XML 47 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
Segment Information
 6 Months Ended
Dec. 28, 2013
Segment Reporting [Abstract]  
Segment Information
Segment Information
The following is a general description of the company’s two business segments:
•
Retail – sells a variety of packaged meat and frozen bakery products to retail customers in North America. It also includes gourmet artisanal sausage, salami and jerky products.
•
Foodservice/Other – sells a variety of meats and bakery products to foodservice customers in North America such as broad-line foodservice distributors, restaurants, hospitals and other large institutions and includes commodity meat products.

The following is a summary of net sales and operating income by business segment:
 
 
Net Sales
 
Quarter Ended
 
Six Months Ended
(In millions)
December 28, 2013
 
December 29, 2012
 
December 28, 2013
 
December 29, 2012
Retail
$
799

 
$
777

 
$
1,513

 
$
1,496

Foodservice/Other
283

 
283

 
553

 
538

Net sales
$
1,082

 
$
1,060

 
$
2,066

 
$
2,034

 
 
 
 
 
 
 
 
 
Income from Continuing Operations Before Income Taxes
 
Quarter Ended
 
Six Months Ended
(In millions)
December 28, 2013
 
December 29, 2012
 
December 28, 2013
 
December 29, 2012
Retail
$
115

 
$
112

 
$
175

 
$
196

Foodservice/Other
31

 
28

 
56

 
53

Total operating segment income
146

 
140

 
231

 
249

General corporate expense
(9
)
 
(8
)
 
(19
)
 
(20
)
Mark-to-market derivative gains (losses)
3

 
(4
)
 
5

 
1

Amortization of intangibles
(1
)
 
(1
)
 
(2
)
 
(2
)
Significant items
(23
)
 
(28
)
 
(44
)
 
(45
)
Total operating income
116

 
99

 
171

 
183

Net interest expense
(9
)
 
(10
)
 
(20
)
 
(19
)
Income from continuing operations before income taxes
$
107

 
$
89

 
$
151

 
$
164



Significant items primarily consist of restructuring charges and accelerated depreciation.