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Supplemental Financial Statement Data
12 Months Ended
Jul. 31, 2022
Disclosure Text Block Supplement [Abstract]  
Supplemental Financial Information Data Supplemental Financial Statement Data
Balance Sheets
(Millions)20222021
Accounts receivable
Customer accounts receivable$502 $556 
Allowances(12)(12)
Subtotal$490 $544 
Other51 51 
$541 $595 
(Millions)20222021
Inventories
Raw materials, containers and supplies$390 $321 
Finished products856 612 
$1,246 $933 
(Millions)20222021
Plant assets
Land$74 $75 
Buildings1,531 1,493 
Machinery and equipment3,932 3,732 
Projects in progress141 189 
Total cost$5,678 $5,489 
Accumulated depreciation(1)
(3,335)(3,119)
$2,343 $2,370 
____________________________________ 
(1)Depreciation expense was $296 million in 2022, $275 million in 2021 and $285 million in 2020. Buildings are depreciated over periods ranging from 7 to 45 years. Machinery and equipment are depreciated over periods generally ranging from 2 to 20 years.
(Millions)20222021
Other assets
Operating lease ROU assets, net of amortization$239 $235 
Pension146 190 
Other24 24 
$409 $449 
(Millions)20222021
Accrued liabilities
Accrued compensation and benefits$216 $203 
Fair value of derivatives34 
Accrued trade and consumer promotion programs141 121 
Accrued interest64 70 
Restructuring7 
Operating lease liabilities62 54 
Other97 119 
$621 $576 
(Millions)20222021
Other liabilities
Pension benefits$107 $142 
Postretirement benefits153 199 
Operating lease liabilities177 180 
Deferred compensation81 92 
Unrecognized tax benefits15 20 
Other70 72 
$603 $705 
Statements of Earnings
(Millions)202220212020
Other expenses / (income)
Amortization of intangible assets$41 $42 $43 
Net periodic benefit expense (income) other than the service cost(23)(285)73 
Investment losses(1)
 — 49 
Loss on sales of businesses(2)
 11 64 
Transition services fees (27)(10)
Other3 
$21 $(254)$221 
Advertising and consumer promotion expense(3)
$314 $399 $463 
Interest expense(4)
Interest expense
$191 $214 $350 
Less: Interest capitalized2 
$189 $210 $345 
____________________________________ 
(1)2020 includes a loss of $45 million related to Acre. See Note 14 for additional information.
(2)In 2021, we recognized a loss of $11 million on the sale of the Plum baby food and snacks business. In 2020, we recognized a loss of $64 million on the sale of the European chips business. See Note 3 for additional information.
(3)Included in Marketing and selling expenses.
(4)In 2022, we recognized a loss of $4 million (including $3 million of premium and other costs) on the extinguishment of debt. In 2020, we recognized a loss of $75 million (including $65 million of premium, fees and other costs paid with the tender offers and unamortized debt issuance costs). See Note 12 for additional information.
Statements of Cash Flows
(Millions)202220212020
Cash Flows from Operating Activities
Other non-cash charges to net earnings
Operating lease ROU asset expense
$74 $75 $75 
Amortization of debt issuance costs/debt discount5 
Benefit related expense3 12 12 
Other6 (7)
$88 $86 $101 
Other
Benefit related payments$(45)$(49)$(53)
Other3 (6)
$(42)$(47)$(59)
Other Cash Flow Information
Interest paid$188 $214 $287 
Interest received$1 $$
Income taxes paid$196 $212 $222