Company Quick10K Filing
Quick10K
Campbell Soup
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$38.96 301 $11,730
10-Q 2019-04-28 Quarter: 2019-04-28
10-Q 2019-01-27 Quarter: 2019-01-27
10-Q 2018-10-28 Quarter: 2018-10-28
10-K 2018-07-29 Annual: 2018-07-29
10-Q 2018-04-29 Quarter: 2018-04-29
10-Q 2018-01-28 Quarter: 2018-01-28
10-Q 2017-10-29 Quarter: 2017-10-29
10-K 2017-07-30 Annual: 2017-07-30
10-Q 2017-04-30 Quarter: 2017-04-30
10-Q 2017-01-29 Quarter: 2017-01-29
10-Q 2016-10-30 Quarter: 2016-10-30
10-K 2016-07-31 Annual: 2016-07-31
10-Q 2016-05-01 Quarter: 2016-05-01
10-Q 2016-01-31 Quarter: 2016-01-31
10-Q 2015-11-01 Quarter: 2015-11-01
10-K 2015-08-02 Annual: 2015-08-02
10-Q 2015-05-03 Quarter: 2015-05-03
10-Q 2015-02-01 Quarter: 2015-02-01
10-Q 2014-11-02 Quarter: 2014-11-02
10-K 2014-08-03 Annual: 2014-08-03
10-Q 2014-04-27 Quarter: 2014-04-27
10-Q 2014-01-26 Quarter: 2014-01-26
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 2018-05-17 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 2018-02-16 Earnings, Exhibits
8-K 2018-01-18 Exit Costs
OC Owens Corning 5,450
DCP DCP Midstream 4,390
ALX Alexanders 1,960
UIHC United Insurance Holdings 624
CHMA Chiasma 197
TRVN Trevena 143
EPIX ESSA Pharma 17
SBOT Stellar Biotechnologies 6
TRIS Tri-State Generation & Transmission Association 0
PETV Petvivo Holdings 0
CPB 2019-04-28
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-31.A cpb-4282019x10xqxexb31a.htm
EX-31.B cpb-4282019x10xqxexb31b.htm
EX-32.A cpb-4282019x10xqxexb32a.htm
EX-32.B cpb-4282019x10xqxexb32b.htm

Campbell Soup Earnings 2019-04-28

CPB 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 cpb-4282019x10xq.htm 10-Q Document


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
April 28, 2019
 
 
 
1-3822

logoa12.jpg
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(s)
Name of each exchange on which registered
Capital Stock, par value $.0375
CPB
New York Stock Exchange
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. þ 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). þ 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 þ
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 þ No

There were 301,149,903 shares of capital stock outstanding as of May 29, 2019.







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
 
Nine Months Ended
 
April 28,
2019
 
April 29,
2018
 
April 28,
2019
 
April 29,
2018
Net sales
$
2,178

 
$
1,878

 
$
7,129

 
$
5,743

Costs and expenses
 
 
 
 
 
 
 
Cost of products sold
1,455

 
1,263

 
4,781

 
3,624

Marketing and selling expenses
245

 
220

 
738

 
645

Administrative expenses
165

 
153

 
492

 
444

Research and development expenses
26

 
25

 
74

 
79

Other expenses / (income)
20

 
35

 
13

 
(7
)
Restructuring charges
1

 
24

 
21

 
58

Total costs and expenses
1,912

 
1,720

 
6,119

 
4,843

Earnings before interest and taxes
266

 
158

 
1,010

 
900

Interest expense
92

 
44

 
279

 
107

Interest income
1

 
2

 
3

 
3

Earnings before taxes
175

 
116

 
734

 
796

Taxes on earnings
44

 
43

 
184

 
106

Earnings from continuing operations
131

 
73

 
550

 
690

Loss from discontinued operations
(47
)
 
(466
)
 
(331
)
 
(523
)
Net earnings (loss)
84

 
(393
)
 
219

 
167

Less: Net earnings (loss) attributable to noncontrolling interests

 

 

 

Net earnings (loss) attributable to Campbell Soup Company
$
84

 
$
(393
)
 
$
219

 
$
167

Per Share — Basic
 
 
 
 
 
 
 
Earnings from continuing operations attributable to Campbell Soup Company
$
.44

 
$
.24

 
$
1.83

 
$
2.29

Loss from discontinued operations
(.16
)
 
(1.55
)
 
(1.10
)
 
(1.74
)
Net earnings (loss) attributable to Campbell Soup Company
$
.28

 
$
(1.31
)
 
$
.73

 
$
.55

Weighted average shares outstanding — basic
301

 
301

 
301

 
301

Per Share — Assuming Dilution
 
 
 
 
 
 
 
Earnings from continuing operations attributable to Campbell Soup Company
$
.43

 
$
.24

 
$
1.82

 
$
2.28

Loss from discontinued operations
(.16
)
 
(1.55
)
 
(1.10
)
 
(1.73
)
Net earnings (loss) attributable to Campbell Soup Company (1)
$
.28

 
$
(1.31
)
 
$
.73

 
$
.55

Weighted average shares outstanding — assuming dilution
302

 
301

 
302

 
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
 
April 28, 2019
 
April 29, 2018
 
Pre-tax amount
 
Tax (expense) benefit
 
After-tax amount
 
Pre-tax amount
 
Tax (expense) benefit
 
After-tax amount
Net earnings (loss)
 
 
 
 
$
84

 
 
 
 
 
$
(393
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
$
(26
)
 
$

 
(26
)
 
$
(59
)
 
$

 
(59
)
Cash-flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gains (losses) arising during the period
2

 

 
2

 
11

 
(3
)
 
8

Reclassification adjustment for (gains) losses included in net earnings
(1
)
 

 
(1
)
 
1

 

 
1

Pension and other postretirement benefits:
 
 
 
 
 
 
 
 
 
 
 
Prior service cost arising during the period

 

 

 
1

 
(1
)
 

Reclassification of prior service credit included in net earnings
(8
)
 
2

 
(6
)
 
(7
)
 
2

 
(5
)
Other comprehensive income (loss)
$
(33
)
 
$
2

 
(31
)
 
$
(53
)
 
$
(2
)
 
(55
)
Total comprehensive income (loss)
 
 
 
 
$
53

 
 
 
 
 
$
(448
)
Total comprehensive income (loss) attributable to noncontrolling interests
 
 
 
 

 
 
 
 
 

Total comprehensive income (loss) attributable to Campbell Soup Company
 
 
 
 
$
53

 
 
 
 
 
$
(448
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
 
April 28, 2019
 
April 29, 2018
 
Pre-tax amount
 
Tax (expense) benefit
 
After-tax amount
 
Pre-tax amount
 
Tax (expense) benefit
 
After-tax amount
Net earnings
 
 
 
 
$
219

 
 
 
 
 
$
167

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
$
(49
)
 
$

 
(49
)
 
$
(25
)
 
$

 
(25
)
Cash-flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gains (losses) arising during the period
1

 

 
1

 
22

 
(7
)
 
15

Reclassification adjustment for (gains) losses included in net earnings

 

 

 
2

 

 
2

Pension and other postretirement benefits:
 
 
 
 
 
 
 
 
 
 
 
Prior service credit arising during the period

 

 

 
(2
)
 

 
(2
)
Reclassification of prior service credit included in net earnings
(22
)
 
5

 
(17
)
 
(20
)
 
6

 
(14
)
Other comprehensive income (loss)
$
(70
)
 
$
5

 
(65
)
 
$
(23
)
 
$
(1
)
 
(24
)
Total comprehensive income (loss)
 
 
 
 
$
154

 
 
 
 
 
$
143

Total comprehensive income (loss) attributable to noncontrolling interests
 
 
 
 

 
 
 
 
 
(1
)
Total comprehensive income (loss) attributable to Campbell Soup Company
 
 
 
 
$
154

 
 
 
 
 
$
144

See accompanying Notes to Consolidated Financial Statements.

4






CAMPBELL SOUP COMPANY
Consolidated Balance Sheets
(unaudited)
(millions, except per share amounts)
 
April 28,
2019
 
July 29,
2018
Current assets
 
 
 
Cash and cash equivalents
$
202

 
$
218

Accounts receivable, net
753

 
702

Inventories
884

 
1,037

Other current assets
102

 
83

Current assets of discontinued operations
220

 
256

Total current assets
2,161

 
2,296

Plant assets, net of depreciation
2,769

 
2,820

Goodwill
4,702

 
4,580

Other intangible assets, net of amortization
3,587

 
3,815

Other assets ($78 as of 2019 and $77 as of 2018 attributable to variable interest entity)
203

 
220

Noncurrent assets of discontinued operations
346

 
798

Total assets
$
13,768

 
$
14,529

Current liabilities
 
 
 
Short-term borrowings
$
1,773

 
$
1,896

Payable to suppliers and others
841

 
814

Accrued liabilities
672

 
637

Dividends payable
107

 
107

Accrued income taxes
18

 
22

Current liabilities of discontinued operations
100

 
118

Total current liabilities
3,511

 
3,594

Long-term debt
7,507

 
7,998

Deferred taxes
990

 
996

Other liabilities
519

 
564

Noncurrent liabilities of discontinued operations
4

 
4

Total liabilities
12,531

 
13,156

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
360

 
349

Earnings retained in the business
2,107

 
2,224

Capital stock in treasury, at cost
(1,077
)
 
(1,103
)
Accumulated other comprehensive loss
(174
)
 
(118
)
Total Campbell Soup Company shareholders' equity
1,228

 
1,364

Noncontrolling interests
9

 
9

Total equity
1,237

 
1,373

Total liabilities and equity
$
13,768

 
$
14,529

See accompanying Notes to Consolidated Financial Statements.


5






CAMPBELL SOUP COMPANY
Consolidated Statements of Cash Flows
(unaudited)
(millions)
 
Nine Months Ended
 
April 28,
2019
 
April 29,
2018
Cash flows from operating activities:
 
 
 
Net earnings
$
219

 
$
167

Adjustments to reconcile net earnings to operating cash flow
 
 
 
Impairment charges
360

 
694

Restructuring charges
22

 
59

Stock-based compensation
45

 
48

Noncurrent income taxes

 
52

Amortization of inventory fair value adjustment from acquisition

 
37

Pension and postretirement benefit income
(16
)
 
(48
)
Depreciation and amortization
349

 
266

Deferred income taxes
50

 
(192
)
Losses on sales of discontinued operations businesses
18

 

Other, net
21

 
10

Changes in working capital, net of acquisitions and divestitures
 
 
 
Accounts receivable
(63
)
 
(18
)
Inventories
156

 
50

Prepaid assets
(19
)
 
(84
)
Accounts payable and accrued liabilities
60

 
26

Other
(54
)
 
(43
)
Net cash provided by operating activities
1,148

 
1,024

Cash flows from investing activities:
 
 
 
Purchases of plant assets
(274
)
 
(223
)
Purchases of route businesses
(27
)
 
(5
)
Sales of route businesses
29

 
5

Businesses acquired, net of cash acquired
(18
)
 
(6,773
)
Sales of discontinued operations businesses, net of cash divested
54

 

Other, net
14

 
(12
)
Net cash used in investing activities
(222
)
 
(7,008
)
Cash flows from financing activities:
 
 
 
Short-term borrowings
4,681

 
7,811

Short-term repayments
(4,995
)
 
(7,577
)
Long-term borrowings

 
6,200

Long-term repayments
(300
)
 
(43
)
Dividends paid
(318
)
 
(321
)
Treasury stock purchases

 
(86
)
Payments related to tax withholding for stock-based compensation
(8
)
 
(23
)
Repurchase of noncontrolling interest

 
(47
)
Payments of debt issuance costs
(1
)
 
(49
)
Net cash provided by (used in) financing activities
(941
)
 
5,865

Effect of exchange rate changes on cash
(5
)
 
(1
)
Net change in cash and cash equivalents
(20
)
 
(120
)
Cash and cash equivalents — beginning of period
218

 
314

Cash and cash equivalents of discontinued operations — beginning of period
8

 
5

Cash and cash equivalents of discontinued operations — end of period
(4
)
 
(4
)
Cash and cash equivalents — end of period
$
202

 
$
195

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 January 28, 2018
323

 
$
12

 
(22
)
 
$
(1,104
)
 
$
321

 
$
2,734

 
$
(21
)
 
$
7

 
$
1,949

Noncontrolling interest acquired
 
 
 
 
 
 
 
 
 
 
 
 
 
 
47

 
47

Repurchase of noncontrolling interest
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(47
)
 
(47
)
Net earnings (loss)
 
 
 
 
 
 
 
 
 
 
(393
)
 
 
 

 
(393
)
Other comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
(55
)
 

 
(55
)
Dividends ($.35 per share)
 
 
 
 
 
 
 
 
 
 
(105
)
 
 
 
 
 
(105
)
Treasury stock purchased
 
 
 
 

 

 
 
 
 
 
 
 
 
 

Treasury stock issued under management incentive and stock option plans
 

 
 

 

 

 
15

 
 
 
 
 
 
 
15

Balance at April 29, 2018
323

 
$
12

 
(22
)
 
$
(1,104
)
 
$
336

 
$
2,236

 
$
(76
)
 
$
7

 
$
1,411

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at July 30, 2017
323

 
$
12

 
(22
)
 
$
(1,066
)
 
$
359

 
$
2,385

 
$
(53
)
 
$
8

 
$
1,645

Noncontrolling interest acquired
 
 
 
 
 
 
 
 
 
 
 
 
 
 
47

 
47

Repurchase of noncontrolling interest
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(47
)
 
(47
)
Net earnings (loss)

 

 

 

 

 
167

 

 

 
167

Other comprehensive income (loss)

 

 

 

 

 

 
(23
)
 
(1
)
 
(24
)
Dividends ($.1.05 per share)

 

 

 

 

 
(316
)
 

 
 
 
(316
)
Treasury stock purchased

 

 
(2
)
 
(86
)
 

 

 

 

 
(86
)
Treasury stock issued under management incentive and stock option plans
 
 
 
 
2

 
48

 
(23
)
 
 
 
 
 
 
 
25

Balance at April 29, 2018
323

 
$
12

 
(22
)
 
$
(1,104
)
 
$
336

 
$
2,236

 
$
(76
)
 
$
7

 
$
1,411

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at January 27, 2019
323

 
$
12

 
(22
)
 
$
(1,079
)
 
$
349

 
$
2,130

 
$
(143
)
 
$
9

 
$
1,278

Net earnings (loss)
 
 
 
 
 
 
 
 
 
 
84

 
 
 

 
84

Other comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
(31
)
 

 
(31
)
Dividends ($.35 per share)
 
 
 
 
 
 
 
 
 
 
(107
)
 
 
 
 
 
(107
)
Treasury stock purchased
 
 
 
 

 

 
 
 
 
 
 
 
 
 

Treasury stock issued under management incentive and stock option plans
 
 
 
 

 
2

 
11

 
 
 
 
 
 
 
13

Balance at April 28, 2019
323

 
$
12

 
(22
)
 
$
(1,077
)
 
$
360

 
$
2,107

 
$
(174
)
 
$
9

 
$
1,237

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at July 29, 2018
323

 
$
12

 
(22
)
 
$
(1,103
)
 
$
349

 
$
2,224

 
$
(118
)
 
$
9

 
$
1,373

Cumulative effect of changes in accounting principle:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue(1)
 
 
 
 
 
 
 
 
 
 
(8
)
 
 
 
 
 
(8
)
Stranded tax effects(1)
 
 
 
 
 
 
 
 
 
 
(9
)
 
9

 
 
 

Net earnings (loss)

 

 

 

 

 
219

 

 

 
219

Other comprehensive income (loss)

 

 

 

 

 

 
(65
)
 

 
(65
)
Dividends ($1.05 per share)

 

 

 

 

 
(319
)
 

 

 
(319
)
Treasury stock purchased

 

 

 

 

 

 

 

 

Treasury stock issued under management incentive and stock option plans


 


 

 
26

 
11

 


 


 

 
37

Balance at April 28, 2019
323

 
$
12

 
(22
)
 
$
(1,077
)
 
$
360

 
$
2,107

 
$
(174
)
 
$
9

 
$
1,237

(1) See Note 2 for additional detail.
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 are the primary beneficiary. Intercompany transactions are eliminated in consolidation. See Note 3 for a discussion of Discontinued Operations. Certain amounts in prior-year financial statements were reclassified to conform to the current-year presentation.
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 July 29, 2018, except as described below and in Note 2.
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 28, 2019.
Revenue Recognition - Our revenues primarily consist of the sale of food and beverage products through our own sales force and/or third-party brokers and distribution partners. Revenues are recognized when our performance obligation has been satisfied and control of the product passes to our customers, which typically occurs when products are delivered or accepted by customers in accordance with terms of agreements. We make shipments promptly after acceptance of orders. Shipping and handling costs incurred to deliver the product are recorded within Cost of products sold. Amounts billed and due from our customers are classified as Accounts receivable in the Consolidated Balance Sheets and require payment on a short-term basis. Revenues are recognized net of provisions for returns, discounts and certain sales promotion expenses, such as feature price discounts, in-store display incentives, cooperative advertising programs, new product introduction fees and coupon redemption costs. These forms of variable consideration are recognized upon sale. The recognition of costs for promotion programs involves the use of judgment related to performance and redemption estimates. Estimates are made based on historical experience and other factors, including expected volume. Historically, the difference between actual experience compared to estimated redemptions and performance has not been significant to the quarterly or annual financial statements. Differences between estimates and actual costs are recognized as a change in estimate in a subsequent period. Revenues are presented on a net basis for arrangements under which suppliers perform certain additional services. See Note 7 for additional information on disaggregation of revenue. In 2019, we adopted revised guidance on the recognition of revenue from contracts with customers. See Note 2 for additional information.
2.
Recent Accounting Pronouncements
Recently Adopted
In May 2014, the Financial Accounting Standards Board (FASB) issued revised guidance on the recognition of revenue from contracts with customers. The guidance is designed to create greater comparability for financial statement users across industries and jurisdictions. The guidance also requires enhanced disclosures. The guidance was originally effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. In July 2015, the FASB decided to delay the effective date of the new revenue guidance by one year to fiscal years, and interim periods within those years, beginning after December 15, 2017. Entities were permitted to adopt the new revenue standard early, but not before the original effective date. The guidance permits the use of either a full retrospective or modified retrospective transition method. We completed the review of our arrangements with customers across our businesses, including our practices of offering rebates, refunds, discounts and other price allowances, and trade and consumer promotion programs. As we evaluated our methods of estimating the amount and timing of these various forms of variable consideration, we determined we will accelerate the expense recognition of certain trade and consumer promotion programs under the new guidance. Based on our assessment, the impact is not expected to be material on an annual basis, but will impact quarterly results. We adopted the guidance in the first quarter of 2019 using the modified retrospective method and recorded a cumulative effect adjustment of $8, net of tax, to decrease the opening balance of Earnings retained in the business, an increase of $10 to Accrued liabilities, an increase of $1 to Accounts payable, a decrease of $2 to Deferred taxes and an increase of $1 to Other assets.

8






The impacts of the changes to our Consolidated Balance Sheet as of April 28, 2019, as a result of adoption are as follows:
 
 
As Reported
 
Balances Without Adoption
 
Increase/(Decrease) Due to Adoption
Accounts receivable, net
 
$
753

 
$
752

 
$
1

Total current assets
 
2,161

 
2,160

 
1

Total assets
 
13,768

 
13,767

 
1

 
 
 
 
 
 
 
Payable to suppliers and others
 
$
841

 
$
840

 
$
1

Accrued liabilities
 
672

 
661

 
11

Accrued income taxes
 
18

 
21

 
(3
)
Total current liabilities
 
3,511

 
3,502

 
9

Total liabilities
 
12,531

 
12,522

 
9

 
 
 
 
 
 
 
Campbell Soup Company shareholders' equity
 
 
 
 
 
 
Earnings retained in the business
 
$
2,107

 
$
2,115

 
$
(8
)
Total Campbell Soup Company shareholders' equity
 
1,228

 
1,236

 
(8
)
Total equity
 
1,237

 
1,245

 
(8
)
Total liabilities and equity
 
13,768

 
13,767

 
1

The impacts of the changes to our Consolidated Statement of Earnings as a result of adoption are as follows:
 
 
Three Months Ended
 
Nine Months Ended
 
 
April 28, 2019
 
April 28, 2019
 
 
As Reported
 
Balances Without Adoption
 
Increase/(Decrease) Due to Adoption
 
As Reported
 
Balances Without Adoption
 
Increase/(Decrease) Due to Adoption
Net sales
 
$
2,178

 
$
2,172

 
$
6

 
$
7,129

 
$
7,128

 
$
1

 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of products sold
 
$
1,455

 
$
1,454

 
$
1

 
$
4,781

 
$
4,780

 
$
1

Total costs and expenses
 
$
1,912

 
$
1,911

 
$
1

 
$
6,119

 
$
6,118

 
$
1

Earnings before interest and taxes
 
$
266

 
$
261

 
$
5

 
$
1,010

 
$
1,010

 
$

Earnings before taxes
 
$
175

 
$
170

 
$
5

 
$
734

 
$
734

 
$

Taxes on earnings
 
44

 
43

 
1

 
184

 
184

 

Earnings from continuing operations attributable to Campbell Soup Company
 
$
131

 
$
127

 
$
4

 
$
550

 
$
550

 
$

 
 
 
 
 
 
 
 
 
 
 
 
 
Per Share — Basic
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations attributable to Campbell Soup Company(1)
 
$
.44

 
$
.42

 
$
.01

 
$
1.83

 
$
1.83

 
$

Per Share — Assuming Dilution
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations attributable to Campbell Soup Company
 
$
.43

 
$
.42

 
$
.01

 
$
1.82

 
$
1.82

 
$

_______________________________________
(1)
The sum of individual per share amounts may not add due to rounding.
In January 2016, the FASB issued guidance that amends the recognition and measurement of financial instruments. The changes primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. Under the new guidance, equity investments in unconsolidated entities that are not accounted for under the equity method will generally be measured at fair value through earnings. When the fair value option has been elected for financial liabilities, changes in fair value due to instrument-specific credit risk will be recognized separately in other comprehensive income. The guidance is effective for fiscal years beginning after December 15, 2017, and

9






interim periods within those years. In 2019, we adopted the guidance. The adoption did not have an impact on our consolidated financial statements.
In August 2016, the FASB issued guidance on the classification of certain cash receipts and payments in the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The guidance must be applied retrospectively to all periods presented but may be applied prospectively if retrospective application would be impracticable. In 2019, we adopted the guidance. The adoption did not have a material impact on our consolidated financial statements.
In October 2016, the FASB issued guidance on tax accounting for intra-entity asset transfers. Under current guidance, the tax effects of intra-entity asset transfers (intercompany sales) are deferred until the transferred asset is sold to a third party or otherwise recognized. The new guidance requires companies to account for the income tax effects on intercompany transfers of assets other than inventory when the transfer occurs. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted in the first interim period of a fiscal year. The modified retrospective approach is required upon adoption, with a cumulative-effect adjustment recorded in retained earnings as of the beginning of the period of adoption. In 2019, we adopted the guidance. The adoption did not have an impact on our consolidated financial statements.
In January 2017, the FASB issued guidance that revises the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this threshold is met, the set of transferred assets and activities is not a business. If it is not met, the entity then evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. Beginning in 2019, we will prospectively apply the guidance to applicable transactions.
In May 2017, the FASB issued guidance that clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under the new guidance, modification accounting is required only if the value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The guidance is effective prospectively for fiscal years beginning after December 15, 2017. Early adoption is permitted. We will apply the guidance in evaluating future changes to terms or conditions of share-based payment awards.
In February 2018, the FASB issued guidance that provides entities an option to reclassify the stranded tax effects of the Tax Cuts and Jobs Act of 2017 on items within accumulated other comprehensive income to retained earnings. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those years. Entities are able to early adopt the guidance in any interim or annual period for which financial statements have not yet been issued and apply it either in the period of adoption or retrospectively to each period in which the tax effects of the Tax Cuts and Jobs Act of 2017 related to items in accumulated other comprehensive income are recognized. We adopted the guidance in the first quarter of 2019, effective on July 30, 2018, and elected not to reclassify prior periods. The adoption resulted in a cumulative effect adjustment of $9 to decrease the opening balance of Earnings retained in the business and a corresponding net decrease to the components of Accumulated other comprehensive income (loss). See Note 5 for additional information.
Accounting Pronouncements Not Yet Adopted
In February 2016, the FASB issued guidance that amends accounting for leases. Under the new guidance, a lessee will recognize assets and liabilities for most leases but will recognize expenses similar to current lease accounting. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. In July 2018, the FASB issued an adoption approach that allows entities to apply the new guidance at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption without restating prior periods. We are currently compiling an inventory of our lease arrangements in order to determine the impact that the new guidance will have on our consolidated financial statements. We have selected a lease software solution to facilitate the adoption of the new guidance.
In August 2017, the FASB issued guidance that amends hedge accounting. Under the new guidance, more hedging strategies will be eligible for hedge accounting and the application of hedge accounting is simplified. The new guidance amends presentation and disclosure requirements, and how effectiveness is assessed. In October 2018, the FASB issued guidance which permits an entity to designate the overnight index swap rate based on the Secured Overnight Financing Rate Fed Funds as a benchmark interest rate in a hedge accounting relationship. The guidance is effective for fiscal years beginning after December 15, 2018, 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 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.

10






In August 2018, the 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. Early adoption is permitted. Certain disclosures in the guidance must be applied on a retrospective basis, while others must be applied on a prospective basis. We are currently evaluating the impact that the new guidance will have on our disclosures.
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 are currently evaluating the impact that the new guidance will have on our consolidated financial statements.
3.
Discontinued Operations
On August 30, 2018, we announced plans to pursue the divestiture of businesses within two operating segments: our international biscuits and snacks operating segment, which includes Arnott’s, Kelsen and our operations in Indonesia, Malaysia, Hong Kong and Japan; and the Campbell Fresh operating segment, which includes Bolthouse Farms, Garden Fresh Gourmet and the U.S. refrigerated soup business.
On February 25, 2019, we sold our U.S refrigerated soup business and on April 25, 2019, we sold our Garden Fresh Gourmet business. Proceeds were approximately $55, subject to customary purchase price adjustments. On April 12, 2019, we signed a definitive agreement for the sale of Bolthouse Farms to an affiliate of Butterfly Equity for $510, subject to customary purchase price adjustments. We expect to complete the sale in the fourth quarter of 2019. Beginning in the third quarter of 2019, we have reflected the results of these businesses as discontinued operations in the Consolidated Statements of Earnings for all periods presented.
Results of discontinued operations were as follows:
 
Three Months Ended
 
Nine Months Ended
 
April 28, 2019
 
April 29, 2018
 
April 28, 2019
 
April 29, 2018
Net sales
$
210

 
$
247

 
$
666

 
$
723

 
 
 
 
 
 
 
 
Impairment charges
$

 
$
619

 
$
360

 
$
694

 
 
 
 
 
 
 
 
Earnings (loss) before taxes from operations
$
7

 
$
(633
)
 
$
(361
)
 
$
(720
)
Taxes on earnings from operations
7

 
(167
)
 
(82
)
 
(197
)
Loss on sale of businesses / costs associated with selling the businesses
(24
)
 

 
(31
)
 

Tax impact of loss on sale / costs associated with selling the businesses
23

 

 
21

 

Loss from discontinued operations
$
(47
)
 
$
(466
)
 
$
(331
)
 
$
(523
)
In the second quarter of 2019, we performed interim impairment assessments on the intangible and tangible assets of the businesses. We revised our future outlook for earnings and cash flows for each of these businesses as the divestiture process progressed and we received initial indications of value. Within Bolthouse Farms carrot and carrot ingredients, we recorded impairment charges of $18 on the trademark, $40 on customer relationships, $15 on technology and $104 on plant assets. Within Bolthouse Farms refrigerated beverages and salad dressings, we recorded impairment charges of $74 on the trademark, $22 on customer relationships, and $9 on plant assets. On Garden Fresh Gourmet, we recorded impairment charges of $23 on the trademark, $39 on customer relationships, and $2 on plant assets. In the first quarter of 2019, we recorded an impairment charge of $14 on the U.S refrigerated soup plant assets.
In the third quarter of 2019, we incurred pre-tax expenses of $24 associated with the sale process of the businesses in Campbell Fresh, including losses on the sale of the U.S. refrigerated soup business and Garden Fresh Gourmet of $15. Year-to-date in 2019, we incurred pre-tax expenses of $31 associated with the sale process of the businesses, including losses on the sale of the U.S. refrigerated soup business and Garden Fresh Gourmet of $18. In addition, due to the pending sale of Bolthouse Farms, we recorded tax expense of $29 in the three- and nine-month periods ended April 28, 2019, as deferred tax assets are not realizable.


11






The assets and liabilities of Bolthouse Farms have been reflected as assets and liabilities of discontinued operations as of April 28, 2019, and July 29, 2018. In addition, the assets and liabilities of the Garden Fresh Gourmet business and our U.S refrigerated soup business, which were sold in the current-year quarter, have been reflected as assets and liabilities of discontinued operations as of July 29, 2018.
 
April 28,
2019
 
July 29,
2018
Cash
$
4

 
$
8

Accounts receivable, net
77

 
84

Inventories
137

 
161

Other current assets
2

 
3

Current assets
$
220

 
$
256

 
 
 
 
Plant assets, net of depreciation
$
199

 
$
413

Other intangible assets, net of amortization
143

 
381

Other assets
4

 
4

Total assets
$
566

 
$
1,054

 
 
 
 
Payable to suppliers and others
$
57

 
$
79

Accrued liabilities
43

 
39

Current liabilities
$
100

 
$
118

 
 
 
 
Deferred taxes
$

 
$
(1
)
Other liabilities
4

 
5

Total liabilities
$
104

 
$
122

The depreciation and amortization, capital expenditures, sale proceeds and significant operating noncash items of discontinued operations were as follows:
 
 
Nine Months Ended
 
 
April 28,
2019
 
April 29,
2018
Cash flows from discontinued operating activities:
 
 
 
 
Impairment charges
 
$
360

 
$
694

Depreciation and amortization
 
44

 
55

Loss on sale of businesses
 
18

 

 
 
 
 
 
Cash flows from discontinued investing activities:
 
 
 
 
Capital expenditures
 
$
20

 
$
28

Sale of businesses, net of cash divested
 
54

 


We will provide certain transition services to support the divested businesses.
4.
Acquisitions
On March 26, 2018, we completed the acquisition of Snyder's-Lance, Inc. (Snyder's-Lance) for $50.00 per share. Total consideration was $6,112, which included the payoff of approximately $1,100 of Snyder's-Lance indebtedness. The acquisition was financed through a single draw 3-year senior unsecured term loan facility and the issuance of senior notes. Snyder's-Lance is a snack food company that manufactures, distributes, markets and sells snack food products in North America and Europe. Its primary brands include Snyder’s of Hanover and Lance, as well as Kettle Brand, KETTLE, Cape CodSnack Factory Pretzel CrispsPop Secret, Emerald and Late July.
The excess of the purchase price over the estimated fair values of identifiable net assets was recorded as $3,006 of goodwill. The goodwill is not deductible for tax purposes. The goodwill was primarily attributable to future growth opportunities, anticipated synergies, and intangible assets that did not qualify for separate recognition. The goodwill is included in the Global Biscuits and Snacks segment.

12






On December 12, 2017, we completed the acquisition of Pacific Foods of Oregon, LLC (Pacific Foods). The purchase price was $688. Pacific Foods produces broth, soups, non-dairy beverages and other simple meals. The excess of the purchase price over the estimated fair values of identifiable net assets was recorded as $202 of goodwill. The goodwill is deductible for tax purposes. The goodwill was primarily attributable to future growth opportunities, anticipated synergies, and intangible assets that did not qualify for separate recognition. The goodwill is included in the Meals and Beverages segment.
The table below presents the fair value that was allocated to acquired assets and assumed liabilities of Snyder's-Lance. In the first quarter ended October 28, 2018, we made measurement period adjustments to reflect facts and circumstances in existence as of the date of acquisition. These adjustments included a $134 decrease to indefinite-lived trademarks, a $52 decrease to customer relationships, a $43 decrease to Deferred taxes and a $140 increase to Goodwill.
 
 
Snyder's-Lance
Cash
 
$
21

Accounts receivable
 
220

Inventories
 
219

Other current assets
 
32

Plant assets
 
696

Goodwill
 
3,006

Other intangible assets
 
2,761

Other assets
 
65

Short-term debt
 
(1
)
Accounts payable
 
(124
)
Accrued liabilities
 
(115
)
Deferred taxes
 
(597
)
Other liabilities
 
(24
)
Noncontrolling interest
 
(47
)
Total assets acquired and liabilities assumed
 
$
6,112

The identifiable intangible assets of Snyder's-Lance consist of:
 
 
Type
 
Life in Years
 
Value
Trademarks
 
Non-amortizable
 
Indefinite
 
$
1,997

Customer relationships
 
Amortizable
 
15
to
22
 
756

Other
 
Amortizable
 
1.5
 
8

Total identifiable intangible assets
 
 
 
 
 
 
 
$
2,761

For the three- and nine-month periods ended April 28, 2019, the acquisition of Snyder's-Lance contributed $532 and $1,615 to Net sales. The contribution to Net earnings (loss) from continuing operations were losses of $9 and $26 for the three- and nine-month periods ended April 28, 2019, including expenses associated with restructuring charges and cost savings initiatives, as well as interest expense on the debt to finance the acquisition.
We recognized transaction costs and integration costs of $64 and $88, associated with the Snyder's-Lance acquisition in the three- and nine-month periods ended April 29, 2018, respectively. Approximately $29 in the three-month period and $53 in the nine-month period represented transactions costs, including bridge financing costs and outside advisory costs, and were recorded in Other expenses / (income). Integration costs in the three- and nine-month periods included the following:
amortization of most of the acquisition date fair value adjustment to inventories of $37 that was recorded in Cost of products sold;
$10 of Restructuring charges;
$6 of Administrative expenses; and
$18 gain in Interest expense on treasury rate lock contracts used to hedge the planned financing of the acquisition.
For the three- and nine-month periods ended April 29, 2018, the contribution of the Snyder's-Lance acquisition to Net sales was $207. The contribution to Net earnings (loss) was a loss of $52 for the three-month period ended April 29, 2018, including the effect of the transaction and integration costs, and interest expense on the debt to finance the acquisition.

13






For the three- and nine-month periods ended April 28, 2019, the acquisition of Pacific Foods contributed $55 and $182 to Net sales. The contribution to Net earnings (loss) from continuing operations were losses of $4 and $7 for the three- and nine-month periods ended April 28, 2019, including interest expense on the debt to finance the acquisition. For the nine-month period ended April 29, 2018, the contribution of the Pacific Foods acquisition to Net sales was $83. The contribution to Net earnings was not material.
The following unaudited summary information is presented on a consolidated pro forma basis as if the Snyder's-Lance and Pacific Foods acquisitions had occurred on August 1, 2016:
 
 
Three Months Ended
 
Nine Months Ended
 
 
April 29,
2018
 
April 29,
2018
Net sales
 
$
2,201

 
$
7,280

Earnings from continuing operations attributable to Campbell Soup Company
 
$
98

 
$
795

Earnings from continuing operations per share attributable to Campbell Soup Company - basic
 
$
.33

 
$
2.64

Earnings from continuing operations per share attributable to Campbell Soup Company - assuming dilution
 
$
.33

 
$
2.63

The pro forma amounts include additional interest expense on the debt issued to finance the purchases, amortization and depreciation expense based on the estimated fair value and useful lives of intangible assets and plant assets, and related tax effects. The pro forma results are not necessarily indicative of the combined results had the Snyder's-Lance and Pacific Foods acquisitions been completed on August 1, 2016, nor are they indicative of future combined results. The pro forma results for the three- and nine-month periods ended April 29, 2018 do not include certain transaction costs, amortization of the acquisition date fair value adjustment to inventories, or a gain on treasury rate lock contracts, as all of these would be reflected in the nine-month period ended April 30, 2017, had the acquisitions occurred on August 1, 2016.
With the acquisition of Snyder's-Lance, we acquired an investment in Yellow Chips Holdings B.V. (Yellow Chips), and accounted for the investment under the equity method of accounting. On October 30, 2018, we purchased the remaining ownership interest in Yellow Chips, and began consolidating the business. The purchase price was $18. The pro forma results for the nine-month period ended April 28, 2019 and the three- and nine-month periods ended April 29, 2018 were not material.

14






5.
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 30, 2017
 
$
(84
)
 
$
(22
)
 
$
53

 
$
(53
)
Other comprehensive income (loss) before reclassifications
 
(24
)
 
15

 
(2
)
 
(11
)
Amounts reclassified from accumulated other comprehensive income (loss)
 

 
2

 
(14
)
 
(12
)
Net current-period other comprehensive income (loss)
 
(24
)
 
17

 
(16
)
 
(23
)
Balance at April 29, 2018
 
$
(108
)
 
$
(5
)
 
$
37

 
$
(76
)
Balance at July 29, 2018
 
$
(154
)
 
$
(4
)
 
$
40

 
$
(118
)
Cumulative effect of a change in accounting principle(4)
 
2

 
(3
)
 
10

 
9

Other comprehensive income (loss) before reclassifications
 
(49
)
 
1

 

 
(48
)
Amounts reclassified from accumulated other comprehensive income (loss)
 

 

 
(17
)
 
(17
)
Net current-period other comprehensive income (loss)
 
(49
)
 
1

 
(17
)
 
(65
)
Balance at April 29, 2019
 
$
(201
)
 
$
(6
)
 
$
33

 
$
(174
)
_____________________________________
(1) 
Included a tax expense of $4 as of April 28, 2019, and $6 as of July 29, 2018, April 29, 2018, and July 30, 2017.
(2) 
Included a tax benefit of $1 as of April 28, 2019, $4 as of July 29, 2018, $5 as of April 29, 2018, and $12 as of July 30, 2017.
(3) 
Included a tax expense of $10 as of April 28, 2019, $25 as of July 29, 2018, $24 as of April 29, 2018, and $30 as of July 30, 2017.
(4) 
Reflects the adoption of the FASB guidance on stranded tax effects. See Note 2 for additional information.
Amounts related to noncontrolling interests were not material.
The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following:
 
 
Three Months Ended
 
Nine Months Ended
 
 
Details about Accumulated Other Comprehensive Income (Loss) Components
 
April 28, 2019
 
April 29, 2018
 
April 28, 2019
 
April 29, 2018
 
Location of (Gain) Loss Recognized in Earnings
(Gains) losses on cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
 
$
(1
)
 
$

 
$
(1
)
 
$

 
Cost of products sold
Foreign exchange forward contracts
 
(1
)
 

 
(1
)
 

 
Other expenses / (income)
Forward starting interest rate swaps
 
1

 
1

 
2

 
2

 
Interest expense
Total before tax
 
(1
)
 
1

 

 
2

 
 
Tax expense (benefit)
 

 

 

 

 
 
(Gain) loss, net of tax
 
$
(1
)
 
$
1

 
$

 
$
2

 
 
 
 
 
 
 
 
 
 
 
 
 
Pension and postretirement benefit adjustments:
 
 
 
 
 
 
 
 
 
 
Prior service credit
 
$
(8
)
 
$
(7
)
 
$
(22
)
 
$
(20
)
 
Other expenses / (income)
Tax expense (benefit)
 
2

 
2

 
5

 
6

 
 
(Gain) loss, net of tax
 
$
(6
)
 
$
(5
)
 
$
(17
)
 
$
(14
)
 
 

15






6.
Goodwill and Intangible Assets
Goodwill
The following table shows the changes in the carrying amount of goodwill by business segment:
 
Meals and Beverages
 
Global
Biscuits
and
Snacks
 
Total
Net balance at July 29, 2018
$
978

 
$
3,602

 
$
4,580

Changes in preliminary purchase price allocation

 
140

 
140

Acquisition

 
21

 
21

Foreign currency translation adjustment
(3
)
 
(36
)
 
(39
)
Net balance at April 28, 2019
$
975

 
$
3,727

 
$
4,702

During the three-month period ended October 28, 2018, we made changes in the preliminary allocation of the purchase price of the Snyder's-Lance acquisition which resulted in a change in goodwill of $140 in the Global Biscuits and Snacks segment. On October 30, 2018, we acquired the remaining ownership interest in Yellow Chips and began consolidating the business, which resulted in goodwill of $21. See Note 4 for additional information.
Intangible Assets
The following table sets forth balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization:
 
 
 
 
 
 
April 28, 2019
 
July 29, 2018
Intangible Assets
 
Estimated Useful Lives
 
Cost
Accumulated Amortization
Net
 
Cost
Accumulated Amortization
Net
Amortizable intangible assets
 
 
 
 
 
 
 
 
 
 
 
 
Customer relationships
 
10
to
22
 
$
890

$
(67
)
$
823

 
$
936

$
(34
)
$
902

Other
 
1.5
to
20
 
17

(14
)
3

 
17

(6
)
11

Total amortizable intangible assets