Find in the Selected Financial Data or calculate, the following data:
Dividends per share declared in 2017.
Capital expenditures in 2016.
Year total equity grew by the greatest amount over the previous year.
Change in total debt from 2013 to 2017.
Transcribed Image Text: Item 6. Selected Financial Data
Fiscal Year
20174)
20162)
2015)
2014(
2013()
(Millions, except per share amounts)
Summary of Operations
Net sales
S7,890 $7,961 $8,082 $8,268 $8,052
Eamings before interest and taxes
1,400
960
1,054
1,267
1,474
Eamings before taxes
1,293
849
949
1,148
1,349
Eamings from continuing operations.
887
563
666
774
934
Eamings (loss) from discontinued operations
81
(231)
-
Net earnings
887
563
666
855
703
Net earnings attributable to Campbell Soup Company
887
563
666
866
712
Financial Position
Plant assets - net .
S2,454 $2,407 $2,347 $2,318 $2,260
Total assets
7,726
7,837
8,077
8,100
8,290
Total debt
3,536
3,533
4,082
4,003
4,438
Total equity.
1,645
1,533
1,377
1,602
1,192
Per Share Data
Eamings from continuing operations attributable to Campbell Soup
Company - basic.
S 2.91 $ 1.82 $ 2.13 $ 2.50 $ 3.00
Eamings from continuing operations attributable to Campbell Soup
Company - assuming dilution.
2.89
1.81
2.13
2.48
2.97
Net earnings attributable to Campbell Soup Company - basic.
2.91
1.82
2.13
2.76
2.27
Net earnings attributable to Campbell Soup Company - assuming
dilution
2.89
1.81
2.13
2.74
2.25
Dividends declared.
1.40
1.248
1.248
1.248
1.16
Other Statistics
Capital expenditures.
Weighted average shares outstanding - basic..
S 338 $ 341 $ 380 $ 347 $ 336
305
309
312
314
314
Weighted average shares outstanding - assuming dilution.
307
311
313
316
317
(All per share amounts below are on a diluted basis)
In March 2016, the Financial Accounting Standards Board (FASB) issued guidance that amends accounting for share-based
payments, including the accounting for income taxes, forfeitures, and statutory withholding requirements, as well as classification
in the statement of cash flows. We adopted the guidance in 2017. In accordance with the prospective adoption of the recognition
of excess tax benefits and deficiencies in the Consolidated Statements of Eamings, we recognized a $6 million tax benefit in Taxes
on earnings in 2017.
In April 2015, the FASB issued guidance that requires debt issuance costs to be presented in the balance sheet as a reduction from
the carrying value of the associated debt liability, consistent with the presentation of a debt discount. We adopted the guidance in
2016 and retrospectively adjusted all prior periods.
In November 2015, the FASB issued guidance that requires deferred tax liabilities and assets to be classified as noncurrent in the
balance sheet. We adopted the guidance in 2016 on a prospective basis and modified the presentation of deferred taxes in the
Consolidated Balance Sheet as of July 31, 2016.
The 2014 fiscal year consisted of 53 weeks. All other periods had 52 weeks.
(1)
The 2017 eamings from continuing operations attributable to Campbell Soup Company were impacted by the following: a
restructuring charge, related costs and administrative expenses of $37 million ($.12 per share) associated with restructuring
and cost savings initiatives; gains of $116 million ($.38 per share) associated with mark-to-market adjustments for defined
benefit pension and postretirement plans; impairment charges of $180 million (S.59 per share) related to the intangible assets
of the Bolthouse Farms carrot and carrot ingredients reporting unit and the Garden Fresh Gourmet reporting unit; and a tax
benefit and reduction to interest expense of $56 million ($.18 per share) primarily associated with the sale of intercompany
notes receivable to a financial institution.
(2)
The 2016 earnings from continuing operations attributable to Campbell Soup Company were impacted by the following: a
restructuring charge and administrative expenses of $49 million (S.16 per share) associated with restructuring and cost savings
initiatives; losses of $200 million ($.64 per share) associated with mark-to-market adjustments for defined benefit pension
and postretirement plans; a gain of $25 million ($.08 per share) associated with a settlement of a claim related to the Kelsen
acquisition; and an impairment charge of $127 million (S.41 per share) related to the intangible assets of the Bolthouse Farms
carrot and carrot ingredients reporting unit.
(3)
The 2015 earnings from continuing operations attributable to Campbell Soup Company were impacted by the following: a
restructuring charge and administrative expenses of $78 million (S.25 per share) associated with restructuring and cost savings
initiatives and losses of $87 million ($.28 per share) associated with mark-to-market adjustments for defined benefit pension
and postretirement plans.
O The 2014 earnings from continuing operations attributable to Campbell Soup Company were impacted by the following: a
restructuring charge and related costs of $36 million ($.11 per share) associated with restructuring initiatives; losses of $19
million ($.06 per share) associated with mark-to-market adjustments for defined benefit pension and postretirement plans; a
loss of $6 million ($.02 per share) on foreign exchange forward contracts used to hedge the proceeds from the sale of the
European simple meals business; $7 million ($.02 per share) tax expense associated with the sale of the European simple
meals business; and the estimated impact of the additional week of $25 million ($.08 per share). Earnings from discontinued
operations included a gain of $72 million ($.23 per share) on the sale of the European simple meals business.
O The 2013 earmings from continuing operations attributable to Campbell Soup Company were impacted by the following: a
restructuring charge and related costs of $87 million ($.27 per share) associated with restructuring initiatives; gains of $183
million (S.58 per share) associated with mark-to-market adjustments for defined benefit pension and postretirement plans;
and $7 million ($.02 per share) of transaction costs related to the acquisition of Bolthouse Farms. Earmings from discontinued
operations were impacted by an impairment charge on the intangible assets of the simple meals business in Europe of $263
million ($.83 per share) and tax expense of $18 million ($.06 per share) representing taxes on the difference between the book
value and tax basis of the business.
Selected Financial Data should be read in conjunction with the Notes to Consolidated Financial Statements.