11-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K

[X]	Annual Report Pursuant to Section 15(d) of the
	Securities Exchange Act of 1934
	For the Fiscal Year Ended December 31, 2019
	OR
[ ]	Transition Report Pursuant to Section 15(d) of
	the Securities Exchange Act of 1934
	For the transition period from to

Commission File Number 1-3822

A. Full title of the Plan:

Campbell Soup Company 401(k) Retirement Plan

B. Name of issuer of the securities held pursuant to the Plan

and the address of its principal executive office:

Campbell Soup Company

Campbell Place, Camden, New Jersey 08103-1799

This Form 11-K contains 18 pages including exhibits. An index of exhibits is on page 16.

TABLE OF CONTENTS

	Page
Report of Independent Registered Public Accounting Firm	3
Financial Statements
Statements of Net Assets Available for Benefits	4
Statements of Changes in Net Assets Available for Benefits	5
Notes to Financial Statements	6
Supplemental Schedule — Schedule H, Line 4(i) —Schedule of Assets (Held at End of Year)	14
Signatures	17
Exhibit 23.1 – Consent of Independent Registered Public Accounting Firm	18

2

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Participants and Administrative Committee

Campbell Soup Company 401(k) Retirement Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of Campbell Soup Company 401(k) Retirement Plan (the “Plan”) as of December 31, 2019 and 2018, and the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2019 and 2018, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits include performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental schedule, Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year) as of December 31, 2019, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

We have served as the Plan’s auditor since 2006.

/s/ Baker Tilly Virchow Krause, LLP

Philadelphia, Pennsylvania

April 27, 2020

3

Campbell Soup Company

401(k) Retirement Plan

Statements of Net Assets Available for Benefits

	December 31,
	2019		2018
Assets
Investments
Investments, at fair value	$	1,329,882,377	$	1,108,729,947
Total Investments	1,329,882,377		1,108,729,947
Receivables
Notes receivable from participants	18,790,079		19,877,776
Total Receivables	18,790,079		19,877,776
Total Assets	1,348,672,456		1,128,607,723
Liabilities	—		—
Net assets available for benefits	$	1,348,672,456	$	1,128,607,723

The accompanying Notes to the Financial Statements are an integral part of these statements

4

Campbell Soup Company

401(k) Retirement Plan

Statements of Changes in Net Assets Available for Benefits

	Year Ended December 31,
	2019		2018
Changes:
Investment income:
Net appreciation / (depreciation) in fair value of investments	$	255,448,438	$	(129,080,659)
Dividends	26,531,755		24,386,465
Total investment income / (loss)	281,980,193		(104,694,194)
Interest on notes receivable from participants	1,243,870		1,136,547
Contributions:
Employer	40,160,990		40,399,507
Participants	56,921,657		56,686,849
Total contributions	97,082,647		97,086,356
Total changes	380,306,710		(6,471,291)
Deductions:
Benefits paid to participants	185,179,325		117,771,136
Administrative fees	946,760		877,494
Total deductions	186,126,085		118,648,630
Net increase / (decrease) in net assets available for benefits before transfers	194,180,625		(125,119,921)
Transfers in:
Pacific Foods of Oregon, Inc. 401(k) Retirement Plan (Note 8)	25,884,108		—
Net increase / (decrease) in net assets available for benefits after transfers	220,064,733		(125,119,921)
Net assets available for benefits:
Beginning of year	1,128,607,723		1,253,727,644
End of year	$	1,348,672,456	$	1,128,607,723

The accompanying Notes to the Financial Statements are an integral part of these statements

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Campbell Soup Company 401(k) Retirement Plan

Notes to Financial Statements

December 31, 2019 and 2018

Note 1 – Description of the Plan

The following brief description of the Campbell Soup Company 401(k) Retirement Plan (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan document for more complete information.

General

The Plan is a defined contribution plan covering employees at all domestic locations of Campbell Soup Company (“Campbell” or the “Company”) and certain of the Company’s subsidiaries, and certain other former employees. All of the Company’s full time employees and those part-time employees with scheduled hours greater than or equal to 20 hours per week are eligible to participate in the Plan effective the first day of work with the Company. All other employees are eligible to participate after they have completed 1,000 hours of service in a given anniversary year, as defined. Campbell employees that are residents of Puerto Rico are not eligible to participate in the Plan.

The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

Administration of Plan Assets

The Plan is administered by the Administrative Committee appointed by the Board of Directors of the Company (the “Administrative Committee”). Effective December 1, 2017, State Street Bank was appointed by the Administrative Committee as trustee ("Trustee") to safeguard the assets of the Plan and Transamerica Retirement Solutions (the "Recordkeeper") was appointed by the Administrative Committee to provide record-keeping services to the Plan. The Trustee is responsible for investing funds received from contributions, investment sales, interest, and dividend income and making distribution payments to participants. Certain administrative expenses of maintaining the Plan are paid by the Company and are excluded from these financial statements.

Employer Contributions

The Company provides a matching contribution of 100% on up to 4% of an employee’s earnings each payroll, as defined in the Plan document, for all eligible participants. In addition, the Company provides a non-elective retirement contribution of 3% of an employee's earnings each payroll, as defined in the Plan document, to all eligible employees who are not eligible to participate in the Company-sponsored defined benefit pension plans. Effective January 1, 2018, the Company commenced providing a 3% non-elective contribution to eligible Wm. Bolthouse Farms, Inc. employees. Effective January 1, 2019, the Company commenced providing a matching contribution of 100% on up to 4% of an employee’s earnings each payroll and a non-elective retirement contribution of 3% of an employee's earnings each payroll to eligible Pacific Foods of Oregon, Inc. employees.

In 2019, the Company completed the divestitures of Wm. Bolthouse Farms, Inc., Kelsen, Inc., Garden Fresh Gourmet Foods, Inc. (the legal entity formerly known as Stockpot, Inc.), and Garden Fresh Gourmet LLC. See Note 8 for discussion of plan amendments, changes, and transfers.

Employee Contributions

Participant after-tax, before-tax, Roth, and catch-up contributions to the Plan are made through payroll deductions and credited to individual participant accounts. All newly eligible employees are automatically enrolled in the Plan at a before-tax contribution rate of 4% of compensation, as defined in the Plan document, unless an election is made by the participant to participate at a different rate. If employees do not want to participate, they must notify the Recordkeeper and elect not to enroll in the Plan. Compensation is defined by the Plan and the Internal Revenue Code, as amended (“IRC”).

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In addition, the total after-tax, before-tax, Roth, and catch-up contributions for each pay period, when combined, cannot exceed 50% of the participant’s compensation, as defined in the Plan document. Catch-up contributions are excess before-tax, after-tax, or Roth contributions available to those participants who are age 50 and older by the end of the relevant calendar year. However, in accordance with the IRC, the amount of a participant’s contribution was limited to $19,000 ($25,000 including catch-up contributions in calendar year 2019, and $18,500 ($24,500 including catch-up contributions) in calendar year 2018. Participants may also roll over distributions from other qualified defined benefit or defined contribution plans into the Plan.

Participant Accounts

Each participant’s account is credited with the participant’s contributions, the Company’s contributions and investment earnings. Certain administrative expenses triggered by a participant’s actions, such as loan initiation and in-service withdrawal expenses, are charged to the individual participant’s account and a quarterly recordkeeping fee is charged to all participants’ accounts. The benefit for which a participant is entitled is the benefit that can be provided from the participant’s vested account balance.

Participants can receive dividends paid on the Company’s common stock held in the Campbell Soup Company Stock Fund as cash or reinvest the dividends back into the Campbell Soup Company Stock Fund. In 2019 and 2018, dividends paid in cash on Company common stock were $374,881 and $383,084, respectively, and were included in dividend income on the Statements of Changes in Net Assets Available for Benefits.

Vesting

Participants, except for a limited group of Pacific Foods of Oregon, Inc. employees, are immediately vested in their contributions and in all Company (and prior employer) contributions plus actual earnings thereon. Eligible participants from Pacific Foods of Oregon, Inc. who were participants in the Pacific Foods of Oregon, Inc. sponsored 401(k) plan, not active employees as of January 1, 2019, and returned to employment with Pacific Foods of Oregon, Inc. do not vest in certain employer contributions made by Pacific Foods of Oregon, Inc. under the Pacific Foods of Oregon, Inc. sponsored 401(k) plan until after three years of vesting service.

Notes Receivable from Participants

Participants may borrow a minimum of $1,000 from their accounts up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Note terms range from one year to five years. Prior to the merger of the Garden Fresh Gourmet Foods, Inc. 401(k) Plan (formerly known as the Stockpot Inc. 401(k) Plan) with this Plan effective January 1, 2011, and the merger of the Wm. Bolthouse Farms, Inc. 401(k) Profit Sharing Plan with this Plan effective January 1, 2017, notes in the former Garden Fresh Gourmet Foods, Inc. 401(k) Plan and the Wm. Bolthouse Farms, Inc. 401(k) Profit Sharing Plan were available for an extended term if they were used for the purchase of a primary residence. The notes are secured by the balance in the participant’s account and bear an interest rate that is two points above the prime rate in effect on the last business day of the month immediately preceding the month in which the note is granted. Principal and interest are repaid ratably through payroll deductions. Interest rates ranged from 5.25% to 7.50% per annum at December 31, 2019 and 5.25% to 10.50% per annum at December 31, 2018.

Payment of Benefits

Participants may take a withdrawal of the value of the interest in their account upon retirement, termination of employment, or death. Participants who are still actively employed by the Company may take a withdrawal from their after-tax and Company match accounts if the funds were held in the Plan for two years or if they have participated in the Plan for five years. Active participants who are age 59½ or older may also take a withdrawal from their before-tax account without incurring early withdrawal penalties. Participants who meet the requirements for a hardship withdrawal may withdraw their before-tax contributions. A six-month suspension of participant contributions was required for all hardship transactions and Company matching contributions were foregone for the same period. Effective January 1, 2019, the Plan no longer suspends contributions. Normally, any amount withdrawn before age 59 ½ (other than after-tax contributions) is subject to a 10% early withdrawal penalty tax on the amount withdrawn.

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Participants who leave employment of the Company and are under age 55 can take a lump sum distribution or defer payment until April 1 following the year in which they turn age 70½. Participants who leave employment with the Company at or after age 55 can take a lump sum distribution, installments, or defer payments until April 1 following the year in which they turn age 70½.

Forfeited Accounts

The balance of forfeited accounts totaled $47,792 and $114,775 at December 31, 2019 and 2018, respectively. These accounts will be used to reduce future Company matching contributions and pay other permitted Plan expenses. In 2019 and 2018, $117,611 and $1,123, respectively of forfeited nonvested accounts were used to reduce the Company’s matching contributions.

Investment Options

Upon enrollment in the Plan, a participant may direct employee contributions in 1% increments in any of the various investment options provided in the Plan, which include mutual funds, common collective trusts, and the Campbell Soup Company Stock Fund. Contributions of participants who do not elect to direct their contributions to the Plan’s various investment options are automatically enrolled into a Vanguard Target Retirement Fund, based on their expected retirement date.

Note 2 – Summary of Significant Accounting Policies

Basis of Accounting

The accompanying financial statements of the Plan are prepared under the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Use of Estimates

The preparation of financial statements in accordance with U.S. GAAP requires Plan management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

Investment Valuation

Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 4 for a discussion of fair value measurements.

Income Recognition

Purchases and sales of investments are recorded on a trade-date basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Interest on notes receivable from participants is recorded in the investment option from which the note originated. Net appreciation / (depreciation) includes gains and losses on investments bought and sold as well as held during the year.

Payment of Benefits

Benefits are recorded when paid.

Notes Receivable from Participants

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent notes receivable are recorded as distributions based upon the terms of the Plan document.

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Note 3 – Related-Party and Party In Interest Transactions

Shares of Company common stock included in the Campbell Soup Company Stock Fund are offered as an investment to Plan participants. Additionally, the Plan issues notes to participants, which are secured by the participant’s account balances. These transactions qualify as party-in-interest transactions, but are exempt from the prohibited transaction rules of ERISA and the IRC under statutory or governmental agency exemptions. Total sales at market value related to Campbell Soup Company common stock for 2019 and 2018 were $15,190,168 and $13,484,585, respectively. Total contributions into the Campbell Soup Company Stock Fund for 2019 and 2018 were $6,233,670 and $6,965,261, respectively.

Certain of the Plan's investments are managed by State Street Bank, the Trustee, and therefore, these transactions qualify as party-in-interest transactions. Fees incurred by the Plan for investment manager services are included in net appreciation / (depreciation) in the fair value of the investment.

Certain administrative functions of the Plan are performed by officers and employees of the Company. No such officer or employee receives compensation from the Plan for their services.

Note 4 – Fair Value Measurements

Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. When available, the Company uses unadjusted quoted market prices to measure the fair value and classifies such items as Level 1. If quoted market prices are not available, the Company bases fair value upon internally developed models that use current market-based or independently sourced market parameters such as interest rates and currency rates. The framework that the authoritative guidance establishes for measuring fair value includes a hierarchy used to classify the inputs used in measuring fair value. The levels of the fair value hierarchy are as follows:

Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data.

Level 3: Unobservable inputs, which are valued based on estimates of assumptions that market participants would use in pricing the asset or liability.

The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs.

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The following tables summarize the Plan’s investments that are measured at fair value on a recurring basis:

	Fair Value as of December 31, 2019		Fair Value Measurements at December 31, 2019 Using Fair Value Hierarchy
			Level 1		Level 2		Level 3
Mutual Funds:
Equity funds	$	371,694,698	$	371,694,698	$	—	$	—
Target funds	445,739,118		445,739,118		—		—
Index funds – equity	204,169,479		204,169,479		—		—
Index funds – fixed income	49,010,554		49,010,554		—		—
Fixed income funds	27,337,762		27,337,762		—		—
Total Mutual Funds	1,097,951,611		1,097,951,611		—		—
Campbell Soup Company Stock Fund	162,734,543		—		162,734,543		—
Total Assets in Fair Value Hierarchy	1,260,686,154		1,097,951,611		162,734,543		—
Other investments measured at net asset value:
Common Collective Trusts	$	69,196,223
Total	$	1,329,882,377

	Fair Value as of December 31, 2018		Fair Value Measurements at December 31, 2018 Using Fair Value Hierarchy
			Level 1		Level 2		Level 3
Mutual Funds:
Equity funds	$	322,269,624	$	322,269,624	$	—	$	—
Target funds	374,005,238		374,005,238		—		—
Index funds – equity	159,632,739		159,632,739		—		—
Index funds – fixed income	42,122,551		42,122,551		—		—
Fixed income funds	22,826,288		22,826,288		—		—
Total Mutual Funds	920,856,440		920,856,440		—		—
Campbell Soup Company Stock Fund	115,863,106		—		115,863,106		—
Total Assets in Fair Value Hierarchy	1,036,719,546		920,856,440		115,863,106		—
Other investments measured at net asset value:
Common Collective Trust	$	72,010,401
Total	$	1,108,729,947

The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2019 and 2018.

Mutual Funds – These investments are valued at the daily net asset value (NAV) as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the U.S. Securities and Exchange Commission. These funds are required to publish their daily NAV and to transact at that price. These investments are classified as Level 1.

The Campbell Soup Company Stock Fund –The fund is a unitized stock fund that consists of Campbell Soup Company common stock and investments in a temporary investment fund to provide liquidity for daily trading. As of December 31, 2019 and 2018, the Campbell Soup Company Stock Fund held 3,249,370 and 3,449,787 shares,

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respectively, of Campbell Soup Company common stock with a fair value of $160,583,865 and $113,808,473, respectively. Fair value of the fund is based upon the fair value of the underlying assets derived principally from or corroborated by observable market data by correlation or other means. These investments are classified within Level 2 of the fair value hierarchy.

Common Collective Trusts - The funds are bank collective investment funds which do not have a readily determinable fair value and are valued based upon a NAV practical expedient and included as a reconciling item to the fair value table. There are no participant redemption restrictions for these investments.

Fund	Fair Value as of December 31, 2019		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Blackrock Short-Term Investment Fund	$	66,695,086	N/A	Daily	Daily
Reliance/MetLife Stable 25053 Class 0	2,501,137		N/A	Daily	Daily
Total	$	69,196,223
Fund	Fair Value as of December 31, 2018		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Blackrock Short-Term Investment Fund	$	72,010,401	N/A	Daily	Daily

Note 5 – Plan Termination

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the applicable provisions of the Plan and ERISA. In the event that the Plan is terminated, participants would become 100% vested in their accounts.

Note 6 – Tax Status

The Internal Revenue Service (“IRS”) has determined and informed the Company by a letter dated August 10, 2017 that the Plan is designed and operated in accordance with the applicable sections of the IRC through November 1, 2017. In this regard, the Company provided a Plan amendment in proposed form to the IRS, which was confirmed by the IRS on August 10, 2017 and eventually adopted on November 1, 2017. Although the Plan has been amended since receiving the determination letter, the Administrative Committee believes that the Plan is designed, and currently being operated in compliance with the applicable requirements of the IRC. Accordingly, no provision for income taxes is required in the accompanying financial statements.

U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2019, there are no uncertain positions taken, or expected to be taken, that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2016.

Note 7 – Risks and Uncertainties

The Plan provides for investment options in various funds that invest in equity and debt securities and other investments. Such investments are exposed to risks and uncertainties, such as interest rate risk, credit risk, market risk, economic changes, political unrest, regulatory changes and foreign currency risk. The Plan’s exposure to a concentration of risk is dependent upon funds selected by participants. The following table shows details on investments that represent a concentration of greater than 10% of the Plan’s net assets:

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	December 31, 2019			December 31, 2018
Investments	Balance		% of Net assets	Balance		% of Net assets
Campbell Soup Company Stock Fund	$	162,734,543	12%	$	115,863,106	10%
American Funds Growth Fund of America	$	174,501,721	13%	$	155,554,429	14%
Vanguard Institutional Index Fund	$	143,464,498	11%	Not Applicable

Due the concentration of investments denoted above, in addition to the level of risk associated with certain investments, it is at least reasonably possible that changes in the value of investments will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits.

Note 8 – Plan Amendments, Changes, and Transfers

On March 29, 2018, the Plan was amended to add a new Roth contribution option for all eligible participants and a 3% of pay non-elective retirement contribution for all eligible Wm. Bolthouse Farms, Inc. employees effective as of January 1, 2018.  The Plan was also amended to change how the Plan accounts for “catch-up” contributions and certain deferral elections, as well as incorporating certain Plan operational consistency changes effective as of January 1, 2018.

On January 8, 2019, the Plan was amended to add Pacific Foods of Oregon, Inc. as a participating subsidiary of the Company to the Plan beginning on January 1, 2019, and document among other items, the following effective as of January 1, 2019: (1) the merger of the Pacific Foods of Oregon, Inc. 401(k) Retirement Plan and certain protected benefits embedded within that were added to the Plan; (2) the addition of certain Pacific Foods of Oregon, Inc. 401(k) Retirement Plan features for our administrative ease; (3) Plan updates from a legislative perspective; and (4) the update of the Plan’s proxy vote record date and procedures. The addition of Pacific Foods of Oregon, Inc. as a participating subsidiary resulted in a transfer of participants into the Plan with assets of $25,884,108 from the Pacific Foods of Oregon, Inc. 401(k) Retirement Plan.

On March 6, 2019, the Plan was amended to (1) remove Garden Fresh Gourmet Foods, Inc. (the legal entity formerly known as Stockpot, Inc.), and Garden Fresh Gourmet LLC as participating subsidiaries of the Company in the Plan and (2) stop participation by their employees effective immediately after the divestitures which occurred on February 25, 2019, and April 25, 2019, respectively.

On June 11, 2019, the 401(k) Plan was amended to (1) remove Wm. Bolthouse Farms, Inc. as a participating subsidiary of the Company in the Plan and (2) stop participation by its employees effective immediately after its respective divestiture, which occurred on June 16, 2019.

On August 13, 2019, the 401(k) Plan was amended to (1) remove Kelsen, Inc. as a participating subsidiary of the Company in the Plan and (2) stop participation by its employees effective immediately after its respective divestiture, which occurred on September 23, 2019.

On December 17, 2019, the Plan was amended and restated effective as of January 1, 2020 to incorporate all Plan amendments since January 1, 2016, add Snyder’s-Lance Inc. as a participating subsidiary of the Company to the Plan beginning on January 1, 2020, and document among other items: (1) the merger of the Snyder’s-Lance Inc. Retirement Savings Plan and certain protected benefits embedded within that were added to the Plan; (2) the addition of certain Snyder’s-Lance Inc. Retirement Savings Plan features for our administrative ease; and (3) make certain elective changes to the Plan design, including increasing the applicable compensation deferral cap to 75%, adding voluntary automatic escalation for existing participants as of October 1, 2019, and adding default automatic escalation of 1% (up to 10%) on the anniversary date for employees automatically enrolled on or after January 1, 2020. The addition of Snyder’s-Lance Inc. as a participating subsidiary resulted in a transfer of participants into the Plan from the Snyder’s-Lance Inc. Retirement Savings Plan. The value of the asset transfer from the Snyder’s-Lance Inc. Retirement Savings Plan was $362,277,484.

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Note 9 – Subsequent Events

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (“CARES”) Act was enacted and signed into law. Certain provisions of the CARES Act eliminate the need for terminated employees to take a required minimum distribution in calendar year 2020.

Effective April 8, 2020, assets in the Reliance/MetLife Stable 25053 Class 0 were transferred to the Blackrock Short-Term Investment Fund.

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Supplemental Schedule

14

Campbell Soup Company

401(k) Retirement Plan

Attachment to 2019 Form 5500

Schedule H, line 4(i) – Schedule of Assets (Held at End of Year)

As of December 31, 2019

EIN: 21-0419870 PN: 008

(a)	(b) Identity of issue, borrower, lessor, or similar party	(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value	(d) Cost	(e) Current value
	Blackrock Short-Term Investment Fund	Common Collective Trust	N/R	$	66,695,086
	Reliance/Metlife Stable 25053 Class 0	Common Collective Trust	N/R	2,501,137
	American Funds EuroPacific Growth Fund	Mutual Fund	N/R	50,229,654
	Pimco Real Return Fund	Mutual Fund	N/R	21,689,668
	Vanguard Ext Market Index Fund	Mutual Fund	N/R	44,266,651
	Vanguard Total Bond Market Index Fund	Mutual Fund	N/R	18,008,544
	Vanguard Total Int’l Stock Index Fund	Mutual Fund	N/R	16,438,330
	American Funds Growth Fund of America	Mutual Fund	N/R	174,501,721
	Vanguard Short-Term Bond Index Fund	Mutual Fund	N/R	31,002,010
	T. Rowe Price Small Cap Val Fund	Mutual Fund	N/R	41,241,053
	Pimco Total Return Fund	Mutual Fund	N/R	5,648,094
	Vanguard Inst'l Target RET Income Fund	Mutual Fund	N/R	9,580,685
	Vanguard Inst'l Target RET 2015 Fund	Mutual Fund	N/R	14,132,294
	Vanguard Inst'l Target RET 2020 Fund	Mutual Fund	N/R	38,792,121
	Vanguard Inst'l Target RET 2025 Fund	Mutual Fund	N/R	74,966,613
	Vanguard Inst'l Target RET 2030 Fund	Mutual Fund	N/R	64,448,388
	Vanguard Inst'l Target RET 2035 Fund	Mutual Fund	N/R	50,032,428
	Vanguard Inst'l Target RET 2040 Fund	Mutual Fund	N/R	54,378,333
	Vanguard Inst'l Target RET 2045 Fund	Mutual Fund	N/R	52,029,223
	Vanguard Inst'l Target RET 2050 Fund	Mutual Fund	N/R	46,612,129
	Vanguard Inst'l Target RET 2055 Fund	Mutual Fund	N/R	27,741,688
	Vanguard Inst'l Target RET 2060 Fund	Mutual Fund	N/R	10,157,597
	Vanguard Inst'l Target RET 2065 Fund	Mutual Fund	N/R	2,867,619
	Vanguard Institutional Index Fund	Mutual Fund	N/R	143,464,498
	Vanguard Equity-Income Fund	Mutual Fund	N/R	105,722,270
*	Notes receivable from participants	Interest rates from 5.25% to 7.50% Maturity dates through December 2024		18,790,079
*	Campbell Soup Company Stock Fund	Company Stock	N/R	162,734,543
	Total			$	1,348,672,456

__________________________________________

N/R - Participant directed investment; cost not required to be reported.

^*Party-in interest as defined by ERISA

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INDEX OF EXHIBITS

Exhibit	Page
23.1  Consent of Independent Registered Public Accounting Firm	18

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SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Administrative Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

CAMPBELL SOUP COMPANY 401(K) RETIREMENT PLAN
By:	/s/ Ashok Madhavan
	Ashok Madhavan
	Member of the Administrative Committee

Date: April 27, 2020

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EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the Registration Statements (Nos. 033-59797, 333-22803 and 333-173582) on Forms S-8 of our report dated April 27, 2020, which appears in this annual report on Form 11-K of Campbell Soup Company 401(k) Retirement Plan for the year ended December 31, 2019.

/s/ Baker Tilly Virchow Krause, LLP

Philadelphia, Pennsylvania

April 27, 2020

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