Exhibit 99.1
CAMPBELL SOUP COMPANY
Consolidated Statements of Earnings
Recast for Change in Method of Accounting for Defined Benefit Pension and Postretirement Plans
(millions, except per share amounts)
(unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Three Months Ended | | Six Months Ended | | Three Months Ended | | Nine Months Ended | | Three Months Ended | | Twelve Months Ended |
| | | November 2, 2014 | | February 1, 2015 | | February 1, 2015 | | May 3, 2015 | | May 3, 2015 | | August 2, 2015 | | August 2, 2015 |
| Net sales | | $ | 2,255 |
| | $ | 2,234 |
| | $ | 4,489 |
| | $ | 1,900 |
| | $ | 6,389 |
| | $ | 1,693 |
| | $ | 8,082 |
|
| Costs and expenses | | | | | | | | | | | | | | |
| Cost of products sold | | 1,460 |
| | 1,491 |
| | 2,951 |
| | 1,218 |
| | 4,169 |
| | 1,131 |
| | 5,300 |
|
| Marketing and selling expenses | | 243 |
| | 239 |
| | 482 |
| | 213 |
| | 695 |
| | 189 |
| | 884 |
|
| Administrative expenses | | 131 |
| | 135 |
| | 266 |
| | 142 |
| | 408 |
| | 193 |
| | 601 |
|
| Research and development expenses | | 28 |
| | 25 |
| | 53 |
| | 30 |
| | 83 |
| | 34 |
| | 117 |
|
| Other expenses / (income) | | 4 |
| | 7 |
| | 11 |
| | 3 |
| | 14 |
| | 10 |
| | 24 |
|
| Restructuring charges | | — |
| | — |
| | — |
| | 9 |
| | 9 |
| | 93 |
| | 102 |
|
| Total costs and expenses | | 1,866 |
| | 1,897 |
| | 3,763 |
| | 1,615 |
| | 5,378 |
| | 1,650 |
| | 7,028 |
|
| Earnings before interest and taxes | | 389 |
| | 337 |
| | 726 |
| | 285 |
| | 1,011 |
| | 43 |
| | 1,054 |
|
| Interest expense | | 26 |
| | 26 |
| | 52 |
| | 29 |
| | 81 |
| | 27 |
| | 108 |
|
| Interest income | | 1 |
| | 1 |
| | 2 |
| | 1 |
| | 3 |
| | — |
| | 3 |
|
| Earnings before taxes | | 364 |
| | 312 |
| | 676 |
| | 257 |
| | 933 |
| | 16 |
| | 949 |
|
| Taxes on earnings | | 116 |
| | 90 |
| | 206 |
| | 78 |
| | 284 |
| | (1 | ) | | 283 |
|
| Earnings from continuing operations | | 248 |
| | 222 |
| | 470 |
| | 179 |
| | 649 |
| | 17 |
| | 666 |
|
| Earnings from discontinued operations | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
| Net earnings | | 248 |
| | 222 |
| | 470 |
| | 179 |
| | 649 |
| | 17 |
| | 666 |
|
| Less: Net earnings (loss) attributable to noncontrolling interests | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
| Net earnings attributable to Campbell Soup Company | | $ | 248 |
| | $ | 222 |
| | $ | 470 |
| | $ | 179 |
| | $ | 649 |
| | $ | 17 |
| | $ | 666 |
|
| Per Share — Basic | | | | | | | | | | | | | | |
| Earnings from continuing operations attributable to Campbell Soup Company | | $ | 0.79 |
| | $ | 0.71 |
| | $ | 1.50 |
| | $ | 0.58 |
| | $ | 2.07 |
| | $ | 0.05 |
| | $ | 2.13 |
|
| Earnings from discontinued operations | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
| Net earnings attributable to Campbell Soup Company | | $ | 0.79 |
| | $ | 0.71 |
| | $ | 1.50 |
| | $ | 0.58 |
| | $ | 2.07 |
| | $ | 0.05 |
| | $ | 2.13 |
|
| Weighted average shares outstanding — basic | | 314 |
| | 313 |
| | 313 |
| | 311 |
| | 313 |
| | 310 |
| | 312 |
|
| Per Share — Assuming Dilution | | | | | | | | | | | | | | |
| Earnings from continuing operations attributable to Campbell Soup Company | | $ | 0.78 |
| | $ | 0.71 |
| | $ | 1.50 |
| | $ | 0.57 |
| | $ | 2.07 |
| | $ | 0.05 |
| | $ | 2.13 |
|
| Earnings from discontinued operations | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
| Net earnings attributable to Campbell Soup Company | | $ | 0.78 |
| | $ | 0.71 |
| | $ | 1.50 |
| | $ | 0.57 |
| | $ | 2.07 |
| | $ | 0.05 |
| | $ | 2.13 |
|
| Weighted average shares outstanding — assuming dilution | | 316 |
| | 314 |
| | 314 |
| | 312 |
| | 314 |
| | 312 |
| | 313 |
|
_____________________________________
The sum of the individual per share amounts may not add due to rounding.
CAMPBELL SOUP COMPANY
Consolidated Statements of Earnings
Recast for Change in Method of Accounting for Defined Benefit Pension and Postretirement Plans
(millions, except per share amounts)
(unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Three Months Ended | | Six Months Ended | | Three Months Ended | | Nine Months Ended | | Three Months Ended | | Twelve Months Ended |
| | | October 27, 2013 | | January 26, 2014 | | January 26, 2014 | | April 27, 2014 | | April 27, 2014 | | August 3, 2014 | | August 3, 2014 |
| Net sales | | $ | 2,165 |
| | $ | 2,281 |
| | $ | 4,446 |
| | $ | 1,970 |
| | $ | 6,416 |
| | $ | 1,852 |
| | $ | 8,268 |
|
| Costs and expenses | | | | | | | | | | | | | | |
| Cost of products sold | | 1,354 |
| | 1,454 |
| | 2,808 |
| | 1,264 |
| | 4,072 |
| | 1,225 |
| | 5,297 |
|
| Marketing and selling expenses | | 257 |
| | 265 |
| | 522 |
| | 214 |
| | 736 |
| | 193 |
| | 929 |
|
| Administrative expenses | | 144 |
| | 138 |
| | 282 |
| | 130 |
| | 412 |
| | 164 |
| | 576 |
|
| Research and development expenses | | 30 |
| | 26 |
| | 56 |
| | 28 |
| | 84 |
| | 38 |
| | 122 |
|
| Other expenses / (income) | | 11 |
| | 3 |
| | 14 |
| | 2 |
| | 16 |
| | 6 |
| | 22 |
|
| Restructuring charges | | 21 |
| | 13 |
| | 34 |
| | 1 |
| | 35 |
| | 20 |
| | 55 |
|
| Total costs and expenses | | 1,817 |
| | 1,899 |
| | 3,716 |
| | 1,639 |
| | 5,355 |
| | 1,646 |
| | 7,001 |
|
| Earnings before interest and taxes | | 348 |
| | 382 |
| | 730 |
| | 331 |
| | 1,061 |
| | 206 |
| | 1,267 |
|
| Interest expense | | 31 |
| | 29 |
| | 60 |
| | 31 |
| | 91 |
| | 31 |
| | 122 |
|
| Interest income | | 1 |
| | — |
| | 1 |
| | 1 |
| | 2 |
| | 1 |
| | 3 |
|
| Earnings before taxes | | 318 |
| | 353 |
| | 671 |
| | 301 |
| | 972 |
| | 176 |
| | 1,148 |
|
| Taxes on earnings | | 110 |
| | 112 |
| | 222 |
| | 93 |
| | 315 |
| | 59 |
| | 374 |
|
| Earnings from continuing operations | | 208 |
| | 241 |
| | 449 |
| | 208 |
| | 657 |
| | 117 |
| | 774 |
|
| Earnings (loss) from discontinued operations | | (9 | ) | | 90 |
| | 81 |
| | — |
| | 81 |
| | — |
| | 81 |
|
| Net earnings | | 199 |
| | 331 |
| | 530 |
| | 208 |
| | 738 |
| | 117 |
| | 855 |
|
| Less: Net earnings (loss) attributable to noncontrolling interests | | (1 | ) | | (7 | ) | | (8 | ) | | (1 | ) | | (9 | ) | | (2 | ) | | (11 | ) |
| Net earnings attributable to Campbell Soup Company | | $ | 200 |
| | $ | 338 |
| | $ | 538 |
| | $ | 209 |
| | $ | 747 |
| | $ | 119 |
| | $ | 866 |
|
| Per Share — Basic | | | | | | | | | | | | | | |
| Earnings from continuing operations attributable to Campbell Soup Company | | $ | 0.67 |
| | $ | 0.79 |
| | $ | 1.46 |
| | $ | 0.67 |
| | $ | 2.12 |
| | $ | 0.38 |
| | $ | 2.50 |
|
| Earnings (loss) from discontinued operations | | (0.03 | ) | | 0.29 |
| | 0.26 |
| | — |
| | 0.26 |
| | — |
| | 0.26 |
|
| Net earnings attributable to Campbell Soup Company | | $ | 0.64 |
| | $ | 1.08 |
| | $ | 1.71 |
| | $ | 0.67 |
| | $ | 2.38 |
| | $ | 0.38 |
| | $ | 2.76 |
|
| Weighted average shares outstanding — basic | | 314 |
| | 314 |
| | 314 |
| | 314 |
| | 314 |
| | 314 |
| | 314 |
|
| Per Share — Assuming Dilution | | | | | | | | | | | | | | |
| Earnings from continuing operations attributable to Campbell Soup Company | | $ | 0.66 |
| | $ | 0.78 |
| | $ | 1.45 |
| | $ | 0.66 |
| | $ | 2.11 |
| | $ | 0.38 |
| | $ | 2.48 |
|
| Earnings (loss) from discontinued operations | | (0.03 | ) | | 0.28 |
| | 0.26 |
| | — |
| | 0.26 |
| | — |
| | 0.26 |
|
| Net earnings attributable to Campbell Soup Company | | $ | 0.63 |
| | $ | 1.07 |
| | $ | 1.70 |
| | $ | 0.66 |
| | $ | 2.36 |
| | $ | 0.38 |
| | $ | 2.74 |
|
| Weighted average shares outstanding — assuming dilution | | 317 |
| | 316 |
| | 316 |
| | 316 |
| | 316 |
| | 316 |
| | 316 |
|
_____________________________________
The sum of the individual per share amounts may not add due to rounding.
CAMPBELL SOUP COMPANY
Segment Information
Recast for Modified Segment Reporting and Change in Method of Accounting for Defined Benefit Pension and Postretirement Plans
(millions)
(unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Three Months Ended | | Six Months Ended | | Three Months Ended | | Nine Months Ended | | Three Months Ended | | Twelve Months Ended |
| | | November 2, 2014 | | February 1, 2015 | | February 1, 2015 | | May 3, 2015 | | May 3, 2015 | | August 2, 2015 | | August 2, 2015 |
| Net sales | | | | | | | | | | | | | | |
| Americas Simple Meals and Beverages | | $ | 1,333 |
| | $ | 1,278 |
| | $ | 2,611 |
| | $ | 1,030 |
| | $ | 3,641 |
| | $ | 842 |
| | $ | 4,483 |
|
| Global Biscuits and Snacks | | 691 |
| | 700 |
| | 1,391 |
| | 623 |
| | 2,014 |
| | 617 |
| | 2,631 |
|
| Campbell Fresh | | 231 |
| | 256 |
| | 487 |
| | 247 |
| | 734 |
| | 234 |
| | 968 |
|
| Total | | $ | 2,255 |
| | $ | 2,234 |
| | $ | 4,489 |
| | $ | 1,900 |
| | $ | 6,389 |
| | $ | 1,693 |
| | $ | 8,082 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Earnings before interest and taxes | | | | | | | | | | | | | | |
| Americas Simple Meals and Beverages | | $ | 305 |
| | $ | 237 |
| | $ | 542 |
| | $ | 223 |
| | $ | 765 |
| | $ | 183 |
| | $ | 948 |
|
| Global Biscuits and Snacks | | 98 |
| | 115 |
| | 213 |
| | 93 |
| | 306 |
| | 77 |
| | 383 |
|
| Campbell Fresh | | 9 |
| | 13 |
| | 22 |
| | 18 |
| | 40 |
| | 21 |
| | 61 |
|
Corporate (1) | | (23 | ) | | (28 | ) | | (51 | ) | | (40 | ) | | (91 | ) | | (145 | ) | | (236 | ) |
| Restructuring charges | | — |
| | — |
| | — |
| | (9 | ) | | (9 | ) | | (93 | ) | | (102 | ) |
| Total | | $ | 389 |
| | $ | 337 |
| | $ | 726 |
| | $ | 285 |
| | $ | 1,011 |
| | $ | 43 |
| | $ | 1,054 |
|
___________________________________________
(1) Includes pension and postretirement benefit mark-to-market losses of $2 in the first quarter, $26 in the third quarter and $110 in the fourth quarter.
CAMPBELL SOUP COMPANY
Segment Information
Recast for Modified Segment Reporting and Change in Method of Accounting for Defined Benefit Pension and Postretirement Plans
(millions)
(unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Three Months Ended | | Six Months Ended | | Three Months Ended | | Nine Months Ended | | Three Months Ended | | Twelve Months Ended |
| | | October 27, 2013 | | January 26, 2014 | | January 26, 2014 | | April 27, 2014 | | April 27, 2014 | | August 3, 2014 | | August 3, 2014 |
| Net sales | | | | | | | | | | | | | | |
| Americas Simple Meals and Beverages | | $ | 1,271 |
| | $ | 1,326 |
| | $ | 2,597 |
| | $ | 1,086 |
| | $ | 3,683 |
| | $ | 905 |
| | $ | 4,588 |
|
| Global Biscuits and Snacks | | 674 |
| | 705 |
| | 1,379 |
| | 633 |
| | 2,012 |
| | 713 |
| | 2,725 |
|
| Campbell Fresh | | 220 |
| | 250 |
| | 470 |
| | 251 |
| | 721 |
| | 234 |
| | 955 |
|
| Total | | $ | 2,165 |
| | $ | 2,281 |
| | $ | 4,446 |
| | $ | 1,970 |
| | $ | 6,416 |
| | $ | 1,852 |
| | $ | 8,268 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Earnings before interest and taxes | | | | | | | | | | | | | | |
| Americas Simple Meals and Beverages | | $ | 281 |
| | $ | 307 |
| | $ | 588 |
| | $ | 248 |
| | $ | 836 |
| | $ | 194 |
| | $ | 1,030 |
|
| Global Biscuits and Snacks | | 84 |
| | 96 |
| | 180 |
| | 76 |
| | 256 |
| | 110 |
| | 366 |
|
| Campbell Fresh | | 15 |
| | 22 |
| | 37 |
| | 13 |
| | 50 |
| | 18 |
| | 68 |
|
Corporate (1) | | (11 | ) | | (30 | ) | | (41 | ) | | (5 | ) | | (46 | ) | | (96 | ) | | (142 | ) |
| Restructuring charges | | (21 | ) | | (13 | ) | | (34 | ) | | (1 | ) | | (35 | ) | | (20 | ) | | (55 | ) |
| Total | | $ | 348 |
| | $ | 382 |
| | $ | 730 |
| | $ | 331 |
| | $ | 1,061 |
| | $ | 206 |
| | $ | 1,267 |
|
___________________________________________
(1) Includes pension and postretirement benefit mark-to-market gains of $20 in the first quarter and losses of $51 in the fourth quarter.
Reconciliation of 2015 and 2014 GAAP to Non-GAAP Financial Measures Recast for Change in Method of Accounting for Defined Benefit Pension and Postretirement Plans
We use certain non-GAAP financial measures as defined by the Securities and Exchange Commission in certain communications. These non-GAAP financial measures are measures of performance not defined by accounting principles generally accepted in the United States and should be considered in addition to, not in lieu of, GAAP reported measures.
We believe that financial information excluding certain items that are not considered to be part of the ongoing business improves the comparability of year-to-year results. Consequently, we believe that investors may be able to better understand our gross margin and earnings results excluding these items.
The following items impacted gross margin and/or earnings:
| |
| (1) | In 2016, we changed the method of accounting for the recognition of actuarial gains and losses for defined benefit pension and postretirement plans and the calculation of expected return on pension plan assets. Historically, actuarial gains and losses associated with benefit obligations were recognized in Accumulated other comprehensive loss in the Consolidated Balance Sheets and were amortized into earnings over the remaining service life of participants to the extent that the amounts were in excess of a corridor. Under the new policy, gains and losses will be recognized immediately in the Consolidated Statements of Earnings as of the measurement date, which is typically the end of the fiscal year, or more frequently if an interim remeasurement is required. In addition, we will no longer use a market-related value of plan assets, which is an average value, to determine the expected return on assets but rather will use the fair value of plan assets. We exclude the impact of the mark-to-market adjustments resulting from these accounting changes in evaluating performance. These changes in accounting policy have been retrospectively applied to all periods presented. |
| |
| (2) | In fiscal 2015, we incurred charges associated with our initiatives to implement a new enterprise design that better aligns with our strategy, to reduce costs and to streamline our organizational structure. We also incurred pre-tax charges in Administrative expenses related to the implementation of the new organizational structure and cost reduction initiatives. |
In fiscal 2014, we incurred charges associated with our initiatives to improve supply chain efficiency in Australia and reduce overhead across the organization. The 2014 charges also included charges related to the 2013 initiatives to improve our U.S. supply chain cost structure and increase asset utilization across our U.S. thermal plant network; expand access to manufacturing and distribution capabilities in Mexico; improve our Pepperidge Farm bakery supply chain cost structure; and reduce overhead in North America.
| |
| (3) | Commencing with the fourth quarter of 2013, we reflected the results of our simple meals business in Europe as discontinued operations. We recorded tax charges representing taxes on the difference between the book value and tax basis of the business. |
| |
| (4) | Fiscal 2015 had 52 weeks. Fiscal 2014 had 53 weeks. |
The tables below reconcile financial information, presented in accordance with GAAP, to financial information excluding certain items for 2015 and 2014.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Three Months Ended | | Six Months Ended | | Three Months Ended | | Nine Months Ended | | Three Months Ended | | Twelve Months Ended |
| (millions, except per share amounts) | | November 2, 2014 | | February 1, 2015 | | February 1, 2015 | | May 3, 2015 | | May 3, 2015 | | August 2, 2015 | | August 2, 2015 |
| Gross margin, as reported | | $ | 795 |
| | $ | 743 |
| | $ | 1,538 |
| | $ | 682 |
| | $ | 2,220 |
| | $ | 562 |
| | $ | 2,782 |
|
| Add: Pension and postretirement benefit mark-to-market adjustments (1) | | — |
| | — |
| | — |
| | 14 |
| | 14 |
| | 64 |
| | 80 |
|
| Adjusted Gross margin | | $ | 795 |
| | $ | 743 |
| | $ | 1,538 |
| | $ | 696 |
| | $ | 2,234 |
| | $ | 626 |
| | $ | 2,862 |
|
| Adjusted Gross margin percentage | | 35.3 | % | | 33.3 | % | | 34.3 | % | | 36.6 | % | | 35.0 | % | | 37.0 | % | | 35.4 | % |
| Marketing and selling expenses, as reported | | $ | 243 |
| | $ | 239 |
| | $ | 482 |
| | $ | 213 |
| | $ | 695 |
| | $ | 189 |
| | $ | 884 |
|
| Deduct: Pension and postretirement benefit mark-to-market adjustments (1) | | — |
| | — |
| | — |
| | 4 |
| | 4 |
| | 17 |
| | 21 |
|
| Adjusted Marketing and selling expenses | | $ | 243 |
| | $ | 239 |
| | $ | 482 |
| | $ | 209 |
| | $ | 691 |
| | $ | 172 |
| | $ | 863 |
|
| Administrative expenses, as reported | | $ | 131 |
| | $ | 135 |
| | $ | 266 |
| | $ | 142 |
| | $ | 408 |
| | $ | 193 |
| | $ | 601 |
|
| Deduct: Pension and postretirement benefit mark-to-market adjustments (1) | | — |
| | — |
| | — |
| | 6 |
| | 6 |
| | 21 |
| | 27 |
|
| Deduct: Restructuring charges and implementation costs (2) | | — |
| | — |
| | — |
| | 9 |
| | 9 |
| | 13 |
| | 22 |
|
| Adjusted Administrative expenses | | $ | 131 |
| | $ | 135 |
| | $ | 266 |
| | $ | 127 |
| | $ | 393 |
| | $ | 159 |
| | $ | 552 |
|
| Research and development expenses, as reported | | $ | 28 |
| | $ | 25 |
| | $ | 53 |
| | $ | 30 |
| | $ | 83 |
| | $ | 34 |
| | $ | 117 |
|
| Deduct: Pension and postretirement benefit mark-to-market adjustments (1) | | — |
| | — |
| | — |
| | 2 |
| | 2 |
| | 8 |
| | 10 |
|
| Adjusted Research and development expenses | | $ | 28 |
| | $ | 25 |
| | $ | 53 |
| | $ | 28 |
| | $ | 81 |
| | $ | 26 |
| | $ | 107 |
|
| Earnings before interest and taxes, as reported | | $ | 389 |
| | $ | 337 |
| | $ | 726 |
| | $ | 285 |
| | $ | 1,011 |
| | $ | 43 |
| | $ | 1,054 |
|
| Add: Pension and postretirement benefit mark-to-market adjustments (1) | | — |
| | — |
| | — |
| | 26 |
| | 26 |
| | 110 |
| | 138 |
|
| Add: Restructuring charges and implementation costs (2) | | — |
| | — |
| | — |
| | 18 |
| | 18 |
| | 106 |
| | 124 |
|
| Adjusted Earnings before interest and taxes | | $ | 389 |
| | $ | 337 |
| | $ | 726 |
| | $ | 329 |
| | $ | 1,055 |
| | $ | 259 |
| | $ | 1,316 |
|
| Interest, net, as reported | | $ | 25 |
| | $ | 25 |
| | $ | 50 |
| | $ | 28 |
| | $ | 78 |
| | $ | 27 |
| | $ | 105 |
|
| Adjusted Earnings before taxes | | $ | 364 |
| | $ | 312 |
| | $ | 676 |
| | $ | 301 |
| | $ | 977 |
| | $ | 232 |
| | $ | 1,211 |
|
| Taxes on earnings, as reported | | $ | 116 |
| | $ | 90 |
| | $ | 206 |
| | $ | 78 |
| | $ | 284 |
| | $ | (1 | ) | | $ | 283 |
|
| Add: Tax benefit from pension and postretirement benefit mark-to-market adjustments (1) | | — |
| | — |
| | — |
| | 10 |
| | 10 |
| | 41 |
| | 51 |
|
| Add: Tax benefit from restructuring charges and implementation costs (2) | | — |
| | — |
| | — |
| | 7 |
| | 7 |
| | 39 |
| | 46 |
|
| Adjusted Taxes on earnings | | $ | 116 |
| | $ | 90 |
| | $ | 206 |
| | $ | 95 |
| | $ | 301 |
| | $ | 79 |
| | $ | 380 |
|
| Adjusted effective income tax rate | | 31.9 | % | | 28.8 | % | | 30.5 | % | | 31.6 | % | | 30.8 | % | | 34.1 | % | | 31.4 | % |
| Earnings from continuing operations, as reported | | $ | 248 |
| | $ | 222 |
| | $ | 470 |
| | $ | 179 |
| | $ | 649 |
| | $ | 17 |
| | $ | 666 |
|
| Deduct: Net loss from noncontrolling interests | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
| Earnings from continuing operations attributable to Campbell Soup Company, as reported | | $ | 248 |
| | $ | 222 |
| | $ | 470 |
| | $ | 179 |
| | $ | 649 |
| | $ | 17 |
| | $ | 666 |
|
| Add: Net adjustment from pension and postretirement benefit mark-to-market adjustments (1) | | — |
| | — |
| | — |
| | 16 |
| | 16 |
| | 69 |
| | 87 |
|
| Add: Net adjustment from restructuring charges and implementation costs (2) | | — |
| | — |
| | — |
| | 11 |
| | 11 |
| | 67 |
| | 78 |
|
| Adjusted Earnings from continuing operations attributable to Campbell Soup Company | | $ | 248 |
| | $ | 222 |
| | $ | 470 |
| | $ | 206 |
| | $ | 676 |
| | $ | 153 |
| | $ | 831 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Three Months Ended | | Six Months Ended | | Three Months Ended | | Nine Months Ended | | Three Months Ended | | Twelve Months Ended |
| (millions, except per share amounts) | | November 2, 2014 | | February 1, 2015 | | February 1, 2015 | | May 3, 2015 | | May 3, 2015 | | August 2, 2015 | | August 2, 2015 |
| Diluted earnings per share - continuing operations attributable to Campbell Soup Company, as reported | | $ | .78 |
| | $ | .71 |
| | $ | 1.50 |
| | $ | .57 |
| | $ | 2.07 |
| | $ | .05 |
| | $ | 2.13 |
|
| Add: Net adjustment from pension and postretirement benefit mark-to-market adjustments (1) | | — |
| | — |
| | — |
| | .05 |
| | .05 |
| | .22 |
| | .28 |
|
| Add: Net adjustment from restructuring charges and implementation costs (2) | | — |
| | — |
| | — |
| | .04 |
| | .04 |
| | .21 |
| | .25 |
|
| Adjusted Diluted earnings per share - continuing operations attributable to Campbell Soup Company* | | $ | .78 |
| | $ | .71 |
| | $ | 1.50 |
| | $ | .66 |
| | $ | 2.15 |
| | $ | .49 |
| | $ | 2.65 |
|
_____________________________________
*The sum of the individual per share amounts may not add due to rounding.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Three Months Ended | | Six Months Ended | | Three Months Ended | | Nine Months Ended | | Three Months Ended | | Twelve Months Ended |
| (millions, except per share amounts) | | October 27, 2013 | | January 26, 2014 | | January 26, 2014 | | April 27, 2014 | | April 27, 2014 | | August 3, 2014 | | August 3, 2014 |
| Gross margin, as reported | | $ | 811 |
| | $ | 827 |
| | $ | 1,638 |
| | $ | 706 |
| | $ | 2,344 |
| | $ | 627 |
| | $ | 2,971 |
|
| Add (Deduct): Pension and postretirement benefit mark-to-market adjustments (1) | | (20 | ) | | — |
| | (20 | ) | | — |
| | (20 | ) | | 19 |
| | (1 | ) |
| Add: Restructuring-related costs (2) | | 2 |
| | — |
| | 2 |
| | — |
| | 2 |
| | 1 |
| | 3 |
|
| Adjusted Gross margin | | $ | 793 |
| | $ | 827 |
| | $ | 1,620 |
| | $ | 706 |
| | $ | 2,326 |
| | $ | 647 |
| | $ | 2,973 |
|
| Adjusted Gross margin percentage | | 36.6 | % | | 36.3 | % | | 36.4 | % | | 35.8 | % | | 36.3 | % | | 34.9 | % | | 36.0 | % |
| Marketing and selling expenses, as reported | | $ | 257 |
| | $ | 265 |
| | $ | 522 |
| | $ | 214 |
| | $ | 736 |
| | $ | 193 |
| | $ | 929 |
|
| Deduct: Pension and postretirement benefit mark-to-market adjustments (1) | | — |
| | — |
| | — |
| | — |
| | — |
| | 8 |
| | 8 |
|
| Adjusted Marketing and selling expenses | | $ | 257 |
| | $ | 265 |
| | $ | 522 |
| | $ | 214 |
| | $ | 736 |
| | $ | 185 |
| | $ | 921 |
|
| Administrative expenses, as reported | | $ | 144 |
| | $ | 138 |
| | $ | 282 |
| | $ | 130 |
| | $ | 412 |
| | $ | 164 |
| | $ | 576 |
|
| Deduct: Pension and postretirement benefit mark-to-market adjustments (1) | | — |
| | — |
| | — |
| | — |
| | — |
| | 19 |
| | 19 |
|
| Adjusted Administrative expenses | | $ | 144 |
| | $ | 138 |
| | $ | 282 |
| | $ | 130 |
| | $ | 412 |
| | $ | 145 |
| | $ | 557 |
|
| Research and development expenses, as reported | | $ | 30 |
| | $ | 26 |
| | $ | 56 |
| | $ | 28 |
| | $ | 84 |
| | $ | 38 |
| | $ | 122 |
|
| Deduct: Pension and postretirement benefit mark-to-market adjustments (1) | | — |
| | — |
| | — |
| | — |
| | — |
| | 5 |
| | 5 |
|
| Adjusted Research and development expenses | | $ | 30 |
| | $ | 26 |
| | $ | 56 |
| | $ | 28 |
| | $ | 84 |
| | $ | 33 |
| | $ | 117 |
|
| Other expenses / (income), as reported | | $ | 11 |
| | $ | 3 |
| | $ | 14 |
| | $ | 2 |
| | $ | 16 |
| | $ | 6 |
| | $ | 22 |
|
| Deduct: Loss on foreign exchange forward contracts (3) | | 9 |
| | — |
| | 9 |
| | — |
| | 9 |
| | — |
| | 9 |
|
| Adjusted Other expenses / (income) | | $ | 2 |
| | $ | 3 |
| | $ | 5 |
| | $ | 2 |
| | $ | 7 |
| | $ | 6 |
| | $ | 13 |
|
| Earnings before interest and taxes, as reported | | $ | 348 |
| | $ | 382 |
| | $ | 730 |
| | $ | 331 |
| | $ | 1,061 |
| | $ | 206 |
| | $ | 1,267 |
|
| Add (Deduct): Pension and postretirement benefit mark-to-market adjustments (1) | | (20 | ) | | — |
| | (20 | ) | | — |
| | (20 | ) | | 51 |
| | 31 |
|
| Add: Restructuring charges and related costs (2) | | 23 |
| | 13 |
| | 36 |
| | — |
| | 37 |
| | 21 |
| | 58 |
|
| Add: Loss on foreign exchange forward contracts (3) | | 9 |
| | — |
| | 9 |
| | — |
| | 9 |
| | — |
| | 9 |
|
Deduct: Impact of 53rd week (4) | | — |
| | — |
| | — |
| | — |
| | — |
| | (37 | ) | | (37 | ) |
| Adjusted Earnings before interest and taxes | | $ | 360 |
| | $ | 395 |
| | $ | 755 |
| | $ | 331 |
| | $ | 1,087 |
| | $ | 241 |
| | $ | 1,328 |
|
| Interest, net, as reported | | $ | 30 |
| | $ | 29 |
| | $ | 59 |
| | $ | 30 |
| | $ | 89 |
| | $ | 30 |
| | $ | 119 |
|
Deduct: Impact of 53rd week (4) | | — |
| | — |
| | — |
| | — |
| | — |
| | (2 | ) | | (2 | ) |
| Adjusted Interest, net | | $ | 30 |
| | $ | 29 |
| | $ | 59 |
| | $ | 30 |
| | $ | 89 |
| | $ | 28 |
| | $ | 117 |
|
| Adjusted Earnings before taxes | | $ | 330 |
| | $ | 366 |
| | $ | 696 |
| | $ | 301 |
| | $ | 998 |
| | $ | 213 |
| | $ | 1,211 |
|
| Taxes on earnings, as reported | | $ | 110 |
| | $ | 112 |
| | $ | 222 |
| | $ | 93 |
| | $ | 315 |
| | $ | 59 |
| | $ | 374 |
|
| Add (Deduct): Tax benefit (expense) from pension and postretirement benefit mark-to-market adjustments (1) | | (7 | ) | | — |
| | (7 | ) | | — |
| | (7 | ) | | 19 |
| | 12 |
|
| Add: Restructuring charges and related costs (2) | | 8 |
| | 3 |
| | 11 |
| | — |
| | 11 |
| | 6 |
| | 17 |
|
| Add: Loss on foreign exchange forward contracts (3) | | 3 |
| | — |
| | 3 |
| | — |
| | 3 |
| | — |
| | 3 |
|
| Deduct: Tax expense associated with sale of European business (3) | | (7 | ) | | — |
| | (7 | ) | | — |
| | (7 | ) | | — |
| | (7 | ) |
Deduct: Impact of 53rd week (4) | | — |
| | — |
| | — |
| | — |
| | — |
| | (10 | ) | | (10 | ) |
| Adjusted Taxes on earnings | | $ | 107 |
| | $ | 115 |
| | $ | 222 |
| | $ | 93 |
| | $ | 315 |
| | $ | 74 |
| | $ | 389 |
|
| Adjusted effective income tax rate | | 32.4 | % | | 31.4 | % | | 31.9 | % | | 30.9 | % | | 31.6 | % | | 34.7 | % | | 32.1 | % |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Three Months Ended | | Six Months Ended | | Three Months Ended | | Nine Months Ended | | Three Months Ended | | Twelve Months Ended |
| (millions, except per share amounts) | | October 27, 2013 | | January 26, 2014 | | January 26, 2014 | | April 27, 2014 | | April 27, 2014 | | August 3, 2014 | | August 3, 2014 |
| Earnings from continuing operations, as reported | | $ | 208 |
| | $ | 241 |
| | $ | 449 |
| | $ | 208 |
| | $ | 657 |
| | $ | 117 |
| | $ | 774 |
|
| Deduct: Net loss from noncontrolling interests | | (1 | ) | | (7 | ) | | (8 | ) | | (1 | ) | | (9 | ) | | (2 | ) | | (11 | ) |
| Earnings from continuing operations attributable to Campbell Soup Company, as reported | | $ | 209 |
| | $ | 248 |
| | $ | 457 |
| | $ | 209 |
| | $ | 666 |
| | $ | 119 |
| | $ | 785 |
|
| Add (Deduct): Net adjustment from pension and postretirement benefit mark-to-market adjustments (1) | | (13 | ) | | — |
| | (13 | ) | | — |
| | (13 | ) | | 32 |
| | 19 |
|
| Add: Net adjustment from restructuring charges and related costs (2) | | 15 |
| | 10 |
| | 25 |
| | — |
| | 26 |
| | 15 |
| | 41 |
|
| Deduct: Restructuring charges attributable to noncontrolling interest (2) | | — |
| | (5 | ) | | (5 | ) | | — |
| | (5 | ) | | — |
| | (5 | ) |
| Add: Net adjustment from loss on foreign exchange forward contracts (3) | | 6 |
| | — |
| | 6 |
| | — |
| | 6 |
| | — |
| | 6 |
|
| Add: Tax expense associated with sale of European business (3) | | 7 |
| | — |
| | 7 |
| | — |
| | 7 |
| | — |
| | 7 |
|
Deduct: Net impact of 53rd week (4) | | — |
| | — |
| | — |
| | — |
| | — |
| | (25 | ) | | (25 | ) |
| Adjusted Earnings from continuing operations attributable to Campbell Soup Company | | $ | 224 |
| | $ | 253 |
| | $ | 477 |
| | $ | 209 |
| | $ | 687 |
| | $ | 141 |
| | $ | 828 |
|
| Earnings (loss) from discontinued operations, as reported | | $ | (9 | ) | | $ | 90 |
| | $ | 81 |
| | $ | — |
| | $ | 81 |
| | $ | — |
| | $ | 81 |
|
| Deduct: Gain on sale of European business (3) | | 18 |
| | (90 | ) | | (72 | ) | | — |
| | (72 | ) | | — |
| | (72 | ) |
| Adjusted Earnings from discontinued operations | | $ | 9 |
| | $ | — |
| | $ | 9 |
| | $ | — |
| | $ | 9 |
| | $ | — |
| | $ | 9 |
|
| Adjusted Net earnings attributable to Campbell Soup Company | | $ | 233 |
| | $ | 253 |
| | $ | 486 |
| | $ | 209 |
| | $ | 696 |
| | $ | 141 |
| | $ | 837 |
|
| Diluted earnings per share - continuing operations attributable to Campbell Soup Company, as reported | | $ | .66 |
| | $ | .78 |
| | $ | 1.45 |
| | $ | .66 |
| | $ | 2.11 |
| | $ | .38 |
| | $ | 2.48 |
|
| Add (Deduct): Net adjustment from pension and postretirement benefit mark-to-market adjustments (1) | | (.04 | ) | | — |
| | (.04 | ) | | — |
| | (.04 | ) | | .10 |
| | .06 |
|
| Add: Net adjustment from restructuring charges and related costs attributable to Campbell Soup Company (2) | | .05 |
| | .02 |
| | .06 |
| | — |
| | .07 |
| | .05 |
| | .11 |
|
| Add: Net adjustment from loss on foreign exchange forward contracts (3) | | .02 |
| | — |
| | .02 |
| | — |
| | .02 |
| | — |
| | .02 |
|
| Add: Tax expense associated with sale of European business (3) | | .02 |
| | — |
| | .02 |
| | — |
| | .02 |
| | — |
| | .02 |
|
Deduct: Net impact of 53rd week (4) | | — |
| | — |
| | — |
| | — |
| | — |
| | (.08 | ) | | (.08 | ) |
| Adjusted Diluted earnings per share - continuing operations attributable to Campbell Soup Company* | | $ | .71 |
| | $ | .80 |
| | $ | 1.51 |
| | $ | .66 |
| | $ | 2.17 |
| | $ | .45 |
| | $ | 2.62 |
|
| Diluted earnings (loss) per share - discontinued operations, as reported | | $ | (.03 | ) | | $ | .28 |
| | $ | .26 |
| | $ | — |
| | $ | .26 |
| | $ | — |
| | $ | .26 |
|
| Deduct: Gain on sale of European business (3) | | .06 |
| | (.28 | ) | | (.23 | ) | | — |
| | (.23 | ) | | — |
| | (.23 | ) |
| Adjusted Diluted earnings (loss) per share - discontinued operations | | $ | .03 |
| | $ | — |
| | $ | .03 |
| | $ | — |
| | $ | .03 |
| | $ | — |
| | $ | .03 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Three Months Ended | | Six Months Ended | | Three Months Ended | | Nine Months Ended | | Three Months Ended | | Twelve Months Ended |
| (millions, except per share amounts) | | October 27, 2013 | | January 26, 2014 | | January 26, 2014 | | April 27, 2014 | | April 27, 2014 | | August 3, 2014 | | August 3, 2014 |
| Diluted net earnings per share attributable to Campbell Soup Company, as reported* | | $ | .63 |
| | $ | 1.07 |
| | $ | 1.70 |
| | $ | .66 |
| | $ | 2.36 |
| | $ | .38 |
| | $ | 2.74 |
|
| Add (Deduct): Net adjustment from pension and postretirement benefit mark-to-market adjustments (1) | | (.04 | ) | | — |
| | (.04 | ) | | — |
| | (.04 | ) | | .10 |
| | .06 |
|
| Add: Net adjustment from restructuring charges and related costs attributable to Campbell Soup Company (2) | | .05 |
| | .02 |
| | .06 |
| | — |
| | .07 |
| | .05 |
| | .11 |
|
| Add: Net adjustment from loss on foreign exchange forward contracts (3) | | .02 |
| | — |
| | .02 |
| | — |
| | .02 |
| | — |
| | .02 |
|
| Add: Tax expense associated with sale of European business (3) | | .02 |
| | — |
| | .02 |
| | — |
| | .02 |
| | — |
| | .02 |
|
Deduct: Net impact of 53rd week (4) | | — |
| | — |
| | — |
| | — |
| | — |
| | (.08 | ) | | (.08 | ) |
| Deduct: Gain on sale of European business (3) | | .06 |
| | (.28 | ) | | (.23 | ) | | — |
| | (.23 | ) | | — |
| | (.23 | ) |
| Adjusted Diluted net earnings per share attributable to Campbell Soup Company* | | $ | .74 |
| | $ | .80 |
| | $ | 1.54 |
| | $ | .66 |
| | $ | 2.20 |
| | $ | .45 |
| | $ | 2.65 |
|
_____________________________________
*The sum of the individual per share amounts may not add due to rounding.
