Sara Lee 2011 Annual Report Download

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THE WAY FORWARD
2011 Annual Report

Table of contents

  • Page 1
    THE WAY FORWARD 2011 Annual Report

  • Page 2
    ... more 26 International coffee & tea 29 Brewing strong local brands 33 Leveraging across categories 37 Caring about sustainable origin 41 An entrepreneurial spirit 44 Directors and senior corporate officers 46 Financial section 119 Performance graph 120 Investor information c2 Sara Lee Corporation

  • Page 3
    ... UNDER WAY AT SARA LEE. We're preparing to launch two pure play companies with tremendous market potential: Meat and Coffee & Tea. Organizing each company around its own core competency not only plays to our proven business strengths, but also opens the door to increased shareholder value. We aim to...

  • Page 4
    ...review of Household and Body Care February 2010 Announcement of $2.5 - $3.0 billion share repurchase program July 2010 Air Care sale closes November 2010 Agreement to sell North American Fresh Bakery; Acquisition of Café Damasco in Brazil December 2010 Body Care sale closes 2 Sara Lee Corporation

  • Page 5
    ... VALUE. North American Meat The North American Meat company is a top branded meat player in the retail and foodservice channels. Our growth brands, Hillshire Farm, International Coffee & Tea The International Coffee & Tea company is a leading global manufacturer and marketer of high quality coffee...

  • Page 6
    FINANCIAL HIGHLIGHTS Reported Fiscal Year Results In millions except per share data 2011 2010 % Change Adjusted Fiscal Year Results1 2011 2010 % Change Continuing Operations Net Sales North American Retail North American Foodservice International Beverage International Bakery Intersegment Total net...

  • Page 7
    ... standards of operational excellence. This process benefited the divested businesses as well as those that remain with Sara Lee. In the last two years, we found new homes for our Household and Body Care businesses, reached an agreement to sell our North American Fresh Bakery business and are...

  • Page 8
    ...$100 million versus fiscal 2010. This illustrates our commitment to running a lean and efficient corporate enterprise. Our core brands continued to generate growth behind innovation and marketing investment. The North American business generated solid performance behind new product launches, such as...

  • Page 9
    ...employee base for their continued hard work and dedication. We've undergone Fiscal 2012 will be a year of transition Our activities in fiscal 2012 will be focused on providing solid foundations for the future success of the two new companies. We are all highly energized and prepared for a busy year...

  • Page 10

  • Page 11
    NORTH AMERICAN MEAT

  • Page 12

  • Page 13
    ... Our North American Meat company is building its future from a solid foundation of well-known brands, including Jimmy Dean, Hillshire Farm, Ball Park and Sara Lee. These are names that command national recognition as market leaders and hold the enviable status of being the number one ranked brand in...

  • Page 14
    12 Sara Lee Corporation

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    Sara Lee Corporation 13

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    14 Sara Lee Corporation

  • Page 17
    ... in the meat category. Our skill set includes superior capabilities in category management, research and development and pricing optimization. We strive to be the preferred supplier in our categories and we are committed to going the extra mile to earn that title. Sara Lee Corporation 15 Sara Lee...

  • Page 18
    16 Sara Lee Corporation

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    Sara Lee Corporation 17

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    18 Sara Lee Corporation

  • Page 21
    BELIEFS BEYOND THE BOTTOM LINE Our North American Meat company will draw on a...value of what they are building together. We've created a program called Energy in Motion that empowers high-potential employees to develop new ways to improve products and processes. We're excited to put their action plans...

  • Page 22
    20 Sara Lee Corporation

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    Sara Lee Corporation 21

  • Page 24
    22 Sara Lee Corporation

  • Page 25
    ... gain efficiencies through simplification and streamlining. The North American Meat company will be lean and efficient in everything that we do. We are taking the necessary steps to ensure that our new meat company has the most appropriate operating structure from its first day as an independent...

  • Page 26
    24 Sara Lee Corporation

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    Sara Lee Corporation 25

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    26 Sara Lee Corporation

  • Page 29
    INTERNATIONAL COFFEE & TEA

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  • Page 31
    ...presence, perception and allure to the level that Douwe Egberts has achieved in the Netherlands. We will increase the level of consumer marketing and innovation behind these local brands, enhancing the coffee experience and driving superior growth. Sara Lee Corporation 29 Sara Lee Corporation 29

  • Page 32
    30 Sara Lee Corporation

  • Page 33
    Sara Lee Corporation 31

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  • Page 35
    ... the European foodservice channel to touch consumers with our brands at every possible consumption occasion. We believe that there are opportunities to fulfill consumer aspirations in every subcategory and we possess the brands, expertise and innovation to meet these needs. Sara Lee Corporation 33

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  • Page 38
    36 Sara Lee Corporation

  • Page 39
    ... certification. Our farming partners are checked regularly to ensure that they are growing coffee and tea in a sustainable manner. Our long-term vision is to source all of our coffee and tea sustainably, and every year we move closer to that goal. Sara Lee Corporation 37 Sara Lee Corporation 37

  • Page 40
    38 Sara Lee Corporation

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    Sara Lee Corporation 39

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    40 Sara Lee Corporation

  • Page 43
    ... for fiscal 2013. We have adjusted our organization to harness the full innovation power of our people on an ongoing basis. As a nimble pure play company, we will bring new ideas to the market quickly and capitalize on fast moving consumer trends. Sara Lee Corporation 41 Sara Lee Corporation 41

  • Page 44
    42 Sara Lee Corporation

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    Sara Lee Corporation 43

  • Page 46
    ... counsel, and Corporate secretary As of September 1, 2011 ✢ Executive Committee â-² Audit Committee â-† Corporate Governance, Nominating and Policy Committee â- Compensation and Employee Benefits Committee â˜... Finance Committee Brown symbol indicates committee chair 44 Sara Lee Corporation

  • Page 47

  • Page 48
    ...Financial summary 48 Financial review 79 Consolidated statements of income 80 Consolidated balance sheets 82 Consolidated statements of equity 83 Consolidated statements of cash flows 84 Notes to financial statements 117 Report of independent registered public accounting firm 118 Management's report...

  • Page 49
    ...) on sale of discontinued operations Net income (loss) Net income (loss) attributable to Sara Lee Net income (loss) per share of common stock Basic Diluted Financial Position Total assets Total debt Per Common Share Dividends declared Book value at year-end Market value at year-end Shares used in...

  • Page 50
    ... current plan, the international beverage business will be spun off, tax-free, into a new public company. The remaining company will include Sara Lee's North American Retail and North American Foodservice businesses. The separation plan is subject to final approval by the board of directors, other...

  • Page 51
    ... to $200 million, compared to fiscal 2011, achievable within the next two years. These cost reductions result from the downsizing of corporate resources, the reduction of overhead within both the North American meat businesses and the international coffee and tea businesses as well as the completion...

  • Page 52
    ... working capital usage partially offset by lower cash payments for pensions. • Under the corporation's capital plan, the company expended $1.3 billion to repurchase 80.2 million shares of its common stock. Significant Items Affecting Comparability The reported results for 2011, 2010 and 2009...

  • Page 53
    ... Items on Income from Continuing Operations and Net Income Year ended July 2, 2011 In millions except per share data Net Income Net Income Pretax Impact Diluted EPS Impact 1 Pretax Impact Diluted EPS Impact 1 Year ended July 3, 2010 Pretax Impact Year ended June 27, 2009 Net Income Diluted EPS...

  • Page 54
    FINANCIAL REVIEW 2010 versus 2009 Review of Consolidated Results The following tables summarize net sales and operating income for 2011 versus 2010, and 2010 versus 2009 and certain items that affected the comparability of these amounts: In millions 2010 2009 Dollar Change Percent Change Net ...

  • Page 55
    ... 26.2% in 2010 to 23.7% in 2011. SG&A expenses as a percent of sales decreased in each of the business segments, with the exception of International Bakery. The results reflect the impact of lower MAP expenses and the benefits of cost saving initiatives. 52/53 Sara Lee Corporation and Subsidiaries

  • Page 56
    ...found in Note 16 to the Consolidated Financial Statements, "Defined Benefit Pension Plans." Exit Activities, Asset and Business Dispositions Exit activities, asset and business dispositions are as follows: In millions 2011 2010 2009 Charges for (income from) exit activities Severance Exit of leases...

  • Page 57
    ... care businesses. The corporation expects to incur charges in future fiscal years from the remittance of foreign earnings. See the discussion of Repatriation of Foreign Earnings and Income Taxes in the Liquidity section of Management's Discussion and Analysis for more information. 54/55 Sara Lee...

  • Page 58
    ...a $270 million after tax decline in impairment charges and improved business segment results. The net income from continuing operations attributable to Sara Lee, which excludes the results of noncontrolling interests, was income of $338 million in 2011, $582 million in 2010 and $184 million in 2009.

  • Page 59
    ...shares in 2009. Discontinued Operations The results of the corporation's North American fresh bakery and refrigerated dough businesses and the household and body care businesses, which have been classified as discontinued operations, are summarized below: In millions 2011 2010 2009 Net sales Income...

  • Page 60
    ...bakery and dough products to retail and foodservice customers in Europe and Australia. The following is a summary of results by business segment: In millions 2011 2010 2009 Net sales North American Retail North American Foodservice International Beverage International Bakery Total business segments...

  • Page 61
    ...income taxes for 2011, 2010 and 2009 are as follows: In millions 2011 2010 2009 Income from continuing operations before income taxes North American Retail North American Foodservice International Beverage International Bakery Total operating segment income General corporate expenses Mark-to-market...

  • Page 62
    FINANCIAL REVIEW North American Retail In millions 2011 2010 2010 Dollar Change 2009 Percent Change Dollar Change Percent Change Net sales Less: Increase/(decrease) in net sales from Acquisition Impact of 53rd week Adjusted net sales Operating segment income Less: Increase/(decrease) in ...

  • Page 63
    North American Foodservice In millions 2011 2010 2010 Dollar Change Percent Change 2009 Dollar Change Percent Change Net sales Less: Increase/(decrease) in net sales from Changes in foreign currency exchange rates Dispositions Impact of 53rd week Adjusted net sales Operating segment income (...

  • Page 64
    ... Beverage In millions 2011 2010 2010 Dollar Change 2009 Percent Change Dollar Change Percent Change Net sales Less: Increase/(decrease) in net sales from Changes in foreign currency exchange rates Acquisitions/dispositions Impact of 53rd week Adjusted net sales Operating segment income...

  • Page 65
    ... operating segment income decreased by $7 million, or 13.0%, due to the negative impact of pricing actions, lower unit volumes, and an unfavorable sales mix shift to lower margin products partially offset by lower commodity costs and continuous improvement savings. 62/63 Sara Lee Corporation...

  • Page 66
    ... in 2010 was to expand meat production capacity in North American Retail and to implement new software to improve North American operations. The corporation expects capital expenditures for property and equipment to be approximately $370 million in 2012, a slight increase over 2011 due to planned...

  • Page 67
    ... in the first half of 2011. The company has closed on the sale of its Australia/New Zealand bleach business for â,¬37.9 million on February 7, 2011 and closed on the sale of the majority of its global shoe care business for $276 million on April 4, 2011. 2011 versus 2010 The cash used in financing...

  • Page 68
    ...the current plan, Sara Lee's international beverage businesses will be spun off, tax-free, into a new public company. The other company will include Sara Lee's current North American retail and foodservice businesses. The separation plan is subject to final approval by the board of directors, other...

  • Page 69
    ... the end of fiscal 2010. The corporation expects to contribute approximately $200 million of cash to its pension plans in 2012 as compared to approximately $124 million in 2011 and $273 million in 2010. The contribution amounts are for pension plans of continuing operations and pension plans where...

  • Page 70
    ... per share were $0.46 in 2011 and $0.44 in 2010 and 2009. As previously noted, the board of directors intends to declare a $3.00 per share dividend on the corporation's common stock, the majority of which will be funded from proceeds from the sale of the North American Fresh Bakery business. This...

  • Page 71
    ...losses on these hog transactions. Expected losses from the sale of these hogs are recognized when the loss is probable of occurring. At the end of 2011, based on current market pricing, the corporation deemed that it was not probable that material future near-term losses would occur. The contractual...

  • Page 72
    ... future periods using interest rates in effect at the end of 2011. See Note 12 to the Consolidated Financial Statements for further details on the corporation's long-term debt. Purchase obligations include expenditures to purchase goods and services in the ordinary course of business for production...

  • Page 73
    .... Risk Management Geographic Risks The corporation maintains a presence in a large number of nations in the world. This includes geographic locations where the corporation has a direct economic presence through owned manufacturing or distribution facilities, or companies where Sara Lee maintains...

  • Page 74
    ...earnings and equity of the corporation. Non-GAAP Financial Measures Definitions The following is an explanation of the non-GAAP financial measures presented in this annual report. "Adjusted net sales" excludes from net sales the impact of businesses acquired or divested after the start of the fiscal...

  • Page 75
    ... flow model and a market multiple model. The discounted cash flow model uses management's business plans and projections as the basis for expected future cash flows for the first three years and a 2% to 4% residual growth rate thereafter. The market multiple approach 72/73 Sara Lee Corporation and...

  • Page 76
    ... to year end, management decided they will divest the Spanish bakery and French dough businesses, reported as part of the International Bakery segment, requiring that these businesses be tested for impairment under the available for sale model in 2012. Evaluating the recoverability of the assets of...

  • Page 77
    ... on the corporation's tax rate or net earnings trends. As of the end of 2011, the corporation believes that it is reasonably possible that the liability for unrecognized tax benefits will decrease by approximately $15 million to $40 million over the next 12 months. 74/75 Sara Lee Corporation and...

  • Page 78
    ... billion at the end of 2010. The corporation currently expects its net periodic benefit cost for 2012 to be approximately $8 million of income. The year-over-year change versus 2011 is due primarily to an increase in expected return on assets due to higher plan assets at the end of 2011 as compared...

  • Page 79
    ... at a time and are specific to base conditions at the end of 2011 and treat the North American fresh bakery and household and body care businesses as discontinued operations. It should be noted that economic factors and conditions often affect multiple assumptions simultaneously and that the effects...

  • Page 80
    ... changes in market conditions; (vi) future opportunities that the Board may determine present greater potential value to shareholders than the spin-off, special dividend and share purchase plans; (vii) the inability to complete the sale of Sara Lee's North American Fresh Bakery business, a condition...

  • Page 81
    ... Net income attributable to Sara Lee Earnings per share of common stock Basic Income from continuing operations Net income Diluted Income from continuing operations Net income The accompanying Notes to Financial Statements are an integral part of these statements. 78/79 Sara Lee Corporation...

  • Page 82
    ...share data July 2, 2011 July 3, 2010 Assets Cash and equivalents Trade accounts receivable, less allowances of $41 in 2011 and $62 in 2010 Inventories Finished goods Work in process Materials and supplies Current deferred income taxes Other current assets Assets held for sale Total current assets...

  • Page 83
    ... Pension obligation Deferred income taxes Other liabilities Noncurrent liabilities held for sale Equity Sara Lee common stockholders' equity: Common stock: (authorized 1,200,000,000 shares; $0.01 par value) Issued and outstanding - 587,099,794 shares in 2011 and 662,118,377 shares in 2010 Capital...

  • Page 84
    ... Stock issuances - restricted stock Stock option and benefit plans Share repurchases and retirement Pension/Postretirement - adjustment to change in measurement date, net of tax of $7 ESOP tax benefit, redemptions and other Balances at June 27, 2009 Net income Translation adjustments, net of tax...

  • Page 85
    ... of year Cash and equivalents at end of year Supplemental Cash Flow Data Cash paid for restructuring charges Cash contributions to pension plans Cash paid for income taxes The accompanying Notes to Financial Statements are an integral part of these statements. 82/83 Sara Lee Corporation and...

  • Page 86
    ...International Beverage business will be spun off, tax-free, into a new public company (spin-off). The other company will primarily consist of Sara Lee's current North American Retail and North American Foodservice businesses. The separation plan is subject to final approval by the board of directors...

  • Page 87
    ... first quarter of each fiscal year and the corporation received the annual payments and recorded income in the contingent sales proceeds line in the Consolidated Statements of Income. The payments received increased diluted earnings per share by $0.19 in 2010 and $0.21 in 2009. Cash and Equivalents...

  • Page 88
    ... expenses (SG&A) line of the Consolidated Income Statement with the exception of the North American Foodservice and International Beverage business segments, where a portion of these costs were being recognized in Cost of sales. Beginning in 2011, the corporation is now reporting all shipping and...

  • Page 89
    ... to the reporting unit or units of the corporation given responsibility for managing, controlling and generating returns on these assets and liabilities. Reporting units are business components at or one level below the operating segment level for which discrete financial information is available...

  • Page 90
    ..., the impact on the corporation's tax assets and obligations will need to be measured and recognized in the financial statements. Deferred taxes are recognized for the future tax effects of temporary differences between financial and income tax reporting using tax rates for the years in which the...

  • Page 91
    ... and administrative expenses" line in the Consolidated Statements of Income. Derivatives are recorded in the Consolidated Balance Sheets at fair value in other assets and other liabilities. For more information about accounting for derivatives see Note 15, "Financial Instruments." Self-Insurance...

  • Page 92
    ... FINANCIAL STATEMENTS In millions North North American American International International Retail Foodservice Beverage Bakery Total Net book value at June 27, 2009 Gross goodwill Accumulated impairment losses - 103 - (489) 240 - Net goodwill Foreign exchange/other Net book value at July 3, 2010...

  • Page 93
    ... the North American foodservice beverage reporting unit. No tax benefit was recognized on the charge. Note 5 - Discontinued Operations The businesses that formerly comprised the North American Fresh Bakery and International Household and Body Care segments as well as the North American refrigerated...

  • Page 94
    ... (Charge)/ Benefit After Tax Gain (Loss) Pretax Income (Loss) Income (Loss) In millions Net Sales 2011 $÷72 $÷«36 Global Body Care and European Detergents $÷«867 $(376) $491 2011 International Household and Body Care North American Fresh Bakery North American Refrigerated Dough Total 2010...

  • Page 95
    ... to the original buyer. Business Sold in 2010 Godrej Sara Lee Joint Venture In May 2010, the corporation completed the disposition of its Godrej Sara Lee joint venture business, which was part of the International Household and Body Care segment, and recognized an after tax gain on the disposition...

  • Page 96
    ...FINANCIAL STATEMENTS The following is a summary of the net assets held for sale as of July 2, 2011 and July 3, 2010, which primarily consists of the net assets of the North American fresh bakery and refrigerated dough businesses and the international household and body care businesses. July 2, 2011...

  • Page 97
    ... on the corporation's business segments and unallocated corporate expenses is summarized as follows: In millions 2011 2010 2009 North American Retail North American Foodservice International Beverage International Bakery Decrease in business segment income Increase in general corporate expenses...

  • Page 98
    ... primarily related to the European beverage and bakery operations and the fresh bakery operations and corporate office group in North America and provide them with severance benefits in accordance with benefit plans previously communicated to the affected employee group or with local employment...

  • Page 99
    ... income from continuing operations before income taxes by $2 million and are reported in the "Net charges for exit activities, asset and business dispositions" line of the Consolidated Statements of Income. During 2010, the corporation's Board of Directors had authorized a $3.0 billion share...

  • Page 100
    ... Balance at July 3, 2010 Disposition of Household & Body Care businesses Amortization of net actuarial loss and prior service credit Net actuarial gain arising during the period Pension plan curtailment Other comprehensive income (loss) activity Balance at July 2, 2011 7.2 years 2.08% 1.91 - 2.66...

  • Page 101
    ... include the potential impact of the spin-off. Stock Unit Awards In millions except per share data 2011 2010 2009 Fair value of share-based units that vested during the fiscal year $«÷÷42 $÷÷«35 $÷÷«12 Number of options exercisable at end of fiscal year 12,041 13,121 22,721 Weighted...

  • Page 102
    ... STATEMENTS The following is a reconciliation of net income (loss) to net income (loss) per share - basic and diluted - for the years ended July 2, 2011, July 3, 2010 and June 27, 2009: In millions except earnings per share 2011 2010 2009 Income from continuing operations attributable to Sara Lee...

  • Page 103
    ... 69 $243 In millions 2011 2010 2009 Depreciation of capital lease assets Rental expense under operating leases $÷1 77 $÷2 87 $÷3 92 Hanesbrands Inc. In September 2006, the corporation spun off its branded apparel business into an independent publicly-traded company named Hanesbrands Inc...

  • Page 104
    ... products companies. These investigations usually continue for several years and, if violations are found, may result in substantial fines. In connection with these investigations, Sara Lee's household and body care business operating in Europe has received requests for information, made employees...

  • Page 105
    ... State/Tax Authorities and the matter is now considered closed. Nestec/Nespresso The corporation is involved in several legal matters relating to its manufacture and sale of L'OR EspressO capsules. In June 2010, Nestec/Nespresso (Nestle) filed a suit against Sara Lee Coffee and Tea France alleging...

  • Page 106
    ...to guarantee. In 2010, the corporation recognized a $26 million charge for a Mexican tax indemnification related to the corporation's direct selling business that was sold in 2006. Note 15 - Financial Instruments Background Information The corporation uses derivative financial instruments, including...

  • Page 107
    ...material losses in the future. Trade accounts receivable due from customers that the corporation considers highly leveraged were $132 million at July 2, 2011 and $103 million at July 3, 2010. 3 The notional value is calculated using the exchange rates as of reporting date. Option contract notional...

  • Page 108
    NOTES TO FINANCIAL STATEMENTS Information on the location and amounts of derivative fair values in the Condensed Consolidated Balance Sheet at July 2, 2011 and July 3, 2010 is as follows: Assets Other Current Assets In millions July 2, 2011 July 3, 2010 July 2, 2011 July 3, 2010 July 2, 2011 Other ...

  • Page 109
    ... operations were as follows: In millions 2011 2010 2009 Note 16 Defined Benefit Pension Plans The corporation sponsors a number of U.S. and foreign pension plans to provide retirement benefits to certain employees. The benefits provided under these plans are based primarily on years of service...

  • Page 110
    ... 2009. The net periodic benefit cost associated with the North American fresh bakery operations are recognized in discontinued operations as the buyer is expected to assume all of the pension liabilities associated with those businesses. Although the results of the household and body care businesses...

  • Page 111
    .... The percentage allocation of pension plan assets based on fair value as of the respective year-end measurement dates is as follows: 2011 2010 The accumulated benefit obligation is the present value of pension benefits (whether vested or unvested) attributed to employee service rendered before the...

  • Page 112
    ... of discontinued operations in the Consolidated Statements of Income as they both related to the North American fresh bakery business. Note 17- Postretirement Health-Care and Life-Insurance Plans The corporation provides health-care and life-insurance benefits to certain retired employees and their...

  • Page 113
    ...-care and lifeinsurance plans pursuant to the accounting rules. Previously, the corporation used a March 31 measurement date. The weighted average actuarial assumptions used in measuring the net periodic benefit cost and plan obligations for the three years ending July 2, 2011 were: 2011 2010 2009...

  • Page 114
    ... taxes as reconciled to the actual provisions were: 2011 2010 2009 Accumulated postretirement benefit obligation Beginning of year Service cost Interest cost Net benefits paid Plan participant contributions Actuarial (gain) loss Plan amendments Foreign exchange End of year Fair value of plan assets...

  • Page 115
    ... $305 million in 2010 and $218 million in 2009. Sara Lee Corporation and eligible subsidiaries file a consolidated U.S. federal income tax return. The company uses the asset-andliability method to provide income taxes on all transactions recorded in the consolidated financial statements. This method...

  • Page 116
    ... segment derives its revenues. • North American Retail sells a variety of packaged meat and frozen bakery products to retail customers in North America and includes the corporation's U.S. Senseo retail coffee business. • North American Foodservice sells a variety of meats, bakery, and beverage...

  • Page 117
    ... pension curtailment gains/losses. See the Operating Results by Business Segment section of the Financial Review for additional information regarding these amounts. In millions 2011 2010 2009 Assets North American Retail North American Foodservice International Beverage International Bakery Net...

  • Page 118
    ... 2009 Sales Long-lived assets $4,383 $÷«977 $555 $562 $2,204 $8,681 Note 21 - Quarterly Financial Data (Unaudited) The corporation's quarterly results for 2011 and 2010 are as follows: In millions First Second Third Quarter Fourth High 2011 Continuing operations Net sales Gross profit Income...

  • Page 119
    ... statements of income, equity and cash flows present fairly, in all material respects, the financial position of Sara Lee Corporation and its subsidiaries at July 2, 2011 and July 3, 2010, and the results of their operations and their cash flows for each of the three years in the period ended...

  • Page 120
    ...operating effectiveness of its internal control over financial reporting. Management of the corporation reviewed the results of its assessment with the Audit Committee of our Board of Directors. Based on the corporation's assessment, management has concluded that, as of July 2, 2011, the corporation...

  • Page 121
    ... to the percentage of Sara Lee's operating profits in its food and beverage businesses and its international household and body care business, respectively, for the preceding year. Sara Lee's operating profit is calculated using the current year's financial statement presentation, which may be...

  • Page 122
    ...accounts, should contact our transfer agent and registrar, BNY Mellon Shareowner Services. Dividend Reinvestment Stockholders are invited to participate in the Sara Lee Corporation Direct Investment Plan. Our Plan provides a convenient and economical way to purchase shares directly from the company...

  • Page 123
    ... preserved for the future, 50,783 gallons of wastewater flow saved, 5,619 lbs solid waste not generated, 11,063 lbs net greenhouse gases prevented and 84,680,400 BTUs energy not consumed. Logos and italicized brand names used throughout this report are trademarks of Sara Lee Corporation and its...

  • Page 124
    Sara Lee Corporation 3500 Lacey Road Downers Grove, IL 60515-5424 + 1.800.SARA.LEE + 1.630.598.6000 www.saralee.com