from OCI to earnings: | Location in Earnings | ||||||||||||||||||||||||
Foreign exchange forward contracts | Cost of products sold | (1 | ) | (1 | ) | ||||||||||||||||||||
Foreign exchange forward contracts | Other expenses / (income) | 1 | — | ||||||||||||||||||||||
Forward starting interest rate swaps | Interest expense | 1 | 1 | ||||||||||||||||||||||
OCI derivative gain (loss) at end of quarter | $ | 5 | $ | (16 | ) | ||||||||||||||||||||
Total | |||||||||||||||||||||||||
Cash-Flow | |||||||||||||||||||||||||
Hedge | |||||||||||||||||||||||||
OCI Activity | |||||||||||||||||||||||||
Nine Months Ended April 27, 2014, and April 28, 2013 | 2014 | 2013 | |||||||||||||||||||||||
OCI derivative gain (loss) at beginning of year | $ | 8 | $ | (16 | ) | ||||||||||||||||||||
Effective portion of changes in fair value recognized in OCI: | |||||||||||||||||||||||||
Foreign exchange forward contracts | 2 | (1 | ) | ||||||||||||||||||||||
Forward starting interest rate swaps | (6 | ) | (1 | ) | |||||||||||||||||||||
Cross-currency swap contracts | — | 1 | |||||||||||||||||||||||
Amount of (gain) loss reclassified from OCI to earnings: | Location in Earnings | ||||||||||||||||||||||||
Foreign exchange forward contracts | Cost of products sold | (2 | ) | (2 | ) | ||||||||||||||||||||
Forward starting interest rate swaps | Interest expense | 3 | 3 | ||||||||||||||||||||||
OCI derivative gain (loss) at end of quarter | $ | 5 | $ | (16 | ) | ||||||||||||||||||||
Derivatives Designated As Fair-Value Hedges | ' | ||||||||||||||||||||||||
The following table shows the effect of the company’s derivative instruments designated as fair-value hedges in the Consolidated Statements of Earnings: | |||||||||||||||||||||||||
Amount of | Amount of | ||||||||||||||||||||||||
Gain (Loss) | Gain (Loss) | ||||||||||||||||||||||||
Recognized in Earnings | Recognized in Earnings | ||||||||||||||||||||||||
on Derivatives | on Hedged Item | ||||||||||||||||||||||||
Derivatives Designated | Location of Gain (Loss) | April 27, | April 28, | April 27, | April 28, | ||||||||||||||||||||
as Fair-Value Hedges | Recognized in Earnings | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | — | $ | (2 | ) | $ | — | $ | 2 | |||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | (1 | ) | $ | (9 | ) | $ | 1 | $ | 9 | ||||||||||||||
Derivatives Not Designated As Hedges | ' | ||||||||||||||||||||||||
The following table shows the effects of the company’s derivative instruments not designated as hedges in the Consolidated Statements of Earnings: | |||||||||||||||||||||||||
Amount of | |||||||||||||||||||||||||
Gain (Loss) | |||||||||||||||||||||||||
Recognized in Earnings | |||||||||||||||||||||||||
on Derivatives | |||||||||||||||||||||||||
Derivatives not Designated as Hedges | Location of Gain (Loss) | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
Recognized in Earnings | April 27, 2014 | April 28, 2013 | April 27, 2014 | April 28, 2013 | |||||||||||||||||||||
Foreign exchange forward contracts | Cost of products sold | $ | (1 | ) | $ | — | $ | 4 | $ | (1 | ) | ||||||||||||||
Foreign exchange forward contracts | Other expenses/income | — | 1 | (12 | ) | 1 | |||||||||||||||||||
Cross-currency swap contracts | Other expenses/income | (11 | ) | 15 | 10 | (3 | ) | ||||||||||||||||||
Commodity derivative contracts | Cost of products sold | 11 | 5 | 11 | 4 | ||||||||||||||||||||
Deferred compensation derivative contracts | Administrative expenses | 3 | 9 | 2 | 15 | ||||||||||||||||||||
Total | $ | 2 | $ | 30 | $ | 15 | $ | 16 | |||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Apr. 27, 2014 | ||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements Of Assets And Liabilities Measured on Recurring Basis | ' | |||||||||||||||||||||||||||||||
The following table presents the company’s financial assets and liabilities that are measured at fair value on a recurring basis as of April 27, 2014, and July 28, 2013, consistent with the fair value hierarchy: | ||||||||||||||||||||||||||||||||
Fair Value | Fair Value Measurements at | Fair Value | Fair Value Measurements at | |||||||||||||||||||||||||||||
as of | April 27, 2014 Using | as of | July 28, 2013 Using | |||||||||||||||||||||||||||||
April 27, | Fair Value Hierarchy | July 28, | Fair Value Hierarchy | |||||||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Interest rate swaps(1) | $ | — | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | 1 | $ | — | ||||||||||||||||
Forward starting interest rate swaps(1) | 17 | — | 17 | — | 23 | — | 23 | — | ||||||||||||||||||||||||
Foreign exchange forward contracts(2) | 3 | — | 3 | — | 4 | — | 4 | — | ||||||||||||||||||||||||
Commodity derivative contracts(4) | 7 | 7 | — | — | 2 | 2 | — | — | ||||||||||||||||||||||||
Deferred compensation derivative contracts(5) | — | — | — | — | 2 | — | 2 | — | ||||||||||||||||||||||||
Total assets at fair value | $ | 27 | $ | 7 | $ | 20 | $ | — | $ | 32 | $ | 2 | $ | 30 | $ | — | ||||||||||||||||
Fair Value | Fair Value Measurements at | Fair Value | Fair Value Measurements at | |||||||||||||||||||||||||||||
as of | April 27, 2014 Using | as of | July 28, 2013 Using | |||||||||||||||||||||||||||||
April 27, | Fair Value Hierarchy | July 28, | Fair Value Hierarchy | |||||||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Foreign exchange forward contracts(2) | $ | 2 | $ | — | $ | 2 | $ | — | $ | 6 | $ | — | $ | 6 | $ | — | ||||||||||||||||
Cross-currency swap contracts(3) | 3 | — | 3 | — | 24 | — | 24 | — | ||||||||||||||||||||||||
Commodity derivative contracts(4) | — | — | — | — | 6 | 5 | 1 | — | ||||||||||||||||||||||||
Deferred compensation obligation(6) | 122 | 122 | — | — | 123 | 123 | — | — | ||||||||||||||||||||||||
Total liabilities at fair value | $ | 127 | $ | 122 | $ | 5 | $ | — | $ | 159 | $ | 128 | $ | 31 | $ | — | ||||||||||||||||
___________________________________ | ||||||||||||||||||||||||||||||||
(1) | Based on LIBOR swap rates. | |||||||||||||||||||||||||||||||
(2) | Based on observable market transactions of spot currency rates and forward rates. | |||||||||||||||||||||||||||||||
(3) | Based on observable local benchmarks for currency and interest rates. | |||||||||||||||||||||||||||||||
(4) | Based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. | |||||||||||||||||||||||||||||||
(5) | Based on LIBOR and equity index swap rates. | |||||||||||||||||||||||||||||||
(6) | Based on the fair value of the participants’ investments. |
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 9 Months Ended | ||||||||||||
Apr. 27, 2014 | |||||||||||||
Stock-based Compensation | ' | ||||||||||||
Schedule Of Stock Option Activity | ' | ||||||||||||
The following table summarizes stock option activity as of April 27, 2014: | |||||||||||||
Options | Weighted- | Weighted- | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Life | |||||||||||||
(Options in | (In years) | ||||||||||||
thousands) | |||||||||||||
Outstanding at July 28, 2013 | 1,101 | $ | 27.25 | ||||||||||
Granted | — | $ | — | ||||||||||
Exercised | (513 | ) | $ | 26.61 | |||||||||
Terminated | — | $ | — | ||||||||||
Outstanding at April 27, 2014 | 588 | $ | 27.82 | 0.8 | $ | 10 | |||||||
Exercisable at April 27, 2014 | 588 | $ | 27.82 | 0.8 | $ | 10 | |||||||
Time-Lapse Restricted Stock Units, EPS Performance Restricted Stock Units And Strategic Performance Restricted Stock Units | ' | ||||||||||||
The following table summarizes time-lapse restricted stock units, EPS performance restricted stock units and strategic performance restricted stock units as of April 27, 2014: | |||||||||||||
Units | Weighted- | ||||||||||||
Average | |||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
(Restricted stock | |||||||||||||
units in thousands) | |||||||||||||
Nonvested at July 28, 2013 | 4,208 | $ | 34.05 | ||||||||||
Granted | 1,679 | $ | 39.83 | ||||||||||
Vested | (2,565 | ) | $ | 33.23 | |||||||||
Forfeited | (282 | ) | $ | 37.57 | |||||||||
Nonvested at April 27, 2014 | 3,040 | $ | 37.61 | ||||||||||
TSR Performance Restricted Stock/Units [Member] | ' | ||||||||||||
Stock-based Compensation | ' | ||||||||||||
TSR Performance Restricted Stock Units | ' | ||||||||||||
The following table summarizes TSR performance restricted stock units as of April 27, 2014: | |||||||||||||
Units | Weighted- | ||||||||||||
Average | |||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
(Restricted stock | |||||||||||||
units in thousands) | |||||||||||||
Nonvested at July 28, 2013 | 1,458 | $ | 41.88 | ||||||||||
Granted | 458 | $ | 36.26 | ||||||||||
Vested | — | $ | — | ||||||||||
Forfeited | (1,006 | ) | $ | 42.75 | |||||||||
Nonvested at April 27, 2014 | 910 | $ | 38.14 | ||||||||||
TSR Performance Restricted Stock Units, Assumptions | ' | ||||||||||||
The company estimated the fair value of TSR performance restricted stock units at the grant date using a Monte Carlo simulation. Assumptions used in the Monte Carlo simulation were as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Risk-free interest rate | 0.60% | 0.30% | |||||||||||
Expected dividend yield | 2.98% | 3.26% | |||||||||||
Expected volatility | 15.76% | 15.07% | |||||||||||
Expected term | 3 years | 3 years |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Apr. 27, 2014 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventories | ||||||||
April 27, 2014 | July 28, 2013 | |||||||
Raw materials, containers and supplies | $ | 359 | $ | 364 | ||||
Finished products | 499 | 561 | ||||||
Total inventories | $ | 858 | $ | 925 | ||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | |||||||
Apr. 27, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | |||||||
Other cash used in operating activities for the nine-month periods was comprised of the following: | ||||||||
April 27, 2014 | April 28, 2013 | |||||||
Benefit related payments | $ | (42 | ) | $ | (42 | ) | ||
Other | (2 | ) | (2 | ) | ||||
$ | (44 | ) | $ | (44 | ) |
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies Basis of Presentation and Significant Accounting Polices (Details) | 9 Months Ended | 12 Months Ended |
Apr. 27, 2014 | Jul. 28, 2013 | |
Accounting Policies [Abstract] | ' | ' |
FiscalPeriodNumberOfWeeks | '53 | '52 |
Acquistions_Narrative_Details
Acquistions (Narrative) (Details) (USD $) | Apr. 27, 2014 | Jul. 28, 2013 | Aug. 08, 2013 | Apr. 27, 2014 | Apr. 27, 2014 | Jun. 13, 2013 | Apr. 27, 2014 | Oct. 27, 2013 | Apr. 27, 2014 | Aug. 06, 2012 | Apr. 28, 2013 | Aug. 08, 2013 | Jun. 13, 2013 | Aug. 08, 2013 | Jun. 13, 2013 | Aug. 08, 2013 | Aug. 08, 2013 | Oct. 28, 2012 | Apr. 28, 2013 |
In Millions, unless otherwise specified | Kelsen [Member] | Kelsen [Member] | Kelsen [Member] | Plum Organics [Member] | Plum Organics [Member] | Plum Organics [Member] | Plum Organics [Member] | Bolthouse Farms [Member] | Bolthouse Farms [Member] | Trade Names [Member] | Trade Names [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Minimum [Member] | Maximum [Member] | Corporate [Member] | Corporate [Member] | ||
Kelsen [Member] | Plum Organics [Member] | Kelsen [Member] | Plum Organics [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Bolthouse Farms [Member] | Bolthouse Farms [Member] | ||||||||||||
Kelsen [Member] | Kelsen [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | $331 | ' | ' | $249 | ' | ' | ' | $1,550 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Initial Purchase Price Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Purchase Price Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 10 |
Business Combination, Acquisition Related After Tax Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' |
Number of Countries in which Entity Operates | ' | ' | 85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 2,431 | 2,297 | 136 | ' | ' | 128 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | ' | ' | ' | 17 | 161 | ' | 24 | ' | 56 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | ' | ' | ' | -4 | 7 | ' | -3 | ' | -15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory recall expense, after tax | ' | ' | ' | ' | ' | ' | ' | -11 | -11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 147 | 115 | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4 | ' | $22 | $18 | ' | ' | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | '15 years | '10 years | '15 years | ' | ' |
Acquistions_Schedule_of_Purcha
Acquistions Schedule of Purchase Price Allocation (Details) (USD $) | Apr. 27, 2014 | Jul. 28, 2013 | Aug. 08, 2013 | Jun. 13, 2013 |
In Millions, unless otherwise specified | Kelsen [Member] | Plum Organics [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | $2 | $1 |
Accounts receivable, net | ' | ' | 20 | 15 |
Inventories | ' | ' | 50 | 20 |
Other current assets | ' | ' | 2 | 1 |
Plant assets | ' | ' | 51 | 2 |
Goodwill | 2,431 | 2,297 | 136 | 128 |
Other intangible assets | ' | ' | 173 | 133 |
Short-term borrowings | ' | ' | -32 | 0 |
Payable to suppliers and others | ' | ' | -11 | -12 |
Accrued liabilities | ' | ' | -11 | -5 |
Long-term debt | ' | ' | -4 | 0 |
Deferred taxes | ' | ' | -45 | -34 |
Total assets acquired and liabilities assumed | ' | ' | $331 | $249 |
Acquistions_Pro_forma_Informat
Acquistions Pro forma Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' | ' | ' |
Business Acquisition, Pro Forma Revenue | $1,970 | $2,001 | $6,420 | $6,573 |
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax | $184 | $165 | $601 | $569 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $0.58 | $0.52 | $1.90 | $1.79 |
Discontinued_Operations_Narrat
Discontinued Operations Narrative (Details) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Oct. 29, 2013 | Oct. 29, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 |
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' | ' | ' |
Proceeds from Divestiture of Businesses | $548 | € 400 | ($14) | ' | ' | ' |
Gain on sale of business | ' | ' | 0 | 0 | 141 | 0 |
Gain on sale of business, net of tax | ' | ' | ' | ' | $72 | ' |
Gain on sale of business, per diluted share | ' | ' | ' | ' | $0.23 | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Jul. 28, 2013 | Jul. 29, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' | ' | ' |
Net sales | $0 | $132 | $137 | $434 | ' | ' |
Earnings before taxes | 0 | 15 | 14 | 56 | ' | ' |
Taxes on earnings | 0 | 3 | 5 | 12 | ' | ' |
Gain on sale of business | 0 | 0 | 141 | 0 | ' | ' |
Tax impact of gain on sale | 0 | 0 | 69 | 0 | ' | ' |
Earnings from discontinued operations | 0 | 12 | 81 | 44 | ' | ' |
Cash | 0 | 0 | 0 | 0 | 68 | 0 |
Accounts receivable | ' | ' | ' | ' | 54 | ' |
Inventories | ' | ' | ' | ' | 68 | ' |
Prepaid expense | ' | ' | ' | ' | 3 | ' |
Current assets of discontinued operations held for sale | 0 | ' | 0 | ' | 193 | ' |
Plant assets | ' | ' | ' | ' | 98 | ' |
Goodwill | ' | ' | ' | ' | 110 | ' |
Intangible assets | ' | ' | ' | ' | 150 | ' |
Other assets | ' | ' | ' | ' | 35 | ' |
Non-current assets of discontinued operations held for sale | 0 | ' | 0 | ' | 393 | ' |
Accounts payable | ' | ' | ' | ' | 60 | ' |
Accrued liabilities | ' | ' | ' | ' | 54 | ' |
Current liabilties of discontinued operations held for sale | 0 | ' | 0 | ' | 114 | ' |
Non-current pension obligation | ' | ' | ' | ' | 11 | ' |
Other liabilities | ' | ' | ' | ' | 11 | ' |
Non-current liabilities of discontinued operations held for sale | $0 | ' | $0 | ' | $22 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Narrative) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | $22 | $0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | $19 | $0 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Jul. 28, 2013 | ||
Beginning Balance | ' | ' | ($565) | ' | ' | ||
Other comprehensive income (loss), after tax | 90 | -9 | 38 | 67 | ' | ||
Ending Balance | -527 | ' | -527 | ' | ' | ||
Accumulated Other Comprehensive Income Foreign Currency Translation Tax (Benefit) Expense | 7 | ' | 7 | ' | 9 | ||
Accumulated Other Comprehensive Income Cashflow Hedges Tax (Benefit) Expense | 1 | ' | 1 | ' | 3 | ||
Accumulated Other Comprehensive Income Unamortized Pension And Post Retirement Tax (Benefit) Expense | -392 | ' | -392 | ' | -424 | ||
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' | ' | ||
Beginning Balance | ' | ' | 170 | [1] | ' | ' | |
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | ' | ' | -2 | ' | ' | ||
Other Comprehensive Income Reclassifications Current Period Net of Tax | ' | ' | -19 | ' | ' | ||
Other comprehensive income (loss), after tax | ' | ' | -21 | ' | ' | ||
Ending Balance | 149 | [1] | ' | 149 | [1] | ' | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' | ' | ||
Beginning Balance | ' | ' | 5 | [2] | ' | ' | |
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | ' | ' | -2 | ' | ' | ||
Other Comprehensive Income Reclassifications Current Period Net of Tax | ' | ' | 1 | ' | ' | ||
Other comprehensive income (loss), after tax | ' | ' | -1 | ' | ' | ||
Ending Balance | 4 | [2] | ' | 4 | [2] | ' | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' | ' | ||
Beginning Balance | ' | ' | -740 | [3] | ' | ' | |
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | ' | ' | 5 | ' | ' | ||
Other Comprehensive Income Reclassifications Current Period Net of Tax | ' | ' | 55 | ' | ' | ||
Other comprehensive income (loss), after tax | ' | ' | 60 | ' | ' | ||
Ending Balance | -680 | [3] | ' | -680 | [3] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' | ' | ||
Beginning Balance | ' | ' | -565 | ' | ' | ||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | ' | ' | 1 | ' | ' | ||
Other Comprehensive Income Reclassifications Current Period Net of Tax | ' | ' | 37 | ' | ' | ||
Other comprehensive income (loss), after tax | ' | ' | 38 | 67 | ' | ||
Ending Balance | -527 | ' | -527 | ' | ' | ||
Pension Plan, Defined Benefit [Member] | ' | ' | ' | ' | ' | ||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | -18 | 0 | -18 | 0 | ' | ||
Defined Benefit Plan Recognized Net Gain (Loss) Due to Settlements Net Of Tax | ' | ' | ($11) | ' | ' | ||
[1] | Included a tax expense of $7 as of AprilB 27, 2014, and $9 as of JulyB 28, 2013. The amount reclassified from other comprehensive income was related to the divestiture of the European simple meals business | ||||||
[2] | Included a tax expense of $1 as of AprilB 27, 2014, and $3 as of JulyB 28, 2013. | ||||||
[3] | Included a tax benefit of $392 as of AprilB 27, 2014, and $424 as of JulyB 28, 2013. The amount reclassified from other comprehensive income included a pre-tax settlement charge of $18, or $11 after tax. |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Schecule of amounts reclassified from AOCI) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | ' | ' | ' | ' | ||||
Reclassification adjustment for (gains) losses included in net earnings, before tax | $1 | $0 | $1 | $1 | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, [Abstract] | ' | ' | ' | ' | ||||
Reclassification of prior service credit included in net earnings, before tax | 1 | [1] | 0 | [1] | 2 | [1] | 2 | [1] |
Reclassification of net actuarial loss included in net earnings before tax | 40 | [1] | 31 | [1] | 87 | [1] | 93 | [1] |
Total Pension and Other Postretirement Benefit amortization included in net earnings, before Tax | 39 | 31 | 85 | 91 | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax Effect [Abstract] | ' | ' | ' | ' | ||||
Reclassification adjustment for (gains) losses included in net earnings, tax (expense) benefit | 0 | 0 | 0 | 0 | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax [Abstract] | ' | ' | ' | ' | ||||
Total Pension and Other Postretirement Benefit amortization included in net earnings, tax expense (benefit) | -14 | -11 | -30 | -32 | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | ' | ' | ' | ' | ||||
Reclassification adjustment for (gains) losses included in net earnings, after-tax | 1 | 0 | 1 | 1 | ||||
Pension and other postretirement liability adjustments, after-tax [Abstract] | ' | ' | ' | ' | ||||
Total Pension and Other Postretirement Benefit amortization included in net earnings, net of tax | 25 | 20 | 55 | 59 | ||||
Foreign Exchange Contract [Member] | Cost Of Products Sold [Member] | ' | ' | ' | ' | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | ' | ' | ' | ' | ||||
Reclassification adjustment for (gains) losses included in net earnings, before tax | -1 | -1 | -2 | -2 | ||||
Foreign Exchange Contract [Member] | Other Expense [Member] | ' | ' | ' | ' | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | ' | ' | ' | ' | ||||
Reclassification adjustment for (gains) losses included in net earnings, before tax | 1 | 0 | 0 | 0 | ||||
Interest Rate Swap [Member] | Interest Expense [Member] | ' | ' | ' | ' | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | ' | ' | ' | ' | ||||
Reclassification adjustment for (gains) losses included in net earnings, before tax | 1 | 1 | 3 | 3 | ||||
Discontinued Operations [Member] | ' | ' | ' | ' | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, [Abstract] | ' | ' | ' | ' | ||||
Reclassification of net actuarial loss included in net earnings before tax | ' | ' | $2 | [1] | ' | |||
[1] | Net actuarial losses of $2 were recognized in earnings from discontinued operations as a result of the sale of the European simple meals business. Excluding the net actuarial losses related to the sale of the business, these items are included in the components of net periodic benefit costs (see Note 11 for additional details). |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Narrative) (Details) (USD $) | 9 Months Ended | 9 Months Ended | 0 Months Ended | |||
In Millions, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Jul. 28, 2013 | Apr. 27, 2014 | Apr. 27, 2014 | Aug. 08, 2013 |
Minimum [Member] | Maximum [Member] | Kelsen [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | $331 |
Goodwill | 2,431 | ' | 2,297 | ' | ' | 136 |
Amortization of Intangible Assets | 13 | 11 | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 18 | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 18 | ' | ' | ' | ' | ' |
Finite Lived Intangible Assets, Amortization Expense, Year Three | 18 | ' | ' | ' | ' | ' |
Finite Lived Intangible Assets, Amortization Expense, Year Four | 18 | ' | ' | ' | ' | ' |
Finite Lived Intangible Assets, Amortization Expense, Year Five | $14 | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | '5 years | '20 years | ' |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets (Goodwill) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Apr. 27, 2014 |
Goodwill [Line Items] | ' |
Beginning Balance | $2,297 |
Goodwill, Acquired During Period | 136 |
Foreign currency translation adjustment | -2 |
Ending Balance | 2,431 |
U.S. Simple Meals [Member] | ' |
Goodwill [Line Items] | ' |
Beginning Balance | 450 |
Goodwill, Acquired During Period | ' |
Foreign currency translation adjustment | ' |
Ending Balance | 450 |
Global Baking And Snacking [Member] | ' |
Goodwill [Line Items] | ' |
Beginning Balance | 775 |
Goodwill, Acquired During Period | 136 |
Foreign currency translation adjustment | 6 |
Ending Balance | 917 |
International Simple Meals And Beverages [Member] | ' |
Goodwill [Line Items] | ' |
Beginning Balance | 122 |
Goodwill, Acquired During Period | ' |
Foreign currency translation adjustment | -8 |
Ending Balance | 114 |
U.S. Beverages [Member] | ' |
Goodwill [Line Items] | ' |
Beginning Balance | 112 |
Goodwill, Acquired During Period | ' |
Foreign currency translation adjustment | ' |
Ending Balance | 112 |
Bolthouse and Foodservice [Member] | ' |
Goodwill [Line Items] | ' |
Beginning Balance | 838 |
Goodwill, Acquired During Period | ' |
Foreign currency translation adjustment | ' |
Ending Balance | $838 |
Goodwill_And_Intangible_Assets4
Goodwill And Intangible Assets (Intangible Assets) (Details) (USD $) | Apr. 27, 2014 | Jul. 28, 2013 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Indefinite-Lived Trademarks | $961 | $810 |
Amortizable intangible assets | 255 | 228 |
Accumulated amortization | -31 | -17 |
Total net intangible assets | 1,185 | 1,021 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortizable intangible assets | 179 | 156 |
Developed Technology Rights [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortizable intangible assets | 40 | 40 |
Other Intangible Assets [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortizable intangible assets | $36 | $32 |
Business_And_Geographic_Segmen2
Business And Geographic Segment Information (Narrative) (Details) | 9 Months Ended |
Apr. 27, 2014 | |
Segment Reporting [Abstract] | ' |
Number of operating segments | 10 |
Business_And_Geographic_Segmen3
Business And Geographic Segment Information (Schedule Of Segment Reporting - Net Sales) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $1,970 | $1,962 | $6,416 | $6,329 |
U.S. Simple Meals [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 672 | 627 | 2,426 | 2,356 |
Global Baking And Snacking [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 564 | 568 | 1,812 | 1,703 |
International Simple Meals And Beverages [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 186 | 225 | 592 | 682 |
U.S. Beverages [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 190 | 198 | 539 | 569 |
Bolthouse and Foodservice [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $358 | $344 | $1,047 | $1,019 |
Business_And_Geographic_Segmen4
Business And Geographic Segment Information (Schedule Of Segment Reporting - Earnings Before Interest And Taxes) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 27, 2014 | Oct. 28, 2012 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | ||||||||
Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | U.S. Simple Meals [Member] | U.S. Simple Meals [Member] | U.S. Simple Meals [Member] | U.S. Simple Meals [Member] | Global Baking And Snacking [Member] | Global Baking And Snacking [Member] | Global Baking And Snacking [Member] | Global Baking And Snacking [Member] | International Simple Meals And Beverages [Member] | International Simple Meals And Beverages [Member] | International Simple Meals And Beverages [Member] | International Simple Meals And Beverages [Member] | U.S. Beverages [Member] | U.S. Beverages [Member] | U.S. Beverages [Member] | U.S. Beverages [Member] | Bolthouse and Foodservice [Member] | Bolthouse and Foodservice [Member] | Bolthouse and Foodservice [Member] | Bolthouse and Foodservice [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Restructuring Charges [Member] | Restructuring Charges [Member] | Restructuring Charges [Member] | Restructuring Charges [Member] | |||||||||||||
Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Bolthouse Farms [Member] | Bolthouse Farms [Member] | Foreign Exchange Contract [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Earnings before interest and taxes | $292 | $257 | $958 | $902 | ' | ' | ' | ' | $175 | $156 | $600 | $621 | $68 | $73 | $234 | $232 | $27 | $28 | $85 | $94 | $29 | $33 | $84 | $100 | $23 | $27 | $88 | $91 | ($29) | [1] | ($59) | [1] | ($98) | [1] | ($205) | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ($1) | [2] | ($1) | [2] | ($35) | [2] | ($31) | [2] |
Restructuring and Related Cost, Incurred Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | 2 | 81 | ' | ' | ' | ' | ||||||||
Derivatives (Gain) Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ||||||||
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | ' | ' | ' | ' | ($18) | $0 | ($18) | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($18) | ($18) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | Represents unallocated corporate expenses. A pension settlement charge of $18 associated with a U.S. pension plan was included in the three- and nine-month periods ended AprilB 27, 2014. The settlement resulted from the level of lump sum distributions from the plan's assets in 2014, primarily due to the closure of the facility in Sacramento, California. Restructuring-related costs of $2 were included in the nine-month period ended AprilB 27, 2014. In addition, a loss of $9 on foreign exchange forward contracts related to the sale of the European simple meals business was included in the nine-month period ended AprilB 27, 2014. Restructuring-related costs of $20 and $81 were included in unallocated corporate expenses for the three- and nine-month periods ended AprilB 28, 2013, respectively. Also, acquisition related costs of $10 were included in the nine-month period ended AprilB 28, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | See Note 8 for additional information. |
Business_And_Geographic_Segmen5
Business And Geographic Segment Information (Additional Product Information For Net Sales) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $1,970 | $1,962 | $6,416 | $6,329 |
Simple Meals [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 1,063 | 1,040 | 3,626 | 3,611 |
Baked Snacks [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 597 | 601 | 1,912 | 1,805 |
Beverages [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $310 | $321 | $878 | $913 |
Restructuring_Charges_Narrativ
Restructuring Charges (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 19 Months Ended | 9 Months Ended | 19 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 34 Months Ended | 9 Months Ended | 34 Months Ended | 3 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 28, 2013 | Jul. 28, 2013 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Jul. 31, 2011 | Apr. 27, 2014 | Jul. 29, 2012 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Jul. 31, 2011 | Jul. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Jul. 28, 2013 |
Corporate Segment [Member] | Corporate Segment [Member] | Corporate Segment [Member] | 2014 Initiatives [Member] | 2014 Initiatives [Member] | 2014 Initiatives [Member] | 2014 Initiatives [Member] | 2014 Initiatives [Member] | 2014 Initiatives [Member] | 2014 Initiatives [Member] | 2014 Initiatives [Member] | 2014 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Cost Of Products Sold [Member] | Cost Of Products Sold [Member] | Cost Of Products Sold [Member] | |||||
Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | CHINA | CHINA | U.S. Simple Meals [Member] | Global Baking And Snacking [Member] | International Simple Meals And Beverages [Member] | U.S. Beverages [Member] | Bolthouse and Foodservice [Member] | Corporate Segment [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Sacramento, CA [Member] | South Plainfield, NJ [Member] | MEXICO | UNITED STATES | U.S. Simple Meals [Member] | U.S. Simple Meals [Member] | Global Baking And Snacking [Member] | Global Baking And Snacking [Member] | International Simple Meals And Beverages [Member] | International Simple Meals And Beverages [Member] | U.S. Beverages [Member] | U.S. Beverages [Member] | Bolthouse and Foodservice [Member] | Bolthouse and Foodservice [Member] | Pepperidge Farm Initiative [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Camden New Jersey [Member] | Outsource Of U.S. Retail Merchandising [Member] | AUSTRALIA | Moscow [Member] | U.S. Simple Meals [Member] | U.S. Simple Meals [Member] | Global Baking And Snacking [Member] | Global Baking And Snacking [Member] | International Simple Meals And Beverages [Member] | International Simple Meals And Beverages [Member] | U.S. Beverages [Member] | U.S. Beverages [Member] | Bolthouse and Foodservice [Member] | Bolthouse and Foodservice [Member] | Corporate Segment [Member] | Corporate Segment [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | ||||||||||||||
Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Cost Incurred to Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $145 | ' | $11 | ' | ' | ' | ' | $90 | $7 | $13 | $1 | $9 | $1 | $31 | $2 | $2 | $0 | ' | ' | ' | ' | $73 | ' | $9 | ' | ' | ' | ' | $32 | $2 | $14 | $0 | $17 | $3 | $3 | $0 | $1 | $0 | $6 | $4 | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Expected Cost Remaining | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | 3 | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Expected Number of Positions Eliminated | ' | ' | ' | ' | ' | ' | ' | ' | 110 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | ' | ' | ' | ' | 20 | 2 | 81 | ' | 14 | 1 | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 81 | 91 |
Positions eliminated | ' | ' | ' | ' | ' | ' | ' | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700 | 27 | 260 | 70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110 | ' | ' | ' | 510 | ' | ' | 130 | 190 | 190 | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges | 1 | 1 | 35 | 31 | ' | ' | ' | 20 | 14 | ' | 5 | 9 | 3 | 1 | 1 | 1 | 1 | 31 | 51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63 | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 3 | ' | ' | ' |
Restructuring charges and related costs, after tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 71 | 90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges, after tax | ' | ' | ' | ' | ' | ' | ' | 13 | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges per diluted share | ' | ' | ' | ' | ' | ' | ' | $0.04 | $0.02 | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.22 | $0.28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.12 | ' | $0.02 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Expected Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 148 | ' | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected cash expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected investment in capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for (Proceeds from) Productive Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring_Charges_Schedule
Restructuring Charges (Schedule Of Pre-Tax Charges And Remaining Costs) (Details) (USD $) | 19 Months Ended | 34 Months Ended | ||||||
In Millions, unless otherwise specified | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 |
2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | |
Severance Pay And Benefits [Member] | Asset Impairment Accelerated Depreciation [Member] | Other Restructuring [Member] | Severance Pay And Benefits [Member] | Asset Impairment Accelerated Depreciation [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Expected Cost | $148 | $35 | $99 | $14 | ' | ' | ' | ' |
Restructuring and Related Cost, Cost Incurred to Date | 145 | 35 | 99 | 11 | 73 | 41 | 23 | 9 |
Restructuring and Related Cost, Expected Cost Remaining | $3 | $0 | $0 | $3 | ' | ' | ' | ' |
Restructuring_Charges_Schedule1
Restructuring Charges (Schedule Of Restructuring Activity And Related Reserves) (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
In Millions, unless otherwise specified | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 |
2014 Initiatives [Member] | 2014 Initiatives [Member] | 2014 Initiatives [Member] | 2014 Initiatives [Member] | 2014 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | |
CHINA | Severance Pay And Benefits [Member] | Severance Pay And Benefits [Member] | Asset Impairment Accelerated Depreciation [Member] | Other Restructuring [Member] | Severance Pay And Benefits [Member] | Other Restructuring [Member] | Severance Pay And Benefits [Member] | Other Restructuring [Member] | |||
CHINA | CHINA | CHINA | |||||||||
Fair Value, Measurements, Nonrecurring [Member] | |||||||||||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued Balance at beginning of period | ' | $0 | $0 | ' | ' | ' | $17 | ' | $4 | $3 | $1 |
Restructuring and Related Cost, Incurred Cost | 14 | 20 | 2 | 11 | 1 | 3 | 0 | 3 | 0 | 0 | 0 |
Cash Payments | ' | -9 | 0 | ' | ' | ' | -12 | ' | -2 | -2 | 0 |
Restructuring Reserve, Translation Adjustment | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Accrued Balance at end of period | ' | $11 | $2 | ' | ' | ' | $5 | ' | $2 | $1 | $1 |
Restructuring_Charges_Schedule2
Restructuring Charges (Schedule Of Restructuring Charges Associated With Each Reportable Segment) (Details) (USD $) | 19 Months Ended | 34 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 |
2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | 2011 Initiatives [Member] | |
Severance Pay And Benefits [Member] | Asset Impairment Accelerated Depreciation [Member] | Other Exit Costs [Member] | U.S. Simple Meals [Member] | U.S. Simple Meals [Member] | U.S. Simple Meals [Member] | U.S. Simple Meals [Member] | Global Baking And Snacking [Member] | Global Baking And Snacking [Member] | Global Baking And Snacking [Member] | Global Baking And Snacking [Member] | International Simple Meals And Beverages [Member] | International Simple Meals And Beverages [Member] | International Simple Meals And Beverages [Member] | International Simple Meals And Beverages [Member] | U.S. Beverages [Member] | U.S. Beverages [Member] | U.S. Beverages [Member] | U.S. Beverages [Member] | Bolthouse and Foodservice [Member] | Bolthouse and Foodservice [Member] | Bolthouse and Foodservice [Member] | Bolthouse and Foodservice [Member] | Severance Pay And Benefits [Member] | Asset Impairment Accelerated Depreciation [Member] | Other Exit Costs [Member] | U.S. Simple Meals [Member] | U.S. Simple Meals [Member] | U.S. Simple Meals [Member] | U.S. Simple Meals [Member] | Global Baking And Snacking [Member] | Global Baking And Snacking [Member] | Global Baking And Snacking [Member] | Global Baking And Snacking [Member] | International Simple Meals And Beverages [Member] | International Simple Meals And Beverages [Member] | International Simple Meals And Beverages [Member] | International Simple Meals And Beverages [Member] | U.S. Beverages [Member] | U.S. Beverages [Member] | U.S. Beverages [Member] | U.S. Beverages [Member] | Bolthouse and Foodservice [Member] | Bolthouse and Foodservice [Member] | Bolthouse and Foodservice [Member] | Bolthouse and Foodservice [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | |||
Severance Pay And Benefits [Member] | Asset Impairment Accelerated Depreciation [Member] | Other Exit Costs [Member] | Severance Pay And Benefits [Member] | Asset Impairment Accelerated Depreciation [Member] | Other Exit Costs [Member] | Severance Pay And Benefits [Member] | Asset Impairment Accelerated Depreciation [Member] | Other Exit Costs [Member] | Severance Pay And Benefits [Member] | Asset Impairment Accelerated Depreciation [Member] | Other Exit Costs [Member] | Severance Pay And Benefits [Member] | Asset Impairment Accelerated Depreciation [Member] | Other Exit Costs [Member] | Severance Pay And Benefits [Member] | Asset Impairment Accelerated Depreciation [Member] | Other Exit Costs [Member] | Severance Pay And Benefits [Member] | Asset Impairment Accelerated Depreciation [Member] | Other Exit Costs [Member] | Severance Pay And Benefits [Member] | Asset Impairment Accelerated Depreciation [Member] | Other Exit Costs [Member] | Severance Pay And Benefits [Member] | Asset Impairment Accelerated Depreciation [Member] | Other Exit Costs [Member] | Severance Pay And Benefits [Member] | Asset Impairment Accelerated Depreciation [Member] | Other Exit Costs [Member] | Severance Pay And Benefits [Member] | Asset Impairment Accelerated Depreciation [Member] | Other Exit Costs [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Cost Incurred to Date | $145 | $35 | $99 | $11 | $90 | $19 | $64 | $7 | $13 | $2 | $10 | $1 | $9 | $5 | $3 | $1 | $31 | $7 | $22 | $2 | $2 | $2 | $0 | $0 | $73 | $41 | $23 | $9 | $32 | $10 | $20 | $2 | $14 | $14 | $0 | $0 | $17 | $11 | $3 | $3 | $3 | $3 | $0 | $0 | $1 | $1 | $0 | $0 | $6 | $2 | $0 | $4 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Stock options not included in the diluted earnings per share calculation as they were antidilutive | 0 | 0 | 0 | 0 |
Noncontrolling_Interests_Detai
Noncontrolling Interests (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Jan. 26, 2014 | Apr. 27, 2014 | Apr. 28, 2013 |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Payments to Acquire Interest in Joint Venture | ' | $7 | ' |
Contribution from noncontrolling interest | ' | 5 | 3 |
CHINA | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Controlling interest in a company | ' | 60.00% | ' |
Malaysia [Member] | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Controlling interest in a company | ' | 70.00% | ' |
Noncontrolling Interests [Member] | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Contribution from noncontrolling interest | ' | 5 | 3 |
Restructuring charges, after tax | $5 | ' | ' |
Pension_And_Postretirement_Ben2
Pension And Postretirement Benefits (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Pension Contributions | ' | ' | $45 | $83 |
Pension Plan, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | -18 | 0 | -18 | 0 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | 0 | -3 |
U.S. Pension Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Pension Contributions | ' | ' | 35 | ' |
Non U.S. Pension Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Pension Contributions | ' | ' | 10 | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | ' | ' | $1 | ' |
Pension_And_Postretirement_Ben3
Pension And Postretirement Benefits (Schedule Of Components of Benefit Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 |
Pension Plan, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $11 | $15 | $32 | $43 |
Interest cost | 29 | 27 | 87 | 81 |
Expected return on plan assets | -44 | -44 | -133 | -133 |
Amortization of Prior Service Cost (Credit) | -1 | 0 | -1 | -1 |
Recognized net actuarial loss | 20 | 27 | 58 | 81 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | 0 | -3 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 18 | 0 | 18 | 0 |
Net periodic benefit expense | 33 | 25 | 61 | 74 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 1 | 1 | 2 | 3 |
Interest cost | 4 | 3 | 13 | 11 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of Prior Service Cost (Credit) | 0 | 0 | -1 | -1 |
Recognized net actuarial loss | 2 | 4 | 9 | 11 |
Net periodic benefit expense | $7 | $8 | $23 | $24 |
Financial_Instruments_Narrativ
Financial Instruments (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Apr. 27, 2014 | Jul. 28, 2013 |
Derivatives, Fair Value [Line Items] | ' | ' |
Entity Wide Revenue, Major Customer, Percentage Of Net Sales | ' | 19.00% |
Cash Flow Hedge Ineffectiveness is Immaterial | 'The ineffective portion and amount excluded from effectiveness testing were not material. | ' |
Margin Deposit Assets | ' | $7 |
Margin Deposit Assets | 'not material | ' |
Foreign Exchange Forward [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Contracts Mature Within, Months | '18 months | ' |
Currency Swap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Lower Remaining Maturity Range | '15 months | ' |
Derivative, Higher Remaining Maturity Range | '39 months | ' |
Commodity Derivative Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Maximum Length of Contract Maturity | '18 months | ' |
Deferred Compensation Derivative Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Maximum Length of Contract Maturity | '12 months | ' |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Notional Amount | 70 | 129 |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Notional Amount | 250 | 250 |
Cash Flow Hedging [Member] | Commodity Derivative Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Notional Amount | 0 | 0 |
Fair Value Hedging [Member] | Interest Rate Swap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Notional Amount | ' | 200 |
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Notional Amount | 584 | 895 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Notional Amount | 107 | 105 |
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Notional Amount | $54 | $50 |
Financial_Instruments_Schedule
Financial Instruments (Schedule Of The Fair Value Of Derivative Instruments) (Details) (USD $) | Apr. 27, 2014 | Jul. 28, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | $27 | $32 |
Liability Derivatives | 5 | 36 |
Cash Flow Hedging [Member] | Cross-Currency Swap Contracts [Member] | Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 0 | 22 |
Cash Flow Hedging [Member] | Foreign Exchange Forward Contracts [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 1 | 2 |
Cash Flow Hedging [Member] | Foreign Exchange Forward Contracts [Member] | Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 1 | 2 |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 17 | 0 |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Other Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 0 | 23 |
Fair Value Hedging [Member] | Interest Rate Swap [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 0 | 1 |
Derivatives Designated As Hedges [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 18 | 26 |
Liability Derivatives | 1 | 24 |
Derivatives Not Designated As Hedges [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 9 | 6 |
Liability Derivatives | 4 | 12 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 7 | 2 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 0 | 6 |
Derivatives Not Designated As Hedges [Member] | Cross-Currency Swap Contracts [Member] | Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 0 | 1 |
Derivatives Not Designated As Hedges [Member] | Cross-Currency Swap Contracts [Member] | Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 3 | 1 |
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 2 | 2 |
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 1 | 4 |
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | $0 | $2 |
Financial_Instruments_Offsetti
Financial Instruments (Offsetting Assets and Liabilities) (Details) (USD $) | Apr. 27, 2014 | Jul. 28, 2013 |
In Millions, unless otherwise specified | ||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $27 | $32 |
Derivative, Collateral, Obligation to Return Securities or Cash | 1 | 8 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 26 | 24 |
Derivative Liability, Fair Value, Gross Liability | 5 | 36 |
Derivative, Collateral, Right to Reclaim Securities or Cash | 1 | 8 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $4 | $28 |
Financial_Instruments_Schedule1
Financial Instruments (Schedule Of Changes In Cash Flow Hedges In Other Comprehensive Income (Loss)) (Details) (USD $) | Apr. 27, 2014 | Jan. 26, 2014 | Jul. 28, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Jul. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 |
In Millions, unless otherwise specified | Foreign Exchange Forward Contracts [Member] | Foreign Exchange Forward Contracts [Member] | Foreign Exchange Forward Contracts [Member] | Foreign Exchange Forward Contracts [Member] | Foreign Exchange Forward Contracts [Member] | Foreign Exchange Forward Contracts [Member] | Foreign Exchange Forward Contracts [Member] | Foreign Exchange Forward Contracts [Member] | Foreign Exchange Forward Contracts [Member] | Foreign Exchange Forward Contracts [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Currency Swap [Member] | Currency Swap [Member] | Currency Swap [Member] | Currency Swap [Member] | ||||||
Cost Of Products Sold [Member] | Cost Of Products Sold [Member] | Cost Of Products Sold [Member] | Cost Of Products Sold [Member] | Other Expenses/Income [Member] | Other Expenses/Income [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | |||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OCI derivative gain/(loss) at beginning of year | $5 | $9 | $8 | ($16) | ($11) | ($16) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative instruments gain (loss) recognized in OCI | ' | ' | ' | ' | ' | ' | -1 | 0 | 2 | -1 | ' | ' | ' | ' | ' | ' | -4 | -6 | 0 | 1 | ' | ' | ' | ' | 0 | 1 | -6 | -1 |
Derivative instrument (gain) loss reclassified | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -1 | -2 | -2 | 1 | 0 | ' | ' | ' | ' | 1 | 1 | 3 | 3 | ' | ' | ' | ' |
OCI derivative gain/(loss) at end of period | $5 | $9 | $8 | ($16) | ($11) | ($16) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial_Instruments_Derivati
Financial Instruments (Derivatives Designated As Fair-Value Hedges) (Details) (Interest Expense [Member], Interest Rate Swap [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 |
Interest Expense [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | $0 | ($2) | ($1) | ($9) |
Amount of Gain or (Loss) Recognized in Earnings on Hedged Items | $0 | $2 | $1 | $9 |
Financial_Instruments_Derivati1
Financial Instruments (Derivatives Not Designated As Hedges) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | $2 | $30 | $15 | $16 |
Foreign Exchange Forward Contracts [Member] | Cost Of Products Sold [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | -1 | 0 | 4 | -1 |
Foreign Exchange Forward Contracts [Member] | Other Expenses/Income [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | 0 | 1 | -12 | 1 |
Cross-Currency Swap Contracts [Member] | Other Expenses/Income [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | -11 | 15 | 10 | -3 |
Commodity Derivative Contracts [Member] | Cost Of Products Sold [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | 11 | 5 | 11 | 4 |
Deferred Compensation Derivative Contracts [Member] | Administrative Expenses [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | $3 | $9 | $2 | $15 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements Narrative (Details) (USD $) | Apr. 27, 2014 | Jul. 28, 2013 | Apr. 27, 2014 | Jul. 28, 2013 | Apr. 27, 2014 | Jan. 26, 2014 |
In Millions, unless otherwise specified | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | 2014 Initiatives [Member] | 2014 Initiatives [Member] | ||
CHINA | Asset Impairment Accelerated Depreciation [Member] | |||||
CHINA | ||||||
Fair Value, Measurements, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | ' | ' | ' | ' | $14 | $11 |
Cash Equivalents, at Carrying Value | 40 | 4 | ' | ' | ' | ' |
Cash Equivalents, Fair Value Disclosure | ' | ' | 40 | 4 | ' | ' |
Long-term Debt | 2,947 | 3,244 | ' | ' | ' | ' |
Long-term Debt, Fair Value | ' | ' | $3,025 | $3,299 | ' | ' |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements (Fair Value Measurement Of Assets And Liabilities) (Details) (Measured On Recurring Basis [Member], USD $) | Apr. 27, 2014 | Jul. 28, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | $27 | $32 | ||
Total liabilities at fair value | 127 | 159 | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | 7 | 2 | ||
Total liabilities at fair value | 122 | 128 | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | 20 | 30 | ||
Total liabilities at fair value | 5 | 31 | ||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | ' | ' | ||
Total liabilities at fair value | ' | ' | ||
Interest Rate Swap [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | 0 | [1] | 1 | [1] |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | ' | ' | ||
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | 0 | [1] | 1 | [1] |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | ' | ' | ||
Interest Rate Contract [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | 17 | [1] | 23 | [1] |
Interest Rate Contract [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | ' | ' | ||
Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | 17 | [1] | 23 | [1] |
Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | ' | ' | ||
Foreign Exchange Forward Contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | 3 | [2] | 4 | [2] |
Total liabilities at fair value | 2 | [2] | 6 | [2] |
Foreign Exchange Forward Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | ' | ' | ||
Total liabilities at fair value | ' | ' | ||
Foreign Exchange Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | 3 | [2] | 4 | [2] |
Total liabilities at fair value | 2 | [2] | 6 | [2] |
Foreign Exchange Forward Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | ' | ' | ||
Total liabilities at fair value | ' | ' | ||
Cross-Currency Swap Contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total liabilities at fair value | 3 | [3] | 24 | [3] |
Cross-Currency Swap Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total liabilities at fair value | ' | ' | ||
Cross-Currency Swap Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total liabilities at fair value | 3 | [3] | 24 | [3] |
Cross-Currency Swap Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total liabilities at fair value | ' | ' | ||
Commodity Derivative Contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | 7 | [4] | 2 | [4] |
Total liabilities at fair value | 0 | [4] | 6 | [4] |
Commodity Derivative Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | 7 | [4] | 2 | [4] |
Total liabilities at fair value | 0 | [4] | 5 | [4] |
Commodity Derivative Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | ' | [4] | ' | [4] |
Total liabilities at fair value | 0 | [4] | 1 | [4] |
Commodity Derivative Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | ' | ' | ||
Total liabilities at fair value | ' | ' | ||
Deferred Compensation Derivative Contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | 0 | [5] | 2 | [5] |
Deferred Compensation Derivative Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | ' | ' | ||
Deferred Compensation Derivative Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | 0 | [5] | 2 | [5] |
Deferred Compensation Derivative Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | ' | ' | ||
Deferred Compensation Obligation [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total liabilities at fair value | 122 | [6] | 123 | [6] |
Deferred Compensation Obligation [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total liabilities at fair value | 122 | [6] | 123 | [6] |
Deferred Compensation Obligation [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total liabilities at fair value | ' | ' | ||
Deferred Compensation Obligation [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total liabilities at fair value | ' | ' | ||
[1] | Based on LIBOR swap rates. | |||
[2] | Based on observable market transactions of spot currency rates and forward rates. | |||
[3] | Based on observable local benchmarks for currency and interest rates. | |||
[4] | Based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. | |||
[5] | Based on LIBOR and equity index swap rates. | |||
[6] | Based on the fair value of the participantsb investments. |
Share_Repurchases_Details
Share Repurchases (Details) (USD $) | 9 Months Ended | 34 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 |
June 2011 Program [Member] | Treasury Stock [Member] | Treasury Stock [Member] | Treasury Stock [Member] | Treasury Stock [Member] | |||
Shares Repurchased To Offset The Impact Of Dilution [Member] | Shares Repurchased To Offset The Impact Of Dilution [Member] | ||||||
Statement [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Authorized amount for shares repurchase | ' | ' | $1,000 | ' | ' | ' | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | ' | 750 | ' | ' | ' | ' |
Shares repurchased, shares | ' | ' | ' | 2 | 4 | 2 | 4 |
Shares repurchased, value | $76 | $139 | ' | $76 | $139 | ' | ' |
Stockbased_Compensation_Narrat
Stock-based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||
In Millions, except Share data in Thousands, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 28, 2013 | Jul. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Jul. 28, 2013 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 |
EPS Performance Restricted Stock Units [Member] | Strategic Performance Restricted Stock Units [Member] | Time Lapse, EPS Performance And Strategic Performance Restricted Stock Units [Member] | Time Lapse, EPS Performance And Strategic Performance Restricted Stock Units [Member] | Time Lapse, EPS Performance And Strategic Performance Restricted Stock Units [Member] | TSR Performance Restricted Stock/Units [Member] | TSR Performance Restricted Stock/Units [Member] | TSR Performance Restricted Stock/Units [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | |||||
EPS Performance Restricted Stock Units [Member] | Strategic Performance Restricted Stock Units [Member] | EPS Performance Restricted Stock Units [Member] | Strategic Performance Restricted Stock Units [Member] | ||||||||||||||||
Stock-based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax stock-based compensation expense | $9 | $30 | $45 | $79 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | $1 | $3 |
Tax-related benefits | 3 | 12 | 17 | 31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from the exercise of stock options | ' | ' | 14 | 78 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of options exercised | ' | ' | 8 | 32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested, Units | ' | ' | ' | ' | 251 | 927 | 3,040 | ' | 4,208 | 910 | ' | 1,458 | ' | ' | ' | ' | ' | ' | ' |
Nonvested, Weighted-Average Grant-Date Fair Value | ' | ' | ' | ' | $37.49 | $37.86 | $37.61 | ' | $34.05 | $38.14 | ' | $41.88 | ' | ' | ' | ' | ' | ' | ' |
Potential Percentage Of Grant Under Performance Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 100.00% | 200.00% | ' | ' | ' |
Granted, Weighted-Average Grant-Date Fair Value | ' | ' | ' | ' | ' | ' | $39.83 | $35.13 | ' | $36.26 | $39.76 | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining unearned compensation on nonvested awards | ' | ' | ' | ' | ' | ' | 44 | ' | ' | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average remaining service period, years | ' | ' | ' | ' | ' | ' | '1 year 10 months | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of restricted units and shares vested | ' | ' | ' | ' | ' | ' | 105 | 39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage recipients received based on performance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess tax benefits on stock-based compensation | ' | ' | $11 | $9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockbased_Compensation_Schedu
Stock-based Compensation (Schedule Of Stock Option Activity) (Details) (USD $) | 9 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Apr. 27, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Beginning of year, Options | 1,101 |
Granted, Options | 0 |
Exercised, Options | -513 |
Terminated, Options | 0 |
End of year, Options | 588 |
Exercisable at end of period, Options | 588 |
Beginning of period, Weighted-Average Exercise Price | $27.25 |
Granted, Weighted-Average Exercise Price | $0 |
Exercised, Weighted-Average Exercise Price | $26.61 |
Terminated, Weighted-Average Exercise Price | $0 |
End of period, Weighted-Average Exercise Price | $27.82 |
Exercisable at end of period, Weighted-Average Exercise Price | $27.82 |
Outstanding at end of period, Weighted-Average Remaining Contractual Life (In years) | '10 months |
Exercisable at end of period, Weighted-Average Remaining Contractual Life (In years) | '10 months |
Outstanding at end of period, Aggregate Intrinsic Value | $10 |
Exercisable at end of period, Aggregate Intrinsic Value | $10 |
Stockbased_Compensation_TimeLa
Stock-based Compensation (Time-Lapse Restricted Stock Units, EPS Performance Restricted Stock Units And Strategic Performance Restricted Stock Units And TSR Performance Restricted Stock Units) (Details) (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 |
Time Lapse, EPS Performance And Strategic Performance Restricted Stock Units [Member] | ' | ' |
Stock-based Compensation | ' | ' |
Nonvested at beginning of period, Units | 4,208 | ' |
Granted, Units | 1,679 | ' |
Vested, Units | -2,565 | ' |
Forfeited, Units | -282 | ' |
Nonvested at end of period, Units | 3,040 | ' |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $34.05 | ' |
Granted, Weighted-Average Grant-Date Fair Value | $39.83 | $35.13 |
Vested, Weighted-Average Grant-Date Fair Value | $33.23 | ' |
Forfeited, Weighted Average Grant Date Fair Value | $37.57 | ' |
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $37.61 | ' |
TSR Performance Restricted Stock/Units [Member] | ' | ' |
Stock-based Compensation | ' | ' |
Nonvested at beginning of period, Units | 1,458 | ' |
Granted, Units | 458 | ' |
Vested, Units | 0 | ' |
Forfeited, Units | -1,006 | ' |
Nonvested at end of period, Units | 910 | ' |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $41.88 | ' |
Granted, Weighted-Average Grant-Date Fair Value | $36.26 | $39.76 |
Vested, Weighted-Average Grant-Date Fair Value | $0 | ' |
Forfeited, Weighted Average Grant Date Fair Value | $42.75 | ' |
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $38.14 | ' |
Stockbased_Compensation_Assump
Stock-based Compensation (Assumptions Used In Monte Carlo Simulation) (Details) (TSR Performance Restricted Stock/Units [Member]) | 9 Months Ended | |
Apr. 27, 2014 | Apr. 28, 2013 | |
TSR Performance Restricted Stock/Units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Risk-free interest rate | 0.60% | 0.30% |
Expected dividend yield | 2.98% | 3.26% |
Expected volatility | 15.76% | 15.07% |
Expected term, years | '3 years | '3 years |
Inventories_Details
Inventories (Details) (USD $) | Apr. 27, 2014 | Jul. 28, 2013 |
In Millions, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Inventory, Raw Materials and Supplies | $359 | $364 |
Inventory, Finished Goods | 499 | 561 |
Inventory, Net | $858 | $925 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Schedule Of Statements Of Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Employee Benefits and Deferred Compensation Payments | ($42) | ($42) |
Other | -2 | -2 |
Total other cash used in operating activities | ($44) | ($44) |
Product_Recall_Details
Product Recall (Details) (Plum Organics [Member], USD $) | 3 Months Ended | 9 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Oct. 27, 2013 | Apr. 27, 2014 |
Plum Organics [Member] | ' | ' |
Product Liability Contingency [Line Items] | ' | ' |
Inventory recall expense | $16 | ' |
Inventory recall expense, after tax | $11 | $11 |
Inventory recall expense, per diluted share | $0.03 | ' |