SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 10, 2005
KRAFT FOODS INC.
(Exact name of registrant as specified in its charter)
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Virginia |
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001-16483 |
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52-2284372 |
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(State or
other jurisdiction |
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(Commission |
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(I.R.S.
Employer |
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Three Lake Drive, Northfield, Illinois |
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60093-2753 |
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(Address of Principal executive offices) |
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(Zip Code) |
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Registrant’s Telephone number, including area code: (847) 646-2000
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition
On January 10, 2005, Kraft Foods Inc. issued a press release announcing that it realigned the financial reporting structure for its North American businesses. The press release also announced that Kraft will report the sugar confectionery brands it recently agreed to sell as a “discontinued business.” A copy of the release and exhibits thereto are attached as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
99.1 Release dated January 10, 2005 (furnished pursuant to Item 2.02).
The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, expect as expressly set forth by specific reference therein.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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KRAFT FOODS INC. |
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/s/ Marc S. Firestone |
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Name: |
Marc S. Firestone |
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Title: |
Executive Vice President, General |
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Date: January 12, 2005 |
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3
EXHIBIT INDEX
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Exhibit |
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Description |
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99.1 |
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Release dated January 10, 2005 |
4
Exhibit 99.1
Kraft Realigns Financial Segment Structure for North America
Company to Host Webcast on 2004 Full-Year and Fourth-Quarter Results
NORTHFIELD, IL, January 10, 2005 — Kraft Foods Inc. (NYSE:KFT), a global leader in branded food and beverages, today announced that it realigned the financial reporting structure for its North American businesses, following its agreement to sell its sugar confectionery brands. These changes will be reflected in the company’s financial results, including in its fourth-quarter and full-year 2004 results.
The new segment reporting structure separates the former U.S. Beverages & Grocery segment into a U.S. Beverages segment and a U.S. Grocery segment to provide more focus on each business. Additionally, the cereals business has been moved from the former U.S. Beverages & Grocery segment to the new U.S. Snacks & Cereals segment to benefit more fully from synergies among grain-based products like cereals, cookies and crackers.
The sugar confectionery brands Kraft recently agreed to sell will be reported as a “discontinued business,” which excludes the results of this business from its volume, revenue and operating companies income (OCI) measures, while maintaining its impact on earnings per share until the sale is completed. These brands previously had been part of the U.S. Snacks segment; the U.S. Cheese, Canada & North America Foodservice segment; and the company’s two international segments.
Attachments to this release provide restated volume, net revenues and OCI for 2002, 2003 and the first three quarters of 2004, reflecting the new segment structure and the change in sugar confectionery.
Under the new structure, there are five North American reportable segments:
• U.S. Beverages, including coffee and refreshment beverages
• U.S. Cheese, Canada & North America Foodservice
• U.S. Convenient Meals, including pizza, meats and meals
• U.S. Grocery, including desserts and enhancers
• U.S. Snacks & Cereals, including biscuits, salted snacks and cereals
Kraft will continue to report its International results within the same two geographic segments: Europe, Middle East & Africa; and Latin America & Asia Pacific.
Kraft plans to announce its 2004 fourth-quarter and full-year results, as well as an outlook for 2005, at approximately 4:05 p.m. ET on January 25, 2005. At 5 p.m. ET that day, the company will host a live audio webcast at kraft.com* to discuss these results. An archived rebroadcast will be available on kraft.com* for one year following the webcast.
Kraft Foods markets many of the world’s leading food brands, including Kraft cheese, Maxwell House and Jacobs coffees, Nabisco cookies and crackers, Philadelphia cream cheese, Oscar Mayer meats, Post cereals and Milka chocolates, in more than 150 countries.
# # #
KRAFT FOODS INC.
and Subsidiaries
Discontinued Operations & Segment Realignment - Volume
Quarterly 2002
(lbs in millions)
As a result of organizational changes, the company’s fourth quarter and full-year 2004 results will be presented in a new segment structure. Additionally, the sugar confectionery brands Kraft agreed to sell will be reported as a “discontinued business”, which excludes the results of this business from its volume, net revenues and operating companies income (OCI) measures, while maintaining its impact on earnings per share until the sale is completed.
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Q1 |
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Q2 |
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Q3 |
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Q4 |
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Year |
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2002 Volume (lbs)- As Reported |
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U.S. Beverages & Grocery |
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1,158 |
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1,303 |
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1,100 |
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993 |
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4,554 |
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U.S. Snacks |
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510 |
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550 |
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539 |
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586 |
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2,185 |
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U.S. Cheese, Canada & North America Foodservice |
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1,034 |
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1,078 |
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1,034 |
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1,151 |
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4,297 |
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U.S. Convenient Meals |
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554 |
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567 |
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534 |
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509 |
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2,164 |
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Europe, Middle East & Africa |
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663 |
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728 |
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699 |
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871 |
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2,961 |
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Latin America & Asia Pacific |
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539 |
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601 |
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588 |
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660 |
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2,388 |
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2002 Volume (lbs)- As Reported |
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4,458 |
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4,827 |
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4,494 |
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4,770 |
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18,549 |
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Discontinued Operations |
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U.S. Cheese, Canada & North America Foodservice |
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(2 |
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— |
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(1 |
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(3 |
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(6 |
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U.S. Snacks & Cereals |
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(37 |
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(40 |
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(34 |
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(38 |
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(149 |
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Europe, Middle East & Africa |
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(4 |
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(4 |
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(5 |
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(5 |
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(18 |
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Latin America & Asia Pacific |
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(5 |
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(6 |
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(5 |
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(6 |
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(22 |
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Segment Realignment |
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U.S. Beverages & Grocery |
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(1,158 |
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(1,303 |
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(1,100 |
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(993 |
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(4,554 |
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U.S. Beverages |
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624 |
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675 |
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626 |
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519 |
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2,444 |
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U.S. Cheese, Canada & North America Foodservice |
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(4 |
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(4 |
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(4 |
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(6 |
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(18 |
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U.S. Grocery |
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414 |
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513 |
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364 |
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397 |
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1,688 |
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U.S. Snacks & Cereals |
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124 |
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119 |
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114 |
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83 |
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440 |
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2002 Volume (lbs)- Restated |
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U.S. Beverages |
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624 |
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675 |
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626 |
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519 |
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2,444 |
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U.S. Cheese, Canada & North America Foodservice |
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1,028 |
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1,074 |
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1,029 |
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1,142 |
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4,273 |
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U.S. Convenient Meals |
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554 |
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567 |
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534 |
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509 |
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2,164 |
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U.S. Grocery |
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414 |
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513 |
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364 |
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397 |
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1,688 |
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U.S. Snacks & Cereals |
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597 |
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629 |
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619 |
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631 |
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2,476 |
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Europe, Middle East & Africa |
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659 |
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724 |
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694 |
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866 |
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2,943 |
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Latin America & Asia Pacific |
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534 |
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595 |
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583 |
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654 |
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2,366 |
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2002 Volume (lbs)- Restated |
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4,410 |
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4,777 |
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4,449 |
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4,718 |
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18,354 |
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KRAFT FOODS INC.
and Subsidiaries
Discontinued Operations & Segment Realignment - Net Revenues
Quarterly 2002
($ in millions)
As a result of organizational changes, the company’s fourth quarter and full-year 2004 results will be presented in a new segment structure. Additionally, the sugar confectionery brands Kraft agreed to sell will be reported as a “discontinued business”, which excludes the results of this business from its volume, net revenues and operating companies income (OCI) measures, while maintaining its impact on earnings per share until the sale is completed.
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Q1 |
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Q2 |
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Q3 |
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Q4 |
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Year |
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2002 Net Revenues - As Reported |
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U.S. Beverages & Grocery |
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$ |
1,485 |
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$ |
1,545 |
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$ |
1,281 |
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$ |
1,254 |
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$ |
5,565 |
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U.S. Snacks |
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1,096 |
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1,224 |
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1,238 |
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1,329 |
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4,887 |
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U.S. Cheese, Canada & North America Foodservice |
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1,579 |
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1,631 |
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1,549 |
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1,738 |
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6,497 |
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U.S. Convenient Meals |
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1,012 |
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1,008 |
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1,009 |
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945 |
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3,974 |
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Europe, Middle East & Africa |
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1,345 |
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1,422 |
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1,502 |
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1,934 |
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6,203 |
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Latin America & Asia Pacific |
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630 |
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683 |
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637 |
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647 |
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2,597 |
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2002 Net Revenues - As Reported |
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$ |
7,147 |
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$ |
7,513 |
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$ |
7,216 |
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$ |
7,847 |
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$ |
29,723 |
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Discontinued Operations |
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U.S. Cheese, Canada & North America Foodservice |
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$ |
(2 |
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$ |
(3 |
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$ |
(3 |
) |
$ |
(5 |
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$ |
(13 |
) |
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U.S. Snacks & Cereals |
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(90 |
) |
(104 |
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(108 |
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(119 |
) |
(421 |
) |
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Europe, Middle East & Africa |
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(5 |
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(7 |
) |
(8 |
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(9 |
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(29 |
) |
|||||
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Latin America & Asia Pacific |
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(2 |
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(3 |
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(3 |
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(4 |
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(12 |
) |
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Segment Realignment |
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U.S. Beverages & Grocery |
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$ |
(1,485 |
) |
$ |
(1,545 |
) |
$ |
(1,281 |
) |
$ |
(1,254 |
) |
$ |
(5,565 |
) |
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U.S. Beverages |
|
680 |
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611 |
|
541 |
|
506 |
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2,338 |
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U.S. Cheese, Canada & North America Foodservice |
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(17 |
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(20 |
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(18 |
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(30 |
) |
(85 |
) |
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U.S. Grocery |
|
566 |
|
688 |
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520 |
|
582 |
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2,356 |
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|||||
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U.S. Snacks & Cereals |
|
256 |
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266 |
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238 |
|
196 |
|
956 |
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|||||
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2002 Net Revenues - Restated |
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U.S. Beverages |
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$ |
680 |
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$ |
611 |
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$ |
541 |
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$ |
506 |
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$ |
2,338 |
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U.S. Cheese, Canada & North America Foodservice |
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1,560 |
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1,608 |
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1,528 |
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1,703 |
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6,399 |
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|||||
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U.S. Convenient Meals |
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1,012 |
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1,008 |
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1,009 |
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945 |
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3,974 |
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|||||
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U.S. Grocery |
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566 |
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688 |
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520 |
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582 |
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2,356 |
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U.S. Snacks & Cereals |
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1,262 |
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1,386 |
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1,368 |
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1,406 |
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5,422 |
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Europe, Middle East & Africa |
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1,340 |
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1,415 |
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1,494 |
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1,925 |
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6,174 |
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Latin America & Asia Pacific |
|
628 |
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680 |
|
634 |
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643 |
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2,585 |
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2002 Net Revenues - Restated |
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$ |
7,048 |
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$ |
7,396 |
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$ |
7,094 |
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$ |
7,710 |
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$ |
29,248 |
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KRAFT FOODS INC.
and Subsidiaries
Discontinued Operations & Segment Realignment - Operating Companies Income
Quarterly 2002
($ in millions)
As a result of organizational changes, the company’s fourth quarter and full-year 2004 results will be presented in a new segment structure. Additionally, the sugar confectionery brands Kraft agreed to sell will be reported as a “discontinued business”, which excludes the results of this business from its volume, net revenues and operating companies income (OCI) measures, while maintaining its impact on earnings per share until the sale is completed.
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Q1 |
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Q2 |
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Q3 |
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Q4 |
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Year |
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2002 Operating Companies Income - As Reported |
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U.S. Beverages & Grocery |
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$ |
449 |
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$ |
491 |
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$ |
403 |
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$ |
339 |
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$ |
1,682 |
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U.S. Snacks |
|
195 |
|
280 |
|
285 |
|
291 |
|
1,051 |
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|||||
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U.S. Cheese, Canada & North America Foodservice |
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256 |
|
346 |
|
336 |
|
352 |
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1,290 |
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|||||
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U.S. Convenient Meals |
|
174 |
|
204 |
|
237 |
|
168 |
|
783 |
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Europe, Middle East & Africa |
|
175 |
|
212 |
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235 |
|
340 |
|
962 |
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Latin America & Asia Pacific |
|
101 |
|
135 |
|
107 |
|
172 |
|
515 |
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|||||
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|
|
|
|
|
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|||||
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2002 Operating Companies Income - As Reported |
|
$ |
1,350 |
|
$ |
1,668 |
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$ |
1,603 |
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$ |
1,662 |
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$ |
6,283 |
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|
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|
|
|
|
|
|
|
|
|
|
|
|||||
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Discontinued Operations |
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|
|
|
|
|
|
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|
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|||||
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U.S. Cheese, Canada & North America Foodservice |
|
$ |
(1 |
) |
$ |
— |
|
$ |
— |
|
$ |
(2 |
) |
$ |
(3 |
) |
|
U.S. Snacks & Cereals |
|
(20 |
) |
(29 |
) |
(45 |
) |
(45 |
) |
(139 |
) |
|||||
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Europe, Middle East & Africa |
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(2 |
) |
(1 |
) |
(2 |
) |
(4 |
) |
(9 |
) |
|||||
|
Latin America & Asia Pacific |
|
— |
|
(1 |
) |
(1 |
) |
— |
|
(2 |
) |
|||||
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|
|
|
|
|
|
|
|
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|
|
|
|||||
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Segment Realignment |
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|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Beverages & Grocery |
|
$ |
(449 |
) |
$ |
(491 |
) |
$ |
(403 |
) |
$ |
(339 |
) |
$ |
(1,682 |
) |
|
U.S. Beverages |
|
192 |
|
120 |
|
154 |
|
110 |
|
576 |
|
|||||
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U.S. Cheese, Canada & North America Foodservice |
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(4 |
) |
(8 |
) |
(6 |
) |
(14 |
) |
(32 |
) |
|||||
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U.S. Grocery |
|
196 |
|
294 |
|
194 |
|
197 |
|
881 |
|
|||||
|
U.S. Snacks & Cereals |
|
65 |
|
85 |
|
61 |
|
46 |
|
257 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
2002 Operating Companies Income - Restated |
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|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Beverages |
|
$ |
192 |
|
$ |
120 |
|
$ |
154 |
|
$ |
110 |
|
$ |
576 |
|
|
U.S. Cheese, Canada & North America Foodservice |
|
251 |
|
338 |
|
330 |
|
336 |
|
1,255 |
|
|||||
|
U.S. Convenient Meals |
|
174 |
|
204 |
|
237 |
|
168 |
|
783 |
|
|||||
|
U.S. Grocery |
|
196 |
|
294 |
|
194 |
|
197 |
|
881 |
|
|||||
|
U.S. Snacks & Cereals |
|
240 |
|
336 |
|
301 |
|
292 |
|
1,169 |
|
|||||
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Europe, Middle East & Africa |
|
173 |
|
211 |
|
233 |
|
336 |
|
953 |
|
|||||
|
Latin America & Asia Pacific |
|
101 |
|
134 |
|
106 |
|
172 |
|
513 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
2002 Operating Companies Income - Restated |
|
$ |
1,327 |
|
$ |
1,637 |
|
$ |
1,555 |
|
$ |
1,611 |
|
$ |
6,130 |
|
KRAFT FOODS INC.
and Subsidiaries
Discontinued Operations & Segment Realignment - Volume
Quarterly 2003
(lbs in millions)
As a result of organizational changes, the company’s fourth quarter and full-year 2004 results will be presented in a new segment structure. Additionally, the sugar confectionery brands Kraft agreed to sell will be reported as a “discontinued business”, which excludes the results of this business from its volume, net revenues and operating companies income (OCI) measures, while maintaining its impact on earnings per share until the sale is completed.
|
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Year |
|
|
2003 Volume (lbs)- As Reported |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Beverages & Grocery |
|
1,187 |
|
1,384 |
|
1,131 |
|
1,043 |
|
4,745 |
|
|
U.S. Snacks |
|
501 |
|
517 |
|
518 |
|
547 |
|
2,083 |
|
|
U.S. Cheese, Canada & North America Foodservice |
|
1,044 |
|
1,116 |
|
1,040 |
|
1,197 |
|
4,397 |
|
|
U.S. Convenient Meals |
|
560 |
|
561 |
|
544 |
|
506 |
|
2,171 |
|
|
Europe, Middle East & Africa |
|
670 |
|
740 |
|
689 |
|
872 |
|
2,971 |
|
|
Latin America & Asia Pacific |
|
502 |
|
589 |
|
564 |
|
659 |
|
2,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2003 Volume (lbs)- As Reported |
|
4,464 |
|
4,907 |
|
4,486 |
|
4,824 |
|
18,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Cheese, Canada & North America Foodservice |
|
(2 |
) |
(2 |
) |
(1 |
) |
(2 |
) |
(7 |
) |
|
U.S. Snacks & Cereals |
|
(37 |
) |
(39 |
) |
(37 |
) |
(31 |
) |
(144 |
) |
|
Europe, Middle East & Africa |
|
(4 |
) |
(5 |
) |
(4 |
) |
(5 |
) |
(18 |
) |
|
Latin America & Asia Pacific |
|
(3 |
) |
(5 |
) |
(5 |
) |
(6 |
) |
(19 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Realignment |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Beverages & Grocery |
|
(1,187 |
) |
(1,384 |
) |
(1,131 |
) |
(1,043 |
) |
(4,745 |
) |
|
U.S. Beverages |
|
670 |
|
757 |
|
655 |
|
552 |
|
2,634 |
|
|
U.S. Cheese, Canada & North America Foodservice |
|
(4 |
) |
(4 |
) |
(3 |
) |
(6 |
) |
(17 |
) |
|
U.S. Grocery |
|
388 |
|
509 |
|
370 |
|
411 |
|
1,678 |
|
|
U.S. Snacks & Cereals |
|
133 |
|
122 |
|
109 |
|
86 |
|
450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2003 Volume (lbs)- Restated |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Beverages |
|
670 |
|
757 |
|
655 |
|
552 |
|
2,634 |
|
|
U.S. Cheese, Canada & North America Foodservice |
|
1,038 |
|
1,110 |
|
1,036 |
|
1,189 |
|
4,373 |
|
|
U.S. Convenient Meals |
|
560 |
|
561 |
|
544 |
|
506 |
|
2,171 |
|
|
U.S. Grocery |
|
388 |
|
509 |
|
370 |
|
411 |
|
1,678 |
|
|
U.S. Snacks & Cereals |
|
597 |
|
600 |
|
590 |
|
602 |
|
2,389 |
|
|
Europe, Middle East & Africa |
|
666 |
|
735 |
|
685 |
|
867 |
|
2,953 |
|
|
Latin America & Asia Pacific |
|
499 |
|
584 |
|
559 |
|
653 |
|
2,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2003 Volume (lbs)- Restated |
|
4,418 |
|
4,856 |
|
4,439 |
|
4,780 |
|
18,493 |
|
KRAFT FOODS INC.
and Subsidiaries
Discontinued Operations & Segment Realignment - Net Revenues
Quarterly 2003
($ in millions)
As a result of organizational changes, the company’s fourth quarter and full-year 2004 results will be presented in a new segment structure. Additionally, the sugar confectionery brands Kraft agreed to sell will be reported as a “discontinued business”, which excludes the results of this business from its volume, net revenues and operating companies income (OCI) measures, while maintaining its impact on earnings per share until the sale is completed.
|
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Year |
|
|||||
|
2003 Net Revenues - As Reported |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Beverages & Grocery |
|
$ |
1,512 |
|
$ |
1,588 |
|
$ |
1,313 |
|
$ |
1,322 |
|
$ |
5,735 |
|
|
U.S. Snacks |
|
1,143 |
|
1,201 |
|
1,211 |
|
1,246 |
|
4,801 |
|
|||||
|
U.S. Cheese, Canada & North America Foodservice |
|
1,570 |
|
1,690 |
|
1,641 |
|
1,908 |
|
6,809 |
|
|||||
|
U.S. Convenient Meals |
|
1,041 |
|
1,014 |
|
1,038 |
|
965 |
|
4,058 |
|
|||||
|
Europe, Middle East & Africa |
|
1,554 |
|
1,686 |
|
1,644 |
|
2,161 |
|
7,045 |
|
|||||
|
Latin America & Asia Pacific |
|
539 |
|
662 |
|
633 |
|
728 |
|
2,562 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
2003 Net Revenues - As Reported |
|
$ |
7,359 |
|
$ |
7,841 |
|
$ |
7,480 |
|
$ |
8,330 |
|
$ |
31,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Cheese, Canada & North America Foodservice |
|
$ |
(3 |
) |
$ |
(6 |
) |
$ |
(3 |
) |
$ |
(5 |
) |
$ |
(17 |
) |
|
U.S. Snacks & Cereals |
|
(113 |
) |
(118 |
) |
(115 |
) |
(103 |
) |
(449 |
) |
|||||
|
Europe, Middle East & Africa |
|
(6 |
) |
(9 |
) |
(7 |
) |
(9 |
) |
(31 |
) |
|||||
|
Latin America & Asia Pacific |
|
(2 |
) |
(2 |
) |
(5 |
) |
(6 |
) |
(15 |
) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Segment Realignment |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Beverages & Grocery |
|
$ |
(1,512 |
) |
$ |
(1,588 |
) |
$ |
(1,313 |
) |
$ |
(1,322 |
) |
$ |
(5,735 |
) |
|
U.S. Beverages |
|
701 |
|
635 |
|
562 |
|
535 |
|
2,433 |
|
|||||
|
U.S. Cheese, Canada & North America Foodservice |
|
(16 |
) |
(19 |
) |
(17 |
) |
(24 |
) |
(76 |
) |
|||||
|
U.S. Grocery |
|
552 |
|
699 |
|
531 |
|
606 |
|
2,388 |
|
|||||
|
U.S. Snacks & Cereals |
|
275 |
|
273 |
|
237 |
|
205 |
|
990 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
2003 Net Revenues - Restated |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Beverages |
|
$ |
701 |
|
$ |
635 |
|
$ |
562 |
|
$ |
535 |
|
$ |
2,433 |
|
|
U.S. Cheese, Canada & North America Foodservice |
|
1,551 |
|
1,665 |
|
1,621 |
|
1,879 |
|
6,716 |
|
|||||
|
U.S. Convenient Meals |
|
1,041 |
|
1,014 |
|
1,038 |
|
965 |
|
4,058 |
|
|||||
|
U.S. Grocery |
|
552 |
|
699 |
|
531 |
|
606 |
|
2,388 |
|
|||||
|
U.S. Snacks & Cereals |
|
1,305 |
|
1,356 |
|
1,333 |
|
1,348 |
|
5,342 |
|
|||||
|
Europe, Middle East & Africa |
|
1,548 |
|
1,677 |
|
1,637 |
|
2,152 |
|
7,014 |
|
|||||
|
Latin America & Asia Pacific |
|
537 |
|
660 |
|
628 |
|
722 |
|
2,547 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
2003 Net Revenues - Restated |
|
$ |
7,235 |
|
$ |
7,706 |
|
$ |
7,350 |
|
$ |
8,207 |
|
$ |
30,498 |
|
KRAFT FOODS INC.
and Subsidiaries
Discontinued Operations & Segment Realignment - Operating Companies Income
Quarterly 2003
($ in millions)
As a result of organizational changes, the company’s fourth quarter and full-year 2004 results will be presented in a new segment structure. Additionally, the sugar confectionery brands Kraft agreed to sell will be reported as a “discontinued business”, which excludes the results of this business from its volume, net revenues and operating companies income (OCI) measures, while maintaining its impact on earnings per share until the sale is completed.
|
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Year |
|
|||||
|
2003 Operating Companies Income - As Reported |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Beverages & Grocery |
|
$ |
519 |
|
$ |
547 |
|
$ |
385 |
|
$ |
346 |
|
$ |
1,797 |
|
|
U.S. Snacks |
|
215 |
|
252 |
|
230 |
|
190 |
|
887 |
|
|||||
|
U.S. Cheese, Canada & North America Foodservice |
|
314 |
|
342 |
|
287 |
|
353 |
|
1,296 |
|
|||||
|
U.S. Convenient Meals |
|
225 |
|
199 |
|
222 |
|
171 |
|
817 |
|
|||||
|
Europe, Middle East & Africa |
|
196 |
|
232 |
|
238 |
|
346 |
|
1,012 |
|
|||||
|
Latin America & Asia Pacific |
|
65 |
|
107 |
|
97 |
|
124 |
|
393 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
2003 Operating Companies Income - As Reported |
|
$ |
1,534 |
|
$ |
1,679 |
|
$ |
1,459 |
|
$ |
1,530 |
|
$ |
6,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Cheese, Canada & North America Foodservice |
|
$ |
(1 |
) |
$ |
(1 |
) |
$ |
(1 |
) |
$ |
1 |
|
$ |
(2 |
) |
|
U.S. Snacks & Cereals |
|
(34 |
) |
(43 |
) |
(38 |
) |
(22 |
) |
(137 |
) |
|||||
|
Europe, Middle East & Africa |
|
(2 |
) |
(3 |
) |
(3 |
) |
(2 |
) |
(10 |
) |
|||||
|
Latin America & Asia Pacific |
|
— |
|
(1 |
) |
— |
|
(1 |
) |
(2 |
) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Segment Realignment |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Beverages & Grocery |
|
$ |
(519 |
) |
$ |
(547 |
) |
$ |
(385 |
) |
$ |
(346 |
) |
$ |
(1,797 |
) |
|
U.S. Beverages |
|
223 |
|
170 |
|
133 |
|
104 |
|
630 |
|
|||||
|
U.S. Cheese, Canada & North America Foodservice |
|
(4 |
) |
(6 |
) |
(4 |
) |
(9 |
) |
(23 |
) |
|||||
|
U.S. Grocery |
|
213 |
|
295 |
|
187 |
|
199 |
|
894 |
|
|||||
|
U.S. Snacks & Cereals |
|
87 |
|
88 |
|
69 |
|
52 |
|
296 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
2003 Operating Companies Income - Restated |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Beverages |
|
$ |
223 |
|
$ |
170 |
|
$ |
133 |
|
$ |
104 |
|
$ |
630 |
|
|
U.S. Cheese, Canada & North America Foodservice |
|
309 |
|
335 |
|
282 |
|
345 |
|
1,271 |
|
|||||
|
U.S. Convenient Meals |
|
225 |
|
199 |
|
222 |
|
171 |
|
817 |
|
|||||
|
U.S. Grocery |
|
213 |
|
295 |
|
187 |
|
199 |
|
894 |
|
|||||
|
U.S. Snacks & Cereals |
|
268 |
|
297 |
|
261 |
|
220 |
|
1,046 |
|
|||||
|
Europe, Middle East & Africa |
|
194 |
|
229 |
|
235 |
|
344 |
|
1,002 |
|
|||||
|
Latin America & Asia Pacific |
|
65 |
|
106 |
|
97 |
|
123 |
|
391 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
2003 Operating Companies Income - Restated |
|
$ |
1,497 |
|
$ |
1,631 |
|
$ |
1,417 |
|
$ |
1,506 |
|
$ |
6,051 |
|
KRAFT FOODS INC.
and Subsidiaries
Discontinued Operations & Segment Realignment - Volume
Quarterly 2004
(lbs in millions)
As a result of organizational changes, the company’s fourth quarter and full-year 2004 results will be presented in a new segment structure. Additionally, the sugar confectionery brands Kraft agreed to sell will be reported as a “discontinued business”, which excludes the results of this business from its volume, net revenues and operating companies income (OCI) measures, while maintaining its impact on earnings per share until the sale is completed.
|
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q3 YTD |
|
|
2004 Volume (lbs)- As Reported |
|
|
|
|
|
|
|
|
|
|
U.S. Beverages & Grocery |
|
1,183 |
|
1,525 |
|
1,209 |
|
3,917 |
|
|
U.S. Snacks |
|
501 |
|
516 |
|
536 |
|
1,553 |
|
|
U.S. Cheese, Canada & North America Foodservice |
|
1,085 |
|
1,152 |
|
1,074 |
|
3,311 |
|
|
U.S. Convenient Meals |
|
555 |
|
562 |
|
558 |
|
1,675 |
|
|
Europe, Middle East & Africa |
|
658 |
|
734 |
|
699 |
|
2,091 |
|
|
Latin America & Asia Pacific |
|
504 |
|
593 |
|
546 |
|
1,643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2004 Volume (lbs)- As Reported |
|
4,486 |
|
5,082 |
|
4,622 |
|
14,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
U.S. Cheese, Canada & North America Foodservice |
|
(2 |
) |
(1 |
) |
(2 |
) |
(5 |
) |
|
U.S. Snacks & Cereals |
|
(36 |
) |
(31 |
) |
(33 |
) |
(100 |
) |
|
Europe, Middle East & Africa |
|
(4 |
) |
(5 |
) |
(4 |
) |
(13 |
) |
|
Latin America & Asia Pacific |
|
(3 |
) |
(4 |
) |
(4 |
) |
(11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Segment Realignment |
|
|
|
|
|
|
|
|
|
|
U.S. Beverages & Grocery |
|
(1,183 |
) |
(1,525 |
) |
(1,209 |
) |
(3,917 |
) |
|
U.S. Beverages |
|
666 |
|
907 |
|
738 |
|
2,311 |
|
|
U.S. Cheese, Canada & North America Foodservice |
|
(4 |
) |
(4 |
) |
(3 |
) |
(11 |
) |
|
U.S. Grocery |
|
404 |
|
510 |
|
364 |
|
1,278 |
|
|
U.S. Snacks & Cereals |
|
117 |
|
112 |
|
110 |
|
339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2004 Volume (lbs)- Restated |
|
|
|
|
|
|
|
|
|
|
U.S. Beverages |
|
666 |
|
907 |
|
738 |
|
2,311 |
|
|
U.S. Cheese, Canada & North America Foodservice |
|
1,079 |
|
1,147 |
|
1,069 |
|
3,295 |
|
|
U.S. Convenient Meals |
|
555 |
|
562 |
|
558 |
|
1,675 |
|
|
U.S. Grocery |
|
404 |
|
510 |
|
364 |
|
1,278 |
|
|
U.S. Snacks & Cereals |
|
582 |
|
597 |
|
613 |
|
1,792 |
|
|
Europe, Middle East & Africa |
|
654 |
|
729 |
|
695 |
|
2,078 |
|
|
Latin America & Asia Pacific |
|
501 |
|
589 |
|
542 |
|
1,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2004 Volume (lbs)- Restated |
|
4,441 |
|
5,041 |
|
4,579 |
|
14,061 |
|
KRAFT FOODS INC.
and Subsidiaries
Discontinued Operations & Segment Realignment - Net Revenues
Quarterly 2004
($ in millions)
As a result of organizational changes, the company’s fourth quarter and full-year 2004 results will be presented in a new segment structure. Additionally, the sugar confectionery brands Kraft agreed to sell will be reported as a “discontinued business”, which excludes the results of this business from its volume, net revenues and operating companies income (OCI) measures, while maintaining its impact on earnings per share until the sale is completed.
|
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q3 YTD |
|
||||
|
2004 Net Revenues - As Reported |
|
|
|
|
|
|
|
|
|
||||
|
U.S. Beverages & Grocery |
|
$ |
1,501 |
|
$ |
1,601 |
|
$ |
1,352 |
|
$ |
4,454 |
|
|
U.S. Snacks |
|
1,122 |
|
1,184 |
|
1,222 |
|
3,528 |
|
||||
|
U.S. Cheese, Canada & North America Foodservice |
|
1,728 |
|
1,859 |
|
1,809 |
|
5,396 |
|
||||
|
U.S. Convenient Meals |
|
1,048 |
|
1,053 |
|
1,088 |
|
3,189 |
|
||||
|
Europe, Middle East & Africa |
|
1,721 |
|
1,821 |
|
1,745 |
|
5,287 |
|
||||
|
Latin America & Asia Pacific |
|
573 |
|
687 |
|
615 |
|
1,875 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
2004 Net Revenues - As Reported |
|
$ |
7,693 |
|
$ |
8,205 |
|
$ |
7,831 |
|
$ |
23,729 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Discontinued Operations |
|
|
|
|
|
|
|
|
|
||||
|
U.S. Cheese, Canada & North America Foodservice |
|
$ |
(3 |
) |
$ |
(4 |
) |
$ |
(4 |
) |
$ |
(11 |
) |
|
U.S. Snacks & Cereals |
|
(104 |
) |
(97 |
) |
(96 |
) |
(297 |
) |
||||
|
Europe, Middle East & Africa |
|
(8 |
) |
(9 |
) |
(9 |
) |
(26 |
) |
||||
|
Latin America & Asia Pacific |
|
(3 |
) |
(4 |
) |
(4 |
) |
(11 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Segment Realignment |
|
|
|
|
|
|
|
|
|
||||
|
U.S. Beverages & Grocery |
|
$ |
(1,501 |
) |
$ |
(1,601 |
) |
$ |
(1,352 |
) |
$ |
(4,454 |
) |
|
U.S. Beverages |
|
671 |
|
683 |
|
607 |
|
1,961 |
|
||||
|
U.S. Cheese, Canada & North America Foodservice |
|
(17 |
) |
(17 |
) |
(17 |
) |
(51 |
) |
||||
|
U.S. Grocery |
|
591 |
|
689 |
|
520 |
|
1,800 |
|
||||
|
U.S. Snacks & Cereals |
|
256 |
|
246 |
|
242 |
|
744 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
2004 Net Revenues - Restated |
|
|
|
|
|
|
|
|
|
||||
|
U.S. Beverages |
|
$ |
671 |
|
$ |
683 |
|
$ |
607 |
|
$ |
1,961 |
|
|
U.S. Cheese, Canada & North America Foodservice |
|
1,708 |
|
1,838 |
|
1,788 |
|
5,334 |
|
||||
|
U.S. Convenient Meals |
|
1,048 |
|
1,053 |
|
1,088 |
|
3,189 |
|
||||
|
U.S. Grocery |
|
591 |
|
689 |
|
520 |
|
1,800 |
|
||||
|
U.S. Snacks & Cereals |
|
1,274 |
|
1,333 |
|
1,368 |
|
3,975 |
|
||||
|
Europe, Middle East & Africa |
|
1,713 |
|
1,812 |
|
1,736 |
|
5,261 |
|
||||
|
Latin America & Asia Pacific |
|
570 |
|
683 |
|
611 |
|
1,864 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
2004 Net Revenues - Restated |
|
$ |
7,575 |
|
$ |
8,091 |
|
$ |
7,718 |
|
$ |
23,384 |
|
KRAFT FOODS INC.
and Subsidiaries
Discontinued Operations & Segment Realignment - Operating Companies Income
Quarterly 2004
($ in millions)
As a result of organizational changes, the company’s fourth quarter and full-year 2004 results will be presented in a new segment structure. Additionally, the sugar confectionery brands Kraft agreed to sell will be reported as a “discontinued business”, which excludes the results of this business from its volume, net revenues and operating companies income (OCI) measures, while maintaining its impact on earnings per share until the sale is completed.
|
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q3 YTD |
|
|||||
|
2004 Operating Companies Income - As Reported |
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Beverages & Grocery |
|
$ |
457 |
|
$ |
473 |
|
$ |
363 |
|
$ |
1,293 |
|
|
|
U.S. Snacks |
|
(15 |
) |
183 |
|
218 |
|
386 |
|
|||||
|
U.S. Cheese, Canada & North America Foodservice |
|
207 |
|
220 |
|
284 |
|
711 |
|
|||||
|
U.S. Convenient Meals |
|
197 |
|
187 |
|
209 |
|
593 |
|
|||||
|
Europe, Middle East & Africa |
|
158 |
|
143 |
|
170 |
|
471 |
|
|||||
|
Latin America & Asia Pacific |
|
33 |
|
82 |
|
57 |
|
172 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
2004 Operating Companies Income - As Reported |
|
$ |
1,037 |
|
$ |
1,288 |
|
$ |
1,301 |
|
$ |
3,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Discontinued Operations |
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Cheese, Canada & North America Foodservice |
|
$ |
— |
|
$ |
(1 |
) |
$ |
(2 |
) |
$ |
(3 |
) |
|
|
U.S. Snacks & Cereals |
|
(13 |
) |
(28 |
) |
(16 |
) |
(57 |
) |
|||||
|
Europe, Middle East & Africa |
|
(3 |
) |
(3 |
) |
(3 |
) |
(9 |
) |
|||||
|
Latin America & Asia Pacific |
|
— |
|
(1 |
) |
— |
|
(1 |
) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Segment Realignment |
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Beverages & Grocery |
|
$ |
(457 |
) |
$ |
(473 |
) |
$ |
(363 |
) |
$ |
(1,293 |
) |
|
|
U.S. Beverages |
|
169 |
|
139 |
|
118 |
|
426 |
|
|||||
|
U.S. Cheese, Canada & North America Foodservice |
|
(4 |
) |
(4 |
) |
(3 |
) |
(11 |
) |
|||||
|
U.S. Grocery |
|
212 |
|
268 |
|
196 |
|
676 |
|
|||||
|
U.S. Snacks & Cereals |
|
80 |
|
70 |
|
52 |
|
202 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
2004 Operating Companies Income - Restated |
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Beverages |
|
$ |
169 |
|
$ |
139 |
|
$ |
118 |
|
$ |
426 |
|
|
|
U.S. Cheese, Canada & North America Foodservice |
|
203 |
|
215 |
|
279 |
|
697 |
|
|||||
|
U.S. Convenient Meals |
|
197 |
|
187 |
|
209 |
|
593 |
|
|||||
|
U.S. Grocery |
|
212 |
|
268 |
|
196 |
|
676 |
|
|||||
|
U.S. Snacks & Cereals |
|
52 |
|
225 |
|
254 |
|
531 |
|
|||||
|
Europe, Middle East & Africa |
|
155 |
|
140 |
|
167 |
|
462 |
|
|||||
|
Latin America & Asia Pacific |
|
33 |
|
81 |
|
57 |
|
171 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
2004 Operating Companies Income - Restated |
|
$ |
1,021 |
|
$ |
1,255 |
|
$ |
1,280 |
|
$ |
3,556 |
|
|