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
May 1, 2022	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 300,575,616 shares of capital stock outstanding as of June 1, 2022.

1

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION		3
	Item 1. Financial Statements	3
	Consolidated Statements of Earnings	3
	Consolidated Statements of Comprehensive Income	4
	Consolidated Balance Sheets	5
	Consolidated Statements of Cash Flows	6
	Consolidated Statements of Equity	7
	Notes to Consolidated Financial Statements	8
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	24
	Item 3. Quantitative and Qualitative Disclosure About Market Risk	34
	Item 4. Controls and Procedures	34
PART II - OTHER INFORMATION		35
	Item 1. Legal Proceedings	35
	Item 1A. Risk Factors	35
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	35
	Item 6. Exhibits	35
INDEX TO EXHIBITS		36
SIGNATURES		37

2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

CAMPBELL SOUP COMPANY

Consolidated Statements of Earnings

(unaudited)

(millions, except per share amounts)

 

	Three Months Ended				Nine Months Ended
	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Net sales	$	2,130	$	1,984	$	6,575	$	6,603
Costs and expenses
Cost of products sold	1,465		1,356		4,519		4,379
Marketing and selling expenses	188		202		555		642
Administrative expenses	151		153		454		452
Research and development expenses	22		22		64		61
Other expenses / (income)	10		(23)		(10)		(86)
Restructuring charges	—		2		—		21
Total costs and expenses	1,836		1,712		5,582		5,469
Earnings before interest and taxes	294		272		993		1,134
Interest expense	51		53		144		163
Interest income	1		—		1		1
Earnings before taxes	244		219		850		972
Taxes on earnings	56		53		189		252
Earnings from continuing operations	188		166		661		720
Loss from discontinued operations	—		(6)		—		(6)
Net earnings	188		160		661		714
Less: Net earnings (loss) attributable to noncontrolling interests	—		—		—		—
Net earnings attributable to Campbell Soup Company	$	188	$	160	$	661	$	714
Per Share — Basic
Earnings from continuing operations attributable to Campbell Soup Company	$	.62	$	.55	$	2.19	$	2.38
Loss from discontinued operations	—		(.02)		—		(.02)
Net earnings attributable to Campbell Soup Company	$	.62	$	.53	$	2.19	$	2.36
Weighted average shares outstanding — basic	301		303		302		303
Per Share — Assuming Dilution
Earnings from continuing operations attributable to Campbell Soup Company	$	.62	$	.54	$	2.18	$	2.36
Loss from discontinued operations	—		(.02)		—		(.02)
Net earnings attributable to Campbell Soup Company	$	.62	$	.52	$	2.18	$	2.34
Weighted average shares outstanding — assuming dilution	302		305		303		305

See accompanying Notes to Consolidated Financial Statements.

3

CAMPBELL SOUP COMPANY

Consolidated Statements of Comprehensive Income

(unaudited)

(millions)

	Three Months Ended
	May 1, 2022						May 2, 2021
	Pre-tax amount		Tax benefit (expense)		After-tax amount		Pre-tax amount		Tax benefit (expense)		After-tax amount
Net earnings (loss)					$	188					$	160
Other comprehensive income (loss):
Foreign currency translation:
Foreign currency translation adjustments	$	(2)	$	—	(2)		$	7	$	—	7
Cash-flow hedges:
Unrealized gains (losses) arising during the period	9		(2)		7		(2)		—		(2)
Reclassification adjustment for losses (gains) included in net earnings	(4)		1		(3)		2		—		2
Pension and other postretirement benefits:
Reclassification of prior service credit included in net earnings	—		—		—		(2)		1		(1)
Other comprehensive income (loss)	$	3	$	(1)	2		$	5	$	1	6
Total comprehensive income (loss)					$	190					$	166
Total comprehensive income (loss) attributable to noncontrolling interests					—						(1)
Total comprehensive income (loss) attributable to Campbell Soup Company					$	190					$	167
	Nine Months Ended
	May 1, 2022						May 2, 2021
	Pre-tax amount		Tax benefit (expense)		After-tax amount		Pre-tax amount		Tax benefit (expense)		After-tax amount
Net earnings (loss)					$	661					$	714
Other comprehensive income (loss):
Foreign currency translation:
Foreign currency translation adjustments	$	(6)	$	—	(6)		$	14	$	—	14
Cash-flow hedges:
Unrealized gains (losses) arising during period	17		(4)		13		(9)		1		(8)
Reclassification adjustment for losses (gains) included in net earnings	(4)		1		(3)		5		—		5
Pension and other postretirement benefits:
Reclassification of prior service credit included in net earnings	(1)		—		(1)		(4)		1		(3)
Other comprehensive income (loss)	$	6	$	(3)	3		$	6	$	2	8
Total comprehensive income (loss)					$	664					$	722
Total comprehensive income (loss) attributable to noncontrolling interests					—						(4)
Total comprehensive income (loss) attributable to Campbell Soup Company					$	664					$	726

See accompanying Notes to Consolidated Financial Statements.

4

CAMPBELL SOUP COMPANY

Consolidated Balance Sheets

(unaudited)

(millions, except per share amounts)

	May 1, 2022		August 1, 2021
Current assets
Cash and cash equivalents	$	196	$	69
Accounts receivable, net	511		595
Inventories	1,044		933
Other current assets	101		98
Total current assets	1,852		1,695
Plant assets, net of depreciation	2,313		2,370
Goodwill	3,978		3,981
Other intangible assets, net of amortization	3,208		3,239
Other assets	496		449
Total assets	$	11,847	$	11,734
Current liabilities
Short-term borrowings	$	750	$	48
Payable to suppliers and others	1,286		1,070
Accrued liabilities	542		576
Dividends payable	112		115
Accrued income taxes	9		5
Total current liabilities	2,699		1,814
Long-term debt	3,998		5,010
Deferred taxes	1,094		1,051
Other liabilities	661		705
Total liabilities	8,452		8,580
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	402		414
Earnings retained in the business	4,059		3,742
Capital stock in treasury, at cost	(1,088)		(1,021)
Accumulated other comprehensive income (loss)	8		5
Total Campbell Soup Company shareholders' equity	3,393		3,152
Noncontrolling interests	2		2
Total equity	3,395		3,154
Total liabilities and equity	$	11,847	$	11,734

See accompanying Notes to Consolidated Financial Statements.

5

CAMPBELL SOUP COMPANY

Consolidated Statements of Cash Flows

(unaudited)

(millions)

	Nine Months Ended
	May 1, 2022		May 2, 2021
Cash flows from operating activities:
Net earnings	$	661	$	714
Adjustments to reconcile net earnings to operating cash flow
Restructuring charges	—		21
Stock-based compensation	46		51
Pension and postretirement benefit income	(31)		(87)
Depreciation and amortization	251		233
Deferred income taxes	39		99
Other	66		66
Changes in working capital
Accounts receivable	81		(4)
Inventories	(111)		(2)
Prepaid assets	(1)		(23)
Accounts payable and accrued liabilities	140		(149)
Other	(40)		(38)
Net cash provided by operating activities	1,101		881
Cash flows from investing activities:
Purchases of plant assets	(179)		(190)
Purchases of route businesses	(1)		(1)
Sales of route businesses	2		7
Other	10		7
Net cash used in investing activities	(168)		(177)
Cash flows from financing activities:
Short-term borrowings, including commercial paper	821		—
Short-term repayments, including commercial paper	(700)		(295)
Long-term repayments	—		(721)
Dividends paid	(340)		(327)
Treasury stock purchases	(116)		—
Treasury stock issuances	1		2
Payments related to tax withholding for stock-based compensation	(18)		(15)
Payments related to extinguishment of debt	(453)		—
Net cash used in financing activities	(805)		(1,356)
Effect of exchange rate changes on cash	(1)		2
Net change in cash and cash equivalents	127		(650)
Cash and cash equivalents — beginning of period	69		859
Cash and cash equivalents — end of period	$	196	$	209

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 January 31, 2021	323	$	12	(20)	$	(990)	$	388	$	3,517	$	(5)	$	3	$	2,925
Net earnings (loss)									160				—		160
Other comprehensive income (loss)											7		(1)		6
Dividends ($.37 per share)									(113)						(113)
Treasury stock purchased				—	—										—
Treasury stock issued under management incentive and stock option plans				—	4		13		—						17
Balance at May 2, 2021	323	$	12	(20)	$	(986)	$	401	$	3,564	$	2	$	2	$	2,995
Balance at August 2, 2020	323	$	12	(21)	$	(1,023)	$	394	$	3,190	$	(10)	$	6	$	2,569
Net earnings (loss)									714				—		714
Other comprehensive income (loss)											12		(4)		8
Dividends ($1.09 per share)									(334)						(334)
Treasury stock purchased				—	—										—
Treasury stock issued under management incentive and stock option plans				1	37		7		(6)						38
Balance at May 2, 2021	323	$	12	(20)	$	(986)	$	401	$	3,564	$	2	$	2	$	2,995
Balance at January 30, 2022	323	$	12	(21)	$	(1,039)	$	388	$	3,983	$	6	$	2	$	3,352
Net earnings (loss)									188				—		188
Other comprehensive income (loss)											2		—		2
Dividends ($.37 per share)									(112)						(112)
Treasury stock purchased				(2)	(51)										(51)
Treasury stock issued under management incentive and stock option plans				—	2		14		—						16
Balance at May 1, 2022	323	$	12	(23)	$	(1,088)	$	402	$	4,059	$	8	$	2	$	3,395
Balance at August 1, 2021	323	$	12	(21)	$	(1,021)	$	414	$	3,742	$	5	$	2	$	3,154
Net earnings (loss)									661				—		661
Other comprehensive income (loss)											3		—		3
Dividends ($1.11 per share)									(336)						(336)
Treasury stock purchased				(3)	(116)										(116)
Treasury stock issued under management incentive and stock option plans				1	49		(12)		(8)						29
Balance at May 1, 2022	323	$	12	(23)	$	(1,088)	$	402	$	4,059	$	8	$	2	$	3,395

See accompanying Notes to Consolidated Financial Statements.

7

Notes to Consolidated Financial Statements

(unaudited)

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 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 1, 2021. Certain amounts in prior-year financial statements were reclassified to conform to the current-year presentation.

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 July 31, 2022.

2. Recent Accounting Pronouncements

Recently Adopted

In December 2019, the Financial Accounting Standards Board (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. We adopted the guidance in the first quarter of 2022. The adoption did not have an impact on our consolidated financial statements.

Accounting Pronouncements Not Yet Adopted

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. Accumulated Other Comprehensive Income (Loss)

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

(Millions)	Foreign Currency Translation Adjustments(1)		Cash-Flow Hedges(2)		Pension and Postretirement Benefit Plan Adjustments(3)		Total Accumulated Comprehensive Income (Loss)
Balance at August 2, 2020	$	(10)	$	(7)	$	7	$	(10)
Other comprehensive income (loss) before reclassifications	18		(8)		—		10
Losses (gains) reclassified from accumulated other comprehensive income (loss)	—		5		(3)		2
Net current-period other comprehensive income (loss)	18		(3)		(3)		12
Balance at May 2, 2021	$	8	$	(10)	$	4	$	2
Balance at August 1, 2021	$	6	$	(4)	$	3	$	5
Other comprehensive income (loss) before reclassifications	(6)		13		—		7
Losses (gains) reclassified from accumulated other comprehensive income (loss)	—		(3)		(1)		(4)
Net current-period other comprehensive income (loss)	(6)		10		(1)		3
Balance at May 1, 2022	$	—	$	6	$	2	$	8

8

_____________________________________

(1)Included no tax as of May 1, 2022, August 1, 2021, May 2, 2021 and August 2, 2020.

(2)Included tax expense of $2 million as of May 1, 2022, a tax benefit of $1 million as of August 1, 2021, $2 million as of May 2, 2021, and $1 million as of August 2, 2020.

(3)Included tax expense of $1 million as of May 1, 2022, August 1, 2021 and May 2, 2021, and $2 million as of August 2, 2020.

Amounts related to noncontrolling interests were not material.

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

	Three Months Ended				Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021		Location of Loss (Gain) Recognized in Earnings
Losses (gains) on cash-flow hedges:
Commodity contracts	$	(3)	$	—	$	(6)	$	—	Cost of products sold
Foreign exchange forward contracts	(1)		2		1		4		Cost of products sold
Forward starting interest rate swaps	—		—		1		1		Interest expense
Total before tax	(4)		2		(4)		5
Tax expense (benefit)	1		—		1		—
Loss (gain), net of tax	$	(3)	$	2	$	(3)	$	5
Pension and postretirement benefit adjustments:
Prior service credit	$	—	$	(2)	$	(1)	$	(4)	Other expenses / (income)
Tax expense (benefit)	—		1		—		1
Loss (gain), net of tax	$	—	$	(1)	$	(1)	$	(3)

4. Goodwill and Intangible Assets

Goodwill

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

(Millions)	Meals & Beverages		Snacks		Total
Net balance at August 1, 2021	$	970	$	3,011	$	3,981
Amounts reclassified due to segment change(1)	25		(25)		—
Foreign currency translation adjustment	(3)		—		(3)
Net balance at May 1, 2022	$	992	$	2,986	$	3,978

_____________________________________

(1)See Note 5 for additional information.

Intangible Assets

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

	May 1, 2022						August 1, 2021
(Millions)	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Amortizable intangible assets
Customer relationships	$	830	$	(171)	$	659	$	830	$	(140)	$	690
Non-amortizable intangible assets
Trademarks					2,549						2,549
Total net intangible assets					$	3,208					$	3,239

9

The carrying values of trademarks as of May 1, 2022 and August 1, 2021 are detailed below:

(Millions)
Snyder's of Hanover	$	620
Lance	350
Pace	292
Pacific Foods	280
Various Other(1)	1,007
Total	$	2,549

_____________________________________

(1)Associated with the acquisition of Snyder's-Lance, Inc. (Snyder's-Lance).

Amortization of intangible assets was $31 million for both the nine-month periods ended May 1, 2022 and May 2, 2021. As of May 1, 2022, amortizable intangible assets had a weighted-average remaining useful life of 17 years. Amortization expense for the next 5 years is estimated to be approximately $41 million per year.

5. Segment Information

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 2022, we now refer to the * brands as our "power brands."

Beginning in 2022, the foodservice and Canadian business formerly included in our Snacks segment is now managed as part of the Meals & Beverages segment. Segment results have been adjusted retrospectively to reflect this change.

We evaluate segment performance before interest, taxes and costs associated with restructuring activities and impairment charges. Unrealized gains and losses on outstanding 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				Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Net sales
Meals & Beverages	$	1,131	$	1,062	$	3,672	$	3,743
Snacks	999		922		2,903		2,860
Total	$	2,130	$	1,984	$	6,575	$	6,603

10

	Three Months Ended				Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Earnings before interest and taxes
Meals & Beverages	$	220	$	186	$	713	$	785
Snacks	127		102		376		377
Corporate income (expense)(1)	(53)		(14)		(96)		(7)
Restructuring charges(2)	—		(2)		—		(21)
Total	$	294	$	272	$	993	$	1,134

_______________________________________

(1)Represents unallocated items. There were pension actuarial losses of $16 million and $12 million in the three- and nine-month periods ended May 1, 2022, and pension actuarial gains of $4 million and $38 million in the three- and nine-month periods ended May 2, 2021, respectively. Costs related to the cost savings initiatives were $6 million and $15 million in the three- and nine-month periods ended May 1, 2022, and $13 million and $22 million in the three- and nine-month periods ended May 2, 2021, respectively. Unrealized mark-to-market adjustments on outstanding undesignated commodity hedges were losses of $5 million and $8 million in the three- and nine-month periods ended May 1, 2022, and gains of $22 million and $39 million in the three- and nine-month periods ended May 2, 2021, respectively.

(2)See Note 6 for additional information.

Our net sales based on product categories are as follows:

	Three Months Ended				Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Net sales
Soup	$	606	$	544	$	2,187	$	2,164
Snacks	1,039		961		3,008		2,958
Other simple meals	287		278		821		896
Beverages	198		201		559		585
Total	$	2,130	$	1,984	$	6,575	$	6,603

Soup includes various soup, broth 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, gravies, pasta, beans, canned poultry, and Plum products through May 3, 2021, when the business was sold. Beverages include V8 juices and beverages, Campbell’s tomato juice and Pacific Foods non-dairy beverages.

6. 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.

Over the years, we expanded these initiatives by continuing to optimize 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. 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 continued to implement this program and identified opportunities for additional cost synergies as we integrated Snyder's-Lance.

In 2022, we expanded these initiatives as we continue to pursue cost savings by further optimizing our supply chain and manufacturing network and through effective cost management. Cost estimates for these expanded initiatives, as well as timing for certain activities, are continuing to be developed.

11

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

	Three Months Ended				Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021		Recognized as of May 1, 2022
Restructuring charges	$	—	$	2	$	—	$	21	$	259
Administrative expenses	5		11		10		21		349
Cost of products sold	1		2		5		1		84
Marketing and selling expenses	—		—		—		—		13
Research and development expenses	—		—		—		—		4
Total pre-tax charges	$	6	$	15	$	15	$	43	$	709

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

(Millions)	Recognized as of May 1, 2022
Severance pay and benefits	$	222
Asset impairment/accelerated depreciation	82
Implementation costs and other related costs	405
Total	$	709

The total estimated pre-tax costs for actions associated with continuing operations that have been identified are approximately $725 million to $735 million and we expect to incur substantially all of the costs through 2022. These estimates will be updated as 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 $225 million in severance pay and benefits; approximately $85 million in asset impairment and accelerated depreciation; and approximately $415 million to $425 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 31%; Snacks - approximately 43%; and Corporate - approximately 26%.

Of the aggregate $725 million to $735 million of pre-tax costs associated with continuing operations identified to date, we expect approximately $625 million to $635 million will be cash expenditures. In addition, we expect to invest approximately $440 million in capital expenditures, of which we invested $433 million as of May 1, 2022. We expect to invest in substantially all of the capital expenditures through 2022. 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 our existing 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, 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 May 1, 2022, is as follows:

(Millions)	Severance Pay and Benefits		Implementation Costs and Other Related Costs(2)	Total Charges
Accrued balance at August 1, 2021(1)	$	7
2022 charges	—		15	$	15
2022 cash payments	(4)
Accrued balance at May 1, 2022	$	3

__________________________________ 

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

(2)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.

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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:

	May 1, 2022
(Millions)	Three Months Ended		Nine Months Ended		Costs Incurred to Date
Meals & Beverages	$	—	$	2	$	225
Snacks	4		11		310
Corporate	2		2		174
Total	$	6	$	15	$	709

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

7. 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 nine-month periods ended May 1, 2022, and May 2, 2021, excludes approximately 1 million stock options that would have been antidilutive.

8. Pension and Postretirement Benefits

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

	Three Months Ended								Nine Months Ended
	Pension				Postretirement				Pension				Postretirement
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Service cost	$	3	$	5	$	—	$	—	$	12	$	14	$	—	$	—
Interest cost	13		10		1		1		34		30		3		3
Expected return on plan assets	(29)		(31)		—		—		(91)		(92)		—		—
Amortization of prior service cost	—		—		—		(2)		—		—		(1)		(4)
Actuarial losses (gains)	16		(4)		—		—		12		(38)		—		—
Net periodic benefit expense (income)	$	3	$	(20)	$	1	$	(1)	$	(33)	$	(86)	$	2	$	(1)

Actuarial losses (gains) were due to the remeasurements of U.S. and Canadian pension plans. These remeasurements were each due to lump sum distributions that exceeded or are expected to exceed service and interest costs resulting in settlement accounting for the plans. The actuarial losses recognized for the three- and nine-month periods ended May 1, 2022 were primarily due to lower than anticipated investment returns on plan assets, partially offset by an increase in discount rates used to determine the benefit obligation. The actuarial gains recognized for the three- and nine-month periods ended May 2, 2021 were primarily due to an increase in discount rates used to determine the benefit obligation, partially offset by lower than anticipated investment returns on plan assets.

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9. Leases

The components of lease costs were as follows:

	Three Months Ended				Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Operating lease cost	$	19	$	20	$	58	$	60
Finance lease - amortization of right-of-use (ROU) assets	4		1		12		3
Short-term lease cost	15		11		42		32
Variable lease cost(1)	49		45		150		137
Sublease income	—		(1)		—		(2)
Total	$	87	$	76	$	262	$	230

__________________________________________

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

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

	Operating Leases
(Millions)	Balance Sheet Classification	May 1, 2022		August 1, 2021
ROU assets, net	Other assets	$	246	$	235
Lease liabilities (current)	Accrued liabilities	$	58	$	54
Lease liabilities (noncurrent)	Other liabilities	$	187	$	180
	Finance Leases
(Millions)	Balance Sheet Classification	May 1, 2022		August 1, 2021
ROU assets, net	Plant assets, net of depreciation	$	32	$	29
Lease liabilities (current)	Short-term borrowings	$	15	$	11
Lease liabilities (noncurrent)	Long-term debt	$	18	$	19

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

	Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	58	$	60
Financing cash flows from finance leases	$	12	$	3
ROU assets obtained in exchange for lease obligations:
Operating leases	$	67	$	39
Finance leases	$	15	$	4

10. Debt Extinguishment

On March 4, 2022, we completed the redemption of all $450 million outstanding aggregate principal amount of our 2.50% Senior Notes due August 2, 2022. The consideration for the redemption was $453 million, including $3 million of premium. We recognized a loss of $4 million (including the $3 million of premium and other costs), which was recorded in Interest expense in the Consolidated Statement of Earnings. In addition, we paid accrued and unpaid interest on the redeemed notes through the date of settlement. We used a combination of cash on hand and short-term debt to fund the redemption.

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 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

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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 May 1, 2022, or August 1, 2021.

We are also exposed to credit risk from our customers. During 2021, our largest customer accounted for approximately 21% of consolidated net sales from continuing operations. Our five largest customers accounted for approximately 46% of our consolidated net sales from continuing operations in 2021.

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. Principal currencies hedged include the Canadian 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. The notional amount of foreign exchange forward contracts accounted for as cash-flow hedges was $176 million as of May 1, 2022, and $134 million as of August 1, 2021. Changes in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of cash-flow hedges are recorded in other comprehensive income (loss), until earnings are affected by the variability of cash flows. For derivatives that are designated and qualify as hedging instruments, the initial fair value of hedge components excluded from the assessment of effectiveness is recognized in earnings under a systematic and rational method over the life of the hedging instrument and is presented in the same statement of earnings line item as the earnings effect of the hedged item. Any difference between the change in the fair value of the hedge components excluded from the assessment of effectiveness and the amounts recognized in earnings is recorded as a component of other comprehensive income (loss). The notional amount of foreign exchange forward contracts that are not designated as accounting hedges was $15 million as of May 1, 2022, and $13 million as of August 1, 2021.

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. There were no interest rate swaps or treasury rate lock contracts outstanding as of May 1, 2022, or August 1, 2021.

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, aluminum, cocoa, soybean meal, corn and butter. 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 $9 million as of May 1, 2022, and $18 million as of August 1, 2021. Changes in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of cash-flow hedges are recorded in other comprehensive income (loss), until earnings are affected by the variability of cash flows. The notional amount of commodity contracts not designated as accounting hedges was $184 million as of May 1, 2022, and $190 million as of August 1, 2021. The change in fair value on undesignated instruments is recorded in Cost of products sold.

We have 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 amount was approximately $63 million as of May 1, 2022, and $38 million as of August 1, 2021. The change in fair value on the embedded derivative is recorded in Cost of products sold.

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 the Vanguard Extended Market Index Plus Fund, the Vanguard Institutional Index Institutional Plus Fund, the Vanguard Short-Term Bond Index Fund, and the Vanguard Total International Stock Index Fund. Prior to 2022, we

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had entered into swap contracts which hedged a portion of exposures linked to the total return of our capital stock. As of May 1, 2022, and August 1, 2021, there were no swap contracts outstanding hedging our exposure linked to the total return of our capital stock. These contracts are 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 $50 million as of May 1, 2022, and $29 million as of August 1, 2021.

The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of May 1, 2022, and August 1, 2021:

(Millions)	Balance Sheet Classification	May 1, 2022		August 1, 2021
Asset Derivatives
Derivatives designated as hedges:
Commodity contracts	Other current assets	$	10	$	4
Foreign exchange forward contracts	Other current assets	3		1
Total derivatives designated as hedges		$	13	$	5
Derivatives not designated as hedges:
Commodity contracts	Other current assets	$	43	$	49
Deferred compensation contracts	Other current assets	—		3
Total derivatives not designated as hedges		$	43	$	52
Total asset derivatives		$	56	$	57

(Millions)	Balance Sheet Classification	May 1, 2022		August 1, 2021
Liability Derivatives
Derivatives designated as hedges:
Foreign exchange forward contracts	Accrued liabilities	$	—	$	3
Total derivatives designated as hedges		$	—	$	3
Derivatives not designated as hedges:
Commodity contracts	Accrued liabilities	$	2	$	—
Deferred compensation contracts	Accrued liabilities	4		—
Total derivatives not designated as hedges		$	6	$	—
Total liability derivatives		$	6	$	3

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 May 1, 2022, and August 1, 2021, would be adjusted as detailed in the following table:

	May 1, 2022						August 1, 2021
(Millions)	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	$	56	$	(2)	$	54	$	57	$	(1)	$	56
Total liability derivatives	$	6	$	(2)	$	4	$	3	$	(1)	$	2

We are required to maintain cash margin accounts in connection with funding the settlement of open positions for exchange-traded commodity derivative instruments. Cash margin liability balances of $3 million at May 1, 2022, and $14 million at August 1, 2021, were included in Accrued liabilities in the Consolidated Balance Sheets.

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The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and nine-month periods ended May 1, 2022, and May 2, 2021, in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings:

		Total Cash-Flow Hedge OCI Activity
(Millions)		May 1, 2022		May 2, 2021
Three Months Ended
OCI derivative gain (loss) at beginning of quarter		$	3	$	(12)
Effective portion of changes in fair value recognized in OCI:
Commodity contracts		8		2
Foreign exchange forward contracts		1		(4)
Amount of loss (gain) reclassified from OCI to earnings:	Location in Earnings
Commodity contracts	Cost of products sold	(3)		—
Foreign exchange forward contracts	Cost of products sold	(1)		2
OCI derivative gain (loss) at end of quarter		$	8	$	(12)
Nine Months Ended
OCI derivative gain (loss) at beginning of year		$	(5)	$	(8)
Effective portion of changes in fair value recognized in OCI:
Commodity contracts		12		2
Foreign exchange forward contracts		5		(11)
Amount of loss (gain) reclassified from OCI to earnings:	Location in Earnings
Commodity contracts	Cost of products sold	(6)		—
Foreign exchange forward contracts	Cost of products sold	1		4
Forward starting interest rate swaps	Interest expense	1		1
OCI derivative gain (loss) at end of quarter		$	8	$	(12)

Based on current valuations, the amount expected to be reclassified from OCI into earnings within the next 12 months is a gain of $13 million.

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The following tables show the total amounts of line items presented in the Consolidated Statements of Earnings for the three- and nine-month periods ended May 1, 2022, and May 2, 2021, in which the effects of derivative instruments designated as cash-flow hedges are recorded. The total effect of hedge activity on these line items are as follows:

	Three Months Ended
	May 1, 2022				May 2, 2021
(Millions)	Cost of products sold		Interest Expense		Cost of products sold		Interest Expense
Consolidated Statements of Earnings:	$	1,465	$	51	$	1,356	$	53
Loss (gain) on cash-flow hedges:
Amount of loss (gain) reclassified from OCI to earnings	$	(4)	$	—	$	2	$	—
Amount excluded from effectiveness testing recognized in earnings using an amortization approach	$	—	$	—	$	—	$	—
	Nine Months Ended
	May 1, 2022				May 2, 2021
(Millions)	Cost of products sold		Interest Expense		Cost of products sold		Interest Expense
Consolidated Statements of Earnings:	$	4,519	$	144	$	4,379	$	163
Loss (gain) on cash-flow hedges:
Amount of loss (gain) reclassified from OCI to earnings	$	(5)	$	1	$	4	$	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 nine-month periods ended May 1, 2022, and May 2, 2021, in the Consolidated Statements of Earnings:

	Location of Loss (Gain) Recognized in Earnings	Three Months Ended				Nine Months Ended
(Millions)		May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Foreign exchange forward contracts	Cost of products sold	$	—	$	1	$	—	$	2
Commodity contracts	Cost of products sold	(9)		(24)		(28)		(39)
Deferred compensation contracts	Administrative expenses	3		(3)		3		(6)
Total loss (gain)		$	(6)	$	(26)	$	(25)	$	(43)

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 tables present our financial assets and liabilities that are measured at fair value on a recurring basis as of May 1, 2022, and August 1, 2021, consistent with the fair value hierarchy:

	Fair Value as of May 1, 2022		Fair Value Measurements at May 1, 2022 Using Fair Value Hierarchy						Fair Value as of August 1, 2021		Fair Value Measurements at August 1, 2021 Using Fair Value Hierarchy
(Millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Assets
Foreign exchange forward contracts(1)	$	3	$	—	$	3	$	—	$	1	$	—	$	1	$	—
Commodity derivative contracts(2)	53		6		39		8		53		21		31		1
Deferred compensation derivative contracts(3)	—		—		—		—		3		—		3		—
Deferred compensation investments(4)	2		2		—		—		3		3		—		—
Total assets at fair value	$	58	$	8	$	42	$	8	$	60	$	24	$	35	$	1

	Fair Value as of May 1, 2022		Fair Value Measurements at May 1, 2022 Using Fair Value Hierarchy						Fair Value as of August 1, 2021		Fair Value Measurements at August 1, 2021 Using Fair Value Hierarchy
(Millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Liabilities
Foreign exchange forward contracts(1)	$	—	$	—	$	—	$	—	$	3	$	—	$	3	$	—
Commodity derivative contracts(2)	2		—		2		—		—		—		—		—
Deferred compensation derivative contracts(3)	4		—		4		—		—		—		—		—
Deferred compensation obligation(4)	89		89		—		—		105		105		—		—
Total liabilities at fair value	$	95	$	89	$	6	$	—	$	108	$	105	$	3	$	—

___________________________________ 

(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 equity index swap rates.

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

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The following table summarizes the changes in fair value of Level 3 assets and liabilities for the nine-month periods ended May 1, 2022, and May 2, 2021:

	Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021
Fair value at beginning of year	$	1	$	2
Gains (losses)	18		2
Settlements	(11)		(3)
Fair value at end of quarter	$	8	$	1

Fair Value of Financial Instruments

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

There were $39 million of cash equivalents at May 1, 2022, and none at August 1, 2021. 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 $4,541 million at May 1, 2022, and $5,613 million at August 1, 2021. The carrying value was $4,748 million at May 1, 2022, and $5,058 million at August 1, 2021. 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 June 2021, the Board authorized an anti-dilutive share repurchase program of up to $250 million (June 2021 program) to offset the impact of dilution from shares issued under our stock compensation programs. The June 2021 program has no expiration date, but it may be suspended or discontinued at any time. Repurchases under the June 2021 program may be made in open-market or privately negotiated transactions.

In September 2021, the Board approved a strategic share repurchase program of up to $500 million (September 2021 program). The September 2021 program has no expiration date, but it may be suspended or discontinued at any time. Repurchases under the September 2021 program may be made in open-market or privately negotiated transactions.

During the nine-month period ended May 1, 2022, we repurchased approximately 2.7 million shares at a cost of $116 million. Of this amount, $41 million was used to repurchase shares pursuant to our June 2021 program and $75 million was used to repurchase shares pursuant to our September 2021 program. As of May 1, 2022, approximately $173 million remained available under the June 2021 program and approximately $425 million remained available under the September 2021 program.

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 2022, we issued time-lapse restricted stock units, unrestricted stock, TSR performance restricted stock units and EPS performance restricted stock units. We last issued stock options and FCF performance restricted stock units in 2019.

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				Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Total pre-tax stock-based compensation expense	$	15	$	17	$	46	$	51
Tax-related benefits	$	3	$	3	$	8	$	9

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The following table summarizes stock option activity as of May 1, 2022:

	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life	Aggregate Intrinsic Value
	(Options in thousands)			(In years)	(Millions)
Outstanding at August 1, 2021	1,372	$	45.61
Granted	—	$	—
Exercised	(32)	$	36.60
Terminated	—	$	—
Outstanding at May 1, 2022	1,340	$	45.83	5.1	$	5
Exercisable at May 1, 2022	1,340	$	45.83	5.1	$	5

The total intrinsic value of options exercised during the nine-month periods ended May 1, 2022 and May 2, 2021 was not material. We measured the fair value of stock options using the Black-Scholes option pricing model.

We expensed stock options on a straight-line basis over the vesting period, except for awards issued to retirement eligible participants, which we expensed on an accelerated basis. As of January 2022, compensation related to stock options was fully expensed.

The following table summarizes time-lapse restricted stock units, EPS performance restricted stock units and FCF performance restricted stock units as of May 1, 2022:

	Units	Weighted-Average Grant-Date Fair Value
	(Restricted stock units in thousands)
Nonvested at August 1, 2021	1,814	$	45.63
Granted	1,538	$	41.94
Vested	(1,173)	$	43.96
Forfeited	(194)	$	44.60
Nonvested at May 1, 2022	1,985	$	43.86

We determine the fair value of time-lapse 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.

In 2022, we granted EPS performance restricted stock units that will be earned upon the achievement of our adjusted EPS compound annual growth rate goal, measured over a three-year period. The actual number of EPS 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 EPS performance restricted stock units is based upon the quoted price of our stock at the date of grant. We expense EPS performance restricted stock units on a straight-line basis over the service period, except for awards issued to retirement-eligible participants, which we expense on an accelerated basis. We estimate expense based on the number of awards expected to vest. There were 309 thousand EPS performance target grants outstanding at May 1, 2022, with a weighted-average grant-date fair value of $41.50.

In 2019, we issued approximately 388 thousand FCF performance restricted stock units for which vesting was 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 was averaged at the end of the three-year period to determine the number of underlying units that would 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 was based upon the quoted price of our stock at the date of grant. We expensed FCF performance restricted stock units over the requisite service period of each objective. We estimated expense based on the number of awards expected to vest. In the first quarter of 2022, recipients of FCF performance restricted stock units earned 167% of the initial grants based upon the average of actual performance achieved during a three-year period ended August 1, 2021. As a result, approximately 158 thousand additional shares were awarded. As of October 31, 2021, there were no FCF performance target grants outstanding.

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As of May 1, 2022, total remaining unearned compensation related to nonvested time-lapse restricted stock units and EPS performance restricted stock units was $45 million, which will be amortized over the weighted-average remaining service period of 1.9 years. The fair value of restricted stock units vested during the nine-month periods ended May 1, 2022, and May 2, 2021, was $50 million, and $38 million, respectively. The weighted-average grant-date fair value of the restricted stock units granted during the nine-month period ended May 2, 2021 was $48.43.

The following table summarizes TSR performance restricted stock units as of May 1, 2022:

	Units	Weighted-Average Grant-Date Fair Value
	(Restricted stock units in thousands)
Nonvested at August 1, 2021	1,222	$	53.60
Granted	331	$	45.54
Vested	(178)	$	31.35
Forfeited	(188)	$	48.00
Nonvested at May 1, 2022	1,187	$	55.58

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

Weighted-average assumptions used in the Monte Carlo simulation were as follows:

	2022	2021
Risk-free interest rate	0.46%	0.15%
Expected dividend yield	3.50%	2.85%
Expected volatility	27.42%	29.99%
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 May 1, 2022, total remaining unearned compensation related to TSR performance restricted stock units was $20 million, which will be amortized over the weighted-average remaining service period of 1.6 years. In the first quarter of 2022, recipients of TSR performance restricted stock units earned 75% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 30, 2021. 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. The fair value of TSR performance restricted stock units vested during the nine-month periods ended May 1, 2022 and May 2, 2021 was $8 million and $11 million, respectively. The grant-date fair value of the TSR performance restricted stock units granted during 2021 was $54.93.

The excess tax benefits of $1 million in the nine-month periods ended May 1, 2022, and May 2, 2021, 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 $1 million and $2 million for the nine-month periods ended May 1, 2022, and May 2, 2021, respectively, 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

22

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. On March 10, 2021 the defendants filed a motion to dismiss the second amended consolidated complaint. 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 May 1, 2022. 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.

Other Contingencies

We have provided certain indemnifications in connection with divestitures, contracts and other transactions. Certain indemnifications have finite expiration dates. Liabilities recognized based on known exposures related to such matters were not material at May 1, 2022.

16. Supplemental Financial Statement Data

(Millions)	May 1, 2022		August 1, 2021
Balance Sheets
Inventories
Raw materials, containers and supplies	$	381	$	321
Finished products	663		612
	$	1,044	$	933

	Three Months Ended				Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Statements of Earnings
Other expenses / (income)
Amortization of intangible assets	$	10	$	10	$	31	$	31
Net periodic benefit expense (income) other than the service cost	1		(26)		(43)		(101)
Transition services fees	—		(8)		—		(20)
Other	(1)		1		2		4
	$	10	$	(23)	$	(10)	$	(86)

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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 1, 2021, 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.

On May 3, 2021, we completed the sale of our Plum baby food and snacks business. The results of the business through the date of sale were reflected in continuing operations within the Meals & Beverages reportable segment.

Beginning in 2022, the foodservice and Canadian business formerly in our Snacks segment is managed as part of the Meals & Beverages segment. Segment results have been adjusted retrospectively to reflect this change.

Business Trends

We have been actively monitoring the impact of the dynamic macroeconomic environment, including the COVID-19 pandemic, the conflict between Russia and Ukraine and inflation, on all aspects of our business. We anticipate that 2022 will continue to be a dynamic macroeconomic environment and we expect significantly elevated levels of input cost inflation to persist throughout the remainder of 2022. We anticipate that these headwinds will be partially mitigated by inflation-driven pricing actions, supply chain productivity improvements and cost savings initiatives.

There still remains uncertainty around the COVID-19 pandemic. The ultimate impact depends on the severity and duration of the pandemic, including the emergence and spread of new COVID-19 variants and resurgences, the continued availability and effectiveness of vaccines and actions taken by government authorities and other third parties in response to the pandemic. We will continue to evaluate the extent to which the COVID-19 pandemic will impact our business, consolidated results of operations and financial condition.

While we as a North American focused company have no direct exposure to Russia and Ukraine, we have experienced shortages in materials and increased costs for transportation, energy and raw materials due in part to the negative impact of the Russia-Ukraine conflict on the global economy. To date, the conflict between Russia and Ukraine has not had any material impact on our business, financial condition or results of operations.

Summary of Results

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

•Net sales increased 7% in the quarter to $2,130 million due to inflation-driven pricing and sales allowances, partially offset by volume declines and the impact from the divestiture of the Plum baby food and snacks business. Volumes declined driven by select supply constraints and price elasticities, partially offset by retailer inventory rebuild.

•Gross profit, as a percent of sales, decreased to 31.2% in 2022 from 31.7% in the prior-year quarter. The decrease was primarily due to higher cost inflation and other supply chain costs as well as unfavorable volume/mix largely due to reduced operating leverage, partially offset by inflation-driven pricing actions, supply chain productivity improvements and cost savings initiatives.

•Earnings per share from continuing operations were $.62 in 2022, compared to $.54 a year ago. The current quarter included expenses of $.08 per share and the prior-year quarter included gains of $.03 per share from items impacting comparability as discussed below.

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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 third quarter of 2022, we recorded implementation costs and other related costs of $5 million in Administrative expenses and $1 million in Cost of products sold (aggregate impact of $5 million after tax, or $.02 per share) related to these initiatives. Year-to-date in 2022, we recorded implementation costs and other related costs of $10 million in Administrative expenses and $5 million in Cost of products sold (aggregate impact of $12 million after tax, or $.04 per share) related to these initiatives. In the third quarter of 2021, we recorded Restructuring charges of $2 million and implementation costs and other related costs of $11 million in Administrative expenses and $2 million in Cost of products sold (aggregate impact of $11 million after tax, or $.04 per share) related to these initiatives. Year-to-date in 2021, we recorded Restructuring charges of $21 million and implementation costs and other related costs of $21 million in Administrative expenses and $1 million in Cost of products sold (aggregate impact of $32 million after tax, or $.10 per share) related to these initiatives. See Note 6 to the Consolidated Financial Statements and "Restructuring Charges and Cost Savings Initiatives" for additional information;

•In the third quarter of 2022, we recognized actuarial losses in Other expenses / (income) of $16 million ($12 million after tax, or $.04 per share). Year-to-date in 2022, we recognized actuarial losses in Other expenses / (income) of $12 million ($9 million after tax, or $.03 per share). In the third quarter of 2021, we recognized actuarial gains in Other expenses / (income) of $4 million ($3 million after tax, or $.01 per share). Year-to-date in 2021, we recognized actuarial gains in Other expenses / (income) of $38 million ($29 million after tax, or $.10 per share). The actuarial gains and losses related to the remeasurements of U.S. and Canadian pension plans. These interim remeasurements were each due to lump sum distributions that exceeded or are expected to exceed service and interest costs resulting in settlement accounting for the plans;

•In the third quarter of 2022, we recorded a loss in Interest expense of $4 million ($3 million after tax, or $.01 per share) on the extinguishment of debt;

•In the third quarter of 2022, we recognized losses in Cost of products sold of $5 million ($4 million after tax, or $.01 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges. Year-to-date in 2022, we recognized losses in Cost of products sold of $8 million ($6 million after tax, or $.02 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges. In the third quarter of 2021, we recognized gains in Cost of products sold of $22 million ($17 million after tax, or $.06 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges. Year-to-date in 2021, we recognized gains in Cost of products sold of $39 million ($30 million after tax, or $.10 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges; and

•Year-to-date in 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).

The items impacting comparability are summarized below:

	Three Months Ended
	May 1, 2022				May 2, 2021
(Millions, except per share amounts)	Earnings Impact		EPS Impact		Earnings Impact		EPS Impact
Earnings from continuing operations attributable to Campbell Soup Company	$	188	$	.62	$	166	$	.54
Loss from discontinued operations	$	—	$	—	$	(6)	$	(.02)
Net earnings attributable to Campbell Soup Company	$	188	$	.62	$	160	$	.52
Continuing operations:
Restructuring charges, implementation costs and other related costs	$	(5)	$	(.02)	$	(11)	$	(.04)
Pension actuarial gains (losses)	(12)		(.04)		3		.01
Loss on debt extinguishment	(3)		(.01)		—		—
Commodity mark-to-market gains (losses)	(4)		(.01)		17		.06
Impact of items on Earnings from continuing operations	$	(24)	$	(.08)	$	9	$	.03

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	Nine Months Ended
	May 1, 2022				May 2, 2021
(Millions, except per share amounts)	Earnings Impact		EPS Impact		Earnings Impact		EPS Impact
Earnings from continuing operations attributable to Campbell Soup Company	$	661	$	2.18	$	720	$	2.36
Loss from discontinued operations	$	—	$	—	$	(6)	$	(.02)
Net earnings attributable to Campbell Soup Company	$	661	$	2.18	$	714	$	2.34
Continuing operations:
Restructuring charges, implementation costs and other related costs	$	(12)	$	(.04)	$	(32)	$	(.10)
Pension actuarial gains (losses)	(9)		(.03)		29		.10
Loss on debt extinguishment	(3)		(.01)		—		—
Commodity mark-to-market gains (losses)	(6)		(.02)		30		.10
Deferred tax charge	—		—		(19)		(.06)
Impact of items on Earnings from continuing operations(1)	$	(30)	$	(.10)	$	8	$	.03

__________________________________________

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

Earnings from continuing operations were $188 million ($.62 per share) in the current quarter, compared to $166 million ($.54 per share) in the year-ago quarter. After adjusting for items impacting comparability, earnings from continuing operations increased reflecting an improved gross profit performance, lower marketing and selling expenses and lower interest expense, partially offset by sales volume declines and lower other income. Earnings per share benefited from a reduction in the weighted average diluted shares outstanding.

Earnings from continuing operations were $661 million ($2.18 per share) in the nine-month period this year, compared to $720 million ($2.36 per share) in the year-ago period. After adjusting for items impacting comparability, earnings from continuing operations decreased reflecting sales volume declines, lower other income and higher administrative expenses, partially offset by lower marketing and selling expenses, an improved gross profit performance, lower interest expense and a lower effective tax rate. Earnings per share benefited from a reduction in the weighted average diluted shares outstanding.

THIRD-QUARTER DISCUSSION AND ANALYSIS

Sales

An analysis of net sales by reportable segment follows:

	Three Months Ended
(Millions)	May 1, 2022		May 2, 2021		% Change
Meals & Beverages	$	1,131	$	1,062	6
Snacks	999		922		8
	$	2,130	$	1,984	7

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

	Meals & Beverages	Snacks(2)	Total
Volume and mix	(3)%	(3)%	(3)%
Price and sales allowances	12	10	11
Decreased / (increased) promotional spending(1)	(1)	2	—
Divestiture	(2)	—	(1)
	6%	8%	7%

__________________________________________

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

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

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In Meals & Beverages, sales increased 6%. Excluding the impact from the divestiture of the Plum baby food and snacks business, sales increased primarily due to increases in U.S. soup, foodservice and Prego pasta sauces, partially offset by declines in Canada. Inflation-driven pricing and sales allowances were partially offset by increased promotional spending. Volume decreased primarily due to supply constraints driven by labor and materials availability and price elasticities, partially offset by retailer inventory rebuild. Sales of U.S. soup increased 15% due to increases in condensed soups and ready-to-serve soups, while broth was comparable to prior year.

In Snacks, sales increased 8% while sales of our power brands increased 13%. Snacks sales increased due to increases in salty snacks, primarily Snyder’s of Hanover pretzels and Kettle Brand potato chips, as well as in cookies and crackers, primarily Goldfish crackers. Inflation-driven pricing and sales allowances and decreased promotional spending were partly offset by volume declines. Volumes declined driven by supply constraints based on materials availability and price elasticities, partially offset by retailer inventory rebuild.

Gross Profit

Gross profit, defined as Net sales less Cost of products sold, increased by $37 million in 2022 from 2021. As a percent of sales, gross profit was 31.2% in 2022 and 31.7% in 2021.

The 50 basis-point decrease in gross profit margin was due to the following factors:

	Margin Impact
Cost inflation, supply chain costs and other factors(1)	(910)
Volume/mix(2)	(50)
Lower level of promotional spending	10
Productivity improvements	110
Price and sales allowances	790
	(50)

__________________________________________

(1)Includes an estimated positive margin impact of 100 basis points related to the weather event in the prior year and 20 basis points from the benefit of cost savings initiatives, which were more than offset by cost inflation and other factors, including a 140 basis-point impact from the change in unrealized mark-to-market adjustments on outstanding undesignated commodity hedges.

(2)Includes the impact of operating leverage.

Marketing and Selling Expenses

Marketing and selling expenses as a percent of sales were 8.8% in 2022 compared to 10.2% in 2021. Marketing and selling expenses decreased 7% in 2022 from 2021. The decrease was primarily due to lower advertising and consumer promotion expense (approximately 8 points). The reduction in advertising and consumer promotion expense was due in part to the pacing of supply recovery in the current quarter and some on-going materials availability issues.

Administrative Expenses

Administrative expenses as a percent of sales were 7.1% in 2022 compared to 7.7% in 2021. Administrative expenses decreased 1% in 2022 from 2021. The decrease was primarily due to lower costs associated with cost savings initiatives (approximately 4 points), partially offset by expenses related to the settlement of certain legal claims (approximately 3 points).

Other Expenses / (Income)

Other expenses was $10 million in 2022 compared to other income of $23 million in 2021. Other expenses in 2022 included pension actuarial losses of $16 million. Other income in 2021 included pension actuarial gains of $4 million. Excluding these amounts, the remaining decrease in other income was primarily due to income from transition services fees in the prior year.

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Operating Earnings

Segment operating earnings increased 20% in 2022 from 2021.

An analysis of operating earnings by segment follows:

	Three Months Ended
(Millions)	May 1, 2022		May 2, 2021		% Change
Meals & Beverages	$	220	$	186	18
Snacks	127		102		25
	347		288		20
Corporate income (expense)	(53)		(14)
Restructuring charges(1)	—		(2)
Earnings before interest and taxes	$	294	$	272

__________________________________________

(1)See Note 6 to the Consolidated Financial Statements for additional information on restructuring charges.

Operating earnings from Meals & Beverages increased 18%. The increase was primarily due to improved gross profit performance, partially offset by sales volume declines. Gross profit performance reflected mitigation of on-going inflation with pricing actions, lower other supply chain costs and supply chain productivity improvements, partially offset by unfavorable volume/mix, which was largely due to reduced operating leverage, as well as higher levels of promotional spending. These results also reflect lower base operating earnings in the prior-year third quarter.

Operating earnings from Snacks increased 25%. The increase was primarily due to improved gross profit performance and lower marketing and selling expenses, partially offset by higher administrative expenses. Gross profit performance reflected mitigation of on-going inflation with pricing actions combined with the results of supply chain productivity improvements, execution improvements and cost savings initiatives, partially offset by some remaining elevated supply chain costs. These results also reflect lower base operating earnings in the prior-year third quarter.

Corporate expense in 2022 included pension actuarial losses of $16 million, costs of $6 million related to costs savings initiatives, and unrealized mark-to-market losses on outstanding undesignated commodity hedges of $5 million. Corporate expense in 2021 included costs of $13 million related to cost savings initiatives, pension actuarial gains of $4 million and unrealized mark-to-market gains on outstanding undesignated commodity hedges of $22 million.

Interest Expense

Interest expense decreased to $51 million in 2022 from $53 million in 2021, primarily due to lower levels of debt, partially offset by a loss on extinguishment of debt of $4 million in the current quarter.

Taxes on Earnings

The effective tax rate was 23.0% in 2022 and 24.2% in 2021. The decrease in the effective tax rate was primarily due to state tax law changes in the prior year.

NINE-MONTH DISCUSSION AND ANALYSIS

Sales

An analysis of net sales by reportable segment follows:

	Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		% Change
Meals & Beverages	$	3,672	$	3,743	(2)
Snacks	2,903		2,860		2
	$	6,575	$	6,603	—

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

	Meals & Beverages(2)	Snacks	Total
Volume and mix	(6)%	(6)%	(6)%
Price and sales allowances	7	6	7
Decreased / (increased) promotional spending(1)	(2)	2	—
Divestiture	(2)	—	(1)
	(2)%	2%	—%

__________________________________________

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

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

In Meals & Beverages, sales decreased 2%. Excluding the impact from the divestiture of the Plum baby food and snacks business, sales were comparable to the prior year as increases in U.S. soup were offset by declines in Canada. Inflation-driven pricing and sales allowances were partially offset by increased promotional spending relative to moderated levels in the prior year. Volume decreased primarily due to supply constraints driven by labor and materials availability. Sales of U.S. soup increased 2%, due to increases in ready-to-serve soups, broth and condensed soups.

In Snacks, sales increased 2% while sales of our power brands increased 6%. Snacks sales increased due to increases in cookies and crackers, primarily Goldfish crackers, partially offset by declines in non-core businesses. Sales of salty snacks increased slightly with increases in Snyder’s of Hanover pretzels mostly offset by declines in Late July snacks. Inflation-driven pricing and sales allowances and decreased promotional spending were partly offset by volume declines. Volumes declined driven by supply constraints due to labor and materials availability and price elasticities, partially offset by retailer inventory rebuild.

Gross Profit

Gross profit, defined as Net sales less Cost of products sold, decreased by $168 million in 2022 from 2021. As a percent of sales, gross profit was 31.3% in 2022 and 33.7% in 2021.

The 240 basis-point decrease in gross profit margin was due to the following factors:

	Margin Impact
Cost inflation, supply chain costs and other factors(1)	(730)
Volume/mix(2)	(100)
Higher level of promotional spending	(10)
Higher restructuring-related costs	(10)
Productivity improvements	120
Price and sales allowances	490
	(240)

__________________________________________

(1)Includes an estimated positive margin impact of 30 basis points from the benefit of cost savings initiatives, which was more than offset by cost inflation and other factors, including a 70 basis-point impact from the change in unrealized mark-to-market adjustments on outstanding undesignated commodity hedges.

(2)Includes the impact of operating leverage.

Marketing and Selling Expenses

Marketing and selling expenses as a percent of sales were 8.4% in 2022 compared to 9.7% in 2021. Marketing and selling expenses decreased 14% in 2022 from 2021. The decrease was primarily due to lower advertising and consumer promotion expense (approximately 13 points). The reduction in advertising and consumer promotion expense was due in part to the pacing of supply recovery in the current year and some on-going materials availability issues.

Administrative Expenses

Administrative expenses as a percent of sales were 6.9% in 2022 compared to 6.8% in 2021. Administrative expenses were comparable in 2022 with 2021. The change was primarily due to expenses related to the settlement of certain legal claims (approximately 4 points), partially offset by increased benefits from cost savings initiatives (approximately 3 points).

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Other Expenses / (Income)

Other income was $10 million in 2022 compared to other income of $86 million in 2021. Other income included pension actuarial losses of $12 million in 2022 and pension actuarial gains of $38 million in 2021. Excluding these amounts, the remaining decrease in other income was primarily due to income from transition services fees in the prior year.

Operating Earnings

Segment operating earnings decreased 6% in 2022 from 2021.

An analysis of operating earnings by segment follows:

	Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		% Change
Meals & Beverages	$	713	$	785	(9)
Snacks	376		377		—
	1,089		1,162		(6)
Corporate income (expense)	(96)		(7)
Restructuring charges(1)	—		(21)
Earnings before interest and taxes	$	993	$	1,134

__________________________________________

(1)See Note 6 to the Consolidated Financial Statements for additional information on restructuring charges.

Operating earnings from Meals & Beverages decreased 9%. The decrease was primarily due to sales volume declines, partially offset by lower marketing and selling expenses.

Operating earnings from Snacks were comparable to the prior year. Lower marketing and selling expenses and improved profit performance were offset by sales volume declines and higher administrative expenses due to the settlement of certain legal claims. Gross profit performance was impacted by higher cost inflation and other supply chain costs and unfavorable volume/mix, which was largely due to reduced operating leverage, partially offset by the impact of pricing actions and lower promotional spending combined with the results of supply chain productivity improvements and cost savings initiatives.

Corporate expense in 2022 included costs of $15 million related to costs savings initiatives, pension actuarial losses of $12 million and unrealized mark-to-market losses on outstanding undesignated commodity hedges of $8 million. Corporate expense in 2021 included costs of $22 million related to cost savings initiatives, pension actuarial gains of $38 million and unrealized mark-to-market gains on outstanding undesignated commodity hedges of $39 million.

Interest Expense

Interest expense decreased to $144 million in 2022 from $163 million in 2021 primarily due to lower levels of debt, partially offset by a loss on extinguishment of debt of $4 million in the third quarter of 2022.

Taxes on Earnings

The effective tax rate was 22.2% in 2022 and 25.9% in 2021. The decrease 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 the favorable resolution of several tax matters in the first quarter of 2022.

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.

Over the years, we expanded these initiatives by continuing to optimize 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. 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 continued to implement this program and identified opportunities for additional cost synergies as we integrated Snyder's-Lance.

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In 2022, we expanded these initiatives as we continue to pursue cost savings by further optimizing our supply chain and manufacturing network and through effective cost management. Cost estimates for these expanded initiatives, as well as timing for certain activities, are continuing to be developed.

A summary of charges recorded in Earnings from continuing operations related to these initiatives is as follows:

	Three Months Ended				Nine Months Ended
(Millions, except per share amounts)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021		Recognized as of May 1, 2022
Restructuring charges	$	—	$	2	$	—	$	21	$	259
Administrative expenses	5		11		10		21		349
Cost of products sold	1		2		5		1		84
Marketing and selling expenses	—		—		—		—		13
Research and development expenses	—		—		—		—		4
Total pre-tax charges	$	6	$	15	$	15	$	43	$	709
Aggregate after-tax impact	$	5	$	11	$	12	$	32
Per share impact	$	.02	$	.04	$	.04	$	.10

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

(Millions)	Recognized as of May 1, 2022
Severance pay and benefits	$	222
Asset impairment/accelerated depreciation	82
Implementation costs and other related costs	405
Total	$	709

The total estimated pre-tax costs for actions associated with continuing operations that have been identified are approximately $725 million to $735 million and we expect to incur substantially all of the costs through 2022. These estimates will be updated as 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 $225 million in severance pay and benefits; approximately $85 million in asset impairment and accelerated depreciation; and approximately $415 million to $425 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 31%; Snacks - approximately 43%; and Corporate - approximately 26%.

Of the aggregate $725 million to $735 million of pre-tax costs associated with continuing operations identified to date, we expect approximately $625 million to $635 million will be cash expenditures. In addition, we expect to invest approximately $440 million in capital expenditures, of which we invested $433 million as of May 1, 2022. We expect to invest in substantially all of the capital expenditures through 2022. 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 our existing 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, and optimization of the Snyder’s-Lance warehouse and distribution network.

We expect to fund the costs through cash flows from operations and short-term borrowings.

We expect the initiatives for actions associated with continuing operations, once all phases are implemented, to generate annual ongoing savings of approximately $1,000 million by the end of 2025. As of May 1, 2022, we have generated total program-to-date pre-tax savings of $840 million.

31

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:

	May 1, 2022
(Millions)	Three Months Ended		Nine Months Ended		Costs Incurred to Date
Meals & Beverages	$	—	$	2	$	225
Snacks	4		11		310
Corporate	2		2		174
Total	$	6	$	15	$	709

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

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 $1,101 million in 2022, compared to $881 million in 2021. The increase in 2022 was primarily due to changes in working capital, partially offset by lower 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 $847 million as of May 1, 2022, and $119 million as of August 1, 2021. Total debt maturing within one year was $750 million as of May 1, 2022, and $48 million as of August 1, 2021.

Capital expenditures were $179 million in 2022 and $190 million in 2021. Capital expenditures are expected to total approximately $275 million in 2022. Capital expenditures in the first nine months of 2022 included improvement of the quality and cost structure of the Snyder's-Lance manufacturing network, the implementation of our existing SAP enterprise-resource planning system for Snyder's-Lance, and cookie and cracker capacity expansion for our Snacks business.

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.

On March 4, 2022, we completed the redemption of all $450 million outstanding aggregate principal amount of our 2.50% Senior Notes due August 2, 2022. The consideration for the redemption was $453 million, including $3 million of premium. We recognized a loss of $4 million (including the $3 million of premium and other costs), which was recorded in Interest expense in the Consolidated Statement of Earnings. In addition, we paid accrued and unpaid interest on the redeemed notes through the date of settlement. We used a combination of cash on hand and short-term debt to fund the redemption.

Dividend payments were $340 million in 2022 and $327 million in 2021. The regular quarterly dividend paid on our capital stock was $.37 per share in both the third quarter of 2022 and 2021. On March 2, 2022, the Board of Directors declared a regular quarterly dividend of $.37 per share payable on May 2, 2022 to shareholders of record at the close of business on April 7, 2022. On May 24, 2022, the Board of Directors declared a regular quarterly dividend of $.37 per share payable on August 1, 2022 to shareholders of record at the close of business on July 7, 2022.

In June 2021, the Board authorized an anti-dilutive share repurchase program of up to $250 million (June 2021 program) to offset the impact of dilution from shares issued under our stock compensation programs. The June 2021 program has no expiration date, but it may be suspended or discontinued at any time. Repurchases under the anti-dilutive program may be made in open-market or privately negotiated transactions. In September 2021, the Board approved a strategic share repurchase program of up to $500 million (September 2021 program). The September 2021 program has no expiration date, but it may be suspended or discontinued at any time. Repurchases under the September 2021 program may be made in open-market or privately negotiated transactions. We repurchased approximately 2.7 million shares at a cost of $116 million in 2022. Of this amount, $41 million was used to repurchase shares pursuant to our June 2021 program and $75 million was used to repurchase shares pursuant to our September 2021 program. As of May 1, 2022, approximately $173 million remained available under the June 2021 program and approximately $425 million remained available under the September 2021 program. See Note 13 to the Consolidated Financial Statements and “Unregistered Sales of Equity Securities and Use of Proceeds” for additional information.

As of May 1, 2022, we had $750 million of short-term borrowings due within one year, $170 million of which was comprised of commercial paper borrowings. As of May 1, 2022, we issued $32 million of standby letters of credit. On

32

November 2, 2020, we entered into a committed revolving credit facility totaling $1,850 million scheduled to mature on November 2, 2023. On September 27, 2021, we replaced the facility with a new $1,850 million committed revolving facility that matures on September 27, 2026. The facility remained unused at May 1, 2022, 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.

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 1, 2021 (2021 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 2021 Annual Report on Form 10-K. Our significant accounting estimates are described in Management’s Discussion and Analysis included in the 2021 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 2021 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 growing/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;

33

•the risks related to the availability of, and cost inflation in, supply chain inputs, including labor, raw materials, commodities, packaging and transportation;

•risks related to the effectiveness of our hedging activities and our ability to respond to volatility in commodity prices;

•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 disruption, failure or security breach of our or our vendors' information technology systems, including ransomware attacks;

•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;

•goals and initiatives related to, and the impacts of, climate change, including from weather-related events;

•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 or other impacts due to political instability, civil disobedience, terrorism, armed hostilities (including the ongoing conflict between Russia and Ukraine), extreme weather conditions, natural disasters, other 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 2021 Annual Report on Form 10-K. There have been no significant changes in our portfolio of financial instruments or market risk exposures from the 2021 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 May 1, 2022 (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 May 1, 2022.

34

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 1A. Risk Factors

The following disclosure modifies the discussion of risks and uncertainties previously disclosed in our Annual Report on Form 10-K for the year ended August 1, 2021. These risks and uncertainties, along with those previously disclosed, could materially adversely affect our business or financial results. Additional risks and uncertainties that are not presently known to us or that we deem immaterial may also impair our business or financial results.

Business and Operational Risks

Our business, financial condition and results of operations could be adversely affected by disruptions in the global economy caused by the ongoing conflict between Russia and Ukraine.

The global economy has been negatively impacted by the military conflict between Russia and Ukraine. Furthermore, governments in the U.S., United Kingdom, and European Union have each imposed export controls on certain products and financial and economic sanctions on certain industry sectors and parties in Russia. Although we have no operations in Russia or Ukraine, we have experienced shortages in materials and increased costs for transportation, energy, and raw material due in part to the negative impact of the Russia-Ukraine military conflict on the global economy. The scope and duration of the military conflict in Ukraine is uncertain, rapidly changing and hard to predict. Further escalation of geopolitical tensions related to the military conflict, including increased trade barriers or restrictions on global trade, could result in, among other things, cyberattacks, supply disruptions, lower consumer demand, and changes to foreign exchange rates and financial markets, any of which may adversely affect our business and supply chain. In addition, the effects of the ongoing conflict could heighten many of our known risks described in Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended August 1, 2021, filed with the SEC on September 23, 2021.

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

Our share repurchase activity in the three months ended May 1, 2022 was:

Period	Total Number of Shares Purchased (1)	Average Price Paid Per Share (2)	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (3)	Approximate Dollar Value of Shares that may yet be Purchased Under the Plans or Programs ($ in Millions) (3)
1/31/22-2/28/22	—	$0.00	—	$649
3/1/22-3/31/22	1,158,741	$43.65	1,158,741	$598
4/1/22-4/29/22	—	$0.00	—	$598
Total	1,158,741	$43.65	1,158,741	$598

____________________________________ 

(1)Shares purchased are as of the trade date.

(2)Average price paid per share is calculated on a settlement basis and excludes commission.

(3)In June 2021, our Board of Directors authorized an anti-dilutive share repurchase program of up to $250 million (June 2021 program) to offset the impact of dilution from shares issued under our stock compensation programs. The June 2021 program has no expiration date, but it may be suspended or discontinued at any time. Repurchases under the June 2021 program may be made in open-market or privately negotiated transactions. In September 2021, the Board approved a strategic share repurchase program of up to $500 million (September 2021 program). The September 2021 program has no expiration date, but it may be suspended or discontinued at any time. Repurchases under the September 2021 program may be made in open-market or privately negotiated transactions.

Item 6. Exhibits

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

35

INDEX TO EXHIBITS

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).

36

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.

June 8, 2022

	CAMPBELL SOUP COMPANY
By:	/s/ Mick J. Beekhuizen
	Mick J. Beekhuizen
	Executive Vice President and Chief Financial Officer
By:	/s/ Stanley Polomski
	Stanley Polomski
	Senior Vice President and Controller

37

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: June 8, 2022

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: June 8, 2022

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 May 1, 2022 (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: June 8, 2022

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 May 1, 2022 (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: June 8, 2022

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	9 Months Ended
	May 01, 2022	Jun. 01, 2022
Document and Entity Information [Abstract]
Entity Registrant Name	CAMPBELL SOUP CO
Entity Central Index Key	0000016732
Current Fiscal Year End Date	--07-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	May 01, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		300,575,616
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		9 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
Income Statement [Abstract]
Net sales	$ 2,130	$ 1,984	$ 6,575	$ 6,603
Costs and expenses
Cost of products sold	1,465	1,356	4,519	4,379
Marketing and selling expenses	188	202	555	642
Administrative expenses	151	153	454	452
Research and development expenses	22	22	64	61
Other expenses / (income)	10	(23)	(10)	(86)
Restructuring charges	0	2	0	21
Total costs and expenses	1,836	1,712	5,582	5,469
Earnings before interest and taxes	294	272	993	1,134
Interest expense	51	53	144	163
Interest income	1	0	1	1
Earnings before taxes	244	219	850	972
Taxes on earnings	56	53	189	252
Earnings from continuing operations	188	166	661	720
Loss from discontinued operations	0	(6)	0	(6)
Net earnings	188	160	661	714
Less: Net earnings (loss) attributable to noncontrolling interests	0	0	0	0
Net earnings attributable to Campbell Soup Company	$ 188	$ 160	$ 661	$ 714
Per Share - Basic
Earnings from continuing operations attributable to Campbell Soup Company	$ 0.62	$ 0.55	$ 2.19	$ 2.38
Loss from discontinued operations	0	(0.02)	0	(0.02)
Net earnings attributable to Campbell Soup Company	$ 0.62	$ 0.53	$ 2.19	$ 2.36
Weighted average shares outstanding - basic	301	303	302	303
Per Share - Assuming Dilution
Earnings from continuing operations attributable to Campbell Soup Company	$ 0.62	$ 0.54	$ 2.18	$ 2.36
Loss from discontinued operations	0	(0.02)	0	(0.02)
Net earnings attributable to Campbell Soup Company	$ 0.62	$ 0.52	$ 2.18	$ 2.34
Weighted average shares outstanding - assuming dilution	302	305	303	305

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 188	$ 160	$ 661	$ 714
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax [Abstract]
Foreign currency translation adjustments, before tax	(2)	7	(6)	14
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax [Abstract]
Unrealized gains (losses) arising during the period, before tax	9	(2)	17	(9)
Reclassification adjustment for losses (gains) included in net earnings, before Tax	(4)	2	(4)	5
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract]
Reclassification of prior service credit included in net earnings, before tax	0	(2)	(1)	(4)
Other comprehensive income (loss), before tax	3	5	6	6
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax [Abstract]
Foreign currency translation adjustments, tax (expense) benefit	0	0	0	0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax [Abstract]
Unrealized gains (losses) arising during the period, tax	(2)	0	(4)	1
Reclassification adjustment for losses (gains) included in net earnings, tax (expense) benefit	1	0	1	0
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	1	0	1
Other comprehensive income (loss), tax (expense) benefit	(1)	1	(3)	2
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract]
Foreign currency translation adjustments, after-tax	(2)	7	(6)	14
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax [Abstract]
Unrealized gains (loss) arising during the period, after-tax	7	(2)	13	(8)
Reclassification adjustment for losses (gains) included in net earnings, after Tax	(3)	2	(3)	5
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax [Abstract]
Reclassification of prior service credit included in net earnings, after-tax	0	(1)	(1)	(3)
Other comprehensive income (loss), after-tax	2	6	3	8
Total comprehensive income (loss), after-tax	190	166	664	722
Total comprehensive income (loss) attributable to noncontrolling interests	0	(1)	0	(4)
Total comprehensive income (loss) attributable to Campbell Soup Company	$ 190	$ 167	$ 664	$ 726

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Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions	May 01, 2022	Aug. 01, 2021
Current assets
Cash and cash equivalents	$ 196	$ 69
Accounts receivable, net	511	595
Inventories	1,044	933
Other current assets	101	98
Total current assets	1,852	1,695
Plant assets, net of depreciation	2,313	2,370
Goodwill	3,978	3,981
Other intangible assets, net of amortization	3,208	3,239
Other assets	496	449
Total assets	11,847	11,734
Current liabilities
Short-term borrowings	750	48
Payable to suppliers and others	1,286	1,070
Accrued liabilities	542	576
Dividends payable	112	115
Accrued income taxes	9	5
Total current liabilities	2,699	1,814
Long-term debt	3,998	5,010
Deferred taxes	1,094	1,051
Other liabilities	661	705
Total liabilities	8,452	8,580
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	402	414
Earnings retained in the business	4,059	3,742
Capital stock in treasury, at cost	(1,088)	(1,021)
Accumulated other comprehensive income (loss)	8	5
Total Campbell Soup Company shareholders' equity	3,393	3,152
Noncontrolling interests	2	2
Total equity	3,395	3,154
Total liabilities and equity	$ 11,847	$ 11,734
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	9 Months Ended
	May 01, 2022	May 02, 2021
Cash flows from operating activities:
Net earnings	$ 661	$ 714
Adjustments to reconcile net earnings to operating cash flow
Restructuring charges	0	21
Stock-based compensation	46	51
Pension and postretirement benefit income	(31)	(87)
Depreciation and amortization	251	233
Deferred income taxes	39	99
Other	66	66
Changes in working capital
Accounts receivable	81	(4)
Inventories	(111)	(2)
Prepaid assets	(1)	(23)
Accounts payable and accrued liabilities	140	(149)
Other	(40)	(38)
Net cash provided by operating activities	1,101	881
Cash flows from investing activities:
Purchases of plant assets	(179)	(190)
Purchases of route businesses	(1)	(1)
Sales of route businesses	2	7
Other	10	7
Net cash used in investing activities	(168)	(177)
Cash flows from financing activities:
Short-term borrowings, including commercial paper	821	0
Short-term repayments, including commercial paper	(700)	(295)
Long-term repayments	0	(721)
Dividends paid	(340)	(327)
Treasury stock purchases	(116)	0
Treasury stock issuances	1	2
Payments related to tax withholding for stock-based compensation	(18)	(15)
Payments related to extinguishment of debt	(453)	0
Net cash used in financing activities	(805)	(1,356)
Effect of exchange rate changes on cash	(1)	2
Net change in cash and cash equivalents	127	(650)
Cash and cash equivalents - beginning of period	69	859
Cash and cash equivalents - end of period	$ 196	$ 209

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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 Aug. 02, 2020		323.0
Treasury stock, shares at Aug. 02, 2020			(21.0)
Balance, value at Aug. 02, 2020	$ 2,569	$ 12	$ (1,023)	$ 394	$ 3,190	$ (10)	$ 6
Net earnings (loss)	714				714		0
Other comprehensive income (loss)	8					12	(4)
Dividends	$ (334)				(334)
Dividends per share	$ 1.09
Treasury stock purchased, Shares			0.0
Treasury stock purchased, value	$ 0		$ 0
Treasury stock issued under management incentive and stock option plans, shares			1.0
Treasury stock issued under management incentive and stock option plans, value	38		$ 37	7	(6)
Capital stock, shares at May. 02, 2021		323.0
Treasury Stock, Shares at May. 02, 2021			(20.0)
Balance, value at May. 02, 2021	2,995	$ 12	$ (986)	401	3,564	2	2
Capital stock, shares at Jan. 31, 2021		323.0
Treasury stock, shares at Jan. 31, 2021			(20.0)
Balance, value at Jan. 31, 2021	2,925	$ 12	$ (990)	388	3,517	(5)	3
Net earnings (loss)	160				160		0
Other comprehensive income (loss)	6					7	(1)
Dividends	$ (113)				(113)
Dividends per share	$ 0.37
Treasury stock purchased, Shares			0.0
Treasury stock purchased, value	$ 0		$ 0
Treasury stock issued under management incentive and stock option plans, shares			0.0
Treasury stock issued under management incentive and stock option plans, value	17		$ 4	13	0
Capital stock, shares at May. 02, 2021		323.0
Treasury Stock, Shares at May. 02, 2021			(20.0)
Balance, value at May. 02, 2021	2,995	$ 12	$ (986)	401	3,564	2	2
Capital stock, shares at Aug. 01, 2021		323.0
Treasury stock, shares at Aug. 01, 2021			(21.0)
Balance, value at Aug. 01, 2021	3,154	$ 12	$ (1,021)	414	3,742	5	2
Net earnings (loss)	661				661		0
Other comprehensive income (loss)	3					3	0
Dividends	$ (336)				(336)
Dividends per share	$ 1.11
Treasury stock purchased, Shares	(2.7)		(3.0)
Treasury stock purchased, value	$ (116)		$ (116)
Treasury stock issued under management incentive and stock option plans, shares			1.0
Treasury stock issued under management incentive and stock option plans, value	29		$ 49	(12)	(8)
Capital stock, shares at May. 01, 2022		323.0
Treasury Stock, Shares at May. 01, 2022			(23.0)
Balance, value at May. 01, 2022	3,395	$ 12	$ (1,088)	402	4,059	8	2
Capital stock, shares at Jan. 30, 2022		323.0
Treasury stock, shares at Jan. 30, 2022			(21.0)
Balance, value at Jan. 30, 2022	3,352	$ 12	$ (1,039)	388	3,983	6	2
Net earnings (loss)	188				188		0
Other comprehensive income (loss)	2					2	0
Dividends	$ (112)				(112)
Dividends per share	$ 0.37
Treasury stock purchased, Shares			(2.0)
Treasury stock purchased, value	$ (51)		$ (51)
Treasury stock issued under management incentive and stock option plans, shares			0.0
Treasury stock issued under management incentive and stock option plans, value	16		$ 2	14	0
Capital stock, shares at May. 01, 2022		323.0
Treasury Stock, Shares at May. 01, 2022			(23.0)
Balance, value at May. 01, 2022	$ 3,395	$ 12	$ (1,088)	$ 402	$ 4,059	$ 8	$ 2

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Basis of Presentations and Significant Accounting Policies

9 Months Ended

May 01, 2022

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 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 1, 2021. Certain amounts in prior-year financial statements were reclassified to conform to the current-year presentation.

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 July 31, 2022.

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Recent Accounting Pronouncements

9 Months Ended

May 01, 2022

Accounting Standards Update and Change in Accounting Principle [Abstract]

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Recently Adopted

In December 2019, the Financial Accounting Standards Board (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. We adopted the guidance in the first quarter of 2022. The adoption did not have an impact on our consolidated financial statements.

Accounting Pronouncements Not Yet Adopted

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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Accumulated Other Comprehensive Income (Loss)

9 Months Ended

May 01, 2022

Equity [Abstract]

Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income (Loss)

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

(Millions)	Foreign Currency Translation Adjustments(1)		Cash-Flow Hedges(2)		Pension and Postretirement Benefit Plan Adjustments(3)		Total Accumulated Comprehensive Income (Loss)
Balance at August 2, 2020	$	(10)	$	(7)	$	7	$	(10)
Other comprehensive income (loss) before reclassifications	18		(8)		—		10
Losses (gains) reclassified from accumulated other comprehensive income (loss)	—		5		(3)		2
Net current-period other comprehensive income (loss)	18		(3)		(3)		12
Balance at May 2, 2021	$	8	$	(10)	$	4	$	2
Balance at August 1, 2021	$	6	$	(4)	$	3	$	5
Other comprehensive income (loss) before reclassifications	(6)		13		—		7
Losses (gains) reclassified from accumulated other comprehensive income (loss)	—		(3)		(1)		(4)
Net current-period other comprehensive income (loss)	(6)		10		(1)		3
Balance at May 1, 2022	$	—	$	6	$	2	$	8

_____________________________________

(1)Included no tax as of May 1, 2022, August 1, 2021, May 2, 2021 and August 2, 2020.

(2)Included tax expense of $2 million as of May 1, 2022, a tax benefit of $1 million as of August 1, 2021, $2 million as of May 2, 2021, and $1 million as of August 2, 2020.

(3)Included tax expense of $1 million as of May 1, 2022, August 1, 2021 and May 2, 2021, and $2 million as of August 2, 2020.

Amounts related to noncontrolling interests were not material.

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

	Three Months Ended				Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021		Location of Loss (Gain) Recognized in Earnings
Losses (gains) on cash-flow hedges:
Commodity contracts	$	(3)	$	—	$	(6)	$	—	Cost of products sold
Foreign exchange forward contracts	(1)		2		1		4		Cost of products sold
Forward starting interest rate swaps	—		—		1		1		Interest expense
Total before tax	(4)		2		(4)		5
Tax expense (benefit)	1		—		1		—
Loss (gain), net of tax	$	(3)	$	2	$	(3)	$	5
Pension and postretirement benefit adjustments:
Prior service credit	$	—	$	(2)	$	(1)	$	(4)	Other expenses / (income)
Tax expense (benefit)	—		1		—		1
Loss (gain), net of tax	$	—	$	(1)	$	(1)	$	(3)

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Goodwill And Intangible Assets

9 Months Ended

May 01, 2022

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:

(Millions)	Meals & Beverages		Snacks		Total
Net balance at August 1, 2021	$	970	$	3,011	$	3,981
Amounts reclassified due to segment change(1)	25		(25)		—
Foreign currency translation adjustment	(3)		—		(3)
Net balance at May 1, 2022	$	992	$	2,986	$	3,978

_____________________________________

(1)See Note 5 for additional information.

Intangible Assets

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

	May 1, 2022						August 1, 2021
(Millions)	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Amortizable intangible assets
Customer relationships	$	830	$	(171)	$	659	$	830	$	(140)	$	690
Non-amortizable intangible assets
Trademarks					2,549						2,549
Total net intangible assets					$	3,208					$	3,239

The carrying values of trademarks as of May 1, 2022 and August 1, 2021 are detailed below:

(Millions)
Snyder's of Hanover	$	620
Lance	350
Pace	292
Pacific Foods	280
Various Other(1)	1,007
Total	$	2,549

_____________________________________

(1)Associated with the acquisition of Snyder's-Lance, Inc. (Snyder's-Lance).

Amortization of intangible assets was $31 million for both the nine-month periods ended May 1, 2022 and May 2, 2021. As of May 1, 2022, amortizable intangible assets had a weighted-average remaining useful life of 17 years. Amortization expense for the next 5 years is estimated to be approximately $41 million per year.

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Segment Information

9 Months Ended

May 01, 2022

Segment Reporting [Abstract]

Business and Geographic Segment Information

Segment Information

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 2022, we now refer to the * brands as our "power brands."

Beginning in 2022, the foodservice and Canadian business formerly included in our Snacks segment is now managed as part of the Meals & Beverages segment. Segment results have been adjusted retrospectively to reflect this change.

We evaluate segment performance before interest, taxes and costs associated with restructuring activities and impairment charges. Unrealized gains and losses on outstanding 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				Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Net sales
Meals & Beverages	$	1,131	$	1,062	$	3,672	$	3,743
Snacks	999		922		2,903		2,860
Total	$	2,130	$	1,984	$	6,575	$	6,603

	Three Months Ended				Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Earnings before interest and taxes
Meals & Beverages	$	220	$	186	$	713	$	785
Snacks	127		102		376		377
Corporate income (expense)(1)	(53)		(14)		(96)		(7)
Restructuring charges(2)	—		(2)		—		(21)
Total	$	294	$	272	$	993	$	1,134

_______________________________________

(1)Represents unallocated items. There were pension actuarial losses of $16 million and $12 million in the three- and nine-month periods ended May 1, 2022, and pension actuarial gains of $4 million and $38 million in the three- and nine-month periods ended May 2, 2021, respectively. Costs related to the cost savings initiatives were $6 million and $15 million in the three- and nine-month periods ended May 1, 2022, and $13 million and $22 million in the three- and nine-month periods ended May 2, 2021, respectively. Unrealized mark-to-market adjustments on outstanding undesignated commodity hedges were losses of $5 million and $8 million in the three- and nine-month periods ended May 1, 2022, and gains of $22 million and $39 million in the three- and nine-month periods ended May 2, 2021, respectively.

(2)See Note 6 for additional information.

Our net sales based on product categories are as follows:

	Three Months Ended				Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Net sales
Soup	$	606	$	544	$	2,187	$	2,164
Snacks	1,039		961		3,008		2,958
Other simple meals	287		278		821		896
Beverages	198		201		559		585
Total	$	2,130	$	1,984	$	6,575	$	6,603

Soup includes various soup, broth 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, gravies, pasta, beans, canned poultry, and Plum products through May 3, 2021, when the business was sold. 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

9 Months Ended

May 01, 2022

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.

Over the years, we expanded these initiatives by continuing to optimize 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. 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 continued to implement this program and identified opportunities for additional cost synergies as we integrated Snyder's-Lance.

In 2022, we expanded these initiatives as we continue to pursue cost savings by further optimizing our supply chain and manufacturing network and through effective cost management. Cost estimates for these expanded initiatives, as well as timing for certain activities, are continuing to be developed.

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

	Three Months Ended				Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021		Recognized as of May 1, 2022
Restructuring charges	$	—	$	2	$	—	$	21	$	259
Administrative expenses	5		11		10		21		349
Cost of products sold	1		2		5		1		84
Marketing and selling expenses	—		—		—		—		13
Research and development expenses	—		—		—		—		4
Total pre-tax charges	$	6	$	15	$	15	$	43	$	709

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

(Millions)	Recognized as of May 1, 2022
Severance pay and benefits	$	222
Asset impairment/accelerated depreciation	82
Implementation costs and other related costs	405
Total	$	709

The total estimated pre-tax costs for actions associated with continuing operations that have been identified are approximately $725 million to $735 million and we expect to incur substantially all of the costs through 2022. These estimates will be updated as 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 $225 million in severance pay and benefits; approximately $85 million in asset impairment and accelerated depreciation; and approximately $415 million to $425 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 31%; Snacks - approximately 43%; and Corporate - approximately 26%.

Of the aggregate $725 million to $735 million of pre-tax costs associated with continuing operations identified to date, we expect approximately $625 million to $635 million will be cash expenditures. In addition, we expect to invest approximately $440 million in capital expenditures, of which we invested $433 million as of May 1, 2022. We expect to invest in substantially all of the capital expenditures through 2022. 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 our existing 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, 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 May 1, 2022, is as follows:

(Millions)	Severance Pay and Benefits		Implementation Costs and Other Related Costs(2)	Total Charges
Accrued balance at August 1, 2021(1)	$	7
2022 charges	—		15	$	15
2022 cash payments	(4)
Accrued balance at May 1, 2022	$	3

__________________________________ 

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

(2)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.

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:

	May 1, 2022
(Millions)	Three Months Ended		Nine Months Ended		Costs Incurred to Date
Meals & Beverages	$	—	$	2	$	225
Snacks	4		11		310
Corporate	2		2		174
Total	$	6	$	15	$	709

In addition, in the second quarter of 2021, we recorded a $19 million 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	9 Months Ended
	May 01, 2022
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 nine-month periods ended May 1, 2022, and May 2, 2021, excludes approximately 1 million stock options that would have been antidilutive.

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Pension And Postretirement Benefits

9 Months Ended

May 01, 2022

Retirement Benefits [Abstract]

Pension And Postretirement Benefits

Pension and Postretirement Benefits

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

	Three Months Ended								Nine Months Ended
	Pension				Postretirement				Pension				Postretirement
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Service cost	$	3	$	5	$	—	$	—	$	12	$	14	$	—	$	—
Interest cost	13		10		1		1		34		30		3		3
Expected return on plan assets	(29)		(31)		—		—		(91)		(92)		—		—
Amortization of prior service cost	—		—		—		(2)		—		—		(1)		(4)
Actuarial losses (gains)	16		(4)		—		—		12		(38)		—		—
Net periodic benefit expense (income)	$	3	$	(20)	$	1	$	(1)	$	(33)	$	(86)	$	2	$	(1)

Actuarial losses (gains) were due to the remeasurements of U.S. and Canadian pension plans. These remeasurements were each due to lump sum distributions that exceeded or are expected to exceed service and interest costs resulting in settlement accounting for the plans. The actuarial losses recognized for the three- and nine-month periods ended May 1, 2022 were primarily due to lower than anticipated investment returns on plan assets, partially offset by an increase in discount rates used to determine the benefit obligation. The actuarial gains recognized for the three- and nine-month periods ended May 2, 2021 were primarily due to an increase in discount rates used to determine the benefit obligation, partially offset by lower than anticipated investment returns on plan assets.

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Leases

9 Months Ended

May 01, 2022

Leases [Abstract]

Lessee, Operating Leases

Leases

The components of lease costs were as follows:

	Three Months Ended				Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Operating lease cost	$	19	$	20	$	58	$	60
Finance lease - amortization of right-of-use (ROU) assets	4		1		12		3
Short-term lease cost	15		11		42		32
Variable lease cost(1)	49		45		150		137
Sublease income	—		(1)		—		(2)
Total	$	87	$	76	$	262	$	230

__________________________________________

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

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

	Operating Leases
(Millions)	Balance Sheet Classification	May 1, 2022		August 1, 2021
ROU assets, net	Other assets	$	246	$	235
Lease liabilities (current)	Accrued liabilities	$	58	$	54
Lease liabilities (noncurrent)	Other liabilities	$	187	$	180
	Finance Leases
(Millions)	Balance Sheet Classification	May 1, 2022		August 1, 2021
ROU assets, net	Plant assets, net of depreciation	$	32	$	29
Lease liabilities (current)	Short-term borrowings	$	15	$	11
Lease liabilities (noncurrent)	Long-term debt	$	18	$	19

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

	Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	58	$	60
Financing cash flows from finance leases	$	12	$	3
ROU assets obtained in exchange for lease obligations:
Operating leases	$	67	$	39
Finance leases	$	15	$	4

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Debt	9 Months Ended
	May 01, 2022
Debt Disclosure [Abstract]
Short-term Borrowings and Long-term Debt	Debt ExtinguishmentOn March 4, 2022, we completed the redemption of all $450 million outstanding aggregate principal amount of our 2.50% Senior Notes due August 2, 2022. The consideration for the redemption was $453 million, including $3 million of premium. We recognized a loss of $4 million (including the $3 million of premium and other costs), which was recorded in Interest expense in the Consolidated Statement of Earnings. In addition, we paid accrued and unpaid interest on the redeemed notes through the date of settlement. We used a combination of cash on hand and short-term debt to fund the redemption.

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Financial Instruments

9 Months Ended

May 01, 2022

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 May 1, 2022, or August 1, 2021.

We are also exposed to credit risk from our customers. During 2021, our largest customer accounted for approximately 21% of consolidated net sales from continuing operations. Our five largest customers accounted for approximately 46% of our consolidated net sales from continuing operations in 2021.

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. Principal currencies hedged include the Canadian 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. The notional amount of foreign exchange forward contracts accounted for as cash-flow hedges was $176 million as of May 1, 2022, and $134 million as of August 1, 2021. Changes in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of cash-flow hedges are recorded in other comprehensive income (loss), until earnings are affected by the variability of cash flows. For derivatives that are designated and qualify as hedging instruments, the initial fair value of hedge components excluded from the assessment of effectiveness is recognized in earnings under a systematic and rational method over the life of the hedging instrument and is presented in the same statement of earnings line item as the earnings effect of the hedged item. Any difference between the change in the fair value of the hedge components excluded from the assessment of effectiveness and the amounts recognized in earnings is recorded as a component of other comprehensive income (loss). The notional amount of foreign exchange forward contracts that are not designated as accounting hedges was $15 million as of May 1, 2022, and $13 million as of August 1, 2021.

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. There were no interest rate swaps or treasury rate lock contracts outstanding as of May 1, 2022, or August 1, 2021.

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, aluminum, cocoa, soybean meal, corn and butter. 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 $9 million as of May 1, 2022, and $18 million as of August 1, 2021. Changes in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of cash-flow hedges are recorded in other comprehensive income (loss), until earnings are affected by the variability of cash flows. The notional amount of commodity contracts not designated as accounting hedges was $184 million as of May 1, 2022, and $190 million as of August 1, 2021. The change in fair value on undesignated instruments is recorded in Cost of products sold.

We have 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 amount was approximately $63 million as of May 1, 2022, and $38 million as of August 1, 2021. The change in fair value on the embedded derivative is recorded in Cost of products sold.

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 the Vanguard Extended Market Index Plus Fund, the Vanguard Institutional Index Institutional Plus Fund, the Vanguard Short-Term Bond Index Fund, and the Vanguard Total International Stock Index Fund. Prior to 2022, we

had entered into swap contracts which hedged a portion of exposures linked to the total return of our capital stock. As of May 1, 2022, and August 1, 2021, there were no swap contracts outstanding hedging our exposure linked to the total return of our capital stock. These contracts are 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 $50 million as of May 1, 2022, and $29 million as of August 1, 2021.

The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of May 1, 2022, and August 1, 2021:

(Millions)	Balance Sheet Classification	May 1, 2022		August 1, 2021
Asset Derivatives
Derivatives designated as hedges:
Commodity contracts	Other current assets	$	10	$	4
Foreign exchange forward contracts	Other current assets	3		1
Total derivatives designated as hedges		$	13	$	5
Derivatives not designated as hedges:
Commodity contracts	Other current assets	$	43	$	49
Deferred compensation contracts	Other current assets	—		3
Total derivatives not designated as hedges		$	43	$	52
Total asset derivatives		$	56	$	57

(Millions)	Balance Sheet Classification	May 1, 2022		August 1, 2021
Liability Derivatives
Derivatives designated as hedges:
Foreign exchange forward contracts	Accrued liabilities	$	—	$	3
Total derivatives designated as hedges		$	—	$	3
Derivatives not designated as hedges:
Commodity contracts	Accrued liabilities	$	2	$	—
Deferred compensation contracts	Accrued liabilities	4		—
Total derivatives not designated as hedges		$	6	$	—
Total liability derivatives		$	6	$	3

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 May 1, 2022, and August 1, 2021, would be adjusted as detailed in the following table:

	May 1, 2022						August 1, 2021
(Millions)	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	$	56	$	(2)	$	54	$	57	$	(1)	$	56
Total liability derivatives	$	6	$	(2)	$	4	$	3	$	(1)	$	2

We are required to maintain cash margin accounts in connection with funding the settlement of open positions for exchange-traded commodity derivative instruments. Cash margin liability balances of $3 million at May 1, 2022, and $14 million at August 1, 2021, were included in Accrued liabilities in the Consolidated Balance Sheets.

The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and nine-month periods ended May 1, 2022, and May 2, 2021, in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings:

		Total Cash-Flow Hedge OCI Activity
(Millions)		May 1, 2022		May 2, 2021
Three Months Ended
OCI derivative gain (loss) at beginning of quarter		$	3	$	(12)
Effective portion of changes in fair value recognized in OCI:
Commodity contracts		8		2
Foreign exchange forward contracts		1		(4)
Amount of loss (gain) reclassified from OCI to earnings:	Location in Earnings
Commodity contracts	Cost of products sold	(3)		—
Foreign exchange forward contracts	Cost of products sold	(1)		2
OCI derivative gain (loss) at end of quarter		$	8	$	(12)
Nine Months Ended
OCI derivative gain (loss) at beginning of year		$	(5)	$	(8)
Effective portion of changes in fair value recognized in OCI:
Commodity contracts		12		2
Foreign exchange forward contracts		5		(11)
Amount of loss (gain) reclassified from OCI to earnings:	Location in Earnings
Commodity contracts	Cost of products sold	(6)		—
Foreign exchange forward contracts	Cost of products sold	1		4
Forward starting interest rate swaps	Interest expense	1		1
OCI derivative gain (loss) at end of quarter		$	8	$	(12)

Based on current valuations, the amount expected to be reclassified from OCI into earnings within the next 12 months is a gain of $13 million.

The following tables show the total amounts of line items presented in the Consolidated Statements of Earnings for the three- and nine-month periods ended May 1, 2022, and May 2, 2021, in which the effects of derivative instruments designated as cash-flow hedges are recorded. The total effect of hedge activity on these line items are as follows:

	Three Months Ended
	May 1, 2022				May 2, 2021
(Millions)	Cost of products sold		Interest Expense		Cost of products sold		Interest Expense
Consolidated Statements of Earnings:	$	1,465	$	51	$	1,356	$	53
Loss (gain) on cash-flow hedges:
Amount of loss (gain) reclassified from OCI to earnings	$	(4)	$	—	$	2	$	—
Amount excluded from effectiveness testing recognized in earnings using an amortization approach	$	—	$	—	$	—	$	—
	Nine Months Ended
	May 1, 2022				May 2, 2021
(Millions)	Cost of products sold		Interest Expense		Cost of products sold		Interest Expense
Consolidated Statements of Earnings:	$	4,519	$	144	$	4,379	$	163
Loss (gain) on cash-flow hedges:
Amount of loss (gain) reclassified from OCI to earnings	$	(5)	$	1	$	4	$	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 nine-month periods ended May 1, 2022, and May 2, 2021, in the Consolidated Statements of Earnings:

	Location of Loss (Gain) Recognized in Earnings	Three Months Ended				Nine Months Ended
(Millions)		May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Foreign exchange forward contracts	Cost of products sold	$	—	$	1	$	—	$	2
Commodity contracts	Cost of products sold	(9)		(24)		(28)		(39)
Deferred compensation contracts	Administrative expenses	3		(3)		3		(6)
Total loss (gain)		$	(6)	$	(26)	$	(25)	$	(43)

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Fair Value Measurements

9 Months Ended

May 01, 2022

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 tables present our financial assets and liabilities that are measured at fair value on a recurring basis as of May 1, 2022, and August 1, 2021, consistent with the fair value hierarchy:

	Fair Value as of May 1, 2022		Fair Value Measurements at May 1, 2022 Using Fair Value Hierarchy						Fair Value as of August 1, 2021		Fair Value Measurements at August 1, 2021 Using Fair Value Hierarchy
(Millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Assets
Foreign exchange forward contracts(1)	$	3	$	—	$	3	$	—	$	1	$	—	$	1	$	—
Commodity derivative contracts(2)	53		6		39		8		53		21		31		1
Deferred compensation derivative contracts(3)	—		—		—		—		3		—		3		—
Deferred compensation investments(4)	2		2		—		—		3		3		—		—
Total assets at fair value	$	58	$	8	$	42	$	8	$	60	$	24	$	35	$	1

	Fair Value as of May 1, 2022		Fair Value Measurements at May 1, 2022 Using Fair Value Hierarchy						Fair Value as of August 1, 2021		Fair Value Measurements at August 1, 2021 Using Fair Value Hierarchy
(Millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Liabilities
Foreign exchange forward contracts(1)	$	—	$	—	$	—	$	—	$	3	$	—	$	3	$	—
Commodity derivative contracts(2)	2		—		2		—		—		—		—		—
Deferred compensation derivative contracts(3)	4		—		4		—		—		—		—		—
Deferred compensation obligation(4)	89		89		—		—		105		105		—		—
Total liabilities at fair value	$	95	$	89	$	6	$	—	$	108	$	105	$	3	$	—

___________________________________ 

(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 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 nine-month periods ended May 1, 2022, and May 2, 2021:

	Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021
Fair value at beginning of year	$	1	$	2
Gains (losses)	18		2
Settlements	(11)		(3)
Fair value at end of quarter	$	8	$	1

Fair Value of Financial Instruments

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

There were $39 million of cash equivalents at May 1, 2022, and none at August 1, 2021. 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 $4,541 million at May 1, 2022, and $5,613 million at August 1, 2021. The carrying value was $4,748 million at May 1, 2022, and $5,058 million at August 1, 2021. 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

9 Months Ended

May 01, 2022

Equity [Abstract]

Share Repurchases

Share Repurchases

In June 2021, the Board authorized an anti-dilutive share repurchase program of up to $250 million (June 2021 program) to offset the impact of dilution from shares issued under our stock compensation programs. The June 2021 program has no expiration date, but it may be suspended or discontinued at any time. Repurchases under the June 2021 program may be made in open-market or privately negotiated transactions.

In September 2021, the Board approved a strategic share repurchase program of up to $500 million (September 2021 program). The September 2021 program has no expiration date, but it may be suspended or discontinued at any time. Repurchases under the September 2021 program may be made in open-market or privately negotiated transactions.

During the nine-month period ended May 1, 2022, we repurchased approximately 2.7 million shares at a cost of $116 million. Of this amount, $41 million was used to repurchase shares pursuant to our June 2021 program and $75 million was used to repurchase shares pursuant to our September 2021 program. As of May 1, 2022, approximately $173 million remained available under the June 2021 program and approximately $425 million remained available under the September 2021 program.

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Stock-based Compensation

9 Months Ended

May 01, 2022

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 2022, we issued time-lapse restricted stock units, unrestricted stock, TSR performance restricted stock units and EPS performance restricted stock units. We last issued stock options and FCF performance restricted stock units in 2019.

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				Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Total pre-tax stock-based compensation expense	$	15	$	17	$	46	$	51
Tax-related benefits	$	3	$	3	$	8	$	9

The following table summarizes stock option activity as of May 1, 2022:

	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life	Aggregate Intrinsic Value
	(Options in thousands)			(In years)	(Millions)
Outstanding at August 1, 2021	1,372	$	45.61
Granted	—	$	—
Exercised	(32)	$	36.60
Terminated	—	$	—
Outstanding at May 1, 2022	1,340	$	45.83	5.1	$	5
Exercisable at May 1, 2022	1,340	$	45.83	5.1	$	5

The total intrinsic value of options exercised during the nine-month periods ended May 1, 2022 and May 2, 2021 was not material. We measured the fair value of stock options using the Black-Scholes option pricing model.

We expensed stock options on a straight-line basis over the vesting period, except for awards issued to retirement eligible participants, which we expensed on an accelerated basis. As of January 2022, compensation related to stock options was fully expensed.

The following table summarizes time-lapse restricted stock units, EPS performance restricted stock units and FCF performance restricted stock units as of May 1, 2022:

	Units	Weighted-Average Grant-Date Fair Value
	(Restricted stock units in thousands)
Nonvested at August 1, 2021	1,814	$	45.63
Granted	1,538	$	41.94
Vested	(1,173)	$	43.96
Forfeited	(194)	$	44.60
Nonvested at May 1, 2022	1,985	$	43.86

We determine the fair value of time-lapse 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.

In 2022, we granted EPS performance restricted stock units that will be earned upon the achievement of our adjusted EPS compound annual growth rate goal, measured over a three-year period. The actual number of EPS 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 EPS performance restricted stock units is based upon the quoted price of our stock at the date of grant. We expense EPS performance restricted stock units on a straight-line basis over the service period, except for awards issued to retirement-eligible participants, which we expense on an accelerated basis. We estimate expense based on the number of awards expected to vest. There were 309 thousand EPS performance target grants outstanding at May 1, 2022, with a weighted-average grant-date fair value of $41.50.

In 2019, we issued approximately 388 thousand FCF performance restricted stock units for which vesting was 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 was averaged at the end of the three-year period to determine the number of underlying units that would 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 was based upon the quoted price of our stock at the date of grant. We expensed FCF performance restricted stock units over the requisite service period of each objective. We estimated expense based on the number of awards expected to vest. In the first quarter of 2022, recipients of FCF performance restricted stock units earned 167% of the initial grants based upon the average of actual performance achieved during a three-year period ended August 1, 2021. As a result, approximately 158 thousand additional shares were awarded. As of October 31, 2021, there were no FCF performance target grants outstanding.

As of May 1, 2022, total remaining unearned compensation related to nonvested time-lapse restricted stock units and EPS performance restricted stock units was $45 million, which will be amortized over the weighted-average remaining service period of 1.9 years. The fair value of restricted stock units vested during the nine-month periods ended May 1, 2022, and May 2, 2021, was $50 million, and $38 million, respectively. The weighted-average grant-date fair value of the restricted stock units granted during the nine-month period ended May 2, 2021 was $48.43.

The following table summarizes TSR performance restricted stock units as of May 1, 2022:

	Units	Weighted-Average Grant-Date Fair Value
	(Restricted stock units in thousands)
Nonvested at August 1, 2021	1,222	$	53.60
Granted	331	$	45.54
Vested	(178)	$	31.35
Forfeited	(188)	$	48.00
Nonvested at May 1, 2022	1,187	$	55.58

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

Weighted-average assumptions used in the Monte Carlo simulation were as follows:

	2022	2021
Risk-free interest rate	0.46%	0.15%
Expected dividend yield	3.50%	2.85%
Expected volatility	27.42%	29.99%
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 May 1, 2022, total remaining unearned compensation related to TSR performance restricted stock units was $20 million, which will be amortized over the weighted-average remaining service period of 1.6 years. In the first quarter of 2022, recipients of TSR performance restricted stock units earned 75% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 30, 2021. 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. The fair value of TSR performance restricted stock units vested during the nine-month periods ended May 1, 2022 and May 2, 2021 was $8 million and $11 million, respectively. The grant-date fair value of the TSR performance restricted stock units granted during 2021 was $54.93.

The excess tax benefits of $1 million in the nine-month periods ended May 1, 2022, and May 2, 2021, 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 $1 million and $2 million for the nine-month periods ended May 1, 2022, and May 2, 2021, respectively, and is reflected in cash flows from financing activities in the Consolidated Statements of Cash Flows.

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Commitments and Contingencies

9 Months Ended

May 01, 2022

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. On March 10, 2021 the defendants filed a motion to dismiss the second amended consolidated complaint. 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 May 1, 2022. 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.

Other Contingencies

We have provided certain indemnifications in connection with divestitures, contracts and other transactions. Certain indemnifications have finite expiration dates. Liabilities recognized based on known exposures related to such matters were not material at May 1, 2022.

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Supplemental Financial Statement Data

9 Months Ended

May 01, 2022

Disclosure Text Block Supplement [Abstract]

Supplemental Financial Information Data

Supplemental Financial Statement Data

(Millions)	May 1, 2022		August 1, 2021
Balance Sheets
Inventories
Raw materials, containers and supplies	$	381	$	321
Finished products	663		612
	$	1,044	$	933

	Three Months Ended				Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Statements of Earnings
Other expenses / (income)
Amortization of intangible assets	$	10	$	10	$	31	$	31
Net periodic benefit expense (income) other than the service cost	1		(26)		(43)		(101)
Transition services fees	—		(8)		—		(20)
Other	(1)		1		2		4
	$	10	$	(23)	$	(10)	$	(86)

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Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

May 01, 2022

Equity [Abstract]

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

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

(Millions)	Foreign Currency Translation Adjustments(1)		Cash-Flow Hedges(2)		Pension and Postretirement Benefit Plan Adjustments(3)		Total Accumulated Comprehensive Income (Loss)
Balance at August 2, 2020	$	(10)	$	(7)	$	7	$	(10)
Other comprehensive income (loss) before reclassifications	18		(8)		—		10
Losses (gains) reclassified from accumulated other comprehensive income (loss)	—		5		(3)		2
Net current-period other comprehensive income (loss)	18		(3)		(3)		12
Balance at May 2, 2021	$	8	$	(10)	$	4	$	2
Balance at August 1, 2021	$	6	$	(4)	$	3	$	5
Other comprehensive income (loss) before reclassifications	(6)		13		—		7
Losses (gains) reclassified from accumulated other comprehensive income (loss)	—		(3)		(1)		(4)
Net current-period other comprehensive income (loss)	(6)		10		(1)		3
Balance at May 1, 2022	$	—	$	6	$	2	$	8

_____________________________________

(1)Included no tax as of May 1, 2022, August 1, 2021, May 2, 2021 and August 2, 2020.

(2)Included tax expense of $2 million as of May 1, 2022, a tax benefit of $1 million as of August 1, 2021, $2 million as of May 2, 2021, and $1 million as of August 2, 2020.

(3)Included tax expense of $1 million as of May 1, 2022, August 1, 2021 and May 2, 2021, and $2 million as of August 2, 2020.

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				Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021		Location of Loss (Gain) Recognized in Earnings
Losses (gains) on cash-flow hedges:
Commodity contracts	$	(3)	$	—	$	(6)	$	—	Cost of products sold
Foreign exchange forward contracts	(1)		2		1		4		Cost of products sold
Forward starting interest rate swaps	—		—		1		1		Interest expense
Total before tax	(4)		2		(4)		5
Tax expense (benefit)	1		—		1		—
Loss (gain), net of tax	$	(3)	$	2	$	(3)	$	5
Pension and postretirement benefit adjustments:
Prior service credit	$	—	$	(2)	$	(1)	$	(4)	Other expenses / (income)
Tax expense (benefit)	—		1		—		1
Loss (gain), net of tax	$	—	$	(1)	$	(1)	$	(3)

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Goodwill And Intangible Assets (Tables)

9 Months Ended

May 01, 2022

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:

(Millions)	Meals & Beverages		Snacks		Total
Net balance at August 1, 2021	$	970	$	3,011	$	3,981
Amounts reclassified due to segment change(1)	25		(25)		—
Foreign currency translation adjustment	(3)		—		(3)
Net balance at May 1, 2022	$	992	$	2,986	$	3,978

_____________________________________

(1)See Note 5 for additional information.

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:

	May 1, 2022						August 1, 2021
(Millions)	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Amortizable intangible assets
Customer relationships	$	830	$	(171)	$	659	$	830	$	(140)	$	690
Non-amortizable intangible assets
Trademarks					2,549						2,549
Total net intangible assets					$	3,208					$	3,239

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:

	May 1, 2022						August 1, 2021
(Millions)	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Amortizable intangible assets
Customer relationships	$	830	$	(171)	$	659	$	830	$	(140)	$	690
Non-amortizable intangible assets
Trademarks					2,549						2,549
Total net intangible assets					$	3,208					$	3,239

The carrying values of trademarks as of May 1, 2022 and August 1, 2021 are detailed below:

(Millions)
Snyder's of Hanover	$	620
Lance	350
Pace	292
Pacific Foods	280
Various Other(1)	1,007
Total	$	2,549

_____________________________________

(1)Associated with the acquisition of Snyder's-Lance, Inc. (Snyder's-Lance).

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Segment Information (Tables)

9 Months Ended

May 01, 2022

Segment Reporting [Abstract]

Schedule Of Segment Reporting [Table Text Block]

	Three Months Ended				Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Net sales
Meals & Beverages	$	1,131	$	1,062	$	3,672	$	3,743
Snacks	999		922		2,903		2,860
Total	$	2,130	$	1,984	$	6,575	$	6,603

	Three Months Ended				Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Earnings before interest and taxes
Meals & Beverages	$	220	$	186	$	713	$	785
Snacks	127		102		376		377
Corporate income (expense)(1)	(53)		(14)		(96)		(7)
Restructuring charges(2)	—		(2)		—		(21)
Total	$	294	$	272	$	993	$	1,134

_______________________________________

(1)Represents unallocated items. There were pension actuarial losses of $16 million and $12 million in the three- and nine-month periods ended May 1, 2022, and pension actuarial gains of $4 million and $38 million in the three- and nine-month periods ended May 2, 2021, respectively. Costs related to the cost savings initiatives were $6 million and $15 million in the three- and nine-month periods ended May 1, 2022, and $13 million and $22 million in the three- and nine-month periods ended May 2, 2021, respectively. Unrealized mark-to-market adjustments on outstanding undesignated commodity hedges were losses of $5 million and $8 million in the three- and nine-month periods ended May 1, 2022, and gains of $22 million and $39 million in the three- and nine-month periods ended May 2, 2021, respectively.

(2)See Note 6 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				Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Net sales
Soup	$	606	$	544	$	2,187	$	2,164
Snacks	1,039		961		3,008		2,958
Other simple meals	287		278		821		896
Beverages	198		201		559		585
Total	$	2,130	$	1,984	$	6,575	$	6,603

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

9 Months Ended

May 01, 2022

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

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

	Three Months Ended				Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021		Recognized as of May 1, 2022
Restructuring charges	$	—	$	2	$	—	$	21	$	259
Administrative expenses	5		11		10		21		349
Cost of products sold	1		2		5		1		84
Marketing and selling expenses	—		—		—		—		13
Research and development expenses	—		—		—		—		4
Total pre-tax charges	$	6	$	15	$	15	$	43	$	709

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

(Millions)	Recognized as of May 1, 2022
Severance pay and benefits	$	222
Asset impairment/accelerated depreciation	82
Implementation costs and other related costs	405
Total	$	709

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

A summary of the restructuring activity and related reserves associated with continuing operations at May 1, 2022, is as follows:

(Millions)	Severance Pay and Benefits		Implementation Costs and Other Related Costs(2)	Total Charges
Accrued balance at August 1, 2021(1)	$	7
2022 charges	—		15	$	15
2022 cash payments	(4)
Accrued balance at May 1, 2022	$	3

__________________________________ 

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

(2)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.

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:

	May 1, 2022
(Millions)	Three Months Ended		Nine Months Ended		Costs Incurred to Date
Meals & Beverages	$	—	$	2	$	225
Snacks	4		11		310
Corporate	2		2		174
Total	$	6	$	15	$	709

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Pension And Postretirement Benefits (Tables)

9 Months Ended

May 01, 2022

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs [Table Text Block]

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

	Three Months Ended								Nine Months Ended
	Pension				Postretirement				Pension				Postretirement
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Service cost	$	3	$	5	$	—	$	—	$	12	$	14	$	—	$	—
Interest cost	13		10		1		1		34		30		3		3
Expected return on plan assets	(29)		(31)		—		—		(91)		(92)		—		—
Amortization of prior service cost	—		—		—		(2)		—		—		(1)		(4)
Actuarial losses (gains)	16		(4)		—		—		12		(38)		—		—
Net periodic benefit expense (income)	$	3	$	(20)	$	1	$	(1)	$	(33)	$	(86)	$	2	$	(1)

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Leases (Tables)

9 Months Ended

May 01, 2022

Leases [Abstract]

Lease, Cost

The components of lease costs were as follows:

	Three Months Ended				Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Operating lease cost	$	19	$	20	$	58	$	60
Finance lease - amortization of right-of-use (ROU) assets	4		1		12		3
Short-term lease cost	15		11		42		32
Variable lease cost(1)	49		45		150		137
Sublease income	—		(1)		—		(2)
Total	$	87	$	76	$	262	$	230

__________________________________________

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

Schedule of Leases Reported in Balance Sheet

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

	Operating Leases
(Millions)	Balance Sheet Classification	May 1, 2022		August 1, 2021
ROU assets, net	Other assets	$	246	$	235
Lease liabilities (current)	Accrued liabilities	$	58	$	54
Lease liabilities (noncurrent)	Other liabilities	$	187	$	180
	Finance Leases
(Millions)	Balance Sheet Classification	May 1, 2022		August 1, 2021
ROU assets, net	Plant assets, net of depreciation	$	32	$	29
Lease liabilities (current)	Short-term borrowings	$	15	$	11
Lease liabilities (noncurrent)	Long-term debt	$	18	$	19

Schedule of Supplemental Cash Flow Information Related to Leases

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

	Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	58	$	60
Financing cash flows from finance leases	$	12	$	3
ROU assets obtained in exchange for lease obligations:
Operating leases	$	67	$	39
Finance leases	$	15	$	4

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Financial Instruments (Tables)

9 Months Ended

May 01, 2022

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 May 1, 2022, and August 1, 2021:

(Millions)	Balance Sheet Classification	May 1, 2022		August 1, 2021
Asset Derivatives
Derivatives designated as hedges:
Commodity contracts	Other current assets	$	10	$	4
Foreign exchange forward contracts	Other current assets	3		1
Total derivatives designated as hedges		$	13	$	5
Derivatives not designated as hedges:
Commodity contracts	Other current assets	$	43	$	49
Deferred compensation contracts	Other current assets	—		3
Total derivatives not designated as hedges		$	43	$	52
Total asset derivatives		$	56	$	57

(Millions)	Balance Sheet Classification	May 1, 2022		August 1, 2021
Liability Derivatives
Derivatives designated as hedges:
Foreign exchange forward contracts	Accrued liabilities	$	—	$	3
Total derivatives designated as hedges		$	—	$	3
Derivatives not designated as hedges:
Commodity contracts	Accrued liabilities	$	2	$	—
Deferred compensation contracts	Accrued liabilities	4		—
Total derivatives not designated as hedges		$	6	$	—
Total liability derivatives		$	6	$	3

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 May 1, 2022, and August 1, 2021, would be adjusted as detailed in the following table:

	May 1, 2022						August 1, 2021
(Millions)	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	$	56	$	(2)	$	54	$	57	$	(1)	$	56
Total liability derivatives	$	6	$	(2)	$	4	$	3	$	(1)	$	2

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 May 1, 2022, and August 1, 2021, would be adjusted as detailed in the following table:

	May 1, 2022						August 1, 2021
(Millions)	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	$	56	$	(2)	$	54	$	57	$	(1)	$	56
Total liability derivatives	$	6	$	(2)	$	4	$	3	$	(1)	$	2

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 nine-month periods ended May 1, 2022, and May 2, 2021, in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings:

		Total Cash-Flow Hedge OCI Activity
(Millions)		May 1, 2022		May 2, 2021
Three Months Ended
OCI derivative gain (loss) at beginning of quarter		$	3	$	(12)
Effective portion of changes in fair value recognized in OCI:
Commodity contracts		8		2
Foreign exchange forward contracts		1		(4)
Amount of loss (gain) reclassified from OCI to earnings:	Location in Earnings
Commodity contracts	Cost of products sold	(3)		—
Foreign exchange forward contracts	Cost of products sold	(1)		2
OCI derivative gain (loss) at end of quarter		$	8	$	(12)
Nine Months Ended
OCI derivative gain (loss) at beginning of year		$	(5)	$	(8)
Effective portion of changes in fair value recognized in OCI:
Commodity contracts		12		2
Foreign exchange forward contracts		5		(11)
Amount of loss (gain) reclassified from OCI to earnings:	Location in Earnings
Commodity contracts	Cost of products sold	(6)		—
Foreign exchange forward contracts	Cost of products sold	1		4
Forward starting interest rate swaps	Interest expense	1		1
OCI derivative gain (loss) at end of quarter		$	8	$	(12)

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

The following tables show the total amounts of line items presented in the Consolidated Statements of Earnings for the three- and nine-month periods ended May 1, 2022, and May 2, 2021, in which the effects of derivative instruments designated as cash-flow hedges are recorded. The total effect of hedge activity on these line items are as follows:

	Three Months Ended
	May 1, 2022				May 2, 2021
(Millions)	Cost of products sold		Interest Expense		Cost of products sold		Interest Expense
Consolidated Statements of Earnings:	$	1,465	$	51	$	1,356	$	53
Loss (gain) on cash-flow hedges:
Amount of loss (gain) reclassified from OCI to earnings	$	(4)	$	—	$	2	$	—
Amount excluded from effectiveness testing recognized in earnings using an amortization approach	$	—	$	—	$	—	$	—
	Nine Months Ended
	May 1, 2022				May 2, 2021
(Millions)	Cost of products sold		Interest Expense		Cost of products sold		Interest Expense
Consolidated Statements of Earnings:	$	4,519	$	144	$	4,379	$	163
Loss (gain) on cash-flow hedges:
Amount of loss (gain) reclassified from OCI to earnings	$	(5)	$	1	$	4	$	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 nine-month periods ended May 1, 2022, and May 2, 2021, in the Consolidated Statements of Earnings:

	Location of Loss (Gain) Recognized in Earnings	Three Months Ended				Nine Months Ended
(Millions)		May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Foreign exchange forward contracts	Cost of products sold	$	—	$	1	$	—	$	2
Commodity contracts	Cost of products sold	(9)		(24)		(28)		(39)
Deferred compensation contracts	Administrative expenses	3		(3)		3		(6)
Total loss (gain)		$	(6)	$	(26)	$	(25)	$	(43)

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Fair Value Measurements (Tables)

9 Months Ended

May 01, 2022

Fair Value Disclosures [Abstract]

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

The following tables present our financial assets and liabilities that are measured at fair value on a recurring basis as of May 1, 2022, and August 1, 2021, consistent with the fair value hierarchy:

	Fair Value as of May 1, 2022		Fair Value Measurements at May 1, 2022 Using Fair Value Hierarchy						Fair Value as of August 1, 2021		Fair Value Measurements at August 1, 2021 Using Fair Value Hierarchy
(Millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Assets
Foreign exchange forward contracts(1)	$	3	$	—	$	3	$	—	$	1	$	—	$	1	$	—
Commodity derivative contracts(2)	53		6		39		8		53		21		31		1
Deferred compensation derivative contracts(3)	—		—		—		—		3		—		3		—
Deferred compensation investments(4)	2		2		—		—		3		3		—		—
Total assets at fair value	$	58	$	8	$	42	$	8	$	60	$	24	$	35	$	1

	Fair Value as of May 1, 2022		Fair Value Measurements at May 1, 2022 Using Fair Value Hierarchy						Fair Value as of August 1, 2021		Fair Value Measurements at August 1, 2021 Using Fair Value Hierarchy
(Millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Liabilities
Foreign exchange forward contracts(1)	$	—	$	—	$	—	$	—	$	3	$	—	$	3	$	—
Commodity derivative contracts(2)	2		—		2		—		—		—		—		—
Deferred compensation derivative contracts(3)	4		—		4		—		—		—		—		—
Deferred compensation obligation(4)	89		89		—		—		105		105		—		—
Total liabilities at fair value	$	95	$	89	$	6	$	—	$	108	$	105	$	3	$	—

___________________________________ 

(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 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]

The following table summarizes the changes in fair value of Level 3 assets and liabilities for the nine-month periods ended May 1, 2022, and May 2, 2021:

	Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021
Fair value at beginning of year	$	1	$	2
Gains (losses)	18		2
Settlements	(11)		(3)
Fair value at end of quarter	$	8	$	1

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Stock-based Compensation (Tables)

9 Months Ended

May 01, 2022

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				Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Total pre-tax stock-based compensation expense	$	15	$	17	$	46	$	51
Tax-related benefits	$	3	$	3	$	8	$	9

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 May 1, 2022:

	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life	Aggregate Intrinsic Value
	(Options in thousands)			(In years)	(Millions)
Outstanding at August 1, 2021	1,372	$	45.61
Granted	—	$	—
Exercised	(32)	$	36.60
Terminated	—	$	—
Outstanding at May 1, 2022	1,340	$	45.83	5.1	$	5
Exercisable at May 1, 2022	1,340	$	45.83	5.1	$	5

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 May 1, 2022:

	Units	Weighted-Average Grant-Date Fair Value
	(Restricted stock units in thousands)
Nonvested at August 1, 2021	1,814	$	45.63
Granted	1,538	$	41.94
Vested	(1,173)	$	43.96
Forfeited	(194)	$	44.60
Nonvested at May 1, 2022	1,985	$	43.86

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 May 1, 2022:

	Units	Weighted-Average Grant-Date Fair Value
	(Restricted stock units in thousands)
Nonvested at August 1, 2021	1,222	$	53.60
Granted	331	$	45.54
Vested	(178)	$	31.35
Forfeited	(188)	$	48.00
Nonvested at May 1, 2022	1,187	$	55.58

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

Weighted-average assumptions used in the Monte Carlo simulation were as follows:

	2022	2021
Risk-free interest rate	0.46%	0.15%
Expected dividend yield	3.50%	2.85%
Expected volatility	27.42%	29.99%
Expected term	3 years	3 years

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Supplemental Financial Statement Data (Tables)

9 Months Ended

May 01, 2022

Disclosure Text Block Supplement [Abstract]

Supplemental Balance Sheet Data

(Millions)	May 1, 2022		August 1, 2021
Balance Sheets
Inventories
Raw materials, containers and supplies	$	381	$	321
Finished products	663		612
	$	1,044	$	933

Supplemental Statements of Earnings Data

	Three Months Ended				Nine Months Ended
(Millions)	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Statements of Earnings
Other expenses / (income)
Amortization of intangible assets	$	10	$	10	$	31	$	31
Net periodic benefit expense (income) other than the service cost	1		(26)		(43)		(101)
Transition services fees	—		(8)		—		(20)
Other	(1)		1		2		4
	$	10	$	(23)	$	(10)	$	(86)

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Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021	Aug. 01, 2021	Aug. 02, 2020
Beginning Balance				$ 5
Other comprehensive income (loss), after-tax		$ 2	$ 6	3	$ 8
Ending Balance		8		8
Accumulated Other Comprehensive Income Foreign Currency Translation Tax (Benefit) Expense		0	0	0	0	$ 0	$ 0
Accumulated Other Comprehensive Income Cashflow Hedges Tax (Benefit) Expense		2	(2)	2	(2)	(1)	(1)
Accumulated Other Comprehensive Income Unamortized Pension And Post Retirement Tax (Benefit) Expense		1	1	1	1	$ 1	$ 2
Accumulated Translation Adjustment [Member]
Beginning Balance	[1]			6	(10)
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax				(6)	18
Other Comprehensive Income Reclassifications Current Period Net of Tax				0	0
Other comprehensive income (loss), after-tax				(6)	18
Ending Balance	[1]	0	8	0	8
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Beginning Balance	[2]			(4)	(7)
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax				13	(8)
Other Comprehensive Income Reclassifications Current Period Net of Tax				(3)	5
Other comprehensive income (loss), after-tax				10	(3)
Ending Balance	[2]	6	(10)	6	(10)
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member]
Beginning Balance	[3]			3	7
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax				0	0
Other Comprehensive Income Reclassifications Current Period Net of Tax				(1)	(3)
Other comprehensive income (loss), after-tax				(1)	(3)
Ending Balance	[3]	2	4	2	4
Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance				5	(10)
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax				7	10
Other Comprehensive Income Reclassifications Current Period Net of Tax				(4)	2
Other comprehensive income (loss), after-tax		2	7	3	12
Ending Balance		$ 8	$ 2	$ 8	$ 2

[1] Included no tax as of May 1, 2022, August 1, 2021, May 2, 2021 and August 2, 2020.

[2] Included tax expense of $2 million as of May 1, 2022, a tax benefit of $1 million as of August 1, 2021, $2 million as of May 2, 2021, and $1 million as of August 2, 2020.

[3] Included tax expense of $1 million as of May 1, 2022, August 1, 2021 and May 2, 2021, and $2 million as of August 2, 2020.

XML

Accumulated Other Comprehensive Income (Loss) (Schecule of amounts reclassified from AOCI) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cost of Goods and Services Sold	$ (1,465)	$ (1,356)	$ (4,519)	$ (4,379)
Interest Expense	(51)	(53)	(144)	(163)
Other Nonoperating Income (Expense)	(10)	23	10	86
Taxes on earnings	(56)	(53)	(189)	(252)
Net Income (Loss) Attributable to Parent	188	160	661	714
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]
Cost of Goods and Services Sold	4	(2)	5	(4)
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax	4	(2)	4	(5)
Taxes on earnings	(1)	0	(1)	0
Net Income (Loss) Attributable to Parent	3	(2)	3	(5)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Commodity Derivative Contracts [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cost of Goods and Services Sold	3	0	6	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 Goods and Services Sold	1	(2)	(1)	(4)
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	0	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 Nonoperating Income (Expense)	0	2	1	4
Taxes on earnings	0	(1)	0	(1)
Net Income (Loss) Attributable to Parent	$ 0	$ 1	$ 1	$ 3

XML

Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 10	$ 10	$ 31	$ 31
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	41		41
Finite-Lived Intangible Assets, Amortization Expense, Year Two	41		41
Finite Lived Intangible Assets, Amortization Expense, Year Three	41		41
Finite Lived Intangible Assets, Amortization Expense, Year Four	41		41
Finite Lived Intangible Assets, Amortization Expense, Year Five	$ 41		$ 41
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	17 years

XML

Goodwill And Intangible Assets (Goodwill) (Details) $ in Millions	9 Months Ended
	May 01, 2022 USD ($)
Goodwill [Line Items]
Beginning Balance	$ 3,981
Goodwill, Other Increase (Decrease)	0	[1]
Foreign currency translation adjustment	(3)
Ending Balance	3,978
Meals & Beverages [Member]
Goodwill [Line Items]
Beginning Balance	970
Goodwill, Other Increase (Decrease)	25	[1]
Foreign currency translation adjustment	(3)
Ending Balance	992
Snacks [Member]
Goodwill [Line Items]
Beginning Balance	3,011
Goodwill, Other Increase (Decrease)	(25)	[1]
Foreign currency translation adjustment	0
Ending Balance	$ 2,986

[1] See Note 5 for additional information.

XML

Goodwill And Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions	May 01, 2022	Aug. 01, 2021
Finite-Lived Intangible Assets [Line Items]
Other intangible assets, net of amortization	$ 3,208	$ 3,239
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	2,549	2,549
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	830	830
Finite-Lived Intangible Assets, Accumulated Amortization	(171)	(140)
Finite-Lived Intangible Assets, Net	$ 659	$ 690

XML

Goodwill And Intangible Assets (Indefinite Lived Intangibles (Details) - USD ($) $ in Millions		May 01, 2022	Aug. 01, 2021
Trade Name - Snyder's of Hanover [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)		$ 620	$ 620
Trade Names - Lance
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)		350	350
Trade Names - Pace [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)		292	292
Trade Name - Pacific Foods [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)		280	280
Trade Names - Other
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	[1]	1,007	1,007
Trademarks [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)		$ 2,549	$ 2,549

[1] Associated with the acquisition of Snyder's-Lance, Inc. (Snyder's-Lance).

XML

Segment Information (Schedule Of Segment Reporting - Net Sales) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
Segment Reporting Information [Line Items]
Net sales	$ 2,130	$ 1,984	$ 6,575	$ 6,603
Meals & Beverages [Member]
Segment Reporting Information [Line Items]
Net sales	1,131	1,062	3,672	3,743
Snacks [Member]
Segment Reporting Information [Line Items]
Net sales	$ 999	$ 922	$ 2,903	$ 2,860

XML

Segment Information (Schedule Of Segment Reporting - Earnings Before Interest And Taxes) (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
Segment Reporting Information [Line Items]
Earnings before interest and taxes		$ 294	$ 272	$ 993	$ 1,134
Meals & Beverages [Member]
Segment Reporting Information [Line Items]
Earnings before interest and taxes		220	186	713	785
Snacks [Member]
Segment Reporting Information [Line Items]
Earnings before interest and taxes		127	102	376	377
Corporate
Segment Reporting Information [Line Items]
Earnings before interest and taxes	[1]	(53)	(14)	(96)	(7)
Defined Benefit Plan, Actuarial Gain (Loss)		(16)	4	(12)	38
Restructuring and Related Cost, Incurred Cost		(6)	(13)	(15)	(22)
Unrealized Gain (Loss) on Commodity Contracts		(5)	22	(8)	39
Corporate | Restructuring Charges [Member]
Segment Reporting Information [Line Items]
Earnings before interest and taxes	[2]	$ 0	$ (2)	$ 0	$ (21)

[1] Represents unallocated items. There were pension actuarial losses of $16 million and $12 million in the three- and nine-month periods ended May 1, 2022, and pension actuarial gains of $4 million and $38 million in the three- and nine-month periods ended May 2, 2021, respectively. Costs related to the cost savings initiatives were $6 million and $15 million in the three- and nine-month periods ended May 1, 2022, and $13 million and $22 million in the three- and nine-month periods ended May 2, 2021, respectively. Unrealized mark-to-market adjustments on outstanding undesignated commodity hedges were losses of $5 million and $8 million in the three- and nine-month periods ended May 1, 2022, and gains of $22 million and $39 million in the three- and nine-month periods ended May 2, 2021, respectively.

[2] See Note 6 for additional information.

XML

Segment Information (Additional Product Information For Net Sales) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
Segment Reporting Information [Line Items]
Net sales	$ 2,130	$ 1,984	$ 6,575	$ 6,603
Soup [Member]
Segment Reporting Information [Line Items]
Net sales	606	544	2,187	2,164
Snacks [Member]
Segment Reporting Information [Line Items]
Net sales	1,039	961	3,008	2,958
Other Simple Meals [Member]
Segment Reporting Information [Line Items]
Net sales	287	278	821	896
Beverages [Member]
Segment Reporting Information [Line Items]
Net sales	$ 198	$ 201	$ 559	$ 585

XML

Restructuring Charges and Cost Savings Initiatives (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended		12 Months Ended
	Jan. 31, 2021	May 01, 2022	May 02, 2021	Jul. 31, 2022
Restructuring Cost and Reserve [Line Items]
Purchases of plant assets		$ 179	$ 190
2015 and Snyder's-Lance Initiatives [Member]
Restructuring Cost and Reserve [Line Items]
Purchases of plant assets		$ 433
2015 and Snyder's-Lance Initiatives [Member] | Meals & Beverages [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost Allocation		31.00%
2015 and Snyder's-Lance Initiatives [Member] | Snacks [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost Allocation		43.00%
2015 and Snyder's-Lance Initiatives [Member] | Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost Allocation		26.00%
2015 and Snyder's-Lance Initiatives [Member] | Forecast [Member]
Restructuring Cost and Reserve [Line Items]
Purchases of plant assets				$ 440
2015 and Snyder's-Lance Initiatives [Member] | Severance Pay And Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost		$ 225
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
2015 and Snyder's-Lance Initiatives [Member] | Minimum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost		725
Effect on Future Cash Flows, Amount		625
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		415
2015 and Snyder's-Lance Initiatives [Member] | Maximum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost		735
Effect on Future Cash Flows, Amount		635
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		$ 425
Snyder's- Lance Cost Transformation Program and Integration
Restructuring Cost and Reserve [Line Items]
Deferred Income Tax Expense (Benefit)	$ 19

XML

Restructuring Charges and Cost Savings Initiatives (Schedule Of Pre-Tax Charges) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 2	$ 0	$ 21
2015 and Snyder's-Lance Initiatives [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	2	0	21
Restructuring and Related Cost, Incurred Cost	6	15	15	43
Restructuring and Related Cost, Cost Incurred to Date	709		709
2015 and Snyder's-Lance Initiatives [Member] | Severance Pay And Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost			0
Restructuring and Related Cost, Cost Incurred to Date	222		222
2015 and Snyder's-Lance Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	82		82
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	405		405
2015 and Snyder's-Lance Initiatives [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	259		259
2015 and Snyder's-Lance Initiatives [Member] | General and Administrative Expense [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	5	11	10	21
Restructuring and Related Cost, Cost Incurred to Date	349		349
2015 and Snyder's-Lance Initiatives [Member] | Cost Of Products Sold [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	1	2	5	1
Restructuring and Related Cost, Cost Incurred to Date	84		84
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	0	0	0
Restructuring and Related Cost, Cost Incurred to Date	13		13
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	$ 0	0	$ 0
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		9 Months Ended
		May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021	Aug. 01, 2021
Restructuring Reserve [Roll Forward]
Restructuring and Related Cost, Incurred Cost		$ 6	$ 15	$ 15	$ 43
Severance Pay And Benefits [Member]
Restructuring Reserve [Roll Forward]
Accrued Balance at beginning of period	[1]			7
Restructuring and Related Cost, Incurred Cost				0
Cash Payments				(4)
Accrued Balance at end of period		$ 3		3
Restructuring Reserve, Noncurrent						$ 1
Other Cost Savings Implementation Costs [Member]
Restructuring Reserve [Roll Forward]
Restructuring and Related Cost, Incurred Cost	[2]			$ 15

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

[2] 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.

XML

Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Charges Associated With Each Reportable Segment) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	$ 6	$ 13	$ 15	$ 22
2015 and Snyder's-Lance Initiatives [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	709		709
Restructuring and Related Cost, Incurred Cost	6	$ 15	15	$ 43
2015 and Snyder's-Lance Initiatives [Member] | Meals & Beverages [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	225		225
Restructuring and Related Cost, Incurred Cost	0		2
2015 and Snyder's-Lance Initiatives [Member] | Snacks [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	310		310
Restructuring and Related Cost, Incurred Cost	4		11
2015 and Snyder's-Lance Initiatives [Member] | Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	174		174
Restructuring and Related Cost, Incurred Cost	$ 2		$ 2

XML

Earnings Per Share (Narrative) (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
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		9 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
Pension Plan, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Service Cost	$ 3	$ 5	$ 12	$ 14
Defined Benefit Plan, Interest Cost	13	10	34	30
Expected return on plan assets	(29)	(31)	(91)	(92)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	0	0	0	0
Defined Benefit Plan, Actuarial Gain (Loss)	(16)	4	(12)	38
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	3	(20)	(33)	(86)
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	3	3
Expected return on plan assets	0	0	0	0
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	0	(2)	(1)	(4)
Defined Benefit Plan, Actuarial Gain (Loss)	0	0	0	0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ 1	$ (1)	$ 2	$ (1)

XML

Leases (Costs) (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
Operating Lease, Cost		$ 19	$ 20	$ 58	$ 60
Finance lease, amortization of right-of-use assets		4	1	12	3
Short-term Lease, Cost		15	11	42	32
Variable Lease, Cost	[1]	49	45	150	137
Sublease Income		0	(1)	0	(2)
Lease, Cost, Total		$ 87	$ 76	$ 262	$ 230

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

XML

Leases (Reported in Balance Sheet) (Details) - USD ($) $ in Millions	May 01, 2022	Aug. 01, 2021
Other Assets [Member]
Operating Lease, Right-of-Use Asset	$ 246	$ 235
Accrued Liabilities [Member]
Operating Lease, Liability, Current	58	54
Other Liabilities [Member]
Operating Lease, Liability, Noncurrent	187	180
Property, Plant and Equipment [Member]
Finance Lease, Right-of-Use Asset	32	29
Short-term Debt [Member]
Finance Lease, Liability, Current	15	11
Long-term Debt [Member]
Finance Lease, Liability, Noncurrent	$ 18	$ 19

XML

Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions	9 Months Ended
	May 01, 2022	May 02, 2021
Leases [Abstract]
Operating Lease, Payments	$ 58	$ 60
Finance Lease, Principal Payments	12	3
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	67	39
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 15	$ 4

XML

Debt Extinguishment (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	May 01, 2022	May 01, 2022	May 02, 2021
Debt Instrument [Line Items]
Payments related to extinguishment of debt		$ 453	$ 0
2.50% Notes
Debt Instrument [Line Items]
Notes Payable, Current	$ 450	$ 450
Debt Instrument, Interest Rate, Stated Percentage	2.50%	2.50%
Payments related to extinguishment of debt	$ 453
Gain (Loss) on Extinguishment of Debt, before Write off of Debt Issuance Cost	(3)
Loss on extinguishment of debt	$ 4

XML

Financial Instruments (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	May 01, 2022	Aug. 01, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ 13
Accrued Liabilities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Margin Deposit Liabilities	$ (3)	$ (14)
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	$ 176	134
Derivatives Designated As Hedges [Member] | Commodity Derivative Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	9	18
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	15	13
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	184	190
Derivatives Not Designated As Hedges [Member] | Embedded Derivative Financial Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	63	38
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	$ 50	$ 29
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		46.00%

XML

Financial Instruments (Schedule Of The Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Millions	May 01, 2022	Aug. 01, 2021
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 56	$ 57
Derivative Liability, Fair Value, Gross Liability	6	3
Derivatives Designated As Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	13	5
Derivative Liability, Fair Value, Gross Liability	0	3
Derivatives Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	10	4
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	3	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	0	3
Derivatives Not Designated As Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	43	52
Derivative Liability, Fair Value, Gross Liability	6	0
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	43	49
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	0
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	0	3
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 4	$ 0

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Financial Instruments (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Millions	May 01, 2022	Aug. 01, 2021
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Derivative Assets	$ 56	$ 57
Derivative Asset, Not Offset, Policy Election Deduction	(2)	(1)
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election, Total	54	56
Derivative Liability	6	3
Derivative Liability, Not Offset, Policy Election Deduction	(2)	(1)
Derivative Liability, Fair Value, Amount Offset Against Collateral	$ 4	$ 2

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Financial Instruments (Schedule Of Changes In Cash Flow Hedges In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
Derivative Instruments, Gain (Loss) [Line Items]
OCI before tax accumulated derivative gain (loss) beginning of period	$ 3	$ (12)	$ (5)	$ (8)
OCI before tax accumulated derivative gain (loss) end of period	8	(12)	8	(12)
Commodity Derivative Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
OCI, before Reclassifications, before Tax, Attributable to Parent	8	2	12	2
Commodity Derivative Contracts [Member] | Cost Of Products Sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(3)	0	(6)	0
Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
OCI, before Reclassifications, before Tax, Attributable to Parent	1	(4)	5	(11)
Foreign Exchange Forward | Cost Of Products Sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	$ (1)	$ 2	1	4
Interest Rate Contract [Member] | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax			$ 1	$ 1

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Financial Instruments (Schedule of Cash Flow Hedges in Statements of Earnings) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Cost of products sold	$ 1,465	$ 1,356	$ 4,519	$ 4,379
Interest expense	51	53	144	163
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
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
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Cost of products sold	(4)	2	(5)	4
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	$ 0	$ 0	$ 1	$ 1

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Financial Instruments (Derivatives Not Designated As Hedges) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) or Loss Recognized in Earnings on Derivatives	$ (6)	$ (26)	$ (25)	$ (43)
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	1	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	(9)	(24)	(28)	(39)
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	$ (6)

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Fair Value Measurements Fair Value Measurements Narrative (Details) - USD ($) $ in Millions	May 01, 2022	Aug. 01, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents, Fair Value Disclosure	$ 39	$ 0
Debt, Long-term and Short-term, Combined Amount	4,748	5,058
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents, at Carrying Value	39	0
Debt Instrument, Fair Value Disclosure	$ 4,541	$ 5,613

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Fair Value Measurements (Fair Value Measurement Of Assets And Liabilities) (Details) - USD ($) $ in Millions		May 01, 2022	Aug. 01, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets at fair value		$ 56	$ 57
Derivatives liabilities at fair value		6	3
Measured On Recurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value		58	60
Total liabilities at fair value		95	108
Measured On Recurring Basis [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value		8	24
Total liabilities at fair value		89	105
Measured On Recurring Basis [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value		42	35
Total liabilities at fair value		6	3
Measured On Recurring Basis [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value		8	1
Measured On Recurring Basis [Member] | Foreign Exchange Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets at fair value	[1]	3	1
Derivatives liabilities at fair value	[1]	0	3
Measured On Recurring Basis [Member] | 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]	3	1
Derivatives liabilities at fair value	[1]	0	3
Measured On Recurring Basis [Member] | Commodity Derivative Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets at fair value	[2]	53	53
Derivatives liabilities at fair value	[2]	2	0
Measured On Recurring Basis [Member] | 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]	6	21
Measured On Recurring Basis [Member] | 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]	39	31
Derivatives liabilities at fair value	[2]	2	0
Measured On Recurring Basis [Member] | 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]	8	1
Measured On Recurring Basis [Member] | Deferred Compensation Derivative Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets at fair value	[3]	0	3
Derivatives liabilities at fair value	[3]	4	0
Measured On Recurring Basis [Member] | 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]	0	3
Derivatives liabilities at fair value	[3]	4	0
Measured On Recurring Basis [Member] | Deferred Compensation Investment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	[4]	2	3
Measured On Recurring Basis [Member] | 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]	2	3
Measured On Recurring Basis [Member] | Deferred Compensation Obligation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation obligation	[4]	89	105
Measured On Recurring Basis [Member] | 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]	$ 89	$ 105

[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 equity index swap rates.

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

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Fair Value Measurements (Assets Measured on Recurring Basis Unobservable Input Reconciliation (Details) - USD ($) $ in Millions	9 Months Ended
	May 01, 2022	May 02, 2021	Aug. 01, 2021	Aug. 02, 2020
Fair Value Disclosures [Abstract]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs	$ 8	$ 1	$ 1	$ 2
Fair Value, Level 3 investment gain (Loss) Included in Earnings	18	2
Fair Value, Level 3 Investment, Settlements	$ (11)	$ (3)

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Share Repurchases (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
Statement [Line Items]
Treasury stock purchased, Shares			2.7
Shares repurchased, value	$ 51	$ 0	$ 116	$ 0
Capital Stock In Treasury [Member]
Statement [Line Items]
Treasury stock purchased, Shares	2.0	0.0	3.0	0.0
Shares repurchased, value	$ 51	$ 0	$ 116	$ 0
June 2021 Program
Statement [Line Items]
Authorized amount for shares repurchase	250		250
Shares repurchased, value			41
Stock Repurchase Program, Remaining Authorized Repurchase Amount	173		173
September 2021 Program
Statement [Line Items]
Authorized amount for shares repurchase	500		500
Shares repurchased, value			75
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 425		$ 425

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Stock-based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 31, 2021	Nov. 01, 2020	May 01, 2022	May 02, 2021	Jul. 28, 2019	Aug. 01, 2021
Stock-based Compensation
Excess Tax Benefit/(Deficiency) from Share-based Compensation, Operating Activities			$ 1	$ 1
Cash received from the exercise of stock options			1	2
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value			$ 0	0
EPS Performance Restricted Stock Units [Member]
Stock-based Compensation
Nonvested, Units			309
Nonvested, Weighted-Average Grant-Date Fair Value			$ 41.50
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			200.00%
FCF Performance Restricted Stock Units [Member]
Stock-based Compensation
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	167.00%
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	0
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%
FCF Performance Restricted Stock Units Additional Shares [Member]
Stock-based Compensation
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	158
Time Lapse, EPS Performance, And FCF Performance Restricted Stock Units [Member]
Stock-based Compensation
Remaining unearned compensation on nonvested awards			$ 45
Weighted-average remaining service period, years			1 year 10 months 24 days
Nonvested, Units			1,985			1,814
Fair value of restricted units and shares vested			$ 50	$ 38
Granted, Weighted-Average Grant-Date Fair Value			$ 41.94	$ 48.43
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			1,538
Nonvested, Weighted-Average Grant-Date Fair Value			$ 43.86			$ 45.63
TSR Performance Restricted Stock/Units [Member]
Stock-based Compensation
Remaining unearned compensation on nonvested awards			$ 20
Weighted-average remaining service period, years			1 year 7 months 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	75.00%	50.00%
Nonvested, Units			1,187			1,222
Fair value of restricted units and shares vested			$ 8	$ 11
Granted, Weighted-Average Grant-Date Fair Value			$ 45.54	$ 54.93
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			331
Nonvested, Weighted-Average Grant-Date Fair Value			$ 55.58			$ 53.60

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Stock-based Compensation (Summary of Stock-based Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
Share-based Payment Arrangement [Abstract]
Total pre-tax stock-based compensation expense	$ 15	$ 17	$ 46	$ 51
Tax-related benefits	$ 3	$ 3	$ 8	$ 9

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Stock-based Compensation (Schedule Of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	May 01, 2022 USD ($) $ / shares shares
Share-based Payment Arrangement [Abstract]
Beginning of period, Options | shares	1,372
Granted, Options | shares	0
Exercised, Options | shares	(32)
Terminated, Options | shares	0
End of period, Options | shares	1,340
Exercisable at end of period, Options | shares	1,340
Beginning of period, Weighted-Average Exercise Price | $ / shares	$ 45.61
Granted, Weighted-Average Exercise Price | $ / shares	0
Exercised, Weighted-Average Exercise Price | $ / shares	36.60
Terminated, Weighted-Average Exercise Price | $ / shares	0
End of period, Weighted-Average Exercise Price | $ / shares	45.83
Exercisable at end of period, Weighted-Average Exercise Price | $ / shares	$ 45.83
Outstanding at end of period, Weighted-Average Remaining Contractual Life (In years)	5 years 1 month 6 days
Exercisable at end of period, Weighted-Average Remaining Contractual Life (In years)	5 years 1 month 6 days
Outstanding at end of period, Aggregate Intrinsic Value | $	$ 5
Exercisable at end of period, Aggregate Intrinsic Value | $	$ 5

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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	9 Months Ended
	May 01, 2022	May 02, 2021
Time Lapse, EPS Performance, And FCF Performance Restricted Stock Units [Member]
Stock-based Compensation
Nonvested at beginning of period, Units	1,814
Granted, Units	1,538
Vested, Units	(1,173)
Forfeited, Units	(194)
Nonvested at end of period, Units	1,985
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value	$ 45.63
Granted, Weighted-Average Grant-Date Fair Value	41.94	$ 48.43
Vested, Weighted-Average Grant-Date Fair Value	43.96
Forfeited, Weighted Average Grant Date Fair Value	44.60
Nonvested at end of period, Weighted-Average Grant-Date Fair Value	$ 43.86
TSR Performance Restricted Stock/Units [Member]
Stock-based Compensation
Nonvested at beginning of period, Units	1,222
Granted, Units	331
Vested, Units	(178)
Forfeited, Units	(188)
Nonvested at end of period, Units	1,187
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value	$ 53.60
Granted, Weighted-Average Grant-Date Fair Value	45.54	$ 54.93
Vested, Weighted-Average Grant-Date Fair Value	31.35
Forfeited, Weighted Average Grant Date Fair Value	48.00
Nonvested at end of period, Weighted-Average Grant-Date Fair Value	$ 55.58

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Stock-based Compensation (Valuation Assumptions) (Details) - TSR Performance Restricted Stock/Units [Member]	9 Months Ended
	May 01, 2022	May 02, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.46%	0.15%
Expected dividend yield	3.50%	2.85%
Expected volatility	27.42%	29.99%
Expected term, years	3 years	3 years

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Supplemental Financial Statement Data (Schedule of Balance Sheets) (Details) - USD ($) $ in Millions	May 01, 2022	Aug. 01, 2021
Inventory, Net [Abstract]
Inventory, raw materials, containers and supplies	$ 381	$ 321
Inventory, finished products	663	612
Inventories	$ 1,044	$ 933

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Supplemental Financial Statement Data (Schedule of Statement of Earnings) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
Disclosure Text Block Supplement [Abstract]
Amortization of Intangible Assets	$ 10	$ 10	$ 31	$ 31
Net periodic benefits expense (income), other than the service cost	1	(26)	(43)	(101)
Transition services fees	0	(8)	0	(20)
Other	(1)	1	2	4
Other expenses / (income)	$ 10	$ (23)	$ (10)	$ (86)