This.problem is based on the 2020 annual report of Campbell Soup Company. Answer the following questions. Refer to the financial data:(see page 16. The PDF in the link may not be accessible.) for parts (a) to (d). Required: a. Find the net sales in 2017. Note: Enter your answer in millions. b. Calculate the operating income (earnings before interest and taxes) in 2016. Note: Enter your answer in millions. c. Calculate the difference between operating income (earnings before interest and taxes) and net income (net earnings) in 2018. Note: Enter your answer in millions. d. Find the year(s) in which net income (net earnings) decreased compared to the previous year. e. Find the amount of interest paid for 2020 in the Interest paid. (See page 83. The PDF in the link may not be accessible.). Note: Enter your answer in millions. f. Find the number of stock options exercisable at August 2, 2020 in the Stock options. (See page 78. The PDF in the link may not be occessible.). Note: Enter your answer in thousands. 9. Find the net sales to customers outside the United States for 2020 in the Geagranhic segment information. (See page 56 . The PDF in the link may not be accessible.). Note: Enter your answer in millions. h. Find the cost of products sold for the third quarter of 2020 in the Quarterly data. (See page 84 . The PDF in the link may not be accessible.). Note: Enter your answer in millions. \begin{tabular}{|l|l|l|} \hline a. Net sales & & million \\ \hline b. Operating income & & million \\ \hline c. Difference & & million \\ \hline d. Year(s) & & \\ \hline e. Amount of interest paid & & million \\ \hline f. Number of stock options exercisable & 883 & thousand \\ \hline g. Net sales & & million \\ \hline h. Cost of products & million \\ \hline \end{tabular} (All per thare amounts below are on a diluted basis) In February 2016, the Financial Accounting Standards Board (FASB) Bsued gaidance that amends accoanting for leaser. In July 2018, the FASB issued an adoption approuch that allows entities to apply the new graidance and recognize a cumulativeeffect adjustmens to the opening belance of retained carnings in the period of adoption without restating prior periods. We adopted the guidance in 2020 using this transition method In May 2014, the FASB issued revised guidance on the recogoition of revenoe from contracts with customers. We adopied the guidance in 2019 using the modified retrospective method In March 2017, the FASB issued guidance that changes the presentation of net periodic perision cost and net periodic postretirement benefit cost. The guidance also allows only the service cost component to be eligible for capitalimation when applicable (for example, as a cost of intermally manufactured inventory). We adopted the gaidance in 2018 and retrospectively adjusted prior periods In March 2016, the EASB issuod guidance that amends accouinting for ahare-based paymentx, including the accounting for income taxes, forfeitures, and statutiory withholding requirements, as well as clussification in the statement of cash flows. We adopted the guidance in 2017 and retrospectively adjusted prior periods. The 2020 fiseal yoar consisted of 53 week. All other periods had 52 wecks. i7. The 2020 camings from continuing operations atinbutable to Camplell Soup Company were impacted by the following: a restructuring charge and costs of 552 million (5.17 per share) associated with restructuring and coct savings initiatives; bosses of 592 miltion (\$.30 per share) associaled with mark-to-maket adjustments for defined benefit pension and postretirement plans, pension setilement charges of $33 million (\$.11 per ahare); a loss of 535 million (\$.12 per share) associated with the sale of our limited parinership interest in Acre Venture Pantners. 1. P; a loss of 537 miltion ( 5.12 ner share) on the sale of the European chips beasiness; and a loss of 557 miltion (S.19 per share) en the extinguishment of debt. Famings from discontinued operations were impacted by net gains of 51,000 millien (53.29 per shate) associated with the Total pre-tax stock-based compensation expense and tax-related benefits recogniused in Earnings (loss) from discontinued operations were as follows: Total pre-tax stock-based compensation expense Tax-velaied benelits The following table suminarizes stock option activity as of August 2, 2020: IBe total intrinse value of options excrevisd during 2020 was 52 . No options were exercised during 2019 or 2018. We measure the fait value of stock options using the Black-Scholes option pricing model. The expected term of options granted was based on the weighted average time of vesting and the end of the contractal term. We utilued this simplified method as we do not have sufficient bistorical exercise data to provide a rensonable basis upon which to estimate the expected term. The weighted-average assuantions and grait-date fair values for grants in 2019 and 2018 were as follows: We expense siock options on a straight-lioe basis over the vestiag period, cuecpt for awards tasued to retirement eligible participants, Which we expense on an accelerated basis. As of August 2. 20s0, total remaining uncarned compensation related to noavested siock options was 5I, which will be amortined over the weighted-average renaining service period of 1.4 years: The following table summarizes time-lapse restricted stock units, EPS performance reitricted stock anits and FCF perfomance restricted stock, units as of August 2,2020. Statements of Cash Flows Cash Flows from Operating Activities Other non-cash charges to net earnings Operating lease expense Amortization of debt issuance costs/debt discount Benefit related cxpense Other Other Benefit related payments Other Other Cash Flow Information Interest paid Interest received Income taxes paid Non-cash Activity Build-to-suit lease commitment 83. 22. Quarterly Data (unaudited) (1).The sum of individual per share amounts may not add due to rounding. 84 0) Represents primarily comorate offices and cnterprise-wide infotraation technology systicms: (4) Depreciation and amortization are no longer recognized once businesses are classified as beld for sale idisentinued operations. Our global net sales based on product calcgories are as follows Net sales Soup Snacks Other simple meals Beverages Other Total Soap includes vanous soup, broths and stock prodocts. Snacks include cookies, pretrels, crackern, popeorm, nuts, potato chips, tontilla chips and other salty saacks and baked products. Other simple meals include saces and Plum products Geographic Area Information Information about continuing operations in different geographic areas is as follows: 8. Restructuring Charses and Cost Savings Initiatives Multi-year Cost Savings Inifiative and Sinyler's-Lance Cast Tranisformation Program and intogration Beginning in fiscal 2015, we implemented initiatives to roduce costs and to streamline oer organizatiocal structure. In recent years, we expanded these initiatives by further optimiring oar supply chain and manofacturing networks, incloding closing our manufactaring facility in Totonto, Ontario, as well as our information technology infratructure On March 26, 2018, we completed the acquisition of Snyder's-Lance. Priot to the acquisition, Snyder'-Lance Lauched a cost transformation prograin following a comprehensive revicw of its operations with the goal of sagnificantly improving its financial performance. We continue to inaplement this program. In addition, we have identified opportunities for additional cost. synergies as we integrate Snyder'm-Lance Cost estimater, as well as timing for certain activities, are contibuing to be developed. A summary of the pre-tax charges recodded in Eamings from continuing operabions related to theic initiatives is as follows. This.problem is based on the 2020 annual report of Campbell Soup Company. Answer the following questions. Refer to the financial data:(see page 16. The PDF in the link may not be accessible.) for parts (a) to (d). Required: a. Find the net sales in 2017. Note: Enter your answer in millions. b. Calculate the operating income (earnings before interest and taxes) in 2016. Note: Enter your answer in millions. c. Calculate the difference between operating income (earnings before interest and taxes) and net income (net earnings) in 2018. Note: Enter your answer in millions. d. Find the year(s) in which net income (net earnings) decreased compared to the previous year. e. Find the amount of interest paid for 2020 in the Interest paid. (See page 83. The PDF in the link may not be accessible.). Note: Enter your answer in millions. f. Find the number of stock options exercisable at August 2, 2020 in the Stock options. (See page 78. The PDF in the link may not be occessible.). Note: Enter your answer in thousands. 9. Find the net sales to customers outside the United States for 2020 in the Geagranhic segment information. (See page 56 . The PDF in the link may not be accessible.). Note: Enter your answer in millions. h. Find the cost of products sold for the third quarter of 2020 in the Quarterly data. (See page 84 . The PDF in the link may not be accessible.). Note: Enter your answer in millions. \begin{tabular}{|l|l|l|} \hline a. Net sales & & million \\ \hline b. Operating income & & million \\ \hline c. Difference & & million \\ \hline d. Year(s) & & \\ \hline e. Amount of interest paid & & million \\ \hline f. Number of stock options exercisable & 883 & thousand \\ \hline g. Net sales & & million \\ \hline h. Cost of products & million \\ \hline \end{tabular} (All per thare amounts below are on a diluted basis) In February 2016, the Financial Accounting Standards Board (FASB) Bsued gaidance that amends accoanting for leaser. In July 2018, the FASB issued an adoption approuch that allows entities to apply the new graidance and recognize a cumulativeeffect adjustmens to the opening belance of retained carnings in the period of adoption without restating prior periods. We adopted the guidance in 2020 using this transition method In May 2014, the FASB issued revised guidance on the recogoition of revenoe from contracts with customers. We adopied the guidance in 2019 using the modified retrospective method In March 2017, the FASB issued guidance that changes the presentation of net periodic perision cost and net periodic postretirement benefit cost. The guidance also allows only the service cost component to be eligible for capitalimation when applicable (for example, as a cost of intermally manufactured inventory). We adopted the gaidance in 2018 and retrospectively adjusted prior periods In March 2016, the EASB issuod guidance that amends accouinting for ahare-based paymentx, including the accounting for income taxes, forfeitures, and statutiory withholding requirements, as well as clussification in the statement of cash flows. We adopted the guidance in 2017 and retrospectively adjusted prior periods. The 2020 fiseal yoar consisted of 53 week. All other periods had 52 wecks. i7. The 2020 camings from continuing operations atinbutable to Camplell Soup Company were impacted by the following: a restructuring charge and costs of 552 million (5.17 per share) associated with restructuring and coct savings initiatives; bosses of 592 miltion (\$.30 per share) associaled with mark-to-maket adjustments for defined benefit pension and postretirement plans, pension setilement charges of $33 million (\$.11 per ahare); a loss of 535 million (\$.12 per share) associated with the sale of our limited parinership interest in Acre Venture Pantners. 1. P; a loss of 537 miltion ( 5.12 ner share) on the sale of the European chips beasiness; and a loss of 557 miltion (S.19 per share) en the extinguishment of debt. Famings from discontinued operations were impacted by net gains of 51,000 millien (53.29 per shate) associated with the Total pre-tax stock-based compensation expense and tax-related benefits recogniused in Earnings (loss) from discontinued operations were as follows: Total pre-tax stock-based compensation expense Tax-velaied benelits The following table suminarizes stock option activity as of August 2, 2020: IBe total intrinse value of options excrevisd during 2020 was 52 . No options were exercised during 2019 or 2018. We measure the fait value of stock options using the Black-Scholes option pricing model. The expected term of options granted was based on the weighted average time of vesting and the end of the contractal term. We utilued this simplified method as we do not have sufficient bistorical exercise data to provide a rensonable basis upon which to estimate the expected term. The weighted-average assuantions and grait-date fair values for grants in 2019 and 2018 were as follows: We expense siock options on a straight-lioe basis over the vestiag period, cuecpt for awards tasued to retirement eligible participants, Which we expense on an accelerated basis. As of August 2. 20s0, total remaining uncarned compensation related to noavested siock options was 5I, which will be amortined over the weighted-average renaining service period of 1.4 years: The following table summarizes time-lapse restricted stock units, EPS performance reitricted stock anits and FCF perfomance restricted stock, units as of August 2,2020. Statements of Cash Flows Cash Flows from Operating Activities Other non-cash charges to net earnings Operating lease expense Amortization of debt issuance costs/debt discount Benefit related cxpense Other Other Benefit related payments Other Other Cash Flow Information Interest paid Interest received Income taxes paid Non-cash Activity Build-to-suit lease commitment 83. 22. Quarterly Data (unaudited) (1).The sum of individual per share amounts may not add due to rounding. 84 0) Represents primarily comorate offices and cnterprise-wide infotraation technology systicms: (4) Depreciation and amortization are no longer recognized once businesses are classified as beld for sale idisentinued operations. Our global net sales based on product calcgories are as follows Net sales Soup Snacks Other simple meals Beverages Other Total Soap includes vanous soup, broths and stock prodocts. Snacks include cookies, pretrels, crackern, popeorm, nuts, potato chips, tontilla chips and other salty saacks and baked products. Other simple meals include saces and Plum products Geographic Area Information Information about continuing operations in different geographic areas is as follows: 8. Restructuring Charses and Cost Savings Initiatives Multi-year Cost Savings Inifiative and Sinyler's-Lance Cast Tranisformation Program and intogration Beginning in fiscal 2015, we implemented initiatives to roduce costs and to streamline oer organizatiocal structure. In recent years, we expanded these initiatives by further optimiring oar supply chain and manofacturing networks, incloding closing our manufactaring facility in Totonto, Ontario, as well as our information technology infratructure On March 26, 2018, we completed the acquisition of Snyder's-Lance. Priot to the acquisition, Snyder'-Lance Lauched a cost transformation prograin following a comprehensive revicw of its operations with the goal of sagnificantly improving its financial performance. We continue to inaplement this program. In addition, we have identified opportunities for additional cost. synergies as we integrate Snyder'm-Lance Cost estimater, as well as timing for certain activities, are contibuing to be developed. A summary of the pre-tax charges recodded in Eamings from continuing operabions related to theic initiatives is as follows