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Financial performance

For the latest financial information on the business view our Results, Reports & Presentations

  For the years ended July 31,
(In millions) 2022 2021 2020
Net sales:      
United States $27,067 $21,478 18,857
Canada 1,499 1,314 1,083
Total net sales $28,566 $22,792 $19,940
Adjusted operating profit:      
United States $2,893 $2,070 $1,586
Canada 112 76 43
Central and other costs (54) (54) (42)
Business restructurings(1) - 11 (72)
Corporate restructurings(2) (17) (22) (29)
Amortization of acquired intangible assets (114) (131) (114)
Interest expense, net (111) (98) (93)
Other (expense) income, net (1) 10 (7)
Income before income taxes $2,708 $1,862 $1,272

 

(1)For fiscal 2021, business restructuring reflects the release of provisions in connection with previously anticipated COVID-19 cost actions recorded in fiscal 2020. For fiscal 2020, business restructuring principally comprised costs incurred in the United States and Canada in respect of cost actions taken to ensure the business was appropriately sized for the post COVID-19 operating environment.

(2)For fiscal 2022, 2021 and 2020, corporate restructuring costs primarily related to the incremental costs of the Company’s listing in the United States.