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For the Quarterly Period Ended
October 31, 2010 |
Commission File Number
1-3822 |
New Jersey | 21-0419870 | |
State of Incorporation | I.R.S. Employer Identification No. |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o | |||
(Do not check if a smaller reporting company) |
Three Months Ended | ||||||||
October 31, | November 1, | |||||||
2010 | 2009 | |||||||
|
||||||||
Net sales
|
$ | 2,172 | $ | 2,203 | ||||
|
||||||||
Costs and expenses
|
||||||||
Cost of products sold
|
1,278 | 1,280 | ||||||
Marketing and selling expenses
|
277 | 284 | ||||||
Administrative expenses
|
140 | 133 | ||||||
Research and development expenses
|
31 | 29 | ||||||
Other expenses / (income)
|
2 | (1 | ) | |||||
Total costs and expenses
|
1,728 | 1,725 | ||||||
Earnings before interest and taxes
|
444 | 478 | ||||||
Interest expense
|
32 | 28 | ||||||
Interest income
|
2 | 1 | ||||||
Earnings before taxes
|
414 | 451 | ||||||
Taxes on earnings
|
135 | 147 | ||||||
Net earnings
|
$ | 279 | $ | 304 | ||||
|
||||||||
Per share — basic
|
||||||||
|
||||||||
Net earnings
|
$ | .82 | $ | .87 | ||||
|
||||||||
Dividends
|
$ | .275 | $ | .25 | ||||
|
||||||||
Weighted average shares outstanding — basic
|
335 | 343 | ||||||
|
||||||||
Per share — assuming dilution
|
||||||||
|
||||||||
Net earnings
|
$ | .82 | $ | .87 | ||||
Weighted average shares outstanding — assuming dilution
|
338 | 346 | ||||||
2
October 31, | August 1, | |||||||
2010 | 2010 | |||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$ | 291 | $ | 254 | ||||
Accounts receivable
|
805 | 512 | ||||||
Inventories
|
838 | 724 | ||||||
Other current assets
|
190 | 197 | ||||||
Total current assets
|
2,124 | 1,687 | ||||||
Plant assets, net of depreciation
|
2,042 | 2,051 | ||||||
Goodwill
|
2,016 | 1,919 | ||||||
Other intangible assets, net of amortization
|
522 | 509 | ||||||
Other assets
|
114 | 110 | ||||||
Total assets
|
$ | 6,818 | $ | 6,276 | ||||
Current liabilities
|
||||||||
Short-term borrowings
|
$ | 1,134 | $ | 835 | ||||
Payable to suppliers and others
|
577 | 545 | ||||||
Accrued liabilities
|
573 | 560 | ||||||
Dividend payable
|
94 | 95 | ||||||
Accrued income taxes
|
101 | 30 | ||||||
Total current liabilities
|
2,479 | 2,065 | ||||||
Long-term debt
|
1,946 | 1,945 | ||||||
Deferred taxes
|
300 | 258 | ||||||
Other liabilities
|
989 | 1,079 | ||||||
Total liabilities
|
5,714 | 5,347 | ||||||
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
|
294 | 341 | ||||||
Earnings retained in the business
|
8,945 | 8,760 | ||||||
Capital stock in treasury, at cost
|
(7,545 | ) | (7,459 | ) | ||||
Accumulated other comprehensive loss
|
(613 | ) | (736 | ) | ||||
Total Campbell Soup Company shareowners’ equity
|
1,101 | 926 | ||||||
Noncontrolling interest
|
3 | 3 | ||||||
Total equity
|
1,104 | 929 | ||||||
Total liabilities and equity
|
$ | 6,818 | $ | 6,276 | ||||
3
Three Months Ended | ||||||||
October 31, | November 1, | |||||||
2010 | 2009 | |||||||
Cash flows from operating activities:
|
||||||||
Net earnings
|
$ | 279 | $ | 304 | ||||
Adjustments to reconcile net earnings to operating cash flow
|
||||||||
Stock-based compensation
|
21 | 20 | ||||||
Depreciation and amortization
|
65 | 60 | ||||||
Deferred income taxes
|
30 | 48 | ||||||
Other, net
|
31 | 29 | ||||||
Changes in working capital
|
||||||||
Accounts receivable
|
(280 | ) | (253 | ) | ||||
Inventories
|
(101 | ) | (7 | ) | ||||
Prepaid assets
|
(8 | ) | (6 | ) | ||||
Accounts payable and accrued liabilities
|
82 | 42 | ||||||
Pension fund contributions
|
(131 | ) | (268 | ) | ||||
Receipts from (payments of) hedging activities
|
(1 | ) | 5 | |||||
Other
|
(16 | ) | (10 | ) | ||||
Net cash used in operating activities
|
(29 | ) | (36 | ) | ||||
Cash flows from investing activities:
|
||||||||
Purchases of plant assets
|
(27 | ) | (44 | ) | ||||
Sales of plant assets
|
7 | — | ||||||
Other, net
|
— | 1 | ||||||
Net cash used in investing activities
|
(20 | ) | (43 | ) | ||||
Cash flows from financing activities:
|
||||||||
Net short-term borrowings
|
294 | 269 | ||||||
Dividends paid
|
(94 | ) | (88 | ) | ||||
Treasury stock purchases
|
(156 | ) | (94 | ) | ||||
Treasury stock issuances
|
22 | 13 | ||||||
Excess tax benefits on stock-based compensation
|
3 | 1 | ||||||
Net cash provided by financing activities
|
69 | 101 | ||||||
Effect of exchange rate changes on cash
|
17 | 3 | ||||||
Net change in cash and cash equivalents
|
37 | 25 | ||||||
Cash and cash equivalents — beginning of period
|
254 | 51 | ||||||
Cash and cash equivalents — end of period
|
$ | 291 | $ | 76 | ||||
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 2, 2009
|
542 | $ | 20 | (199 | ) | $ | (7,194 | ) | $ | 332 | $ | 8,288 | $ | (718 | ) | $ | 3 | $ | 731 | |||||||||||||||||
Comprehensive income (loss)
|
||||||||||||||||||||||||||||||||||||
Net earnings
|
304 | — | 304 | |||||||||||||||||||||||||||||||||
Foreign currency
translation adjustments, net of tax
|
77 | — | 77 | |||||||||||||||||||||||||||||||||
Cash-flow hedges, net of tax
|
1 | 1 | ||||||||||||||||||||||||||||||||||
Pension and postretirement benefits,
net of tax
|
8 | 8 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss)
|
86 | — | 86 | |||||||||||||||||||||||||||||||||
Total comprehensive income (loss)
|
390 | |||||||||||||||||||||||||||||||||||
Dividends ($.25 per share)
|
(87 | ) | (87 | ) | ||||||||||||||||||||||||||||||||
Treasury stock purchased
|
(3 | ) | (94 | ) | (94 | ) | ||||||||||||||||||||||||||||||
Treasury stock issued under
management incentive and
stock option plans
|
3 | 56 | (41 | ) | 15 | |||||||||||||||||||||||||||||||
Balance at November 1, 2009
|
542 | $ | 20 | (199 | ) | $ | (7,232 | ) | $ | 291 | $ | 8,505 | $ | (632 | ) | $ | 3 | $ | 955 | |||||||||||||||||
Balance at August 1, 2010
|
542 | $ | 20 | (206 | ) | $ | (7,459 | ) | $ | 341 | $ | 8,760 | $ | (736 | ) | $ | 3 | $ | 929 | |||||||||||||||||
Comprehensive income (loss)
|
||||||||||||||||||||||||||||||||||||
Net earnings
|
279 | — | 279 | |||||||||||||||||||||||||||||||||
Foreign currency
translation adjustments, net of tax
|
112 | — | 112 | |||||||||||||||||||||||||||||||||
Cash-flow hedges, net of tax
|
1 | 1 | ||||||||||||||||||||||||||||||||||
Pension and postretirement benefits,
net of tax
|
10 | 10 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss)
|
123 | — | 123 | |||||||||||||||||||||||||||||||||
Total comprehensive income (loss)
|
402 | |||||||||||||||||||||||||||||||||||
Dividends ($.275 per share)
|
(94 | ) | (94 | ) | ||||||||||||||||||||||||||||||||
Treasury stock purchased
|
(4 | ) | (156 | ) | (156 | ) | ||||||||||||||||||||||||||||||
Treasury stock issued under
management incentive and
stock option plans
|
2 | 70 | (47 | ) | 23 | |||||||||||||||||||||||||||||||
Balance at October 31, 2010
|
542 | $ | 20 | (208 | ) | $ | (7,545 | ) | $ | 294 | $ | 8,945 | $ | (613 | ) | $ | 3 | $ | 1,104 | |||||||||||||||||
5
October 31, | August 1, | |||||||
2010 | 2010 | |||||||
Foreign currency translation adjustments, net of tax (1)
|
$ | 244 | $ | 132 | ||||
Cash-flow hedges, net of tax (2)
|
(17 | ) | (18 | ) | ||||
Unamortized pension and postretirement benefits, net of tax (3):
|
||||||||
Net actuarial loss
|
(846 | ) | (856 | ) | ||||
Prior service (cost)/credit
|
6 | 6 | ||||||
|
||||||||
Total Accumulated other comprehensive loss
|
$ | (613 | ) | $ | (736 | ) | ||
|
(1) | Includes a tax expense of $3 as of October 31, 2010, and a tax benefit of $1 as of August 1, 2010. | |
(2) | Includes a tax benefit of $10 as of October 31, 2010, and August 1, 2010. | |
(3) | Includes a tax benefit of $483 as of October 31, 2010, and $489 as of August 1, 2010. |
6
International | ||||||||||||||||||||
U.S. Soup, | Baking | Soup, Sauces | North | |||||||||||||||||
Sauces and | and | and | America | |||||||||||||||||
Beverages | Snacking | Beverages | Foodservice | Total | ||||||||||||||||
Balance at August 1, 2010
|
$ | 434 | $ | 754 | $ | 585 | $ | 146 | $ | 1,919 | ||||||||||
Foreign currency translation adjustment
|
— | 64 | 33 | — | 97 | |||||||||||||||
|
||||||||||||||||||||
Balance at October 31, 2010
|
$ | 434 | $ | 818 | $ | 618 | $ | 146 | $ | 2,016 | ||||||||||
|
October 31, | August 1, | |||||||
2010 | 2010 | |||||||
Intangible Assets:
|
||||||||
Non-amortizable intangible assets
|
$ | 509 | $ | 496 | ||||
Amortizable intangible assets
|
21 | 21 | ||||||
|
||||||||
|
530 | 517 | ||||||
Accumulated amortization
|
(8 | ) | (8 | ) | ||||
|
||||||||
Total net intangible assets
|
$ | 522 | $ | 509 | ||||
|
7
October 31, | November 1, | |||||||
2010 | 2009 | |||||||
Net sales
|
||||||||
U.S. Soup, Sauces and Beverages
|
$ | 1,103 | $ | 1,140 | ||||
Baking and Snacking
|
544 | 530 | ||||||
International Soup, Sauces and Beverages
|
372 | 374 | ||||||
North America Foodservice
|
153 | 159 | ||||||
|
||||||||
Total
|
$ | 2,172 | $ | 2,203 | ||||
|
October 31, | November 1, | |||||||
2010 | 2009 | |||||||
Earnings before interest and taxes
|
||||||||
U.S. Soup, Sauces and Beverages
|
$ | 295 | $ | 331 | ||||
Baking and Snacking
|
100 | 100 | ||||||
International Soup, Sauces and Beverages
|
51 | 44 | ||||||
North America Foodservice
|
23 | 26 | ||||||
Corporate(1)
|
(25 | ) | (23 | ) | ||||
|
||||||||
Total
|
$ | 444 | $ | 478 | ||||
|
(1) | Represents unallocated corporate expenses. |
Three Months Ended | ||||||||
October 31, | November 1, | |||||||
2010 | 2009 | |||||||
Net earnings
|
$ | 279 | $ | 304 | ||||
Less: net earnings allocated to participating securities
|
(3 | ) | (4 | ) | ||||
|
||||||||
Net earnings available to common shareowners
|
$ | 276 | $ | 300 | ||||
|
||||||||
|
||||||||
Weighted average shares outstanding — basic
|
335 | 343 | ||||||
Effect of dilutive securities: stock options
|
3 | 3 | ||||||
|
||||||||
Weighted average shares outstanding — diluted
|
338 | 346 | ||||||
|
||||||||
|
||||||||
Net earnings per common share:
|
||||||||
Basic
|
$ | 0.82 | $ | 0.87 | ||||
|
||||||||
Diluted
|
$ | 0.82 | $ | 0.87 | ||||
|
8
Pension | Postretirement | |||||||||||||||
Oct. 31, | Nov. 1, | Oct. 31, | Nov. 1, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Service cost
|
$ | 14 | $ | 14 | $ | 1 | $ | 1 | ||||||||
Interest cost
|
30 | 30 | 4 | 5 | ||||||||||||
Expected return on plan assets
|
(44 | ) | (43 | ) | — | — | ||||||||||
Amortization of prior service cost/(credit)
|
— | 1 | — | — | ||||||||||||
Recognized net actuarial loss
|
18 | 12 | 2 | — | ||||||||||||
|
||||||||||||||||
Net periodic benefit expense
|
$ | 18 | $ | 14 | $ | 7 | $ | 6 | ||||||||
|
9
October 31, | August 1, | |||||||||
Balance Sheet Classification | 2010 | 2010 | ||||||||
Asset Derivatives
|
||||||||||
Derivatives designated as hedges:
|
||||||||||
Foreign exchange forward contracts
|
Other current assets | $ | 1 | $ | 1 | |||||
Commodity contracts
|
Other current assets | 1 | 1 | |||||||
Cross-currency swap contracts
|
Other assets | — | 3 | |||||||
Interest rate swaps
|
Other assets | 47 | 46 | |||||||
|
||||||||||
Total derivatives designated as hedges
|
$ | 49 | $ | 51 | ||||||
|
||||||||||
Derivatives not designated as hedges:
|
||||||||||
Foreign exchange forward contracts
|
Other current assets | $ | — | $ | 1 | |||||
Commodity contracts
|
Other current assets | 3 | 3 | |||||||
Cross-currency swap contracts
|
Other current assets | 8 | 13 | |||||||
Deferred compensation contracts
|
Other current assets | 1 | — | |||||||
Cross-currency swap contracts
|
Other assets | — | 1 | |||||||
|
||||||||||
Total derivatives not designated as hedges
|
$ | 12 | $ | 18 | ||||||
|
||||||||||
Total asset derivatives
|
$ | 61 | $ | 69 | ||||||
|
10
October 31, | August 1, | |||||||||
Balance Sheet Classification | 2010 | 2010 | ||||||||
Liability Derivatives
|
||||||||||
Derivatives designated as hedges:
|
||||||||||
Foreign exchange forward contracts
|
Accrued liabilities | $ | 3 | $ | 1 | |||||
Commodity contracts
|
Accrued liabilities | — | 1 | |||||||
Cross-currency swap contracts
|
Other liabilities | 29 | 24 | |||||||
|
||||||||||
Total derivatives designated as hedges
|
$ | 32 | $ | 26 | ||||||
|
||||||||||
Derivatives not designated as hedges:
|
||||||||||
Foreign exchange forward contracts
|
Accrued liabilities | $ | 1 | $ | 1 | |||||
Commodity contracts
|
Accrued liabilities | 1 | — | |||||||
Cross-currency swap contracts
|
Accrued liabilities | 4 | — | |||||||
Deferred compensation contracts
|
Accrued liabilities | — | 2 | |||||||
Cross-currency swap contracts
|
Other liabilities | 42 | 14 | |||||||
|
||||||||||
Total derivatives not designated as hedges
|
$ | 48 | $ | 17 | ||||||
|
||||||||||
Total liability derivatives
|
$ | 80 | $ | 43 | ||||||
|
Total | ||||||||||
Cash-Flow | ||||||||||
Hedge | ||||||||||
OCI Activity | ||||||||||
Three Months Ended October 31, 2010, and November 1, 2009 | 2011 | 2010 | ||||||||
OCI derivative gain/(loss) at beginning of year
|
$ | (28 | ) | $ | (31 | ) | ||||
Effective portion of changes in fair value recognized in OCI:
|
||||||||||
Foreign exchange forward contracts
|
(3 | ) | (2 | ) | ||||||
Cross-currency swap contracts
|
— | 2 | ||||||||
Forward starting interest rate swaps
|
— | (1 | ) | |||||||
Commodity contracts
|
— | (1 | ) | |||||||
Amount of (gain) or loss reclassified from OCI to earnings:
|
Location in Earnings | |||||||||
|
||||||||||
Foreign exchange forward contracts
|
Other expenses/income | 1 | — | |||||||
Foreign exchange forward contracts
|
Cost of products sold | 2 | 2 | |||||||
Forward starting interest rate swaps
|
Interest expense | 1 | — | |||||||
Commodity contracts
|
Cost of products sold | — | 1 | |||||||
|
||||||||||
OCI derivative gain/(loss) at end of quarter
|
$ | (27 | ) | $ | (30 | ) | ||||
|
11
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) | October 31, | November 1, | October 31, | November 1, | |||||||||||||
as Fair-Value Hedges | Recognized in Earnings | 2010 | 2009 | 2010 | 2009 | |||||||||||||
Interest rate swaps
|
Interest expense | $ | 1 | $ | 4 | $ | (1 | ) | $ | (4 | ) | |||||||
|
Amount of Gain or (Loss) | ||||||||||
Recognized in Earnings | ||||||||||
on Derivatives | ||||||||||
Location of Gain or (Loss) | October 31, | November 1, | ||||||||
Derivatives not Designated as Hedges | Recognized in Earnings | 2010 | 2009 | |||||||
Foreign exchange forward contracts
|
Other expenses/income | $ | — | $ | (3 | ) | ||||
Cross-currency swap contracts
|
Other expenses/income | (38 | ) | (24 | ) | |||||
Commodity contracts
|
Cost of products sold | 1 | (1 | ) | ||||||
Deferred compensation contracts
|
Administrative expenses | 2 | 2 | |||||||
|
||||||||||
Total
|
$ | (35 | ) | $ | (26 | ) | ||||
|
• | 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 | Fair Value | Fair Value Measurements at | |||||||||||||||||||||||||||||
as of | October 31, 2010 Using | as of | August 1, 2010 Using | |||||||||||||||||||||||||||||
October 31, | Fair Value Hierarchy | August 1, | Fair Value Hierarchy | |||||||||||||||||||||||||||||
2010 | Level 1 | Level 2 | Level 3 | 2010 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||||||||||
Interest rate swaps(1)
|
$ | 47 | $ | — | $ | 47 | $ | — | $ | 46 | $ | — | $ | 46 | $ | — | ||||||||||||||||
Foreign exchange forward contracts(2)
|
1 | — | 1 | — | 2 | — | 2 | — | ||||||||||||||||||||||||
Cross-currency swap contracts(3)
|
8 | — | 8 | — | 17 | — | 17 | — | ||||||||||||||||||||||||
Deferred compensation derivatives(4)
|
1 | — | 1 | — | — | — | — | — | ||||||||||||||||||||||||
Commodity derivatives(5)
|
4 | 4 | — | — | 4 | 4 | — | — | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total assets at fair value
|
$ | 61 | $ | 4 | $ | 57 | $ | — | $ | 69 | $ | 4 | $ | 65 | $ | — | ||||||||||||||||
|
12
Fair Value | Fair Value Measurements at | Fair Value | Fair Value Measurements at | |||||||||||||||||||||||||||||
as of | October 31, 2010 Using | as of | August 1, 2010 Using | |||||||||||||||||||||||||||||
October 31, | Fair Value Hierarchy | August 1, | Fair Value Hierarchy | |||||||||||||||||||||||||||||
2010 | Level 1 | Level 2 | Level 3 | 2010 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Liabilities
|
||||||||||||||||||||||||||||||||
Foreign exchange forward contracts(2)
|
$ | 4 | $ | — | $ | 4 | $ | — | $ | 2 | $ | — | $ | 2 | $ | — | ||||||||||||||||
Cross-currency swap contracts(3)
|
75 | — | 75 | — | 38 | — | 38 | — | ||||||||||||||||||||||||
Deferred compensation derivatives(4)
|
— | — | — | — | 2 | — | 2 | — | ||||||||||||||||||||||||
Commodity derivatives(5)
|
1 | 1 | — | — | 1 | 1 | — | — | ||||||||||||||||||||||||
Deferred compensation obligation(6)
|
157 | 102 | 55 | — | 149 | 95 | 54 | — | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total liabilities at fair value
|
$ | 237 | $ | 103 | $ | 134 | $ | — | $ | 192 | $ | 96 | $ | 96 | $ | — | ||||||||||||||||
|
(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 LIBOR and equity index swap rates. | |
(5) | Based on quoted futures exchanges. | |
(6) | Based on the fair value of the participants’ investments. |
13
Weighted- | ||||||||||||||||
Weighted- | Average | |||||||||||||||
Average | Remaining | Aggregate | ||||||||||||||
Exercise | Contractual | Intrinsic | ||||||||||||||
Options | Price | Life | Value | |||||||||||||
(Options in thousands) | ||||||||||||||||
Outstanding at August 1, 2010
|
12,473 | $ | 26.47 | |||||||||||||
Granted
|
— | $ | — | |||||||||||||
Exercised
|
(941 | ) | $ | 26.55 | ||||||||||||
Terminated
|
(1 | ) | $ | 29.59 | ||||||||||||
|
||||||||||||||||
Outstanding at October 31, 2010
|
11,531 | $ | 26.46 | 2.6 | $ | 113 | ||||||||||
|
||||||||||||||||
Exercisable at October 31, 2010
|
11,531 | $ | 26.46 | 2.6 | $ | 113 | ||||||||||
|
Weighted- | ||||||||
Average | ||||||||
Grant-Date | ||||||||
Shares/Units | Fair Value | |||||||
(Restricted stock/units in thousands) | ||||||||
Nonvested at August 1, 2010
|
2,395 | $ | 35.05 | |||||
Granted
|
1,123 | $ | 36.09 | |||||
Vested
|
(1,048 | ) | $ | 35.86 | ||||
Forfeited
|
(22 | ) | $ | 34.80 | ||||
|
||||||||
Nonvested at October 31, 2010
|
2,448 | $ | 35.18 | |||||
|
Weighted- | ||||||||
Average | ||||||||
Grant-Date | ||||||||
Shares/Units | Fair Value | |||||||
(Restricted stock/units in thousands) | ||||||||
Nonvested at August 1, 2010
|
3,581 | $ | 38.02 | |||||
Granted
|
1,255 | $ | 43.18 | |||||
Vested
|
(1,062 | ) | $ | 34.65 | ||||
Forfeited
|
(40 | ) | $ | 38.57 | ||||
|
||||||||
Nonvested at October 31, 2010
|
3,734 | $ | 40.71 | |||||
|
14
October 31, | August 1, | |||||||
2010 | 2010 | |||||||
Raw materials, containers and supplies
|
$ | 320 | $ | 261 | ||||
Finished products
|
518 | 463 | ||||||
|
||||||||
|
$ | 838 | $ | 724 | ||||
|
October 31, | November 1, | |||||||
2010 | 2009 | |||||||
Benefit related payments
|
$ | (8 | ) | $ | (8 | ) | ||
Other
|
(8 | ) | (2 | ) | ||||
|
||||||||
|
$ | (16 | ) | $ | (10 | ) | ||
|
15
• | Net sales decreased 1% in the quarter to $2.172 billion due primarily to lower sales in U.S. Soup. |
• | Sales were negatively impacted by increased promotional spending. | ||
• | U.S. beverage sales increased 10%. |
• | Gross profit, as a percent of sales, decreased to 41.2% in the quarter, reflecting increased promotional spending. | ||
• | Net earnings per share decreased 6% in the quarter to $.82. |
2011 | 2010 | %Change | ||||||||||
(Millions) | ||||||||||||
U.S. Soup, Sauces and Beverages
|
$ | 1,103 | $ | 1,140 | (3 | )% | ||||||
Baking and Snacking
|
544 | 530 | 3 | |||||||||
International Soup, Sauces and Beverages
|
372 | 374 | (1 | ) | ||||||||
North America Foodservice
|
153 | 159 | (4 | ) | ||||||||
|
||||||||||||
|
$ | 2,172 | $ | 2,203 | (1 | )% | ||||||
|
International | ||||||||||||||||||||
U.S. Soup, | Baking | Soup, Sauces | North | |||||||||||||||||
Sauces and | and | and | America | |||||||||||||||||
Beverages | Snacking | Beverages | Foodservice | Total | ||||||||||||||||
Volume and Mix
|
— | % | 1 | % | 3 | % | (4 | )% | 1 | % | ||||||||||
Price and Sales Allowances
|
— | 1 | — | — | — | |||||||||||||||
Increased Promotional Spending (1)
|
(3 | ) | (2 | ) | (3 | ) | (1 | ) | (3 | ) | ||||||||||
Currency
|
— | 3 | (1 | ) | 1 | 1 | ||||||||||||||
|
||||||||||||||||||||
|
(3 | )% | 3 | % | (1 | )% | (4 | )% | (1 | )% | ||||||||||
|
(1) | Represents revenue reductions from trade promotion and consumer coupon redemption programs. |
16
• | Sales of Campbell’s condensed soups declined 1%. Sales of eating varieties declined as the business was negatively impacted by promotional discounting in the ready-to-serve segment. Sales of condensed cooking varieties rose driven by increased advertising and promotional activity. | ||
• | Sales of ready-to-serve soups decreased 13%. | ||
• | Broth sales decreased 2%. |
17
2011 | 2010 | % Change | ||||||||||
(Millions) | ||||||||||||
U.S. Soup, Sauces and Beverages
|
$ | 295 | $ | 331 | (11 | )% | ||||||
Baking and Snacking
|
100 | 100 | — | |||||||||
International Soup, Sauces and Beverages
|
51 | 44 | 16 | |||||||||
North America Foodservice
|
23 | 26 | (12 | ) | ||||||||
|
||||||||||||
|
469 | 501 | (6 | )% | ||||||||
Corporate
|
(25 | ) | (23 | ) | ||||||||
|
||||||||||||
|
$ | 444 | $ | 478 | ||||||||
|
18
19
• | 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 is based on assumptions about sales volume, product mix, the development and success of new products, the impact of marketing, promotional and pricing actions, product costs and currency; | ||
• | the company’s ability to realize projected cost savings and benefits; | ||
• | the company’s ability to successfully manage changes to its business processes, including selling, distribution, manufacturing, 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 impact 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. |
20
21
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) | ||||||||||||
8/2/10 — 8/31/10
|
1,317,738 | (4) | $ | 36.26 | (4) | 802,760 | $ | 521 | ||||||||
9/1/10 — 9/30/10
|
1,967,992 | (5) | $ | 36.13 | (5) | 856,357 | $ | 489 | ||||||||
10/1/10 — 10/31/10
|
1,706,814 | (6) | $ | 36.15 | (6) | 1,022,165 | $ | 453 | ||||||||
|
||||||||||||||||
Total
|
4,992,544 | $ | 36.17 | 2,681,282 | $ | 453 |
(1) | Includes (i) 1,631,978 shares repurchased in open-market transactions to offset the dilutive impact to existing shareowners of issuances under the company’s stock compensation plans, (ii) 573,127 shares owned and tendered by employees to satisfy tax withholding obligations on the vesting of restricted shares, and (iii) 106,157 shares owned and tendered in connection with stock option exercises. 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 first quarter of fiscal 2011, 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 expects to 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) 513,240 shares repurchased in open-market transactions at an average price of $36.26 to offset the dilutive impact to existing shareowners of issuances under the company’s stock compensation plans, and (ii) 1,738 shares owned and tendered by employees at an average price per share of $36.40 to satisfy tax withholding requirements on the vesting of restricted shares. | |
(5) | Includes (i) 543,770 shares repurchased in open-market transactions at an average price of $36.28 to offset the dilutive impact to existing shareowners of issuances under the company’s stock compensation plans, and (ii) 567,865 shares owned and tendered by employees at an average price per share of $35.75 to satisfy tax withholding requirements on the vesting of restricted shares. | |
(6) | Includes (i) 574,968 shares repurchased in open-market transactions at an average price of $36.13 to offset the dilutive impact to existing shareowners of issuances under the company’s stock compensation plans, (ii) 3,524 shares owned and tendered by employees at an average price per share of $36.09 to satisfy tax withholding requirements on the vesting of restricted shares, and (iii) 106,157 shares owned and tendered at an average price per share of $36.47 in connection with stock option exercises. |
22
10(a)
|
Campbell Soup Company 2005 Long-Term Incentive Plan, as amended and restated on November 18, 2010, was filed with the SEC with Campbell’s 2010 Proxy Statement (SEC file number 1-3822), and is incorporated herein by reference. | |
|
||
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 |
23
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 |
||||
24
10(a)
|
Campbell Soup Company 2005 Long-Term Incentive Plan, as amended and restated on November 18, 2010, was filed with the SEC with Campbell’s 2010 Proxy Statement (SEC file number 1-3822), and is incorporated herein by reference. | |
|
||
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 |
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 |
---|