Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Aug. 03, 2014 | Sep. 15, 2014 | Jan. 24, 2014 | |
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-K | ' | ' |
Document Period End Date | 3-Aug-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 314,220,361 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $7,711,154,033 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | |||
Net sales | $8,268 | $8,052 | $7,175 | |||
Costs and expenses | ' | ' | ' | |||
Cost of products sold | 5,370 | 5,140 | 4,365 | |||
Marketing and selling expenses | 935 | 947 | 941 | |||
Administrative expenses | 573 | 677 | 580 | |||
Research and development expenses | 121 | 128 | 116 | |||
Other expenses / (income) | 22 | 29 | 11 | |||
Restructuring charges | 55 | 51 | 7 | |||
Total costs and expenses | 7,076 | 6,972 | 6,020 | |||
Earnings before interest and taxes | 1,192 | 1,080 | 1,155 | |||
Interest expense | 122 | 135 | 114 | |||
Interest income | 3 | 10 | 8 | |||
Earnings before taxes | 1,073 | 955 | 1,049 | |||
Taxes on earnings | 347 | 275 | 325 | |||
Earnings from continuing operations | 726 | 680 | 724 | |||
Earnings (loss) from discontinued operations | 81 | -231 | 40 | |||
Net earnings | 807 | 449 | 764 | |||
Less: Net earnings (loss) attributable to noncontrolling interests | -11 | -9 | -10 | |||
Net earnings attributable to Campbell Soup Company | $818 | $458 | $774 | |||
Per Share - Basic | ' | ' | ' | |||
Earnings from continuing operations attributable to Campbell Soup Company | $2.35 | $2.19 | $2.30 | |||
Earnings (loss) from discontinued operations | $0.26 | ($0.74) | $0.12 | |||
Net earnings attributable to Campbell Soup Company | $2.61 | [1] | $1.46 | [1] | $2.43 | [1] |
Weighted average shares outstanding - basic | 314 | 314 | 317 | |||
Per Share - Assuming Dilution | ' | ' | ' | |||
Earnings from continuing operations attributable to Campbell Soup Company | $2.33 | $2.17 | $2.29 | |||
Earnings (loss) from discontinued operations | $0.26 | ($0.73) | $0.12 | |||
Net earnings attributable to Campbell Soup Company | $2.59 | [1] | $1.44 | [1] | $2.41 | [1] |
Weighted average shares outstanding - assuming dilution | 316 | 317 | 319 | |||
[1] | The sum of the individual per share amounts may not add due to rounding. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | |||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | |||
Net earnings | $807 | $449 | $764 | |||
Other comprehensive income (loss), before tax [Abstract] | ' | ' | ' | |||
Foreign currency translation adjustments, before tax | -12 | -95 | -127 | |||
Reclassification of currency translation adjustments realized upon disposal of business, before tax | -22 | 0 | 0 | |||
Cash-flow hedges, before tax [Abstract] | ' | ' | ' | |||
Unrealized gains (losses) arising during the period, before tax | -12 | 20 | 15 | |||
Reclassification adjustment for (gains) losses included in net earnings, before tax | 0 | 4 | 0 | |||
Pension and other postretirement benefits, before tax, [Abstract] | ' | ' | ' | |||
Net actuarial gain (loss) arising during the period, before tax | -55 | 322 | -428 | |||
Reclassification of prior service credit included in net earnings, before tax | -2 | [1] | -2 | [1] | -1 | [1] |
Reclassification of net actuarial loss included in net earnings before tax | 113 | [1] | 124 | [1] | 83 | [1] |
Other comprehensive income (loss), before tax | 10 | 373 | -458 | |||
Other comprehensive income (loss), tax (expense) benefit [Abstract] | ' | ' | ' | |||
Foreign currency translation adjustments, tax (expense) benefit | -1 | 3 | -8 | |||
Reclassification of currency translation adjustments realized upon disposal of business, tax (expense) benefit | 3 | 0 | 0 | |||
Cash-flow hedges, tax effect [Abstract] | ' | ' | ' | |||
Unrealized gains (losses) arising during the period, tax (expense) benefit | 4 | -8 | -5 | |||
Reclassification adjustment for (gains) losses included in net earnings, tax (expense) benefit | 0 | -1 | 0 | |||
Pension and other postretirement liability adjustments, tax effect [Abstract] | ' | ' | ' | |||
Net actuarial gain (loss) arising during the period, tax (expense) benefit | 20 | -103 | 151 | |||
Reclassification of prior service credit included in net earnings, tax (expense) benefit | 0 | 0 | 0 | |||
Reclassification of net actuarial loss included in net earnings, tax (expense) benefit | -39 | -54 | -29 | |||
Other comprehensive income (loss), tax (expense) benefit | -13 | -163 | 109 | |||
Other comprehensive income (loss), after-tax [Abstract] | ' | ' | ' | |||
Foreign currency translation adjustments, after-tax | -13 | -92 | -135 | |||
Reclassification of currency translation adjustments realized upon disposal of business, after-tax | -19 | 0 | 0 | |||
Cash-flow hedges, after-tax[Abstract] | ' | ' | ' | |||
Unrealized gains (losses) arising during the period, after-tax | -8 | 12 | 10 | |||
Reclassification adjustment for (gains) losses included in net earnings, after-tax | 0 | 3 | 0 | |||
Pension and other postretirement liability adjustments, after-tax [Abstract] | ' | ' | ' | |||
Net actuarial gain (loss) arising during the period, after-tax | -35 | 219 | -277 | |||
Reclassification of prior service credit included in net earnings, after-tax | -2 | -2 | -1 | |||
Reclassification of net actuarial loss included in net earnings, after-tax | 74 | 70 | 54 | |||
Other comprehensive income (loss), after tax | -3 | 210 | -349 | |||
Total comprehensive income (loss), after-tax | 804 | 659 | 415 | |||
Total comprehensive income (loss) attributable to noncontrolling interests | -10 | -10 | -10 | |||
Total comprehensive income (loss) attributable to Campbell Soup Company | $814 | $669 | $425 | |||
[1] | In 2014, net actuarial losses of $2 were recognized in Earnings (loss) 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 in 2014, 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 $) | Aug. 03, 2014 | Jul. 28, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $232 | $333 |
Accounts receivable, net | 670 | 635 |
Inventories | 1,016 | 925 |
Other current assets | 182 | 135 |
Current assets of discontinued operations held for sale | 0 | 193 |
Total current assets | 2,100 | 2,221 |
Plant assets, net of depreciation | 2,318 | 2,260 |
Goodwill | 2,433 | 2,297 |
Other intangible assets, net of amortization | 1,175 | 1,021 |
Other assets | 87 | 131 |
Non-current assets of discontinued operations held for sale | 0 | 393 |
Total assets | 8,113 | 8,323 |
Current liabilities | ' | ' |
Short-term borrowings | 1,771 | 1,909 |
Payable to suppliers and others | 527 | 523 |
Accrued liabilities | 553 | 617 |
Dividend payable | 101 | 100 |
Accrued income taxes | 37 | 19 |
Current liabilties of discontinued operations held for sale | 0 | 114 |
Total current liabilities | 2,989 | 3,282 |
Long-term debt | 2,244 | 2,544 |
Deferred taxes | 548 | 489 |
Other liabilities | 729 | 776 |
Non-current liabilities of discontinued operations held for sale | 0 | 22 |
Total liabilities | 6,510 | 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 | 330 | 362 |
Earnings retained in the business | 2,198 | 1,772 |
Capital stock in treasury, at cost | -356 | -364 |
Accumulated other comprehensive loss | -569 | -565 |
Total Campbell Soup Company shareholders' equity | 1,615 | 1,217 |
Noncontrolling interests | -12 | -7 |
Total equity | 1,603 | 1,210 |
Total liabilities and equity | $8,113 | $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 $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net earnings | $807 | $449 | $764 |
Adjustments to reconcile net earnings to operating cash flow | ' | ' | ' |
Impairment charge | 0 | 396 | 0 |
Restructuring charges | 55 | 51 | 10 |
Stock-based compensation | 57 | 113 | 79 |
Depreciation and amortization | 305 | 407 | 262 |
Deferred income taxes | 11 | -171 | 45 |
Gain on sale of business | -141 | 0 | 0 |
Other, net | 118 | 155 | 118 |
Changes in working capital | ' | ' | ' |
Accounts receivable | -38 | -48 | -18 |
Inventories | -56 | -146 | 32 |
Prepaid assets | -22 | 5 | -3 |
Accounts payable and accrued liabilities | -93 | -69 | -19 |
Pension fund contributions | -47 | -87 | -71 |
Receipts from (payments of) hedging activities | -4 | 22 | 7 |
Other | -53 | -58 | -86 |
Net cash provided by operating activities | 899 | 1,019 | 1,120 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of plant assets | -347 | -336 | -323 |
Sales of plant assets | 22 | 5 | 1 |
Businesses acquired, net of cash acquired | -329 | -1,806 | 0 |
Sale of business, net of cash divested | 520 | 0 | 0 |
Other, net | 0 | -17 | -1 |
Net cash used in investing activities | -134 | -2,154 | -323 |
Cash flows from financing activities: | ' | ' | ' |
Net short-term borrowings (repayments) | 208 | 825 | -257 |
Long-term borrowings (repayments) | -2 | 1,250 | 0 |
Repayments of notes payable | -700 | -400 | 0 |
Dividends paid | -391 | -367 | -373 |
Treasury stock purchases | -76 | -153 | -412 |
Treasury stock issuances | 18 | 83 | 112 |
Excess tax benefits on stock-based compensation | 13 | 12 | 8 |
Contributions from noncontrolling interest | 5 | 3 | 2 |
Other, net | 0 | -16 | 0 |
Net cash provided by (used in) financing activities | -925 | 1,237 | -920 |
Effect of exchange rate changes on cash | -9 | -36 | -26 |
Net change in cash and cash equivalents | -169 | 66 | -149 |
Cash and cash equivalents continuing operations - beginning of period | 333 | 335 | 484 |
Cash and cash equivalents discontinued operations - beginning of period | 68 | 0 | 0 |
Cash and cash equivalents discontinued operations - end of period | 0 | -68 | 0 |
Cash and cash equivalents continuing operations - end of period | $232 | $333 | $335 |
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. 31, 2011 | $1,096 | $20 | ($8,021) | $331 | $9,185 | ($427) | $8 |
Treasury stock, shares at Jul. 31, 2011 | ' | ' | -222 | ' | ' | ' | ' |
Capital stock, shares at Jul. 31, 2011 | ' | 542 | ' | ' | ' | ' | ' |
Contribution from noncontrolling interest | 2 | ' | ' | ' | ' | ' | 2 |
Net earnings (loss) | 764 | ' | ' | ' | 774 | ' | -10 |
Other comprehensive income (loss) | -349 | ' | ' | ' | ' | -349 | 0 |
Dividends | -375 | ' | ' | ' | -375 | ' | ' |
Dividends per share | $1.16 | ' | ' | ' | ' | ' | ' |
Treasury stock purchased, shares | ' | ' | -13 | ' | ' | ' | ' |
Treasury stock purchased, value | -412 | ' | -412 | ' | ' | ' | ' |
Treasury stock issued under management incentive and stock option plans, shares | ' | ' | 5 | ' | ' | ' | ' |
Treasury stock issued under management incentive and stock option plans, value | 172 | ' | 174 | -2 | ' | ' | ' |
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) | 449 | ' | ' | ' | 458 | ' | -9 |
Other comprehensive income (loss) | 210 | ' | ' | ' | ' | 211 | -1 |
Dividends | -371 | ' | ' | ' | -371 | ' | ' |
Dividends per share | $1.16 | ' | ' | ' | ' | ' | ' |
Treasury stock purchased, shares | ' | ' | -4 | ' | ' | ' | ' |
Treasury stock purchased, value | -153 | ' | -153 | ' | ' | ' | ' |
Treasury stock retired, shares | 219 | -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 | 174 | ' | 141 | 33 | ' | ' | ' |
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) | 807 | ' | ' | ' | 818 | ' | -11 |
Other comprehensive income (loss) | -3 | ' | ' | ' | ' | -4 | 1 |
Dividends | -392 | ' | ' | ' | -392 | ' | ' |
Dividends per share | $1.25 | ' | ' | ' | ' | ' | ' |
Treasury stock purchased, shares | ' | ' | -2 | ' | ' | ' | ' |
Treasury stock purchased, value | -76 | ' | -76 | ' | ' | ' | ' |
Treasury stock issued under management incentive and stock option plans, shares | ' | ' | 3 | ' | ' | ' | ' |
Treasury stock issued under management incentive and stock option plans, value | 52 | ' | 84 | -32 | ' | ' | ' |
Balance, value at Aug. 03, 2014 | $1,603 | $12 | ($356) | $330 | $2,198 | ($569) | ($12) |
Treasury stock, shares at Aug. 03, 2014 | ' | ' | -10 | ' | ' | ' | ' |
Capital stock, shares at Aug. 03, 2014 | ' | 323 | ' | ' | ' | ' | ' |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Aug. 03, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation — The consolidated financial statements include the accounts of the company and entities in which the company maintains a controlling financial interest. Intercompany transactions are eliminated in consolidation. 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 53 weeks in 2014, and 52 weeks in 2013 and 2012. | |
Use of Estimates — Generally accepted accounting principles require management to make estimates and assumptions that affect assets, liabilities, revenues and expenses. Actual results could differ from those estimates. | |
Revenue Recognition — Revenues are recognized when the earnings process is complete. This occurs when products are shipped in accordance with terms of agreements, title and risk of loss transfer to customers, collection is probable and pricing is fixed or determinable. Revenues are recognized net of provisions for returns, discounts and allowances. Certain sales promotion expenses, such as feature price discounts, in-store display incentives, cooperative advertising programs, new product introduction fees and coupon redemption costs, are classified as a reduction of sales. The recognition of costs for promotion programs involves the use of judgment related to performance and redemption estimates. Estimates are made based on historical experience and other factors. Costs are recognized either upon sale or when the incentive is offered, based on the program. Revenues are presented on a net basis for arrangements under which suppliers perform certain additional services. | |
Cash and Cash Equivalents — All highly liquid debt instruments purchased with a maturity of three months or less are classified as cash equivalents. | |
Inventories — All inventories are valued at the lower of average cost or market. | |
Property, Plant and Equipment — Property, plant and equipment are recorded at historical cost and are depreciated over estimated useful lives using the straight-line method. Buildings and machinery and equipment are depreciated over periods not exceeding 45 years and 20 years, respectively. Assets are evaluated for impairment when conditions indicate that the carrying value may not be recoverable. Such conditions include significant adverse changes in business climate or a plan of disposal. Repairs and maintenance are charged to expense as incurred. | |
Goodwill and Intangible Assets — Goodwill and intangible assets deemed to have indefinite lives are not amortized but rather are tested at least annually for impairment, or when circumstances indicate that the carrying amount of the asset may not be recoverable. Goodwill is tested for impairment at the reporting unit level. A reporting unit is an operating segment or a component of an operating segment. Goodwill is tested for impairment by either performing a qualitative evaluation or a two-step quantitative test. The qualitative evaluation is an assessment of factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The company may elect not to perform the qualitative assessment for some or all reporting units and perform a two-step quantitative impairment test. Fair value is determined based on discounted cash flow analyses. The discounted estimates of future cash flows include significant management assumptions such as revenue growth rates, operating margins, weighted average cost of capital, and future economic and market conditions. If the carrying value of the reporting unit exceeds fair value, goodwill is considered impaired. The amount of the impairment is the difference between the carrying value of the goodwill and the “implied” fair value, which is calculated as if the reporting unit had just been acquired and accounted for as a business combination. | |
Indefinite-lived intangible assets are tested for impairment by comparing the fair value of the asset to the carrying value. Fair value is determined based on discounted cash flow analyses that include significant management assumptions such as revenue growth rates, weighted average cost of capital, and assumed royalty rates. If the fair value is less than the carrying value, the asset is reduced to fair value. | |
See Note 6 for information on intangible assets and an impairment charge recognized in 2013. | |
Derivative Financial Instruments — The company uses derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates, interest rates, commodities and equity-linked employee benefit obligations. 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 strategies that qualify and strategies that do not qualify for hedge accounting treatment. To qualify for hedge accounting, the hedging relationship, both at inception of the hedge and on an ongoing basis, is expected to be highly effective in achieving offsetting changes in the fair value of the hedged risk during the period that the hedge is designated. | |
All derivatives are recognized on the balance sheet at fair value. For derivatives that qualify for hedge accounting, on the date the derivative contract is entered into, the company designates the derivative as a hedge of the fair value of a recognized asset or liability or a firm commitment (fair-value hedge), a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (cash-flow hedge), or a hedge of a net investment in a foreign operation. Some derivatives may also be considered natural hedging instruments (changes in fair value act as economic offsets to changes in fair value of the underlying hedged item) and are not designated for hedge accounting. | |
Changes in the fair value of a fair-value hedge, along with the gain or loss on the underlying hedged asset or liability (including losses or gains on firm commitments), are recorded in current-period earnings. The effective portion of gains and losses on cash-flow hedges are recorded in other comprehensive income (loss), until earnings are affected by the variability of cash flows. If the hedge is no longer effective, all changes in the fair value of the derivative are included in earnings each period until the instrument matures. If a derivative is used as a hedge of a net investment in a foreign operation, its changes in fair value, to the extent effective as a hedge, are recorded in other comprehensive income (loss). Any ineffective portion of designated hedges is recognized in current-period earnings. Changes in the fair value of derivatives that are not designated for hedge accounting are recognized in current-period earnings. | |
Cash flows from derivative contracts are included in Net cash provided by operating activities. | |
Advertising Production Costs — Advertising production costs are expensed in the period that the advertisement first takes place or when a decision is made not to use an advertisement. | |
Research and Development Costs — The costs of research and development are expensed as incurred. Costs include expenditures for new product and manufacturing process innovation, and improvements to existing products and processes. Costs primarily consist of salaries, wages, consulting, and depreciation and maintenance of research facilities and equipment. | |
Income Taxes — Deferred tax assets and liabilities are recognized for the future impact of differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended |
Aug. 03, 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 14. | |
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 adopted the guidance in 2014. The adoption did not have an 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 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 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 | 12 Months Ended | ||||||||||||
Aug. 03, 2014 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Acquisitions | ' | ||||||||||||
Acquisitions | |||||||||||||
On August 8, 2013, the company completed the acquisition of Kelsen Group A/S (Kelsen). The final all-cash 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. | |||||||||||||
The excess of the purchase price over the estimated fair values of identifiable net assets was recorded as $140 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 $193 to Net sales and $8 to Net Earnings from August 8, 2013 through August 3, 2014. | |||||||||||||
On June 13, 2013, the company completed the acquisition of Plum, PBC (Plum). The final all-cash purchase price was $249. Plum is a leading provider of premium, organic foods and snacks that serve the nutritional needs of babies, toddlers and children. | |||||||||||||
The acquisition of Plum contributed $88 to Net sales and resulted in a decrease of $19 to Net earnings for 2014. The 2014 results included $11 of after-tax costs incurred from a voluntary product recall (see Note 20 for additional details). The acquisition also contributed $14 to Net sales and resulted in a decrease of $2 to Net earnings from June 13, 2013 through July 28, 2013. | |||||||||||||
The excess of the purchase price over the estimated fair values of identifiable net assets was recorded as $128 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 U.S. Simple Meals segment. | |||||||||||||
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. Bolthouse Farms is a vertically integrated food and beverage company focused on developing, manufacturing and marketing fresh carrots and proprietary, high value-added products. | |||||||||||||
The acquisition of Bolthouse Farms contributed $756 to Net sales and $18 to Net earnings from August 6, 2012 through July 28, 2013. The company incurred transaction costs of $10 ($7 after tax) in the first quarter of 2013 and $5 ($3 after tax) in the fourth quarter of 2012 related to this acquisition. The costs were recorded in Other expenses/(income). | |||||||||||||
The excess of the purchase price over the estimated fair values of identifiable net assets was recorded as $692 of goodwill. Of this amount, $284 is 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 Bolthouse and Foodservice segment. | |||||||||||||
The acquired assets and assumed liabilities include the following: | |||||||||||||
Kelsen | Plum | Bolthouse | |||||||||||
Cash | $ | 2 | $ | 1 | $ | 3 | |||||||
Accounts receivable | 20 | 15 | 74 | ||||||||||
Inventories | 50 | 20 | 122 | ||||||||||
Other current assets | 2 | 1 | 8 | ||||||||||
Plant assets | 47 | 2 | 335 | ||||||||||
Goodwill | 140 | 128 | 692 | ||||||||||
Other intangible assets | 173 | 133 | 580 | ||||||||||
Other assets | — | — | 8 | ||||||||||
Short-term debt | (32 | ) | — | (1 | ) | ||||||||
Accounts payable | (13 | ) | (12 | ) | (59 | ) | |||||||
Accrued liabilities | (10 | ) | (5 | ) | (29 | ) | |||||||
Long-term debt | (4 | ) | — | (1 | ) | ||||||||
Deferred income taxes | (44 | ) | (34 | ) | (156 | ) | |||||||
Other liabilities | — | — | (15 | ) | |||||||||
Total assets acquired and liabilities assumed | $ | 331 | $ | 249 | $ | 1,561 | |||||||
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. | |||||||||||||
The identifiable intangible assets of Bolthouse consist of: | |||||||||||||
Type | Life in Years | Value | |||||||||||
Trademarks | Non-amortizable | Indefinite | $ | 383 | |||||||||
Customer relationships | Amortizable | 20 | 132 | ||||||||||
Distributor relationship | Amortizable | 7 | 2 | ||||||||||
Technology and patents | Amortizable | 9 | to | 17 | 43 | ||||||||
Formula and recipes | Amortizable | 5 | 20 | ||||||||||
Total identifiable intangible assets | $ | 580 | |||||||||||
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: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales | $ | 8,272 | $ | 8,327 | $ | 7,941 | |||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ | 738 | $ | 684 | $ | 711 | |||||||
Earnings per share from continuing operations attributable to Campbell Soup Company | $ | 2.34 | $ | 2.16 | $ | 2.22 | |||||||
The pro forma amounts include transaction costs, 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 and 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 | 12 Months Ended | ||||||||||||
Aug. 03, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Discontinued Operations | ' | ||||||||||||
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. The all-cash preliminary sale price was €400, or $548, and 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 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. | |||||||||||||
In the fourth quarter of 2013, the company recorded an impairment charge on the intangible assets of this business of $396 ($263 after tax or $.83 per share). In addition, the company recorded $18 in tax expense ($.06 per share) representing taxes on the difference between the book value and tax basis of the business. See Note 6 for additional information on the impairment charge. | |||||||||||||
The company has reflected the results of the European simple meals business as discontinued operations in the Consolidated Statements of Earnings for all years presented. The business was historically included in the International Simple Meals and Beverages segment. | |||||||||||||
Results of discontinued operations were as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales | $ | 137 | $ | 532 | $ | 532 | |||||||
Gain on sale of the European simple meals business | $ | 141 | $ | — | $ | — | |||||||
Impairment on the European simple meals business | — | (396 | ) | — | |||||||||
Earnings from operations, before taxes | 14 | 65 | 57 | ||||||||||
Earnings (loss) before taxes | $ | 155 | $ | (331 | ) | $ | 57 | ||||||
Taxes on earnings | (74 | ) | 100 | (17 | ) | ||||||||
Earnings (loss) from discontinued operations | $ | 81 | $ | (231 | ) | $ | 40 | ||||||
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) | 12 Months Ended | ||||||||||||||||
Aug. 03, 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 Adjustments(1) | Gains (Losses) on Cash Flow Hedges(2) | Pension and Postretirement Benefit Plan Adjustments(3) | Total Accumulated Comprehensive Income (Loss) | ||||||||||||||
Balance at July 29, 2012 | $ | 261 | $ | (10 | ) | $ | (1,027 | ) | $ | (776 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (91 | ) | 12 | 219 | 140 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 3 | 68 | 71 | |||||||||||||
Net current-period other comprehensive income (loss) | (91 | ) | 15 | 287 | 211 | ||||||||||||
Balance at July 28, 2013 | $ | 170 | $ | 5 | $ | (740 | ) | $ | (565 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (14 | ) | (8 | ) | (35 | ) | (57 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (19 | ) | — | 72 | 53 | ||||||||||||
Net current-period other comprehensive income (loss) | (33 | ) | (8 | ) | 37 | (4 | ) | ||||||||||
Balance at August 3, 2014 | $ | 137 | $ | (3 | ) | $ | (703 | ) | $ | (569 | ) | ||||||
_____________________________________ | |||||||||||||||||
(1) | Included a tax expense of $7 as of August 3, 2014, $9 as of July 28, 2013 and $12 as of July 29, 2012. The amount reclassified from other comprehensive income was related to the divestiture of the European simple meals business and was included in Earnings (loss) from discontinued operations. | ||||||||||||||||
(2) | Included a tax benefit of $1 as of August 3, 2014, a tax expense of $3 as of July 28, 2013 and a tax benefit of $6 as of July 29, 2012. | ||||||||||||||||
(3) | Included a tax benefit of $405 as of August 3, 2014, $424 as of July 28, 2013 and $581 as of July 29, 2012. The amount reclassified in 2014 from other comprehensive income included pre-tax settlement charges of $22, or $14 after tax. | ||||||||||||||||
Amounts related to noncontrolling interests were not material. | |||||||||||||||||
The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following: | |||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | 2014 | 2013 | 2012 | Location of (Gain) Loss Recognized in Earnings | |||||||||||||
(Gains) losses on cash flow hedges: | |||||||||||||||||
Foreign exchange forward contracts | $ | (4 | ) | $ | 1 | $ | (1 | ) | Cost of products sold | ||||||||
Foreign exchange forward contracts | 1 | (1 | ) | (2 | ) | Other expenses / (income) | |||||||||||
Forward starting interest rate swaps | 3 | 4 | 3 | Interest expense | |||||||||||||
Total before tax | — | 4 | — | ||||||||||||||
Tax expense (benefit) | — | (1 | ) | — | |||||||||||||
(Gain) loss, net of tax | $ | — | $ | 3 | $ | — | |||||||||||
Pension and postretirement benefit adjustments: | |||||||||||||||||
Prior service credit | $ | (2 | ) | $ | (2 | ) | $ | (1 | ) | (1) | |||||||
Net actuarial losses | 113 | 124 | 83 | (1) | |||||||||||||
Total before tax | 111 | 122 | 82 | ||||||||||||||
Tax expense (benefit) | (39 | ) | (54 | ) | (29 | ) | |||||||||||
(Gain) loss, net of tax | $ | 72 | $ | 68 | $ | 53 | |||||||||||
_____________________________________ | |||||||||||||||||
(1) | In 2014, net actuarial losses of $2 were recognized in Earnings (loss) 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 in 2014, these items are included in the components of net periodic benefit costs (see Note 11 for additional details). | ||||||||||||||||
In 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 (loss) from discontinued operations. |
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Aug. 03, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
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 29, 2012 | $ | 322 | $ | 872 | $ | 561 | $ | 112 | $ | 146 | $ | 2,013 | ||||||||||||
Acquisitions | 128 | — | — | — | 692 | 820 | ||||||||||||||||||
Impairment | — | — | (360 | ) | — | — | (360 | ) | ||||||||||||||||
Reclassification to assets held for sale | — | — | (110 | ) | — | — | (110 | ) | ||||||||||||||||
Foreign currency translation adjustment | — | (97 | ) | 31 | — | — | (66 | ) | ||||||||||||||||
Balance at July 28, 2013 | $ | 450 | $ | 775 | $ | 122 | $ | 112 | $ | 838 | $ | 2,297 | ||||||||||||
Acquisition | — | 140 | — | — | — | 140 | ||||||||||||||||||
Foreign currency translation adjustment | — | 3 | (7 | ) | — | — | (4 | ) | ||||||||||||||||
Balance at August 3, 2014 | $ | 450 | $ | 918 | $ | 115 | $ | 112 | $ | 838 | $ | 2,433 | ||||||||||||
In 2014, the company acquired Kelsen for $331 and goodwill related to the acquisition was $140. See Note 3. | ||||||||||||||||||||||||
In 2013, the company acquired Bolthouse Farms for $1,561 and Plum for $249. Goodwill related to the acquisition of Bolthouse Farms and Plum was $692 and $128, respectively. See Note 3. | ||||||||||||||||||||||||
On October 28, 2013, the company completed the sale of its European simple meals business.The assets and liabilities of the European business have been reflected in assets and liabilities held for sale in the Consolidated Balance Sheet as of July 28, 2013. The company has reflected the results of the business as discontinued operations in the Consolidated Statements of Earnings for all years presented. The business was historically included in the International Simple Meals and Beverages segment. | ||||||||||||||||||||||||
In the fourth quarter of 2013, as part of the company's annual review of intangible assets, an impairment charge of $360 was recorded on goodwill for the simple meals business in Europe to reduce the carrying value to the implied fair value of $110. The impairment was attributable to a combination of factors, including the existence of a firm offer to purchase the business; a revised future outlook for the business, with reduced expectations for future sales and discounted cash flows, given the economic uncertainty in the region; future investments required to maintain performance; and management's assumptions on the weighted average cost of capital. Fair value was determined based on discounted cash flow analyses. The discounted estimates of future cash flows include significant management assumptions such as revenue growth rates, operating margins, weighted average cost of capital, and future economic and market conditions. The impairment charge was recorded in Earnings (loss) from discontinued operations in the Consolidated Statements of Earnings. | ||||||||||||||||||||||||
Intangible Assets | ||||||||||||||||||||||||
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 | 2014 | 2013 | ||||||||||||||||||||||
Amortizable intangible assets | ||||||||||||||||||||||||
Customer relationships | $ | 178 | $ | 156 | ||||||||||||||||||||
Technology | 40 | 40 | ||||||||||||||||||||||
Other | 35 | 32 | ||||||||||||||||||||||
Total gross amortizable intangible assets | $ | 253 | $ | 228 | ||||||||||||||||||||
Accumulated amortization | (35 | ) | (17 | ) | ||||||||||||||||||||
Total net amortizable intangible assets | $ | 218 | $ | 211 | ||||||||||||||||||||
Non-amortizable intangible assets | ||||||||||||||||||||||||
Trademarks | 957 | 810 | ||||||||||||||||||||||
Total net intangible assets | $ | 1,175 | $ | 1,021 | ||||||||||||||||||||
Non-amortizable intangible assets consist of trademarks, which include Bolthouse Farms, Pace, Plum Organics, Kjeldsens and Royal Dansk. Trademarks of $150 used in the European simple meals business have been included in assets held for sale in the Consolidated Balance Sheet as of July 28, 2013. Other amortizable intangible assets consist of recipes, patents, trademarks and distributor relationships. | ||||||||||||||||||||||||
Amortization of intangible assets of continuing operations was $18 for 2014, $14 for 2013 and $1 for 2012. Amortization expense for the following 5 years is estimated to be $18 in each of the fiscal periods 2015 through 2017, and $14 in 2018 and 2019. Asset useful lives range from 5 to 20 years. | ||||||||||||||||||||||||
In the fourth quarter of 2013, as part of the company's annual review of intangible assets, an impairment charge of $36 was recognized related to certain trademarks of the European business held for sale, including Royco, Isomitta and Heisse Tasse. The trademarks were determined to be impaired as a result of a decrease in the fair value of the brands, resulting from reduced expectations for future sales and discounted cash flows as previously discussed. In 2012, as part of the company's annual review of intangible assets, an impairment charge of $3 was recognized related to trademarks of the European simple meals business. The trademarks were determined to be impaired as a result of a decrease in the fair value of the brands, resulting from reduced expectations for future sales and discounted cash flows. The impairment charges were recorded in Earnings (loss) from discontinued operations in the Consolidated Statements of Earnings. | ||||||||||||||||||||||||
The discounted estimates of future cash flows used in determining the fair value of goodwill and intangible assets involve considerable management judgment and are based upon assumptions about expected future operating performance, economic conditions, market conditions and cost of capital. Inherent in estimating the future cash flows are uncertainties beyond the company’s control, such as changes in capital markets. The actual cash flows could differ materially from management’s estimates due to changes in business conditions, operating performance and economic conditions. |
Business_And_Geographic_Segmen
Business And Geographic Segment Information | 12 Months Ended | ||||||||||||
Aug. 03, 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 years presented. | |||||||||||||
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. Bolthouse Farms was acquired on August 6, 2012. | |||||||||||||
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. Therefore, only geographic segment asset information is included in the disclosure. | |||||||||||||
The company's largest customer, Wal-Mart Stores, Inc. and its affiliates, accounted for approximately 19% of consolidated net sales in 2014, 2013 and 2012. All of the company's reportable segments sold products to Wal-Mart Stores, Inc. or its affiliates. | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales | |||||||||||||
U.S. Simple Meals | $ | 2,944 | $ | 2,849 | $ | 2,726 | |||||||
Global Baking and Snacking | 2,440 | 2,273 | 2,193 | ||||||||||
International Simple Meals and Beverages | 780 | 869 | 872 | ||||||||||
U.S. Beverages | 723 | 742 | 774 | ||||||||||
Bolthouse and Foodservice | 1,381 | 1,319 | 610 | ||||||||||
Total | $ | 8,268 | $ | 8,052 | $ | 7,175 | |||||||
2014 | 2013 | 2012 | |||||||||||
Earnings before interest and taxes | |||||||||||||
U.S. Simple Meals | $ | 714 | $ | 731 | $ | 658 | |||||||
Global Baking and Snacking | 332 | 316 | 315 | ||||||||||
International Simple Meals and Beverages | 106 | 108 | 106 | ||||||||||
U.S. Beverages | 127 | 120 | 134 | ||||||||||
Bolthouse and Foodservice | 117 | 116 | 85 | ||||||||||
Corporate(1) | (149 | ) | (260 | ) | (136 | ) | |||||||
Restructuring charges(2) | (55 | ) | (51 | ) | (7 | ) | |||||||
Total | $ | 1,192 | $ | 1,080 | $ | 1,155 | |||||||
2014 | 2013 | 2012 | |||||||||||
Depreciation and amortization | |||||||||||||
U.S. Simple Meals | $ | 77 | $ | 146 | $ | 92 | |||||||
Global Baking and Snacking | 93 | 83 | 83 | ||||||||||
International Simple Meals and Beverages | 19 | 23 | 22 | ||||||||||
U.S. Beverages | 21 | 39 | 22 | ||||||||||
Bolthouse and Foodservice | 80 | 90 | 14 | ||||||||||
Corporate(3) | 15 | 15 | 15 | ||||||||||
Discontinued Operations | — | 11 | 14 | ||||||||||
Total | $ | 305 | $ | 407 | $ | 262 | |||||||
2014 | 2013 | 2012 | |||||||||||
Capital expenditures | |||||||||||||
U.S. Simple Meals and U.S. Beverages(4) | $ | 115 | $ | 82 | $ | 97 | |||||||
Global Baking and Snacking | 120 | 112 | 126 | ||||||||||
International Simple Meals and Beverages | 26 | 19 | 32 | ||||||||||
Bolthouse and Foodservice | 57 | 83 | 9 | ||||||||||
Corporate(3) | 28 | 30 | 45 | ||||||||||
Discontinued Operations | 1 | 10 | 14 | ||||||||||
Total | $ | 347 | $ | 336 | $ | 323 | |||||||
_______________________________________ | |||||||||||||
(1) | Represents unallocated corporate expenses. Pension settlement charges of $22 associated with a U.S. pension plan were included in 2014. The settlements 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. In addition, a loss of $9 on foreign exchange forward contracts related to the sale of the European simple meals business and restructuring-related costs of $3 were included in 2014. Restructuring-related costs of $91 and acquisition costs of $10 were included in 2013. Acquisition costs of $5 were included in 2012. | ||||||||||||
(2) | See Note 8 for additional information. | ||||||||||||
(3) | Represents primarily corporate offices. | ||||||||||||
(4) | Capital expenditures for U.S. Simple Meals and U.S. Beverages are not maintained by segment. | ||||||||||||
The company’s global net sales based on product categories are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales | |||||||||||||
Simple Meals | $ | 4,511 | $ | 4,446 | $ | 3,887 | |||||||
Baked Snacks | 2,571 | 2,408 | 2,320 | ||||||||||
Beverages | 1,186 | 1,198 | 968 | ||||||||||
Total | $ | 8,268 | $ | 8,052 | $ | 7,175 | |||||||
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. | |||||||||||||
Geographic Area Information | |||||||||||||
Information about operations in different geographic areas is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales | |||||||||||||
United States | $ | 6,432 | $ | 6,195 | $ | 5,359 | |||||||
Australia | 709 | 801 | 819 | ||||||||||
Other countries | 1,127 | 1,056 | 997 | ||||||||||
Total | $ | 8,268 | $ | 8,052 | $ | 7,175 | |||||||
2014 | 2013 | 2012 | |||||||||||
Long-lived assets | |||||||||||||
United States | $ | 1,844 | $ | 1,804 | $ | 1,538 | |||||||
Australia | 306 | 317 | 356 | ||||||||||
Other countries | 168 | 139 | 233 | ||||||||||
Total | $ | 2,318 | $ | 2,260 | $ | 2,127 | |||||||
Restructuring_Charges
Restructuring Charges | 12 Months Ended | |||||||||||||||||||||||||||
Aug. 03, 2014 | ||||||||||||||||||||||||||||
Restructuring Charges [Abstract] | ' | |||||||||||||||||||||||||||
Restructuring Charges | ' | |||||||||||||||||||||||||||
Restructuring Charges | ||||||||||||||||||||||||||||
2014 Initiatives | ||||||||||||||||||||||||||||
In 2014, the company implemented the following initiatives to reduce overhead across the organization, restructure manufacturing and streamline operations for its soup and broth business in China and improve supply chain efficiency in Australia. Details of the 2014 initiatives include: | ||||||||||||||||||||||||||||
• | The company streamlined its salaried workforce in North America and its workforce in the Asia Pacific region. Approximately 250 positions were eliminated. | |||||||||||||||||||||||||||
• | 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 100 positions were eliminated. | |||||||||||||||||||||||||||
• | In Australia, the company implemented an initiative to improve supply chain efficiency by relocating production from its biscuit plant in Marleston to Huntingwood. The relocation will occur through the second quarter of 2016 and will result in the elimination of approximately 90 positions. | |||||||||||||||||||||||||||
• | The company implemented an initiative to reduce overhead across the organization by approximately 85 positions. The actions will be completed in 2015. | |||||||||||||||||||||||||||
In 2014, the company recorded a restructuring charge of $54 ($33 after tax or $.10 per share in earnings from continuing operations attributable to Campbell Soup Company) related to the 2014 initiatives. 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 | ||||||||||||||||||||||||||
3-Aug-14 | Recognized | |||||||||||||||||||||||||||
Severance pay and benefits | $ | 42 | $ | (41 | ) | $ | 1 | |||||||||||||||||||||
Asset impairment | 12 | (12 | ) | — | ||||||||||||||||||||||||
Other exit costs | 2 | (1 | ) | 1 | ||||||||||||||||||||||||
Total | $ | 56 | $ | (54 | ) | $ | 2 | |||||||||||||||||||||
Of the aggregate $56 of pre-tax costs, the company expects approximately $43 will be cash expenditures. In addition, the company expects to invest approximately $7 in capital expenditures, primarily to relocate biscuit production and packaging capabilities. The remaining aspects of the 2014 initiatives are expected to be completed through 2016. | ||||||||||||||||||||||||||||
A summary of the restructuring activity and related reserves associated with the 2014 initiatives at August 3, 2014 is as follows: | ||||||||||||||||||||||||||||
Accrued | 2014 Charges | 2014 Cash | Foreign Currency Translation Adjustment | Accrued | ||||||||||||||||||||||||
Balance at | Payments | Balance at | ||||||||||||||||||||||||||
28-Jul-13 | 3-Aug-14 | |||||||||||||||||||||||||||
Severance pay and benefits | $ | — | $ | 41 | (13 | ) | — | $ | 28 | |||||||||||||||||||
Asset impairment | 12 | |||||||||||||||||||||||||||
Other exit costs(1) | 1 | |||||||||||||||||||||||||||
Total charges | $ | 54 | ||||||||||||||||||||||||||
_______________________________________ | ||||||||||||||||||||||||||||
-1 | Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. | |||||||||||||||||||||||||||
A summary of restructuring charges 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 | Corporate | Total | ||||||||||||||||||||||
Simple | Beverages | |||||||||||||||||||||||||||
Meals | ||||||||||||||||||||||||||||
Severance pay and benefits | $ | 7 | $ | 23 | $ | 6 | $ | 2 | $ | 2 | $ | 1 | $ | 41 | ||||||||||||||
Asset impairment | 1 | — | 11 | — | — | — | 12 | |||||||||||||||||||||
Other exit costs | — | — | 1 | — | — | — | 1 | |||||||||||||||||||||
$ | 8 | $ | 23 | $ | 18 | $ | 2 | $ | 2 | $ | 1 | $ | 54 | |||||||||||||||
The company expects to recognize additional pre-tax costs of approximately $2 by segment as follows: U.S. Simple Meals - $1 and Global Baking and Snacking - $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. Details of the 2013 initiatives include: | ||||||||||||||||||||||||||||
• | 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 2014, the company recorded a restructuring charge of $1 related to the 2013 initiatives. In addition, approximately $3 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 2014 was $3, 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. 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 | ||||||||||||||||||||||||||
3-Aug-14 | Recognized | |||||||||||||||||||||||||||
Severance pay and benefits | $ | 35 | $ | (35 | ) | $ | — | |||||||||||||||||||||
Accelerated depreciation/asset impairment | 99 | (99 | ) | — | ||||||||||||||||||||||||
Other exit costs | 14 | (12 | ) | 2 | ||||||||||||||||||||||||
Total | $ | 148 | $ | (146 | ) | $ | 2 | |||||||||||||||||||||
Of the aggregate $148 of pre-tax costs, approximately $46 are 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 $28 has been invested as of August 3, 2014. The remaining aspects of the 2013 initiatives are expected to be completed in 2015. | ||||||||||||||||||||||||||||
A summary of the restructuring activity and related reserves associated with the 2013 initiatives at August 3, 2014 is as follows: | ||||||||||||||||||||||||||||
Accrued Balance at July 29, 2012 | 2013 Charges | 2013 Cash Payments | Accrued | 2014 Charges | 2014 Cash | Accrued | ||||||||||||||||||||||
Balance at | Payments | Balance at | ||||||||||||||||||||||||||
28-Jul-13 | 3-Aug-14 | |||||||||||||||||||||||||||
Severance pay and benefits | $ | — | $ | 32 | (15 | ) | $ | 17 | $ | — | (14 | ) | $ | 3 | ||||||||||||||
Accelerated depreciation/asset impairment | 99 | — | ||||||||||||||||||||||||||
Non-cash benefits(1) | 3 | — | ||||||||||||||||||||||||||
Other exit costs(2) | 8 | 4 | ||||||||||||||||||||||||||
Total charges | $ | 142 | $ | 4 | ||||||||||||||||||||||||
_______________________________________ | ||||||||||||||||||||||||||||
(1) | Represents pension curtailment costs. See Note 11. | |||||||||||||||||||||||||||
(2) | 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 | 2 | 1 | 2 | — | 12 | ||||||||||||||||||||||
$ | 90 | $ | 14 | $ | 9 | $ | 31 | $ | 2 | $ | 146 | |||||||||||||||||
The company expects to recognize additional pre-tax costs of approximately $2 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 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 the second quarter of 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 $41 has been invested as of August 3, 2014. | ||||||||||||||||||||||||||||
A summary of the restructuring activity and related reserves associated with the 2011 initiatives at August 3, 2014 is as follows: | ||||||||||||||||||||||||||||
Severance Pay and Benefits | Other Exit Costs | Asset Impairment/Accelerated Depreciation | Other Non-Cash Exit Costs | Total Charges | ||||||||||||||||||||||||
Accrued balance at August 1, 2010 | $ | — | $ | — | ||||||||||||||||||||||||
2011 charges | 37 | 4 | 22 | — | $ | 63 | ||||||||||||||||||||||
2011 cash payments | (2 | ) | — | |||||||||||||||||||||||||
Accrued balance at July 31, 2011 | $ | 35 | $ | 4 | ||||||||||||||||||||||||
2012 charges | 4 | 2 | 1 | 3 | $ | 10 | ||||||||||||||||||||||
2012 cash payments | (24 | ) | (4 | ) | ||||||||||||||||||||||||
Foreign currency translation adjustment | (1 | ) | — | |||||||||||||||||||||||||
Accrued balance at July 29, 2012 | $ | 14 | $ | 2 | ||||||||||||||||||||||||
2013 cash payments | (10 | ) | (1 | ) | ||||||||||||||||||||||||
Foreign currency translation adjustment | (1 | ) | — | |||||||||||||||||||||||||
Accrued balance at July 28, 2013 | $ | 3 | $ | 1 | ||||||||||||||||||||||||
2014 cash payments | (3 | ) | (1 | ) | ||||||||||||||||||||||||
Accrued balance at August 3, 2014 | $ | — | $ | — | ||||||||||||||||||||||||
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 | 12 Months Ended | ||||||||||||
Aug. 03, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
Earnings per Share | |||||||||||||
The accounting guidance for earnings per share provides that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Awards issued by the company prior to 2011 contained non-forfeitable rights to dividends or dividend equivalents. | |||||||||||||
The computation of basic and diluted earnings per share attributable to common shareholders is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ | 737 | $ | 689 | $ | 734 | |||||||
Less: Allocation to participating securities | — | — | (4 | ) | |||||||||
Available to Campbell Soup Company common shareholders | $ | 737 | $ | 689 | $ | 730 | |||||||
Earnings (loss) from discontinued operations | $ | 81 | $ | (231 | ) | $ | 40 | ||||||
Less: Allocation to participating securities | — | — | (1 | ) | |||||||||
Available to Campbell Soup Company common shareholders | $ | 81 | $ | (231 | ) | $ | 39 | ||||||
Net earnings attributable to Campbell Soup Company | $ | 818 | $ | 458 | $ | 774 | |||||||
Less: Allocation to participating securities | — | — | (5 | ) | |||||||||
Available to Campbell Soup Company common shareholders | $ | 818 | $ | 458 | $ | 769 | |||||||
Weighted average shares outstanding — basic | 314 | 314 | 317 | ||||||||||
Effect of dilutive securities: stock options and other share based payment awards | 2 | 3 | 2 | ||||||||||
Weighted average shares outstanding — diluted | 316 | 317 | 319 | ||||||||||
Earnings from continuing operations attributable to Campbell Soup Company per common share: | |||||||||||||
Basic | $ | 2.35 | $ | 2.19 | $ | 2.3 | |||||||
Diluted | $ | 2.33 | $ | 2.17 | $ | 2.29 | |||||||
Earnings (loss) from discontinued operations per common share: | |||||||||||||
Basic | $ | 0.26 | $ | (.74 | ) | $ | 0.12 | ||||||
Diluted | $ | 0.26 | $ | (.73 | ) | $ | 0.12 | ||||||
Net earnings attributable to Campbell Soup Company per common share(1): | |||||||||||||
Basic | $ | 2.61 | $ | 1.46 | $ | 2.43 | |||||||
Diluted | $ | 2.59 | $ | 1.44 | $ | 2.41 | |||||||
___________________________________ | |||||||||||||
(1) The sum of the individual per share amounts may not add due to rounding. | |||||||||||||
There were no antidilutive stock options in 2014, 2013, or 2012. |
Noncontrolling_Interests
Noncontrolling Interests | 12 Months Ended |
Aug. 03, 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 February 2013, the company and joint venture partner contributed additional cash of $5 and $3, respectively. 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 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 2014, 2013, or 2012. | |
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 | 12 Months Ended | |||||||||||||||||||||||||||||||
Aug. 03, 2014 | ||||||||||||||||||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | |||||||||||||||||||||||||||||||
Pension And Postretirement Benefits | ' | |||||||||||||||||||||||||||||||
Pension and Postretirement Benefits | ||||||||||||||||||||||||||||||||
Pension Benefits — The company sponsors a number of noncontributory defined benefit pension plans to provide retirement benefits to all eligible U.S. and non-U.S. employees. The benefits provided under these plans are based primarily on years of service and compensation levels. In 1999, the company implemented significant amendments to certain U.S. pension plans. Under a new formula, retirement benefits are determined based on percentages of annual pay and age. To minimize the impact of converting to the new formula, service and earnings credit continues to accrue through the year 2014 for active employees participating in the plans under the old formula prior to the amendments. Employees will receive the benefit from either the new or old formula, whichever is higher. Benefits become vested upon the completion of three years of service. Benefits are paid from funds previously provided to trustees and insurance companies or are paid directly by the company from general funds. Effective as of January 1, 2011, the company’s U.S. pension plans were amended so that employees hired or rehired on or after that date and who are not covered by collective bargaining agreements will not be eligible to participate in the plans. | ||||||||||||||||||||||||||||||||
Postretirement Benefits — The company provides postretirement benefits including health care and life insurance to substantially all retired U.S. employees and their dependents. The company established retiree medical account benefits for eligible U.S. retirees. The accounts were intended to provide reimbursement for eligible health care expenses on a tax-favored basis. Effective as of January 1, 2011, the retirement medical program was amended to eliminate the retiree medical account benefit for employees not covered by collective bargaining agreements. To preserve the benefit for employees close to retirement age, the retiree medical account will be available to employees who were at least age 50 with at least 10 years of service as of December 31, 2010, and who satisfy the other eligibility requirements for the retiree medical program. | ||||||||||||||||||||||||||||||||
The company uses the fiscal year end as the measurement date for the benefit plans. | ||||||||||||||||||||||||||||||||
Components of benefit expense were as follows: | ||||||||||||||||||||||||||||||||
Pension | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Service cost | $ | 42 | $ | 57 | $ | 55 | ||||||||||||||||||||||||||
Interest cost | 115 | 108 | 122 | |||||||||||||||||||||||||||||
Expected return on plan assets | (176 | ) | (177 | ) | (178 | ) | ||||||||||||||||||||||||||
Amortization of prior service credit | (1 | ) | (1 | ) | — | |||||||||||||||||||||||||||
Recognized net actuarial loss | 76 | 108 | 74 | |||||||||||||||||||||||||||||
Curtailment loss | — | 3 | — | |||||||||||||||||||||||||||||
Settlement charges | 22 | — | — | |||||||||||||||||||||||||||||
Net periodic benefit expense | $ | 78 | $ | 98 | $ | 73 | ||||||||||||||||||||||||||
The settlement charges of $22 in 2014 were associated with a U.S. pension plan. The settlements 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. In 2013 and 2012, net periodic benefit expense of $1 related to the simple meals business in Europe and was included in Earnings (loss) from discontinued operations. | ||||||||||||||||||||||||||||||||
The estimated prior service credit and net actuarial losses that will be amortized from Accumulated other comprehensive loss into periodic pension cost during 2015 are $1 and $85, respectively. | ||||||||||||||||||||||||||||||||
Postretirement | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Service cost | $ | 2 | $ | 3 | $ | 3 | ||||||||||||||||||||||||||
Interest cost | 17 | 15 | 18 | |||||||||||||||||||||||||||||
Amortization of prior service credit | (1 | ) | (1 | ) | (1 | ) | ||||||||||||||||||||||||||
Recognized net actuarial loss | 13 | 15 | 9 | |||||||||||||||||||||||||||||
Net periodic benefit expense | $ | 31 | $ | 32 | $ | 29 | ||||||||||||||||||||||||||
The estimated prior service credit and net actuarial loss that will be amortized from Accumulated other comprehensive loss into net periodic postretirement expense during 2015 are $1 and $13, respectively. | ||||||||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Obligation at beginning of year | $ | 2,489 | $ | 2,748 | $ | 390 | $ | 413 | ||||||||||||||||||||||||
Service cost | 42 | 57 | 2 | 3 | ||||||||||||||||||||||||||||
Interest cost | 115 | 108 | 17 | 15 | ||||||||||||||||||||||||||||
Actuarial (gain) loss | 154 | (230 | ) | 5 | (13 | ) | ||||||||||||||||||||||||||
Participant contributions | — | — | 6 | 6 | ||||||||||||||||||||||||||||
Benefits paid | (191 | ) | (172 | ) | (35 | ) | (36 | ) | ||||||||||||||||||||||||
Medicare subsidies | — | — | 3 | 2 | ||||||||||||||||||||||||||||
Other | (4 | ) | (3 | ) | — | — | ||||||||||||||||||||||||||
Settlements | (43 | ) | — | — | — | |||||||||||||||||||||||||||
Curtailment | — | (2 | ) | — | — | |||||||||||||||||||||||||||
Foreign currency adjustment | (12 | ) | (17 | ) | — | — | ||||||||||||||||||||||||||
Divestiture | (11 | ) | — | — | — | |||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 2,539 | $ | 2,489 | $ | 388 | $ | 390 | ||||||||||||||||||||||||
Change in the fair value of pension plan assets: | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Fair value at beginning of year | $ | 2,275 | $ | 2,118 | ||||||||||||||||||||||||||||
Actual return on plan assets | 276 | 246 | ||||||||||||||||||||||||||||||
Employer contributions | 46 | 87 | ||||||||||||||||||||||||||||||
Benefits paid | (179 | ) | (161 | ) | ||||||||||||||||||||||||||||
Settlements | (43 | ) | — | |||||||||||||||||||||||||||||
Foreign currency adjustment | (11 | ) | (15 | ) | ||||||||||||||||||||||||||||
Fair value at end of year | $ | 2,364 | $ | 2,275 | ||||||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets: | ||||||||||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Other assets | $ | 7 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Accrued liabilities | (12 | ) | (13 | ) | (29 | ) | (29 | ) | ||||||||||||||||||||||||
Other liabilities | (170 | ) | (190 | ) | (359 | ) | (361 | ) | ||||||||||||||||||||||||
Non-current liabilities held for sale | — | (11 | ) | — | — | |||||||||||||||||||||||||||
Net amount recognized | $ | (175 | ) | $ | (214 | ) | $ | (388 | ) | $ | (390 | ) | ||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Net actuarial loss | $ | 1,019 | $ | 1,068 | $ | 96 | $ | 104 | ||||||||||||||||||||||||
Prior service credit | (2 | ) | (2 | ) | (5 | ) | (6 | ) | ||||||||||||||||||||||||
Total | $ | 1,017 | $ | 1,066 | $ | 91 | $ | 98 | ||||||||||||||||||||||||
The changes in other comprehensive loss associated with pension benefits included the reclassification of actuarial losses into earnings of $100 and $109 in 2014 and 2013, respectively. The amount reclassified in 2014 included the settlement charges and $2 of net actuarial losses recognized in discontinued operations as a result of the sale of the European simple meals business. The remaining changes in other comprehensive loss associated with pension benefits were primarily due to net actuarial losses arising during the period in 2014 and net actuarial gains arising during the period in 2013, as well as the impact of currency in both periods. | ||||||||||||||||||||||||||||||||
The change in other comprehensive loss associated with postretirement benefits was due to the reclassification of actuarial losses into earnings of $13 and $15 in 2014 and 2013, respectively. The remaining changes in other comprehensive loss associated with postretirement benefits were primarily due to net actuarial losses arising during the period in 2014 and net actuarial gains arising during the period in 2013. | ||||||||||||||||||||||||||||||||
The balance in accumulated other comprehensive loss included $2 in 2013 related to the simple meals business in Europe. | ||||||||||||||||||||||||||||||||
The following table provides information for pension plans with accumulated benefit obligations in excess of plan assets: | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 269 | $ | 1,817 | ||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 257 | $ | 1,791 | ||||||||||||||||||||||||||||
Fair value of plan assets | $ | 92 | $ | 1,625 | ||||||||||||||||||||||||||||
The accumulated benefit obligation for all pension plans was $2,477 at August 3, 2014 and $2,423 at July 28, 2013. | ||||||||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at the end of the year: | ||||||||||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Discount rate | 4.33% | 4.82% | 4.00% | 4.50% | ||||||||||||||||||||||||||||
Rate of compensation increase | 3.30% | 3.30% | 3.25% | 3.25% | ||||||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for the years ended: | ||||||||||||||||||||||||||||||||
Pension | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Discount rate | 4.82% | 4.05% | 5.41% | |||||||||||||||||||||||||||||
Expected return on plan assets | 7.62% | 7.65% | 7.90% | |||||||||||||||||||||||||||||
Rate of compensation increase | 3.30% | 3.31% | 3.31% | |||||||||||||||||||||||||||||
The discount rate is established as of the company’s fiscal year-end measurement date. In establishing the discount rate, the company reviews published market indices of high-quality debt securities, adjusted as appropriate for duration. In addition, independent actuaries apply high-quality bond yield curves to the expected benefit payments of the plans. The expected return on plan assets is a long-term assumption based upon historical experience and expected future performance, considering the company’s current and projected investment mix. This estimate is based on an estimate of future inflation, long-term projected real returns for each asset class, and a premium for active management. | ||||||||||||||||||||||||||||||||
The discount rate used to determine net periodic postretirement expense was 4.50% in 2014, 3.75% in 2013 and 5.00% in 2012. | ||||||||||||||||||||||||||||||||
Assumed health care cost trend rates at the end of the year: | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Health care cost trend rate assumed for next year | 8.25% | 8.25% | ||||||||||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 4.50% | 4.50% | ||||||||||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2022 | 2021 | ||||||||||||||||||||||||||||||
A one-percentage-point change in assumed health care costs would have the following effects on 2014 reported amounts: | ||||||||||||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||||||||||
Effect on service and interest cost | $ | 1 | $ | (1 | ) | |||||||||||||||||||||||||||
Effect on the 2014 accumulated benefit obligation | $ | 16 | $ | (18 | ) | |||||||||||||||||||||||||||
Pension Plan Assets | ||||||||||||||||||||||||||||||||
The fundamental goal underlying the investment policy is to ensure that the assets of the plans are invested in a prudent manner to meet the obligations of the plans as these obligations come due. The primary investment objectives include providing a total return which will promote the goal of benefit security by attaining an appropriate ratio of plan assets to plan obligations, to provide for real asset growth while also tracking plan obligations, to diversify investments across and within asset classes, to reduce the impact of losses in single investments, and to follow investment practices that comply with applicable laws and regulations. | ||||||||||||||||||||||||||||||||
The primary policy objectives will be met by investing assets to achieve a reasonable tradeoff between return and risk relative to plan obligations. This includes investing a portion of the assets in funds selected in part to hedge the interest rate sensitivity to plan obligations. | ||||||||||||||||||||||||||||||||
The portfolio includes investments in the following asset classes: fixed income, equity, real estate and alternatives. Fixed income will provide a moderate expected return and partially hedge the exposure to interest rate risk of the plans’ obligations. Equities are used for their high expected return. Additional asset classes are used to provide diversification. | ||||||||||||||||||||||||||||||||
Asset allocation is monitored on an ongoing basis relative to the established asset class targets. The interaction between plan assets and benefit obligations is periodically studied to assist in the establishment of strategic asset allocation targets. The investment policy permits variances from the targets within certain parameters. Asset rebalancing occurs when the underlying asset class allocations move outside these parameters, at which time the asset allocation is rebalanced back to the policy target weight. | ||||||||||||||||||||||||||||||||
The company’s year-end pension plan weighted-average asset allocations by category were: | ||||||||||||||||||||||||||||||||
Strategic Target | 2014 | 2013 | ||||||||||||||||||||||||||||||
Equity securities | 51% | 51% | 54% | |||||||||||||||||||||||||||||
Debt securities | 35% | 33% | 32% | |||||||||||||||||||||||||||||
Real estate and other | 14% | 16% | 14% | |||||||||||||||||||||||||||||
Net periodic benefit expense | 100% | 100% | 100% | |||||||||||||||||||||||||||||
Pension plan assets 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. | |||||||||||||||||||||||||||||||
The following table presents the company’s pension plan assets by asset category at August 3, 2014 and July 28, 2013: | ||||||||||||||||||||||||||||||||
Fair Value | Fair Value Measurements at | Fair Value | Fair Value Measurements at | |||||||||||||||||||||||||||||
as of | August 3, 2014 Using | as of | July 28, 2013 Using | |||||||||||||||||||||||||||||
August 3, | Fair Value Hierarchy | July 28, | Fair Value Hierarchy | |||||||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Short-term investments | $ | 60 | $ | 23 | $ | 37 | $ | — | $ | 78 | $ | 36 | $ | 42 | $ | — | ||||||||||||||||
Equities: | ||||||||||||||||||||||||||||||||
U.S. | 378 | 378 | — | — | 401 | 401 | — | — | ||||||||||||||||||||||||
Non-U.S. | 332 | 332 | — | — | 358 | 358 | — | — | ||||||||||||||||||||||||
Corporate bonds: | ||||||||||||||||||||||||||||||||
U.S. | 469 | — | 469 | — | 420 | — | 420 | — | ||||||||||||||||||||||||
Non-U.S. | 114 | — | 114 | — | 92 | — | 92 | — | ||||||||||||||||||||||||
Government and agency bonds: | ||||||||||||||||||||||||||||||||
U.S. | 62 | — | 62 | — | 41 | — | 41 | — | ||||||||||||||||||||||||
Non-U.S. | 46 | — | 46 | — | 37 | — | 37 | — | ||||||||||||||||||||||||
Municipal bonds | 84 | — | 84 | — | 73 | — | 73 | — | ||||||||||||||||||||||||
Commingled funds: | ||||||||||||||||||||||||||||||||
Equities | 426 | — | 426 | — | 393 | — | 393 | — | ||||||||||||||||||||||||
Fixed income | 3 | — | 3 | — | 29 | — | 29 | — | ||||||||||||||||||||||||
Blended | 95 | — | 95 | — | 88 | — | 88 | — | ||||||||||||||||||||||||
Mortgage and asset backed securities | 13 | — | 13 | — | 15 | — | 15 | — | ||||||||||||||||||||||||
Real estate | 117 | 5 | 92 | 20 | 107 | 6 | 83 | 18 | ||||||||||||||||||||||||
Hedge funds | 181 | — | 127 | 54 | 147 | — | 117 | 30 | ||||||||||||||||||||||||
Total assets at fair value | $ | 2,380 | $ | 738 | $ | 1,568 | $ | 74 | $ | 2,279 | $ | 801 | $ | 1,430 | $ | 48 | ||||||||||||||||
Other items to reconcile to fair value of plan assets | (16 | ) | (4 | ) | ||||||||||||||||||||||||||||
Total pension assets at fair value | $ | 2,364 | $ | 2,275 | ||||||||||||||||||||||||||||
Short-term investments — Investments include cash and cash equivalents, and various short-term debt instruments and short-term investment funds. Institutional short-term investment vehicles valued daily are classified as Level 1 at cost which approximates market value. Other investment vehicles are valued based upon a net asset value and are classified as Level 2. | ||||||||||||||||||||||||||||||||
Equities — Common stocks and preferred stocks are classified as Level 1 and are valued using quoted market prices in active markets. | ||||||||||||||||||||||||||||||||
Corporate bonds — These investments are valued based on quoted market prices, yield curves and pricing models using current market rates. | ||||||||||||||||||||||||||||||||
Government and agency bonds — These investments are generally valued based on bid quotations and recent trade data for identical or similar obligations. | ||||||||||||||||||||||||||||||||
Municipal bonds — These investments are valued based on quoted market prices, yield curves and pricing models using current market rates. | ||||||||||||||||||||||||||||||||
Commingled funds — Investments in commingled funds are classified as Level 2 as the funds are not traded in active markets. Commingled funds are valued based on the unit values of such funds. Unit values are based on the fair value of the underlying assets of the funds derived from inputs principally based on quoted market prices in an active market or corroborated by observable market data by correlation or other means. Blended commingled funds are invested in both equities and fixed income securities. | ||||||||||||||||||||||||||||||||
Mortgage and asset backed securities — Fair value is based on prices obtained from third party pricing sources. The prices from third party pricing sources may be based on bid quotes from dealers and recent trade data. Mortgage backed securities are traded in the over-the-counter market. | ||||||||||||||||||||||||||||||||
Real estate — Real estate investments consist of real estate investment trusts, property funds and limited partnerships. Real estate investment trusts are classified as Level 1 and are valued based on quoted market prices. Property funds are classified as either Level 2 or Level 3 depending upon whether liquidity is limited or there are few observable market participant transactions. Fair value is based on third party appraisals. Limited partnerships are valued based upon valuations provided by the general partners of the funds. The values of limited partnerships are based upon an assessment of each underlying investment, incorporating valuations that consider the evaluation of financing and sales transactions with third parties, expected cash flows, and market-based information, including comparable transactions and performance multiples among other factors. The investments are classified as Level 3 since the valuation is determined using unobservable inputs. | ||||||||||||||||||||||||||||||||
Hedge funds — Hedge fund investments include hedge funds valued based upon a net asset value derived from the fair value of underlying securities and are therefore classified as Level 2. Hedge fund investments that are subject to liquidity restrictions or that are based on unobservable inputs are classified as Level 3. Hedge fund investments may include long and short positions in equity and fixed income securities, derivative instruments such as futures and options, commodities and other types of securities. | ||||||||||||||||||||||||||||||||
Other items to reconcile to fair value of plan assets included net accrued interest and dividends receivable, amounts due for securities sold, amounts payable for securities purchased, and other payables. | ||||||||||||||||||||||||||||||||
The following table summarizes the changes in fair value of Level 3 investments for the years ended August 3, 2014 and July 28, 2013: | ||||||||||||||||||||||||||||||||
Real Estate | Hedge Funds | Total | ||||||||||||||||||||||||||||||
Fair value at July 28, 2013 | $ | 18 | $ | 30 | $ | 48 | ||||||||||||||||||||||||||
Actual return on plan assets | 2 | 2 | 4 | |||||||||||||||||||||||||||||
Purchases | 3 | 22 | 25 | |||||||||||||||||||||||||||||
Sales | (3 | ) | — | (3 | ) | |||||||||||||||||||||||||||
Settlements | — | — | — | |||||||||||||||||||||||||||||
Transfers out of Level 3 | — | — | — | |||||||||||||||||||||||||||||
Fair value at August 3, 2014 | $ | 20 | $ | 54 | $ | 74 | ||||||||||||||||||||||||||
Real Estate | Hedge Funds | Total | ||||||||||||||||||||||||||||||
Fair value at July 29, 2012 | $ | 35 | $ | — | $ | 35 | ||||||||||||||||||||||||||
Actual return on plan assets | 2 | — | 2 | |||||||||||||||||||||||||||||
Purchases | — | 30 | 30 | |||||||||||||||||||||||||||||
Sales | (3 | ) | — | (3 | ) | |||||||||||||||||||||||||||
Settlements | — | — | — | |||||||||||||||||||||||||||||
Transfers out of Level 3 | (16 | ) | — | (16 | ) | |||||||||||||||||||||||||||
Fair value at July 28, 2013 | $ | 18 | $ | 30 | $ | 48 | ||||||||||||||||||||||||||
No contributions are expected to be made to U.S. pension plans in 2015. Contributions to non-U.S. pension plans are expected to be approximately $6 in 2015. | ||||||||||||||||||||||||||||||||
Estimated future benefit payments are as follows: | ||||||||||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||||||||||
2015 | $ | 151 | $ | 29 | ||||||||||||||||||||||||||||
2016 | $ | 152 | $ | 30 | ||||||||||||||||||||||||||||
2017 | $ | 153 | $ | 31 | ||||||||||||||||||||||||||||
2018 | $ | 154 | $ | 31 | ||||||||||||||||||||||||||||
2019 | $ | 160 | $ | 31 | ||||||||||||||||||||||||||||
2020-2024 | $ | 838 | $ | 145 | ||||||||||||||||||||||||||||
The estimated future benefit payments include payments from funded and unfunded plans. | ||||||||||||||||||||||||||||||||
Savings Plan — The company sponsors employee savings plans which cover substantially all U.S. employees. Effective January 1, 2011, the company provides a matching contribution of 100% of employee contributions up to 4% of compensation for employees who are not covered by collective bargaining agreements. Employees hired or rehired on or after January 1, 2011 who will not be eligible to participate in the defined benefit plans and who are not covered by collective bargaining agreements receive a contribution equal to 3% of compensation regardless of their participation in the Savings Plan. Prior to January 1, 2011, the company provided a matching contribution of 60% (50% at certain locations) of the employee contributions up to 5% of compensation after one year of continued service. Amounts charged to Costs and expenses were $29 in 2014, $27 in 2013 and $24 in 2012. |
Taxes_on_Earnings
Taxes on Earnings | 12 Months Ended | |||||||||||
Aug. 03, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Taxes on Earnings | ' | |||||||||||
Taxes on Earnings | ||||||||||||
The provision for income taxes on earnings from continuing operations consists of the following: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income taxes: | ||||||||||||
Currently payable: | ||||||||||||
Federal | $ | 252 | $ | 268 | $ | 221 | ||||||
State | 30 | 24 | 29 | |||||||||
Non-U.S. | 42 | 47 | 43 | |||||||||
324 | 339 | 293 | ||||||||||
Deferred: | ||||||||||||
Federal | 32 | (58 | ) | 31 | ||||||||
State | 2 | (6 | ) | 2 | ||||||||
Non-U.S. | (11 | ) | — | (1 | ) | |||||||
23 | (64 | ) | 32 | |||||||||
$ | 347 | $ | 275 | $ | 325 | |||||||
Earnings from continuing operations before income taxes: | ||||||||||||
United States | $ | 995 | $ | 815 | $ | 918 | ||||||
Non-U.S. | 78 | 140 | 131 | |||||||||
$ | 1,073 | $ | 955 | $ | 1,049 | |||||||
The following is a reconciliation of the effective income tax rate on continuing operations to the U.S. federal statutory income tax rate: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal statutory income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes (net of federal tax benefit) | 2 | 1.1 | 2 | |||||||||
Tax effect of international items | (1.0 | ) | (2.6 | ) | (3.8 | ) | ||||||
Settlement of tax contingencies | — | (0.1 | ) | (0.1 | ) | |||||||
Federal manufacturing deduction | (2.3 | ) | (2.7 | ) | (1.9 | ) | ||||||
Other | (1.4 | ) | (1.9 | ) | (0.2 | ) | ||||||
Effective income tax rate | 32.3 | % | 28.8 | % | 31 | % | ||||||
Deferred tax liabilities and assets are comprised of the following: | ||||||||||||
2014 | 2013 | |||||||||||
Depreciation | $ | 300 | $ | 302 | ||||||||
Amortization | 541 | 484 | ||||||||||
Other | 17 | 66 | ||||||||||
Deferred tax liabilities | 858 | 852 | ||||||||||
Benefits and compensation | 294 | 316 | ||||||||||
Pension benefits | 63 | 61 | ||||||||||
Tax loss carryforwards | 49 | 95 | ||||||||||
Capital loss carryforwards | 112 | 104 | ||||||||||
Other | 70 | 73 | ||||||||||
Gross deferred tax assets | 588 | 649 | ||||||||||
Deferred tax asset valuation allowance | (151 | ) | (148 | ) | ||||||||
Net deferred tax assets | 437 | 501 | ||||||||||
Net deferred tax liability | $ | 421 | $ | 351 | ||||||||
At August 3, 2014, U.S. and non-U.S. subsidiaries of the company had tax loss carryforwards of approximately $190. Of these carryforwards, $145 expire between 2015 and 2033, and $45 may be carried forward indefinitely. The current statutory tax rates in these countries range from 15% to 35%. At August 3, 2014, deferred tax asset valuation allowances have been established to offset $147 of these tax loss carryforwards. Additionally, at August 3, 2014, non-U.S. subsidiaries of the company had capital loss carryforwards of approximately $418, which were fully offset by valuation allowances. | ||||||||||||
The net change in the deferred tax asset valuation allowance in 2014 was an increase of $3. The increase was primarily due to the impact of currency and the recognition of additional valuation allowances on foreign loss carryforwards. The net change in the deferred tax asset valuation allowance in 2013 was an increase of $6. The increase was primarily due to the impact of currency and the recognition of additional valuation allowances on foreign loss carryforwards. | ||||||||||||
As of August 3, 2014, other deferred tax assets included $9 of state tax credit carryforwards related to various states that expire between 2018 and 2024. As of July 28, 2013, other deferred tax assets included $7 of foreign tax credit carryforwards that expire in 2023, and $10 of state tax credit carryforwards related to various states that expire between 2014 and 2022. No valuation allowances have been established related to these deferred tax assets. | ||||||||||||
As of August 3, 2014, U.S. income taxes have not been provided on approximately $740 of undistributed earnings of non-U.S. subsidiaries, which are deemed to be permanently reinvested. It is not practical to estimate the tax liability that might be incurred if such earnings were remitted to the U.S. | ||||||||||||
A reconciliation of the activity related to unrecognized tax benefits follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at beginning of year | $ | 61 | $ | 48 | $ | 43 | ||||||
Increases related to prior-year tax positions | — | 28 | 2 | |||||||||
Decreases related to prior-year tax positions | (1 | ) | (7 | ) | (1 | ) | ||||||
Increases related to current-year tax positions | 11 | 9 | 9 | |||||||||
Settlements | — | (15 | ) | — | ||||||||
Lapse of statute | — | (2 | ) | (5 | ) | |||||||
Balance at end of year | $ | 71 | $ | 61 | $ | 48 | ||||||
The increase in 2013 for prior-year tax positions was primarily due to the acquisition of Bolthouse Farms and Plum. | ||||||||||||
The amount of unrecognized tax benefits that, if recognized, would impact the annual effective tax rate was $23 as of August 3, 2014 and July 28, 2013, and $18 as of July 29, 2012. The total amount of unrecognized tax benefits can change due to audit settlements, tax examination activities, statute expirations and the recognition and measurement criteria under accounting for uncertainty in income taxes. The company believes it is reasonably possible that the amount of unrecognized tax benefits could change by approximately $27 within the next 12 months. It is likely that an intercompany pricing agreement between the U.S. and Canada will be settled that covers the years 2006 through 2013. The impact of the settlement is not expected to be material to the financial statements. As of August 3, 2014, $28 of unrecognized tax benefit liabilities, including interest and penalties, were reported as accrued taxes payable in the Consolidated Balance Sheet. Approximately $2 of unrecognized tax benefits, including interest and penalties, were reported as accounts receivable in the Consolidated Balance Sheets as of August 3, 2014, and July 28, 2013. | ||||||||||||
The company’s accounting policy with respect to interest and penalties attributable to income taxes is to reflect any expense or benefit as a component of its income tax provision. The total amount of interest and penalties recognized in the Consolidated Statements of Earnings was not material in 2014, 2013 and 2012. The total amount of interest and penalties recognized in the Consolidated Balance Sheets was $3 as of August 3, 2014, and $2 as of July 28, 2013. | ||||||||||||
The company does business internationally and, as a result, files income tax returns in the U.S. federal jurisdiction and various state and non-U.S. jurisdictions. In the normal course of business, the company is subject to examination by taxing authorities throughout the world, including such major jurisdictions as the U.S., Australia, Canada and Denmark. The 2014 tax year is currently under audit by the Internal Revenue Service. In addition, several state income tax examinations are in progress for the years 2006 to 2013. | ||||||||||||
With limited exceptions, the company has been audited for income tax purposes in Denmark through 2008, and in Canada and Australia through 2009. |
Shortterm_Borrowings_and_Longt
Short-term Borrowings and Long-term Debt | 12 Months Ended | ||||||||||||
Aug. 03, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Short-term Borrowings and Long-term Debt | ' | ||||||||||||
Short-term Borrowings and Long-term Debt | |||||||||||||
Short-term borrowings consist of the following: | |||||||||||||
2014 | 2013 | ||||||||||||
Commercial paper | $ | 1,406 | $ | 1,162 | |||||||||
Current portion of long-term debt | 300 | 700 | |||||||||||
Variable-rate bank borrowings | 47 | 44 | |||||||||||
Fixed-rate bank borrowings | 17 | — | |||||||||||
Capital leases | 1 | 2 | |||||||||||
Other(1) | — | 1 | |||||||||||
$ | 1,771 | $ | 1,909 | ||||||||||
_______________________________________ | |||||||||||||
(1) | Other includes unamortized net premium/discount on debt issuances and amounts related to interest rate swaps designated as fair-value hedges. For additional information on fair-value interest rate swaps, see Note 14. | ||||||||||||
As of August 3, 2014, the weighted-average interest rate of commercial paper, which consisted of U.S. borrowings, was 0.27%. As of July 28, 2013, the weighted-average interest rate of commercial paper, which consisted of U.S. borrowings, was 0.19%. | |||||||||||||
At August 3, 2014, the company had $1,771 of short-term borrowings due within one year, of which $1,406 was comprised of commercial paper borrowings. As of August 3, 2014, $49 of standby letters of credit were issued on behalf of the company. In December 2013, the company renewed its committed revolving credit facilities, combining two previous facilities totaling $2,000 into a new five-year facility totaling $2,200. The new facility matures in December 2018. This facility remained unused at August 3, 2014, except for $3 of standby letters of credit issued on behalf of the company. This revolving credit facility supports the company’s commercial paper programs and other general corporate purposes. The company may also increase the commitment under the credit facility up to an additional $500, upon the agreement of either existing lenders or of additional banks not currently parties to the existing credit agreements. | |||||||||||||
Long-term debt consists of the following: | |||||||||||||
Type | Fiscal Year of Maturity | Rate | 2014 | 2013 | |||||||||
Notes | 2014 | 4.88% | $ | — | $ | 300 | |||||||
Notes | 2014 | LIBOR plus 0.30% | — | 400 | |||||||||
Notes | 2015 | 3.38% | 300 | 300 | |||||||||
Notes | 2017 | 3.05% | 400 | 400 | |||||||||
Notes | 2019 | 4.50% | 300 | 300 | |||||||||
Notes | 2021 | 4.25% | 500 | 500 | |||||||||
Debentures | 2021 | 8.88% | 200 | 200 | |||||||||
Notes | 2023 | 2.50% | 450 | 450 | |||||||||
Notes | 2043 | 3.80% | 400 | 400 | |||||||||
Capital leases | 3 | 4 | |||||||||||
Other(1) | (9 | ) | (10 | ) | |||||||||
Total | 2,544 | 3,244 | |||||||||||
Less current portion | 300 | 700 | |||||||||||
Total long-term debt | $ | 2,244 | $ | 2,544 | |||||||||
_______________________________________ | |||||||||||||
(1) | Other includes unamortized net premium/discount on debt issuances. | ||||||||||||
Principal amounts of debt mature as follows: $301 in 2015; $1 in 2016; $401 in 2017; $1 in 2018; $300 in 2019; and a total of $1,550 in periods beyond 2019. |
Financial_Instruments
Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||
Aug. 03, 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 August 3, 2014. During 2014, 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 Canadian dollar, Australian dollar and U.S. dollar. 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 August 3, 2014, cross-currency swap contracts mature between 11 and 35 months. The notional amount of foreign exchange forward and cross-currency swap contracts accounted for as cash-flow hedges was $58 at August 3, 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 $561 and $895 at August 3, 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 were 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 August 3, 2014 and at July 28, 2013. Forward starting interest rate swaps with a notional value of $400 were settled in August 2012, at a loss of $2, which was recorded in other comprehensive income (loss). The loss on the forward starting interest rate swaps will be amortized over the life of the 10-year debt issued in August 2012. | |||||||||||||||||||||||||
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 August 3, 2014 or July 28, 2013. The notional amount of commodity contracts not designated as accounting hedges was $146 at August 3, 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 August 3, 2014 and July 28, 2013 were $56 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 August 3, 2014 and July 28, 2013: | |||||||||||||||||||||||||
Balance Sheet Classification | 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 | 11 | — | ||||||||||||||||||||||
Interest rate swaps | Other current assets | — | 1 | ||||||||||||||||||||||
Forward starting interest rate swaps | Other assets | — | 23 | ||||||||||||||||||||||
Total derivatives designated as hedges | $ | 12 | $ | 26 | |||||||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||||||
Commodity derivative contracts | Other current assets | $ | 2 | $ | 2 | ||||||||||||||||||||
Deferred compensation derivative contracts | Other current assets | — | 2 | ||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | 1 | 2 | ||||||||||||||||||||||
Total derivatives not designated as hedges | $ | 3 | $ | 6 | |||||||||||||||||||||
Total asset derivatives | $ | 15 | $ | 32 | |||||||||||||||||||||
Balance Sheet Classification | 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 | $ | 10 | $ | 6 | ||||||||||||||||||||
Cross-currency swap contracts | Accrued liabilities | 1 | 1 | ||||||||||||||||||||||
Deferred compensation derivative contracts | Accrued liabilities | 3 | — | ||||||||||||||||||||||
Foreign exchange forward contracts | Accrued liabilities | 2 | 4 | ||||||||||||||||||||||
Commodity derivative contracts | Other liabilities | 1 | — | ||||||||||||||||||||||
Cross-currency swap contracts | Other liabilities | 5 | 1 | ||||||||||||||||||||||
Total derivatives not designated as hedges | $ | 22 | $ | 12 | |||||||||||||||||||||
Total liability derivatives | $ | 23 | $ | 36 | |||||||||||||||||||||
The company does not 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 August 3, 2014 and July 28, 2013 would be adjusted as detailed in the following table: | |||||||||||||||||||||||||
2014 | 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 | $ | 15 | $ | (4 | ) | $ | 11 | $ | 32 | $ | (8 | ) | $ | 24 | |||||||||||
Total liability derivatives | $ | 23 | $ | (4 | ) | $ | 19 | $ | 36 | $ | (8 | ) | $ | 28 | |||||||||||
The company does not 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 August 3, 2014 and July 28, 2013, a cash margin account balance of $14 and $7, respectively, was included in Other current assets in the Consolidated Balance Sheets. | |||||||||||||||||||||||||
The following tables show the effect of the company’s derivative instruments designated as cash-flow hedges for the years ended August 3, 2014, and July 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 | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
OCI derivative gain (loss) at beginning of year | $ | 8 | $ | (16 | ) | ||||||||||||||||||||
Effective portion of changes in fair value recognized in OCI: | |||||||||||||||||||||||||
Forward starting interest rate swaps | (12 | ) | 19 | ||||||||||||||||||||||
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 | (4 | ) | 1 | |||||||||||||||||||||
Foreign exchange forward contracts | Other expenses / (income) | 1 | (1 | ) | |||||||||||||||||||||
Forward starting interest rate swaps | Interest expense | 3 | 4 | ||||||||||||||||||||||
OCI derivative gain (loss) at end of year | $ | (4 | ) | $ | 8 | ||||||||||||||||||||
Based on current valuations, the amount expected to be reclassified from OCI into earnings within the next 12 months is a loss of $3. 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) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
as Fair-Value Hedges | Recognized in Earnings | ||||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | (1 | ) | $ | (12 | ) | $ | 1 | $ | 12 | ||||||||||||||
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) | 2014 | 2013 | ||||||||||||||||||||||
Recognized in Earnings | |||||||||||||||||||||||||
Foreign exchange forward contracts | Cost of products sold | $ | 3 | $ | — | ||||||||||||||||||||
Foreign exchange forward contracts | Other expenses/income | (12 | ) | — | |||||||||||||||||||||
Cross-currency swap contracts | Other expenses/income | 7 | 39 | ||||||||||||||||||||||
Commodity derivative contracts | Cost of products sold | (4 | ) | (6 | ) | ||||||||||||||||||||
Deferred compensation derivative contracts | Administrative expenses | 2 | 16 | ||||||||||||||||||||||
Total | $ | (4 | ) | $ | 49 | ||||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||||||||||
Aug. 03, 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 August 3, 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 | August 3, 2014 Using | as of | July 28, 2013 Using | |||||||||||||||||||||||||||||
August 3, | 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) | 11 | — | 11 | — | 23 | — | 23 | — | ||||||||||||||||||||||||
Foreign exchange forward contracts(2) | 2 | — | 2 | — | 4 | — | 4 | — | ||||||||||||||||||||||||
Commodity derivative contracts(3) | 2 | 1 | 1 | — | 2 | 2 | — | — | ||||||||||||||||||||||||
Deferred compensation derivative contracts(4) | — | — | — | — | 2 | — | 2 | — | ||||||||||||||||||||||||
Total assets at fair value | $ | 15 | $ | 1 | $ | 14 | $ | — | $ | 32 | $ | 2 | $ | 30 | $ | — | ||||||||||||||||
Fair Value | Fair Value Measurements at | Fair Value | Fair Value Measurements at | |||||||||||||||||||||||||||||
as of | August 3, 2014 Using | as of | July 28, 2013 Using | |||||||||||||||||||||||||||||
August 3, | 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) | $ | 3 | $ | — | $ | 3 | $ | — | $ | 6 | $ | — | $ | 6 | $ | — | ||||||||||||||||
Cross-currency swap contracts(5) | 6 | — | 6 | — | 24 | — | 24 | — | ||||||||||||||||||||||||
Commodity derivative contracts(3) | 11 | 11 | — | — | 6 | 5 | 1 | — | ||||||||||||||||||||||||
Deferred compensation derivative contracts(4) | 3 | — | 3 | — | — | — | — | — | ||||||||||||||||||||||||
Deferred compensation obligation(6) | 123 | 123 | — | — | 123 | 123 | — | — | ||||||||||||||||||||||||
Total liabilities at fair value | $ | 146 | $ | 134 | $ | 12 | $ | — | $ | 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 quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. | |||||||||||||||||||||||||||||||
(4) | Based on LIBOR and equity index swap rates. | |||||||||||||||||||||||||||||||
(5) | Based on observable local benchmarks for currency and interest 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 second quarter of 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. | ||||||||||||||||||||||||||||||||
On October 28, 2013, the company completed the sale of its European simple meals business. The assets and liabilities of the European business have been reflected in assets and liabilities held for sale in the Consolidated Balance Sheet as of July 28, 2013. The company has reflected the results of the business as discontinued operations in the Consolidated Statements of Earnings for all years presented. The business was historically included in the International Simple Meals and Beverages segment. | ||||||||||||||||||||||||||||||||
In the fourth quarter of 2013, as part of the company's annual review of intangible assets, an impairment charge of $360 was recorded on goodwill for the simple meals business in Europe to reduce the carrying value to the implied fair value of $110. The impairment was attributable to a combination of factors, including the existence of a firm offer to purchase the business; a revised future outlook for the business, with reduced expectations for future sales and discounted cash flows, given the economic uncertainty in the region; future investments required to maintain performance; and management's assumptions on the weighted average cost of capital. Fair value was determined based on discounted cash flow analyses, which are unobservable Level 3 inputs, and taking into account the firm offer. The discounted estimates of future cash flows include significant management assumptions such as revenue growth rates, operating margins, weighted average cost of capital, and future economic and market conditions. | ||||||||||||||||||||||||||||||||
In the fourth quarter of 2013, as part of the company's annual review of intangible assets, an impairment charge of $36 was recognized on trademarks used in the European simple meals business. See also Note 6. Fair value was determined based on unobservable Level 3 inputs. Fair value was determined based on discounted cash flow analysis that include significant management assumptions such as revenue growth rates, weighted average costs of capital, and assumed royalty rates. | ||||||||||||||||||||||||||||||||
The following table presents the company’s fair value measurements of intangible assets that were recognized in the year ended July 28, 2013: | ||||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||
Intangible assets | Impairment | Fair Value | ||||||||||||||||||||||||||||||
Blå Band | $ | 1 | $ | 19 | ||||||||||||||||||||||||||||
Heisse Tasse | $ | 4 | $ | 6 | ||||||||||||||||||||||||||||
Isomitta | $ | 8 | $ | 4 | ||||||||||||||||||||||||||||
Royco | $ | 23 | $ | 53 | ||||||||||||||||||||||||||||
In 2013, the company also recognized $99 of accelerated depreciation/asset impairment on plant assets associated with the 2013 restructuring initiatives described in Note 8. The carrying value of assets was reduced to estimated fair value based on expected proceeds. The carrying value was $29 at July 28, 2013. | ||||||||||||||||||||||||||||||||
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 $46 at August 3, 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 $2,647 at August 3, 2014 and $3,299 at July 28, 2013. The carrying value was $2,544 at August 3, 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. |
Shareowners_Equity
Shareowners' Equity | 12 Months Ended |
Aug. 03, 2014 | |
Equity [Abstract] | ' |
Share Repurchases | ' |
Shareholders' Equity | |
The company has authorized 560 million shares of Capital stock with $.0375 par value and 40 million shares of Preferred stock, issuable in one or more classes, with or without par as may be authorized by the Board of Directors. No Preferred stock has been issued. | |
In December 2012, 219 million shares held as treasury stock were retired and returned to unissued status. | |
Share Repurchase Programs | |
In June 2011, the Board authorized the purchase of up to $1,000 of company stock. This program has no expiration date. Purchases under the program were suspended from July 2012 through 2014. Approximately $750 remained available under this program as of August 3, 2014. The company also repurchases shares to offset the impact of dilution from shares issued under the company’s stock compensation plans. In 2014, the company repurchased 2 million shares at a cost of $76. In 2013, the company repurchased 4 million shares at a cost of $153. In 2012, the company repurchased 13 million shares at a cost of $412. Of this amount, $250 was used to repurchase shares pursuant to the company’s June 2011 publicly announced share repurchase program. |
Stockbased_Compensation
Stock-based Compensation | 12 Months Ended | ||||||||||||
Aug. 03, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock-based Compensation | ' | ||||||||||||
Stock-based Compensation | |||||||||||||
In 2003, shareholders approved the 2003 Long-Term Incentive Plan, which authorized the issuance of 28 million shares to satisfy awards of stock options, stock appreciation rights, unrestricted stock, restricted stock/units (including performance restricted stock) and performance units. Approximately 3.2 million shares available under a previous long-term plan were rolled into the 2003 Long-Term Incentive Plan, making the total number of available shares approximately 31.2 million. In November 2005, shareholders approved the 2005 Long-Term Incentive Plan, which authorized the issuance of an additional 6 million shares to satisfy the same types of awards. | |||||||||||||
Awards under Long-Term Incentive Plans may be granted to employees and directors. The term of a stock option granted under these plans may not exceed ten years from the date of grant. Options granted under these plans vest cumulatively over a three-year period at a rate of 30%, 60% and 100%, respectively. The option price may not be less than the fair market value of a share of common stock on the date of the grant. | |||||||||||||
Pursuant to the Long-Term Incentive Plan, the company adopted a long-term incentive compensation program which provides for grants of total shareholder return (TSR) performance restricted stock/units, EPS performance restricted stock/units, strategic performance restricted stock/units and time-lapse restricted stock/units. Under the program, awards of TSR performance restricted stock/units will be earned by comparing the company’s total shareholder return during a three-year period to the respective total shareholder returns of companies in a performance peer group. Based upon the company’s ranking in the performance peer group, a recipient of TSR performance restricted stock/units may earn a total award ranging from 0% to 225% of the initial grant. Awards of EPS performance restricted stock/units will be earned based upon the company’s achievement of annual earnings per share goals. During the three-year vesting period, a recipient of EPS performance restricted stock/units may earn a total award of either 0% or 100% of the initial grant. Awards of the strategic performance restricted stock units are earned based upon the achievement of two key metrics, net sales and EPS growth, compared to strategic plan objectives during a two- or three-year period. A recipient of strategic performance restricted stock units may earn a total award ranging from 0% to 200% of the initial grant. Awards of time-lapse restricted stock/units will vest ratably over the three-year period. In addition, the company may issue special grants of time-lapse restricted stock/units to attract and retain executives which vest ratably over various periods. Awards are generally granted annually in October. Annual stock option grants were not part of the long-term incentive compensation program for 2012 , 2013, or 2014. However, stock options may still be granted on a selective basis under the Long-Term Incentive Plans. | |||||||||||||
In 2014, the company issued time-lapse restricted stock units, EPS performance restricted stock units, strategic performance restricted stock units and TSR performance restricted stock units. | |||||||||||||
Total pre-tax stock-based compensation expense recognized in Earnings from continuing operations was $56 for 2014, $109 for 2013 and $76 for 2012. The pre-tax stock-based compensation expense recognized in Earnings (loss) from discontinued operations was $1 for 2014, $4 for 2013 and $3 for 2012. Tax-related benefits of $21 were recognized for 2014, $42 were recognized for 2013 and $29 were recognized for 2012. | |||||||||||||
The following table summarizes stock option activity as of August 3, 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 | (693 | ) | $ | 26.64 | |||||||||
Terminated | — | $ | — | ||||||||||
Outstanding at August 3, 2014 | 408 | $ | 28.33 | 0.6 | $ | 6 | |||||||
Exercisable at August 3, 2014 | 408 | $ | 28.33 | 0.6 | $ | 6 | |||||||
The total intrinsic value of options exercised during 2014, 2013 and 2012, was $12, $36 and $31, 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 August 3, 2014: | |||||||||||||
Units | Weighted- | ||||||||||||
Average | |||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
(Restricted stock | |||||||||||||
units in thousands) | |||||||||||||
Nonvested at July 28, 2013 | 4,208 | $ | 34.05 | ||||||||||
Granted | 1,742 | $ | 39.97 | ||||||||||
Vested | (2,595 | ) | $ | 33.26 | |||||||||
Forfeited | (361 | ) | $ | 37.93 | |||||||||
Nonvested at August 3, 2014 | 2,994 | $ | 37.69 | ||||||||||
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 251 thousand EPS performance target grants outstanding at August 3, 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. There were 887 thousand strategic performance target grants outstanding at August 3, 2014 with a weighted-average grant-date fair value of $37.80. The actual number of EPS performance restricted stock units and strategic performance restricted stock units that vest will depend on actual performance achieved. Expense is estimated based on the number of awards expected to vest. | |||||||||||||
On July 1, 2011, the company issued approximately 400 thousand special retention time-lapse restricted stock units to certain executives to support successful execution of the company’s shift in strategic direction and leadership transition. These awards vested over a period of 2 years. The grant-date fair value was $34.65. | |||||||||||||
As of August 3, 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 $34, which will be amortized over the weighted-average remaining service period of 1.7 years. The fair value of restricted stock units vested during 2014, 2013 and 2012 was $106, $57 and $38, respectively. The weighted-average grant-date fair value of the restricted stock units granted during 2013 and 2012 was $35.44 and $32.38, respectively. | |||||||||||||
The following table summarizes TSR performance restricted stock units as of August 3, 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 | (1,055 | ) | $ | 42.54 | |||||||||
Nonvested at August 3, 2014 | 861 | $ | 38.15 | ||||||||||
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 August 3, 2014, total remaining unearned compensation related to TSR performance restricted stock units was $15, which will be amortized over the weighted-average remaining service period of 1.8 years. In the first quarter of 2014 and 2013, 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 and July 27, 2012, respectively. The grant-date fair value of the TSR performance restricted stock units granted during 2013 was $39.76. There were no TSR performance restricted stock units granted during 2012. | |||||||||||||
The excess tax benefits on the exercise of stock options and vested restricted stock presented as cash flows from financing activities were $13 in 2014, $12 in 2013 and $8 in 2012. Cash received from the exercise of stock options was $18, $83 and $112 for 2014, 2013 and 2012, respectively, and are reflected in cash flows from financing activities in the Consolidated Statements of Cash Flows. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||
Aug. 03, 2014 | ||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||
Commitments and Contingencies | ' | |||||
Commitments and Contingencies | ||||||
The company is a party to legal proceedings and claims arising out of the normal course of business. | ||||||
Management assesses the probability of loss for all legal proceedings and claims and has recognized liabilities for such contingencies, as appropriate. Although the results of these matters cannot be predicted with certainty, in management’s opinion, the final outcome of legal proceedings and claims will not have a material adverse effect on the consolidated results of operations or financial condition of the company. | ||||||
The company has certain operating lease commitments, primarily related to warehouse and office facilities, and certain equipment. Rent expense under operating lease commitments was $50 in 2014, $54 in 2013 and $48 in 2012. These amounts included $2 in 2014, $8 in 2013 and $9 in 2012 related to discontinued operations. Future minimum annual rental payments under these operating leases as of August 3, 2014 are as follows: | ||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |
$38 | $32 | $26 | $22 | $18 | $58 | |
The company guarantees approximately 2,000 bank loans made to Pepperidge Farm independent sales distributors by third‑party financial institutions for the purchase of distribution routes. The maximum potential amount of future payments under existing guarantees the company could be required to make is $179. The company’s guarantees are indirectly secured by the distribution routes. The company does not believe it is probable that it will be required to make guarantee payments as a result of defaults on the bank loans guaranteed. The amounts recognized as of August 3, 2014, and July 28, 2013, were not material. | ||||||
The company has provided certain standard indemnifications in connection with divestitures, contracts and other transactions. Certain indemnifications have finite expiration dates. Liabilities recognized based on known exposures related to such matters were not material at August 3, 2014, or July 28, 2013. |
Supplemental_Financial_Stateme
Supplemental Financial Statement Data | 12 Months Ended | |||||||||||
Aug. 03, 2014 | ||||||||||||
Supplemental Financial Statement Data [Abstract] | ' | |||||||||||
Supplemental Financial Information Data | ' | |||||||||||
Supplemental Financial Statement Data | ||||||||||||
Balance Sheets | ||||||||||||
2014 | 2013 | |||||||||||
Accounts receivable | ||||||||||||
Customer accounts receivable | $ | 597 | $ | 587 | ||||||||
Allowances | (12 | ) | (11 | ) | ||||||||
Subtotal | 585 | 576 | ||||||||||
Other | 85 | 59 | ||||||||||
$ | 670 | $ | 635 | |||||||||
Inventories | ||||||||||||
Raw materials, containers and supplies | $ | 399 | $ | 364 | ||||||||
Finished products | 617 | 561 | ||||||||||
$ | 1,016 | $ | 925 | |||||||||
Other current assets | ||||||||||||
Deferred taxes | $ | 96 | $ | 90 | ||||||||
Fair value of derivatives | 15 | 9 | ||||||||||
Other | 71 | 36 | ||||||||||
$ | 182 | $ | 135 | |||||||||
Plant assets | ||||||||||||
Land | $ | 62 | $ | 59 | ||||||||
Buildings | 1,384 | 1,349 | ||||||||||
Machinery and equipment | 3,856 | 4,017 | ||||||||||
Projects in progress | 217 | 230 | ||||||||||
Total cost | 5,519 | 5,655 | ||||||||||
Accumulated depreciation(1) | (3,201 | ) | (3,395 | ) | ||||||||
$ | 2,318 | $ | 2,260 | |||||||||
Other assets | ||||||||||||
Fair value of derivatives | $ | — | $ | 23 | ||||||||
Deferred taxes | 32 | 27 | ||||||||||
Other | 55 | 81 | ||||||||||
$ | 87 | $ | 131 | |||||||||
2014 | 2013 | |||||||||||
Accrued liabilities | ||||||||||||
Accrued compensation and benefits | $ | 237 | $ | 270 | ||||||||
Fair value of derivatives | 17 | 35 | ||||||||||
Accrued trade and consumer promotion programs | 122 | 137 | ||||||||||
Accrued interest | 37 | 41 | ||||||||||
Restructuring | 31 | 21 | ||||||||||
Other | 109 | 113 | ||||||||||
$ | 553 | $ | 617 | |||||||||
Other liabilities | ||||||||||||
Pension benefits | $ | 170 | $ | 190 | ||||||||
Deferred compensation(2) | 109 | 112 | ||||||||||
Postretirement benefits | 359 | 361 | ||||||||||
Fair value of derivatives | 6 | 1 | ||||||||||
Unrecognized tax benefits | 23 | 40 | ||||||||||
Other | 62 | 72 | ||||||||||
$ | 729 | $ | 776 | |||||||||
____________________________________ | ||||||||||||
(1) | Depreciation expense was $287 in 2014, $393 in 2013 and $258 in 2012. Depreciation expense of continuing operations was $287 in 2014, $382 in 2013 and $247 in 2012. Buildings are depreciated over periods ranging from 7 to 45 years. Machinery and equipment are depreciated over periods generally ranging from 2 to 20 years. | |||||||||||
(2) | The deferred compensation obligation represents unfunded plans maintained for the purpose of providing the company's directors and certain of its executives the opportunity to defer a portion of their compensation. All forms of compensation contributed to the deferred compensation plans are accounted for in accordance with the underlying program. Deferrals and company contributions are credited to an investment account in the participant's name, although no funds are actually contributed to the investment account and no investments are actually purchased. Seven investment choices are available, including: (1) a book account that tracks the total return on company stock; (2) a book account that tracks the performance of the Vanguard Institutional Index; (3) a book account that tracks the performance of the Vanguard Extended Market Index; (4) a book account that tracks the performance of the Vanguard Total International Stock Index; (5) a book account that tracks the performance of the Vanguard Total Bond Market Index; (6) a book account that tracks the performance of the Vanguard Short-Term Bond Index; and (7) a book account that tracks the BlackRock Liquidity TempFund. Participants can reallocate investments daily and are entitled to the gains and losses on investment funds. The company recognizes an amount in the Consolidated Statements of Earnings for the market appreciation/depreciation of each fund. | |||||||||||
Statements of Earnings | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Other Expenses/(Income) | ||||||||||||
Foreign exchange (gains)/losses(1) | $ | 6 | $ | 3 | $ | (3 | ) | |||||
Amortization of intangible assets | 18 | 14 | 1 | |||||||||
Acquisition related costs | — | 10 | 5 | |||||||||
Other | (2 | ) | 2 | 8 | ||||||||
$ | 22 | $ | 29 | $ | 11 | |||||||
Advertising and consumer promotion expense(2) | $ | 411 | $ | 419 | $ | 476 | ||||||
Interest expense | ||||||||||||
Interest expense | $ | 124 | $ | 138 | $ | 116 | ||||||
Less: Interest capitalized | 2 | 3 | 2 | |||||||||
$ | 122 | $ | 135 | $ | 114 | |||||||
____________________________________ | ||||||||||||
(1) | 2014 included a loss of $9 on foreign exchange forward contracts used to hedge the proceeds from the sale of the European simple meals business. | |||||||||||
(2) | Included in Marketing and selling expenses. | |||||||||||
Statements of Cash Flows | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Cash Flows from Operating Activities | ||||||||||||
Other non-cash charges to net earnings | ||||||||||||
Non-cash compensation/benefit related expense | $ | 114 | $ | 134 | $ | 106 | ||||||
Other | 4 | 21 | 12 | |||||||||
$ | 118 | $ | 155 | $ | 118 | |||||||
Other | ||||||||||||
Benefit related payments | $ | (52 | ) | $ | (54 | ) | $ | (84 | ) | |||
Other | (1 | ) | (4 | ) | (2 | ) | ||||||
$ | (53 | ) | $ | (58 | ) | $ | (86 | ) | ||||
Other Cash Flow Information | ||||||||||||
Interest paid | $ | 122 | $ | 124 | $ | 115 | ||||||
Interest received | $ | 3 | $ | 10 | $ | 8 | ||||||
Income taxes paid | $ | 421 | $ | 345 | $ | 300 | ||||||
Product_Recall
Product Recall | 12 Months Ended |
Aug. 03, 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 first quarter of 2014, 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. |
Quarterly_Data_Quarterly_Data
Quarterly Data Quarterly Data | 12 Months Ended | |||||||||||||||
Aug. 03, 2014 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Quarterly Data | ' | |||||||||||||||
Quarterly Data (unaudited) | ||||||||||||||||
2014 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Net sales | $ | 2,165 | $ | 2,281 | $ | 1,970 | $ | 1,852 | ||||||||
Gross profit | 777 | 814 | 676 | 631 | ||||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | 181 | 235 | 184 | 137 | ||||||||||||
Earnings (loss) from discontinued operations | (9 | ) | 90 | — | — | |||||||||||
Net earnings attributable to Campbell Soup Company | 172 | 325 | 184 | 137 | ||||||||||||
Per share - basic | ||||||||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | 0.58 | 0.75 | 0.59 | 0.44 | ||||||||||||
Earnings (loss) from discontinued operations | (.03 | ) | 0.29 | — | — | |||||||||||
Net earnings attributable to Campbell Soup Company(1) | 0.55 | 1.04 | 0.59 | 0.44 | ||||||||||||
Dividends | 0.312 | 0.312 | 0.312 | 0.312 | ||||||||||||
Per share - assuming dilution | ||||||||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | 0.57 | 0.74 | 0.58 | 0.43 | ||||||||||||
Earnings (loss) from discontinued operations | (.03 | ) | 0.28 | — | — | |||||||||||
Net earnings attributable to Campbell Soup Company(1) | 0.54 | 1.03 | 0.58 | 0.43 | ||||||||||||
Market price | ||||||||||||||||
High | $ | 48.08 | $ | 43.7 | $ | 45.48 | $ | 46.67 | ||||||||
Low | $ | 39.87 | $ | 38.3 | $ | 39.6 | $ | 41.39 | ||||||||
____________________________________ | ||||||||||||||||
(1) | The sum of the individual per share amounts may not add due to rounding. | |||||||||||||||
2014 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
In 2014, the following charges were recorded in Earnings from continuing operations attributable to Campbell Soup Company: | ||||||||||||||||
Restructuring charges and related costs (see Note 8) | $ | 15 | $ | 5 | $ | 1 | $ | 15 | ||||||||
Pension settlement charges (see Note 11) | — | — | 11 | 3 | ||||||||||||
Loss on foreign exchange forward contracts related to the sale of the European simple meals business (see Note 19) | 6 | — | — | — | ||||||||||||
Tax expense associated with the sale of the European simple meals business | 7 | — | — | — | ||||||||||||
Per share - assuming dilution | ||||||||||||||||
Restructuring charges and related costs | 0.05 | 0.02 | — | 0.05 | ||||||||||||
Pension settlement charges | — | — | 0.03 | 0.01 | ||||||||||||
Loss on foreign exchange forward contracts related to the sale of the European simple meals business | 0.02 | — | — | — | ||||||||||||
Tax expense associated with the sale of the European simple meals business | 0.02 | — | — | — | ||||||||||||
In 2014, the following charges (gains) were recorded in Earnings (loss) from discontinued operations: | ||||||||||||||||
Taxes, costs associated with the sale, and gain on sale of the European simple meals business (see Note 4) | $ | 18 | $ | (90 | ) | $ | — | $ | — | |||||||
Per share - assuming dilution | ||||||||||||||||
Taxes, costs associated with the sale, and gain on sale of the European simple meals business | 0.06 | (.28 | ) | — | — | |||||||||||
2013 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Net sales | $ | 2,205 | $ | 2,162 | $ | 1,962 | $ | 1,723 | ||||||||
Gross profit | 821 | 762 | 706 | 623 | ||||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | 232 | 171 | 169 | 117 | ||||||||||||
Earnings (loss) from discontinued operations | 13 | 19 | 12 | (275 | ) | |||||||||||
Net earnings (loss) attributable to Campbell Soup Company | 245 | 190 | 181 | (158 | ) | |||||||||||
Per share - basic | ||||||||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | 0.74 | 0.54 | 0.54 | 0.37 | ||||||||||||
Earnings (loss) from discontinued operations | 0.04 | 0.06 | 0.04 | (.88 | ) | |||||||||||
Net earnings (loss) attributable to Campbell Soup Company(1) | 0.78 | 0.61 | 0.58 | (.50 | ) | |||||||||||
Dividends | 0.29 | 0.58 | — | 0.29 | ||||||||||||
Per share - assuming dilution | ||||||||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | 0.73 | 0.54 | 0.53 | 0.37 | ||||||||||||
Earnings (loss) from discontinued operations | 0.04 | 0.06 | 0.04 | (.87 | ) | |||||||||||
Net earnings (loss) attributable to Campbell Soup Company(1) | 0.78 | 0.6 | 0.57 | (.50 | ) | |||||||||||
Market price | ||||||||||||||||
High | $ | 36.28 | $ | 37.16 | $ | 46.85 | $ | 48.83 | ||||||||
Low | $ | 32.24 | $ | 34.3 | $ | 36.09 | $ | 42.32 | ||||||||
____________________________________ | ||||||||||||||||
(1) | The sum of the individual per share amounts may not add due to rounding. | |||||||||||||||
2013 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
In 2013, the following charges were recorded in Earnings from continuing operations: | ||||||||||||||||
Restructuring charges and related costs (see Note 8) | $ | 27 | $ | 30 | $ | 14 | $ | 19 | ||||||||
Acquisition transaction costs (see Note 3) | 7 | — | — | — | ||||||||||||
Per share - assuming dilution | ||||||||||||||||
Restructuring charges and related costs | 0.09 | 0.09 | 0.04 | 0.06 | ||||||||||||
Acquisition transaction costs | 0.02 | — | — | — | ||||||||||||
In 2013, the following charges were recorded in Earnings (loss) from discontinued operations: | ||||||||||||||||
Impairment on the intangible assets of the European simple meals business (see Note 6) | $ | — | $ | — | $ | — | $ | 263 | ||||||||
Taxes on the difference between the book value and tax basis of the European simple meals business (see Note 12) | — | — | — | 18 | ||||||||||||
Per share - assuming dilution | ||||||||||||||||
Impairment on the intangible assets of the European simple meals business | — | — | — | 0.83 | ||||||||||||
Taxes on the difference between the book value and tax basis of the European simple meals business | — | — | — | 0.06 | ||||||||||||
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||
Aug. 03, 2014 | ||||||||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | |||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | |||||||||||||||||||
CAMPBELL SOUP COMPANY | ||||||||||||||||||||
Valuation and Qualifying Accounts | ||||||||||||||||||||
For the Fiscal Years ended August 3, 2014, July 28, 2013 and July 29, 2012 | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Balance at Beginning of Period | Charged to/ | Deductions | Acquisitions | Balance at | ||||||||||||||||
(Reduction in) Costs | End of | |||||||||||||||||||
and | Period | |||||||||||||||||||
Expenses | ||||||||||||||||||||
Fiscal year ended August 3, 2014 | ||||||||||||||||||||
Cash discount | $ | 5 | $ | 114 | $ | (115 | ) | $ | — | $ | 4 | |||||||||
Bad debt reserve | 2 | — | (1 | ) | 2 | 3 | ||||||||||||||
Returns reserve(1) | 4 | 1 | — | — | 5 | |||||||||||||||
Total Accounts receivable allowances | $ | 11 | $ | 115 | $ | (116 | ) | $ | 2 | $ | 12 | |||||||||
Fiscal year ended July 28, 2013 | ||||||||||||||||||||
Cash discount | $ | 4 | $ | 114 | $ | (113 | ) | $ | — | $ | 5 | |||||||||
Bad debt reserve | 2 | 1 | (1 | ) | — | 2 | ||||||||||||||
Returns reserve(1) | 4 | 1 | (1 | ) | — | 4 | ||||||||||||||
Total Accounts receivable allowances | $ | 10 | $ | 116 | $ | (115 | ) | $ | — | $ | 11 | |||||||||
Fiscal year ended July 29, 2012 | ||||||||||||||||||||
Cash discount | $ | 5 | $ | 112 | $ | (113 | ) | $ | — | $ | 4 | |||||||||
Bad debt reserve | 2 | 1 | (1 | ) | — | 2 | ||||||||||||||
Returns reserve(1) | 4 | — | — | — | 4 | |||||||||||||||
Total Accounts receivable allowances | $ | 11 | $ | 113 | $ | (114 | ) | $ | — | $ | 10 | |||||||||
_______________________________________ | ||||||||||||||||||||
(1) | The returns reserve is evaluated quarterly and adjusted accordingly. During each period, returns are charged to net sales in the Consolidated Statements of Earnings as incurred. Actual returns were approximately $118 in 2014, $124 in 2013 and $122 in 2012, or less than 2% of net sales. |
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies Accounting Policies (Policies) | 12 Months Ended | |
Aug. 03, 2014 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
Basis of Presentation — The consolidated financial statements include the accounts of the company and entities in which the company maintains a controlling financial interest. Intercompany transactions are eliminated in consolidation. 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 53 weeks in 2014, and 52 weeks in 2013 and 2012. | ||
Use of Estimates | ' | |
Use of Estimates — Generally accepted accounting principles require management to make estimates and assumptions that affect assets, liabilities, revenues and expenses. Actual results could differ from those estimates. | ||
Revenue Recognition | ' | |
Revenue Recognition — Revenues are recognized when the earnings process is complete. This occurs when products are shipped in accordance with terms of agreements, title and risk of loss transfer to customers, collection is probable and pricing is fixed or determinable. Revenues are recognized net of provisions for returns, discounts and allowances. Certain sales promotion expenses, such as feature price discounts, in-store display incentives, cooperative advertising programs, new product introduction fees and coupon redemption costs, are classified as a reduction of sales. The recognition of costs for promotion programs involves the use of judgment related to performance and redemption estimates. Estimates are made based on historical experience and other factors. Costs are recognized either upon sale or when the incentive is offered, based on the program. Revenues are presented on a net basis for arrangements under which suppliers perform certain additional services. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents — All highly liquid debt instruments purchased with a maturity of three months or less are classified as cash equivalents. | ||
Inventories | ' | |
Inventories — All inventories are valued at the lower of average cost or market. | ||
Property, Plant and Equipment | ' | |
Property, Plant and Equipment — Property, plant and equipment are recorded at historical cost and are depreciated over estimated useful lives using the straight-line method. Buildings and machinery and equipment are depreciated over periods not exceeding 45 years and 20 years, respectively. Assets are evaluated for impairment when conditions indicate that the carrying value may not be recoverable. Such conditions include significant adverse changes in business climate or a plan of disposal. Repairs and maintenance are charged to expense as incurred. | ||
Goodwill and Intangible Assets | ' | |
Goodwill and Intangible Assets — Goodwill and intangible assets deemed to have indefinite lives are not amortized but rather are tested at least annually for impairment, or when circumstances indicate that the carrying amount of the asset may not be recoverable. Goodwill is tested for impairment at the reporting unit level. A reporting unit is an operating segment or a component of an operating segment. Goodwill is tested for impairment by either performing a qualitative evaluation or a two-step quantitative test. The qualitative evaluation is an assessment of factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The company may elect not to perform the qualitative assessment for some or all reporting units and perform a two-step quantitative impairment test. Fair value is determined based on discounted cash flow analyses. The discounted estimates of future cash flows include significant management assumptions such as revenue growth rates, operating margins, weighted average cost of capital, and future economic and market conditions. If the carrying value of the reporting unit exceeds fair value, goodwill is considered impaired. The amount of the impairment is the difference between the carrying value of the goodwill and the “implied” fair value, which is calculated as if the reporting unit had just been acquired and accounted for as a business combination. | ||
Indefinite-lived intangible assets are tested for impairment by comparing the fair value of the asset to the carrying value. Fair value is determined based on discounted cash flow analyses that include significant management assumptions such as revenue growth rates, weighted average cost of capital, and assumed royalty rates. If the fair value is less than the carrying value, the asset is reduced to fair value. | ||
See Note 6 for information on intangible assets and an impairment charge recognized in 2013. | ||
Derivative Financial Instruments | ' | |
Derivative Financial Instruments — The company uses derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates, interest rates, commodities and equity-linked employee benefit obligations. 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 strategies that qualify and strategies that do not qualify for hedge accounting treatment. To qualify for hedge accounting, the hedging relationship, both at inception of the hedge and on an ongoing basis, is expected to be highly effective in achieving offsetting changes in the fair value of the hedged risk during the period that the hedge is designated. | ||
All derivatives are recognized on the balance sheet at fair value. For derivatives that qualify for hedge accounting, on the date the derivative contract is entered into, the company designates the derivative as a hedge of the fair value of a recognized asset or liability or a firm commitment (fair-value hedge), a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (cash-flow hedge), or a hedge of a net investment in a foreign operation. Some derivatives may also be considered natural hedging instruments (changes in fair value act as economic offsets to changes in fair value of the underlying hedged item) and are not designated for hedge accounting. | ||
Changes in the fair value of a fair-value hedge, along with the gain or loss on the underlying hedged asset or liability (including losses or gains on firm commitments), are recorded in current-period earnings. The effective portion of gains and losses on cash-flow hedges are recorded in other comprehensive income (loss), until earnings are affected by the variability of cash flows. If the hedge is no longer effective, all changes in the fair value of the derivative are included in earnings each period until the instrument matures. If a derivative is used as a hedge of a net investment in a foreign operation, its changes in fair value, to the extent effective as a hedge, are recorded in other comprehensive income (loss). Any ineffective portion of designated hedges is recognized in current-period earnings. Changes in the fair value of derivatives that are not designated for hedge accounting are recognized in current-period earnings. | ||
Cash flows from derivative contracts are included in Net cash provided by operating activities. | ||
Advertising Costs | ' | |
Advertising Production Costs — Advertising production costs are expensed in the period that the advertisement first takes place or when a decision is made not to use an advertisement. | ||
Research and Development Costs | ' | |
Research and Development Costs — The costs of research and development are expensed as incurred. Costs include expenditures for new product and manufacturing process innovation, and improvements to existing products and processes. Costs primarily consist of salaries, wages, consulting, and depreciation and maintenance of research facilities and equipment. | ||
Income Taxes | ' | |
Income Taxes — Deferred tax assets and liabilities are recognized for the future impact of differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. | ||
Fair Value Measurement, Policy [Policy Text Block] | ' | |
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. |
Acquistions_Tables
Acquistions (Tables) | 12 Months Ended | ||||||||||||
Aug. 03, 2014 | |||||||||||||
Business Acquisition [Line Items] | ' | ||||||||||||
Schedule of Purchase Price Allocation [Table Text Block] | ' | ||||||||||||
The acquired assets and assumed liabilities include the following: | |||||||||||||
Kelsen | Plum | Bolthouse | |||||||||||
Cash | $ | 2 | $ | 1 | $ | 3 | |||||||
Accounts receivable | 20 | 15 | 74 | ||||||||||
Inventories | 50 | 20 | 122 | ||||||||||
Other current assets | 2 | 1 | 8 | ||||||||||
Plant assets | 47 | 2 | 335 | ||||||||||
Goodwill | 140 | 128 | 692 | ||||||||||
Other intangible assets | 173 | 133 | 580 | ||||||||||
Other assets | — | — | 8 | ||||||||||
Short-term debt | (32 | ) | — | (1 | ) | ||||||||
Accounts payable | (13 | ) | (12 | ) | (59 | ) | |||||||
Accrued liabilities | (10 | ) | (5 | ) | (29 | ) | |||||||
Long-term debt | (4 | ) | — | (1 | ) | ||||||||
Deferred income taxes | (44 | ) | (34 | ) | (156 | ) | |||||||
Other liabilities | — | — | (15 | ) | |||||||||
Total assets acquired and liabilities assumed | $ | 331 | $ | 249 | $ | 1,561 | |||||||
Schedule of Intangible Assets Acquired As Part of Business Combination [Table Text Block] | ' | ||||||||||||
The identifiable intangible assets of Bolthouse consist of: | |||||||||||||
Type | Life in Years | Value | |||||||||||
Trademarks | Non-amortizable | Indefinite | $ | 383 | |||||||||
Customer relationships | Amortizable | 20 | 132 | ||||||||||
Distributor relationship | Amortizable | 7 | 2 | ||||||||||
Technology and patents | Amortizable | 9 | to | 17 | 43 | ||||||||
Formula and recipes | Amortizable | 5 | 20 | ||||||||||
Total identifiable intangible assets | $ | 580 | |||||||||||
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: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales | $ | 8,272 | $ | 8,327 | $ | 7,941 | |||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ | 738 | $ | 684 | $ | 711 | |||||||
Earnings per share from continuing operations attributable to Campbell Soup Company | $ | 2.34 | $ | 2.16 | $ | 2.22 | |||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Aug. 03, 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: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales | $ | 137 | $ | 532 | $ | 532 | |||||||
Gain on sale of the European simple meals business | $ | 141 | $ | — | $ | — | |||||||
Impairment on the European simple meals business | — | (396 | ) | — | |||||||||
Earnings from operations, before taxes | 14 | 65 | 57 | ||||||||||
Earnings (loss) before taxes | $ | 155 | $ | (331 | ) | $ | 57 | ||||||
Taxes on earnings | (74 | ) | 100 | (17 | ) | ||||||||
Earnings (loss) from discontinued operations | $ | 81 | $ | (231 | ) | $ | 40 | ||||||
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) | 12 Months Ended | ||||||||||||||||
Aug. 03, 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 Adjustments(1) | Gains (Losses) on Cash Flow Hedges(2) | Pension and Postretirement Benefit Plan Adjustments(3) | Total Accumulated Comprehensive Income (Loss) | ||||||||||||||
Balance at July 29, 2012 | $ | 261 | $ | (10 | ) | $ | (1,027 | ) | $ | (776 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (91 | ) | 12 | 219 | 140 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 3 | 68 | 71 | |||||||||||||
Net current-period other comprehensive income (loss) | (91 | ) | 15 | 287 | 211 | ||||||||||||
Balance at July 28, 2013 | $ | 170 | $ | 5 | $ | (740 | ) | $ | (565 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (14 | ) | (8 | ) | (35 | ) | (57 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (19 | ) | — | 72 | 53 | ||||||||||||
Net current-period other comprehensive income (loss) | (33 | ) | (8 | ) | 37 | (4 | ) | ||||||||||
Balance at August 3, 2014 | $ | 137 | $ | (3 | ) | $ | (703 | ) | $ | (569 | ) | ||||||
_____________________________________ | |||||||||||||||||
(1) | Included a tax expense of $7 as of August 3, 2014, $9 as of July 28, 2013 and $12 as of July 29, 2012. The amount reclassified from other comprehensive income was related to the divestiture of the European simple meals business and was included in Earnings (loss) from discontinued operations. | ||||||||||||||||
(2) | Included a tax benefit of $1 as of August 3, 2014, a tax expense of $3 as of July 28, 2013 and a tax benefit of $6 as of July 29, 2012. | ||||||||||||||||
(3) | Included a tax benefit of $405 as of August 3, 2014, $424 as of July 28, 2013 and $581 as of July 29, 2012. The amount reclassified in 2014 from other comprehensive income included pre-tax settlement charges of $22, or $14 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: | |||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | 2014 | 2013 | 2012 | Location of (Gain) Loss Recognized in Earnings | |||||||||||||
(Gains) losses on cash flow hedges: | |||||||||||||||||
Foreign exchange forward contracts | $ | (4 | ) | $ | 1 | $ | (1 | ) | Cost of products sold | ||||||||
Foreign exchange forward contracts | 1 | (1 | ) | (2 | ) | Other expenses / (income) | |||||||||||
Forward starting interest rate swaps | 3 | 4 | 3 | Interest expense | |||||||||||||
Total before tax | — | 4 | — | ||||||||||||||
Tax expense (benefit) | — | (1 | ) | — | |||||||||||||
(Gain) loss, net of tax | $ | — | $ | 3 | $ | — | |||||||||||
Pension and postretirement benefit adjustments: | |||||||||||||||||
Prior service credit | $ | (2 | ) | $ | (2 | ) | $ | (1 | ) | (1) | |||||||
Net actuarial losses | 113 | 124 | 83 | (1) | |||||||||||||
Total before tax | 111 | 122 | 82 | ||||||||||||||
Tax expense (benefit) | (39 | ) | (54 | ) | (29 | ) | |||||||||||
(Gain) loss, net of tax | $ | 72 | $ | 68 | $ | 53 | |||||||||||
_____________________________________ | |||||||||||||||||
(1) | In 2014, net actuarial losses of $2 were recognized in Earnings (loss) 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 in 2014, 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) | 12 Months Ended | |||||||||||||||||||||||
Aug. 03, 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 29, 2012 | $ | 322 | $ | 872 | $ | 561 | $ | 112 | $ | 146 | $ | 2,013 | ||||||||||||
Acquisitions | 128 | — | — | — | 692 | 820 | ||||||||||||||||||
Impairment | — | — | (360 | ) | — | — | (360 | ) | ||||||||||||||||
Reclassification to assets held for sale | — | — | (110 | ) | — | — | (110 | ) | ||||||||||||||||
Foreign currency translation adjustment | — | (97 | ) | 31 | — | — | (66 | ) | ||||||||||||||||
Balance at July 28, 2013 | $ | 450 | $ | 775 | $ | 122 | $ | 112 | $ | 838 | $ | 2,297 | ||||||||||||
Acquisition | — | 140 | — | — | — | 140 | ||||||||||||||||||
Foreign currency translation adjustment | — | 3 | (7 | ) | — | — | (4 | ) | ||||||||||||||||
Balance at August 3, 2014 | $ | 450 | $ | 918 | $ | 115 | $ | 112 | $ | 838 | $ | 2,433 | ||||||||||||
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 | 2014 | 2013 | ||||||||||||||||||||||
Amortizable intangible assets | ||||||||||||||||||||||||
Customer relationships | $ | 178 | $ | 156 | ||||||||||||||||||||
Technology | 40 | 40 | ||||||||||||||||||||||
Other | 35 | 32 | ||||||||||||||||||||||
Total gross amortizable intangible assets | $ | 253 | $ | 228 | ||||||||||||||||||||
Accumulated amortization | (35 | ) | (17 | ) | ||||||||||||||||||||
Total net amortizable intangible assets | $ | 218 | $ | 211 | ||||||||||||||||||||
Non-amortizable intangible assets | ||||||||||||||||||||||||
Trademarks | 957 | 810 | ||||||||||||||||||||||
Total net intangible assets | $ | 1,175 | $ | 1,021 | ||||||||||||||||||||
Business_And_Geographic_Segmen1
Business And Geographic Segment Information (Tables) | 12 Months Ended | ||||||||||||
Aug. 03, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule Of Segment Reporting | ' | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales | |||||||||||||
U.S. Simple Meals | $ | 2,944 | $ | 2,849 | $ | 2,726 | |||||||
Global Baking and Snacking | 2,440 | 2,273 | 2,193 | ||||||||||
International Simple Meals and Beverages | 780 | 869 | 872 | ||||||||||
U.S. Beverages | 723 | 742 | 774 | ||||||||||
Bolthouse and Foodservice | 1,381 | 1,319 | 610 | ||||||||||
Total | $ | 8,268 | $ | 8,052 | $ | 7,175 | |||||||
2014 | 2013 | 2012 | |||||||||||
Earnings before interest and taxes | |||||||||||||
U.S. Simple Meals | $ | 714 | $ | 731 | $ | 658 | |||||||
Global Baking and Snacking | 332 | 316 | 315 | ||||||||||
International Simple Meals and Beverages | 106 | 108 | 106 | ||||||||||
U.S. Beverages | 127 | 120 | 134 | ||||||||||
Bolthouse and Foodservice | 117 | 116 | 85 | ||||||||||
Corporate(1) | (149 | ) | (260 | ) | (136 | ) | |||||||
Restructuring charges(2) | (55 | ) | (51 | ) | (7 | ) | |||||||
Total | $ | 1,192 | $ | 1,080 | $ | 1,155 | |||||||
2014 | 2013 | 2012 | |||||||||||
Depreciation and amortization | |||||||||||||
U.S. Simple Meals | $ | 77 | $ | 146 | $ | 92 | |||||||
Global Baking and Snacking | 93 | 83 | 83 | ||||||||||
International Simple Meals and Beverages | 19 | 23 | 22 | ||||||||||
U.S. Beverages | 21 | 39 | 22 | ||||||||||
Bolthouse and Foodservice | 80 | 90 | 14 | ||||||||||
Corporate(3) | 15 | 15 | 15 | ||||||||||
Discontinued Operations | — | 11 | 14 | ||||||||||
Total | $ | 305 | $ | 407 | $ | 262 | |||||||
2014 | 2013 | 2012 | |||||||||||
Capital expenditures | |||||||||||||
U.S. Simple Meals and U.S. Beverages(4) | $ | 115 | $ | 82 | $ | 97 | |||||||
Global Baking and Snacking | 120 | 112 | 126 | ||||||||||
International Simple Meals and Beverages | 26 | 19 | 32 | ||||||||||
Bolthouse and Foodservice | 57 | 83 | 9 | ||||||||||
Corporate(3) | 28 | 30 | 45 | ||||||||||
Discontinued Operations | 1 | 10 | 14 | ||||||||||
Total | $ | 347 | $ | 336 | $ | 323 | |||||||
_______________________________________ | |||||||||||||
(1) | Represents unallocated corporate expenses. Pension settlement charges of $22 associated with a U.S. pension plan were included in 2014. The settlements 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. In addition, a loss of $9 on foreign exchange forward contracts related to the sale of the European simple meals business and restructuring-related costs of $3 were included in 2014. Restructuring-related costs of $91 and acquisition costs of $10 were included in 2013. Acquisition costs of $5 were included in 2012. | ||||||||||||
(2) | See Note 8 for additional information. | ||||||||||||
(3) | Represents primarily corporate offices. | ||||||||||||
(4) | Capital expenditures for U.S. Simple Meals and U.S. Beverages are not maintained by segment. | ||||||||||||
Additional Product Information for Net Sales | ' | ||||||||||||
The company’s global net sales based on product categories are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales | |||||||||||||
Simple Meals | $ | 4,511 | $ | 4,446 | $ | 3,887 | |||||||
Baked Snacks | 2,571 | 2,408 | 2,320 | ||||||||||
Beverages | 1,186 | 1,198 | 968 | ||||||||||
Total | $ | 8,268 | $ | 8,052 | $ | 7,175 | |||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | ||||||||||||
Information about operations in different geographic areas is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales | |||||||||||||
United States | $ | 6,432 | $ | 6,195 | $ | 5,359 | |||||||
Australia | 709 | 801 | 819 | ||||||||||
Other countries | 1,127 | 1,056 | 997 | ||||||||||
Total | $ | 8,268 | $ | 8,052 | $ | 7,175 | |||||||
2014 | 2013 | 2012 | |||||||||||
Long-lived assets | |||||||||||||
United States | $ | 1,844 | $ | 1,804 | $ | 1,538 | |||||||
Australia | 306 | 317 | 356 | ||||||||||
Other countries | 168 | 139 | 233 | ||||||||||
Total | $ | 2,318 | $ | 2,260 | $ | 2,127 | |||||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Aug. 03, 2014 | ||||||||||||||||||||||||||||
2014 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 | ||||||||||||||||||||||||||
3-Aug-14 | Recognized | |||||||||||||||||||||||||||
Severance pay and benefits | $ | 42 | $ | (41 | ) | $ | 1 | |||||||||||||||||||||
Asset impairment | 12 | (12 | ) | — | ||||||||||||||||||||||||
Other exit costs | 2 | (1 | ) | 1 | ||||||||||||||||||||||||
Total | $ | 56 | $ | (54 | ) | $ | 2 | |||||||||||||||||||||
Schedule Of Restructuring Activity And Related Reserves | ' | |||||||||||||||||||||||||||
A summary of the restructuring activity and related reserves associated with the 2014 initiatives at August 3, 2014 is as follows: | ||||||||||||||||||||||||||||
Accrued | 2014 Charges | 2014 Cash | Foreign Currency Translation Adjustment | Accrued | ||||||||||||||||||||||||
Balance at | Payments | Balance at | ||||||||||||||||||||||||||
28-Jul-13 | 3-Aug-14 | |||||||||||||||||||||||||||
Severance pay and benefits | $ | — | $ | 41 | (13 | ) | — | $ | 28 | |||||||||||||||||||
Asset impairment | 12 | |||||||||||||||||||||||||||
Other exit costs(1) | 1 | |||||||||||||||||||||||||||
Total charges | $ | 54 | ||||||||||||||||||||||||||
_______________________________________ | ||||||||||||||||||||||||||||
-1 | Includes non-cash costs 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 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 | Corporate | Total | ||||||||||||||||||||||
Simple | Beverages | |||||||||||||||||||||||||||
Meals | ||||||||||||||||||||||||||||
Severance pay and benefits | $ | 7 | $ | 23 | $ | 6 | $ | 2 | $ | 2 | $ | 1 | $ | 41 | ||||||||||||||
Asset impairment | 1 | — | 11 | — | — | — | 12 | |||||||||||||||||||||
Other exit costs | — | — | 1 | — | — | — | 1 | |||||||||||||||||||||
$ | 8 | $ | 23 | $ | 18 | $ | 2 | $ | 2 | $ | 1 | $ | 54 | |||||||||||||||
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 | ||||||||||||||||||||||||||
3-Aug-14 | Recognized | |||||||||||||||||||||||||||
Severance pay and benefits | $ | 35 | $ | (35 | ) | $ | — | |||||||||||||||||||||
Accelerated depreciation/asset impairment | 99 | (99 | ) | — | ||||||||||||||||||||||||
Other exit costs | 14 | (12 | ) | 2 | ||||||||||||||||||||||||
Total | $ | 148 | $ | (146 | ) | $ | 2 | |||||||||||||||||||||
Schedule Of Restructuring Activity And Related Reserves | ' | |||||||||||||||||||||||||||
A summary of the restructuring activity and related reserves associated with the 2013 initiatives at August 3, 2014 is as follows: | ||||||||||||||||||||||||||||
Accrued Balance at July 29, 2012 | 2013 Charges | 2013 Cash Payments | Accrued | 2014 Charges | 2014 Cash | Accrued | ||||||||||||||||||||||
Balance at | Payments | Balance at | ||||||||||||||||||||||||||
28-Jul-13 | 3-Aug-14 | |||||||||||||||||||||||||||
Severance pay and benefits | $ | — | $ | 32 | (15 | ) | $ | 17 | $ | — | (14 | ) | $ | 3 | ||||||||||||||
Accelerated depreciation/asset impairment | 99 | — | ||||||||||||||||||||||||||
Non-cash benefits(1) | 3 | — | ||||||||||||||||||||||||||
Other exit costs(2) | 8 | 4 | ||||||||||||||||||||||||||
Total charges | $ | 142 | $ | 4 | ||||||||||||||||||||||||
_______________________________________ | ||||||||||||||||||||||||||||
(1) | Represents pension curtailment costs. See Note 11. | |||||||||||||||||||||||||||
(2) | 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 | 2 | 1 | 2 | — | 12 | ||||||||||||||||||||||
$ | 90 | $ | 14 | $ | 9 | $ | 31 | $ | 2 | $ | 146 | |||||||||||||||||
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 August 3, 2014 is as follows: | ||||||||||||||||||||||||||||
Severance Pay and Benefits | Other Exit Costs | Asset Impairment/Accelerated Depreciation | Other Non-Cash Exit Costs | Total Charges | ||||||||||||||||||||||||
Accrued balance at August 1, 2010 | $ | — | $ | — | ||||||||||||||||||||||||
2011 charges | 37 | 4 | 22 | — | $ | 63 | ||||||||||||||||||||||
2011 cash payments | (2 | ) | — | |||||||||||||||||||||||||
Accrued balance at July 31, 2011 | $ | 35 | $ | 4 | ||||||||||||||||||||||||
2012 charges | 4 | 2 | 1 | 3 | $ | 10 | ||||||||||||||||||||||
2012 cash payments | (24 | ) | (4 | ) | ||||||||||||||||||||||||
Foreign currency translation adjustment | (1 | ) | — | |||||||||||||||||||||||||
Accrued balance at July 29, 2012 | $ | 14 | $ | 2 | ||||||||||||||||||||||||
2013 cash payments | (10 | ) | (1 | ) | ||||||||||||||||||||||||
Foreign currency translation adjustment | (1 | ) | — | |||||||||||||||||||||||||
Accrued balance at July 28, 2013 | $ | 3 | $ | 1 | ||||||||||||||||||||||||
2014 cash payments | (3 | ) | (1 | ) | ||||||||||||||||||||||||
Accrued balance at August 3, 2014 | $ | — | $ | — | ||||||||||||||||||||||||
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 | |||||||||||||||
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Aug. 03, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
The computation of basic and diluted earnings per share attributable to common shareholders is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ | 737 | $ | 689 | $ | 734 | |||||||
Less: Allocation to participating securities | — | — | (4 | ) | |||||||||
Available to Campbell Soup Company common shareholders | $ | 737 | $ | 689 | $ | 730 | |||||||
Earnings (loss) from discontinued operations | $ | 81 | $ | (231 | ) | $ | 40 | ||||||
Less: Allocation to participating securities | — | — | (1 | ) | |||||||||
Available to Campbell Soup Company common shareholders | $ | 81 | $ | (231 | ) | $ | 39 | ||||||
Net earnings attributable to Campbell Soup Company | $ | 818 | $ | 458 | $ | 774 | |||||||
Less: Allocation to participating securities | — | — | (5 | ) | |||||||||
Available to Campbell Soup Company common shareholders | $ | 818 | $ | 458 | $ | 769 | |||||||
Weighted average shares outstanding — basic | 314 | 314 | 317 | ||||||||||
Effect of dilutive securities: stock options and other share based payment awards | 2 | 3 | 2 | ||||||||||
Weighted average shares outstanding — diluted | 316 | 317 | 319 | ||||||||||
Earnings from continuing operations attributable to Campbell Soup Company per common share: | |||||||||||||
Basic | $ | 2.35 | $ | 2.19 | $ | 2.3 | |||||||
Diluted | $ | 2.33 | $ | 2.17 | $ | 2.29 | |||||||
Earnings (loss) from discontinued operations per common share: | |||||||||||||
Basic | $ | 0.26 | $ | (.74 | ) | $ | 0.12 | ||||||
Diluted | $ | 0.26 | $ | (.73 | ) | $ | 0.12 | ||||||
Net earnings attributable to Campbell Soup Company per common share(1): | |||||||||||||
Basic | $ | 2.61 | $ | 1.46 | $ | 2.43 | |||||||
Diluted | $ | 2.59 | $ | 1.44 | $ | 2.41 | |||||||
___________________________________ | |||||||||||||
(1) The sum of the individual per share amounts may not add due to rounding. |
Pension_And_Postretirement_Ben1
Pension And Postretirement Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Aug. 03, 2014 | ||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Obligation at beginning of year | $ | 2,489 | $ | 2,748 | $ | 390 | $ | 413 | ||||||||||||||||||||||||
Service cost | 42 | 57 | 2 | 3 | ||||||||||||||||||||||||||||
Interest cost | 115 | 108 | 17 | 15 | ||||||||||||||||||||||||||||
Actuarial (gain) loss | 154 | (230 | ) | 5 | (13 | ) | ||||||||||||||||||||||||||
Participant contributions | — | — | 6 | 6 | ||||||||||||||||||||||||||||
Benefits paid | (191 | ) | (172 | ) | (35 | ) | (36 | ) | ||||||||||||||||||||||||
Medicare subsidies | — | — | 3 | 2 | ||||||||||||||||||||||||||||
Other | (4 | ) | (3 | ) | — | — | ||||||||||||||||||||||||||
Settlements | (43 | ) | — | — | — | |||||||||||||||||||||||||||
Curtailment | — | (2 | ) | — | — | |||||||||||||||||||||||||||
Foreign currency adjustment | (12 | ) | (17 | ) | — | — | ||||||||||||||||||||||||||
Divestiture | (11 | ) | — | — | — | |||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 2,539 | $ | 2,489 | $ | 388 | $ | 390 | ||||||||||||||||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets: | ||||||||||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Other assets | $ | 7 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Accrued liabilities | (12 | ) | (13 | ) | (29 | ) | (29 | ) | ||||||||||||||||||||||||
Other liabilities | (170 | ) | (190 | ) | (359 | ) | (361 | ) | ||||||||||||||||||||||||
Non-current liabilities held for sale | — | (11 | ) | — | — | |||||||||||||||||||||||||||
Net amount recognized | $ | (175 | ) | $ | (214 | ) | $ | (388 | ) | $ | (390 | ) | ||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Net actuarial loss | $ | 1,019 | $ | 1,068 | $ | 96 | $ | 104 | ||||||||||||||||||||||||
Prior service credit | (2 | ) | (2 | ) | (5 | ) | (6 | ) | ||||||||||||||||||||||||
Total | $ | 1,017 | $ | 1,066 | $ | 91 | $ | 98 | ||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at the end of the year: | ||||||||||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Discount rate | 4.33% | 4.82% | 4.00% | 4.50% | ||||||||||||||||||||||||||||
Rate of compensation increase | 3.30% | 3.30% | 3.25% | 3.25% | ||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Estimated future benefit payments are as follows: | ||||||||||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||||||||||
2015 | $ | 151 | $ | 29 | ||||||||||||||||||||||||||||
2016 | $ | 152 | $ | 30 | ||||||||||||||||||||||||||||
2017 | $ | 153 | $ | 31 | ||||||||||||||||||||||||||||
2018 | $ | 154 | $ | 31 | ||||||||||||||||||||||||||||
2019 | $ | 160 | $ | 31 | ||||||||||||||||||||||||||||
2020-2024 | $ | 838 | $ | 145 | ||||||||||||||||||||||||||||
Pension Plan, Defined Benefit [Member] | ' | |||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||||||||||
Schedule Of Components Of Benefit Expense | ' | |||||||||||||||||||||||||||||||
Components of benefit expense were as follows: | ||||||||||||||||||||||||||||||||
Pension | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Service cost | $ | 42 | $ | 57 | $ | 55 | ||||||||||||||||||||||||||
Interest cost | 115 | 108 | 122 | |||||||||||||||||||||||||||||
Expected return on plan assets | (176 | ) | (177 | ) | (178 | ) | ||||||||||||||||||||||||||
Amortization of prior service credit | (1 | ) | (1 | ) | — | |||||||||||||||||||||||||||
Recognized net actuarial loss | 76 | 108 | 74 | |||||||||||||||||||||||||||||
Curtailment loss | — | 3 | — | |||||||||||||||||||||||||||||
Settlement charges | 22 | — | — | |||||||||||||||||||||||||||||
Net periodic benefit expense | $ | 78 | $ | 98 | $ | 73 | ||||||||||||||||||||||||||
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Change in the fair value of pension plan assets: | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Fair value at beginning of year | $ | 2,275 | $ | 2,118 | ||||||||||||||||||||||||||||
Actual return on plan assets | 276 | 246 | ||||||||||||||||||||||||||||||
Employer contributions | 46 | 87 | ||||||||||||||||||||||||||||||
Benefits paid | (179 | ) | (161 | ) | ||||||||||||||||||||||||||||
Settlements | (43 | ) | — | |||||||||||||||||||||||||||||
Foreign currency adjustment | (11 | ) | (15 | ) | ||||||||||||||||||||||||||||
Fair value at end of year | $ | 2,364 | $ | 2,275 | ||||||||||||||||||||||||||||
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The following table provides information for pension plans with accumulated benefit obligations in excess of plan assets: | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 269 | $ | 1,817 | ||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 257 | $ | 1,791 | ||||||||||||||||||||||||||||
Fair value of plan assets | $ | 92 | $ | 1,625 | ||||||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for the years ended: | ||||||||||||||||||||||||||||||||
Pension | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Discount rate | 4.82% | 4.05% | 5.41% | |||||||||||||||||||||||||||||
Expected return on plan assets | 7.62% | 7.65% | 7.90% | |||||||||||||||||||||||||||||
Rate of compensation increase | 3.30% | 3.31% | 3.31% | |||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The company’s year-end pension plan weighted-average asset allocations by category were: | ||||||||||||||||||||||||||||||||
Strategic Target | 2014 | 2013 | ||||||||||||||||||||||||||||||
Equity securities | 51% | 51% | 54% | |||||||||||||||||||||||||||||
Debt securities | 35% | 33% | 32% | |||||||||||||||||||||||||||||
Real estate and other | 14% | 16% | 14% | |||||||||||||||||||||||||||||
Net periodic benefit expense | 100% | 100% | 100% | |||||||||||||||||||||||||||||
Pension plan assets 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. | |||||||||||||||||||||||||||||||
The following table presents the company’s pension plan assets by asset category at August 3, 2014 and July 28, 2013: | ||||||||||||||||||||||||||||||||
Fair Value | Fair Value Measurements at | Fair Value | Fair Value Measurements at | |||||||||||||||||||||||||||||
as of | August 3, 2014 Using | as of | July 28, 2013 Using | |||||||||||||||||||||||||||||
August 3, | Fair Value Hierarchy | July 28, | Fair Value Hierarchy | |||||||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Short-term investments | $ | 60 | $ | 23 | $ | 37 | $ | — | $ | 78 | $ | 36 | $ | 42 | $ | — | ||||||||||||||||
Equities: | ||||||||||||||||||||||||||||||||
U.S. | 378 | 378 | — | — | 401 | 401 | — | — | ||||||||||||||||||||||||
Non-U.S. | 332 | 332 | — | — | 358 | 358 | — | — | ||||||||||||||||||||||||
Corporate bonds: | ||||||||||||||||||||||||||||||||
U.S. | 469 | — | 469 | — | 420 | — | 420 | — | ||||||||||||||||||||||||
Non-U.S. | 114 | — | 114 | — | 92 | — | 92 | — | ||||||||||||||||||||||||
Government and agency bonds: | ||||||||||||||||||||||||||||||||
U.S. | 62 | — | 62 | — | 41 | — | 41 | — | ||||||||||||||||||||||||
Non-U.S. | 46 | — | 46 | — | 37 | — | 37 | — | ||||||||||||||||||||||||
Municipal bonds | 84 | — | 84 | — | 73 | — | 73 | — | ||||||||||||||||||||||||
Commingled funds: | ||||||||||||||||||||||||||||||||
Equities | 426 | — | 426 | — | 393 | — | 393 | — | ||||||||||||||||||||||||
Fixed income | 3 | — | 3 | — | 29 | — | 29 | — | ||||||||||||||||||||||||
Blended | 95 | — | 95 | — | 88 | — | 88 | — | ||||||||||||||||||||||||
Mortgage and asset backed securities | 13 | — | 13 | — | 15 | — | 15 | — | ||||||||||||||||||||||||
Real estate | 117 | 5 | 92 | 20 | 107 | 6 | 83 | 18 | ||||||||||||||||||||||||
Hedge funds | 181 | — | 127 | 54 | 147 | — | 117 | 30 | ||||||||||||||||||||||||
Total assets at fair value | $ | 2,380 | $ | 738 | $ | 1,568 | $ | 74 | $ | 2,279 | $ | 801 | $ | 1,430 | $ | 48 | ||||||||||||||||
Other items to reconcile to fair value of plan assets | (16 | ) | (4 | ) | ||||||||||||||||||||||||||||
Total pension assets at fair value | $ | 2,364 | $ | 2,275 | ||||||||||||||||||||||||||||
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The following table summarizes the changes in fair value of Level 3 investments for the years ended August 3, 2014 and July 28, 2013: | ||||||||||||||||||||||||||||||||
Real Estate | Hedge Funds | Total | ||||||||||||||||||||||||||||||
Fair value at July 28, 2013 | $ | 18 | $ | 30 | $ | 48 | ||||||||||||||||||||||||||
Actual return on plan assets | 2 | 2 | 4 | |||||||||||||||||||||||||||||
Purchases | 3 | 22 | 25 | |||||||||||||||||||||||||||||
Sales | (3 | ) | — | (3 | ) | |||||||||||||||||||||||||||
Settlements | — | — | — | |||||||||||||||||||||||||||||
Transfers out of Level 3 | — | — | — | |||||||||||||||||||||||||||||
Fair value at August 3, 2014 | $ | 20 | $ | 54 | $ | 74 | ||||||||||||||||||||||||||
Real Estate | Hedge Funds | Total | ||||||||||||||||||||||||||||||
Fair value at July 29, 2012 | $ | 35 | $ | — | $ | 35 | ||||||||||||||||||||||||||
Actual return on plan assets | 2 | — | 2 | |||||||||||||||||||||||||||||
Purchases | — | 30 | 30 | |||||||||||||||||||||||||||||
Sales | (3 | ) | — | (3 | ) | |||||||||||||||||||||||||||
Settlements | — | — | — | |||||||||||||||||||||||||||||
Transfers out of Level 3 | (16 | ) | — | (16 | ) | |||||||||||||||||||||||||||
Fair value at July 28, 2013 | $ | 18 | $ | 30 | $ | 48 | ||||||||||||||||||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | |||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||||||||||
Schedule Of Components Of Benefit Expense | ' | |||||||||||||||||||||||||||||||
Postretirement | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Service cost | $ | 2 | $ | 3 | $ | 3 | ||||||||||||||||||||||||||
Interest cost | 17 | 15 | 18 | |||||||||||||||||||||||||||||
Amortization of prior service credit | (1 | ) | (1 | ) | (1 | ) | ||||||||||||||||||||||||||
Recognized net actuarial loss | 13 | 15 | 9 | |||||||||||||||||||||||||||||
Net periodic benefit expense | $ | 31 | $ | 32 | $ | 29 | ||||||||||||||||||||||||||
Schedule of Health Care Cost Trend Rates [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Assumed health care cost trend rates at the end of the year: | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Health care cost trend rate assumed for next year | 8.25% | 8.25% | ||||||||||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 4.50% | 4.50% | ||||||||||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2022 | 2021 | ||||||||||||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | ' | |||||||||||||||||||||||||||||||
A one-percentage-point change in assumed health care costs would have the following effects on 2014 reported amounts: | ||||||||||||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||||||||||
Effect on service and interest cost | $ | 1 | $ | (1 | ) | |||||||||||||||||||||||||||
Effect on the 2014 accumulated benefit obligation | $ | 16 | $ | (18 | ) | |||||||||||||||||||||||||||
Taxes_on_Earnings_Tables
Taxes on Earnings (Tables) | 12 Months Ended | |||||||||||
Aug. 03, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||||||
The provision for income taxes on earnings from continuing operations consists of the following: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income taxes: | ||||||||||||
Currently payable: | ||||||||||||
Federal | $ | 252 | $ | 268 | $ | 221 | ||||||
State | 30 | 24 | 29 | |||||||||
Non-U.S. | 42 | 47 | 43 | |||||||||
324 | 339 | 293 | ||||||||||
Deferred: | ||||||||||||
Federal | 32 | (58 | ) | 31 | ||||||||
State | 2 | (6 | ) | 2 | ||||||||
Non-U.S. | (11 | ) | — | (1 | ) | |||||||
23 | (64 | ) | 32 | |||||||||
$ | 347 | $ | 275 | $ | 325 | |||||||
Earnings from continuing operations before income taxes: | ||||||||||||
United States | $ | 995 | $ | 815 | $ | 918 | ||||||
Non-U.S. | 78 | 140 | 131 | |||||||||
$ | 1,073 | $ | 955 | $ | 1,049 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||||||
The following is a reconciliation of the effective income tax rate on continuing operations to the U.S. federal statutory income tax rate: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal statutory income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes (net of federal tax benefit) | 2 | 1.1 | 2 | |||||||||
Tax effect of international items | (1.0 | ) | (2.6 | ) | (3.8 | ) | ||||||
Settlement of tax contingencies | — | (0.1 | ) | (0.1 | ) | |||||||
Federal manufacturing deduction | (2.3 | ) | (2.7 | ) | (1.9 | ) | ||||||
Other | (1.4 | ) | (1.9 | ) | (0.2 | ) | ||||||
Effective income tax rate | 32.3 | % | 28.8 | % | 31 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||||||
Deferred tax liabilities and assets are comprised of the following: | ||||||||||||
2014 | 2013 | |||||||||||
Depreciation | $ | 300 | $ | 302 | ||||||||
Amortization | 541 | 484 | ||||||||||
Other | 17 | 66 | ||||||||||
Deferred tax liabilities | 858 | 852 | ||||||||||
Benefits and compensation | 294 | 316 | ||||||||||
Pension benefits | 63 | 61 | ||||||||||
Tax loss carryforwards | 49 | 95 | ||||||||||
Capital loss carryforwards | 112 | 104 | ||||||||||
Other | 70 | 73 | ||||||||||
Gross deferred tax assets | 588 | 649 | ||||||||||
Deferred tax asset valuation allowance | (151 | ) | (148 | ) | ||||||||
Net deferred tax assets | 437 | 501 | ||||||||||
Net deferred tax liability | $ | 421 | $ | 351 | ||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ' | |||||||||||
A reconciliation of the activity related to unrecognized tax benefits follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at beginning of year | $ | 61 | $ | 48 | $ | 43 | ||||||
Increases related to prior-year tax positions | — | 28 | 2 | |||||||||
Decreases related to prior-year tax positions | (1 | ) | (7 | ) | (1 | ) | ||||||
Increases related to current-year tax positions | 11 | 9 | 9 | |||||||||
Settlements | — | (15 | ) | — | ||||||||
Lapse of statute | — | (2 | ) | (5 | ) | |||||||
Balance at end of year | $ | 71 | $ | 61 | $ | 48 | ||||||
Shortterm_Borrowings_and_Longt1
Short-term Borrowings and Long-term Debt (Tables) | 12 Months Ended | ||||||||||||
Aug. 03, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Schedule of Short-term Debt [Table Text Block] | ' | ||||||||||||
Short-term borrowings consist of the following: | |||||||||||||
2014 | 2013 | ||||||||||||
Commercial paper | $ | 1,406 | $ | 1,162 | |||||||||
Current portion of long-term debt | 300 | 700 | |||||||||||
Variable-rate bank borrowings | 47 | 44 | |||||||||||
Fixed-rate bank borrowings | 17 | — | |||||||||||
Capital leases | 1 | 2 | |||||||||||
Other(1) | — | 1 | |||||||||||
$ | 1,771 | $ | 1,909 | ||||||||||
_______________________________________ | |||||||||||||
(1) | Other includes unamortized net premium/discount on debt issuances and amounts related to interest rate swaps designated as fair-value hedges. For additional information on fair-value interest rate swaps, see Note 14. | ||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||||||
Long-term debt consists of the following: | |||||||||||||
Type | Fiscal Year of Maturity | Rate | 2014 | 2013 | |||||||||
Notes | 2014 | 4.88% | $ | — | $ | 300 | |||||||
Notes | 2014 | LIBOR plus 0.30% | — | 400 | |||||||||
Notes | 2015 | 3.38% | 300 | 300 | |||||||||
Notes | 2017 | 3.05% | 400 | 400 | |||||||||
Notes | 2019 | 4.50% | 300 | 300 | |||||||||
Notes | 2021 | 4.25% | 500 | 500 | |||||||||
Debentures | 2021 | 8.88% | 200 | 200 | |||||||||
Notes | 2023 | 2.50% | 450 | 450 | |||||||||
Notes | 2043 | 3.80% | 400 | 400 | |||||||||
Capital leases | 3 | 4 | |||||||||||
Other(1) | (9 | ) | (10 | ) | |||||||||
Total | 2,544 | 3,244 | |||||||||||
Less current portion | 300 | 700 | |||||||||||
Total long-term debt | $ | 2,244 | $ | 2,544 | |||||||||
_______________________________________ | |||||||||||||
(1) | Other includes unamortized net premium/discount on debt issuances. |
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Aug. 03, 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 August 3, 2014 and July 28, 2013: | |||||||||||||||||||||||||
Balance Sheet Classification | 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 | 11 | — | ||||||||||||||||||||||
Interest rate swaps | Other current assets | — | 1 | ||||||||||||||||||||||
Forward starting interest rate swaps | Other assets | — | 23 | ||||||||||||||||||||||
Total derivatives designated as hedges | $ | 12 | $ | 26 | |||||||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||||||
Commodity derivative contracts | Other current assets | $ | 2 | $ | 2 | ||||||||||||||||||||
Deferred compensation derivative contracts | Other current assets | — | 2 | ||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | 1 | 2 | ||||||||||||||||||||||
Total derivatives not designated as hedges | $ | 3 | $ | 6 | |||||||||||||||||||||
Total asset derivatives | $ | 15 | $ | 32 | |||||||||||||||||||||
Balance Sheet Classification | 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 | $ | 10 | $ | 6 | ||||||||||||||||||||
Cross-currency swap contracts | Accrued liabilities | 1 | 1 | ||||||||||||||||||||||
Deferred compensation derivative contracts | Accrued liabilities | 3 | — | ||||||||||||||||||||||
Foreign exchange forward contracts | Accrued liabilities | 2 | 4 | ||||||||||||||||||||||
Commodity derivative contracts | Other liabilities | 1 | — | ||||||||||||||||||||||
Cross-currency swap contracts | Other liabilities | 5 | 1 | ||||||||||||||||||||||
Total derivatives not designated as hedges | $ | 22 | $ | 12 | |||||||||||||||||||||
Total liability derivatives | $ | 23 | $ | 36 | |||||||||||||||||||||
Offsetting Assets and Liabilities | ' | ||||||||||||||||||||||||
The company does not 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 August 3, 2014 and July 28, 2013 would be adjusted as detailed in the following table: | |||||||||||||||||||||||||
2014 | 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 | $ | 15 | $ | (4 | ) | $ | 11 | $ | 32 | $ | (8 | ) | $ | 24 | |||||||||||
Total liability derivatives | $ | 23 | $ | (4 | ) | $ | 19 | $ | 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 years ended August 3, 2014, and July 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 | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
OCI derivative gain (loss) at beginning of year | $ | 8 | $ | (16 | ) | ||||||||||||||||||||
Effective portion of changes in fair value recognized in OCI: | |||||||||||||||||||||||||
Forward starting interest rate swaps | (12 | ) | 19 | ||||||||||||||||||||||
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 | (4 | ) | 1 | |||||||||||||||||||||
Foreign exchange forward contracts | Other expenses / (income) | 1 | (1 | ) | |||||||||||||||||||||
Forward starting interest rate swaps | Interest expense | 3 | 4 | ||||||||||||||||||||||
OCI derivative gain (loss) at end of year | $ | (4 | ) | $ | 8 | ||||||||||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
as Fair-Value Hedges | Recognized in Earnings | ||||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | (1 | ) | $ | (12 | ) | $ | 1 | $ | 12 | ||||||||||||||
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) | 2014 | 2013 | ||||||||||||||||||||||
Recognized in Earnings | |||||||||||||||||||||||||
Foreign exchange forward contracts | Cost of products sold | $ | 3 | $ | — | ||||||||||||||||||||
Foreign exchange forward contracts | Other expenses/income | (12 | ) | — | |||||||||||||||||||||
Cross-currency swap contracts | Other expenses/income | 7 | 39 | ||||||||||||||||||||||
Commodity derivative contracts | Cost of products sold | (4 | ) | (6 | ) | ||||||||||||||||||||
Deferred compensation derivative contracts | Administrative expenses | 2 | 16 | ||||||||||||||||||||||
Total | $ | (4 | ) | $ | 49 | ||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Aug. 03, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value, 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 August 3, 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 | August 3, 2014 Using | as of | July 28, 2013 Using | |||||||||||||||||||||||||||||
August 3, | 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) | 11 | — | 11 | — | 23 | — | 23 | — | ||||||||||||||||||||||||
Foreign exchange forward contracts(2) | 2 | — | 2 | — | 4 | — | 4 | — | ||||||||||||||||||||||||
Commodity derivative contracts(3) | 2 | 1 | 1 | — | 2 | 2 | — | — | ||||||||||||||||||||||||
Deferred compensation derivative contracts(4) | — | — | — | — | 2 | — | 2 | — | ||||||||||||||||||||||||
Total assets at fair value | $ | 15 | $ | 1 | $ | 14 | $ | — | $ | 32 | $ | 2 | $ | 30 | $ | — | ||||||||||||||||
Fair Value | Fair Value Measurements at | Fair Value | Fair Value Measurements at | |||||||||||||||||||||||||||||
as of | August 3, 2014 Using | as of | July 28, 2013 Using | |||||||||||||||||||||||||||||
August 3, | 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) | $ | 3 | $ | — | $ | 3 | $ | — | $ | 6 | $ | — | $ | 6 | $ | — | ||||||||||||||||
Cross-currency swap contracts(5) | 6 | — | 6 | — | 24 | — | 24 | — | ||||||||||||||||||||||||
Commodity derivative contracts(3) | 11 | 11 | — | — | 6 | 5 | 1 | — | ||||||||||||||||||||||||
Deferred compensation derivative contracts(4) | 3 | — | 3 | — | — | — | — | — | ||||||||||||||||||||||||
Deferred compensation obligation(6) | 123 | 123 | — | — | 123 | 123 | — | — | ||||||||||||||||||||||||
Total liabilities at fair value | $ | 146 | $ | 134 | $ | 12 | $ | — | $ | 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 quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. | |||||||||||||||||||||||||||||||
(4) | Based on LIBOR and equity index swap rates. | |||||||||||||||||||||||||||||||
(5) | Based on observable local benchmarks for currency and interest rates. | |||||||||||||||||||||||||||||||
(6) | Based on the fair value of the participants’ investments. | |||||||||||||||||||||||||||||||
Fair Value, Assets Measure on Nonrecurring Basis | ' | |||||||||||||||||||||||||||||||
The following table presents the company’s fair value measurements of intangible assets that were recognized in the year ended July 28, 2013: | ||||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||
Intangible assets | Impairment | Fair Value | ||||||||||||||||||||||||||||||
Blå Band | $ | 1 | $ | 19 | ||||||||||||||||||||||||||||
Heisse Tasse | $ | 4 | $ | 6 | ||||||||||||||||||||||||||||
Isomitta | $ | 8 | $ | 4 | ||||||||||||||||||||||||||||
Royco | $ | 23 | $ | 53 | ||||||||||||||||||||||||||||
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 12 Months Ended | ||||||||||||
Aug. 03, 2014 | |||||||||||||
Stock-based Compensation | ' | ||||||||||||
Schedule Of Stock Option Activity | ' | ||||||||||||
The following table summarizes stock option activity as of August 3, 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 | (693 | ) | $ | 26.64 | |||||||||
Terminated | — | $ | — | ||||||||||
Outstanding at August 3, 2014 | 408 | $ | 28.33 | 0.6 | $ | 6 | |||||||
Exercisable at August 3, 2014 | 408 | $ | 28.33 | 0.6 | $ | 6 | |||||||
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 August 3, 2014: | |||||||||||||
Units | Weighted- | ||||||||||||
Average | |||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
(Restricted stock | |||||||||||||
units in thousands) | |||||||||||||
Nonvested at July 28, 2013 | 4,208 | $ | 34.05 | ||||||||||
Granted | 1,742 | $ | 39.97 | ||||||||||
Vested | (2,595 | ) | $ | 33.26 | |||||||||
Forfeited | (361 | ) | $ | 37.93 | |||||||||
Nonvested at August 3, 2014 | 2,994 | $ | 37.69 | ||||||||||
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 August 3, 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 | (1,055 | ) | $ | 42.54 | |||||||||
Nonvested at August 3, 2014 | 861 | $ | 38.15 | ||||||||||
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 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||
Aug. 03, 2014 | ||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||||
Future minimum annual rental payments under these operating leases as of August 3, 2014 are as follows: | ||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |
$38 | $32 | $26 | $22 | $18 | $58 |
Supplemental_Financial_Stateme1
Supplemental Financial Statement Data (Tables) | 12 Months Ended | |||||||||||
Aug. 03, 2014 | ||||||||||||
Supplemental Financial Statement Data [Abstract] | ' | |||||||||||
Schedule Of Balance Sheets Supplemental Disclosures [Table Text Block] | ' | |||||||||||
2014 | 2013 | |||||||||||
Accounts receivable | ||||||||||||
Customer accounts receivable | $ | 597 | $ | 587 | ||||||||
Allowances | (12 | ) | (11 | ) | ||||||||
Subtotal | 585 | 576 | ||||||||||
Other | 85 | 59 | ||||||||||
$ | 670 | $ | 635 | |||||||||
Inventories | ||||||||||||
Raw materials, containers and supplies | $ | 399 | $ | 364 | ||||||||
Finished products | 617 | 561 | ||||||||||
$ | 1,016 | $ | 925 | |||||||||
Other current assets | ||||||||||||
Deferred taxes | $ | 96 | $ | 90 | ||||||||
Fair value of derivatives | 15 | 9 | ||||||||||
Other | 71 | 36 | ||||||||||
$ | 182 | $ | 135 | |||||||||
Plant assets | ||||||||||||
Land | $ | 62 | $ | 59 | ||||||||
Buildings | 1,384 | 1,349 | ||||||||||
Machinery and equipment | 3,856 | 4,017 | ||||||||||
Projects in progress | 217 | 230 | ||||||||||
Total cost | 5,519 | 5,655 | ||||||||||
Accumulated depreciation(1) | (3,201 | ) | (3,395 | ) | ||||||||
$ | 2,318 | $ | 2,260 | |||||||||
Other assets | ||||||||||||
Fair value of derivatives | $ | — | $ | 23 | ||||||||
Deferred taxes | 32 | 27 | ||||||||||
Other | 55 | 81 | ||||||||||
$ | 87 | $ | 131 | |||||||||
2014 | 2013 | |||||||||||
Accrued liabilities | ||||||||||||
Accrued compensation and benefits | $ | 237 | $ | 270 | ||||||||
Fair value of derivatives | 17 | 35 | ||||||||||
Accrued trade and consumer promotion programs | 122 | 137 | ||||||||||
Accrued interest | 37 | 41 | ||||||||||
Restructuring | 31 | 21 | ||||||||||
Other | 109 | 113 | ||||||||||
$ | 553 | $ | 617 | |||||||||
Other liabilities | ||||||||||||
Pension benefits | $ | 170 | $ | 190 | ||||||||
Deferred compensation(2) | 109 | 112 | ||||||||||
Postretirement benefits | 359 | 361 | ||||||||||
Fair value of derivatives | 6 | 1 | ||||||||||
Unrecognized tax benefits | 23 | 40 | ||||||||||
Other | 62 | 72 | ||||||||||
$ | 729 | $ | 776 | |||||||||
____________________________________ | ||||||||||||
(1) | Depreciation expense was $287 in 2014, $393 in 2013 and $258 in 2012. Depreciation expense of continuing operations was $287 in 2014, $382 in 2013 and $247 in 2012. Buildings are depreciated over periods ranging from 7 to 45 years. Machinery and equipment are depreciated over periods generally ranging from 2 to 20 years. | |||||||||||
(2) | The deferred compensation obligation represents unfunded plans maintained for the purpose of providing the company's directors and certain of its executives the opportunity to defer a portion of their compensation. All forms of compensation contributed to the deferred compensation plans are accounted for in accordance with the underlying program. Deferrals and company contributions are credited to an investment account in the participant's name, although no funds are actually contributed to the investment account and no investments are actually purchased. Seven investment choices are available, including: (1) a book account that tracks the total return on company stock; (2) a book account that tracks the performance of the Vanguard Institutional Index; (3) a book account that tracks the performance of the Vanguard Extended Market Index; (4) a book account that tracks the performance of the Vanguard Total International Stock Index; (5) a book account that tracks the performance of the Vanguard Total Bond Market Index; (6) a book account that tracks the performance of the Vanguard Short-Term Bond Index; and (7) a book account that tracks the BlackRock Liquidity TempFund. Participants can reallocate investments daily and are entitled to the gains and losses on investment funds. The company recognizes an amount in the Consolidated Statements of Earnings for the market appreciation/depreciation of each fund. | |||||||||||
Schedule Of Statements Of Earnings Supplemental Disclosures [Table Text Block] | ' | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Other Expenses/(Income) | ||||||||||||
Foreign exchange (gains)/losses(1) | $ | 6 | $ | 3 | $ | (3 | ) | |||||
Amortization of intangible assets | 18 | 14 | 1 | |||||||||
Acquisition related costs | — | 10 | 5 | |||||||||
Other | (2 | ) | 2 | 8 | ||||||||
$ | 22 | $ | 29 | $ | 11 | |||||||
Advertising and consumer promotion expense(2) | $ | 411 | $ | 419 | $ | 476 | ||||||
Interest expense | ||||||||||||
Interest expense | $ | 124 | $ | 138 | $ | 116 | ||||||
Less: Interest capitalized | 2 | 3 | 2 | |||||||||
$ | 122 | $ | 135 | $ | 114 | |||||||
____________________________________ | ||||||||||||
(1) | 2014 included a loss of $9 on foreign exchange forward contracts used to hedge the proceeds from the sale of the European simple meals business. | |||||||||||
(2) | Included in Marketing and selling expenses. | |||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Cash Flows from Operating Activities | ||||||||||||
Other non-cash charges to net earnings | ||||||||||||
Non-cash compensation/benefit related expense | $ | 114 | $ | 134 | $ | 106 | ||||||
Other | 4 | 21 | 12 | |||||||||
$ | 118 | $ | 155 | $ | 118 | |||||||
Other | ||||||||||||
Benefit related payments | $ | (52 | ) | $ | (54 | ) | $ | (84 | ) | |||
Other | (1 | ) | (4 | ) | (2 | ) | ||||||
$ | (53 | ) | $ | (58 | ) | $ | (86 | ) | ||||
Other Cash Flow Information | ||||||||||||
Interest paid | $ | 122 | $ | 124 | $ | 115 | ||||||
Interest received | $ | 3 | $ | 10 | $ | 8 | ||||||
Income taxes paid | $ | 421 | $ | 345 | $ | 300 | ||||||
Quarterly_Data_Quarterly_Data_
Quarterly Data Quarterly Data (Tables) | 12 Months Ended | |||||||||||||||
Aug. 03, 2014 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||||
2014 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Net sales | $ | 2,165 | $ | 2,281 | $ | 1,970 | $ | 1,852 | ||||||||
Gross profit | 777 | 814 | 676 | 631 | ||||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | 181 | 235 | 184 | 137 | ||||||||||||
Earnings (loss) from discontinued operations | (9 | ) | 90 | — | — | |||||||||||
Net earnings attributable to Campbell Soup Company | 172 | 325 | 184 | 137 | ||||||||||||
Per share - basic | ||||||||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | 0.58 | 0.75 | 0.59 | 0.44 | ||||||||||||
Earnings (loss) from discontinued operations | (.03 | ) | 0.29 | — | — | |||||||||||
Net earnings attributable to Campbell Soup Company(1) | 0.55 | 1.04 | 0.59 | 0.44 | ||||||||||||
Dividends | 0.312 | 0.312 | 0.312 | 0.312 | ||||||||||||
Per share - assuming dilution | ||||||||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | 0.57 | 0.74 | 0.58 | 0.43 | ||||||||||||
Earnings (loss) from discontinued operations | (.03 | ) | 0.28 | — | — | |||||||||||
Net earnings attributable to Campbell Soup Company(1) | 0.54 | 1.03 | 0.58 | 0.43 | ||||||||||||
Market price | ||||||||||||||||
High | $ | 48.08 | $ | 43.7 | $ | 45.48 | $ | 46.67 | ||||||||
Low | $ | 39.87 | $ | 38.3 | $ | 39.6 | $ | 41.39 | ||||||||
____________________________________ | ||||||||||||||||
(1) | The sum of the individual per share amounts may not add due to rounding. | |||||||||||||||
2014 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
In 2014, the following charges were recorded in Earnings from continuing operations attributable to Campbell Soup Company: | ||||||||||||||||
Restructuring charges and related costs (see Note 8) | $ | 15 | $ | 5 | $ | 1 | $ | 15 | ||||||||
Pension settlement charges (see Note 11) | — | — | 11 | 3 | ||||||||||||
Loss on foreign exchange forward contracts related to the sale of the European simple meals business (see Note 19) | 6 | — | — | — | ||||||||||||
Tax expense associated with the sale of the European simple meals business | 7 | — | — | — | ||||||||||||
Per share - assuming dilution | ||||||||||||||||
Restructuring charges and related costs | 0.05 | 0.02 | — | 0.05 | ||||||||||||
Pension settlement charges | — | — | 0.03 | 0.01 | ||||||||||||
Loss on foreign exchange forward contracts related to the sale of the European simple meals business | 0.02 | — | — | — | ||||||||||||
Tax expense associated with the sale of the European simple meals business | 0.02 | — | — | — | ||||||||||||
In 2014, the following charges (gains) were recorded in Earnings (loss) from discontinued operations: | ||||||||||||||||
Taxes, costs associated with the sale, and gain on sale of the European simple meals business (see Note 4) | $ | 18 | $ | (90 | ) | $ | — | $ | — | |||||||
Per share - assuming dilution | ||||||||||||||||
Taxes, costs associated with the sale, and gain on sale of the European simple meals business | 0.06 | (.28 | ) | — | — | |||||||||||
2013 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Net sales | $ | 2,205 | $ | 2,162 | $ | 1,962 | $ | 1,723 | ||||||||
Gross profit | 821 | 762 | 706 | 623 | ||||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | 232 | 171 | 169 | 117 | ||||||||||||
Earnings (loss) from discontinued operations | 13 | 19 | 12 | (275 | ) | |||||||||||
Net earnings (loss) attributable to Campbell Soup Company | 245 | 190 | 181 | (158 | ) | |||||||||||
Per share - basic | ||||||||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | 0.74 | 0.54 | 0.54 | 0.37 | ||||||||||||
Earnings (loss) from discontinued operations | 0.04 | 0.06 | 0.04 | (.88 | ) | |||||||||||
Net earnings (loss) attributable to Campbell Soup Company(1) | 0.78 | 0.61 | 0.58 | (.50 | ) | |||||||||||
Dividends | 0.29 | 0.58 | — | 0.29 | ||||||||||||
Per share - assuming dilution | ||||||||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | 0.73 | 0.54 | 0.53 | 0.37 | ||||||||||||
Earnings (loss) from discontinued operations | 0.04 | 0.06 | 0.04 | (.87 | ) | |||||||||||
Net earnings (loss) attributable to Campbell Soup Company(1) | 0.78 | 0.6 | 0.57 | (.50 | ) | |||||||||||
Market price | ||||||||||||||||
High | $ | 36.28 | $ | 37.16 | $ | 46.85 | $ | 48.83 | ||||||||
Low | $ | 32.24 | $ | 34.3 | $ | 36.09 | $ | 42.32 | ||||||||
____________________________________ | ||||||||||||||||
(1) | The sum of the individual per share amounts may not add due to rounding. | |||||||||||||||
2013 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
In 2013, the following charges were recorded in Earnings from continuing operations: | ||||||||||||||||
Restructuring charges and related costs (see Note 8) | $ | 27 | $ | 30 | $ | 14 | $ | 19 | ||||||||
Acquisition transaction costs (see Note 3) | 7 | — | — | — | ||||||||||||
Per share - assuming dilution | ||||||||||||||||
Restructuring charges and related costs | 0.09 | 0.09 | 0.04 | 0.06 | ||||||||||||
Acquisition transaction costs | 0.02 | — | — | — | ||||||||||||
In 2013, the following charges were recorded in Earnings (loss) from discontinued operations: | ||||||||||||||||
Impairment on the intangible assets of the European simple meals business (see Note 6) | $ | — | $ | — | $ | — | $ | 263 | ||||||||
Taxes on the difference between the book value and tax basis of the European simple meals business (see Note 12) | — | — | — | 18 | ||||||||||||
Per share - assuming dilution | ||||||||||||||||
Impairment on the intangible assets of the European simple meals business | — | — | — | 0.83 | ||||||||||||
Taxes on the difference between the book value and tax basis of the European simple meals business | — | — | — | 0.06 | ||||||||||||
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Tables) | 12 Months Ended | |||||||||||||||||||
Aug. 03, 2014 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||
Summary of Valuation Allowance [Table Text Block] | ' | |||||||||||||||||||
For the Fiscal Years ended August 3, 2014, July 28, 2013 and July 29, 2012 | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Balance at Beginning of Period | Charged to/ | Deductions | Acquisitions | Balance at | ||||||||||||||||
(Reduction in) Costs | End of | |||||||||||||||||||
and | Period | |||||||||||||||||||
Expenses | ||||||||||||||||||||
Fiscal year ended August 3, 2014 | ||||||||||||||||||||
Cash discount | $ | 5 | $ | 114 | $ | (115 | ) | $ | — | $ | 4 | |||||||||
Bad debt reserve | 2 | — | (1 | ) | 2 | 3 | ||||||||||||||
Returns reserve(1) | 4 | 1 | — | — | 5 | |||||||||||||||
Total Accounts receivable allowances | $ | 11 | $ | 115 | $ | (116 | ) | $ | 2 | $ | 12 | |||||||||
Fiscal year ended July 28, 2013 | ||||||||||||||||||||
Cash discount | $ | 4 | $ | 114 | $ | (113 | ) | $ | — | $ | 5 | |||||||||
Bad debt reserve | 2 | 1 | (1 | ) | — | 2 | ||||||||||||||
Returns reserve(1) | 4 | 1 | (1 | ) | — | 4 | ||||||||||||||
Total Accounts receivable allowances | $ | 10 | $ | 116 | $ | (115 | ) | $ | — | $ | 11 | |||||||||
Fiscal year ended July 29, 2012 | ||||||||||||||||||||
Cash discount | $ | 5 | $ | 112 | $ | (113 | ) | $ | — | $ | 4 | |||||||||
Bad debt reserve | 2 | 1 | (1 | ) | — | 2 | ||||||||||||||
Returns reserve(1) | 4 | — | — | — | 4 | |||||||||||||||
Total Accounts receivable allowances | $ | 11 | $ | 113 | $ | (114 | ) | $ | — | $ | 10 | |||||||||
_______________________________________ | ||||||||||||||||||||
(1) | The returns reserve is evaluated quarterly and adjusted accordingly. During each period, returns are charged to net sales in the Consolidated Statements of Earnings as incurred. Actual returns were approximately $118 in 2014, $124 in 2013 and $122 in 2012, or less than 2% of net sales. |
Basis_of_Presentation_and_Sign2
Basis of Presentation and Significant Accounting Policies Basis of Presentation and Significant Accounting Polices (Details) | 12 Months Ended | ||
Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | |
Fiscal Period Number Of Weeks | '53 | '52 | '52 |
Building [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '45 years | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '20 years | ' | ' |
Acquistions_Narrative_Details
Acquistions (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
In Millions, unless otherwise specified | Oct. 28, 2012 | Jul. 29, 2012 | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | Aug. 08, 2013 | Aug. 03, 2014 | Aug. 08, 2013 | Aug. 08, 2013 | Aug. 08, 2013 | Aug. 08, 2013 | Aug. 08, 2013 | Jun. 13, 2013 | Oct. 27, 2013 | Aug. 03, 2014 | Jul. 28, 2013 | Jun. 13, 2013 | Jun. 13, 2013 | Aug. 06, 2012 | Aug. 03, 2014 | Aug. 06, 2012 | Aug. 06, 2012 |
Kelsen [Member] | Kelsen [Member] | Kelsen [Member] | Kelsen [Member] | Kelsen [Member] | Kelsen [Member] | Kelsen [Member] | Plum [Member] | Plum [Member] | Plum [Member] | Plum [Member] | Plum [Member] | Plum [Member] | Bolthouse Farms [Member] | Bolthouse Farms [Member] | Bolthouse Farms [Member] | Bolthouse Farms [Member] | ||||||
Trademarks [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Trademarks [Member] | Customer Relationships [Member] | Trademarks [Member] | Customer Relationships [Member] | Trademarks [Member] | ||||||||||||||
Minimum [Member] | Maximum [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 | ' | ' | ' |
Number of Countries in which Entity Operates | ' | ' | ' | ' | ' | 85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | 10 | 5 | 0 | 10 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related After Tax Costs | 7 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | 2,013 | 2,433 | 2,297 | 2,013 | 140 | ' | ' | ' | ' | ' | ' | 128 | ' | ' | ' | ' | ' | 692 | ' | ' | ' |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 284 | ' | ' | ' |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | ' | ' | ' | ' | ' | ' | 193 | ' | ' | ' | ' | ' | ' | ' | 88 | 14 | ' | ' | ' | 756 | ' | ' |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | -19 | -2 | ' | ' | ' | 18 | ' | ' |
Inventory recall expense, after tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11 | -11 | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 147 | ' | ' | ' | ' | ' | 115 | ' | ' | ' | 383 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | ' | ' | ' | ' | ' | ' | $4 | $22 | ' | ' | ' | ' | ' | ' | ' | $18 | ' | ' | ' | $132 | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | '10 years | '15 years | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | '20 years | ' |
Acquistions_Schedule_of_Purcha
Acquistions Schedule of Purchase Price Allocation (Details) (USD $) | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | Aug. 08, 2013 | Jun. 13, 2013 | Aug. 06, 2012 |
In Millions, unless otherwise specified | Kelsen [Member] | Plum [Member] | Bolthouse Farms [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | $2 | $1 | $3 |
Accounts receivable, net | ' | ' | ' | 20 | 15 | 74 |
Inventories | ' | ' | ' | 50 | 20 | 122 |
Other current assets | ' | ' | ' | 2 | 1 | 8 |
Plant assets | ' | ' | ' | 47 | 2 | 335 |
Goodwill | 2,433 | 2,297 | 2,013 | 140 | 128 | 692 |
Other intangible assets | ' | ' | ' | 173 | 133 | 580 |
Business Acquisition, Purchase Price Allocation, Other Noncurrent Assets (Deprecated 2013-01-31) | ' | ' | ' | 0 | 0 | 8 |
Short-term borrowings | ' | ' | ' | -32 | 0 | -1 |
Payable to suppliers and others | ' | ' | ' | -13 | -12 | -59 |
Accrued liabilities | ' | ' | ' | -10 | -5 | -29 |
Long-term debt | ' | ' | ' | -4 | 0 | -1 |
Deferred taxes | ' | ' | ' | -44 | -34 | -156 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | ' | ' | ' | 0 | 0 | -15 |
Total assets acquired and liabilities assumed | ' | ' | ' | $331 | $249 | $1,561 |
Acquistions_Acquistion_Schedul
Acquistions Acquistion Schedule of Intangible Assets Acquired As Part of Business Combination (Details) (Bolthouse Farms [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Aug. 06, 2012 |
Intangible Assets Other Than Goodwill [Line Items] | ' |
Other intangible assets | $580 |
Customer Relationships [Member] | ' |
Intangible Assets Other Than Goodwill [Line Items] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 132 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '20 years |
Distribution Rights [Member] | ' |
Intangible Assets Other Than Goodwill [Line Items] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 2 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '7 years |
Patented Technology [Member] | ' |
Intangible Assets Other Than Goodwill [Line Items] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 43 |
Patented Technology [Member] | Minimum [Member] | ' |
Intangible Assets Other Than Goodwill [Line Items] | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '9 years |
Patented Technology [Member] | Maximum [Member] | ' |
Intangible Assets Other Than Goodwill [Line Items] | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '17 years |
Trade Secrets [Member] | ' |
Intangible Assets Other Than Goodwill [Line Items] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 20 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '5 years |
Trademarks [Member] | ' |
Intangible Assets Other Than Goodwill [Line Items] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $383 |
Acquistions_Pro_forma_Informat
Acquistions Pro forma Information (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' | ' |
Business Acquisition, Pro Forma Revenue | $8,272 | $8,327 | $7,941 |
Business Acquisition, Pro Forma Net Income (Loss) | $738 | $684 | $711 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $2.34 | $2.16 | $2.22 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (Discontinued Operations [Member]) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, except Per Share data, unless otherwise specified | Oct. 29, 2013 | Oct. 29, 2013 | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Oct. 28, 2012 | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 |
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Divestiture of Businesses | $548 | € 400 | ($14) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 141 | 0 | 0 |
Gain on sale of business, net of tax | ' | ' | 0 | 0 | 90 | -18 | ' | ' | ' | ' | 72 | ' | ' |
Gain on sale of business, per diluted share | ' | ' | $0 | $0 | $0.28 | ($0.06) | ' | ' | ' | ' | $0.23 | ' | ' |
Impairment of Long-Lived Assets to be Disposed of | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 396 | 0 |
Impairment Of Goodwill And Indefinite Lived Intangible Assets, Net Of Tax | ' | ' | ' | ' | ' | ' | 263 | 0 | 0 | 0 | ' | 263 | ' |
Impairment Of Goodwill And Indefinite Lived Intangible Assets, Per Share Diluted | ' | ' | ' | ' | ' | ' | ($0.83) | $0 | $0 | $0 | ' | ($0.83) | ' |
Discontinued Operation, Tax Effect of Discontinued Operation, Difference Between Book Value and Tax Basis Resulting From Reorganization | ' | ' | ' | ' | ' | ' | ($18) | $0 | $0 | $0 | ' | ($18) | ' |
Deferred Other Tax (Expense) Benefit, Per Share Diluted | ' | ' | ' | ' | ' | ' | ($0.06) | $0 | $0 | $0 | ' | ($0.06) | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Oct. 28, 2012 | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | Jul. 31, 2011 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings (loss) from discontinued operations | $0 | $0 | $90 | ($9) | ($275) | $12 | $19 | $13 | $81 | ($231) | $40 | ' |
Cash | ' | ' | ' | ' | 68 | ' | ' | ' | ' | 68 | 0 | 0 |
Current assets of discontinued operations held for sale | 0 | ' | ' | ' | 193 | ' | ' | ' | 0 | 193 | ' | ' |
Non-current assets of discontinued operations held for sale | 0 | ' | ' | ' | 393 | ' | ' | ' | 0 | 393 | ' | ' |
Current liabilties of discontinued operations held for sale | 0 | ' | ' | ' | 114 | ' | ' | ' | 0 | 114 | ' | ' |
Non-current liabilities of discontinued operations held for sale | 0 | ' | ' | ' | 22 | ' | ' | ' | 0 | 22 | ' | ' |
Discontinued Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 137 | 532 | 532 | ' |
Gain on sale of business | ' | ' | ' | ' | ' | ' | ' | ' | 141 | 0 | 0 | ' |
Impairment of long-lived assets to be disposed of | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -396 | 0 | ' |
Earnings from discontinued operations, before tax | ' | ' | ' | ' | ' | ' | ' | ' | 14 | 65 | 57 | ' |
Earnings before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 155 | -331 | 57 | ' |
Taxes on earnings | ' | ' | ' | ' | ' | ' | ' | ' | -74 | 100 | -17 | ' |
Earnings (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 81 | -231 | 40 | ' |
Cash | ' | ' | ' | ' | 68 | ' | ' | ' | ' | 68 | ' | ' |
Accounts receivable | ' | ' | ' | ' | 54 | ' | ' | ' | ' | 54 | ' | ' |
Inventories | ' | ' | ' | ' | 68 | ' | ' | ' | ' | 68 | ' | ' |
Prepaid expense | ' | ' | ' | ' | 3 | ' | ' | ' | ' | 3 | ' | ' |
Current assets of discontinued operations held for sale | ' | ' | ' | ' | 193 | ' | ' | ' | ' | 193 | ' | ' |
Plant assets | ' | ' | ' | ' | 98 | ' | ' | ' | ' | 98 | ' | ' |
Goodwill | ' | ' | ' | ' | 110 | ' | ' | ' | ' | 110 | ' | ' |
Intangible assets | ' | ' | ' | ' | 150 | ' | ' | ' | ' | 150 | ' | ' |
Other assets | ' | ' | ' | ' | 35 | ' | ' | ' | ' | 35 | ' | ' |
Non-current assets of discontinued operations held for sale | ' | ' | ' | ' | 393 | ' | ' | ' | ' | 393 | ' | ' |
Accounts payable | ' | ' | ' | ' | 60 | ' | ' | ' | ' | 60 | ' | ' |
Accrued liabilities | ' | ' | ' | ' | 54 | ' | ' | ' | ' | 54 | ' | ' |
Current liabilties of discontinued operations held for sale | ' | ' | ' | ' | 114 | ' | ' | ' | ' | 114 | ' | ' |
Non-current pension obligation | ' | ' | ' | ' | 11 | ' | ' | ' | ' | 11 | ' | ' |
Other liabilities | ' | ' | ' | ' | 11 | ' | ' | ' | ' | 11 | ' | ' |
Non-current liabilities of discontinued operations held for sale | ' | ' | ' | ' | $22 | ' | ' | ' | ' | $22 | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Reclassification of currency translation adjustments realized upon disposal of business, before tax | ($22) | $0 | $0 |
Reclassification of currency translation adjustments realized upon disposal of business, after-tax | ($19) | $0 | $0 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | ||||
Beginning Balance | ' | ' | ' | ($565) | ($565) | ' | ' | ||||
Other comprehensive income (loss), after tax | ' | ' | ' | ' | -3 | 210 | -349 | ||||
Ending Balance | -569 | ' | ' | ' | -569 | -565 | ' | ||||
Accumulated Other Comprehensive Income Foreign Currency Translation Tax (Benefit) Expense | 7 | ' | ' | ' | 7 | 9 | 12 | ||||
Accumulated Other Comprehensive Income Cashflow Hedges Tax (Benefit) Expense | -1 | ' | ' | ' | -1 | 3 | -6 | ||||
Accumulated Other Comprehensive Income Unamortized Pension And Post Retirement Tax (Benefit) Expense | -405 | ' | ' | ' | -405 | -424 | -581 | ||||
Defined Benefit Plan Recognized Net Gain (Loss) Due to Settlements Net Of Tax | -3 | -11 | 0 | 0 | ' | ' | ' | ||||
Pension Plan, Defined Benefit [Member] | ' | ' | ' | ' | ' | ' | ' | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | ' | ' | ' | ' | -22 | 0 | 0 | ||||
Defined Benefit Plan Recognized Net Gain (Loss) Due to Settlements Net Of Tax | ' | ' | ' | ' | -14 | ' | ' | ||||
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ||||
Beginning Balance | ' | ' | ' | 170 | [1] | 170 | [1] | 261 | [1] | ' | |
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | ' | ' | ' | ' | -14 | -91 | ' | ||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | ' | ' | ' | ' | -19 | 0 | ' | ||||
Other comprehensive income (loss), after tax | ' | ' | ' | ' | -33 | -91 | ' | ||||
Ending Balance | 137 | [1] | ' | ' | ' | 137 | [1] | 170 | [1] | ' | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' | ' | ' | ' | ||||
Beginning Balance | ' | ' | ' | 5 | [2] | 5 | [2] | -10 | [2] | ' | |
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | ' | ' | ' | ' | -8 | 12 | ' | ||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | ' | ' | ' | ' | 0 | 3 | ' | ||||
Other comprehensive income (loss), after tax | ' | ' | ' | ' | -8 | 15 | ' | ||||
Ending Balance | -3 | [2] | ' | ' | ' | -3 | [2] | 5 | [2] | ' | |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ||||
Beginning Balance | ' | ' | ' | -740 | [3] | -740 | [3] | -1,027 | [3] | ' | |
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | ' | ' | ' | ' | -35 | 219 | ' | ||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | ' | ' | ' | ' | 72 | 68 | ' | ||||
Other comprehensive income (loss), after tax | ' | ' | ' | ' | 37 | 287 | ' | ||||
Ending Balance | -703 | [3] | ' | ' | ' | -703 | [3] | -740 | [3] | ' | |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' | ' | ' | ' | ||||
Beginning Balance | ' | ' | ' | -565 | -565 | -776 | ' | ||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | ' | ' | ' | ' | -57 | 140 | ' | ||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | ' | ' | ' | ' | 53 | 71 | ' | ||||
Other comprehensive income (loss), after tax | ' | ' | ' | ' | -4 | 211 | -349 | ||||
Ending Balance | ($569) | ' | ' | ' | ($569) | ($565) | ($776) | ||||
[1] | Included a tax expense of $7 as of AugustB 3, 2014, $9 as of JulyB 28, 2013 and $12 as of JulyB 29, 2012. The amount reclassified from other comprehensive income was related to the divestiture of the European simple meals business and was included in Earnings (loss) from discontinued operations. | ||||||||||
[2] | Included a tax benefit of $1 as of AugustB 3, 2014, a tax expense of $3 as of JulyB 28, 2013 and a tax benefit of $6 as of JulyB 29, 2012. | ||||||||||
[3] | Included a tax benefit of $405 as of AugustB 3, 2014, $424 as of JulyB 28, 2013 and $581 as of JulyB 29, 2012. The amount reclassified in 2014 from other comprehensive income included pre-tax settlement charges of $22, or $14 after tax. |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Schecule of amounts reclassified from AOCI) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | ' | ' | ' | |||
Reclassification adjustment for (gains) losses included in net earnings, before tax | $0 | $4 | $0 | |||
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 | -2 | [1] | -2 | [1] | -1 | [1] |
Reclassification of net actuarial loss included in net earnings before tax | 113 | [1] | 124 | [1] | 83 | [1] |
Total Pension and Other Postretirement Benefit amortization included in net earnings, before Tax | 111 | 122 | 82 | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax Effect [Abstract] | ' | ' | ' | |||
Reclassification adjustment for (gains) losses included in net earnings, tax expense (benefit) | 0 | -1 | 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) | -39 | -54 | -29 | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | ' | ' | ' | |||
Reclassification adjustment for (gains) losses included in net earnings, after-tax | 0 | 3 | 0 | |||
Pension and other postretirement liability adjustments, after-tax [Abstract] | ' | ' | ' | |||
Total Pension and Other Postretirement Benefit amortization included in net earnings, net of tax | 72 | 68 | 53 | |||
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 | -4 | 1 | -1 | |||
Foreign Exchange Contract [Member] | Other Expenses/Income [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 | |||
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 | ' | 4 | 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] | In 2014, net actuarial losses of $2 were recognized in Earnings (loss) 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 in 2014, 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 $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Jul. 28, 2013 | Aug. 03, 2014 | Jul. 28, 2013 | Aug. 03, 2014 | Jul. 28, 2013 | Aug. 08, 2013 | Aug. 06, 2012 | Jun. 13, 2013 | Jul. 28, 2013 | Jul. 28, 2013 | Jul. 29, 2012 |
Minimum [Member] | Maximum [Member] | Bolthouse and Foodservice [Member] | Bolthouse and Foodservice [Member] | U.S. Simple Meals [Member] | U.S. Simple Meals [Member] | International Simple Meals And Beverages [Member] | International Simple Meals And Beverages [Member] | Kelsen [Member] | Bolthouse Farms [Member] | Plum [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | ||||
International Simple Meals And Beverages [Member] | International Simple Meals And Beverages [Member] | ||||||||||||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $331 | $1,550 | $249 | ' | ' | ' |
Goodwill, Acquired During Period | 140 | 820 | ' | ' | ' | 0 | 692 | 0 | 128 | 0 | 0 | ' | ' | ' | ' | ' | ' |
Payments To Acquire Business Net Of Purchase Price Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,561 | ' | ' | ' | ' |
Goodwill, Impairment Loss | ' | 360 | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 360 | ' |
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110 | ' | ' |
Disposal Group, Including Discontinued Operation, Intangible Assets, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150 | 150 | ' |
Amortization of Intangible Assets | 18 | 14 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite Lived Intangible Assets, Amortization Expense, Year Five | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | '5 years | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $36 | $3 |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets (Goodwill) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 |
Goodwill [Line Items] | ' | ' |
Beginning Balance | $2,297 | $2,013 |
Goodwill, Acquired During Period | 140 | 820 |
Goodwill, Impairment Loss | ' | -360 |
Goodwill, Written off Related to Sale of Business Unit | ' | -110 |
Foreign currency translation adjustment | -4 | -66 |
Ending Balance | 2,433 | 2,297 |
U.S. Simple Meals [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Balance | 450 | 322 |
Goodwill, Acquired During Period | 0 | 128 |
Goodwill, Impairment Loss | ' | 0 |
Goodwill, Written off Related to Sale of Business Unit | ' | 0 |
Foreign currency translation adjustment | 0 | 0 |
Ending Balance | 450 | 450 |
Global Baking And Snacking [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Balance | 775 | 872 |
Goodwill, Acquired During Period | 140 | 0 |
Goodwill, Impairment Loss | ' | 0 |
Goodwill, Written off Related to Sale of Business Unit | ' | 0 |
Foreign currency translation adjustment | 3 | -97 |
Ending Balance | 918 | 775 |
International Simple Meals And Beverages [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Balance | 122 | 561 |
Goodwill, Acquired During Period | 0 | 0 |
Foreign currency translation adjustment | -7 | 31 |
Ending Balance | 115 | 122 |
U.S. Beverages [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Balance | 112 | 112 |
Goodwill, Acquired During Period | 0 | 0 |
Goodwill, Impairment Loss | ' | 0 |
Goodwill, Written off Related to Sale of Business Unit | ' | 0 |
Foreign currency translation adjustment | 0 | 0 |
Ending Balance | 112 | 112 |
Bolthouse and Foodservice [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Balance | 838 | 146 |
Goodwill, Acquired During Period | 0 | 692 |
Goodwill, Impairment Loss | ' | 0 |
Goodwill, Written off Related to Sale of Business Unit | ' | 0 |
Foreign currency translation adjustment | 0 | 0 |
Ending Balance | 838 | 838 |
Discontinued Operations [Member] | International Simple Meals And Beverages [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Impairment Loss | ' | -360 |
Goodwill, Written off Related to Sale of Business Unit | ' | ($110) |
Goodwill_And_Intangible_Assets4
Goodwill And Intangible Assets (Intangible Assets) (Details) (USD $) | Aug. 03, 2014 | Jul. 28, 2013 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | $253 | $228 |
Finite-Lived Intangible Assets, Accumulated Amortization | -35 | -17 |
Finite-Lived Intangible Assets, Net | 218 | 211 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 957 | 810 |
Total net intangible assets | 1,175 | 1,021 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 178 | 156 |
Developed Technology Rights [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 40 | 40 |
Other Intangible Assets [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | $35 | $32 |
Business_And_Geographic_Segmen2
Business And Geographic Segment Information (Narrative) (Details) | 12 Months Ended | ||
Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of operating segments | 10 | ' | ' |
Segment Reporting, Disclosure of Major Customers | 19.00% | ' | ' |
Sales Revenue, Net [Member] | Wal-Mart Stores, Inc. [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Segment Reporting, Disclosure of Major Customers | 19.00% | 19.00% | 19.00% |
Business_And_Geographic_Segmen3
Business And Geographic Segment Information (Schedule Of Segment Reporting - Net Sales) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Oct. 28, 2012 | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,852 | $1,970 | $2,281 | $2,165 | $1,723 | $1,962 | $2,162 | $2,205 | $8,268 | $8,052 | $7,175 |
U.S. Simple Meals [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,944 | 2,849 | 2,726 |
Global Baking And Snacking [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,440 | 2,273 | 2,193 |
International Simple Meals And Beverages [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 780 | 869 | 872 |
U.S. Beverages [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 723 | 742 | 774 |
Bolthouse and Foodservice [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $1,381 | $1,319 | $610 |
Business_And_Geographic_Segmen4
Business And Geographic Segment Information (Schedule Of Segment Reporting - Earnings Before Interest And Taxes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Oct. 28, 2012 | Jul. 29, 2012 | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Earnings before interest and taxes | ' | ' | ' | ' | ' | ' | $1,192 | $1,080 | $1,155 | |||
Derivatives (Gain) Loss | 0 | 0 | 0 | 6 | ' | ' | ' | ' | ' | |||
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | 10 | 5 | 0 | 10 | 5 | |||
2013 Initiatives [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restructuring and Related Cost, Incurred Cost | ' | ' | ' | ' | ' | ' | 4 | 142 | ' | |||
2013 Initiatives [Member] | Other Restructuring [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restructuring and Related Cost, Incurred Cost | ' | ' | ' | ' | ' | ' | 4 | [1] | 8 | [1] | ' | |
Corporate Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Defined Benefit Plan, Recognized Net Gain Loss Due to Settlements | ' | ' | ' | ' | ' | ' | -22 | ' | ' | |||
U.S. Simple Meals [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Earnings before interest and taxes | ' | ' | ' | ' | ' | ' | 714 | 731 | 658 | |||
Global Baking And Snacking [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Earnings before interest and taxes | ' | ' | ' | ' | ' | ' | 332 | 316 | 315 | |||
International Simple Meals And Beverages [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Earnings before interest and taxes | ' | ' | ' | ' | ' | ' | 106 | 108 | 106 | |||
U.S. Beverages [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Earnings before interest and taxes | ' | ' | ' | ' | ' | ' | 127 | 120 | 134 | |||
Bolthouse and Foodservice [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Earnings before interest and taxes | ' | ' | ' | ' | ' | ' | 117 | 116 | 85 | |||
Corporate, Non-Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Earnings before interest and taxes | ' | ' | ' | ' | ' | ' | -149 | [2] | -260 | [2] | -136 | [2] |
Corporate, Non-Segment [Member] | Bolthouse Farms [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | ' | ' | ' | 10 | 5 | |||
Corporate, Non-Segment [Member] | 2013 Initiatives [Member] | Other Restructuring [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restructuring and Related Cost, Incurred Cost | ' | ' | ' | ' | ' | ' | 3 | ' | ' | |||
Corporate, Non-Segment [Member] | 2013 Initiatives [Member] | Other Restructuring [Member] | Cost Of Products Sold [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restructuring and Related Cost, Incurred Cost | ' | ' | ' | ' | ' | ' | 3 | 91 | ' | |||
Corporate, Non-Segment [Member] | Foreign Exchange Contract [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Derivatives (Gain) Loss | ' | ' | ' | ' | ' | ' | 9 | ' | ' | |||
Restructuring Charges [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Earnings before interest and taxes | ' | ' | ' | ' | ' | ' | ($55) | [3] | ($51) | [3] | ($7) | [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. | |||||||||||
[2] | Represents unallocated corporate expenses. Pension settlement charges of $22 associated with a U.S. pension plan were included in 2014. The settlements 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. In addition, a loss of $9 on foreign exchange forward contracts related to the sale of the European simple meals business and restructuring-related costs of $3 were included in 2014. Restructuring-related costs of $91 and acquisition costs of $10 were included in 2013. Acquisition costs of $5 were included in 2012. | |||||||||||
[3] | See Note 8 for additional information. |
Business_And_Geographic_Segmen5
Business And Geographic Segment Information Business And Geographic Segment Inormation (Schedule of Segment Reporting - Depreciation and Amortization)(Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Depreciation and amortization | $305 | $407 | $262 | |||
U.S. Simple Meals [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Depreciation and amortization | 77 | 146 | 92 | |||
Global Baking And Snacking [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Depreciation and amortization | 93 | 83 | 83 | |||
International Simple Meals And Beverages [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Depreciation and amortization | 19 | 23 | 22 | |||
U.S. Beverages [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Depreciation and amortization | 21 | 39 | 22 | |||
Bolthouse and Foodservice [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Depreciation and amortization | 80 | 90 | 14 | |||
Corporate, Non-Segment [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Depreciation and amortization | 15 | [1] | 15 | [1] | 15 | [1] |
Discontinued Operations [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Depreciation and amortization | $0 | $11 | $14 | |||
[1] | Represents primarily corporate offices. |
Business_And_Geographic_Segmen6
Business And Geographic Segment Information Business And Geographic Segment Information (Schedule of Segment Reporting - Capital Expenditures) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Payments to Acquire Property, Plant, and Equipment | $347 | $336 | $323 | |||
U.S. Simple Meals And U.S. Beverages [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Payments to Acquire Property, Plant, and Equipment | 115 | [1] | 82 | [1] | 97 | [1] |
Global Baking And Snacking [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Payments to Acquire Property, Plant, and Equipment | 120 | 112 | 126 | |||
International Simple Meals And Beverages [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Payments to Acquire Property, Plant, and Equipment | 26 | 19 | 32 | |||
Bolthouse and Foodservice [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Payments to Acquire Property, Plant, and Equipment | 57 | 83 | 9 | |||
Corporate, Non-Segment [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Payments to Acquire Property, Plant, and Equipment | 28 | 30 | 45 | |||
Discontinued Operations [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Payments to Acquire Property, Plant, and Equipment | $1 | $10 | $14 | |||
[1] | Capital expenditures for U.S. Simple Meals and U.S. Beverages are not maintained by segment. |
Business_And_Geographic_Segmen7
Business And Geographic Segment Information (Additional Product Information For Net Sales) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Oct. 28, 2012 | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,852 | $1,970 | $2,281 | $2,165 | $1,723 | $1,962 | $2,162 | $2,205 | $8,268 | $8,052 | $7,175 |
Simple Meals [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 4,511 | 4,446 | 3,887 |
Baked Snacks [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,571 | 2,408 | 2,320 |
Beverages [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $1,186 | $1,198 | $968 |
Business_And_Geographic_Segmen8
Business And Geographic Segment Information Business And Geographic Segment Information Business And Geographic Segment Information (Geographic Information, Net Sales) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Oct. 28, 2012 | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,852 | $1,970 | $2,281 | $2,165 | $1,723 | $1,962 | $2,162 | $2,205 | $8,268 | $8,052 | $7,175 |
UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 6,432 | 6,195 | 5,359 |
AUSTRALIA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 709 | 801 | 819 |
Other Countries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $1,127 | $1,056 | $997 |
Business_And_Geographic_Segmen9
Business And Geographic Segment Information Business And Geographic Segment Information Business And Geographic Segment Information (Geographic Information, Long-lived Assets) (Details) (USD $) | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 |
In Millions, unless otherwise specified | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Plant assets, net of depreciation | $2,318 | $2,260 | $2,127 |
UNITED STATES | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Plant assets, net of depreciation | 1,844 | 1,804 | 1,538 |
AUSTRALIA | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Plant assets, net of depreciation | 306 | 317 | 356 |
Other Countries [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Plant assets, net of depreciation | $168 | $139 | $233 |
Restructuring_Charges_Narrativ
Restructuring Charges (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 22 Months Ended | 12 Months Ended | 22 Months Ended | 12 Months Ended | 22 Months Ended | 3 Months Ended | 12 Months Ended | 37 Months Ended | 12 Months Ended | 37 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Oct. 28, 2012 | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Jul. 28, 2013 | Aug. 03, 2014 | Aug. 03, 2014 | Jul. 28, 2013 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Jul. 31, 2011 | Jul. 29, 2012 | Jul. 31, 2011 | Aug. 03, 2014 | Jul. 29, 2012 | Jul. 31, 2011 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Jul. 31, 2011 | Jul. 29, 2012 | Aug. 03, 2014 | Jul. 28, 2013 | |||
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] | 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] | 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] | Discontinued Operations [Member] | Discontinued Operations [Member] | Cost Of Products Sold [Member] | Cost Of Products Sold [Member] | |||||||||||||||
Other Restructuring [Member] | North America and Asia Pacific [Member] | CHINA | Australia [Member] | U.S. Simple Meals [Member] | U.S. Simple Meals [Member] | Global Baking And Snacking [Member] | Global Baking And Snacking [Member] | Corporate, Non-Segment [Member] | Corporate, Non-Segment [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] | Other Restructuring [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] | Corporate, Non-Segment [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] | 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] | Corporate, Non-Segment [Member] | Corporate, Non-Segment [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] | 2011 Initiatives [Member] | 2011 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] | Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Corporate, Non-Segment [Member] | Corporate, Non-Segment [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Restructuring [Member] | Other Restructuring [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Positions eliminated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250 | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700 | 27 | 260 | 70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110 | ' | ' | ' | 510 | ' | ' | ' | 130 | 190 | 190 | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restructuring and Related Cost, Expected Number of Positions Eliminated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85 | ' | ' | ' | 90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | $55 | $51 | $10 | $54 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | $51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | $63 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3 | $3 | ' | ' | |||
Restructuring charges, after tax | 15 | 1 | 5 | 15 | 19 | 14 | 30 | 27 | ' | ' | ' | 33 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41 | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restructuring charges and related costs, after tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restructuring charges, Per Diluted Share | $0.05 | $0 | $0.02 | $0.05 | $0.06 | $0.04 | $0.09 | $0.09 | ' | ' | ' | $0.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.12 | $0.02 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restructuring and Related Cost, Expected Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 148 | ' | ' | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Expected cash expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Expected investment in capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Payments for (Proceeds from) Productive Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restructuring and Related Cost, Incurred Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54 | 1 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 142 | ' | 4 | [2] | 8 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2 | -4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 91 |
Restructuring and Related Cost, Cost Incurred to Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54 | 1 | ' | ' | ' | 8 | 0 | 23 | 0 | 1 | 0 | 18 | 1 | 2 | 0 | 2 | 0 | ' | ' | 146 | ' | ' | 12 | ' | ' | ' | ' | 90 | 7 | 14 | 2 | ' | 9 | 1 | 31 | 2 | 2 | 0 | ' | ' | ' | ' | 73 | ' | ' | 9 | ' | ' | ' | ' | 32 | 2 | 14 | 0 | 6 | 4 | 17 | 3 | 3 | 0 | 1 | 0 | ' | ' | ' | ' | |||
Restructuring and Related Cost, Expected Cost Remaining | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2 | $1 | ' | ' | ' | $1 | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2 | ' | ' | $2 | ' | ' | ' | ' | ' | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Includes non-cash costs and other exit costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. |
Restructuring_Charges_Schedule
Restructuring Charges (Schedule Of Pre-Tax Charges And Remaining Costs) (Details) (USD $) | 12 Months Ended | 22 Months Ended | 37 Months Ended | |||||||||
In Millions, unless otherwise specified | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 |
2014 Initiatives [Member] | 2014 Initiatives [Member] | 2014 Initiatives [Member] | 2014 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] | |
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] | 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 | $56 | $42 | $12 | $2 | $148 | $35 | $99 | $14 | ' | ' | ' | ' |
Restructuring and Related Cost, Cost Incurred to Date | -54 | -41 | -12 | -1 | -146 | -35 | -99 | -12 | -73 | -41 | -23 | -9 |
Restructuring and Related Cost, Expected Cost Remaining | $2 | $1 | $0 | $1 | $2 | $0 | $0 | $2 | ' | ' | ' | ' |
Restructuring_Charges_Schedule1
Restructuring Charges (Schedule Of Restructuring Activity And Related Reserves) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | Jul. 31, 2011 | ||
2014 Initiatives [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Restructuring and Related Cost, Incurred Cost | ($54) | ' | ' | ' | ||
2014 Initiatives [Member] | Severance Pay And Benefits [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Accrued Balance at beginning of period | 0 | ' | ' | ' | ||
Restructuring and Related Cost, Incurred Cost | 41 | ' | ' | ' | ||
Cash Payments | -13 | ' | ' | ' | ||
Restructuring Reserve, Translation Adjustment | 0 | ' | ' | ' | ||
Accrued Balance at end of period | 28 | ' | ' | ' | ||
2014 Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Restructuring and Related Cost, Incurred Cost | -12 | ' | ' | ' | ||
2014 Initiatives [Member] | Other Restructuring [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Restructuring and Related Cost, Incurred Cost | -1 | [1] | ' | ' | ' | |
2013 Initiatives [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Restructuring and Related Cost, Incurred Cost | -4 | -142 | ' | ' | ||
2013 Initiatives [Member] | Severance Pay And Benefits [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Accrued Balance at beginning of period | 17 | 0 | ' | ' | ||
Restructuring and Related Cost, Incurred Cost | 0 | 32 | ' | ' | ||
Cash Payments | -14 | -15 | ' | ' | ||
Accrued Balance at end of period | 3 | 17 | ' | ' | ||
2013 Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Restructuring and Related Cost, Incurred Cost | 0 | -99 | ' | ' | ||
2013 Initiatives [Member] | Pension Plan, Defined Benefit [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Restructuring and Related Cost, Incurred Cost | 0 | [2] | -3 | [2] | ' | ' |
2013 Initiatives [Member] | Other Restructuring [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Restructuring and Related Cost, Incurred Cost | -4 | [3] | -8 | [3] | ' | ' |
2011 Initiatives [Member] | Severance Pay And Benefits [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Accrued Balance at beginning of period | 3 | 14 | 35 | 0 | ||
Restructuring and Related Cost, Incurred Cost | ' | ' | 4 | 37 | ||
Cash Payments | -3 | -10 | -24 | -2 | ||
Restructuring Reserve, Translation Adjustment | ' | -1 | -1 | ' | ||
Accrued Balance at end of period | 0 | 3 | 14 | 35 | ||
2011 Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Restructuring and Related Cost, Incurred Cost | ' | ' | -1 | -22 | ||
2011 Initiatives [Member] | Other Restructuring [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Accrued Balance at beginning of period | 1 | 2 | 4 | 0 | ||
Restructuring and Related Cost, Incurred Cost | ' | ' | 2 | 4 | ||
Cash Payments | -1 | -1 | -4 | 0 | ||
Restructuring Reserve, Translation Adjustment | ' | 0 | 0 | ' | ||
Accrued Balance at end of period | 0 | 1 | 2 | 4 | ||
2011 Initiatives [Member] | Other Non-cash Exit Costs [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Restructuring and Related Cost, Incurred Cost | ' | ' | ($3) | $0 | ||
[1] | Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. | |||||
[2] | Represents pension curtailment costs. See Note 11. | |||||
[3] | Includes non-cash costs and other exit costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. |
Restructuring_Charges_Schedule2
Restructuring Charges (Schedule Of Restructuring Charges Associated With Each Reportable Segment) (Details) (USD $) | 12 Months Ended | 22 Months Ended | 37 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 |
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] | 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] | 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] | 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] | 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] | Corporate, Non-Segment [Member] | Corporate, Non-Segment [Member] | Corporate, Non-Segment [Member] | Corporate, Non-Segment [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, Non-Segment [Member] | Corporate, Non-Segment [Member] | Corporate, Non-Segment [Member] | Corporate, Non-Segment [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] | 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 | $54 | $41 | $12 | $1 | $8 | $7 | $1 | $0 | $23 | $23 | $0 | $0 | $18 | $6 | $11 | $1 | $2 | $2 | $0 | $0 | $2 | $2 | $0 | $0 | $1 | $1 | $0 | $0 | $146 | $35 | $99 | $12 | $90 | $19 | $64 | $7 | $14 | $2 | $10 | $2 | $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) | 12 Months Ended | ||
Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | |
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 |
Earnings_Per_Share_Earnings_Pe1
Earnings Per Share Earnings Per Share (Computation of Basic and Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, except Per Share data, unless otherwise specified | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Oct. 28, 2012 | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | |||
Income (Loss) from Continuing Operations Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | $737 | $689 | $734 | |||
Earnings (loss) from discontinued operations | 0 | 0 | 90 | -9 | -275 | 12 | 19 | 13 | 81 | -231 | 40 | |||
Net Income (Loss) Attributable to Parent | 137 | 184 | 325 | 172 | -158 | 181 | 190 | 245 | 818 | 458 | 774 | |||
Participating Securities, Distributed and Undistributed Earnings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -5 | |||
Net Income (Loss) Available to Common Stockholders, Basic | ' | ' | ' | ' | ' | ' | ' | ' | 818 | 458 | 769 | |||
Weighted Average Number of Shares Outstanding, Basic | ' | ' | ' | ' | ' | ' | ' | ' | 314 | 314 | 317 | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 3 | 2 | |||
Weighted Average Number of Shares Outstanding, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 316 | 317 | 319 | |||
Earnings (Loss) from Continuing Operations, Per Basic Share | $0.44 | $0.59 | $0.75 | $0.58 | $0.37 | $0.54 | $0.54 | $0.74 | $2.35 | $2.19 | $2.30 | |||
Earnings (Loss) from Continuing Operations, Per Diluted Share | $0.43 | $0.58 | $0.74 | $0.57 | $0.37 | $0.53 | $0.54 | $0.73 | $2.33 | $2.17 | $2.29 | |||
Earnings (loss) from discontinued operations, Per Basic Share | $0 | $0 | $0.29 | ($0.03) | ($0.88) | $0.04 | $0.06 | $0.04 | $0.26 | ($0.74) | $0.12 | |||
Earnings (loss) from discontinued operations, Per Diluted Share | $0 | $0 | $0.28 | ($0.03) | ($0.87) | $0.04 | $0.06 | $0.04 | $0.26 | ($0.73) | $0.12 | |||
Earnings Per Share, Basic | $0.44 | $0.59 | $1.04 | $0.55 | ($0.50) | $0.58 | $0.61 | $0.78 | $2.61 | [1] | $1.46 | [1] | $2.43 | [1] |
Earnings Per Share, Diluted | $0.43 | $0.58 | $1.03 | $0.54 | ($0.50) | $0.57 | $0.60 | $0.78 | $2.59 | [1] | $1.44 | [1] | $2.41 | [1] |
Continuing Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Participating Securities, Distributed and Undistributed Earnings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -4 | |||
Net Income (Loss) Available to Common Stockholders, Basic | ' | ' | ' | ' | ' | ' | ' | ' | 737 | 689 | 730 | |||
Discontinued Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Earnings (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 81 | -231 | 40 | |||
Participating Securities, Distributed and Undistributed Earnings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1 | |||
Net Income (Loss) Available to Common Stockholders, Basic | ' | ' | ' | ' | ' | ' | ' | ' | $81 | ($231) | $39 | |||
[1] | The sum of the individual per share amounts may not add due to rounding. |
Noncontrolling_Interests_Detai
Noncontrolling Interests (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Oct. 28, 2012 | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Interest in Joint Venture | ' | ' | ' | ' | ' | ' | ' | ' | $7 | $5 | ' |
Contribution from noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 3 | 2 |
Restructuring charges, after tax | 15 | 1 | 5 | 15 | 19 | 14 | 30 | 27 | ' | ' | ' |
CHINA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Controlling interest in a company | 60.00% | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' |
Malaysia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Controlling interest in a company | 70.00% | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' |
Noncontrolling Interests [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution from noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 3 | 2 |
2014 Initiatives [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges, after tax | ' | ' | ' | ' | ' | ' | ' | ' | 33 | ' | ' |
2014 Initiatives [Member] | Noncontrolling Interests [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges, after tax | ' | ' | ' | ' | ' | ' | ' | ' | $5 | ' | ' |
Pension_And_Postretirement_Ben2
Pension And Postretirement Benefits (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Jul. 01, 2011 | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | |||
Reclassification of net actuarial loss included in net earnings before tax | ' | $113 | [1] | $124 | [1] | $83 | [1] |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 60.00% | ' | ' | ' | |||
Defined Contribution Plan, Cost Recognized | ' | 29 | 27 | 24 | |||
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 | ' | -22 | 0 | 0 | |||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | ' | 0 | -3 | 0 | |||
Defined Benefit Plan, Net Periodic Benefit Cost | ' | 78 | 98 | 73 | |||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | ' | 1 | ' | ' | |||
Defined Benefit Plan, Future Amortization of Gain (Loss) | ' | 85 | ' | ' | |||
Reclassification of net actuarial loss included in net earnings before tax | ' | 100 | 109 | ' | |||
Defined Benefit Plan, Amortization of Gains (Losses) | ' | 76 | 108 | 74 | |||
Defined Benefit Plan, Accumulated Benefit Obligation | ' | 2,477 | 2,423 | ' | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | ' | 4.82% | 4.05% | 5.41% | |||
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' | ' | ' | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | |||
Defined Benefit Plan, Net Periodic Benefit Cost | ' | 31 | 32 | 29 | |||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | ' | 1 | ' | ' | |||
Defined Benefit Plan, Future Amortization of Gain (Loss) | ' | 13 | ' | ' | |||
Reclassification of net actuarial loss included in net earnings before tax | ' | 13 | 15 | ' | |||
Defined Benefit Plan, Amortization of Gains (Losses) | ' | 13 | 15 | 9 | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | ' | 4.50% | 3.75% | 5.00% | |||
U.S. Pension Plan, Defined Benefit [Member] | ' | ' | ' | ' | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | |||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | ' | 0 | ' | ' | |||
Non-U.S. Pension Plan, Defined Benefit [Member] | ' | ' | ' | ' | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | |||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | ' | 6 | ' | ' | |||
Discontinued Operations [Member] | ' | ' | ' | ' | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | |||
Defined Benefit Plan, Net Periodic Benefit Cost | ' | 0 | ' | 1 | |||
Reclassification of net actuarial loss included in net earnings before tax | ' | 2 | [1] | ' | ' | ||
Discontinued Operations [Member] | Pension Plan, Defined Benefit [Member] | ' | ' | ' | ' | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | |||
Defined Benefit Plan, Net Periodic Benefit Cost | ' | ' | 1 | ' | |||
Reclassification of net actuarial loss included in net earnings before tax | ' | 2 | ' | ' | |||
Defined Benefit Plan, Amortization of Gains (Losses) | ' | ' | 2 | ' | |||
Employees Not Covered By Collective Bargaining Agreements [Member] | ' | ' | ' | ' | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | ' | 100.00% | ' | ' | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | ' | 4.00% | ' | ' | |||
Employees Not Eligible To Participate In Defined Benefit Plans And Who Are Not Covered By Collective Bargaining Agreements [Member] | ' | ' | ' | ' | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | ' | 3.00% | ' | ' | |||
At certain locations [Member] | ' | ' | ' | ' | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ' | ' | ' | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | ' | ' | ' | |||
Corporate, Non-Segment [Member] | 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 | ' | ($22) | ' | ' | |||
[1] | In 2014, net actuarial losses of $2 were recognized in Earnings (loss) 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 in 2014, these items are included in the components of net periodic benefit costs (see Note 11 for additional details). |
Pension_And_Postretirement_Ben3
Pension And Postretirement Benefits (Schedule Of Components of Benefit Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 |
Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $42 | $57 | $55 |
Interest cost | 115 | 108 | 122 |
Expected return on plan assets | -176 | -177 | -178 |
Amortization of Prior Service Cost (Credit) | -1 | -1 | 0 |
Recognized net actuarial loss | 76 | 108 | 74 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 3 | 0 |
Defined Benefit Plan, Recognized Net Gain Loss Due to Settlements | 22 | 0 | 0 |
Net periodic benefit expense | 78 | 98 | 73 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 2 | 3 | 3 |
Interest cost | 17 | 15 | 18 |
Amortization of Prior Service Cost (Credit) | -1 | -1 | -1 |
Recognized net actuarial loss | 13 | 15 | 9 |
Net periodic benefit expense | $31 | $32 | $29 |
Pension_And_Postretirement_Ben4
Pension And Postretirement Benefits (Schedule of Change in Benefit Obligation) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 |
Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | $2,489 | $2,748 | ' |
Defined Benefit Plan, Service Cost | 42 | 57 | 55 |
Defined Benefit Plan, Interest Cost | 115 | 108 | 122 |
Defined Benefit Plan, Actuarial Gain (Loss) | 154 | -230 | ' |
Defined Benefit Plan, Contributions by Plan Participants | 0 | 0 | ' |
Defined Benefit Plan, Benefits Paid | -191 | -172 | ' |
Defined Benefit Plan, Gross Prescription Drug Subsidy Receipts Received | 0 | 0 | ' |
Defined Benefit Plan, Other Changes | -4 | -3 | ' |
Defined Benefit Plan, Settlements, Benefit Obligation | -43 | 0 | ' |
Defined Benefit Plan, Curtailments | 0 | -2 | ' |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | -12 | -17 | ' |
Defined Benefit Plan, Divestitures, Benefit Obligation | -11 | 0 | ' |
Defined Benefit Plan, Benefit Obligation | 2,539 | 2,489 | 2,748 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | 390 | 413 | ' |
Defined Benefit Plan, Service Cost | 2 | 3 | 3 |
Defined Benefit Plan, Interest Cost | 17 | 15 | 18 |
Defined Benefit Plan, Actuarial Gain (Loss) | 5 | -13 | ' |
Defined Benefit Plan, Contributions by Plan Participants | 6 | 6 | ' |
Defined Benefit Plan, Benefits Paid | -35 | -36 | ' |
Defined Benefit Plan, Gross Prescription Drug Subsidy Receipts Received | 3 | 2 | ' |
Defined Benefit Plan, Other Changes | 0 | 0 | ' |
Defined Benefit Plan, Settlements, Benefit Obligation | 0 | 0 | ' |
Defined Benefit Plan, Curtailments | 0 | 0 | ' |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 0 | 0 | ' |
Defined Benefit Plan, Divestitures, Benefit Obligation | 0 | 0 | ' |
Defined Benefit Plan, Benefit Obligation | $388 | $390 | $413 |
Pension_And_Postretirement_Ben5
Pension And Postretirement Benefits (Schedule of Change In Fair Value Of Pension Assets) (Details) (Pension Plan, Defined Benefit [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 |
Pension Plan, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $2,275 | $2,118 |
Defined Benefit Plan, Actual Return on Plan Assets | 276 | 246 |
Defined Benefit Plan, Contributions by Employer | 46 | 87 |
Defined Benefit Plan, Benefits Paid, from Plan Assets | -179 | -161 |
Defined Benefit Plan, Settlements, Plan Assets | -43 | 0 |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | -11 | -15 |
Defined Benefit Plan, Fair Value of Plan Assets | $2,364 | $2,275 |
Pension_And_Postretirement_Ben6
Pension And Postretirement Benefits (Amounts Recognized in Consolidated Balance Sheets) (Details) (USD $) | Aug. 03, 2014 | Jul. 28, 2013 |
In Millions, unless otherwise specified | ||
Pension Plan, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | $7 | $0 |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | -12 | -13 |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | -170 | -190 |
Disposal Group, Including Discontinued Operation, Pension Plan Benefit Obligation | 0 | -11 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | -175 | -214 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 1,019 | 1,068 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | -2 | -2 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 1,017 | 1,066 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 0 | 0 |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | -29 | -29 |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | -359 | -361 |
Disposal Group, Including Discontinued Operation, Pension Plan Benefit Obligation | 0 | 0 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | -388 | -390 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 96 | 104 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | -5 | -6 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | $91 | $98 |
Pension_And_Postretirement_Ben7
Pension And Postretirement Benefits (Schedule Of Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets) (Details) (Pension Plan, Defined Benefit [Member], USD $) | Aug. 03, 2014 | Jul. 28, 2013 |
In Millions, unless otherwise specified | ||
Pension Plan, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | $269 | $1,817 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 257 | 1,791 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | $92 | $1,625 |
Pension_And_Postretirement_Ben8
Pension And Postretirement Benefits (Weighted-average Assumptions To Determine Benefit Obligations) (Details) | Aug. 03, 2014 | Jul. 28, 2013 |
Pension Plan, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.33% | 4.82% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.30% | 3.30% |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 4.50% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.25% | 3.25% |
Pension_And_Postretirement_Ben9
Pension And Postretirement Benefits (Weighted-Average Assumptions To Determine Net Periodic Benefit Costs) (Details) (Pension Plan, Defined Benefit [Member]) | 12 Months Ended | ||
Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | |
Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.82% | 4.05% | 5.41% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.62% | 7.65% | 7.90% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.30% | 3.31% | 3.31% |
Recovered_Sheet1
Pension And Postretirement Benefits (Schedule Of Assumed Health Care Cost Trend Rates) (Details) | 12 Months Ended | |
Aug. 03, 2014 | Jul. 28, 2013 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | ' |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 8.25% | 8.25% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% |
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | '2022 | '2021 |
Recovered_Sheet2
Pension And Postretirement Benefits (Schedule Of Effect Of One-Percentage-Point Change In Assumed Health Care Costs) (Details) (Other Postretirement Benefit Plan, Defined Benefit [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Aug. 03, 2014 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' |
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $1 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | -1 |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 16 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | ($18) |
Recovered_Sheet3
Pension And Postretirement Benefits (Schedule of Pension Plan Weighted-Average Asset Allocation By Cateogry) (Details) (Pension Plan, Defined Benefit [Member]) | 12 Months Ended | |
Aug. 03, 2014 | Jul. 28, 2013 | |
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Equity Securities [Member] | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 51.00% | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 51.00% | 54.00% |
Debt Securities [Member] | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 35.00% | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 33.00% | 32.00% |
Real Estate [Member] | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 14.00% | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 16.00% | 14.00% |
Recovered_Sheet4
Pension And Postretirement Benefits (Schedule Of Pension Plan Assets By Category) (Details) (Pension Plan, Defined Benefit [Member], USD $) | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 |
In Millions, unless otherwise specified | |||
Defined Benefit Plan, Fair Value of Plan Assets | $2,364 | $2,275 | $2,118 |
Short-term Investments [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 60 | 78 | ' |
US Government and Government Agencies and Authorities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 62 | 41 | ' |
Foreign Government Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 46 | 37 | ' |
Municipal Bonds [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 84 | 73 | ' |
Asset-backed Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 13 | 15 | ' |
Real Estate [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 117 | 107 | ' |
Hedge Funds [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 181 | 147 | ' |
Other Items To Reconcile To Fair Value Of Plan Assets [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | -16 | -4 | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 738 | 801 | ' |
Fair Value, Inputs, Level 1 [Member] | Short-term Investments [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 23 | 36 | ' |
Fair Value, Inputs, Level 1 [Member] | US Government and Government Agencies and Authorities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fair Value, Inputs, Level 1 [Member] | Foreign Government Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fair Value, Inputs, Level 1 [Member] | Municipal Bonds [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fair Value, Inputs, Level 1 [Member] | Asset-backed Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fair Value, Inputs, Level 1 [Member] | Real Estate [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 5 | 6 | ' |
Fair Value, Inputs, Level 1 [Member] | Hedge Funds [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,568 | 1,430 | ' |
Fair Value, Inputs, Level 2 [Member] | Short-term Investments [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 37 | 42 | ' |
Fair Value, Inputs, Level 2 [Member] | US Government and Government Agencies and Authorities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 62 | 41 | ' |
Fair Value, Inputs, Level 2 [Member] | Foreign Government Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 46 | 37 | ' |
Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 84 | 73 | ' |
Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 13 | 15 | ' |
Fair Value, Inputs, Level 2 [Member] | Real Estate [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 92 | 83 | ' |
Fair Value, Inputs, Level 2 [Member] | Hedge Funds [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 127 | 117 | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 74 | 48 | 35 |
Fair Value, Inputs, Level 3 [Member] | Short-term Investments [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fair Value, Inputs, Level 3 [Member] | US Government and Government Agencies and Authorities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fair Value, Inputs, Level 3 [Member] | Foreign Government Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fair Value, Inputs, Level 3 [Member] | Municipal Bonds [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fair Value, Inputs, Level 3 [Member] | Asset-backed Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fair Value, Inputs, Level 3 [Member] | Real Estate [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 20 | 18 | 35 |
Fair Value, Inputs, Level 3 [Member] | Hedge Funds [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 54 | 30 | 0 |
Total Before Other Items [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 2,380 | 2,279 | ' |
Equity Funds [Member] | Commingled Funds [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 426 | 393 | ' |
Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Commingled Funds [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Commingled Funds [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 426 | 393 | ' |
Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Commingled Funds [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fixed Income Funds [Member] | Commingled Funds [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 3 | 29 | ' |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Commingled Funds [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Commingled Funds [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 3 | 29 | ' |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Commingled Funds [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Blended Funds [Member] | Commingled Funds [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 95 | 88 | ' |
Blended Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Commingled Funds [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Blended Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Commingled Funds [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 95 | 88 | ' |
Blended Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Commingled Funds [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
UNITED STATES | Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 378 | 401 | ' |
UNITED STATES | Domestic Corporate Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 469 | 420 | ' |
UNITED STATES | Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 378 | 401 | ' |
UNITED STATES | Fair Value, Inputs, Level 1 [Member] | Domestic Corporate Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
UNITED STATES | Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
UNITED STATES | Fair Value, Inputs, Level 2 [Member] | Domestic Corporate Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 469 | 420 | ' |
UNITED STATES | Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
UNITED STATES | Fair Value, Inputs, Level 3 [Member] | Domestic Corporate Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Non-U.S. [Member] | Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 332 | 358 | ' |
Non-U.S. [Member] | Domestic Corporate Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 114 | 92 | ' |
Non-U.S. [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 332 | 358 | ' |
Non-U.S. [Member] | Fair Value, Inputs, Level 1 [Member] | Domestic Corporate Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Non-U.S. [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Non-U.S. [Member] | Fair Value, Inputs, Level 2 [Member] | Domestic Corporate Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 114 | 92 | ' |
Non-U.S. [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Non-U.S. [Member] | Fair Value, Inputs, Level 3 [Member] | Domestic Corporate Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $0 | $0 | ' |
Recovered_Sheet5
Pension And Postretirement Benefits Pension And Postretirement Benefits (Schedule Of Changes In Fair Value Of Level 3 Investments) (Details) (Pension Plan, Defined Benefit [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $2,275 | $2,118 |
Defined Benefit Plan, Actual Return on Plan Assets | 276 | 246 |
Defined Benefit Plan, Settlements, Plan Assets | 43 | 0 |
Defined Benefit Plan, Fair Value of Plan Assets | 2,364 | 2,275 |
Real Estate [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 117 | 107 |
Hedge Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 181 | 147 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 48 | 35 |
Defined Benefit Plan, Actual Return on Plan Assets | 4 | 2 |
Defined Benefit Plan, Purchase of Plan Assets | 25 | 30 |
Defined Benefit Plan, Sale of Plan Assets | -3 | -3 |
Defined Benefit Plan, Settlements, Plan Assets | 0 | 0 |
Defined Benefit Plan, Transfers Between Measurement Levels | 0 | -16 |
Defined Benefit Plan, Fair Value of Plan Assets | 74 | 48 |
Fair Value, Inputs, Level 3 [Member] | Real Estate [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 18 | 35 |
Defined Benefit Plan, Actual Return on Plan Assets | 2 | 2 |
Defined Benefit Plan, Purchase of Plan Assets | 3 | 0 |
Defined Benefit Plan, Sale of Plan Assets | -3 | -3 |
Defined Benefit Plan, Settlements, Plan Assets | 0 | 0 |
Defined Benefit Plan, Transfers Between Measurement Levels | 0 | -16 |
Defined Benefit Plan, Fair Value of Plan Assets | 20 | 18 |
Fair Value, Inputs, Level 3 [Member] | Hedge Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 30 | 0 |
Defined Benefit Plan, Actual Return on Plan Assets | 2 | 0 |
Defined Benefit Plan, Purchase of Plan Assets | 22 | 30 |
Defined Benefit Plan, Sale of Plan Assets | 0 | 0 |
Defined Benefit Plan, Settlements, Plan Assets | 0 | 0 |
Defined Benefit Plan, Transfers Between Measurement Levels | 0 | 0 |
Defined Benefit Plan, Fair Value of Plan Assets | $54 | $30 |
Recovered_Sheet6
Pension And Postretirement Benefits (Schedule of Estimated Future Benefit Payments) (Details) (USD $) | Aug. 03, 2014 |
In Millions, unless otherwise specified | |
Pension Plan, Defined Benefit [Member] | ' |
2015 | $151 |
2016 | 152 |
2017 | 153 |
2018 | 154 |
2019 | 160 |
2020-2024 | 838 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' |
2015 | 29 |
2016 | 30 |
2017 | 31 |
2018 | 31 |
2019 | 31 |
2020-2024 | $145 |
Taxes_on_Earnings_Taxes_on_Ear
Taxes on Earnings Taxes on Earnings (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 |
Operating Loss Carryforwards | $190 | ' | ' |
Operating Loss Carryforwards, Valuation Allowance | 147 | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 3 | 6 | ' |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | ' | 7 | ' |
Undistributed Earnings of Foreign Subsidiaries | 740 | ' | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 23 | 23 | 18 |
Unrecognized Tax Benefits, Possible Change | 27 | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 28 | ' | ' |
Unrecognized Tax Benefits Income Tax Penalties And Interest Due | 2 | 2 | ' |
Income Tax Examination, Penalties and Interest Accrued | 3 | 2 | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Deferred Tax Assets, Tax Credit Carryforwards, Other | 9 | 10 | ' |
Non-U.S. [Member] | Capital Loss Carryforward [Member] | ' | ' | ' |
Tax Credit Carryforward, Amount | 418 | ' | ' |
Minimum [Member] | ' | ' | ' |
Operating Loss Carryforwards, Expiration Date | 2-Aug-15 | ' | ' |
Effective Income Tax Rate At Statutory Tax Rate | 15.00% | ' | ' |
Minimum [Member] | State and Local Jurisdiction [Member] | ' | ' | ' |
Tax Credit Carryforward, Expiration Date | 29-Jul-18 | 4-Aug-14 | ' |
Maximum [Member] | ' | ' | ' |
Operating Loss Carryforwards, Expiration Date | 31-Jul-33 | ' | ' |
Effective Income Tax Rate At Statutory Tax Rate | 35.00% | ' | ' |
Maximum [Member] | State and Local Jurisdiction [Member] | ' | ' | ' |
Tax Credit Carryforward, Expiration Date | 28-Jul-24 | 31-Jul-22 | ' |
Maximum [Member] | Non-U.S. [Member] | ' | ' | ' |
Tax Credit Carryforward, Expiration Date | ' | 30-Jul-23 | ' |
Tax Loss Carryforwards Expiring 2015 to 2033 [Member] | ' | ' | ' |
Operating Loss Carryforwards | 145 | ' | ' |
Tax Loss Carryfowards Indefinitely [Member] | ' | ' | ' |
Operating Loss Carryforwards | $45 | ' | ' |
Taxes_on_Earnings_Schedule_Of_
Taxes on Earnings Schedule Of Provision Of Income Taxes On Earnings Of Continuing Operations (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current Federal Tax Expense (Benefit) | $252 | $268 | $221 |
Current State and Local Tax Expense (Benefit) | 30 | 24 | 29 |
Current Foreign Tax Expense (Benefit) | 42 | 47 | 43 |
Current Income Tax Expense (Benefit) | 324 | 339 | 293 |
Deferred Federal Income Tax Expense (Benefit) | 32 | -58 | 31 |
Deferred State and Local Income Tax Expense (Benefit) | 2 | -6 | 2 |
Deferred Foreign Income Tax Expense (Benefit) | -11 | 0 | -1 |
Deferred Income Tax Expense (Benefit) | 23 | -64 | 32 |
Income Tax Expense (Benefit) | 347 | 275 | 325 |
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 995 | 815 | 918 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 78 | 140 | 131 |
Earnings before taxes | $1,073 | $955 | $1,049 |
Taxes_on_Earnings_Schedule_Of_1
Taxes on Earnings Schedule Of Reconciliation Of Effective Income Tax Rate (Details) | 12 Months Ended | ||
Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 2.00% | 1.10% | 2.00% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | -1.00% | -2.60% | -3.80% |
Effective Income Tax Rate Reconciliation, Tax Settlement, Percent | 0.00% | -0.10% | -0.10% |
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Percent | -2.30% | -2.70% | -1.90% |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | -1.40% | -1.90% | -0.20% |
Effective Income Tax Rate Reconciliation, Percent | 32.30% | 28.80% | 31.00% |
Recovered_Sheet7
Taxes on Earnings Schedule of Deferred Tax Liabilities and Assets (Details) (USD $) | Aug. 03, 2014 | Jul. 28, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Deferred Tax Liabilities, Property, Plant and Equipment | $300 | $302 |
Deferred Tax Liabilities, Goodwill and Intangible Assets | 541 | 484 |
Deferred Tax Liabilities, Other | 17 | 66 |
Deferred Tax Liabilities, Gross | 858 | 852 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 294 | 316 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | 63 | 61 |
Deferred Tax Assets, Operating Loss Carryforwards | 49 | 95 |
Deferred Tax Assets, Capital Loss Carryforwards | 112 | 104 |
Deferred Tax Assets, Other | 70 | 73 |
Deferred Tax Assets, Gross | 588 | 649 |
Deferred Tax Assets, Valuation Allowance | -151 | -148 |
Deferred Tax Assets, Net of Valuation Allowance | 437 | 501 |
Deferred Tax Liabilities, Net | $421 | $351 |
Recovered_Sheet8
Taxes on Earnings Schedule of Activity Related to Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Unrecognized Tax Benefits | $61 | $48 | $43 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 0 | 28 | 2 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | -1 | -7 | -1 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 11 | 9 | 9 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 0 | -15 | 0 |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 0 | -2 | -5 |
Unrecognized Tax Benefits | $71 | $61 | $48 |
Shortterm_Borrowings_and_Longt2
Short-term Borrowings and Long-term Debt Short-term Borrowing and Long-term Debt (Narratives) (Details) (USD $) | Aug. 03, 2014 | Dec. 31, 2013 | Jul. 28, 2013 |
In Millions, unless otherwise specified | |||
Debt Disclosure [Abstract] | ' | ' | ' |
Short-term Debt, Weighted Average Interest Rate | 0.27% | ' | 0.19% |
Short-term borrowings | $1,771 | ' | $1,909 |
Commercial Paper | 1,406 | ' | 1,162 |
Letters of Credit Outstanding, Amount | 49 | ' | ' |
Prior Line of Credit Facility Maximum Borrowing Capacity | ' | 2,000 | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 2,200 | ' | ' |
Line of Credit Facility Utilized Borrowing Capacity | 3 | ' | ' |
Line of Credit Facility, Additional Borrowing Capacity | 500 | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 301 | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1 | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 401 | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1 | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 300 | ' | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Five | $1,550 | ' | ' |
Shortterm_Borrowings_and_Longt3
Short-term Borrowings and Long-term Debt Short-term Borrowings and Long-term Debt (Schedule of Short-term Debt) (Details) (USD $) | Aug. 03, 2014 | Jul. 28, 2013 | ||
In Millions, unless otherwise specified | ||||
Short-term Debt [Line Items] | ' | ' | ||
Commercial Paper | $1,406 | $1,162 | ||
Notes Payable, Current | 300 | 700 | ||
Capital Lease Obligations, Current | 1 | 2 | ||
Other Short-term Borrowings | 0 | [1] | 1 | [1] |
Debt, Current | 1,771 | 1,909 | ||
Variable Interest Rate [Member] | ' | ' | ||
Short-term Debt [Line Items] | ' | ' | ||
Short-term Debt | 47 | 44 | ||
Fixed Interest Rate [Member] | ' | ' | ||
Short-term Debt [Line Items] | ' | ' | ||
Short-term Debt | $17 | $0 | ||
[1] | Other includes unamortized net premium/discount on debt issuances and amounts related to interest rate swaps designated as fair-value hedges. For additional information on fair-value interest rate swaps, see NoteB 14. |
Shortterm_Borrowings_and_Longt4
Short-term Borrowings and Long-term Debt Short-term Borrowings and Long-term Debt (Schedule of Long-term Debt Instruments) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | $2,544 | $3,244 |
Capital Lease Obligations, Noncurrent | 3 | 4 |
Debt Instrument, Unamortized Discount (Premium), Net | 9 | 10 |
Long-term Debt, Current Maturities | 300 | 700 |
Long-term Debt, Excluding Current Maturities | 2,244 | 2,544 |
Four Point Eighty-Eight Percent Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date | 1-Oct-13 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.88% | ' |
Long-term Debt | 0 | 300 |
DebtInstrumentBasisSpreadOnVariableRateMember [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date | 1-Aug-14 | ' |
Debt Instrument, Description of Variable Rate Basis | 'LIBOR plus 0.30% | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.30% | ' |
Long-term Debt | 0 | 400 |
Three Point Thirty-Eight Percent Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date | 15-Aug-14 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.38% | ' |
Long-term Debt | 300 | 300 |
Three Point Zero-Five Percent Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date | 15-Jul-17 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.05% | ' |
Long-term Debt | 400 | 400 |
Four Point Five-Zero Percent Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date | 15-Feb-19 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ' |
Long-term Debt | 300 | 300 |
Four point twenty-five percent Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date | 15-Apr-21 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ' |
Long-term Debt | 500 | 500 |
Eight Point Eighty-Eight Percent Debentures [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date | 1-May-21 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 8.88% | ' |
Long-term Debt | 200 | 200 |
Two Point Five Percent Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date | 2-Aug-22 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | ' |
Long-term Debt | 450 | 450 |
Three Point Eight Zero Percent Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date | 2-Aug-42 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | ' |
Long-term Debt | $400 | $400 |
Financial_Instruments_Narrativ
Financial Instruments (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 |
Derivatives, Fair Value [Line Items] | ' | ' |
Entity Wide Revenue, Major Customer, Percentage Of Net Sales | 19.00% | ' |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | ($3) | ' |
Cash Flow Hedge Ineffectiveness is Immaterial | 'The ineffective portion and amount excluded from effectiveness testing were not material. | ' |
Margin Deposit Assets | 14 | 7 |
Foreign Exchange Contract [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 | '11 months | ' |
Derivative, Higher Remaining Maturity Range | '35 months | ' |
Derivative instruments gain (loss) recognized in OCI | 0 | 1 |
Interest Rate Contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative instruments gain (loss) recognized in OCI | -12 | 19 |
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 | 58 | 129 |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Notional Amount | 250 | 250 |
DerivativeForwardInterestRateSettled | ' | 400 |
Derivative instruments gain (loss) recognized in OCI | ' | -2 |
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 | 561 | 895 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Notional Amount | 146 | 105 |
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Notional Amount | $56 | $50 |
Financial_Instruments_Schedule
Financial Instruments (Schedule Of The Fair Value Of Derivative Instruments) (Details) (USD $) | Aug. 03, 2014 | Jul. 28, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | $15 | $32 |
Liability Derivatives | 23 | 36 |
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 | 11 | 0 |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Other Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 0 | 23 |
Cash Flow Hedging [Member] | Currency Swap [Member] | Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 0 | 22 |
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 | 12 | 26 |
Liability Derivatives | 1 | 24 |
Derivatives Not Designated As Hedges [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 3 | 6 |
Liability Derivatives | 22 | 12 |
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 1 | 2 |
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 2 | 4 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 2 | 2 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 10 | 6 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 1 | 0 |
Derivatives Not Designated As Hedges [Member] | Currency Swap [Member] | Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 1 | 1 |
Derivatives Not Designated As Hedges [Member] | Currency Swap [Member] | Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 5 | 1 |
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 0 | 2 |
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | $3 | $0 |
Financial_Instruments_Offsetti
Financial Instruments (Offsetting Assets and Liabilities) (Details) (USD $) | Aug. 03, 2014 | Jul. 28, 2013 |
In Millions, unless otherwise specified | ||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $15 | $32 |
Derivative, Collateral, Obligation to Return Securities or Cash | 4 | 8 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 11 | 24 |
Derivative Liability, Fair Value, Gross Liability | 23 | 36 |
Derivative, Collateral, Right to Reclaim Securities or Cash | 4 | 8 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $19 | $28 |
Financial_Instruments_Schedule1
Financial Instruments (Schedule Of Changes In Cash Flow Hedges In Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
OCI derivative gain/(loss) at beginning of year | $8 | ($16) | ' |
Reclassification adjustment for (gains) losses included in net earnings, before tax | 0 | 4 | 0 |
OCI derivative gain/(loss) at end of period | -4 | 8 | -16 |
Foreign Exchange Forward Contracts [Member] | Cost Of Products Sold [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Reclassification adjustment for (gains) losses included in net earnings, before tax | -4 | 1 | -1 |
Foreign Exchange Forward Contracts [Member] | Other Expenses/Income [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Reclassification adjustment for (gains) losses included in net earnings, before tax | 1 | -1 | -2 |
Interest Rate Contract [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative instruments gain (loss) recognized in OCI | -12 | 19 | ' |
Interest Rate Contract [Member] | Interest Expense [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Reclassification adjustment for (gains) losses included in net earnings, before tax | 3 | 4 | ' |
Currency Swap [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative instruments gain (loss) recognized in OCI | $0 | $1 | ' |
Financial_Instruments_Derivati
Financial Instruments (Derivatives Designated As Fair-Value Hedges) (Details) (Interest Expense [Member], Interest Rate Swap [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 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 | ($1) | ($12) |
Amount of Gain or (Loss) Recognized in Earnings on Hedged Items | $1 | $12 |
Financial_Instruments_Derivati1
Financial Instruments (Derivatives Not Designated As Hedges) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | ($4) | $49 |
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 | 3 | 0 |
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 | -12 | ' |
Currency Swap [Member] | Other Expenses/Income [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | 7 | 39 |
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 | -4 | -6 |
Deferred Compensation Derivative Contracts [Member] | Administrative Expenses [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | $2 | $16 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements Narrative (Details) (USD $) | 12 Months Ended | 12 Months Ended | 22 Months Ended | 12 Months Ended | 22 Months Ended | 12 Months Ended | 22 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Jul. 28, 2013 | Aug. 03, 2014 | Aug. 03, 2014 | Jul. 28, 2013 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Jul. 28, 2013 | Aug. 03, 2014 | Aug. 03, 2014 | Jul. 28, 2013 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 28, 2013 | Jul. 29, 2012 | Jul. 28, 2013 | Jul. 28, 2013 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [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] | International Simple Meals And Beverages [Member] | International Simple Meals And Beverages [Member] | International Simple Meals And Beverages [Member] | International Simple Meals And Beverages [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Asset Impairment Accelerated Depreciation [Member] | Asset Impairment Accelerated Depreciation [Member] | Asset Impairment Accelerated Depreciation [Member] | Asset Impairment Accelerated Depreciation [Member] | 2014 Initiatives [Member] | 2014 Initiatives [Member] | 2013 Initiatives [Member] | 2013 Initiatives [Member] | International Simple Meals And Beverages [Member] | International Simple Meals And Beverages [Member] | Fair Value, Inputs, Level 3 [Member] | Discontinued Operations [Member] | ||||||||||
Asset Impairment Accelerated Depreciation [Member] | Asset Impairment Accelerated Depreciation [Member] | International Simple Meals And Beverages [Member] | |||||||||||||||||||
Fair Value, Inputs, Level 3 [Member] | |||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Cost Incurred to Date | ' | ' | ' | ' | $54 | $12 | ' | ' | $146 | ' | ' | $99 | $18 | $11 | $9 | $3 | ' | ' | ' | ' | ' |
Goodwill, Impairment Loss | 360 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 360 | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110 | ' | ' | ' | 110 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36 | 3 | ' | ' |
Restructuring and Related Cost, Incurred Cost | ' | ' | ' | ' | 54 | 12 | 4 | 142 | ' | 0 | 99 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant, and Equipment, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29 | ' |
Cash and Cash Equivalents, Fair Value Disclosure | ' | ' | 46 | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 4 | 46 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Fair Value | ' | ' | 2,647 | 3,299 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | $3,244 | $2,544 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements (Fair Value Measurement Of Assets And Liabilities) (Details) (Measured On Recurring Basis [Member], USD $) | Aug. 03, 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 | $15 | $32 | ||
Total liabilities at fair value | 146 | 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 | 1 | 2 | ||
Total liabilities at fair value | 134 | 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 | 14 | 30 | ||
Total liabilities at fair value | 12 | 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 | 11 | [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 | 11 | [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 | 2 | [2] | 4 | [2] |
Total liabilities at fair value | 3 | [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 | 2 | [2] | 4 | [2] |
Total liabilities at fair value | 3 | [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 | ' | ' | ||
Commodity Derivative Contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets at fair value | 2 | [3] | 2 | [3] |
Total liabilities at fair value | 11 | [3] | 6 | [3] |
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 | 1 | [3] | 2 | [3] |
Total liabilities at fair value | 11 | [3] | 5 | [3] |
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 | 1 | [3] | 0 | [3] |
Total liabilities at fair value | 0 | [3] | 1 | [3] |
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 | [4] | 2 | [4] |
Total liabilities at fair value | 3 | [4] | 0 | [4] |
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 | ' | ' | ||
Total liabilities at fair value | 0 | 0 | ||
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 | [4] | 2 | [4] |
Total liabilities at fair value | 3 | [4] | 0 | [4] |
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 | ' | ' | ||
Total liabilities at fair value | ' | ' | ||
Currency Swap [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total liabilities at fair value | 6 | [5] | 24 | [5] |
Currency Swap [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 | ' | ' | ||
Currency Swap [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 | 6 | [5] | 24 | [5] |
Currency Swap [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 | ' | ' | ||
Deferred Compensation Obligation [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total liabilities at fair value | 123 | [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 | 123 | [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 quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. | |||
[4] | Based on LIBOR and equity index swap rates. | |||
[5] | Based on observable local benchmarks for currency and interest rates. | |||
[6] | Based on the fair value of the participantsb investments. |
Fair_Value_Measurements_Fair_V2
Fair Value Measurements Fair Value Measurements (Assets Measured on Nonrecurring Basis) (Details) (Fair Value, Measurements, Nonrecurring [Member], Discontinued Operations [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Jul. 28, 2013 |
Trademarks Bla Band [Member] | ' |
Indefinite-lived Intangible Assets [Line Items] | ' |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $1 |
Trademarks Bla Band [Member] | Fair Value, Inputs, Level 3 [Member] | ' |
Indefinite-lived Intangible Assets [Line Items] | ' |
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 19 |
Traemarks Heisse Tasse [Member] | ' |
Indefinite-lived Intangible Assets [Line Items] | ' |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 4 |
Traemarks Heisse Tasse [Member] | Fair Value, Inputs, Level 3 [Member] | ' |
Indefinite-lived Intangible Assets [Line Items] | ' |
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 6 |
Trademarks Isomitta [Member] | ' |
Indefinite-lived Intangible Assets [Line Items] | ' |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 8 |
Trademarks Isomitta [Member] | Fair Value, Inputs, Level 3 [Member] | ' |
Indefinite-lived Intangible Assets [Line Items] | ' |
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 4 |
Trademarks Royco [Member] | ' |
Indefinite-lived Intangible Assets [Line Items] | ' |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 23 |
Trademarks Royco [Member] | Fair Value, Inputs, Level 3 [Member] | ' |
Indefinite-lived Intangible Assets [Line Items] | ' |
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $53 |
Shareowners_Equity_Details
Shareowners' Equity (Details) (USD $) | 12 Months Ended | 37 Months Ended | 12 Months Ended | |||||||
In Millions, except Per Share data, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | Aug. 03, 2014 | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 |
June 2011 Program [Member] | Treasury Stock [Member] | Treasury Stock [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] | Shares Repurchased To Offset The Impact Of Dilution [Member] | ||||||||
Statement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | 560 | 560 | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.04 | $0.04 | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Authorized | 40 | 40 | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury stock retired, shares | ' | 219 | ' | ' | ' | 219 | ' | ' | ' | ' |
Authorized amount for shares repurchase | ' | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | ' | ' | 750 | ' | ' | ' | ' | ' | ' |
Treasury stock purchased, shares | ' | ' | ' | ' | 2 | 4 | 13 | 2 | 4 | 13 |
Shares repurchased, value | $76 | $153 | $412 | $250 | $76 | $153 | $412 | ' | ' | ' |
Stockbased_Compensation_Narrat
Stock-based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | Aug. 03, 2014 | Aug. 03, 2014 | Jul. 01, 2011 | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 | Aug. 03, 2014 |
EPS Performance Restricted Stock Units [Member] | Strategic Performance Restricted Stock Units [Member] | Special Retention Time Lapse Restricted Stock Units [Member] | Time Lapse E P S And Strategic Performance Restricted Stock Units [Member] | Time Lapse E P S And Strategic Performance Restricted Stock Units [Member] | Time Lapse E P S 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] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | 2003 Long Term Incentive Plan [Member] | Previous Long-Term Plan [Member] | 2003 And Previous Long-Term Plan [Member] | 2005 Long Term Incentive Plan [Member] | ||||
EPS Performance Restricted Stock Units [Member] | Strategic Performance Restricted Stock Units [Member] | TSR Performance Restricted Stock/Units [Member] | EPS Performance Restricted Stock Units [Member] | Strategic Performance Restricted Stock Units [Member] | TSR Performance Restricted Stock/Units [Member] | ||||||||||||||||||||
Stock-based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,000,000 | 3,200,000 | 31,200,000 | 6,000,000 |
Share Based Compensation Arrangement Share Based Payment Award Vested Options Contractual Exercise Term | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Total Award Vested By Year One | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Total Award Vested By Year Two | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Total Award Vested By Year Three | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potential Percentage Of Grant Under Performance Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 0.00% | 100.00% | 200.00% | 225.00% | ' | ' | ' | ' |
Pre-tax stock-based compensation expense | $56 | $109 | $76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | $4 | $3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax-related benefits | 21 | 42 | 29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of options exercised | 12 | 36 | 31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested, Units | ' | ' | ' | 251,000 | 887,000 | ' | 2,994,000 | 4,208,000 | ' | 861,000 | 1,458,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested, Weighted-Average Grant-Date Fair Value | ' | ' | ' | $37.49 | $37.80 | ' | $37.69 | $34.05 | ' | $38.15 | $41.88 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | ' | 400,000 | 1,742,000 | ' | ' | 458,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted, Weighted-Average Grant-Date Fair Value | ' | ' | ' | ' | ' | $34.65 | $39.97 | $35.44 | $32.38 | $36.26 | $39.76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining unearned compensation on nonvested awards | ' | ' | ' | ' | ' | ' | 34 | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average remaining service period, years | ' | ' | ' | ' | ' | ' | '1 year 8 months | ' | ' | '1 year 9 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of restricted units and shares vested | ' | ' | ' | ' | ' | ' | 106 | 57 | 38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage recipients received based on performance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess tax benefits on stock-based compensation | 13 | 12 | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from the exercise of stock options | $18 | $83 | $112 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockbased_Compensation_Schedu
Stock-based Compensation (Schedule Of Stock Option Activity) (Details) (USD $) | 12 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Aug. 03, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Beginning of year, Options | 1,101 |
Granted, Options | 0 |
Exercised, Options | -693 |
Terminated, Options | 0 |
End of year, Options | 408 |
Exercisable at end of period, Options | 408 |
Beginning of period, Weighted-Average Exercise Price | $27.25 |
Granted, Weighted-Average Exercise Price | $0 |
Exercised, Weighted-Average Exercise Price | $26.64 |
Terminated, Weighted-Average Exercise Price | $0 |
End of period, Weighted-Average Exercise Price | $28.33 |
Exercisable at end of period, Weighted-Average Exercise Price | $28.33 |
Outstanding at end of period, Weighted-Average Remaining Contractual Life (In years) | '0 years 7 months |
Exercisable at end of period, Weighted-Average Remaining Contractual Life (In years) | '0 years 7 months |
Outstanding at end of period, Aggregate Intrinsic Value | $6 |
Exercisable at end of period, Aggregate Intrinsic Value | $6 |
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 $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 |
Time Lapse, EPS Performance And Strategic Performance Restricted Stock Units [Member] | ' | ' | ' |
Stock-based Compensation | ' | ' | ' |
Nonvested at beginning of period, Units | 4,208 | ' | ' |
Granted, Units | 1,742 | ' | ' |
Vested, Units | -2,595 | ' | ' |
Forfeited, Units | -361 | ' | ' |
Nonvested at end of period, Units | 2,994 | 4,208 | ' |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $34.05 | ' | ' |
Granted, Weighted-Average Grant-Date Fair Value | $39.97 | $35.44 | $32.38 |
Vested, Weighted-Average Grant-Date Fair Value | $33.26 | ' | ' |
Forfeited, Weighted Average Grant Date Fair Value | $37.93 | ' | ' |
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $37.69 | $34.05 | ' |
TSR Performance Restricted Stock/Units [Member] | ' | ' | ' |
Stock-based Compensation | ' | ' | ' |
Nonvested at beginning of period, Units | 1,458 | ' | ' |
Granted, Units | 458 | ' | 0 |
Vested, Units | 0 | ' | ' |
Forfeited, Units | -1,055 | ' | ' |
Nonvested at end of period, Units | 861 | 1,458 | ' |
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 | $42.54 | ' | ' |
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $38.15 | $41.88 | ' |
Stockbased_Compensation_Assump
Stock-based Compensation (Assumptions Used In Monte Carlo Simulation) (Details) (TSR Performance Restricted Stock/Units [Member]) | 12 Months Ended | |
Aug. 03, 2014 | Jul. 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 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 |
Operating Leases, Rent Expense, Net | $50 | $54 | $48 |
Number of bank loans guarantees related to independent distributors | 2,000 | ' | ' |
Maximum potential amount of future payments | 179 | ' | ' |
Discontinued Operations [Member] | ' | ' | ' |
Operating Leases, Rent Expense, Net | $2 | $8 | $9 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Schedule of Future Annual Minimum Rental Payments (Details) (USD $) | Aug. 03, 2014 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Minimum rental obligation, 2015 | $38 |
Minimum rental obligation, 2016 | 32 |
Minimum rental obligation, 2017 | 26 |
Minimum rental obligation, 2018 | 22 |
Minimum rental obligation, 2019 | 18 |
Minimum rental obligation, thereafter | $58 |
Supplemental_Financial_Stateme2
Supplemental Financial Statement Data (Schedule of Balance Sheets) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | ||
Receivables [Abstract] | ' | ' | ' | ||
Customer accounts receivable | $597 | $587 | ' | ||
Allowances | -12 | -11 | ' | ||
Accounts receivable, net current | 585 | 576 | ' | ||
Other receivables | 85 | 59 | ' | ||
Accounts receivable, net | 670 | 635 | ' | ||
Inventory, Net [Abstract] | ' | ' | ' | ||
Inventory, Raw Materials, Gross | 399 | 364 | ' | ||
Inventory, Finished Goods, Gross | 617 | 561 | ' | ||
Inventories | 1,016 | 925 | ' | ||
Prepaid Expense and Other Assets, Current [Abstract] | ' | ' | ' | ||
Deferred Tax Assets, Net of Valuation Allowance, Current | 96 | 90 | ' | ||
Derivative Asset, Current | 15 | 9 | ' | ||
Other Assets, Miscellaneous, Current | 71 | 36 | ' | ||
Other current assets | 182 | 135 | ' | ||
Property, Plant and Equipment, Net [Abstract] | ' | ' | ' | ||
Land | 62 | 59 | ' | ||
Buildings and Improvements, Gross | 1,384 | 1,349 | ' | ||
Machinery and Equipment, Gross | 3,856 | 4,017 | ' | ||
Construction in Progress, Gross | 217 | 230 | ' | ||
Property, Plant and Equipment, Gross | 5,519 | 5,655 | ' | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | -3,201 | [1] | -3,395 | [1] | ' |
Plant assets, net of depreciation | 2,318 | 2,260 | 2,127 | ||
Other Assets, Noncurrent [Abstract] | ' | ' | ' | ||
Derivative Asset, Noncurrent | 0 | 23 | ' | ||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 32 | 27 | ' | ||
Other Assets, Miscellaneous, Noncurrent | 55 | 81 | ' | ||
Other assets | 87 | 131 | ' | ||
Other Liabilities, Current [Abstract] | ' | ' | ' | ||
Other Accrued Liabilities, Current | 109 | 113 | ' | ||
Derivative Liability, Current | 17 | 35 | ' | ||
Accrued Marketing Costs, Current | 122 | 137 | ' | ||
Interest Payable, Current | 37 | 41 | ' | ||
Restructuring Reserve, Current | 31 | 21 | ' | ||
Employee-related Liabilities, Current | 237 | 270 | ' | ||
Accrued liabilities | 553 | 617 | ' | ||
Other Liabilities, Noncurrent [Abstract] | ' | ' | ' | ||
Defined Benefit Pension Plan, Liabilities, Noncurrent | 170 | 190 | ' | ||
Deferred Compensation Liability, Noncurrent | 109 | [2] | 112 | [2] | ' |
Other Postretirement Benefits Payable, Noncurrent | 359 | 361 | ' | ||
Derivative Liability, Noncurrent | 6 | 1 | ' | ||
Liability for Uncertain Tax Positions, Noncurrent | 23 | 40 | ' | ||
Other Accrued Liabilities, Noncurrent | 62 | 72 | ' | ||
Other liabilities | 729 | 776 | ' | ||
Depreciation | 287 | 393 | 258 | ||
Continuing Operations [Member] | ' | ' | ' | ||
Other Liabilities, Noncurrent [Abstract] | ' | ' | ' | ||
Depreciation | $287 | $382 | $247 | ||
Building [Member] | Minimum [Member] | ' | ' | ' | ||
Other Liabilities, Noncurrent [Abstract] | ' | ' | ' | ||
Property, Plant and Equipment, Useful Life | '7 years | ' | ' | ||
Building [Member] | Maximum [Member] | ' | ' | ' | ||
Other Liabilities, Noncurrent [Abstract] | ' | ' | ' | ||
Property, Plant and Equipment, Useful Life | '45 years | ' | ' | ||
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' | ||
Other Liabilities, Noncurrent [Abstract] | ' | ' | ' | ||
Property, Plant and Equipment, Useful Life | '2 years | ' | ' | ||
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' | ||
Other Liabilities, Noncurrent [Abstract] | ' | ' | ' | ||
Property, Plant and Equipment, Useful Life | '20 years | ' | ' | ||
[1] | Depreciation expense was $287 in 2014, $393 in 2013 and $258 in 2012. Depreciation expense of continuing operations was $287 in 2014, $382 in 2013 and $247 in 2012. Buildings are depreciated over periods ranging from 7 to 45 years. Machinery and equipment are depreciated over periods generally ranging from 2 to 20 years. | ||||
[2] | The deferred compensation obligation represents unfunded plans maintained for the purpose of providing the company's directors and certain of its executives the opportunity to defer a portion of their compensation. All forms of compensation contributed to the deferred compensation plans are accounted for in accordance with the underlying program. Deferrals and company contributions are credited to an investment account in the participant's name, although no funds are actually contributed to the investment account and no investments are actually purchased. Seven investment choices are available, including: (1)B a book account that tracks the total return on company stock; (2)B a book account that tracks the performance of the Vanguard Institutional Index; (3)B a book account that tracks the performance of the Vanguard Extended Market Index; (4)B a book account that tracks the performance of the Vanguard Total International Stock Index; (5)B a book account that tracks the performance of the Vanguard Total Bond Market Index; (6)B a book account that tracks the performance of the Vanguard Short-Term Bond Index; and (7) a book account that tracks the BlackRock Liquidity TempFund. Participants can reallocate investments daily and are entitled to the gains and losses on investment funds. The company recognizes an amount in the Consolidated Statements of Earnings for the market appreciation/depreciation of each fund. |
Supplemental_Financial_Stateme3
Supplemental Financial Statement Data (Schedule of Statement of Earnings) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Oct. 28, 2012 | Jul. 29, 2012 | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | |||
Derivative, Gain (Loss) on Derivative, Net | $0 | $0 | $0 | ($6) | ' | ' | ' | ' | ' | |||
Foreign Currency Transaction Gain (Loss), before Tax | ' | ' | ' | ' | ' | ' | 6 | [1] | 3 | [1] | -3 | [1] |
Amortization of Intangible Assets | ' | ' | ' | ' | ' | ' | 18 | 14 | 1 | |||
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | 10 | 5 | 0 | 10 | 5 | |||
Other Nonoperating Expense | ' | ' | ' | ' | ' | ' | -2 | 2 | 8 | |||
Other General Expense | ' | ' | ' | ' | ' | ' | 22 | 29 | 11 | |||
Advertising Expense | ' | ' | ' | ' | ' | ' | 411 | [2] | 419 | [2] | 476 | [2] |
Interest Costs Incurred | ' | ' | ' | ' | ' | ' | 124 | 138 | 116 | |||
Interest Costs Capitalized | ' | ' | ' | ' | ' | ' | -2 | -3 | -2 | |||
Interest Expense | ' | ' | ' | ' | ' | ' | 122 | 135 | 114 | |||
Corporate, Non-Segment [Member] | Foreign Exchange Contract [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Derivative, Gain (Loss) on Derivative, Net | ' | ' | ' | ' | ' | ' | ($9) | ' | ' | |||
[1] | 2014 included a loss of $9 on foreign exchange forward contracts used to hedge the proceeds from the sale of the European simple meals business. | |||||||||||
[2] | Included in Marketing and selling expenses. |
Supplemental_Financial_Stateme4
Supplemental Financial Statement Data (Schedule of Statements of Cash Flow) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 |
Statement of Financial Position [Abstract] | ' | ' | ' |
Non-cash Compensation Benefit Related Expense | $114 | $134 | $106 |
Other Noncash Operating Activities, Cash Flow Statement | 4 | 21 | 12 |
Other Noncash Income (Expense) | 118 | 155 | 118 |
Employee Benefits And Deferred Compensation Payments | -52 | -54 | -84 |
Other Operating Activities, Cash Flow Statement | -1 | -4 | -2 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | -53 | -58 | -86 |
Interest Paid | 122 | 124 | 115 |
Interest Received | 3 | 10 | 8 |
Income Taxes Paid, Net | $421 | $345 | $300 |
Product_Recall_Details
Product Recall (Details) (Plum [Member], USD $) | 3 Months Ended | 12 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Oct. 27, 2013 | Aug. 03, 2014 |
Plum [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 | ' |
Quarterly_Data_Details
Quarterly Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, except Per Share data, unless otherwise specified | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Oct. 28, 2012 | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | |||
Net sales | $1,852 | $1,970 | $2,281 | $2,165 | $1,723 | $1,962 | $2,162 | $2,205 | $8,268 | $8,052 | $7,175 | |||
Gross Profit | 631 | 676 | 814 | 777 | 623 | 706 | 762 | 821 | ' | ' | ' | |||
Earnings from continuing operations | 137 | 184 | 235 | 181 | 117 | 169 | 171 | 232 | 726 | 680 | 724 | |||
Earnings (loss) from discontinued operations | 0 | 0 | 90 | -9 | -275 | 12 | 19 | 13 | 81 | -231 | 40 | |||
Net Income (Loss) Attributable to Parent | 137 | 184 | 325 | 172 | -158 | 181 | 190 | 245 | 818 | 458 | 774 | |||
Earnings (Loss) from Continuing Operations, Per Basic Share | $0.44 | $0.59 | $0.75 | $0.58 | $0.37 | $0.54 | $0.54 | $0.74 | $2.35 | $2.19 | $2.30 | |||
Earnings (loss) from discontinued operations, Per Basic Share | $0 | $0 | $0.29 | ($0.03) | ($0.88) | $0.04 | $0.06 | $0.04 | $0.26 | ($0.74) | $0.12 | |||
Earnings Per Share, Basic | $0.44 | $0.59 | $1.04 | $0.55 | ($0.50) | $0.58 | $0.61 | $0.78 | $2.61 | [1] | $1.46 | [1] | $2.43 | [1] |
Common Stock, Dividends, Per Share, Declared | $0.31 | $0.31 | $0.31 | $0.31 | $0.29 | $0 | $0.58 | $0.29 | $1.25 | $1.16 | $1.16 | |||
Earnings (Loss) from Continuing Operations, Per Diluted Share | $0.43 | $0.58 | $0.74 | $0.57 | $0.37 | $0.53 | $0.54 | $0.73 | $2.33 | $2.17 | $2.29 | |||
Earnings (loss) from discontinued operations, Per Diluted Share | $0 | $0 | $0.28 | ($0.03) | ($0.87) | $0.04 | $0.06 | $0.04 | $0.26 | ($0.73) | $0.12 | |||
Earnings Per Share, Diluted | $0.43 | $0.58 | $1.03 | $0.54 | ($0.50) | $0.57 | $0.60 | $0.78 | $2.59 | [1] | $1.44 | [1] | $2.41 | [1] |
Restructuring charges, after tax | 15 | 1 | 5 | 15 | 19 | 14 | 30 | 27 | ' | ' | ' | |||
Defined Benefit Plan Recognized Net Gain (Loss) Due to Settlements Net Of Tax | -3 | -11 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | |||
Derivatives (Gain) Loss | 0 | 0 | 0 | 6 | ' | ' | ' | ' | ' | ' | ' | |||
Other Tax Expense (Benefit) | 0 | 0 | 0 | 7 | ' | ' | ' | ' | ' | ' | ' | |||
Business Combination Acquisition Related Costs After Tax | ' | ' | ' | ' | 0 | 0 | 0 | 7 | ' | ' | ' | |||
Restructuring charges, Per Diluted Share | $0.05 | $0 | $0.02 | $0.05 | $0.06 | $0.04 | $0.09 | $0.09 | ' | ' | ' | |||
Business Combination Acquisition Related Costs, Per Diluted Share | ' | ' | ' | ' | $0 | $0 | $0 | $0.02 | ' | ' | ' | |||
Defined Benefit Plan Recognized (Gain) Loss Due To Settlements, Per Diluted Share | $0.01 | $0.03 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | |||
Derivative Gain Loss On Derivative Net, Per Diluted Share | $0 | $0 | $0 | $0.02 | ' | ' | ' | ' | ' | ' | ' | |||
Other Tax Expense Benefit, Per Diluted Share | $0 | $0 | $0 | $0.02 | ' | ' | ' | ' | ' | ' | ' | |||
Market Price Per Share High | ' | ' | ' | ' | $48.83 | $46.85 | $37.16 | $36.28 | ' | ' | ' | |||
Market Price Per Share Low | ' | ' | ' | ' | $42.32 | $36.09 | $34.30 | $32.24 | ' | ' | ' | |||
Discontinued Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Earnings (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 81 | -231 | 40 | |||
Impairment Of Goodwill And Indefinite Lived Intangible Assets, Net Of Tax | ' | ' | ' | ' | 263 | 0 | 0 | 0 | ' | 263 | ' | |||
Tax Effect of Difference Between Book Value and Tax Basis Resulting From Reorganization | ' | ' | ' | ' | 18 | 0 | 0 | 0 | ' | 18 | ' | |||
Discontinued Operation, (Gain) Loss on Disposal of Discontinued Operation, Net of Tax | $0 | $0 | ($90) | $18 | ' | ' | ' | ' | ($72) | ' | ' | |||
(Income) Loss from Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | $0 | $0 | ($0.28) | $0.06 | ' | ' | ' | ' | ($0.23) | ' | ' | |||
Impairment Of Goodwill And Indefinite Lived Intangible Assets, Per Share Diluted | ' | ' | ' | ' | $0.83 | $0 | $0 | $0 | ' | $0.83 | ' | |||
Deferred Other Tax Expense (Benefit), Per Share Diluted | ' | ' | ' | ' | $0.06 | $0 | $0 | $0 | ' | $0.06 | ' | |||
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share Price | $46.67 | $45.48 | $43.70 | $48.08 | ' | ' | ' | ' | $46.67 | ' | ' | |||
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share Price | $41.39 | $39.60 | $38.30 | $39.87 | ' | ' | ' | ' | $41.39 | ' | ' | |||
[1] | The sum of the individual per share amounts may not add due to rounding. |
Valuation_and_Qualifying_Accou2
Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Aug. 03, 2014 | Jul. 28, 2013 | Jul. 29, 2012 | |||
Beginning Balance | $11 | $10 | $11 | |||
Charged to (Reduction in) Cost and Expense | 115 | 116 | 113 | |||
Deductions | -116 | -115 | -114 | |||
Acquisitions | 2 | 0 | 0 | |||
Ending Balance | 12 | 11 | 10 | |||
Actual Returns | 118 | 124 | 122 | |||
Reserve for Cash Discount [Member] | ' | ' | ' | |||
Beginning Balance | 5 | 4 | 5 | |||
Charged to (Reduction in) Cost and Expense | 114 | 114 | 112 | |||
Deductions | -115 | -113 | -113 | |||
Acquisitions | 0 | 0 | 0 | |||
Ending Balance | 4 | 5 | 4 | |||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Beginning Balance | 2 | 2 | 2 | |||
Charged to (Reduction in) Cost and Expense | 0 | 1 | 1 | |||
Deductions | -1 | -1 | -1 | |||
Acquisitions | 2 | 0 | 0 | |||
Ending Balance | 3 | 2 | 2 | |||
Allowance for Sales Returns [Member] | ' | ' | ' | |||
Beginning Balance | 4 | [1] | 4 | [1] | 4 | [1] |
Charged to (Reduction in) Cost and Expense | 1 | [1] | 1 | [1] | 0 | [1] |
Deductions | 0 | [1] | -1 | [1] | 0 | [1] |
Acquisitions | 0 | [1] | 0 | [1] | 0 | [1] |
Ending Balance | $5 | [1] | $4 | [1] | $4 | [1] |
Maximum [Member] | ' | ' | ' | |||
Percentage Of Actual Returns | 2.00% | 2.00% | 2.00% | |||
[1] | The returns reserve is evaluated quarterly and adjusted accordingly. During each period, returns are charged to net sales in the Consolidated Statements of Earnings as incurred. Actual returns were approximately $118 in 2014, $124 in 2013 and $122 in 2012, or less than 2% of net sales. |