New Jersey | 1-3822 | 21-0419870 | ||
State of Incorporation | Commission File Number | I.R.S. Employer Identification No. |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Capital Stock, par value $.0375 | CPB | New York Stock Exchange |
• | Meals & Beverages, which includes the retail and foodservice businesses in the U.S. and Canada. The segment includes the following products: Campbell’s condensed and ready-to-serve soups; Swanson broth and stocks; Pacific Foods broth, soups, non-dairy beverages and other simple meals; Prego pasta sauces; Pace Mexican sauces; Campbell’s gravies, pasta, beans and dinner sauces; Swanson canned poultry; Plum baby food and snacks; V8 juices and beverages; and Campbell’s tomato juice. The segment also includes the simple meals and shelf-stable beverages business in Latin America; and |
• | Snacks, which consists of Pepperidge Farm cookies, crackers, fresh bakery and frozen products in U.S. retail, including Milano cookies and Goldfish crackers; and Snyder’s of Hanover pretzels, Lance sandwich crackers, Cape Cod and Kettle Brand potato chips, Late July snacks, Snack Factory Pretzel Crisps, Pop Secret popcorn, Emerald nuts, and other snacking products in the U.S. and Canada. The segment also includes our European chips business. |
(d) | Exhibits |
99.1 | Recast historical quarterly and year-to-date unaudited financial information reflecting discontinued operations and changes in our segment reporting, as well as certain non-GAAP financial measures (as defined by the Securities and Exchange Commission) reconciled to the GAAP presentation. |
CAMPBELL SOUP COMPANY | |||
(Registrant) | |||
Date: September 26, 2019 | By: | /s/ Anthony P. DiSilvestro | |
Anthony P. DiSilvestro | |||
Senior Vice President and Chief Financial Officer | |||
Three Months Ended | Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
Fiscal 2019 | October 28, 2018 | January 27, 2019 | January 27, 2019 | April 28, 2019 | April 28, 2019 | July 28, 2019 | July 28, 2019 | |||||||||||||||||||||
Net sales | $ | 2,202 | $ | 2,172 | $ | 4,374 | $ | 1,953 | $ | 6,327 | $ | 1,780 | $ | 8,107 | ||||||||||||||
Costs and expenses | ||||||||||||||||||||||||||||
Cost of products sold | 1,476 | 1,466 | 2,942 | 1,298 | 4,240 | 1,174 | 5,414 | |||||||||||||||||||||
Marketing and selling expenses | 211 | 221 | 432 | 215 | 647 | 195 | 842 | |||||||||||||||||||||
Administrative expenses | 148 | 146 | 294 | 150 | 444 | 166 | 610 | |||||||||||||||||||||
Research and development expenses | 23 | 20 | 43 | 23 | 66 | 25 | 91 | |||||||||||||||||||||
Other expenses / (income) | — | (8 | ) | (8 | ) | 20 | 12 | 128 | 140 | |||||||||||||||||||
Restructuring charges | 18 | 2 | 20 | 2 | 22 | 9 | 31 | |||||||||||||||||||||
Total costs and expenses | 1,876 | 1,847 | 3,723 | 1,708 | 5,431 | 1,697 | 7,128 | |||||||||||||||||||||
Earnings before interest and taxes | 326 | 325 | 651 | 245 | 896 | 83 | 979 | |||||||||||||||||||||
Interest expense | 91 | 91 | 182 | 89 | 271 | 85 | 356 | |||||||||||||||||||||
Interest income | 1 | — | 1 | — | 1 | 1 | 2 | |||||||||||||||||||||
Earnings (loss) before taxes | 236 | 234 | 470 | 156 | 626 | (1 | ) | 625 | ||||||||||||||||||||
Taxes on earnings (loss) | 56 | 58 | 114 | 33 | 147 | 4 | 151 | |||||||||||||||||||||
Earnings (loss) from continuing operations | 180 | 176 | 356 | 123 | 479 | (5 | ) | 474 | ||||||||||||||||||||
Earnings (loss) from discontinued operations | 14 | (235 | ) | (221 | ) | (39 | ) | (260 | ) | (3 | ) | (263 | ) | |||||||||||||||
Net earnings (loss) | 194 | (59 | ) | 135 | 84 | 219 | (8 | ) | 211 | |||||||||||||||||||
Less: Net earnings (loss) attributable to noncontrolling interests | — | — | — | — | — | — | — | |||||||||||||||||||||
Net earnings (loss) attributable to Campbell Soup Company | $ | 194 | $ | (59 | ) | $ | 135 | $ | 84 | $ | 219 | $ | (8 | ) | $ | 211 | ||||||||||||
Per Share — Basic | ||||||||||||||||||||||||||||
Earnings (loss) from continuing operations attributable to Campbell Soup Company | $ | .60 | $ | .58 | $ | 1.18 | $ | .41 | $ | 1.59 | $ | (.02 | ) | $ | 1.57 | |||||||||||||
Earnings (loss) from discontinued operations | .05 | (.78 | ) | (.73 | ) | (.13 | ) | (.86 | ) | (.01 | ) | (.87 | ) | |||||||||||||||
Net earnings (loss) attributable to Campbell Soup Company* | $ | .64 | $ | (.20 | ) | $ | .45 | $ | .28 | $ | .73 | $ | (.03 | ) | $ | .70 | ||||||||||||
Weighted average shares outstanding — basic | 301 | 301 | 301 | 301 | 301 | 301 | 301 | |||||||||||||||||||||
Earnings Per Share — Assuming Dilution | ||||||||||||||||||||||||||||
From continuing operations attributable to Campbell Soup Company | $ | .60 | $ | .58 | $ | 1.18 | $ | .41 | $ | 1.59 | $ | (.02 | ) | $ | 1.57 | |||||||||||||
From discontinued operations | .05 | (.78 | ) | (.73 | ) | (.13 | ) | (.86 | ) | (.01 | ) | (.87 | ) | |||||||||||||||
Net attributable to Campbell Soup Company* | $ | .64 | $ | (.20 | ) | $ | .45 | $ | .28 | $ | .73 | $ | (.03 | ) | $ | .70 | ||||||||||||
Weighted average shares outstanding — assuming dilution | 302 | 302 | 302 | 302 | 302 | 301 | 302 |
Three Months Ended | Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
Fiscal 2018 | October 29, 2017 | January 28, 2018 | January 28, 2018 | April 29, 2018 | April 29, 2018 | July 29, 2018 | July 29, 2018 | |||||||||||||||||||||
Net sales | $ | 1,638 | $ | 1,614 | $ | 3,252 | $ | 1,618 | $ | 4,870 | $ | 1,745 | $ | 6,615 | ||||||||||||||
Costs and expenses | ||||||||||||||||||||||||||||
Cost of products sold | 982 | 977 | 1,959 | 1,085 | 3,044 | 1,197 | 4,241 | |||||||||||||||||||||
Marketing and selling expenses | 178 | 184 | 362 | 188 | 550 | 178 | 728 | |||||||||||||||||||||
Administrative expenses | 123 | 141 | 264 | 140 | 404 | 159 | 563 | |||||||||||||||||||||
Research and development expenses | 26 | 22 | 48 | 22 | 70 | 21 | 91 | |||||||||||||||||||||
Other expenses / (income) | (34 | ) | (8 | ) | (42 | ) | 35 | (7 | ) | (66 | ) | (73 | ) | |||||||||||||||
Restructuring charges | 2 | 32 | 34 | 17 | 51 | 4 | 55 | |||||||||||||||||||||
Total costs and expenses | 1,277 | 1,348 | 2,625 | 1,487 | 4,112 | 1,493 | 5,605 | |||||||||||||||||||||
Earnings before interest and taxes | 361 | 266 | 627 | 131 | 758 | 252 | 1,010 | |||||||||||||||||||||
Interest expense | 26 | 27 | 53 | 40 | 93 | 90 | 183 | |||||||||||||||||||||
Interest income | — | — | — | 2 | 2 | 1 | 3 | |||||||||||||||||||||
Earnings before taxes | 335 | 239 | 574 | 93 | 667 | 163 | 830 | |||||||||||||||||||||
Taxes on earnings | 108 | (75 | ) | 33 | 36 | 69 | 37 | 106 | ||||||||||||||||||||
Earnings from continuing operations | 227 | 314 | 541 | 57 | 598 | 126 | 724 | |||||||||||||||||||||
Earnings (loss) from discontinued operations | 48 | (29 | ) | 19 | (450 | ) | (431 | ) | (32 | ) | (463 | ) | ||||||||||||||||
Net earnings (loss) | 275 | 285 | 560 | (393 | ) | 167 | 94 | 261 | ||||||||||||||||||||
Less: Net earnings (loss) attributable to noncontrolling interests | — | — | — | — | — | — | — | |||||||||||||||||||||
Net earnings (loss) attributable to Campbell Soup Company | $ | 275 | $ | 285 | $ | 560 | $ | (393 | ) | $ | 167 | $ | 94 | $ | 261 | |||||||||||||
Per Share — Basic | ||||||||||||||||||||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ | .75 | $ | 1.04 | $ | 1.80 | $ | .19 | $ | 1.99 | $ | .42 | $ | 2.41 | ||||||||||||||
Earnings (loss) from discontinued operations | .16 | (.10 | ) | .06 | (1.50 | ) | (1.43 | ) | (.11 | ) | (1.54 | ) | ||||||||||||||||
Net earnings (loss) attributable to Campbell Soup Company* | $ | .91 | $ | .95 | $ | 1.86 | $ | (1.31 | ) | $ | .55 | $ | .31 | $ | .87 | |||||||||||||
Weighted average shares outstanding — basic | 301 | 301 | 301 | 301 | 301 | 301 | 301 | |||||||||||||||||||||
Per Share — Assuming Dilution | ||||||||||||||||||||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ | .75 | $ | 1.04 | $ | 1.79 | $ | .19 | $ | 1.98 | $ | .42 | $ | 2.40 | ||||||||||||||
Earnings (loss) from discontinued operations | .16 | (.10 | ) | .06 | (1.50 | ) | (1.43 | ) | (.11 | ) | (1.53 | ) | ||||||||||||||||
Net earnings (loss) attributable to Campbell Soup Company* | $ | .91 | $ | .95 | $ | 1.85 | $ | (1.31 | ) | $ | .55 | $ | .31 | $ | .86 | |||||||||||||
Weighted average shares outstanding — assuming dilution | 302 | 301 | 302 | 301 | 302 | 302 | 302 |
Three Months Ended | Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
Fiscal 2019 | October 28, 2018 | January 27, 2019 | January 27, 2019 | April 28, 2019 | April 28, 2019 | July 28, 2019 | July 28, 2019 | |||||||||||||||||||||
Net sales | ||||||||||||||||||||||||||||
Meals & Beverages | $ | 1,246 | $ | 1,239 | $ | 2,485 | $ | 1,024 | $ | 3,509 | $ | 813 | $ | 4,322 | ||||||||||||||
Snacks | 956 | 932 | 1,888 | 929 | 2,817 | 967 | 3,784 | |||||||||||||||||||||
Corporate | — | 1 | 1 | — | 1 | — | 1 | |||||||||||||||||||||
Total | $ | 2,202 | $ | 2,172 | $ | 4,374 | $ | 1,953 | $ | 6,327 | $ | 1,780 | $ | 8,107 |
Earnings before interest and taxes | ||||||||||||||||||||||||||||
Meals & Beverages | $ | 291 | $ | 254 | $ | 545 | $ | 207 | $ | 752 | $ | 151 | $ | 903 | ||||||||||||||
Snacks | 124 | 131 | 255 | 126 | 381 | 133 | 514 | |||||||||||||||||||||
Corporate | (71 | ) | (58 | ) | (129 | ) | (86 | ) | (215 | ) | (192 | ) | (407 | ) | ||||||||||||||
Restructuring charges | (18 | ) | (2 | ) | (20 | ) | (2 | ) | (22 | ) | (9 | ) | (31 | ) | ||||||||||||||
Total | $ | 326 | $ | 325 | $ | 651 | $ | 245 | $ | 896 | $ | 83 | $ | 979 |
Three Months Ended | Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
Fiscal 2018 | October 29, 2017 | January 28, 2018 | January 28, 2018 | April 29, 2018 | April 29, 2018 | July 29, 2018 | July 29, 2018 | |||||||||||||||||||||
Net sales | ||||||||||||||||||||||||||||
Meals & Beverages | $ | 1,241 | $ | 1,223 | $ | 2,464 | $ | 1,032 | $ | 3,496 | $ | 809 | $ | 4,305 | ||||||||||||||
Snacks | 397 | 390 | 787 | 584 | 1,371 | 936 | 2,307 | |||||||||||||||||||||
Corporate | — | 1 | 1 | 2 | 3 | — | 3 | |||||||||||||||||||||
Total | $ | 1,638 | $ | 1,614 | $ | 3,252 | $ | 1,618 | $ | 4,870 | $ | 1,745 | $ | 6,615 |
Earnings before interest and taxes | ||||||||||||||||||||||||||||
Meals & Beverages | $ | 330 | $ | 283 | $ | 613 | $ | 219 | $ | 832 | $ | 156 | $ | 988 | ||||||||||||||
Snacks | 73 | 85 | 158 | 94 | 252 | 131 | 383 | |||||||||||||||||||||
Corporate | (40 | ) | (70 | ) | (110 | ) | (165 | ) | (275 | ) | (31 | ) | (306 | ) | ||||||||||||||
Restructuring charges | (2 | ) | (32 | ) | (34 | ) | (17 | ) | (51 | ) | (4 | ) | (55 | ) | ||||||||||||||
Total | $ | 361 | $ | 266 | $ | 627 | $ | 131 | $ | 758 | $ | 252 | $ | 1,010 |
(1) | In fiscal 2015, the company implemented initiatives to reduce costs and to streamline its organizational structure. In fiscal 2017, the company expanded these cost savings initiatives by further optimizing its supply chain network, primarily in North America, continuing to evolve its operating model to drive efficiencies, and more fully integrating its recent acquisitions. In January 2018, as part of the expanded initiatives, the company authorized additional costs to improve the operational efficiency of its thermal supply chain network in North America by closing its manufacturing facility in Toronto, Ontario, and to optimize its information technology infrastructure by migrating certain applications to the latest cloud technology platform. In August 2018, the company announced that it will continue to streamline its organization, expand its zero-based budgeting efforts and optimize its manufacturing network. In fiscal 2019, the company began to include costs associated with the Snyder's-Lance cost transformation program and integration with these initiatives. |
(2) | In the fourth quarter of fiscal 2019, as part of the company's annual review of intangible assets, the company recognized a non-cash impairment charge on a trademark and on goodwill in Kelsen due to a lower long-term outlook for sales and the pending sale of the business. |
(3) | In fiscal 2019, the company incurred expenses associated with the sale process of the businesses in Campbell Fresh, including transaction costs. In addition, the company recorded tax expense as deferred tax assets on Bolthouse Farms were not realizable. The company also incurred costs associated with the planned divestiture of Campbell International. These charges were all recorded in Earnings (loss) from discontinued operations. |
(4) | In fiscal 2019, the company recognized a pension settlement charge in Other expenses / (income) in Earnings (loss) from continuing operations associated with a U.S. pension plan. The settlement resulted from the level of lump sum distributions from the plan's assets in 2019. |
(5) | In fiscal 2018 and 2019, the company reflected the impact of taxes on the enactment of the Tax Cuts and Jobs Act that was signed into law in December 2017. In fiscal 2019, the company recorded a tax charge related to a transition tax on unremitted foreign earnings. In fiscal 2018, the company recorded a tax benefit due to the remeasurement of deferred tax assets and liabilities, and a tax charge related to the transition tax on unremitted foreign earnings. These charges and benefits were all recorded in Earnings (loss) from continuing operations. |
(6) | In fiscal 2019, the company incurred losses in Other expenses / (income) in Earnings (loss) from continuing operations associated with mark-to-market adjustments for defined benefit pension and postretirement plans. The company also incurred losses associated with mark-to-market adjustments for defined benefit pension plans in Earnings (loss) from discontinued operations. In fiscal 2018, the company incurred gains in Other expenses / (income) in Earnings from continuing operations associated with mark-to-market adjustments for defined benefit pension and postretirement plans. The company also incurred gains associated with mark-to-market and curtailment adjustments for defined benefit pension plans in Earnings (loss) from discontinuing operations. |
(7) | In the second quarter of fiscal 2018, the company announced its intent to acquire Snyder's-Lance, Inc. and on March 26, 2018, the acquisition closed. In fiscal 2018, the company incurred transaction costs in Other expenses / (income), in Cost of products sold associated with an acquisition date fair value adjustment for inventory, and recorded a gain in Interest expense on treasury rate lock contracts used to hedge the planned financing of the acquisition. The company also incurred integration costs in association with its cost savings initiatives, which were recorded in Restructuring charges and in Administrative expenses. These costs were all recorded in Earnings from continuing operations. |
(8) | In fiscal 2018, the company recorded a loss in Other expenses / (income) in Earnings from continuing operations from a settlement of a legal claim. |
Fiscal 2019 | Three Months Ended | Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
(millions, except per share amounts) | October 28, 2018 | January 27, 2019 | January 27, 2019 | April 28, 2019 | April 28, 2019 | July 28, 2019 | July 28, 2019 | |||||||||||||||||||||
Gross margin, as reported | $ | 726 | $ | 706 | $ | 1,432 | $ | 655 | $ | 2,087 | $ | 606 | $ | 2,693 | ||||||||||||||
Add (Deduct): Restructuring charges, implementation costs and other related costs (1) | 12 | 9 | 21 | 4 | 25 | (7 | ) | 18 | ||||||||||||||||||||
Adjusted Gross margin | $ | 738 | $ | 715 | $ | 1,453 | $ | 659 | $ | 2,112 | $ | 599 | $ | 2,711 | ||||||||||||||
Adjusted Gross margin percentage | 33.5 | % | 32.9 | % | 33.2 | % | 33.7 | % | 33.4 | % | 33.7 | % | 33.4 | % | ||||||||||||||
Marketing and selling expenses, as reported | $ | 211 | $ | 221 | $ | 432 | $ | 215 | $ | 647 | $ | 195 | $ | 842 | ||||||||||||||
Deduct: Restructuring charges, implementation costs and other related costs (1) | (2 | ) | (2 | ) | (4 | ) | (2 | ) | (6 | ) | (1 | ) | (7 | ) | ||||||||||||||
Adjusted Marketing and selling expenses | $ | 209 | $ | 219 | $ | 428 | $ | 213 | $ | 641 | $ | 194 | $ | 835 | ||||||||||||||
Administrative expenses, as reported | $ | 148 | $ | 146 | $ | 294 | $ | 150 | $ | 444 | $ | 166 | $ | 610 | ||||||||||||||
Deduct: Restructuring charges, implementation costs and other related costs (1) | (13 | ) | (10 | ) | (23 | ) | (12 | ) | (35 | ) | (27 | ) | (62 | ) | ||||||||||||||
Adjusted Administrative expenses | $ | 135 | $ | 136 | $ | 271 | $ | 138 | $ | 409 | $ | 139 | $ | 548 | ||||||||||||||
Research and development expenses, as reported | $ | 23 | $ | 20 | $ | 43 | $ | 23 | $ | 66 | $ | 25 | $ | 91 | ||||||||||||||
Deduct: Restructuring charges, implementation costs and other related costs (1) | — | (1 | ) | (1 | ) | (1 | ) | (2 | ) | (1 | ) | (3 | ) | |||||||||||||||
Adjusted Research and development expenses | $ | 23 | $ | 19 | $ | 42 | $ | 22 | $ | 64 | $ | 24 | $ | 88 | ||||||||||||||
Other expenses / (income), as reported | $ | — | $ | (8 | ) | $ | (8 | ) | $ | 20 | $ | 12 | $ | 128 | $ | 140 | ||||||||||||
Deduct: Impairment charges (2) | — | — | — | — | — | (16 | ) | (16 | ) | |||||||||||||||||||
Deduct: Pension settlement (4) | — | — | — | (28 | ) | (28 | ) | — | (28 | ) | ||||||||||||||||||
Deduct: Pension and postretirement benefit mark-to-market adjustments (6) | — | — | — | — | — | (122 | ) | (122 | ) | |||||||||||||||||||
Adjusted Other expenses / (income) | $ | — | $ | (8 | ) | $ | (8 | ) | $ | (8 | ) | $ | (16 | ) | $ | (10 | ) | $ | (26 | ) | ||||||||
Earnings before interest and taxes, as reported | $ | 326 | $ | 325 | $ | 651 | $ | 245 | $ | 896 | $ | 83 | $ | 979 | ||||||||||||||
Add: Restructuring charges, implementation costs and other related costs (1) | 45 | 24 | 69 | 21 | 90 | 31 | 121 | |||||||||||||||||||||
Add: Impairment charges (2) | — | — | — | — | — | 16 | 16 | |||||||||||||||||||||
Add: Pension settlement (4) | — | — | — | 28 | 28 | — | 28 | |||||||||||||||||||||
Add: Pension and postretirement benefit mark-to-market adjustments (6) | — | — | — | — | — | 122 | 122 | |||||||||||||||||||||
Adjusted Earnings before interest and taxes | $ | 371 | $ | 349 | $ | 720 | $ | 294 | $ | 1,014 | $ | 252 | $ | 1,266 | ||||||||||||||
Interest, net, as reported | $ | 90 | $ | 91 | $ | 181 | $ | 89 | $ | 270 | $ | 84 | $ | 354 | ||||||||||||||
Adjusted Earnings before taxes | $ | 281 | $ | 258 | $ | 539 | $ | 205 | $ | 744 | $ | 168 | $ | 912 | ||||||||||||||
Taxes on earnings, as reported | $ | 56 | $ | 58 | $ | 114 | $ | 33 | $ | 147 | $ | 4 | $ | 151 | ||||||||||||||
Add: Tax benefit from restructuring charges, implementation costs and other related costs (1) | 11 | 6 | 17 | 5 | 22 | 7 | 29 | |||||||||||||||||||||
Add: Tax benefit from impairment charges (2) | — | — | — | — | — | 3 | 3 | |||||||||||||||||||||
Add: Tax benefit from pension settlement (4) | — | — | — | 6 | 6 | — | 6 | |||||||||||||||||||||
Deduct: Tax expense from tax reform (5) | — | (2 | ) | (2 | ) | — | (2 | ) | — | (2 | ) | |||||||||||||||||
Add: Tax expense from pension and postretirement benefit mark-to-market adjustments (6) | — | — | — | — | — | 29 | 29 | |||||||||||||||||||||
Adjusted Taxes on earnings | $ | 67 | $ | 62 | $ | 129 | $ | 44 | $ | 173 | $ | 43 | $ | 216 |
Fiscal 2019 | Three Months Ended | Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
(millions, except per share amounts) | October 28, 2018 | January 27, 2019 | January 27, 2019 | April 28, 2019 | April 28, 2019 | July 28, 2019 | July 28, 2019 | |||||||||||||||||||||
Adjusted effective income tax rate | 23.8 | % | 24.0 | % | 23.9 | % | 21.5 | % | 23.3 | % | 25.6 | % | 23.7 | % | ||||||||||||||
Earnings (loss) from continuing operations, as reported | $ | 180 | $ | 176 | $ | 356 | $ | 123 | $ | 479 | $ | (5 | ) | $ | 474 | |||||||||||||
Add: Net adjustment from restructuring charges, implementation costs and other related costs (1) | 34 | 18 | 52 | 16 | 68 | 24 | 92 | |||||||||||||||||||||
Add: Net adjustment from impairment charges (2) | — | — | — | — | — | 13 | 13 | |||||||||||||||||||||
Add: Net adjustment from pension settlement (4) | — | — | — | 22 | 22 | — | 22 | |||||||||||||||||||||
Add: Net adjustment from tax reform (5) | — | 2 | 2 | — | 2 | — | 2 | |||||||||||||||||||||
Add: Net adjustment from total pension and postretirement benefit mark-to-market adjustments (6) | — | — | — | — | — | 93 | 93 | |||||||||||||||||||||
Adjusted Earnings from continuing operations | $ | 214 | $ | 196 | $ | 410 | $ | 161 | $ | 571 | $ | 125 | $ | 696 | ||||||||||||||
Earnings (loss) from discontinued operations, as reported | $ | 14 | $ | (235 | ) | $ | (221 | ) | $ | (39 | ) | $ | (260 | ) | $ | (3 | ) | $ | (263 | ) | ||||||||
Add (Deduct): Net adjustment from restructuring charges, implementation costs and other related costs (1) | 1 | — | 1 | (1 | ) | — | — | — | ||||||||||||||||||||
Add: Net adjustment from impairment charges (2) | 11 | 264 | 275 | — | 275 | 12 | 287 | |||||||||||||||||||||
Add: Net adjustment from costs associated with divestitures (3) | — | 8 | 9 | 48 | 57 | 4 | 61 | |||||||||||||||||||||
Add: Net adjustment from total pension benefit mark-to-market adjustments (6) | — | — | — | — | — | 9 | 9 | |||||||||||||||||||||
Adjusted Earnings from discontinued operations | $ | 26 | $ | 37 | $ | 64 | $ | 8 | $ | 72 | $ | 22 | $ | 94 | ||||||||||||||
Adjusted Net earnings attributable to Campbell Soup Company | $ | 240 | $ | 233 | $ | 474 | $ | 169 | $ | 643 | $ | 147 | $ | 790 | ||||||||||||||
Diluted earnings (loss) per share - continuing operations attributable to Campbell Soup Company, as reported | $ | .60 | $ | .58 | $ | 1.18 | $ | .41 | $ | 1.59 | $ | (.02 | ) | $ | 1.57 | |||||||||||||
Add: Net adjustment from restructuring charges, implementation costs and other related costs (1) | .11 | .06 | .17 | .05 | .23 | .08 | .30 | |||||||||||||||||||||
Add: Net adjustment from impairment charges (2) | — | — | — | — | — | .04 | .04 | |||||||||||||||||||||
Add: Net adjustment from pension settlement (4) | — | — | — | .07 | .07 | — | .07 | |||||||||||||||||||||
Add: Net adjustment from tax reform (5) | — | .01 | .01 | — | .01 | — | .01 | |||||||||||||||||||||
Add: Net adjustment from total pension and postretirement benefit mark-to-market adjustments (6) | — | — | — | — | — | .31 | .31 | |||||||||||||||||||||
Adjusted Diluted earnings per share - continuing operations attributable to Campbell Soup Company* | $ | .71 | $ | .65 | $ | 1.36 | $ | .53 | $ | 1.89 | $ | .42 | $ | 2.30 | ||||||||||||||
Diluted earnings (loss) per share - discontinued operations, as reported | $ | .05 | $ | (.78 | ) | $ | (.73 | ) | $ | (.13 | ) | $ | (.86 | ) | $ | (.01 | ) | $ | (.87 | ) | ||||||||
Add: Net adjustment from restructuring charges, implementation costs and other related costs (1) | — | — | — | — | — | — | — | |||||||||||||||||||||
Add: Net adjustment from impairment charges (2) | .04 | .87 | .91 | — | .91 | .04 | .95 | |||||||||||||||||||||
Add: Net adjustment from costs associated with divestitures (3) | — | .03 | .03 | .16 | .19 | .01 | .20 |
Fiscal 2019 | Three Months Ended | Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
(millions, except per share amounts) | October 28, 2018 | January 27, 2019 | January 27, 2019 | April 28, 2019 | April 28, 2019 | July 28, 2019 | July 28, 2019 | |||||||||||||||||||||
Add: Net adjustment from total pension benefit mark-to-market adjustments (6) | — | — | — | — | — | .03 | .03 | |||||||||||||||||||||
Adjusted Diluted earnings per share - discontinued operations | $ | .09 | $ | .12 | $ | .21 | $ | .03 | $ | .24 | $ | .07 | $ | .31 | ||||||||||||||
Diluted net earnings (loss) per share attributable to Campbell Soup Company, as reported* | $ | .64 | $ | (.20 | ) | $ | .45 | $ | .28 | $ | .73 | $ | (.03 | ) | $ | .70 | ||||||||||||
Add: Net adjustment from restructuring charges, implementation costs and other related costs (1) | .12 | .06 | .18 | .05 | .23 | .08 | .30 | |||||||||||||||||||||
Add: Net adjustment from impairment charges (2) | .04 | .87 | .91 | — | .91 | .08 | .99 | |||||||||||||||||||||
Add: Net adjustment from costs associated with divestitures (3) | — | .03 | .03 | .16 | .19 | .01 | .20 | |||||||||||||||||||||
Add: Net adjustment from pension settlement (4) | — | — | — | .07 | .07 | — | .07 | |||||||||||||||||||||
Add: Net adjustment from tax reform (5) | — | .01 | .01 | — | .01 | — | .01 | |||||||||||||||||||||
Add: Net adjustment from total pension and postretirement benefit mark-to-market adjustments (6) | — | — | — | — | — | .34 | .34 | |||||||||||||||||||||
Adjusted Diluted net earnings per share attributable to Campbell Soup Company* | $ | .79 | $ | .77 | $ | 1.57 | $ | .56 | $ | 2.13 | $ | .49 | $ | 2.62 |
Fiscal 2018 | Three Months Ended | Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
(millions, except per share amounts) | October 29, 2017 | January 28, 2018 | January 28, 2018 | April 29, 2018 | April 29, 2018 | July 29, 2018 | July 29, 2018 | |||||||||||||||||||||
Gross margin, as reported | $ | 656 | $ | 637 | $ | 1,293 | $ | 533 | $ | 1,826 | $ | 548 | $ | 2,374 | ||||||||||||||
Add: Restructuring charges, implementation costs and other related costs (1) | 5 | 1 | 6 | 14 | 20 | 25 | 45 | |||||||||||||||||||||
Add: Transaction and integration costs (7) | — | — | — | 37 | 37 | 5 | 42 | |||||||||||||||||||||
Adjusted Gross margin | $ | 661 | $ | 638 | $ | 1,299 | $ | 584 | $ | 1,883 | $ | 578 | $ | 2,461 | ||||||||||||||
Adjusted Gross margin percentage | 40.4 | % | 39.5 | % | 39.9 | % | 36.1 | % | 38.7 | % | 33.1 | % | 37.2 | % | ||||||||||||||
Marketing and selling expenses, as reported | $ | 178 | $ | 184 | $ | 362 | $ | 188 | $ | 550 | $ | 178 | $ | 728 | ||||||||||||||
Deduct: Restructuring charges, implementation costs and other related costs (1) | — | — | — | (2 | ) | (2 | ) | (1 | ) | (3 | ) | |||||||||||||||||
Adjusted Marketing and selling expenses | $ | 178 | $ | 184 | $ | 362 | $ | 186 | $ | 548 | $ | 177 | $ | 725 | ||||||||||||||
Administrative expenses, as reported | $ | 123 | $ | 141 | $ | 264 | $ | 140 | $ | 404 | $ | 159 | $ | 563 | ||||||||||||||
Deduct: Restructuring charges, implementation costs and other related costs (1) | (12 | ) | (26 | ) | (38 | ) | (29 | ) | (67 | ) | (20 | ) | (87 | ) | ||||||||||||||
Deduct: Transaction and integration costs (7) | — | — | — | (6 | ) | (6 | ) | (6 | ) | (12 | ) | |||||||||||||||||
Adjusted Administrative expenses | $ | 111 | $ | 115 | $ | 226 | $ | 105 | $ | 331 | $ | 133 | $ | 464 | ||||||||||||||
Research and development expenses, as reported | $ | 26 | $ | 22 | $ | 48 | $ | 22 | $ | 70 | $ | 21 | $ | 91 | ||||||||||||||
Other expenses / (income), as reported | $ | (34 | ) | $ | (8 | ) | $ | (42 | ) | $ | 35 | $ | (7 | ) | $ | (66 | ) | $ | (73 | ) | ||||||||
Deduct: Impairment charges (2) | — | — | — | — | — | (54 | ) | (54 | ) | |||||||||||||||||||
Add: Pension and postretirement benefit mark-to-market adjustments (6) | 14 | — | 14 | — | 14 | 117 | 131 | |||||||||||||||||||||
Deduct: Transaction and integration costs (7) | — | (24 | ) | (24 | ) | (29 | ) | (53 | ) | — | (53 | ) | ||||||||||||||||
Deduct: Claim settlement (8) | — | — | — | (22 | ) | (22 | ) | — | (22 | ) | ||||||||||||||||||
Adjusted Other expenses / (income) | $ | (20 | ) | $ | (32 | ) | $ | (52 | ) | $ | (16 | ) | $ | (68 | ) | $ | (3 | ) | $ | (71 | ) | |||||||
Earnings before interest and taxes, as reported | $ | 361 | $ | 266 | $ | 627 | $ | 131 | $ | 758 | $ | 252 | $ | 1,010 | ||||||||||||||
Add: Restructuring charges, implementation costs and other related costs (1) | 19 | 59 | 78 | 52 | 130 | 47 | 177 | |||||||||||||||||||||
Add: Impairment charges (2) | — | — | — | — | — | 54 | 54 | |||||||||||||||||||||
Deduct: Total pension and postretirement benefit mark-to-market adjustments (6) | (14 | ) | — | (14 | ) | — | (14 | ) | (117 | ) | (131 | ) | ||||||||||||||||
Add: Transaction and integration costs (7) | — | 24 | 24 | 82 | 106 | 14 | 120 | |||||||||||||||||||||
Add: Claim settlement (8) | — | — | — | 22 | 22 | — | 22 | |||||||||||||||||||||
Adjusted Earnings before interest and taxes | $ | 366 | $ | 349 | $ | 715 | $ | 287 | $ | 1,002 | $ | 250 | $ | 1,252 | ||||||||||||||
Interest net, as reported | $ | 26 | $ | 27 | $ | 53 | $ | 38 | $ | 91 | $ | 89 | $ | 180 | ||||||||||||||
Add: Transaction and integration costs (7) | — | — | — | 18 | 18 | — | 18 | |||||||||||||||||||||
Adjusted Interest, net | $ | 26 | $ | 27 | $ | 53 | $ | 56 | $ | 109 | $ | 89 | $ | 198 | ||||||||||||||
Adjusted Earnings before taxes | $ | 340 | $ | 322 | $ | 662 | $ | 231 | $ | 893 | $ | 161 | $ | 1,054 |
Fiscal 2018 | Three Months Ended | Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
(millions, except per share amounts) | October 29, 2017 | January 28, 2018 | January 28, 2018 | April 29, 2018 | April 29, 2018 | July 29, 2018 | July 29, 2018 | |||||||||||||||||||||
Taxes on earnings, as reported | $ | 108 | $ | (75 | ) | $ | 33 | $ | 36 | $ | 69 | $ | 37 | $ | 106 | |||||||||||||
Add: Tax benefit from restructuring charges, implementation costs and other related costs (1) | 7 | 14 | 21 | 11 | 32 | 13 | 45 | |||||||||||||||||||||
Add: Tax benefit from impairment charges (2) | — | — | — | — | — | 13 | 13 | |||||||||||||||||||||
Add: Tax benefit from tax reform (5) | — | 124 | 124 | — | 120 | 6 | 126 | |||||||||||||||||||||
Deduct: Tax expense from total pension and postretirement benefit mark-to-market adjustments (6) | (5 | ) | — | (4 | ) | — | (4 | ) | (27 | ) | (31 | ) | ||||||||||||||||
Add: Tax benefit from transaction and integration costs (7) | — | 5 | 5 | 18 | 23 | 6 | 29 | |||||||||||||||||||||
Add: Tax benefit from claim settlement (8) | — | — | — | 7 | 7 | — | 7 | |||||||||||||||||||||
Adjusted Taxes on earnings | $ | 110 | $ | 68 | $ | 179 | $ | 72 | $ | 247 | $ | 48 | $ | 295 | ||||||||||||||
Adjusted effective income tax rate | 32.4 | % | 21.1 | % | 27.0 | % | 31.2 | % | 27.7 | % | 29.8 | % | 28.0 | % | ||||||||||||||
Earnings from continuing operations, as reported | $ | 227 | $ | 314 | $ | 541 | $ | 57 | $ | 598 | $ | 126 | $ | 724 | ||||||||||||||
Add: Net adjustment from restructuring charges, implementation costs and other related costs (1) | 12 | 45 | 57 | 41 | 98 | 34 | 132 | |||||||||||||||||||||
Add: Net adjustment from impairment charges (2) | — | — | — | — | — | 41 | 41 | |||||||||||||||||||||
Deduct: Adjustment from tax reform (5) | — | (124 | ) | (124 | ) | — | (120 | ) | (6 | ) | (126 | ) | ||||||||||||||||
Deduct: Net adjustment from total pension and postretirement benefit mark-to-market adjustments (6) | (9 | ) | — | (10 | ) | — | (10 | ) | (90 | ) | (100 | ) | ||||||||||||||||
Add: Net adjustment from transaction and integration costs (7) | — | 19 | 19 | 46 | 65 | 8 | 73 | |||||||||||||||||||||
Add: Net adjustment from claim settlement (8) | — | — | — | 15 | 15 | — | 15 | |||||||||||||||||||||
Adjusted Earnings from continuing operations | $ | 230 | $ | 254 | $ | 483 | $ | 159 | $ | 646 | $ | 113 | $ | 759 | ||||||||||||||
Earnings (loss) from discontinued operations, as reported | $ | 48 | $ | (29 | ) | $ | 19 | $ | (450 | ) | $ | (431 | ) | $ | (32 | ) | $ | (463 | ) | |||||||||
Add (deduct): Net adjustment from restructuring charges, implementation costs and other related costs (1) | — | 1 | 1 | 4 | 5 | (1 | ) | 4 | ||||||||||||||||||||
Add: Net adjustment from impairment charges (2) | — | 74 | 74 | 497 | 571 | — | 571 | |||||||||||||||||||||
Deduct: Net adjustment from total pension benefit mark-to-market and curtailment adjustments (6) | — | — | — | — | — | (3 | ) | (3 | ) | |||||||||||||||||||
Adjusted Earnings (loss) from discontinued operations | $ | 48 | $ | 46 | $ | 94 | $ | 51 | $ | 145 | $ | (36 | ) | $ | 109 | |||||||||||||
Adjusted Net earnings attributable to Campbell Soup Company | $ | 278 | $ | 300 | $ | 577 | $ | 210 | $ | 791 | $ | 77 | $ | 868 | ||||||||||||||
Diluted earnings per share - continuing operations attributable to Campbell Soup Company, as reported | $ | .75 | $ | 1.04 | $ | 1.79 | $ | .19 | $ | 1.98 | $ | .42 | $ | 2.40 | ||||||||||||||
Add: Net adjustment from restructuring charges, implementation costs and other related costs (1) | .04 | .15 | .19 | .14 | .32 | .11 | .44 | |||||||||||||||||||||
Add: Net adjustment from impairment charges (2) | — | — | — | — | — | .14 | .14 | |||||||||||||||||||||
Deduct: Net adjustment from tax reform (5) | — | (.41 | ) | (.41 | ) | — | (.40 | ) | (.02 | ) | (.42 | ) |
Fiscal 2018 | Three Months Ended | Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
(millions, except per share amounts) | October 29, 2017 | January 28, 2018 | January 28, 2018 | April 29, 2018 | April 29, 2018 | July 29, 2018 | July 29, 2018 | |||||||||||||||||||||
Deduct: Net adjustment from total pension and postretirement benefit mark-to-market adjustments (6) | (.03 | ) | — | (.03 | ) | — | (.03 | ) | (.30 | ) | (.33 | ) | ||||||||||||||||
Add: Net adjustment from transaction and integration costs (7) | — | .06 | .06 | .15 | .22 | .03 | .24 | |||||||||||||||||||||
Add: Net adjustment from claim settlement (8) | — | — | — | .05 | .05 | — | .05 | |||||||||||||||||||||
Adjusted Diluted earnings per share - continuing operations attributable to Campbell Soup Company* | $ | .76 | $ | .84 | $ | 1.60 | $ | .53 | $ | 2.14 | $ | .37 | $ | 2.51 | ||||||||||||||
Diluted earnings (loss) per share - discontinued operations, as reported | $ | .16 | $ | (.10 | ) | $ | .06 | $ | (1.50 | ) | $ | (1.43 | ) | $ | (.11 | ) | $ | (1.53 | ) | |||||||||
Add: Net adjustment from restructuring charges, implementation costs and other related costs (1) | — | — | — | .01 | .02 | — | .01 | |||||||||||||||||||||
Add: Net adjustment from impairment charges (2) | — | .25 | .25 | 1.65 | 1.89 | — | 1.89 | |||||||||||||||||||||
Deduct: Net adjustment from total pension benefit mark-to-market and curtailment adjustments (6) | — | — | — | — | — | (.01 | ) | (.01 | ) | |||||||||||||||||||
Adjusted Diluted earnings (loss) per share - discontinued operations* | $ | .16 | $ | .15 | $ | .31 | $ | .17 | $ | .48 | $ | (.12 | ) | $ | .36 | |||||||||||||
Diluted net earnings (loss) per share attributable to Campbell Soup Company, as reported* | $ | .91 | $ | .95 | $ | 1.85 | $ | (1.31 | ) | $ | .55 | $ | .31 | $ | .86 | |||||||||||||
Add: Net adjustment from restructuring charges, implementation costs and other related costs (1) | .04 | .15 | .19 | .15 | .34 | .11 | .45 | |||||||||||||||||||||
Add: Net adjustment from impairment charges (2) | — | .25 | .25 | 1.65 | 1.89 | .14 | 2.03 | |||||||||||||||||||||
Deduct: Net adjustment from tax reform (5) | — | (.41 | ) | (.41 | ) | — | (.40 | ) | (.02 | ) | (.42 | ) | ||||||||||||||||
Deduct: Net adjustment from total pension and postretirement benefit mark-to-market and curtailment adjustments (6) | (.03 | ) | — | (.03 | ) | — | (.03 | ) | (.31 | ) | (.34 | ) | ||||||||||||||||
Add: Net adjustment from transaction and integration costs (7) | — | .06 | .06 | .15 | .22 | .03 | .24 | |||||||||||||||||||||
Add: Net adjustment from claim settlement (8) | — | — | — | .05 | .05 | — | .05 | |||||||||||||||||||||
Adjusted Diluted net earnings per share attributable to Campbell Soup Company* | $ | .92 | $ | 1.00 | $ | 1.91 | $ | .70 | $ | 2.62 | $ | .25 | $ | 2.87 |
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