Business Combinations and Asset Acquisitions (Tables)

9 Months Ended

Apr. 28, 2024

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

Total purchase consideration was $2.899 billion, which was determined as follows:

(Millions)
Cash consideration paid to Sovos Brands shareholders(1)	$	2,307
Cash paid for share-based awards(2)	32
Cash consideration paid directly to shareholders	$	2,339
Cash paid for transaction costs of Sovos Brands	32
Repayment of Sovos Brands existing indebtedness and accrued interest	486
Total cash consideration	$	2,857
Fair value of replacement share-based awards(3)	42
Total consideration	$	2,899

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(1)    Consideration paid to Sovos Brands shareholders which reflects $23.00 per share.

(2)    Represents cash paid to equity award holders of Sovos Brands restricted stock and restricted stock unit awards attributable to pre-combination service. This excludes $3 million of cash paid that was recognized as expense.

(3)    We issued replacement equity awards in settlement of certain Sovos Brands equity awards that did not become vested in connection with the acquisition. The portion of fair value of the replacement awards attributable to pre-combination service was $42 million and is included in the purchase consideration. We recognized $26 million of expense related to accelerated vesting of certain replacement awards.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The table below presents the fair value that was allocated to acquired assets and assumed liabilities:

(Millions)	Estimated Fair Value
Cash	$	240
Accounts receivable	96
Inventories	130
Other current assets	5
Plant assets	102
Other intangible assets	1,785
Other assets	16
Total assets acquired	$	2,374
Accounts payable	$	96
Accrued liabilities	56
Accrued income taxes	1
Long-term debt	9
Deferred taxes	412
Other liabilities	11
Total liabilities assumed	$	585
Net assets acquired	$	1,789
Goodwill	1,110
Total consideration	$	2,899

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

The identifiable intangible assets of Sovos Brands consist of:

(Millions)	Type	Life in Years			Value
Trademarks	Non-amortizable	Indefinite			$	1,470
Trademarks	Amortizable	20			83
Customer relationships	Amortizable	20	to	30	232
Total identifiable intangible assets					$	1,785

Business Acquisition, Pro Forma Information [Table Text Block]

The following unaudited summary information is presented on a consolidated pro forma basis as if the Sovos Brands acquisition had occurred on August 1, 2022:

	Three Months Ended				Nine Months Ended
(Millions)	April 28, 2024		April 30, 2023		April 28, 2024		April 30, 2023
Net sales	$	2,510	$	2,472	$	8,061	$	8,023
Net earnings attributable to Campbell Soup Company	$	184	$	141	$	595	$	532