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New Jersey | 21-0419870 | |
State of Incorporation | I.R.S. Employer Identification No. |
Large accelerated filer þ | Accelerated filer o |
Non-accelerated filer
o
(Do not check if a smaller reporting company) |
Smaller reporting company o |
Three Months Ended | Six Months Ended | |||||||||||||||
January 31, | February 1, | January 31, | February 1, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
|
||||||||||||||||
Net Sales
|
$ | 2,153 | $ | 2,122 | $ | 4,356 | $ | 4,372 | ||||||||
|
||||||||||||||||
Costs and expenses
|
||||||||||||||||
Cost of products sold
|
1,282 | 1,285 | 2,562 | 2,664 | ||||||||||||
Marketing and selling expenses
|
301 | 315 | 585 | 622 | ||||||||||||
Administrative expenses
|
149 | 138 | 282 | 278 | ||||||||||||
Research and development expenses
|
28 | 27 | 57 | 56 | ||||||||||||
Other expenses / (income)
|
2 | 2 | 1 | (2 | ) | |||||||||||
Total costs and expenses
|
1,762 | 1,767 | 3,487 | 3,618 | ||||||||||||
Earnings before interest and taxes
|
391 | 355 | 869 | 754 | ||||||||||||
Interest expense
|
27 | 26 | 55 | 59 | ||||||||||||
Interest income
|
1 | 1 | 2 | 2 | ||||||||||||
Earnings before taxes
|
365 | 330 | 816 | 697 | ||||||||||||
Taxes on earnings
|
106 | 101 | 253 | 208 | ||||||||||||
|
||||||||||||||||
Earnings from continuing operations
|
259 | 229 | 563 | 489 | ||||||||||||
Earnings from discontinued operations
|
— | 4 | — | 4 | ||||||||||||
Net earnings
|
$ | 259 | $ | 233 | $ | 563 | $ | 493 | ||||||||
|
||||||||||||||||
Per Share — basic
|
||||||||||||||||
|
||||||||||||||||
Earnings from continuing operations
|
$ | .74 | $ | .63 | $ | 1.62 | $ | 1.35 | ||||||||
Earnings from discontinued operations
|
— | .01 | — | .01 | ||||||||||||
Net earnings
|
$ | .74 | $ | .65 | $ | 1.62 | $ | 1.36 | ||||||||
|
||||||||||||||||
Dividends
|
$ | .275 | $ | .25 | $ | .525 | $ | .50 | ||||||||
|
||||||||||||||||
Weighted average shares outstanding — basic
|
341 | 355 | 342 | 356 | ||||||||||||
|
||||||||||||||||
Per share — assuming dilution
|
||||||||||||||||
|
||||||||||||||||
Earnings from continuing operations
|
$ | .74 | $ | .63 | $ | 1.61 | $ | 1.33 | ||||||||
Earnings from discontinued operations
|
— | .01 | — | .01 | ||||||||||||
Net Earnings
|
$ | .74 | $ | .64 | $ | 1.61 | $ | 1.34 | ||||||||
Weighted average shares outstanding — assuming dilution
|
344 | 358 | 345 | 360 | ||||||||||||
2
January 31, | August 2, | |||||||
2010 | 2009 | |||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$ | 113 | $ | 51 | ||||
Accounts receivable
|
679 | 528 | ||||||
Inventories
|
700 | 824 | ||||||
Other current assets
|
140 | 148 | ||||||
Total current assets
|
1,632 | 1,551 | ||||||
Plant assets, net of depreciation
|
1,969 | 1,977 | ||||||
Goodwill
|
1,926 | 1,901 | ||||||
Other intangible assets, net of amortization
|
516 | 522 | ||||||
Other assets
|
109 | 105 | ||||||
Total assets
|
$ | 6,152 | $ | 6,056 | ||||
Current liabilities
|
||||||||
Short-term borrowings
|
$ | 400 | $ | 378 | ||||
Payable to suppliers and others
|
512 | 569 | ||||||
Accrued liabilities
|
576 | 579 | ||||||
Dividend payable
|
96 | 88 | ||||||
Accrued income taxes
|
49 | 14 | ||||||
Total current liabilities
|
1,633 | 1,628 | ||||||
Long-term debt
|
2,250 | 2,246 | ||||||
Deferred taxes
|
289 | 237 | ||||||
Other liabilities
|
954 | 1,214 | ||||||
Total liabilities
|
5,126 | 5,325 | ||||||
Campbell Soup Company shareowners’ equity
|
||||||||
Preferred stock; authorized 40 shares; none issued
|
— | — | ||||||
Capital stock, $.0375 par value; authorized 560 shares;
issued 542 shares
|
20 | 20 | ||||||
Additional paid-in capital
|
311 | 332 | ||||||
Earnings retained in the business
|
8,668 | 8,288 | ||||||
Capital stock in treasury, at cost
|
(7,321 | ) | (7,194 | ) | ||||
Accumulated other comprehensive loss
|
(655 | ) | (718 | ) | ||||
Total Campbell Soup Company shareowners’ equity
|
1,023 | 728 | ||||||
Noncontrolling interest
|
3 | 3 | ||||||
Total equity
|
1,026 | 731 | ||||||
Total liabilities and equity
|
$ | 6,152 | $ | 6,056 | ||||
3
Six Months Ended | ||||||||
January 31, | February 1, | |||||||
2010 | 2009 | |||||||
Cash flows from operating activities:
|
||||||||
Net earnings
|
$ | 563 | $ | 493 | ||||
Adjustments to reconcile net earnings to operating cash flow
|
||||||||
Stock-based compensation
|
45 | 44 | ||||||
Depreciation and amortization
|
122 | 133 | ||||||
Deferred income taxes
|
58 | 53 | ||||||
Other, net
|
46 | 24 | ||||||
Changes in working capital
|
||||||||
Accounts receivable
|
(147 | ) | (144 | ) | ||||
Inventories
|
126 | 23 | ||||||
Prepaid assets
|
— | 22 | ||||||
Accounts payable and accrued liabilities
|
(31 | ) | (169 | ) | ||||
Pension fund contributions
|
(272 | ) | (4 | ) | ||||
Receipts from (payments of) hedging activities
|
7 | (47 | ) | |||||
Other
|
(21 | ) | (10 | ) | ||||
Net cash provided by operating activities
|
496 | 418 | ||||||
Cash flows from investing activities:
|
||||||||
Purchases of plant assets
|
(103 | ) | (98 | ) | ||||
Sales of plant assets
|
5 | — | ||||||
Sale of business, net of cash divested
|
— | 38 | ||||||
Other, net
|
2 | (2 | ) | |||||
Net cash used in investing activities
|
(96 | ) | (62 | ) | ||||
Cash flows from financing activities:
|
||||||||
Net short-term borrowings
|
8 | 47 | ||||||
Long-term borrowings
|
— | 300 | ||||||
Repayments of notes payable
|
— | (300 | ) | |||||
Dividends paid
|
(175 | ) | (171 | ) | ||||
Treasury stock purchases
|
(213 | ) | (295 | ) | ||||
Treasury stock issuances
|
36 | 69 | ||||||
Excess tax benefits on stock-based compensation
|
4 | 17 | ||||||
Other, net
|
— | (4 | ) | |||||
Net cash used in financing activities
|
(340 | ) | (337 | ) | ||||
Effect of exchange rate changes on cash
|
2 | (20 | ) | |||||
Net change in cash and cash equivalents
|
62 | (1 | ) | |||||
Cash and cash equivalents — beginning of period
|
51 | 81 | ||||||
Cash and cash equivalents — end of period
|
$ | 113 | $ | 80 | ||||
4
Campbell Soup Company Shareowners’ Equity | ||||||||||||||||||||||||||||||||||||
Capital Stock | Earnings | Accumulated | ||||||||||||||||||||||||||||||||||
Issued | In Treasury | Additional | Retained | Other | ||||||||||||||||||||||||||||||||
Paid-in | in the | Comprehensive | Noncontrolling | Total | ||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Business | Income (Loss) | Interest | Equity | ||||||||||||||||||||||||||||
Balance at August 3, 2008
|
542 | $ | 20 | (186 | ) | $ | (6,812 | ) | $ | 337 | $ | 7,909 | $ | (136 | ) | $ | 3 | $ | 1,321 | |||||||||||||||||
Comprehensive income (loss)
|
||||||||||||||||||||||||||||||||||||
Net earnings
|
493 | — | 493 | |||||||||||||||||||||||||||||||||
Foreign currency
translation adjustments, net of tax
|
(409 | ) | — | (409 | ) | |||||||||||||||||||||||||||||||
Cash-flow hedges, net of tax
|
(13 | ) | (13 | ) | ||||||||||||||||||||||||||||||||
Pension and postretirement benefits,
net of tax
|
23 | 23 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss)
|
(399 | ) | — | (399 | ) | |||||||||||||||||||||||||||||||
Total comprehensive income (loss)
|
94 | |||||||||||||||||||||||||||||||||||
Dividends ($.50 per share)
|
(181 | ) | (181 | ) | ||||||||||||||||||||||||||||||||
Treasury stock purchased
|
(9 | ) | (295 | ) | (295 | ) | ||||||||||||||||||||||||||||||
Treasury stock issued under
management incentive and
stock option plans
|
4 | 135 | (34 | ) | 101 | |||||||||||||||||||||||||||||||
Balance at February 1, 2009
|
542 | $ | 20 | (191 | ) | $ | (6,972 | ) | $ | 303 | $ | 8,221 | $ | (535 | ) | $ | 3 | $ | 1,040 | |||||||||||||||||
Balance at August 2, 2009
|
542 | $ | 20 | (199 | ) | $ | (7,194 | ) | $ | 332 | $ | 8,288 | $ | (718 | ) | $ | 3 | $ | 731 | |||||||||||||||||
Comprehensive income (loss)
|
||||||||||||||||||||||||||||||||||||
Net earnings
|
563 | — | 563 | |||||||||||||||||||||||||||||||||
Foreign currency
translation adjustments, net of tax
|
35 | — | 35 | |||||||||||||||||||||||||||||||||
Cash-flow hedges, net of tax
|
6 | 6 | ||||||||||||||||||||||||||||||||||
Pension and postretirement benefits,
net of tax
|
22 | 22 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss)
|
63 | — | 63 | |||||||||||||||||||||||||||||||||
Total comprehensive income (loss)
|
626 | |||||||||||||||||||||||||||||||||||
Dividends ($.525 per share)
|
(183 | ) | (183 | ) | ||||||||||||||||||||||||||||||||
Treasury stock purchased
|
(7 | ) | (213 | ) | (213 | ) | ||||||||||||||||||||||||||||||
Treasury stock issued under
management incentive and
stock option plans
|
3 | 86 | (21 | ) | 65 | |||||||||||||||||||||||||||||||
Balance at January 31, 2010
|
542 | $ | 20 | (203 | ) | $ | (7,321 | ) | $ | 311 | $ | 8,668 | $ | (655 | ) | $ | 3 | $ | 1,026 | |||||||||||||||||
5
6
January 31, | August 2, | |||||||
2010 | 2009 | |||||||
Foreign currency translation adjustments, net of tax (1)
|
$ | 128 | $ | 93 | ||||
Cash-flow hedges, net of tax (2)
|
(14 | ) | (20 | ) | ||||
Unamortized pension and postretirement benefits, net of tax (3):
|
||||||||
Net actuarial loss
|
(766 | ) | (787 | ) | ||||
Prior service cost
|
(3 | ) | (4 | ) | ||||
|
||||||||
Total Accumulated other comprehensive income (loss)
|
$ | (655 | ) | $ | (718 | ) | ||
|
(1) | Includes a tax expense of $6 as of January 31, 2010 and $7 as of August 2, 2009. | |
(2) | Includes a tax benefit of $8 as of January 31, 2010 and $11 as of August 2, 2009. | |
(3) | Includes a tax benefit of $441 as of January 31, 2010 and $442 as of August 2, 2009. |
7
International | ||||||||||||||||||||
U.S. Soup, | Baking | Soup, Sauces | North | |||||||||||||||||
Sauces and | and | and | America | |||||||||||||||||
Beverages | Snacking | Beverages | Foodservice | Total | ||||||||||||||||
Balance at August 2, 2009
|
$ | 434 | $ | 700 | $ | 621 | $ | 146 | $ | 1,901 | ||||||||||
Foreign currency translation adjustment
|
— | 38 | (13 | ) | — | 25 | ||||||||||||||
|
||||||||||||||||||||
Balance at January 31, 2010
|
$ | 434 | $ | 738 | $ | 608 | $ | 146 | $ | 1,926 | ||||||||||
|
January 31, | August 2, | |||||||
2010 | 2009 | |||||||
Intangible Assets:
|
||||||||
Non-amortizable intangible assets
|
$ | 503 | $ | 508 | ||||
Amortizable intangible assets
|
21 | 21 | ||||||
|
||||||||
|
524 | 529 | ||||||
Accumulated amortization
|
(8 | ) | (7 | ) | ||||
|
||||||||
Total net intangible assets
|
$ | 516 | $ | 522 | ||||
|
8
Three Months Ended | Six Months Ended | |||||||||||||||
January 31, | February 1, | January 31, | February 1, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Net sales
|
||||||||||||||||
U.S. Soup, Sauces and Beverages
|
$ | 1,068 | $ | 1,128 | $ | 2,208 | $ | 2,326 | ||||||||
Baking and Snacking
|
489 | 440 | 1,019 | 949 | ||||||||||||
International Soup, Sauces and Beverages
|
437 | 391 | 811 | 771 | ||||||||||||
North America Foodservice
|
159 | 163 | 318 | 326 | ||||||||||||
|
||||||||||||||||
Total
|
$ | 2,153 | $ | 2,122 | $ | 4,356 | $ | 4,372 | ||||||||
|
Three Months Ended | Six Months Ended | |||||||||||||||
January 31, | February 1, | January 31, | February 1, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Earnings before interest and taxes
|
||||||||||||||||
U.S. Soup, Sauces and Beverages
|
$ | 259 | $ | 270 | $ | 590 | $ | 584 | ||||||||
Baking and Snacking(1)
|
73 | 53 | 173 | 136 | ||||||||||||
International Soup, Sauces and Beverages
|
74 | 50 | 118 | 88 | ||||||||||||
North America Foodservice(1)
|
17 | 10 | 43 | 21 | ||||||||||||
Corporate(2)
|
(32 | ) | (28 | ) | (55 | ) | (75 | ) | ||||||||
|
||||||||||||||||
Total
|
$ | 391 | $ | 355 | $ | 869 | $ | 754 | ||||||||
|
(1) | Earnings before interest and taxes of the Baking and Snacking and North America Foodservice segments included the effect of restructuring-related costs of $2 and $6, respectively, in the three-month period ended February 1, 2009. Earnings before interest and taxes of the Baking and Snacking and North America Foodservice segments included the effect of restructuring-related costs of $2 and $13, respectively, in the six-month period ended February 1, 2009. See Note 7 for additional information on restructuring charges. | |
(2) | Represents unallocated corporate expenses. The six-month period ended February 1, 2009 included unrealized losses on commodity hedges of $26. |
Accrued | Accrued | |||||||||||
Balance at | Balance at | |||||||||||
August 2, | Cash | January 31, | ||||||||||
2009 | Payments | 2010 | ||||||||||
Severance pay and benefits
|
$ | 4 | (3 | ) | $ | 1 | ||||||
|
9
International | ||||||||||||||||||||
U.S. Soup, | Baking | Soup, Sauces | North | |||||||||||||||||
Sauces and | and | and | America | |||||||||||||||||
Beverages | Snacking | Beverages | Foodservice | Total | ||||||||||||||||
Severance pay and benefits
|
$ | — | $ | 14 | $ | 9 | $ | 23 | $ | 46 | ||||||||||
Asset impairment/accelerated depreciation
|
— | 131 | — | 23 | 154 | |||||||||||||||
Other exit costs
|
— | 2 | — | 2 | 4 | |||||||||||||||
|
||||||||||||||||||||
|
$ | — | $ | 147 | $ | 9 | $ | 48 | $ | 204 | ||||||||||
|
Three Months Ended | Six Months Ended | |||||||||||||||
January 31, | February 1, | January 31, | February 1, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Earnings from continuing operations
|
$ | 259 | $ | 229 | $ | 563 | $ | 489 | ||||||||
Less: Allocation to participating securities
|
(5 | ) | (4 | ) | (8 | ) | (9 | ) | ||||||||
|
||||||||||||||||
Available to common shareowners
|
$ | 254 | $ | 225 | $ | 555 | $ | 480 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Earnings from discontinued operations
|
$ | — | $ | 4 | $ | — | $ | 4 | ||||||||
Less: Allocation to participating securities
|
— | — | — | — | ||||||||||||
|
||||||||||||||||
Available to common shareowners
|
$ | — | $ | 4 | $ | — | $ | 4 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Net earnings
|
$ | 259 | $ | 233 | $ | 563 | $ | 493 | ||||||||
Less: Allocation to participating securities
|
(5 | ) | (4 | ) | (8 | ) | (9 | ) | ||||||||
|
||||||||||||||||
Available to common shareowners
|
$ | 254 | $ | 229 | $ | 555 | $ | 484 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Weighted average shares outstanding — basic
|
341 | 355 | 342 | 356 | ||||||||||||
Effect of dilutive securities: stock options
|
3 | 3 | 3 | 4 | ||||||||||||
|
||||||||||||||||
Weighted average shares outstanding — diluted
|
344 | 358 | 345 | 360 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Earnings from continuing operations per common share:
|
||||||||||||||||
Basic
|
$ | .74 | $ | .63 | $ | 1.62 | $ | 1.35 | ||||||||
|
||||||||||||||||
Diluted
|
$ | .74 | $ | .63 | $ | 1.61 | $ | 1.33 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Earnings from discontinued operations per common share:
|
||||||||||||||||
Basic
|
$ | — | $ | .01 | $ | — | $ | .01 | ||||||||
|
||||||||||||||||
Diluted
|
$ | — | $ | .01 | $ | — | $ | .01 | ||||||||
|
10
Three Months Ended | Six Months Ended | |||||||||||||||
January 31, | February 1, | January 31, | February 1, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Net earnings per common share (1):
|
||||||||||||||||
Basic
|
$ | .74 | $ | .65 | $ | 1.62 | $ | 1.36 | ||||||||
|
||||||||||||||||
Diluted
|
$ | .74 | $ | .64 | $ | 1.61 | $ | 1.34 | ||||||||
|
(1) | The sum of the individual per share amounts does not equal due to rounding. |
Quarter Ended | Year-to-Date | |||||||||||||||
May 3, | August 2, | May 3, | August 2, | |||||||||||||
2009 | 2009 | 2009 | 2009 | |||||||||||||
Earnings from continuing operations
|
$ | 174 | $ | 69 | $ | 663 | $ | 732 | ||||||||
Less: Allocation to participating securities
|
(3 | ) | (1 | ) | (12 | ) | (12 | ) | ||||||||
|
||||||||||||||||
Available to common shareowners
|
$ | 171 | $ | 68 | $ | 651 | $ | 720 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Earnings from discontinued operations
|
$ | — | $ | — | $ | 4 | $ | 4 | ||||||||
Less: Allocation to participating securities
|
— | — | — | — | ||||||||||||
|
||||||||||||||||
Available to common shareowners
|
$ | — | $ | — | $ | 4 | $ | 4 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Net Earnings
|
$ | 174 | $ | 69 | $ | 667 | $ | 736 | ||||||||
Less: Allocation to participating securities
|
(3 | ) | (1 | ) | (12 | ) | (12 | ) | ||||||||
|
||||||||||||||||
Available to common shareowners
|
$ | 171 | $ | 68 | $ | 655 | $ | 724 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Weighted average shares outstanding — basic
|
350 | 346 | 354 | 352 | ||||||||||||
Effect of dilutive securities: stock options
|
1 | 2 | 3 | 2 | ||||||||||||
|
||||||||||||||||
Weighted average shares outstanding — diluted
|
351 | 348 | 357 | 354 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Earnings from continuing operations per common share:
|
||||||||||||||||
Basic
|
$ | .49 | $ | .20 | $ | 1.84 | $ | 2.05 | ||||||||
|
||||||||||||||||
Diluted
|
$ | .49 | $ | .20 | $ | 1.82 | $ | 2.03 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Earnings from discontinued operations per common share:
|
||||||||||||||||
Basic
|
$ | — | $ | — | $ | .01 | $ | .01 | ||||||||
|
||||||||||||||||
Diluted
|
$ | — | $ | — | $ | .01 | $ | .01 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Net earnings per common share (1):
|
||||||||||||||||
Basic
|
$ | .49 | $ | .20 | $ | 1.85 | $ | 2.06 | ||||||||
|
||||||||||||||||
Diluted
|
$ | .49 | $ | .20 | $ | 1.83 | $ | 2.05 | ||||||||
|
(1) | The sum of the individual per share amounts does not equal due to rounding. |
11
Year-to-Date | ||||||||
August 3, | July 29, | |||||||
2008 | 2007 | |||||||
|
||||||||
Earnings from continuing operations
|
$ | 671 | $ | 792 | ||||
Less: Allocation to participating securities
|
(12 | ) | (13 | ) | ||||
|
||||||||
Available to common shareowners — basic
|
$ | 659 | $ | 779 | ||||
|
||||||||
|
||||||||
Earnings from discontinued operations
|
$ | 494 | $ | 62 | ||||
Less: Allocation to participating securities
|
(10 | ) | (1 | ) | ||||
|
||||||||
Available to common shareowners — basic
|
$ | 484 | $ | 61 | ||||
|
||||||||
|
||||||||
Net Earnings
|
$ | 1,165 | $ | 854 | ||||
Less: Allocation to participating securities
|
(22 | ) | (14 | ) | ||||
|
||||||||
Available to common shareowners — basic
|
$ | 1,143 | $ | 840 | ||||
|
||||||||
|
||||||||
Earnings from continuing operations
|
$ | 671 | $ | 792 | ||||
Less: Allocation to participating securities
|
(12 | ) | (12 | ) | ||||
|
||||||||
Available to common shareowners — diluted
|
$ | 659 | $ | 780 | ||||
|
||||||||
|
||||||||
Earnings from discontinued operations
|
$ | 494 | $ | 62 | ||||
Less: Allocation to participating securities
|
(10 | ) | (2 | ) | ||||
|
||||||||
Available to common shareowners — diluted
|
$ | 484 | $ | 60 | ||||
|
||||||||
|
||||||||
Net Earnings
|
$ | 1,165 | $ | 854 | ||||
Less: Allocation to participating securities
|
(22 | ) | (14 | ) | ||||
|
||||||||
Available to common shareowners — diluted
|
$ | 1,143 | $ | 840 | ||||
|
||||||||
|
||||||||
Weighted average shares outstanding — basic
|
373 | 386 | ||||||
Effect of dilutive securities: stock options
|
4 | 6 | ||||||
|
||||||||
Weighted average shares outstanding — diluted
|
377 | 392 | ||||||
|
||||||||
|
||||||||
Earnings from continuing operations per common share:
|
||||||||
Basic
|
$ | 1.77 | $ | 2.02 | ||||
|
||||||||
Diluted
|
$ | 1.75 | $ | 1.99 | ||||
|
||||||||
|
||||||||
Earnings from discontinued operations per common share:
|
||||||||
Basic
|
$ | 1.30 | $ | .16 | ||||
|
||||||||
Diluted
|
$ | 1.28 | $ | .15 | ||||
|
||||||||
|
||||||||
Net earnings per common share (1):
|
||||||||
Basic
|
$ | 3.06 | $ | 2.18 | ||||
|
||||||||
Diluted
|
$ | 3.03 | $ | 2.14 | ||||
|
(1) | The sum of the individual per share amounts does not equal due to rounding. |
12
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
Pension | Postretirement | Pension | Postretirement | |||||||||||||||||||||||||||||
Jan. 31, | Feb. 1, | Jan. 31, | Feb. 1, | Jan. 31, | Feb. 1, | Jan. 31, | Feb. 1, | |||||||||||||||||||||||||
2010 | 2009 | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | |||||||||||||||||||||||||
Service cost
|
$ | 13 | $ | 12 | $ | 1 | $ | 1 | $ | 27 | $ | 23 | $ | 2 | $ | 2 | ||||||||||||||||
Interest cost
|
31 | 30 | 5 | 6 | 61 | 61 | 10 | 11 | ||||||||||||||||||||||||
Expected return on plan assets
|
(42 | ) | (41 | ) | — | — | (85 | ) | (82 | ) | — | — | ||||||||||||||||||||
Amortization of prior service cost
|
— | — | — | — | 1 | 1 | — | — | ||||||||||||||||||||||||
Recognized net actuarial loss
|
12 | 5 | — | — | 24 | 9 | — | — | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Net periodic benefit expense
|
$ | 14 | $ | 6 | $ | 6 | $ | 7 | $ | 28 | $ | 12 | $ | 12 | $ | 13 | ||||||||||||||||
|
13
14
January 31, | August 2, | |||||||||
Balance Sheet Classification | 2010 | 2009 | ||||||||
Asset Derivatives
|
||||||||||
Derivatives designated as hedges:
|
||||||||||
Foreign exchange forward contracts
|
Other current assets | $ | 3 | $ | 1 | |||||
Cross-currency swap contracts
|
Other current assets | 2 | 3 | |||||||
Interest rate swaps
|
Other assets | 43 | 38 | |||||||
|
||||||||||
Total derivatives designated as hedges
|
$ | 48 | $ | 42 | ||||||
|
||||||||||
Derivatives not designated as hedges:
|
||||||||||
Foreign exchange forward contracts
|
Other current assets | $ | 1 | $ | 3 | |||||
Commodity contracts
|
Other current assets | 1 | 6 | |||||||
Cross-currency swap contracts
|
Other assets | 8 | 7 | |||||||
Deferred compensation contracts
|
Other current assets | — | 4 | |||||||
|
||||||||||
Total derivatives not designated as hedges
|
$ | 10 | $ | 20 | ||||||
|
||||||||||
Total asset derivatives
|
$ | 58 | $ | 62 | ||||||
|
January 31, | August 2, | |||||||||
Balance Sheet Classification | 2010 | 2009 | ||||||||
Liability Derivatives
|
||||||||||
Derivatives designated as hedges:
|
||||||||||
Foreign exchange forward contracts
|
Accrued liabilities | $ | 3 | $ | 3 | |||||
Commodity contracts
|
Accrued liabilities | 1 | — | |||||||
Cross-currency swap contracts
|
Accrued liabilities | — | 1 | |||||||
Interest rate swaps
|
Accrued liabilities | 2 | — | |||||||
Cross-currency swap contracts
|
Other liabilities | 25 | 31 | |||||||
|
||||||||||
Total derivatives designated as hedges
|
$ | 31 | $ | 35 | ||||||
|
||||||||||
Derivatives not designated as hedges:
|
||||||||||
Foreign exchange forward contracts
|
Accrued liabilities | $ | 6 | $ | 11 | |||||
Commodity contracts
|
Accrued liabilities | 3 | 6 | |||||||
Cross-currency swap contracts
|
Accrued liabilities | 18 | 5 | |||||||
Cross-currency swap contracts
|
Other liabilities | 7 | 8 | |||||||
Deferred compensation contracts
|
Other liabilities | — | — | |||||||
|
||||||||||
Total derivatives not designated as hedges
|
$ | 34 | $ | 30 | ||||||
|
||||||||||
Total liability derivatives
|
$ | 65 | $ | 65 | ||||||
|
15
Total | ||||||||||
Cash-Flow | ||||||||||
Hedge | ||||||||||
OCI Activity | ||||||||||
Three Months Ended January 31, 2010 and February 1, 2009 | 2010 | 2009 | ||||||||
OCI derivative gain/(loss) at beginning of quarter
|
$ | (30 | ) | $ | (23 | ) | ||||
Effective portion of changes in fair value recognized in OCI:
|
||||||||||
Foreign exchange forward contracts
|
1 | 4 | ||||||||
Cross-currency swap contracts
|
— | 1 | ||||||||
Forward starting interest rate swaps
|
(1 | ) | — | |||||||
Commodity contracts
|
— | 7 | ||||||||
Amount of (gain) or loss reclassified from OCI to earnings:
|
Location in Earnings | |||||||||
|
||||||||||
Foreign exchange forward contracts
|
Other expenses/income | (1 | ) | (1 | ) | |||||
Foreign exchange forward contracts
|
Cost of products sold | 8 | (2 | ) | ||||||
Forward starting interest rate swaps
|
Interest expense | 1 | — | |||||||
|
||||||||||
OCI derivative gain/(loss) at end of quarter
|
$ | (22 | ) | $ | (14 | ) | ||||
|
Total | ||||||||||
Cash-Flow | ||||||||||
Hedge | ||||||||||
OCI Activity | ||||||||||
Six Months Ended January 31, 2010 and February 1, 2009 | 2010 | 2009 | ||||||||
OCI derivative gain/(loss) at beginning of year
|
$ | (31 | ) | $ | 8 | |||||
Effective portion of changes in fair value recognized in OCI:
|
||||||||||
Foreign exchange forward contracts
|
(1 | ) | 11 | |||||||
Cross-currency swap contracts
|
2 | (3 | ) | |||||||
Forward starting interest rate swaps
|
(2 | ) | (15 | ) | ||||||
Commodity contracts
|
(1 | ) | (13 | ) | ||||||
Amount of (gain) or loss reclassified from OCI to earnings:
|
Location in Earnings | |||||||||
|
||||||||||
Foreign exchange forward contracts
|
Other expenses/income | (1 | ) | (1 | ) | |||||
Foreign exchange forward contracts
|
Cost of products sold | 10 | (1 | ) | ||||||
Forward starting interest rate swaps
|
Interest expense | 1 | — | |||||||
Commodity contracts
|
Cost of products sold | 1 | — | |||||||
|
||||||||||
OCI derivative gain/(loss) at end of quarter
|
$ | (22 | ) | $ | (14 | ) | ||||
|
Amount of | Amount of | |||||||||||||||||
Gain or (Loss) | Gain or (Loss) | |||||||||||||||||
Recognized in Earnings | Recognized in Earnings | |||||||||||||||||
on Derivatives | on Hedged Item | |||||||||||||||||
Derivatives Designated | Location of Gain or (Loss) | January 31, | February 1, | January 31, | February 1, | |||||||||||||
as Fair-Value Hedges | Recognized in Earnings | 2010 | 2009 | 2010 | 2009 | |||||||||||||
Three Months Ended
|
||||||||||||||||||
Interest rate swaps
|
Interest expense | $ | 1 | $ | 26 | $ | (1 | ) | $ | (26 | ) | |||||||
|
||||||||||||||||||
|
||||||||||||||||||
Six Months Ended
|
||||||||||||||||||
Interest rate swaps
|
Interest expense | $ | 5 | $ | 30 | $ | (5 | ) | $ | (30 | ) | |||||||
|
16
Amount of Gain or (Loss) | ||||||||||||||||||
Recognized in Earnings | ||||||||||||||||||
On Derivatives | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
Location of Gain or (Loss) | January 31, | February 1, | January 31, | February 1, | ||||||||||||||
Derivatives not Designated as Hedges | Recognized in Earnings | 2010 | 2009 | 2010 | 2009 | |||||||||||||
Foreign exchange forward contracts
|
Other expenses/income | $ | (1 | ) | $ | (5 | ) | $ | (4 | ) | $ | 3 | ||||||
Foreign exchange forward contracts
|
Cost of products sold | — | — | — | 1 | |||||||||||||
Cross-currency swap contracts
|
Other expenses/income | 14 | 8 | (10 | ) | 125 | ||||||||||||
Commodity contracts
|
Cost of products sold | (2 | ) | (6 | ) | (3 | ) | (29 | ) | |||||||||
Deferred compensation contracts
|
Administrative expenses | 2 | (10 | ) | 4 | (13 | ) | |||||||||||
|
||||||||||||||||||
Total
|
$ | 13 | $ | (13 | ) | $ | (13 | ) | $ | 87 | ||||||||
|
• | 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 that reflect the reporting entity’s own assumptions. |
Fair Value | Fair Value Measurements at | |||||||||||||||
as of | January 31, 2010 Using | |||||||||||||||
January 31, | Fair Value Hierarchy | |||||||||||||||
2010 | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets
|
||||||||||||||||
Interest rate swaps (1)
|
$ | 43 | $ | — | $ | 43 | $ | — | ||||||||
Foreign exchange forward contracts (2)
|
4 | — | 4 | — | ||||||||||||
Cross-currency swap contracts (3)
|
10 | — | 10 | — | ||||||||||||
Commodity derivatives (4)
|
1 | 1 | — | — | ||||||||||||
|
||||||||||||||||
Total assets at fair value
|
$ | 58 | $ | 1 | $ | 57 | $ | — | ||||||||
|
Fair Value | Fair Value Measurements at | |||||||||||||||
as of | January 31, 2010 Using | |||||||||||||||
January 31, | Fair Value Hierarchy | |||||||||||||||
2010 | Level 1 | Level 2 | Level 3 | |||||||||||||
Liabilities
|
||||||||||||||||
Interest rate swaps (1)
|
$ | 2 | $ | — | $ | 2 | $ | — | ||||||||
Foreign exchange forward contracts (2)
|
9 | — | 9 | — | ||||||||||||
Cross-currency swap contracts (3)
|
50 | — | 50 | — | ||||||||||||
Commodity derivatives (4)
|
4 | 4 | — | — | ||||||||||||
Deferred compensation obligation (5)
|
159 | 112 | 47 | — | ||||||||||||
|
||||||||||||||||
Total liabilities at fair value
|
$ | 224 | $ | 116 | $ | 108 | $ | — | ||||||||
|
17
(1) | Based on LIBOR swap rates. | |
(2) | Based on observable market transactions of spot currency rates and forward rates. | |
(3) | Based on observable local benchmarks for currency and interest rates. | |
(4) | Based on quoted futures exchanges. | |
(5) | Based on the fair value of the participants’ investments. |
Weighted- | ||||||||||||||||
Weighted- | Average | |||||||||||||||
Average | Remaining | Aggregate | ||||||||||||||
Exercise | Contractual | Intrinsic | ||||||||||||||
Options | Price | Life | Value | |||||||||||||
(Options in thousands) | ||||||||||||||||
Outstanding at August 2, 2009
|
17,552 | $ | 27.08 | |||||||||||||
Granted
|
— | $ | — | |||||||||||||
Exercised
|
(1,384 | ) | $ | 27.13 | ||||||||||||
Terminated
|
(81 | ) | $ | 35.20 | ||||||||||||
|
||||||||||||||||
Outstanding at January 31, 2010
|
16,087 | $ | 27.00 | 2.9 | $ | 98 | ||||||||||
|
||||||||||||||||
Exercisable at January 31, 2010
|
16,087 | $ | 27.00 | 2.9 | $ | 98 | ||||||||||
|
18
Weighted- | ||||||||
Average | ||||||||
Grant-Date | ||||||||
Shares/Units | Fair Value | |||||||
(Restricted stock/units in thousands) | ||||||||
Nonvested at August 2, 2009
|
2,073 | $ | 38.17 | |||||
Granted
|
1,384 | $ | 32.19 | |||||
Vested
|
(924 | ) | $ | 37.79 | ||||
Forfeited
|
(62 | ) | $ | 35.88 | ||||
|
||||||||
Nonvested at January 31, 2010
|
2,471 | $ | 35.02 | |||||
|
Weighted- | ||||||||
Average | ||||||||
Grant-Date | ||||||||
Shares/Units | Fair Value | |||||||
(Restricted stock/units in thousands) | ||||||||
Nonvested at August 2, 2009
|
3,349 | $ | 36.08 | |||||
Granted
|
1,518 | $ | 33.84 | |||||
Vested
|
(944 | ) | $ | 26.38 | ||||
Forfeited
|
(262 | ) | $ | 31.05 | ||||
|
||||||||
Nonvested at January 31, 2010
|
3,661 | $ | 38.01 | |||||
|
19
January 31, | August 2, | |||||||
2010 | 2009 | |||||||
Inventories
|
||||||||
Raw materials, containers and supplies
|
$ | 250 | $ | 324 | ||||
Finished products
|
450 | 500 | ||||||
|
||||||||
|
$ | 700 | $ | 824 | ||||
|
January 31, | February 1, | |||||||
2010 | 2009 | |||||||
Benefit related payments
|
$ | (17 | ) | $ | (19 | ) | ||
Other
|
(4 | ) | 9 | |||||
|
||||||||
|
$ | (21 | ) | $ | (10 | ) | ||
|
20
• | Net sales increased 1% in the quarter to $2.153 billion. |
• | Currency translation contributed 4 points of sales growth. | ||
• | U.S. Soup sales declined 8%. |
• | Gross profit, as a percent of sales, increased to 40.5% in the quarter, reflecting cost savings from productivity initiatives. | ||
• | Net earnings per share for the quarter increased 16% to $.74. | ||
• | For the first half of 2010, cash from operations increased to $496 million, more than offsetting a $260 million U.S. pension contribution. |
• | In the second quarter of 2009, the company recorded pre-tax restructuring-related costs of $8 million ($5 million after tax or $.01 per share) in Cost of products sold associated with the previously announced initiatives to improve operational efficiency and long-term profitability. In the six months ended February 1, 2009, the company recorded pre-tax restructuring-related costs of $15 million ($10 million after tax or $.03 per share) in Cost of products sold. See Note 7 to the Consolidated Financial Statements for additional information. | ||
• | In the six months ended February 1, 2009, the company recorded $26 million ($16 million after tax or $.04 per share) in Cost of products sold related to unrealized losses on the fair value of open commodity contracts. |
• | In the second quarter of 2009, the company recorded a $4 million tax benefit ($.01 per share) related to the sale of the Godiva Chocolatier business. |
21
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
January 31, | February 1, | January 31, | February 1, | |||||||||||||||||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||||||||||||||||||
Earnings | EPS | Earnings | EPS | Earnings | EPS | Earnings | EPS | |||||||||||||||||||||||||
(Millions, except per share amounts) | Impact | Impact | Impact | Impact | Impact | Impact | Impact | Impact | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Earnings from continuing operations
|
$ | 259 | $ | .74 | $ | 229 | $ | .63 | $ | 563 | $ | 1.61 | $ | 489 | $ | 1.33 | ||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Earnings from discontinued operations
|
$ | — | $ | — | $ | 4 | $ | .01 | $ | — | $ | — | $ | 4 | $ | .01 | ||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Net earnings
|
$ | 259 | $ | .74 | $ | 233 | $ | .64 | $ | 563 | $ | 1.61 | $ | 493 | $ | 1.34 | ||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Continuing operations
:
|
||||||||||||||||||||||||||||||||
Restructuring-related costs
|
$ | — | $ | — | $ | (5 | ) | $ | (.01 | ) | $ | — | $ | — | $ | (10 | ) | $ | (.03 | ) | ||||||||||||
Unrealized losses on commodity hedges
|
— | — | — | — | — | — | (16 | ) | (.04 | ) | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Discontinued
operations
:
|
||||||||||||||||||||||||||||||||
Tax benefit from sale of Godiva Chocolatier business
|
— | — | 4 | .01 | — | — | 4 | .01 | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Impact of significant items on net earnings (1)
|
$ | — | $ | — | $ | (1 | ) | $ | — | $ | — | $ | — | $ | (22 | ) | $ | (.07 | ) | |||||||||||||
|
(1) | The sum of the individual per share amounts does not equal due to rounding. |
22
2010 | 2009 | % Change | ||||||||||
(Millions) | ||||||||||||
U.S. Soup, Sauces and Beverages
|
$ | 1,068 | $ | 1,128 | (5 | )% | ||||||
Baking and Snacking
|
489 | 440 | 11 | |||||||||
International Soup, Sauces and Beverages
|
437 | 391 | 12 | |||||||||
North America Foodservice
|
159 | 163 | (2 | ) | ||||||||
|
||||||||||||
|
$ | 2,153 | $ | 2,122 | 1 | % | ||||||
|
International | ||||||||||||||||||||
U.S. Soup, | Baking | Soup, Sauces | North | |||||||||||||||||
Sauces and | and | and | America | |||||||||||||||||
Beverages | Snacking | Beverages | Foodservice | Total | ||||||||||||||||
Volume and Mix
|
(4 | )% | 3 | % | (2 | )% | (3 | )% | (2 | )% | ||||||||||
Price and Sales Allowances
|
1 | — | 4 | — | 1 | |||||||||||||||
Increased Promotional Spending (1)
|
(2 | ) | (3 | ) | (2 | ) | (1 | ) | (2 | ) | ||||||||||
Currency
|
— | 10 | 12 | 2 | 4 | |||||||||||||||
Acquisitions/(Divestitures)
|
— | 1 | — | — | — | |||||||||||||||
|
||||||||||||||||||||
|
(5 | )% | 11 | % | 12 | % | (2 | )% | 1 | % | ||||||||||
|
(1) | Represents revenue reductions from trade promotion and consumer coupon redemption programs. |
• | Sales of Campbell’s condensed soups were flat, as gains in cooking varieties, which benefited from consumers using Campbell’s condensed cooking soups to prepare more meals at home, were offset by declines in eating varieties. | ||
• | Sales of ready-to-serve soups decreased 18%. Sales of both canned and microwavable soups declined due to lower promotional spending and intense competitive pressure in the broader simple meals category. | ||
• | Broth sales increased 1%. |
23
2010 | 2009(1) | % Change | ||||||||||
(Millions) | ||||||||||||
U.S. Soup, Sauces and Beverages
|
$ | 259 | $ | 270 | (4 | )% | ||||||
Baking and Snacking
|
73 | 53 | 38 | |||||||||
International Soup, Sauces and Beverages
|
74 | 50 | 48 | |||||||||
North America Foodservice
|
17 | 10 | 70 | |||||||||
|
||||||||||||
|
423 | 383 | 10 | % | ||||||||
Corporate
|
(32 | ) | (28 | ) | ||||||||
|
||||||||||||
|
$ | 391 | $ | 355 | ||||||||
|
24
(1) | Operating earnings by segment included the effect of restructuring-related costs of $2 million in Baking and Snacking and $6 million in North America Foodservice. See Note 7 to the Consolidated Financial Statements for additional information on restructuring charges. |
2010 | 2009 | % Change | ||||||||||
(Millions) | ||||||||||||
U.S. Soup, Sauces and Beverages
|
$ | 2,208 | $ | 2,326 | (5 | )% | ||||||
Baking and Snacking
|
1,019 | 949 | 7 | |||||||||
International Soup, Sauces and Beverages
|
811 | 771 | 5 | |||||||||
North America Foodservice
|
318 | 326 | (2 | ) | ||||||||
|
||||||||||||
|
$ | 4,356 | $ | 4,372 | — | % | ||||||
|
25
International | ||||||||||||||||||||
U.S. Soup, | Baking | Soup, Sauces | North | |||||||||||||||||
Sauces and | and | and | America | |||||||||||||||||
Beverages | Snacking | Beverages | Foodservice | Total | ||||||||||||||||
Volume and Mix
|
(5 | )% | 2 | % | (2 | )% | (4 | )% | (3 | )% | ||||||||||
Price and Sales Allowances
|
1 | 1 | 4 | 1 | 2 | |||||||||||||||
Increased Promotional Spending (1)
|
(1 | ) | (3 | ) | (2 | ) | — | (2 | ) | |||||||||||
Currency
|
— | 6 | 7 | 1 | 3 | |||||||||||||||
Acquisitions/(Divestitures)
|
— | 1 | (2 | ) | — | — | ||||||||||||||
|
||||||||||||||||||||
|
(5 | )% | 7 | % | 5 | % | (2 | )% | — | % | ||||||||||
|
(1) | Represents revenue reductions from trade promotion and consumer coupon redemption programs. |
• | Sales of Campbell’s condensed soups were unchanged, as gains in cooking varieties were offset by declines in eating varieties. | ||
• | Sales of ready-to-serve soups decreased 13%. | ||
• | Broth sales were comparable to a year ago. |
26
2010 | 2009(1) | % Change | ||||||||||
(Millions) | ||||||||||||
U.S. Soup, Sauces and Beverages
|
$ | 590 | $ | 584 | 1 | % | ||||||
Baking and Snacking
|
173 | 136 | 27 | |||||||||
International Soup, Sauces and Beverages
|
118 | 88 | 34 | |||||||||
North America Foodservice
|
43 | 21 | 105 | |||||||||
|
||||||||||||
|
924 | 829 | 11 | % | ||||||||
Corporate
|
(55 | ) | (75 | ) | ||||||||
|
||||||||||||
|
$ | 869 | $ | 754 | ||||||||
|
(1) | Operating earnings by segment included the effect of restructuring-related costs of $2 million in Baking and Snacking and $13 million in North America Foodservice, and unrealized losses on commodity hedges of $26 million in Corporate. See Note 7 to the Consolidated Financial Statements for additional information on restructuring charges. |
27
28
29
• | the impact of strong competitive response to the company’s efforts to leverage its brand power with product innovation, promotional programs and new advertising, and of changes in consumer demand for the company’s products; | ||
• | the risks in the marketplace associated with trade and consumer acceptance of product improvements, shelving initiatives, new product introductions, and pricing and promotional strategies; | ||
• | the company’s ability to achieve sales and earnings guidance, which are based on assumptions about sales volume, product mix, the development and success of new products, the impact of marketing and pricing actions, product costs and currency; | ||
• | the company’s ability to realize projected cost savings and benefits, including those contemplated by restructuring programs and other cost-savings initiatives; |
30
• | the company’s ability to manage changes to its business processes, including selling, distribution, product capacity, information management systems and the integration of acquisitions; | ||
• | the increased significance of certain of the company’s key trade customers; | ||
• | the impact of inventory management practices by the company’s trade customers; | ||
• | the impact of fluctuations in the supply and inflation in energy, raw and packaging materials cost; | ||
• | the risks associated with portfolio changes and completion of acquisitions and divestitures; | ||
• | the uncertainties of litigation described from time to time in the company’s Securities and Exchange Commission filings; | ||
• | the impact of changes in currency exchange rates, tax rates, interest rates, debt and equity markets, inflation rates, economic conditions and other external factors; and | ||
• | the impact of unforeseen business disruptions in one or more of the company’s markets due to political instability, civil disobedience, armed hostilities, natural disasters or other calamities. |
31
Approximate | ||||||||||||||||
Dollar Value of | ||||||||||||||||
Total Number of | Shares that may yet | |||||||||||||||
Shares Purchased | be Purchased | |||||||||||||||
Total Number | Average | as Part of Publicly | Under the Plans or | |||||||||||||
of Shares | Price Paid | Announced Plans or | Programs | |||||||||||||
Period | Purchased(1) | Per Share(2) | Programs(3) | ($ in Millions)(3) | ||||||||||||
11/2/09 — 11/30/09
|
1,063,735 | (4) | $ | 32.67 | (4) | 585,810 | $ | 732 | ||||||||
12/1/09 — 12/31/09
|
1,325,707 | (5) | $ | 34.64 | (5) | 767,920 | $ | 705 | ||||||||
1/1/10 — 1/31/10
|
1,179,264 | (6) | $ | 33.32 | (6) | 683,240 | $ | 682 | ||||||||
|
||||||||||||||||
Total
|
3,568,706 | $ | 33.62 | 2,036,970 | $ | 682 |
(1) | Includes (i) 1,527,030 shares repurchased in open-market transactions to offset the dilutive impact to existing shareowners of issuances under the company’s stock compensation plans, and (ii) 4,706 shares owned and tendered by employees to satisfy tax withholding obligations on the vesting of restricted shares. Unless otherwise indicated, shares owned and tendered by employees to satisfy tax withholding obligations were purchased at the closing price of the company’s shares on the date of vesting. | |
(2) | Average price paid per share is calculated on a settlement basis and excludes commission. | |
(3) | During the second quarter of fiscal 2010, the company had one publicly announced share repurchase program. Under this program, which was announced on June 30, 2008, the company’s Board of Directors authorized the purchase of up to $1.2 billion of company stock through the end of fiscal 2011. In addition to the publicly announced share repurchase program, the company will continue to purchase shares, under separate authorization, as part of its practice of buying back shares sufficient to offset shares issued under incentive compensation plans. | |
(4) | Includes (i) 476,190 shares repurchased in open-market transactions at an average price of $32.66 to offset the dilutive impact to existing shareowners of issuances under the company’s stock compensation plans, and (ii) 1,735 shares owned and tendered by employees at an average price per share of $34.56 to satisfy tax withholding requirements on the vesting of restricted shares. | |
(5) | Includes (i) 556,080 shares repurchased in open-market transactions at an average price of $34.64 to offset the dilutive impact to existing shareowners of issuances under the company’s stock compensation plans, and (ii) 1,707 shares owned and tendered by employees at an average price per share of $35.06 to satisfy tax withholding requirements on the vesting of restricted shares. | |
(6) | Includes (i) 494,760 shares repurchased in open-market transactions at an average price of $33.32 to offset the dilutive impact to existing shareowners of issuances under the company’s stock compensation plans, and (ii) 1,264 shares owned and tendered by employees at an average price per share of $33.65 to satisfy tax withholding requirements on the vesting of restricted shares. |
32
a. | The company’s Annual Meeting of Shareowners was held on November 19, 2009. | ||
b. | The matters voted upon and the results of the vote are as follows: |
Number of Shares | ||||||||
Name | For | Withheld | ||||||
Edmund M. Carpenter
|
301,832,020 | 7,571,418 | ||||||
Paul R. Charron
|
307,540,397 | 1,863,041 | ||||||
Douglas R. Conant
|
307,201,942 | 2,201,496 | ||||||
Bennett Dorrance
|
305,158,012 | 4,245,426 | ||||||
Harvey Golub
|
305,724,891 | 3,678,547 | ||||||
Lawrence C. Karlson
|
307,658,835 | 1,744,603 | ||||||
Randall W. Larrimore
|
303,024,311 | 6,379,127 | ||||||
Mary Alice D. Malone
|
305,345,713 | 4,057,725 | ||||||
Sara Mathew
|
306,681,590 | 2,721,848 | ||||||
William D. Perez
|
307,821,519 | 1,581,919 | ||||||
Charles R. Perrin
|
306,655,113 | 2,748,325 | ||||||
A. Barry Rand
|
306,605,947 | 2,797,491 | ||||||
Nick Shreiber
|
307,802,830 | 1,600,608 | ||||||
Archbold D. van Beuren
|
308,101,548 | 1,301,890 | ||||||
Les C. Vinney
|
302,416,904 | 6,986,534 | ||||||
Charlotte C. Weber
|
305,153,081 | 4,250,357 |
Broker Non- | ||||||||||||||||
For | Against | Abstentions | Votes | |||||||||||||
Ratification of
PricewaterhouseCoopers
LLP
|
306,783,888 | 2,265,467 | 354,083 | N/A |
Broker Non- | ||||||||||||||||
For | Against | Abstentions | Votes | |||||||||||||
Re-Approval of
Campbell Soup
Company Annual
Incentive Plan
|
276,678,393 | 8,268,078 | 592,006 | 23,864,961 |
33
31(a)
|
Certification of Douglas R. Conant pursuant to Rule 13a-14(a). | |
|
||
31(b)
|
Certification of B. Craig Owens pursuant to Rule 13a-14(a). | |
|
||
32(a)
|
Certification of Douglas R. Conant pursuant to 18 U.S.C. Section 1350. | |
|
||
32(b)
|
Certification of B. Craig Owens pursuant to 18 U.S.C. Section 1350. | |
|
||
101.INS
|
XBRL Instance Document* | |
|
||
101.SCH
|
XBRL Schema Document* | |
|
||
101.CAL
|
XBRL Calculation Linkbase Document* | |
|
||
101.DEF
|
XBRL Definition Linkbase Document* | |
|
||
101.LAB
|
XBRL Label Linkbase Document* | |
|
||
101.PRE
|
XBRL Presentation Linkbase Document* |
* | In accordance with Regulation S-T, the XBRL-related information in Exhibit 101 to the Quarterly Report on Form 10-Q shall be deemed “furnished” and not “filed.” |
34
CAMPBELL SOUP COMPANY
|
||||
By: | /s/ B. Craig Owens | |||
B. Craig Owens | ||||
Senior Vice President — Chief
Financial Officer and Chief Administrative Officer |
||||
By: | /s/ Ellen Oran Kaden | |||
Ellen Oran Kaden | ||||
Senior Vice President — Law and
Government Affairs |
35
31(a)
|
Certification of Douglas R. Conant pursuant to Rule 13a-14(a). | |
|
||
31(b)
|
Certification of B. Craig Owens pursuant to Rule 13a-14(a). | |
|
||
32(a)
|
Certification of Douglas R. Conant pursuant to 18 U.S.C. Section 1350. | |
|
||
32(b)
|
Certification of B. Craig Owens pursuant to 18 U.S.C. Section 1350. | |
|
||
101.INS
|
XBRL Instance Document* | |
|
||
101.SCH
|
XBRL Schema Document* | |
|
||
101.CAL
|
XBRL Calculation Linkbase Document* | |
|
||
101.DEF
|
XBRL Definition Linkbase Document* | |
|
||
101.LAB
|
XBRL Label Linkbase Document* | |
|
||
101.PRE
|
XBRL Presentation Linkbase Document* |
* | In accordance with Regulation S-T, the XBRL-related information in Exhibit 101 to the Quarterly Report on Form 10-Q shall be deemed “furnished” and not “filed.” |
36
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
No Customers Found
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Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|