10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For The Quarterly Period Ended	Commission File Number
January 31, 2021	1-3822

CAMPBELL SOUP COMPANY 

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

1 Campbell Place

Camden, New Jersey 08103-1799

Principal Executive Offices

Telephone Number: (856) 342-4800

Securities registered pursuant to Section 12(b) of the Act: 

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Capital Stock, par value $.0375	CPB	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  ☑ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  ☑ Yes  ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☑ No

There were 303,009,350 shares of capital stock outstanding as of March 3, 2021.

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TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION		3
	Item 1. Financial Statements	3
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	26
	Item 3. Quantitative and Qualitative Disclosure About Market Risk	37
	Item 4. Controls and Procedures	37
PART II - OTHER INFORMATION		37
	Item 1. Legal Proceedings	37
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	37
	Item 6. Exhibits	37
INDEX TO EXHIBITS		38
SIGNATURES		39

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

CAMPBELL SOUP COMPANY

Consolidated Statements of Earnings

(unaudited)

(millions, except per share amounts)

	Three Months Ended				Six Months Ended
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Net sales	$	2,279	$	2,162	$	4,619	$	4,345
Costs and expenses
Cost of products sold	1,496		1,420		3,023		2,865
Marketing and selling expenses	232		237		440		443
Administrative expenses	158		148		299		282
Research and development expenses	19		22		39		44
Other expenses / (income)	(45)		(22)		(63)		34
Restructuring charges	18		7		19		10
Total costs and expenses	1,878		1,812		3,757		3,678
Earnings before interest and taxes	401		350		862		667
Interest expense	55		149		110		229
Interest income	1		3		1		3
Earnings before taxes	347		204		753		441
Taxes on earnings	102		33		199		101
Earnings from continuing operations	245		171		554		340
Earnings from discontinued operations	—		1,037		—		1,034
Net earnings	245		1,208		554		1,374
Less: Net earnings (loss) attributable to noncontrolling interests	—		—		—		—
Net earnings attributable to Campbell Soup Company	$	245	$	1,208	$	554	$	1,374
Per Share — Basic
Earnings from continuing operations attributable to Campbell Soup Company	$	.81	$	.57	$	1.83	$	1.13
Earnings from discontinued operations	—		3.43		—		3.44
Net earnings attributable to Campbell Soup Company(1)	$	.81	$	4.00	$	1.83	$	4.56
Weighted average shares outstanding — basic	303		302		303		301
Per Share — Assuming Dilution
Earnings from continuing operations attributable to Campbell Soup Company	$	.80	$	.56	$	1.82	$	1.12
Earnings from discontinued operations	—		3.41		—		3.41
Net earnings attributable to Campbell Soup Company	$	.80	$	3.97	$	1.82	$	4.53
Weighted average shares outstanding — assuming dilution	305		304		305		303

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

See accompanying Notes to Consolidated Financial Statements.

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CAMPBELL SOUP COMPANY

Consolidated Statements of Comprehensive Income

(unaudited)

(millions)

	Three Months Ended
	January 31, 2021						January 26, 2020
	Pre-tax amount		Tax (expense) benefit		After-tax amount		Pre-tax amount		Tax (expense) benefit		After-tax amount
Net earnings (loss)					$	245					$	1,208
Other comprehensive income (loss):
Foreign currency translation:
Foreign currency translation adjustments	$	7	$	—	7		$	7	$	—	7
Reclassification of currency translation adjustments realized upon disposal of businesses	—		—		—		124		4		128
Cash-flow hedges:
Unrealized gains (losses) arising during the period	(6)		—		(6)		1		—		1
Reclassification adjustment for (gains) losses included in net earnings	3		—		3		(1)		—		(1)
Pension and other postretirement benefits:
Reclassification of prior service credit included in net earnings	(1)		—		(1)		(7)		2		(5)
Other comprehensive income (loss)	$	3	$	—	3		$	124	$	6	130
Total comprehensive income (loss)					$	248					$	1,338
Total comprehensive income (loss) attributable to noncontrolling interests					(1)						(1)
Total comprehensive income (loss) attributable to Campbell Soup Company					$	249					$	1,339
	Six Months Ended
	January 31, 2021						January 26, 2020
	Pre-tax amount		Tax (expense) benefit		After-tax amount		Pre-tax amount		Tax (expense) benefit		After-tax amount
Net earnings (loss)					$	554					$	1,374
Other comprehensive income (loss):
Foreign currency translation:
Foreign currency translation adjustments	$	7	$	—	7		$	3	$	—	3
Reclassification of currency translation adjustments realized upon disposal of businesses	—		—		—		206		4		210
Cash-flow hedges:
Unrealized gains (losses) arising during period	(7)		1		(6)		1		—		1
Reclassification adjustment for (gains) losses included in net earnings	3		—		3		1		(1)		—
Pension and other postretirement benefits:
Reclassification of prior service credit included in net earnings	(2)		—		(2)		(14)		3		(11)
Other comprehensive income (loss)	$	1	$	1	2		$	197	$	6	203
Total comprehensive income (loss)					$	556					$	1,577
Total comprehensive income (loss) attributable to noncontrolling interests					(3)						—
Total comprehensive income (loss) attributable to Campbell Soup Company					$	559					$	1,577

See accompanying Notes to Consolidated Financial Statements.

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CAMPBELL SOUP COMPANY

Consolidated Balance Sheets

(unaudited)

(millions, except per share amounts)

	January 31, 2021		August 2, 2020
Current assets
Cash and cash equivalents	$	946	$	859
Accounts receivable, net	702		575
Inventories	815		871
Other current assets	72		80
Total current assets	2,535		2,385
Plant assets, net of depreciation	2,329		2,368
Goodwill	3,991		3,986
Other intangible assets, net of amortization	3,329		3,350
Other assets	314		283
Total assets	$	12,498	$	12,372
Current liabilities
Short-term borrowings	$	1,025	$	1,202
Payable to suppliers and others	1,026		1,049
Accrued liabilities	618		693
Dividends payable	115		107
Accrued income taxes	17		24
Total current liabilities	2,801		3,075
Long-term debt	4,996		4,994
Deferred taxes	982		914
Other liabilities	794		820
Total liabilities	9,573		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	388		394
Earnings retained in the business	3,517		3,190
Capital stock in treasury, at cost	(990)		(1,023)
Accumulated other comprehensive income (loss)	(5)		(10)
Total Campbell Soup Company shareholders' equity	2,922		2,563
Noncontrolling interests	3		6
Total equity	2,925		2,569
Total liabilities and equity	$	12,498	$	12,372

See accompanying Notes to Consolidated Financial Statements.

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CAMPBELL SOUP COMPANY

Consolidated Statements of Cash Flows

(unaudited)

(millions)

	Six Months Ended
	January 31, 2021		January 26, 2020
Cash flows from operating activities:
Net earnings	$	554	$	1,374
Adjustments to reconcile net earnings to operating cash flow
Restructuring charges	19		10
Stock-based compensation	34		33
Pension and postretirement benefit income	(66)		(47)
Depreciation and amortization	154		162
Deferred income taxes	69		32
Net gain on sales of businesses	—		(972)
Loss on extinguishment of debt	—		75
Other	47		53
Changes in working capital, net of divestitures
Accounts receivable	(124)		(112)
Inventories	57		73
Prepaid assets	(3)		11
Accounts payable and accrued liabilities	(108)		(9)
Other	(22)		(20)
Net cash provided by operating activities	611		663
Cash flows from investing activities:
Purchases of plant assets	(132)		(167)
Purchases of route businesses	(1)		(6)
Sales of route businesses	6		5
Sales of businesses, net of cash divested	—		2,533
Other	7		3
Net cash provided by (used in) investing activities	(120)		2,368
Cash flows from financing activities:
Short-term borrowings, including commercial paper	—		3,680
Short-term repayments, including commercial paper	(176)		(4,350)
Long-term repayments	—		(499)
Dividends paid	(215)		(213)
Treasury stock issuances	—		4
Payments related to tax withholding for stock-based compensation	(14)		(9)
Payments related to extinguishment of debt	—		(1,765)
Net cash used in financing activities	(405)		(3,152)
Effect of exchange rate changes on cash	1		—
Net change in cash and cash equivalents	87		(121)
Cash and cash equivalents — beginning of period	859		31
Cash and cash equivalents discontinued operations — beginning of period	—		148
Cash and cash equivalents discontinued operations — end of period	—		—
Cash and cash equivalents — end of period	$	946	$	58

See accompanying Notes to Consolidated Financial Statements.

6

CAMPBELL SOUP COMPANY

Consolidated Statements of Equity

(unaudited)

(millions, except per share amounts)

	Campbell Soup Company Shareholders’ Equity
	Capital Stock						Additional Paid-in Capital		Earnings Retained in the Business		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests
	Issued			In Treasury											Total Equity
	Shares	Amount		Shares	Amount
Balance at October 27, 2019	323	$	12	(21)	$	(1,053)	$	356	$	2,050	$	(126)	$	10	$	1,249
Net earnings (loss)									1,208				—		1,208
Divestiture													(4)		(4)
Other comprehensive income (loss)											131		(1)		130
Dividends ($.35 per share)									(106)						(106)
Treasury stock issued under management incentive and stock option plans				—	5		18		(1)						22
Balance at January 26, 2020	323	$	12	(21)	$	(1,048)	$	374	$	3,151	$	5	$	5	$	2,499
Balance at July 28, 2019	323	$	12	(22)	$	(1,076)	$	372	$	1,993	$	(198)	$	9	$	1,112
Net earnings (loss)									1,374				—		1,374
Divestiture													(4)		(4)
Other comprehensive income (loss)											203		—		203
Dividends ($.70 per share)									(214)						(214)
Treasury stock issued under management incentive and stock option plans				1	28		2		(2)						28
Balance at January 26, 2020	323	$	12	(21)	$	(1,048)	$	374	$	3,151	$	5	$	5	$	2,499
Balance at November 1, 2020	323	$	12	(20)	$	(991)	$	370	$	3,387	$	(9)	$	4	$	2,773
Net earnings (loss)									245				—		245
Other comprehensive income (loss)											4		(1)		3
Dividends ($.37 per share)									(114)						(114)
Treasury stock issued under management incentive and stock option plans				—	1		18		(1)						18
Balance at January 31, 2021	323	$	12	(20)	$	(990)	$	388	$	3,517	$	(5)	$	3	$	2,925
Balance at August 2, 2020	323	$	12	(21)	$	(1,023)	$	394	$	3,190	$	(10)	$	6	$	2,569
Net earnings (loss)									554				—		554
Other comprehensive income (loss)											5		(3)		2
Dividends ($.72 per share)									(221)						(221)
Treasury stock issued under management incentive and stock option plans				1	33		(6)		(6)						21
Balance at January 31, 2021	323	$	12	(20)	$	(990)	$	388	$	3,517	$	(5)	$	3	$	2,925

See accompanying Notes to Consolidated Financial Statements.

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Notes to Consolidated Financial Statements

(unaudited)

(currency in millions, except per share amounts)

1. Basis of Presentation and Significant Accounting Policies

In this Form 10-Q, unless otherwise stated, the terms "we," "us," "our" and the "company" refer to Campbell Soup Company and its consolidated subsidiaries.

The consolidated financial statements include our accounts and entities in which we maintain a controlling financial interest and a variable interest entity (VIE) for which we were the primary beneficiary. Intercompany transactions are eliminated in consolidation. See Note 3 for a discussion of Discontinued Operations.

The financial statements reflect all adjustments which are, in our opinion, necessary for a fair statement of the results of operations, financial position, and cash flows for the indicated periods. The accounting policies we used in preparing these financial statements are substantially consistent with those we applied in our Annual Report on Form 10-K for the year ended August 2, 2020.

The results for the period are not necessarily indicative of the results to be expected for other interim periods or the full year. Our fiscal year ends on the Sunday nearest July 31, which is August 1, 2021. There are 52 weeks in 2021. There were 53 weeks in 2020.

2. Recent Accounting Pronouncements

Recently Adopted

In August 2018, the Financial Accounting Standards Board (FASB) issued guidance that eliminates, adds, and modifies certain disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those years. We adopted the new guidance at the beginning of the first quarter of 2021. The adoption did not have a material impact on our consolidated financial statements.

In August 2018, the FASB issued guidance on accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. The guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance is effective for fiscal years beginning after December 15, 2019. Entities have the option to apply the guidance prospectively to all implementation costs incurred after the date of adoption or retrospectively. Early adoption is permitted. We adopted the new guidance on a prospective basis at the beginning of the first quarter of 2021. The adoption did not have a material impact on our consolidated financial statements.

Accounting Pronouncements Not Yet Adopted

In August 2018, the FASB issued guidance that changes the disclosure requirements related to defined benefit pension and postretirement plans. The guidance is effective for fiscal years ending after December 15, 2020. The guidance is to be applied on a retrospective basis. Early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our disclosures.

In December 2019, the FASB issued guidance on simplifying the accounting for income taxes. The guidance removes certain exceptions to the general principles of accounting for income taxes and also improves consistent application of accounting by clarifying or amending existing guidance. The guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those years. Early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.

In March 2020, the FASB issued guidance that provides optional expedients and exceptions for a limited period of time for accounting for contracts, hedging relationships, and other transactions affected by the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued. Optional expedients can be applied from March 12, 2020 through December 31, 2022. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.

3. Divestitures

Discontinued Operations

We completed the sale of our Kelsen business on September 23, 2019, for $322. We also completed the sale of our Arnott’s business and certain other international operations, including the simple meals and shelf-stable beverages businesses in Australia and Asia Pacific (the Arnott's and other international operations), on December 23, 2019, for $2,286. The purchase price was subject to certain post-closing adjustments, which resulted in $4 of additional proceeds in the third quarter of 2020. Beginning in the fourth quarter of 2019, we have reflected the results of operations of the Kelsen business and the Arnott’s and

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other international operations (collectively referred to as Campbell International) as discontinued operations in the Consolidated Statements of Earnings for all periods presented. These businesses were historically included in the Snacks reportable segment.

Results of Campbell International were as follows:

	Three Months Ended		Six Months Ended
	January 26, 2020
Net sales	$	136	$	359
Earnings before taxes from operations	$	16	$	53
Taxes on earnings from operations	4		17
Gain on sales of businesses / costs associated with selling the businesses	1,087		1,036
Tax expense on sales of businesses / costs associated with selling the businesses	62		38
Earnings from discontinued operations	$	1,037	$	1,034

Under the terms of the sale of the Arnott's and other international operations, we entered into a long-term licensing arrangement for the exclusive rights to certain Campbell brands in certain non-U.S. markets. We provide certain transition services to support the divested business.

Cash flow activity of Campbell International included the following:

	Six Months Ended
	January 26, 2020
Cash flows from discontinued operating activities:
Net gain on sales of discontinued operations businesses	$	1,036
Cash flows from discontinued investing activities:
Capital expenditures	$	30
Sales of discontinued operations businesses, net of cash divested	2,462

Other Divestitures

On October 11, 2019, we completed the sale of our European chips business for £63, or $77. The pre-tax loss recognized in the first quarter of 2020 on the sale was $64, which included the impact of allocated goodwill and foreign currency translation adjustments. For tax purposes, in the first quarter of 2020, the capital loss on the sale was offset by a valuation allowance. In the second quarter of 2020, we recognized a $19 tax benefit in continuing operations as we were able to use the capital loss on this sale to offset a portion of the capital gain from the sale of the Arnott's and other international operations. The European chips business had net sales of $25 for the six-month period ended January 26, 2020. Earnings were not material in the period. The results of the European chips business through the date of sale were reflected in continuing operations within the Snacks reportable segment.

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4. Accumulated Other Comprehensive Income (Loss)

The components of Accumulated other comprehensive income (loss) consisted of the following:

	Foreign Currency Translation Adjustments(1)		Gains (Losses) on Cash Flow Hedges(2)		Pension and Postretirement Benefit Plan Adjustments(3)		Total Accumulated Comprehensive Income (Loss)
Balance at July 28, 2019	$	(218)	$	(9)	$	29	$	(198)
Other comprehensive income (loss) before reclassifications	3		1		—		4
Amounts reclassified from accumulated other comprehensive income (loss)(4)	210		—		(11)		199
Net current-period other comprehensive income (loss)	213		1		(11)		203
Balance at January 26, 2020	$	(5)	$	(8)	$	18	$	5
Balance at August 2, 2020	$	(10)	$	(7)	$	7	$	(10)
Other comprehensive income (loss) before reclassifications	10		(6)		—		4
Amounts reclassified from accumulated other comprehensive income (loss)	—		3		(2)		1
Net current-period other comprehensive income (loss)	10		(3)		(2)		5
Balance at January 31, 2021	$	—	$	(10)	$	5	$	(5)

_____________________________________

(1)Included no tax as of January 31, 2021, August 2, 2020, and January 26, 2020 and tax expense of $4 as of July 28, 2019.

(2)Included a tax benefit of $2 as of January 31, 2021, $1 as of August 2, 2020, and January 26, 2020, and $2 as of July 28, 2019.

(3)Included tax expense of $2 as of January 31, 2021, and as of August 2, 2020, $5 as of January 26, 2020, and $8 as of July 28, 2019.

(4)Reflects amounts reclassified from sale of businesses. See Note 3 for additional information.

Amounts related to noncontrolling interests were not material.

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The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following:

	Three Months Ended				Six Months Ended
Details about Accumulated Other Comprehensive Income (Loss) Components	January 31, 2021		January 26, 2020		January 31, 2021		January 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	—		124		—		183		Earnings (loss) from discontinued operations
Total before tax	—		124		—		206
Tax expense (benefit)	—		4		—		4
(Gain) loss, net of tax	$	—	$	128	$	—	$	210
(Gains) losses on cash flow hedges:
Foreign exchange forward contracts	$	2	$	(1)	$	2	$	(1)	Cost of products sold
Foreign exchange forward contracts	—		—		—		1		Earnings (loss) from discontinued operations
Forward starting interest rate swaps	1		—		1		1		Interest expense
Total before tax	3		(1)		3		1
Tax expense (benefit)	—		—		—		(1)
(Gain) loss, net of tax	$	3	$	(1)	$	3	$	—
Pension and postretirement benefit adjustments:
Prior service credit	$	(1)	$	(7)	$	(2)	$	(14)	Other expenses / (income)
Tax expense (benefit)	—		2		—		3
(Gain) loss, net of tax	$	(1)	$	(5)	$	(2)	$	(11)

5. Goodwill and Intangible Assets

Goodwill

The following table shows the changes in the carrying amount of goodwill by business segment:

	Meals & Beverages		Snacks		Total
Net balance at August 2, 2020	$	975	$	3,011	$	3,986
Foreign currency translation adjustment	5		—		5
Net balance at January 31, 2021	$	980	$	3,011	$	3,991

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Intangible Assets

The following table summarizes balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization:

	January 31, 2021						August 2, 2020
Intangible Assets	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Amortizable intangible assets
Customer relationships	$	851	$	(133)	$	718	$	851	$	(112)	$	739
Non-amortizable intangible assets
Trademarks					2,611						2,611
Total net intangible assets					$	3,329					$	3,350

Non-amortizable intangible assets consist of trademarks. As of January 31, 2021, trademarks primarily included $1,978 associated with Snyder's-Lance. Of the carrying values of all indefinite-lived trademarks, $620 related to the Snyder's of Hanover trademark, $292 related to the Pace trademark, and $280 related to the Pacific Foods trademark.

Amortization of intangible assets in Earnings from continuing operations was $21 and $22 for the six-month periods ended January 31, 2021, and January 26, 2020, respectively. As of January 31, 2021, amortizable intangible assets had a weighted-average remaining useful life of 18 years. Amortization expense for the next 5 years is estimated to be approximately $42 per year.

6. Segment Information

Our reportable segments are as follows:

•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 and non-dairy beverages; 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; and

•Snacks, which consists of Pepperidge Farm cookies, crackers, fresh bakery and frozen products in U.S. retail, including Pepperidge Farm Farmhouse* cookies and bakery products, 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 includes the retail business in Latin America. The segment also included the results of our European chips business, which was sold on October 11, 2019. We refer to the * trademarks as our "power brands."

We evaluate segment performance before interest, taxes and costs associated with restructuring activities and impairment charges. Unrealized gains and losses on undesignated commodity hedging activities are excluded from segment operating earnings and are recorded in Corporate as these open positions represent hedges of future purchases. Upon closing of the contracts, the realized gain or loss is transferred to segment operating earnings, which allows the segments to reflect the economic effects of the hedge without exposure to quarterly volatility of unrealized gains and losses. Only the service cost component of pension and postretirement expense is allocated to segments. All other components of expense, including interest cost, expected return on assets, amortization of prior service credits and recognized actuarial gains and losses are reflected in Corporate and not included in segment operating results. Asset information by segment is not discretely maintained for internal reporting or used in evaluating performance.

	Three Months Ended				Six Months Ended
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Net sales
Meals & Beverages	$	1,300	$	1,224	$	2,642	$	2,418
Snacks	979		938		1,977		1,927
Total	$	2,279	$	2,162	$	4,619	$	4,345

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	Three Months Ended				Six Months Ended
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Earnings before interest and taxes
Meals & Beverages	$	258	$	242	$	591	$	524
Snacks	144		136		283		261
Corporate(1)	17		(21)		7		(108)
Restructuring charges(2)	(18)		(7)		(19)		(10)
Total	$	401	$	350	$	862	$	667

_______________________________________

(1)Represents unallocated items. Pension benefit settlement adjustments are included in Corporate. There were settlement gains of $30 and $34 in the three- and six-month periods ended January 31, 2021, and $11 in the three- and six-month periods ended January 26, 2020. A loss of $64 on the sale of our European chips business was included in the six-month period ended January 26, 2020. Costs related to the cost savings initiatives were $4 and $18 in the three-month periods and $9 and $26 in the six-month periods ended January 31, 2021, and January 26, 2020, respectively.

(2)See Note 7 for additional information.

Our net sales based on product categories are as follows:

	Three Months Ended				Six Months Ended
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Net sales
Soup	$	794	$	755	$	1,620	$	1,463
Snacks	989		955		1,997		1,965
Other simple meals	307		279		618		562
Beverages	189		173		384		355
Total	$	2,279	$	2,162	$	4,619	$	4,345

Soup includes various soup, broths and stock products. Snacks include cookies, pretzels, crackers, popcorn, nuts, potato chips, tortilla chips and other salty snacks and baked products. Other simple meals include sauces and Plum products. Beverages include V8 juices and beverages, Campbell’s tomato juice and Pacific Foods non-dairy beverages.

7. Restructuring Charges and Cost Savings Initiatives

Multi-year Cost Savings Initiatives and Snyder's-Lance Cost Transformation Program and Integration

Beginning in fiscal 2015, we implemented initiatives to reduce costs and to streamline our organizational structure.

In recent years, we expanded these initiatives by further optimizing our supply chain and manufacturing networks, including closing our manufacturing facility in Toronto, Ontario, as well as our information technology infrastructure.

On March 26, 2018, we completed the acquisition of Snyder's-Lance, Inc. (Snyder's-Lance). Prior to the acquisition, Snyder's-Lance launched a cost transformation program following a comprehensive review of its operations with the goal of significantly improving its financial performance. We continue to implement this program. In addition, we have identified opportunities for additional cost synergies as we integrate Snyder's-Lance.

Cost estimates, as well as timing for certain activities, are continuing to be developed.

A summary of the pre-tax charges (gains) recorded in Earnings from continuing operations related to these initiatives is as follows:

	Three Months Ended				Six Months Ended
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020		Recognized as of January 31, 2021
Restructuring charges	$	18	$	7	$	19	$	10	$	257
Administrative expenses	6		13		10		21		321
Cost of products sold	(2)		2		(1)		2		75
Marketing and selling expenses	—		2		—		2		12
Research and development expenses	—		1		—		1		4
Total pre-tax charges	$	22	$	25	$	28	$	36	$	669

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A summary of the pre-tax costs in Earnings from discontinued operations associated with these initiatives is as follows:

	Recognized as of January 31, 2021
Severance pay and benefits	$	19
Implementation costs and other related costs	4
Total	$	23

As of April 28, 2019, we incurred substantially all of the costs for actions associated with discontinued operations. All of the costs were cash expenditures.

A summary of the pre-tax costs in Earnings from continuing operations associated with the initiatives is as follows:

	Recognized as of January 31, 2021
Severance pay and benefits	$	219
Asset impairment/accelerated depreciation	80
Implementation costs and other related costs	370
Total	$	669

The total estimated pre-tax costs for actions associated with continuing operations that have been identified are approximately $695 to $725 and we expect to incur the costs through 2022. This estimate will be updated as costs for the expanded initiatives are developed.

We expect the costs for actions associated with continuing operations that have been identified to date to consist of the following: approximately $220 to $225 in severance pay and benefits; approximately $85 in asset impairment and accelerated depreciation; and approximately $390 to $415 in implementation costs and other related costs. We expect these pre-tax costs to be associated with our segments as follows: Meals & Beverages - approximately 32%; Snacks - approximately 44%; and Corporate - approximately 24%.

Of the aggregate $695 to $725 of pre-tax costs associated with continuing operations identified to date, we expect approximately $595 to $625 will be cash expenditures. In addition, we expect to invest approximately $455 in capital expenditures through 2022, of which we invested $367 as of January 31, 2021. The capital expenditures primarily relate to a U.S. warehouse optimization project, improvement of quality, safety and cost structure across the Snyder’s-Lance manufacturing network, implementation of an SAP enterprise-resource planning system for Snyder's-Lance, transition of production of the Toronto manufacturing facility to our U.S. thermal plants, optimization of information technology infrastructure and applications, insourcing of manufacturing for certain simple meal products, and optimization of the Snyder’s-Lance warehouse and distribution network.

A summary of the restructuring activity and related reserves associated with continuing operations at January 31, 2021, is as follows:

	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	4		8	13	3	$	28
2021 cash payments	(9)
Accrued balance at January 31, 2021(2)	$	10

__________________________________ 

(1)Includes $3 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet.

(2)Includes $4 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet.

(3)Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses and Cost of products sold in the Consolidated Statements of Earnings.

(4)Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet.

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Segment operating results do not include restructuring charges, implementation costs and other related costs because we evaluate segment performance excluding such charges. A summary of the pre-tax costs in Earnings from continuing operations associated with segments is as follows:

	January 31, 2021
	Three Months Ended		Six Months Ended		Costs Incurred to Date
Meals & Beverages	$	1	$	1	$	221
Snacks	21		26		277
Corporate	—		1		171
Total	$	22	$	28	$	669

In addition, in the second quarter of 2021, we recorded a $19 deferred tax charge in connection with a legal entity reorganization as part of the continued integration of Snyder's-Lance.

8. Earnings per Share (EPS)

For the periods presented in the Consolidated Statements of Earnings, the calculations of basic EPS and EPS assuming dilution vary in that the weighted average shares outstanding assuming dilution include the incremental effect of stock options and other share-based payment awards, except when such effect would be antidilutive. The earnings per share calculation for the three- and six-month periods ended January 31, 2021, and January 26, 2020, excludes approximately 1 million stock options that would have been antidilutive.

9. Pension and Postretirement Benefits

Components of net benefit expense (income) were as follows:

	Three Months Ended								Six Months Ended
	Pension				Postretirement				Pension				Postretirement
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Service cost	$	4	$	5	$	—	$	—	$	9	$	10	$	—	$	—
Interest cost	10		17		1		1		20		34		2		3
Expected return on plan assets	(30)		(34)		—		—		(61)		(69)		—		—
Amortization of prior service cost	—		—		(1)		(7)		—		—		(2)		(14)
Settlement gains	(30)		(11)		—		—		(34)		(11)		—		—
Net periodic benefit expense (income)	$	(46)	$	(23)	$	—	$	(6)	$	(66)	$	(36)	$	—	$	(11)

The components of net periodic benefit expense (income) other than the service cost component associated with continuing operations are included in Other expenses / (income) in the Consolidated Statements of Earnings.

The settlement gains resulted from the level of lump sum distributions associated with U.S. and Canadian pension plans.

Net periodic pension benefit expense (income) associated with discontinued operations was not material for the six-month period ended January 26, 2020.

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10. Leases

The components of lease costs were as follows:

	Three Months Ended				Six Months Ended
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Operating lease cost	$	20	$	21	$	40	$	40
Finance lease - amortization of right-of-use (ROU) assets	1		1		2		1
Short-term lease cost	11		10		21		20
Variable lease cost(1)	46		43		92		86
Sublease income	—		(2)		(1)		(2)
Total(2)	$	78	$	73	$	154	$	145

__________________________________________

(1)Includes labor and other overhead in our service contracts with embedded leases.

(2)Total lease cost of $2 and $4 for the three- and six-month periods ended January 26, 2020, respectively, related to discontinued operations.

The following tables summarize the lease amounts recorded in the Consolidated Balance Sheets:

	Operating Leases
	Balance Sheet Location	January 31, 2021		August 2, 2020
ROU assets, net	Other assets	$	239	$	254
Lease liabilities (current)	Accrued liabilities	$	54	$	67
Lease liabilities (noncurrent)	Other liabilities	$	183	$	184

	Finance Leases
	Balance Sheet Location	January 31, 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

The following table summarizes cash flow and other information related to leases:

	Six Months Ended
	January 31, 2021		January 26, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	40	$	38
Financing cash flows from finance leases	$	2	$	—
ROU assets obtained in exchange for lease obligations:
Operating leases	$	27	$	63
Finance leases	$	3	$	3
ROU assets divested with businesses sold:
Operating leases	$	—	$	18
Finance leases	$	—	$	5

11. Financial Instruments

The principal market risks to which we are exposed are changes in foreign currency exchange rates, interest rates and commodity prices. In addition, we are exposed to equity price changes related to certain deferred compensation obligations. In order to manage these exposures, we follow established risk management policies and procedures, including the use of

16

derivative contracts such as swaps, rate locks, options, forwards and commodity futures. We enter into these derivative contracts for periods consistent with the related underlying exposures, and the contracts do not constitute positions independent of those exposures. We do not enter into derivative contracts for speculative purposes and do not use leveraged instruments. Our derivative programs include instruments that qualify for hedge accounting treatment and instruments that are not designated as accounting hedges.

Concentration of Credit Risk

We are exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. To mitigate counterparty credit risk, we enter into contracts only with carefully selected, leading, credit-worthy financial institutions, and distribute contracts among several financial institutions to reduce the concentration of credit risk. We did not have credit-risk-related contingent features in our derivative instruments as of January 31, 2021, or August 2, 2020.

We are also exposed to credit risk from our customers. During 2020, our largest customer accounted for approximately 21% of consolidated net sales from continuing operations. Our five largest customers accounted for approximately 44% of our consolidated net sales from continuing operations in 2020.

We closely monitor credit risk associated with counterparties and customers.

Foreign Currency Exchange Risk

We are exposed to foreign currency exchange risk related to third-party transactions and intercompany transactions, including intercompany debt. Principal currencies hedged include the Canadian dollar and, prior to the sale of Arnott's and other international operations, the Australian dollar. We utilize foreign exchange forward purchase and sale contracts to hedge these exposures. The contracts are either designated as cash-flow hedging instruments or are undesignated. We hedge portions of our forecasted foreign currency transaction exposure with foreign exchange forward contracts for periods typically up to 18 months. To hedge currency exposures related to intercompany debt, we enter into foreign exchange forward purchase and sale contracts for periods consistent with the underlying debt. The notional amount of foreign exchange forward contracts accounted for as cash-flow hedges was $98 as of January 31, 2021, and $164 as of August 2, 2020. The effective portion of the changes in fair value on these instruments is recorded in other comprehensive income (loss) and is reclassified into the Consolidated Statements of Earnings on the same line item and the same period in which the underlying hedged transaction affects earnings. The notional amount of foreign exchange forward contracts that are not designated as accounting hedges was $20 as of January 31, 2021, and $19 as of August 2, 2020.

Interest Rate Risk

We manage our exposure to changes in interest rates by optimizing the use of variable-rate and fixed-rate debt and by utilizing interest rate swaps in order to maintain our variable-to-total debt ratio within targeted guidelines. Receive fixed rate/pay variable rate interest rate swaps are accounted for as fair-value hedges. We manage our exposure to interest rate volatility on future debt issuances by entering into forward starting interest rate swaps or treasury rate lock contracts to lock in the rate on the interest payments related to the anticipated debt issuances. The contracts are either designated as cash-flow hedging instruments or are undesignated. The effective portion of the changes in fair value on designated instruments is recorded in other comprehensive income (loss) and reclassified into interest expense over the life of the debt. The change in fair value on undesignated instruments is recorded in interest expense. There were no forward starting interest rate swaps or treasury rate lock contracts outstanding as of January 31, 2021, or August 2, 2020.

Commodity Price Risk

We principally use a combination of purchase orders and various short- and long-term supply arrangements in connection with the purchase of raw materials, including certain commodities and agricultural products. We also enter into commodity futures, options and swap contracts to reduce the volatility of price fluctuations of wheat, soybean oil, diesel fuel, natural gas, cocoa, aluminum, soybean meal and corn. Commodity futures, options, and swap contracts are either designated as cash-flow hedging instruments or are undesignated. We hedge a portion of commodity requirements for periods typically up to 18 months. The notional amount of commodity contracts designated as cash flow hedges was $5 as of January 31, 2021. There were no commodity contracts designated as cash flow hedges as of August 2, 2020. The notional amount of commodity contracts not designated as accounting hedges was $121 as of January 31, 2021, and $137 as of August 2, 2020.

In 2017, we entered into a supply contract under which prices for certain raw materials are established based on anticipated volume requirements over a twelve-month period. Certain prices under the contract are based in part on certain component parts of the raw materials that are in excess of our needs or not required for our operations, thereby creating an embedded derivative requiring bifurcation. We net settle amounts due under the contract with our counterparty. The notional value was approximately $84 as of January 31, 2021, and $34 as of August 2, 2020.

Unrealized gains (losses) and settlements are included in Cost of products sold in our Consolidated Statements of Earnings.

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Equity Price Risk

We enter into swap contracts which hedge a portion of exposures relating to certain deferred compensation obligations linked to the total return of our capital stock, the total return of the Vanguard Institutional Index Institutional Plus Shares, and the total return of the Vanguard Total International Stock Index. Under these contracts, we pay variable interest rates and receive from the counterparty either: the total return on our capital stock; the total return of the Standard & Poor's 500 Index, which is expected to approximate the total return of the Vanguard Institutional Index Institutional Plus Shares; or the total return of the iShares MSCI EAFE Index, which is expected to approximate the total return of the Vanguard Total International Stock Index. These contracts were not designated as hedges for accounting purposes. Unrealized gains (losses) and settlements are included in Administrative expenses in the Consolidated Statements of Earnings. We enter into these contracts for periods typically not exceeding 12 months. The notional amounts of the contracts were $22 as of January 31, 2021, and August 2, 2020.

The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of January 31, 2021, and August 2, 2020:

	Balance Sheet Classification	January 31, 2021		August 2, 2020
Asset Derivatives
Derivatives designated as hedges:
Foreign exchange forward contracts	Other current assets	$	—	$	1
Total derivatives designated as hedges		$	—	$	1
Derivatives not designated as hedges:
Commodity derivative contracts	Other current assets	$	16	$	7
Deferred compensation derivative contracts	Other current assets	3		4
Commodity derivative contracts	Other assets	1		—
Total derivatives not designated as hedges		$	20	$	11
Total asset derivatives		$	20	$	12

	Balance Sheet Classification	January 31, 2021		August 2, 2020
Liability Derivatives
Derivatives designated as hedges:
Foreign exchange forward contracts	Accrued liabilities	$	4	$	2
Total derivatives designated as hedges		$	4	$	2
Derivatives not designated as hedges:
Commodity derivative contracts	Accrued liabilities	$	2	$	9
Total derivatives not designated as hedges		$	2	$	9
Total liability derivatives		$	6	$	11

We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of January 31, 2021, and August 2, 2020, would be adjusted as detailed in the following table:

	January 31, 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	$	20	$	—	$	20	$	12	$	(4)	$	8
Total liability derivatives	$	6	$	—	$	6	$	11	$	(4)	$	7

We are required to maintain cash margin accounts in connection with funding the settlement of open positions for exchange-traded commodity derivative instruments. A cash margin liability balance of $5 at January 31, 2021, and an asset

18

balance of $8 at August 2, 2020, were included in Accrued liabilities and Other current assets, respectively, in the Consolidated Balance Sheets.

The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and six-month periods ended January 31, 2021, and January 26, 2020, in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings:

		Total Cash-Flow Hedge OCI Activity
Derivatives Designated as Cash-Flow Hedges		January 31, 2021		January 26, 2020
Three Months Ended
OCI derivative gain (loss) at beginning of quarter		$	(9)	$	(9)
Effective portion of changes in fair value recognized in OCI:
Foreign exchange forward contracts		(6)		1
Amount of (gain) loss reclassified from OCI to earnings:	Location in Earnings
Foreign exchange forward contracts	Cost of products sold	2		(1)
Forward starting interest rate swaps	Interest expense	1		—
OCI derivative gain (loss) at end of quarter		$	(12)	$	(9)
Six Months Ended
OCI derivative gain (loss) at beginning of year		$	(8)	$	(11)
Effective portion of changes in fair value recognized in OCI:
Foreign exchange forward contracts		(7)		1
Amount of (gain) loss reclassified from OCI to earnings:	Location in Earnings
Foreign exchange forward contracts	Cost of products sold	2		(1)
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)	$	(9)

Based on current valuations, the amount expected to be reclassified from OCI into earnings within the next 12 months is a loss of $6.

The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and six-month periods ended January 31, 2021, and January 26, 2020, in the Consolidated Statements of Earnings:

	Three Months Ended
	January 31, 2021				January 26, 2020
	Cost of products sold		Interest expense		Cost of products sold		Earnings from discontinued operations		Interest expense
Consolidated Statements of Earnings:	$	1,496	$	55	$	1,420	$	1,037	$	149
(Gain) loss on Cash Flow Hedges:
Amount of (gain) loss reclassified from OCI to earnings	$	2	$	1	$	(1)	$	—	$	—
Amount excluded from effectiveness testing recognized in earnings using an amortization approach	$	—	$	—	$	—	$	—	$	—

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	Six Months Ended
	January 31, 2021				January 26, 2020
	Cost of products sold		Interest expense		Cost of product sold		Earnings from discontinued operations		Interest expense
Consolidated Statements of Earnings:	$	3,023	$	110	$	2,865	$	1,034	$	229
(Gain) loss on Cash Flow Hedges:
Amount of (gain) loss reclassified from OCI to earnings	$	2	$	1	$	(1)	$	1	$	1
Amount excluded from effectiveness testing recognized in earnings using an amortization approach	$	—	$	—	$	—	$	—	$	—

The following table shows the effects of our derivative instruments not designated as hedges for the three- and six-month periods ended January 31, 2021, and January 26, 2020, in the Consolidated Statements of Earnings:

		Amount of (Gain) Loss Recognized in Earnings on Derivatives
Derivatives not Designated as Hedges	Location of (Gain) Loss Recognized in Earnings	Three Months Ended				Six Months Ended
		January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Foreign exchange forward contracts	Cost of products sold	$	—	$	—	$	1	$	—
Foreign exchange forward contracts	Other expenses / (income)	—		—		—		2
Commodity derivative contracts	Cost of products sold	(13)		—		(15)		(4)
Deferred compensation derivative contracts	Administrative expenses	(3)		(3)		(3)		(4)
Treasury rate lock contracts	Interest expense	—		(3)		—		(3)
Total (gain) loss at end of quarter		$	(16)	$	(6)	$	(17)	$	(9)

12. Fair Value Measurements

We categorize financial assets and liabilities based on the following fair value hierarchy:

•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 our estimates of assumptions that market participants would use in pricing the asset or liability.

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, we use unadjusted quoted market prices to measure the fair value and classify such items as Level 1. If quoted market prices are not available, we base fair value upon internally developed models that use current market-based or independently sourced market parameters such as interest rates and currency rates. Included in the fair value of derivative instruments is an adjustment for credit and nonperformance risk.

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Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents our financial assets and liabilities that are measured at fair value on a recurring basis as of January 31, 2021, and August 2, 2020, consistent with the fair value hierarchy:

	Fair Value as of January 31, 2021		Fair Value Measurements at January 31, 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)	17		9		8		—		7		3		2		2
Deferred compensation derivative contracts(3)	3		—		3		—		4		—		4		—
Deferred compensation investments(4)	3		3		—		—		3		3		—		—
Total assets at fair value	$	23	$	12	$	11	$	—	$	15	$	6	$	7	$	2

	Fair Value as of January 31, 2021		Fair Value Measurements at January 31, 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)	$	4	$	—	$	4	$	—	$	2	$	—	$	2	$	—
Commodity derivative contracts(2)	2		—		1		1		9		5		4		—
Deferred compensation obligation(4)	108		108		—		—		92		92		—		—
Total liabilities at fair value	$	114	$	108	$	5	$	1	$	103	$	97	$	6	$	—

___________________________________ 

(1)Based on observable market transactions of spot currency rates and forward rates.

(2)Level 1 and 2 are based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. Level 3 is based on unobservable inputs in which there is little or no market data, which requires management’s own assumptions within an internally developed model.

(3)Based on LIBOR and equity index swap rates.

(4)Based on the fair value of the participants’ investments.

The following table summarizes the changes in fair value of Level 3 assets and liabilities for the six-month periods ended January 31, 2021, and January 26, 2020:

	Six Months Ended
	January 31, 2021		January 26, 2020(1)
Fair value at beginning of year	$	2	$	76
Gains (losses)	—		—
Settlements	(3)		—
Fair value at end of quarter	$	(1)	$	76

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___________________________________

(1)Primarily represented investments in equity securities that were not readily marketable and were accounted for under the fair value option. The investments were funded by Acre Venture Partners, L.P. (Acre), a limited partnership in which we were the sole limited partner. Fair value was based on analyzing recent transactions and transactions of comparable companies, and the discounted cash flow method. In addition, allocation methods, including the option pricing method, were used in distributing fair value among various equity holders according to rights and preferences. We entered into an agreement to sell our interest in Acre on April 26, 2020, and completed the sale on May 8, 2020.

Fair Value of Financial Instruments

The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value.

Cash equivalents were $200 at January 31, 2021, and $157 at August 2, 2020. Cash equivalents represent fair value as these highly liquid investments have an original maturity of three months or less. Fair value of cash equivalents is based on Level 2 inputs.

The fair value of short- and long-term debt was $6,670 at January 31, 2021, and $6,995 at August 2, 2020. The carrying value was $6,021 at January 31, 2021, and $6,196 at August 2, 2020. The fair value of long-term debt is principally estimated using Level 2 inputs based on quoted market prices or pricing models using current market rates.

13. Share Repurchases

In March 2017, the Board authorized a share repurchase program to purchase up to $1,500. The program has no expiration date, but it may be suspended or discontinued at any time. We suspended our share repurchases as of the second quarter of 2018. Approximately $1,296 remained available under the March 2017 program as of January 31, 2021.

14. Stock-based Compensation

We provide compensation benefits by issuing stock options, unrestricted stock and restricted stock units (including time-lapse restricted stock units, EPS performance restricted stock units, total shareholder return (TSR) performance restricted stock units, and free cash flow (FCF) performance restricted stock units). In 2021, we issued time-lapse restricted stock units, unrestricted stock and TSR performance restricted stock units. We have not issued stock options, FCF performance restricted stock units, or EPS performance restricted stock units in 2021.

In determining stock-based compensation expense, we estimate forfeitures expected to occur. Total pre-tax stock-based compensation expense and tax-related benefits recognized in Earnings from continuing operations were as follows:

	Three Months Ended				Six Months Ended
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Total pre-tax stock-based compensation expense	$	18	$	18	$	34	$	31
Tax-related benefits	$	3	$	3	$	6	$	6

Total pre-tax stock-based compensation expense and tax-related benefits recognized in Earnings from discontinued operations were as follows:

	January 26, 2020
	Three Months Ended		Six Months Ended
Total pre-tax stock-based compensation expense	$	1	$	2
Tax-related benefits	$	—	$	—

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The following table summarizes stock option activity as of January 31, 2021:

	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	—	$	—
Terminated	—	$	—
Outstanding at January 31, 2021	1,423	$	45.42	6.4	$	7
Exercisable at January 31, 2021	1,130	$	48.00	6.1	$	3

The total intrinsic value of options exercised during the six-month period ended January 26, 2020 was $1. We measured the fair value of stock options using the Black-Scholes option pricing model.

We expense stock options on a straight-line basis over the vesting period, except for awards issued to retirement eligible participants, which we expense on an accelerated basis. As of January 31, 2021, total remaining unearned compensation related to nonvested stock options was $1, which will be amortized over the weighted-average remaining service period of less than one year.

The following table summarizes time-lapse restricted stock units, EPS performance restricted stock units and FCF performance restricted stock units as of January 31, 2021:

	Units	Weighted-Average Grant-Date Fair Value
	(Restricted stock units in thousands)
Nonvested at August 2, 2020	1,866	$	43.18
Granted	876	$	48.43
Vested	(731)	$	42.73
Forfeited	(94)	$	46.75
Nonvested at January 31, 2021	1,917	$	45.58

We determine the fair value of time-lapse restricted stock units and EPS performance restricted stock units based on the quoted price of our stock at the date of grant. We expense time-lapse restricted stock units on a straight-line basis over the vesting period, except for awards issued to retirement-eligible participants, which we expense on an accelerated basis. We expensed EPS performance restricted stock units on a graded-vesting basis, except for awards issued to retirement-eligible participants, which we expensed on an accelerated basis. The actual number of EPS performance restricted stock units issued at the vesting date was either 0% or 100% of the initial grant, depending on actual performance achieved. We estimated expense based on the number of awards expected to vest. As of January 31, 2021, there were no EPS performance target grants outstanding.

In 2019, we issued approximately 388 thousand FCF performance restricted stock units for which vesting is contingent upon achievement of free cash flow (defined as Net cash provided by operating activities less capital expenditures and certain investing and financing activities) compared to annual operating plan objectives over a three-year period. An annual objective was established each fiscal year for three consecutive years. Performance against these objectives will be averaged at the end of the three-year period to determine the number of underlying units that will vest at the end of the three years. The actual number of FCF performance restricted stock units issued at the vesting date could range from 0% to 200% of the initial grant depending on actual performance achieved. The fair value of FCF performance restricted stock units is based upon the quoted price of our stock at the date of grant. We expense FCF performance restricted stock units over the requisite service period of each objective. As of January 31, 2021, we have granted all of the issued FCF performance restricted stock units, which are included in the table above. There were 243 thousand FCF performance target grants outstanding at January 31, 2021, with a weighted-average grant-date fair value of $44.10.

As of January 31, 2021, total remaining unearned compensation related to nonvested time-lapse restricted stock units and FCF performance restricted units was $49, which will be amortized over the weighted-average remaining service period of 1.8 years. The fair value of restricted stock units vested during the six-month periods ended January 31, 2021, and January 26,

23

2020, was $35, and $32, respectively. The weighted-average grant-date fair value of the restricted stock units granted during the six-month period ended January 26, 2020 was $46.81.

The following table summarizes TSR performance restricted stock units as of January 31, 2021:

	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	(273)	$	41.57
Nonvested at January 31, 2021	1,266	$	53.67

We estimated the fair value of TSR performance restricted stock units at the grant date using a Monte Carlo simulation.

Assumptions used in the Monte Carlo simulation were as follows:

	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

We recognize compensation expense on a straight-line basis over the service period, except for awards issued to retirement eligible participants, which we expense on an accelerated basis. As of January 31, 2021, total remaining unearned compensation related to TSR performance restricted stock units was $35, which will be amortized over the weighted-average remaining service period of 2.0 years. In the first quarter of 2021, recipients of TSR performance restricted stock units earned 50% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 31, 2020. In the first quarter of 2020, recipients of TSR performance restricted stock units earned 0% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 26, 2019. The fair value of TSR performance restricted stock units vested during the six-month period ended January 31, 2021 was $11. The grant-date fair value of the TSR performance restricted stock units granted during 2020 was $63.06.

The excess tax benefits of $1 in the six-month periods ended January 31, 2021, and January 26, 2020, on the exercise of stock options and vested restricted stock were presented as cash flows from operating activities. Cash received from the exercise of stock options was $4 for the six-month period ended January 26, 2020, and is reflected in cash flows from financing activities in the Consolidated Statements of Cash Flows.

15. Commitments and Contingencies

Regulatory and Litigation Matters

We are involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising from the conduct of business both in the ordinary course and otherwise. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with our actual experiences in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to us that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value.

Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time is normally difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law.

On January 7, 2019, three purported shareholder class action lawsuits pending in the United States District Court for the District of New Jersey (the Court) were consolidated under the caption, In re Campbell Soup Company Securities Litigation,

24

Civ. No. 1:18-cv-14385-NLH-JS (the Action). Oklahoma Firefighters Pension and Retirement System was appointed lead plaintiff in the Action and, on March 1, 2019, filed an amended consolidated complaint. The company, Denise Morrison (the company's former President and Chief Executive Officer), and Anthony DiSilvestro (the company's former Senior Vice President and Chief Financial Officer) are defendants in the Action. The amended consolidated complaint alleges that, in public statements between July 19, 2017 and May 17, 2018, the defendants made materially false and misleading statements and/or omitted material information about the company's business, operations, customer relationships, and prospects, specifically with regard to the Campbell Fresh segment. The amended consolidated complaint seeks unspecified monetary damages and other relief. On April 30, 2019, the defendants filed a motion to dismiss the amended consolidated complaint, which the Court granted on November 30, 2020, with leave to amend the complaint. On January 15, 2021, the plaintiff filed its second amended consolidated complaint. The second amended consolidated complaint again names as defendants the company and certain of its former officers and alleges that, in public statements between August 31, 2017 and May 17, 2018, the defendants made materially false and misleading statements and/or omitted material information about the company's business, operations, customer relationships, and prospects, specifically with regard to the Campbell Fresh segment. The second amended consolidated complaint seeks unspecified monetary damages and other relief. We are vigorously defending against the Action.

We establish liabilities for litigation and regulatory loss contingencies when information related to the loss contingencies shows both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require us to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated as of January 31, 2021. While the potential future charges could be material in a particular quarter or annual period, based on information currently known by us, we do not believe any such charges are likely to have a material adverse effect on our consolidated results of operations or financial condition.

16. Supplemental Financial Statement Data

Balance Sheets	January 31, 2021		August 2, 2020
Inventories
Raw materials, containers and supplies	$	340	$	297
Finished products	475		574
	$	815	$	871

Statements of Earnings	Three Months Ended				Six Months Ended
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Other expenses / (income)
Amortization of intangible assets	$	11	$	11	$	21	$	22
Net periodic benefit income other than the service cost	(20)		(23)		(41)		(46)
Pension settlement gains	(30)		(11)		(34)		(11)
Investment losses	—		—		—		4
Loss on sale of business(1)	—		—		—		64
Transition services fees	(8)		(1)		(12)		(2)
Other	2		2		3		3
	$	(45)	$	(22)	$	(63)	$	34

____________________________

(1)See Note 3 for additional information.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

OVERVIEW

This Management's Discussion and Analysis of Financial Condition and Results of Operations is provided as a supplement to, and should be read in conjunction with, the Consolidated Financial Statements and the Notes to the Consolidated Financial Statements in "Part I - Item 1. Financial Statements," and our Form 10-K for the year ended August 2, 2020, including but not limited to "Part I - Item 1A. Risk Factors" and "Part II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations."

Executive Summary

Unless otherwise stated, the terms "we," "us," "our" and the "company" refer to Campbell Soup Company and its consolidated subsidiaries.

We are a manufacturer and marketer of high-quality, branded food and beverage products. We operate in a highly competitive industry and experience competition in all of our categories.

We completed the sale of our Kelsen business on September 23, 2019. On December 23, 2019, we completed the sale of our Arnott’s business and certain other international operations, including the simple meals and shelf-stable beverages businesses in Australia and Asia Pacific (the Arnott’s and other international operations). We have reflected the results of operations of the Kelsen business and the Arnott’s and other international operations (collectively referred to as Campbell International) as discontinued operations in the Consolidated Statements of Earnings. These businesses were historically included in the Snacks reportable segment. In addition, on October 11, 2019, we completed the sale of our European chips business. The results of the European chips business through the date of sale were reflected in continuing operations within the Snacks reportable segment. See Notes 3 and 6 to the Consolidated Financial Statements for additional information on these divestitures and reportable segments.

Business Trends

We have been actively monitoring the impact of COVID-19 on all aspects of our business. During the second quarter of 2021, we continued to experience higher sales for our retail products in both our Meals & Beverages and Snacks segments, especially in retail chains and large grocery supermarkets. This result is attributable to a shift in retail demand, as consumers have significantly increased their current food purchases for at-home consumption, which has more than offset the declines in our foodservice products. We expect that these trends will continue through our third quarter of 2021 in response to the continued spread of COVID-19; although in the third quarter of 2021, we will be lapping the initial COVID-19-related elevated demand of the year-ago period, and therefore, we expect sales to decline compared to the year-ago period. The recent higher sales trends of our retail products may lessen or reverse in the coming months if customers or consumers alter their purchasing habits.

With the increased demand for our retail products, we have made changes in our supply chain network to increase overall production, including modifying production schedules and temporarily adjusting product mix. In addition, we have also adjusted the timing of some of our promotional spending. In the quarter, we continued to experience higher costs in certain areas such as employee compensation costs, as well as costs associated with health screenings, temperature checks and enhanced cleaning and sanitation protocols to protect our employees and product quality standards, which may continue or increase. Despite COVID-19 related absenteeism and labor-related restrictions in early 2021 due to worsening COVID-19 infection levels in certain localities, none of our production operations have experienced significant disruptions or labor reductions related to COVID-19. We continue to benefit overall from increased product demand as we leverage our supply chain assets. There has been limited disruption to our supply chain network to date, as we have overcome periodic shortages of ingredient and packaging materials. However, we continue to monitor the potential impact of the COVID-19 pandemic, and we cannot predict the ultimate impact on our suppliers, distributors or manufacturers. In addition, we were, and may continue to be, unable to fulfill all orders we receive from our customers.

The impact of COVID-19 remains uncertain and ultimately will be dictated by the length and severity of the pandemic; the federal, state and local government actions taken in response; the macroeconomic environment; and the availability and widespread distribution and use of a safe and effective vaccine. Although there are vaccines for COVID-19 that have been approved for use, the number of individuals who have completed a full vaccination regimen is limited at this time. Accordingly, there remains significant uncertainty about the duration and extent of the impact from COVID-19. We will continue to evaluate the extent to which COVID-19 will impact our business, consolidated results of operations and financial condition.

In February 2021, there was significant winter weather across most of the United States affecting both inbound and outbound supply and distribution. We experienced operational disruptions at several of our manufacturing plants and distribution centers in areas of the country that were adversely impacted. Although we currently do not expect the weather-related issues to have a material impact on our results of operations for the third quarter ending May 2, 2021, we are continuing to assess the full impact.

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Summary of Results

This Summary of Results provides significant highlights from the discussion and analysis that follows.

•Net sales increased 5% in 2021 to $2,279 million, due to gains in both Meals & Beverages and Snacks. As a result of COVID-19, net sales accelerated across our portfolio in the second quarter of 2021 with increased demand of food purchases for at-home consumption. The gains were partly offset by declines in foodservice and in partner brands within the Snyder's-Lance portfolio.

•Interest expense decreased to $55 million in 2021 from $149 million in 2020. The prior year included a loss of $75 million related to the extinguishment of debt. After adjusting for this item, interest expense declined primarily due to lower levels of debt.

•Earnings from continuing operations per share were $.80 in 2021, compared to $.56 a year ago. The current and prior year included expenses of $.04 and $.16 per share, respectively, from items impacting comparability as discussed below.

Net Earnings attributable to Campbell Soup Company

The following items impacted the comparability of net earnings and net earnings per share:

Continuing Operations

•We implemented several cost savings initiatives in recent years. In the second quarter of 2021, we recorded a pre-tax restructuring charge of $18 million and implementation costs and other related costs of $6 million in Administrative expenses and a reduction to Cost of products sold of $2 million (aggregate impact of $16 million after tax, or $.05 per share) related to these initiatives. Year-to-date in 2021, we recorded a pre-tax restructuring charge of $19 million and implementation costs and other related costs of $10 million in Administrative expenses and a reduction to Cost of products sold of $1 million (aggregate impact of $21 million after tax, or $.07 per share) related to these initiatives. In the second quarter of 2020, we recorded a pre-tax restructuring charge of $7 million and implementation costs and other related costs of $13 million in Administrative expenses, $2 million in Cost of products sold, $2 million in Marketing and selling expenses, and $1 million in Research and development expenses (aggregate impact of $19 million after tax, or $.06 per share) related to these initiatives. Year-to-date in 2020, we recorded a pre-tax restructuring charge of $10 million and implementation costs and other related costs of $21 million in Administrative expenses, $2 million in Cost of products sold, $2 million in Marketing and selling expenses, and $1 million in Research and development expenses (aggregate impact of $27 million after tax, or $.09 per share) related to these initiatives. See Note 7 to the Consolidated Financial Statements and "Restructuring Charges and Cost Savings Initiatives" for additional information;

•In the second quarter of 2021, we recognized pre-tax pension settlement gains in Other expenses / (income) of $30 million ($23 million after tax, or $.08 per share). Year-to-date in 2021, we recognized pre-tax pension settlement gains in Other expenses / (income) of $34 million ($26 million after tax, or $.09 per share). In the second quarter of 2020, we recognized pre-tax pension settlement gains in Other expenses / (income) of $11 million ($8 million after tax, or $.03 per share). The settlements were associated with U.S. and Canadian pension plans and resulted from the level of lump sum distributions from the plans' assets;

•In the second quarter of 2021, we recorded a $19 million ($.06 per share) deferred tax charge in connection with a legal entity reorganization as part of the continued integration of Snyder's-Lance, Inc. (Snyder's-Lance);

•In the second quarter of 2020, we recorded a loss in Interest expense of $75 million ($57 million after tax, or $.19 per share) on the extinguishment of debt; and

•In the second quarter of 2020, we recorded a tax benefit of $19 million ($.06 per share) on the sale of our European chips business. Year-to-date in 2020, we recorded a loss in Other expenses / (income) of $64 million ($41 million after tax, or $.14 per share) on the sale of our European chips business.

Discontinued Operations

•In the second quarter of 2020, we recognized pre-tax gains of $1,087 million associated with the sale of the Arnott's and other international operations. In addition, we recorded tax expense of $4 million associated with the sale of the Kelsen business. The aggregate impact was $1,025 million after tax, or $3.37 per share. Year-to-date in 2020, we recognized pre-tax net gains of $1,036 million ($998 million after tax, or $3.29 per share) associated with the sale of Campbell International.

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The items impacting comparability are summarized below:

	Three Months Ended
	January 31, 2021				January 26, 2020
(Millions, except per share amounts)	Earnings Impact		EPS Impact		Earnings Impact		EPS Impact
Earnings from continuing operations attributable to Campbell Soup Company	$	245	$	.80	$	171	$	.56
Earnings from discontinued operations	$	—	$	—	$	1,037	$	3.41
Net earnings attributable to Campbell Soup Company	$	245	$	.80	$	1,208	$	3.97
Continuing operations:
Restructuring charges, implementation costs and other related costs	$	(16)	$	(.05)	$	(19)	$	(.06)
Pension settlement gains	23		.08		8		.03
Deferred tax charge	(19)		(.06)		—		—
Loss on debt extinguishment	—		—		(57)		(.19)
Tax benefit associated with divestiture	—		—		19		.06
Impact of items on Earnings from continuing operations(1)	$	(12)	$	(.04)	$	(49)	$	(.16)
Discontinued operations:
Gains associated with divestitures	$	—	$	—	$	1,025	$	3.37
Impact of items on Earnings from discontinued operations	$	—	$	—	$	1,025	$	3.37

	Six Months Ended
	January 31, 2021				January 26, 2020
(Millions, except per share amounts)	Earnings Impact		EPS Impact		Earnings Impact		EPS Impact
Earnings from continuing operations attributable to Campbell Soup Company	$	554	$	1.82	$	340	$	1.12
Earnings from discontinued operations	$	—	$	—	$	1,034	$	3.41
Net earnings attributable to Campbell Soup Company	$	554	$	1.82	$	1,374	$	4.53
Continuing operations:
Restructuring charges, implementation costs and other related costs	$	(21)	$	(.07)	$	(27)	$	(.09)
Pension settlement gains	26		.09		8		.03
Deferred tax charge	(19)		(.06)		—		—
Loss on debt extinguishment	—		—		(57)		(.19)
Charges associated with divestiture	—		—		(41)		(.14)
Impact of items on Earnings from continuing operations(1)	$	(14)	$	(.05)	$	(117)	$	(.39)
Discontinued operations:
Gains associated with divestitures	$	—	$	—	$	998	$	3.29
Impact of items on Earnings from discontinued operations	$	—	$	—	$	998	$	3.29

__________________________________________

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

Earnings from continuing operations were $245 million ($.80 per share) in the current quarter, compared to $171 million ($.56 per share) in the year-ago quarter. After adjusting for items impacting comparability, earnings from continuing operations increased reflecting sales volume gains and lower interest expense, partially offset by increased administrative expenses.

Earnings from continuing operations were $554 million ($1.82 per share) in the six-month period this year, compared to $340 million ($1.12 per share) in the year-ago period. After adjusting for items impacting comparability, earnings from continuing operations increased reflecting sales volume gains, lower interest expense, an improved gross profit performance and higher other income, partially offset by increased administrative expenses.

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See "Discontinued Operations" for additional information.

SECOND-QUARTER DISCUSSION AND ANALYSIS

Sales

An analysis of net sales by reportable segment follows:

	Three Months Ended
(Millions)	January 31, 2021		January 26, 2020		% Change
Meals & Beverages	$	1,300	$	1,224	6
Snacks	979		938		4
	$	2,279	$	2,162	5

An analysis of percent change of net sales by reportable segment follows:

	Meals & Beverages	Snacks(2)	Total
Volume and mix	5%	3%	4%
Price and sales allowances	(1)	—	(1)
(Increased) / decreased promotional spending(1)	2	2	2
	6%	4%	5%

__________________________________________

(1)Represents revenue reductions from trade and consumer coupon redemption programs.

(2)Sum of the individual amounts does not add due to rounding.

In Meals & Beverages, sales increased 6% primarily due to gains across U.S. retail products, including gains in U.S. soup, V8 beverages, Prego pasta sauces and Campbell's pasta, partially offset by declines in foodservice. Volume increased in U.S. retail driven by COVID-19, with increased demand of food purchases for at-home consumption. Foodservice sales were negatively impacted by an increase in COVID-19 related restrictions. Sales of U.S. soup increased 10% due to volume gains in condensed soups and ready-to-serve soups. Promotional activity was moderated this quarter in part due to supply chain constraints, particularly on broth.

In Snacks, sales increased 4% due to volume gains fueled by the majority of our power brands and lower levels of promotional spending on supply constrained brands. The sales increase reflects gains in salty snacks, including Kettle Brand potato chips, Late July snacks, Cape Cod potato chips and Pop Secret popcorn, as well as fresh bakery, including Pepperidge Farm Farmhouse products. These gains were partially offset by declines in partner brands within the Snyder's-Lance portfolio and Lance sandwich crackers, which faced supply constraints this quarter. Partner brands consist of third-party branded products that we sell.

Gross Profit

Gross profit, defined as Net sales less Cost of products sold, increased by $41 million in 2021 from 2020. As a percent of sales, gross profit was 34.4% in 2021 and 34.3% in 2020.

The 0.1 percentage-point increase in gross profit percentage was due to the following factors:

	Margin Impact
Productivity improvements	1.4
Lower level of promotional spending	1.2
Lower restructuring-related costs	0.2
Mix	(0.1)
Price and sales allowances	(0.3)
Cost inflation, supply chain costs and other factors(1)	(2.3)
	0.1%

__________________________________________

(1)Includes an estimated positive margin impact of 1.0 from the benefit of cost savings initiatives and operating leverage, which was more than offset by cost inflation and other factors, including the impact of COVID-19.

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Marketing and Selling Expenses

Marketing and selling expenses as a percent of sales were 10.2% in 2021 compared to 11.0% in 2020. Marketing and selling expenses decreased 2% in 2021 from 2020. The decrease was primarily due to increased benefits from cost savings initiatives (approximately 3 percentage points); lower costs related to marketing overhead (approximately 1 percentage point) and lower costs associated with cost savings initiatives (approximately 1 percentage point), partially offset by higher advertising and consumer promotion expenses (approximately 4 percentage points). The increase in advertising and consumer promotion expenses was primarily in Snacks due to increased support of Snyder's of Hanover pretzels, Snack Factory Pretzel Crisps and Kettle Brand potato chips, as well as in Meals & Beverages due to increased support of U.S. soup.

Administrative Expenses

Administrative expenses as a percent of sales were 6.9% in 2021 compared to 6.8% in 2020. Administrative expenses increased 7% in 2021 from 2020. The increase was primarily due to higher benefit-related costs (approximately 8 percentage points) and higher general administrative costs (approximately 5 percentage points), partially offset by lower costs associated with cost savings initiatives (approximately 5 percentage points) and increased benefits from cost savings initiatives (approximately 2 percentage points).

Other Expenses / (Income)

Other income was $45 million in 2021 compared to $22 million in 2020. Other income included pension settlement gains of $30 million in 2021 and $11 million in 2020. Excluding these amounts, the remaining increase in other income was primarily due to transition services fees, partially offset by lower net periodic benefit income.

Operating Earnings

Segment operating earnings increased 6% in 2021 from 2020.

An analysis of operating earnings by segment follows:

	Three Months Ended
(Millions)	January 31, 2021		January 26, 2020		% Change
Meals & Beverages	$	258	$	242	7
Snacks	144		136		6
	402		378		6
Corporate	17		(21)
Restructuring charges(1)	(18)		(7)
Earnings before interest and taxes	$	401	$	350

__________________________________________

(1)See Note 7 to the Consolidated Financial Statements for additional information on restructuring charges.

Operating earnings from Meals & Beverages increased 7%. The increase was primarily due to sales volume gains, partially offset by lower gross profit performance and higher administrative expenses.

Operating earnings from Snacks increased 6%. The increase was primarily due to sales volume gains and lower selling expenses, partially offset by higher marketing investment, increased administrative expenses and lower gross profit performance.

Corporate in 2021 included pension settlement gains of $30 million and costs of $4 million related to costs savings initiatives. Corporate in 2020 included costs of $18 million related to cost savings initiatives and pension settlement gains of $11 million. Excluding these amounts, the remaining decrease in expenses primarily reflects mark-to-market gains on outstanding commodity hedges.

Interest Expense

Interest expense decreased to $55 million in 2021 from $149 million in 2020. The decrease in interest expense was due to a loss on extinguishment of debt of $75 million in the prior year and lower levels of debt.

Taxes on Earnings

The effective tax rate was 29.4% in 2021 and 16.2% in 2020. The increase in the effective tax rate was primarily due to a $19 million deferred tax charge recognized in the second quarter of 2021 in connection with a legal entity reorganization as part of the continued integration of Snyder's-Lance and a tax benefit of $19 million we recognized in the second quarter in 2020 on the $64 million loss on the sale of the European chips business recorded in the first quarter of 2020. We were able to use the capital loss on the sale of the European chips business to offset a portion of the capital gain from the sale of the Arnott's and other international operations.

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SIX-MONTH DISCUSSION AND ANALYSIS

Sales

An analysis of net sales by reportable segment follows:

	Six Months Ended
(Millions)	January 31, 2021		January 26, 2020		% Change
Meals & Beverages	$	2,642	$	2,418	9
Snacks	1,977		1,927		3
	$	4,619	$	4,345	6

An analysis of percent change of net sales by reportable segment follows:

	Meals & Beverages	Snacks	Total
Volume and mix	8%	2%	5%
Price and sales allowances	(1)	—	—
(Increased) / decreased promotional spending(1)	2	2	2
Divestiture	—	(1)	(1)
	9%	3%	6%

__________________________________________

(1)Represents revenue reductions from trade promotion and consumer coupon redemption programs.

In Meals & Beverages, sales increased 9% primarily due to gains across U.S. retail products, including gains in U.S. soup, V8 beverages, Prego pasta sauces and Campbell's pasta, partially offset by declines in foodservice. Volume increased in U.S. retail driven by COVID-19, with increased demand of food purchases for at-home consumption this year. Foodservice sales were negatively impacted by shifts in consumer behavior and continued COVID-19 related restrictions. Sales of U.S. soup increased 15% due to volume gains in condensed soups, ready-to-serve soups and broth and moderated promotional spending.

In Snacks, sales increased 3% reflecting a 1-point negative impact from the sale of the European chips business. Excluding the divestiture, sales increased driven by volume gains in the majority of our power brands and lower levels of promotional spending on supply constrained brands. The sales increase reflects gains in fresh bakery products, Late July snacks, Pop Secret popcorn and Kettle Brand potato chips, partially offset by declines in Lance sandwich crackers.

Gross Profit

Gross profit, defined as Net sales less Cost of products sold, increased by $116 million in 2021 from 2020. As a percent of sales, gross profit was 34.6% in 2021 and 34.1% in 2020.

The 0.5 percentage-point increase in gross profit percentage was due to the following factors:

	Margin Impact
Productivity improvements	1.5
Lower level of promotional spending	1.2
Lower restructuring-related costs	0.1
Price and sales allowances	(0.2)
Cost inflation, supply chain costs and other factors(1)	(2.1)
	0.5%

__________________________________________

(1)Includes an estimated positive margin impact of 0.9 from the benefit of operating leverage and cost savings initiatives, which was more than offset by cost inflation and other factors, including the impact of COVID-19.

Marketing and Selling Expenses

Marketing and selling expenses as a percent of sales were 9.5% in 2021 compared to 10.2% in 2020. Marketing and selling expenses decreased 1% in 2021 from 2020. The decrease was primarily due to increased benefits from cost savings initiatives (approximately 3 percentage points); lower costs related to marketing overhead (approximately 2 percentage points) and lower selling expenses (approximately 1 percentage point), partially offset by higher advertising and consumer promotion expenses

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(approximately 6 percentage points). The increase in advertising and consumer promotion expenses was primarily in Meals & Beverages due to increased support of U.S. soup.

Administrative Expenses

Administrative expenses as a percent of sales were 6.5% in 2021 and in 2020. Administrative expenses increased 6% in 2021 from 2020. The increase was primarily due to higher benefit-related costs (approximately 7 percentage points) and higher general administrative costs (approximately 4 percentage points), partially offset by lower costs associated with cost savings initiatives (approximately 4 percentage points) and increased benefits from cost savings initiatives (approximately 2 percentage points).

Other Expenses / (Income)

Other income was $63 million in 2021 compared to other expenses of $34 million in 2020. Other expenses / (income) included pension settlement gains of $34 million in 2021 and $11 million in 2020. Other expenses in 2020 included a loss of $64 million on the sale of the European chips business. Excluding these amounts, the remaining increase in other income was primarily due to an increase in transition services fees this year and investment losses in the prior year, partially offset by lower net periodic benefit income.

Operating Earnings

Segment operating earnings increased 11% in 2021 from 2020.

An analysis of operating earnings by segment follows:

	Six Months Ended
(Millions)	January 31, 2021		January 26, 2020		% Change
Meals & Beverages	$	591	$	524	13
Snacks	283		261		8
	874		785		11
Corporate	7		(108)
Restructuring charges(1)	(19)		(10)
Earnings before interest and taxes	$	862	$	667

__________________________________________

(1)See Note 7 to the Consolidated Financial Statements for additional information on restructuring charges.

Operating earnings from Meals & Beverages increased 13%. The increase was primarily due to sales volume gains and improved gross profit performance, partially offset by increased marketing investment and higher administrative expenses.

Operating earnings from Snacks increased 8%. The increase was primarily due to lower selling expenses and sales volume gains, partially offset by increased administrative expenses and lower gross profit performance.

Corporate in 2021 included pension settlement gains of $34 million and costs of $9 million related to costs savings initiatives. Corporate in 2020 included a loss of $64 million from the sale of the European chips business, costs of $26 million related to cost savings initiatives and pension settlement gains of $11 million. Excluding these amounts, the remaining decrease in expenses primarily reflects mark-to-market gains on outstanding commodity hedges.

Interest Expense

Interest expense decreased to $110 million in 2021 from $229 million in 2020. The decrease in interest expense was due to a loss on extinguishment of debt of $75 million in the prior year and lower levels of debt.

Taxes on Earnings

The effective tax rate was 26.4% in 2021 and 22.9% in 2020. The increase in the effective tax rate was primarily due to a $19 million deferred tax charge recognized in the second quarter of 2021 in connection with a legal entity reorganization as part of the continued integration of Snyder's-Lance and a $23 million tax benefit on the $64 million loss on the sale of the European chips business in the prior year.

Restructuring Charges and Cost Savings Initiatives

Multi-year Cost Savings Initiatives and Snyder's-Lance Cost Transformation Program and Integration

Beginning in fiscal 2015, we implemented initiatives to reduce costs and to streamline our organizational structure.

In recent years, we expanded these initiatives by further optimizing our supply chain and manufacturing networks, including closing our manufacturing facility in Toronto, Ontario, as well as our information technology infrastructure.

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On March 26, 2018, we completed the acquisition of Snyder's-Lance. Prior to the acquisition, Snyder's-Lance launched a cost transformation program following a comprehensive review of its operations with the goal of significantly improving its financial performance. We continue to implement this program. In addition, we have identified opportunities for additional cost synergies as we integrate Snyder's-Lance.

Cost estimates, as well as timing for certain activities, are continuing to be developed.

A summary of the pre-tax charges (gains) recorded in Earnings from continuing operations related to these initiatives is as follows:

	Three Months Ended				Six Months Ended
(Millions, except per share amounts)	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020		Recognized as of January 31, 2021
Restructuring charges	$	18	$	7	$	19	$	10	$	257
Administrative expenses	6		13		10		21		321
Cost of products sold	(2)		2		(1)		2		75
Marketing and selling expenses	—		2		—		2		12
Research and development expenses	—		1		—		1		4
Total pre-tax charges	$	22	$	25	$	28	$	36	$	669
Aggregate after-tax impact	$	16	$	19	$	21	$	27
Per share impact	$	.05	$	.06	$	.07	$	.09

A summary of the pre-tax costs in Earnings from discontinued operations associated with these initiatives is as follows:

(Millions)	Recognized as of January 31, 2021
Severance pay and benefits	$	19
Implementation costs and other related costs	4
Total	$	23

As of April 28, 2019, we incurred substantially all of the costs for actions associated with discontinued operations. All of the costs were cash expenditures.

A summary of the pre-tax costs in Earnings from continuing operations associated with these initiatives is as follows:

(Millions)	Recognized as of January 31, 2021
Severance pay and benefits	$	219
Asset impairment/accelerated depreciation	80
Implementation costs and other related costs	370
Total	$	669

The total estimated pre-tax costs for actions associated with continuing operations that have been identified are approximately $695 million to $725 million. This estimate will be updated as costs for the expanded initiatives are developed.

We expect the costs for actions associated with continuing operations that have been identified to date to consist of the following: approximately $220 million to $225 million in severance pay and benefits; approximately $85 million in asset impairment and accelerated depreciation; and approximately $390 million to $415 million in implementation costs and other related costs. We expect these pre-tax costs to be associated with our segments as follows: Meals & Beverages - approximately 32%; Snacks - approximately 44%; and Corporate - approximately 24%.

Of the aggregate $695 million to $725 million of pre-tax costs associated with continuing operations identified to date, we expect approximately $595 million to $625 million will be cash expenditures. In addition, we expect to invest approximately $455 million in capital expenditures through 2022, of which we invested $367 million as of January 31, 2021. The capital expenditures primarily relate to a U.S. warehouse optimization project, improvement of quality, safety and cost structure across the Snyder’s-Lance manufacturing network, implementation of an SAP enterprise-resource planning system for Snyder's-Lance, transition of production of the Toronto manufacturing facility to our U.S. thermal plants, optimization of information technology infrastructure and applications, insourcing of manufacturing for certain simple meal products, and optimization of the Snyder’s-Lance warehouse and distribution network.

We expect to incur the costs for the actions associated with continuing operations that have been identified to date through 2022 and to fund the costs through cash flows from operations and short-term borrowings.

33

We expect the initiatives for actions associated with continuing operations that have been identified to date to generate pre-tax savings of approximately $800 million to $810 million in 2021, and once all phases are implemented, to generate annual ongoing savings of approximately $850 million by the end of 2022. In the six-month period ended January 31, 2021, we generated an additional $35 million of pre-tax savings. The annual pre-tax savings associated with continuing operations generated were as follows:

	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

The initiatives for actions associated with discontinued operations generated pre-tax savings of over $90 million in 2019 and $60 million in 2018.

Segment operating results do not include restructuring charges, implementation costs and other related costs because we evaluate segment performance excluding such charges. A summary of the pre-tax costs in Earnings from continuing operations associated with segments is as follows:

	January 31, 2021
(Millions)	Three Months Ended		Six Months Ended		Costs Incurred to Date
Meals & Beverages	$	1	$	1	$	221
Snacks	21		26		277
Corporate	—		1		171
Total	$	22	$	28	$	669

Discontinued Operations

We completed the sale of our Kelsen business on September 23, 2019, for $322 million. We also completed the Arnott's and other international operations on December 23, 2019, for $2,286 million. The purchase price was subject to certain post-closing adjustments, which resulted in $4 million of additional proceeds in the third quarter of 2020. Beginning in the fourth quarter of 2019, we have reflected the results of operations of the Kelsen business and the Arnott’s and other international operations, or Campbell International, as discontinued operations in the Consolidated Statements of Earnings for all periods presented. These businesses were historically included in the Snacks reportable segment.

Results of Campbell International were as follows:

	January 26, 2020
(Millions)	Three Months Ended		Six Months Ended
Net sales	$	136	$	359
Earnings before taxes from operations	$	16	$	53
Taxes on earnings from operations	4		17
Gain on sales of businesses / costs associated with selling the businesses	1,087		1,036
Tax expense on sales of businesses / costs associated with selling the businesses	62		38
Earnings from discontinued operations	$	1,037	$	1,034

LIQUIDITY AND CAPITAL RESOURCES

We expect foreseeable liquidity and capital resource requirements to be met through anticipated cash flows from operations; long-term borrowings; short-term borrowings, which may include commercial paper; credit facilities; and cash and cash equivalents. We believe that our sources of financing will be adequate to meet our future requirements.

We generated cash flows from operations of $611 million in 2021, compared to $663 million in 2020. The decline in 2021 was primarily due to changes in working capital which reflect a significant increase in accounts payable in the prior year, partially offset by higher cash earnings.

Current assets are less than current liabilities as a result of our level of current maturities of long-term debt and short-term borrowings and our focus to lower core working capital requirements. We had negative working capital of $266 million as of January 31, 2021, and $690 million as of August 2, 2020. Total debt maturing within one year was $1,025 million as of January 31, 2021, and $1,202 million as of August 2, 2020.

34

Capital expenditures were $132 million in 2021 and $167 million in 2020. The decline was due to capital expenditures associated with discontinued operations in 2020. Capital expenditures are expected to total approximately $315 million in 2021. Capital expenditures in the first half of 2021 included the implementation of an SAP enterprise-resource planning system for Snyder's-Lance, chip capacity expansion projects, a Goldfish cracker capacity expansion project, and a Milano cookie capacity expansion project.

Pepperidge Farm and Snyder’s-Lance have a direct-store-delivery distribution model that uses independent contractor distributors. In order to maintain and expand this model, we routinely purchase and sell routes. The purchase and sale proceeds of the routes are reflected in investing activities.

We completed the sale of our Kelsen business on September 23, 2019, for $322 million. On September 30, 2019, we repaid $399 million of our senior unsecured term loan facility using net proceeds from the Kelsen sale and the issuance of commercial paper. In addition, on October 11, 2019, we completed the sale of our European chips business for £63 million, or $77 million.

We completed the sale of the Arnott’s and other international operations on December 23, 2019, for $2,286 million. The purchase price was subject to certain post-closing adjustments, which resulted in $4 million of additional proceeds in the third quarter of 2020. We used the net proceeds from the sale to reduce our debt through a series of actions. On December 31, 2019, we repaid the $100 million outstanding balance on our senior unsecured term loan facility. On January 22, 2020, we completed the redemption of all $500 million outstanding aggregate principal amount of our 4.25% Senior Notes due 2021. On January 24, 2020, we settled tender offers to purchase $1,200 million in aggregate principal amount of certain unsecured debt, comprising $329 million of 3.30% Senior Notes due 2021, $634 million of 3.65% Senior Notes due 2023, and $237 million of 3.80% Senior Notes due 2043. Except for the $237 million of 3.80% Senior Notes due 2043, the Senior Notes settled under the tender offer were issued in connection with our acquisition of Snyder’s-Lance. The consideration for the redemption and the tender offers was $1,765 million, including $65 million of premium. We recognized a loss of $75 million (including $65 million of premium, fees and other costs paid with the tender offers and unamortized debt issuance costs), which was recorded in Interest expense in the Consolidated Statement of Earnings. In addition, we paid accrued and unpaid interest on the purchased notes through the dates of settlement. The net divestiture proceeds remaining after these debt reduction activities were used to reduce commercial paper borrowings.

Dividend payments were $215 million in 2021 and $213 million in 2020. The regular quarterly dividends paid on our capital stock were $.35 per share in each of 2021 and 2020. On December 9, 2020, the Board of Directors approved an increase in the regular quarterly dividend from $.35 per share to $.37 per share, or 6%. They then declared a regular quarterly dividend of $.37 per share payable on February 1, 2021 to shareholders of record at the close of business on January 9, 2021. On March 4, 2021, the Board of Directors declared a regular quarterly dividend of $.37 per share payable on May 3, 2021 to shareholders of record at the close of business on April 8, 2021.

We suspended our share repurchases as of the second quarter of 2018. See Note 13 to the Consolidated Financial Statements for additional information.

In August 2019, we repaid and terminated the AUD $335 million, or $227 million, balance outstanding under our single-draw syndicated facility. The repayment was funded through the issuance of commercial paper.

As of January 31, 2021, we had $1,025 million of short-term borrowings due within one year, of which $100 million was comprised of commercial paper borrowings. As of January 31, 2021, we issued $36 million of standby letters of credit. On November 2, 2020, we entered into a committed revolving credit facility totaling $1,850 million that matures on November 2, 2023. The facility remained unused at January 31, 2021, except for $1 million of standby letters of credit that we issued under it. The facility contains customary covenants, including a financial covenant with respect to a minimum consolidated interest coverage ratio of consolidated adjusted EBITDA to consolidated interest expense (as each is defined in the credit facility) of not less than 3.25:1.00, measured quarterly, and customary events of default for credit facilities of this type. Loans under this facility will bear interest at the rates specified in the facility, which vary based on the type of loan and certain other customary conditions. The facility supports our commercial paper program and other general corporate purposes. We expect to continue to access the commercial paper markets, bank credit lines and utilize cash flows from operations to support our short-term liquidity requirements.

We are in compliance with the covenants contained in our credit facilities and debt securities.

In September 2020, we filed a registration statement with the Securities and Exchange Commission that registered an indeterminate amount of debt securities. Under the registration statement, we may issue debt securities from time to time, depending on market conditions.

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SIGNIFICANT ACCOUNTING ESTIMATES

We prepare our consolidated financial statements in conformity with accounting principles generally accepted in the United States. The preparation of these financial statements requires the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the periods presented. Actual results could differ from those estimates and assumptions. Our significant accounting policies are described in Note 1 to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended August 2, 2020 (2020 Annual Report on Form 10-K). The accounting policies we used in preparing these financial statements are substantially consistent with those we applied in our 2020 Annual Report on Form 10-K. Our significant accounting estimates are described in Management’s Discussion and Analysis included in the 2020 Annual Report on Form 10‑K.

RECENT ACCOUNTING PRONOUNCEMENTS

See Note 2 to the Consolidated Financial Statements for information on recent accounting pronouncements.

FORWARD LOOKING STATEMENTS

This Report contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current expectations regarding our future results of operations, economic performance, financial condition and achievements. These forward-looking statements can be identified by words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "pursue," "strategy," "target," "will" and similar expressions. One can also identify forward-looking statements by the fact that they do not relate strictly to historical or current facts, and may reflect anticipated cost savings or implementation of our strategic plan. These statements reflect our current plans and expectations and are based on information currently available to us. They rely on several assumptions regarding future events and estimates which could be inaccurate and which are inherently subject to risks and uncertainties.

We wish to caution the reader that the following important factors and those important factors described in our other Securities and Exchange Commission filings, or in our 2020 Annual Report on Form 10-K, could affect our actual results and could cause such results to vary materially from those expressed in any forward-looking statements made by, or on behalf of, us:

•impacts of, and associated responses to the COVID-19 pandemic on our business, suppliers, customers, consumers and employees;

•our ability to execute on and realize the expected benefits from our strategy, including growing sales in snacks and maintaining our market share position in soup;

•the impact of strong competitive responses to our efforts to leverage brand power with product innovation, promotional programs and new advertising;

•the risks associated with trade and consumer acceptance of product improvements, shelving initiatives, new products and pricing and promotional strategies;

•our ability to realize projected cost savings and benefits from cost savings initiatives and the integration of recent acquisitions;

•disruptions in or inefficiencies to our supply chain and/or operations including the impacts of the COVID-19 pandemic, as well as fluctuations in the supply of and inflation in energy and raw and packaging materials cost;

•our ability to manage changes to our organizational structure and/or business processes, including selling, distribution, manufacturing and information management systems or processes;

•changes in consumer demand for our products and favorable perception of our brands;

•changing inventory management practices by certain of our key customers;

•a changing customer landscape, with value and e-commerce retailers expanding their market presence, while certain of our key customers maintain significance to our business;

•product quality and safety issues, including recalls and product liabilities;

•the possible disruption to the independent contractor distribution models used by certain of our businesses, including as a result of litigation or regulatory actions affecting their independent contractor classification;

•the uncertainties of litigation and regulatory actions against us;

•the costs, disruption and diversion of management's attention associated with activist investors;

•a material failure in or breach of our or our vendors' information technology systems;

36

•impairment to goodwill or other intangible assets;

•our ability to protect our intellectual property rights;

•increased liabilities and costs related to our defined benefit pension plans;

•our ability to attract and retain key talent;

•negative changes and volatility in financial and credit markets, deteriorating economic conditions and other external factors, including changes in laws and regulations; and

•unforeseen business disruptions in one or more of our markets due to political instability, civil disobedience, terrorism, armed hostilities, extreme weather conditions, natural disasters, pandemics or other calamities.

This discussion of uncertainties is by no means exhaustive but is designed to highlight important factors that may impact our outlook. We disclaim any obligation or intent to update forward-looking statements made by us in order to reflect new information, events or circumstances after the date they are made.

Item 3. Quantitative and Qualitative Disclosure About Market Risk

For information regarding our exposure to certain market risk, see Item 7A, Quantitative and Qualitative Disclosure About Market Risk, in the 2020 Annual Report on Form 10-K. There have been no significant changes in our portfolio of financial instruments or market risk exposures from the 2020 year-end.

Item 4. Controls and Procedures

a.Evaluation of Disclosure Controls and Procedure

We, under the supervision and with the participation of our management, including the President and Chief Executive Officer and the Executive Vice President and Chief Financial Officer, have evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of January 31, 2021 (Evaluation Date). Based on such evaluation, the President and Chief Executive Officer and the Executive Vice President and Chief Financial Officer have concluded that, as of the Evaluation Date, our disclosure controls and procedures are effective.

b.Changes in Internal Control

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended) that materially affected, or are likely to materially affect, such internal control over financial reporting during the quarter ended January 31, 2021.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

Information regarding reportable legal proceedings is contained in Note 15 to the Consolidated Financial Statements and incorporated herein by reference.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 6. Exhibits

The Index to Exhibits, which immediately precedes the signature page, is incorporated by reference into this Report.

37

INDEX TO EXHIBITS

10.1*	Third Amendment to the Campbell Soup Company Supplemental Retirement Plan, effective December 31, 2020.
31.1	Certification of Mark A. Clouse pursuant to Rule 13a-14(a).
31.2	Certification of Mick J. Beekhuizen pursuant to Rule 13a-14(a).
32.1	Certification of Mark A. Clouse pursuant to 18 U.S.C. Section 1350.
32.2	Certification of Mick J. Beekhuizen pursuant to 18 U.S.C. Section 1350.
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).

*This exhibit is a management contract or compensatory plan or arrangement.

38

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

March 10, 2021

	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

39

EX-10.1

Exhibit 10.1

Third Amendment to the

Campbell Soup Company

Supplemental Retirement Plan

WHEREAS,CampbellSoupCompany(“Company”)previouslyestablishedtheCampbellSoupCompany Supplemental Retirement Plan (the“Plan”)primarilytoprovide eligible executives of the Company and any designated subsidiary with an additional method of planning for retirement and other significant saving needs with respect to amounts deferred or vested after 2004;

WHEREAS,pursuant toArticle IX of the Plan,the corporate officer in charge of Human Resources of the Company reservestherighttoamend orterminatethePlan;

WHEREAS,the corporate officer in charge of Human Resources desirestoamendthePlanto comply with the final regulations under section 162(m) of Internal Revenue Code of 1986, as amended (the “Code”) and remove certain language that could delay a Plan distribution if the payment would be non-deductible under Code section 162(m).

NOW, THEREFORE, BE IT:

RESOLVED, effective December 31, 2020, Article I, Section 1.9 is amended to read, in its entirety, as follows:

1.9 “Committee” means the Compensation and Organization Committee of the Board or a subcommittee thereof. All members of the Committee shall be “Non-Employee Directors” within the meaning of Rule 16b-3 under the Securities Exchange Act of 1934 (the “1934 Act”).

RESOLVED, effective December 31, 2020, Article V, Section 5.11 is amended to read, in its entirety, as follows:

5.11 Permitted Delays. Notwithstanding the foregoing, any payment to a Participant under the Plan shall be delayed upon the Committee’s reasonable anticipation that making the payment would violate Federal securities laws or other applicable law; provided, that any payment delayed pursuant to this Section 5.11 shall be paid in accordance with Code section 409A on the earliest date in which the Company reasonably anticipates that the making of the payment will not cause a violation of Federal securities laws or other applicable law.

IN WITNESS WHEREOF, this instrument has been executed on December 23, 2020.

Campbell Soup Company

By: /s/ Xavier Boza

Xavier Boza

EVP & Chief Human Resources Officer

EX-31.1

EXHIBIT 31.1

CERTIFICATION PURSUANT

TO RULE 13a-14(a)

I, Mark A. Clouse, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Campbell Soup Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 10, 2021

By:	/s/ Mark A. Clouse
	Name:	Mark A. Clouse
	Title:	President and Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION PURSUANT

TO RULE 13a-14(a)

I, Mick J. Beekhuizen, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Campbell Soup Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 10, 2021

By:	/s/ Mick J. Beekhuizen
	Name:	Mick J. Beekhuizen
	Title:	Executive Vice President and Chief Financial
		Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

In connection with the Quarterly Report of Campbell Soup Company (the “Company”) on Form 10-Q for the fiscal quarter ended January 31, 2021 (the “Report”), I, Mark A. Clouse, President and Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: March 10, 2021

By:	/s/ Mark A. Clouse
	Name:	Mark A. Clouse
	Title:	President and Chief Executive Officer

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

A signed original of this written statement required under Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

In connection with the Quarterly Report of Campbell Soup Company (the “Company”) on Form 10-Q for the fiscal quarter ended January 31, 2021 (the “Report”), I, Mick J. Beekhuizen, Executive Vice President and Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: March 10, 2021

By:	/s/ Mick J. Beekhuizen
	Name:	Mick J. Beekhuizen
	Title:	Executive Vice President and Chief Financial
		Officer

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

A signed original of this written statement required under Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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Document and Entity Information Document - shares	6 Months Ended
	Jan. 31, 2021	Mar. 03, 2021
Document and Entity Information [Abstract]
Entity Registrant Name	CAMPBELL SOUP CO
Entity Central Index Key	0000016732
Current Fiscal Year End Date	--08-01
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jan. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		303,009,350
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Address, Address Line One	1 Campbell Place
Entity Address, City or Town	Camden
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08103
City Area Code	856
Local Phone Number	342-4800
Entity Interactive Data Current	Yes
Entity File Number	1-3822
Title of 12(b) Security	Capital Stock, par value $.0375
Trading Symbol	CPB
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	21-0419870

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Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jan. 31, 2021	Jan. 26, 2020	Jan. 31, 2021	Jan. 26, 2020
Income Statement [Abstract]
Net sales		$ 2,279	$ 2,162	$ 4,619	$ 4,345
Costs and expenses
Cost of products sold		1,496	1,420	3,023	2,865
Marketing and selling expenses		232	237	440	443
Administrative expenses		158	148	299	282
Research and development expenses		19	22	39	44
Other expenses / (income)		(45)	(22)	(63)	34
Restructuring charges		18	7	19	10
Total costs and expenses		1,878	1,812	3,757	3,678
Earnings before interest and taxes		401	350	862	667
Interest expense		55	149	110	229
Interest income		1	3	1	3
Earnings before taxes		347	204	753	441
Taxes on earnings		102	33	199	101
Earnings from continuing operations		245	171	554	340
Earnings from discontinued operations		0	1,037	0	1,034
Net earnings		245	1,208	554	1,374
Less: Net earnings (loss) attributable to noncontrolling interests		0	0	0	0
Net earnings attributable to Campbell Soup Company		$ 245	$ 1,208	$ 554	$ 1,374
Per Share - Basic
Earnings from continuing operations attributable to Campbell Soup Company		$ 0.81	$ 0.57	$ 1.83	$ 1.13
Earnings from discontinued operations		0	3.43	0	3.44
Net earnings attributable to Campbell Soup Company	[1]	$ 0.81	$ 4.00	$ 1.83	$ 4.56
Weighted average shares outstanding - basic		303	302	303	301
Per Share - Assuming Dilution
Earnings from continuing operations attributable to Campbell Soup Company		$ 0.80	$ 0.56	$ 1.82	$ 1.12
Earnings from discontinued operations		0	3.41	0	3.41
Net earnings attributable to Campbell Soup Company		$ 0.80	$ 3.97	$ 1.82	$ 4.53
Weighted average shares outstanding - assuming dilution		305	304	305	303

[1] Sum of the individual amounts may not add due to rounding.

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Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 26, 2020	Jan. 31, 2021	Jan. 26, 2020
Statement of Comprehensive Income [Abstract]
Net earnings	$ 245	$ 1,208	$ 554	$ 1,374
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax [Abstract]
Foreign currency translation adjustments, before tax	7	7	7	3
Reclassification of currency translation adjustments realized upon disposal of business, before tax	0	124	0	206
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax [Abstract]
Unrealized gains (losses) arising during the period, before tax	(6)	1	(7)	1
Reclassification adjustment for (gains) losses included in net earnings, before tax	3	(1)	3	1
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, [Abstract]
Reclassification of prior service credit included in net earnings, before tax	(1)	(7)	(2)	(14)
Other comprehensive income (loss), before tax	3	124	1	197
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax [Abstract]
Foreign currency translation adjustments, tax (expense) benefit	0	0	0	0
Reclassification of currency translation adjustments realized upon disposal of business, tax (expense) benefit	0	4	0	4
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax [Abstract]
Unrealized gains (losses) arising during the period, tax (expense) benefit	0	0	1	0
Reclassification adjustment for (gains) losses included in net earnings, tax (expense) benefit	0	0	0	(1)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax [Abstract]
Reclassification of prior service credit included in net earnings, tax (expense) benefit	0	2	0	3
Other comprehensive income (loss), tax (expense) benefit	0	6	1	6
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract]
Foreign currency translation adjustments, after-tax	7	7	7	3
Reclassification of currency transaction adjustments realized upon disposal of business, after-tax	0	128	0	210
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax [Abstract]
Unrealized gains (losses) arising during the period, after-tax	(6)	1	(6)	1
Reclassification adjustment for (gains) losses included in net earnings, after-tax	3	(1)	3	0
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax [Abstract]
Reclassification of prior service credit included in net earnings, after-tax	(1)	(5)	(2)	(11)
Other comprehensive income (loss), after tax	3	130	2	203
Total comprehensive income (loss), after-tax	248	1,338	556	1,577
Total comprehensive income (loss) attributable to noncontrolling interests	(1)	(1)	(3)	0
Total comprehensive income (loss) attributable to Campbell Soup Company	$ 249	$ 1,339	$ 559	$ 1,577

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Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions	Jan. 31, 2021	Aug. 02, 2020
Current assets
Cash and cash equivalents	$ 946	$ 859
Accounts receivable, net	702	575
Inventories	815	871
Other current assets	72	80
Total current assets	2,535	2,385
Plant assets, net of depreciation	2,329	2,368
Goodwill	3,991	3,986
Other intangible assets, net of amortization	3,329	3,350
Other assets	314	283
Total assets	12,498	12,372
Current liabilities
Short-term borrowings	1,025	1,202
Payable to suppliers and others	1,026	1,049
Accrued liabilities	618	693
Dividends payable	115	107
Accrued income taxes	17	24
Total current liabilities	2,801	3,075
Long-term debt	4,996	4,994
Deferred taxes	982	914
Other liabilities	794	820
Total liabilities	9,573	9,803
Commitments and contingencies
Campbell Soup Company shareholders' equity
Preferred stock; authorized 40 shares; none issued	0	0
Capital stock, $.0375 par value; authorized 560 shares; issued 323 shares	12	12
Additional paid-in capital	388	394
Earnings retained in the business	3,517	3,190
Capital stock in treasury, at cost	(990)	(1,023)
Accumulated other comprehensive income (loss)	(5)	(10)
Total Campbell Soup Company shareholders' equity	2,922	2,563
Noncontrolling interests	3	6
Total equity	2,925	2,569
Total liabilities and equity	$ 12,498	$ 12,372
Preferred Stock, Shares Authorized	40	40
Preferred Stock, Shares Issued	0	0
Common Stock, Par or Stated Value Per Share	$ 0.0375	$ 0.0375
Common Stock, Shares Authorized	560	560
Common Stock, Shares, Issued	323	323

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Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jan. 31, 2021	Jan. 26, 2020
Cash flows from operating activities:
Net earnings	$ 554	$ 1,374
Adjustments to reconcile net earnings to operating cash flow
Restructuring charges	19	10
Stock-based compensation	34	33
Pension and postretirement benefit income	(66)	(47)
Depreciation and amortization	154	162
Deferred income taxes	69	32
Net gain on sales of businesses	0	(972)
Loss on extinguishment of debt	0	75
Other	47	53
Changes in working capital, net of divestitures
Accounts receivable	(124)	(112)
Inventories	57	73
Prepaid assets	(3)	11
Accounts payable and accrued liabilities	(108)	(9)
Other	(22)	(20)
Net cash provided by operating activities	611	663
Cash flows from investing activities:
Purchases of plant assets	(132)	(167)
Purchases of route businesses	(1)	(6)
Sales of route businesses	6	5
Sales of businesses, net of cash divested	0	2,533
Other	7	3
Net cash provided by (used) in investing activities	(120)	2,368
Cash flows from financing activities:
Short-term borrowings, including commercial paper	0	3,680
Short-term repayments, including commercial paper	(176)	(4,350)
Long-term repayments	0	(499)
Dividends paid	(215)	(213)
Treasury stock issuances	0	4
Payments related to tax withholding for stock-based compensation	(14)	(9)
Payments related to extinguishment of debt	0	(1,765)
Net cash used in financing activities	(405)	(3,152)
Effect of exchange rate changes on cash	1	0
Net change in cash and cash equivalents	87	(121)
Cash and cash equivalents - beginning of period	859	31
Cash and cash equivalents discontinued operations - beginning of period	0	148
Cash and cash equivalents discontinued operations - end of period	0	0
Cash and cash equivalents - end of period	$ 946	$ 58

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Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions	Total	Capital Stock Issued [Member]	Capital Stock In Treasury [Member]	Additional Paid-In Capital [Member]	Earnings Retained In The Business [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interests [Member]
Capital stock, shares at Jul. 28, 2019		323
Treasury Stock, Shares at Jul. 28, 2019			(22)
Balance, value at Jul. 28, 2019	$ 1,112	$ 12	$ (1,076)	$ 372	$ 1,993	$ (198)	$ 9
Net earnings (loss)	1,374				1,374		0
Divestiture	(4)						(4)
Other comprehensive income (loss)	203					203	0
Dividends	$ (214)				(214)
Dividends per share	$ 0.70
Treasury stock issued under management incentive and stock option plans, shares			1
Treasury stock issued under management incentive and stock option plans, value	$ 28		$ 28	2	(2)
Capital stock, shares at Jan. 26, 2020		323
Treasury Stock, Shares at Jan. 26, 2020			(21)
Balance, value at Jan. 26, 2020	2,499	$ 12	$ (1,048)	374	3,151	5	5
Capital stock, shares at Oct. 27, 2019		323
Treasury Stock, Shares at Oct. 27, 2019			(21)
Balance, value at Oct. 27, 2019	1,249	$ 12	$ (1,053)	356	2,050	(126)	10
Net earnings (loss)	1,208				1,208		0
Divestiture	(4)						(4)
Other comprehensive income (loss)	130					131	(1)
Dividends	$ (106)				(106)
Dividends per share	$ 0.35
Treasury stock issued under management incentive and stock option plans, shares			0
Treasury stock issued under management incentive and stock option plans, value	$ 22		$ 5	18	(1)
Capital stock, shares at Jan. 26, 2020		323
Treasury Stock, Shares at Jan. 26, 2020			(21)
Balance, value at Jan. 26, 2020	2,499	$ 12	$ (1,048)	374	3,151	5	5
Capital stock, shares at Aug. 02, 2020		323
Treasury Stock, Shares at Aug. 02, 2020			(21)
Balance, value at Aug. 02, 2020	2,569	$ 12	$ (1,023)	394	3,190	(10)	6
Net earnings (loss)	554				554		0
Other comprehensive income (loss)	2					5	(3)
Dividends	$ (221)				(221)
Dividends per share	$ 0.72
Treasury stock issued under management incentive and stock option plans, shares			1
Treasury stock issued under management incentive and stock option plans, value	$ 21		$ 33	(6)	(6)
Capital stock, shares at Jan. 31, 2021		323
Treasury Stock, Shares at Jan. 31, 2021			(20)
Balance, value at Jan. 31, 2021	2,925	$ 12	$ (990)	388	3,517	(5)	3
Capital stock, shares at Nov. 01, 2020		323
Treasury Stock, Shares at Nov. 01, 2020			(20)
Balance, value at Nov. 01, 2020	2,773	$ 12	$ (991)	370	3,387	(9)	4
Net earnings (loss)	245				245		0
Other comprehensive income (loss)	3					4	(1)
Dividends	$ (114)				(114)
Dividends per share	$ 0.37
Treasury stock issued under management incentive and stock option plans, shares			0
Treasury stock issued under management incentive and stock option plans, value	$ 18		$ 1	18	(1)
Capital stock, shares at Jan. 31, 2021		323
Treasury Stock, Shares at Jan. 31, 2021			(20)
Balance, value at Jan. 31, 2021	$ 2,925	$ 12	$ (990)	$ 388	$ 3,517	$ (5)	$ 3

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Basis of Presentations and Significant Accounting Policies

6 Months Ended

Jan. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentations and Significant Accounting Policies

Basis of Presentation and Significant Accounting Policies

In this Form 10-Q, unless otherwise stated, the terms "we," "us," "our" and the "company" refer to Campbell Soup Company and its consolidated subsidiaries.

The consolidated financial statements include our accounts and entities in which we maintain a controlling financial interest and a variable interest entity (VIE) for which we were the primary beneficiary. Intercompany transactions are eliminated in consolidation. See Note 3 for a discussion of Discontinued Operations.

The financial statements reflect all adjustments which are, in our opinion, necessary for a fair statement of the results of operations, financial position, and cash flows for the indicated periods. The accounting policies we used in preparing these financial statements are substantially consistent with those we applied in our Annual Report on Form 10-K for the year ended August 2, 2020.

The results for the period are not necessarily indicative of the results to be expected for other interim periods or the full year. Our fiscal year ends on the Sunday nearest July 31, which is August 1, 2021. There are 52 weeks in 2021. There were 53 weeks in 2020.

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Recent Accounting Pronouncements

6 Months Ended

Jan. 31, 2021

Accounting Standards Update and Change in Accounting Principle [Abstract]

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Recently Adopted

In August 2018, the Financial Accounting Standards Board (FASB) issued guidance that eliminates, adds, and modifies certain disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those years. We adopted the new guidance at the beginning of the first quarter of 2021. The adoption did not have a material impact on our consolidated financial statements.

In August 2018, the FASB issued guidance on accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. The guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance is effective for fiscal years beginning after December 15, 2019. Entities have the option to apply the guidance prospectively to all implementation costs incurred after the date of adoption or retrospectively. Early adoption is permitted. We adopted the new guidance on a prospective basis at the beginning of the first quarter of 2021. The adoption did not have a material impact on our consolidated financial statements.

Accounting Pronouncements Not Yet Adopted

In August 2018, the FASB issued guidance that changes the disclosure requirements related to defined benefit pension and postretirement plans. The guidance is effective for fiscal years ending after December 15, 2020. The guidance is to be applied on a retrospective basis. Early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our disclosures.

In December 2019, the FASB issued guidance on simplifying the accounting for income taxes. The guidance removes certain exceptions to the general principles of accounting for income taxes and also improves consistent application of accounting by clarifying or amending existing guidance. The guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those years. Early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.

In March 2020, the FASB issued guidance that provides optional expedients and exceptions for a limited period of time for accounting for contracts, hedging relationships, and other transactions affected by the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued. Optional expedients can be applied from March 12, 2020 through December 31, 2022. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.

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Divestitures

6 Months Ended

Jan. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Divestitures

Discontinued Operations

We completed the sale of our Kelsen business on September 23, 2019, for $322. We also completed the sale of our Arnott’s business and certain other international operations, including the simple meals and shelf-stable beverages businesses in Australia and Asia Pacific (the Arnott's and other international operations), on December 23, 2019, for $2,286. The purchase price was subject to certain post-closing adjustments, which resulted in $4 of additional proceeds in the third quarter of 2020. Beginning in the fourth quarter of 2019, we have reflected the results of operations of the Kelsen business and the Arnott’s and

other international operations (collectively referred to as Campbell International) as discontinued operations in the Consolidated Statements of Earnings for all periods presented. These businesses were historically included in the Snacks reportable segment.

Results of Campbell International were as follows:

	Three Months Ended		Six Months Ended
	January 26, 2020
Net sales	$	136	$	359
Earnings before taxes from operations	$	16	$	53
Taxes on earnings from operations	4		17
Gain on sales of businesses / costs associated with selling the businesses	1,087		1,036
Tax expense on sales of businesses / costs associated with selling the businesses	62		38
Earnings from discontinued operations	$	1,037	$	1,034

Under the terms of the sale of the Arnott's and other international operations, we entered into a long-term licensing arrangement for the exclusive rights to certain Campbell brands in certain non-U.S. markets. We provide certain transition services to support the divested business.

Cash flow activity of Campbell International included the following:

	Six Months Ended
	January 26, 2020
Cash flows from discontinued operating activities:
Net gain on sales of discontinued operations businesses	$	1,036
Cash flows from discontinued investing activities:
Capital expenditures	$	30
Sales of discontinued operations businesses, net of cash divested	2,462

Other Divestitures

On October 11, 2019, we completed the sale of our European chips business for £63, or $77. The pre-tax loss recognized in the first quarter of 2020 on the sale was $64, which included the impact of allocated goodwill and foreign currency translation adjustments. For tax purposes, in the first quarter of 2020, the capital loss on the sale was offset by a valuation allowance. In the second quarter of 2020, we recognized a $19 tax benefit in continuing operations as we were able to use the capital loss on this sale to offset a portion of the capital gain from the sale of the Arnott's and other international operations. The European chips business had net sales of $25 for the six-month period ended January 26, 2020. Earnings were not material in the period. The results of the European chips business through the date of sale were reflected in continuing operations within the Snacks reportable segment.

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Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jan. 31, 2021

Equity [Abstract]

Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income (Loss)

The components of Accumulated other comprehensive income (loss) consisted of the following:

	Foreign Currency Translation Adjustments(1)		Gains (Losses) on Cash Flow Hedges(2)		Pension and Postretirement Benefit Plan Adjustments(3)		Total Accumulated Comprehensive Income (Loss)
Balance at July 28, 2019	$	(218)	$	(9)	$	29	$	(198)
Other comprehensive income (loss) before reclassifications	3		1		—		4
Amounts reclassified from accumulated other comprehensive income (loss)(4)	210		—		(11)		199
Net current-period other comprehensive income (loss)	213		1		(11)		203
Balance at January 26, 2020	$	(5)	$	(8)	$	18	$	5
Balance at August 2, 2020	$	(10)	$	(7)	$	7	$	(10)
Other comprehensive income (loss) before reclassifications	10		(6)		—		4
Amounts reclassified from accumulated other comprehensive income (loss)	—		3		(2)		1
Net current-period other comprehensive income (loss)	10		(3)		(2)		5
Balance at January 31, 2021	$	—	$	(10)	$	5	$	(5)

_____________________________________

(1)Included no tax as of January 31, 2021, August 2, 2020, and January 26, 2020 and tax expense of $4 as of July 28, 2019.

(2)Included a tax benefit of $2 as of January 31, 2021, $1 as of August 2, 2020, and January 26, 2020, and $2 as of July 28, 2019.

(3)Included tax expense of $2 as of January 31, 2021, and as of August 2, 2020, $5 as of January 26, 2020, and $8 as of July 28, 2019.

(4)Reflects amounts reclassified from sale of businesses. See Note 3 for additional information.

Amounts related to noncontrolling interests were not material.

The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following:

	Three Months Ended				Six Months Ended
Details about Accumulated Other Comprehensive Income (Loss) Components	January 31, 2021		January 26, 2020		January 31, 2021		January 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	—		124		—		183		Earnings (loss) from discontinued operations
Total before tax	—		124		—		206
Tax expense (benefit)	—		4		—		4
(Gain) loss, net of tax	$	—	$	128	$	—	$	210
(Gains) losses on cash flow hedges:
Foreign exchange forward contracts	$	2	$	(1)	$	2	$	(1)	Cost of products sold
Foreign exchange forward contracts	—		—		—		1		Earnings (loss) from discontinued operations
Forward starting interest rate swaps	1		—		1		1		Interest expense
Total before tax	3		(1)		3		1
Tax expense (benefit)	—		—		—		(1)
(Gain) loss, net of tax	$	3	$	(1)	$	3	$	—
Pension and postretirement benefit adjustments:
Prior service credit	$	(1)	$	(7)	$	(2)	$	(14)	Other expenses / (income)
Tax expense (benefit)	—		2		—		3
(Gain) loss, net of tax	$	(1)	$	(5)	$	(2)	$	(11)

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Goodwill And Intangible Assets

6 Months Ended

Jan. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

The following table shows the changes in the carrying amount of goodwill by business segment:

	Meals & Beverages		Snacks		Total
Net balance at August 2, 2020	$	975	$	3,011	$	3,986
Foreign currency translation adjustment	5		—		5
Net balance at January 31, 2021	$	980	$	3,011	$	3,991

Intangible Assets

The following table summarizes balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization:

	January 31, 2021						August 2, 2020
Intangible Assets	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Amortizable intangible assets
Customer relationships	$	851	$	(133)	$	718	$	851	$	(112)	$	739
Non-amortizable intangible assets
Trademarks					2,611						2,611
Total net intangible assets					$	3,329					$	3,350

Non-amortizable intangible assets consist of trademarks. As of January 31, 2021, trademarks primarily included $1,978 associated with Snyder's-Lance. Of the carrying values of all indefinite-lived trademarks, $620 related to the Snyder's of Hanover trademark, $292 related to the Pace trademark, and $280 related to the Pacific Foods trademark.

Amortization of intangible assets in Earnings from continuing operations was $21 and $22 for the six-month periods ended January 31, 2021, and January 26, 2020, respectively. As of January 31, 2021, amortizable intangible assets had a weighted-average remaining useful life of 18 years. Amortization expense for the next 5 years is estimated to be approximately $42 per year.

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Segment Information

6 Months Ended

Jan. 31, 2021

Segment Reporting [Abstract]

Business and Geographic Segment Information

Segment Information

Our reportable segments are as follows:

•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 and non-dairy beverages; 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; and

•Snacks, which consists of Pepperidge Farm cookies, crackers, fresh bakery and frozen products in U.S. retail, including Pepperidge Farm Farmhouse* cookies and bakery products, 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 includes the retail business in Latin America. The segment also included the results of our European chips business, which was sold on October 11, 2019. We refer to the * trademarks as our "power brands."

We evaluate segment performance before interest, taxes and costs associated with restructuring activities and impairment charges. Unrealized gains and losses on undesignated commodity hedging activities are excluded from segment operating earnings and are recorded in Corporate as these open positions represent hedges of future purchases. Upon closing of the contracts, the realized gain or loss is transferred to segment operating earnings, which allows the segments to reflect the economic effects of the hedge without exposure to quarterly volatility of unrealized gains and losses. Only the service cost component of pension and postretirement expense is allocated to segments. All other components of expense, including interest cost, expected return on assets, amortization of prior service credits and recognized actuarial gains and losses are reflected in Corporate and not included in segment operating results. Asset information by segment is not discretely maintained for internal reporting or used in evaluating performance.

	Three Months Ended				Six Months Ended
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Net sales
Meals & Beverages	$	1,300	$	1,224	$	2,642	$	2,418
Snacks	979		938		1,977		1,927
Total	$	2,279	$	2,162	$	4,619	$	4,345

	Three Months Ended				Six Months Ended
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Earnings before interest and taxes
Meals & Beverages	$	258	$	242	$	591	$	524
Snacks	144		136		283		261
Corporate(1)	17		(21)		7		(108)
Restructuring charges(2)	(18)		(7)		(19)		(10)
Total	$	401	$	350	$	862	$	667

_______________________________________

(1)Represents unallocated items. Pension benefit settlement adjustments are included in Corporate. There were settlement gains of $30 and $34 in the three- and six-month periods ended January 31, 2021, and $11 in the three- and six-month periods ended January 26, 2020. A loss of $64 on the sale of our European chips business was included in the six-month period ended January 26, 2020. Costs related to the cost savings initiatives were $4 and $18 in the three-month periods and $9 and $26 in the six-month periods ended January 31, 2021, and January 26, 2020, respectively.

(2)See Note 7 for additional information.

Our net sales based on product categories are as follows:

	Three Months Ended				Six Months Ended
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Net sales
Soup	$	794	$	755	$	1,620	$	1,463
Snacks	989		955		1,997		1,965
Other simple meals	307		279		618		562
Beverages	189		173		384		355
Total	$	2,279	$	2,162	$	4,619	$	4,345

Soup includes various soup, broths and stock products. Snacks include cookies, pretzels, crackers, popcorn, nuts, potato chips, tortilla chips and other salty snacks and baked products. Other simple meals include sauces and Plum products. Beverages include V8 juices and beverages, Campbell’s tomato juice and Pacific Foods non-dairy beverages.

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Restructuring Charges and Cost Savings Initiatives

6 Months Ended

Jan. 31, 2021

Restructuring Charges [Abstract]

Restructuring Charges

Restructuring Charges and Cost Savings Initiatives

Multi-year Cost Savings Initiatives and Snyder's-Lance Cost Transformation Program and Integration

Beginning in fiscal 2015, we implemented initiatives to reduce costs and to streamline our organizational structure.

In recent years, we expanded these initiatives by further optimizing our supply chain and manufacturing networks, including closing our manufacturing facility in Toronto, Ontario, as well as our information technology infrastructure.

On March 26, 2018, we completed the acquisition of Snyder's-Lance, Inc. (Snyder's-Lance). Prior to the acquisition, Snyder's-Lance launched a cost transformation program following a comprehensive review of its operations with the goal of significantly improving its financial performance. We continue to implement this program. In addition, we have identified opportunities for additional cost synergies as we integrate Snyder's-Lance.

Cost estimates, as well as timing for certain activities, are continuing to be developed.

A summary of the pre-tax charges (gains) recorded in Earnings from continuing operations related to these initiatives is as follows:

	Three Months Ended				Six Months Ended
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020		Recognized as of January 31, 2021
Restructuring charges	$	18	$	7	$	19	$	10	$	257
Administrative expenses	6		13		10		21		321
Cost of products sold	(2)		2		(1)		2		75
Marketing and selling expenses	—		2		—		2		12
Research and development expenses	—		1		—		1		4
Total pre-tax charges	$	22	$	25	$	28	$	36	$	669

A summary of the pre-tax costs in Earnings from discontinued operations associated with these initiatives is as follows:

	Recognized as of January 31, 2021
Severance pay and benefits	$	19
Implementation costs and other related costs	4
Total	$	23

As of April 28, 2019, we incurred substantially all of the costs for actions associated with discontinued operations. All of the costs were cash expenditures.

A summary of the pre-tax costs in Earnings from continuing operations associated with the initiatives is as follows:

	Recognized as of January 31, 2021
Severance pay and benefits	$	219
Asset impairment/accelerated depreciation	80
Implementation costs and other related costs	370
Total	$	669

The total estimated pre-tax costs for actions associated with continuing operations that have been identified are approximately $695 to $725 and we expect to incur the costs through 2022. This estimate will be updated as costs for the expanded initiatives are developed.

We expect the costs for actions associated with continuing operations that have been identified to date to consist of the following: approximately $220 to $225 in severance pay and benefits; approximately $85 in asset impairment and accelerated depreciation; and approximately $390 to $415 in implementation costs and other related costs. We expect these pre-tax costs to be associated with our segments as follows: Meals & Beverages - approximately 32%; Snacks - approximately 44%; and Corporate - approximately 24%.

Of the aggregate $695 to $725 of pre-tax costs associated with continuing operations identified to date, we expect approximately $595 to $625 will be cash expenditures. In addition, we expect to invest approximately $455 in capital expenditures through 2022, of which we invested $367 as of January 31, 2021. The capital expenditures primarily relate to a U.S. warehouse optimization project, improvement of quality, safety and cost structure across the Snyder’s-Lance manufacturing network, implementation of an SAP enterprise-resource planning system for Snyder's-Lance, transition of production of the Toronto manufacturing facility to our U.S. thermal plants, optimization of information technology infrastructure and applications, insourcing of manufacturing for certain simple meal products, and optimization of the Snyder’s-Lance warehouse and distribution network.

A summary of the restructuring activity and related reserves associated with continuing operations at January 31, 2021, is as follows:

	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	4		8	13	3	$	28
2021 cash payments	(9)
Accrued balance at January 31, 2021(2)	$	10

__________________________________ 

(1)Includes $3 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet.

(2)Includes $4 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet.

(3)Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses and Cost of products sold in the Consolidated Statements of Earnings.

(4)Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet.

Segment operating results do not include restructuring charges, implementation costs and other related costs because we evaluate segment performance excluding such charges. A summary of the pre-tax costs in Earnings from continuing operations associated with segments is as follows:

	January 31, 2021
	Three Months Ended		Six Months Ended		Costs Incurred to Date
Meals & Beverages	$	1	$	1	$	221
Snacks	21		26		277
Corporate	—		1		171
Total	$	22	$	28	$	669

In addition, in the second quarter of 2021, we recorded a $19 deferred tax charge in connection with a legal entity reorganization as part of the continued integration of Snyder's-Lance.

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Earnings Per Share	6 Months Ended
	Jan. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per Share (EPS)For the periods presented in the Consolidated Statements of Earnings, the calculations of basic EPS and EPS assuming dilution vary in that the weighted average shares outstanding assuming dilution include the incremental effect of stock options and other share-based payment awards, except when such effect would be antidilutive. The earnings per share calculation for the three- and six-month periods ended January 31, 2021, and January 26, 2020, excludes approximately 1 million stock options that would have been antidilutive.

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Pension And Postretirement Benefits

6 Months Ended

Jan. 31, 2021

Retirement Benefits [Abstract]

Pension And Postretirement Benefits

Pension and Postretirement Benefits

Components of net benefit expense (income) were as follows:

	Three Months Ended								Six Months Ended
	Pension				Postretirement				Pension				Postretirement
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Service cost	$	4	$	5	$	—	$	—	$	9	$	10	$	—	$	—
Interest cost	10		17		1		1		20		34		2		3
Expected return on plan assets	(30)		(34)		—		—		(61)		(69)		—		—
Amortization of prior service cost	—		—		(1)		(7)		—		—		(2)		(14)
Settlement gains	(30)		(11)		—		—		(34)		(11)		—		—
Net periodic benefit expense (income)	$	(46)	$	(23)	$	—	$	(6)	$	(66)	$	(36)	$	—	$	(11)

The components of net periodic benefit expense (income) other than the service cost component associated with continuing operations are included in Other expenses / (income) in the Consolidated Statements of Earnings.

The settlement gains resulted from the level of lump sum distributions associated with U.S. and Canadian pension plans.

Net periodic pension benefit expense (income) associated with discontinued operations was not material for the six-month period ended January 26, 2020.

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Leases

6 Months Ended

Jan. 31, 2021

Leases [Abstract]

Leases of Lessee Disclosure

Leases

The components of lease costs were as follows:

	Three Months Ended				Six Months Ended
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Operating lease cost	$	20	$	21	$	40	$	40
Finance lease - amortization of right-of-use (ROU) assets	1		1		2		1
Short-term lease cost	11		10		21		20
Variable lease cost(1)	46		43		92		86
Sublease income	—		(2)		(1)		(2)
Total(2)	$	78	$	73	$	154	$	145

__________________________________________

(1)Includes labor and other overhead in our service contracts with embedded leases.

(2)Total lease cost of $2 and $4 for the three- and six-month periods ended January 26, 2020, respectively, related to discontinued operations.

The following tables summarize the lease amounts recorded in the Consolidated Balance Sheets:

	Operating Leases
	Balance Sheet Location	January 31, 2021		August 2, 2020
ROU assets, net	Other assets	$	239	$	254
Lease liabilities (current)	Accrued liabilities	$	54	$	67
Lease liabilities (noncurrent)	Other liabilities	$	183	$	184

	Finance Leases
	Balance Sheet Location	January 31, 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

The following table summarizes cash flow and other information related to leases:

	Six Months Ended
	January 31, 2021		January 26, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	40	$	38
Financing cash flows from finance leases	$	2	$	—
ROU assets obtained in exchange for lease obligations:
Operating leases	$	27	$	63
Finance leases	$	3	$	3
ROU assets divested with businesses sold:
Operating leases	$	—	$	18
Finance leases	$	—	$	5

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Financial Instruments

6 Months Ended

Jan. 31, 2021

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

Financial Instruments

Financial InstrumentsThe principal market risks to which we are exposed are changes in foreign currency exchange rates, interest rates and commodity prices. In addition, we are exposed to equity price changes related to certain deferred compensation obligations. In order to manage these exposures, we follow established risk management policies and procedures, including the use of

derivative contracts such as swaps, rate locks, options, forwards and commodity futures. We enter into these derivative contracts for periods consistent with the related underlying exposures, and the contracts do not constitute positions independent of those exposures. We do not enter into derivative contracts for speculative purposes and do not use leveraged instruments. Our derivative programs include instruments that qualify for hedge accounting treatment and instruments that are not designated as accounting hedges.

Concentration of Credit Risk

We are exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. To mitigate counterparty credit risk, we enter into contracts only with carefully selected, leading, credit-worthy financial institutions, and distribute contracts among several financial institutions to reduce the concentration of credit risk. We did not have credit-risk-related contingent features in our derivative instruments as of January 31, 2021, or August 2, 2020.

We are also exposed to credit risk from our customers. During 2020, our largest customer accounted for approximately 21% of consolidated net sales from continuing operations. Our five largest customers accounted for approximately 44% of our consolidated net sales from continuing operations in 2020.

We closely monitor credit risk associated with counterparties and customers.

Foreign Currency Exchange Risk

We are exposed to foreign currency exchange risk related to third-party transactions and intercompany transactions, including intercompany debt. Principal currencies hedged include the Canadian dollar and, prior to the sale of Arnott's and other international operations, the Australian dollar. We utilize foreign exchange forward purchase and sale contracts to hedge these exposures. The contracts are either designated as cash-flow hedging instruments or are undesignated. We hedge portions of our forecasted foreign currency transaction exposure with foreign exchange forward contracts for periods typically up to 18 months. To hedge currency exposures related to intercompany debt, we enter into foreign exchange forward purchase and sale contracts for periods consistent with the underlying debt. The notional amount of foreign exchange forward contracts accounted for as cash-flow hedges was $98 as of January 31, 2021, and $164 as of August 2, 2020. The effective portion of the changes in fair value on these instruments is recorded in other comprehensive income (loss) and is reclassified into the Consolidated Statements of Earnings on the same line item and the same period in which the underlying hedged transaction affects earnings. The notional amount of foreign exchange forward contracts that are not designated as accounting hedges was $20 as of January 31, 2021, and $19 as of August 2, 2020.

Interest Rate Risk

We manage our exposure to changes in interest rates by optimizing the use of variable-rate and fixed-rate debt and by utilizing interest rate swaps in order to maintain our variable-to-total debt ratio within targeted guidelines. Receive fixed rate/pay variable rate interest rate swaps are accounted for as fair-value hedges. We manage our exposure to interest rate volatility on future debt issuances by entering into forward starting interest rate swaps or treasury rate lock contracts to lock in the rate on the interest payments related to the anticipated debt issuances. The contracts are either designated as cash-flow hedging instruments or are undesignated. The effective portion of the changes in fair value on designated instruments is recorded in other comprehensive income (loss) and reclassified into interest expense over the life of the debt. The change in fair value on undesignated instruments is recorded in interest expense. There were no forward starting interest rate swaps or treasury rate lock contracts outstanding as of January 31, 2021, or August 2, 2020.

Commodity Price Risk

We principally use a combination of purchase orders and various short- and long-term supply arrangements in connection with the purchase of raw materials, including certain commodities and agricultural products. We also enter into commodity futures, options and swap contracts to reduce the volatility of price fluctuations of wheat, soybean oil, diesel fuel, natural gas, cocoa, aluminum, soybean meal and corn. Commodity futures, options, and swap contracts are either designated as cash-flow hedging instruments or are undesignated. We hedge a portion of commodity requirements for periods typically up to 18 months. The notional amount of commodity contracts designated as cash flow hedges was $5 as of January 31, 2021. There were no commodity contracts designated as cash flow hedges as of August 2, 2020. The notional amount of commodity contracts not designated as accounting hedges was $121 as of January 31, 2021, and $137 as of August 2, 2020.

In 2017, we entered into a supply contract under which prices for certain raw materials are established based on anticipated volume requirements over a twelve-month period. Certain prices under the contract are based in part on certain component parts of the raw materials that are in excess of our needs or not required for our operations, thereby creating an embedded derivative requiring bifurcation. We net settle amounts due under the contract with our counterparty. The notional value was approximately $84 as of January 31, 2021, and $34 as of August 2, 2020.

Unrealized gains (losses) and settlements are included in Cost of products sold in our Consolidated Statements of Earnings.

Equity Price Risk

We enter into swap contracts which hedge a portion of exposures relating to certain deferred compensation obligations linked to the total return of our capital stock, the total return of the Vanguard Institutional Index Institutional Plus Shares, and the total return of the Vanguard Total International Stock Index. Under these contracts, we pay variable interest rates and receive from the counterparty either: the total return on our capital stock; the total return of the Standard & Poor's 500 Index, which is expected to approximate the total return of the Vanguard Institutional Index Institutional Plus Shares; or the total return of the iShares MSCI EAFE Index, which is expected to approximate the total return of the Vanguard Total International Stock Index. These contracts were not designated as hedges for accounting purposes. Unrealized gains (losses) and settlements are included in Administrative expenses in the Consolidated Statements of Earnings. We enter into these contracts for periods typically not exceeding 12 months. The notional amounts of the contracts were $22 as of January 31, 2021, and August 2, 2020.

The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of January 31, 2021, and August 2, 2020:

	Balance Sheet Classification	January 31, 2021		August 2, 2020
Asset Derivatives
Derivatives designated as hedges:
Foreign exchange forward contracts	Other current assets	$	—	$	1
Total derivatives designated as hedges		$	—	$	1
Derivatives not designated as hedges:
Commodity derivative contracts	Other current assets	$	16	$	7
Deferred compensation derivative contracts	Other current assets	3		4
Commodity derivative contracts	Other assets	1		—
Total derivatives not designated as hedges		$	20	$	11
Total asset derivatives		$	20	$	12

	Balance Sheet Classification	January 31, 2021		August 2, 2020
Liability Derivatives
Derivatives designated as hedges:
Foreign exchange forward contracts	Accrued liabilities	$	4	$	2
Total derivatives designated as hedges		$	4	$	2
Derivatives not designated as hedges:
Commodity derivative contracts	Accrued liabilities	$	2	$	9
Total derivatives not designated as hedges		$	2	$	9
Total liability derivatives		$	6	$	11

We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of January 31, 2021, and August 2, 2020, would be adjusted as detailed in the following table:

	January 31, 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	$	20	$	—	$	20	$	12	$	(4)	$	8
Total liability derivatives	$	6	$	—	$	6	$	11	$	(4)	$	7

We are required to maintain cash margin accounts in connection with funding the settlement of open positions for exchange-traded commodity derivative instruments. A cash margin liability balance of $5 at January 31, 2021, and an asset

balance of $8 at August 2, 2020, were included in Accrued liabilities and Other current assets, respectively, in the Consolidated Balance Sheets.

The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and six-month periods ended January 31, 2021, and January 26, 2020, in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings:

		Total Cash-Flow Hedge OCI Activity
Derivatives Designated as Cash-Flow Hedges		January 31, 2021		January 26, 2020
Three Months Ended
OCI derivative gain (loss) at beginning of quarter		$	(9)	$	(9)
Effective portion of changes in fair value recognized in OCI:
Foreign exchange forward contracts		(6)		1
Amount of (gain) loss reclassified from OCI to earnings:	Location in Earnings
Foreign exchange forward contracts	Cost of products sold	2		(1)
Forward starting interest rate swaps	Interest expense	1		—
OCI derivative gain (loss) at end of quarter		$	(12)	$	(9)
Six Months Ended
OCI derivative gain (loss) at beginning of year		$	(8)	$	(11)
Effective portion of changes in fair value recognized in OCI:
Foreign exchange forward contracts		(7)		1
Amount of (gain) loss reclassified from OCI to earnings:	Location in Earnings
Foreign exchange forward contracts	Cost of products sold	2		(1)
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)	$	(9)

Based on current valuations, the amount expected to be reclassified from OCI into earnings within the next 12 months is a loss of $6.

The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and six-month periods ended January 31, 2021, and January 26, 2020, in the Consolidated Statements of Earnings:

	Three Months Ended
	January 31, 2021				January 26, 2020
	Cost of products sold		Interest expense		Cost of products sold		Earnings from discontinued operations		Interest expense
Consolidated Statements of Earnings:	$	1,496	$	55	$	1,420	$	1,037	$	149
(Gain) loss on Cash Flow Hedges:
Amount of (gain) loss reclassified from OCI to earnings	$	2	$	1	$	(1)	$	—	$	—
Amount excluded from effectiveness testing recognized in earnings using an amortization approach	$	—	$	—	$	—	$	—	$	—

	Six Months Ended
	January 31, 2021				January 26, 2020
	Cost of products sold		Interest expense		Cost of product sold		Earnings from discontinued operations		Interest expense
Consolidated Statements of Earnings:	$	3,023	$	110	$	2,865	$	1,034	$	229
(Gain) loss on Cash Flow Hedges:
Amount of (gain) loss reclassified from OCI to earnings	$	2	$	1	$	(1)	$	1	$	1
Amount excluded from effectiveness testing recognized in earnings using an amortization approach	$	—	$	—	$	—	$	—	$	—

The following table shows the effects of our derivative instruments not designated as hedges for the three- and six-month periods ended January 31, 2021, and January 26, 2020, in the Consolidated Statements of Earnings:

		Amount of (Gain) Loss Recognized in Earnings on Derivatives
Derivatives not Designated as Hedges	Location of (Gain) Loss Recognized in Earnings	Three Months Ended				Six Months Ended
		January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Foreign exchange forward contracts	Cost of products sold	$	—	$	—	$	1	$	—
Foreign exchange forward contracts	Other expenses / (income)	—		—		—		2
Commodity derivative contracts	Cost of products sold	(13)		—		(15)		(4)
Deferred compensation derivative contracts	Administrative expenses	(3)		(3)		(3)		(4)
Treasury rate lock contracts	Interest expense	—		(3)		—		(3)
Total (gain) loss at end of quarter		$	(16)	$	(6)	$	(17)	$	(9)

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Fair Value Measurements

6 Months Ended

Jan. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

We categorize financial assets and liabilities based on the following fair value hierarchy:

•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 our estimates of assumptions that market participants would use in pricing the asset or liability.

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, we use unadjusted quoted market prices to measure the fair value and classify such items as Level 1. If quoted market prices are not available, we base fair value upon internally developed models that use current market-based or independently sourced market parameters such as interest rates and currency rates. Included in the fair value of derivative instruments is an adjustment for credit and nonperformance risk.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents our financial assets and liabilities that are measured at fair value on a recurring basis as of January 31, 2021, and August 2, 2020, consistent with the fair value hierarchy:

	Fair Value as of January 31, 2021		Fair Value Measurements at January 31, 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)	17		9		8		—		7		3		2		2
Deferred compensation derivative contracts(3)	3		—		3		—		4		—		4		—
Deferred compensation investments(4)	3		3		—		—		3		3		—		—
Total assets at fair value	$	23	$	12	$	11	$	—	$	15	$	6	$	7	$	2

	Fair Value as of January 31, 2021		Fair Value Measurements at January 31, 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)	$	4	$	—	$	4	$	—	$	2	$	—	$	2	$	—
Commodity derivative contracts(2)	2		—		1		1		9		5		4		—
Deferred compensation obligation(4)	108		108		—		—		92		92		—		—
Total liabilities at fair value	$	114	$	108	$	5	$	1	$	103	$	97	$	6	$	—

___________________________________ 

(1)Based on observable market transactions of spot currency rates and forward rates.

(2)Level 1 and 2 are based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. Level 3 is based on unobservable inputs in which there is little or no market data, which requires management’s own assumptions within an internally developed model.

(3)Based on LIBOR and equity index swap rates.

(4)Based on the fair value of the participants’ investments.

The following table summarizes the changes in fair value of Level 3 assets and liabilities for the six-month periods ended January 31, 2021, and January 26, 2020:

	Six Months Ended
	January 31, 2021		January 26, 2020(1)
Fair value at beginning of year	$	2	$	76
Gains (losses)	—		—
Settlements	(3)		—
Fair value at end of quarter	$	(1)	$	76

___________________________________

(1)Primarily represented investments in equity securities that were not readily marketable and were accounted for under the fair value option. The investments were funded by Acre Venture Partners, L.P. (Acre), a limited partnership in which we were the sole limited partner. Fair value was based on analyzing recent transactions and transactions of comparable companies, and the discounted cash flow method. In addition, allocation methods, including the option pricing method, were used in distributing fair value among various equity holders according to rights and preferences. We entered into an agreement to sell our interest in Acre on April 26, 2020, and completed the sale on May 8, 2020.

Fair Value of Financial Instruments

The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value.

Cash equivalents were $200 at January 31, 2021, and $157 at August 2, 2020. Cash equivalents represent fair value as these highly liquid investments have an original maturity of three months or less. Fair value of cash equivalents is based on Level 2 inputs.

The fair value of short- and long-term debt was $6,670 at January 31, 2021, and $6,995 at August 2, 2020. The carrying value was $6,021 at January 31, 2021, and $6,196 at August 2, 2020. The fair value of long-term debt is principally estimated using Level 2 inputs based on quoted market prices or pricing models using current market rates.

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Share Repurchases	6 Months Ended
	Jan. 31, 2021
Equity [Abstract]
Share Repurchases	Share RepurchasesIn March 2017, the Board authorized a share repurchase program to purchase up to $1,500. The program has no expiration date, but it may be suspended or discontinued at any time. We suspended our share repurchases as of the second quarter of 2018. Approximately $1,296 remained available under the March 2017 program as of January 31, 2021.

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Stock-based Compensation

6 Months Ended

Jan. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-based Compensation

Stock-based Compensation

We provide compensation benefits by issuing stock options, unrestricted stock and restricted stock units (including time-lapse restricted stock units, EPS performance restricted stock units, total shareholder return (TSR) performance restricted stock units, and free cash flow (FCF) performance restricted stock units). In 2021, we issued time-lapse restricted stock units, unrestricted stock and TSR performance restricted stock units. We have not issued stock options, FCF performance restricted stock units, or EPS performance restricted stock units in 2021.

In determining stock-based compensation expense, we estimate forfeitures expected to occur. Total pre-tax stock-based compensation expense and tax-related benefits recognized in Earnings from continuing operations were as follows:

	Three Months Ended				Six Months Ended
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Total pre-tax stock-based compensation expense	$	18	$	18	$	34	$	31
Tax-related benefits	$	3	$	3	$	6	$	6

Total pre-tax stock-based compensation expense and tax-related benefits recognized in Earnings from discontinued operations were as follows:

	January 26, 2020
	Three Months Ended		Six Months Ended
Total pre-tax stock-based compensation expense	$	1	$	2
Tax-related benefits	$	—	$	—

The following table summarizes stock option activity as of January 31, 2021:

	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	—	$	—
Terminated	—	$	—
Outstanding at January 31, 2021	1,423	$	45.42	6.4	$	7
Exercisable at January 31, 2021	1,130	$	48.00	6.1	$	3

The total intrinsic value of options exercised during the six-month period ended January 26, 2020 was $1. We measured the fair value of stock options using the Black-Scholes option pricing model.

We expense stock options on a straight-line basis over the vesting period, except for awards issued to retirement eligible participants, which we expense on an accelerated basis. As of January 31, 2021, total remaining unearned compensation related to nonvested stock options was $1, which will be amortized over the weighted-average remaining service period of less than one year.

The following table summarizes time-lapse restricted stock units, EPS performance restricted stock units and FCF performance restricted stock units as of January 31, 2021:

	Units	Weighted-Average Grant-Date Fair Value
	(Restricted stock units in thousands)
Nonvested at August 2, 2020	1,866	$	43.18
Granted	876	$	48.43
Vested	(731)	$	42.73
Forfeited	(94)	$	46.75
Nonvested at January 31, 2021	1,917	$	45.58

We determine the fair value of time-lapse restricted stock units and EPS performance restricted stock units based on the quoted price of our stock at the date of grant. We expense time-lapse restricted stock units on a straight-line basis over the vesting period, except for awards issued to retirement-eligible participants, which we expense on an accelerated basis. We expensed EPS performance restricted stock units on a graded-vesting basis, except for awards issued to retirement-eligible participants, which we expensed on an accelerated basis. The actual number of EPS performance restricted stock units issued at the vesting date was either 0% or 100% of the initial grant, depending on actual performance achieved. We estimated expense based on the number of awards expected to vest. As of January 31, 2021, there were no EPS performance target grants outstanding.

In 2019, we issued approximately 388 thousand FCF performance restricted stock units for which vesting is contingent upon achievement of free cash flow (defined as Net cash provided by operating activities less capital expenditures and certain investing and financing activities) compared to annual operating plan objectives over a three-year period. An annual objective was established each fiscal year for three consecutive years. Performance against these objectives will be averaged at the end of the three-year period to determine the number of underlying units that will vest at the end of the three years. The actual number of FCF performance restricted stock units issued at the vesting date could range from 0% to 200% of the initial grant depending on actual performance achieved. The fair value of FCF performance restricted stock units is based upon the quoted price of our stock at the date of grant. We expense FCF performance restricted stock units over the requisite service period of each objective. As of January 31, 2021, we have granted all of the issued FCF performance restricted stock units, which are included in the table above. There were 243 thousand FCF performance target grants outstanding at January 31, 2021, with a weighted-average grant-date fair value of $44.10.

As of January 31, 2021, total remaining unearned compensation related to nonvested time-lapse restricted stock units and FCF performance restricted units was $49, which will be amortized over the weighted-average remaining service period of 1.8 years. The fair value of restricted stock units vested during the six-month periods ended January 31, 2021, and January 26,

2020, was $35, and $32, respectively. The weighted-average grant-date fair value of the restricted stock units granted during the six-month period ended January 26, 2020 was $46.81.

The following table summarizes TSR performance restricted stock units as of January 31, 2021:

	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	(273)	$	41.57
Nonvested at January 31, 2021	1,266	$	53.67

We estimated the fair value of TSR performance restricted stock units at the grant date using a Monte Carlo simulation.

Assumptions used in the Monte Carlo simulation were as follows:

	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

We recognize compensation expense on a straight-line basis over the service period, except for awards issued to retirement eligible participants, which we expense on an accelerated basis. As of January 31, 2021, total remaining unearned compensation related to TSR performance restricted stock units was $35, which will be amortized over the weighted-average remaining service period of 2.0 years. In the first quarter of 2021, recipients of TSR performance restricted stock units earned 50% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 31, 2020. In the first quarter of 2020, recipients of TSR performance restricted stock units earned 0% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 26, 2019. The fair value of TSR performance restricted stock units vested during the six-month period ended January 31, 2021 was $11. The grant-date fair value of the TSR performance restricted stock units granted during 2020 was $63.06.

The excess tax benefits of $1 in the six-month periods ended January 31, 2021, and January 26, 2020, on the exercise of stock options and vested restricted stock were presented as cash flows from operating activities. Cash received from the exercise of stock options was $4 for the six-month period ended January 26, 2020, and is reflected in cash flows from financing activities in the Consolidated Statements of Cash Flows.

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Commitments and Contingencies

6 Months Ended

Jan. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Regulatory and Litigation Matters

We are involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising from the conduct of business both in the ordinary course and otherwise. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with our actual experiences in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to us that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value.

Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time is normally difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law.

On January 7, 2019, three purported shareholder class action lawsuits pending in the United States District Court for the District of New Jersey (the Court) were consolidated under the caption, In re Campbell Soup Company Securities Litigation,

Civ. No. 1:18-cv-14385-NLH-JS (the Action). Oklahoma Firefighters Pension and Retirement System was appointed lead plaintiff in the Action and, on March 1, 2019, filed an amended consolidated complaint. The company, Denise Morrison (the company's former President and Chief Executive Officer), and Anthony DiSilvestro (the company's former Senior Vice President and Chief Financial Officer) are defendants in the Action. The amended consolidated complaint alleges that, in public statements between July 19, 2017 and May 17, 2018, the defendants made materially false and misleading statements and/or omitted material information about the company's business, operations, customer relationships, and prospects, specifically with regard to the Campbell Fresh segment. The amended consolidated complaint seeks unspecified monetary damages and other relief. On April 30, 2019, the defendants filed a motion to dismiss the amended consolidated complaint, which the Court granted on November 30, 2020, with leave to amend the complaint. On January 15, 2021, the plaintiff filed its second amended consolidated complaint. The second amended consolidated complaint again names as defendants the company and certain of its former officers and alleges that, in public statements between August 31, 2017 and May 17, 2018, the defendants made materially false and misleading statements and/or omitted material information about the company's business, operations, customer relationships, and prospects, specifically with regard to the Campbell Fresh segment. The second amended consolidated complaint seeks unspecified monetary damages and other relief. We are vigorously defending against the Action.

We establish liabilities for litigation and regulatory loss contingencies when information related to the loss contingencies shows both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require us to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated as of January 31, 2021. While the potential future charges could be material in a particular quarter or annual period, based on information currently known by us, we do not believe any such charges are likely to have a material adverse effect on our consolidated results of operations or financial condition.

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Supplemental Financial Statement Data

6 Months Ended

Jan. 31, 2021

Disclosure Text Block Supplement [Abstract]

Supplemental Financial Information Data

Supplemental Financial Statement Data

Balance Sheets	January 31, 2021		August 2, 2020
Inventories
Raw materials, containers and supplies	$	340	$	297
Finished products	475		574
	$	815	$	871

Statements of Earnings	Three Months Ended				Six Months Ended
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Other expenses / (income)
Amortization of intangible assets	$	11	$	11	$	21	$	22
Net periodic benefit income other than the service cost	(20)		(23)		(41)		(46)
Pension settlement gains	(30)		(11)		(34)		(11)
Investment losses	—		—		—		4
Loss on sale of business(1)	—		—		—		64
Transition services fees	(8)		(1)		(12)		(2)
Other	2		2		3		3
	$	(45)	$	(22)	$	(63)	$	34

____________________________

(1)See Note 3 for additional information.

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Divestitures (Tables)

6 Months Ended

Jan. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations [Table Text Block]

Results of Campbell International were as follows:

	Three Months Ended		Six Months Ended
	January 26, 2020
Net sales	$	136	$	359
Earnings before taxes from operations	$	16	$	53
Taxes on earnings from operations	4		17
Gain on sales of businesses / costs associated with selling the businesses	1,087		1,036
Tax expense on sales of businesses / costs associated with selling the businesses	62		38
Earnings from discontinued operations	$	1,037	$	1,034

Disposal Groups, Including Discontinued Operations, Cash Flow

Cash flow activity of Campbell International included the following:

	Six Months Ended
	January 26, 2020
Cash flows from discontinued operating activities:
Net gain on sales of discontinued operations businesses	$	1,036
Cash flows from discontinued investing activities:
Capital expenditures	$	30
Sales of discontinued operations businesses, net of cash divested	2,462

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Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jan. 31, 2021

Equity [Abstract]

Components Of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The components of Accumulated other comprehensive income (loss) consisted of the following:

	Foreign Currency Translation Adjustments(1)		Gains (Losses) on Cash Flow Hedges(2)		Pension and Postretirement Benefit Plan Adjustments(3)		Total Accumulated Comprehensive Income (Loss)
Balance at July 28, 2019	$	(218)	$	(9)	$	29	$	(198)
Other comprehensive income (loss) before reclassifications	3		1		—		4
Amounts reclassified from accumulated other comprehensive income (loss)(4)	210		—		(11)		199
Net current-period other comprehensive income (loss)	213		1		(11)		203
Balance at January 26, 2020	$	(5)	$	(8)	$	18	$	5
Balance at August 2, 2020	$	(10)	$	(7)	$	7	$	(10)
Other comprehensive income (loss) before reclassifications	10		(6)		—		4
Amounts reclassified from accumulated other comprehensive income (loss)	—		3		(2)		1
Net current-period other comprehensive income (loss)	10		(3)		(2)		5
Balance at January 31, 2021	$	—	$	(10)	$	5	$	(5)

_____________________________________

(1)Included no tax as of January 31, 2021, August 2, 2020, and January 26, 2020 and tax expense of $4 as of July 28, 2019.

(2)Included a tax benefit of $2 as of January 31, 2021, $1 as of August 2, 2020, and January 26, 2020, and $2 as of July 28, 2019.

(3)Included tax expense of $2 as of January 31, 2021, and as of August 2, 2020, $5 as of January 26, 2020, and $8 as of July 28, 2019.

(4)Reflects amounts reclassified from sale of businesses. See Note 3 for additional information.

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following:

	Three Months Ended				Six Months Ended
Details about Accumulated Other Comprehensive Income (Loss) Components	January 31, 2021		January 26, 2020		January 31, 2021		January 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	—		124		—		183		Earnings (loss) from discontinued operations
Total before tax	—		124		—		206
Tax expense (benefit)	—		4		—		4
(Gain) loss, net of tax	$	—	$	128	$	—	$	210
(Gains) losses on cash flow hedges:
Foreign exchange forward contracts	$	2	$	(1)	$	2	$	(1)	Cost of products sold
Foreign exchange forward contracts	—		—		—		1		Earnings (loss) from discontinued operations
Forward starting interest rate swaps	1		—		1		1		Interest expense
Total before tax	3		(1)		3		1
Tax expense (benefit)	—		—		—		(1)
(Gain) loss, net of tax	$	3	$	(1)	$	3	$	—
Pension and postretirement benefit adjustments:
Prior service credit	$	(1)	$	(7)	$	(2)	$	(14)	Other expenses / (income)
Tax expense (benefit)	—		2		—		3
(Gain) loss, net of tax	$	(1)	$	(5)	$	(2)	$	(11)

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Goodwill And Intangible Assets (Tables)

6 Months Ended

Jan. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill [Table Text Block]

The following table shows the changes in the carrying amount of goodwill by business segment:

	Meals & Beverages		Snacks		Total
Net balance at August 2, 2020	$	975	$	3,011	$	3,986
Foreign currency translation adjustment	5		—		5
Net balance at January 31, 2021	$	980	$	3,011	$	3,991

Schedule of Finite-Lived Intangible Assets [Table Text Block]

The following table summarizes balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization:

	January 31, 2021						August 2, 2020
Intangible Assets	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Amortizable intangible assets
Customer relationships	$	851	$	(133)	$	718	$	851	$	(112)	$	739
Non-amortizable intangible assets
Trademarks					2,611						2,611
Total net intangible assets					$	3,329					$	3,350

Schedule of Indefinite-Lived Intangible Assets [Table Block]

The following table summarizes balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization:

	January 31, 2021						August 2, 2020
Intangible Assets	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Amortizable intangible assets
Customer relationships	$	851	$	(133)	$	718	$	851	$	(112)	$	739
Non-amortizable intangible assets
Trademarks					2,611						2,611
Total net intangible assets					$	3,329					$	3,350

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Segment Information (Tables)

6 Months Ended

Jan. 31, 2021

Segment Reporting [Abstract]

Schedule Of Segment Reporting [Table Text Block]

	Three Months Ended				Six Months Ended
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Net sales
Meals & Beverages	$	1,300	$	1,224	$	2,642	$	2,418
Snacks	979		938		1,977		1,927
Total	$	2,279	$	2,162	$	4,619	$	4,345

	Three Months Ended				Six Months Ended
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Earnings before interest and taxes
Meals & Beverages	$	258	$	242	$	591	$	524
Snacks	144		136		283		261
Corporate(1)	17		(21)		7		(108)
Restructuring charges(2)	(18)		(7)		(19)		(10)
Total	$	401	$	350	$	862	$	667

_______________________________________

(1)Represents unallocated items. Pension benefit settlement adjustments are included in Corporate. There were settlement gains of $30 and $34 in the three- and six-month periods ended January 31, 2021, and $11 in the three- and six-month periods ended January 26, 2020. A loss of $64 on the sale of our European chips business was included in the six-month period ended January 26, 2020. Costs related to the cost savings initiatives were $4 and $18 in the three-month periods and $9 and $26 in the six-month periods ended January 31, 2021, and January 26, 2020, respectively.

(2)See Note 7 for additional information.

Additional Product Information for Net Sales [Table Text Block]

Our net sales based on product categories are as follows:

	Three Months Ended				Six Months Ended
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Net sales
Soup	$	794	$	755	$	1,620	$	1,463
Snacks	989		955		1,997		1,965
Other simple meals	307		279		618		562
Beverages	189		173		384		355
Total	$	2,279	$	2,162	$	4,619	$	4,345

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Restructuring Charges and Cost Savings Initiatives (Tables) - 2015 and Snyder's-Lance Initiatives [Member]

6 Months Ended

Jan. 31, 2021

Schedule Of Pre-Tax Charge And Remaining Costs [Table Text Block]

A summary of the pre-tax charges (gains) recorded in Earnings from continuing operations related to these initiatives is as follows:

	Three Months Ended				Six Months Ended
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020		Recognized as of January 31, 2021
Restructuring charges	$	18	$	7	$	19	$	10	$	257
Administrative expenses	6		13		10		21		321
Cost of products sold	(2)		2		(1)		2		75
Marketing and selling expenses	—		2		—		2		12
Research and development expenses	—		1		—		1		4
Total pre-tax charges	$	22	$	25	$	28	$	36	$	669

A summary of the pre-tax costs in Earnings from discontinued operations associated with these initiatives is as follows:

	Recognized as of January 31, 2021
Severance pay and benefits	$	19
Implementation costs and other related costs	4
Total	$	23

As of April 28, 2019, we incurred substantially all of the costs for actions associated with discontinued operations. All of the costs were cash expenditures.

A summary of the pre-tax costs in Earnings from continuing operations associated with the initiatives is as follows:

	Recognized as of January 31, 2021
Severance pay and benefits	$	219
Asset impairment/accelerated depreciation	80
Implementation costs and other related costs	370
Total	$	669

Schedule Of Restructuring Activity And Related Reserves [Table Text Block]

A summary of the restructuring activity and related reserves associated with continuing operations at January 31, 2021, is as follows:

	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	4		8	13	3	$	28
2021 cash payments	(9)
Accrued balance at January 31, 2021(2)	$	10

__________________________________ 

(1)Includes $3 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet.

(2)Includes $4 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet.

(3)Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses and Cost of products sold in the Consolidated Statements of Earnings.

(4)Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet.

Schedule Of Restructuring Charges Associated With Each Reportable Segment

A summary of the pre-tax costs in Earnings from continuing operations associated with segments is as follows:

	January 31, 2021
	Three Months Ended		Six Months Ended		Costs Incurred to Date
Meals & Beverages	$	1	$	1	$	221
Snacks	21		26		277
Corporate	—		1		171
Total	$	22	$	28	$	669

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Pension And Postretirement Benefits (Tables)

6 Months Ended

Jan. 31, 2021

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs [Table Text Block]

Components of net benefit expense (income) were as follows:

	Three Months Ended								Six Months Ended
	Pension				Postretirement				Pension				Postretirement
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Service cost	$	4	$	5	$	—	$	—	$	9	$	10	$	—	$	—
Interest cost	10		17		1		1		20		34		2		3
Expected return on plan assets	(30)		(34)		—		—		(61)		(69)		—		—
Amortization of prior service cost	—		—		(1)		(7)		—		—		(2)		(14)
Settlement gains	(30)		(11)		—		—		(34)		(11)		—		—
Net periodic benefit expense (income)	$	(46)	$	(23)	$	—	$	(6)	$	(66)	$	(36)	$	—	$	(11)

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Leases (Tables)

6 Months Ended

Jan. 31, 2021

Leases [Abstract]

Lease, Cost

The components of lease costs were as follows:

	Three Months Ended				Six Months Ended
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Operating lease cost	$	20	$	21	$	40	$	40
Finance lease - amortization of right-of-use (ROU) assets	1		1		2		1
Short-term lease cost	11		10		21		20
Variable lease cost(1)	46		43		92		86
Sublease income	—		(2)		(1)		(2)
Total(2)	$	78	$	73	$	154	$	145

__________________________________________

(1)Includes labor and other overhead in our service contracts with embedded leases.

(2)Total lease cost of $2 and $4 for the three- and six-month periods ended January 26, 2020, respectively, related to discontinued operations.

Schedule of Leases Reported in Balance Sheet

The following tables summarize the lease amounts recorded in the Consolidated Balance Sheets:

	Operating Leases
	Balance Sheet Location	January 31, 2021		August 2, 2020
ROU assets, net	Other assets	$	239	$	254
Lease liabilities (current)	Accrued liabilities	$	54	$	67
Lease liabilities (noncurrent)	Other liabilities	$	183	$	184

	Finance Leases
	Balance Sheet Location	January 31, 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

Schedule of Supplemental Cash Flow Information Related to Leases

The following table summarizes cash flow and other information related to leases:

	Six Months Ended
	January 31, 2021		January 26, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	40	$	38
Financing cash flows from finance leases	$	2	$	—
ROU assets obtained in exchange for lease obligations:
Operating leases	$	27	$	63
Finance leases	$	3	$	3
ROU assets divested with businesses sold:
Operating leases	$	—	$	18
Finance leases	$	—	$	5

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Financial Instruments (Tables)

6 Months Ended

Jan. 31, 2021

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

Schedule Of The Fair Value Of Derivative Instruments [Table Text Block]

The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of January 31, 2021, and August 2, 2020:

	Balance Sheet Classification	January 31, 2021		August 2, 2020
Asset Derivatives
Derivatives designated as hedges:
Foreign exchange forward contracts	Other current assets	$	—	$	1
Total derivatives designated as hedges		$	—	$	1
Derivatives not designated as hedges:
Commodity derivative contracts	Other current assets	$	16	$	7
Deferred compensation derivative contracts	Other current assets	3		4
Commodity derivative contracts	Other assets	1		—
Total derivatives not designated as hedges		$	20	$	11
Total asset derivatives		$	20	$	12

	Balance Sheet Classification	January 31, 2021		August 2, 2020
Liability Derivatives
Derivatives designated as hedges:
Foreign exchange forward contracts	Accrued liabilities	$	4	$	2
Total derivatives designated as hedges		$	4	$	2
Derivatives not designated as hedges:
Commodity derivative contracts	Accrued liabilities	$	2	$	9
Total derivatives not designated as hedges		$	2	$	9
Total liability derivatives		$	6	$	11

Schedule of Offsetting Assets [Table Text Block]

We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of January 31, 2021, and August 2, 2020, would be adjusted as detailed in the following table:

	January 31, 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	$	20	$	—	$	20	$	12	$	(4)	$	8
Total liability derivatives	$	6	$	—	$	6	$	11	$	(4)	$	7

Schedule of Offsetting Liabilities [Table Text Block]

We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of January 31, 2021, and August 2, 2020, would be adjusted as detailed in the following table:

	January 31, 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	$	20	$	—	$	20	$	12	$	(4)	$	8
Total liability derivatives	$	6	$	—	$	6	$	11	$	(4)	$	7

Schedule Of Changes In Cash-Flow Hedges In Other Comprehensive Income (Loss) [Table Text Block]

The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and six-month periods ended January 31, 2021, and January 26, 2020, in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings:

		Total Cash-Flow Hedge OCI Activity
Derivatives Designated as Cash-Flow Hedges		January 31, 2021		January 26, 2020
Three Months Ended
OCI derivative gain (loss) at beginning of quarter		$	(9)	$	(9)
Effective portion of changes in fair value recognized in OCI:
Foreign exchange forward contracts		(6)		1
Amount of (gain) loss reclassified from OCI to earnings:	Location in Earnings
Foreign exchange forward contracts	Cost of products sold	2		(1)
Forward starting interest rate swaps	Interest expense	1		—
OCI derivative gain (loss) at end of quarter		$	(12)	$	(9)
Six Months Ended
OCI derivative gain (loss) at beginning of year		$	(8)	$	(11)
Effective portion of changes in fair value recognized in OCI:
Foreign exchange forward contracts		(7)		1
Amount of (gain) loss reclassified from OCI to earnings:	Location in Earnings
Foreign exchange forward contracts	Cost of products sold	2		(1)
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)	$	(9)

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and six-month periods ended January 31, 2021, and January 26, 2020, in the Consolidated Statements of Earnings:

	Three Months Ended
	January 31, 2021				January 26, 2020
	Cost of products sold		Interest expense		Cost of products sold		Earnings from discontinued operations		Interest expense
Consolidated Statements of Earnings:	$	1,496	$	55	$	1,420	$	1,037	$	149
(Gain) loss on Cash Flow Hedges:
Amount of (gain) loss reclassified from OCI to earnings	$	2	$	1	$	(1)	$	—	$	—
Amount excluded from effectiveness testing recognized in earnings using an amortization approach	$	—	$	—	$	—	$	—	$	—

	Six Months Ended
	January 31, 2021				January 26, 2020
	Cost of products sold		Interest expense		Cost of product sold		Earnings from discontinued operations		Interest expense
Consolidated Statements of Earnings:	$	3,023	$	110	$	2,865	$	1,034	$	229
(Gain) loss on Cash Flow Hedges:
Amount of (gain) loss reclassified from OCI to earnings	$	2	$	1	$	(1)	$	1	$	1
Amount excluded from effectiveness testing recognized in earnings using an amortization approach	$	—	$	—	$	—	$	—	$	—

Derivatives Not Designated as Hedging Instruments [Table Text Block]

The following table shows the effects of our derivative instruments not designated as hedges for the three- and six-month periods ended January 31, 2021, and January 26, 2020, in the Consolidated Statements of Earnings:

		Amount of (Gain) Loss Recognized in Earnings on Derivatives
Derivatives not Designated as Hedges	Location of (Gain) Loss Recognized in Earnings	Three Months Ended				Six Months Ended
		January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Foreign exchange forward contracts	Cost of products sold	$	—	$	—	$	1	$	—
Foreign exchange forward contracts	Other expenses / (income)	—		—		—		2
Commodity derivative contracts	Cost of products sold	(13)		—		(15)		(4)
Deferred compensation derivative contracts	Administrative expenses	(3)		(3)		(3)		(4)
Treasury rate lock contracts	Interest expense	—		(3)		—		(3)
Total (gain) loss at end of quarter		$	(16)	$	(6)	$	(17)	$	(9)

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Fair Value Measurements (Tables)

6 Months Ended

Jan. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value, Assets And Liabilities Measured on Recurring Basis [Table Text Block]

The following table presents our financial assets and liabilities that are measured at fair value on a recurring basis as of January 31, 2021, and August 2, 2020, consistent with the fair value hierarchy:

	Fair Value as of January 31, 2021		Fair Value Measurements at January 31, 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)	17		9		8		—		7		3		2		2
Deferred compensation derivative contracts(3)	3		—		3		—		4		—		4		—
Deferred compensation investments(4)	3		3		—		—		3		3		—		—
Total assets at fair value	$	23	$	12	$	11	$	—	$	15	$	6	$	7	$	2

	Fair Value as of January 31, 2021		Fair Value Measurements at January 31, 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)	$	4	$	—	$	4	$	—	$	2	$	—	$	2	$	—
Commodity derivative contracts(2)	2		—		1		1		9		5		4		—
Deferred compensation obligation(4)	108		108		—		—		92		92		—		—
Total liabilities at fair value	$	114	$	108	$	5	$	1	$	103	$	97	$	6	$	—

___________________________________ 

(1)Based on observable market transactions of spot currency rates and forward rates.

(2)Level 1 and 2 are based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. Level 3 is based on unobservable inputs in which there is little or no market data, which requires management’s own assumptions within an internally developed model.

(3)Based on LIBOR and equity index swap rates.

(4)Based on the fair value of the participants’ investments.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table summarizes the changes in fair value of Level 3 assets and liabilities for the six-month periods ended January 31, 2021, and January 26, 2020:

	Six Months Ended
	January 31, 2021		January 26, 2020(1)
Fair value at beginning of year	$	2	$	76
Gains (losses)	—		—
Settlements	(3)		—
Fair value at end of quarter	$	(1)	$	76

___________________________________

(1)Primarily represented investments in equity securities that were not readily marketable and were accounted for under the fair value option. The investments were funded by Acre Venture Partners, L.P. (Acre), a limited partnership in which we were the sole limited partner. Fair value was based on analyzing recent transactions and transactions of comparable companies, and the discounted cash flow method. In addition, allocation methods, including the option pricing method, were used in distributing fair value among various equity holders according to rights and preferences. We entered into an agreement to sell our interest in Acre on April 26, 2020, and completed the sale on May 8, 2020.

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Stock-based Compensation (Tables)

6 Months Ended

Jan. 31, 2021

Stock-based Compensation

Summary of Stock-based Compensation Expense [Table Text Block]

Total pre-tax stock-based compensation expense and tax-related benefits recognized in Earnings from continuing operations were as follows:

	Three Months Ended				Six Months Ended
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Total pre-tax stock-based compensation expense	$	18	$	18	$	34	$	31
Tax-related benefits	$	3	$	3	$	6	$	6

Total pre-tax stock-based compensation expense and tax-related benefits recognized in Earnings from discontinued operations were as follows:

	January 26, 2020
	Three Months Ended		Six Months Ended
Total pre-tax stock-based compensation expense	$	1	$	2
Tax-related benefits	$	—	$	—

Share-based Payment Arrangement, Option [Member]

Stock-based Compensation

Schedule Of Stock Option Activity [Table Text Block]

The following table summarizes stock option activity as of January 31, 2021:

	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	—	$	—
Terminated	—	$	—
Outstanding at January 31, 2021	1,423	$	45.42	6.4	$	7
Exercisable at January 31, 2021	1,130	$	48.00	6.1	$	3

Time Lapse, EPS Performance, And FCF Performance Restricted Stock Units [Member]

Stock-based Compensation

Time-Lapse Restricted Stock Units, EPS Performance Restricted Stock Units and FCF Performance Restricted Stock Units[Table Text Block]

The following table summarizes time-lapse restricted stock units, EPS performance restricted stock units and FCF performance restricted stock units as of January 31, 2021:

	Units	Weighted-Average Grant-Date Fair Value
	(Restricted stock units in thousands)
Nonvested at August 2, 2020	1,866	$	43.18
Granted	876	$	48.43
Vested	(731)	$	42.73
Forfeited	(94)	$	46.75
Nonvested at January 31, 2021	1,917	$	45.58

TSR Performance Restricted Stock/Units [Member]

Stock-based Compensation

TSR Performance Restricted Stock Units [Table Text Block]

The following table summarizes TSR performance restricted stock units as of January 31, 2021:

	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	(273)	$	41.57
Nonvested at January 31, 2021	1,266	$	53.67

Schedule Of Share Based Payment Award Valuation Assumptions [Table Text Block]

Assumptions used in the Monte Carlo simulation were as follows:

	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

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Supplemental Financial Statement Data (Tables)

6 Months Ended

Jan. 31, 2021

Disclosure Text Block Supplement [Abstract]

Supplemental Balance Sheet Data

Balance Sheets	January 31, 2021		August 2, 2020
Inventories
Raw materials, containers and supplies	$	340	$	297
Finished products	475		574
	$	815	$	871

Supplemental Statements of Earnings Data

Statements of Earnings	Three Months Ended				Six Months Ended
	January 31, 2021		January 26, 2020		January 31, 2021		January 26, 2020
Other expenses / (income)
Amortization of intangible assets	$	11	$	11	$	21	$	22
Net periodic benefit income other than the service cost	(20)		(23)		(41)		(46)
Pension settlement gains	(30)		(11)		(34)		(11)
Investment losses	—		—		—		4
Loss on sale of business(1)	—		—		—		64
Transition services fees	(8)		(1)		(12)		(2)
Other	2		2		3		3
	$	(45)	$	(22)	$	(63)	$	34

____________________________

(1)See Note 3 for additional information.

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Basis of Presentations and Significant Accounting Policies (Narrative) (Details)	12 Months Ended
	Aug. 01, 2021	Aug. 02, 2020
Fiscal Period Number Of Weeks		53
Forecast [Member]
Fiscal Period Number Of Weeks	52

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Divestitures (Narrative) (Details) £ in Millions, $ in Millions			3 Months Ended							6 Months Ended
	Dec. 23, 2019 USD ($)	Sep. 23, 2019 USD ($)	Jan. 31, 2021 USD ($)		Apr. 26, 2020 USD ($)	Jan. 26, 2020 USD ($)		Oct. 27, 2019 USD ($)	Oct. 27, 2019 GBP (£)	Jan. 31, 2021 USD ($)		Jan. 26, 2020 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales			$ 2,279			$ 2,162				$ 4,619		$ 4,345
Net (gain) loss on sale of business										0		(972)
Taxes on earnings			102			33				199		101
Kelsen [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Divestiture of Businesses		$ 322
Arnott's and International [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Divestiture of Businesses	$ 2,286				$ 4
European chips business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Divestiture of Businesses								$ 77	£ 63
Net sales												25
Net (gain) loss on sale of business			$ 0	[1]		0	[1]	$ 64		$ 0	[1]	$ 64	[1]
European chips business [Member] | Continuing Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Taxes on earnings						$ (19)

[1] See Note 3 for additional information.

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Divestitures (Schedule of Results of Operations of Discontinued Operations) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 26, 2020	Jan. 31, 2021	Jan. 26, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Earnings (loss) from discontinued operations	$ 0	$ 1,037	$ 0	$ 1,034
Campbell International [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Revenue		136		359
Disposal Group, Including Discontinued Operation, Operating Income (Loss)		16		53
Discontinued Operation, Tax Effect of Discontinued Operation		4		17
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax		1,087		1,036
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation		62		38
Earnings (loss) from discontinued operations		$ 1,037		$ 1,034

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Divestitures (Condensed Cash Flow Statement) (Details) - USD ($) $ in Millions	6 Months Ended
	Jan. 31, 2021	Jan. 26, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchases of plant assets	$ 132	$ 167
Proceeds from Divestiture of Businesses, Net of Cash Divested	$ 0	2,533
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax		1,036
Purchases of plant assets		30
Proceeds from Divestiture of Businesses, Net of Cash Divested		$ 2,462

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Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jan. 31, 2021	Jan. 26, 2020	Jan. 31, 2021	Jan. 26, 2020		Aug. 02, 2020	Jul. 28, 2019
Beginning Balance				$ (10)
Other comprehensive income (loss), after tax		$ 3	$ 130	2	$ 203
Ending Balance		(5)		(5)
Accumulated Other Comprehensive Income Foreign Currency Translation Tax (Benefit) Expense		0	0	0	0		$ 0	$ 4
Accumulated Other Comprehensive Income Cashflow Hedges Tax (Benefit) Expense		(2)	(1)	(2)	(1)		(1)	(2)
Accumulated Other Comprehensive Income Unamortized Pension And Post Retirement Tax (Benefit) Expense		2	5	2	5		$ 2	$ 8
Accumulated Translation Adjustment [Member]
Beginning Balance	[1]			(10)	(218)
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax				10	3
Other Comprehensive Income Reclassifications Current Period Net of Tax				0	210	[2]
Other comprehensive income (loss), after tax				10	213
Ending Balance	[1]	0	(5)	0	(5)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Beginning Balance	[3]			(7)	(9)
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax				(6)	1
Other Comprehensive Income Reclassifications Current Period Net of Tax				3	0	[2]
Other comprehensive income (loss), after tax				(3)	1
Ending Balance	[3]	(10)	(8)	(10)	(8)
Accumulated Defined Benefit Plans Adjustment [Member]
Beginning Balance	[4]			7	29
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax				0	0
Other Comprehensive Income Reclassifications Current Period Net of Tax				(2)	(11)	[2]
Other comprehensive income (loss), after tax				(2)	(11)
Ending Balance	[4]	5	18	5	18
Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance				(10)	(198)
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax				4	4
Other Comprehensive Income Reclassifications Current Period Net of Tax				1	199	[2]
Other comprehensive income (loss), after tax		4	131	5	203
Ending Balance		$ (5)	$ 5	$ (5)	$ 5

[1] Included no tax as of January 31, 2021, August 2, 2020, and January 26, 2020 and tax expense of $4 as of July 28, 2019.

[2] Reflects amounts reclassified from sale of businesses. See Note 3 for additional information.

[3] Included a tax benefit of $2 as of January 31, 2021, $1 as of August 2, 2020, and January 26, 2020, and $2 as of July 28, 2019.

[4] Included tax expense of $2 as of January 31, 2021, and as of August 2, 2020, $5 as of January 26, 2020, and $8 as of July 28, 2019.

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Accumulated Other Comprehensive Income (Loss) (Schecule of amounts reclassified from AOCI) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 26, 2020	Jan. 31, 2021	Jan. 26, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other expenses / (income)	$ (45)	$ (22)	$ (63)	$ 34
Cost of products sold	1,496	1,420	3,023	2,865
Earnings (loss) from discontinued operations	0	(1,037)	0	(1,034)
Interest expense	55	149	110	229
Taxes on earnings	102	33	199	101
Net Income (Loss) Attributable to Parent	245	1,208	554	1,374
Accumulated Translation Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other expenses / (income)	0	0	0	23
Earnings (loss) from discontinued operations	0	124	0	183
Earnings before taxes	0	124	0	206
Taxes on earnings	0	4	0	4
Net Income (Loss) Attributable to Parent	0	(128)	0	(210)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Earnings before taxes	3	(1)	3	1
Taxes on earnings	0	0	0	(1)
Net Income (Loss) Attributable to Parent	(3)	1	(3)	0
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign Exchange Contract [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cost of products sold	2	(1)	2	(1)
Earnings (loss) from discontinued operations	0	0	0	1
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Contract [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense	1	0	1	1
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other expenses / (income)	(1)	(7)	(2)	(14)
Taxes on earnings	0	2	0	3
Net Income (Loss) Attributable to Parent	$ 1	$ 5	$ 2	$ 11

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Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 26, 2020	Jan. 31, 2021	Jan. 26, 2020	Aug. 02, 2020
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 2,611		$ 2,611		$ 2,611
Amortization of Intangible Assets	11	$ 11	21	$ 22
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	42		42
Finite-Lived Intangible Assets, Amortization Expense, Year Two	42		42
Finite Lived Intangible Assets, Amortization Expense, Year Three	42		42
Finite Lived Intangible Assets, Amortization Expense, Year Four	42		42
Finite Lived Intangible Assets, Amortization Expense, Year Five	$ 42		42
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	18 years
Snyder's-Lance [Member]
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 1,978		1,978
Trade Name - Snyder's of Hanover [Member]
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	620		620
Trade Names - Pace [Member]
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	292		292
Trade Name - Pacific Foods [Member]
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 280		$ 280

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Goodwill And Intangible Assets (Goodwill) (Details) $ in Millions	6 Months Ended
	Jan. 31, 2021 USD ($)
Goodwill [Line Items]
Beginning Balance	$ 3,986
Foreign currency translation adjustment	5
Ending Balance	3,991
Meals & Beverages [Member]
Goodwill [Line Items]
Beginning Balance	975
Foreign currency translation adjustment	5
Ending Balance	980
Snacks [Member]
Goodwill [Line Items]
Beginning Balance	3,011
Foreign currency translation adjustment	0
Ending Balance	$ 3,011

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Goodwill And Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions	Jan. 31, 2021	Aug. 02, 2020
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 2,611	$ 2,611
Other intangible assets, net of amortization	3,329	3,350
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	851	851
Finite-Lived Intangible Assets, Accumulated Amortization	(133)	(112)
Finite-Lived Intangible Assets, Net	$ 718	$ 739

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Segment Information (Schedule Of Segment Reporting - Net Sales) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 26, 2020	Jan. 31, 2021	Jan. 26, 2020
Segment Reporting Information [Line Items]
Net sales	$ 2,279	$ 2,162	$ 4,619	$ 4,345
Meals & Beverages [Member]
Segment Reporting Information [Line Items]
Net sales	1,300	1,224	2,642	2,418
Snacks [Member]
Segment Reporting Information [Line Items]
Net sales	$ 979	$ 938	$ 1,977	$ 1,927

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Segment Information (Schedule Of Segment Reporting - Earnings Before Interest And Taxes) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jan. 31, 2021	Jan. 26, 2020	Jan. 31, 2021	Jan. 26, 2020
Segment Reporting Information [Line Items]
Earnings before interest and taxes		$ 401	$ 350	$ 862	$ 667
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement		30	11	34	11
Net loss on sale of business				0	972
Meals & Beverages [Member]
Segment Reporting Information [Line Items]
Earnings before interest and taxes		258	242	591	524
Snacks [Member]
Segment Reporting Information [Line Items]
Earnings before interest and taxes		144	136	283	261
Corporate
Segment Reporting Information [Line Items]
Earnings before interest and taxes	[1]	17	(21)	7	(108)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement		30	11	34	11
Net loss on sale of business					(64)
Restructuring and Related Cost, Incurred Cost		(4)	(18)	(9)	(26)
Corporate | Restructuring Charges [Member]
Segment Reporting Information [Line Items]
Earnings before interest and taxes	[2]	$ (18)	$ (7)	$ (19)	$ (10)

[1] Represents unallocated items. Pension benefit settlement adjustments are included in Corporate. There were settlement gains of $30 and $34 in the three- and six-month periods ended January 31, 2021, and $11 in the three- and six-month periods ended January 26, 2020. A loss of $64 on the sale of our European chips business was included in the six-month period ended January 26, 2020. Costs related to the cost savings initiatives were $4 and $18 in the three-month periods and $9 and $26 in the six-month periods ended January 31, 2021, and January 26, 2020, respectively.

[2] See Note 7 for additional information.

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Segment Information (Additional Product Information For Net Sales) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 26, 2020	Jan. 31, 2021	Jan. 26, 2020
Segment Reporting Information [Line Items]
Net sales	$ 2,279	$ 2,162	$ 4,619	$ 4,345
Soup [Member]
Segment Reporting Information [Line Items]
Net sales	794	755	1,620	1,463
Snacks [Member]
Segment Reporting Information [Line Items]
Net sales	989	955	1,997	1,965
Other Simple Meals [Member]
Segment Reporting Information [Line Items]
Net sales	307	279	618	562
Beverages [Member]
Segment Reporting Information [Line Items]
Net sales	$ 189	$ 173	$ 384	$ 355

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Restructuring Charges and Cost Savings Initiatives (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended		24 Months Ended
	Jan. 31, 2021	Jan. 31, 2021	Jan. 26, 2020	Jul. 31, 2022
Restructuring Cost and Reserve [Line Items]
Purchases of plant assets		$ 132	$ 167
2015 and Snyder's-Lance Initiatives [Member]
Restructuring Cost and Reserve [Line Items]
Purchases of plant assets		$ 367
2015 and Snyder's-Lance Initiatives [Member] | Meals & Beverages [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost Allocation	32.00%	32.00%
2015 and Snyder's-Lance Initiatives [Member] | Snacks [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost Allocation	44.00%	44.00%
2015 and Snyder's-Lance Initiatives [Member] | Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost Allocation	24.00%	24.00%
2015 and Snyder's-Lance Initiatives [Member] | Forecast [Member]
Restructuring Cost and Reserve [Line Items]
Purchases of plant assets				$ 455
2015 and Snyder's-Lance Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	$ 85	$ 85
2015 and Snyder's-Lance Initiatives [Member] | Minimum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	695	695
Effect on Future Cash Flows, Amount		595
2015 and Snyder's-Lance Initiatives [Member] | Minimum [Member] | Severance Pay And Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	220	220
2015 and Snyder's-Lance Initiatives [Member] | Minimum [Member] | Implementation Costs and Other Related Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	390	390
2015 and Snyder's-Lance Initiatives [Member] | Maximum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	725	725
Effect on Future Cash Flows, Amount		625
2015 and Snyder's-Lance Initiatives [Member] | Maximum [Member] | Severance Pay And Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	225	225
2015 and Snyder's-Lance Initiatives [Member] | Maximum [Member] | Implementation Costs and Other Related Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	415	$ 415
Snyder's- Lance Cost Transformation Program and Integration
Restructuring Cost and Reserve [Line Items]
Deferred Income Tax Expense (Benefit)	$ 19

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Restructuring Charges and Cost Savings Initiatives (Schedule Of Pre-Tax Charges) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 26, 2020	Jan. 31, 2021	Jan. 26, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 18	$ 7	$ 19	$ 10
2015 and Snyder's-Lance Initiatives [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	18	7	19	10
Restructuring and Related Cost, Incurred Cost	22	25	28	36
Restructuring and Related Cost, Cost Incurred to Date	669		669
2015 and Snyder's-Lance Initiatives [Member] | Severance Pay And Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost			4
Restructuring and Related Cost, Cost Incurred to Date	219		219
2015 and Snyder's-Lance Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost			13
Restructuring and Related Cost, Cost Incurred to Date	80		80
2015 and Snyder's-Lance Initiatives [Member] | Implementation Costs and Other Related Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	370		370
2015 and Snyder's-Lance Initiatives [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	23		23
2015 and Snyder's-Lance Initiatives [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Severance Pay And Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	19		19
2015 and Snyder's-Lance Initiatives [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Implementation Costs and Other Related Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	4		4
2015 and Snyder's-Lance Initiatives [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	257		257
2015 and Snyder's-Lance Initiatives [Member] | General and Administrative Expense [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	6	13	10	21
Restructuring and Related Cost, Cost Incurred to Date	321		321
2015 and Snyder's-Lance Initiatives [Member] | Cost Of Products Sold [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	(2)	2	(1)	2
Restructuring and Related Cost, Cost Incurred to Date	75		75
2015 and Snyder's-Lance Initiatives [Member] | Selling and Marketing Expense [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0	2	0	2
Restructuring and Related Cost, Cost Incurred to Date	12		12
2015 and Snyder's-Lance Initiatives [Member] | Research and Development Expense [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0	$ 1	0	$ 1
Restructuring and Related Cost, Cost Incurred to Date	$ 4		$ 4

XML

Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Activity And Related Reserves) (Details) - 2015 and Snyder's-Lance Initiatives [Member] - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jan. 31, 2021	Jan. 26, 2020	Jan. 31, 2021	Jan. 26, 2020	Aug. 02, 2020
Restructuring Reserve [Roll Forward]
Restructuring and Related Cost, Incurred Cost		$ 22	$ 25	$ 28	$ 36
Severance Pay And Benefits [Member]
Restructuring Reserve [Roll Forward]
Accrued Balance at beginning of period	[1]			15
Restructuring and Related Cost, Incurred Cost				4
Cash Payments				(9)
Accrued Balance at end of period	[2]	10		10
Restructuring Reserve, Noncurrent		$ 4		4		$ 3
Other Cost Savings Implementation Costs [Member]
Restructuring Reserve [Roll Forward]
Restructuring and Related Cost, Incurred Cost	[3]			8
Asset Impairment Accelerated Depreciation [Member]
Restructuring Reserve [Roll Forward]
Restructuring and Related Cost, Incurred Cost				13
Other Non Cash Exit Costs [Member]
Restructuring Reserve [Roll Forward]
Restructuring and Related Cost, Incurred Cost	[4]			$ 3

[1] Includes $3 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet.

[2] Includes $4 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet.

[3] Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses and Cost of products sold in the Consolidated Statements of Earnings.

[4] Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet.

XML

Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Charges Associated With Each Reportable Segment) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 26, 2020	Jan. 31, 2021	Jan. 26, 2020
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	$ 4	$ 18	$ 9	$ 26
2015 and Snyder's-Lance Initiatives [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	669		669
Restructuring and Related Cost, Incurred Cost	22	$ 25	28	$ 36
2015 and Snyder's-Lance Initiatives [Member] | Meals & Beverages [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	221		221
Restructuring and Related Cost, Incurred Cost	1		1
2015 and Snyder's-Lance Initiatives [Member] | Snacks [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	277		277
Restructuring and Related Cost, Incurred Cost	21		26
2015 and Snyder's-Lance Initiatives [Member] | Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	171		171
Restructuring and Related Cost, Incurred Cost	$ 0		$ 1

XML

Earnings Per Share (Narrative) (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 26, 2020	Jan. 31, 2021	Jan. 26, 2020
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options not included in the diluted earnings per share calculation as they were antidilutive	1	1	1	1

XML

Pension And Postretirement Benefits (Schedule Of Components of Benefit Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 26, 2020	Jan. 31, 2021	Jan. 26, 2020
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), (Gain) Loss Due to Settlement	$ (30)	$ (11)	$ (34)	$ (11)
Pension Plan, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Service Cost	4	5	9	10
Defined Benefit Plan, Interest Cost	10	17	20	34
Expected return on plan assets	(30)	(34)	(61)	(69)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	0	0	0	0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), (Gain) Loss Due to Settlement	(30)	(11)	(34)	(11)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	(46)	(23)	(66)	(36)
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Service Cost	0	0	0	0
Defined Benefit Plan, Interest Cost	1	1	2	3
Expected return on plan assets	0	0	0	0
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	(1)	(7)	(2)	(14)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), (Gain) Loss Due to Settlement	0	0	0	0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ 0	$ (6)	$ 0	$ (11)

XML

Leases (Costs) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jan. 31, 2021	Jan. 26, 2020	Jan. 31, 2021	Jan. 26, 2020
Operating Lease, Cost		$ 20	$ 21	$ 40	$ 40
Finance lease, amortization of right-of-use assets		1	1	2	1
Short-term Lease, Cost		11	10	21	20
Variable Lease, Cost	[1]	46	43	92	86
Sublease Income		0	(2)	(1)	(2)
Lease, Cost, Total	[2]	$ 78	73	$ 154	145
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member]
Lease, Cost, Total			$ 2		$ 4

[1] Includes labor and other overhead in our service contracts with embedded leases.

[2] Total lease cost of $2 and $4 for the three- and six-month periods ended January 26, 2020, respectively, related to discontinued operations.

XML

Leases (Reported in Balance Sheet) (Details) - USD ($) $ in Millions	Jan. 31, 2021	Aug. 02, 2020
Other Assets [Member]
Operating Lease, Right-of-Use Asset	$ 239	$ 254
Accrued Liabilities [Member]
Operating Lease, Liability, Current	54	67
Other Liabilities [Member]
Operating Lease, Liability, Noncurrent	183	184
Property, Plant and Equipment [Member]
Finance Lease, Right-of-Use Asset	10	10
Short-term Debt [Member]
Finance Lease, Liability, Current	4	3
Long-term Debt [Member]
Finance Lease, Liability, Noncurrent	$ 7	$ 7

XML

Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions	6 Months Ended
	Jan. 31, 2021	Jan. 26, 2020
Leases [Abstract]
Operating Lease, Payments	$ 40	$ 38
Finance Lease, Principal Payments	2	0
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	27	63
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	3	3
Operating Lease, Right-of-Use Asset divested with businesses sold	0	18
Finance Leases, Right-of-Use Asset divested with businesses sold	$ 0	$ 5

XML

Financial Instruments (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jan. 31, 2021	Aug. 02, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ (6)
Other Current Assets [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Margin Deposit Assets		$ 8
Accrued Liabilities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Margin Deposit Liabilities	$ (5)
Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Contracts Mature Within, Months	18 months
Commodity Derivative Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Maximum Length of Contract Maturity	18 months
Deferred Compensation Derivative Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Maximum Length of Contract Maturity	12 months
Derivatives Designated As Hedges [Member] | Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	$ 98	164
Derivatives Designated As Hedges [Member] | Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	0	0
Derivatives Designated As Hedges [Member] | Commodity Derivative Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	5	0
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	20	19
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	121	137
Derivatives Not Designated As Hedges [Member] | Embedded Derivative Financial Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	84	34
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	$ 22	$ 22
Wal-Mart Stores, Inc. [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Concentration Risk, Percentage		21.00%
Top Five Customers [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Concentration Risk, Percentage		44.00%

XML

Financial Instruments (Schedule Of The Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Millions	Jan. 31, 2021	Aug. 02, 2020
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 20	$ 12
Derivative Liability, Fair Value, Gross Liability	6	11
Derivatives Designated As Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	0	1
Derivative Liability, Fair Value, Gross Liability	4	2
Derivatives Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	0	1
Derivatives Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	4	2
Derivatives Not Designated As Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	20	11
Derivative Liability, Fair Value, Gross Liability	2	9
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	3	4
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	16	7
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	1	0
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 2	$ 9

XML

Financial Instruments (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Millions	Jan. 31, 2021	Aug. 02, 2020
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Derivative Asset, Fair Value, Gross Asset	$ 20	$ 12
Derivative, Collateral, Obligation to Return Securities or Cash	0	(4)
Derivative Asset, Fair Value, Amount Offset Against Collateral	20	8
Derivative Liability, Fair Value, Gross Liability	6	11
Derivative, Collateral, Right to Reclaim Securities or Cash	0	(4)
Derivative Liability, Fair Value, Amount Offset Against Collateral	$ 6	$ 7

XML

Financial Instruments (Schedule Of Changes In Cash Flow Hedges In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 26, 2020	Jan. 31, 2021	Jan. 26, 2020
Derivative Instruments, Gain (Loss) [Line Items]
OCI before tax accumulated derivative gain (loss) beginning of period	$ (9)	$ (9)	$ (8)	$ (11)
OCI before tax accumulated derivative gain (loss) end of period	(12)	(9)	(12)	(9)
Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
OCI, before Reclassifications, before Tax, Attributable to Parent	(6)	1	(7)	1
Foreign Exchange Forward | Cost Of Products Sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	2	(1)	2	(1)
Foreign Exchange Forward | Loss from discontinued operations [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax			0	1
Interest Rate Contract [Member] | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	$ 1	$ 0	$ 1	$ 1

XML

Financial Instruments (Schedule of Cash Flow Hedges in Statements of Earnings) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 26, 2020	Jan. 31, 2021	Jan. 26, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Cost of products sold	$ 1,496	$ 1,420	$ 3,023	$ 2,865
Interest expense	55	149	110	229
Earnings from discontinued operations	0	1,037	0	1,034
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net	0	0	0	0
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net		0		0
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Cost Of Products Sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net	0	0	0	0
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Foreign Exchange Forward Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Cost of products sold	2	(1)	2	(1)
Earnings from discontinued operations	0	0	0	(1)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Interest expense	$ 1	$ 0	$ 1	$ 1

XML

Financial Instruments (Derivatives Not Designated As Hedges) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 26, 2020	Jan. 31, 2021	Jan. 26, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) or Loss Recognized in Earnings on Derivatives	$ (16)	$ (6)	$ (17)	$ (9)
Foreign Exchange Forward Contracts [Member] | Cost Of Products Sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) or Loss Recognized in Earnings on Derivatives	0	0	1	0
Foreign Exchange Forward Contracts [Member] | Other Expenses/Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) or Loss Recognized in Earnings on Derivatives	0	0	0	2
Commodity Derivative Contracts [Member] | Cost Of Products Sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) or Loss Recognized in Earnings on Derivatives	(13)	0	(15)	(4)
Deferred Compensation Derivative Contracts [Member] | General and Administrative Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) or Loss Recognized in Earnings on Derivatives	(3)	(3)	(3)	(4)
Treasury Lock [Member] | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) or Loss Recognized in Earnings on Derivatives	$ 0	$ (3)	$ 0	$ (3)

XML

Fair Value Measurements Fair Value Measurements Narrative (Details) - USD ($) $ in Millions	Jan. 31, 2021	Aug. 02, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, at Carrying Value	$ 200	$ 157
Debt, Long-term and Short-term, Combined Amount	6,021	6,196
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	200	157
Debt, Long-term and Short-term, Combined Fair Value	$ 6,670	$ 6,995

XML

Fair Value Measurements (Fair Value Measurement Of Assets And Liabilities) (Details) - Measured On Recurring Basis [Member] - USD ($) $ in Millions		Jan. 31, 2021	Aug. 02, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value		$ 23	$ 15
Total liabilities at fair value		114	103
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value		12	6
Total liabilities at fair value		108	97
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value		11	7
Total liabilities at fair value		5	6
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value		0	2
Total liabilities at fair value		1	0
Foreign Exchange Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets at fair value	[1]	0	1
Derivatives liabilities at fair value	[1]	4	2
Foreign Exchange Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets at fair value	[1]	0	1
Derivatives liabilities at fair value	[1]	4	2
Commodity Derivative Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets at fair value	[2]	17	7
Derivatives liabilities at fair value	[2]	2	9
Commodity Derivative Contracts [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets at fair value	[2]	9	3
Derivatives liabilities at fair value	[2]	0	5
Commodity Derivative Contracts [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets at fair value	[2]	8	2
Derivatives liabilities at fair value	[2]	1	4
Commodity Derivative Contracts [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets at fair value	[2]	0	2
Derivatives liabilities at fair value	[2]	1	0
Deferred Compensation Derivative Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets at fair value	[3]	3	4
Deferred Compensation Derivative Contracts [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets at fair value	[3]	3	4
Deferred Compensation Investment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	[4]	3	3
Deferred Compensation Investment [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	[4]	3	3
Deferred Compensation Obligation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation obligation	[4]	108	92
Deferred Compensation Obligation [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation obligation	[4]	$ 108	$ 92

[1] Based on observable market transactions of spot currency rates and forward rates.

[2] Level 1 and 2 are based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. Level 3 is based on unobservable inputs in which there is little or no market data, which requires management’s own assumptions within an internally developed model.

[3] Based on LIBOR and equity index swap rates.

[4] Based on the fair value of the participants’ investments.

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Fair Value Measurements Fair Value Measurements (Assets Measured On Recurring Basis Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions	6 Months Ended
	Jan. 31, 2021	Jan. 26, 2020	[1]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Beginning Balance	$ 2	$ 76
Fair Value, Level 3 investment gain (Loss) Included in Earnings	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(3)	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Ending Balance	$ (1)	$ 76

[1] Primarily represented investments in equity securities that were not readily marketable and were accounted for under the fair value option. The investments were funded by Acre Venture Partners, L.P. (Acre), a limited partnership in which we were the sole limited partner. Fair value was based on analyzing recent transactions and transactions of comparable companies, and the discounted cash flow method. In addition, allocation methods, including the option pricing method, were used in distributing fair value among various equity holders according to rights and preferences. We entered into an agreement to sell our interest in Acre on April 26, 2020, and completed the sale on May 8, 2020.

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Share Repurchases (Narrative) (Details) - March 2017 Program [Member] $ in Millions	Jan. 31, 2021 USD ($)
Statement [Line Items]
Authorized amount for shares repurchase	$ 1,500
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 1,296

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Stock-based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 01, 2020	Oct. 27, 2019	Jan. 31, 2021	Jan. 26, 2020	Jul. 28, 2019	Aug. 02, 2020
Stock-based Compensation
Excess Tax Benefit/(Deficiency) from Share-based Compensation, Operating Activities			$ 1	$ 1
Cash received from the exercise of stock options			0	4
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value				1
Share-based Payment Arrangement, Option [Member]
Stock-based Compensation
Remaining unearned compensation on nonvested awards			$ 1
Share-based Payment Arrangement, Option [Member] | Maximum [Member]
Stock-based Compensation
Weighted-average remaining service period, years			1 year
EPS Performance Restricted Stock Units [Member] | Minimum [Member]
Stock-based Compensation
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			0.00%
EPS Performance Restricted Stock Units [Member] | Maximum [Member]
Stock-based Compensation
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			100.00%
FCF Performance Restricted Stock Units [Member]
Stock-based Compensation
Share Based Compensation Arrangements By Share Based Payment Award Equity Instruments Other than Options Issued in Period					388
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years
Nonvested, Units			243
Nonvested, Weighted-Average Grant-Date Fair Value			$ 44.10
FCF Performance Restricted Stock Units [Member] | Minimum [Member]
Stock-based Compensation
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			0.00%
FCF Performance Restricted Stock Units [Member] | Maximum [Member]
Stock-based Compensation
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			200.00%
Time Lapse, EPS Performance, And FCF Performance Restricted Stock Units [Member]
Stock-based Compensation
Remaining unearned compensation on nonvested awards			$ 49
Weighted-average remaining service period, years			1 year 9 months 18 days
Nonvested, Units			1,917			1,866
Nonvested, Weighted-Average Grant-Date Fair Value			$ 45.58			$ 43.18
Fair value of restricted units and shares vested			$ 35	$ 32
Granted, Weighted-Average Grant-Date Fair Value			$ 48.43	$ 46.81
TSR Performance Restricted Stock/Units [Member]
Stock-based Compensation
Remaining unearned compensation on nonvested awards			$ 35
Weighted-average remaining service period, years			2 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%	0.00%
Nonvested, Units			1,266			1,254
Nonvested, Weighted-Average Grant-Date Fair Value			$ 53.67			$ 47.83
Fair value of restricted units and shares vested			$ 11
Granted, Weighted-Average Grant-Date Fair Value			$ 54.93	$ 63.06

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Stock-based Compensation (Summary of Stock-based Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 26, 2020	Jan. 31, 2021	Jan. 26, 2020
Stock-based Compensation
Total pre-tax stock-based compensation expense	$ 18	$ 18	$ 34	$ 31
Tax-related benefits	$ 3	3	$ 6	6
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member]
Stock-based Compensation
Total pre-tax stock-based compensation expense		1		2
Tax-related benefits		$ 0		$ 0

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Stock-based Compensation (Schedule Of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jan. 31, 2021 USD ($) $ / shares shares
Share-based Payment Arrangement [Abstract]
Beginning of period, Options | shares	1,423
Granted, Options | shares	0
Exercised, Options | shares	0
Terminated, Options | shares	0
End of period, Options | shares	1,423
Exercisable at end of period, Options | shares	1,130
Beginning of period, Weighted-Average Exercise Price | $ / shares	$ 45.42
Granted, Weighted-Average Exercise Price | $ / shares	0
Exercised, Weighted-Average Exercise Price | $ / shares	0
Terminated, Weighted-Average Exercise Price | $ / shares	0
End of period, Weighted-Average Exercise Price | $ / shares	45.42
Exercisable at end of period, Weighted-Average Exercise Price | $ / shares	$ 48.00
Outstanding at end of period, Weighted-Average Remaining Contractual Life (In years)	6 years 4 months 24 days
Exercisable at end of period, Weighted-Average Remaining Contractual Life (In years)	6 years 1 month 6 days
Outstanding at end of period, Aggregate Intrinsic Value | $	$ 7
Exercisable at end of period, Aggregate Intrinsic Value | $	$ 3

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Stock-based Compensation (Time-Lapse Restricted Stock Units, EPS Performance Restricted Stock Units. FCF Performance Restricted Stock Units, And TSR Performance Restricted Stock Units) (Details) - $ / shares shares in Thousands	6 Months Ended
	Jan. 31, 2021	Jan. 26, 2020
Time Lapse, EPS Performance, And FCF Performance Restricted Stock Units [Member]
Stock-based Compensation
Nonvested at beginning of period, Units	1,866
Granted, Units	876
Vested, Units	(731)
Forfeited, Units	(94)
Nonvested at end of period, Units	1,917
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value	$ 43.18
Granted, Weighted-Average Grant-Date Fair Value	48.43	$ 46.81
Vested, Weighted-Average Grant-Date Fair Value	42.73
Forfeited, Weighted Average Grant Date Fair Value	46.75
Nonvested at end of period, Weighted-Average Grant-Date Fair Value	$ 45.58
TSR Performance Restricted Stock/Units [Member]
Stock-based Compensation
Nonvested at beginning of period, Units	1,254
Granted, Units	521
Vested, Units	(236)
Forfeited, Units	(273)
Nonvested at end of period, Units	1,266
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value	$ 47.83
Granted, Weighted-Average Grant-Date Fair Value	54.93	$ 63.06
Vested, Weighted-Average Grant-Date Fair Value	39.39
Forfeited, Weighted Average Grant Date Fair Value	41.57
Nonvested at end of period, Weighted-Average Grant-Date Fair Value	$ 53.67

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Stock-based Compensation (Valuation Assumptions) (Details) - TSR Performance Restricted Stock/Units [Member]	6 Months Ended
	Jan. 31, 2021	Jan. 26, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.15%	1.48%
Expected dividend yield	2.85%	2.95%
Expected volatility	29.99%	27.01%
Expected term, years	3 years	3 years

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Supplemental Financial Statement Data (Schedule of Balance Sheets) (Details) - USD ($) $ in Millions	Jan. 31, 2021	Aug. 02, 2020
Inventory, Net [Abstract]
Inventory, raw materials, containers and supplies	$ 340	$ 297
Inventory, finished products	475	574
Inventories	$ 815	$ 871

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Supplemental Financial Statement Data (Schedule of Statement of Earnings) (Details) - USD ($) $ in Millions	3 Months Ended					6 Months Ended
	Jan. 31, 2021		Jan. 26, 2020		Oct. 27, 2019	Jan. 31, 2021		Jan. 26, 2020
Amortization of Intangible Assets	$ 11		$ 11			$ 21		$ 22
Net periodic benefits expense (income), other than the service cost	(20)		(23)			(41)		(46)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), (Gain) Loss Due to Settlement	(30)		(11)			(34)		(11)
Investment (gains) / losses	0		0			0		4
Net (gain) loss on sale of business						0		(972)
Transition services fees	(8)		(1)			(12)		(2)
Other	2		2			3		3
Other expenses / (income)	(45)		(22)			(63)		34
European chips business [Member]
Net (gain) loss on sale of business	$ 0	[1]	$ 0	[1]	$ 64	$ 0	[1]	$ 64	[1]

[1] See Note 3 for additional information.