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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
May 1, 20221-3822
cpb-20220501_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 300,575,616 shares of capital stock outstanding as of June 1, 2022.
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TABLE OF CONTENTS

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements
CAMPBELL SOUP COMPANY
Consolidated Statements of Earnings
(unaudited)
(millions, except per share amounts)
 
Three Months EndedNine Months Ended
May 1, 2022May 2, 2021May 1, 2022May 2, 2021
Net sales$2,130 $1,984 $6,575 $6,603 
Costs and expenses
Cost of products sold1,465 1,356 4,519 4,379 
Marketing and selling expenses188 202 555 642 
Administrative expenses151 153 454 452 
Research and development expenses22 22 64 61 
Other expenses / (income)10 (23)(10)(86)
Restructuring charges 2  21 
Total costs and expenses1,836 1,712 5,582 5,469 
Earnings before interest and taxes294 272 993 1,134 
Interest expense51 53 144 163 
Interest income1  1 1 
Earnings before taxes244 219 850 972 
Taxes on earnings56 53 189 252 
Earnings from continuing operations188 166 661 720 
Loss from discontinued operations (6) (6)
Net earnings188 160 661 714 
Less: Net earnings (loss) attributable to noncontrolling interests    
Net earnings attributable to Campbell Soup Company$188 $160 $661 $714 
Per Share — Basic
Earnings from continuing operations attributable to Campbell Soup Company$.62 $.55 $2.19 $2.38 
Loss from discontinued operations (.02) (.02)
Net earnings attributable to Campbell Soup Company$.62 $.53 $2.19 $2.36 
Weighted average shares outstanding — basic301 303 302 303 
Per Share — Assuming Dilution
Earnings from continuing operations attributable to Campbell Soup Company$.62 $.54 $2.18 $2.36 
Loss from discontinued operations (.02) (.02)
Net earnings attributable to Campbell Soup Company$.62 $.52 $2.18 $2.34 
Weighted average shares outstanding — assuming dilution302 305 303 305 
See accompanying Notes to Consolidated Financial Statements.


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CAMPBELL SOUP COMPANY
Consolidated Statements of Comprehensive Income
(unaudited)
(millions)
Three Months Ended
May 1, 2022May 2, 2021
Pre-tax amountTax benefit (expense)After-tax amountPre-tax amountTax benefit (expense)After-tax amount
Net earnings (loss)$188 $160 
Other comprehensive income (loss):
Foreign currency translation:
Foreign currency translation adjustments$(2)$ (2)$7 $ 7 
Cash-flow hedges:
Unrealized gains (losses) arising during the period9 (2)7 (2) (2)
Reclassification adjustment for losses (gains) included in net earnings(4)1 (3)2  2 
Pension and other postretirement benefits:
Reclassification of prior service credit included in net earnings   (2)1 (1)
Other comprehensive income (loss)$3 $(1)2 $5 $1 6 
Total comprehensive income (loss)$190 $166 
Total comprehensive income (loss) attributable to noncontrolling interests (1)
Total comprehensive income (loss) attributable to Campbell Soup Company$190 $167 
Nine Months Ended
May 1, 2022May 2, 2021
Pre-tax amountTax benefit (expense)After-tax amountPre-tax amountTax benefit (expense)After-tax amount
Net earnings (loss)$661 $714 
Other comprehensive income (loss):
Foreign currency translation:
Foreign currency translation adjustments$(6)$ (6)$14 $ 14 
Cash-flow hedges:
Unrealized gains (losses) arising during period17 (4)13 (9)1 (8)
Reclassification adjustment for losses (gains) included in net earnings(4)1 (3)5  5 
Pension and other postretirement benefits:
Reclassification of prior service credit included in net earnings(1) (1)(4)1 (3)
Other comprehensive income (loss) $6 $(3)3 $6 $2 8 
Total comprehensive income (loss)$664 $722 
Total comprehensive income (loss) attributable to noncontrolling interests (4)
Total comprehensive income (loss) attributable to Campbell Soup Company$664 $726 
See accompanying Notes to Consolidated Financial Statements.
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CAMPBELL SOUP COMPANY
Consolidated Balance Sheets
(unaudited)
(millions, except per share amounts)
May 1, 2022August 1, 2021
Current assets
Cash and cash equivalents$196 $69 
Accounts receivable, net511 595 
Inventories1,044 933 
Other current assets101 98 
Total current assets1,852 1,695 
Plant assets, net of depreciation2,313 2,370 
Goodwill3,978 3,981 
Other intangible assets, net of amortization3,208 3,239 
Other assets496 449 
Total assets$11,847 $11,734 
Current liabilities
Short-term borrowings$750 $48 
Payable to suppliers and others1,286 1,070 
Accrued liabilities542 576 
Dividends payable112 115 
Accrued income taxes9 5 
Total current liabilities2,699 1,814 
Long-term debt3,998 5,010 
Deferred taxes1,094 1,051 
Other liabilities661 705 
Total liabilities8,452 8,580 
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 capital402 414 
Earnings retained in the business4,059 3,742 
Capital stock in treasury, at cost(1,088)(1,021)
Accumulated other comprehensive income (loss)8 5 
Total Campbell Soup Company shareholders' equity3,393 3,152 
Noncontrolling interests2 2 
Total equity3,395 3,154 
Total liabilities and equity$11,847 $11,734 
See accompanying Notes to Consolidated Financial Statements.

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CAMPBELL SOUP COMPANY
Consolidated Statements of Cash Flows
(unaudited)
(millions)
Nine Months Ended
 May 1, 2022May 2, 2021
Cash flows from operating activities:
Net earnings$661 $714 
Adjustments to reconcile net earnings to operating cash flow
Restructuring charges 21 
Stock-based compensation46 51 
Pension and postretirement benefit income(31)(87)
Depreciation and amortization251 233 
Deferred income taxes39 99 
Other66 66 
Changes in working capital
Accounts receivable81 (4)
Inventories(111)(2)
Prepaid assets(1)(23)
Accounts payable and accrued liabilities140 (149)
Other(40)(38)
Net cash provided by operating activities1,101 881 
Cash flows from investing activities:
Purchases of plant assets(179)(190)
Purchases of route businesses(1)(1)
Sales of route businesses2 7 
Other10 7 
Net cash used in investing activities(168)(177)
Cash flows from financing activities:
Short-term borrowings, including commercial paper821  
Short-term repayments, including commercial paper(700)(295)
Long-term repayments (721)
Dividends paid(340)(327)
Treasury stock purchases(116) 
Treasury stock issuances1 2 
Payments related to tax withholding for stock-based compensation(18)(15)
Payments related to extinguishment of debt(453) 
Net cash used in financing activities(805)(1,356)
Effect of exchange rate changes on cash(1)2 
Net change in cash and cash equivalents127 (650)
Cash and cash equivalents — beginning of period69 859 
Cash and cash equivalents — end of period$196 $209 
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 January 31, 2021
323 $12 (20)$(990)$388 $3,517 $(5)$3 $2,925 
Net earnings (loss)160  160 
Other comprehensive income (loss)7 (1)6 
Dividends ($.37 per share)
(113)(113)
Treasury stock purchased   
Treasury stock issued under management incentive and stock option plans   4 13  17 
Balance at May 2, 2021
323 $12 (20)$(986)$401 $3,564 $2 $2 $2,995 
Balance at August 2, 2020
323 $12 (21)$(1,023)$394 $3,190 $(10)$6 $2,569 
Net earnings (loss)714  714 
Other comprehensive income (loss)12 (4)8 
Dividends ($1.09 per share)
(334)(334)
Treasury stock purchased   
Treasury stock issued under management incentive and stock option plans  1 37 7 (6)  38 
Balance at May 2, 2021323 $12 (20)$(986)$401 $3,564 $2 $2 $2,995 
Balance at January 30, 2022
323 $12 (21)$(1,039)$388 $3,983 $6 $2 $3,352 
Net earnings (loss)188  188 
Other comprehensive income (loss)2  2 
Dividends ($.37 per share)
(112)(112)
Treasury stock purchased(2)(51)(51)
Treasury stock issued under management incentive and stock option plans 2 14  16 
Balance at May 1, 2022
323 $12 (23)$(1,088)$402 $4,059 $8 $2 $3,395 
Balance at August 1, 2021
323 $12 (21)$(1,021)$414 $3,742 $5 $2 $3,154 
Net earnings (loss)661  661 
Other comprehensive income (loss)3  3 
Dividends ($1.11 per share)
(336)(336)
Treasury stock purchased(3)(116)(116)
Treasury stock issued under management incentive and stock option plans1 49 (12)(8)29 
Balance at May 1, 2022
323 $12 (23)$(1,088)$402 $4,059 $8 $2 $3,395 
See accompanying Notes to Consolidated Financial Statements.
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Notes to Consolidated Financial Statements
(unaudited)

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 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 1, 2021. Certain amounts in prior-year financial statements were reclassified to conform to the current-year presentation.
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 July 31, 2022.
2. Recent Accounting Pronouncements
Recently Adopted
In December 2019, the Financial Accounting Standards Board (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. We adopted the guidance in the first quarter of 2022. The adoption did not have an impact on our consolidated financial statements.
Accounting Pronouncements Not Yet Adopted
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. Accumulated Other Comprehensive Income (Loss)
The components of Accumulated other comprehensive income (loss) consisted of the following:
(Millions)
Foreign Currency Translation Adjustments(1)
Cash-Flow Hedges(2)
Pension and Postretirement Benefit Plan Adjustments(3)
Total Accumulated Comprehensive Income (Loss)
Balance at August 2, 2020$(10)$(7)$7 $(10)
Other comprehensive income (loss) before reclassifications18 (8) 10 
Losses (gains) reclassified from accumulated other comprehensive income (loss) 5 (3)2 
Net current-period other comprehensive income (loss)18 (3)(3)12 
Balance at May 2, 2021
$8 $(10)$4 $2 
Balance at August 1, 2021$6 $(4)$3 $5 
Other comprehensive income (loss) before reclassifications(6)13  7 
Losses (gains) reclassified from accumulated other comprehensive income (loss)
 (3)(1)(4)
Net current-period other comprehensive income (loss)(6)10 (1)3 
Balance at May 1, 2022
$ $6 $2 $8 
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(1)Included no tax as of May 1, 2022, August 1, 2021, May 2, 2021 and August 2, 2020.
(2)Included tax expense of $2 million as of May 1, 2022, a tax benefit of $1 million as of August 1, 2021, $2 million as of May 2, 2021, and $1 million as of August 2, 2020.
(3)Included tax expense of $1 million as of May 1, 2022, August 1, 2021 and May 2, 2021, and $2 million as of August 2, 2020.
Amounts related to noncontrolling interests were not material.
The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following:
Three Months EndedNine Months Ended
(Millions)May 1, 2022May 2, 2021May 1, 2022May 2, 2021Location of Loss (Gain) Recognized in Earnings
Losses (gains) on cash-flow hedges:
Commodity contracts$(3)$ $(6)$ Cost of products sold
Foreign exchange forward contracts(1)2 1 4 Cost of products sold
Forward starting interest rate swaps  1 1 Interest expense
Total before tax(4)2 (4)5 
Tax expense (benefit)1  1  
Loss (gain), net of tax$(3)$2 $(3)$5 
Pension and postretirement benefit adjustments:
Prior service credit$ $(2)$(1)$(4)Other expenses / (income)
Tax expense (benefit) 1  1 
Loss (gain), net of tax$ $(1)$(1)$(3)
4. Goodwill and Intangible Assets
Goodwill
The following table shows the changes in the carrying amount of goodwill by business segment:
(Millions)Meals & BeveragesSnacksTotal
Net balance at August 1, 2021$970 $3,011 $3,981 
Amounts reclassified due to segment change(1)
25 (25) 
Foreign currency translation adjustment(3) (3)
Net balance at May 1, 2022
$992 $2,986 $3,978 
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(1)See Note 5 for additional information.
Intangible Assets
The following table summarizes balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization:
May 1, 2022August 1, 2021
(Mil