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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, 2022October 31, 2021
Net sales
Meals & Beverages$1,455 $1,266 
Snacks1,120 970 
Total$2,575 $2,236 
Three Months Ended
(Millions)October 30, 2022October 31, 2021
Earnings before interest and taxes
Meals & Beverages$331 $280 
Snacks153 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, 2022October 31, 2021
Net sales
Soup$893 $797 
Snacks1,173 1,003 
Other simple meals315 264 
Beverages194 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.