falsedesktopCPB2020-11-01000001673220000167{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Large accelerated filer\t☑\tAccelerated filer\t☐\nNon-accelerated filer\t☐\tSmaller reporting company\t☐\nEmerging growth company\t☐\t\t\n", "q10k_tbl_1": "PART I - FINANCIAL INFORMATION\t\t3\n\tItem 1. Financial Statements\t3\n\tItem 2. Management's Discussion and Analysis of Financial Condition and Results of Operations\t25\n\tItem 3. Quantitative and Qualitative Disclosure About Market Risk\t33\n\tItem 4. Controls and Procedures\t33\nPART II - OTHER INFORMATION\t\t33\n\tItem 1. Legal Proceedings\t33\n\tItem 2. Unregistered Sales of Equity Securities and Use of Proceeds\t33\n\tItem 6. Exhibits\t33\nINDEX TO EXHIBITS\t\t34\nSIGNATURES\t\t35\n", "q10k_tbl_2": "\tThree Months Ended\t\n\t\tNovember 1 2020\t\t\t\tOctober 27 2019\t\t\nNet sales\t\t2340\t\t\t\t2183\t\t\nCosts and expenses\t\t\t\t\t\t\t\t\nCost of products sold\t\t1527\t\t\t\t1445\t\t\nMarketing and selling expenses\t\t208\t\t\t\t206\t\t\nAdministrative expenses\t\t141\t\t\t\t134\t\t\nResearch and development expenses\t\t20\t\t\t\t22\t\t\nOther expenses / (income)\t\t(18)\t\t\t\t56\t\t\nRestructuring charges\t\t1\t\t\t\t3\t\t\nTotal costs and expenses\t\t1879\t\t\t\t1866\t\t\nEarnings before interest and taxes\t\t461\t\t\t\t317\t\t\nInterest expense\t\t55\t\t\t\t80\t\t\nInterest income\t\t0\t\t\t\t0\t\t\nEarnings before taxes\t\t406\t\t\t\t237\t\t\nTaxes on earnings\t\t97\t\t\t\t68\t\t\nEarnings from continuing operations\t\t309\t\t\t\t169\t\t\nEarnings (loss) from discontinued operations\t\t0\t\t\t\t(3)\t\t\nNet earnings\t\t309\t\t\t\t166\t\t\nLess: Net earnings (loss) attributable to noncontrolling interests\t\t0\t\t\t\t0\t\t\nNet earnings attributable to Campbell Soup Company\t\t309\t\t\t\t166\t\t\nPer Share - Basic\t\t\t\t\t\t\t\t\nEarnings from continuing operations attributable to Campbell Soup Company\t\t1.02\t\t\t\t.56\t\t\nEarnings (loss) from discontinued operations\t\t0\t\t\t\t(.01)\t\t\nNet earnings attributable to Campbell Soup Company\t\t1.02\t\t\t\t.55\t\t\nWeighted average shares outstanding - basic\t\t302\t\t\t\t301\t\t\nPer Share - Assuming Dilution\t\t\t\t\t\t\t\t\nEarnings from continuing operations attributable to Campbell Soup Company\t\t1.02\t\t\t\t.56\t\t\nEarnings (loss) from discontinued operations\t\t0\t\t\t\t(.01)\t\t\nNet earnings attributable to Campbell Soup Company\t\t1.02\t\t\t\t.55\t\t\nWeighted average shares outstanding - assuming dilution\t\t304\t\t\t\t303\t\t\n", "q10k_tbl_3": "\tThree Months Ended\t\t\t\t\t\n\tNovember 1 2020\t\t\tOctober 27 2019\t\t\n\tPre-tax amount\tTax (expense) benefit\tAfter-tax amount\tPre-tax amount\tTax (expense) benefit\tAfter-tax amount\nNet earnings (loss)\t\t\t309\t\t\t166\nOther comprehensive income (loss):\t\t\t\t\t\t\nForeign currency translation:\t\t\t\t\t\t\nForeign currency translation adjustments\t0\t0\t0\t(4)\t0\t(4)\nReclassification of currency translation adjustments realized upon disposal of businesses\t0\t0\t0\t82\t0\t82\nCash-flow hedges:\t\t\t\t\t\t\nUnrealized gains (losses) arising during period\t(1)\t1\t0\t0\t0\t0\nReclassification adjustment for (gains) losses included in net earnings\t0\t0\t0\t2\t(1)\t1\nPension and other postretirement benefits:\t\t\t\t\t\t\nReclassification of prior service credit included in net earnings\t(1)\t0\t(1)\t(7)\t1\t(6)\nOther comprehensive income (loss)\t(2)\t1\t(1)\t73\t0\t73\nTotal comprehensive income (loss)\t\t\t308\t\t\t239\nTotal comprehensive income (loss) attributable to noncontrolling interests\t\t\t(2)\t\t\t1\nTotal comprehensive income (loss) attributable to Campbell Soup Company\t\t\t310\t\t\t238\n", "q10k_tbl_4": "\tNovember 1 2020\tAugust 2 2020\nCurrent assets\t\t\nCash and cash equivalents\t722\t859\nAccounts receivable net\t765\t575\nInventories\t910\t871\nOther current assets\t66\t80\nTotal current assets\t2463\t2385\nPlant assets net of depreciation\t2352\t2368\nGoodwill\t3987\t3986\nOther intangible assets net of amortization\t3340\t3350\nOther assets\t275\t283\nTotal assets\t12417\t12372\nCurrent liabilities\t\t\nShort-term borrowings\t1084\t1202\nPayable to suppliers and others\t1049\t1049\nAccrued liabilities\t579\t693\nDividends payable\t108\t107\nAccrued income taxes\t86\t24\nTotal current liabilities\t2906\t3075\nLong-term debt\t4996\t4994\nDeferred taxes\t939\t914\nOther liabilities\t803\t820\nTotal liabilities\t9644\t9803\nCommitments and contingencies\t\t\nCampbell Soup Company shareholders' equity\t\t\nPreferred stock; authorized 40 shares; none issued\t0\t0\nCapital stock $0.0375 par value; authorized 560 shares; issued 323 shares\t12\t12\nAdditional paid-in capital\t370\t394\nEarnings retained in the business\t3387\t3190\nCapital stock in treasury at cost\t(991)\t(1023)\nAccumulated other comprehensive income (loss)\t(9)\t(10)\nTotal Campbell Soup Company shareholders' equity\t2769\t2563\nNoncontrolling interests\t4\t6\nTotal equity\t2773\t2569\nTotal liabilities and equity\t12417\t12372\n", "q10k_tbl_5": "\tThree Months Ended\t\n\tNovember 1 2020\tOctober 27 2019\nCash flows from operating activities:\t\t\nNet earnings\t309\t166\nAdjustments to reconcile net earnings to operating cash flow\t\t\nRestructuring charges\t1\t3\nStock-based compensation\t16\t14\nPension and postretirement benefit income\t(20)\t(18)\nDepreciation and amortization\t76\t81\nDeferred income taxes\t25\t(9)\nLoss on sales of businesses\t0\t104\nOther\t21\t28\nChanges in working capital net of divestitures\t\t\nAccounts receivable\t(189)\t(174)\nInventories\t(38)\t(37)\nPrepaid assets\t8\t6\nAccounts payable and accrued liabilities\t(28)\t32\nOther\t(1)\t(14)\nNet cash provided by operating activities\t180\t182\nCash flows from investing activities:\t\t\nPurchases of plant assets\t(74)\t(98)\nPurchases of route businesses\t(1)\t(3)\nSales of route businesses\t3\t2\nSales of businesses net of cash divested\t0\t368\nNet cash provided by (used in) investing activities\t(72)\t269\nCash flows from financing activities:\t\t\nShort-term borrowings including commercial paper\t0\t2508\nShort-term repayments including commercial paper\t(123)\t(2447)\nLong-term repayments\t0\t(399)\nDividends paid\t(108)\t(107)\nTreasury stock issuances\t0\t1\nPayments related to tax withholding for stock-based compensation\t(13)\t(9)\nOther\t(1)\t0\nNet cash used in financing activities\t(245)\t(453)\nEffect of exchange rate changes on cash\t0\t(1)\nNet change in cash and cash equivalents\t(137)\t(3)\nCash and cash equivalents - beginning of period\t859\t31\nCash and cash equivalents discontinued operations - beginning of period\t0\t148\nCash and cash equivalents discontinued operations - end of period\t0\t(115)\nCash and cash equivalents - end of period\t722\t61\n", "q10k_tbl_6": "\tCampbell Soup Company Shareholders' Equity\t\t\t\t\t\t\t\t\n\tCapital Stock\t\t\t\tAdditional Paid-in Capital\tEarnings Retained in the Business\tAccumulated Other Comprehensive Income (Loss)\tNoncontrolling Interests\t\n\tIssued\t\tIn Treasury\t\t\t\tTotal Equity\n\tShares\tAmount\tShares\tAmount\t\t\nBalance at July 28 2019\t323\t12\t(22)\t(1076)\t372\t1993\t(198)\t9\t1112\nNet earnings (loss)\t\t\t\t\t\t166\t\t0\t166\nOther comprehensive income (loss)\t\t\t\t\t\t\t72\t1\t73\nDividends ($.35 per share)\t\t\t\t\t\t(108)\t\t\t(108)\nTreasury stock purchased\t\t\t0\t0\t\t\t\t\t0\nTreasury stock issued under management incentive and stock option plans\t\t\t1\t23\t(16)\t(1)\t\t\t6\nBalance at October 27 2019\t323\t12\t(21)\t(1053)\t356\t2050\t(126)\t10\t1249\nBalance at August 2 2020\t323\t12\t(21)\t(1023)\t394\t3190\t(10)\t6\t2569\nNet earnings (loss)\t\t\t\t\t\t309\t\t0\t309\nOther comprehensive income (loss)\t\t\t\t\t\t\t1\t(2)\t(1)\nDividends ($.35 per share)\t\t\t\t\t\t(107)\t\t\t(107)\nTreasury stock purchased\t\t\t0\t0\t\t\t\t\t0\nTreasury stock issued under management incentive and stock option plans\t\t\t1\t32\t(24)\t(5)\t\t\t3\nBalance at November 1 2020\t323\t12\t(20)\t(991)\t370\t3387\t(9)\t4\t2773\n", "q10k_tbl_7": "\tForeign Currency Translation Adjustments(1)\tGains (Losses) on Cash Flow Hedges(2)\tPension and Postretirement Benefit Plan Adjustments(3)\tTotal Accumulated Comprehensive Income (Loss)\nBalance at July 28 2019\t(218)\t(9)\t29\t(198)\nOther comprehensive income (loss) before reclassifications\t(5)\t0\t0\t(5)\nAmounts reclassified from accumulated other comprehensive income (loss)(4)\t82\t1\t(6)\t77\nNet current-period other comprehensive income (loss)\t77\t1\t(6)\t72\nBalance at Octoboer 27 2019\t(141)\t(8)\t23\t(126)\nBalance at August 2 2020\t(10)\t(7)\t7\t(10)\nOther comprehensive income (loss) before reclassifications\t2\t0\t0\t2\nAmounts reclassified from accumulated other comprehensive income (loss)\t0\t0\t(1)\t(1)\nNet current-period other comprehensive income (loss)\t2\t0\t(1)\t1\nBalance at November 1 2020\t(8)\t(7)\t6\t(9)\n", "q10k_tbl_8": "\tThree Months Ended\t\t\nDetails about Accumulated Other Comprehensive Income (Loss) Components\t\tNovember 1 2020\tOctober 27 2019\t\t\t\tLocation of (Gain) Loss Recognized in Earnings\t\t\nForeign currency translation adjustments:\t\t\t\t\t\t\t\t\t\nCurrency translation (gains) losses realized upon disposal of businesses\t\t0\t23\t\t\t\tOther expenses / (income)\t\t\nCurrency translation (gains) losses realized upon disposal of businesses\t\t0\t59\t\t\t\tEarnings (loss) from discontinued operations\t\t\nTotal before tax\t\t0\t82\t\t\t\t\t\t\nTax expense (benefit)\t\t0\t0\t\t\t\t\t\t\n(Gain) loss net of tax\t\t0\t82\t\t\t\t\t\t\n(Gains) losses on cash flow hedges:\t\t\t\t\t\t\t\t\t\nForeign exchange forward contracts\t\t0\t1\t\t\t\tEarnings (loss) from discontinued operations\t\t\nForward starting interest rate swaps\t\t0\t1\t\t\t\tInterest expense\t\t\nTotal before tax\t\t0\t2\t\t\t\t\t\t\nTax expense (benefit)\t\t0\t(1)\t\t\t\t\t\t\n(Gain) loss net of tax\t\t0\t1\t\t\t\t\t\t\nPension and postretirement benefit adjustments:\t\t\t\t\t\t\t\t\t\nPrior service credit\t\t(1)\t(7)\t\t\t\tOther expenses / (income)\t\t\nTax expense (benefit)\t\t0\t1\t\t\t\t\t\t\n(Gain) loss net of tax\t\t(1)\t(6)\t\t\t\t\t\t\n", "q10k_tbl_9": "\tMeals & Beverages\tSnacks\tTotal\nNet balance at August 2 2020\t975\t3011\t3986\nForeign currency translation adjustment\t1\t0\t1\nNet balance at November 1 2020\t976\t3011\t3987\n", "q10k_tbl_10": "\tNovember 1 2020\t\t\tAugust 2 2020\t\t\nIntangible Assets\tCost\tAccumulated Amortization\tNet\tCost\tAccumulated Amortization\tNet\nAmortizable intangible assets\t\t\t\t\t\t\nCustomer relationships\t851\t(122)\t729\t851\t(112)\t739\nNon-amortizable intangible assets\t\t\t\t\t\t\nTrademarks\t\t\t2611\t\t\t2611\nTotal net intangible assets\t\t\t3340\t\t\t3350\n", "q10k_tbl_11": "\tThree Months Ended\t\n\t\tNovember 1 2020\t\t\t\tOctober 27 2019\t\t\nNet sales\t\t\t\t\t\t\t\t\nMeals & Beverages\t\t1342\t\t\t\t1194\t\t\nSnacks\t\t998\t\t\t\t989\t\t\nTotal\t\t2340\t\t\t\t2183\t\t\n", "q10k_tbl_12": "\tThree Months Ended\t\n\t\tNovember 1 2020\t\t\t\tOctober 27 2019\t\t\nEarnings before interest and taxes\t\t\t\t\t\t\t\t\nMeals & Beverages\t\t333\t\t\t\t282\t\t\nSnacks\t\t139\t\t\t\t125\t\t\nCorporate(1)\t\t(10)\t\t\t\t(87)\t\t\nRestructuring charges(2)\t\t(1)\t\t\t\t(3)\t\t\nTotal\t\t461\t\t\t\t317\t\t\n", "q10k_tbl_13": "\tThree Months Ended\t\n\t\tNovember 1 2020\t\t\t\tOctober 27 2019\t\t\nNet sales\t\t\t\t\t\t\t\t\nSoup\t\t826\t\t\t\t708\t\t\nSnacks\t\t1008\t\t\t\t1010\t\t\nOther simple meals\t\t311\t\t\t\t283\t\t\nBeverages\t\t195\t\t\t\t182\t\t\nTotal\t\t2340\t\t\t\t2183\t\t\n", "q10k_tbl_14": "\tThree Months Ended\t\t\n\t\tNovember 1 2020\tOctober 27 2019\t\t\t\tRecognized as of November 1 2020\t\t\nRestructuring charges\t\t1\t3\t\t\t\t239\t\t\nAdministrative expenses\t\t4\t8\t\t\t\t315\t\t\nCost of products sold\t\t1\t0\t\t\t\t77\t\t\nMarketing and selling expenses\t\t0\t0\t\t\t\t12\t\t\nResearch and development expenses\t\t0\t0\t\t\t\t4\t\t\nTotal pre-tax charges\t\t6\t11\t\t\t\t647\t\t\n", "q10k_tbl_15": "\tSeverance Pay and Benefits\tImplementation Costs and Other Related Costs(2)\tTotal Charges\nAccrued balance at August 2 2020(1)\t15\t\t\n2021 charges\t1\t5\t6\n2021 cash payments\t(6)\t\t\nAccrued balance at November 1 2020(1)\t10\t\t\n", "q10k_tbl_16": "\tNovember 1 2020\t\n\tThree Months Ended\tCosts Incurred to Date\nMeals & Beverages\t0\t220\nSnacks\t5\t256\nCorporate\t1\t171\nTotal\t6\t647\n", "q10k_tbl_17": "\tThree Months Ended\t\t\t\n\tPension\t\tPostretirement\t\n\tNovember 1 2020\tOctober 27 2019\tNovember 1 2020\tOctober 27 2019\nService cost\t5\t5\t0\t0\nInterest cost\t10\t17\t1\t2\nExpected return on plan assets\t(31)\t(34)\t0\t0\nAmortization of prior service cost\t0\t0\t(1)\t(7)\nSettlement gains\t(4)\t(1)\t0\t0\nNet periodic benefit expense (income)\t(20)\t(13)\t0\t(5)\n", "q10k_tbl_18": "\tThree Months Ended\t\n\t\tNovember 1 2020\t\t\t\tOctober 27 2019\t\t\nOperating lease cost\t\t20\t\t\t\t19\t\t\nFinance lease - amortization of right-of-use (ROU) assets\t\t1\t\t\t\t0\t\t\nShort-term lease cost\t\t10\t\t\t\t10\t\t\nVariable lease cost(1)\t\t46\t\t\t\t43\t\t\nSublease income\t\t(1)\t\t\t\t0\t\t\nTotal(2)\t\t76\t\t\t\t72\t\t\n", "q10k_tbl_19": "\tOperating Leases\t\t\n\tBalance Sheet Location\tNovember 1 2020\tAugust 2 2020\nROU assets net\tOther assets\t241\t254\nLease liabilities (current)\tAccrued liabilities\t57\t67\nLease liabilities (noncurrent)\tOther liabilities\t180\t184\n", "q10k_tbl_20": "\tThree Months Ended\t\n\tNovember 1 2020\tOctober 27 2019\nCash paid for amounts included in the measurement of lease liabilities:\t\t\nOperating cash flows from operating leases\t21\t19\nFinancing cash flows from finance leases\t1\t0\nROU assets obtained in exchange for lease obligations:\t\t\nOperating leases\t6\t46\nFinance leases\t2\t0\nROU assets divested with businesses sold:\t\t\nOperating leases\t0\t6\n", "q10k_tbl_21": "\tBalance Sheet Classification\tNovember 1 2020\tAugust 2 2020\nAsset Derivatives\t\t\t\nDerivatives designated as hedges:\t\t\t\nForeign exchange forward contracts\tOther current assets\t1\t1\nTotal derivatives designated as hedges\t\t1\t1\nDerivatives not designated as hedges:\t\t\t\nCommodity derivative contracts\tOther current assets\t11\t7\nDeferred compensation derivative contracts\tOther current assets\t0\t4\nTotal derivatives not designated as hedges\t\t11\t11\nTotal asset derivatives\t\t12\t12\n", "q10k_tbl_22": "\tBalance Sheet Classification\tNovember 1 2020\tAugust 2 2020\nLiability Derivatives\t\t\t\nDerivatives designated as hedges:\t\t\t\nForeign exchange forward contracts\tAccrued liabilities\t2\t2\nTotal derivatives designated as hedges\t\t2\t2\nDerivatives not designated as hedges:\t\t\t\nCommodity derivative contracts\tAccrued liabilities\t7\t9\nTotal derivatives not designated as hedges\t\t7\t9\nTotal liability derivatives\t\t9\t11\n", "q10k_tbl_23": "\tNovember 1 2020\t\t\tAugust 2 2020\t\t\nDerivative Instrument\tGross Amounts Presented in the Consolidated Balance Sheet\tGross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements\tNet Amount\tGross Amounts Presented in the Consolidated Balance Sheet\tGross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements\tNet Amount\nTotal asset derivatives\t12\t(4)\t8\t12\t(4)\t8\nTotal liability derivatives\t9\t(4)\t5\t11\t(4)\t7\n", "q10k_tbl_24": "\tFair Value as of November 1 2020\tFair Value Measurements at November 1 2020 Using Fair Value Hierarchy\t\t\tFair Value as of August 2 2020\tFair Value Measurements at August 2 2020 Using Fair Value Hierarchy\t\t\n\tLevel 1\tLevel 2\tLevel 3\tLevel 1\tLevel 2\tLevel 3\nAssets\t\t\t\t\t\t\t\t\nForeign exchange forward contracts(1)\t1\t0\t1\t0\t1\t0\t1\t0\nCommodity derivative contracts(2)\t11\t6\t4\t1\t7\t3\t2\t2\nDeferred compensation derivative contracts(3)\t0\t0\t0\t0\t4\t0\t4\t0\nDeferred compensation investments(4)\t3\t3\t0\t0\t3\t3\t0\t0\nTotal assets at fair value\t15\t9\t5\t1\t15\t6\t7\t2\n", "q10k_tbl_25": "\tFair Value as of November 1 2020\t\tFair Value Measurements at November 1 2020 Using Fair Value Hierarchy\t\t\t\t\tFair Value as of August 2 2020\tFair Value Measurements at August 2 2020 Using Fair Value Hierarchy\t\t\n\t\tLevel 1\t\tLevel 2\t\tLevel 3\t\tLevel 1\tLevel 2\tLevel 3\nLiabilities\t\t\t\t\t\t\t\t\t\t\t\nForeign exchange forward contracts(1)\t2\t\t0\t\t2\t\t0\t2\t0\t2\t0\nCommodity derivative contracts(2)\t7\t\t2\t\t5\t\t0\t9\t5\t4\t0\nDeferred compensation obligation(4)\t98\t\t98\t\t0\t\t0\t92\t92\t0\t0\nTotal liabilities at fair value\t107\t\t100\t\t7\t\t0\t103\t97\t6\t0\n", "q10k_tbl_26": "\tThree Months Ended\t\n\tNovember 1 2020\tOctober 27 2019(1)\nFair value at beginning of year\t2\t76\nGains (losses)\t0\t(4)\nSettlements\t(1)\t0\nFair value at end of quarter\t1\t72\n", "q10k_tbl_27": "\tOptions\tWeighted- Average Exercise Price\tWeighted- Average Remaining Contractual Life\tAggregate Intrinsic Value\n\t(Options in thousands)\t\t(In years)\t\nOutstanding at August 2 2020\t1423\t45.42\t\t\nGranted\t0\t0\t\t\nExercised\t0\t0\t\t\nTerminated\t0\t0\t\t\nOutstanding at November 1 2020\t1423\t45.42\t6.7\t6\nExercisable at November 1 2020\t1069\t48.74\t6.2\t2\n", "q10k_tbl_28": "\tUnits\tWeighted-Average Grant-Date Fair Value\n\t(Restricted stock units in thousands)\t\nNonvested at August 2 2020\t1866\t43.18\nGranted\t875\t48.43\nVested\t(715)\t42.82\nForfeited\t(62)\t47.10\nNonvested at November 1 2020\t1964\t45.54\n", "q10k_tbl_29": "\tUnits\tWeighted-Average Grant-Date Fair Value\n\t(Restricted stock units in thousands)\t\nNonvested at August 2 2020\t1254\t47.83\nGranted\t521\t54.93\nVested\t(236)\t39.39\nForfeited\t(252)\t40.35\nNonvested at November 1 2020\t1287\t53.71\n", "q10k_tbl_30": "\t2021\t2020\nRisk-free interest rate\t0.15%\t1.48%\nExpected dividend yield\t2.85%\t2.95%\nExpected volatility\t29.99%\t27.01%\nExpected term\t3 years\t3 years\n", "q10k_tbl_31": "Balance Sheets\tNovember 1 2020\tAugust 2 2020\nInventories\t\t\nRaw materials containers and supplies\t375\t297\nFinished products\t535\t574\n\t910\t871\n", "q10k_tbl_32": "Statements of Earnings\tThree Months Ended\n\t\t\t\t\tNovember 1 2020\t\t\t\t\t\tOctober 27 2019\t\t\nOther expenses / (income)\t\t\t\t\t\t\t\t\t\t\t\t\t\nAmortization of intangible assets\t\t\t\t\t10\t\t\t\t\t\t11\t\t\nNet periodic benefit income other than the service cost\t\t\t\t\t(21)\t\t\t\t\t\t(22)\t\t\nPension settlement gains\t\t\t\t\t(4)\t\t\t\t\t\t(1)\t\t\nInvestment losses\t\t\t\t\t0\t\t\t\t\t\t4\t\t\nLoss on sale of business(1)\t\t\t\t\t0\t\t\t\t\t\t64\t\t\nTransition services fees\t\t\t\t\t(4)\t\t\t\t\t\t(1)\t\t\nOther\t\t\t\t\t1\t\t\t\t\t\t1\t\t\n\t\t\t\t\t(18)\t\t\t\t\t\t56\t\t\n", "q10k_tbl_33": "\tThree Months Ended\t\t\t\n\tNovember 1 2020\t\tOctober 27 2019\t\n(Millions except per share amounts)\tEarnings Impact\tEPS Impact\tEarnings Impact\tEPS Impact\nEarnings from continuing operations attributable to Campbell Soup Company\t309\t1.02\t169\t.56\nEarnings (loss) from discontinued operations\t0\t0\t(3)\t(.01)\nNet earnings attributable to Campbell Soup Company\t309\t1.02\t166\t.55\nContinuing operations:\t\t\t\t\nRestructuring charges implementation costs and other related costs\t(5)\t(.02)\t(8)\t(.03)\nPension settlement gains\t3\t.01\t0\t0\nCharges associated with divestiture\t0\t0\t(60)\t(.20)\nImpact of items on Earnings from continuing operations(1)\t(2)\t(.01)\t(68)\t(.22)\nDiscontinued operations:\t\t\t\t\nCharges associated with divestitures\t0\t0\t(27)\t(.09)\nImpact of items on Earnings (loss) from discontinued operations\t0\t0\t(27)\t(.09)\n", "q10k_tbl_34": "\tThree Months Ended\t\t\n(Millions)\tNovember 1 2020\tOctober 27 2019\t% Change\nMeals & Beverages\t1342\t1194\t12\nSnacks\t998\t989\t1\n\t2340\t2183\t7\n", "q10k_tbl_35": "\tThree Months Ended\t\t\n(Millions)\tNovember 1 2020\tOctober 27 2019\t% Change\nMeals & Beverages\t333\t282\t18\nSnacks\t139\t125\t11\n\t472\t407\t16\nCorporate\t(10)\t(87)\t\nRestructuring charges(1)\t(1)\t(3)\t\nEarnings before interest and taxes\t461\t317\t\n", "q10k_tbl_36": "\tThree Months Ended\t\t\n(Millions except per share amounts)\t\tNovember 1 2020\tOctober 27 2019\t\t\t\tRecognized as of November 1 2020\t\t\nRestructuring charges\t\t1\t3\t\t\t\t239\t\t\nAdministrative expenses\t\t4\t8\t\t\t\t315\t\t\nCost of products sold\t\t1\t0\t\t\t\t77\t\t\nMarketing and selling expenses\t\t0\t0\t\t\t\t12\t\t\nResearch and development expenses\t\t0\t0\t\t\t\t4\t\t\nTotal pre-tax charges\t\t6\t11\t\t\t\t647\t\t\nAggregate after-tax impact\t\t5\t8\t\t\t\t\t\t\nPer share impact\t\t.02\t.03\t\t\t\t\t\t\n", "q10k_tbl_37": "\tYear Ended\t\t\t\t\t\n(Millions)\tAugust 2 2020\tJuly 28 2019\tJuly 29 2018\tJuly 30 2017\tJuly 31 2016\tAugust 2 2015\nTotal pre-tax savings\t725\t560\t395\t325\t215\t85\n", "q10k_tbl_38": "\tNovember 1 2020\t\n(Millions)\tThree Months Ended\tCosts Incurred to Date\nMeals & Beverages\t0\t220\nSnacks\t5\t256\nCorporate\t1\t171\nTotal\t6\t647\n", "q10k_tbl_39": "10.1\tThree-Year Credit Agreement dated November 2 2020 by and among Campbell Soup Company the Eligible Subsidiaries party thereto from time to time JPMorgan Chase Bank N.A. as administrative agent and the other lenders named therein incorporated by reference to Registrant's Current Report on Form 8-K (SEC file number 1-3822) filed with the SEC on November 2 2020.\n10.2*\t2021 Non-Employee Director Fees.\n31.1\tCertification of Mark A. Clouse pursuant to Rule 13a-14(a).\n31.2\tCertification of Mick J. Beekhuizen pursuant to Rule 13a-14(a).\n32.1\tCertification of Mark A. Clouse pursuant to 18 U.S.C. Section 1350.\n32.2\tCertification of Mick J. Beekhuizen pursuant to 18 U.S.C. Section 1350.\n101.INS\tInline XBRL Instance Document - the instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.\n101.SCH\tInline XBRL Extension Schema Document.\n101.CAL\tInline XBRL Extension Calculation Linkbase Document.\n101.DEF\tInline XBRL Extension Definition Linkbase Document.\n101.LAB\tInline XBRL Extension Label Linkbase Document.\n101.PRE\tInline XBRL Extension Presentation Linkbase Document.\n104\tThe cover page from this Quarterly Report on Form 10-Q formatted in Inline XBRL (included in Exhibit 101).\n"}{"bs": "q10k_tbl_4", "is": "q10k_tbl_2", "cf": "q10k_tbl_5"}None
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange on Which Registered
Capital Stock, par value $.0375
CPB
New 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 filer
☐
Smaller 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.
Capital stock, $0.0375 par value; authorized 560 shares; issued 323 shares
12
12
Additional paid-in capital
370
394
Earnings retained in the business
3,387
3,190
Capital stock in treasury, at cost
(991)
(1,023)
Accumulated other comprehensive income (loss)
(9)
(10)
Total Campbell Soup Company shareholders' equity
2,769
2,563
Noncontrolling interests
4
6
Total equity
2,773
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, 2020
October 27, 2019
Cash flows from operating activities:
Net earnings
$
309
$
166
Adjustments to reconcile net earnings to operating cash flow
Restructuring charges
1
3
Stock-based compensation
16
14
Pension and postretirement benefit income
(20)
(18)
Depreciation and amortization
76
81
Deferred income taxes
25
(9)
Loss on sales of businesses
—
104
Other
21
28
Changes in working capital, net of divestitures
Accounts receivable
(189)
(174)
Inventories
(38)
(37)
Prepaid assets
8
6
Accounts payable and accrued liabilities
(28)
32
Other
(1)
(14)
Net cash provided by operating activities
180
182
Cash flows from investing activities:
Purchases of plant assets
(74)
(98)
Purchases of route businesses
(1)
(3)
Sales of route businesses
3
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 period
859
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.
6
CAMPBELL SOUP COMPANY
Consolidated Statements of Equity
(unaudited)
(millions, except per share amounts)
Campbell Soup Company Shareholders’ Equity
Capital Stock
Additional Paid-in Capital
Earnings Retained in the Business
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests
Issued
In Treasury
Total Equity
Shares
Amount
Shares
Amount
Balance at July 28, 2019
323
$
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, 2019
323
$
12
(21)
$
(1,053)
$
356
$
2,050
$
(126)
$
10
$
1,249
Balance at August 2, 2020
323
$
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 plans
1
32
(24)
(5)
3
Balance at November 1, 2020
323
$
12
(20)
$
(991)
$
370
$
3,387
$
(9)
$
4
$
2,773
See accompanying Notes to Consolidated Financial Statements.
7
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
8
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 operations
13
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 divested
297
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.
9
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 reclassifications
2
—
—
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.
10
The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following:
Three Months Ended
Details about Accumulated Other Comprehensive Income (Loss) Components
November 1, 2020
October 27, 2019
Location 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 & Beverages
Snacks
Total
Net balance at August 2, 2020
$
975
$
3,011
$
3,986
Foreign currency translation adjustment
1
—
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, 2020
August 2, 2020
Intangible Assets
Cost
Accumulated Amortization
Net
Cost
Accumulated Amortization
Net
Amortizable intangible assets
Customer relationships
$
851
$
(122)
$
729
$
851
$
(112)
$
739
Non-amortizable intangible assets
Trademarks
2,611
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.
11
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
Snacks
998
989
Total
$
2,340
$
2,183
Three Months Ended
November 1, 2020
October 27, 2019
Earnings before interest and taxes
Meals & Beverages
$
333
$
282
Snacks
139
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.
12
Our net sales based on product categories are as follows: