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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Campbell Soup Co | NYSE:CPB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 46.23 | 0 | 01:00:00 |
For The Quarterly Period Ended | Commission File Number | |||||||||||||
May 2, 2021 | 1-3822 |
New Jersey | 21-0419870 | ||||
State of Incorporation | I.R.S. Employer Identification No. |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||
Capital Stock, par value $.0375 | CPB | New York Stock Exchange |
Large accelerated filer |
☑
|
Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
May 2, 2021 | April 26, 2020 | May 2, 2021 | April 26, 2020 | ||||||||||||||||||||
Net sales | $ | 1,984 | $ | 2,238 | $ | 6,603 | $ | 6,583 | |||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Cost of products sold | 1,356 | 1,466 | 4,379 | 4,331 | |||||||||||||||||||
Marketing and selling expenses | 202 | 239 | 642 | 682 | |||||||||||||||||||
Administrative expenses | 153 | 154 | 452 | 436 | |||||||||||||||||||
Research and development expenses | 22 | 25 | 61 | 69 | |||||||||||||||||||
Other expenses / (income) | (23) | 81 | (86) | 115 | |||||||||||||||||||
Restructuring charges | 2 | — | 21 | 10 | |||||||||||||||||||
Total costs and expenses | 1,712 | 1,965 | 5,469 | 5,643 | |||||||||||||||||||
Earnings before interest and taxes | 272 | 273 | 1,134 | 940 | |||||||||||||||||||
Interest expense | 53 | 55 | 163 | 284 | |||||||||||||||||||
Interest income | — | — | 1 | 3 | |||||||||||||||||||
Earnings before taxes | 219 | 218 | 972 | 659 | |||||||||||||||||||
Taxes on earnings | 53 | 52 | 252 | 153 | |||||||||||||||||||
Earnings from continuing operations | 166 | 166 | 720 | 506 | |||||||||||||||||||
Earnings (loss) from discontinued operations | (6) | 2 | (6) | 1,036 | |||||||||||||||||||
Net earnings | 160 | 168 | 714 | 1,542 | |||||||||||||||||||
Less: Net earnings (loss) attributable to noncontrolling interests | — | — | — | — | |||||||||||||||||||
Net earnings attributable to Campbell Soup Company | $ | 160 | $ | 168 | $ | 714 | $ | 1,542 | |||||||||||||||
Per Share — Basic | |||||||||||||||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ | .55 | $ | .55 | $ | 2.38 | $ | 1.68 | |||||||||||||||
Earnings (loss) from discontinued operations | (.02) | .01 | (.02) | 3.43 | |||||||||||||||||||
Net earnings attributable to Campbell Soup Company | $ | .53 | $ | .56 | $ | 2.36 | $ | 5.11 | |||||||||||||||
Weighted average shares outstanding — basic | 303 | 302 | 303 | 302 | |||||||||||||||||||
Per Share — Assuming Dilution | |||||||||||||||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ | .54 | $ | .55 | $ | 2.36 | $ | 1.66 | |||||||||||||||
Earnings (loss) from discontinued operations | (.02) | .01 | (.02) | 3.41 | |||||||||||||||||||
Net earnings attributable to Campbell Soup Company(1)
|
$ | .52 | $ | .55 | $ | 2.34 | $ | 5.07 | |||||||||||||||
Weighted average shares outstanding — assuming dilution | 305 | 304 | 305 | 304 |
Three Months Ended | |||||||||||||||||||||||||||||||||||
May 2, 2021 | April 26, 2020 | ||||||||||||||||||||||||||||||||||
Pre-tax amount | Tax (expense) benefit | After-tax amount | Pre-tax amount | Tax (expense) benefit | After-tax amount | ||||||||||||||||||||||||||||||
Net earnings (loss) | $ | 160 | $ | 168 | |||||||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||
Foreign currency translation: | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | 7 | $ | — | 7 | $ | (13) | $ | — | (13) | |||||||||||||||||||||||||
Cash-flow hedges: | |||||||||||||||||||||||||||||||||||
Unrealized gains (losses) arising during the period | (2) | — | (2) | 8 | (2) | 6 | |||||||||||||||||||||||||||||
Reclassification adjustment for (gains) losses included in net earnings | 2 | — | 2 | 1 | — | 1 | |||||||||||||||||||||||||||||
Pension and other postretirement benefits: | |||||||||||||||||||||||||||||||||||
Reclassification of prior service credit included in net earnings | (2) | 1 | (1) | (7) | 2 | (5) | |||||||||||||||||||||||||||||
Other comprehensive income (loss) | $ | 5 | $ | 1 | 6 | $ | (11) | $ | — | (11) | |||||||||||||||||||||||||
Total comprehensive income (loss) | $ | 166 | $ | 157 | |||||||||||||||||||||||||||||||
Total comprehensive income (loss) attributable to noncontrolling interests | (1) | 1 | |||||||||||||||||||||||||||||||||
Total comprehensive income (loss) attributable to Campbell Soup Company | $ | 167 | $ | 156 | |||||||||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||||||||||
May 2, 2021 | April 26, 2020 | ||||||||||||||||||||||||||||||||||
Pre-tax amount | Tax (expense) benefit | After-tax amount | Pre-tax amount | Tax (expense) benefit | After-tax amount | ||||||||||||||||||||||||||||||
Net earnings (loss) | $ | 714 | $ | 1,542 | |||||||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||
Foreign currency translation: | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | 14 | $ | — | 14 | $ | (10) | $ | — | (10) | |||||||||||||||||||||||||
Reclassification of currency translation adjustments realized upon disposal of businesses | — | — | — | 206 | 4 | 210 | |||||||||||||||||||||||||||||
Cash-flow hedges: | |||||||||||||||||||||||||||||||||||
Unrealized gains (losses) arising during period | (9) | 1 | (8) | 9 | (2) | 7 | |||||||||||||||||||||||||||||
Reclassification adjustment for (gains) losses included in net earnings | 5 | — | 5 | 2 | (1) | 1 | |||||||||||||||||||||||||||||
Pension and other postretirement benefits: | |||||||||||||||||||||||||||||||||||
Reclassification of prior service credit included in net earnings | (4) | 1 | (3) | (21) | 5 | (16) | |||||||||||||||||||||||||||||
Other comprehensive income (loss) | $ | 6 | $ | 2 | 8 | $ | 186 | $ | 6 | 192 | |||||||||||||||||||||||||
Total comprehensive income (loss) | $ | 722 | $ | 1,734 | |||||||||||||||||||||||||||||||
Total comprehensive income (loss) attributable to noncontrolling interests | (4) | 1 | |||||||||||||||||||||||||||||||||
Total comprehensive income (loss) attributable to Campbell Soup Company | $ | 726 | $ | 1,733 |
May 2, 2021 | August 2, 2020 | ||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 209 | $ | 859 | |||||||
Accounts receivable, net | 580 | 575 | |||||||||
Inventories | 860 | 871 | |||||||||
Other current assets | 92 | 80 | |||||||||
Assets of business held for sale | 122 | — | |||||||||
Total current assets | 1,863 | 2,385 | |||||||||
Plant assets, net of depreciation | 2,313 | 2,368 | |||||||||
Goodwill | 3,983 | 3,986 | |||||||||
Other intangible assets, net of amortization | 3,249 | 3,350 | |||||||||
Other assets | 322 | 283 | |||||||||
Total assets | $ | 11,730 | $ | 12,372 | |||||||
Current liabilities | |||||||||||
Short-term borrowings | $ | 204 | $ | 1,202 | |||||||
Payable to suppliers and others | 1,086 | 1,049 | |||||||||
Accrued liabilities | 544 | 693 | |||||||||
Dividends payable | 115 | 107 | |||||||||
Accrued income taxes | 1 | 24 | |||||||||
Liabilities of business held for sale | 25 | — | |||||||||
Total current liabilities | 1,975 | 3,075 | |||||||||
Long-term debt | 4,997 | 4,994 | |||||||||
Deferred taxes | 999 | 914 | |||||||||
Other liabilities | 764 | 820 | |||||||||
Total liabilities | 8,735 | 9,803 | |||||||||
Commitments and contingencies | |||||||||||
Campbell Soup Company shareholders' equity | |||||||||||
Preferred stock; authorized 40 shares; none issued
|
— | — | |||||||||
Capital stock, $0.0375 par value; authorized 560 shares; issued 323 shares
|
12 | 12 | |||||||||
Additional paid-in capital | 401 | 394 | |||||||||
Earnings retained in the business | 3,564 | 3,190 | |||||||||
Capital stock in treasury, at cost | (986) | (1,023) | |||||||||
Accumulated other comprehensive income (loss) | 2 | (10) | |||||||||
Total Campbell Soup Company shareholders' equity | 2,993 | 2,563 | |||||||||
Noncontrolling interests | 2 | 6 | |||||||||
Total equity | 2,995 | 2,569 | |||||||||
Total liabilities and equity | $ | 11,730 | $ | 12,372 |
Nine Months Ended | |||||||||||
May 2, 2021 | April 26, 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net earnings | $ | 714 | $ | 1,542 | |||||||
Adjustments to reconcile net earnings to operating cash flow | |||||||||||
Restructuring charges | 21 | 10 | |||||||||
Stock-based compensation | 51 | 47 | |||||||||
Pension and postretirement benefit income | (87) | (11) | |||||||||
Depreciation and amortization | 233 | 241 | |||||||||
Deferred income taxes | 99 | 35 | |||||||||
Net gain on sales of businesses | — | (975) | |||||||||
Loss on extinguishment of debt | — | 75 | |||||||||
Investment losses | — | 49 | |||||||||
Other | 66 | 74 | |||||||||
Changes in working capital, net of divestitures | |||||||||||
Accounts receivable | (4) | (121) | |||||||||
Inventories | (2) | 118 | |||||||||
Prepaid assets | (23) | (4) | |||||||||
Accounts payable and accrued liabilities | (149) | 92 | |||||||||
Other | (38) | (47) | |||||||||
Net cash provided by operating activities | 881 | 1,125 | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of plant assets | (190) | (220) | |||||||||
Purchases of route businesses | (1) | (10) | |||||||||
Sales of route businesses | 7 | 8 | |||||||||
Sales of businesses, net of cash divested | — | 2,537 | |||||||||
Other | 7 | 3 | |||||||||
Net cash provided by (used in) investing activities | (177) | 2,318 | |||||||||
Cash flows from financing activities: | |||||||||||
Short-term borrowings, including commercial paper and revolving line of credit | — | 5,610 | |||||||||
Short-term repayments, including commercial paper | (295) | (6,405) | |||||||||
Long-term borrowings | — | 1,000 | |||||||||
Long-term repayments | (721) | (499) | |||||||||
Dividends paid | (327) | (320) | |||||||||
Treasury stock issuances | 2 | 23 | |||||||||
Payments related to tax withholding for stock-based compensation | (15) | (10) | |||||||||
Payments related to extinguishment of debt | — | (1,768) | |||||||||
Payments of debt issuance costs | — | (9) | |||||||||
Net cash used in financing activities | (1,356) | (2,378) | |||||||||
Effect of exchange rate changes on cash | 2 | (2) | |||||||||
Net change in cash and cash equivalents | (650) | 1,063 | |||||||||
Cash and cash equivalents — beginning of period (including discontinued operations) | 859 | 179 | |||||||||
Cash and cash equivalents discontinued operations — end of period | — | — | |||||||||
Cash and cash equivalents — end of period | $ | 209 | $ | 1,242 |
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 26, 2020 | 323 | $ | 12 | (21) | $ | (1,048) | $ | 374 | $ | 3,151 | $ | 5 | $ | 5 | $ | 2,499 | |||||||||||||||||||||||||||||||||||||
Net earnings (loss) | 168 | — | 168 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | (12) | 1 | (11) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($.35 per share)
|
(107) | (107) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock issued under management incentive and stock option plans | — | 20 | 12 | — | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 26, 2020 | 323 | $ | 12 | (21) | $ | (1,028) | $ | 386 | $ | 3,212 | $ | (7) | $ | 6 | $ | 2,581 | |||||||||||||||||||||||||||||||||||||
Balance at July 28, 2019 | 323 | $ | 12 | (22) | $ | (1,076) | $ | 372 | $ | 1,993 | $ | (198) | $ | 9 | $ | 1,112 | |||||||||||||||||||||||||||||||||||||
Net earnings (loss) | 1,542 | — | 1,542 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Divestiture | (4) | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 191 | 1 | 192 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($1.05 per share)
|
(321) | (321) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock issued under management incentive and stock option plans | 1 | 48 | 14 | (2) | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 26, 2020 | 323 | $ | 12 | (21) | $ | (1,028) | $ | 386 | $ | 3,212 | $ | (7) | $ | 6 | $ | 2,581 | |||||||||||||||||||||||||||||||||||||
Balance at January 31, 2021 | 323 | $ | 12 | (20) | $ | (990) | $ | 388 | $ | 3,517 | $ | (5) | $ | 3 | $ | 2,925 | |||||||||||||||||||||||||||||||||||||
Net earnings (loss) | 160 | — | 160 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 7 | (1) | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($.37 per share)
|
(113) | (113) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock issued under management incentive and stock option plans | — | 4 | 13 | — | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at May 2, 2021 | 323 | $ | 12 | (20) | $ | (986) | $ | 401 | $ | 3,564 | $ | 2 | $ | 2 | $ | 2,995 | |||||||||||||||||||||||||||||||||||||
Balance at August 2, 2020 | 323 | $ | 12 | (21) | $ | (1,023) | $ | 394 | $ | 3,190 | $ | (10) | $ | 6 | $ | 2,569 | |||||||||||||||||||||||||||||||||||||
Net earnings (loss) | 714 | — | 714 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 12 | (4) | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($1.09 per share)
|
(334) | (334) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock issued under management incentive and stock option plans | 1 | 37 | 7 | (6) | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at May 2, 2021 | 323 | $ | 12 | (20) | $ | (986) | $ | 401 | $ | 3,564 | $ | 2 | $ | 2 | $ | 2,995 |
Nine Months Ended | |||||||||||
April 26, 2020 | |||||||||||
Net sales | $ | 359 | |||||||||
Earnings before taxes from operations | $ | 53 | |||||||||
Taxes on earnings from operations | 17 | ||||||||||
Gain on sales of businesses / costs associated with selling the businesses | 1,039 | ||||||||||
Tax expense on sales of businesses / costs associated with selling the businesses | 39 | ||||||||||
Earnings from discontinued operations | $ | 1,036 |
Nine Months Ended | ||||||||||||||
April 26, 2020 | ||||||||||||||
Cash flows from discontinued operating activities: | ||||||||||||||
Net gain on sales of discontinued operations businesses | $ | 1,039 | ||||||||||||
Cash flows from discontinued investing activities: | ||||||||||||||
Capital expenditures | $ | 30 | ||||||||||||
Sales of discontinued operations businesses, net of cash divested | $ | 2,466 |
May 2, 2021 | ||||||||
Accounts receivable, net | $ | 1 | ||||||
Inventories | 15 | |||||||
Plant assets, net of depreciation | 24 | |||||||
Goodwill | 12 | |||||||
Other intangible assets, net of amortization | 70 | |||||||
Total assets | $ | 122 | ||||||
Payable to suppliers and others | $ | 10 | ||||||
Accrued liabilities | 1 | |||||||
Deferred taxes | 14 | |||||||
Total liabilities | $ | 25 |
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 | (11) | 7 | — | (4) | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss)(4)
|
210 | 1 | (16) | 195 | ||||||||||||||||||||||
Net current-period other comprehensive income (loss) | 199 | 8 | (16) | 191 | ||||||||||||||||||||||
Balance at April 26, 2020 | $ | (19) | $ | (1) | $ | 13 | $ | (7) | ||||||||||||||||||
Balance at August 2, 2020 | $ | (10) | $ | (7) | $ | 7 | $ | (10) | ||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 18 | (8) | — | 10 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
— | 5 | (3) | 2 | ||||||||||||||||||||||
Net current-period other comprehensive income (loss) | 18 | (3) | (3) | 12 | ||||||||||||||||||||||
Balance at May 2, 2021 | $ | 8 | $ | (10) | $ | 4 | $ | 2 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | May 2, 2021 | April 26, 2020 | May 2, 2021 | April 26, 2020 | 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 | — | — | — | 183 | Earnings (loss) from discontinued operations | |||||||||||||||||||||||||||
Total before tax | — | — | — | 206 | ||||||||||||||||||||||||||||
Tax expense (benefit) | — | — | — | 4 | ||||||||||||||||||||||||||||
(Gain) loss, net of tax | $ | — | $ | — | $ | — | $ | 210 | ||||||||||||||||||||||||
(Gains) losses on cash flow hedges: | ||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 2 | $ | 1 | $ | 4 | $ | — | Cost of products sold | |||||||||||||||||||||||
Foreign exchange forward contracts | — | — | — | 1 | Earnings (loss) from discontinued operations | |||||||||||||||||||||||||||
Forward starting interest rate swaps | — | — | 1 | 1 | Interest expense | |||||||||||||||||||||||||||
Total before tax | 2 | 1 | 5 | 2 | ||||||||||||||||||||||||||||
Tax expense (benefit) | — | — | — | (1) | ||||||||||||||||||||||||||||
(Gain) loss, net of tax | $ | 2 | $ | 1 | $ | 5 | $ | 1 | ||||||||||||||||||||||||
Pension and postretirement benefit adjustments: | ||||||||||||||||||||||||||||||||
Prior service credit | $ | (2) | $ | (7) | $ | (4) | $ | (21) | Other expenses / (income) | |||||||||||||||||||||||
Tax expense (benefit) | 1 | 2 | 1 | 5 | ||||||||||||||||||||||||||||
(Gain) loss, net of tax | $ | (1) | $ | (5) | $ | (3) | $ | (16) |
Meals & Beverages | Snacks | Total | |||||||||||||||
Net balance at August 2, 2020 | $ | 975 | $ | 3,011 | $ | 3,986 | |||||||||||
Amounts reclassified to Assets of business held for sale(1)
|
(12) | — | (12) | ||||||||||||||
Foreign currency translation adjustment | 9 | — | 9 | ||||||||||||||
Net balance at May 2, 2021 | $ | 972 | $ | 3,011 | $ | 3,983 |
May 2, 2021 | August 2, 2020 | |||||||||||||||||||||||||
Intangible Assets | Cost | Accumulated Amortization | Net | Cost | Accumulated Amortization | Net | ||||||||||||||||||||
Amortizable intangible assets | ||||||||||||||||||||||||||
Customer relationships | $ | 851 | $ | (143) | $ | 708 | $ | 851 | $ | (112) | $ | 739 | ||||||||||||||
Non-amortizable intangible assets | ||||||||||||||||||||||||||
Trademarks | 2,611 | 2,611 | ||||||||||||||||||||||||
Subtotal | $ | 3,319 | $ | 3,350 | ||||||||||||||||||||||
Amounts reclassified to Assets of business held for sale(1)
|
(70) | — | ||||||||||||||||||||||||
Total net intangible assets | $ | 3,249 | $ | 3,350 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
May 2, 2021 | April 26, 2020 | May 2, 2021 | April 26, 2020 | |||||||||||||||||||||||
Net sales | ||||||||||||||||||||||||||
Meals & Beverages | $ | 1,039 | $ | 1,210 | $ | 3,681 | $ | 3,628 | ||||||||||||||||||
Snacks | 945 | 1,028 | 2,922 | 2,955 | ||||||||||||||||||||||
Total | $ | 1,984 | $ | 2,238 | $ | 6,603 | $ | 6,583 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
May 2, 2021 | April 26, 2020 | May 2, 2021 | April 26, 2020 | |||||||||||||||||||||||
Earnings before interest and taxes | ||||||||||||||||||||||||||
Meals & Beverages | $ | 179 | $ | 275 | $ | 770 | $ | 799 | ||||||||||||||||||
Snacks | 109 | 154 | 392 | 415 | ||||||||||||||||||||||
Corporate(1)
|
(14) | (156) | (7) | (264) | ||||||||||||||||||||||
Restructuring charges(2)
|
(2) | — | (21) | (10) | ||||||||||||||||||||||
Total | $ | 272 | $ | 273 | $ | 1,134 | $ | 940 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
May 2, 2021 | April 26, 2020 | May 2, 2021 | April 26, 2020 | |||||||||||||||||||||||
Net sales | ||||||||||||||||||||||||||
Soup | $ | 544 | $ | 681 | $ | 2,164 | $ | 2,144 | ||||||||||||||||||
Snacks | 961 | 1,040 | 2,958 | 3,005 | ||||||||||||||||||||||
Other simple meals | 278 | 324 | 896 | 886 | ||||||||||||||||||||||
Beverages | 201 | 193 | 585 | 548 | ||||||||||||||||||||||
Total | $ | 1,984 | $ | 2,238 | $ | 6,603 | $ | 6,583 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
May 2, 2021 | April 26, 2020 | May 2, 2021 | April 26, 2020 |
Recognized as of May 2, 2021
|
|||||||||||||||||||||||||
Restructuring charges | $ | 2 | $ | — | $ | 21 | $ | 10 | $ | 259 | |||||||||||||||||||
Administrative expenses | 11 | 10 | 21 | 31 | 332 | ||||||||||||||||||||||||
Cost of products sold | 2 | 4 | 1 | 6 | 77 | ||||||||||||||||||||||||
Marketing and selling expenses | — | — | — | 2 | 12 | ||||||||||||||||||||||||
Research and development expenses | — | — | — | 1 | 4 | ||||||||||||||||||||||||
Total pre-tax charges | $ | 15 | $ | 14 | $ | 43 | $ | 50 | $ | 684 |
Recognized as of May 2, 2021 | |||||
Severance pay and benefits
|
$ | 19 | |||
Implementation costs and other related costs
|
4 | ||||
Total | $ | 23 |
Recognized as of May 2, 2021 | |||||
Severance pay and benefits
|
$ | 221 | |||
Asset impairment/accelerated depreciation | 81 | ||||
Implementation costs and other related costs
|
382 | ||||
Total | $ | 684 |
Severance Pay and Benefits |
Implementation Costs and Other Related
Costs(3)
|
Asset Impairment/Accelerated Depreciation |
Other Non-Cash Exit Costs(4)
|
Total Charges | ||||||||||||||||||||||||||||||||||||||||
Accrued balance at August 2, 2020(1)
|
$ | 15 | ||||||||||||||||||||||||||||||||||||||||||
2021 charges | 6 | 19 | 14 | 4 | $ | 43 | ||||||||||||||||||||||||||||||||||||||
2021 cash payments | (12) | |||||||||||||||||||||||||||||||||||||||||||
Accrued balance at May 2, 2021(2)
|
$ | 9 |
May 2, 2021 | |||||||||||||||||
Three Months Ended |
Nine Months
Ended |
Costs Incurred to Date
|
|||||||||||||||
Meals & Beverages | $ | 1 | $ | 2 | $ | 222 | |||||||||||
Snacks | 13 | 39 | 290 | ||||||||||||||
Corporate | 1 | 2 | 172 | ||||||||||||||
Total | $ | 15 | $ | 43 | $ | 684 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Pension | Postretirement | Pension | Postretirement | ||||||||||||||||||||||||||||||||||||||||||||
May 2, 2021 | April 26, 2020 | May 2, 2021 | April 26, 2020 | May 2, 2021 | April 26, 2020 | May 2, 2021 | April 26, 2020 | ||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 5 | $ | 4 | $ | — | $ | — | $ | 14 | $ | 14 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Interest cost | 10 | 14 | 1 | 2 | 30 | 48 | 3 | 5 | |||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (31) | (31) | — | — | (92) | (100) | — | — | |||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | — | — | (2) | (7) | — | — | (4) | (21) | |||||||||||||||||||||||||||||||||||||||
Settlement charges (gains) | (4) | 54 | — | — | (38) | 43 | — | — | |||||||||||||||||||||||||||||||||||||||
Net periodic benefit expense (income) | $ | (20) | $ | 41 | $ | (1) | $ | (5) | $ | (86) | $ | 5 | $ | (1) | $ | (16) |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
May 2, 2021 | April 26, 2020 | May 2, 2021 | April 26, 2020 | |||||||||||||||||||||||
Operating lease cost | $ | 20 | $ | 20 | $ | 60 | $ | 60 | ||||||||||||||||||
Finance lease - amortization of right-of-use (ROU) assets | 1 | 1 | 3 | 2 | ||||||||||||||||||||||
Short-term lease cost | 11 | 11 | 32 | 31 | ||||||||||||||||||||||
Variable lease cost(1)
|
45 | 43 | 137 | 129 | ||||||||||||||||||||||
Sublease income
|
(1) | (1) | (2) | (3) | ||||||||||||||||||||||
Total(2)
|
$ | 76 | $ | 74 | $ | 230 | $ | 219 |
Operating Leases | ||||||||||||||||||||
Balance Sheet Location | May 2, 2021 | August 2, 2020 | ||||||||||||||||||
ROU assets, net | Other assets | $ | 236 | $ | 254 | |||||||||||||||
Lease liabilities (current) | Accrued liabilities | $ | 57 | $ | 67 | |||||||||||||||
Lease liabilities (noncurrent) | Other liabilities | $ | 178 | $ | 184 |
Finance Leases | ||||||||||||||||||||
Balance Sheet Location | May 2, 2021 | August 2, 2020 | ||||||||||||||||||
ROU assets, net | Plant assets, net of depreciation | $ | 10 | $ | 10 | |||||||||||||||
Lease liabilities (current) | Short-term borrowings | $ | 4 | $ | 3 | |||||||||||||||
Lease liabilities (noncurrent) | Long-term debt | $ | 7 | $ | 7 |
Nine Months Ended | ||||||||||||||||||||
May 2, 2021 | April 26, 2020 | |||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities:
|
||||||||||||||||||||
Operating cash flows from operating leases | $ | 60 | $ | 59 | ||||||||||||||||
Financing cash flows from finance leases | $ | 3 | $ | 1 | ||||||||||||||||
ROU assets obtained in exchange for lease obligations: | ||||||||||||||||||||
Operating leases | $ | 39 | $ | 77 | ||||||||||||||||
Finance leases
|
$ | 4 | $ | 8 | ||||||||||||||||
ROU assets divested with businesses sold: | ||||||||||||||||||||
Operating leases | $ | — | $ | 18 | ||||||||||||||||
Finance leases
|
$ | — | $ | 5 |
Balance Sheet Classification | May 2, 2021 | August 2, 2020 | |||||||||||||||
Asset Derivatives | |||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||
Commodity derivative contracts | Other current assets | $ | 2 | $ | — | ||||||||||||
Foreign exchange forward contracts | Other current assets | — | 1 | ||||||||||||||
Total derivatives designated as hedges | $ | 2 | $ | 1 | |||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity derivative contracts | Other current assets | $ | 35 | $ | 7 | ||||||||||||
Deferred compensation derivative contracts | Other current assets | 2 | 4 | ||||||||||||||
Commodity derivative contracts | Other assets | 3 | — | ||||||||||||||
Total derivatives not designated as hedges | $ | 40 | $ | 11 | |||||||||||||
Total asset derivatives | $ | 42 | $ | 12 |
Balance Sheet Classification | May 2, 2021 | August 2, 2020 | |||||||||||||||
Liability Derivatives | |||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||
Foreign exchange forward contracts | Accrued liabilities | $ | 7 | $ | 2 | ||||||||||||
Total derivatives designated as hedges | $ | 7 | $ | 2 | |||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity derivative contracts | Accrued liabilities | $ | — | $ | 9 | ||||||||||||
Total derivatives not designated as hedges | $ | — | $ | 9 | |||||||||||||
Total liability derivatives | $ | 7 | $ | 11 |
May 2, 2021 | August 2, 2020 | |||||||||||||||||||||||||||||||||||||
Derivative Instrument | Gross Amounts Presented in the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements | Net Amount | Gross Amounts Presented in the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements | Net Amount | ||||||||||||||||||||||||||||||||
Total asset derivatives | $ | 42 | $ | — | $ | 42 | $ | 12 | $ | (4) | $ | 8 | ||||||||||||||||||||||||||
Total liability derivatives | $ | 7 | $ | — | $ | 7 | $ | 11 | $ | (4) | $ | 7 |
Total Cash-Flow Hedge
OCI Activity |
||||||||||||||||||||
Derivatives Designated as Cash-Flow Hedges | May 2, 2021 | April 26, 2020 | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
OCI derivative gain (loss) at beginning of quarter | $ | (12) | $ | (9) | ||||||||||||||||
Effective portion of changes in fair value recognized in OCI: | ||||||||||||||||||||
Commodity contracts | 2 | — | ||||||||||||||||||
Foreign exchange forward contracts | (4) | 8 | ||||||||||||||||||
Amount of (gain) loss reclassified from OCI to earnings: | Location in Earnings | |||||||||||||||||||
Foreign exchange forward contracts | Cost of products sold | 2 | 1 | |||||||||||||||||
OCI derivative gain (loss) at end of quarter | $ | (12) | $ | — | ||||||||||||||||
Nine Months Ended | ||||||||||||||||||||
OCI derivative gain (loss) at beginning of year | $ | (8) | $ | (11) | ||||||||||||||||
Effective portion of changes in fair value recognized in OCI: | ||||||||||||||||||||
Commodity contracts | 2 | — | ||||||||||||||||||
Foreign exchange forward contracts | (11) | 9 | ||||||||||||||||||
Amount of (gain) loss reclassified from OCI to earnings: | Location in Earnings | |||||||||||||||||||
Foreign exchange forward contracts | Cost of products sold | 4 | — | |||||||||||||||||
Foreign exchange forward contracts | Earnings (loss) from discontinued operations | — | 1 | |||||||||||||||||
Forward starting interest rate swaps | Interest expense | 1 | 1 | |||||||||||||||||
OCI derivative gain (loss) at end of quarter | $ | (12) | $ | — |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
May 2, 2021 | April 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of products sold | Interest expense | Cost of products sold | Earnings from discontinued operations | Interest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Earnings: | $ | 1,356 | $ | 53 | $ | 1,466 | $ | 2 | $ | 55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Gain) loss on Cash Flow Hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of (gain) loss reclassified from OCI to earnings | $ | 2 | $ | — | $ | 1 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount excluded from effectiveness testing recognized in earnings using an amortization approach | $ | — | $ | — | $ | — | $ | — | $ | — |
Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
May 2, 2021 | April 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of products sold |
Interest
expense |
Cost of product sold | Earnings from discontinued operations |
Interest
expense |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Earnings: | $ | 4,379 | $ | 163 | $ | 4,331 | $ | 1,036 | $ | 284 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Gain) loss on Cash Flow Hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of (gain) loss reclassified from OCI to earnings | $ | 4 | $ | 1 | $ | — | $ | 1 | $ | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount excluded from effectiveness testing recognized in earnings using an amortization approach | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of (Gain) Loss Recognized in Earnings on Derivatives | ||||||||||||||||||||||||||||||||
Derivatives not Designated as Hedges |
Location of (Gain) Loss
Recognized in Earnings |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
May 2, 2021 | April 26, 2020 | May 2, 2021 | April 26, 2020 | |||||||||||||||||||||||||||||
Foreign exchange forward contracts | Cost of products sold | $ | 1 | $ | (1) | $ | 2 | $ | (1) | |||||||||||||||||||||||
Foreign exchange forward contracts | Other expenses / (income) | — | — | — | 2 | |||||||||||||||||||||||||||
Commodity derivative contracts | Cost of products sold | (24) | 31 | (39) | 27 | |||||||||||||||||||||||||||
Deferred compensation derivative contracts | Administrative expenses | (3) | 5 | (6) | 1 | |||||||||||||||||||||||||||
Treasury rate lock contracts | Interest expense | — | — | — | (3) | |||||||||||||||||||||||||||
Total (gain) loss at end of quarter | $ | (26) | $ | 35 | $ | (43) | $ | 26 |
Fair Value
as of May 2, 2021 |
Fair Value Measurements at
May 2, 2021 Using Fair Value Hierarchy |
Fair Value
as of August 2, 2020 |
Fair Value Measurements at
August 2, 2020 Using Fair Value Hierarchy |
||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts(1)
|
$ | — | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | 1 | $ | — | |||||||||||||||||||||||||||||||
Commodity derivative contracts(2)
|
40 | 21 | 18 | 1 | 7 | 3 | 2 | 2 | |||||||||||||||||||||||||||||||||||||||
Deferred compensation derivative contracts(3)
|
2 | — | 2 | — | 4 | — | 4 | — | |||||||||||||||||||||||||||||||||||||||
Deferred compensation investments(4)
|
3 | 3 | — | — | 3 | 3 | — | — | |||||||||||||||||||||||||||||||||||||||
Total assets at fair value | $ | 45 | $ | 24 | $ | 20 | $ | 1 | $ | 15 | $ | 6 | $ | 7 | $ | 2 |
Fair Value
as of May 2, 2021 |
Fair Value Measurements at
May 2, 2021 Using Fair Value Hierarchy |
Fair Value
as of August 2, 2020 |
Fair Value Measurements at
August 2, 2020 Using Fair Value Hierarchy |
||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts(1)
|
$ | 7 | $ | — | $ | 7 | $ | — | $ | 2 | $ | — | $ | 2 | $ | — | |||||||||||||||||||||||||||||||
Commodity derivative contracts(2)
|
— | — | — | — | 9 | 5 | 4 | — | |||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation(4)
|
101 | 101 | — | — | 92 | 92 | — | — | |||||||||||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | 108 | $ | 101 | $ | 7 | $ | — | $ | 103 | $ | 97 | $ | 6 | $ | — |
Nine Months Ended | ||||||||||||||
May 2, 2021 |
April 26, 2020(1)
|
|||||||||||||
Fair value at beginning of year | $ | 2 | $ | 76 | ||||||||||
Gains (losses) | 2 | (46) | ||||||||||||
Purchases | — | 1 | ||||||||||||
Settlements | (3) | (1) | ||||||||||||
Fair value at end of quarter | $ | 1 | $ | 30 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
May 2, 2021 | April 26, 2020 | May 2, 2021 | April 26, 2020 | ||||||||||||||||||||
Total pre-tax stock-based compensation expense | $ | 17 | $ | 14 | $ | 51 | $ | 45 | |||||||||||||||
Tax-related benefits | $ | 3 | $ | 3 | $ | 9 | $ | 9 |
Options |
Weighted-
Average Exercise Price |
Weighted-
Average Remaining Contractual Life |
Aggregate
Intrinsic Value |
||||||||||||||||||||
(Options in
thousands) |
(In years) | ||||||||||||||||||||||
Outstanding at August 2, 2020 | 1,423 | $ | 45.42 | ||||||||||||||||||||
Granted | — | $ | — | ||||||||||||||||||||
Exercised | (51) | $ | 33.65 | ||||||||||||||||||||
Terminated | — | $ | — | ||||||||||||||||||||
Outstanding at May 2, 2021 | 1,372 | $ | 45.61 | 6.2 | $ | 6 | |||||||||||||||||
Exercisable at May 2, 2021 | 1,079 | $ | 48.36 | 5.8 | $ | 3 |
Units | Weighted-Average Grant-Date Fair Value | ||||||||||
(Restricted stock
units in thousands) |
|||||||||||
Nonvested at August 2, 2020 | 1,866 | $ | 43.18 | ||||||||
Granted | 887 | $ | 48.43 | ||||||||
Vested | (790) | $ | 42.82 | ||||||||
Forfeited | (129) | $ | 46.59 | ||||||||
Nonvested at May 2, 2021 | 1,834 | $ | 45.64 |
Units | Weighted-Average Grant-Date Fair Value | ||||||||||
(Restricted stock
units in thousands) |
|||||||||||
Nonvested at August 2, 2020 | 1,254 | $ | 47.83 | ||||||||
Granted | 521 | $ | 54.93 | ||||||||
Vested | (236) | $ | 39.39 | ||||||||
Forfeited | (296) | $ | 42.66 | ||||||||
Nonvested at May 2, 2021 | 1,243 | $ | 53.63 |
2021 | 2020 | ||||||||||
Risk-free interest rate | 0.15% | 1.48% | |||||||||
Expected dividend yield | 2.85% | 2.95% | |||||||||
Expected volatility | 29.99% | 27.01% | |||||||||
Expected term | 3 years | 3 years |
Balance Sheets | May 2, 2021 | August 2, 2020 | |||||||||
Inventories | |||||||||||
Raw materials, containers and supplies | $ | 318 | $ | 297 | |||||||
Finished products | 542 | 574 | |||||||||
$ | 860 | $ | 871 | ||||||||
Statements of Earnings | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||
May 2, 2021 | April 26, 2020 | May 2, 2021 | April 26, 2020 | ||||||||||||||||||||||||||||||||
Other expenses / (income) | |||||||||||||||||||||||||||||||||||
Amortization of intangible assets | $ | 10 | $ | 11 | $ | 31 | $ | 33 | |||||||||||||||||||||||||||
Net periodic benefit income other than the service cost | (22) | (22) | (63) | (68) | |||||||||||||||||||||||||||||||
Pension settlement charges (gains) | (4) | 54 | (38) | 43 | |||||||||||||||||||||||||||||||
Investment losses | — | 45 | — | 49 | |||||||||||||||||||||||||||||||
Loss on sale of business(1)
|
— | — | — | 64 | |||||||||||||||||||||||||||||||
Transition services fees | (8) | (3) | (20) | (5) | |||||||||||||||||||||||||||||||
Other | 1 | (4) | 4 | (1) | |||||||||||||||||||||||||||||||
$ | (23) | $ | 81 | $ | (86) | $ | 115 |
Three Months Ended | |||||||||||||||||||||||
May 2, 2021 | April 26, 2020 | ||||||||||||||||||||||
(Millions, except per share amounts) |
Earnings
Impact
|
EPS
Impact
|
Earnings
Impact
|
EPS
Impact
|
|||||||||||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ | 166 | $ | .54 | $ | 166 | $ | .55 | |||||||||||||||
Earnings (loss) from discontinued operations | $ | (6) | $ | (.02) | $ | 2 | $ | .01 | |||||||||||||||
Net earnings attributable to Campbell Soup Company(1)
|
$ | 160 | $ | .52 | $ | 168 | $ | .55 | |||||||||||||||
Continuing operations: | |||||||||||||||||||||||
Restructuring charges, implementation costs and other related costs | $ | (11) | $ | (.04) | $ | (11) | $ | (.04) | |||||||||||||||
Pension settlement gains (charges) | 3 | .01 | (41) | (.13) | |||||||||||||||||||
Investment losses | — | — | (35) | (.12) | |||||||||||||||||||
Impact of items on Earnings from continuing operations | $ | (8) | $ | (.03) | $ | (87) | $ | (.29) | |||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
May 2, 2021 | April 26, 2020 | ||||||||||||||||||||||
(Millions, except per share amounts) |
Earnings
Impact
|
EPS
Impact
|
Earnings
Impact
|
EPS
Impact
|
|||||||||||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ | 720 | $ | 2.36 | $ | 506 | $ | 1.66 | |||||||||||||||
Earnings (loss) from discontinued operations | $ | (6) | $ | (.02) | $ | 1,036 | $ | 3.41 | |||||||||||||||
Net earnings attributable to Campbell Soup Company | $ | 714 | $ | 2.34 | $ | 1,542 | $ | 5.07 | |||||||||||||||
Continuing operations: | |||||||||||||||||||||||
Restructuring charges, implementation costs and other related costs | $ | (32) | $ | (.10) | $ | (38) | $ | (.13) | |||||||||||||||
Pension settlement gains (charges) | 29 | .10 | (33) | (.11) | |||||||||||||||||||
Deferred tax charge | (19) | (.06) | — | — | |||||||||||||||||||
Investment losses | — | — | (35) | (.12) | |||||||||||||||||||
Charges associated with divestiture | — | — | (41) | (.13) | |||||||||||||||||||
Loss on debt extinguishment | — | — | (57) | (.19) | |||||||||||||||||||
Impact of items on Earnings from continuing operations(1)
|
$ | (22) | $ | (.07) | $ | (204) | $ | (.67) | |||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Gains associated with divestitures | $ | — | $ | — | $ | 1,000 | $ | 3.29 | |||||||||||||||
Impact of items on Earnings from discontinued operations | $ | — | $ | — | $ | 1,000 | $ | 3.29 | |||||||||||||||
Three Months Ended | |||||||||||||||||
(Millions) | May 2, 2021 | April 26, 2020 | % Change | ||||||||||||||
Meals & Beverages | $ | 1,039 | $ | 1,210 | (14) | ||||||||||||
Snacks | 945 | 1,028 | (8) | ||||||||||||||
$ | 1,984 | $ | 2,238 | (11) |
Meals & Beverages(1)
|
Snacks
|
Total(1)
|
|||||||||||||||
Volume and mix | (15)% | (9)% | (12)% | ||||||||||||||
Price and sales allowances | (1) | 1 | — | ||||||||||||||
Currency | 1 | — | — | ||||||||||||||
(14)% | (8)% | (11)% |
Margin Impact | |||||
Cost inflation, supply chain costs and other factors(1)
|
(3.6) | ||||
Mix | (1.1) | ||||
Price and sales allowances | 0.1 | ||||
Lower restructuring-related costs | 0.1 | ||||
Lower level of promotional spending | 0.2 | ||||
Productivity improvements | 1.5 | ||||
(2.8)% |
Three Months Ended | ||||||||||||||||||||
(Millions) | May 2, 2021 | April 26, 2020 | % Change | |||||||||||||||||
Meals & Beverages | $ | 179 | $ | 275 | (35) | |||||||||||||||
Snacks | 109 | 154 | (29) | |||||||||||||||||
288 | 429 | (33) | ||||||||||||||||||
Corporate | (14) | (156) | ||||||||||||||||||
Restructuring charges(1)
|
(2) | — | ||||||||||||||||||
Earnings before interest and taxes | $ | 272 | $ | 273 |
Nine Months Ended | |||||||||||||||||
(Millions) | May 2, 2021 | April 26, 2020 | % Change | ||||||||||||||
Meals & Beverages | $ | 3,681 | $ | 3,628 | 1 | ||||||||||||
Snacks | 2,922 | 2,955 | (1) | ||||||||||||||
$ | 6,603 | $ | 6,583 | — |
Meals & Beverages(2)
|
Snacks(2)
|
Total | |||||||||||||||
Volume and mix | —% | (2)% | (1)% | ||||||||||||||
Price and sales allowances | (1) | — | — | ||||||||||||||
(Increased) /decreased promotional spending(1)
|
1 | 1 | 1 | ||||||||||||||
Divestiture | — | (1) | — | ||||||||||||||
1% | (1)% | —% |
Margin Impact | |||||
Cost inflation, supply chain costs and other factors(1)
|
(2.6) | ||||
Mix | (0.2) | ||||
Price and sales allowances | (0.2) | ||||
Lower restructuring-related costs | 0.1 | ||||
Lower level of promotional spending | 0.9 | ||||
Productivity improvements | 1.5 | ||||
(0.5)% |
Nine Months Ended | ||||||||||||||||||||
(Millions) | May 2, 2021 | April 26, 2020 | % Change | |||||||||||||||||
Meals & Beverages | $ | 770 | $ | 799 | (4) | |||||||||||||||
Snacks | 392 | 415 | (6) | |||||||||||||||||
1,162 | 1,214 | (4) | ||||||||||||||||||
Corporate | (7) | (264) | ||||||||||||||||||
Restructuring charges(1)
|
(21) | (10) | ||||||||||||||||||
Earnings before interest and taxes | $ | 1,134 | $ | 940 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
(Millions, except per share amounts)
|
May 2, 2021 | April 26, 2020 | May 2, 2021 | April 26, 2020 | Recognized as of May 2, 2021 | ||||||||||||||||||||||||
Restructuring charges | $ | 2 | $ | — | $ | 21 | $ | 10 | $ | 259 | |||||||||||||||||||
Administrative expenses | 11 | 10 | 21 | 31 | 332 | ||||||||||||||||||||||||
Cost of products sold | 2 | 4 | 1 | 6 | 77 | ||||||||||||||||||||||||
Marketing and selling expenses | — | — | — | 2 | 12 | ||||||||||||||||||||||||
Research and development expenses | — | — | — | 1 | 4 | ||||||||||||||||||||||||
Total pre-tax charges | $ | 15 | $ | 14 | $ | 43 | $ | 50 | $ | 684 | |||||||||||||||||||
Aggregate after-tax impact | $ | 11 | $ | 11 | $ | 32 | $ | 38 | |||||||||||||||||||||
Per share impact | $ | .04 | $ | .04 | $ | .10 | $ | .13 |
(Millions) | Recognized as of May 2, 2021 | ||||
Severance pay and benefits
|
$ | 19 | |||
Implementation costs and other related costs
|
4 | ||||
Total | $ | 23 |
(Millions) | Recognized as of May 2, 2021 | ||||
Severance pay and benefits
|
$ | 221 | |||
Asset impairment/accelerated depreciation | 81 | ||||
Implementation costs and other related costs
|
382 | ||||
Total | $ | 684 |
Year Ended | |||||||||||||||||||||||||||||||||||
(Millions) | August 2, 2020 | July 28, 2019 | July 29, 2018 | July 30, 2017 | July 31, 2016 | August 2, 2015 | |||||||||||||||||||||||||||||
Total pre-tax savings | $ | 725 | $ | 560 | $ | 395 | $ | 325 | $ | 215 | $ | 85 |
May 2, 2021 | |||||||||||||||||
(Millions) | Three Months Ended |
Nine Months
Ended |
Costs Incurred to Date
|
||||||||||||||
Meals & Beverages | $ | 1 | $ | 2 | $ | 222 | |||||||||||
Snacks | 13 | 39 | 290 | ||||||||||||||
Corporate | 1 | 2 | 172 | ||||||||||||||
Total | $ | 15 | $ | 43 | $ | 684 |
April 26, 2020 | |||||||||||
(Millions) | Nine Months Ended | ||||||||||
Net sales | $ | 359 | |||||||||
Earnings before taxes from operations | $ | 53 | |||||||||
Taxes on earnings from operations | 17 | ||||||||||
Gain on sales of businesses / costs associated with selling the businesses | 1,039 | ||||||||||
Tax expense on sales of businesses / costs associated with selling the businesses | 39 | ||||||||||
Earnings from discontinued operations | $ | 1,036 |
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101.INS | Inline 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. | ||||
101.SCH | Inline XBRL Extension Schema Document. | ||||
101.CAL | Inline XBRL Extension Calculation Linkbase Document. | ||||
101.DEF | Inline XBRL Extension Definition Linkbase Document. | ||||
101.LAB | Inline XBRL Extension Label Linkbase Document. | ||||
101.PRE | Inline XBRL Extension Presentation Linkbase Document. | ||||
104 | The cover page from this Quarterly Report on Form 10-Q, formatted in Inline XBRL (included in Exhibit 101). |
CAMPBELL SOUP COMPANY | ||||||||
By: | /s/ Mick J. Beekhuizen | |||||||
Mick J. Beekhuizen | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
By: | /s/ Stanley Polomski | |||||||
Stanley Polomski | ||||||||
Vice President and Controller |
1 Year Campbell Soup Chart |
1 Month Campbell Soup Chart |
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