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8-K - 8-K - CAMPBELL SOUP COa8-kbenefitssegmentchangeq.htm


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.


5



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.


6



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.


7



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.


8



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.



9



 
 
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


10



 
 
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.


11




 
 
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
%

12



 
 
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


13



 
 
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.



14