Overview
Description of the Company: We manufacture and market food and beverage products, including condiments and sauces, cheese and dairy, meals, meats, refreshment beverages, coffee, and other grocery products throughout the world. We manage and report our operating results through three reportable segments defined by geographic region:United States , International, andCanada . See Note 17, Segment Reporting, in Item 1, Financial Statements, for our financial information by segment. Items Affecting Comparability of Financial Results Impairment Losses: Our results of operations reflect goodwill impairment losses of$265 million and intangible asset impairment losses of$78 million for the six months endedJune 26, 2021 compared to goodwill impairment losses of$2.0 billion and intangible asset impairment losses of$1.1 billion for the six months endedJune 27, 2020 . See Note 8,Goodwill and Intangible Assets, in Item 1, Financial Statements, for additional information on these impairment losses COVID-19 Impacts: We have been actively monitoring the impact of COVID-19 on our business. In the first half of 2020, particularly in March andApril 2020 , we experienced consolidated net sales growth as higher demand for our retail products more than offset declines in our foodservice business. In the first half of 2021, we continued to experience strong retail demand compared to pre-pandemic periods. However, retail consumption declined when compared to the first half of 2020 based on the strong consumer demand early on in the COVID-19 pandemic, particularly in March andApril 2020 . In the second quarter of 2021, our foodservice business experienced increased consumer demand compared to the comparable prior year period, which was negatively impacted by the COVID-19 pandemic. We continue to see decreased foodservice demand compared to pre-pandemic periods. COVID-19 and its impacts are unprecedented and continuously evolving, and the long-term impacts to our financial condition and results of operations are still uncertain. See Liquidity and Capital Resources for additional information related to the impact of COVID-19 on our overall results. For information related to the impact of COVID-19 on our segment results see Results of Operations by Segment. Results of Operations We disclose in this report certain non-GAAP financial measures. These non-GAAP financial measures assist management in comparing our performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect our underlying operations. For additional information and reconciliations from our condensed consolidated financial statements see Non-GAAP Financial Measures. Consolidated Results of Operations Summary of Results:
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