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Campbell Reports First-Quarter Results

Net Debt

The company believes that net debt is a non-GAAP measure that provides additional meaningful comparisons between the company's financial position at October 28, 2012 and October 30, 2011, and also a useful perspective on the financial condition of the business. Interest income earned on cash and cash equivalents partially offsets interest expense on debt. Cash and cash equivalents are available to repay outstanding debt upon maturity.

The table below summarizes information on total debt and cash and cash equivalents:
(millions)   October 28, 2012   October 30, 2011
Short-term borrowings $ 1,507 $ 567
Long-term debt 2,940   2,422  
Total debt $ 4,447 2,989
Less: Cash and cash equivalents (361 ) (285 )
Net debt $ 4,086 $ 2,704

Organic Net Sales

The company believes that organic net sales, which exclude the impact of acquisitions and currency, improves the comparability of year-to-year results. A reconciliation of net sales as reported to organic net sales follows.
Three Months Ended
    October 30,  
October 28, 2012 2011 % Change
Net Sales, as   Impact of   Impact of   Organic Net Net Sales, as Net Sales, as   Organic Net
(millions) Reported   Currency   Acquisition   Sales Reported Reported   Sales
U.S. Simple Meals $ 896 $ $ $ 896 $ 874 3 % 3 %
Global Baking and Snacking 574 574 568 1 % 1 %
International Simple Meals and Beverages 354 11 365 359 (1 )% 2 %
U.S. Beverages 189 189 198 (5 )% (5 )%
Bolthouse and Foodservice 323         (171 )   152   162   99 %   (6 )%
Total Net Sales $ 2,336     $ 11     $ (171 )   $ 2,176   $ 2,161   8 %   1 %

Items Impacting Gross Margin and Earnings

The company believes that financial information excluding certain transactions that are not considered to be part of the ongoing business improves the comparability of year-to-year results. Consequently, the company believes that investors may be able to better understand its gross margin and earnings results excluding these transactions.

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