Quick10K

Campbell Soup

Market

Closing Price ($)	Shares Out (MM)	Market Cap ($MM)
$0.00	302	$14,115

Financial Filings

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

Current Reports

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

Campbell Soup Earnings 2020-01-26

CPB 10Q Quarterly Report

Balance Sheet	Income Statement	Cash 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

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 Ended

Commission File Number

January 26, 2020

1-3822

CAMPBELL SOUP COMPANY


New Jersey			21-0419870
State of Incorporation			I.R.S. Employer Identification No.

1 Campbell Place

Camden, New Jersey 08103-1799

Principal Executive Offices

Telephone Number: (856) 342-4800

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 301,744,623 shares of capital stock outstanding as of February 25, 2020.

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

CAMPBELL SOUP COMPANY

Consolidated Statements of Earnings

(unaudited)

(millions, except per share amounts)


	Three Months Ended						Six Months Ended
	January 26, 2020		January 27, 2019		January 26, 2020		January 27, 2019
Net sales	$	2,162	$	2,172	$	4,345	$	4,374
Costs and expenses
Cost of products sold	1,420		1,466		2,865		2,942
Marketing and selling expenses	237		221		443		432
Administrative expenses	148		146		282		294
Research and development expenses	22		20		44		43
Other expenses / (income)	(22)		(8)		34		(8)
Restructuring charges	7		2		10		20
Total costs and expenses	1,812		1,847		3,678		3,723
Earnings before interest and taxes	350		325		667		651
Interest expense	149		91		229		182
Interest income	3		—		3		1
Earnings before taxes	204		234		441		470
Taxes on earnings	33		58		101		114
Earnings from continuing operations	171		176		340		356
Earnings (loss) from discontinued operations	1,037		(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 operations	3.43		(.78)		3.44		(.73)
Net earnings (loss) attributable to Campbell Soup Company⁽¹⁾	$	4.00	$	(.20)	$	4.56	$	.45
Weighted average shares outstanding — basic	302		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 operations	3.41		(.78)		3.41		(.73)
Net earnings (loss) attributable to Campbell Soup Company	$	3.97	$	(.20)	$	4.53	$	.45
Weighted average shares outstanding — assuming dilution	304		302		303		302

⁽¹⁾ Sum of the individual amounts may not add due to rounding.

See accompanying Notes to Consolidated Financial Statements.

CAMPBELL SOUP COMPANY

Consolidated Statements of Comprehensive Income

(unaudited)

(millions)


	Three Months Ended
	January 26, 2020										January 27, 2019
	Pre-tax amount		Tax (expense) benefit		After-tax amount		Pre-tax amount		Tax (expense) benefit		After-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 businesses	124		4		128		—		—		—
Cash-flow hedges:
Unrealized gains (losses) arising during the period	1		—		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, 2020										January 27, 2019
	Pre-tax amount		Tax (expense) benefit		After-tax amount		Pre-tax amount		Tax (expense) benefit		After-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 businesses	206		4		210		—		—		—
Cash-flow hedges:
Unrealized gains (losses) arising during period	1		—		1		(1)		—		(1)
Reclassification adjustment for (gains) losses included in net earnings	1		(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.

CAMPBELL SOUP COMPANY

Consolidated Balance Sheets

(unaudited)

(millions, except per share amounts)


	January 26, 2020		July 28, 2019
Current assets
Cash and cash equivalents	$	58	$	31
Accounts receivable, net	660		574
Inventories	779		863
Other current assets	59		71

Current assets of discontinued operations	—		428
Total current assets	1,556		1,967
Plant assets, net of depreciation	2,336		2,455
Goodwill	3,988		4,017
Other intangible assets, net of amortization	3,373		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 others	923		814
Accrued liabilities	600		609
Dividends payable	108		107
Accrued income taxes	3		15

Current liabilities of discontinued operations	—		469
Total current liabilities	2,536		3,385
Long-term debt	4,919		7,103
Deferred taxes	956		924
Other liabilities	744		559

Noncurrent liabilities of discontinued operations	—		65
Total liabilities	9,155		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 shares	12		12
Additional paid-in capital	374		372
Earnings retained in the business	3,151		1,993
Capital stock in treasury, at cost	(1,048)		(1,076)
Accumulated other comprehensive income (loss)	5		(198)
Total Campbell Soup Company shareholders' equity	2,494		1,103
Noncontrolling interests	5		9
Total equity	2,499		1,112
Total liabilities and equity	$	11,654	$	13,148

See accompanying Notes to Consolidated Financial Statements.

CAMPBELL SOUP COMPANY

Consolidated Statements of Cash Flows

(unaudited)

(millions)


	Six Months Ended
	January 26, 2020		January 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 charges	10		21
Stock-based compensation	33		31


Pension and postretirement benefit income	(47)		(29)
Depreciation and amortization	162		241
Deferred income taxes	32		(40)
Net gain on sales of businesses	(972)		—
Loss on extinguishment of debt	75		—
Other	53		18
Changes in working capital, net of acquisition and divestitures
Accounts receivable	(112)		(150)
Inventories	73		122
Prepaid assets	11		(2)
Accounts payable and accrued liabilities	(9)		170


Other	(20)		(31)
Net cash provided by operating activities	663		846
Cash flows from investing activities:
Purchases of plant assets	(167)		(198)

Purchases of route businesses	(6)		(23)
Sales of route businesses	5		25
Business acquired, net of cash acquired	—		(18)
Sales of businesses, net of cash divested	2,533		—
Other	3		11
Net cash provided by (used in) investing activities	2,368		(203)
Cash flows from financing activities:
Short-term borrowings	3,680		2,831
Short-term repayments	(4,350)		(3,274)

Long-term repayments	(499)		—

Dividends paid	(213)		(212)

Treasury stock issuances	4		—


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 period	31		49
Cash and cash equivalents discontinued operations — beginning of period	148		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.

CAMPBELL SOUP COMPANY

Consolidated Statements of Equity

(unaudited)

(millions, except per share amounts)

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


PART I - FINANCIAL INFORMATION			3
	Item 1. Financial Statements	3
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	31
	Item 3. Quantitative and Qualitative Disclosure About Market Ris k	42
	Item 4. Controls and Procedures	42
PART II - OTHER INFORMATION			43
	Item 1. Legal Proceedings	44
	Item 1A. Risk Factors	44
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	44
	Item 6. Exhibits	44
INDEX TO EXHIBITS			45
SIGNATURES			46