Company Quick10K Filing
Campbell Soup
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 302 $14,115
10-Q 2020-03-04 Quarter: 2020-01-26
10-Q 2019-12-04 Quarter: 2019-10-27
10-K 2019-09-26 Annual: 2019-07-28
10-Q 2019-06-05 Quarter: 2019-04-28
10-Q 2019-03-06 Quarter: 2019-01-27
10-Q 2018-12-06 Quarter: 2018-10-28
10-K 2018-09-27 Annual: 2018-07-29
10-Q 2018-06-05 Quarter: 2018-04-29
10-Q 2018-03-05 Quarter: 2018-01-28
10-Q 2017-12-08 Quarter: 2017-10-29
10-K 2017-09-27 Annual: 2017-07-30
10-Q 2017-06-08 Quarter: 2017-04-30
10-Q 2017-03-09 Quarter: 2017-01-29
10-Q 2016-12-07 Quarter: 2016-10-30
10-K 2016-09-22 Annual: 2016-07-31
10-Q 2016-06-07 Quarter: 2016-05-01
10-Q 2016-03-10 Quarter: 2016-01-31
10-Q 2015-12-10 Quarter: 2015-11-01
10-K 2015-09-29 Annual: 2015-08-02
10-Q 2015-06-11 Quarter: 2015-05-03
10-Q 2015-03-11 Quarter: 2015-02-01
10-Q 2014-12-11 Quarter: 2014-11-02
10-K 2014-09-24 Annual: 2014-08-03
10-Q 2014-06-04 Quarter: 2014-04-27
10-Q 2014-03-06 Quarter: 2014-01-26
10-Q 2013-12-05 Quarter: 2013-10-27
10-Q 2013-06-05 Quarter: 2013-04-28
10-Q 2013-03-07 Quarter: 2013-01-27
10-Q 2012-12-05 Quarter: 2012-10-28
10-K 2012-09-27 Annual: 2012-07-29
10-Q 2012-06-06 Quarter: 2012-04-29
10-Q 2012-03-07 Quarter: 2012-01-29
10-Q 2011-12-07 Quarter: 2011-10-30
10-K 2011-09-28 Annual: 2011-07-31
10-Q 2011-06-09 Quarter: 2011-05-01
10-Q 2011-03-09 Quarter: 2011-01-30
10-Q 2010-12-09 Quarter: 2010-10-31
10-K 2010-09-29 Annual: 2010-08-01
10-Q 2010-06-10 Quarter: 2010-05-02
10-Q 2010-03-10 Quarter: 2010-01-31
8-K 2020-03-24 Regulation FD
8-K 2020-03-04 Earnings, Exhibits
8-K 2020-01-22 Other Events, Exhibits
8-K 2020-01-08 Other Events, Exhibits
8-K 2020-01-03 Officers
8-K 2019-12-23 M&A, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2019-12-04 Earnings, Exhibits
8-K 2019-11-20 Shareholder Vote
8-K 2019-09-27 Officers
8-K 2019-09-26 Regulation FD, Exhibits
8-K 2019-09-16 Officers
8-K 2019-08-30 Earnings, Exhibits
8-K 2019-08-28 Officers
8-K 2019-08-01 Enter Agreement, Regulation FD, Exhibits
8-K 2019-06-16 M&A, Exhibits
8-K 2019-06-05 Earnings, Exhibits
8-K 2019-04-12 Enter Agreement, Regulation FD, Exhibits
8-K 2019-03-27 Officers, Other Events, Exhibits
8-K 2019-02-27 Earnings, Exhibits
8-K 2018-12-20 Officers, Amend Bylaw, Exhibits
8-K 2018-12-06 Regulation FD, Exhibits
8-K 2018-11-26 Enter Agreement, Officers, Other Events, Exhibits
8-K 2018-11-20 Earnings, Exhibits
8-K 2018-08-30 Earnings, Regulation FD, Exhibits
8-K 2018-05-18 Earnings, Exhibits
8-K 2018-05-17 Officers, Exhibits
8-K 2018-04-30 Officers
8-K 2018-04-05 Officers
8-K 2018-03-26 M&A, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-03-19 Officers
8-K 2018-03-12 Other Events, Exhibits
8-K 2018-03-05 Other Events, Exhibits
8-K 2018-02-16 Earnings, Exhibits
8-K 2018-01-18 Exit Costs
CPB 2020-01-26
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 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.1 cpb-exb101x1262020x10xq.htm
EX-10.2 cpb-exb102x1262020x10xq.htm
EX-31.1 cpb-exb311x1262020x10xq.htm
EX-31.2 cpb-exb312x1262020x10xq.htm
EX-32.1 cpb-exb321x1262020x10xq.htm
EX-32.2 cpb-exb322x1262020x10xq.htm

Campbell Soup Earnings 2020-01-26

CPB 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
ADM 23,131 41,804 22,856 64,274 4,031 1,195 2,456 27,752 6% 11.3 3%
MKC 21,086 10,366 6,885 5,362 2,197 703 1,039 25,076 41% 24.1 7%
K 21,854 17,499 14,772 13,672 4,382 741 1,503 29,701 32% 19.8 4%
CPB 14,202 13,110 11,861 8,854 2,781 183 876 20,847 31% 23.8 1%
CAG 14,622 22,354 14,838 10,095 2,802 676 1,192 26,217 28% 22.0 3%
SJM 12,454 16,791 8,696 7,651 2,920 559 1,284 17,789 38% 13.9 3%
LW 10,857 3,223 3,130 3,831 1,022 492 902 13,095 27% 14.5 15%
BG 8,067 18,634 14,174 41,900 393 -1,166 -419 12,420 1% -29.6 -6%
POST 7,889 11,952 9,014 5,681 1,792 126 824 13,954 32% 16.9 1%
INGR 5,635 6,095 3,502 5,737 1,309 405 683 7,193 23% 10.5 7%

cpb-20200126
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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
January 26, 20201-3822
cpb-20200126_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 301,744,623 shares of capital stock outstanding as of February 25, 2020.






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 EndedSix Months Ended
 January 26,
2020
January 27,
2019
January 26, 2020January 27, 2019
Net sales$2,162  $2,172  $4,345  $4,374  
Costs and expenses
Cost of products sold1,420  1,466  2,865  2,942  
Marketing and selling expenses237  221  443  432  
Administrative expenses148  146  282  294  
Research and development expenses22  20  44  43  
Other expenses / (income)(22) (8) 34  (8) 
Restructuring charges7  2  10  20  
Total costs and expenses1,812  1,847  3,678  3,723  
Earnings before interest and taxes350  325  667  651  
Interest expense149  91  229  182  
Interest income3    3  1  
Earnings before taxes204  234  441  470  
Taxes on earnings33  58  101  114  
Earnings from continuing operations171  176  340  356  
Earnings (loss) from discontinued operations1,037  (235) 1,034  (221) 
Net earnings (loss)1,208  (59) 1,374  135  
Less: Net earnings (loss) attributable to noncontrolling interests        
Net earnings (loss) attributable to Campbell Soup Company$1,208  $(59) $1,374  $135  
Per Share — Basic
Earnings from continuing operations attributable to Campbell Soup Company$.57  $.58  $1.13  $1.18  
Earnings (loss) from discontinued operations3.43  (.78) 3.44  (.73) 
Net earnings (loss) attributable to Campbell Soup Company(1)
$4.00  $(.20) $4.56  $.45  
Weighted average shares outstanding — basic302  301  301  301  
Per Share — Assuming Dilution
Earnings from continuing operations attributable to Campbell Soup Company$.56  $.58  $1.12  $1.18  
Earnings (loss) from discontinued operations3.41  (.78) 3.41  (.73) 
Net earnings (loss) attributable to Campbell Soup Company$3.97  $(.20) $4.53  $.45  
Weighted average shares outstanding — assuming dilution304  302  303  302  
(1) Sum of the individual amounts may not add due to rounding.
See accompanying Notes to Consolidated Financial Statements.


3





CAMPBELL SOUP COMPANY
Consolidated Statements of Comprehensive Income
(unaudited)
(millions)
Three Months Ended
January 26, 2020January 27, 2019
Pre-tax amountTax (expense) benefitAfter-tax amountPre-tax amountTax (expense) benefitAfter-tax amount
Net earnings (loss)$1,208  $(59) 
Other comprehensive income (loss):
Foreign currency translation:
Foreign currency translation adjustments$7  $  7  $20  $  20  
Reclassification of currency translation adjustments realized upon disposal of businesses124  4  128        
Cash-flow hedges:
Unrealized gains (losses) arising during the period1    1  (1)   (1) 
Reclassification adjustment for (gains) losses included in net earnings(1)   (1)       
Pension and other postretirement benefits:
Reclassification of prior service credit included in net earnings(7) 2  (5) (7) 1  (6) 
Other comprehensive income (loss)$124  $6  130  $12  $1  13  
Total comprehensive income (loss)$1,338  $(46) 
Total comprehensive income (loss) attributable to noncontrolling interests(1)   
Total comprehensive income (loss) attributable to Campbell Soup Company$1,339  $(46) 
Six Months Ended
January 26, 2020January 27, 2019
Pre-tax amountTax (expense) benefitAfter-tax amountPre-tax amountTax (expense) benefitAfter-tax amount
Net earnings (loss)$1,374  $135  
Other comprehensive income (loss):
Foreign currency translation:
Foreign currency translation adjustments$3  $  3  $(23) $  (23) 
Reclassification of currency translation adjustments realized upon disposal of businesses206  4  210        
Cash-flow hedges:
Unrealized gains (losses) arising during period1    1  (1)   (1) 
Reclassification adjustment for (gains) losses included in net earnings1  (1)   1    1  
Pension and other postretirement benefits:
Reclassification of prior service credit included in net earnings(14) 3  (11) (14) 3  (11) 
Other comprehensive income (loss) $197  $6  203  $(37) $3  (34) 
Total comprehensive income (loss)$1,577  $101  
Total comprehensive income (loss) attributable to noncontrolling interests    
Total comprehensive income (loss) attributable to Campbell Soup Company$1,577  $101  
See accompanying Notes to Consolidated Financial Statements.
4





CAMPBELL SOUP COMPANY
Consolidated Balance Sheets
(unaudited)
(millions, except per share amounts)
January 26, 2020July 28,
2019
Current assets
Cash and cash equivalents$58  $31  
Accounts receivable, net660  574  
Inventories779  863  
Other current assets59  71  
Current assets of discontinued operations  428  
Total current assets1,556  1,967  
Plant assets, net of depreciation2,336  2,455  
Goodwill3,988  4,017  
Other intangible assets, net of amortization3,373  3,415  
Other assets ($73 as of 2020 and $76 as of 2019 attributable to variable interest entity)401  127  
Noncurrent assets of discontinued operations  1,167  
Total assets$11,654  $13,148  
Current liabilities
Short-term borrowings$902  $1,371  
Payable to suppliers and others923  814  
Accrued liabilities600  609  
Dividends payable108  107  
Accrued income taxes3  15  
Current liabilities of discontinued operations  469  
Total current liabilities2,536  3,385  
Long-term debt4,919  7,103  
Deferred taxes956  924  
Other liabilities744  559  
Noncurrent liabilities of discontinued operations  65  
Total liabilities9,155  12,036  
Commitments and contingencies
Campbell Soup Company shareholders' equity
Preferred stock; authorized 40 shares; none issued    
Capital stock, $.0375 par value; authorized 560 shares; issued 323 shares12  12  
Additional paid-in capital374  372  
Earnings retained in the business3,151  1,993  
Capital stock in treasury, at cost(1,048) (1,076) 
Accumulated other comprehensive income (loss)5  (198) 
Total Campbell Soup Company shareholders' equity2,494  1,103  
Noncontrolling interests5  9  
Total equity2,499  1,112  
Total liabilities and equity$11,654  $13,148  
See accompanying Notes to Consolidated Financial Statements.

5


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

Six Months Ended
 January 26, 2020January 27, 2019
Cash flows from operating activities:
Net earnings$1,374  $135  
Adjustments to reconcile net earnings to operating cash flow
Impairment charges  360  
Restructuring charges10  21  
Stock-based compensation33  31  
Pension and postretirement benefit income(47) (29) 
Depreciation and amortization162  241  
Deferred income taxes32  (40) 
Net gain on sales of businesses(972)   
Loss on extinguishment of debt75    
Other53  18  
Changes in working capital, net of acquisition and divestitures
Accounts receivable(112) (150) 
Inventories73  122  
Prepaid assets11  (2) 
Accounts payable and accrued liabilities(9) 170  
Other(20) (31) 
Net cash provided by operating activities663  846  
Cash flows from investing activities:
Purchases of plant assets(167) (198) 
Purchases of route businesses(6) (23) 
Sales of route businesses5  25  
Business acquired, net of cash acquired  (18) 
Sales of businesses, net of cash divested2,533    
Other3  11  
Net cash provided by (used in) investing activities2,368  (203) 
Cash flows from financing activities:
Short-term borrowings3,680  2,831  
Short-term repayments(4,350) (3,274) 
Long-term repayments(499)   
Dividends paid(213) (212) 
Treasury stock issuances4    
Payments related to tax withholding for stock-based compensation(9) (7) 
Payments related to extinguishment of debt(1,765)   
Payments of debt issuance costs  (1) 
Net cash used in financing activities(3,152) (663) 
Effect of exchange rate changes on cash  (3) 
Net change in cash and cash equivalents(121) (23) 
Cash and cash equivalents — beginning of period31  49  
Cash and cash equivalents discontinued operations — beginning of period148  177  
Cash and cash equivalents discontinued operations — end of period  (157) 
Cash and cash equivalents — end of period$58  $46  
See accompanying Notes to Consolidated Financial Statements.

6


CAMPBELL SOUP COMPANY
Consolidated Statements of Equity
(unaudited)
(millions, except per share amounts)