Company Quick10K Filing
Campbell Soup
Price46.87 EPS1
Shares303 P/E78
MCap14,202 P/FCF19
Net Debt6,645 EBIT590
TEV20,847 TEV/EBIT35
TTM 2019-10-27, in MM, except price, ratios
10-Q 2020-11-01 Filed 2020-12-09
10-K 2020-08-02 Filed 2020-09-24
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10-Q 2012-10-28 Filed 2012-12-05
10-K 2012-07-29 Filed 2012-09-27
10-Q 2012-04-29 Filed 2012-06-06
10-Q 2012-01-29 Filed 2012-03-07
10-Q 2011-10-30 Filed 2011-12-07
10-K 2011-07-31 Filed 2011-09-28
10-Q 2011-05-01 Filed 2011-06-09
10-Q 2011-01-30 Filed 2011-03-09
10-Q 2010-10-31 Filed 2010-12-09
10-K 2010-08-01 Filed 2010-09-29
10-Q 2010-05-02 Filed 2010-06-10
10-Q 2010-01-31 Filed 2010-03-10
8-K 2021-01-28 Officers
8-K 2020-12-11 Other Events
8-K 2020-12-09 Earnings, Exhibits
8-K 2020-11-18
8-K 2020-11-02
8-K 2020-09-03
8-K 2020-06-24
8-K 2020-06-03
8-K 2020-04-28
8-K 2020-04-20
8-K 2020-04-20
8-K 2020-03-24
8-K 2020-03-04
8-K 2020-01-22
8-K 2020-01-08
8-K 2020-01-03
8-K 2019-12-23
8-K 2019-12-04
8-K 2019-11-20
8-K 2019-09-27
8-K 2019-09-26
8-K 2019-09-16
8-K 2019-08-30
8-K 2019-08-28
8-K 2019-08-01
8-K 2019-06-16
8-K 2019-06-05
8-K 2019-04-12
8-K 2019-03-27
8-K 2019-02-27
8-K 2018-12-20
8-K 2018-12-06
8-K 2018-11-26
8-K 2018-11-20
8-K 2018-08-30
8-K 2018-05-18
8-K 2018-05-17
8-K 2018-04-30
8-K 2018-04-05
8-K 2018-03-26
8-K 2018-03-19
8-K 2018-03-12
8-K 2018-03-05
8-K 2018-02-16
8-K 2018-01-18

CPB 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosure About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.2 cpb-ex102x1112010xq.htm
EX-31.1 cpb-exb311x11012020x10.htm
EX-31.2 cpb-exb312x11012020x10.htm
EX-32.1 cpb-exb321x11012020x10.htm
EX-32.2 cpb-exb322x11012020x10.htm

Campbell Soup Earnings 2020-11-01

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
2.82.21.50.90.2-0.42012201420172020
Rev, G Profit, Net Income
10.06.02.0-2.0-6.0-10.02012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For The Quarterly Period EndedCommission File Number
November 1, 20201-3822
cpb-20201101_g1.jpg

CAMPBELL SOUP COMPANY 
New Jersey21-0419870
State of IncorporationI.R.S. Employer Identification No.
1 Campbell Place
Camden, New Jersey 08103-1799
Principal Executive Offices

Telephone Number: (856342-4800

Securities registered pursuant to Section 12(b) of the Act: 
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Capital Stock, par value $.0375CPBNew York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  ☑ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  ☑ Yes  ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☑ No

There were 302,944,984 shares of capital stock outstanding as of December 2, 2020.
1





TABLE OF CONTENTS



2






PART I - FINANCIAL INFORMATION

Item 1. Financial Statements
CAMPBELL SOUP COMPANY
Consolidated Statements of Earnings
(unaudited)
(millions, except per share amounts)
 
Three Months Ended
 November 1, 2020October 27, 2019
Net sales$2,340 $2,183 
Costs and expenses
Cost of products sold1,527 1,445 
Marketing and selling expenses208 206 
Administrative expenses141 134 
Research and development expenses20 22 
Other expenses / (income)(18)56 
Restructuring charges1 3 
Total costs and expenses1,879 1,866 
Earnings before interest and taxes461 317 
Interest expense55 80 
Interest income  
Earnings before taxes406 237 
Taxes on earnings97 68 
Earnings from continuing operations309 169 
Earnings (loss) from discontinued operations (3)
Net earnings309 166 
Less: Net earnings (loss) attributable to noncontrolling interests  
Net earnings attributable to Campbell Soup Company$309 $166 
Per Share — Basic
Earnings from continuing operations attributable to Campbell Soup Company$1.02 $.56 
Earnings (loss) from discontinued operations (.01)
Net earnings attributable to Campbell Soup Company$1.02 $.55 
Weighted average shares outstanding — basic302 301 
Per Share — Assuming Dilution
Earnings from continuing operations attributable to Campbell Soup Company$1.02 $.56 
Earnings (loss) from discontinued operations (.01)
Net earnings attributable to Campbell Soup Company$1.02 $.55 
Weighted average shares outstanding — assuming dilution304 303 
See accompanying Notes to Consolidated Financial Statements.


3





CAMPBELL SOUP COMPANY
Consolidated Statements of Comprehensive Income
(unaudited)
(millions)
Three Months Ended
November 1, 2020October 27, 2019
Pre-tax amountTax (expense) benefitAfter-tax amountPre-tax amountTax (expense) benefitAfter-tax amount
Net earnings (loss)$309 $166 
Other comprehensive income (loss):
Foreign currency translation:
Foreign currency translation adjustments$ $  $(4)$ (4)
Reclassification of currency translation adjustments realized upon disposal of businesses   82  82 
Cash-flow hedges:
Unrealized gains (losses) arising during period(1)1     
Reclassification adjustment for (gains) losses included in net earnings   2 (1)1 
Pension and other postretirement benefits:
Reclassification of prior service credit included in net earnings(1) (1)(7)1 (6)
Other comprehensive income (loss) $(2)$1 (1)$73 $ 73 
Total comprehensive income (loss)$308 $239 
Total comprehensive income (loss) attributable to noncontrolling interests(2)1 
Total comprehensive income (loss) attributable to Campbell Soup Company$310 $238 
See accompanying Notes to Consolidated Financial Statements.
4





CAMPBELL SOUP COMPANY
Consolidated Balance Sheets
(unaudited)
(millions, except per share amounts)
November 1,
2020
August 2,
2020
Current assets
Cash and cash equivalents$722 $859 
Accounts receivable, net765 575 
Inventories910 871 
Other current assets66 80 
Total current assets2,463 2,385 
Plant assets, net of depreciation2,352 2,368 
Goodwill3,987 3,986 
Other intangible assets, net of amortization3,340 3,350 
Other assets275 283 
Total assets$12,417 $12,372 
Current liabilities
Short-term borrowings$1,084 $1,202 
Payable to suppliers and others1,049 1,049 
Accrued liabilities579 693 
Dividends payable108 107 
Accrued income taxes86 24 
Total current liabilities2,906 3,075 
Long-term debt4,996 4,994 
Deferred taxes939 914 
Other liabilities803 820 
Total liabilities9,644 9,803 
Commitments and contingencies
Campbell Soup Company shareholders' equity
Preferred stock; authorized 40 shares; none issued
  
Capital stock, $0.0375 par value; authorized 560 shares; issued 323 shares
12 12 
Additional paid-in capital370 394 
Earnings retained in the business3,387 3,190 
Capital stock in treasury, at cost(991)(1,023)
Accumulated other comprehensive income (loss)(9)(10)
Total Campbell Soup Company shareholders' equity2,769 2,563 
Noncontrolling interests4 6 
Total equity2,773 2,569 
Total liabilities and equity$12,417 $12,372 
See accompanying Notes to Consolidated Financial Statements.

5


CAMPBELL SOUP COMPANY
Consolidated Statements of Cash Flows
(unaudited)
(millions)

Three Months Ended
 November 1, 2020October 27, 2019
Cash flows from operating activities:
Net earnings$309 $166 
Adjustments to reconcile net earnings to operating cash flow
Restructuring charges1 3 
Stock-based compensation16 14 
Pension and postretirement benefit income(20)(18)
Depreciation and amortization76 81 
Deferred income taxes25 (9)
Loss on sales of businesses 104 
Other21 28 
Changes in working capital, net of divestitures
Accounts receivable(189)(174)
Inventories(38)(37)
Prepaid assets8 6 
Accounts payable and accrued liabilities(28)32 
Other(1)(14)
Net cash provided by operating activities180 182 
Cash flows from investing activities:
Purchases of plant assets(74)(98)
Purchases of route businesses(1)(3)
Sales of route businesses3 2 
Sales of businesses, net of cash divested 368 
Net cash provided by (used in) investing activities(72)269 
Cash flows from financing activities:
Short-term borrowings, including commercial paper 2,508 
Short-term repayments, including commercial paper(123)(2,447)
Long-term repayments (399)
Dividends paid(108)(107)
Treasury stock issuances 1 
Payments related to tax withholding for stock-based compensation(13)(9)
Other(1) 
Net cash used in financing activities(245)(453)
Effect of exchange rate changes on cash (1)
Net change in cash and cash equivalents(137)(3)
Cash and cash equivalents — beginning of period859 31 
Cash and cash equivalents discontinued operations — beginning of period 148 
Cash and cash equivalents discontinued operations — end of period (115)
Cash and cash equivalents — end of period$722 $61 
See accompanying Notes to Consolidated Financial Statements.

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CAMPBELL SOUP COMPANY
Consolidated Statements of Equity
(unaudited)
(millions, except per share amounts)
 Campbell Soup Company Shareholders’ Equity  
 Capital StockAdditional Paid-in
Capital
Earnings Retained in the
Business
Accumulated Other Comprehensive
Income (Loss)
Noncontrolling
Interests
 
 IssuedIn TreasuryTotal
Equity
 SharesAmountSharesAmount
Balance at July 28, 2019323 $12 (22)$(1,076)$372 $1,993 $(198)$9 $1,112 
Net earnings (loss)166  166 
Other comprehensive income (loss)72 1 73 
Dividends ($.35 per share)
(108)(108)
Treasury stock purchased   
Treasury stock issued under management incentive and stock option plans  1 23 (16)(1)  6 
Balance at October 27, 2019323 $12 (21)$(1,053)$356 $2,050 $(126)$10 $1,249 
Balance at August 2, 2020323 $12 (21)$(1,023)$394 $3,190 $(10)$6 $2,569 
Net earnings (loss)309  309 
Other comprehensive income (loss)1 (2)(1)
Dividends ($.35 per share)
(107)(107)
Treasury stock purchased   
Treasury stock issued under management incentive and stock option plans1 32 (24)(5)3 
Balance at November 1, 2020323 $12 (20)$(991)$370 $3,387 $(9)$4 $2,773 
See accompanying Notes to Consolidated Financial Statements.
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Notes to Consolidated Financial Statements
(unaudited)
(currency in millions, except per share amounts)
1. Basis of Presentation and Significant Accounting Policies
In this Form 10-Q, unless otherwise stated, the terms "we," "us," "our" and the "company" refer to Campbell Soup Company and its consolidated subsidiaries.
The consolidated financial statements include our accounts and entities in which we maintain a controlling financial interest and a variable interest entity (VIE) for which we were the primary beneficiary. Intercompany transactions are eliminated in consolidation. See Note 3 for a discussion of Discontinued Operations.
The financial statements reflect all adjustments which are, in our opinion, necessary for a fair statement of the results of operations, financial position, and cash flows for the indicated periods. The accounting policies we used in preparing these financial statements are substantially consistent with those we applied in our Annual Report on Form 10-K for the year ended August 2, 2020.
The results for the period are not necessarily indicative of the results to be expected for other interim periods or the full year. Our fiscal year ends on the Sunday nearest July 31, which is August 1, 2021. There are 52 weeks in 2021. There were 53 weeks in 2020.
2. Recent Accounting Pronouncements
Recently Adopted
In August 2018, the Financial Accounting Standards Board (FASB) issued guidance that eliminates, adds, and modifies certain disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those years. We adopted the new guidance at the beginning of the first quarter of 2021. The adoption did not have a material impact on our consolidated financial statements.
In August 2018, the FASB issued guidance on accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. The guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance is effective for fiscal years beginning after December 15, 2019. Entities have the option to apply the guidance prospectively to all implementation costs incurred after the date of adoption or retrospectively. Early adoption is permitted. We adopted the new guidance on a prospective basis at the beginning of the first quarter of 2021. The adoption did not have a material impact on our consolidated financial statements.
Accounting Pronouncements Not Yet Adopted
In August 2018, the FASB issued guidance that changes the disclosure requirements related to defined benefit pension and postretirement plans. The guidance is effective for fiscal years beginning after December 15, 2020. The guidance is to be applied on a retrospective basis. Early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our disclosures.
In December 2019, the FASB issued guidance on simplifying the accounting for income taxes. The guidance removes certain exceptions to the general principles of accounting for income taxes and also improves consistent application of accounting by clarifying or amending existing guidance. The guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those years. Early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.
In March 2020, the FASB issued guidance that provides optional expedients and exceptions for a limited period of time for accounting for contracts, hedging relationships, and other transactions affected by the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued. Optional expedients can be applied from March 12, 2020 through December 31, 2022. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.
3. Divestitures
Discontinued Operations
We completed the sale of our Kelsen business on September 23, 2019, for $322. We also completed the sale of our Arnott’s business and certain other international operations, including the simple meals and shelf-stable beverages businesses in Australia and Asia Pacific (the Arnott's and other international operations), on December 23, 2019, for $2,286. The purchase price was subject to certain post-closing adjustments, which resulted in $4 of additional proceeds in the third quarter of 2020. Beginning in the fourth quarter of 2019, we have reflected the results of operations of the Kelsen business and the Arnott’s and
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other international operations (collectively referred to as Campbell International) as discontinued operations in the Consolidated Statements of Earnings for all periods presented. These businesses were historically included in the Snacks reportable segment.
Results of Campbell International were as follows:
Three Months Ended
October 27, 2019
Net sales$223 
Earnings before taxes from operations$37 
Taxes on earnings from operations13 
Loss on sale of business / costs associated with selling the businesses(51)
Tax benefit on loss of sale / costs associated with selling the businesses(24)
Earnings (loss) from discontinued operations$(3)
Under the terms of the sale of the Arnott's and other international operations, we entered into a long-term licensing arrangement for the exclusive rights to certain Campbell brands in certain non-U.S. markets. We provide certain transition services to support the divested business.
Cash flow activity of Campbell International included the following:
Three Months Ended
October 27, 2019
Cash flows from discontinued operating activities:
Loss on sale of discontinued operations business$40 
Cash flows from discontinued investing activities:
Capital expenditures$21 
Sale of discontinued operations business, net of cash divested297 
Other Divestitures
On October 11, 2019, we completed the sale of our European chips business for £63, or $77. The pre-tax loss recognized in the first quarter of 2020 on the sale was $64, which included the impact of allocated goodwill and foreign currency translation adjustments. For tax purposes, in the first quarter of 2020, the capital loss on the sale was offset by a valuation allowance. The European chips business had net sales of $25 for the three-month period ended October 27, 2019. Earnings were not material in the period. The results of the European chips business through the date of sale were reflected in continuing operations within the Snacks reportable segment.
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4. Accumulated Other Comprehensive Income (Loss)
The components of Accumulated other comprehensive income (loss) consisted of the following:
Foreign Currency Translation Adjustments(1)
Gains (Losses) on Cash Flow Hedges(2)
Pension and Postretirement Benefit Plan Adjustments(3)
Total Accumulated Comprehensive Income (Loss)
Balance at July 28, 2019$(218)$(9)$29 $(198)
Other comprehensive income (loss) before reclassifications(5)  (5)
Amounts reclassified from accumulated other comprehensive income (loss)(4)
82 1 (6)77 
Net current-period other comprehensive income (loss)77 1 (6)72 
Balance at Octoboer 27, 2019$(141)$(8)$23 $(126)
Balance at August 2, 2020$(10)$(7)$7 $(10)
Other comprehensive income (loss) before reclassifications2   2 
Amounts reclassified from accumulated other comprehensive income (loss)
  (1)(1)
Net current-period other comprehensive income (loss)2  (1)1 
Balance at November 1, 2020$(8)$(7)$6 $(9)
_____________________________________
(1)Included no tax as of November 1, 2020, and August 2, 2020, and tax expense of $4 as of October 27, 2019, and July 28, 2019.
(2)Included a tax benefit of $2 as of November 1, 2020, $1 as of August 2, 2020, and October 27, 2019, and $2 as of July 28, 2019.
(3)Included tax expense of $2 as of November 1, 2020, $2 as of August 2, 2020, $7 as of October 27, 2019, and $8 as of July 28, 2019.
(4)Reflects amounts reclassified from sale of businesses. See Note 3 for additional information.
Amounts related to noncontrolling interests were not material.
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The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following:
Three Months Ended
Details about Accumulated Other Comprehensive Income (Loss) ComponentsNovember 1, 2020October 27, 2019Location of (Gain) Loss Recognized in Earnings
Foreign currency translation adjustments:
Currency translation (gains) losses realized upon disposal of businesses$ $23 Other expenses / (income)
Currency translation (gains) losses realized upon disposal of businesses 59 Earnings (loss) from discontinued operations
Total before tax 82 
Tax expense (benefit)  
(Gain) loss, net of tax$ $82 
(Gains) losses on cash flow hedges:
Foreign exchange forward contracts$ $1 Earnings (loss) from discontinued operations
Forward starting interest rate swaps 1 Interest expense
Total before tax 2 
Tax expense (benefit) (1)
(Gain) loss, net of tax$ $1 
Pension and postretirement benefit adjustments:
Prior service credit$(1)$(7)Other expenses / (income)
Tax expense (benefit) 1 
(Gain) loss, net of tax$(1)$(6)

5. Goodwill and Intangible Assets
Goodwill
The following table shows the changes in the carrying amount of goodwill by business segment:
Meals & BeveragesSnacksTotal
Net balance at August 2, 2020$975 $3,011 $3,986 
Foreign currency translation adjustment1  1 
Net balance at November 1, 2020$976 $3,011 $3,987 

Intangible Assets
The following table summarizes balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization:
November 1, 2020August 2, 2020
Intangible AssetsCostAccumulated AmortizationNetCostAccumulated AmortizationNet
Amortizable intangible assets
Customer relationships$851 $(122)$729 $851 $(112)$739 
Non-amortizable intangible assets
Trademarks2,611 2,611 
Total net intangible assets$3,340 $3,350 
Non-amortizable intangible assets consist of trademarks. As of November 1, 2020, trademarks primarily included $1,978 associated with Snyder's-Lance. Of the carrying values of all indefinite-lived trademarks, $620 related to Snyder's of Hanover trademark, $292 related to the Pace trademark, and $280 related to the Pacific Foods trademark.
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Amortization of intangible assets in Earnings from continuing operations was $10 and $11 for the three-month periods ended November 1, 2020, and October 27, 2019, respectively. As of November 1, 2020, amortizable intangible assets had a weighted-average remaining useful life of 18 years. Amortization expense for the next 5 years is estimated to be approximately $42 per year.
6. Segment Information
Our reportable segments are as follows:
Meals & Beverages, which includes the retail and foodservice businesses in the U.S. and Canada. The segment includes the following products: Campbell’s condensed and ready-to-serve soups; Swanson broth and stocks; Pacific Foods broth, soups and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; Campbell’s gravies, pasta, beans and dinner sauces; Swanson canned poultry; Plum baby food and snacks; V8 juices and beverages; and Campbell’s tomato juice; and
Snacks, which consists of Pepperidge Farm cookies, crackers, fresh bakery and frozen products in U.S. retail, including Milano cookies and Goldfish crackers; and Snyder’s of Hanover pretzels, Lance sandwich crackers, Cape Cod and Kettle Brand potato chips, Late July snacks, Snack Factory Pretzel Crisps, Pop Secret popcorn, Emerald nuts, and other snacking products in the U.S. and Canada. The segment includes the retail business in Latin America. The segment also included the results of our European chips business, which was sold on October 11, 2019.
We evaluate segment performance before interest, taxes and costs associated with restructuring activities and impairment charges. Unrealized gains and losses on undesignated commodity hedging activities are excluded from segment operating earnings and are recorded in Corporate as these open positions represent hedges of future purchases. Upon closing of the contracts, the realized gain or loss is transferred to segment operating earnings, which allows the segments to reflect the economic effects of the hedge without exposure to quarterly volatility of unrealized gains and losses. Only the service cost component of pension and postretirement expense is allocated to segments. All other components of expense, including interest cost, expected return on assets, amortization of prior service credits and recognized actuarial gains and losses are reflected in Corporate and not included in segment operating results. Asset information by segment is not discretely maintained for internal reporting or used in evaluating performance.
Three Months Ended
November 1,
2020
October 27,
2019
Net sales
Meals & Beverages$1,342 $1,194 
Snacks998 989 
Total$2,340 $2,183 

Three Months Ended
November 1,
2020
October 27,
2019
Earnings before interest and taxes
Meals & Beverages$333 $282 
Snacks139 125 
Corporate(1)
(10)(87)
Restructuring charges(2)
(1)(3)
Total$461 $317 
_______________________________________
(1)Represents unallocated items. Pension benefit settlement adjustments are included in Corporate. There were settlement gains of $4 in the three-month period ended November 1, 2020. A loss of $64 on the sale of our European chips business was included in the three-month period ended October 27, 2019. Costs related to the cost savings initiatives were $5 and $8 in the three-month periods ended November 1, 2020, and October 27, 2019, respectively.
(2)See Note 7 for additional information.
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Our net sales based on product categories are as follows:
Three Months Ended
November 1,
2020
October 27,
2019
Net sales
Soup$826 $708 
Snacks1,008 1,010 
Other simple meals311 283 
Beverages