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
October 30, 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 299,467,564 shares of capital stock outstanding as of December 1, 2022.

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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	23
	Item 3. Quantitative and Qualitative Disclosure About Market Risk	30
	Item 4. Controls and Procedures	30
PART II - OTHER INFORMATION		31
	Item 1. Legal Proceedings	31
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	31
	Item 6. Exhibits	31
INDEX TO EXHIBITS		31
SIGNATURES		32

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

CAMPBELL SOUP COMPANY

Consolidated Statements of Earnings

(unaudited)

(millions, except per share amounts)

 

	Three Months Ended
	October 30, 2022		October 31, 2021
Net sales	$	2,575	$	2,236
Costs and expenses
Cost of products sold	1,741		1,514
Marketing and selling expenses	201		170
Administrative expenses	158		156
Research and development expenses	21		21
Other expenses / (income)	18		(1)
Restructuring charges	—		—
Total costs and expenses	2,139		1,860
Earnings before interest and taxes	436		376
Interest expense	47		47
Interest income	1		—
Earnings before taxes	390		329
Taxes on earnings	93		68
Net earnings	297		261
Less: Net earnings (loss) attributable to noncontrolling interests	—		—
Net earnings attributable to Campbell Soup Company	$	297	$	261
Per Share — Basic
Net earnings attributable to Campbell Soup Company	$	.99	$	.86
Weighted average shares outstanding — basic	299		302
Per Share — Assuming Dilution
Net earnings attributable to Campbell Soup Company	$	.99	$	.86
Weighted average shares outstanding — assuming dilution	301		303

See accompanying Notes to Consolidated Financial Statements.

3

CAMPBELL SOUP COMPANY

Consolidated Statements of Comprehensive Income

(unaudited)

(millions)

	Three Months Ended
	October 30, 2022						October 31, 2021
	Pre-tax amount		Tax benefit (expense)		After-tax amount		Pre-tax amount		Tax benefit (expense)		After-tax amount
Net earnings (loss)					$	297					$	261
Other comprehensive income (loss):
Foreign currency translation:
Foreign currency translation adjustments	$	(8)	$	—	(8)		$	—	$	—	—
Cash-flow hedges:
Unrealized gains (losses) arising during the period	7		(2)		5		3		(1)		2
Reclassification adjustment for losses (gains) included in net earnings	(4)		1		(3)		—		—		—
Other comprehensive income (loss)	$	(5)	$	(1)	(6)		$	3	$	(1)	2
Total comprehensive income (loss)					$	291					$	263
Total comprehensive income (loss) attributable to noncontrolling interests					—						—
Total comprehensive income (loss) attributable to Campbell Soup Company					$	291					$	263

See accompanying Notes to Consolidated Financial Statements.

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CAMPBELL SOUP COMPANY

Consolidated Balance Sheets

(unaudited)

(millions, except per share amounts)

	October 30, 2022		July 31, 2022
Current assets
Cash and cash equivalents	$	130	$	109
Accounts receivable, net	733		541
Inventories	1,361		1,246
Other current assets	80		67
Total current assets	2,304		1,963
Plant assets, net of depreciation	2,312		2,343
Goodwill	3,973		3,979
Other intangible assets, net of amortization	3,187		3,198
Other assets	401		409
Total assets	$	12,177	$	11,892
Current liabilities
Short-term borrowings	$	858	$	814
Payable to suppliers and others	1,447		1,334
Accrued liabilities	534		621
Dividends payable	112		114
Accrued income taxes	82		3
Total current liabilities	3,033		2,886
Long-term debt	3,994		3,996
Deferred taxes	1,078		1,074
Other liabilities	603		603
Total liabilities	8,708		8,559
Commitments and contingencies
Campbell Soup Company shareholders' equity
Preferred stock; authorized 40 shares; none issued	—		—
Capital stock, $.0375 par value; authorized 560 shares; issued 323 shares	12		12
Additional paid-in capital	375		415
Earnings retained in the business	4,224		4,040
Capital stock in treasury, at cost	(1,140)		(1,138)
Accumulated other comprehensive income (loss)	(4)		2
Total Campbell Soup Company shareholders' equity	3,467		3,331
Noncontrolling interests	2		2
Total equity	3,469		3,333
Total liabilities and equity	$	12,177	$	11,892

See accompanying Notes to Consolidated Financial Statements.

5

CAMPBELL SOUP COMPANY

Consolidated Statements of Cash Flows

(unaudited)

(millions)

	Three Months Ended
	October 30, 2022		October 31, 2021
Cash flows from operating activities:
Net earnings	$	297	$	261
Adjustments to reconcile net earnings to operating cash flow
Stock-based compensation	15		14
Pension and postretirement benefit expense (income)	11		(9)
Depreciation and amortization	91		83
Deferred income taxes	3		20
Other	25		22
Changes in working capital
Accounts receivable	(198)		(137)
Inventories	(118)		(40)
Other current assets	(10)		(5)
Accounts payable and accrued liabilities	123		87
Other	(12)		(8)
Net cash provided by operating activities	227		288
Cash flows from investing activities:
Purchases of plant assets	(77)		(69)
Purchases of route businesses	(1)		—
Sales of route businesses	—		1
Net cash used in investing activities	(78)		(68)
Cash flows from financing activities:
Short-term borrowings, including commercial paper	557		371
Short-term repayments, including commercial paper	(512)		(395)
Dividends paid	(115)		(116)
Treasury stock purchases	(41)		(63)
Treasury stock issuances	2		1
Payments related to tax withholding for stock-based compensation	(18)		(17)
Other	—		(1)
Net cash used in financing activities	(127)		(220)
Effect of exchange rate changes on cash	(1)		—
Net change in cash and cash equivalents	21		—
Cash and cash equivalents — beginning of period	109		69
Cash and cash equivalents — end of period	$	130	$	69

See accompanying Notes to Consolidated Financial Statements.

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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 August 1, 2021	323	$	12	(21)	$	(1,021)	$	414	$	3,742	$	5	$	2	$	3,154
Net earnings (loss)									261				—		261
Other comprehensive income (loss)											2		—		2
Dividends ($.37 per share)									(113)						(113)
Treasury stock purchased				(1)	(63)										(63)
Treasury stock issued under management incentive and stock option plans				1	46		(42)		(8)						(4)
Balance at October 31, 2021	323	$	12	(21)	$	(1,038)	$	372	$	3,882	$	7	$	2	$	3,237
Balance at July 31, 2022	323	$	12	(24)	$	(1,138)	$	415	$	4,040	$	2	$	2	$	3,333
Net earnings (loss)									297				—		297
Other comprehensive income (loss)											(6)		—		(6)
Dividends ($.37 per share)									(113)						(113)
Treasury stock purchased				(1)	(41)										(41)
Treasury stock issued under management incentive and stock option plans				1	39		(40)		—						(1)
Balance at October 30, 2022	323	$	12	(24)	$	(1,140)	$	375	$	4,224	$	(4)	$	2	$	3,469

See accompanying Notes to Consolidated Financial Statements.

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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 July 31, 2022.

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 30, 2023.

2. Recent Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted

In September 2022, the Financial Accounting Standards Board (FASB) issued guidance that enhances the transparency of supplier finance programs by requiring disclosure of the key terms of these programs and a related rollforward of these obligations to understand the effect on working capital, liquidity and cash flows. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods in those fiscal years, except for the rollforward requirement, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our disclosures.

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 1, 2021	$	6	$	(4)	$	3	$	5
Other comprehensive income (loss) before reclassifications	—		2		—		2
Losses (gains) reclassified from accumulated other comprehensive income (loss)	—		—		—		—
Net current-period other comprehensive income (loss)	—		2		—		2
Balance at October 31, 2021	$	6	$	(2)	$	3	$	7
Balance at July 31, 2022	$	—	$	—	$	2	$	2
Other comprehensive income (loss) before reclassifications	(8)		5		—		(3)
Losses (gains) reclassified from accumulated other comprehensive income (loss)	—		(3)		—		(3)
Net current-period other comprehensive income (loss)	(8)		2		—		(6)
Balance at October 30, 2022	$	(8)	$	2	$	2	$	(4)

_____________________________________

(1)Included no tax as of October 30, 2022, July 31, 2022, October 31, 2021 and August 1, 2021.

(2)Included tax expense of $1 million as of October 30, 2022, no tax as of July 31, 2022 and October 31, 2021, and a tax benefit of $1 million as of August 1, 2021.

(3)Included tax expense of $1 million as of October 30, 2022, July 31, 2022, October 31, 2021, and August 1, 2021.

Amounts related to noncontrolling interests were not material.

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

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021		Location of Loss (Gain) Recognized in Earnings
Losses (gains) on cash-flow hedges:
Commodity contracts	$	(3)	$	(1)	Cost of products sold
Foreign exchange forward contracts	(1)		1		Cost of products sold
Total before tax	(4)		—
Tax expense (benefit)	1		—
Loss (gain), net of tax	$	(3)	$	—

4. Goodwill and Intangible Assets

Goodwill

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

(Millions)	Meals & Beverages		Snacks		Total
Net balance at July 31, 2022	$	993	$	2,986	$	3,979
Foreign currency translation adjustment	(6)		—		(6)
Net balance at October 30, 2022	$	987	$	2,986	$	3,973

Intangible Assets

The following table summarizes balance sheet information for intangible assets, excluding goodwill:

	October 30, 2022						July 31, 2022
(Millions)	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Amortizable intangible assets
Customer relationships	$	830	$	(192)	$	638	$	830	$	(181)	$	649
Non-amortizable intangible assets
Snyder's of Hanover					$	620					$	620
Lance					350						350
Kettle Brand					318						318
Pace					292						292
Pacific Foods					280						280
Various other Snacks(1)					689						689
Total trademarks					$	2,549					$	2,549
Total net intangible assets					$	3,187					$	3,198

____________________________________

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

Amortization of intangible assets was $11 million for both the three-month periods ended October 30, 2022 and October 31, 2021. As of October 30, 2022, amortizable intangible assets had a weighted-average remaining useful life of 16 years. Amortization expense for the next 5 years is estimated to be approximately $41 million per year.

As of our 2022 annual impairment testing, indefinite-lived trademarks with 10% or less of excess coverage of fair value over carrying value had an aggregate carrying value of $434 million and included Pacific Foods and certain other Snacks trademarks.

The estimates of future cash flows used in determining the fair value of goodwill and intangible assets involve significant management judgment and are based upon assumptions about expected future operating performance, economic conditions, market conditions and cost of capital. Inherent in estimating the future cash flows are uncertainties beyond our control, such as

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changes in capital markets. The actual cash flows could differ materially from management’s estimates due to changes in business conditions, operating performance and economic conditions.

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; 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. We refer to the * brands as our "power brands." The segment also includes the retail business in Latin America.

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
(Millions)	October 30, 2022		October 31, 2021
Net sales
Meals & Beverages	$	1,455	$	1,266
Snacks	1,120		970
Total	$	2,575	$	2,236

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021
Earnings before interest and taxes
Meals & Beverages	$	331	$	280
Snacks	153		128
Corporate income (expense)(1)	(48)		(32)
Restructuring charges(2)	—		—
Total	$	436	$	376

_______________________________________

(1)Represents unallocated items. There were pension actuarial losses of $15 million and $6 million in the three-month periods ended October 30, 2022, and October 31, 2021, respectively. Costs related to the cost savings initiatives were $3 million and $4 million in the three-month periods ended October 30, 2022, and October 31, 2021, respectively. Unrealized mark-to-market adjustments on outstanding undesignated commodity hedges were gains of $5 million and losses of $3 million in the three-month periods ended October 30, 2022, and October 31, 2021, respectively.

(2)See Note 6 for additional information.

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Our net sales based on product categories are as follows:

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021
Net sales
Soup	$	893	$	797
Snacks	1,173		1,003
Other simple meals	315		264
Beverages	194		172
Total	$	2,575	$	2,236

Soup includes various soup, broths and stock products. Snacks include cookies, pretzels, crackers, popcorn, nuts, potato chips, tortilla chips and other salty snacks and baked products. Other simple meals include sauces, gravies, pasta, beans and canned poultry. 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

Continuing Operations

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, 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 recognized in the Consolidated Statements of Earnings related to these initiatives is as follows:

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021		Recognized as of October 30, 2022
Restructuring charges	$	—	$	—	$	264
Administrative expenses	3		2		362
Cost of products sold	—		2		84
Marketing and selling expenses	—		—		14
Research and development expenses	—		—		4
Total pre-tax charges	$	3	$	4	$	728

A summary of the pre-tax costs associated with the initiatives is as follows:

(Millions)	Recognized as of October 30, 2022
Severance pay and benefits	$	227
Asset impairment/accelerated depreciation	82
Implementation costs and other related costs	419
Total	$	728

The total estimated pre-tax costs for actions that have been identified are approximately $735 million to $740 million and we expect to incur the costs through 2023. These estimates will be updated as the expanded initiatives are developed.

We expect the costs for actions that have been identified to date to consist of the following: approximately $230 million in severance pay and benefits; approximately $85 million in asset impairment and accelerated depreciation; and approximately

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$420 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 30%; Snacks - approximately 44%; and Corporate - approximately 26%.

Of the aggregate $735 million to $740 million of pre-tax costs identified to date, we expect approximately $635 million to $640 million will be cash expenditures. In addition, we expect to invest approximately $450 million in capital expenditures, of which we invested $440 million as of October 30, 2022. We expect to invest in substantially all of the capital expenditures through 2023. 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 within our Meals & Beverages manufacturing network, 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 at October 30, 2022, is as follows:

(Millions)	Severance Pay and Benefits		Implementation Costs and Other Related Costs(1)	Total Charges
Accrued balance at July 31, 2022	$	7
2023 charges	—		3	$	3
2023 cash payments	(2)
Accrued balance at October 30, 2022	$	5

__________________________________ 

(1)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 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 associated with segments is as follows:

	October 30, 2022
(Millions)	Three Months Ended		Costs Incurred to Date
Meals & Beverages	$	—	$	225
Snacks	—		321
Corporate	3		182
Total	$	3	$	728

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-month periods ended October 30, 2022, and October 31, 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
	Pension				Postretirement
(Millions)	October 30, 2022		October 31, 2021		October 30, 2022		October 31, 2021
Service cost	$	4	$	4	$	—	$	—
Interest cost	17		10		2		1
Expected return on plan assets	(27)		(30)		—		—
Amortization of prior service cost	—		—		—		—
Actuarial losses	15		6		—		—
Net periodic benefit expense (income)	$	9	$	(10)	$	2	$	1

The actuarial losses resulted from the remeasurement of a U.S. pension plan for the three-month period ended

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October 30, 2022 and a U.S. and a Canadian pension plan for the three-month period ended October 31, 2021. 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-month periods ended October 30, 2022, and October 31, 2021, were primarily due to losses on plan assets, partially offset by increases in discount rates used to determine the benefit obligation.

9. Leases

The components of lease costs were as follows:

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021
Operating lease cost	$	20	$	19
Finance lease - amortization of right-of-use (ROU) assets	4		4
Short-term lease cost	17		13
Variable lease cost(1)	50		52
Total	$	91	$	88

__________________________________________

(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	October 30, 2022		July 31, 2022
ROU assets, net	Other assets	$	235	$	239
Lease liabilities (current)	Accrued liabilities	$	59	$	62
Lease liabilities (noncurrent)	Other liabilities	$	176	$	177
	Finance Leases
(Millions)	Balance Sheet Classification	October 30, 2022		July 31, 2022
ROU assets, net	Plant assets, net of depreciation	$	24	$	28
Lease liabilities (current)	Short-term borrowings	$	13	$	14
Lease liabilities (noncurrent)	Long-term debt	$	13	$	16

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

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	20	$	19
Financing cash flows from finance leases	$	4	$	4
ROU assets obtained in exchange for lease obligations:
Operating leases	$	15	$	14
Finance leases	$	—	$	13

10. 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 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

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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 October 30, 2022, or July 31, 2022.

We are also exposed to credit risk from our customers. During 2022, our largest customer accounted for approximately 22% of consolidated net sales. Our five largest customers accounted for approximately 47% of our consolidated net sales in 2022.

We closely monitor credit risk associated with counterparties and customers.

Foreign Currency Exchange Risk

We are exposed to foreign currency exchange risk, primarily the Canadian dollar, related to intercompany transactions and third-party transactions. 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 $121 million as of October 30, 2022, and $140 million as of July 31, 2022. 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 $18 million as of October 30, 2022, and $13 million as of July 31, 2022.

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 outstanding as of October 30, 2022, or July 31, 2022.

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, diesel fuel, natural gas, soybean oil, aluminum, cocoa, corn, soybean meal 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 $3 million as of July 31, 2022. There were no commodity contracts designated as cash-flow hedges as of October 30, 2022. 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 $281 million as of October 30, 2022, and $254 million as of July 31, 2022. 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 $15 million as of October 30, 2022, and $39 million as of July 31, 2022. The change in fair value on the embedded derivative is recorded in Cost of products sold.

Deferred Compensation Obligation 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. These contracts are not designated as hedges for accounting purposes. Unrealized gains (losses) and settlements are included in Administrative

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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 October 30, 2022, and July 31, 2022.

The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of October 30, 2022, and July 31, 2022:

(Millions)	Balance Sheet Classification	October 30, 2022		July 31, 2022
Asset Derivatives
Derivatives designated as hedges:
Commodity contracts	Other current assets	$	—	$	3
Foreign exchange forward contracts	Other current assets	7		2
Total derivatives designated as hedges		$	7	$	5
Derivatives not designated as hedges:
Commodity contracts	Other current assets	$	13	$	20
Deferred compensation contracts	Other current assets	2		—
Total derivatives not designated as hedges		$	15	$	20
Total asset derivatives		$	22	$	25

(Millions)	Balance Sheet Classification	October 30, 2022		July 31, 2022
Liability Derivatives
Derivatives not designated as hedges:
Commodity contracts	Accrued liabilities	$	19	$	30
Deferred compensation contracts	Accrued liabilities	—		4
Total derivatives not designated as hedges		$	19	$	34
Total liability derivatives		$	19	$	34

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 October 30, 2022, and July 31, 2022, would be adjusted as detailed in the following table:

	October 30, 2022						July 31, 2022
(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	$	22	$	(12)	$	10	$	25	$	(17)	$	8
Total liability derivatives	$	19	$	(12)	$	7	$	34	$	(17)	$	17

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 asset balances of $11 million at October 30, 2022, and $8 million at July 31, 2022, were included in Other current assets in the Consolidated Balance Sheets.

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The following table shows the effect of our derivative instruments designated as cash-flow hedges for the three-month periods ended October 30, 2022, and October 31, 2021, in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings:

		Total Cash-Flow Hedge OCI Activity
(Millions)		October 30, 2022		October 31, 2021
Three Months Ended
OCI derivative gain (loss) at beginning of quarter		$	—	$	(5)
Effective portion of changes in fair value recognized in OCI:
Commodity contracts		—		3
Foreign exchange forward contracts		7		—
Amount of loss (gain) reclassified from OCI to earnings:	Location in Earnings
Commodity contracts	Cost of products sold	(3)		(1)
Foreign exchange forward contracts	Cost of products sold	(1)		1
OCI derivative gain (loss) at end of quarter		$	3	$	(2)

Based on current valuations, the amount expected to be reclassified from OCI into earnings within the next 12 months is a gain of $7 million.

The following table shows the total amounts of line items presented in the Consolidated Statements of Earnings for the three-month periods ended October 30, 2022, and October 31, 2021, in which the effects of derivative instruments designated as cash-flow hedges are recorded and the total effect of hedge activity on these line items are as follows:

	Three Months Ended
	October 30, 2022		October 31, 2021
(Millions)	Cost of products sold		Cost of products sold
Consolidated Statements of Earnings:	$	1,741	$	1,514
Loss (gain) on cash-flow hedges:
Amount of loss (gain) reclassified from OCI to earnings	$	(4)	$	—

The amount excluded from effectiveness testing recognized in each line item of earnings using an amortization approach was not material in all periods presented.

The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings:

	Location of Loss (Gain) Recognized in Earnings	Three Months Ended
(Millions)		October 30, 2022		October 31, 2021
Foreign exchange forward contracts	Cost of products sold	$	(1)	$	—
Commodity contracts	Cost of products sold	(12)		(9)
Deferred compensation contracts	Administrative expenses	2		(1)
Total loss (gain)		$	(11)	$	(10)

11. 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.

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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 October 30, 2022, and July 31, 2022, consistent with the fair value hierarchy:

	Fair Value as of October 30, 2022		Fair Value Measurements at October 30, 2022 Using Fair Value Hierarchy						Fair Value as of July 31, 2022		Fair Value Measurements at July 31, 2022 Using Fair Value Hierarchy
(Millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Assets
Foreign exchange forward contracts(1)	$	7	$	—	$	7	$	—	$	2	$	—	$	2	$	—
Commodity derivative contracts(2)	13		2		9		2		23		—		19		4
Deferred compensation derivative contracts(3)	2		—		2		—		—		—		—		—
Deferred compensation investments(4)	1		1		—		—		2		2		—		—
Total assets at fair value	$	23	$	3	$	18	$	2	$	27	$	2	$	21	$	4

	Fair Value as of October 30, 2022		Fair Value Measurements at October 30, 2022 Using Fair Value Hierarchy						Fair Value as of July 31, 2022		Fair Value Measurements at July 31, 2022 Using Fair Value Hierarchy
(Millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Liabilities
Commodity derivative contracts(2)	$	19	$	5	$	14	$	—	$	30	$	6	$	24	$	—
Deferred compensation derivative contracts(3)	—		—		—		—		4		—		4		—
Deferred compensation obligation(4)	99		99		—		—		96		96		—		—
Total liabilities at fair value	$	118	$	104	$	14	$	—	$	130	$	102	$	28	$	—

___________________________________ 

(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 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 three-month periods ended October 30, 2022, and October 31, 2021:

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021
Fair value at beginning of year	$	4	$	1
Gains (losses)	(1)		3
Settlements	(1)		(3)
Fair value at end of quarter	$	2	$	1

Fair Value of Financial Instruments

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

There were $22 million of cash equivalents at October 30, 2022, and $27 million at July 31, 2022. 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 $4.352 billion at October 30, 2022, and $4.637 billion at July 31, 2022. The carrying value was $4.852 billion at October 30, 2022, and $4.81 billion at July 31, 2022. 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.

12. 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 three-month period ended October 30, 2022, we repurchased 859 thousand shares at a cost of $41 million pursuant to our June 2021 program. As of October 30, 2022, approximately $131 million remained available under the June 2021 program and approximately $375 million remained available under the September 2021 program. During the three-month ended October 31, 2021, we repurchased approximately 1.5 million shares at a cost of $63 million.

13. 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 2023, 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 the Consolidated Statements of Earnings were as follows:

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021
Total pre-tax stock-based compensation expense	$	15	$	14
Tax-related benefits	$	3	$	2

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The following table summarizes stock option activity as of October 30, 2022:

	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life	Aggregate Intrinsic Value
	(Options in thousands)			(In years)	(Millions)
Outstanding at July 31, 2022	1,297	$	46.04
Granted	—	$	—
Exercised	(43)	$	41.01
Terminated	—	$	—
Outstanding at October 30, 2022	1,254	$	46.22	4.6	$	9
Exercisable at October 30, 2022	1,254	$	46.22	4.6	$	9

The total intrinsic value of options exercised during the three-month periods ended October 30, 2022 and October 31, 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 and EPS performance restricted stock units as of October 30, 2022:

	Units	Weighted-Average Grant-Date Fair Value
	(Restricted stock units in thousands)
Nonvested at July 31, 2022	1,946	$	43.88
Granted	1,111	$	47.12
Vested	(715)	$	45.29
Forfeited	(17)	$	43.96
Nonvested at October 30, 2022	2,325	$	44.99

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 2023 and 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 590 thousand EPS performance target grants outstanding at October 30, 2022, with a weighted-average grant-date fair value of $44.32.

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 have ranged 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 October 30, 2022, total remaining unearned compensation related to nonvested time-lapse restricted stock units and EPS performance restricted stock units was $72 million, which will be amortized over the weighted-average remaining service period of 2.0 years. The fair value of restricted stock units vested during the three-month periods ended October 30, 2022, and October 31, 2021, was $34 million, and $48 million, respectively. The weighted-average grant-date fair value of the restricted stock units granted during the three-month period ended October 31, 2021 was $41.82.

The following table summarizes TSR performance restricted stock units as of October 30, 2022:

	Units	Weighted-Average Grant-Date Fair Value
	(Restricted stock units in thousands)
Nonvested at July 31, 2022	1,153	$	55.63
Granted	296	$	53.74
Vested	(443)	$	63.06
Forfeited	(7)	$	51.16
Nonvested at October 30, 2022	999	$	51.81

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

Assumptions used in the Monte Carlo simulation were as follows:

	2023	2022
Risk-free interest rate	4.29%	0.45%
Expected dividend yield	3.09%	3.50%
Expected volatility	26.40%	27.43%
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 October 30, 2022, total remaining unearned compensation related to TSR performance restricted stock units was $25 million, which will be amortized over the weighted-average remaining service period of 2.0 years. In the first quarter of 2023, recipients of TSR performance restricted stock units earned 100% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 29, 2022. 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. The fair value of TSR performance restricted stock units vested during the three-month periods ended October 30, 2022, and October 31, 2021, was $21 million and $8 million, respectively. The grant-date fair value of the TSR performance restricted stock units granted during three-month period ended October 31, 2021, was $45.65.

The tax benefits on the exercise of stock options in the three-month periods ended October 30, 2022, and October 31, 2021 were not material. Cash received from the exercise of stock options was $2 million and $1 million for the three-month periods ended October 30, 2022, and October 31, 2021, respectively, and is reflected in cash flows from financing activities in the Consolidated Statements of Cash Flows.

14. 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

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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. On March 10, 2021 the defendants filed a motion to dismiss the second amended consolidated complaint. On October 11, 2022, the Court granted the defendants’ motion to dismiss the second amended consolidated complaint with prejudice. The plaintiff did not appeal the Court's order dismissing the second amended consolidated complaint with prejudice, bringing this matter to a conclusion.

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 October 30, 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 October 30, 2022.

15. Supplemental Financial Statement Data

(Millions)	October 30, 2022		July 31, 2022
Balance Sheets
Inventories
Raw materials, containers and supplies	$	481	$	390
Finished products	880		856
	$	1,361	$	1,246

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021
Statements of Earnings
Other expenses / (income)
Amortization of intangible assets	$	11	$	11
Net periodic benefit expense (income) other than the service cost	7		(13)
Other	—		1
	$	18	$	(1)

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16. Subsequent Event

On November 15, 2022, we entered into a delayed draw term loan credit agreement (the DDTL Credit Agreement) totaling up to $500 million scheduled to mature on November 15, 2025. Loans under the DDTL Credit Agreement will bear interest at the rates specified in the DDTL Credit Agreement, which vary based on the type of loan and certain other conditions. The DDTL Credit Agreement contains customary representations and warranties, affirmative and negative 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 DDTL Credit Agreement) of not less than 3.25:1.00, and events of default for credit facilities of this type. We anticipate using any of the proceeds of the loans under the DDTL Credit Agreement to refinance our existing $566 million Notes with a maturity date of March 15, 2023.

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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 July 31, 2022, 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.

Business Trends

We have been actively monitoring the impact of the dynamic macroeconomic environment, including input cost inflation, the conflict between Russia and Ukraine and the COVID-19 pandemic, on all aspects of our business.

We anticipate that 2023 will continue to be a dynamic macroeconomic environment and we expect elevated levels of input cost inflation to persist throughout 2023. We will continue to take actions to mitigate a portion of this inflationary pressure, but we do not expect such benefits will fully offset the incremental costs in 2023.

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.

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.

Net periodic pension and postretirement benefit income excluding any actuarial losses or gains is estimated to be approximately $35 million lower in 2023, subject to the impact of interim remeasurements. The decrease in 2023 is due to increases in discount rates used to determine the benefit obligations and a decline in the market value of plan assets.

Summary of Results

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

•Net sales increased 15% in the quarter to $2.575 billion due to inflation-driven pricing and sales allowances, partially offset by volume declines.

•Gross profit, as a percent of sales, was 32.4% in 2023 compared to 32.3% in the prior-year quarter. The increase was primarily due to inflation-driven pricing actions, supply chain productivity improvements, lower promotional spending and lower restructuring-related costs, partially offset by higher cost inflation and other supply chain costs as well as unfavorable volume/mix.

•Earnings per share were $.99 in 2023, compared to $.86 a year ago. The current and prior-year quarter included expenses of $.03 per share from items impacting comparability as discussed below.

Net Earnings attributable to Campbell Soup Company

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

•We implemented several cost savings initiatives in recent years. In the first quarter of 2023, we recorded implementation costs and other related costs of $3 million in Administrative expenses ($.01 per share) related to these initiatives. In the first quarter of 2022, we recorded implementation costs and other related costs of $2 million in Administrative expenses and $2 million in Cost of products sold (aggregate impact of $3 million after tax, or $.01 per share) related to these initiatives. See Note 6 to the Consolidated Financial Statements and "Restructuring Charges and Cost Savings Initiatives" for additional information;

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•In the first quarter of 2023, we recognized actuarial losses in Other expenses / (income) of $15 million ($11 million after tax, or $.04 per share). In the first quarter of 2022, we recognized actuarial losses in Other expenses / (income) of $6 million ($5 million after tax, or $.02 per share). The actuarial losses related to interim remeasurements of certain pension plans due to lump sum distributions that exceeded or are expected to exceed service and interest costs resulting in settlement accounting for the plans; and

•In the first quarter of 2023, we recognized gains 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. In the first quarter of 2022, we recognized losses in Cost of products sold of $3 million ($2 million after tax, or $.01 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges.

The items impacting comparability are summarized below:

	Three Months Ended
	October 30, 2022				October 31, 2021
(Millions, except per share amounts)	Earnings Impact		EPS Impact		Earnings Impact		EPS Impact
Net earnings attributable to Campbell Soup Company	$	297	$	.99	$	261	$	.86
Restructuring charges, implementation costs and other related costs	$	(3)	$	(.01)	$	(3)	$	(.01)
Pension actuarial losses	(11)		(.04)		(5)		(.02)
Commodity mark-to-market gains (losses)	4		.01		(2)		(.01)
Impact of items on Net earnings(1)	$	(10)	$	(.03)	$	(10)	$	(.03)

__________________________________________

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

Net earnings attributable to Campbell Soup Company were $297 million ($.99 per share) in the current quarter, compared to $261 million ($.86 per share) in the year-ago quarter. After adjusting for items impacting comparability, earnings increased reflecting an improved gross profit, partially offset by higher marketing and selling expenses, a higher effective tax rate and higher other expenses. Earnings per share benefited from a reduction in the weighted average diluted shares outstanding.

FIRST-QUARTER DISCUSSION AND ANALYSIS

Sales

An analysis of net sales by reportable segment follows:

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021		% Change
Meals & Beverages	$	1,455	$	1,266	15
Snacks	1,120		970		15
	$	2,575	$	2,236	15

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

	Meals & Beverages(2)	Snacks	Total
Volume and mix	(1)%	(2)%	(1)%
Price and sales allowances	15	18	16
Decreased / (increased) promotional spending(1)	1	(1)	—
Currency	(1)	—	—
	15%	15%	15%

__________________________________________

(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 increased 15% primarily due to increases across U.S. retail products, including U.S. soup and Prego pasta sauces, as well as gains in foodservice. Inflation-driven pricing and sales allowances and lower levels of

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promotional spending were partially offset by volume declines. Sales of U.S. soup increased 11% due to increases in ready-to-serve soups, condensed soups and broth.

In Snacks, sales increased 15% driven by sales of our power brands, which increased 21%. Sales increased due to increases in cookies and crackers, primarily Goldfish crackers, and in salty snacks, primarily Snyder’s of Hanover pretzels and Kettle Brand and Cape Cod potato chips. Inflation-driven pricing and sales allowances were partly offset by volume declines and increased promotional spending relative to moderated levels in the prior year.

Gross Profit

Gross profit, defined as Net sales less Cost of products sold, increased by $112 million in 2023 from 2022. As a percent of sales, gross profit was 32.4% in 2023 and 32.3% in 2022.

The 10 basis-point increase in gross profit margin was due to the following factors:

	Margin Impact
Price and sales allowances	1,130
Productivity improvements	230
Lower level of promotional spending	10
Lower restructuring-related costs	10
Cost inflation, supply chain costs and other factors(1)	(1,220)
Volume/mix(2)	(150)
	10

__________________________________________

(1)Includes an estimated positive margin impact of a 30 basis-point benefit from the change in unrealized mark-to-market adjustments on outstanding undesignated commodity hedge and 10 basis points from the benefit of cost savings initiatives, which were more than offset by cost inflation and other factors.

(2)Includes the impact of operating leverage.

Marketing and Selling Expenses

Marketing and selling expenses as a percent of sales were 7.8% in 2023 compared to 7.6% in 2022. Marketing and selling expenses increased 18% in 2023 from 2022. The increase was primarily due to higher advertising and consumer promotion expense (approximately 13 points) and higher selling expenses (approximately 9 points), partially offset by increased benefits from cost savings initiatives (approximately 2 points). The increase in advertising and consumer promotion expense was due in part to moderated levels in the prior year from supply constraints.

Administrative Expenses

Administrative expenses as a percent of sales were 6.1% in 2023 compared to 7.0% in 2022. Administrative expenses increased 1% in 2023 from 2022. The increase was primarily due to higher general administrative costs and inflation (approximately 9 points), partially offset by lower expenses related to the settlement of certain legal claims (approximately 8 points).

Other Expenses / (Income)

Other expenses were $18 million in 2023 compared to other income of $1 million in 2022. Other expenses in 2023 included pension actuarial losses of $15 million. Other income in 2022 included pension actuarial losses of $6 million. Excluding these amounts, the remaining change was primarily due to lower net periodic pension and postretirement benefit income in the current year.

Operating Earnings

Segment operating earnings increased 19% in 2023 from 2022.

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An analysis of operating earnings by segment follows:

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021		% Change
Meals & Beverages	$	331	$	280	18
Snacks	153		128		20
	484		408		19
Corporate income (expense)	(48)		(32)
Restructuring charges(1)	—		—
Earnings before interest and taxes	$	436	$	376

__________________________________________

(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 higher gross profit, partially offset by higher marketing and selling expenses. Gross profit margin increased due to the impact of inflation-driven pricing actions, supply chain productivity improvements and lower levels of promotional spending, partially offset by higher cost inflation and other supply chain costs as well as unfavorable volume/mix.

Operating earnings from Snacks increased 20%. The increase was primarily due to higher gross profit and lower administrative expenses, partially offset by higher marketing and selling expenses. Gross profit margin declined due to higher cost inflation and other supply chain costs as well as unfavorable volume/mix and higher levels of promotional spending, partially offset by the impact of inflation-driven pricing actions and supply chain productivity improvements.

Corporate expense in 2023 included pension actuarial losses of $15 million, costs of $3 million related to costs savings initiatives and unrealized mark-to-market gains on outstanding undesignated commodity hedges of $5 million. Corporate expense in 2022 included pension actuarial losses of $6 million, costs of $4 million related to cost savings initiatives and unrealized mark-to-market losses on outstanding undesignated commodity hedges of $3 million. Excluding these amounts, the remaining increase was primarily due to lower net periodic pension and postretirement benefit income in the current year.

Interest Expense

Interest expense of $47 million in 2023 is comparable to 2022.

Taxes on Earnings

The effective tax rate was 23.8% in 2023 and 20.7% in 2022. The increase in the effective tax rate was primarily due to the favorable resolution of several tax matters in 2022.

Restructuring Charges and Cost Savings Initiatives

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

Continuing Operations

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, 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 the pre-tax charges recognized in the Consolidated Statements of Earnings related to these initiatives is as follows:

	Three Months Ended
(Millions, except per share amounts)	October 30, 2022		October 31, 2021		Recognized as of October 30, 2022
Restructuring charges	$	—	$	—	$	264
Administrative expenses	3		2		362
Cost of products sold	—		2		84
Marketing and selling expenses	—		—		14
Research and development expenses	—		—		4
Total pre-tax charges	$	3	$	4	$	728
Aggregate after-tax impact	$	3	$	3
Per share impact	$	.01	$	.01

A summary of the pre-tax costs associated with these initiatives is as follows:

(Millions)	Recognized as of October 30, 2022
Severance pay and benefits	$	227
Asset impairment/accelerated depreciation	82
Implementation costs and other related costs	419
Total	$	728

The total estimated pre-tax costs for actions that have been identified are approximately $735 million to $740 million and we expect to incur the costs through 2023. These estimates will be updated as the expanded initiatives are developed.

We expect the costs for actions that have been identified to date to consist of the following: approximately $230 million in severance pay and benefits; approximately $85 million in asset impairment and accelerated depreciation; and approximately $420 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 30%; Snacks - approximately 44%; and Corporate - approximately 26%.

Of the aggregate $735 million to $740 million of pre-tax costs identified to date, we expect approximately $635 million to $640 million will be cash expenditures. In addition, we expect to invest approximately $450 million in capital expenditures, of which we invested $440 million as of October 30, 2022. We expect to invest in substantially all of the capital expenditures through 2023. 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 within our Meals & Beverages manufacturing network, 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, once all phases are implemented, to generate annual ongoing savings of approximately $1 billion by the end of 2025. As of October 30, 2022, we have generated total program-to-date pre-tax savings of $860 million.

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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 associated with segments is as follows:

	October 30, 2022
(Millions)	Three Months Ended		Costs Incurred to Date
Meals & Beverages	$	—	$	225
Snacks	—		321
Corporate	3		182
Total	$	3	$	728

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 $227 million in 2023, compared to $288 million in 2022. The decline in 2023 was primarily due to changes in working capital, partially offset by higher cash earnings.

Current assets are less than current liabilities as a result of our level of current maturities of long-term debt and short-term borrowings and our focus to lower core working capital requirements. We had negative working capital of $729 million as of October 30, 2022, and $923 million as of July 31, 2022. Total debt maturing within one year was $858 million as of October 30, 2022, and $814 million as of July 31, 2022.

Capital expenditures were $77 million in 2023 and $69 million in 2022. Capital expenditures are expected to total approximately $325 million in 2023. Capital expenditures in the first three months of 2023 included chip and cracker capacity expansion for our Snacks business and a new manufacturing line for our Meals & Beverages business.

In Snacks, we 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.

Dividend payments were $115 million in 2023 and $116 million in 2022. The regular quarterly dividend paid on our capital stock was $.37 per share in both the first quarter of 2023 and 2022. On September 21, 2022, the Board of Directors declared a regular quarterly dividend of $.37 per share payable on October 31, 2022 to shareholders of record at the close of business on October 6, 2022. On November 30, 2022, the Board of Directors declared a regular quarterly dividend of $.37 per share payable on January 30, 2023 to shareholders of record at the close of business on January 5, 2023.

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 859 thousand shares at a cost of $41 million in 2023 pursuant to our June 2021 program. As of October 30, 2022, approximately $131 million remained available under the June 2021 program and approximately $375 million remained available under the September 2021 program. See Note 12 to the Consolidated Financial Statements and “Unregistered Sales of Equity Securities and Use of Proceeds” for additional information.

As of October 30, 2022, we had $858 million of short-term borrowings due within one year, $280 million of which was comprised of commercial paper borrowings. As of October 30, 2022, we issued $30 million of standby letters of credit. On September 27, 2021, we entered into a committed revolving credit facility totaling $1.85 billion scheduled to mature on September 27, 2026. The facility remained unused at October 30, 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.

On November 15, 2022, we entered into a delayed draw term loan credit agreement (the DDTL Credit Agreement) totaling up to $500 million scheduled to mature on November 15, 2025. Loans under the DDTL Credit Agreement will bear interest at

28

the rates specified in the DDTL Credit Agreement, which vary based on the type of loan and certain other conditions. The DDTL Credit Agreement contains customary representations and warranties, affirmative and negative 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 DDTL Credit Agreement) of not less than 3.25:1.00, and events of default for credit facilities of this type. We anticipate using any of the proceeds of the loans under the DDTL Credit Agreement to refinance our existing $566 million Notes with a maturity date of March 15, 2023.

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 July 31, 2022 (2022 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 2022 Annual Report on Form 10-K. Our significant accounting estimates are described in Management’s Discussion and Analysis included in the 2022 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 2022 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:

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

•the 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;

•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;

29

•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 2022 Annual Report on Form 10-K. There have been no significant changes in our portfolio of financial instruments or market risk exposures from the 2022 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 President, Meals & Beverages 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 October 30, 2022 (Evaluation Date). Based on such evaluation, the President and Chief Executive Officer and the Executive Vice President and President, Meals & Beverages 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 October 30, 2022.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings

Information regarding reportable legal proceedings is contained in Note 14 to the Consolidated Financial Statements and incorporated herein by reference.

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

Our share repurchase activity in the three months ended October 30, 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)
8/1/22-8/31/22	—	$0.00	—	$547
9/1/22-9/30/22	592,659	$48.10	592,659	$518
10/3/22-10/28/22	265,870	$47.36	265,870	$506
Total	858,529	$47.87	858,529	$506

____________________________________ 

(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.

INDEX TO EXHIBITS

10.1*	2023 Non-Employee Director Fees.
31.1	Certification of Mark A. Clouse pursuant to Rule 13a-14(a).
31.2	Certification of Mick J. Beekhuizen pursuant to Rule 13a-14(a).
32.1	Certification of Mark A. Clouse pursuant to 18 U.S.C. Section 1350.
32.2	Certification of Mick J. Beekhuizen pursuant to 18 U.S.C. Section 1350.
101.INS	Inline XBRL Instance Document - the instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Extension Schema Document.
101.CAL	Inline XBRL Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Extension Definition Linkbase Document.
101.LAB	Inline XBRL Extension Label Linkbase Document.
101.PRE	Inline XBRL Extension Presentation Linkbase Document.
104	The cover page from this Quarterly Report on Form 10-Q, formatted in Inline XBRL (included in Exhibit 101).

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

31

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.

December 7, 2022

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

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EX-10.1

Exhibit 10.1

CAMPBELL SOUP COMPANY

Non-Employee Director Compensation for Calendar 2023

Board and Committee Retainer for Calendar 2023

$119,000 shall be paid in cash

$152,000 shall be paid in shares of Campbell stock

Additional Retainers for Board Chair, Committee Chairs and Audit Committee Members

In addition to the above Board and Committee retainer, the following amounts shall be paid 50% in cash and 50% in shares of Campbell stock:

$350,000	Chair of the Board
$30,000	Audit Committee chair
$25,000	Compensation and Organization Committee chair
$20,000	Finance Committee chair
$20,000	Governance Committee chair
$7,500	Audit Committee members (excluding the Audit Committee chair)

The retainers will be paid quarterly in arrears. Prior to the beginning of a calendar year, a non-employee director may elect to (i) receive shares of Campbell stock in lieu of the cash portion of any retainer (such election to be made in 10% increments) and/or (ii) defer all or a portion of any cash or stock retainer in accordance with the terms and conditions of the Campbell Soup Company Supplemental Retirement Plan.

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: December 7, 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: December 7, 2022

By:	/s/ Mick J. Beekhuizen
	Name:	Mick J. Beekhuizen
	Title:	Executive Vice President and President,
		Meals & Beverages 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 October 30, 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: December 7, 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 October 30, 2022 (the “Report”), I, Mick J. Beekhuizen, Executive Vice President and President, Meals & Beverages 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: December 7, 2022

By:	/s/ Mick J. Beekhuizen
	Name:	Mick J. Beekhuizen
	Title:	Executive Vice President and President,
		Meals & Beverages 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	3 Months Ended
	Oct. 30, 2022	Dec. 01, 2022
Document and Entity Information [Abstract]
Entity Registrant Name	CAMPBELL SOUP CO
Entity Central Index Key	0000016732
Current Fiscal Year End Date	--07-30
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Oct. 30, 2022
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		299,467,564
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
	Oct. 30, 2022	Oct. 31, 2021
Income Statement [Abstract]
Net sales	$ 2,575	$ 2,236
Costs and expenses
Cost of products sold	1,741	1,514
Marketing and selling expenses	201	170
Administrative expenses	158	156
Research and development expenses	21	21
Other expenses / (income)	18	(1)
Restructuring charges	0	0
Total costs and expenses	2,139	1,860
Earnings before interest and taxes	436	376
Interest expense	47	47
Interest income	1	0
Earnings before taxes	390	329
Taxes on earnings	93	68
Net earnings	297	261
Less: Net earnings (loss) attributable to noncontrolling interests	0	0
Net earnings attributable to Campbell Soup Company	$ 297	$ 261
Per Share - Basic
Net earnings attributable to Campbell Soup Company	$ 0.99	$ 0.86
Weighted average shares outstanding - basic	299	302
Per Share - Assuming Dilution
Net earnings attributable to Campbell Soup Company	$ 0.99	$ 0.86
Weighted average shares outstanding - assuming dilution	301	303

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Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Oct. 30, 2022	Oct. 31, 2021
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 297	$ 261
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax [Abstract]
Foreign currency translation adjustments, before tax	(8)	0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax [Abstract]
Unrealized gains (losses) arising during the period, before tax	7	3
Reclassification adjustment for losses (gains) included in net earnings, before Tax	(4)	0
Other comprehensive income (loss), before tax	(5)	3
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax [Abstract]
Foreign currency translation adjustments, tax (expense) benefit	0	0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax [Abstract]
Unrealized gains (losses) arising during the period, tax	(2)	(1)
Reclassification adjustment for losses (gains) included in net earnings, tax (expense) benefit	1	0
Other comprehensive income (loss), tax (expense) benefit	(1)	(1)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract]
Foreign currency translation adjustments, after-tax	(8)	0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax [Abstract]
Unrealized gains (losses) arising during the period, after-tax	5	2
Reclassification adjustment for losses (gains) included in net earnings, after Tax	(3)	0
Other comprehensive income (loss), after-tax	(6)	2
Total comprehensive income (loss), after-tax	291	263
Total comprehensive income (loss) attributable to noncontrolling interests	0	0
Total comprehensive income (loss) attributable to Campbell Soup Company	$ 291	$ 263

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Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions	Oct. 30, 2022	Jul. 31, 2022
Current assets
Cash and cash equivalents	$ 130	$ 109
Accounts receivable, net	733	541
Inventories	1,361	1,246
Other current assets	80	67
Total current assets	2,304	1,963
Plant assets, net of depreciation	2,312	2,343
Goodwill	3,973	3,979
Other intangible assets, net of amortization	3,187	3,198
Other assets	401	409
Total assets	12,177	11,892
Current liabilities
Short-term borrowings	858	814
Payable to suppliers and others	1,447	1,334
Accrued liabilities	534	621
Dividends payable	112	114
Accrued income taxes	82	3
Total current liabilities	3,033	2,886
Long-term debt	3,994	3,996
Deferred taxes	1,078	1,074
Other liabilities	603	603
Total liabilities	8,708	8,559
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	375	415
Earnings retained in the business	4,224	4,040
Capital stock in treasury, at cost	(1,140)	(1,138)
Accumulated other comprehensive income (loss)	(4)	2
Total Campbell Soup Company shareholders' equity	3,467	3,331
Noncontrolling interests	2	2
Total equity	3,469	3,333
Total liabilities and equity	$ 12,177	$ 11,892
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	3 Months Ended
	Oct. 30, 2022	Oct. 31, 2021
Cash flows from operating activities:
Net earnings	$ 297	$ 261
Adjustments to reconcile net earnings to operating cash flow
Stock-based compensation	15	14
Pension and postretirement benefit expense (income)	11	(9)
Depreciation and amortization	91	83
Deferred income taxes	3	20
Other	25	22
Changes in working capital
Accounts receivable	(198)	(137)
Inventories	(118)	(40)
Other current assets	(10)	(5)
Accounts payable and accrued liabilities	123	87
Other	(12)	(8)
Net cash provided by operating activities	227	288
Cash flows from investing activities:
Purchases of plant assets	(77)	(69)
Purchases of route businesses	(1)	0
Sales of route businesses	0	1
Net cash used in investing activities	(78)	(68)
Cash flows from financing activities:
Short-term borrowings, including commercial paper	557	371
Short-term repayments, including commercial paper	(512)	(395)
Dividends paid	(115)	(116)
Treasury stock purchases	(41)	(63)
Treasury stock issuances	2	1
Payments related to tax withholding for stock-based compensation	(18)	(17)
Other	0	(1)
Net cash used in financing activities	(127)	(220)
Effect of exchange rate changes on cash	(1)	0
Net change in cash and cash equivalents	21	0
Cash and cash equivalents - beginning of period	109	69
Cash and cash equivalents - end of period	$ 130	$ 69

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Consolidated Statements of Equity - USD ($) shares in Thousands, $ 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. 01, 2021		323,000
Treasury stock, shares at Aug. 01, 2021			(21,000)
Balance, value at Aug. 01, 2021	$ 3,154	$ 12	$ (1,021)	$ 414	$ 3,742	$ 5	$ 2
Net earnings (loss)	261				261		0
Other comprehensive income (loss)	2					2	0
Dividends	$ (113)				(113)
Dividends per share	$ 0.37
Treasury stock purchased, Shares	(1,500)		(1,000)
Treasury stock purchased, value	$ (63)		$ (63)
Treasury stock issued under management incentive and stock option plans, value	(4)		$ 46	(42)	(8)
Treasury stock issued under management incentive and stock option plans, shares			1,000
Capital stock, shares at Oct. 31, 2021		323,000
Treasury Stock, Shares at Oct. 31, 2021			(21,000)
Balance, value at Oct. 31, 2021	3,237	$ 12	$ (1,038)	372	3,882	7	2
Capital stock, shares at Jul. 31, 2022		323,000
Treasury stock, shares at Jul. 31, 2022			(24,000)
Balance, value at Jul. 31, 2022	3,333	$ 12	$ (1,138)	415	4,040	2	2
Net earnings (loss)	297				297		0
Other comprehensive income (loss)	(6)					(6)	0
Dividends	$ (113)				(113)
Dividends per share	$ 0.37
Treasury stock purchased, Shares	(859)		(1,000)
Treasury stock purchased, value	$ (41)		$ (41)
Treasury stock issued under management incentive and stock option plans, value	(1)		$ 39	(40)	0
Treasury stock issued under management incentive and stock option plans, shares			1,000
Capital stock, shares at Oct. 30, 2022		323,000
Treasury Stock, Shares at Oct. 30, 2022			(24,000)
Balance, value at Oct. 30, 2022	$ 3,469	$ 12	$ (1,140)	$ 375	$ 4,224	$ (4)	$ 2

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Basis of Presentations and Significant Accounting Policies

3 Months Ended

Oct. 30, 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 July 31, 2022.

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 30, 2023.

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Recent Accounting Pronouncements

3 Months Ended

Oct. 30, 2022

Accounting Standards Update and Change in Accounting Principle [Abstract]

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted

In September 2022, the Financial Accounting Standards Board (FASB) issued guidance that enhances the transparency of supplier finance programs by requiring disclosure of the key terms of these programs and a related rollforward of these obligations to understand the effect on working capital, liquidity and cash flows. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods in those fiscal years, except for the rollforward requirement, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our disclosures.

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Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Oct. 30, 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 1, 2021	$	6	$	(4)	$	3	$	5
Other comprehensive income (loss) before reclassifications	—		2		—		2
Losses (gains) reclassified from accumulated other comprehensive income (loss)	—		—		—		—
Net current-period other comprehensive income (loss)	—		2		—		2
Balance at October 31, 2021	$	6	$	(2)	$	3	$	7
Balance at July 31, 2022	$	—	$	—	$	2	$	2
Other comprehensive income (loss) before reclassifications	(8)		5		—		(3)
Losses (gains) reclassified from accumulated other comprehensive income (loss)	—		(3)		—		(3)
Net current-period other comprehensive income (loss)	(8)		2		—		(6)
Balance at October 30, 2022	$	(8)	$	2	$	2	$	(4)

_____________________________________

(1)Included no tax as of October 30, 2022, July 31, 2022, October 31, 2021 and August 1, 2021.

(2)Included tax expense of $1 million as of October 30, 2022, no tax as of July 31, 2022 and October 31, 2021, and a tax benefit of $1 million as of August 1, 2021.

(3)Included tax expense of $1 million as of October 30, 2022, July 31, 2022, October 31, 2021, and August 1, 2021.

Amounts related to noncontrolling interests were not material.

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

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021		Location of Loss (Gain) Recognized in Earnings
Losses (gains) on cash-flow hedges:
Commodity contracts	$	(3)	$	(1)	Cost of products sold
Foreign exchange forward contracts	(1)		1		Cost of products sold
Total before tax	(4)		—
Tax expense (benefit)	1		—
Loss (gain), net of tax	$	(3)	$	—

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Goodwill And Intangible Assets

3 Months Ended

Oct. 30, 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:

(Millions)	Meals & Beverages		Snacks		Total
Net balance at July 31, 2022	$	993	$	2,986	$	3,979
Foreign currency translation adjustment	(6)		—		(6)
Net balance at October 30, 2022	$	987	$	2,986	$	3,973

Intangible Assets

The following table summarizes balance sheet information for intangible assets, excluding goodwill:

	October 30, 2022						July 31, 2022
(Millions)	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Amortizable intangible assets
Customer relationships	$	830	$	(192)	$	638	$	830	$	(181)	$	649
Non-amortizable intangible assets
Snyder's of Hanover					$	620					$	620
Lance					350						350
Kettle Brand					318						318
Pace					292						292
Pacific Foods					280						280
Various other Snacks(1)					689						689
Total trademarks					$	2,549					$	2,549
Total net intangible assets					$	3,187					$	3,198

____________________________________

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

Amortization of intangible assets was $11 million for both the three-month periods ended October 30, 2022 and October 31, 2021. As of October 30, 2022, amortizable intangible assets had a weighted-average remaining useful life of 16 years. Amortization expense for the next 5 years is estimated to be approximately $41 million per year.

As of our 2022 annual impairment testing, indefinite-lived trademarks with 10% or less of excess coverage of fair value over carrying value had an aggregate carrying value of $434 million and included Pacific Foods and certain other Snacks trademarks.

The estimates of future cash flows used in determining the fair value of goodwill and intangible assets involve significant management judgment and are based upon assumptions about expected future operating performance, economic conditions, market conditions and cost of capital. Inherent in estimating the future cash flows are uncertainties beyond our control, such as

changes in capital markets. The actual cash flows could differ materially from management’s estimates due to changes in business conditions, operating performance and economic conditions.

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Segment Information

3 Months Ended

Oct. 30, 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; 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. We refer to the * brands as our "power brands." The segment also includes the retail business in Latin America.

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
(Millions)	October 30, 2022		October 31, 2021
Net sales
Meals & Beverages	$	1,455	$	1,266
Snacks	1,120		970
Total	$	2,575	$	2,236

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021
Earnings before interest and taxes
Meals & Beverages	$	331	$	280
Snacks	153		128
Corporate income (expense)(1)	(48)		(32)
Restructuring charges(2)	—		—
Total	$	436	$	376

_______________________________________

(1)Represents unallocated items. There were pension actuarial losses of $15 million and $6 million in the three-month periods ended October 30, 2022, and October 31, 2021, respectively. Costs related to the cost savings initiatives were $3 million and $4 million in the three-month periods ended October 30, 2022, and October 31, 2021, respectively. Unrealized mark-to-market adjustments on outstanding undesignated commodity hedges were gains of $5 million and losses of $3 million in the three-month periods ended October 30, 2022, and October 31, 2021, respectively.

(2)See Note 6 for additional information.

Our net sales based on product categories are as follows:

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021
Net sales
Soup	$	893	$	797
Snacks	1,173		1,003
Other simple meals	315		264
Beverages	194		172
Total	$	2,575	$	2,236

Soup includes various soup, broths and stock products. Snacks include cookies, pretzels, crackers, popcorn, nuts, potato chips, tortilla chips and other salty snacks and baked products. Other simple meals include sauces, gravies, pasta, beans and canned poultry. 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

3 Months Ended

Oct. 30, 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

Continuing Operations

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, 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 recognized in the Consolidated Statements of Earnings related to these initiatives is as follows:

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021		Recognized as of October 30, 2022
Restructuring charges	$	—	$	—	$	264
Administrative expenses	3		2		362
Cost of products sold	—		2		84
Marketing and selling expenses	—		—		14
Research and development expenses	—		—		4
Total pre-tax charges	$	3	$	4	$	728

A summary of the pre-tax costs associated with the initiatives is as follows:

(Millions)	Recognized as of October 30, 2022
Severance pay and benefits	$	227
Asset impairment/accelerated depreciation	82
Implementation costs and other related costs	419
Total	$	728

The total estimated pre-tax costs for actions that have been identified are approximately $735 million to $740 million and we expect to incur the costs through 2023. These estimates will be updated as the expanded initiatives are developed.

We expect the costs for actions that have been identified to date to consist of the following: approximately $230 million in severance pay and benefits; approximately $85 million in asset impairment and accelerated depreciation; and approximately

$420 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 30%; Snacks - approximately 44%; and Corporate - approximately 26%.

Of the aggregate $735 million to $740 million of pre-tax costs identified to date, we expect approximately $635 million to $640 million will be cash expenditures. In addition, we expect to invest approximately $450 million in capital expenditures, of which we invested $440 million as of October 30, 2022. We expect to invest in substantially all of the capital expenditures through 2023. 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 within our Meals & Beverages manufacturing network, 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 at October 30, 2022, is as follows:

(Millions)	Severance Pay and Benefits		Implementation Costs and Other Related Costs(1)	Total Charges
Accrued balance at July 31, 2022	$	7
2023 charges	—		3	$	3
2023 cash payments	(2)
Accrued balance at October 30, 2022	$	5

__________________________________ 

(1)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 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 associated with segments is as follows:

	October 30, 2022
(Millions)	Three Months Ended		Costs Incurred to Date
Meals & Beverages	$	—	$	225
Snacks	—		321
Corporate	3		182
Total	$	3	$	728

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Earnings Per Share	3 Months Ended
	Oct. 30, 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-month periods ended October 30, 2022, and October 31, 2021, excludes approximately 1 million stock options that would have been antidilutive

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Pension And Postretirement Benefits

3 Months Ended

Oct. 30, 2022

Retirement Benefits [Abstract]

Pension And Postretirement Benefits

Pension and Postretirement Benefits

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

	Three Months Ended
	Pension				Postretirement
(Millions)	October 30, 2022		October 31, 2021		October 30, 2022		October 31, 2021
Service cost	$	4	$	4	$	—	$	—
Interest cost	17		10		2		1
Expected return on plan assets	(27)		(30)		—		—
Amortization of prior service cost	—		—		—		—
Actuarial losses	15		6		—		—
Net periodic benefit expense (income)	$	9	$	(10)	$	2	$	1

The actuarial losses resulted from the remeasurement of a U.S. pension plan for the three-month period ended

October 30, 2022 and a U.S. and a Canadian pension plan for the three-month period ended October 31, 2021. 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-month periods ended October 30, 2022, and October 31, 2021, were primarily due to losses on plan assets, partially offset by increases in discount rates used to determine the benefit obligation.

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Leases

3 Months Ended

Oct. 30, 2022

Leases [Abstract]

cpb_LeaseDisclosureTextBlock

Leases

The components of lease costs were as follows:

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021
Operating lease cost	$	20	$	19
Finance lease - amortization of right-of-use (ROU) assets	4		4
Short-term lease cost	17		13
Variable lease cost(1)	50		52
Total	$	91	$	88

__________________________________________

(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	October 30, 2022		July 31, 2022
ROU assets, net	Other assets	$	235	$	239
Lease liabilities (current)	Accrued liabilities	$	59	$	62
Lease liabilities (noncurrent)	Other liabilities	$	176	$	177
	Finance Leases
(Millions)	Balance Sheet Classification	October 30, 2022		July 31, 2022
ROU assets, net	Plant assets, net of depreciation	$	24	$	28
Lease liabilities (current)	Short-term borrowings	$	13	$	14
Lease liabilities (noncurrent)	Long-term debt	$	13	$	16

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

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	20	$	19
Financing cash flows from finance leases	$	4	$	4
ROU assets obtained in exchange for lease obligations:
Operating leases	$	15	$	14
Finance leases	$	—	$	13

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Financial Instruments

3 Months Ended

Oct. 30, 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 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 October 30, 2022, or July 31, 2022.

We are also exposed to credit risk from our customers. During 2022, our largest customer accounted for approximately 22% of consolidated net sales. Our five largest customers accounted for approximately 47% of our consolidated net sales in 2022.

We closely monitor credit risk associated with counterparties and customers.

Foreign Currency Exchange Risk

We are exposed to foreign currency exchange risk, primarily the Canadian dollar, related to intercompany transactions and third-party transactions. 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 $121 million as of October 30, 2022, and $140 million as of July 31, 2022. 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 $18 million as of October 30, 2022, and $13 million as of July 31, 2022.

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 outstanding as of October 30, 2022, or July 31, 2022.

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, diesel fuel, natural gas, soybean oil, aluminum, cocoa, corn, soybean meal 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 $3 million as of July 31, 2022. There were no commodity contracts designated as cash-flow hedges as of October 30, 2022. 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 $281 million as of October 30, 2022, and $254 million as of July 31, 2022. 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 $15 million as of October 30, 2022, and $39 million as of July 31, 2022. The change in fair value on the embedded derivative is recorded in Cost of products sold.

Deferred Compensation Obligation 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. 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 October 30, 2022, and July 31, 2022.

The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of October 30, 2022, and July 31, 2022:

(Millions)	Balance Sheet Classification	October 30, 2022		July 31, 2022
Asset Derivatives
Derivatives designated as hedges:
Commodity contracts	Other current assets	$	—	$	3
Foreign exchange forward contracts	Other current assets	7		2
Total derivatives designated as hedges		$	7	$	5
Derivatives not designated as hedges:
Commodity contracts	Other current assets	$	13	$	20
Deferred compensation contracts	Other current assets	2		—
Total derivatives not designated as hedges		$	15	$	20
Total asset derivatives		$	22	$	25

(Millions)	Balance Sheet Classification	October 30, 2022		July 31, 2022
Liability Derivatives
Derivatives not designated as hedges:
Commodity contracts	Accrued liabilities	$	19	$	30
Deferred compensation contracts	Accrued liabilities	—		4
Total derivatives not designated as hedges		$	19	$	34
Total liability derivatives		$	19	$	34

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 October 30, 2022, and July 31, 2022, would be adjusted as detailed in the following table:

	October 30, 2022						July 31, 2022
(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	$	22	$	(12)	$	10	$	25	$	(17)	$	8
Total liability derivatives	$	19	$	(12)	$	7	$	34	$	(17)	$	17

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 asset balances of $11 million at October 30, 2022, and $8 million at July 31, 2022, were included in Other current assets in the Consolidated Balance Sheets.

The following table shows the effect of our derivative instruments designated as cash-flow hedges for the three-month periods ended October 30, 2022, and October 31, 2021, in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings:

		Total Cash-Flow Hedge OCI Activity
(Millions)		October 30, 2022		October 31, 2021
Three Months Ended
OCI derivative gain (loss) at beginning of quarter		$	—	$	(5)
Effective portion of changes in fair value recognized in OCI:
Commodity contracts		—		3
Foreign exchange forward contracts		7		—
Amount of loss (gain) reclassified from OCI to earnings:	Location in Earnings
Commodity contracts	Cost of products sold	(3)		(1)
Foreign exchange forward contracts	Cost of products sold	(1)		1
OCI derivative gain (loss) at end of quarter		$	3	$	(2)

Based on current valuations, the amount expected to be reclassified from OCI into earnings within the next 12 months is a gain of $7 million.

The following table shows the total amounts of line items presented in the Consolidated Statements of Earnings for the three-month periods ended October 30, 2022, and October 31, 2021, in which the effects of derivative instruments designated as cash-flow hedges are recorded and the total effect of hedge activity on these line items are as follows:

	Three Months Ended
	October 30, 2022		October 31, 2021
(Millions)	Cost of products sold		Cost of products sold
Consolidated Statements of Earnings:	$	1,741	$	1,514
Loss (gain) on cash-flow hedges:
Amount of loss (gain) reclassified from OCI to earnings	$	(4)	$	—

The amount excluded from effectiveness testing recognized in each line item of earnings using an amortization approach was not material in all periods presented.

The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings:

	Location of Loss (Gain) Recognized in Earnings	Three Months Ended
(Millions)		October 30, 2022		October 31, 2021
Foreign exchange forward contracts	Cost of products sold	$	(1)	$	—
Commodity contracts	Cost of products sold	(12)		(9)
Deferred compensation contracts	Administrative expenses	2		(1)
Total loss (gain)		$	(11)	$	(10)

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Fair Value Measurements

3 Months Ended

Oct. 30, 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 October 30, 2022, and July 31, 2022, consistent with the fair value hierarchy:

	Fair Value as of October 30, 2022		Fair Value Measurements at October 30, 2022 Using Fair Value Hierarchy						Fair Value as of July 31, 2022		Fair Value Measurements at July 31, 2022 Using Fair Value Hierarchy
(Millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Assets
Foreign exchange forward contracts(1)	$	7	$	—	$	7	$	—	$	2	$	—	$	2	$	—
Commodity derivative contracts(2)	13		2		9		2		23		—		19		4
Deferred compensation derivative contracts(3)	2		—		2		—		—		—		—		—
Deferred compensation investments(4)	1		1		—		—		2		2		—		—
Total assets at fair value	$	23	$	3	$	18	$	2	$	27	$	2	$	21	$	4

	Fair Value as of October 30, 2022		Fair Value Measurements at October 30, 2022 Using Fair Value Hierarchy						Fair Value as of July 31, 2022		Fair Value Measurements at July 31, 2022 Using Fair Value Hierarchy
(Millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Liabilities
Commodity derivative contracts(2)	$	19	$	5	$	14	$	—	$	30	$	6	$	24	$	—
Deferred compensation derivative contracts(3)	—		—		—		—		4		—		4		—
Deferred compensation obligation(4)	99		99		—		—		96		96		—		—
Total liabilities at fair value	$	118	$	104	$	14	$	—	$	130	$	102	$	28	$	—

___________________________________ 

(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 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 three-month periods ended October 30, 2022, and October 31, 2021:

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021
Fair value at beginning of year	$	4	$	1
Gains (losses)	(1)		3
Settlements	(1)		(3)
Fair value at end of quarter	$	2	$	1

Fair Value of Financial Instruments

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

There were $22 million of cash equivalents at October 30, 2022, and $27 million at July 31, 2022. 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 $4.352 billion at October 30, 2022, and $4.637 billion at July 31, 2022. The carrying value was $4.852 billion at October 30, 2022, and $4.81 billion at July 31, 2022. 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

3 Months Ended

Oct. 30, 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 three-month period ended October 30, 2022, we repurchased 859 thousand shares at a cost of $41 million pursuant to our June 2021 program. As of October 30, 2022, approximately $131 million remained available under the June 2021 program and approximately $375 million remained available under the September 2021 program. During the three-month ended October 31, 2021, we repurchased approximately 1.5 million shares at a cost of $63 million.

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Stock-based Compensation

3 Months Ended

Oct. 30, 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 2023, 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 the Consolidated Statements of Earnings were as follows:

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021
Total pre-tax stock-based compensation expense	$	15	$	14
Tax-related benefits	$	3	$	2

The following table summarizes stock option activity as of October 30, 2022:

	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life	Aggregate Intrinsic Value
	(Options in thousands)			(In years)	(Millions)
Outstanding at July 31, 2022	1,297	$	46.04
Granted	—	$	—
Exercised	(43)	$	41.01
Terminated	—	$	—
Outstanding at October 30, 2022	1,254	$	46.22	4.6	$	9
Exercisable at October 30, 2022	1,254	$	46.22	4.6	$	9

The total intrinsic value of options exercised during the three-month periods ended October 30, 2022 and October 31, 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 and EPS performance restricted stock units as of October 30, 2022:

	Units	Weighted-Average Grant-Date Fair Value
	(Restricted stock units in thousands)
Nonvested at July 31, 2022	1,946	$	43.88
Granted	1,111	$	47.12
Vested	(715)	$	45.29
Forfeited	(17)	$	43.96
Nonvested at October 30, 2022	2,325	$	44.99

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 2023 and 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 590 thousand EPS performance target grants outstanding at October 30, 2022, with a weighted-average grant-date fair value of $44.32.

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 have ranged 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 October 30, 2022, total remaining unearned compensation related to nonvested time-lapse restricted stock units and EPS performance restricted stock units was $72 million, which will be amortized over the weighted-average remaining service period of 2.0 years. The fair value of restricted stock units vested during the three-month periods ended October 30, 2022, and October 31, 2021, was $34 million, and $48 million, respectively. The weighted-average grant-date fair value of the restricted stock units granted during the three-month period ended October 31, 2021 was $41.82.

The following table summarizes TSR performance restricted stock units as of October 30, 2022:

	Units	Weighted-Average Grant-Date Fair Value
	(Restricted stock units in thousands)
Nonvested at July 31, 2022	1,153	$	55.63
Granted	296	$	53.74
Vested	(443)	$	63.06
Forfeited	(7)	$	51.16
Nonvested at October 30, 2022	999	$	51.81

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

Assumptions used in the Monte Carlo simulation were as follows:

	2023	2022
Risk-free interest rate	4.29%	0.45%
Expected dividend yield	3.09%	3.50%
Expected volatility	26.40%	27.43%
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 October 30, 2022, total remaining unearned compensation related to TSR performance restricted stock units was $25 million, which will be amortized over the weighted-average remaining service period of 2.0 years. In the first quarter of 2023, recipients of TSR performance restricted stock units earned 100% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 29, 2022. 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. The fair value of TSR performance restricted stock units vested during the three-month periods ended October 30, 2022, and October 31, 2021, was $21 million and $8 million, respectively. The grant-date fair value of the TSR performance restricted stock units granted during three-month period ended October 31, 2021, was $45.65.

The tax benefits on the exercise of stock options in the three-month periods ended October 30, 2022, and October 31, 2021 were not material. Cash received from the exercise of stock options was $2 million and $1 million for the three-month periods ended October 30, 2022, and October 31, 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

3 Months Ended

Oct. 30, 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. On March 10, 2021 the defendants filed a motion to dismiss the second amended consolidated complaint. On October 11, 2022, the Court granted the defendants’ motion to dismiss the second amended consolidated complaint with prejudice. The plaintiff did not appeal the Court's order dismissing the second amended consolidated complaint with prejudice, bringing this matter to a conclusion.

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 October 30, 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 October 30, 2022.

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Supplemental Financial Statement Data

3 Months Ended

Oct. 30, 2022

Disclosure Text Block Supplement [Abstract]

Supplemental Financial Information Data

Supplemental Financial Statement Data

(Millions)	October 30, 2022		July 31, 2022
Balance Sheets
Inventories
Raw materials, containers and supplies	$	481	$	390
Finished products	880		856
	$	1,361	$	1,246

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021
Statements of Earnings
Other expenses / (income)
Amortization of intangible assets	$	11	$	11
Net periodic benefit expense (income) other than the service cost	7		(13)
Other	—		1
	$	18	$	(1)

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Subsequent Events	3 Months Ended
	Oct. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventOn November 15, 2022, we entered into a delayed draw term loan credit agreement (the DDTL Credit Agreement) totaling up to $500 million scheduled to mature on November 15, 2025. Loans under the DDTL Credit Agreement will bear interest at the rates specified in the DDTL Credit Agreement, which vary based on the type of loan and certain other conditions. The DDTL Credit Agreement contains customary representations and warranties, affirmative and negative 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 DDTL Credit Agreement) of not less than 3.25:1.00, and events of default for credit facilities of this type. We anticipate using any of the proceeds of the loans under the DDTL Credit Agreement to refinance our existing $566 million Notes with a maturity date of March 15, 2023.

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Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Oct. 30, 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 1, 2021	$	6	$	(4)	$	3	$	5
Other comprehensive income (loss) before reclassifications	—		2		—		2
Losses (gains) reclassified from accumulated other comprehensive income (loss)	—		—		—		—
Net current-period other comprehensive income (loss)	—		2		—		2
Balance at October 31, 2021	$	6	$	(2)	$	3	$	7
Balance at July 31, 2022	$	—	$	—	$	2	$	2
Other comprehensive income (loss) before reclassifications	(8)		5		—		(3)
Losses (gains) reclassified from accumulated other comprehensive income (loss)	—		(3)		—		(3)
Net current-period other comprehensive income (loss)	(8)		2		—		(6)
Balance at October 30, 2022	$	(8)	$	2	$	2	$	(4)

_____________________________________

(1)Included no tax as of October 30, 2022, July 31, 2022, October 31, 2021 and August 1, 2021.

(2)Included tax expense of $1 million as of October 30, 2022, no tax as of July 31, 2022 and October 31, 2021, and a tax benefit of $1 million as of August 1, 2021.

(3)Included tax expense of $1 million as of October 30, 2022, July 31, 2022, October 31, 2021, and August 1, 2021.

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
(Millions)	October 30, 2022		October 31, 2021		Location of Loss (Gain) Recognized in Earnings
Losses (gains) on cash-flow hedges:
Commodity contracts	$	(3)	$	(1)	Cost of products sold
Foreign exchange forward contracts	(1)		1		Cost of products sold
Total before tax	(4)		—
Tax expense (benefit)	1		—
Loss (gain), net of tax	$	(3)	$	—

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Goodwill And Intangible Assets (Tables)

3 Months Ended

Oct. 30, 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:

(Millions)	Meals & Beverages		Snacks		Total
Net balance at July 31, 2022	$	993	$	2,986	$	3,979
Foreign currency translation adjustment	(6)		—		(6)
Net balance at October 30, 2022	$	987	$	2,986	$	3,973

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

The following table summarizes balance sheet information for intangible assets, excluding goodwill:

	October 30, 2022						July 31, 2022
(Millions)	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Amortizable intangible assets
Customer relationships	$	830	$	(192)	$	638	$	830	$	(181)	$	649
Non-amortizable intangible assets
Snyder's of Hanover					$	620					$	620
Lance					350						350
Kettle Brand					318						318
Pace					292						292
Pacific Foods					280						280
Various other Snacks(1)					689						689
Total trademarks					$	2,549					$	2,549
Total net intangible assets					$	3,187					$	3,198

Schedule of Indefinite-Lived Intangible Assets [Table Block]

The following table summarizes balance sheet information for intangible assets, excluding goodwill:

	October 30, 2022						July 31, 2022
(Millions)	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Amortizable intangible assets
Customer relationships	$	830	$	(192)	$	638	$	830	$	(181)	$	649
Non-amortizable intangible assets
Snyder's of Hanover					$	620					$	620
Lance					350						350
Kettle Brand					318						318
Pace					292						292
Pacific Foods					280						280
Various other Snacks(1)					689						689
Total trademarks					$	2,549					$	2,549
Total net intangible assets					$	3,187					$	3,198

____________________________________

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

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Segment Information (Tables)

3 Months Ended

Oct. 30, 2022

Segment Reporting [Abstract]

Schedule Of Segment Reporting [Table Text Block]

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021
Net sales
Meals & Beverages	$	1,455	$	1,266
Snacks	1,120		970
Total	$	2,575	$	2,236

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021
Earnings before interest and taxes
Meals & Beverages	$	331	$	280
Snacks	153		128
Corporate income (expense)(1)	(48)		(32)
Restructuring charges(2)	—		—
Total	$	436	$	376

_______________________________________

(1)Represents unallocated items. There were pension actuarial losses of $15 million and $6 million in the three-month periods ended October 30, 2022, and October 31, 2021, respectively. Costs related to the cost savings initiatives were $3 million and $4 million in the three-month periods ended October 30, 2022, and October 31, 2021, respectively. Unrealized mark-to-market adjustments on outstanding undesignated commodity hedges were gains of $5 million and losses of $3 million in the three-month periods ended October 30, 2022, and October 31, 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
(Millions)	October 30, 2022		October 31, 2021
Net sales
Soup	$	893	$	797
Snacks	1,173		1,003
Other simple meals	315		264
Beverages	194		172
Total	$	2,575	$	2,236

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

3 Months Ended

Oct. 30, 2022

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

A summary of the pre-tax charges recognized in the Consolidated Statements of Earnings related to these initiatives is as follows:

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021		Recognized as of October 30, 2022
Restructuring charges	$	—	$	—	$	264
Administrative expenses	3		2		362
Cost of products sold	—		2		84
Marketing and selling expenses	—		—		14
Research and development expenses	—		—		4
Total pre-tax charges	$	3	$	4	$	728

A summary of the pre-tax costs associated with the initiatives is as follows:

(Millions)	Recognized as of October 30, 2022
Severance pay and benefits	$	227
Asset impairment/accelerated depreciation	82
Implementation costs and other related costs	419
Total	$	728

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

A summary of the restructuring activity and related reserves at October 30, 2022, is as follows:

(Millions)	Severance Pay and Benefits		Implementation Costs and Other Related Costs(1)	Total Charges
Accrued balance at July 31, 2022	$	7
2023 charges	—		3	$	3
2023 cash payments	(2)
Accrued balance at October 30, 2022	$	5

__________________________________ 

(1)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 in the Consolidated Statements of Earnings.

Schedule Of Restructuring Charges Associated With Each Reportable Segment

A summary of the pre-tax costs associated with segments is as follows:

	October 30, 2022
(Millions)	Three Months Ended		Costs Incurred to Date
Meals & Beverages	$	—	$	225
Snacks	—		321
Corporate	3		182
Total	$	3	$	728

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Pension And Postretirement Benefits (Tables)

3 Months Ended

Oct. 30, 2022

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs [Table Text Block]

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

	Three Months Ended
	Pension				Postretirement
(Millions)	October 30, 2022		October 31, 2021		October 30, 2022		October 31, 2021
Service cost	$	4	$	4	$	—	$	—
Interest cost	17		10		2		1
Expected return on plan assets	(27)		(30)		—		—
Amortization of prior service cost	—		—		—		—
Actuarial losses	15		6		—		—
Net periodic benefit expense (income)	$	9	$	(10)	$	2	$	1

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Leases (Tables)

3 Months Ended

Oct. 30, 2022

Leases [Abstract]

Lease, Cost

The components of lease costs were as follows:

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021
Operating lease cost	$	20	$	19
Finance lease - amortization of right-of-use (ROU) assets	4		4
Short-term lease cost	17		13
Variable lease cost(1)	50		52
Total	$	91	$	88

__________________________________________

(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	October 30, 2022		July 31, 2022
ROU assets, net	Other assets	$	235	$	239
Lease liabilities (current)	Accrued liabilities	$	59	$	62
Lease liabilities (noncurrent)	Other liabilities	$	176	$	177
	Finance Leases
(Millions)	Balance Sheet Classification	October 30, 2022		July 31, 2022
ROU assets, net	Plant assets, net of depreciation	$	24	$	28
Lease liabilities (current)	Short-term borrowings	$	13	$	14
Lease liabilities (noncurrent)	Long-term debt	$	13	$	16

Schedule of Supplemental Cash Flow Information Related to Leases

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

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	20	$	19
Financing cash flows from finance leases	$	4	$	4
ROU assets obtained in exchange for lease obligations:
Operating leases	$	15	$	14
Finance leases	$	—	$	13

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Financial Instruments (Tables)

3 Months Ended

Oct. 30, 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 October 30, 2022, and July 31, 2022:

(Millions)	Balance Sheet Classification	October 30, 2022		July 31, 2022
Asset Derivatives
Derivatives designated as hedges:
Commodity contracts	Other current assets	$	—	$	3
Foreign exchange forward contracts	Other current assets	7		2
Total derivatives designated as hedges		$	7	$	5
Derivatives not designated as hedges:
Commodity contracts	Other current assets	$	13	$	20
Deferred compensation contracts	Other current assets	2		—
Total derivatives not designated as hedges		$	15	$	20
Total asset derivatives		$	22	$	25

(Millions)	Balance Sheet Classification	October 30, 2022		July 31, 2022
Liability Derivatives
Derivatives not designated as hedges:
Commodity contracts	Accrued liabilities	$	19	$	30
Deferred compensation contracts	Accrued liabilities	—		4
Total derivatives not designated as hedges		$	19	$	34
Total liability derivatives		$	19	$	34

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 October 30, 2022, and July 31, 2022, would be adjusted as detailed in the following table:

	October 30, 2022						July 31, 2022
(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	$	22	$	(12)	$	10	$	25	$	(17)	$	8
Total liability derivatives	$	19	$	(12)	$	7	$	34	$	(17)	$	17

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 October 30, 2022, and July 31, 2022, would be adjusted as detailed in the following table:

	October 30, 2022						July 31, 2022
(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	$	22	$	(12)	$	10	$	25	$	(17)	$	8
Total liability derivatives	$	19	$	(12)	$	7	$	34	$	(17)	$	17

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

The following table shows the effect of our derivative instruments designated as cash-flow hedges for the three-month periods ended October 30, 2022, and October 31, 2021, in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings:

		Total Cash-Flow Hedge OCI Activity
(Millions)		October 30, 2022		October 31, 2021
Three Months Ended
OCI derivative gain (loss) at beginning of quarter		$	—	$	(5)
Effective portion of changes in fair value recognized in OCI:
Commodity contracts		—		3
Foreign exchange forward contracts		7		—
Amount of loss (gain) reclassified from OCI to earnings:	Location in Earnings
Commodity contracts	Cost of products sold	(3)		(1)
Foreign exchange forward contracts	Cost of products sold	(1)		1
OCI derivative gain (loss) at end of quarter		$	3	$	(2)

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

The following table shows the total amounts of line items presented in the Consolidated Statements of Earnings for the three-month periods ended October 30, 2022, and October 31, 2021, in which the effects of derivative instruments designated as cash-flow hedges are recorded and the total effect of hedge activity on these line items are as follows:

	Three Months Ended
	October 30, 2022		October 31, 2021
(Millions)	Cost of products sold		Cost of products sold
Consolidated Statements of Earnings:	$	1,741	$	1,514
Loss (gain) on cash-flow hedges:
Amount of loss (gain) reclassified from OCI to earnings	$	(4)	$	—

Derivatives Not Designated as Hedging Instruments [Table Text Block]

The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings:

	Location of Loss (Gain) Recognized in Earnings	Three Months Ended
(Millions)		October 30, 2022		October 31, 2021
Foreign exchange forward contracts	Cost of products sold	$	(1)	$	—
Commodity contracts	Cost of products sold	(12)		(9)
Deferred compensation contracts	Administrative expenses	2		(1)
Total loss (gain)		$	(11)	$	(10)

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Fair Value Measurements (Tables)

3 Months Ended

Oct. 30, 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 October 30, 2022, and July 31, 2022, consistent with the fair value hierarchy:

	Fair Value as of October 30, 2022		Fair Value Measurements at October 30, 2022 Using Fair Value Hierarchy						Fair Value as of July 31, 2022		Fair Value Measurements at July 31, 2022 Using Fair Value Hierarchy
(Millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Assets
Foreign exchange forward contracts(1)	$	7	$	—	$	7	$	—	$	2	$	—	$	2	$	—
Commodity derivative contracts(2)	13		2		9		2		23		—		19		4
Deferred compensation derivative contracts(3)	2		—		2		—		—		—		—		—
Deferred compensation investments(4)	1		1		—		—		2		2		—		—
Total assets at fair value	$	23	$	3	$	18	$	2	$	27	$	2	$	21	$	4

	Fair Value as of October 30, 2022		Fair Value Measurements at October 30, 2022 Using Fair Value Hierarchy						Fair Value as of July 31, 2022		Fair Value Measurements at July 31, 2022 Using Fair Value Hierarchy
(Millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Liabilities
Commodity derivative contracts(2)	$	19	$	5	$	14	$	—	$	30	$	6	$	24	$	—
Deferred compensation derivative contracts(3)	—		—		—		—		4		—		4		—
Deferred compensation obligation(4)	99		99		—		—		96		96		—		—
Total liabilities at fair value	$	118	$	104	$	14	$	—	$	130	$	102	$	28	$	—

___________________________________ 

(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 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 three-month periods ended October 30, 2022, and October 31, 2021:

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021
Fair value at beginning of year	$	4	$	1
Gains (losses)	(1)		3
Settlements	(1)		(3)
Fair value at end of quarter	$	2	$	1

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Stock-based Compensation (Tables)

3 Months Ended

Oct. 30, 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 the Consolidated Statements of Earnings were as follows:

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021
Total pre-tax stock-based compensation expense	$	15	$	14
Tax-related benefits	$	3	$	2

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 October 30, 2022:

	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life	Aggregate Intrinsic Value
	(Options in thousands)			(In years)	(Millions)
Outstanding at July 31, 2022	1,297	$	46.04
Granted	—	$	—
Exercised	(43)	$	41.01
Terminated	—	$	—
Outstanding at October 30, 2022	1,254	$	46.22	4.6	$	9
Exercisable at October 30, 2022	1,254	$	46.22	4.6	$	9

Time Lapse, and EPS Performance Restricted Stock Units [Member]

Stock-based Compensation

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

The following table summarizes time-lapse restricted stock units and EPS performance restricted stock units as of October 30, 2022:

	Units	Weighted-Average Grant-Date Fair Value
	(Restricted stock units in thousands)
Nonvested at July 31, 2022	1,946	$	43.88
Granted	1,111	$	47.12
Vested	(715)	$	45.29
Forfeited	(17)	$	43.96
Nonvested at October 30, 2022	2,325	$	44.99

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 October 30, 2022:

	Units	Weighted-Average Grant-Date Fair Value
	(Restricted stock units in thousands)
Nonvested at July 31, 2022	1,153	$	55.63
Granted	296	$	53.74
Vested	(443)	$	63.06
Forfeited	(7)	$	51.16
Nonvested at October 30, 2022	999	$	51.81

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

Assumptions used in the Monte Carlo simulation were as follows:

	2023	2022
Risk-free interest rate	4.29%	0.45%
Expected dividend yield	3.09%	3.50%
Expected volatility	26.40%	27.43%
Expected term	3 years	3 years

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Supplemental Financial Statement Data (Tables)

3 Months Ended

Oct. 30, 2022

Disclosure Text Block Supplement [Abstract]

Supplemental Balance Sheet Data

(Millions)	October 30, 2022		July 31, 2022
Balance Sheets
Inventories
Raw materials, containers and supplies	$	481	$	390
Finished products	880		856
	$	1,361	$	1,246

Supplemental Statements of Earnings Data

	Three Months Ended
(Millions)	October 30, 2022		October 31, 2021
Statements of Earnings
Other expenses / (income)
Amortization of intangible assets	$	11	$	11
Net periodic benefit expense (income) other than the service cost	7		(13)
Other	—		1
	$	18	$	(1)

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Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions		3 Months Ended
		Oct. 30, 2022	Oct. 31, 2021	Jul. 31, 2022	Aug. 01, 2021
Beginning Balance		$ 2
Other comprehensive income (loss), after-tax		(6)	$ 2
Ending Balance		(4)
Accumulated Other Comprehensive Income Foreign Currency Translation Tax (Benefit) Expense		0	0	$ 0	$ 0
Accumulated Other Comprehensive Income Cashflow Hedges Tax (Benefit) Expense		1	0	0	(1)
Accumulated Other Comprehensive Income Unamortized Pension And Post Retirement Tax (Benefit) Expense		1	1	$ 1	$ 1
Accumulated Translation Adjustment [Member]
Beginning Balance	[1]	0	6
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax		(8)	0
Other Comprehensive Income Reclassifications Current Period Net of Tax		0	0
Other comprehensive income (loss), after-tax		(8)	0
Ending Balance	[1]	(8)	6
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Beginning Balance	[2]	0	(4)
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax		5	2
Other Comprehensive Income Reclassifications Current Period Net of Tax		(3)	0
Other comprehensive income (loss), after-tax		2	2
Ending Balance	[2]	2	(2)
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member]
Beginning Balance	[3]	2	3
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax		0	0
Other Comprehensive Income Reclassifications Current Period Net of Tax		0	0
Other comprehensive income (loss), after-tax		0	0
Ending Balance	[3]	2	3
Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance		2	5
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax		(3)	2
Other Comprehensive Income Reclassifications Current Period Net of Tax		(3)	0
Other comprehensive income (loss), after-tax		(6)	2
Ending Balance		$ (4)	$ 7

[1] Included no tax as of October 30, 2022, July 31, 2022, October 31, 2021 and August 1, 2021.

[2] Included tax expense of $1 million as of October 30, 2022, no tax as of July 31, 2022 and October 31, 2021, and a tax benefit of $1 million as of August 1, 2021.

[3] Included tax expense of $1 million as of October 30, 2022, July 31, 2022, October 31, 2021, and August 1, 2021.

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Accumulated Other Comprehensive Income (Loss) (Schecule of amounts reclassified from AOCI) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 30, 2022	Oct. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cost of Goods and Services Sold	$ (1,741)	$ (1,514)
Taxes on earnings	(93)	(68)
Net Income (Loss) Attributable to Parent	297	261
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	0
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax	4	0
Taxes on earnings	(1)	0
Net Income (Loss) Attributable to Parent	3	0
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	1
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	$ (1)

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Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 30, 2022	Oct. 31, 2021	Jul. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 11	$ 11
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	41
Finite-Lived Intangible Assets, Amortization Expense, Year Two	41
Finite Lived Intangible Assets, Amortization Expense, Year Three	41
Finite Lived Intangible Assets, Amortization Expense, Year Four	41
Finite Lived Intangible Assets, Amortization Expense, Year Five	$ 41
Trade names - Carrying value with 10% or less excess fair value coverage
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)			$ 434
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	16 years

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Goodwill And Intangible Assets (Goodwill) (Details) $ in Millions	3 Months Ended
	Oct. 30, 2022 USD ($)
Goodwill [Line Items]
Beginning Balance	$ 3,979
Foreign currency translation adjustment	(6)
Ending Balance	3,973
Meals & Beverages [Member]
Goodwill [Line Items]
Beginning Balance	993
Foreign currency translation adjustment	(6)
Ending Balance	987
Snacks [Member]
Goodwill [Line Items]
Beginning Balance	2,986
Foreign currency translation adjustment	0
Ending Balance	$ 2,986

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Goodwill And Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions		Oct. 30, 2022	Jul. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Other intangible assets, net of amortization		$ 3,187	$ 3,198
Trade Name - Snyder's of Hanover [Member]
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)		620	620
Trade Names - Lance
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)		350	350
Trade Name - Kettle Brand
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)		318	318
Trade Names - Pace [Member]
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)		292	292
Trade Name - Pacific Foods [Member]
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)		280	280
Trade Names - Other
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	[1]	689	689
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		(192)	(181)
Finite-Lived Intangible Assets, Net		$ 638	$ 649

[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
	Oct. 30, 2022	Oct. 31, 2021
Segment Reporting Information [Line Items]
Net sales	$ 2,575	$ 2,236
Meals & Beverages [Member]
Segment Reporting Information [Line Items]
Net sales	1,455	1,266
Snacks [Member]
Segment Reporting Information [Line Items]
Net sales	$ 1,120	$ 970

XML

Segment Information (Schedule Of Segment Reporting - Earnings Before Interest And Taxes) (Details) - USD ($) $ in Millions		3 Months Ended
		Oct. 30, 2022	Oct. 31, 2021
Segment Reporting Information [Line Items]
Earnings before interest and taxes		$ 436	$ 376
Meals & Beverages [Member]
Segment Reporting Information [Line Items]
Earnings before interest and taxes		331	280
Snacks [Member]
Segment Reporting Information [Line Items]
Earnings before interest and taxes		153	128
Corporate
Segment Reporting Information [Line Items]
Earnings before interest and taxes	[1]	(48)	(32)
Defined Benefit Plan, Actuarial Gain (Loss)		(15)	(6)
Restructuring and Related Cost, Incurred Cost		(3)	(4)
Unrealized Gain (Loss) on Commodity Contracts		5	(3)
Corporate | Restructuring Charges [Member]
Segment Reporting Information [Line Items]
Earnings before interest and taxes	[2]	$ 0	$ 0

[1] Represents unallocated items. There were pension actuarial losses of $15 million and $6 million in the three-month periods ended October 30, 2022, and October 31, 2021, respectively. Costs related to the cost savings initiatives were $3 million and $4 million in the three-month periods ended October 30, 2022, and October 31, 2021, respectively. Unrealized mark-to-market adjustments on outstanding undesignated commodity hedges were gains of $5 million and losses of $3 million in the three-month periods ended October 30, 2022, and October 31, 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
	Oct. 30, 2022	Oct. 31, 2021
Segment Reporting Information [Line Items]
Net sales	$ 2,575	$ 2,236
Soup [Member]
Segment Reporting Information [Line Items]
Net sales	893	797
Snacks [Member]
Segment Reporting Information [Line Items]
Net sales	1,173	1,003
Other Simple Meals [Member]
Segment Reporting Information [Line Items]
Net sales	315	264
Beverages [Member]
Segment Reporting Information [Line Items]
Net sales	$ 194	$ 172

XML

Restructuring Charges and Cost Savings Initiatives (Narrative) (Details) - 2015 and Snyder's-Lance Initiatives [Member] $ in Millions	Oct. 30, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Payments to Acquire Property, Plant and Equipment - Expected Payments	$ 450
Payments to Acquire Property, Plant, and Equipment - Incurred to Date	$ 440
Meals & Beverages [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost Allocation	30.00%
Snacks [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost Allocation	44.00%
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost Allocation	26.00%
Severance Pay And Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	$ 230
Asset Impairment Accelerated Depreciation [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	85
Minimum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	735
Minimum [Member] | Implementation Costs and Other Related Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	420
Minimum [Member] | Cash Expenditures
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	635
Maximum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	740
Maximum [Member] | Implementation Costs and Other Related Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	425
Maximum [Member] | Cash Expenditures
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	$ 640

XML

Restructuring Charges and Cost Savings Initiatives (Schedule Of Pre-Tax Charges) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 30, 2022	Oct. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 0
2015 and Snyder's-Lance Initiatives [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0
Restructuring and Related Cost, Incurred Cost	3	4
Restructuring and Related Cost, Cost Incurred to Date	728
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	227
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
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	419
2015 and Snyder's-Lance Initiatives [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	264
2015 and Snyder's-Lance Initiatives [Member] | General and Administrative Expense [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	3	2
Restructuring and Related Cost, Cost Incurred to Date	362
2015 and Snyder's-Lance Initiatives [Member] | Cost Of Products Sold [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0	2
Restructuring and Related Cost, Cost Incurred to Date	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
Restructuring and Related Cost, Cost Incurred to Date	14
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
Restructuring and Related Cost, Cost Incurred to Date	$ 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
		Oct. 30, 2022	Oct. 31, 2021
Restructuring Reserve [Roll Forward]
Restructuring and Related Cost, Incurred Cost		$ 3	$ 4
Severance Pay And Benefits [Member]
Restructuring Reserve [Roll Forward]
Accrued Balance at beginning of period		7
Restructuring and Related Cost, Incurred Cost		0
Cash Payments		(2)
Accrued Balance at end of period		5
Other Cost Savings Implementation Costs [Member]
Restructuring Reserve [Roll Forward]
Restructuring and Related Cost, Incurred Cost	[1]	$ 3

[1] 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 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
	Oct. 30, 2022	Oct. 31, 2021
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	$ 3	$ 4
2015 and Snyder's-Lance Initiatives [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	728
Restructuring and Related Cost, Incurred Cost	3	$ 4
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
Restructuring and Related Cost, Incurred Cost	0
2015 and Snyder's-Lance Initiatives [Member] | Snacks [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	321
Restructuring and Related Cost, Incurred Cost	0
2015 and Snyder's-Lance Initiatives [Member] | Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	182
Restructuring and Related Cost, Incurred Cost	$ 3

XML

Earnings Per Share (Narrative) (Details) - shares shares in Millions	3 Months Ended
	Oct. 30, 2022	Oct. 31, 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

XML

Pension And Postretirement Benefits (Schedule Of Components of Benefit Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 30, 2022	Oct. 31, 2021
Pension Plan, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Service Cost	$ 4	$ 4
Defined Benefit Plan, Interest Cost	$ 17	$ 10
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Expected return on plan assets	$ (27)	$ (30)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	$ 0	$ 0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Defined Benefit Plan, Actuarial Gain (Loss)	$ (15)	$ (6)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Immediate Recognition of Actuarial Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ 9	$ (10)
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Service Cost	0	0
Defined Benefit Plan, Interest Cost	$ 2	$ 1
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Expected return on plan assets	$ 0	$ 0
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	$ 0	$ 0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Defined Benefit Plan, Actuarial Gain (Loss)	$ 0	$ 0
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Immediate Recognition of Actuarial Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ 2	$ 1

XML

Leases (Costs) (Details) - USD ($) $ in Millions		3 Months Ended
		Oct. 30, 2022	Oct. 31, 2021
Operating Lease, Cost		$ 20	$ 19
Finance lease, amortization of right-of-use assets		4	4
Short-term Lease, Cost		17	13
Variable Lease, Cost	[1]	50	52
Lease, Cost, Total		$ 91	$ 88

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

XML

Leases (Reported in Balance Sheet) (Details) - USD ($) $ in Millions	Oct. 30, 2022	Jul. 31, 2022
Operating Lease, Right-of-Use Asset	$ 235	$ 239
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Operating Lease, Liability, Current	$ 59	$ 62
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Operating Lease, Liability, Noncurrent	$ 176	$ 177
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Finance Lease, Right-of-Use Asset	$ 24	$ 28
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Plant assets, net of depreciation	Plant assets, net of depreciation
Finance Lease, Liability, Current	$ 13	$ 14
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Short-term borrowings	Short-term borrowings
Finance Lease, Liability, Noncurrent	$ 13	$ 16
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-Term Debt and Lease Obligation	Long-Term Debt and Lease Obligation

XML

Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 30, 2022	Oct. 31, 2021
Leases [Abstract]
Operating Lease, Payments	$ 20	$ 19
Finance Lease, Principal Payments	4	4
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	15	14
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 0	$ 13

XML

Financial Instruments (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Oct. 30, 2022	Jul. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ 7
Other Current Assets [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Margin Deposit Assets	$ 11	$ 8
Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Contracts Mature Within, Months	18 months
Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	$ 0	0
Commodity Derivative Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Maximum Length of Contract Maturity	18 months
Equity 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	$ 121	140
Derivatives Designated As Hedges [Member] | Commodity Derivative Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	0	3
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	18	13
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	281	254
Derivatives Not Designated As Hedges [Member] | Embedded Derivative Financial Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	15	39
Derivatives Not Designated As Hedges [Member] | Equity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	$ 50	$ 50
Wal-Mart Stores, Inc. [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Concentration Risk, Percentage		22.00%
Top Five Customers [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Concentration Risk, Percentage		47.00%

XML

Financial Instruments (Schedule Of The Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Millions	Oct. 30, 2022	Jul. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 22	$ 25
Derivative Liability, Fair Value, Gross Liability	19	34
Derivatives Designated As Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	7	5
Derivatives Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	0	3
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	7	2
Derivatives Not Designated As Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	15	20
Derivative Liability, Fair Value, Gross Liability	19	34
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	13	20
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	19	30
Derivatives Not Designated As Hedges [Member] | Equity Contracts [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	2	0
Derivatives Not Designated As Hedges [Member] | Equity Contracts [Member] | Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 0	$ 4

XML

Financial Instruments (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Millions	Oct. 30, 2022	Jul. 31, 2022
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Derivative Assets	$ 22	$ 25
Derivative Asset, Not Offset, Policy Election Deduction	(12)	(17)
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election, Total	10	8
Derivative Liability	19	34
Derivative Liability, Not Offset, Policy Election Deduction	(12)	(17)
Derivative Liability, Fair Value, Amount Offset Against Collateral	$ 7	$ 17

XML

Financial Instruments (Schedule Of Changes In Cash Flow Hedges In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 30, 2022	Oct. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
OCI before tax accumulated derivative gain (loss) beginning of period	$ 0	$ (5)
OCI before tax accumulated derivative gain (loss) end of period	3	(2)
Commodity Derivative Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
OCI, before Reclassifications, before Tax, Attributable to Parent	0	3
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)	(1)
Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
OCI, before Reclassifications, before Tax, Attributable to Parent	7	0
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)	$ 1

XML

Financial Instruments (Schedule of Cash Flow Hedges in Statements of Earnings) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 30, 2022	Oct. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Cost of products sold	$ 1,741	$ 1,514
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)	$ 0

XML

Financial Instruments (Derivatives Not Designated As Hedges) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 30, 2022	Oct. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) or Loss Recognized in Earnings on Derivatives	$ (11)	$ (10)
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	(1)	0
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	(12)	(9)
Equity Contracts [Member] | General and Administrative Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) or Loss Recognized in Earnings on Derivatives	$ 2	$ (1)

XML

Fair Value Measurements Fair Value Measurements Narrative (Details) - USD ($) $ in Millions	Oct. 30, 2022	Jul. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents, at Carrying Value	$ 22	$ 27
Debt, Long-term and Short-term, Combined Amount	4,852	4,810
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents, Fair Value Disclosure	22	27
Debt Instrument, Fair Value Disclosure	$ 4,352	$ 4,637

XML

Fair Value Measurements (Fair Value Measurement Of Assets And Liabilities) (Details) - USD ($) $ in Millions		Oct. 30, 2022	Jul. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets at fair value		$ 22	$ 25
Derivatives liabilities at fair value		19	34
Measured On Recurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value		23	27
Total liabilities at fair value		118	130
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		3	2
Total liabilities at fair value		104	102
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		18	21
Total liabilities at fair value		14	28
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		2	4
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]	7	2
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]	7	2
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]	13	23
Derivatives liabilities at fair value	[2]	19	30
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]	2	0
Derivatives liabilities at fair value	[2]	5	6
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]	9	19
Derivatives liabilities at fair value	[2]	14	24
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]	2	4
Measured On Recurring Basis [Member] | Equity Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets at fair value	[3]	2	0
Derivatives liabilities at fair value	[3]	0	4
Measured On Recurring Basis [Member] | Equity 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]	2	0
Derivatives liabilities at fair value	[3]	0	4
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]	1	2
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]	1	2
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]	99	96
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]	$ 99	$ 96

[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 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	3 Months Ended
	Oct. 30, 2022	Oct. 31, 2021	Jul. 31, 2022	Aug. 01, 2021
Fair Value Disclosures [Abstract]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs	$ 2	$ 1	$ 4	$ 1
Fair Value, Level 3 investment gain (Loss) Included in Earnings	(1)	3
Fair Value, Level 3 Investment, Settlements	$ (1)	$ (3)

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Share Repurchases (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Oct. 30, 2022	Oct. 31, 2021
Statement [Line Items]
Treasury stock purchased, Shares	859	1,500
Shares repurchased, value	$ 41	$ 63
Capital Stock In Treasury [Member]
Statement [Line Items]
Treasury stock purchased, Shares	1,000	1,000
Shares repurchased, value	$ 41	$ 63
June 2021 Program
Statement [Line Items]
Authorized amount for shares repurchase	250
Stock Repurchase Program, Remaining Authorized Repurchase Amount	131
September 2021 Program
Statement [Line Items]
Authorized amount for shares repurchase	500
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 375

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Stock-based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		12 Months Ended
	Oct. 30, 2022	Oct. 31, 2021	Jul. 28, 2019	Jul. 31, 2022
Stock-based Compensation
Cash received from the exercise of stock options	$ 2	$ 1
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	0	0
Share-Based Payment Arrangement, Exercise of Option, Tax Benefit	$ 0	$ 0
EPS Performance Restricted Stock Units [Member]
Stock-based Compensation
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Nonvested, Units	590
Nonvested, Weighted-Average Grant-Date Fair Value	$ 44.32
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, and EPS Performance Restricted Stock Units [Member]
Stock-based Compensation
Remaining unearned compensation on nonvested awards	$ 72
Weighted-average remaining service period, years	2 years
Nonvested, Units	2,325			1,946
Fair value of restricted units and shares vested	$ 34	$ 48
Granted, Weighted-Average Grant-Date Fair Value	$ 47.12	$ 41.82
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	1,111
Nonvested, Weighted-Average Grant-Date Fair Value	$ 44.99			$ 43.88
TSR Performance Restricted Stock/Units [Member]
Stock-based Compensation
Remaining unearned compensation on nonvested awards	$ 25
Weighted-average remaining service period, years	2 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	100.00%	75.00%
Nonvested, Units	999			1,153
Fair value of restricted units and shares vested	$ 21	$ 8
Granted, Weighted-Average Grant-Date Fair Value	$ 53.74	$ 45.65
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	296
Nonvested, Weighted-Average Grant-Date Fair Value	$ 51.81			$ 55.63

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Stock-based Compensation (Summary of Stock-based Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 30, 2022	Oct. 31, 2021
Share-Based Payment Arrangement [Abstract]
Total pre-tax stock-based compensation expense	$ 15	$ 14
Tax-related benefits	$ 3	$ 2

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Stock-based Compensation (Schedule Of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Oct. 30, 2022 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Beginning of period, Options | shares	1,297
Granted, Options | shares	0
Exercised, Options | shares	(43)
Terminated, Options | shares	0
End of period, Options | shares	1,254
Exercisable at end of period, Options | shares	1,254
Beginning of period, Weighted-Average Exercise Price | $ / shares	$ 46.04
Granted, Weighted-Average Exercise Price | $ / shares	0
Exercised, Weighted-Average Exercise Price | $ / shares	41.01
Terminated, Weighted-Average Exercise Price | $ / shares	0
End of period, Weighted-Average Exercise Price | $ / shares	46.22
Exercisable at end of period, Weighted-Average Exercise Price | $ / shares	$ 46.22
Outstanding at end of period, Weighted-Average Remaining Contractual Life (In years)	4 years 7 months 6 days
Exercisable at end of period, Weighted-Average Remaining Contractual Life (In years)	4 years 7 months 6 days
Outstanding at end of period, Aggregate Intrinsic Value | $	$ 9
Exercisable at end of period, Aggregate Intrinsic Value | $	$ 9

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Stock-based Compensation (Time-Lapse Restricted Stock Units, EPS Performance Restricted Stock Units. And TSR Performance Restricted Stock Units) (Details) - $ / shares shares in Thousands	3 Months Ended
	Oct. 30, 2022	Oct. 31, 2021
Time Lapse, and EPS Performance Restricted Stock Units [Member]
Stock-based Compensation
Nonvested at beginning of period, Units	1,946
Granted, Units	1,111
Vested, Units	(715)
Forfeited, Units	(17)
Nonvested at end of period, Units	2,325
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value	$ 43.88
Granted, Weighted-Average Grant-Date Fair Value	47.12	$ 41.82
Vested, Weighted-Average Grant-Date Fair Value	45.29
Forfeited, Weighted Average Grant Date Fair Value	43.96
Nonvested at end of period, Weighted-Average Grant-Date Fair Value	$ 44.99
TSR Performance Restricted Stock/Units [Member]
Stock-based Compensation
Nonvested at beginning of period, Units	1,153
Granted, Units	296
Vested, Units	(443)
Forfeited, Units	(7)
Nonvested at end of period, Units	999
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value	$ 55.63
Granted, Weighted-Average Grant-Date Fair Value	53.74	$ 45.65
Vested, Weighted-Average Grant-Date Fair Value	63.06
Forfeited, Weighted Average Grant Date Fair Value	51.16
Nonvested at end of period, Weighted-Average Grant-Date Fair Value	$ 51.81

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Stock-based Compensation (Valuation Assumptions) (Details) - TSR Performance Restricted Stock/Units [Member]	3 Months Ended
	Oct. 30, 2022	Oct. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.29%	0.45%
Expected dividend yield	3.09%	3.50%
Expected volatility	26.40%	27.43%
Expected term, years	3 years	3 years

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Supplemental Financial Statement Data (Schedule of Balance Sheets) (Details) - USD ($) $ in Millions	Oct. 30, 2022	Jul. 31, 2022
Inventory, Net [Abstract]
Inventory, raw materials, containers and supplies	$ 481	$ 390
Inventory, finished products	880	856
Inventories	$ 1,361	$ 1,246

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Supplemental Financial Statement Data (Schedule of Statement of Earnings) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 30, 2022	Oct. 31, 2021
Disclosure Text Block Supplement [Abstract]
Amortization of Intangible Assets	$ 11	$ 11
Net periodic benefits expense (income), other than the service cost	7	(13)
Other	0	1
Other expenses / (income)	$ 18	$ (1)

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Subsequent Events (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 30, 2022	Nov. 15, 2022
Subsequent Event [Line Items]
Line of Credit Facility, Additional Borrowing Capacity, Covenant Terms	minimum consolidated interest coverage ratio of consolidated adjusted EBITDA to consolidated interest expense (as each is defined in the DDTL Credit Agreement) of not less than 3.25:1.00
Subsequent Event [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 500
Three Point Six Five Percent Notes
Subsequent Event [Line Items]
Notes Payable, Current	$ 566
Debt Instrument, Maturity Date	Mar. 15, 2023