Supplemental Financial Statement Data

12 Months Ended

Jul. 28, 2024

Disclosure Text Block Supplement [Abstract]

Supplemental Financial Information Data

Supplemental Financial Statement Data

Balance Sheets

(Millions)	2024		2023
Accounts receivable
Customer accounts receivable	$	602	$	513
Allowances	(15)		(19)
Subtotal	$	587	$	494
Other	43		35
	$	630	$	529

(Millions)	2024		2023
Inventories
Raw materials, containers and supplies	$	376	$	372
Finished products	1,010		919
	$	1,386	$	1,291

(Millions)	2024		2023
Plant assets
Land	$	74	$	74
Buildings	1,702		1,547
Machinery and equipment	4,328		4,004
Projects in progress	314		291
Total cost	$	6,418	$	5,916
Accumulated depreciation(1)	(3,720)		(3,518)
	$	2,698	$	2,398

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(1)Depreciation expense was $338 million in 2024, $339 million in 2023 and $296 million in 2022. Buildings are depreciated over periods ranging from 7 to 45 years. Machinery and equipment are depreciated over periods generally ranging from 1 to 20 years.

(Millions)	2024		2023
Other assets
Operating lease ROU assets, net of amortization	$	333	$	275
Pension	143		164
Other	78		53
	$	554	$	492

(Millions)	2024		2023
Accrued liabilities
Accrued compensation and benefits	$	212	$	222
Fair value of derivatives	16		6
Accrued trade and consumer promotion programs	186		156
Accrued interest	103		57
Restructuring	24		6
Operating lease liabilities	90		70
Other	89		75
	$	720	$	592

(Millions)	2024		2023
Other liabilities
Pension benefits	$	93	$	95
Postretirement benefits	128		135
Operating lease liabilities	268		208
Deferred compensation	92		80
Unrecognized tax benefits	17		11
Restructuring	12		7
Other	66		72
	$	676	$	608

Statements of Earnings

(Millions)	2024		2023		2022
Other expenses / (income)
Amortization of intangible assets(1)	$	73	$	48	$	41
Net periodic benefit expense (income) other than the service cost	26		(35)		(23)
Impairment of intangible assets(2)	129		—		—
Loss on sale of business(3)	—		13		—
Costs associated with acquisition(4)	35		5		—
Transition services fees	(2)		(1)		—
Other	—		2		3
	$	261	$	32	$	21

Advertising and consumer promotion expense(5) $ 350  $ 365  $ 314 

Interest expense(6)
Interest expense	$	259	$	192	$	191
Less: Interest capitalized	10		4		2
	$	249	$	188	$	189

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(1)Includes accelerated amortization expense related to customer relationship intangible assets of $27 million and $7 million in 2024 and 2023, respectively.

(2)See Note 6 for additional information.

(3)In 2023, we recognized a loss of $13 million on the sale of our Emerald nuts business. See Note 4 for additional information.

(4)Related to the acquisition of Sovos Brands. See Note 3 for additional information.

(5)Included in Marketing and selling expenses.

(6)In 2022, we recognized a loss of $4 million (including $3 million of premium and other costs) on the extinguishment of debt. See Note 13 for additional information.

Statements of Cash Flows

(Millions)	2024		2023		2022
Cash Flows from Operating Activities
Other non-cash charges to net earnings
Operating lease ROU asset expense	$	90	$	80	$	74
Amortization of debt issuance costs/debt discount	8		4		5
Benefit related expense	12		4		3
Other	28		12		6
	$	138	$	100	$	88

Other
Benefit related payments	$	(40)	$	(47)	$	(45)
Other	(37)		(4)		3
	$	(77)	$	(51)	$	(42)

Other Cash Flow Information
Interest paid	$	194	$	193	$	188
Interest received	$	6	$	4	$	1
Income taxes paid	$	252	$	268	$	196

Non-cash Investing Activities
Accrued and unpaid capital expenditures	$	109	$	122	$	95