Supplemental Financial Statement Data (Tables)

12 Months Ended

Jul. 31, 2011

Supplemental Financial Statement Data

Schedule Of Balance Sheets

	2011	2010
Accounts receivable
Customer accounts receivable	$        530	$        483
Allowances	(11)	(17)
Subtotal	519	466
Other	41	46
	$        560	$        512
Inventories
Raw materials, containers, and supplies	$        261	$        261
Finished products	506	463
	$        767	$        724
Other current assets
Deferred taxes	$        112	$        128
Fair value of derivatives	1	16
Other	39	53
	$        152	$        197
Plant assets
Land	$          64	$          61
Buildings	1,224	1,182
Machinery and equipment	3,896	3,651
Projects in progress	179	149
Total cost	5,363	5,043
Accumulated depreciation(1)	(3,260)	(2,992)
	$    2,103	$    2,051
Other assets
Fair value of derivatives	$        20		$        34
Deferred taxes	47		21
Other	69		55
	$      136		$      110
Accrued liabilities
Accrued compensation and benefits	$      231		$      229
Fair value of derivatives	37		2
Accrued trade and consumer promotion programs	132		129
Accrued interest	32		47
Restructuring	39		1
Other	148		152
	$      619		$      560

	2011	2010
Other liabilities
Pension benefits	$      319	$      500
Deferred compensation(2)	144	149
Postretirement benefits	344	332
Fair value of derivatives	90	22
Unrecognized tax benefits	51	45
Other	35	31
	$      983	$   1,079

____________

(1)

Depreciation expense was $265 in 2011, $251 in 2010, and $264 in 2009. 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. Six 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 Fund; (5) a book account that tracks the performance of the Vanguard Total Bond Market Index; and (6) a book account that tracks the performance of Charles Schwab Stable Value Fund. 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.

Schedule Of Statements Of Earnings

	2011	2010	2009
Other Expenses/(Income)
Foreign exchange (gains)/losses	$       5	$       1	$      (7)
Amortization/impairment of intangible and other assets(1)	3	—	67
Other	5	3	1
	$     13	$       4	$     61
Interest expense
Interest expense	$  123	$  116	$  114
Less: Interest capitalized	1	4	4
	$  122	$  112	$  110

____________

(1) In 2011, a $3 impairment charge was recognized related to a trademark. In 2009, a $67 impairment charge was recognized on certain trademarks. See also Note 5.

Schedule Of Statements Of Cash Flows

Cash Flows From Operating Activities	2011	2010	2009
Other non-cash charges to net earnings
Non-cash compensation/benefit related expense	$  104	$     90	$     59
Other	4	9	(2)
	$  108	$     99	$     57
Other
Benefit related payments	$   (48)	$   (58)	$   (52)
Other	(7)	(12)	7
	$   (55)	$   (70)	$   (45)
Other Cash Flow Information
Interest paid	$  142	$  118	$  120
Interest received	$     11	$       6	$       4
Income taxes paid	$  304	$  333	$  144