8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report

(Date of Earliest Event Reported):

December 8, 2021

CAMPBELL SOUP COMPANY

New Jersey	1-3822	21-0419870
State of Incorporation	Commission File Number	I.R.S. Employer Identification No.

One Campbell Place

Camden, New Jersey 08103-1799

Principal Executive Offices

Telephone Number: (856) 342-4800

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-(c))

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Capital Stock, par value $.0375	CPB	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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. ☐

Item 7.01 – Regulation FD Disclosure

This Current Report on Form 8-K is being furnished to aid investors by providing supplemental information related to the retrospective impact of a change in segment reporting in fiscal 2022 and supplemental non-GAAP financial information related to the retrospective impact of the exclusion of unrealized mark-to-market gains and losses on outstanding undesignated commodity hedges in certain non-GAAP financial measures in fiscal 2022.

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

Change to Historical Business Segment Results

Beginning in fiscal 2022, the foodservice and Canadian business formerly included in our Snacks reportable segment is now managed as part of the Meals & Beverages reportable segment. In fiscal 2022, our reportable segments are as follows:

•Meals & Beverages, which consists of our soup, simple meals and beverages products in retail and foodservice 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; V8 juices and beverages; and Campbell’s tomato juice. The segment also includes snacking products in foodservice and Canada. The segment included our Plum baby food and snacks business, which was sold on May 3, 2021; and

•Snacks, which consists of Pepperidge Farm cookies*, crackers, fresh bakery and frozen products, including Goldfish crackers*, Snyder’s of Hanover pretzels*, Lance sandwich crackers*, Cape Cod potato chips*, Kettle Brand potato chips*, Late July snacks*, Snack Factory pretzel crisps*, Pop Secret popcorn, Emerald nuts, and other snacking products in retail in the U.S. The segment also includes the retail business in Latin America. In fiscal 2022, we now refer to the * brands as our "power brands."

Attached as Exhibit 99.1 is recast historical quarterly and year-to-date unaudited financial information resulting from this change. The segment realignment only affects the manner in which the results for the company’s operating segments were previously reported. This Current Report on Form 8-K does not revise the company’s previously reported consolidated financial statements for any period.

Change to Certain Historical Non-GAAP Financial Results

Historically, the company has excluded from certain of its non-GAAP financial measures the impact of unusual or non-recurring gains or charges, restructuring charges and related costs, actuarial gains or losses on pension and postretirement plans, gains or losses on divestitures, a deferred tax charge related to a legal entity reorganization, investment losses, losses on the extinguishment of debt, transition tax charges from enacted tax law changes, and impairment charges.

Beginning in fiscal 2022, the company added to the non-GAAP definition of Adjusted Earnings from continuing operations the exclusion of unrealized mark-to-market gains and losses on outstanding undesignated commodity hedges until such time that the related exposure impacts its operating results. Since these instruments are used to reduce the volatility of commodity price fluctuations in future periods, this adjustment was made to remove the volatility in current results to facilitate the comparison of the company's historical operating results and trends in its underlying operating results. Therefore, the company has recast certain of its non-GAAP financial results for the impact of unrealized mark-to-market gains and losses on outstanding undesignated commodity hedges not previously excluded for all historical periods presented. GAAP results, which include the historical impacts from unrealized mark-to-market gains and losses on outstanding undesignated commodity hedges, will not change from what was previously reported. Additionally, the change does not affect the non-GAAP results for Organic net sales or Earnings (loss) from discontinued operations for any historical period presented.

Attached as Exhibit 99.2 is recast historical quarterly and year-to-date unaudited financial information resulting from this change. This Current Report on Form 8-K does not revise the company’s previously reported consolidated financial statements for any period.

The information in this Item 7.01 and the Exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

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Item 9.01 – Financial Statements and Exhibits

(d) Exhibits

99.1	Recast historical quarterly and year-to-date unaudited financial information reflecting the change in segment reporting.
99.2	Recast historical quarterly and year-to-date unaudited financial information reflecting the change in certain non-GAAP financial measures.
104	The cover page from this Current Report on Form 8-K formatted in Inline XBRL.

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EXHIBIT INDEX

Exhibit No.

99.1	Recast historical quarterly and year-to-date unaudited financial information reflecting the change in segment reporting.
99.2	Recast historical quarterly and year-to-date unaudited financial information reflecting the change in certain non-GAAP financial measures.
104	The cover page from this Current Report on Form 8-K formatted in Inline XBRL.

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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 hereunto duly authorized.

		CAMPBELL SOUP COMPANY
		(Registrant)
Date: December 8, 2021	By:	/s/ Mick Beekhuizen
		Mick Beekhuizen
		Executive Vice President and Chief Financial Officer

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EX-99.1

Exhibit 99.1

CAMPBELL SOUP COMPANY

Segment Information

Recast for Change in Business Segments

(millions)

(unaudited)

	Three Months Ended		Three Months Ended		Six  Months Ended		Three Months Ended		Nine Months Ended		Three Months Ended		Twelve Months Ended
Fiscal 2021	November 1, 2020		January 31, 2021		January 31, 2021		May 2, 2021		May 2, 2021		August 1, 2021		August 1, 2021
Net sales
Meals & Beverages	$	1,363	$	1,318	$	2,681	$	1,062	$	3,743	$	878	$	4,621
Snacks	977		961		1,938		922		2,860		995		3,855
Total	$	2,340	$	2,279	$	4,619	$	1,984	$	6,603	$	1,873	$	8,476

Earnings before interest and taxes
Meals & Beverages	$	337			$	262	$	599	$	186	$	785	$	137	$	922
Snacks	135				140		275		102		377		137		514
Corporate income (expense)	(10)				17		7		(14)		(7)		137		130
Restructuring charges	(1)				(18)		(19)		(2)		(21)		—		(21)
Total	$	461	$	461	$	401	$	862	$	272	$	1,134	$	411	$	1,545

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CAMPBELL SOUP COMPANY

Segment Information

Recast for Change in Business Segments

(millions)

(unaudited)

	Three Months Ended		Three Months Ended		Six Months Ended		Three Months Ended		Nine Months Ended		Three Months Ended		Twelve Months Ended
Fiscal 2020	October 27, 2019		January 26, 2020		January 26, 2020		April 26, 2020		April 26, 2020		August 2, 2020		August 2, 2020
Net sales
Meals & Beverages	$	1,223	$	1,252	$	2,475	$	1,233	$	3,708	$	1,039	$	4,747
Snacks	960		910		1,870		1,005		2,875		1,069		3,944
Total	$	2,183	$	2,162	$	4,345	$	2,238	$	6,583	$	2,108	$	8,691

Earnings before interest and taxes
Meals & Beverages	$	290			$	249	$	539	$	279	$	818	$	191	$	1,009
Snacks	117				129		246		150		396		129		525
Corporate income (expense)	(87)				(21)		(108)		(156)		(264)		(154)		(418)
Restructuring charges	(3)				(7)		(10)		—		(10)		1		(9)
Total	$	317	$	317	$	350	$	667	$	273	$	940	$	167	$	1,107

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CAMPBELL SOUP COMPANY

Segment Information

Recast for Change in Business Segments

(millions)

(unaudited)

	Three Months Ended		Three Months Ended		Six  Months Ended		Three Months Ended		Nine Months Ended		Three Months Ended		Twelve Months Ended
Fiscal 2019	October 28, 2018		January 27, 2019		January 27, 2019		April 28, 2019		April 28, 2019		July 28, 2019		July 28, 2019
Net sales
Meals & Beverages	$	1,257	$	1,250	$	2,507	$	1,037	$	3,544	$	825	$	4,369
Snacks	945		921		1,866		916		2,782		955		3,737
Corporate	—		1		1		—		1		—		1
Total	$	2,202	$	2,172	$	4,374	$	1,953	$	6,327	$	1,780	$	8,107

Earnings before interest and taxes
Meals & Beverages	$	296			$	259	$	555	$	212	$	767	$	156	$	923
Snacks	119				126		245		121		366		128		494
Corporate income (expense)	(71)				(58)		(129)		(86)		(215)		(192)		(407)
Restructuring charges	(18)				(2)		(20)		(2)		(22)		(9)		(31)
Total	$	326	$	326	$	325	$	651	$	245	$	896	$	83	$	979

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EX-99.2

Exhibit 99.2

Reconciliations of Fiscal 2021, 2020 and 2019 GAAP to Non-GAAP Financial Measures Recast for Commodity Mark-to-Market

Campbell Soup Company uses certain non-GAAP financial measures as defined by the Securities and Exchange Commission in certain communications. These non-GAAP financial measures are measures of performance not defined by accounting principles generally accepted in the United States and should be considered in addition to, not in lieu of, GAAP reported measures. Management believes that also presenting certain non-GAAP financial measures provides additional information to facilitate comparison of the company's historical operating results and trends in its underlying operating results, and provides transparency on how the company evaluates its business. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the company's performance. Management considers quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of the company’s performance and trends in its underlying operating results. The adjustments on earnings may include but are not limited to items such as: unusual or non-recurring gains or charges; restructuring charges and related costs; actuarial gains or losses on pension and postretirement plans; gains or losses on the extinguishment of debt; gains or losses on divestitures; or impairment charges.

Beginning in fiscal 2022, the company added to the non-GAAP definition of Adjusted earnings from continuing operations the exclusion of unrealized mark-to-market gains and losses on outstanding undesignated commodity hedges until such time that the related exposure impacts its operating results. For all periods presented in this Current Report on Form 8-K, the non-GAAP definition of Adjusted Earnings from continuing operations has been updated below to reflect this change. Depending upon facts or circumstances, management may change definitions. When definitions change, the company will provide updated definitions of its non-GAAP financial measures. When items no longer impact the company’s current or future presentation of non-GAAP operating results, the company will remove these items from its non-GAAP definitions.

Items Impacting Earnings from continuing operations

Adjusted Net earnings are net earnings excluding the impact of restructuring charges and related costs, actuarial gains or losses on pension and postretirement plans, gains or losses on divestitures, a deferred tax charge related to a legal entity reorganization, investment losses, a loss on the extinguishment of debt, a transition tax charge from enacted tax law changes, impairment charges, and unrealized mark-to-market gains or losses on outstanding undesignated commodity hedges. Management believes that financial information excluding certain items that are not considered to reflect the ongoing operating results, such as those listed below, improves the comparability of year-to-year results. Consequently, management believes that investors may be able to better understand its results excluding these items.

The following items impacted Earnings from continuing operations in fiscal 2021, 2020 and 2019:

(1)The company has implemented several cost savings initiatives in recent years.

In fiscal 2021, the company recorded Restructuring charges and implementation costs and other related costs in Administrative expenses, Cost of products sold, and Marketing and selling expenses related to these initiatives. In fiscal 2020 and 2019, the company recorded Restructuring charges and implementation costs and other related costs in Administrative expenses, Cost of products sold, Marketing and selling expenses, and Research and development expenses related to these initiatives.

(2)In fiscal 2021, 2020 and 2019, the company recognized actuarial gains and losses in Other expenses / (income) associated with pension and postretirement plans. The interim actuarial gains and losses related to the remeasurements of a U.S. and a Canadian pension plan and were due to lump sum distributions that exceeded or are expected to exceed service and interest costs resulting in settlement accounting for the plans.

(3)In fiscal 2021, the company recorded a loss in Other expenses / (income) (and a gain after tax) on the sale of its Plum baby food and snacks business. In fiscal 2020, the company recorded a loss in Other expenses / (income) on the sale of its European chips business.

(4)In fiscal 2021, the company recorded a deferred tax charge in connection with a legal entity reorganization as part of the continued integration of Snyder's-Lance, Inc.

(5)In fiscal 2020, the company recognized a loss in Other expenses / (income) associated with the sale of its limited partnership in Acre Venture Partners, L.P.

(6)In fiscal 2020, the company recorded a loss in Interest expense on the extinguishment of debt.

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(7)In fiscal 2019, the company recorded a tax charge related to a transition tax on unremitted foreign earnings under the enactment of the Tax Cuts and Jobs Act.

(8)In fiscal 2019, the company performed an assessment on the assets within the European chips business and recorded a non-cash impairment charge on intangible assets in Other expenses / (income).

(9)In fiscal 2021, 2020 and 2019, the company recognized gains and losses in Cost of products sold associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges.

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The tables below reconcile financial information, presented in accordance with GAAP, to financial information excluding certain items under the company’s revised definition of Adjusted Earnings from continuing operations for all quarters of fiscal 2021 and 2020, and for fiscal year 2019:

	Three Months Ended			Three Months Ended			Six Months Ended			Three Months Ended			Nine Months Ended			Three Months Ended			Twelve Months Ended
Fiscal 2021	November 1, 2020			January 31, 2021			January 31, 2021			May 2, 2021			May 2, 2021			August 1, 2021			August 1, 2021
Gross margin, as reported	$	813		$	783		$	1,596		$	628		$	2,224		$	587		$	2,811
Add (Deduct): Restructuring charges, implementation costs and other related costs (1)	1			(2)			(1)			2			1			2			3
Adjusted Gross margin	$	814		$	781		$	1,595		$	630		$	2,225		$	589		$	2,814
Adjusted Gross margin percentage	34.8		%	34.3		%	34.5		%	31.8		%	33.7		%	31.4		%	33.2		%
Deduct: Commodity mark-to-market adjustments (9)	(6)			(11)			(17)			(22)			(39)			(11)			(50)
Adjusted as recast Gross margin	$	808		$	770		$	1,578		$	608		$	2,186		$	578		$	2,764
Adjusted as recast Gross margin percentage	34.5		%	33.8		%	34.2		%	30.6		%	33.1		%	30.9		%	32.6		%
Earnings before interest and taxes, as reported	$	461		$	401		$	862		$	272		$	1,134		$	411		$	1,545
Add: Restructuring charges, implementation costs and other related costs (1)	6			22			28			15			43			10			53
Deduct: Pension and postretirement adjustments (2)	(4)			(30)			(34)			(4)			(38)			(165)			(203)
Add: Divestiture (3)	—			—			—			—			—			11			11
Adjusted Earnings before interest and taxes	$	463		$	393		$	856		$	283		$	1,139		$	267		$	1,406
Deduct: Commodity mark-to-market adjustments (9)	(6)			(11)			(17)			(22)			(39)			(11)			(50)
Adjusted as recast Earnings before interest and taxes	$	457		$	382		$	839		$	261		$	1,100		$	256		$	1,356
Interest, net, as reported	$	55		$	54		$	109		$	53		$	162		$	47		$	209
Adjusted Earnings before taxes	$	408		$	339		$	747		$	230		$	977		$	220		$	1,197
Adjusted as recast Earnings before taxes	$	402		$	328		$	730		$	208		$	938		$	209		$	1,147
Taxes on earnings, as reported	$	97		$	102		$	199		$	53		$	252		$	76		$	328
Add: Tax benefit from restructuring charges, implementation costs and other related costs (1)	1			6			7			4			11			2			13
Deduct: Tax expense from pension and postretirement adjustments (2)	(1)			(7)			(8)			(1)			(9)			(39)			(48)
Add: Tax benefit from divestiture (3)	—			—			—			—			—			14			14
Deduct: Tax expense from deferred tax charge (4)	—			(19)			(19)			—			(19)			—			(19)
Adjusted Taxes on earnings	$	97		$	82		$	179		$	56		$	235		$	53		$	288
Adjusted effective income tax rate	23.8		%	24.2		%	24.0		%	24.3		%	24.1		%	24.1		%	24.1		%
Deduct: Tax expense from commodity mark-to-market adjustments (9)	(1)			(3)			(4)			(5)			(9)			(3)			(12)
Adjusted as recast Taxes on earnings	$	96		$	79		$	175		$	51		$	226		$	50		$	276
Adjusted as recast effective income tax rate	23.9		%	24.1		%	24.0		%	24.5		%	24.1		%	23.9		%	24.1		%
Earnings from continuing operations, as reported	$	309		$	245		$	554		$	166		$	720		$	288		$	1,008
Add: Net adjustment from restructuring charges, implementation costs and other related costs (1)	5			16			21			11			32			8			40
Deduct: Net adjustment from pension and postretirement adjustments (2)	(3)			(23)			(26)			(3)			(29)			(126)			(155)
Deduct: Net adjustment from divestiture (3)	—			—			—			—			—			(3)			(3)
Add: Net adjustment from deferred tax charge (4)	—			19			19			—			19			—			19
Adjusted Earnings from continuing operations	$	311		$	257		$	568		$	174		$	742		$	167		$	909
Deduct: Net adjustment from commodity mark-to-market adjustments (9)	(5)			(8)			(13)			(17)			(30)			(8)			(38)
Adjusted as recast Earnings from continuing operations	$	306		$	249		$	555		$	157		$	712		$	159		$	871

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	Three Months Ended		Three Months Ended		Six Months Ended		Three Months Ended		Nine Months Ended		Three Months Ended		Twelve Months Ended
Fiscal 2021	November 1, 2020		January 31, 2021		January 31, 2021		May 2, 2021		May 2, 2021		August 1, 2021		August 1, 2021
Diluted earnings per share - continuing operations attributable to Campbell Soup Company, as reported	$	1.02	$	.80	$	1.82	$	.54	$	2.36	$	.95	$	3.30
Add: Net adjustment from restructuring charges, implementation costs and other related costs (1)	.02		.05		.07		.04		.10		.03		.13
Deduct: Net adjustment from pension and postretirement adjustments (2)	(.01)		(.08)		(.09)		(.01)		(.10)		(.41)		(.51)
Deduct: Net adjustment from divestiture (3)	—		—		—		—		—		(.01)		(.01)
Add: Net adjustment from deferred tax charge (4)	—		.06		.06		—		.06		—		.06
Adjusted Diluted earnings per share - continuing operations attributable to Campbell Soup Company*	$	1.02	$	.84	$	1.86	$	.57	$	2.43	$	.55	$	2.98
Deduct: Net adjustment from commodity mark-to-market adjustments (9)	(.02)		(.03)		(.04)		(.06)		(.10)		(.03)		(.12)
Adjusted as recast Diluted earnings per share - continuing operations attributable to Campbell Soup Company*	$	1.01	$	.82	$	1.82	$	.51	$	2.33	$	.52	$	2.86
*The sum of individual per share amounts may not add due to rounding.

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	Three Months Ended			Three Months Ended			Six Months Ended			Three Months Ended			Nine Months Ended			Three Months Ended			Twelve Months Ended
Fiscal 2020	October 27, 2019			January 26, 2020			January 26, 2020			April 26, 2020			April 26, 2020			August 2, 2020			August 2, 2020
Gross margin, as reported	$	738		$	742		$	1,480		$	772		$	2,252		$	747		$	2,999
Add: Restructuring charges, implementation costs and other related costs (1)	—			2			2			4			6			3			9
Adjusted Gross margin	$	738		$	744		$	1,482		$	776		$	2,258		$	750		$	3,008
Adjusted Gross margin percentage	33.8		%	34.4		%	34.1		%	34.7		%	34.3		%	35.6		%	34.6		%
Add (Deduct): Commodity mark-to-market adjustments (9)	(5)			(1)			(6)			26			20			(22)			(2)
Adjusted as recast Gross margin	$	733		$	743		$	1,476		$	802		$	2,278		$	728		$	3,006
Adjusted as recast Gross margin percentage	33.6		%	34.4		%	34.0		%	35.8		%	34.6		%	34.5		%	34.6		%
Earnings before interest and taxes, as reported	$	317		$	350		$	667		$	273		$	940		$	167		$	1,107
Add: Restructuring charges, implementation costs and other related costs (1)	11			25			36			14			50			19			69
Add (Deduct): Pension and postretirement adjustments (2)	—			(11)			(11)			54			43			121			164
Add: Divestiture (3)	64			—			64			—			64			—			64
Add: Investment losses (5)	—			—			—			45			45			—			45
Adjusted Earnings before interest and taxes	$	392		$	364		$	756		$	386		$	1,142		$	307		$	1,449
Add (Deduct): Commodity mark-to-market adjustments (9)	(5)			(1)			(6)			26			20			(22)			(2)
Adjusted as recast Earnings before interest and taxes	$	387		$	363		$	750		$	412		$	1,162		$	285		$	1,447
Interest, net, as reported	$	80		$	146		$	226		$	55		$	281		$	60		$	341
Deduct: Loss on debt extinguishment (6)	—			(75)			(75)			—			(75)			—			(75)
Adjusted Interest, net	$	80		$	71		$	151		$	55		$	206		$	60		$	266
Adjusted Earnings before taxes	$	312		$	293		$	605		$	331		$	936		$	247		$	1,183
Adjusted as recast Earnings before taxes	$	307		$	292		$	599		$	357		$	956		$	225		$	1,181
Taxes on earnings, as reported	$	68		$	33		$	101		$	52		$	153		$	21		$	174
Add: Tax benefit from restructuring charges, implementation costs and other related costs (1)	3			6			9			3			12			5			17
Add (Deduct): Tax benefit (expense) from pension and postretirement adjustments (2)	—			(3)			(3)			13			10			29			39
Add: Tax benefit from divestiture (3)	4			19			23			—			23			—			27
Add: Tax benefit from investment losses (5)	—			—			—			10			10			—			10
Add: Tax benefit on loss on debt extinguishment (6)	—			18			18			—			18			—			18
Adjusted Taxes on earnings	$	75		$	73		$	148		$	78		$	226		$	55		$	285
Adjusted effective income tax rate	24.0		%	24.9		%	24.5		%	23.6		%	24.1		%	22.3		%	24.1		%
Add (Deduct): Tax benefit (expense) from commodity mark-to-market adjustments (9)	(1)			—			(1)			6			5			(5)			—
Adjusted as recast Taxes on earnings	$	74		$	73		$	147		$	84		$	231		$	50		$	285
Adjusted as recast effective income tax rate	24.1		%	25.0		%	24.5		%	23.5		%	24.2		%	22.2		%	24.1		%
Earnings from continuing operations, as reported	$	169		$	171		$	340		$	166		$	506		$	86		$	592
Add: Net adjustment from restructuring charges, implementation costs and other related costs (1)	8			19			27			11			38			14			52
Add (Deduct): Net adjustment from pension and postretirement adjustments (2)	—			(8)			(8)			41			33			92			125
Add (Deduct): Net adjustment from divestiture (3)	60			(19)			41			—			41			—			37
Add: Net adjustment from investment losses (5)	—			—			—			35			35			—			35
Add: Net adjustment from loss on debt extinguishment (6)	—			57			57			—			57			—			57
Adjusted Earnings from continuing operations	$	237		$	220		$	457		$	253		$	710		$	192		$	898
Add (Deduct): Net adjustment from commodity mark-to-market adjustments (9)	(4)			(1)			(5)			20			15			(17)			(2)
Adjusted as recast Earnings from continuing operations	$	233		$	219		$	452		$	273		$	725		$	175		$	896

12

	Three Months Ended		Three Months Ended		Six Months Ended		Three Months Ended		Nine Months Ended		Three Months Ended		Twelve Months Ended
Fiscal 2020	October 27, 2019		January 26, 2020		January 26, 2020		April 26, 2020		April 26, 2020		August 2, 2020		August 2, 2020
Diluted earnings per share - continuing operations attributable to Campbell Soup Company, as reported	$	.56	$	.56	$	1.12	$	.55	$	1.66	$	.28	$	1.95
Add: Net adjustment from restructuring charges, implementation costs and other related costs (1)	.03		.06		.09		.04		.13		.05		.17
Add (Deduct): Net adjustment from pension and postretirement adjustments (2)	—		(.03)		(.03)		.13		.11		.30		.41
Add (Deduct): Net adjustment from divestiture (3)	.20		(.06)		.14		—		.13		—		.12
Add: Net adjustment from investment losses (5)	—		—		—		.12		.12		—		.12
Add: Net adjustment from loss on debt extinguishment (6)	—		.19		.19		—		.19		—		.19
Adjusted Diluted earnings per share - continuing operations attributable to Campbell Soup Company*	$	.78	$	.72	$	1.51	$	.83	$	2.34	$	.63	$	2.95
Add (Deduct): Net adjustment from commodity mark-to-market adjustments (9)	(.01)		—		(.02)		.07		.05		(.06)		(.01)
Adjusted as recast Diluted earnings per share - continuing operations attributable to Campbell Soup Company*	$	.77	$	.72	$	1.49	$	.90	$	2.38	$	.58	$	2.95
*The sum of individual per share amounts may not add due to rounding.

13

	Twelve Months Ended
Fiscal 2019	July 28, 2019
Gross margin, as reported	$	2,693
Add: Restructuring charges, implementation costs and other related costs (1)	18
Adjusted Gross margin	$	2,711
Adjusted Gross margin percentage	33.4		%
Add: Commodity mark-to-market adjustments (9)	5
Adjusted as recast Gross margin	$	2,716
Adjusted as recast Gross margin percentage	33.5		%
Earnings before interest and taxes, as reported	$	979
Add: Restructuring charges, implementation costs and other related costs (1)	121
Add: Pension and postretirement adjustments (2)	150
Add: Impairment charge (8)	16
Adjusted Earnings before interest and taxes	$	1,266
Add: Commodity mark-to-market adjustments (9)	5
Adjusted as recast Earnings before interest and taxes	$	1,271
Interest, net, as reported	$	354
Adjusted Earnings before taxes	$	912
Adjusted as recast Earnings before taxes	$	917
Taxes on earnings, as reported	$	151
Add: Tax benefit from restructuring charges, implementation costs and other related costs (1)	29
Add: Tax benefit from pension and postretirement adjustments (2)	35
Deduct: Tax expense from tax reform (7)	(2)
Add: Tax benefit from impairment charge (8)	3
Adjusted Taxes on earnings	$	216
Adjusted effective income tax rate	23.7		%
Add: Tax benefit from commodity mark-to-market adjustments (9)	1
Adjusted as recast Taxes on earnings	$	217
Adjusted as recast effective income tax rate	23.7		%
Earnings from continuing operations, as reported	$	474
Add: Net adjustment from restructuring charges, implementation costs and other related costs (1)	92
Add: Net adjustment from pension and postretirement adjustments (2)	115
Add: Net adjustment from tax reform (7)	2
Add: Net adjustment from impairment charge (8)	13
Adjusted Earnings from continuing operations	$	696
Add: Net adjustment from commodity mark-to-market adjustments (9)	4
Adjusted as recast Earnings from continuing operations	$	700
Diluted earnings per share - continuing operations attributable to Campbell Soup Company, as reported	$	1.57
Add: Net adjustment from restructuring charges, implementation costs and other related costs (1)	.30
Add: Net adjustment from pension and postretirement adjustments (2)	.38
Add: Net adjustment from tax reform (7)	.01
Add: Net adjustment from impairment charge (8)	.04
Adjusted Diluted earnings per share - continuing operations attributable to Campbell Soup Company	$	2.30
Add: Net adjustment from commodity mark-to-market adjustments (9)	.01
Adjusted as recast Diluted earnings per share - continuing operations attributable to Campbell Soup Company*	$	2.32
*The sum of individual per share amounts may not add due to rounding.

14

XML

Cover Document	Dec. 08, 2021
Cover [Abstract]
Entity Central Index Key	0000016732
Title of 12(b) Security	Capital Stock, par value $.0375
Entity Incorporation, State or Country Code	NJ
Document Type	8-K
Document Period End Date	Dec. 08, 2021
Entity Registrant Name	CAMPBELL SOUP CO
Entity File Number	1-3822
Entity Tax Identification Number	21-0419870
Entity Address, Address Line One	One 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
Trading Symbol	CPB
Security Exchange Name	NYSE
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false