8-K

0000016732-15-000063.txt : 20151210 0000016732-15-000063.hdr.sgml : 20151210 20151210082325 ACCESSION NUMBER: 0000016732-15-000063 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20151210 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20151210 DATE AS OF CHANGE: 20151210 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAMPBELL SOUP CO CENTRAL INDEX KEY: 0000016732 STANDARD INDUSTRIAL CLASSIFICATION: FOOD & KINDRED PRODUCTS [2000] IRS NUMBER: 210419870 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03822 FILM NUMBER: 151279730 BUSINESS ADDRESS: STREET 1: CAMPBELL PL CITY: CAMDEN STATE: NJ ZIP: 08103 BUSINESS PHONE: 8563424800 MAIL ADDRESS: STREET 1: CAMPBELL PL CITY: CAMDEN STATE: NJ ZIP: 08103 8-K 1 a8-kbenefitssegmentchangeq.htm 8-K 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report

(Date of Earliest Event Reported):

December 10, 2015



New Jersey	Commission File Number	21-0419870
State of Incorporation	1-3822	I.R.S. Employer Identification No.

One Campbell Place

Camden, New Jersey 08103-1799

Principal Executive Offices

Telephone Number: (856) 342-4800

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-(c))

Item 7.01– Regulation FD Disclosure.

As previously disclosed, during the first quarter of fiscal 2016, Campbell Soup Company (“we,” “us,” “our” or the “company”) modified our segment reporting and our method of accounting for defined benefit pension and postretirement plans.

Through the fourth quarter of fiscal 2015, we reported the results of our operations in the following reportable segments: U.S. Simple Meals; Global Baking and Snacking; International Simple Meals and Beverages; U.S. Beverages; and Bolthouse and Foodservice. As of the beginning of fiscal 2016, we are managing our businesses in three divisions focused mainly on product categories. The new divisions, which represent our operating and reportable segments, are as follows:

•

Americas Simple Meals and Beverages segment includes the retail and food service channel businesses in the U.S., Canada and Latin America. The segment includes the following products: Campbell’s condensed and ready-to-serve soups; Swanson broth and stocks; Prego pasta sauces; Pace Mexican sauces; Campbell’s gravies, pasta, beans and dinner sauces; Swanson canned poultry; Plum food and snacks; V8 juices and beverages; and Campbell’s tomato juice.


•	Global Biscuits and Snacks segment includes Pepperidge Farm cookies, crackers, bakery and frozen products in U.S. retail; Arnott’s biscuits in Australia and Asia Pacific; and Kelsen cookies globally. The segment also includes the simple meals and shelf-stable beverages business in Australia and Asia Pacific.


•	Campbell Fresh includes Bolthouse Farms fresh carrots, carrot ingredients, refrigerated beverages and refrigerated salad dressings; Garden Fresh Gourmet salsa, hummus, dips and tortilla chips; and the U.S. refrigerated soup business.

In fiscal 2016, we also modified our method of allocating pension and postretirement benefit costs to our segments. Through fiscal 2015, we included all components of benefit expense in measuring segment performance. In fiscal 2016, only service cost is allocated to segments. All other components of expense, including interest cost, expected return on assets, and recognized actuarial gains and losses, are reflected in Corporate and not included in segment operating results.

In fiscal 2016, we elected to change our 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 our Consolidated Statements of Earnings as of the measurement date, which is our fiscal year end, 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 believe the new policies will provide greater transparency to on-going operating results and better reflect the impact of current market conditions on the obligations and assets.

On December 10, 2015, we filed a Current Report on Form 8-K to reflect certain retrospective revisions to portions of our Annual Report on Form 10-K for the year ended August 2, 2015 (the “2015 Form 10-K”) related to these modifications.

This Current Report on Form 8-K is being furnished to provide supplemental information related to the recast financial information resulting from these modifications. Attached as Exhibit 99.1 are additional recast historical quarterly and year-to-date unaudited financial information, as well as certain non-GAAP financial measures (as defined by the Securities and Exchange Commission) reconciled to the GAAP presentation, reflecting the changes in our segment reporting and our method of accounting for defined benefit pension and postretirement plans.

The information in this Item 7.01 and the Exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

Item 9.01 – Financial Statements and Exhibits


(d)	Exhibits


99.1	Additional recast historical quarterly and year-to-date unaudited financial information, as well as certain non-GAAP financial measures reconciled to the GAAP presentation, reflecting the changes in Campbell Soup Company's segment reporting and its method of accounting for defined benefit pension and postretirement plans.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



		CAMPBELL SOUP COMPANY
		(Registrant)

Date: December 10, 2015
	By:	By: /s/ Anthony P. DiSilvestro
		Anthony P. DiSilvestro
		Senior Vice President and Chief Financial Officer
		Senior Vice President and Chief Financial Officer

EXHIBIT INDEX



Exhibit No.

99.1		Additional recast historical quarterly and year-to-date unaudited financial information, as well as certain non-GAAP financial measures reconciled to the GAAP presentation, reflecting the changes in Campbell Soup Company's segment reporting and its method of accounting for defined benefit pension and postretirement plans.

EX-99.1 2 exhibit991quarterlyrecastb.htm EXHIBIT 99.1 Exhibit

Exhibit 99.1

CAMPBELL SOUP COMPANY

Consolidated Statements of Earnings

Recast for Change in Method of Accounting for Defined Benefit Pension and Postretirement Plans

(millions, except per share amounts)

(unaudited)



	Three Months Ended		Three Months Ended		Six Months Ended		Three Months Ended		Nine Months Ended		Three Months Ended			Twelve Months Ended
	November 2, 2014		February 1, 2015		February 1, 2015		May 3, 2015		May 3, 2015		August 2, 2015			August 2, 2015
Net sales	$	2,255	$	2,234	$	4,489	$	1,900	$	6,389	$	1,693		$	8,082
Costs and expenses
Cost of products sold	1,460		1,491		2,951		1,218		4,169		1,131			5,300
Marketing and selling expenses	243		239		482		213		695		189			884
Administrative expenses	131		135		266		142		408		193			601
Research and development expenses	28		25		53		30		83		34			117
Other expenses / (income)	4		7		11		3		14		10			24
Restructuring charges	—		—		—		9		9		93			102
Total costs and expenses	1,866		1,897		3,763		1,615		5,378		1,650			7,028
Earnings before interest and taxes	389		337		726		285		1,011		43			1,054
Interest expense	26		26		52		29		81		27			108
Interest income	1		1		2		1		3		—			3
Earnings before taxes	364		312		676		257		933		16			949
Taxes on earnings	116		90		206		78		284		(1		)	283
Earnings from continuing operations	248		222		470		179		649		17			666
Earnings from discontinued operations	—		—		—		—		—		—			—
Net earnings	248		222		470		179		649		17			666
Less: Net earnings (loss) attributable to noncontrolling interests	—		—		—		—		—		—			—
Net earnings attributable to Campbell Soup Company	$	248	$	222	$	470	$	179	$	649	$	17		$	666
Per Share — Basic
Earnings from continuing operations attributable to Campbell Soup Company	$	0.79	$	0.71	$	1.50	$	0.58	$	2.07	$	0.05		$	2.13
Earnings from discontinued operations	—		—		—		—		—		—			—
Net earnings attributable to Campbell Soup Company	$	0.79	$	0.71	$	1.50	$	0.58	$	2.07	$	0.05		$	2.13
Weighted average shares outstanding — basic	314		313		313		311		313		310			312
Per Share — Assuming Dilution
Earnings from continuing operations attributable to Campbell Soup Company	$	0.78	$	0.71	$	1.50	$	0.57	$	2.07	$	0.05		$	2.13
Earnings from discontinued operations	—		—		—		—		—		—			—
Net earnings attributable to Campbell Soup Company	$	0.78	$	0.71	$	1.50	$	0.57	$	2.07	$	0.05		$	2.13
Weighted average shares outstanding — assuming dilution	316		314		314		312		314		312			313

_____________________________________

The sum of the individual per share amounts may not add due to rounding.

CAMPBELL SOUP COMPANY

Consolidated Statements of Earnings

Recast for Change in Method of Accounting for Defined Benefit Pension and Postretirement Plans

(millions, except per share amounts)

(unaudited)



	Three Months Ended			Three Months Ended			Six Months Ended			Three Months Ended			Nine Months Ended			Three Months Ended			Twelve Months Ended
	October 27, 2013			January 26, 2014			January 26, 2014			April 27, 2014			April 27, 2014			August 3, 2014			August 3, 2014
Net sales	$	2,165		$	2,281		$	4,446		$	1,970		$	6,416		$	1,852		$	8,268
Costs and expenses
Cost of products sold	1,354			1,454			2,808			1,264			4,072			1,225			5,297
Marketing and selling expenses	257			265			522			214			736			193			929
Administrative expenses	144			138			282			130			412			164			576
Research and development expenses	30			26			56			28			84			38			122
Other expenses / (income)	11			3			14			2			16			6			22
Restructuring charges	21			13			34			1			35			20			55
Total costs and expenses	1,817			1,899			3,716			1,639			5,355			1,646			7,001
Earnings before interest and taxes	348			382			730			331			1,061			206			1,267
Interest expense	31			29			60			31			91			31			122
Interest income	1			—			1			1			2			1			3
Earnings before taxes	318			353			671			301			972			176			1,148
Taxes on earnings	110			112			222			93			315			59			374
Earnings from continuing operations	208			241			449			208			657			117			774
Earnings (loss) from discontinued operations	(9		)	90			81			—			81			—			81
Net earnings	199			331			530			208			738			117			855
Less: Net earnings (loss) attributable to noncontrolling interests	(1		)	(7		)	(8		)	(1		)	(9		)	(2		)	(11		)
Net earnings attributable to Campbell Soup Company	$	200		$	338		$	538		$	209		$	747		$	119		$	866
Per Share — Basic
Earnings from continuing operations attributable to Campbell Soup Company	$	0.67		$	0.79		$	1.46		$	0.67		$	2.12		$	0.38		$	2.50
Earnings (loss) from discontinued operations	(0.03		)	0.29			0.26			—			0.26			—			0.26
Net earnings attributable to Campbell Soup Company	$	0.64		$	1.08		$	1.71		$	0.67		$	2.38		$	0.38		$	2.76
Weighted average shares outstanding — basic	314			314			314			314			314			314			314
Per Share — Assuming Dilution
Earnings from continuing operations attributable to Campbell Soup Company	$	0.66		$	0.78		$	1.45		$	0.66		$	2.11		$	0.38		$	2.48
Earnings (loss) from discontinued operations	(0.03		)	0.28			0.26			—			0.26			—			0.26
Net earnings attributable to Campbell Soup Company	$	0.63		$	1.07		$	1.70		$	0.66		$	2.36		$	0.38		$	2.74
Weighted average shares outstanding — assuming dilution	317			316			316			316			316			316			316

_____________________________________

The sum of the individual per share amounts may not add due to rounding.

CAMPBELL SOUP COMPANY

Segment Information

Recast for Modified Segment Reporting and Change in Method of Accounting for Defined Benefit Pension and Postretirement Plans

(millions)

(unaudited)



	Three Months Ended		Three Months Ended		Six Months Ended		Three Months Ended		Nine Months Ended		Three Months Ended		Twelve Months Ended
	November 2, 2014		February 1, 2015		February 1, 2015		May 3, 2015		May 3, 2015		August 2, 2015		August 2, 2015
Net sales
Americas Simple Meals and Beverages	$	1,333	$	1,278	$	2,611	$	1,030	$	3,641	$	842	$	4,483
Global Biscuits and Snacks	691		700		1,391		623		2,014		617		2,631
Campbell Fresh	231		256		487		247		734		234		968
Total	$	2,255	$	2,234	$	4,489	$	1,900	$	6,389	$	1,693	$	8,082



Earnings before interest and taxes
Americas Simple Meals and Beverages	$	305		$	237		$	542		$	223		$	765		$	183		$	948
Global Biscuits and Snacks	98			115			213			93			306			77			383
Campbell Fresh	9			13			22			18			40			21			61
Corporate ⁽¹⁾	(23		)	(28		)	(51		)	(40		)	(91		)	(145		)	(236		)
Restructuring charges	—			—			—			(9		)	(9		)	(93		)	(102		)
Total	$	389		$	337		$	726		$	285		$	1,011		$	43		$	1,054

___________________________________________

⁽¹⁾ Includes pension and postretirement benefit mark-to-market losses of $2 in the first quarter, $26 in the third quarter and $110 in the fourth quarter.

CAMPBELL SOUP COMPANY

Segment Information

Recast for Modified Segment Reporting and Change in Method of Accounting for Defined Benefit Pension and Postretirement Plans

(millions)

(unaudited)



	Three Months Ended		Three Months Ended		Six Months Ended		Three Months Ended		Nine Months Ended		Three Months Ended		Twelve Months Ended
	October 27, 2013		January 26, 2014		January 26, 2014		April 27, 2014		April 27, 2014		August 3, 2014		August 3, 2014
Net sales
Americas Simple Meals and Beverages	$	1,271	$	1,326	$	2,597	$	1,086	$	3,683	$	905	$	4,588
Global Biscuits and Snacks	674		705		1,379		633		2,012		713		2,725
Campbell Fresh	220		250		470		251		721		234		955
Total	$	2,165	$	2,281	$	4,446	$	1,970	$	6,416	$	1,852	$	8,268



Earnings before interest and taxes
Americas Simple Meals and Beverages	$	281		$	307		$	588		$	248		$	836		$	194		$	1,030
Global Biscuits and Snacks	84			96			180			76			256			110			366
Campbell Fresh	15			22			37			13			50			18			68
Corporate ⁽¹⁾	(11		)	(30		)	(41		)	(5		)	(46		)	(96		)	(142		)
Restructuring charges	(21		)	(13		)	(34		)	(1		)	(35		)	(20		)	(55		)
Total	$	348		$	382		$	730		$	331		$	1,061		$	206		$	1,267

___________________________________________

⁽¹⁾ Includes pension and postretirement benefit mark-to-market gains of $20 in the first quarter and losses of $51 in the fourth quarter.

Reconciliation of 2015 and 2014 GAAP to Non-GAAP Financial Measures Recast for Change in Method of Accounting for Defined Benefit Pension and Postretirement Plans

We use certain non-GAAP financial measures as defined by the Securities and Exchange Commission in certain communications. These non-GAAP financial measures are measures of performance not defined by accounting principles generally accepted in the United States and should be considered in addition to, not in lieu of, GAAP reported measures.

We believe that financial information excluding certain items that are not considered to be part of the ongoing business improves the comparability of year-to-year results. Consequently, we believe that investors may be able to better understand our gross margin and earnings results excluding these items.

The following items impacted gross margin and/or earnings:

(1)

In 2016, we changed the method of accounting for the recognition of actuarial gains and losses for defined benefit pension and postretirement plans and the calculation of expected return on pension plan assets. Historically, actuarial gains and losses associated with benefit obligations were recognized in Accumulated other comprehensive loss in the Consolidated Balance Sheets and were amortized into earnings over the remaining service life of participants to the extent that the amounts were in excess of a corridor. Under the new policy, gains and losses will be recognized immediately in the Consolidated Statements of Earnings as of the measurement date, which is typically the end of the fiscal year, or more frequently if an interim remeasurement is required. In addition, we will no longer use a market-related value of plan assets, which is an average value, to determine the expected return on assets but rather will use the fair value of plan assets. We exclude the impact of the mark-to-market adjustments resulting from these accounting changes in evaluating performance. These changes in accounting policy have been retrospectively applied to all periods presented.


(2)	In fiscal 2015, we incurred charges associated with our initiatives to implement a new enterprise design that better aligns with our strategy, to reduce costs and to streamline our organizational structure. We also incurred pre-tax charges in Administrative expenses related to the implementation of the new organizational structure and cost reduction initiatives.

In fiscal 2014, we incurred charges associated with our initiatives to improve supply chain efficiency in Australia and reduce overhead across the organization. The 2014 charges also included charges related to the 2013 initiatives to improve our U.S. supply chain cost structure and increase asset utilization across our U.S. thermal plant network; expand access to manufacturing and distribution capabilities in Mexico; improve our Pepperidge Farm bakery supply chain cost structure; and reduce overhead in North America.


(3)	Commencing with the fourth quarter of 2013, we reflected the results of our simple meals business in Europe as discontinued operations. We recorded tax charges representing taxes on the difference between the book value and tax basis of the business.


(4)	Fiscal 2015 had 52 weeks. Fiscal 2014 had 53 weeks.

The tables below reconcile financial information, presented in accordance with GAAP, to financial information excluding certain items for 2015 and 2014.



	Three Months Ended			Three Months Ended			Six Months Ended			Three Months Ended			Nine Months Ended			Three Months Ended			Twelve Months Ended
(millions, except per share amounts)	November 2, 2014			February 1, 2015			February 1, 2015			May 3, 2015			May 3, 2015			August 2, 2015			August 2, 2015
Gross margin, as reported	$	795		$	743		$	1,538		$	682		$	2,220		$	562		$	2,782
Add: Pension and postretirement benefit mark-to-market adjustments (1)	—			—			—			14			14			64			80
Adjusted Gross margin	$	795		$	743		$	1,538		$	696		$	2,234		$	626		$	2,862
Adjusted Gross margin percentage	35.3		%	33.3		%	34.3		%	36.6		%	35.0		%	37.0		%	35.4		%
Marketing and selling expenses, as reported	$	243		$	239		$	482		$	213		$	695		$	189		$	884
Deduct: Pension and postretirement benefit mark-to-market adjustments (1)	—			—			—			4			4			17			21
Adjusted Marketing and selling expenses	$	243		$	239		$	482		$	209		$	691		$	172		$	863
Administrative expenses, as reported	$	131		$	135		$	266		$	142		$	408		$	193		$	601
Deduct: Pension and postretirement benefit mark-to-market adjustments (1)	—			—			—			6			6			21			27
Deduct: Restructuring charges and implementation costs (2)	—			—			—			9			9			13			22
Adjusted Administrative expenses	$	131		$	135		$	266		$	127		$	393		$	159		$	552
Research and development expenses, as reported	$	28		$	25		$	53		$	30		$	83		$	34		$	117
Deduct: Pension and postretirement benefit mark-to-market adjustments (1)	—			—			—			2			2			8			10
Adjusted Research and development expenses	$	28		$	25		$	53		$	28		$	81		$	26		$	107
Earnings before interest and taxes, as reported	$	389		$	337		$	726		$	285		$	1,011		$	43		$	1,054
Add: Pension and postretirement benefit mark-to-market adjustments (1)	—			—			—			26			26			110			138
Add: Restructuring charges and implementation costs (2)	—			—			—			18			18			106			124
Adjusted Earnings before interest and taxes	$	389		$	337		$	726		$	329		$	1,055		$	259		$	1,316
Interest, net, as reported	$	25		$	25		$	50		$	28		$	78		$	27		$	105
Adjusted Earnings before taxes	$	364		$	312		$	676		$	301		$	977		$	232		$	1,211
Taxes on earnings, as reported	$	116		$	90		$	206		$	78		$	284		$	(1	)	$	283
Add: Tax benefit from pension and postretirement benefit mark-to-market adjustments (1)	—			—			—			10			10			41			51
Add: Tax benefit from restructuring charges and implementation costs (2)	—			—			—			7			7			39			46
Adjusted Taxes on earnings	$	116		$	90		$	206		$	95		$	301		$	79		$	380
Adjusted effective income tax rate	31.9		%	28.8		%	30.5		%	31.6		%	30.8		%	34.1		%	31.4		%
Earnings from continuing operations, as reported	$	248		$	222		$	470		$	179		$	649		$	17		$	666
Deduct: Net loss from noncontrolling interests	—			—			—			—			—			—			—
Earnings from continuing operations attributable to Campbell Soup Company, as reported	$	248		$	222		$	470		$	179		$	649		$	17		$	666
Add: Net adjustment from pension and postretirement benefit mark-to-market adjustments (1)	—			—			—			16			16			69			87
Add: Net adjustment from restructuring charges and implementation costs (2)	—			—			—			11			11			67			78
Adjusted Earnings from continuing operations attributable to Campbell Soup Company	$	248		$	222		$	470		$	206		$	676		$	153		$	831



	Three Months Ended		Three Months Ended		Six Months Ended		Three Months Ended		Nine Months Ended		Three Months Ended		Twelve Months Ended
(millions, except per share amounts)	November 2, 2014		February 1, 2015		February 1, 2015		May 3, 2015		May 3, 2015		August 2, 2015		August 2, 2015
Diluted earnings per share - continuing operations attributable to Campbell Soup Company, as reported	$	.78	$	.71	$	1.50	$	.57	$	2.07	$	.05	$	2.13
Add: Net adjustment from pension and postretirement benefit mark-to-market adjustments (1)	—		—		—		.05		.05		.22		.28
Add: Net adjustment from restructuring charges and implementation costs (2)	—		—		—		.04		.04		.21		.25
Adjusted Diluted earnings per share - continuing operations attributable to Campbell Soup Company*	$	.78	$	.71	$	1.50	$	.66	$	2.15	$	.49	$	2.65

_____________________________________

*The sum of the individual per share amounts may not add due to rounding.



	Three Months Ended			Three Months Ended			Six Months Ended			Three Months Ended			Nine Months Ended			Three Months Ended			Twelve Months Ended
(millions, except per share amounts)	October 27, 2013			January 26, 2014			January 26, 2014			April 27, 2014			April 27, 2014			August 3, 2014			August 3, 2014
Gross margin, as reported	$	811		$	827		$	1,638		$	706		$	2,344		$	627		$	2,971
Add (Deduct): Pension and postretirement benefit mark-to-market adjustments (1)	(20		)	—			(20		)	—			(20		)	19			(1		)
Add: Restructuring-related costs (2)	2			—			2			—			2			1			3
Adjusted Gross margin	$	793		$	827		$	1,620		$	706		$	2,326		$	647		$	2,973
Adjusted Gross margin percentage	36.6		%	36.3		%	36.4		%	35.8		%	36.3		%	34.9		%	36.0		%
Marketing and selling expenses, as reported	$	257		$	265		$	522		$	214		$	736		$	193		$	929
Deduct: Pension and postretirement benefit mark-to-market adjustments (1)	—			—			—			—			—			8			8
Adjusted Marketing and selling expenses	$	257		$	265		$	522		$	214		$	736		$	185		$	921
Administrative expenses, as reported	$	144		$	138		$	282		$	130		$	412		$	164		$	576
Deduct: Pension and postretirement benefit mark-to-market adjustments (1)	—			—			—			—			—			19			19
Adjusted Administrative expenses	$	144		$	138		$	282		$	130		$	412		$	145		$	557
Research and development expenses, as reported	$	30		$	26		$	56		$	28		$	84		$	38		$	122
Deduct: Pension and postretirement benefit mark-to-market adjustments (1)	—			—			—			—			—			5			5
Adjusted Research and development expenses	$	30		$	26		$	56		$	28		$	84		$	33		$	117
Other expenses / (income), as reported	$	11		$	3		$	14		$	2		$	16		$	6		$	22
Deduct: Loss on foreign exchange forward contracts (3)	9			—			9			—			9			—			9
Adjusted Other expenses / (income)	$	2		$	3		$	5		$	2		$	7		$	6		$	13
Earnings before interest and taxes, as reported	$	348		$	382		$	730		$	331		$	1,061		$	206		$	1,267
Add (Deduct): Pension and postretirement benefit mark-to-market adjustments (1)	(20		)	—			(20		)	—			(20		)	51			31
Add: Restructuring charges and related costs (2)	23			13			36			—			37			21			58
Add: Loss on foreign exchange forward contracts (3)	9			—			9			—			9			—			9
Deduct: Impact of 53^rdweek (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 53^rdweek (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 53^rdweek (4)	—			—			—			—			—			(10		)	(10		)
Adjusted Taxes on earnings	$	107		$	115		$	222		$	93		$	315		$	74		$	389
Adjusted effective income tax rate	32.4		%	31.4		%	31.9		%	30.9		%	31.6		%	34.7		%	32.1		%



	Three Months Ended			Three Months Ended			Six Months Ended			Three Months Ended			Nine Months Ended			Three Months Ended			Twelve Months Ended
(millions, except per share amounts)	October 27, 2013			January 26, 2014			January 26, 2014			April 27, 2014			April 27, 2014			August 3, 2014			August 3, 2014
Earnings from continuing operations, as reported	$	208		$	241		$	449		$	208		$	657		$	117		$	774
Deduct: Net loss from noncontrolling interests	(1		)	(7		)	(8		)	(1		)	(9		)	(2		)	(11		)
Earnings from continuing operations attributable to Campbell Soup Company, as reported	$	209		$	248		$	457		$	209		$	666		$	119		$	785
Add (Deduct): Net adjustment from pension and postretirement benefit mark-to-market adjustments (1)	(13		)	—			(13		)	—			(13		)	32			19
Add: Net adjustment from restructuring charges and related costs (2)	15			10			25			—			26			15			41
Deduct: Restructuring charges attributable to noncontrolling interest (2)	—			(5		)	(5		)	—			(5		)	—			(5		)
Add: Net adjustment from loss on foreign exchange forward contracts (3)	6			—			6			—			6			—			6
Add: Tax expense associated with sale of European business (3)	7			—			7			—			7			—			7
Deduct: Net impact of 53^rdweek (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 53^rdweek (4)	—			—			—			—			—			(.08		)	(.08		)
Adjusted Diluted earnings per share - continuing operations attributable to Campbell Soup Company*	$	.71		$	.80		$	1.51		$	.66		$	2.17		$	.45		$	2.62
Diluted earnings (loss) per share - discontinued operations, as reported	$	(.03	)	$	.28		$	.26		$	—		$	.26		$	—		$	.26
Deduct: Gain on sale of European business (3)	.06			(.28		)	(.23		)	—			(.23		)	—			(.23		)
Adjusted Diluted earnings (loss) per share - discontinued operations	$	.03		$	—		$	.03		$	—		$	.03		$	—		$	.03



	Three Months Ended			Three Months Ended			Six Months Ended			Three Months Ended		Nine Months Ended			Three Months Ended			Twelve Months Ended
(millions, except per share amounts)	October 27, 2013			January 26, 2014			January 26, 2014			April 27, 2014		April 27, 2014			August 3, 2014			August 3, 2014
Diluted net earnings per share attributable to Campbell Soup Company, as reported*	$	.63		$	1.07		$	1.70		$	.66	$	2.36		$	.38		$	2.74
Add (Deduct): Net adjustment from pension and postretirement benefit mark-to-market adjustments (1)	(.04		)	—			(.04		)	—		(.04		)	.10			.06
Add: Net adjustment from restructuring charges and related costs attributable to Campbell Soup Company (2)	.05			.02			.06			—		.07			.05			.11
Add: Net adjustment from loss on foreign exchange forward contracts (3)	.02			—			.02			—		.02			—			.02
Add: Tax expense associated with sale of European business (3)	.02			—			.02			—		.02			—			.02
Deduct: Net impact of 53^rdweek (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.

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