Document_and_Entity_Informatio
Document and Entity Information Document | 6 Months Ended | |
Feb. 01, 2015 | Mar. 06, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | CAMPBELL SOUP CO | |
Entity Central Index Key | 16732 | |
Current Fiscal Year End Date | 6 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 1-Feb-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 311,790,489 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Feb. 01, 2015 | Jan. 26, 2014 | Feb. 01, 2015 | Jan. 26, 2014 |
Net sales | $2,234 | $2,281 | $4,489 | $4,446 |
Costs and expenses | ||||
Cost of products sold | 1,506 | 1,467 | 2,978 | 2,855 |
Marketing and selling expenses | 242 | 268 | 489 | 529 |
Administrative expenses | 140 | 142 | 275 | 290 |
Research and development expenses | 27 | 27 | 56 | 58 |
Other expenses / (income) | 7 | 3 | 11 | 14 |
Restructuring charges | 0 | 13 | 0 | 34 |
Total costs and expenses | 1,922 | 1,920 | 3,809 | 3,780 |
Earnings before interest and taxes | 312 | 361 | 680 | 666 |
Interest expense | 26 | 29 | 52 | 60 |
Interest income | 1 | 0 | 2 | 1 |
Earnings before taxes | 287 | 332 | 630 | 607 |
Taxes on earnings | 80 | 104 | 189 | 199 |
Earnings from continuing operations | 207 | 228 | 441 | 408 |
Earnings from discontinued operations | 0 | 90 | 0 | 81 |
Net earnings | 207 | 318 | 441 | 489 |
Less: Net earnings (loss) attributable to noncontrolling interests | 0 | -7 | 0 | -8 |
Net earnings attributable to Campbell Soup Company | $207 | $325 | $441 | $497 |
Per Share - Basic | ||||
Earnings from continuing operations attributable to Campbell Soup Company | $0.66 | $0.75 | $1.41 | $1.32 |
Earnings from discontinued operations | $0 | $0.29 | $0 | $0.26 |
Net earnings attributable to Campbell Soup Company | $0.66 | $1.04 | $1.41 | $1.58 |
Dividends | $0.31 | $0.31 | $0.62 | $0.62 |
Weighted average shares outstanding - basic | 313 | 314 | 313 | 314 |
Per Share - Assuming Dilution | ||||
Earnings from continuing operations attributable to Campbell Soup Company | $0.66 | $0.74 | $1.40 | $1.32 |
Earnings from discontinued operations | $0 | $0.28 | $0 | $0.26 |
Net earnings attributable to Campbell Soup Company | $0.66 | $1.03 | $1.40 | $1.57 |
Weighted average shares outstanding - assuming dilution | 314 | 316 | 314 | 316 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Feb. 01, 2015 | Jan. 26, 2014 | Feb. 01, 2015 | Jan. 26, 2014 | ||||
Statement of Comprehensive Income [Abstract] | ||||||||
Net earnings | $207 | $318 | $441 | $489 | ||||
Other comprehensive income (loss), before tax [Abstract] | ||||||||
Foreign currency translation adjustments, before tax | -167 | -117 | -250 | -69 | ||||
Reclassification of currency translation adjustments realized upon disposal of business, before tax | 0 | -22 | 0 | -22 | ||||
Cash-flow hedges, before tax [Abstract] | ||||||||
Unrealized gains (losses) arising during the period, before tax | -32 | 4 | -33 | 1 | ||||
Reclassification adjustment for (gains) losses included in net earnings, before tax | 0 | 0 | 1 | 0 | ||||
Pension and other postretirement benefits, before tax, [Abstract] | ||||||||
Net actuarial gain (loss) arising during the period, before tax | 13 | 8 | 17 | 8 | ||||
Reclassification of prior service credit included in net earnings before tax | -1 | [1] | -1 | [1] | -1 | [1] | -1 | [1] |
Reclassification of net actuarial loss included in net earnings before tax | 24 | [1] | 25 | [1] | 48 | [1] | 47 | [1] |
Other comprehensive income (loss), before tax | -163 | -103 | -218 | -36 | ||||
Other comprehensive income (loss), tax (expense) benefit [Abstract] | ||||||||
Foreign currency translation adjustments, tax (expense) benefit | 1 | 1 | 1 | -1 | ||||
Reclassification of currency translation adjustments realized upon disposal of business, tax (expense) benefit | 0 | 3 | 0 | 3 | ||||
Cash-flow hedges, tax effect [Abstract] | ||||||||
Unrealized gains (losses) arising during the period, tax (expense) benefit | 13 | -1 | 13 | 0 | ||||
Reclassification adjustment for (gains) losses included in net earnings, tax (expense) benefit | 0 | 0 | 0 | 0 | ||||
Pension and other postretirement liability adjustments, tax effect [Abstract] | ||||||||
Net actuarial gain (loss) arising during the period, tax (expense) benefit | -5 | -2 | -6 | -2 | ||||
Reclassification of prior service credit included in net earnings tax (expense) benefit | 0 | 0 | 0 | 0 | ||||
Reclassification of net actuarial loss included in net earnings, tax (expense) benefit | -7 | -8 | -16 | -16 | ||||
Other comprehensive income (loss), tax (expense) benefit | 2 | -7 | -8 | -16 | ||||
Other comprehensive income (loss), after-tax [Abstract] | ||||||||
Foreign currency translation adjustments, after-tax | -166 | -116 | -249 | -70 | ||||
Reclassification of currency translation adjustments realized upon disposal of business, after-tax | 0 | -19 | 0 | -19 | ||||
Cash-flow hedges, after-tax[Abstract] | ||||||||
Unrealized gains (losses) arising during the period, after-tax | -19 | 3 | -20 | 1 | ||||
Reclassification adjustment for (gains) losses included in net earnings, after-tax | 0 | 0 | 1 | 0 | ||||
Pension and other postretirement liability adjustments, after-tax [Abstract] | ||||||||
Net actuarial gain (loss) arising during the period, after-tax | 8 | 6 | 11 | 6 | ||||
Reclassification of prior service credit included in net earnings, after-tax | -1 | -1 | -1 | -1 | ||||
Reclassification of net actuarial loss included in net earnings, after-tax | 17 | 17 | 32 | 31 | ||||
Other comprehensive income (loss), after tax | -161 | -110 | -226 | -52 | ||||
Total comprehensive income (loss), after-tax | 46 | 208 | 215 | 437 | ||||
Total comprehensive income (loss) attributable to noncontrolling interests | 0 | -7 | 0 | -9 | ||||
Total comprehensive income (loss) attributable to Campbell Soup Company | $46 | $215 | $215 | $446 | ||||
[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 $) | Feb. 01, 2015 | Aug. 03, 2014 |
In Millions, except Per Share data, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $201 | $232 |
Accounts receivable, net | 794 | 670 |
Inventories | 916 | 1,016 |
Other current assets | 179 | 182 |
Total current assets | 2,090 | 2,100 |
Plant assets, net of depreciation | 2,257 | 2,318 |
Goodwill | 2,271 | 2,433 |
Other intangible assets, net of amortization | 1,139 | 1,175 |
Other assets | 146 | 87 |
Total assets | 7,903 | 8,113 |
Current liabilities | ||
Short-term borrowings | 1,640 | 1,771 |
Payable to suppliers and others | 510 | 527 |
Accrued liabilities | 541 | 553 |
Dividend payable | 100 | 101 |
Accrued income taxes | 59 | 37 |
Total current liabilities | 2,850 | 2,989 |
Long-term debt | 2,253 | 2,244 |
Deferred taxes | 547 | 548 |
Other liabilities | 739 | 729 |
Total liabilities | 6,389 | 6,510 |
Commitments and contingencies | Â Â | Â Â |
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 | 316 | 330 |
Earnings retained in the business | 2,441 | 2,198 |
Capital stock in treasury, at cost | -448 | -356 |
Accumulated other comprehensive loss | -795 | -569 |
Total Campbell Soup Company shareholders' equity | 1,526 | 1,615 |
Noncontrolling interests | -12 | -12 |
Total equity | 1,514 | 1,603 |
Total liabilities and equity | $7,903 | $8,113 |
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 |
Capital Stock, Shares, Issued | 323 | 323 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Feb. 01, 2015 | Jan. 26, 2014 |
Cash flows from operating activities: | ||
Net earnings | $441 | $489 |
Adjustments to reconcile net earnings to operating cash flow | ||
Restructuring charges | 0 | 34 |
Stock-based compensation | 31 | 37 |
Depreciation and amortization | 149 | 148 |
Deferred income taxes | 1 | 13 |
Gain on sale of business | 0 | -141 |
Other, net | 46 | 44 |
Changes in working capital | ||
Accounts receivable | -125 | -177 |
Inventories | 71 | 65 |
Prepaid assets | -3 | -17 |
Accounts payable and accrued liabilities | -16 | -42 |
Pension fund contributions | -2 | -44 |
Receipts from (payments of) hedging activities | 9 | -22 |
Other | -18 | -24 |
Net cash provided by operating activities | 584 | 363 |
Cash flows from investing activities: | ||
Purchases of plant assets | -143 | -127 |
Sales of plant assets | 8 | 20 |
Business acquired, net of cash acquired | 0 | -329 |
Sale of business, net of cash divested | 0 | 534 |
Other, net | -8 | -1 |
Net cash provided by (used in) investing activities | -143 | 97 |
Cash flows from financing activities: | ||
Net short-term borrowings (repayments) | 171 | -4 |
Repayments of notes payable | -300 | -300 |
Dividends paid | -199 | -195 |
Treasury stock purchases | -133 | -76 |
Treasury stock issuances | 8 | 7 |
Excess tax benefits on stock-based compensation | 5 | 10 |
Contribution from noncontrolling interest | 0 | 5 |
Net cash used in financing activities | -448 | -553 |
Effect of exchange rate changes on cash | -24 | -15 |
Net change in cash and cash equivalents | -31 | -108 |
Cash and cash equivalents continuing operations - beginning of period | 232 | 333 |
Cash and cash equivalents discontinued operations - beginning of period | 0 | 68 |
Cash and cash equivalents discontinued operations - end of period | 0 | 0 |
Cash and cash equivalents continuing operations - end of period | $201 | $293 |
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. 28, 2013 | $1,210 | $12 | ($364) | $362 | $1,772 | ($565) | ($7) |
Treasury stock, shares at Jul. 28, 2013 | -11 | ||||||
Shares, Issued at Jul. 28, 2013 | 323 | ||||||
Contribution from noncontrolling interest | 5 | 5 | |||||
Net earnings (loss) | 489 | 497 | -8 | ||||
Other comprehensive income (loss) | -52 | -51 | -1 | ||||
Dividends | -196 | -196 | |||||
Dividends per share | $0.62 | ||||||
Treasury stock purchased, shares | -2 | ||||||
Treasury stock purchased, value | -76 | -76 | |||||
Treasury stock issued under management incentive and stock option plans, shares | 2 | ||||||
Treasury stock issued under management incentive and stock option plans, value | 19 | 66 | -47 | ||||
Balance, value at Jan. 26, 2014 | 1,399 | 12 | -374 | 315 | 2,073 | -616 | -11 |
Treasury stock, shares at Jan. 26, 2014 | -11 | ||||||
Shares, Issued at Jan. 26, 2014 | 323 | ||||||
Balance, value at Aug. 03, 2014 | 1,603 | 12 | -356 | 330 | 2,198 | -569 | -12 |
Treasury stock, shares at Aug. 03, 2014 | -10 | ||||||
Shares, Issued at Aug. 03, 2014 | 323 | ||||||
Contribution from noncontrolling interest | 0 | ||||||
Net earnings (loss) | 441 | 441 | 0 | ||||
Other comprehensive income (loss) | -226 | -226 | 0 | ||||
Dividends | -198 | -198 | |||||
Dividends per share | $0.62 | ||||||
Treasury stock purchased, shares | -3 | ||||||
Treasury stock purchased, value | -133 | -133 | |||||
Treasury stock issued under management incentive and stock option plans, shares | 2 | ||||||
Treasury stock issued under management incentive and stock option plans, value | 27 | 41 | -14 | ||||
Balance, value at Feb. 01, 2015 | $1,514 | $12 | ($448) | $316 | $2,441 | ($795) | ($12) |
Treasury stock, shares at Feb. 01, 2015 | -11 | ||||||
Shares, Issued at Feb. 01, 2015 | 323 |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Feb. 01, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation and Significant Accounting Policies |
In this Form 10-Q, unless otherwise stated, the terms "we," "us" and "our" refer to Campbell Soup Company and its consolidated subsidiaries. | |
The financial statements reflect all adjustments which are, in our opinion, necessary for a fair presentation of the results of operations, financial position, and cash flows for the indicated periods. The accounting policies used in preparing these financial statements are substantially consistent with those applied in our Annual Report on Form 10-K for the year ended August 3, 2014. The results for the period are not necessarily indicative of the results to be expected for other interim periods or the full year. Our fiscal year ends on the Sunday nearest July 31. There were 53 weeks in 2014. There will be 52 weeks in 2015. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended |
Feb. 01, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In February 2013, the Financial Accounting Standards Board (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 was 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 applicable obligations that existed as of the beginning of the fiscal year of adoption. We adopted the guidance in the first quarter of 2015. The adoption did not have an impact on our 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 was effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. We adopted the guidance in the first quarter of 2015. The adoption did not have an impact on our consolidated financial statements. | |
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 was 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. We adopted the guidance prospectively in the first quarter of 2015. The adoption did not have a material impact on our consolidated financial statements. | |
In April 2014, the FASB issued revised guidance that modifies the criteria for determining which disposals can be presented as discontinued operations and requires additional disclosures. The guidance is effective for fiscal years beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted. We 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 guidance permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. |
Acquistions
Acquistions | 6 Months Ended | ||||
Feb. 01, 2015 | |||||
Business Combinations [Abstract] | |||||
Acquisitions | Acquisitions | ||||
On August 8, 2013, we 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 approximately 85 countries around the world. Its primary brands include Kjeldsens and Royal Dansk. | |||||
For the three-month period ended January 26, 2014, the Kelsen acquisition contributed $92 to Net sales and $11 to Net earnings. The acquisition also contributed $144 to Net sales and $11 to Net earnings from August 8, 2013 to January 26, 2014. | |||||
The following unaudited summary information is presented on a consolidated pro forma basis as if the Kelsen acquisition had occurred on July 30, 2012: | |||||
Six Months Ended | |||||
26-Jan-14 | |||||
Net sales | $ | 4,450 | |||
Earnings from continuing operations attributable to Campbell Soup Company | $ | 417 | |||
Earnings per share from continuing operations attributable to Campbell Soup Company | $ | 1.32 | |||
The pro forma amounts include additional interest expense on the debt issued to finance the purchase, 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, nor are they indicative of future combined results. |
Discontinued_Operations
Discontinued Operations | 6 Months Ended | ||||||||
Feb. 01, 2015 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Discontinued Operations | Discontinued Operations | ||||||||
On October 28, 2013, subsequent to the end of the first quarter of 2014, we completed the sale of our 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. We recognized a pre-tax gain of $141 ($72 after tax or $.23 per share) in 2014. We used the proceeds from the sale to pay taxes on the sale, to reduce debt and for other general corporate purposes. | |||||||||
We have reflected the results of the European simple meals business as discontinued operations in the Consolidated Statements of Earnings. | |||||||||
Results of discontinued operations were as follows: | |||||||||
Three Months Ended | Six Months Ended | ||||||||
January 26, 2014 | January 26, 2014 | ||||||||
Net sales | $ | — | $ | 137 | |||||
Gain on sale of the European simple meals business | $ | 147 | $ | 141 | |||||
Earnings from operations, before taxes | — | 14 | |||||||
Earnings before taxes | $ | 147 | $ | 155 | |||||
Taxes on earnings | (57 | ) | (74 | ) | |||||
Earnings from discontinued operations | $ | 90 | $ | 81 | |||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended | ||||||||||||||||||
Feb. 01, 2015 | |||||||||||||||||||
Equity [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 August 3, 2014 | $ | 137 | $ | (3 | ) | $ | (703 | ) | $ | (569 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | (249 | ) | (20 | ) | 11 | (258 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 1 | 31 | 32 | |||||||||||||||
Net current-period other comprehensive income (loss) | (249 | ) | (19 | ) | 42 | (226 | ) | ||||||||||||
Balance at February 1, 2015 | $ | (112 | ) | $ | (22 | ) | $ | (661 | ) | $ | (795 | ) | |||||||
_____________________________________ | |||||||||||||||||||
(1) | Included a tax expense of $6 as of February 1, 2015 and $7 as of August 3, 2014. | ||||||||||||||||||
(2) | Included a tax benefit of $14 as of February 1, 2015 and $1 as of August 3, 2014. | ||||||||||||||||||
(3) | Included a tax benefit of $383 as of February 1, 2015 and $405 as of August 3, 2014. | ||||||||||||||||||
Amounts related to noncontrolling interests were not material. | |||||||||||||||||||
The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following: | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | February 1, 2015 | January 26, 2014 | February 1, 2015 | January 26, 2014 | Location of (Gain) Loss Recognized in Earnings | ||||||||||||||
(Gains) losses on cash flow hedges: | |||||||||||||||||||
Foreign exchange forward contracts | $ | — | $ | — | $ | — | $ | (1 | ) | Cost of products sold | |||||||||
Foreign exchange forward contracts | (1 | ) | (1 | ) | (1 | ) | (1 | ) | Other expenses / (income) | ||||||||||
Forward starting interest rate swaps | 1 | 1 | 2 | 2 | Interest expense | ||||||||||||||
Total before tax | — | — | 1 | — | |||||||||||||||
Tax expense (benefit) | — | — | — | — | |||||||||||||||
(Gain) loss, net of tax | $ | — | $ | — | $ | 1 | $ | — | |||||||||||
Pension and postretirement benefit adjustments: | |||||||||||||||||||
Prior service credit | $ | (1 | ) | $ | (1 | ) | $ | (1 | ) | $ | (1 | ) | (1)Â | ||||||
Net actuarial losses | 24 | 25 | 48 | 47 | (1)Â | ||||||||||||||
Total before tax | 23 | 24 | 47 | 46 | |||||||||||||||
Tax expense (benefit) | (7 | ) | (8 | ) | (16 | ) | (16 | ) | |||||||||||
(Gain) loss, net of tax | $ | 16 | $ | 16 | $ | 31 | $ | 30 | |||||||||||
_____________________________________ | |||||||||||||||||||
(1)Â | 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 | 6 Months Ended | |||||||||||||||||||||||
Feb. 01, 2015 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets | |||||||||||||||||||||||
The following table shows the changes in the carrying amount of goodwill by business segment: | ||||||||||||||||||||||||
U.S.    | Global | International | U.S. | Bolthouse and Foodservice | Total    | |||||||||||||||||||
Simple | Baking | Simple Meals | Beverages | |||||||||||||||||||||
Meals | and | and | ||||||||||||||||||||||
Snacking | Beverages | |||||||||||||||||||||||
Balance at August 3, 2014 | $ | 450 | $ | 918 | $ | 115 | $ | 112 | $ | 838 | $ | 2,433 | ||||||||||||
Foreign currency translation adjustments | — | (145 | ) | (17 | ) | — | — | (162 | ) | |||||||||||||||
Balance at February 1, 2015 | $ | 450 | $ | 773 | $ | 98 | $ | 112 | $ | 838 | $ | 2,271 | ||||||||||||
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 | February 1, | August 3, | ||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Amortizable intangible assets | ||||||||||||||||||||||||
Customer relationships | $ | 174 | $ | 178 | ||||||||||||||||||||
Technology | 40 | 40 | ||||||||||||||||||||||
Other | 35 | 35 | ||||||||||||||||||||||
Total gross amortizable intangible assets | $ | 249 | $ | 253 | ||||||||||||||||||||
Accumulated amortization | (43 | ) | (35 | ) | ||||||||||||||||||||
Total net amortizable intangible assets | $ | 206 | $ | 218 | ||||||||||||||||||||
Non-amortizable intangible assets | ||||||||||||||||||||||||
Trademarks | 933 | 957 | ||||||||||||||||||||||
Total net intangible assets | $ | 1,139 | $ | 1,175 | ||||||||||||||||||||
Non-amortizable intangible assets consist of trademarks, which include Bolthouse Farms, Pace, Plum Organics, Kjeldsens and Royal Dansk. Other amortizable intangible assets consist of recipes, patents, trademarks and distributor relationships. | ||||||||||||||||||||||||
Amortization of intangible assets of continuing operations was $9 for the six-month periods ended February 1, 2015 and January 26, 2014. Amortization expense for the next 5 years is estimated to be $17 in each of the fiscal periods 2015 through 2017, and $13 in 2018 and 2019. Asset useful lives range from 5 to 20 years. |
Business_And_Geographic_Segmen
Business And Geographic Segment Information | 6 Months Ended | ||||||||||||||||
Feb. 01, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Business and Geographic Segment Information | Business and Geographic Segment Information | ||||||||||||||||
We manage operations through 10 operating segments based on product type and geographic location and have 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 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. | |||||||||||||||||
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. | |||||||||||||||||
We evaluate segment performance before interest, taxes and costs associated with restructuring activities. Unrealized gains and losses on commodity hedging activities are excluded from segment operating earnings and are recorded in Corporate expenses as these open positions represent hedges of future purchases. Upon closing of the contracts, the realized gain or loss is transferred to segment operating earnings, which allows the segments to reflect the economic effects of the hedge without exposure to quarterly volatility of unrealized gains and losses. Certain manufacturing, warehousing and distribution activities of the segments are integrated in order to maximize efficiency and productivity. As a result, asset information by segment is not discretely maintained for internal reporting or used in evaluating performance. | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
February 1, | January 26, | February 1, | January 26, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Net sales | |||||||||||||||||
U.S. Simple Meals | $ | 867 | $ | 894 | $ | 1,795 | $ | 1,754 | |||||||||
Global Baking and Snacking | 640 | 639 | 1,267 | 1,248 | |||||||||||||
International Simple Meals and Beverages | 194 | 213 | 383 | 406 | |||||||||||||
U.S. Beverages | 169 | 176 | 337 | 349 | |||||||||||||
Bolthouse and Foodservice | 364 | 359 | 707 | 689 | |||||||||||||
Total | $ | 2,234 | $ | 2,281 | $ | 4,489 | $ | 4,446 | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
February 1, | January 26, | February 1, | January 26, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Earnings before interest and taxes | |||||||||||||||||
U.S. Simple Meals | $ | 170 | $ | 214 | $ | 412 | $ | 425 | |||||||||
Global Baking and Snacking | 107 | 88 | 197 | 166 | |||||||||||||
International Simple Meals and Beverages | 26 | 38 | 42 | 58 | |||||||||||||
U.S. Beverages | 20 | 31 | 46 | 55 | |||||||||||||
Bolthouse and Foodservice | 26 | 36 | 48 | 65 | |||||||||||||
Corporate(1) | (37 | ) | (33 | ) | (65 | ) | (69 | ) | |||||||||
Restructuring charges(2) | — | (13 | ) | — | (34 | ) | |||||||||||
Total | $ | 312 | $ | 361 | $ | 680 | $ | 666 | |||||||||
_______________________________________ | |||||||||||||||||
(1) | Represents unallocated corporate expenses. Restructuring-related costs of $2 and a loss of $9 on foreign exchange forward contracts related to the sale of the European simple meals business were included in the six-month period ended January 26, 2014. | ||||||||||||||||
(2)Â | See Note 8 for additional information. | ||||||||||||||||
Our global net sales based on product categories are as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
February 1, | January 26, | February 1, | January 26, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Net sales | |||||||||||||||||
Simple Meals | $ | 1,290 | $ | 1,329 | $ | 2,601 | $ | 2,563 | |||||||||
Baked Snacks | 669 | 670 | 1,332 | 1,315 | |||||||||||||
Beverages | 275 | 282 | 556 | 568 | |||||||||||||
Total | $ | 2,234 | $ | 2,281 | $ | 4,489 | $ | 4,446 | |||||||||
Simple Meals include condensed and ready-to-serve soups, broths, sauces, carrot products, refrigerated salad dressings and Plum foods and snacks. Baked Snacks include cookies, crackers, biscuits and other baked products. |
Restructuring_Charges
Restructuring Charges | 6 Months Ended | |||||||||||||||||||||||||||
Feb. 01, 2015 | ||||||||||||||||||||||||||||
Restructuring Charges [Abstract] | ||||||||||||||||||||||||||||
Restructuring Charges | Restructuring Charges | |||||||||||||||||||||||||||
2014 Initiatives | ||||||||||||||||||||||||||||
In 2014, we implemented initiatives to reduce overhead across the organization, restructure manufacturing and streamline operations for our soup and broth business in China and improve supply chain efficiency in Australia. Details of the 2014 initiatives include: | ||||||||||||||||||||||||||||
• | We streamlined our salaried workforce in North America and our workforce in the Asia Pacific region. Approximately 250 positions were eliminated. | |||||||||||||||||||||||||||
• | Together with our joint venture partner Swire Pacific Limited, we agreed to restructure manufacturing and streamline operations for our soup and broth business in China. As a result, certain assets were impaired, and approximately 100 positions were eliminated. | |||||||||||||||||||||||||||
• | In Australia, we implemented an initiative to improve supply chain efficiency by relocating production from our biscuit plant in Marleston to Huntingwood. The relocation will continue through the second quarter of 2016 and will result in the elimination of approximately 90 positions. | |||||||||||||||||||||||||||
• | We implemented an initiative to reduce overhead across the organization by eliminating approximately 85 positions. The actions will be completed in 2015. | |||||||||||||||||||||||||||
In 2014, we 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. Of the amounts recorded in 2014, $33 ($18 after tax or $.06 per share in earnings from continuing operations attributable to Campbell Soup Company) was recorded in the six-month period ended January 26, 2014. A summary of the pre-tax costs and remaining costs associated with the 2014 initiatives is as follows: | ||||||||||||||||||||||||||||
Total | Recognized | Remaining | ||||||||||||||||||||||||||
Program | as of | Costs to be | ||||||||||||||||||||||||||
1-Feb-15 | 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, approximately $43 represent cash expenditures. In addition, we expect to invest approximately $6 in capital expenditures, primarily to relocate biscuit production and packaging capabilities, of which approximately $1 has been invested as of February 1, 2015. We expect the remaining aspects of the 2014 initiatives to be completed through 2016. | ||||||||||||||||||||||||||||
A summary of the restructuring activity and related reserves associated with the 2014 initiatives at February 1, 2015 is as follows: | ||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||
1-Feb-15 | ||||||||||||||||||||||||||||
Accrued Balance at August 3, 2014 | Charges | Cash | Foreign Currency Translation Adjustment | Accrued | ||||||||||||||||||||||||
Payments | Balance at | |||||||||||||||||||||||||||
1-Feb-15 | ||||||||||||||||||||||||||||
Severance pay and benefits | $ | 28 | $ | — | $ | (13 | ) | $ | (2 | ) | $ | 13 | ||||||||||||||||
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 | |||||||||||||||
We expect 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, we implemented initiatives to improve supply chain efficiency, expand access to manufacturing and distribution capabilities and reduce costs. Details of the 2013 initiatives include: | ||||||||||||||||||||||||||||
• | We implemented initiatives to improve our U.S. supply chain cost structure and increase asset utilization across our U.S. thermal plant network, including closing our Sacramento, California, thermal plant, 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. We shifted the majority of Sacramento's soup, sauce and beverage production to our thermal plants in Maxton, North Carolina; Napoleon, Ohio; and Paris, Texas. We also closed our South Plainfield, New Jersey, spice plant, which resulted in the elimination of 27 positions. We consolidated spice production at our Milwaukee, Wisconsin, plant in 2013. | |||||||||||||||||||||||||||
• | In Mexico, we entered into commercial arrangements with third-party providers to expand access to manufacturing and distribution capabilities. The third-party providers produce and distribute our beverages, soups, broths and sauces throughout the Mexican market. As a result of these agreements, we closed our plant in Villagrán, Mexico, and eliminated approximately 260 positions in the first quarter of 2014. | |||||||||||||||||||||||||||
• | We implemented an initiative to improve our Pepperidge Farm bakery supply chain cost structure by closing our plant in Aiken, South Carolina. The plant was closed in May 2014. We shifted the majority of Aiken's bread production to our bakery plant in Lakeland, Florida. Approximately 110 positions were eliminated as a result of the plant closure. | |||||||||||||||||||||||||||
• | We streamlined our 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, we 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. Of the amounts recorded in 2014, a restructuring charge of $1 was recorded in the six-month period ended January 26, 2014, and approximately $2 of costs related to these initiatives were recorded in Cost of products sold, representing other exit costs. The aggregate after-tax impact of restructuring charges and related costs recorded in the six-month period ended January 26, 2014 was $2, or $.01 per share. In 2013, we 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 2013 initiatives is as follows: | ||||||||||||||||||||||||||||
Total | Recognized | Remaining | ||||||||||||||||||||||||||
Program | as of | Costs to be | ||||||||||||||||||||||||||
1-Feb-15 | 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 represent cash expenditures. In addition, we expect 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 $29 has been invested as of February 1, 2015. We expect the remaining aspects of the 2013 initiatives to be completed in 2015. | ||||||||||||||||||||||||||||
A summary of the restructuring activity and related reserves associated with the 2013 initiatives at February 1, 2015 is as follows: | ||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||
1-Feb-15 | ||||||||||||||||||||||||||||
Accrued Balance at August 3, 2014 | Charges | Cash | Accrued | |||||||||||||||||||||||||
Payments | Balance at | |||||||||||||||||||||||||||
1-Feb-15 | ||||||||||||||||||||||||||||
Severance pay and benefits | $ | 3 | $ | — | $ | (2 | ) | $ | 1 | |||||||||||||||||||
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 | |||||||||||||||||
We expect 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. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended |
Feb. 01, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share |
For the periods presented in the Consolidated Statements of Earnings, the calculations of basic EPS and EPS assuming dilution vary in that the weighted average shares outstanding assuming dilution include the incremental effect of stock options and other share-based payment awards, except when such effect would be antidilutive. There were no antidilutive stock options for the three-month and six-month periods ended February 1, 2015 and January 26, 2014. |
Noncontrolling_Interests
Noncontrolling Interests | 6 Months Ended |
Feb. 01, 2015 | |
Income Amounts Attributable to Noncontrolling Interest, Disclosures [Abstract] | |
Noncontrolling Interest | Noncontrolling Interests |
We own a 60% controlling interest in a joint venture formed with Swire Pacific Limited to support the development of our soup and broth business in China. The joint venture began operations on January 31, 2011. In the three-month period ended January 26, 2014, together with our joint venture partner, we agreed to restructure manufacturing and streamline operations for our soup and broth business in China. The after-tax restructuring charge attributable to the noncontrolling interest was $5. See also Note 8. | |
We also own a 70% controlling interest in a Malaysian food products manufacturing company. | |
The noncontrolling interests' share in the net earnings (loss) was included in Net earnings (loss) attributable to noncontrolling interests in the Consolidated Statements of Earnings. 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 | 6 Months Ended | |||||||||||||||||||||||||||||||
Feb. 01, 2015 | ||||||||||||||||||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||
Pension And Postretirement Benefits | Pension and Postretirement Benefits | |||||||||||||||||||||||||||||||
We sponsor certain defined benefit pension plans and postretirement benefit plans for employees. Components of benefit expense were as follows: | ||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
Pension | Postretirement | Pension | Postretirement | |||||||||||||||||||||||||||||
February 1, | January 26, | February 1, | January 26, | February 1, | January 26, | February 1, | January 26, | |||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||
Service cost | $ | 7 | $ | 10 | $ | 1 | $ | — | $ | 14 | $ | 21 | $ | 1 | $ | 1 | ||||||||||||||||
Interest cost | 26 | 29 | 4 | 5 | 53 | 58 | 8 | 9 | ||||||||||||||||||||||||
Expected return on plan assets | (43 | ) | (44 | ) | — | — | (87 | ) | (89 | ) | — | — | ||||||||||||||||||||
Amortization of prior service credit | — | — | (1 | ) | (1 | ) | — | — | (1 | ) | (1 | ) | ||||||||||||||||||||
Recognized net actuarial loss | 21 | 19 | 3 | 4 | 42 | 38 | 6 | 7 | ||||||||||||||||||||||||
Net periodic benefit expense | $ | 11 | $ | 14 | $ | 7 | $ | 8 | $ | 22 | $ | 28 | $ | 14 | $ | 16 | ||||||||||||||||
No contributions are expected to be made to U.S. pension plans in 2015. Contributions to non-U.S. pension plans during the six-month period ended February 1, 2015 were $2. Contributions to non-U.S. pension plans during the remainder of the year are expected to be approximately $2. |
Financial_Instruments
Financial Instruments | 6 Months Ended | ||||||||||||||||||||||||
Feb. 01, 2015 | |||||||||||||||||||||||||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |||||||||||||||||||||||||
Financial Instruments | Financial Instruments | ||||||||||||||||||||||||
The principal market risks to which we are exposed are changes in foreign currency exchange rates, interest rates, and commodity prices. In addition, we are exposed to equity price changes related to certain deferred compensation obligations. In order to manage these exposures, we follow 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. We do not enter into derivative contracts for speculative purposes and do not use leveraged instruments. Our derivative programs include instruments that qualify and others that do not qualify for hedge accounting treatment. | |||||||||||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||||||||||
We are exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. To mitigate counterparty credit risk, we enter into contracts only with carefully selected, leading, credit-worthy financial institutions, and distribute contracts among several financial institutions to reduce the concentration of credit risk. We do not have credit-risk-related contingent features in our derivative instruments as of February 1, 2015. During 2014, our largest customer accounted for approximately 19% of consolidated net sales. We closely monitor credit risk associated with counterparties and customers. | |||||||||||||||||||||||||
Foreign Currency Exchange Risk | |||||||||||||||||||||||||
We are exposed to foreign currency exchange risk related to our international operations, including non-functional currency intercompany debt and net investments in subsidiaries. We are 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. We utilize 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. We hedge portions of our 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 February 1, 2015, cross-currency swap contracts mature between 6 and 30 months. The notional amount of foreign exchange forward and cross-currency swap contracts accounted for as cash-flow hedges was $45 at February 1, 2015 and $58 at August 3, 2014. 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 $419 and $561 at February 1, 2015 and August 3, 2014, respectively. | |||||||||||||||||||||||||
Interest Rate Risk | |||||||||||||||||||||||||
We manage our 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 our variable-to-total debt ratio within targeted guidelines. Receive fixed rate/pay variable rate interest rate swaps are accounted for as fair-value hedges. We manage our 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 anticipated debt issuances. These pay fixed rate/receive variable rate forward starting interest rate swaps are accounted for as cash-flow hedges. 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 over the life of the debt. The notional amount of outstanding forward starting interest rate swaps totaled $550 at February 1, 2015, of which $250 relates to an anticipated issuance in 2015 and $300 relates to an anticipated issuance in 2018. The notional amount of outstanding forward starting interest rate swaps totaled $250 at August 3, 2014. | |||||||||||||||||||||||||
Commodity Price Risk | |||||||||||||||||||||||||
We principally use 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. We also enter into commodity futures, options and swap contracts to reduce the volatility of price fluctuations of diesel fuel, wheat, soybean oil, natural gas, aluminum, dairy, 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. We hedge 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 February 1, 2015 or August 3, 2014. The notional amount of commodity contracts not designated as accounting hedges was $101 at February 1, 2015 and $146 at August 3, 2014. | |||||||||||||||||||||||||
Equity Price Risk | |||||||||||||||||||||||||
We enter into swap contracts which hedge a portion of exposures relating to certain deferred compensation obligations linked to the total return of our capital stock, the total return of the Vanguard Institutional Index, and the total return of the Vanguard Total International Stock Index. Under these contracts,we pay variable interest rates and receive from the counterparty either the total return on our 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 were $56 as of February 1, 2015 and August 3, 2014. | |||||||||||||||||||||||||
The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of February 1, 2015 and August 3, 2014: | |||||||||||||||||||||||||
Balance Sheet Classification | February 1, | August 3, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Asset Derivatives | |||||||||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 3 | $ | 1 | ||||||||||||||||||||
Forward starting interest rate swaps | Other current assets | — | 11 | ||||||||||||||||||||||
Total derivatives designated as hedges | $ | 3 | $ | 12 | |||||||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||||||
Commodity derivative contracts | Other current assets | $ | — | $ | 2 | ||||||||||||||||||||
Cross-currency swap contracts | Other current assets | 4 | — | ||||||||||||||||||||||
Deferred compensation derivative contracts | Other current assets | 1 | — | ||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | 10 | 1 | ||||||||||||||||||||||
Cross-currency swap contracts | Other assets | 36 | — | ||||||||||||||||||||||
Total derivatives not designated as hedges | $ | 51 | $ | 3 | |||||||||||||||||||||
Total asset derivatives | $ | 54 | $ | 15 | |||||||||||||||||||||
Balance Sheet Classification | February 1, | August 3, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Liability Derivatives | |||||||||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||||
Foreign exchange forward contracts | Accrued liabilities | $ | — | $ | 1 | ||||||||||||||||||||
Forward starting interest rate swaps | Accrued liabilities | 15 | — | ||||||||||||||||||||||
Forward starting interest rate swaps | Other liabilities | 23 | — | ||||||||||||||||||||||
Total derivatives designated as hedges | $ | 38 | $ | 1 | |||||||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||||||
Commodity derivative contracts | Accrued liabilities | $ | 20 | $ | 10 | ||||||||||||||||||||
Cross-currency swap contracts | Accrued liabilities | — | 1 | ||||||||||||||||||||||
Deferred compensation derivative contracts | Accrued liabilities | 1 | 3 | ||||||||||||||||||||||
Foreign exchange forward contracts | Accrued liabilities | 2 | 2 | ||||||||||||||||||||||
Commodity derivative contracts | Other liabilities | — | 1 | ||||||||||||||||||||||
Cross-currency swap contracts | Other liabilities | — | 5 | ||||||||||||||||||||||
Total derivatives not designated as hedges | $ | 23 | $ | 22 | |||||||||||||||||||||
Total liability derivatives | $ | 61 | $ | 23 | |||||||||||||||||||||
We do 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 we 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 February 1, 2015 and August 3, 2014 would be adjusted as detailed in the following table: | |||||||||||||||||||||||||
February 1, 2015 | August 3, 2014 | ||||||||||||||||||||||||
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 | $ | 54 | $ | (40 | ) | $ | 14 | $ | 15 | $ | (4 | ) | $ | 11 | |||||||||||
Total liability derivatives | $ | 61 | $ | (40 | ) | $ | 21 | $ | 23 | $ | (4 | ) | $ | 19 | |||||||||||
We do 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. We are required to maintain cash margin accounts in connection with funding the settlement of open positions. At February 1, 2015 and August 3, 2014, a cash margin account balance of $24 and $14, respectively, was included in Other current assets in the Consolidated Balance Sheets. | |||||||||||||||||||||||||
The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and six-month periods ended February 1, 2015, and January 26, 2014, in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings: | |||||||||||||||||||||||||
  | Total | ||||||||||||||||||||||||
Cash-Flow Hedge | |||||||||||||||||||||||||
OCI Activity | |||||||||||||||||||||||||
Derivatives Designated as Cash-Flow Hedges | February 1, | January 26, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
OCI derivative gain (loss) at beginning of quarter | $ | (4 | ) | $ | 5 | ||||||||||||||||||||
Effective portion of changes in fair value recognized in OCI: | |||||||||||||||||||||||||
Foreign exchange forward contracts | 10 | 2 | |||||||||||||||||||||||
Forward starting interest rate swaps | (42 | ) | 2 | ||||||||||||||||||||||
Amount of (gain) loss reclassified from OCI to earnings: | Location in Earnings | ||||||||||||||||||||||||
Foreign exchange forward contracts | Other expenses / (income) | (1 | ) | (1 | ) | ||||||||||||||||||||
Forward starting interest rate swaps | Interest expense | 1 | 1 | ||||||||||||||||||||||
OCI derivative gain (loss) at end of quarter | $ | (36 | ) | $ | 9 | ||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||
OCI derivative gain (loss) at beginning of year | $ | (4 | ) | $ | 8 | ||||||||||||||||||||
Effective portion of changes in fair value recognized in OCI: | |||||||||||||||||||||||||
Foreign exchange forward contracts | 13 | 3 | |||||||||||||||||||||||
Forward starting interest rate swaps | (46 | ) | (2 | ) | |||||||||||||||||||||
Amount of (gain) loss reclassified from OCI to earnings: | Location in Earnings | ||||||||||||||||||||||||
Foreign exchange forward contracts | Cost of products sold | — | (1 | ) | |||||||||||||||||||||
Foreign exchange forward contracts | Other expenses / (income) | (1 | ) | (1 | ) | ||||||||||||||||||||
Forward starting interest rate swaps | Interest expense | 2 | 2 | ||||||||||||||||||||||
OCI derivative gain (loss) at end of quarter | $ | (36 | ) | $ | 9 | ||||||||||||||||||||
Based on current valuations, the amount expected to be reclassified from OCI into earnings within the next 12 months is a gain of $7. The ineffective portion and amount excluded from effectiveness testing were not material. | |||||||||||||||||||||||||
The following table shows the effect of our 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 as Fair-Value Hedges | Location of Gain (Loss) | February 1, | January 26, | February 1, | January 26, | ||||||||||||||||||||
Recognized in Earnings | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | — | $ | (1 | ) | $ | — | $ | 1 | |||||||||||||||
The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings: | |||||||||||||||||||||||||
Amount of | |||||||||||||||||||||||||
Gain (Loss) | |||||||||||||||||||||||||
Recognized in Earnings | |||||||||||||||||||||||||
on Derivatives | |||||||||||||||||||||||||
Derivatives not Designated as Hedges | Location of Gain (Loss) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||
Recognized in Earnings | February 1, 2015 | January 26, 2014 | February 1, 2015 | January 26, 2014 | |||||||||||||||||||||
Foreign exchange forward contracts | Cost of products sold | $ | (1 | ) | $ | 3 | $ | — | $ | 5 | |||||||||||||||
Foreign exchange forward contracts | Other expenses/income | — | 2 | — | (12 | ) | |||||||||||||||||||
Commodity derivative contracts | Cost of products sold | (13 | ) | 2 | (18 | ) | — | ||||||||||||||||||
Cross-currency swap contracts | Other expenses/income | 38 | 24 | 52 | 21 | ||||||||||||||||||||
Deferred compensation derivative contracts | Administrative expenses | 1 | — | 3 | (1 | ) | |||||||||||||||||||
Total | $ | 25 | $ | 31 | $ | 37 | $ | 13 | |||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||||||||||||||||||
Feb. 01, 2015 | ||||||||||||||||||||||||||||||||
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 based on our 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, we use unadjusted quoted market prices to measure the fair value and classify such items as Level 1. If quoted market prices are not available, we base 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 our financial assets and liabilities that are measured at fair value on a recurring basis as of February 1, 2015, and August 3, 2014, consistent with the fair value hierarchy: | ||||||||||||||||||||||||||||||||
Fair Value | Fair Value Measurements at | Fair Value | Fair Value Measurements at | |||||||||||||||||||||||||||||
as of | February 1, 2015 Using | as of | August 3, 2014 Using | |||||||||||||||||||||||||||||
February 1, | Fair Value Hierarchy | August 3, | Fair Value Hierarchy | |||||||||||||||||||||||||||||
2015 | Level 1 | Level 2 | Level 3 | 2014 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Forward starting interest rate swaps(1) | $ | — | $ | — | $ | — | $ | — | $ | 11 | $ | — | $ | 11 | $ | — | ||||||||||||||||
Foreign exchange forward contracts(2) | 13 | — | 13 | — | 2 | — | 2 | — | ||||||||||||||||||||||||
Commodity derivative contracts(3) | — | — | — | — | 2 | 1 | 1 | — | ||||||||||||||||||||||||
Cross-currency swap contracts(4) | 40 | — | 40 | — | — | — | — | — | ||||||||||||||||||||||||
Deferred compensation derivative contracts(5) | 1 | — | 1 | — | — | — | — | — | ||||||||||||||||||||||||
Total assets at fair value | $ | 54 | $ | — | $ | 54 | $ | — | $ | 15 | $ | 1 | $ | 14 | $ | — | ||||||||||||||||
Fair Value | Fair Value Measurements at | Fair Value | Fair Value Measurements at | |||||||||||||||||||||||||||||
as of | February 1, 2015 Using | as of | August 3, 2014 Using | |||||||||||||||||||||||||||||
February 1, | Fair Value Hierarchy | August 3, | Fair Value Hierarchy | |||||||||||||||||||||||||||||
2015 | Level 1 | Level 2 | Level 3 | 2014 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Forward starting interest rate swaps(1) | $ | 38 | $ | — | $ | 38 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Foreign exchange forward contracts(2) | 2 | — | 2 | — | 3 | — | 3 | — | ||||||||||||||||||||||||
Commodity derivative contracts(3) | 20 | 20 | — | — | 11 | 11 | — | — | ||||||||||||||||||||||||
Cross-currency swap contracts(4) | — | — | — | — | 6 | — | 6 | — | ||||||||||||||||||||||||
Deferred compensation derivative contracts(5) | 1 | — | 1 | — | 3 | — | 3 | — | ||||||||||||||||||||||||
Deferred compensation obligation(6) | 131 | 131 | — | — | 123 | 123 | — | — | ||||||||||||||||||||||||
Total liabilities at fair value | $ | 192 | $ | 151 | $ | 41 | $ | — | $ | 146 | $ | 134 | $ | 12 | $ | — | ||||||||||||||||
___________________________________Â | ||||||||||||||||||||||||||||||||
(1)Â | Based on LIBOR swap rates. | |||||||||||||||||||||||||||||||
(2)Â | Based on observable market transactions of spot currency rates and forward rates. | |||||||||||||||||||||||||||||||
(3)Â | Based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. | |||||||||||||||||||||||||||||||
(4)Â | Based on observable local benchmarks for currency and interest rates. | |||||||||||||||||||||||||||||||
(5)Â | Based on LIBOR and equity index swap rates. | |||||||||||||||||||||||||||||||
(6) | Based on the fair value of the participants’ investments. | |||||||||||||||||||||||||||||||
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 $42 at February 1, 2015 and $46 at August 3, 2014 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 $2,397 at February 1, 2015 and $2,647 at August 3, 2014. The carrying value was $2,263 at February 1, 2015 and $2,544 at August 3, 2014. The fair value of long-term debt is principally estimated using Level 2 inputs based on quoted market prices or pricing models using current market rates. |
Share_Repurchases
Share Repurchases | 6 Months Ended |
Feb. 01, 2015 | |
Equity [Abstract] | |
Share Repurchases | Share Repurchases |
In June 2011, our Board of Directors authorized the purchase of up to $1,000 of our stock. This program has no expiration date. In addition to this publicly announced program, we also repurchase shares to offset the impact of dilution from shares issued under our stock compensation plans. | |
During the six-month period ended February 1, 2015, we repurchased 3 million shares at a cost of $133. Of this amount, $100 was used to repurchase shares pursuant to our June 2011 publicly announced share repurchase program. Approximately $650 remained available under this program as of February 1, 2015. During the six-month period ended January 26, 2014, we repurchased 2 million shares at a cost of $76 to offset the impact of dilution from shares issued under our stock compensation plans. |
Stockbased_Compensation
Stock-based Compensation | 6 Months Ended | ||||||||||||
Feb. 01, 2015 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Stock-based Compensation | We provide compensation benefits by issuing unrestricted stock, restricted stock and restricted stock units (including time-lapse restricted stock units, EPS performance restricted stock units, total shareholder return (TSR)Â performance restricted stock units, strategic performance restricted stock units and special performance restricted stock units). In 2015, we issued time-lapse restricted stock units, EPS performance restricted stock units, TSR performance restricted stock units and special performance restricted stock units. We did not issue strategic performance restricted stock units in 2015. In previous years, we also issued stock options and stock appreciation rights. | ||||||||||||
Total pre-tax stock-based compensation expense recognized in Earnings from continuing operations was $18 and $15 for the three-month periods ended February 1, 2015, and January 26, 2014, respectively. Tax-related benefits of $6 were also recognized for the three-month periods ended February 1, 2015, and January 26, 2014. Total pre-tax stock-based compensation expense recognized in Earnings from continuing operations was $31 and $36 for the six-month periods ended February 1, 2015, and January 26, 2014, respectively. The pre-tax stock-based compensation expense recognized in Earnings from discontinued operations was $1 for the six-month period ended January 26, 2014. Tax-related benefits of $11 and $14 were also recognized for the six-month periods ended February 1, 2015, and January 26, 2014, respectively. Cash received from the exercise of stock options was $8 and $7 for the six-month periods ended February 1, 2015, and January 26, 2014, respectively, and is reflected in cash flows from financing activities in the Consolidated Statements of Cash Flows. | |||||||||||||
The following table summarizes stock option activity as of February 1, 2015: | |||||||||||||
Options | Weighted- | Weighted- | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Life | |||||||||||||
(Options in | (In years) | ||||||||||||
thousands) | |||||||||||||
Outstanding at August 3, 2014 | 408 | $ | 28.33 | ||||||||||
Granted | — | $ | — | ||||||||||
Exercised | (300 | ) | $ | 27.78 | |||||||||
Terminated | (3 | ) | $ | 26.36 | |||||||||
Outstanding at February 1, 2015 | 105 | $ | 29.91 | 0.9 | $ | 2 | |||||||
Exercisable at February 1, 2015 | 105 | $ | 29.91 | 0.9 | $ | 2 | |||||||
The total intrinsic value of options exercised during the six-month periods ended February 1, 2015, and January 26, 2014, was $5 and $4, respectively. As of January 2009, compensation related to stock options was fully expensed. We 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, strategic performance restricted stock units and special performance restricted stock units as of February 1, 2015: | |||||||||||||
Units | Weighted- | ||||||||||||
Average | |||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
(Restricted stock | |||||||||||||
units in thousands) | |||||||||||||
Nonvested at August 3, 2014 | 2,994 | $ | 37.69 | ||||||||||
Granted | 1,059 | $ | 42.35 | ||||||||||
Vested | (1,245 | ) | $ | 35.56 | |||||||||
Forfeited | (384 | ) | $ | 36.1 | |||||||||
Nonvested at February 1, 2015 | 2,424 | $ | 41.08 | ||||||||||
The fair value of time-lapse restricted stock units, EPS performance restricted stock units, strategic performance restricted stock units and special performance restricted stock units is determined based on the quoted price of our 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 252 thousand EPS performance target grants outstanding at February 1, 2015 with a weighted-average grant-date fair value of $40.72. Strategic performance restricted stock units are expensed on a straight-line basis over the service period. 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-year period for grants in 2013 and during a three-year period for grants in 2014. There were 384 thousand strategic performance target grants outstanding at February 1, 2015 with a grant-date fair value of $41.21. The actual number of EPS performance restricted stock units and strategic performance restricted stock units issued at the vesting date could range from either 0% or 100% and 0% to 200%, respectively, of the initial grant, depending on actual performance achieved. Expense is estimated based on the number of awards expected to vest. | |||||||||||||
In 2015, we issued special performance restricted stock units for which vesting is contingent upon meeting various financial goals and performance milestones to support innovation and growth initiatives. These awards vest over a period of 2 years and are included in the table above. The actual number of special performance awards issued at the vesting date could range from 0% to 150%. There were 184 thousand special performance restricted stock units outstanding at February 1, 2015 with a grant-date fair value of $42.22. | |||||||||||||
As of February 1, 2015, total remaining unearned compensation related to nonvested time-lapse restricted stock units, EPS performance restricted stock units, strategic performance restricted stock units and special performance restricted stock units was $50, which will be amortized over the weighted-average remaining service period of 1.7 years. The fair value of restricted stock units vested during the six-month periods ended February 1, 2015, and January 26, 2014, was $53 and $104, respectively. The weighted-average grant-date fair value of the restricted stock units granted during the six-month period ended January 26, 2014 was $39.76. | |||||||||||||
The following table summarizes TSR performance restricted stock units as of February 1, 2015: | |||||||||||||
Units | Weighted- | ||||||||||||
Average | |||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
(Restricted stock | |||||||||||||
units in thousands) | |||||||||||||
Nonvested at August 3, 2014 | 861 | $ | 38.15 | ||||||||||
Granted | 874 | $ | 43.39 | ||||||||||
Vested | — | $ | — | ||||||||||
Forfeited | (41 | ) | $ | 40.02 | |||||||||
Nonvested at February 1, 2015 | 1,694 | $ | 40.81 | ||||||||||
We 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: | |||||||||||||
2015 | 2014 | ||||||||||||
Risk-free interest rate | 0.97% | 0.60% | |||||||||||
Expected dividend yield | 2.91% | 2.98% | |||||||||||
Expected volatility | 16.20% | 15.76% | |||||||||||
Expected term | 3 years | 3 years | |||||||||||
Compensation expense is recognized on a straight-line basis over the service period. As of February 1, 2015, total remaining unearned compensation related to TSR performance restricted stock units was $39, which will be amortized over the weighted-average remaining service period of 2.3 years. There were no restricted stock units granted during 2012. The grant-date fair value of the TSR performance restricted stock units granted during 2014 was $36.26. | |||||||||||||
The excess tax benefits on the exercise of stock options and vested restricted stock presented as cash flows from financing activities for the six-month periods ended February 1, 2015, and January 26, 2014 were $5 and $10, respectively. |
Inventories_Notes
Inventories (Notes) | 6 Months Ended | |||||||
Feb. 01, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories | |||||||
February 1, | August 3, | |||||||
2015 | 2014 | |||||||
Raw materials, containers and supplies | $ | 410 | $ | 399 | ||||
Finished products | 506 | 617 | ||||||
Total inventories | $ | 916 | $ | 1,016 | ||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 6 Months Ended | |||||||
Feb. 01, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Supplemental Cash Flow Information Related Text | Supplemental Cash Flow Information | |||||||
Other cash used in operating activities for the six-month periods was comprised of the following: | ||||||||
February 1, | January 26, | |||||||
2015 | 2014 | |||||||
Benefit related payments | $ | (16 | ) | $ | (21 | ) | ||
Other | (2 | ) | (3 | ) | ||||
Total | $ | (18 | ) | $ | (24 | ) |
Product_Recall
Product Recall | 6 Months Ended |
Feb. 01, 2015 | |
Product Recall [Abstract] | |
Product Recall [Text Block] | Voluntary Product Recall |
On November 8, 2013, we voluntarily recalled a range of Plum products packaged in resealable pouches after discovering a manufacturing defect that may cause spoilage in some pouches. In the three-month period ended October 27, 2013, we recognized costs of $16 ($11 after tax or $.03 per share) associated with the recall, including estimates for customer returns and consumer rebates, costs associated with returned product and the disposal and write-off of inventory. |
Acquistions_Tables
Acquistions (Tables) | 6 Months Ended | ||||
Feb. 01, 2015 | |||||
Business Acquisition [Line Items] | |||||
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: | ||||
Six Months Ended | |||||
26-Jan-14 | |||||
Net sales | $ | 4,450 | |||
Earnings from continuing operations attributable to Campbell Soup Company | $ | 417 | |||
Earnings per share from continuing operations attributable to Campbell Soup Company | $ | 1.32 | |||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | ||||||||
Feb. 01, 2015 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Results of discontinued operations were as follows: | ||||||||
Three Months Ended | Six Months Ended | ||||||||
January 26, 2014 | January 26, 2014 | ||||||||
Net sales | $ | — | $ | 137 | |||||
Gain on sale of the European simple meals business | $ | 147 | $ | 141 | |||||
Earnings from operations, before taxes | — | 14 | |||||||
Earnings before taxes | $ | 147 | $ | 155 | |||||
Taxes on earnings | (57 | ) | (74 | ) | |||||
Earnings from discontinued operations | $ | 90 | $ | 81 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended | ||||||||||||||||||
Feb. 01, 2015 | |||||||||||||||||||
Equity [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 August 3, 2014 | $ | 137 | $ | (3 | ) | $ | (703 | ) | $ | (569 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | (249 | ) | (20 | ) | 11 | (258 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 1 | 31 | 32 | |||||||||||||||
Net current-period other comprehensive income (loss) | (249 | ) | (19 | ) | 42 | (226 | ) | ||||||||||||
Balance at February 1, 2015 | $ | (112 | ) | $ | (22 | ) | $ | (661 | ) | $ | (795 | ) | |||||||
_____________________________________ | |||||||||||||||||||
(1) | Included a tax expense of $6 as of February 1, 2015 and $7 as of August 3, 2014. | ||||||||||||||||||
(2) | Included a tax benefit of $14 as of February 1, 2015 and $1 as of August 3, 2014. | ||||||||||||||||||
(3) | Included a tax benefit of $383 as of February 1, 2015 and $405 as of August 3, 2014. | ||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following: | ||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | February 1, 2015 | January 26, 2014 | February 1, 2015 | January 26, 2014 | Location of (Gain) Loss Recognized in Earnings | ||||||||||||||
(Gains) losses on cash flow hedges: | |||||||||||||||||||
Foreign exchange forward contracts | $ | — | $ | — | $ | — | $ | (1 | ) | Cost of products sold | |||||||||
Foreign exchange forward contracts | (1 | ) | (1 | ) | (1 | ) | (1 | ) | Other expenses / (income) | ||||||||||
Forward starting interest rate swaps | 1 | 1 | 2 | 2 | Interest expense | ||||||||||||||
Total before tax | — | — | 1 | — | |||||||||||||||
Tax expense (benefit) | — | — | — | — | |||||||||||||||
(Gain) loss, net of tax | $ | — | $ | — | $ | 1 | $ | — | |||||||||||
Pension and postretirement benefit adjustments: | |||||||||||||||||||
Prior service credit | $ | (1 | ) | $ | (1 | ) | $ | (1 | ) | $ | (1 | ) | (1)Â | ||||||
Net actuarial losses | 24 | 25 | 48 | 47 | (1)Â | ||||||||||||||
Total before tax | 23 | 24 | 47 | 46 | |||||||||||||||
Tax expense (benefit) | (7 | ) | (8 | ) | (16 | ) | (16 | ) | |||||||||||
(Gain) loss, net of tax | $ | 16 | $ | 16 | $ | 31 | $ | 30 | |||||||||||
_____________________________________ | |||||||||||||||||||
(1)Â | 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) | 6 Months Ended | |||||||||||||||||||||||
Feb. 01, 2015 | ||||||||||||||||||||||||
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 August 3, 2014 | $ | 450 | $ | 918 | $ | 115 | $ | 112 | $ | 838 | $ | 2,433 | ||||||||||||
Foreign currency translation adjustments | — | (145 | ) | (17 | ) | — | — | (162 | ) | |||||||||||||||
Balance at February 1, 2015 | $ | 450 | $ | 773 | $ | 98 | $ | 112 | $ | 838 | $ | 2,271 | ||||||||||||
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 | February 1, | August 3, | ||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Amortizable intangible assets | ||||||||||||||||||||||||
Customer relationships | $ | 174 | $ | 178 | ||||||||||||||||||||
Technology | 40 | 40 | ||||||||||||||||||||||
Other | 35 | 35 | ||||||||||||||||||||||
Total gross amortizable intangible assets | $ | 249 | $ | 253 | ||||||||||||||||||||
Accumulated amortization | (43 | ) | (35 | ) | ||||||||||||||||||||
Total net amortizable intangible assets | $ | 206 | $ | 218 | ||||||||||||||||||||
Non-amortizable intangible assets | ||||||||||||||||||||||||
Trademarks | 933 | 957 | ||||||||||||||||||||||
Total net intangible assets | $ | 1,139 | $ | 1,175 | ||||||||||||||||||||
Business_And_Geographic_Segmen1
Business And Geographic Segment Information (Tables) | 6 Months Ended | ||||||||||||||||
Feb. 01, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule Of Segment Reporting | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
February 1, | January 26, | February 1, | January 26, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Net sales | |||||||||||||||||
U.S. Simple Meals | $ | 867 | $ | 894 | $ | 1,795 | $ | 1,754 | |||||||||
Global Baking and Snacking | 640 | 639 | 1,267 | 1,248 | |||||||||||||
International Simple Meals and Beverages | 194 | 213 | 383 | 406 | |||||||||||||
U.S. Beverages | 169 | 176 | 337 | 349 | |||||||||||||
Bolthouse and Foodservice | 364 | 359 | 707 | 689 | |||||||||||||
Total | $ | 2,234 | $ | 2,281 | $ | 4,489 | $ | 4,446 | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
February 1, | January 26, | February 1, | January 26, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Earnings before interest and taxes | |||||||||||||||||
U.S. Simple Meals | $ | 170 | $ | 214 | $ | 412 | $ | 425 | |||||||||
Global Baking and Snacking | 107 | 88 | 197 | 166 | |||||||||||||
International Simple Meals and Beverages | 26 | 38 | 42 | 58 | |||||||||||||
U.S. Beverages | 20 | 31 | 46 | 55 | |||||||||||||
Bolthouse and Foodservice | 26 | 36 | 48 | 65 | |||||||||||||
Corporate(1) | (37 | ) | (33 | ) | (65 | ) | (69 | ) | |||||||||
Restructuring charges(2) | — | (13 | ) | — | (34 | ) | |||||||||||
Total | $ | 312 | $ | 361 | $ | 680 | $ | 666 | |||||||||
_______________________________________ | |||||||||||||||||
(1) | Represents unallocated corporate expenses. Restructuring-related costs of $2 and a loss of $9 on foreign exchange forward contracts related to the sale of the European simple meals business were included in the six-month period ended January 26, 2014. | ||||||||||||||||
(2)Â | See Note 8 for additional information. | ||||||||||||||||
Additional Product Information for Net Sales | Our global net sales based on product categories are as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
February 1, | January 26, | February 1, | January 26, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Net sales | |||||||||||||||||
Simple Meals | $ | 1,290 | $ | 1,329 | $ | 2,601 | $ | 2,563 | |||||||||
Baked Snacks | 669 | 670 | 1,332 | 1,315 | |||||||||||||
Beverages | 275 | 282 | 556 | 568 | |||||||||||||
Total | $ | 2,234 | $ | 2,281 | $ | 4,489 | $ | 4,446 | |||||||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 6 Months Ended | |||||||||||||||||||||||||||
Feb. 01, 2015 | ||||||||||||||||||||||||||||
2014 Initiatives [Member] | ||||||||||||||||||||||||||||
Schedule Of Pre-Tax Charge And Remaining Costs | A summary of the pre-tax costs and remaining costs associated with the 2014 initiatives is as follows: | |||||||||||||||||||||||||||
Total | Recognized | Remaining | ||||||||||||||||||||||||||
Program | as of | Costs to be | ||||||||||||||||||||||||||
1-Feb-15 | 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 February 1, 2015 is as follows: | |||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||
1-Feb-15 | ||||||||||||||||||||||||||||
Accrued Balance at August 3, 2014 | Charges | Cash | Foreign Currency Translation Adjustment | Accrued | ||||||||||||||||||||||||
Payments | Balance at | |||||||||||||||||||||||||||
1-Feb-15 | ||||||||||||||||||||||||||||
Severance pay and benefits | $ | 28 | $ | — | $ | (13 | ) | $ | (2 | ) | $ | 13 | ||||||||||||||||
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 2013 initiatives is as follows: | |||||||||||||||||||||||||||
Total | Recognized | Remaining | ||||||||||||||||||||||||||
Program | as of | Costs to be | ||||||||||||||||||||||||||
1-Feb-15 | 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 February 1, 2015 is as follows: | |||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||
1-Feb-15 | ||||||||||||||||||||||||||||
Accrued Balance at August 3, 2014 | Charges | Cash | Accrued | |||||||||||||||||||||||||
Payments | Balance at | |||||||||||||||||||||||||||
1-Feb-15 | ||||||||||||||||||||||||||||
Severance pay and benefits | $ | 3 | $ | — | $ | (2 | ) | $ | 1 | |||||||||||||||||||
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 | |||||||||||||||||
Pension_And_Postretirement_Ben1
Pension And Postretirement Benefits (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Feb. 01, 2015 | ||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||||||||||
Schedule Of Components Of Benefit Expense | Components of benefit expense were as follows: | |||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
Pension | Postretirement | Pension | Postretirement | |||||||||||||||||||||||||||||
February 1, | January 26, | February 1, | January 26, | February 1, | January 26, | February 1, | January 26, | |||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||
Service cost | $ | 7 | $ | 10 | $ | 1 | $ | — | $ | 14 | $ | 21 | $ | 1 | $ | 1 | ||||||||||||||||
Interest cost | 26 | 29 | 4 | 5 | 53 | 58 | 8 | 9 | ||||||||||||||||||||||||
Expected return on plan assets | (43 | ) | (44 | ) | — | — | (87 | ) | (89 | ) | — | — | ||||||||||||||||||||
Amortization of prior service credit | — | — | (1 | ) | (1 | ) | — | — | (1 | ) | (1 | ) | ||||||||||||||||||||
Recognized net actuarial loss | 21 | 19 | 3 | 4 | 42 | 38 | 6 | 7 | ||||||||||||||||||||||||
Net periodic benefit expense | $ | 11 | $ | 14 | $ | 7 | $ | 8 | $ | 22 | $ | 28 | $ | 14 | $ | 16 | ||||||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Feb. 01, 2015 | |||||||||||||||||||||||||
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 February 1, 2015 and August 3, 2014: | ||||||||||||||||||||||||
Balance Sheet Classification | February 1, | August 3, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Asset Derivatives | |||||||||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 3 | $ | 1 | ||||||||||||||||||||
Forward starting interest rate swaps | Other current assets | — | 11 | ||||||||||||||||||||||
Total derivatives designated as hedges | $ | 3 | $ | 12 | |||||||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||||||
Commodity derivative contracts | Other current assets | $ | — | $ | 2 | ||||||||||||||||||||
Cross-currency swap contracts | Other current assets | 4 | — | ||||||||||||||||||||||
Deferred compensation derivative contracts | Other current assets | 1 | — | ||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | 10 | 1 | ||||||||||||||||||||||
Cross-currency swap contracts | Other assets | 36 | — | ||||||||||||||||||||||
Total derivatives not designated as hedges | $ | 51 | $ | 3 | |||||||||||||||||||||
Total asset derivatives | $ | 54 | $ | 15 | |||||||||||||||||||||
Balance Sheet Classification | February 1, | August 3, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Liability Derivatives | |||||||||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||||
Foreign exchange forward contracts | Accrued liabilities | $ | — | $ | 1 | ||||||||||||||||||||
Forward starting interest rate swaps | Accrued liabilities | 15 | — | ||||||||||||||||||||||
Forward starting interest rate swaps | Other liabilities | 23 | — | ||||||||||||||||||||||
Total derivatives designated as hedges | $ | 38 | $ | 1 | |||||||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||||||
Commodity derivative contracts | Accrued liabilities | $ | 20 | $ | 10 | ||||||||||||||||||||
Cross-currency swap contracts | Accrued liabilities | — | 1 | ||||||||||||||||||||||
Deferred compensation derivative contracts | Accrued liabilities | 1 | 3 | ||||||||||||||||||||||
Foreign exchange forward contracts | Accrued liabilities | 2 | 2 | ||||||||||||||||||||||
Commodity derivative contracts | Other liabilities | — | 1 | ||||||||||||||||||||||
Cross-currency swap contracts | Other liabilities | — | 5 | ||||||||||||||||||||||
Total derivatives not designated as hedges | $ | 23 | $ | 22 | |||||||||||||||||||||
Total liability derivatives | $ | 61 | $ | 23 | |||||||||||||||||||||
Offsetting Assets and Liabilities | We do 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 we 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 February 1, 2015 and August 3, 2014 would be adjusted as detailed in the following table: | ||||||||||||||||||||||||
February 1, 2015 | August 3, 2014 | ||||||||||||||||||||||||
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 | $ | 54 | $ | (40 | ) | $ | 14 | $ | 15 | $ | (4 | ) | $ | 11 | |||||||||||
Total liability derivatives | $ | 61 | $ | (40 | ) | $ | 21 | $ | 23 | $ | (4 | ) | $ | 19 | |||||||||||
Schedule Of Changes In Cash-Flow Hedges In Other Comprehensive Income (Loss) | The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and six-month periods ended February 1, 2015, and January 26, 2014, in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings: | ||||||||||||||||||||||||
  | Total | ||||||||||||||||||||||||
Cash-Flow Hedge | |||||||||||||||||||||||||
OCI Activity | |||||||||||||||||||||||||
Derivatives Designated as Cash-Flow Hedges | February 1, | January 26, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
OCI derivative gain (loss) at beginning of quarter | $ | (4 | ) | $ | 5 | ||||||||||||||||||||
Effective portion of changes in fair value recognized in OCI: | |||||||||||||||||||||||||
Foreign exchange forward contracts | 10 | 2 | |||||||||||||||||||||||
Forward starting interest rate swaps | (42 | ) | 2 | ||||||||||||||||||||||
Amount of (gain) loss reclassified from OCI to earnings: | Location in Earnings | ||||||||||||||||||||||||
Foreign exchange forward contracts | Other expenses / (income) | (1 | ) | (1 | ) | ||||||||||||||||||||
Forward starting interest rate swaps | Interest expense | 1 | 1 | ||||||||||||||||||||||
OCI derivative gain (loss) at end of quarter | $ | (36 | ) | $ | 9 | ||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||
OCI derivative gain (loss) at beginning of year | $ | (4 | ) | $ | 8 | ||||||||||||||||||||
Effective portion of changes in fair value recognized in OCI: | |||||||||||||||||||||||||
Foreign exchange forward contracts | 13 | 3 | |||||||||||||||||||||||
Forward starting interest rate swaps | (46 | ) | (2 | ) | |||||||||||||||||||||
Amount of (gain) loss reclassified from OCI to earnings: | Location in Earnings | ||||||||||||||||||||||||
Foreign exchange forward contracts | Cost of products sold | — | (1 | ) | |||||||||||||||||||||
Foreign exchange forward contracts | Other expenses / (income) | (1 | ) | (1 | ) | ||||||||||||||||||||
Forward starting interest rate swaps | Interest expense | 2 | 2 | ||||||||||||||||||||||
OCI derivative gain (loss) at end of quarter | $ | (36 | ) | $ | 9 | ||||||||||||||||||||
Derivatives Designated As Fair-Value Hedges | The following table shows the effect of our 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 as Fair-Value Hedges | Location of Gain (Loss) | February 1, | January 26, | February 1, | January 26, | ||||||||||||||||||||
Recognized in Earnings | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | — | $ | (1 | ) | $ | — | $ | 1 | |||||||||||||||
Derivatives Not Designated As Hedges | The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings: | ||||||||||||||||||||||||
Amount of | |||||||||||||||||||||||||
Gain (Loss) | |||||||||||||||||||||||||
Recognized in Earnings | |||||||||||||||||||||||||
on Derivatives | |||||||||||||||||||||||||
Derivatives not Designated as Hedges | Location of Gain (Loss) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||
Recognized in Earnings | February 1, 2015 | January 26, 2014 | February 1, 2015 | January 26, 2014 | |||||||||||||||||||||
Foreign exchange forward contracts | Cost of products sold | $ | (1 | ) | $ | 3 | $ | — | $ | 5 | |||||||||||||||
Foreign exchange forward contracts | Other expenses/income | — | 2 | — | (12 | ) | |||||||||||||||||||
Commodity derivative contracts | Cost of products sold | (13 | ) | 2 | (18 | ) | — | ||||||||||||||||||
Cross-currency swap contracts | Other expenses/income | 38 | 24 | 52 | 21 | ||||||||||||||||||||
Deferred compensation derivative contracts | Administrative expenses | 1 | — | 3 | (1 | ) | |||||||||||||||||||
Total | $ | 25 | $ | 31 | $ | 37 | $ | 13 | |||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Feb. 01, 2015 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
Fair Value, Assets And Liabilities Measured on Recurring Basis | The following table presents our financial assets and liabilities that are measured at fair value on a recurring basis as of February 1, 2015, and August 3, 2014, consistent with the fair value hierarchy: | |||||||||||||||||||||||||||||||
Fair Value | Fair Value Measurements at | Fair Value | Fair Value Measurements at | |||||||||||||||||||||||||||||
as of | February 1, 2015 Using | as of | August 3, 2014 Using | |||||||||||||||||||||||||||||
February 1, | Fair Value Hierarchy | August 3, | Fair Value Hierarchy | |||||||||||||||||||||||||||||
2015 | Level 1 | Level 2 | Level 3 | 2014 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Forward starting interest rate swaps(1) | $ | — | $ | — | $ | — | $ | — | $ | 11 | $ | — | $ | 11 | $ | — | ||||||||||||||||
Foreign exchange forward contracts(2) | 13 | — | 13 | — | 2 | — | 2 | — | ||||||||||||||||||||||||
Commodity derivative contracts(3) | — | — | — | — | 2 | 1 | 1 | — | ||||||||||||||||||||||||
Cross-currency swap contracts(4) | 40 | — | 40 | — | — | — | — | — | ||||||||||||||||||||||||
Deferred compensation derivative contracts(5) | 1 | — | 1 | — | — | — | — | — | ||||||||||||||||||||||||
Total assets at fair value | $ | 54 | $ | — | $ | 54 | $ | — | $ | 15 | $ | 1 | $ | 14 | $ | — | ||||||||||||||||
Fair Value | Fair Value Measurements at | Fair Value | Fair Value Measurements at | |||||||||||||||||||||||||||||
as of | February 1, 2015 Using | as of | August 3, 2014 Using | |||||||||||||||||||||||||||||
February 1, | Fair Value Hierarchy | August 3, | Fair Value Hierarchy | |||||||||||||||||||||||||||||
2015 | Level 1 | Level 2 | Level 3 | 2014 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Forward starting interest rate swaps(1) | $ | 38 | $ | — | $ | 38 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Foreign exchange forward contracts(2) | 2 | — | 2 | — | 3 | — | 3 | — | ||||||||||||||||||||||||
Commodity derivative contracts(3) | 20 | 20 | — | — | 11 | 11 | — | — | ||||||||||||||||||||||||
Cross-currency swap contracts(4) | — | — | — | — | 6 | — | 6 | — | ||||||||||||||||||||||||
Deferred compensation derivative contracts(5) | 1 | — | 1 | — | 3 | — | 3 | — | ||||||||||||||||||||||||
Deferred compensation obligation(6) | 131 | 131 | — | — | 123 | 123 | — | — | ||||||||||||||||||||||||
Total liabilities at fair value | $ | 192 | $ | 151 | $ | 41 | $ | — | $ | 146 | $ | 134 | $ | 12 | $ | — | ||||||||||||||||
___________________________________Â | ||||||||||||||||||||||||||||||||
(1)Â | Based on LIBOR swap rates. | |||||||||||||||||||||||||||||||
(2)Â | Based on observable market transactions of spot currency rates and forward rates. | |||||||||||||||||||||||||||||||
(3)Â | Based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. | |||||||||||||||||||||||||||||||
(4)Â | Based on observable local benchmarks for currency and interest rates. | |||||||||||||||||||||||||||||||
(5)Â | Based on LIBOR and equity index swap rates. | |||||||||||||||||||||||||||||||
(6) | Based on the fair value of the participants’ investments. |
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 6 Months Ended | ||||||||||||
Feb. 01, 2015 | |||||||||||||
Stock-based Compensation | |||||||||||||
Schedule Of Stock Option Activity | The following table summarizes stock option activity as of February 1, 2015: | ||||||||||||
Options | Weighted- | Weighted- | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Life | |||||||||||||
(Options in | (In years) | ||||||||||||
thousands) | |||||||||||||
Outstanding at August 3, 2014 | 408 | $ | 28.33 | ||||||||||
Granted | — | $ | — | ||||||||||
Exercised | (300 | ) | $ | 27.78 | |||||||||
Terminated | (3 | ) | $ | 26.36 | |||||||||
Outstanding at February 1, 2015 | 105 | $ | 29.91 | 0.9 | $ | 2 | |||||||
Exercisable at February 1, 2015 | 105 | $ | 29.91 | 0.9 | $ | 2 | |||||||
Time Lapse EPS, Strategic Performance And Special Performance Restricted Stock Units [Member] | |||||||||||||
Stock-based Compensation | |||||||||||||
Schedule Of Share Based Compensation Restricted Stock Units Award Activity | The following table summarizes time-lapse restricted stock units, EPS performance restricted stock units, strategic performance restricted stock units and special performance restricted stock units as of February 1, 2015: | ||||||||||||
Units | Weighted- | ||||||||||||
Average | |||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
(Restricted stock | |||||||||||||
units in thousands) | |||||||||||||
Nonvested at August 3, 2014 | 2,994 | $ | 37.69 | ||||||||||
Granted | 1,059 | $ | 42.35 | ||||||||||
Vested | (1,245 | ) | $ | 35.56 | |||||||||
Forfeited | (384 | ) | $ | 36.1 | |||||||||
Nonvested at February 1, 2015 | 2,424 | $ | 41.08 | ||||||||||
TSR Performance Restricted Stock Units [Member] | |||||||||||||
Stock-based Compensation | |||||||||||||
Schedule Of Share Based Compensation Restricted Stock Units Award Activity | The following table summarizes TSR performance restricted stock units as of February 1, 2015: | ||||||||||||
Units | Weighted- | ||||||||||||
Average | |||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
(Restricted stock | |||||||||||||
units in thousands) | |||||||||||||
Nonvested at August 3, 2014 | 861 | $ | 38.15 | ||||||||||
Granted | 874 | $ | 43.39 | ||||||||||
Vested | — | $ | — | ||||||||||
Forfeited | (41 | ) | $ | 40.02 | |||||||||
Nonvested at February 1, 2015 | 1,694 | $ | 40.81 | ||||||||||
TSR Performance Restricted Stock Units, Assumptions | We 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: | ||||||||||||
2015 | 2014 | ||||||||||||
Risk-free interest rate | 0.97% | 0.60% | |||||||||||
Expected dividend yield | 2.91% | 2.98% | |||||||||||
Expected volatility | 16.20% | 15.76% | |||||||||||
Expected term | 3 years | 3 years |
Inventories_Inventories_Tables
Inventories Inventories (Tables) | 6 Months Ended | |||||||
Feb. 01, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Inventory, Current [Table Text Block] | ||||||||
February 1, | August 3, | |||||||
2015 | 2014 | |||||||
Raw materials, containers and supplies | $ | 410 | $ | 399 | ||||
Finished products | 506 | 617 | ||||||
Total inventories | $ | 916 | $ | 1,016 | ||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 6 Months Ended | |||||||
Feb. 01, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Other cash used in operating activities for the six-month periods was comprised of the following: | |||||||
February 1, | January 26, | |||||||
2015 | 2014 | |||||||
Benefit related payments | $ | (16 | ) | $ | (21 | ) | ||
Other | (2 | ) | (3 | ) | ||||
Total | $ | (18 | ) | $ | (24 | ) |
Acquistions_Narrative_Details
Acquistions (Narrative) (Details) (Kelsen [Member], USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Aug. 08, 2013 | Jan. 26, 2014 | Jan. 26, 2014 |
Kelsen [Member] | |||
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Gross | $331 | ||
Number of Countries in which Entity Operates | 85 | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 92 | 144 | |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $11 | $11 |
Acquistions_Pro_forma_Informat
Acquistions Pro forma Information (Details) (USD $) | 6 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Jan. 26, 2014 |
Business Acquisition, Pro Forma Information [Abstract] | |
Business Acquisition, Pro Forma Revenue | $4,450 |
Business Acquisition, Pro Forma Net Income (Loss) | $417 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $1.32 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Oct. 29, 2013 | Oct. 29, 2013 | Jan. 26, 2014 | Jan. 26, 2014 | Aug. 03, 2014 |
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | |
Discontinued Operations and Disposal Groups [Abstract] | |||||
Proceeds from Divestiture of Businesses | $548 | € 400 | ($14) | ||
Gain on sale of business | 147 | 141 | 141 | ||
Gain on sale of business, net of tax | $72 | ||||
Gain on sale of business, per diluted share | $0.23 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2015 | Jan. 26, 2014 | Feb. 01, 2015 | Jan. 26, 2014 | Aug. 03, 2014 |
Discontinued Operations and Disposal Groups [Abstract] | |||||
Net sales | $0 | $137 | |||
Gain on sale of business | 147 | 141 | 141 | ||
Earnings from operations, before taxes | 0 | 14 | |||
Earnings before taxes | 147 | 155 | |||
Taxes on earnings | -57 | -74 | |||
Earnings (loss) from discontinued operations | $0 | $90 | $0 | $81 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2015 | Jan. 26, 2014 | Feb. 01, 2015 | Jan. 26, 2014 | Aug. 03, 2014 |
Reclassification of currency translation adjustments realized upon disposal of business, before tax | $0 | ($22) | $0 | ($22) | ($22) |
Reclassification of currency translation adjustments realized upon disposal of business, after tax | $0 | ($19) | $0 | ($19) | ($19) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Millions, unless otherwise specified | Feb. 01, 2015 | Jan. 26, 2014 | Feb. 01, 2015 | Jan. 26, 2014 | Aug. 03, 2014 | ||
Beginning Balance | ($569) | ||||||
Other comprehensive income (loss), after tax | -161 | -110 | -226 | -52 | |||
Ending Balance | -795 | -795 | |||||
Accumulated Other Comprehensive Income Foreign Currency Translation Tax (Benefit) Expense | 6 | 6 | 7 | ||||
Accumulated Other Comprehensive Income Cashflow Hedges Tax (Benefit) Expense | -14 | -14 | -1 | ||||
Accumulated Other Comprehensive Income Unamortized Pension And Post Retirement Tax (Benefit) Expense | -383 | -383 | -405 | ||||
Accumulated Translation Adjustment [Member] | |||||||
Beginning Balance | 137 | [1] | |||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | -249 | ||||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 0 | ||||||
Other comprehensive income (loss), after tax | -249 | ||||||
Ending Balance | -112 | [1] | -112 | [1] | |||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||||
Beginning Balance | -3 | [2] | |||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | -20 | ||||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 1 | ||||||
Other comprehensive income (loss), after tax | -19 | ||||||
Ending Balance | -22 | [2] | -22 | [2] | |||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||||
Beginning Balance | -703 | [3] | |||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 11 | ||||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 31 | ||||||
Other comprehensive income (loss), after tax | 42 | ||||||
Ending Balance | -661 | [3] | -661 | [3] | |||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||||
Beginning Balance | -569 | ||||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | -258 | ||||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 32 | ||||||
Other comprehensive income (loss), after tax | -226 | -51 | |||||
Ending Balance | ($795) | ($795) | |||||
[1] | Included a tax expense of $6 as of FebruaryB 1, 2015 and $7 as of AugustB 3, 2014. | ||||||
[2] | Included a tax benefit of $14 as of FebruaryB 1, 2015 and $1 as of AugustB 3, 2014. | ||||||
[3] | Included a tax benefit of $383 as of FebruaryB 1, 2015 and $405 as of AugustB 3, 2014. |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Schecule of amounts reclassified from AOCI) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Feb. 01, 2015 | Jan. 26, 2014 | Feb. 01, 2015 | Jan. 26, 2014 | Aug. 03, 2014 | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | |||||||||
Reclassification adjustment for (gains) losses included in net earnings, before tax | $0 | $0 | $1 | $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 | -1 | [1] | -1 | [1] | -1 | [1] | -1 | [1] | |
Reclassification of net actuarial loss included in net earnings before tax | 24 | [1] | 25 | [1] | 48 | [1] | 47 | [1] | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 23 | 24 | 47 | 46 | |||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax Effect [Abstract] | |||||||||
Reclassification adjustment for (gains) losses included in net earnings, tax expense (benefit) | 0 | 0 | 0 | 0 | |||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax [Abstract] | |||||||||
Total Pension and Other Postretirement Benefit amortization included in net earnings, tax expense (benefit) | -7 | -8 | -16 | -16 | |||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | |||||||||
Reclassification adjustment for (gains) losses included in net earnings, after-tax | 0 | 0 | 1 | 0 | |||||
Pension and other postretirement liability adjustments, after-tax [Abstract] | |||||||||
Total Pension and Other Postretirement Benefit amortization included in net earnings, net of tax | 16 | 16 | 31 | 30 | |||||
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 | 0 | 0 | 0 | -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 | -1 | -1 | |||||
Interest Rate Contract [Member] | Interest Expense [Member] | |||||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | |||||||||
Reclassification adjustment for (gains) losses included in net earnings, before tax | 1 | 1 | 2 | 2 | |||||
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] | 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 $) | 6 Months Ended | |
In Millions, unless otherwise specified | Feb. 01, 2015 | Jan. 26, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | $9 | $9 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 17 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 17 | |
Finite Lived Intangible Assets, Amortization Expense, Year Three | 17 | |
Finite Lived Intangible Assets, Amortization Expense, Year Four | 13 | |
Finite Lived Intangible Assets, Amortization Expense, Year Five | $13 | |
Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 5 years | |
Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets (Goodwill) (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Feb. 01, 2015 |
Goodwill [Line Items] | |
Beginning Balance | $2,433 |
Foreign currency translation adjustment | -162 |
Ending Balance | 2,271 |
U.S. Simple Meals [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 450 |
Foreign currency translation adjustment | 0 |
Ending Balance | 450 |
Global Baking And Snacking [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 918 |
Foreign currency translation adjustment | -145 |
Ending Balance | 773 |
International Simple Meals And Beverages [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 115 |
Foreign currency translation adjustment | -17 |
Ending Balance | 98 |
U.S. Beverages [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 112 |
Foreign currency translation adjustment | 0 |
Ending Balance | 112 |
Bolthouse and Foodservice [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 838 |
Foreign currency translation adjustment | 0 |
Ending Balance | $838 |
Goodwill_And_Intangible_Assets4
Goodwill And Intangible Assets (Intangible Assets) (Details) (USD $) | Feb. 01, 2015 | Aug. 03, 2014 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $249 | $253 |
Finite-Lived Intangible Assets, Accumulated Amortization | -43 | -35 |
Finite-Lived Intangible Assets, Net | 206 | 218 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 933 | 957 |
Total net intangible assets | 1,139 | 1,175 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 174 | 178 |
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 | $35 |
Business_And_Geographic_Segmen2
Business And Geographic Segment Information (Narrative) (Details) | 6 Months Ended |
Feb. 01, 2015 | |
Segment Reporting [Abstract] | |
Number of operating segments | 10 |
Business_And_Geographic_Segmen3
Business And Geographic Segment Information (Schedule Of Segment Reporting - Net Sales) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2015 | Jan. 26, 2014 | Feb. 01, 2015 | Jan. 26, 2014 |
Segment Reporting Information [Line Items] | ||||
Net sales | $2,234 | $2,281 | $4,489 | $4,446 |
U.S. Simple Meals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 867 | 894 | 1,795 | 1,754 |
Global Baking And Snacking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 640 | 639 | 1,267 | 1,248 |
International Simple Meals And Beverages [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 194 | 213 | 383 | 406 |
U.S. Beverages [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 169 | 176 | 337 | 349 |
Bolthouse and Foodservice [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $364 | $359 | $707 | $689 |
Business_And_Geographic_Segmen4
Business And Geographic Segment Information (Schedule Of Segment Reporting - Earnings Before Interest And Taxes) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Feb. 01, 2015 | Jan. 26, 2014 | Feb. 01, 2015 | Jan. 26, 2014 | Aug. 03, 2014 | Jul. 28, 2013 | ||||
Segment Reporting Information [Line Items] | ||||||||||
Earnings before interest and taxes | $312 | $361 | $680 | $666 | ||||||
2013 Initiatives [Member] | Cost Of Products Sold [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Restructuring and Related Cost, Incurred Cost | 2 | 3 | 91 | |||||||
U.S. Simple Meals [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Earnings before interest and taxes | 170 | 214 | 412 | 425 | ||||||
Global Baking And Snacking [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Earnings before interest and taxes | 107 | 88 | 197 | 166 | ||||||
International Simple Meals And Beverages [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Earnings before interest and taxes | 26 | 38 | 42 | 58 | ||||||
U.S. Beverages [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Earnings before interest and taxes | 20 | 31 | 46 | 55 | ||||||
Bolthouse and Foodservice [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Earnings before interest and taxes | 26 | 36 | 48 | 65 | ||||||
Corporate, Non-Segment [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Earnings before interest and taxes | -37 | [1] | -33 | [1] | -65 | [1] | -69 | [1] | ||
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 | $0 | [2] | ($13) | [2] | $0 | [2] | ($34) | [2] | ||
[1] | Represents unallocated corporate expenses. Restructuring-related costs of $2 and a loss of $9 on foreign exchange forward contracts related to the sale of the European simple meals business were included in the six-month period ended JanuaryB 26, 2014. | |||||||||
[2] | See Note 8 for additional information. |
Business_And_Geographic_Segmen5
Business And Geographic Segment Information (Additional Product Information For Net Sales) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2015 | Jan. 26, 2014 | Feb. 01, 2015 | Jan. 26, 2014 |
Segment Reporting Information [Line Items] | ||||
Net sales | $2,234 | $2,281 | $4,489 | $4,446 |
Simple Meals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,290 | 1,329 | 2,601 | 2,563 |
Baked Snacks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 669 | 670 | 1,332 | 1,315 |
Beverages [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $275 | $282 | $556 | $568 |
Restructuring_Charges_Narrativ
Restructuring Charges (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended | 18 Months Ended | 12 Months Ended | 30 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Feb. 01, 2015 | Jan. 26, 2014 | Aug. 03, 2014 | Feb. 01, 2015 | Jul. 28, 2013 | Feb. 01, 2015 |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $0 | $34 | ||||
2014 Initiatives [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | 85 | |||||
Restructuring charges | 33 | 54 | ||||
Restructuring charges, after tax | 18 | 33 | ||||
Restructuring charges, Per Diluted Share | $0.06 | $0.10 | ||||
Restructuring and Related Cost, Expected Cost | 56 | 56 | 56 | |||
Expected cash expenditures | 43 | |||||
Expected investment in capital expenditures | 6 | |||||
Payments for (Proceeds from) Productive Assets | 1 | |||||
Restructuring and Related Cost, Expected Cost Remaining | 2 | 2 | 2 | |||
2014 Initiatives [Member] | North America and Asia Pacific [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Positions eliminated | 250 | |||||
2014 Initiatives [Member] | CHINA | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Positions eliminated | 100 | |||||
2014 Initiatives [Member] | Australia [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | 90 | |||||
2014 Initiatives [Member] | U.S. Simple Meals [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost Remaining | 1 | 1 | 1 | |||
2014 Initiatives [Member] | Global Baking And Snacking [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost Remaining | 1 | 1 | 1 | |||
2013 Initiatives [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 1 | 1 | 51 | |||
Restructuring charges and related costs, after tax | 2 | 3 | 90 | |||
Restructuring charges, Per Diluted Share | $0.01 | $0.01 | $0.28 | |||
Restructuring and Related Cost, Expected Cost | 148 | 148 | 148 | |||
Expected cash expenditures | 46 | |||||
Expected investment in capital expenditures | 31 | |||||
Payments for (Proceeds from) Productive Assets | 29 | |||||
Restructuring and Related Cost, Expected Cost Remaining | 2 | 2 | 2 | |||
2013 Initiatives [Member] | Sacramento, CA [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Positions eliminated | 700 | |||||
2013 Initiatives [Member] | South Plainfield, NJ [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Positions eliminated | 27 | |||||
2013 Initiatives [Member] | MEXICO | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Positions eliminated | 260 | |||||
2013 Initiatives [Member] | UNITED STATES | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Positions eliminated | 70 | |||||
2013 Initiatives [Member] | Global Baking And Snacking [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost Remaining | 2 | 2 | 2 | |||
2013 Initiatives [Member] | Pepperidge Farm Initiative [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Positions eliminated | 110 | |||||
Cost Of Products Sold [Member] | 2013 Initiatives [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | $2 | $3 | $91 |
Restructuring_Charges_Schedule
Restructuring Charges (Schedule Of Pre-Tax Charges And Remaining Costs) (Details) (USD $) | Feb. 01, 2015 |
In Millions, unless otherwise specified | |
2014 Initiatives [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | $56 |
Restructuring and Related Cost, Cost Incurred to Date | -54 |
Restructuring and Related Cost, Expected Cost Remaining | 2 |
2014 Initiatives [Member] | Severance Pay And Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 42 |
Restructuring and Related Cost, Cost Incurred to Date | -41 |
Restructuring and Related Cost, Expected Cost Remaining | 1 |
2014 Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 12 |
Restructuring and Related Cost, Cost Incurred to Date | -12 |
Restructuring and Related Cost, Expected Cost Remaining | 0 |
2014 Initiatives [Member] | Other Restructuring [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 2 |
Restructuring and Related Cost, Cost Incurred to Date | -1 |
Restructuring and Related Cost, Expected Cost Remaining | 1 |
2013 Initiatives [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 148 |
Restructuring and Related Cost, Cost Incurred to Date | -146 |
Restructuring and Related Cost, Expected Cost Remaining | 2 |
2013 Initiatives [Member] | Severance Pay And Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 35 |
Restructuring and Related Cost, Cost Incurred to Date | -35 |
Restructuring and Related Cost, Expected Cost Remaining | 0 |
2013 Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 99 |
Restructuring and Related Cost, Cost Incurred to Date | -99 |
Restructuring and Related Cost, Expected Cost Remaining | 0 |
2013 Initiatives [Member] | Other Restructuring [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 14 |
Restructuring and Related Cost, Cost Incurred to Date | -12 |
Restructuring and Related Cost, Expected Cost Remaining | $2 |
Restructuring_Charges_Schedule1
Restructuring Charges (Schedule Of Restructuring Activity And Related Reserves) (Details) (Severance Pay And Benefits [Member], USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Feb. 01, 2015 |
2014 Initiatives [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued Balance at beginning of period | $28 |
Restructuring and Related Cost, Incurred Cost | 0 |
Cash Payments | -13 |
Restructuring Reserve, Translation Adjustment | -2 |
Accrued Balance at end of period | 13 |
2013 Initiatives [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued Balance at beginning of period | 3 |
Restructuring and Related Cost, Incurred Cost | 0 |
Cash Payments | -2 |
Accrued Balance at end of period | $1 |
Restructuring_Charges_Schedule2
Restructuring Charges (Schedule Of Restructuring Charges Associated With Each Reportable Segment) (Details) (USD $) | Feb. 01, 2015 |
In Millions, unless otherwise specified | |
2014 Initiatives [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | $54 |
2014 Initiatives [Member] | Severance Pay And Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 41 |
2014 Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 12 |
2014 Initiatives [Member] | Other Exit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 1 |
2014 Initiatives [Member] | U.S. Simple Meals [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 8 |
2014 Initiatives [Member] | U.S. Simple Meals [Member] | Severance Pay And Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 7 |
2014 Initiatives [Member] | U.S. Simple Meals [Member] | Asset Impairment Accelerated Depreciation [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 1 |
2014 Initiatives [Member] | U.S. Simple Meals [Member] | Other Exit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 0 |
2014 Initiatives [Member] | Global Baking And Snacking [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 23 |
2014 Initiatives [Member] | Global Baking And Snacking [Member] | Severance Pay And Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 23 |
2014 Initiatives [Member] | Global Baking And Snacking [Member] | Asset Impairment Accelerated Depreciation [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 0 |
2014 Initiatives [Member] | Global Baking And Snacking [Member] | Other Exit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 0 |
2014 Initiatives [Member] | International Simple Meals And Beverages [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 18 |
2014 Initiatives [Member] | International Simple Meals And Beverages [Member] | Severance Pay And Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 6 |
2014 Initiatives [Member] | International Simple Meals And Beverages [Member] | Asset Impairment Accelerated Depreciation [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 11 |
2014 Initiatives [Member] | International Simple Meals And Beverages [Member] | Other Exit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 1 |
2014 Initiatives [Member] | U.S. Beverages [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 2 |
2014 Initiatives [Member] | U.S. Beverages [Member] | Severance Pay And Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 2 |
2014 Initiatives [Member] | U.S. Beverages [Member] | Asset Impairment Accelerated Depreciation [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 0 |
2014 Initiatives [Member] | U.S. Beverages [Member] | Other Exit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 0 |
2014 Initiatives [Member] | Bolthouse and Foodservice [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 2 |
2014 Initiatives [Member] | Bolthouse and Foodservice [Member] | Severance Pay And Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 2 |
2014 Initiatives [Member] | Bolthouse and Foodservice [Member] | Asset Impairment Accelerated Depreciation [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 0 |
2014 Initiatives [Member] | Bolthouse and Foodservice [Member] | Other Exit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 0 |
2014 Initiatives [Member] | Corporate, Non-Segment [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 1 |
2014 Initiatives [Member] | Corporate, Non-Segment [Member] | Severance Pay And Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 1 |
2014 Initiatives [Member] | Corporate, Non-Segment [Member] | Asset Impairment Accelerated Depreciation [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 0 |
2014 Initiatives [Member] | Corporate, Non-Segment [Member] | Other Exit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 0 |
2013 Initiatives [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 146 |
2013 Initiatives [Member] | Severance Pay And Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 35 |
2013 Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 99 |
2013 Initiatives [Member] | Other Exit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 12 |
2013 Initiatives [Member] | U.S. Simple Meals [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 90 |
2013 Initiatives [Member] | U.S. Simple Meals [Member] | Severance Pay And Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 19 |
2013 Initiatives [Member] | U.S. Simple Meals [Member] | Asset Impairment Accelerated Depreciation [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 64 |
2013 Initiatives [Member] | U.S. Simple Meals [Member] | Other Exit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 7 |
2013 Initiatives [Member] | Global Baking And Snacking [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 14 |
2013 Initiatives [Member] | Global Baking And Snacking [Member] | Severance Pay And Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 2 |
2013 Initiatives [Member] | Global Baking And Snacking [Member] | Asset Impairment Accelerated Depreciation [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 10 |
2013 Initiatives [Member] | Global Baking And Snacking [Member] | Other Exit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 2 |
2013 Initiatives [Member] | International Simple Meals And Beverages [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 9 |
2013 Initiatives [Member] | International Simple Meals And Beverages [Member] | Severance Pay And Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 5 |
2013 Initiatives [Member] | International Simple Meals And Beverages [Member] | Asset Impairment Accelerated Depreciation [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 3 |
2013 Initiatives [Member] | International Simple Meals And Beverages [Member] | Other Exit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 1 |
2013 Initiatives [Member] | U.S. Beverages [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 31 |
2013 Initiatives [Member] | U.S. Beverages [Member] | Severance Pay And Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 7 |
2013 Initiatives [Member] | U.S. Beverages [Member] | Asset Impairment Accelerated Depreciation [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 22 |
2013 Initiatives [Member] | U.S. Beverages [Member] | Other Exit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 2 |
2013 Initiatives [Member] | Bolthouse and Foodservice [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 2 |
2013 Initiatives [Member] | Bolthouse and Foodservice [Member] | Severance Pay And Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 2 |
2013 Initiatives [Member] | Bolthouse and Foodservice [Member] | Asset Impairment Accelerated Depreciation [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | 0 |
2013 Initiatives [Member] | Bolthouse and Foodservice [Member] | Other Exit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | $0 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2015 | Jan. 26, 2014 | Feb. 01, 2015 | Jan. 26, 2014 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options not included in the diluted earnings per share calculation as they were antidilutive | 0 | 0 | 0 | 0 |
Noncontrolling_Interests_Detai
Noncontrolling Interests (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jan. 26, 2014 | Feb. 01, 2015 |
CHINA | ||
Noncontrolling Interest [Line Items] | ||
Controlling interest in a company | 60.00% | |
Malaysia [Member] | ||
Noncontrolling Interest [Line Items] | ||
Controlling interest in a company | 70.00% | |
Noncontrolling Interests [Member] | ||
Noncontrolling Interest [Line Items] | ||
Restructuring charges, after tax | $5 |
Pension_And_Postretirement_Ben2
Pension And Postretirement Benefits (Narrative) (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Feb. 01, 2015 | Jan. 26, 2014 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension Contributions | $2 | $44 |
U.S. Pension Plan, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension Contributions, Expected in Current Fiscal Year | 0 | |
Non-U.S. Pension Plan, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension Contributions | 2 | |
Pension Contributions, Remainder of Current Fiscal Year | $2 |
Pension_And_Postretirement_Ben3
Pension And Postretirement Benefits (Schedule Of Components of Benefit Expense) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2015 | Jan. 26, 2014 | Feb. 01, 2015 | Jan. 26, 2014 |
Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $7 | $10 | $14 | $21 |
Interest cost | 26 | 29 | 53 | 58 |
Expected return on plan assets | -43 | -44 | -87 | -89 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Recognized net actuarial loss | 21 | 19 | 42 | 38 |
Net periodic benefit expense | 11 | 14 | 22 | 28 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1 | 0 | 1 | 1 |
Interest cost | 4 | 5 | 8 | 9 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | -1 | -1 | -1 | -1 |
Recognized net actuarial loss | 3 | 4 | 6 | 7 |
Net periodic benefit expense | $7 | $8 | $14 | $16 |
Financial_Instruments_Narrativ
Financial Instruments (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Feb. 01, 2015 | Aug. 03, 2014 |
Derivatives, Fair Value [Line Items] | ||
Entity Wide Revenue, Major Customer, Percentage Of Net Sales | 19.00% | |
Margin Deposit Assets | $24 | $14 |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 7 | |
Cash Flow Hedge Ineffectiveness is Immaterial | The ineffective portion and amount excluded from effectiveness testing were not material. | |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 45 | 58 |
Currency Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Lower Remaining Maturity Range | 6 months | |
Derivative, Higher Remaining Maturity Range | 30 months | |
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 550 | 250 |
Interest Rate Contract [Member] | Derivative, Related to Expected Debt Issuance In 2015 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 250 | |
Interest Rate Contract [Member] | Derivative, Related to Expected Debt Issuance in 2018 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 300 | |
Commodity Derivative Contracts [Member] | Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 0 | 0 |
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 419 | 561 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 101 | 146 |
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $56 | $56 |
Maximum [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Term of Contract | 18 months | |
Maximum [Member] | Commodity Derivative Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Term of Contract | 18 months | |
Maximum [Member] | Deferred Compensation Derivative Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Term of Contract | 12 months |
Financial_Instruments_Schedule
Financial Instruments (Schedule Of The Fair Value Of Derivative Instruments) (Details) (USD $) | Feb. 01, 2015 | Aug. 03, 2014 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $54 | $15 |
Liability Derivatives | 61 | 23 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 3 | 12 |
Liability Derivatives | 38 | 1 |
Designated as Hedging Instrument [Member] | Foreign Exchange Forward Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 3 | 1 |
Designated as Hedging Instrument [Member] | Foreign Exchange Forward Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 1 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 11 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 15 | 0 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 23 | 0 |
Derivatives Not Designated As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 51 | 3 |
Liability Derivatives | 23 | 22 |
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 10 | 1 |
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 2 | 2 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 2 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 20 | 10 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 1 |
Derivatives Not Designated As Hedges [Member] | Currency Swap [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 4 | 0 |
Derivatives Not Designated As Hedges [Member] | Currency Swap [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 36 | 0 |
Derivatives Not Designated As Hedges [Member] | Currency Swap [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 1 |
Derivatives Not Designated As Hedges [Member] | Currency Swap [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 5 |
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 1 | 0 |
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $1 | $3 |
Financial_Instruments_Offsetti
Financial Instruments (Offsetting Assets and Liabilities) (Details) (USD $) | Feb. 01, 2015 | Aug. 03, 2014 |
In Millions, unless otherwise specified | ||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | $54 | $15 |
Derivative, Collateral, Obligation to Return Securities or Cash | -40 | -4 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 14 | 11 |
Derivative Liability, Fair Value, Gross Liability | 61 | 23 |
Derivative, Collateral, Right to Reclaim Securities or Cash | -40 | -4 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $21 | $19 |
Financial_Instruments_Schedule1
Financial Instruments (Schedule Of Changes In Cash Flow Hedges In Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2015 | Jan. 26, 2014 | Feb. 01, 2015 | Jan. 26, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
OCI derivative gain/(loss) at beginning of year | ($4) | $5 | ($4) | $8 |
Reclassification adjustment for (gains) losses included in net earnings, before tax | 0 | 0 | 1 | 0 |
OCI derivative gain/(loss) at end of period | -36 | 9 | -36 | 9 |
Foreign Exchange Forward Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments gain (loss) recognized in OCI | 10 | 2 | 13 | 3 |
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 | 0 | 0 | 0 | -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 | -1 | -1 |
Interest Rate Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments gain (loss) recognized in OCI | -42 | 2 | -46 | -2 |
Interest Rate Contract [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment for (gains) losses included in net earnings, before tax | $1 | $1 | $2 | $2 |
Financial_Instruments_Derivati
Financial Instruments (Derivatives Designated As Fair-Value Hedges) (Details) (Interest Expense [Member], Interest Rate Swap [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2015 | Jan. 26, 2014 | Feb. 01, 2015 | Jan. 26, 2014 |
Interest Expense [Member] | Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | $0 | $0 | $0 | ($1) |
Amount of Gain or (Loss) Recognized in Earnings on Hedged Items | $0 | $0 | $0 | $1 |
Financial_Instruments_Derivati1
Financial Instruments (Derivatives Not Designated As Hedges) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2015 | Jan. 26, 2014 | Feb. 01, 2015 | Jan. 26, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | $25 | $31 | $37 | $13 |
Foreign Exchange Forward Contracts [Member] | Cost Of Products Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | -1 | 3 | 0 | 5 |
Foreign Exchange Forward Contracts [Member] | Other Expenses Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | 0 | 2 | 0 | -12 |
Currency Swap [Member] | Other Expenses Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | 38 | 24 | 52 | 21 |
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 | -13 | 2 | -18 | 0 |
Deferred Compensation Derivative Contracts [Member] | Administrative Expenses [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | $1 | $0 | $3 | ($1) |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements Narrative (Details) (USD $) | Feb. 01, 2015 | Aug. 03, 2014 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, at Carrying Value | $42 | $46 |
Long-term Debt | 2,263 | 2,544 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 42 | 46 |
Long-term Debt, Fair Value | $2,397 | $2,647 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements (Fair Value Measurement Of Assets And Liabilities) (Details) (Measured On Recurring Basis [Member], USD $) | Feb. 01, 2015 | Aug. 03, 2014 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | $54 | $15 | ||
Total liabilities at fair value | 192 | 146 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 0 | 1 | ||
Total liabilities at fair value | 151 | 134 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 54 | 14 | ||
Total liabilities at fair value | 41 | 12 | ||
Interest Rate Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 0 | [1] | 11 | [1] |
Total liabilities at fair value | 38 | [1] | 0 | [1] |
Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 0 | [1] | 11 | [1] |
Total liabilities at fair value | 38 | [1] | 0 | [1] |
Foreign Exchange Forward Contracts [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 13 | [2] | 2 | [2] |
Total liabilities at fair value | 2 | [2] | 3 | [2] |
Foreign Exchange Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 13 | [2] | 2 | [2] |
Total liabilities at fair value | 2 | [2] | 3 | [2] |
Commodity Derivative Contracts [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 0 | [3] | 2 | [3] |
Total liabilities at fair value | 20 | [3] | 11 | [3] |
Commodity Derivative Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 0 | [3] | 1 | [3] |
Total liabilities at fair value | 20 | [3] | 11 | [3] |
Commodity Derivative Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 0 | [3] | 1 | [3] |
Total liabilities at fair value | 0 | [3] | 0 | [3] |
Currency Swap [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 40 | [4] | 0 | [4] |
Total liabilities at fair value | 0 | [4] | 6 | [4] |
Currency Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 40 | [4] | 0 | [4] |
Total liabilities at fair value | 0 | [4] | 6 | [4] |
Deferred Compensation Derivative Contracts [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 1 | [5] | 0 | [5] |
Total liabilities at fair value | 1 | [5] | 3 | [5] |
Deferred Compensation Derivative Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 1 | [5] | 0 | [5] |
Total liabilities at fair value | 1 | [5] | 3 | [5] |
Deferred Compensation Obligation [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total liabilities at fair value | 131 | [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 | $131 | [6] | $123 | [6] |
[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 observable local benchmarks for currency and interest rates. | |||
[5] | Based on LIBOR and equity index swap rates. | |||
[6] | Based on the fair value of the participantsb investments. |
Share_Repurchases_Details
Share Repurchases (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Feb. 01, 2015 | Jan. 26, 2014 |
Statement [Line Items] | ||
Shares repurchased, value | ($133) | ($76) |
June 2011 Program [Member] | ||
Statement [Line Items] | ||
Authorized amount for shares repurchase | 1,000 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 650 | |
Treasury Stock [Member] | ||
Statement [Line Items] | ||
Treasury stock purchased, shares | 3 | 2 |
Shares repurchased, value | -133 | -76 |
Treasury Stock [Member] | June 2011 Program [Member] | ||
Statement [Line Items] | ||
Shares repurchased, value | -100 | |
Treasury Stock [Member] | Shares Repurchased To Offset The Impact Of Dilution [Member] | ||
Statement [Line Items] | ||
Treasury stock purchased, shares | 2 | |
Shares repurchased, value | ($76) |
Stockbased_Compensation_Narrat
Stock-based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Feb. 01, 2015 | Jan. 26, 2014 | Feb. 01, 2015 | Jan. 26, 2014 | Aug. 03, 2014 |
Stock-based Compensation | |||||
Pre-tax stock-based compensation expense | $18 | $15 | $31 | $36 | |
Tax-related benefits | 6 | 6 | 11 | 14 | |
Cash received from the exercise of stock options | 8 | 7 | |||
Total intrinsic value of options exercised | 5 | 4 | |||
Excess tax benefits on stock-based compensation | 5 | 10 | |||
EPS Performance Restricted Stock Units [Member] | |||||
Stock-based Compensation | |||||
Nonvested, Units | 252 | 252 | |||
Nonvested, Weighted-Average Grant-Date Fair Value | $40.72 | $40.72 | |||
Strategic Performance Restricted Stock Units [Member] | |||||
Stock-based Compensation | |||||
Nonvested, Units | 384 | 384 | |||
Nonvested, Weighted-Average Grant-Date Fair Value | $41.21 | $41.21 | |||
Special Performance Restricted Stock Units [Member] | |||||
Stock-based Compensation | |||||
Nonvested, Weighted-Average Grant-Date Fair Value | $42.22 | $42.22 | |||
Granted, Units | 184 | ||||
Award Vesting Period | 2 years 0 months | ||||
Time-Lapse, EPS Performance, Strategic Performance And Special Performance Restricted Stock Units [Member] | |||||
Stock-based Compensation | |||||
Nonvested, Units | 2,424 | 2,424 | 2,994 | ||
Nonvested, Weighted-Average Grant-Date Fair Value | $41.08 | $41.08 | $37.69 | ||
Granted, Units | 1,059 | ||||
Remaining unearned compensation on nonvested awards | 50 | 50 | |||
Weighted-average remaining service period, years | 1 year 8 months | ||||
Fair value of restricted units and shares vested | 53 | 104 | |||
Granted, Weighted-Average Grant-Date Fair Value | $42.35 | $39.76 | |||
TSR Performance Restricted Stock Units [Member] | |||||
Stock-based Compensation | |||||
Nonvested, Units | 1,694 | 1,694 | 861 | ||
Nonvested, Weighted-Average Grant-Date Fair Value | $40.81 | $40.81 | $38.15 | ||
Granted, Units | 874 | ||||
Remaining unearned compensation on nonvested awards | 39 | 39 | |||
Weighted-average remaining service period, years | 2 years 3 months | ||||
Granted, Weighted-Average Grant-Date Fair Value | $43.39 | $36.26 | |||
Minimum [Member] | EPS Performance Restricted Stock Units [Member] | |||||
Stock-based Compensation | |||||
Potential Percentage Of Grant Under Performance Plan | 0.00% | ||||
Minimum [Member] | Strategic Performance Restricted Stock Units [Member] | |||||
Stock-based Compensation | |||||
Potential Percentage Of Grant Under Performance Plan | 0.00% | ||||
Minimum [Member] | Special Performance Restricted Stock Units [Member] | |||||
Stock-based Compensation | |||||
Potential Percentage Of Grant Under Performance Plan | 0.00% | ||||
Maximum [Member] | EPS Performance Restricted Stock Units [Member] | |||||
Stock-based Compensation | |||||
Potential Percentage Of Grant Under Performance Plan | 100.00% | ||||
Maximum [Member] | Strategic Performance Restricted Stock Units [Member] | |||||
Stock-based Compensation | |||||
Potential Percentage Of Grant Under Performance Plan | 200.00% | ||||
Maximum [Member] | Special Performance Restricted Stock Units [Member] | |||||
Stock-based Compensation | |||||
Potential Percentage Of Grant Under Performance Plan | 150.00% | ||||
Discontinued Operations [Member] | |||||
Stock-based Compensation | |||||
Pre-tax stock-based compensation expense | $1 |
Stockbased_Compensation_Schedu
Stock-based Compensation (Schedule Of Stock Option Activity) (Details) (USD $) | 6 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Feb. 01, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Beginning of year, Options | 408 |
Granted, Options | 0 |
Exercised, Options | -300 |
Terminated, Options | -3 |
End of year, Options | 105 |
Exercisable at end of period, Options | 105 |
Beginning of period, Weighted-Average Exercise Price | $28.33 |
Granted, Weighted-Average Exercise Price | $0 |
Exercised, Weighted-Average Exercise Price | $27.78 |
Terminated, Weighted-Average Exercise Price | $26.36 |
End of period, Weighted-Average Exercise Price | $29.91 |
Exercisable at end of period, Weighted-Average Exercise Price | $29.91 |
Outstanding at end of period, Weighted-Average Remaining Contractual Life (In years) | 11 months |
Exercisable at end of period, Weighted-Average Remaining Contractual Life (In years) | 11 months |
Outstanding at end of period, Aggregate Intrinsic Value | $2 |
Exercisable at end of period, Aggregate Intrinsic Value | $2 |
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 $) | 6 Months Ended | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2015 | Jan. 26, 2014 | Aug. 03, 2014 |
Time-Lapse, EPS Performance, Strategic Performance And Special Performance Restricted Stock Units [Member] | |||
Stock-based Compensation | |||
Nonvested at beginning of period, Units | 2,994 | ||
Granted, Units | 1,059 | ||
Vested, Units | -1,245 | ||
Forfeited, Units | -384 | ||
Nonvested at end of period, Units | 2,424 | ||
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $37.69 | ||
Granted, Weighted-Average Grant-Date Fair Value | $42.35 | $39.76 | |
Vested, Weighted-Average Grant-Date Fair Value | $35.56 | ||
Forfeited, Weighted Average Grant Date Fair Value | $36.10 | ||
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $41.08 | ||
TSR Performance Restricted Stock Units [Member] | |||
Stock-based Compensation | |||
Nonvested at beginning of period, Units | 861 | ||
Granted, Units | 874 | ||
Vested, Units | 0 | ||
Forfeited, Units | -41 | ||
Nonvested at end of period, Units | 1,694 | 861 | |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $38.15 | ||
Granted, Weighted-Average Grant-Date Fair Value | $43.39 | $36.26 | |
Vested, Weighted-Average Grant-Date Fair Value | $0 | ||
Forfeited, Weighted Average Grant Date Fair Value | $40.02 | ||
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $40.81 | $38.15 |
Stockbased_Compensation_Assump
Stock-based Compensation (Assumptions Used In Monte Carlo Simulation) (Details) (TSR Performance Restricted Stock Units [Member]) | 6 Months Ended | |
Feb. 01, 2015 | Jan. 26, 2014 | |
TSR Performance Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 0.97% | 0.60% |
Expected dividend yield | 2.91% | 2.98% |
Expected volatility | 16.20% | 15.76% |
Expected term, years | 3 years | 3 years |
Inventories_Inventories_Detail
Inventories Inventories (Details) (USD $) | Feb. 01, 2015 | Aug. 03, 2014 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Inventory, Raw Materials and Supplies | $410 | $399 |
Inventory, Finished Goods | 506 | 617 |
Inventory, Net | $916 | $1,016 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Feb. 01, 2015 | Jan. 26, 2014 |
Supplemental Cash Flow Information [Abstract] | ||
Employee Benefits And Deferred Compensation Payments | ($16) | ($21) |
Other Operating Activities, Cash Flow Statement | -2 | -3 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ($18) | ($24) |
Product_Recall_Details
Product Recall (Details) (Plum [Member], USD $) | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Oct. 27, 2013 |
Plum [Member] | |
Product Liability Contingency [Line Items] | |
Inventory recall expense | $16 |
Inventory recall expense, after tax | $11 |
Inventory recall expense, per diluted share | $0.03 |