Supplemental Financial Statement Data

12 Months Ended

Jul. 28, 2013

Additional Financial Information Disclosure [Text Block]

Supplemental Financial Statement Data

Balance Sheets

	2013			2012
Accounts receivable
Customer accounts receivable	$	587		$	523
Allowances	(11		)	(10		)
Subtotal	576			513
Other	59			40
	$	635		$	553
Inventories
Raw materials, containers and supplies	364			277
Finished products	561			437
	$	925		$	714
Other current assets
Deferred taxes	$	90		$	104
Fair value of derivatives	9			35
Other	36			30
	$	135		$	169
Plant assets
Land	$	59		$	62
Buildings	1,349			1,260
Machinery and equipment	4,017			3,963
Projects in progress	230			198
Total cost	5,655			5,483
Accumulated depreciation(1)	(3,395		)	(3,356		)
	$	2,260		$	2,127
Other assets
Fair value of derivatives	$	23		$	10
Deferred taxes	27			49
Other	81			64
	$	131		$	123
Accrued liabilities
Accrued compensation and benefits	$	270		$	267
Fair value of derivatives	35			29
Accrued trade and consumer promotion programs	137			140
Accrued interest	41			31
Restructuring	21			16
Other	113			115
	$	617		$	598

	2013		2012
Other liabilities
Pension benefits	$	190	$	618
Deferred compensation(2)	112		96
Postretirement benefits	361		386
Fair value of derivatives	1		54
Unrecognized tax benefits	40		50
Other	72		56
	$	776	$	1,260

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⁽¹⁾  Depreciation expense was $393 in 2013, $258 in 2012, and $265 in 2011. Depreciation expense of continuing operations was $382 in 2013, $247 in 2012, and $253 in 2011. 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.

⁽²⁾  The deferred compensation obligation represents unfunded plans maintained for the purpose of providing the company's directors and certain of its executives the opportunity to defer a portion of their compensation. All forms of compensation contributed to the deferred compensation plans are accounted for in accordance with the underlying program. Deferrals and company contributions are credited to an investment account in the participant's name, although no funds are actually contributed to the investment account and no investments are actually purchased. Seven investment choices are available, including: (1) a book account that tracks the total return on company stock; (2) a book account that tracks the performance of the Vanguard Institutional Index; (3) a book account that tracks the performance of the Vanguard Extended Market Index; (4) a book account that tracks the performance of the Vanguard Total International Stock Index; (5) a book account that tracks the performance of the Vanguard Total Bond Market Index; (6) a book account that tracks the performance of the Vanguard Short-Term Bond Index; and (7) a book account that tracks the BlackRock Liquidity TempFund. Participants can reallocate investments daily and are entitled to the gains and losses on investment funds. The company recognizes an amount in the Consolidated Statements of Earnings for the market appreciation/depreciation of each fund.

Statements of Earnings

	2013		2012			2011
Other Expenses/(Income)
Foreign exchange (gains)/losses	$	3	$	(3	)	$	5
Amortization of intangible assets	14		1			1
Acquisition related costs	10		5			—
Other	2		8			4
	$	29	$	11		$	10
Advertising and consumer promotion expense(1)	$	419	$	476		$	449
Interest expense
Interest expense	$	138	$	116		$	123
Less: Interest capitalized	3		2			1
	$	135	$	114		$	122

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⁽¹⁾  Included in Marketing and selling expenses.

Statements of Cash Flows

	2013			2012			2011
Cash Flows from Operating Activities
Other non-cash charges to net earnings
Non-cash compensation/benefit related expense	$	134		$	106		$	104
Other	21			12			4
	$	155		$	118		$	108
Other
Benefit related payments	$	(54	)	$	(84	)	$	(48	)
Other	(4		)	(2		)	(7		)
	$	(58	)	$	(86	)	$	(55	)
Other Cash Flow Information
Interest paid	$	124		$	115		$	142
Interest received	$	10		$	8		$	11
Income taxes paid	$	345		$	300		$	304