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|
|Less: Cash and cash equivalents||(361||)||(285||)|
Organic Net SalesThe 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 28, 2012||2011||% Change|
|Net Sales, as||Impact of||Impact of||Organic Net||Net Sales, as||Net Sales, as||Organic Net|
|U.S. Simple Meals||$||896||$||—||$||—||$||896||$||874||3||%||3||%|
|Global Baking and Snacking||574||—||—||574||568||1||%||1||%|
|International Simple Meals and Beverages||354||11||—||365||359||(1||)%||2||%|
|Bolthouse and Foodservice||323||—||(171||)||152||162||99||%||(6||)%|
|Total Net Sales||$||2,336||$||11||$||(171||)||$||2,176||$||2,161||8||%||1||%|