Refer to Appendix A Campbell Soup Annual Report document. Calculate the following financial ratios for the most recent year reported:
- Debt ratio
- Debt to equity ratio
- Earnings per share of common stock
- Price/Earnings ratio
- Dividend yield ratio
CAMPBELL SOUP COMPANY Consolidated Statements of Comprehensive Income CAMPBELL SOUP COMPANY Consolidated Balance Sheets (millions, except per share amounts) CAMPBELL SOUP COMPANY Consolidated Statements of Cash Flows CAMPBELL SOUP COMPANY Consolidated Statements of Equity (millions, except per share amounts) See accompanying Notes to Consolidated Financial Statements. Courtesy of Campbell Soup Company Courtesy of Campbell Soup Company PART I Item 1. Business 3 Item 1A. Risk Factors Item 1B. Unresolved Staff Comments Item 2. Properties Item 3. Legal Proceedings 10 Item 4. Mine Safety Disclosures .. Executive Officers of the Company PART II Item 5. Market for Registrant's Capital Stock, Related Shareholder Matters and Issuer Purchases of Equity Securities Item 6. Selected Financial Data Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Item 7A. Quantitative and Qualitative Disclosure about Market Risk Item 8. Financial Statements and Supplementary Data . . . Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure . . 76 Item 9A. Controls and Procedures . ............ Item 9B. Other Information PART III Item 10. Directors, Executive Officers and Corporate Governance Item 11. Executive Compensation . 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters Item 13. Certain Relationships and Related Transactions, and Director Independence 77 Item 14. Principal Accounting Fees and Services PART IV Item 15. Exhibits and Financial Statement Schedules . 77 Item 16. Form 10-K Summary. 77 Index to Exhibits 78 Signatures. 79 82 (1) Shares purchased are as of the trade date. (2) Average price paid per share is calculated on a settlement basis and excludes commission. (3) During the fourth quarter of 2017, we had a publicly announced strategic share repurchase program. Under this program, which was announced on March 22, 2017 and effective May 1, 2017, our Board of Directors authorized the purchase of up to $1.5 billion of our stock. The program has no expiration date. Pursuant to our longstanding practice, under a separate 2017 authorization, we expect to continue purchasing shares sufficient to offset the impact of dilution from shares issued under our incentive compensation plans. (4) Includes 57,085 shares repurchased in open-market transactions at an average price of $57.61 primarily to offset the dilutive impact to existing shareholders of issuances under stock compensation plans. (All per share amounts below are on a diluted basis) Item 8. Financial Statements and Supplementary Data 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 Earnings, 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 earnings 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 ( $.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 (\$. 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 (\$.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 (\$ $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. (4) 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. (5) The 2013 earnings 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 (\$.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. Earnings 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. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations OVERVIEW This Management's Discussion and Analysis of Financial Condition and Results of Operations is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying notes to the consolidated financial statements presented in "Financial Statements and Supplementary Data," as well as the information contained in "Risk Factors." CAMPBELL SOUP COMPANY Consolidated Statements of Earnings (millions, except per share amounts)
