Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
May. 01, 2016 | Jun. 01, 2016 | |
Entity Information [Line Items] | ||
Entity Registrant Name | CAMPBELL SOUP CO | |
Entity Central Index Key | 16,732 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | May 1, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 308,647,031 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
May. 01, 2016 | May. 03, 2015 | May. 01, 2016 | May. 03, 2015 | |
Net sales | $ 1,870 | $ 1,900 | $ 6,274 | $ 6,389 |
Costs and expenses | ||||
Cost of products sold | 1,210 | 1,218 | 4,040 | 4,169 |
Marketing and selling expenses | 228 | 213 | 677 | 695 |
Administrative expenses | 154 | 142 | 456 | 408 |
Research and development expenses | 31 | 30 | 86 | 83 |
Other expenses / (income) | (23) | 3 | (14) | 14 |
Restructuring charges | 2 | 9 | 32 | 9 |
Total costs and expenses | 1,602 | 1,615 | 5,277 | 5,378 |
Earnings before interest and taxes | 268 | 285 | 997 | 1,011 |
Interest expense | 29 | 29 | 86 | 81 |
Interest income | 1 | 1 | 3 | 3 |
Earnings before taxes | 240 | 257 | 914 | 933 |
Taxes on earnings | 55 | 78 | 270 | 284 |
Net earnings | 185 | 179 | 644 | 649 |
Less: Net earnings (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings attributable to Campbell Soup Company | $ 185 | $ 179 | $ 644 | $ 649 |
Per Share - Basic | ||||
Net earnings attributable to Campbell Soup Company | $ 0.60 | $ 0.58 | $ 2.08 | $ 2.07 |
Dividends | $ 0.312 | $ 0.312 | $ 0.936 | $ 0.936 |
Weighted average shares outstanding - basic | 309 | 311 | 309 | 313 |
Per Share - Assuming Dilution | ||||
Net earnings attributable to Campbell Soup Company | $ 0.59 | $ 0.57 | $ 2.07 | $ 2.07 |
Weighted average shares outstanding - assuming dilution | 311 | 312 | 311 | 314 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
May. 01, 2016 | May. 03, 2015 | May. 01, 2016 | May. 03, 2015 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net earnings | $ 185 | $ 179 | $ 644 | $ 649 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax [Abstract] | |||||
Foreign currency translation adjustments, before tax | 101 | 9 | 58 | (229) | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | |||||
Unrealized gain (losses) arising during the period, before tax | (25) | 12 | (35) | (21) | |
Reclassification adjustment for (gains) losses included in net earnings, before tax | (3) | (1) | (9) | 0 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, [Abstract] | |||||
Reclassification of prior service credit included in net earnings, before tax | [1] | (1) | (1) | (2) | (2) |
Other comprehensive income (loss), before tax | 72 | 19 | 12 | (252) | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax [Abstract] | |||||
Foreign currency translation adjustments, tax (expense) benefit | (1) | 0 | 0 | 1 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax Effect [Abstract] | |||||
Unrealized gains (losses) arising during the period, tax (expense) benefit | 7 | (5) | 11 | 8 | |
Reclassification adjustment for (gains) losses included in net earnings, tax (expense) benefit | 1 | 0 | 3 | 0 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax [Abstract] | |||||
Reclassification of prior service credit included in earnings, tax (expense) benefit | 0 | 0 | 0 | 0 | |
Other comprehensive income (loss), tax (expense) benefit | 7 | (5) | 14 | 9 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | |||||
Foreign currency translation adjustments, after-tax | 100 | 9 | 58 | (228) | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | |||||
Unrealized gains (losses) arising during the period, after-tax | (18) | 7 | (24) | (13) | |
Reclassification adjustment for (gains) losses included in net earnings, after-tax | (2) | (1) | (6) | 0 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax [Abstract] | |||||
Reclassification of prior service credit included in net earnings, net of tax | (1) | (1) | (2) | (2) | |
Other comprehensive income (loss), after tax | 79 | 14 | 26 | (243) | |
Total comprehensive income (loss), after-tax | 264 | 193 | 670 | 406 | |
Total comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 2 | 0 | |
Total comprehensive income (loss) attributable to Campbell Soup Company | $ 264 | $ 193 | $ 668 | $ 406 | |
[1] | This is included in the components of net periodic benefit costs (see Note 9 for additional details). |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions | May. 01, 2016 | Aug. 02, 2015 |
Current assets | ||
Cash and cash equivalents | $ 383 | $ 253 |
Accounts receivable, net | 648 | 647 |
Inventories | 829 | 995 |
Other current assets | 182 | 198 |
Total current assets | 2,042 | 2,093 |
Plant assets, net of depreciation | 2,371 | 2,347 |
Goodwill | 2,377 | 2,344 |
Other intangible assets, net of amortization | 1,197 | 1,205 |
Other assets ($28 and $0 attributable to variable interest entity) | 94 | 101 |
Total assets | 8,081 | 8,090 |
Current liabilities | ||
Short-term borrowings | 1,134 | 1,543 |
Payable to suppliers and others | 487 | 544 |
Accrued liabilities | 602 | 589 |
Dividend payable | 100 | 101 |
Accrued income taxes | 54 | 29 |
Total current liabilities | 2,377 | 2,806 |
Long-term debt | 2,552 | 2,552 |
Deferred taxes | 485 | 505 |
Other liabilities | 993 | 850 |
Total liabilities | $ 6,407 | $ 6,713 |
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 | 342 | 339 |
Earnings retained in the business | 2,105 | 1,754 |
Capital stock in treasury, at cost | (639) | (556) |
Accumulated other comprehensive loss | (144) | (168) |
Total Campbell Soup Company shareholders' equity | 1,676 | 1,381 |
Noncontrolling interests | (2) | (4) |
Total equity | 1,674 | 1,377 |
Total liabilities and equity | $ 8,081 | $ 8,090 |
Preferred Stock, Shares Authorized | 40 | 40 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.0375 | $ 0.0375 |
Capital Stock, Shares Authorized | 560 | 560 |
Common Stock, Shares, Issued | 323 | 323 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Current assets | ||
Other assets ($28 and $0 attributable to variable interest entity) | $ 28 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
May. 01, 2016 | May. 03, 2015 | |
Cash flows from operating activities: | ||
Net earnings | $ 644 | $ 649 |
Adjustments to reconcile net earnings to operating cash flow | ||
Restructuring charges | 32 | 9 |
Stock-based compensation | 50 | 46 |
Pension and postretirement benefit expense | 167 | 9 |
Depreciation and amortization | 228 | 223 |
Deferred income taxes | 4 | 28 |
Other, net | 2 | 15 |
Changes in working capital | ||
Accounts receivable | 5 | 19 |
Inventories | 172 | 109 |
Prepaid assets | 7 | 11 |
Accounts payable and accrued liabilities | (87) | (110) |
Receipts from hedging activities | 5 | 11 |
Other | (46) | (48) |
Net cash provided by operating activities | 1,183 | 971 |
Cash flows from investing activities: | ||
Purchases of plant assets | (225) | (242) |
Sales of plant assets | 5 | 9 |
Other, net | (14) | (7) |
Net cash used in investing activities | (234) | (240) |
Cash flows from financing activities: | ||
Net short-term repayments | (425) | (233) |
Long-term borrowings | 0 | 300 |
Repayments of notes payable | 0 | (300) |
Dividends paid | (294) | (297) |
Treasury stock purchases | (118) | (192) |
Treasury stock issuances | 2 | 9 |
Excess tax benefits on stock-based compensation | 7 | 5 |
Other, net | 0 | (3) |
Net cash used in financing activities | (828) | (711) |
Effect of exchange rate changes on cash | 9 | (22) |
Net change in cash and cash equivalents | 130 | (2) |
Cash and cash equivalents - beginning of period | 253 | 232 |
Cash and cash equivalents - end of period | $ 383 | $ 230 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions | Total | Capital Stock Issued [Member] | Capital Stock In Treasury [Member] | Additional Paid-In Capital [Member] | Earnings Retained In The Business [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] |
Capital stock, shares at Aug. 03, 2014 | 323 | (10) | |||||
Balance, value at Aug. 03, 2014 | $ 1,602 | $ 12 | $ (356) | $ 330 | $ 1,483 | $ 145 | $ (12) |
Net earnings (loss) | 649 | 649 | 0 | ||||
Other comprehensive income (loss) | (243) | (243) | 0 | ||||
Dividends | $ (295) | (295) | |||||
Dividends per share | $ 0.936 | ||||||
Treasury stock purchased, shares | (4) | ||||||
Treasury stock purchased, value | $ (192) | $ (192) | |||||
Treasury stock issued under management incentive and stock option plans, shares | 2 | ||||||
Treasury stock issued under management incentive and stock option plans, value | 42 | $ 41 | 1 | ||||
Capital stock, shares at May. 03, 2015 | 323 | (12) | |||||
Balance, value at May. 03, 2015 | 1,563 | $ 12 | $ (507) | 331 | 1,837 | (98) | (12) |
Capital stock, shares at Aug. 02, 2015 | 323 | (13) | |||||
Balance, value at Aug. 02, 2015 | 1,377 | $ 12 | $ (556) | 339 | 1,754 | (168) | (4) |
Net earnings (loss) | 644 | 644 | 0 | ||||
Other comprehensive income (loss) | 26 | 24 | 2 | ||||
Dividends | $ (293) | (293) | |||||
Dividends per share | $ 0.936 | ||||||
Treasury stock purchased, shares | (2) | ||||||
Treasury stock purchased, value | $ (118) | $ (118) | |||||
Treasury stock issued under management incentive and stock option plans, shares | 1 | ||||||
Treasury stock issued under management incentive and stock option plans, value | 38 | $ 35 | 3 | ||||
Capital stock, shares at May. 01, 2016 | 323 | (14) | |||||
Balance, value at May. 01, 2016 | $ 1,674 | $ 12 | $ (639) | $ 342 | $ 2,105 | $ (144) | $ (2) |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
May. 01, 2016 | |
Accounting Policies [Abstract] | |
Changes in 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 consolidated financial statements include our accounts and entities in which we maintain a controlling financial interest and a variable interest entity (VIE) for which we are the primary beneficiary. Intercompany transactions are eliminated in consolidation. The financial statements reflect all adjustments which are, in our opinion, necessary for a fair presentation of the results of operations, financial position, and cash flows for the indicated periods. The accounting policies we used in preparing these financial statements are substantially consistent with those we applied in our Annual Report on Form 10-K for the year ended August 2, 2015 , with the exception of the changes in accounting policy related to our method of accounting for the recognition of actuarial gains and losses for defined benefit pension and postretirement plans and the calculation of expected return on pension plan assets as described below. As of the beginning of 2016, we are managing our operations under a new structure and have modified our segment reporting accordingly. Certain amounts in prior-year financial statements were reclassified to conform to the current-year presentation. The results for the period are not necessarily indicative of the results to be expected for other interim periods or the full year. Our fiscal year ends on the Sunday nearest July 31. In 2016 , we elected to change our method of accounting for the recognition of actuarial gains and losses for defined benefit pension and postretirement plans and the calculation of expected return on pension plan assets. Historically, actuarial gains and losses associated with benefit obligations were recognized in Accumulated other comprehensive loss in the Consolidated Balance Sheets and were amortized into earnings over the remaining service life of participants to the extent that the amounts were in excess of a corridor. Under the new policy, actuarial gains and losses will be recognized immediately in our Consolidated Statements of Earnings as of the measurement date, which is our fiscal year end, or more frequently if an interim remeasurement is required. In addition, we no longer use a market-related value of plan assets, which is an average value, to determine the expected return on assets but rather will use the fair value of plan assets. We believe the new policies will provide greater transparency to ongoing operating results and better reflect the impact of current market conditions on the obligations and assets. The changes in policy were applied retrospectively to all periods presented. As of August 4, 2014, the cumulative effect of these changes on the opening balance sheet was a $715 decrease to Earnings retained in the business, a decrease of $2 to Inventories, a $714 reduction to Accumulated other comprehensive loss, and an increase of $1 to Other current assets. In 2016 and 2015, we recognized mark-to-market losses as certain U.S. plans were remeasured. In 2016, t he remeasurements were required due to a high level of lump sum payments to certain vested plan participants arising primarily out of a limited-time offer to accept a single lump sum in lieu of future annuity payments. In the third quarter of 2016, we recognized mark-to-market losses of $54 ( $34 after tax, or $.11 per share). Year-to-date, we recognized mark-to-market losses of $175 ( $110 after tax, or $.35 per share). In 2015, the remeasurements were required due to the impact of a voluntary employee separation program. In the third quarter and year-to-date period of 2015, we recognized losses of $26 ( $16 after tax, or $.05 per share). The impacts of the changes in policy to the consolidated financial statements are summarized below: Three months ended May 1, 2016 Three months ended May 3, 2015 Consolidated Statements of Earnings Prior Accounting Principles Effect of Accounting Change As Reported Previously Reported Effect of Accounting Change Recast Cost of products sold $ 1,195 $ 15 $ 1,210 $ 1,218 $ — $ 1,218 Marketing and selling expenses 223 5 228 213 — 213 Administrative expenses 151 3 154 141 1 142 Research and development expenses 30 1 31 29 1 30 Earnings before interest and taxes 292 (24 ) 268 287 (2 ) 285 Earnings before taxes 264 (24 ) 240 259 (2 ) 257 Taxes on earnings 63 (8 ) 55 77 1 78 Net earnings 201 (16 ) 185 182 (3 ) 179 Net earnings attributable to Campbell Soup Company $ 201 $ (16 ) $ 185 $ 182 $ (3 ) $ 179 Earnings per share — Basic $ .65 $ (.05 ) $ .60 $ .59 $ (.01 ) $ .58 Earnings per share — Diluted (1) $ .65 $ (.05 ) $ .59 $ .58 $ (.01 ) $ .57 Nine months ended May 1, 2016 Nine months ended May 3, 2015 Consolidated Statements of Earnings Prior Accounting Principles Effect of Accounting Change As Reported Previously Reported Effect of Accounting Change Recast Cost of products sold $ 4,011 $ 29 $ 4,040 $ 4,196 $ (27 ) $ 4,169 Marketing and selling expenses 672 5 677 702 (7 ) 695 Administrative expenses 454 2 456 416 (8 ) 408 Research and development expenses 85 1 86 85 (2 ) 83 Earnings before interest and taxes 1,034 (37 ) 997 967 44 1,011 Earnings before taxes 951 (37 ) 914 889 44 933 Taxes on earnings 281 (11 ) 270 266 18 284 Net earnings 670 (26 ) 644 623 26 649 Net earnings attributable to Campbell Soup Company $ 670 $ (26 ) $ 644 $ 623 $ 26 $ 649 Earnings per share - Basic (1) $ 2.17 $ (.08 ) $ 2.08 $ 1.99 $ .08 $ 2.07 Earnings per share - Diluted (1) $ 2.15 $ (.08 ) $ 2.07 $ 1.98 $ .08 $ 2.07 ________________________________________________________ (1) The sum of the individual per share amounts may not add due to rounding. Three months ended May 1, 2016 Three months ended May 3, 2015 Consolidated Statements of Comprehensive Income Prior Accounting Principles Effect of Accounting Change As Reported Previously Reported Effect of Accounting Change Recast Foreign currency translation: Foreign currency translation adjustments $ 101 $ — $ 101 $ 12 $ (3 ) $ 9 Pension and other postretirement benefits: Net actuarial gain (loss) arising during the period (68 ) 68 — (4 ) 4 — Reclassification of net actuarial loss included in net earnings 35 (35 ) — 24 (24 ) — Tax benefit / (expense) $ 12 $ (12 ) $ — $ (7 ) $ 7 $ — Nine months ended May 1, 2016 Nine months ended May 3, 2015 Consolidated Statements of Comprehensive Income Prior Accounting Principles Effect of Accounting Change As Reported Previously Reported Effect of Accounting Change Recast Foreign currency translation: Foreign currency translation adjustments $ 58 $ — $ 58 $ (238 ) $ 9 $ (229 ) Pension and other postretirement benefits: Net actuarial gain (loss) arising during the period (181 ) 181 — 13 (13 ) — Reclassification of net actuarial loss included in net earnings 144 (144 ) — 72 (72 ) — Tax benefit / (expense) $ 14 $ (14 ) $ — $ (29 ) $ 29 $ — May 1, 2016 August 2, 2015 Consolidated Balance Sheets Prior Accounting Principles Effect of Accounting Change As Reported Previously Reported Effect of Accounting Change Recast Inventories $ 827 $ 2 $ 829 $ 993 $ 2 $ 995 Other current assets 183 (1 ) 182 199 (1 ) 198 Accrued income taxes 51 3 54 29 — 29 Earnings retained in the business 2,871 (766 ) 2,105 2,494 (740 ) 1,754 Accumulated other comprehensive (loss) income $ (908 ) $ 764 $ (144 ) $ (909 ) $ 741 $ (168 ) Nine months ended May 1, 2016 Nine months ended May 3, 2015 Consolidated Statements of Cash Flows Prior Accounting Principles Effect of Accounting Change As Reported Previously Reported Effect of Accounting Change Recast Cash flow from operating activities: Net earnings $ 670 $ (26 ) $ 644 $ 623 $ 26 $ 649 Pension and postretirement benefit expense / (income) — 167 167 — 9 9 Deferred income taxes 18 (14 ) 4 12 16 28 Other, net 132 (130 ) 2 69 (54 ) 15 Inventories 172 — 172 108 1 109 Accounts payable and accrued liabilities (90 ) 3 (87 ) (112 ) 2 (110 ) Net cash provided by operating activities $ 1,183 $ — $ 1,183 $ 971 $ — $ 971 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
May. 01, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued revised guidance on the recognition of revenue from contracts with customers. The guidance is designed to create greater comparability for financial statement users across industries and jurisdictions. The guidance also requires enhanced disclosures. The guidance was originally effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. In July 2015, the FASB decided to delay the effective date of the new revenue guidance by one year to fiscal years, and interim periods within those years, beginning after December 15, 2017. Entities will be permitted to adopt the new revenue standard early, but not before the original effective date. The guidance permits the use of either a full retrospective or modified retrospective transition method. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements, as well as which transition method we will use. In April 2015, the FASB issued guidance that requires debt issuance costs to be presented in the balance sheet as a reduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. The guidance must be applied on a retrospective basis and is effective for fiscal years beginning after December 15, 2015, and interim periods within those years. Early adoption is permitted. We do not expect the adoption to have a material impact on our consolidated financial statements. In April 2015, the FASB issued guidance to clarify the accounting for fees paid by a customer in a cloud computing arrangement. The guidance is effective for fiscal years beginning on or after December 15, 2015, and interim periods within those years. Early adoption is permitted. The new guidance should be applied either prospectively to all arrangements entered into or materially modified after the effective date or retrospectively. We will adopt the guidance prospectively. We do not expect the adoption to have a material impact on our consolidated financial statements. In September 2015, the FASB issued guidance that eliminates the requirement to restate prior period financial statements for measurement period adjustments for business combinations. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. The guidance is effective for fiscal years beginning on or after December 15, 2015, and interim periods within those years and should be applied prospectively to measurement period adjustments that occur after the effective date. We will prospectively apply the guidance to applicable transactions. In November 2015, the FASB issued guidance that amends the balance sheet classification of deferred taxes. The new guidance requires that deferred tax liabilities and assets be classified as noncurrent on the balance sheet. Previous guidance required deferred tax liabilities and assets to be separated into current and noncurrent amounts on the balance sheet. The guidance is effective for fiscal years beginning on or after December 15, 2016, and interim periods within those years. Early adoption is permitted as of the beginning of an interim or annual reporting period. As of May 1, 2016, the balance of current deferred tax assets was $104 . We will adopt the guidance as of July 31, 2016. In January 2016, the FASB issued guidance that amends the recognition and measurement of financial instruments. The changes primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. Under the new guidance, equity investments in unconsolidated entities that are not accounted for under the equity method will generally be measured at fair value through earnings. When the fair value option has been elected for financial liabilities, changes in fair value due to instrument-specific credit risk will be recognized separately in other comprehensive income. The guidance is effective for fiscal years beginning on or after December 15, 2017, and interim periods within those years. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. In February 2016, the FASB issued guidance that amends accounting for leases. Under the new guidance, a lessee will recognize assets and liabilities for most leases but will recognize expenses similar to current lease accounting. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The new guidance must be adopted using a modified retrospective transition, and provides for certain practical expedients. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. In March 2016, the FASB issued guidance that amends accounting for share-based payments, including the accounting for income taxes, forfeitures, and statutory withholding requirements, as well as classification in the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. |
Acquistions
Acquistions | 9 Months Ended |
May. 01, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On June 29, 2015, we completed the acquisition of the assets of Garden Fresh Gourmet for $232 . Garden Fresh Gourmet is a provider of refrigerated salsa, hummus, dips and tortilla chips. It is included in the Campbell Fresh segment. For the three- and nine-month periods ended May 1, 2016 , Garden Fresh Gourmet contributed $25 and $76 , respectively, to Net sales. Its contribution to Net earnings was not material. The following unaudited summary information is presented on a consolidated pro forma basis as if the Garden Fresh Gourmet acquisition had occurred on July 29, 2013: Three Months Ended Nine Months Ended May 3, 2015 May 3, 2015 Net sales $ 1,925 $ 6,462 Net earnings attributable to Campbell Soup Company $ 180 $ 651 Net earnings per share attributable to Campbell Soup Company - assuming dilution $ .58 $ 2.07 The pro forma amounts include additional interest expense on the debt issued to finance the purchase, amortization and depreciation expense based on the estimated fair value and useful lives of intangible assets and plant assets, and related tax effects. The pro forma results are not necessarily indicative of the combined results had the Garden Fresh Gourmet acquisition been completed on July 29, 2013, nor are they indicative of future combined results. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
May. 01, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (Loss) The components of Accumulated other comprehensive income (loss) consisted of the following: Foreign Currency Translation Adjustments (1) Gains (Losses) on Cash Flow Hedges (2) Pension and Postretirement Benefit Adjustments (3) Total Accumulated Comprehensive Income (Loss) Balance at August 2, 2015 $ (166 ) $ (5 ) $ 3 $ (168 ) Other comprehensive income (loss) before reclassifications 56 (24 ) — 32 Amounts reclassified from accumulated other comprehensive income (loss) — (6 ) (2 ) (8 ) Net current-period other comprehensive income (loss) 56 (30 ) (2 ) 24 Balance at May 1, 2016 $ (110 ) $ (35 ) $ 1 $ (144 ) _____________________________________ (1) Included a tax expense of $6 as of May 1, 2016 , and August 2, 2015 . (2) Included a tax benefit of $19 as of May 1, 2016 , and $5 as of August 2, 2015 . (3) Included a tax expense of $1 as of May 1, 2016 , and August 2, 2015 . Amounts related to noncontrolling interests were not material. The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following: Three Months Ended Nine Months Ended Details about Accumulated Other Comprehensive Income (Loss) Components May 1, 2016 May 3, 2015 May 1, 2016 May 3, 2015 Location of (Gain) Loss Recognized in Earnings (Gains) losses on cash flow hedges: Foreign exchange forward contracts $ (4 ) $ (2 ) $ (10 ) $ (2 ) Cost of products sold Foreign exchange forward contracts — — (2 ) (1 ) Other expenses / (income) Forward starting interest rate swaps 1 1 3 3 Interest expense Total before tax (3 ) (1 ) (9 ) — Tax expense (benefit) 1 — 3 — (Gain) loss, net of tax $ (2 ) $ (1 ) $ (6 ) $ — Pension and postretirement benefit adjustments: Prior service credit $ (1 ) $ (1 ) $ (2 ) $ (2 ) (1) Tax expense (benefit) — — — — (Gain) loss, net of tax $ (1 ) $ (1 ) $ (2 ) $ (2 ) _____________________________________ (1) This is included in the components of net periodic benefit costs (see Note 9 for additional details). |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 9 Months Ended |
May. 01, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The following table shows the changes in the carrying amount of goodwill by business segment: Americas Global Campbell Fresh Total Balance at August 2, 2015 $ 775 $ 732 $ 837 $ 2,344 Foreign currency translation adjustment 4 29 — 33 Balance at May 1, 2016 $ 779 $ 761 $ 837 $ 2,377 Intangible Assets The following table sets forth balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization: Intangible Assets May 1, August 2, Amortizable intangible assets Customer relationships $ 223 $ 222 Technology 40 40 Other 35 35 Total gross amortizable intangible assets $ 298 $ 297 Accumulated amortization (67 ) (52 ) Total net amortizable intangible assets $ 231 $ 245 Non-amortizable intangible assets Trademarks 966 960 Total net intangible assets $ 1,197 $ 1,205 Non-amortizable intangible assets consist of trademarks, which include Bolthouse Farms, Pace , Plum, Kjeldsens, Garden Fresh Gourmet and Royal Dansk . Other amortizable intangible assets consist of recipes, patents, trademarks and distributor relationships. Amortization of intangible assets was $15 and $13 for the nine -month periods ended May 1, 2016 , and May 3, 2015 , respectively. Amortization expense for the next 5 years is estimated to be $20 in the fiscal periods 2016 and 2017, and $15 in 2018 through 2020. Asset useful lives range from 5 to 20 years. |
Business And Geographic Segment
Business And Geographic Segment Information | 9 Months Ended |
May. 01, 2016 | |
Segment Reporting [Abstract] | |
Business and Geographic Segment Information | Business and Geographic Segment Information Through the fourth quarter of 2015, we reported the results of our operations in the following reportable segments: U.S. Simple Meals; Global Baking and Snacking; International Simple Meals and Beverages; U.S. Beverages; and Bolthouse and Foodservice. As of the beginning of 2016, we are managing our businesses in three divisions focused mainly on product categories. The new divisions, which represent our operating and reportable segments, are as follows: • Americas Simple Meals and Beverages segment includes the retail and food service channel businesses in the U.S., Canada and Latin America. The segment includes the following products: Campbell’s condensed and ready-to-serve soups; Swanson broth and stocks; Prego pasta sauces; Pace Mexican sauces; Campbell’s gravies, pasta, beans and dinner sauces; Swanson canned poultry; Plum food and snacks; V8 juices and beverages; and Campbell’ s tomato juice. • Global Biscuits and Snacks segment includes Pepperidge Farm cookies, crackers, bakery and frozen products in U.S. retail; Arnott’s biscuits in Australia and Asia Pacific; and Kelsen cookies globally. The segment also includes the simple meals and shelf-stable beverages business in Australia and Asia Pacific. • Campbell Fresh includes Bolthouse Farms fresh carrots, carrot ingredients, refrigerated beverages and refrigerated salad dressings; Garden Fresh Gourmet salsa, hummus, dips and tortilla chips, which was acquired in June 2015; and the U.S. refrigerated soup business. We evaluate segment performance before interest, taxes and costs associated with restructuring activities. Unrealized gains and losses on 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. In 2016, we elected to change our method of accounting for the recognition of actuarial gains and losses for defined benefit pension and postretirement plans and the calculation of expected return on pension plan assets as discussed in Note 1. In 2016, we also modified our method of allocating pension and postretirement benefit costs to segments. Through 2015, we included all components of benefit expense in measuring segment performance. In 2016, only service cost is allocated to segments. All other components of expense, including interest cost, expected return on assets, 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. Segment results have been adjusted retrospectively to reflect these revisions. Three Months Ended Nine Months Ended May 1, May 3, May 1, May 3, Net sales Americas Simple Meals and Beverages $ 999 $ 1,030 $ 3,538 $ 3,641 Global Biscuits and Snacks 608 623 1,942 2,014 Campbell Fresh 263 247 794 734 Total $ 1,870 $ 1,900 $ 6,274 $ 6,389 Three Months Ended Nine Months Ended May 1, May 3, May 1, May 3, Earnings before interest and taxes Americas Simple Meals and Beverages $ 225 $ 223 $ 878 $ 765 Global Biscuits and Snacks 86 93 341 306 Campbell Fresh 13 18 52 40 Corporate (1) (54 ) (40 ) (242 ) (91 ) Restructuring charges (2) (2 ) (9 ) (32 ) (9 ) Total $ 268 $ 285 $ 997 $ 1,011 _______________________________________ (1) Represents unallocated items. Costs of $54 and $175 related to pension mark-to-market adjustments (see Note 1 for additional information) and costs of $13 and $35 related to the implementation of our new organizational structure and cost savings initiatives (see Note 7 for additional information) were included in the three- and nine-month periods ended May 1, 2016, respectively. A gain of $25 from a settlement of a claim related to the Kelsen acquisition was also included in the three- and nine-month periods ended May 1, 2016. Costs of $26 related to pension and postretirement mark-to-market adjustments (see Note 1 for additional information) and costs of $9 related to the implementation of our new organizational structure and cost savings initiatives (see Note 7 for additional information) were included in the three- and nine-month periods ended May 3, 2015. (2) See Note 7 for additional information. Our global net sales based on product categories are as follows: Three Months Ended Nine Months Ended May 1, May 3, May 1, May 3, Net sales Soup $ 575 $ 602 $ 2,253 $ 2,361 Baked snacks 584 587 1,886 1,919 Other simple meals 424 409 1,300 1,251 Beverages 287 302 835 858 Total $ 1,870 $ 1,900 $ 6,274 $ 6,389 Soup includes various soup, broths and stock products. Baked snacks include cookies, crackers, biscuits and other baked products. Other simple meals include sauces, carrot products, refrigerated salad dressings, refrigerated salsa, hummus, dips and Plum foods and snacks. |
Restructuring Charges and Cost
Restructuring Charges and Cost Savings Initiatives | 9 Months Ended |
May. 01, 2016 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | Restructuring Charges and Cost Savings Initiatives 2015 Initiatives On January 29, 2015, we announced plans to implement a new enterprise design focused mainly on product categories. Under the new design, which we fully implemented at the beginning of 2016, our businesses are organized in the following divisions: Americas Simple Meals and Beverages, Global Biscuits and Snacks, and Campbell Fresh. In support of the new enterprise design, we designed and implemented a new Integrated Global Services (IGS) organization to deliver shared services across the company. IGS, which became effective at the beginning of 2016, is expected to reduce costs while increasing our efficiency and effectiveness. We also streamlined our organizational structure. We are pursuing other initiatives to reduce costs and increase effectiveness, such as adopting zero-based budgeting over time. As part of these initiatives, we commenced a voluntary employee separation program available to certain U.S.-based salaried employees nearing retirement who met age, length-of-service and business unit/function criteria. A total of 471 employees elected the program. The electing employees remained with us through at least July 31, 2015, with some remaining beyond July 31. We also implemented an initiative to reduce overhead across the organization by eliminating approximately 245 positions. In the three- and nine-month periods ended May 1, 2016 , we recorded a restructuring charge of $2 and $35 , respectively, related to these initiatives. In 2015, we recorded a restructuring charge of $102 related to these initiatives. Of the amounts recorded in 2015, $9 was recorded in the nine-month period ended May 3, 2015 . In the three- and nine-month periods ended May 1, 2016 , we also incurred charges of $13 and $35 , respectively, recorded in Administrative expenses related to the implementation of the new organizational structure and cost savings initiatives. In 2015, we incurred charges of $22 recorded in Administrative expenses related to the these initiatives. Of the amounts recorded in 2015, $9 was recorded in the nine-month period ended May 3, 2015 . In the three- and nine-month periods ended May 1, 2016 , the aggregate after-tax impact of restructuring charges, implementation costs and other related costs recorded was $9 , or $.03 per share, and $44 , or $.14 per share, respectively. In the three- and nine-month periods ended May 3, 2015 , the aggregate after-tax impact of restructuring charges and implementation costs was $11 , or $.04 per share. The aggregate after-tax impact of restructuring charges and implementation and other costs recorded in 2015 was $78 , or $.25 per share. A summary of the pre-tax costs associated with the 2015 initiatives is as follows: Recognized Severance pay and benefits $ 128 Implementation costs and other related costs 66 Total $ 194 The total estimated pre-tax costs for the 2015 initiatives are approximately $250 to $325 . We expect to incur these costs through 2018. We expect the costs to consist of approximately $150 to $165 in severance pay and benefits, and approximately $100 to $160 in implementation costs and other related costs.We expect the total pre-tax costs related to the 2015 initiatives will be associated with segments as follows: Americas Simple Meals and Beverages - approximately 31% ; Global Biscuits and Snacks - approximately 35% ; Campbell Fresh - approximately 3% ; and Corporate - approximately 31% . A summary of the restructuring activity and related reserves associated with the 2015 initiatives at May 1, 2016 , is as follows: Severance Pay and Benefits Other Restructuring Costs Implementation Costs and Other Related Costs (3) Total Charges Accrued balance at August 2, 2015 (1) $ 85 $ 8 2016 charges 34 1 35 $ 70 2016 cash payments (31 ) (9 ) Accrued balance at May 1, 2016 (2) $ 88 $ — ______________________________________ (1) Includes $45 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (2) Includes $37 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (3) 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: May 1, 2016 Three Months Ended Nine Months Ended Costs Incurred to Date Americas Simple Meals and Beverages $ 1 $ 17 $ 71 Global Biscuits and Snacks 3 23 67 Campbell Fresh — — 1 Corporate 11 30 55 Total $ 15 $ 70 $ 194 2014 Initiatives In the nine-month period ended May 1, 2016 , we recorded a reduction to restructuring charges of $3 ( $2 after tax, or $.01 per share) related to the fiscal 2014 initiative to improve supply chain efficiency in Australia. As of January 31, 2016, we incurred substantially all of the costs related to the 2014 initiatives. A summary of the pre-tax costs associated with the 2014 initiatives is as follows: Total Program (1) Change in Estimate Recognized as of May 1, 2016 Severance pay and benefits $ 41 $ (3 ) $ 38 Asset impairment 12 — 12 Other exit costs 1 — 1 Total $ 54 $ (3 ) $ 51 ______________________________________ (1) Recognized as of August 2, 2015. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
May. 01, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share 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. There were no antidilutive stock options for the three -month period ended May 1, 2016 . The earnings per share calculation for the nine -month period ended May 1, 2016 , excludes 474 thousand stock options that would have been antidilutive. There were no antidilutive stock options for the three - and nine -month periods ended May 3, 2015 . |
Pension And Postretirement Bene
Pension And Postretirement Benefits | 9 Months Ended |
May. 01, 2016 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Pension And Postretirement Benefits | Pension and Postretirement Benefits We sponsor certain defined benefit pension and postretirement plans for employees. In 2016, we elected to change our method of accounting for the recognition of actuarial gains and losses for defined benefit pension and postretirement plans and the calculation of expected return on pension plan assets. Historically, actuarial gains and losses associated with benefit obligations were recognized in Accumulated other comprehensive loss in the Consolidated Balance Sheets and were amortized into earnings over the remaining service life of participants to the extent that the amounts were in excess of a corridor. Under the new policy, gains and losses will be recognized immediately in our Consolidated Statements of Earnings as of the measurement date, which is our fiscal year end, or more frequently if an interim remeasurement is required. In addition, we no longer use a market-related value of plan assets, which is an average value, to determine the expected return on assets but rather will use the fair value of plan assets. We believe the new policies will provide greater transparency to ongoing operating results and better reflect the impact of current market conditions on the obligations and assets. The changes in policy were applied retrospectively to all periods presented. See Note 1 for additional information on the change in accounting method. Components of net benefit expense (income) were as follows: Three Months Ended Nine Months Ended Pension Postretirement Pension Postretirement May 1, May 3, May 1, May 3, May 1, May 3, May 1, May 3, Service cost $ 6 $ 8 $ — $ 1 $ 20 $ 22 $ 1 $ 2 Interest cost 24 26 4 3 74 79 12 11 Expected return on plan assets (36 ) (43 ) — — (111 ) (130 ) — — Amortization of prior service costs (1 ) (1 ) — — (1 ) (1 ) (1 ) (1 ) Recognized net actuarial (gain)/loss 61 5 — 22 173 5 — 22 Curtailment loss — 1 — 6 — 1 — 6 Net periodic benefit expense (income) $ 54 $ (4 ) $ 4 $ 32 $ 155 $ (24 ) $ 12 $ 40 The recognized net actuarial loss in 2016 resulted from the quarterly remeasurement of certain U.S. plans. The remeasurement was required due to a high level of lump sum payments to certain vested plan participants arising primarily out of a limited-time offer to accept a single lump sum in lieu of future annuity payments. The curtailment loss and recognized net actuarial loss in 2015 were related to a voluntary employee separation program. The curtailment loss was included in Restructuring charges. See also Note 7. We do not expect contributions to pension plans to be material in 2016. |
Financial Instruments
Financial Instruments | 9 Months Ended |
May. 01, 2016 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Financial Instruments | Financial Instruments The principal market risks to which we are exposed are changes in foreign currency exchange rates, interest rates, and commodity prices. In addition, we are exposed to equity price changes related to certain deferred compensation obligations. In order to manage these exposures, we follow established risk management policies and procedures, including the use of derivative contracts such as swaps, 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 and others that do not qualify for hedge accounting treatment. 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 do not have credit-risk-related contingent features in our derivative instruments as of May 1, 2016 . We are also exposed to credit risk from our customers. During 2015, our largest customer accounted for approximately 20% of consolidated net sales. We closely monitor credit risk associated with counterparties and customers. Foreign Currency Exchange Risk We are exposed to foreign currency exchange risk related to our international operations, including non-functional currency intercompany debt and net investments in subsidiaries. We are also exposed to foreign exchange risk as a result of transactions in currencies other than the functional currency of certain subsidiaries. Principal currencies hedged include the Canadian dollar, Australian dollar and U.S. dollar. We utilize foreign exchange forward purchase and sale contracts, as well as cross-currency swaps, 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. To hedge currency exposures related to intercompany debt, we enter into foreign exchange forward purchase and sale contracts, as well as cross-currency swap contracts, for periods consistent with the underlying debt. As of May 1, 2016 , all existing cross-currency swap contracts will be settled by year end. The notional amount of foreign exchange forward contracts accounted for as cash-flow hedges was $71 at May 1, 2016 , and $53 at August 2, 2015 . The effective portion of the changes in fair value on these instruments is recorded in other comprehensive income (loss) and is reclassified into the Consolidated Statements of Earnings on the same line item and the same period in which the underlying hedged transaction affects earnings. The notional amount of foreign exchange forward and cross-currency swap contracts that are not designated as accounting hedges was $464 and $480 at May 1, 2016 , and August 2, 2015 , respectively. 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. Receive fixed rate/pay variable rate interest rate swaps are accounted for as fair-value hedges. We manage our exposure to interest rate volatility on future debt issuances by entering into forward starting interest rate swaps to lock in the rate on the interest payments related to the anticipated debt issuances. These pay fixed rate/receive variable rate forward starting interest rate swaps are accounted for as cash-flow hedges. The effective portion of the changes in fair value on these instruments is recorded in other comprehensive income (loss) and is reclassified into the Consolidated Statements of Earnings over the life of the debt. The notional amount of outstanding forward starting interest rate swaps totaled $300 at May 1, 2016 , and August 2, 2015 , which relates to an anticipated debt issuance in 2018. 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, soybean oil, natural gas, aluminum, cocoa, butter, corn and cheese, which impact the cost of raw materials. 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. There were no commodity contracts accounted for as cash-flow hedges as of May 1, 2016 , or August 2, 2015 . The notional amount of commodity contracts not designated as accounting hedges was $93 at May 1, 2016 , and $95 at August 2, 2015 . Equity Price Risk We enter into swap contracts which hedge a portion of exposures relating to certain deferred compensation obligations linked to the total return of our capital stock, the total return of the Vanguard Institutional Index, and the total return of the Vanguard Total International Stock Index. Under these contracts, we pay variable interest rates and receive from the counterparty either the total return on our capital stock; the total return of the Standard & Poor's 500 Index, which is expected to approximate the total return of the Vanguard Institutional Index; or the total return of the iShares MSCI EAFE Index, which is expected to approximate the total return of the Vanguard Total International Stock Index. These contracts were not designated as hedges for accounting purposes. We enter into these contracts for periods typically not exceeding 12 months. The notional amount of the contracts as of May 1, 2016 , and August 2, 2015 , was $42 and $49 , respectively. The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of May 1, 2016 , and August 2, 2015 : Balance Sheet Classification May 1, August 2, Asset Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Other current assets $ — $ 3 Total derivatives designated as hedges $ — $ 3 Derivatives not designated as hedges: Commodity derivative contracts Other current assets $ 6 $ 1 Cross-currency swap contracts Other current assets 30 18 Deferred compensation derivative contracts Other current assets — 1 Foreign exchange forward contracts Other current assets 1 9 Commodity derivative contracts Other assets 1 — Cross-currency swap contracts Other assets — 22 Total derivatives not designated as hedges $ 38 $ 51 Total asset derivatives $ 38 $ 54 Balance Sheet Classification May 1, August 2, Liability Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Accrued liabilities $ 3 $ — Forward starting interest rate swaps Other liabilities 30 8 Total derivatives designated as hedges $ 33 $ 8 Derivatives not designated as hedges: Commodity derivative contracts Accrued liabilities $ 2 $ 10 Deferred compensation derivative contracts Accrued liabilities 1 — Foreign exchange forward contracts Accrued liabilities 13 2 Total derivatives not designated as hedges $ 16 $ 12 Total liability derivatives $ 49 $ 20 We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of May 1, 2016 , and August 2, 2015 , would be adjusted as detailed in the following table: May 1, 2016 August 2, 2015 Derivative Instrument 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 $ 38 $ (25 ) $ 13 $ 54 $ (13 ) $ 41 Total liability derivatives $ 49 $ (25 ) $ 24 $ 20 $ (13 ) $ 7 We do not offset fair value amounts recognized for exchange-traded commodity derivative instruments and cash margin accounts executed with the same counterparty that are subject to enforceable netting agreements. We are required to maintain cash margin accounts in connection with funding the settlement of open positions. At May 1, 2016 , and August 2, 2015 , a cash margin account balance of $1 and $12 , respectively, was included in Other current assets in the Consolidated Balance Sheets. The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and nine-month periods ended May 1, 2016, and May 3, 2015 , in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings: Total Cash-Flow Hedge OCI Activity Derivatives Designated as Cash-Flow Hedges May 1, May 3, Three Months Ended OCI derivative gain (loss) at beginning of quarter $ (26 ) $ (36 ) Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts (21 ) (9 ) Forward starting interest rate swaps (4 ) 21 Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold (4 ) (2 ) Forward starting interest rate swaps Interest expense 1 1 OCI derivative gain (loss) at end of quarter $ (54 ) $ (25 ) Nine Months Ended OCI derivative gain (loss) at beginning of year $ (10 ) $ (4 ) Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts (13 ) 4 Forward starting interest rate swaps (22 ) (25 ) Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold (10 ) (2 ) Foreign exchange forward contracts Other expenses / (income) (2 ) (1 ) Forward starting interest rate swaps Interest expense 3 3 OCI derivative gain (loss) at end of quarter $ (54 ) $ (25 ) Based on current valuations, the amount expected to be reclassified from OCI into earnings within the next 12 months is a loss of $17 . The ineffective portion and amount excluded from effectiveness testing were not material. The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings: Amount of Gain (Loss) Recognized in Earnings on Derivatives Derivatives not Designated as Hedges Location of Gain (Loss) Three Months Ended Nine Months Ended May 1, 2016 May 3, 2015 May 1, 2016 May 3, 2015 Foreign exchange forward contracts Cost of products sold $ 1 $ 2 $ — $ 2 Foreign exchange forward contracts Other expenses / (income) 2 (1 ) 1 (1 ) Cross-currency swap contracts Other expenses / (income) (21 ) (10 ) (9 ) 42 Commodity derivative contracts Cost of products sold 9 6 — (12 ) Deferred compensation derivative contracts Administrative expenses 4 2 4 5 Total $ (5 ) $ (1 ) $ (4 ) $ 36 |
Variable Interest Entity
Variable Interest Entity | 9 Months Ended |
May. 01, 2016 | |
Schedule of Equity Method Investments [Line Items] | |
Variable Interest Entity Disclosure | Variable Interest Entity In February 2016, we agreed to make a $125 capital commitment to Acre Venture Partners, L.P. (Acre), a limited partnership formed to make venture capital investments in innovative new companies in food and food-related industries. Acre is managed by its general partner, Acre Ventures GP, LLC, which is independent of us. We are the sole limited partner of Acre and own a 99.8% interest. Our share of earnings (loss) is calculated according to the terms of the partnership agreement. Acre is a VIE. We have determined that we are the primary beneficiary. Therefore, we consolidate Acre and account for the third party ownership as a noncontrolling interest. Through May 1, 2016, we funded $26 of the capital commitment. Except for the remaining unfunded capital commitment of $99 , we do not have obligations to provide additional financial or other support to Acre. Acre elected the fair value option to account for qualifying investments to more appropriately reflect the value of the investments in the financial statements. The investments were $28 and are included in Other assets on the Consolidated Balance Sheets. Changes in the fair values of investments for which the fair value option was elected are included in Other expenses / (income) on the Consolidated Statements of Earnings. Changes in the fair value were not material through May 1, 2016. The liabilities of Acre were not material. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
May. 01, 2016 | |
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 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 table presents our financial assets and liabilities, excluding pension assets, that are measured at fair value on a recurring basis as of May 1, 2016 , and August 2, 2015 , consistent with the fair value hierarchy: Fair Value Fair Value Measurements at Fair Value Fair Value Measurements at Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Foreign exchange forward contracts (1) $ 1 $ — $ 1 $ — $ 12 $ — $ 12 $ — Commodity derivative contracts (2) 7 6 1 — 1 1 — — Cross-currency swap contracts (3) 30 — 30 — 40 — 40 — Deferred compensation derivative contracts (4) — — — — 1 — 1 — Fair value option investments (5) 27 — 7 20 — — — — Total assets at fair value $ 65 $ 6 $ 39 $ 20 $ 54 $ 1 $ 53 $ — Fair Value Fair Value Measurements at Fair Value Fair Value Measurements at Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Liabilities Forward starting interest rate swaps (6) $ 30 $ — $ 30 $ — $ 8 $ — $ 8 $ — Foreign exchange forward contracts (1) 16 — 16 — 2 — 2 — Commodity derivative contracts (2) 2 2 — — 10 10 — — Deferred compensation derivative contracts (4) 1 — 1 — — — — — Deferred compensation obligation (7) 114 114 — — 120 120 — — Total liabilities at fair value $ 163 $ 116 $ 47 $ — $ 140 $ 130 $ 10 $ — ___________________________________ (1) Based on observable market transactions of spot currency rates and forward rates. (2) Based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. (3) Based on observable local benchmarks for currency and interest rates. (4) Based on LIBOR and equity index swap rates. (5) Primarily represents investments in equity securities that are not readily marketable and are accounted for under the fair value option. The investments were funded by Acre in the three-month period ended May 1, 2016. See Note 11 for additional information. Fair value is based on analyzing recent transactions and transactions of comparable companies, and the discounted cash flow method. In addition, allocation methods, including the option pricing method, are used in distributing fair value among various equity holders according to rights and preferences. Changes in the fair value of investments were not material through May 1, 2016. (6) Based on LIBOR swap rates. (7) Based on the fair value of the participants’ investments. Fair Value of Financial Instruments The carrying values of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings, excluding the current portion of long-term debt, approximate fair value. Cash equivalents of $64 at May 1, 2016 , and $39 at August 2, 2015 , 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 long-term debt was $2,686 at May 1, 2016 , and $2,623 at August 2, 2015 . The carrying value was $2,552 at May 1, 2016 and August 2, 2015 . 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. |
Share Repurchases
Share Repurchases | 9 Months Ended |
May. 01, 2016 | |
Equity [Abstract] | |
Share Repurchases | Share Repurchases In June 2011, the Board authorized the purchase of up to $1,000 of our stock. This program has no expiration date. In addition to this publicly announced program, we have a separate Board authorization to purchase shares to offset the impact of dilution from shares issued under our stock compensation plans. During the nine-month period ended May 1, 2016 , we repurchased approximately 2 million shares at a cost of $118 . Of this amount, $75 was used to repurchase shares pursuant to our June 2011 publicly announced share repurchase program. Approximately $475 remained available under this program as of May 1, 2016 . During the nine-month period ended May 3, 2015 , we repurchased approximately 4 million shares at a cost of $192 . |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
May. 01, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Stock-based Compensation We provide compensation benefits by issuing stock options, unrestricted stock, restricted stock and restricted stock units (including time-lapse restricted stock units, EPS performance restricted stock units, total shareholder return (TSR) performance restricted stock units, strategic performance restricted stock units and special performance restricted stock units). In 2016, we issued stock options, time-lapse restricted stock units, unrestricted stock, EPS performance restricted stock units and TSR performance restricted stock units. We have not issued strategic performance restricted stock units or special performance restricted stock units in 2016. Total pre-tax stock-based compensation expense recognized in the Consolidated Statements of Earnings was $16 and $15 for the three-month periods ended May 1, 2016 , and May 3, 2015 , respectively. Tax-related benefits of $5 and $6 were also recognized for the three-month periods ended May 1, 2016 , and May 3, 2015 , respectively. Total pre-tax stock-based compensation expense recognized in the Consolidated Statements of Earnings was $50 and $46 for the nine -month periods ended May 1, 2016 , and May 3, 2015 , respectively. Tax-related benefits of $18 and $17 were also recognized for the nine -month periods ended May 1, 2016 , and May 3, 2015 , respectively. Cash received from the exercise of stock options was $2 and $9 for the nine -month periods ended May 1, 2016 , and May 3, 2015 , respectively, and is reflected in cash flows from financing activities in the Consolidated Statements of Cash Flows. The following table summarizes stock option activity as of May 1, 2016 : Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value (Options in thousands) (In years) Outstanding at August 2, 2015 74 $ 29.91 Granted 711 $ 50.21 Exercised (74 ) $ 29.91 Terminated — $ — Outstanding at May 1, 2016 711 $ 50.21 9.4 $ 8 Exercisable at May 1, 2016 — $ — — $ — The total intrinsic value of options exercised during the nine -month periods ended May 1, 2016 , and May 3, 2015 , was $2 and $5 , respectively. We measure the fair value of stock options using the Black-Scholes option pricing model. The expected term of options granted was based on the weighted average time of vesting and the end of the contractual term. We utilized this simplified method as we do not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The following weighted-average assumptions were used for grants in 2016: 2016 Risk-free interest rate 1.68% Expected dividend yield 2.46% Expected volatility 18.35% Expected term 6 years We expense stock options on a straight-line basis over the vesting period, except for awards issued to retirement eligible participants, which we expense on an accelerated basis. As of May 1, 2016 , total remaining unearned compensation related to nonvested stock options was $2 , which will be amortized over the weighted-average remaining service period of 2.1 years . The following table summarizes time-lapse restricted stock units, EPS performance restricted stock units, strategic performance restricted stock units and special performance restricted stock units as of May 1, 2016 : Units Weighted- Average Grant-Date Fair Value (Restricted stock units in thousands) Nonvested at August 2, 2015 2,410 $ 41.40 Granted 691 $ 50.28 Vested (850 ) $ 39.42 Forfeited (183 ) $ 43.62 Nonvested at May 1, 2016 2,068 $ 44.99 We determine the fair value of time-lapse restricted stock units, EPS performance restricted stock units, strategic performance restricted stock units and special performance 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. We expense EPS performance restricted stock units on a graded-vesting basis, except for awards issued to retirement-eligible participants, which we expense on an accelerated basis. There were 211 thousand EPS performance target grants outstanding at May 1, 2016 , with a weighted-average grant-date fair value of $45.32 . We expense strategic performance restricted stock units on a straight-line basis over the service period. Awards of the strategic performance restricted stock units are earned based upon the achievement of two key metrics, net sales and EPS growth, compared to strategic plan objectives during a three-year period. There were 337 thousand strategic performance target grants outstanding at May 1, 2016 , with a grant-date fair value of $41.21 . The actual number of EPS performance restricted stock units and strategic performance restricted stock units issued at the vesting date could range from either 0% or 100% and 0% to 200% , respectively, of the initial grant, depending on actual performance achieved. We estimate expense based on the number of awards expected to vest. In 2015, we issued special performance restricted stock units for which vesting is contingent upon meeting various financial goals and performance milestones to support innovation and growth initiatives. These awards vest over a period of 2 years and are included in the table above. The actual number of special performance awards issued at the vesting date could range from 0% to 150% . There were 126 thousand special performance restricted stock units outstanding at May 1, 2016 , with a grant-date fair value of $42.22 . As of May 1, 2016 , total remaining unearned compensation related to nonvested time-lapse restricted stock units, EPS performance restricted stock units, strategic performance restricted stock units and special performance restricted stock units was $32 , which will be amortized over the weighted-average remaining service period of 1.7 years . The fair value of restricted stock units vested during the nine -month periods ended May 1, 2016 , and May 3, 2015 , was $43 and $54 , respectively. The weighted-average grant-date fair value of the restricted stock units granted during the nine-month period ended May 3, 2015 , was $42.43 . The following table summarizes TSR performance restricted stock units as of May 1, 2016 : Units Weighted- Average Grant-Date Fair Value (Restricted stock units in thousands) Nonvested at August 2, 2015 1,579 $ 40.75 Granted 682 $ 62.44 Vested (438 ) $ 39.76 Forfeited (146 ) $ 46.94 Nonvested at May 1, 2016 1,677 $ 49.28 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: 2016 2015 Risk-free interest rate 0.92% 0.97% Expected dividend yield 2.46% 2.91% Expected volatility 17.25% 16.20% Expected term 3 years 3 years We recognize compensation expense on a straight-line basis over the service period. As of May 1, 2016 , total remaining unearned compensation related to nonvested TSR performance restricted stock units was $41 , which will be amortized over the weighted-average remaining service period of 2.0 years . In the first quarter of 2016, recipients of TSR performance restricted stock units earned 100% of the initial grants based upon our TSR ranking in a performance peer group during the three-year period ended July 31, 2015. The fair value of TSR performance restricted stock units vested during the nine -month period ended May 1, 2016 , was $22 . There were no TSR performance restricted stock units scheduled to vest in the nine -month period ended May 3, 2015 . The grant-date fair value of the TSR performance restricted stock units granted during 2015 was $43.39 . The excess tax benefits on the exercise of stock options and vested restricted stock presented as cash flows from financing activities for the nine -month periods ended May 1, 2016 , and May 3, 2015 , were $7 and $5 , respectively. |
Inventories
Inventories | 9 Months Ended |
May. 01, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure | Inventories May 1, August 2, Raw materials, containers and supplies $ 370 $ 427 Finished products 459 568 $ 829 $ 995 |
Basis of Presentation and Sig22
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
May. 01, 2016 | |
Accounting Policies [Abstract] | |
Pension and Postretirement Policy | In 2016 , we elected to change our method of accounting for the recognition of actuarial gains and losses for defined benefit pension and postretirement plans and the calculation of expected return on pension plan assets. Historically, actuarial gains and losses associated with benefit obligations were recognized in Accumulated other comprehensive loss in the Consolidated Balance Sheets and were amortized into earnings over the remaining service life of participants to the extent that the amounts were in excess of a corridor. Under the new policy, actuarial gains and losses will be recognized immediately in our Consolidated Statements of Earnings as of the measurement date, which is our fiscal year end, or more frequently if an interim remeasurement is required. In addition, we no longer use a market-related value of plan assets, which is an average value, to determine the expected return on assets but rather will use the fair value of plan assets. We believe the new policies will provide greater transparency to ongoing operating results and better reflect the impact of current market conditions on the obligations and assets. The changes in policy were applied retrospectively to all periods presented. As of August 4, 2014, the cumulative effect of these changes on the opening balance sheet was a $715 decrease to Earnings retained in the business, a decrease of $2 to Inventories, a $714 reduction to Accumulated other comprehensive loss, and an increase of $1 to Other current assets. In 2016 and 2015, we recognized mark-to-market losses as certain U.S. plans were remeasured. In 2016, t he remeasurements were required due to a high level of lump sum payments to certain vested plan participants arising primarily out of a limited-time offer to accept a single lump sum in lieu of future annuity payments. In the third quarter of 2016, we recognized mark-to-market losses of $54 ( $34 after tax, or $.11 per share). Year-to-date, we recognized mark-to-market losses of $175 ( $110 after tax, or $.35 per share). In 2015, the remeasurements were required due to the impact of a voluntary employee separation program. In the third quarter and year-to-date period of 2015, we recognized losses of $26 ( $16 after tax, or $.05 per share). The impacts of the changes in policy to the consolidated financial statements are summarized below: Three months ended May 1, 2016 Three months ended May 3, 2015 Consolidated Statements of Earnings Prior Accounting Principles Effect of Accounting Change As Reported Previously Reported Effect of Accounting Change Recast Cost of products sold $ 1,195 $ 15 $ 1,210 $ 1,218 $ — $ 1,218 Marketing and selling expenses 223 5 228 213 — 213 Administrative expenses 151 3 154 141 1 142 Research and development expenses 30 1 31 29 1 30 Earnings before interest and taxes 292 (24 ) 268 287 (2 ) 285 Earnings before taxes 264 (24 ) 240 259 (2 ) 257 Taxes on earnings 63 (8 ) 55 77 1 78 Net earnings 201 (16 ) 185 182 (3 ) 179 Net earnings attributable to Campbell Soup Company $ 201 $ (16 ) $ 185 $ 182 $ (3 ) $ 179 Earnings per share — Basic $ .65 $ (.05 ) $ .60 $ .59 $ (.01 ) $ .58 Earnings per share — Diluted (1) $ .65 $ (.05 ) $ .59 $ .58 $ (.01 ) $ .57 Nine months ended May 1, 2016 Nine months ended May 3, 2015 Consolidated Statements of Earnings Prior Accounting Principles Effect of Accounting Change As Reported Previously Reported Effect of Accounting Change Recast Cost of products sold $ 4,011 $ 29 $ 4,040 $ 4,196 $ (27 ) $ 4,169 Marketing and selling expenses 672 5 677 702 (7 ) 695 Administrative expenses 454 2 456 416 (8 ) 408 Research and development expenses 85 1 86 85 (2 ) 83 Earnings before interest and taxes 1,034 (37 ) 997 967 44 1,011 Earnings before taxes 951 (37 ) 914 889 44 933 Taxes on earnings 281 (11 ) 270 266 18 284 Net earnings 670 (26 ) 644 623 26 649 Net earnings attributable to Campbell Soup Company $ 670 $ (26 ) $ 644 $ 623 $ 26 $ 649 Earnings per share - Basic (1) $ 2.17 $ (.08 ) $ 2.08 $ 1.99 $ .08 $ 2.07 Earnings per share - Diluted (1) $ 2.15 $ (.08 ) $ 2.07 $ 1.98 $ .08 $ 2.07 ________________________________________________________ (1) The sum of the individual per share amounts may not add due to rounding. Three months ended May 1, 2016 Three months ended May 3, 2015 Consolidated Statements of Comprehensive Income Prior Accounting Principles Effect of Accounting Change As Reported Previously Reported Effect of Accounting Change Recast Foreign currency translation: Foreign currency translation adjustments $ 101 $ — $ 101 $ 12 $ (3 ) $ 9 Pension and other postretirement benefits: Net actuarial gain (loss) arising during the period (68 ) 68 — (4 ) 4 — Reclassification of net actuarial loss included in net earnings 35 (35 ) — 24 (24 ) — Tax benefit / (expense) $ 12 $ (12 ) $ — $ (7 ) $ 7 $ — Nine months ended May 1, 2016 Nine months ended May 3, 2015 Consolidated Statements of Comprehensive Income Prior Accounting Principles Effect of Accounting Change As Reported Previously Reported Effect of Accounting Change Recast Foreign currency translation: Foreign currency translation adjustments $ 58 $ — $ 58 $ (238 ) $ 9 $ (229 ) Pension and other postretirement benefits: Net actuarial gain (loss) arising during the period (181 ) 181 — 13 (13 ) — Reclassification of net actuarial loss included in net earnings 144 (144 ) — 72 (72 ) — Tax benefit / (expense) $ 14 $ (14 ) $ — $ (29 ) $ 29 $ — May 1, 2016 August 2, 2015 Consolidated Balance Sheets Prior Accounting Principles Effect of Accounting Change As Reported Previously Reported Effect of Accounting Change Recast Inventories $ 827 $ 2 $ 829 $ 993 $ 2 $ 995 Other current assets 183 (1 ) 182 199 (1 ) 198 Accrued income taxes 51 3 54 29 — 29 Earnings retained in the business 2,871 (766 ) 2,105 2,494 (740 ) 1,754 Accumulated other comprehensive (loss) income $ (908 ) $ 764 $ (144 ) $ (909 ) $ 741 $ (168 ) Nine months ended May 1, 2016 Nine months ended May 3, 2015 Consolidated Statements of Cash Flows Prior Accounting Principles Effect of Accounting Change As Reported Previously Reported Effect of Accounting Change Recast Cash flow from operating activities: Net earnings $ 670 $ (26 ) $ 644 $ 623 $ 26 $ 649 Pension and postretirement benefit expense / (income) — 167 167 — 9 9 Deferred income taxes 18 (14 ) 4 12 16 28 Other, net 132 (130 ) 2 69 (54 ) 15 Inventories 172 — 172 108 1 109 Accounts payable and accrued liabilities (90 ) 3 (87 ) (112 ) 2 (110 ) Net cash provided by operating activities $ 1,183 $ — $ 1,183 $ 971 $ — $ 971 |
Basis of Presentation and Sig23
Basis of Presentation and Significant Accounting Policies (Tables) | 9 Months Ended |
May. 01, 2016 | |
Accounting Policies [Abstract] | |
Changes in Accounting Policies [Table Text Block] | The impacts of the changes in policy to the consolidated financial statements are summarized below: Three months ended May 1, 2016 Three months ended May 3, 2015 Consolidated Statements of Earnings Prior Accounting Principles Effect of Accounting Change As Reported Previously Reported Effect of Accounting Change Recast Cost of products sold $ 1,195 $ 15 $ 1,210 $ 1,218 $ — $ 1,218 Marketing and selling expenses 223 5 228 213 — 213 Administrative expenses 151 3 154 141 1 142 Research and development expenses 30 1 31 29 1 30 Earnings before interest and taxes 292 (24 ) 268 287 (2 ) 285 Earnings before taxes 264 (24 ) 240 259 (2 ) 257 Taxes on earnings 63 (8 ) 55 77 1 78 Net earnings 201 (16 ) 185 182 (3 ) 179 Net earnings attributable to Campbell Soup Company $ 201 $ (16 ) $ 185 $ 182 $ (3 ) $ 179 Earnings per share — Basic $ .65 $ (.05 ) $ .60 $ .59 $ (.01 ) $ .58 Earnings per share — Diluted (1) $ .65 $ (.05 ) $ .59 $ .58 $ (.01 ) $ .57 Nine months ended May 1, 2016 Nine months ended May 3, 2015 Consolidated Statements of Earnings Prior Accounting Principles Effect of Accounting Change As Reported Previously Reported Effect of Accounting Change Recast Cost of products sold $ 4,011 $ 29 $ 4,040 $ 4,196 $ (27 ) $ 4,169 Marketing and selling expenses 672 5 677 702 (7 ) 695 Administrative expenses 454 2 456 416 (8 ) 408 Research and development expenses 85 1 86 85 (2 ) 83 Earnings before interest and taxes 1,034 (37 ) 997 967 44 1,011 Earnings before taxes 951 (37 ) 914 889 44 933 Taxes on earnings 281 (11 ) 270 266 18 284 Net earnings 670 (26 ) 644 623 26 649 Net earnings attributable to Campbell Soup Company $ 670 $ (26 ) $ 644 $ 623 $ 26 $ 649 Earnings per share - Basic (1) $ 2.17 $ (.08 ) $ 2.08 $ 1.99 $ .08 $ 2.07 Earnings per share - Diluted (1) $ 2.15 $ (.08 ) $ 2.07 $ 1.98 $ .08 $ 2.07 ________________________________________________________ (1) The sum of the individual per share amounts may not add due to rounding. Three months ended May 1, 2016 Three months ended May 3, 2015 Consolidated Statements of Comprehensive Income Prior Accounting Principles Effect of Accounting Change As Reported Previously Reported Effect of Accounting Change Recast Foreign currency translation: Foreign currency translation adjustments $ 101 $ — $ 101 $ 12 $ (3 ) $ 9 Pension and other postretirement benefits: Net actuarial gain (loss) arising during the period (68 ) 68 — (4 ) 4 — Reclassification of net actuarial loss included in net earnings 35 (35 ) — 24 (24 ) — Tax benefit / (expense) $ 12 $ (12 ) $ — $ (7 ) $ 7 $ — Nine months ended May 1, 2016 Nine months ended May 3, 2015 Consolidated Statements of Comprehensive Income Prior Accounting Principles Effect of Accounting Change As Reported Previously Reported Effect of Accounting Change Recast Foreign currency translation: Foreign currency translation adjustments $ 58 $ — $ 58 $ (238 ) $ 9 $ (229 ) Pension and other postretirement benefits: Net actuarial gain (loss) arising during the period (181 ) 181 — 13 (13 ) — Reclassification of net actuarial loss included in net earnings 144 (144 ) — 72 (72 ) — Tax benefit / (expense) $ 14 $ (14 ) $ — $ (29 ) $ 29 $ — May 1, 2016 August 2, 2015 Consolidated Balance Sheets Prior Accounting Principles Effect of Accounting Change As Reported Previously Reported Effect of Accounting Change Recast Inventories $ 827 $ 2 $ 829 $ 993 $ 2 $ 995 Other current assets 183 (1 ) 182 199 (1 ) 198 Accrued income taxes 51 3 54 29 — 29 Earnings retained in the business 2,871 (766 ) 2,105 2,494 (740 ) 1,754 Accumulated other comprehensive (loss) income $ (908 ) $ 764 $ (144 ) $ (909 ) $ 741 $ (168 ) Nine months ended May 1, 2016 Nine months ended May 3, 2015 Consolidated Statements of Cash Flows Prior Accounting Principles Effect of Accounting Change As Reported Previously Reported Effect of Accounting Change Recast Cash flow from operating activities: Net earnings $ 670 $ (26 ) $ 644 $ 623 $ 26 $ 649 Pension and postretirement benefit expense / (income) — 167 167 — 9 9 Deferred income taxes 18 (14 ) 4 12 16 28 Other, net 132 (130 ) 2 69 (54 ) 15 Inventories 172 — 172 108 1 109 Accounts payable and accrued liabilities (90 ) 3 (87 ) (112 ) 2 (110 ) Net cash provided by operating activities $ 1,183 $ — $ 1,183 $ 971 $ — $ 971 |
Acquistions (Tables)
Acquistions (Tables) | 9 Months Ended |
May. 01, 2016 | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited summary information is presented on a consolidated pro forma basis as if the Garden Fresh Gourmet acquisition had occurred on July 29, 2013: Three Months Ended Nine Months Ended May 3, 2015 May 3, 2015 Net sales $ 1,925 $ 6,462 Net earnings attributable to Campbell Soup Company $ 180 $ 651 Net earnings per share attributable to Campbell Soup Company - assuming dilution $ .58 $ 2.07 |
Accumulated Other Comprehensi25
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
May. 01, 2016 | |
Equity [Abstract] | |
Components Of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of Accumulated other comprehensive income (loss) consisted of the following: Foreign Currency Translation Adjustments (1) Gains (Losses) on Cash Flow Hedges (2) Pension and Postretirement Benefit Adjustments (3) Total Accumulated Comprehensive Income (Loss) Balance at August 2, 2015 $ (166 ) $ (5 ) $ 3 $ (168 ) Other comprehensive income (loss) before reclassifications 56 (24 ) — 32 Amounts reclassified from accumulated other comprehensive income (loss) — (6 ) (2 ) (8 ) Net current-period other comprehensive income (loss) 56 (30 ) (2 ) 24 Balance at May 1, 2016 $ (110 ) $ (35 ) $ 1 $ (144 ) _____________________________________ (1) Included a tax expense of $6 as of May 1, 2016 , and August 2, 2015 . (2) Included a tax benefit of $19 as of May 1, 2016 , and $5 as of August 2, 2015 . (3) Included a tax expense of $1 as of May 1, 2016 , and August 2, 2015 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following: Three Months Ended Nine Months Ended Details about Accumulated Other Comprehensive Income (Loss) Components May 1, 2016 May 3, 2015 May 1, 2016 May 3, 2015 Location of (Gain) Loss Recognized in Earnings (Gains) losses on cash flow hedges: Foreign exchange forward contracts $ (4 ) $ (2 ) $ (10 ) $ (2 ) Cost of products sold Foreign exchange forward contracts — — (2 ) (1 ) Other expenses / (income) Forward starting interest rate swaps 1 1 3 3 Interest expense Total before tax (3 ) (1 ) (9 ) — Tax expense (benefit) 1 — 3 — (Gain) loss, net of tax $ (2 ) $ (1 ) $ (6 ) $ — Pension and postretirement benefit adjustments: Prior service credit $ (1 ) $ (1 ) $ (2 ) $ (2 ) (1) Tax expense (benefit) — — — — (Gain) loss, net of tax $ (1 ) $ (1 ) $ (2 ) $ (2 ) |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 9 Months Ended |
May. 01, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The following table shows the changes in the carrying amount of goodwill by business segment: Americas Global Campbell Fresh Total Balance at August 2, 2015 $ 775 $ 732 $ 837 $ 2,344 Foreign currency translation adjustment 4 29 — 33 Balance at May 1, 2016 $ 779 $ 761 $ 837 $ 2,377 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table sets forth balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization: Intangible Assets May 1, August 2, Amortizable intangible assets Customer relationships $ 223 $ 222 Technology 40 40 Other 35 35 Total gross amortizable intangible assets $ 298 $ 297 Accumulated amortization (67 ) (52 ) Total net amortizable intangible assets $ 231 $ 245 Non-amortizable intangible assets Trademarks 966 960 Total net intangible assets $ 1,197 $ 1,205 |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | The following table sets forth balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization: Intangible Assets May 1, August 2, Amortizable intangible assets Customer relationships $ 223 $ 222 Technology 40 40 Other 35 35 Total gross amortizable intangible assets $ 298 $ 297 Accumulated amortization (67 ) (52 ) Total net amortizable intangible assets $ 231 $ 245 Non-amortizable intangible assets Trademarks 966 960 Total net intangible assets $ 1,197 $ 1,205 |
Business And Geographic Segme27
Business And Geographic Segment Information (Tables) | 9 Months Ended |
May. 01, 2016 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting [Table Text Block] | Three Months Ended Nine Months Ended May 1, May 3, May 1, May 3, Net sales Americas Simple Meals and Beverages $ 999 $ 1,030 $ 3,538 $ 3,641 Global Biscuits and Snacks 608 623 1,942 2,014 Campbell Fresh 263 247 794 734 Total $ 1,870 $ 1,900 $ 6,274 $ 6,389 Three Months Ended Nine Months Ended May 1, May 3, May 1, May 3, Earnings before interest and taxes Americas Simple Meals and Beverages $ 225 $ 223 $ 878 $ 765 Global Biscuits and Snacks 86 93 341 306 Campbell Fresh 13 18 52 40 Corporate (1) (54 ) (40 ) (242 ) (91 ) Restructuring charges (2) (2 ) (9 ) (32 ) (9 ) Total $ 268 $ 285 $ 997 $ 1,011 _______________________________________ (1) Represents unallocated items. Costs of $54 and $175 related to pension mark-to-market adjustments (see Note 1 for additional information) and costs of $13 and $35 related to the implementation of our new organizational structure and cost savings initiatives (see Note 7 for additional information) were included in the three- and nine-month periods ended May 1, 2016, respectively. A gain of $25 from a settlement of a claim related to the Kelsen acquisition was also included in the three- and nine-month periods ended May 1, 2016. Costs of $26 related to pension and postretirement mark-to-market adjustments (see Note 1 for additional information) and costs of $9 related to the implementation of our new organizational structure and cost savings initiatives (see Note 7 for additional information) were included in the three- and nine-month periods ended May 3, 2015. (2) See Note 7 for additional information. |
Additional Product Information for Net Sales [Table Text Block] | Our global net sales based on product categories are as follows: Three Months Ended Nine Months Ended May 1, May 3, May 1, May 3, Net sales Soup $ 575 $ 602 $ 2,253 $ 2,361 Baked snacks 584 587 1,886 1,919 Other simple meals 424 409 1,300 1,251 Beverages 287 302 835 858 Total $ 1,870 $ 1,900 $ 6,274 $ 6,389 |
Restructuring Charges and Cos28
Restructuring Charges and Cost Savings Initiatives (Tables) | 9 Months Ended |
May. 01, 2016 | |
2015 Initiatives [Member] | |
Schedule Of Pre-Tax Restructuring and Related Costs [Table Text Block] | A summary of the pre-tax costs associated with the 2015 initiatives is as follows: Recognized Severance pay and benefits $ 128 Implementation costs and other related costs 66 Total $ 194 |
Schedule Of Restructuring Activity And Related Reserves [Table Text Block] | A summary of the restructuring activity and related reserves associated with the 2015 initiatives at May 1, 2016 , is as follows: Severance Pay and Benefits Other Restructuring Costs Implementation Costs and Other Related Costs (3) Total Charges Accrued balance at August 2, 2015 (1) $ 85 $ 8 2016 charges 34 1 35 $ 70 2016 cash payments (31 ) (9 ) Accrued balance at May 1, 2016 (2) $ 88 $ — ______________________________________ (1) Includes $45 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (2) Includes $37 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (3) 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 and Related Costs By Segment [Table Text Block] | A summary of the pre-tax costs associated with segments is as follows: May 1, 2016 Three Months Ended Nine Months Ended Costs Incurred to Date Americas Simple Meals and Beverages $ 1 $ 17 $ 71 Global Biscuits and Snacks 3 23 67 Campbell Fresh — — 1 Corporate 11 30 55 Total $ 15 $ 70 $ 194 |
2014 Initiatives [Member] | |
Schedule Of Pre-Tax Restructuring and Related Costs [Table Text Block] | A summary of the pre-tax costs associated with the 2014 initiatives is as follows: Total Program (1) Change in Estimate Recognized as of May 1, 2016 Severance pay and benefits $ 41 $ (3 ) $ 38 Asset impairment 12 — 12 Other exit costs 1 — 1 Total $ 54 $ (3 ) $ 51 ______________________________________ (1) Recognized as of August 2, 2015. |
Pension And Postretirement Be29
Pension And Postretirement Benefits (Tables) | 9 Months Ended |
May. 01, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | Components of net benefit expense (income) were as follows: Three Months Ended Nine Months Ended Pension Postretirement Pension Postretirement May 1, May 3, May 1, May 3, May 1, May 3, May 1, May 3, Service cost $ 6 $ 8 $ — $ 1 $ 20 $ 22 $ 1 $ 2 Interest cost 24 26 4 3 74 79 12 11 Expected return on plan assets (36 ) (43 ) — — (111 ) (130 ) — — Amortization of prior service costs (1 ) (1 ) — — (1 ) (1 ) (1 ) (1 ) Recognized net actuarial (gain)/loss 61 5 — 22 173 5 — 22 Curtailment loss — 1 — 6 — 1 — 6 Net periodic benefit expense (income) $ 54 $ (4 ) $ 4 $ 32 $ 155 $ (24 ) $ 12 $ 40 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
May. 01, 2016 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Schedule Of The Fair Value Of Derivative Instruments [Table Text Block] | The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of May 1, 2016 , and August 2, 2015 : Balance Sheet Classification May 1, August 2, Asset Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Other current assets $ — $ 3 Total derivatives designated as hedges $ — $ 3 Derivatives not designated as hedges: Commodity derivative contracts Other current assets $ 6 $ 1 Cross-currency swap contracts Other current assets 30 18 Deferred compensation derivative contracts Other current assets — 1 Foreign exchange forward contracts Other current assets 1 9 Commodity derivative contracts Other assets 1 — Cross-currency swap contracts Other assets — 22 Total derivatives not designated as hedges $ 38 $ 51 Total asset derivatives $ 38 $ 54 Balance Sheet Classification May 1, August 2, Liability Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Accrued liabilities $ 3 $ — Forward starting interest rate swaps Other liabilities 30 8 Total derivatives designated as hedges $ 33 $ 8 Derivatives not designated as hedges: Commodity derivative contracts Accrued liabilities $ 2 $ 10 Deferred compensation derivative contracts Accrued liabilities 1 — Foreign exchange forward contracts Accrued liabilities 13 2 Total derivatives not designated as hedges $ 16 $ 12 Total liability derivatives $ 49 $ 20 |
Schedule of Derivative Assets at Fair Value [Table Text Block] | We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of May 1, 2016 , and August 2, 2015 , would be adjusted as detailed in the following table: May 1, 2016 August 2, 2015 Derivative Instrument 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 $ 38 $ (25 ) $ 13 $ 54 $ (13 ) $ 41 Total liability derivatives $ 49 $ (25 ) $ 24 $ 20 $ (13 ) $ 7 |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of May 1, 2016 , and August 2, 2015 , would be adjusted as detailed in the following table: May 1, 2016 August 2, 2015 Derivative Instrument 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 $ 38 $ (25 ) $ 13 $ 54 $ (13 ) $ 41 Total liability derivatives $ 49 $ (25 ) $ 24 $ 20 $ (13 ) $ 7 |
Schedule Of Changes In Cash-Flow Hedges In Other Comprehensive Income (Loss) [Table Text Block] | The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and nine-month periods ended May 1, 2016, and May 3, 2015 , in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings: Total Cash-Flow Hedge OCI Activity Derivatives Designated as Cash-Flow Hedges May 1, May 3, Three Months Ended OCI derivative gain (loss) at beginning of quarter $ (26 ) $ (36 ) Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts (21 ) (9 ) Forward starting interest rate swaps (4 ) 21 Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold (4 ) (2 ) Forward starting interest rate swaps Interest expense 1 1 OCI derivative gain (loss) at end of quarter $ (54 ) $ (25 ) Nine Months Ended OCI derivative gain (loss) at beginning of year $ (10 ) $ (4 ) Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts (13 ) 4 Forward starting interest rate swaps (22 ) (25 ) Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold (10 ) (2 ) Foreign exchange forward contracts Other expenses / (income) (2 ) (1 ) Forward starting interest rate swaps Interest expense 3 3 OCI derivative gain (loss) at end of quarter $ (54 ) $ (25 ) |
Derivatives Not Designated As Hedges [Table Text Block] | The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings: Amount of Gain (Loss) Recognized in Earnings on Derivatives Derivatives not Designated as Hedges Location of Gain (Loss) Three Months Ended Nine Months Ended May 1, 2016 May 3, 2015 May 1, 2016 May 3, 2015 Foreign exchange forward contracts Cost of products sold $ 1 $ 2 $ — $ 2 Foreign exchange forward contracts Other expenses / (income) 2 (1 ) 1 (1 ) Cross-currency swap contracts Other expenses / (income) (21 ) (10 ) (9 ) 42 Commodity derivative contracts Cost of products sold 9 6 — (12 ) Deferred compensation derivative contracts Administrative expenses 4 2 4 5 Total $ (5 ) $ (1 ) $ (4 ) $ 36 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
May. 01, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets And Liabilities Measured on Recurring Basis [Table Text Block] | The following table presents our financial assets and liabilities, excluding pension assets, that are measured at fair value on a recurring basis as of May 1, 2016 , and August 2, 2015 , consistent with the fair value hierarchy: Fair Value Fair Value Measurements at Fair Value Fair Value Measurements at Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Foreign exchange forward contracts (1) $ 1 $ — $ 1 $ — $ 12 $ — $ 12 $ — Commodity derivative contracts (2) 7 6 1 — 1 1 — — Cross-currency swap contracts (3) 30 — 30 — 40 — 40 — Deferred compensation derivative contracts (4) — — — — 1 — 1 — Fair value option investments (5) 27 — 7 20 — — — — Total assets at fair value $ 65 $ 6 $ 39 $ 20 $ 54 $ 1 $ 53 $ — Fair Value Fair Value Measurements at Fair Value Fair Value Measurements at Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Liabilities Forward starting interest rate swaps (6) $ 30 $ — $ 30 $ — $ 8 $ — $ 8 $ — Foreign exchange forward contracts (1) 16 — 16 — 2 — 2 — Commodity derivative contracts (2) 2 2 — — 10 10 — — Deferred compensation derivative contracts (4) 1 — 1 — — — — — Deferred compensation obligation (7) 114 114 — — 120 120 — — Total liabilities at fair value $ 163 $ 116 $ 47 $ — $ 140 $ 130 $ 10 $ — ___________________________________ (1) Based on observable market transactions of spot currency rates and forward rates. (2) Based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. (3) Based on observable local benchmarks for currency and interest rates. (4) Based on LIBOR and equity index swap rates. (5) Primarily represents investments in equity securities that are not readily marketable and are accounted for under the fair value option. The investments were funded by Acre in the three-month period ended May 1, 2016. See Note 11 for additional information. Fair value is based on analyzing recent transactions and transactions of comparable companies, and the discounted cash flow method. In addition, allocation methods, including the option pricing method, are used in distributing fair value among various equity holders according to rights and preferences. Changes in the fair value of investments were not material through May 1, 2016. (6) Based on LIBOR swap rates. (7) Based on the fair value of the participants’ investments. |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
May. 01, 2016 | |
Stock-based Compensation | |
Schedule Of Stock Option Activity [Table Text Block] | The following table summarizes stock option activity as of May 1, 2016 : Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value (Options in thousands) (In years) Outstanding at August 2, 2015 74 $ 29.91 Granted 711 $ 50.21 Exercised (74 ) $ 29.91 Terminated — $ — Outstanding at May 1, 2016 711 $ 50.21 9.4 $ 8 Exercisable at May 1, 2016 — $ — — $ — |
Schedule of Share-based Payment Award, Assumptions [Table Text Block] | The following weighted-average assumptions were used for grants in 2016: 2016 Risk-free interest rate 1.68% Expected dividend yield 2.46% Expected volatility 18.35% Expected term 6 years |
Time Lapse EPS, Strategic Performance And Special Performance Restricted Stock Units [Member] | |
Stock-based Compensation | |
Schedule of other Share-based awards Activity [Table Text Block] | The following table summarizes time-lapse restricted stock units, EPS performance restricted stock units, strategic performance restricted stock units and special performance restricted stock units as of May 1, 2016 : Units Weighted- Average Grant-Date Fair Value (Restricted stock units in thousands) Nonvested at August 2, 2015 2,410 $ 41.40 Granted 691 $ 50.28 Vested (850 ) $ 39.42 Forfeited (183 ) $ 43.62 Nonvested at May 1, 2016 2,068 $ 44.99 |
TSR Performance Restricted Stock/Units [Member] | |
Stock-based Compensation | |
Schedule of other Share-based awards Activity [Table Text Block] | The following table summarizes TSR performance restricted stock units as of May 1, 2016 : Units Weighted- Average Grant-Date Fair Value (Restricted stock units in thousands) Nonvested at August 2, 2015 1,579 $ 40.75 Granted 682 $ 62.44 Vested (438 ) $ 39.76 Forfeited (146 ) $ 46.94 Nonvested at May 1, 2016 1,677 $ 49.28 |
Schedule of Share-based Payment Award, Assumptions [Table Text Block] | 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: 2016 2015 Risk-free interest rate 0.92% 0.97% Expected dividend yield 2.46% 2.91% Expected volatility 17.25% 16.20% Expected term 3 years 3 years |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
May. 01, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | May 1, August 2, Raw materials, containers and supplies $ 370 $ 427 Finished products 459 568 $ 829 $ 995 |
Basis of Presentation and Sig34
Basis of Presentation and Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
May. 01, 2016 | May. 03, 2015 | May. 01, 2016 | May. 03, 2015 | Aug. 02, 2015 | Aug. 04, 2014 | |
Earnings retained in the business | $ 2,105 | $ 2,105 | $ 1,754 | |||
Inventories | 829 | 829 | 995 | |||
Accumulated other comprehensive loss | (144) | (144) | (168) | |||
Other current assets | 182 | 182 | 198 | |||
Recognized net actuarial gains / (losses) | (54) | $ (26) | (175) | $ (26) | ||
Recognized net actuarial gains / (losses), net of tax | $ (34) | $ (16) | $ (110) | $ (16) | ||
Recognized net actuarial gains / (losses) net of tax, per diluted share | $ (0.11) | $ (0.05) | $ (0.35) | $ (0.05) | ||
Restatement adjustment [Member] | ||||||
Earnings retained in the business | $ (766) | $ (766) | (740) | $ (715) | ||
Inventories | 2 | 2 | 2 | (2) | ||
Accumulated other comprehensive loss | 764 | 764 | 741 | 714 | ||
Other current assets | $ (1) | $ (1) | $ (1) | $ 1 |
Basis of Presentation and Sig35
Basis of Presentation and Significant Accounting Polices (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
May. 01, 2016 | May. 03, 2015 | May. 01, 2016 | May. 03, 2015 | Aug. 02, 2015 | Aug. 04, 2014 | |
Cost of products sold | $ 1,210 | $ 1,218 | $ 4,040 | $ 4,169 | ||
Marketing and selling expenses | 228 | 213 | 677 | 695 | ||
Administrative expenses | 154 | 142 | 456 | 408 | ||
Research and development expenses | 31 | 30 | 86 | 83 | ||
Earnings before interest and taxes | 268 | 285 | 997 | 1,011 | ||
Earnings before taxes | 240 | 257 | 914 | 933 | ||
Taxes on earnings | 55 | 78 | 270 | 284 | ||
Net earnings | 185 | 179 | 644 | 649 | ||
Net earnings attributable to Campbell Soup Company | $ 185 | $ 179 | $ 644 | $ 649 | ||
Earnings Per Share, Basic | $ 0.60 | $ 0.58 | $ 2.08 | $ 2.07 | ||
Earnings Per Share, Diluted | $ 0.59 | $ 0.57 | $ 2.07 | $ 2.07 | ||
Foreign currency translation adjustments, before tax | $ 101 | $ 9 | $ 58 | $ (229) | ||
Net actuarial gain (loss) arising during the period, before tax | 0 | 0 | 0 | 0 | ||
Reclassification of net actuarial loss included in net earnings | 0 | 0 | 0 | 0 | ||
Tax benefit/(expense) | 0 | 0 | 0 | 0 | ||
Inventories | 829 | 829 | $ 995 | |||
Other current assets | 182 | 182 | 198 | |||
Accrued income taxes | 54 | 54 | 29 | |||
Earnings retained in the business | 2,105 | 2,105 | 1,754 | |||
Accumulated other comprehensive loss | (144) | (144) | (168) | |||
Pension and postretirement benefit expense/(income) | 167 | 9 | ||||
Deferred income taxes | 4 | 28 | ||||
Other, net | 2 | 15 | ||||
Inventories | 172 | 109 | ||||
Accounts payable and accrued liabilities | (87) | (110) | ||||
Net cash provided by operating activities | 1,183 | 971 | ||||
Prior accounting principles [Member] | ||||||
Cost of products sold | 1,195 | 4,011 | ||||
Marketing and selling expenses | 223 | 672 | ||||
Administrative expenses | 151 | 454 | ||||
Research and development expenses | 30 | 85 | ||||
Earnings before interest and taxes | 292 | 1,034 | ||||
Earnings before taxes | 264 | 951 | ||||
Taxes on earnings | 63 | 281 | ||||
Net earnings | 201 | 670 | ||||
Net earnings attributable to Campbell Soup Company | $ 201 | $ 670 | ||||
Earnings Per Share, Basic | $ 0.65 | $ 2.17 | ||||
Earnings Per Share, Diluted | $ 0.65 | $ 2.15 | ||||
Foreign currency translation adjustments, before tax | $ 101 | $ 58 | ||||
Net actuarial gain (loss) arising during the period, before tax | (68) | (181) | ||||
Reclassification of net actuarial loss included in net earnings | 35 | 144 | ||||
Tax benefit/(expense) | 12 | 14 | ||||
Inventories | 827 | 827 | ||||
Other current assets | 183 | 183 | ||||
Accrued income taxes | 51 | 51 | ||||
Earnings retained in the business | 2,871 | 2,871 | ||||
Accumulated other comprehensive loss | (908) | (908) | ||||
Pension and postretirement benefit expense/(income) | 0 | |||||
Deferred income taxes | 18 | |||||
Other, net | 132 | |||||
Inventories | 172 | |||||
Accounts payable and accrued liabilities | (90) | |||||
Net cash provided by operating activities | 1,183 | |||||
Previously reported [Member] | ||||||
Cost of products sold | 1,218 | 4,196 | ||||
Marketing and selling expenses | 213 | 702 | ||||
Administrative expenses | 141 | 416 | ||||
Research and development expenses | 29 | 85 | ||||
Earnings before interest and taxes | 287 | 967 | ||||
Earnings before taxes | 259 | 889 | ||||
Taxes on earnings | 77 | 266 | ||||
Net earnings | 182 | 623 | ||||
Net earnings attributable to Campbell Soup Company | $ 182 | $ 623 | ||||
Earnings Per Share, Basic | $ 0.59 | $ 1.99 | ||||
Earnings Per Share, Diluted | $ 0.58 | $ 1.98 | ||||
Foreign currency translation adjustments, before tax | $ 12 | $ (238) | ||||
Net actuarial gain (loss) arising during the period, before tax | (4) | 13 | ||||
Reclassification of net actuarial loss included in net earnings | 24 | 72 | ||||
Tax benefit/(expense) | (7) | (29) | ||||
Inventories | 993 | |||||
Other current assets | 199 | |||||
Accrued income taxes | 29 | |||||
Earnings retained in the business | 2,494 | |||||
Accumulated other comprehensive loss | (909) | |||||
Pension and postretirement benefit expense/(income) | 0 | |||||
Deferred income taxes | 12 | |||||
Other, net | 69 | |||||
Inventories | 108 | |||||
Accounts payable and accrued liabilities | (112) | |||||
Net cash provided by operating activities | 971 | |||||
Restatement adjustment [Member] | ||||||
Cost of products sold | 15 | 0 | 29 | (27) | ||
Marketing and selling expenses | 5 | 0 | 5 | (7) | ||
Administrative expenses | 3 | 1 | 2 | (8) | ||
Research and development expenses | 1 | 1 | 1 | (2) | ||
Earnings before interest and taxes | (24) | (2) | (37) | 44 | ||
Earnings before taxes | (24) | (2) | (37) | 44 | ||
Taxes on earnings | (8) | 1 | (11) | 18 | ||
Net earnings | (16) | (3) | (26) | 26 | ||
Net earnings attributable to Campbell Soup Company | $ (16) | $ (3) | $ (26) | $ 26 | ||
Earnings Per Share, Basic | $ (0.05) | $ (0.01) | $ (0.08) | $ 0.08 | ||
Earnings Per Share, Diluted | $ (0.05) | $ (0.01) | $ (0.08) | $ 0.08 | ||
Foreign currency translation adjustments, before tax | $ 0 | $ (3) | $ 0 | $ 9 | ||
Net actuarial gain (loss) arising during the period, before tax | 68 | 4 | 181 | (13) | ||
Reclassification of net actuarial loss included in net earnings | (35) | (24) | (144) | (72) | ||
Tax benefit/(expense) | (12) | $ 7 | (14) | 29 | ||
Inventories | 2 | 2 | 2 | $ (2) | ||
Other current assets | (1) | (1) | (1) | 1 | ||
Accrued income taxes | 3 | 3 | 0 | |||
Earnings retained in the business | (766) | (766) | (740) | (715) | ||
Accumulated other comprehensive loss | $ 764 | 764 | $ 741 | $ 714 | ||
Pension and postretirement benefit expense/(income) | 167 | 9 | ||||
Deferred income taxes | (14) | 16 | ||||
Other, net | (130) | (54) | ||||
Inventories | 0 | 1 | ||||
Accounts payable and accrued liabilities | 3 | 2 | ||||
Net cash provided by operating activities | $ 0 | $ 0 |
Recent Accounting Pronounceme36
Recent Accounting Pronouncements (Narrative) (Details) $ in Millions | May. 01, 2016USD ($) |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Deferred tax assets, net of valuation allowance, current | $ 104 |
Acquistions (Narrative) (Detail
Acquistions (Narrative) (Details) - Garden Fresh Gourmet [Member] - USD ($) $ in Millions | Jun. 29, 2015 | May. 01, 2016 | May. 01, 2016 |
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 232 | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 25 | $ 76 |
Acquistions Pro forma Informati
Acquistions Pro forma Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended |
May. 03, 2015 | May. 03, 2015 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Business Acquisition, Pro Forma Revenue | $ 1,925 | $ 6,462 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 180 | $ 651 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 0.58 | $ 2.07 |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Income (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
May. 01, 2016 | May. 03, 2015 | May. 01, 2016 | May. 03, 2015 | Aug. 02, 2015 | ||
Beginning Balance | $ (168) | |||||
Other comprehensive income (loss), after tax | $ 79 | $ 14 | 26 | $ (243) | ||
Ending Balance | (144) | (144) | ||||
Accumulated Other Comprehensive Income Foreign Currency Translation Tax (Benefit) Expense | 6 | 6 | $ 6 | |||
Accumulated Other Comprehensive Income Cashflow Hedges Tax (Benefit) Expense | (19) | (19) | (5) | |||
Accumulated Other Comprehensive Income Unamortized Pension And Post Retirement Tax (Benefit) Expense | 1 | 1 | $ 1 | |||
Accumulated Translation Adjustment [Member] | ||||||
Beginning Balance | [1] | (166) | ||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 56 | |||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 0 | |||||
Other comprehensive income (loss), after tax | 56 | |||||
Ending Balance | [1] | (110) | (110) | |||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||
Beginning Balance | [2] | (5) | ||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | (24) | |||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | (6) | |||||
Other comprehensive income (loss), after tax | (30) | |||||
Ending Balance | [2] | (35) | (35) | |||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||||
Beginning Balance | [3] | 3 | ||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 0 | |||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | (2) | |||||
Other comprehensive income (loss), after tax | (2) | |||||
Ending Balance | [3] | 1 | 1 | |||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Beginning Balance | (168) | |||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 32 | |||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | (8) | |||||
Other comprehensive income (loss), after tax | 24 | $ (243) | ||||
Ending Balance | $ (144) | $ (144) | ||||
[1] | Included a tax expense of $6 as of May 1, 2016, and August 2, 2015. | |||||
[2] | Included a tax benefit of $19 as of May 1, 2016, and $5 as of August 2, 2015. | |||||
[3] | Included a tax expense of $1 as of May 1, 2016, and August 2, 2015. |
Accumulated Other Comprehensi40
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Schecule of amounts reclassified from AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
May. 01, 2016 | May. 03, 2015 | May. 01, 2016 | May. 03, 2015 | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | |||||
Reclassification adjustment for (gains) losses included in net earnings, before tax | $ (3) | $ (1) | $ (9) | $ 0 | |
Reclassification adjustment for (gains) losses included in net earnings, tax expense (benefit) | 1 | 0 | 3 | 0 | |
Reclassification adjustment for (gains) losses included in net earnings, after-tax | (2) | (1) | (6) | 0 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, [Abstract] | |||||
Reclassification of prior service credit included in net earnings, before tax | [1] | (1) | (1) | (2) | (2) |
Other Comprehensive Income (Loss), Tax [Abstract] | |||||
Tax expense (benefit) | 0 | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Total pension and other postretirement benefit amortization included in net earnings, net of tax | (1) | (1) | (2) | (2) | |
Foreign Exchange Contract [Member] | Cost Of Products Sold [Member] | |||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | |||||
Reclassification adjustment for (gains) losses included in net earnings, before tax | (4) | (2) | (10) | (2) | |
Foreign Exchange Contract [Member] | Other expenses / (income) [Member] | |||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | |||||
Reclassification adjustment for (gains) losses included in net earnings, before tax | 0 | 0 | (2) | (1) | |
Interest Rate Contract [Member] | Interest Expense [Member] | |||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | |||||
Reclassification adjustment for (gains) losses included in net earnings, before tax | $ 1 | $ 1 | $ 3 | $ 3 | |
[1] | This is included in the components of net periodic benefit costs (see Note 9 for additional details). |
Goodwill And Intangible Asset41
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
May. 01, 2016 | May. 03, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | $ 15 | $ 13 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 20 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 20 | |
Finite Lived Intangible Assets, Amortization Expense, Year Three | 15 | |
Finite Lived Intangible Assets, Amortization Expense, Year Four | 15 | |
Finite Lived Intangible Assets, Amortization Expense, Year Five | $ 15 | |
Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 5 years | |
Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Goodwill And Intangible Asset42
Goodwill And Intangible Assets (Goodwill) (Details) $ in Millions | 9 Months Ended |
May. 01, 2016USD ($) | |
Goodwill [Line Items] | |
Beginning Balance | $ 2,344 |
Foreign currency translation adjustment | 33 |
Ending Balance | 2,377 |
Americas Simple Meals and Beverages [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 775 |
Foreign currency translation adjustment | 4 |
Ending Balance | 779 |
Global Biscuits and Snacks [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 732 |
Foreign currency translation adjustment | 29 |
Ending Balance | 761 |
Campbell Fresh [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 837 |
Foreign currency translation adjustment | 0 |
Ending Balance | $ 837 |
Goodwill And Intangible Asset43
Goodwill And Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions | May. 01, 2016 | Aug. 02, 2015 |
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 966 | $ 960 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 298 | 297 |
Finite-Lived Intangible Assets, Accumulated Amortization | (67) | (52) |
Finite-Lived Intangible Assets, Net | 231 | 245 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Total net intangible assets | 1,197 | 1,205 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 223 | 222 |
Developed Technology Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 40 | 40 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 35 | $ 35 |
Business And Geographic Segme44
Business And Geographic Segment Information (Schedule Of Segment Reporting - Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
May. 01, 2016 | May. 03, 2015 | May. 01, 2016 | May. 03, 2015 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 1,870 | $ 1,900 | $ 6,274 | $ 6,389 |
Americas Simple Meals and Beverages [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 999 | 1,030 | 3,538 | 3,641 |
Global Biscuits and Snacks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 608 | 623 | 1,942 | 2,014 |
Campbell Fresh [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 263 | $ 247 | $ 794 | $ 734 |
Business And Geographic Segme45
Business And Geographic Segment Information (Schedule Of Segment Reporting - Earnings Before Interest And Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
May. 01, 2016 | May. 03, 2015 | May. 01, 2016 | May. 03, 2015 | ||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | $ 268 | $ 285 | $ 997 | $ 1,011 | |
Recognized net actuarial gains / (losses) | (54) | (26) | (175) | (26) | |
Other expenses / (income) | 23 | (3) | 14 | (14) | |
Kelsen [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other expenses / (income) | 25 | (25) | |||
Americas Simple Meals and Beverages [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | 225 | 223 | 878 | 765 | |
Global Biscuits and Snacks [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | 86 | 93 | 341 | 306 | |
Campbell Fresh [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | 13 | 18 | 52 | 40 | |
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | [1] | (54) | (40) | (242) | (91) |
Recognized net actuarial gains / (losses) | (54) | (26) | (175) | (26) | |
Corporate, Non-Segment [Member] | Other Cost Savings Implementation Costs [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | (13) | (9) | (35) | (9) | |
Restructuring Charges [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | [2] | $ (2) | $ (9) | $ (32) | $ (9) |
[1] | Represents unallocated items. Costs of $54 and $175 related to pension mark-to-market adjustments (see Note 1 for additional information) and costs of $13 and $35 related to the implementation of our new organizational structure and cost savings initiatives (see Note 7 for additional information) were included in the three- and nine-month periods ended May 1, 2016, respectively. | ||||
[2] | See Note 7 for additional information. |
Business And Geographic Segme46
Business And Geographic Segment Information (Additional Product Information For Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
May. 01, 2016 | May. 03, 2015 | May. 01, 2016 | May. 03, 2015 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 1,870 | $ 1,900 | $ 6,274 | $ 6,389 |
Soup [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 575 | 602 | 2,253 | 2,361 |
Baked Snacks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 584 | 587 | 1,886 | 1,919 |
Other Simple Meals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 424 | 409 | 1,300 | 1,251 |
Beverages [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 287 | $ 302 | $ 835 | $ 858 |
Restructuring Charges and Cos47
Restructuring Charges and Cost Savings Initiatives (Narrative) (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
May. 01, 2016USD ($)$ / shares | May. 03, 2015USD ($)$ / shares | May. 01, 2016USD ($)$ / shares | May. 03, 2015USD ($) | Aug. 02, 2015USD ($)$ / shares | ||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 2 | $ 9 | $ 32 | $ 9 | ||
Other Cost Savings Implementation Costs [Member] | Corporate, Non-Segment [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | (13) | (9) | $ (35) | (9) | ||
2015 Initiatives [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | 245 | |||||
Restructuring charges | 2 | $ 35 | 9 | $ 102 | ||
Restructuring and Related Cost, Incurred Cost | 15 | 70 | ||||
Restructuring charges and related costs, after tax | $ 9 | $ 11 | $ 44 | $ 78 | ||
Restructuring charges, Per Diluted Share | $ / shares | $ 0.03 | $ 0.04 | $ 0.14 | $ 0.25 | ||
2015 Initiatives [Member] | Americas Simple Meals and Beverages [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | $ 1 | $ 17 | ||||
Restructuring and Related Cost, Expected Cost Allocation | 31.00% | 31.00% | ||||
2015 Initiatives [Member] | Global Biscuits and Snacks [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | $ 3 | $ 23 | ||||
Restructuring and Related Cost, Expected Cost Allocation | 35.00% | 35.00% | ||||
2015 Initiatives [Member] | Campbell Fresh [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | $ 0 | $ 0 | ||||
Restructuring and Related Cost, Expected Cost Allocation | 3.00% | 3.00% | ||||
2015 Initiatives [Member] | Corporate, Non-Segment [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | $ 11 | $ 30 | ||||
Restructuring and Related Cost, Expected Cost Allocation | 31.00% | 31.00% | ||||
2015 Initiatives [Member] | Minimum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | $ 250 | $ 250 | ||||
2015 Initiatives [Member] | Maximum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 325 | 325 | ||||
2015 Initiatives [Member] | Severance Pay And Benefits [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 34 | |||||
2015 Initiatives [Member] | Severance Pay And Benefits [Member] | Minimum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 150 | 150 | ||||
2015 Initiatives [Member] | Severance Pay And Benefits [Member] | Maximum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 165 | 165 | ||||
2015 Initiatives [Member] | Implementation and Other Costs [Member] | Minimum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 100 | 100 | ||||
2015 Initiatives [Member] | Implementation and Other Costs [Member] | Maximum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 160 | $ 160 | ||||
2015 Initiatives [Member] | UNITED STATES | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | 471 | |||||
2015 Initiatives [Member] | General and Administrative Expense [Member] | Other Cost Savings Implementation Costs [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | $ 13 | $ 35 | [1] | $ 9 | $ 22 | |
2014 Initiatives [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | (3) | |||||
Restructuring charges and related costs, after tax | $ (2) | |||||
Restructuring charges, Per Diluted Share | $ / shares | $ 0.01 | |||||
2014 Initiatives [Member] | Severance Pay And Benefits [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ (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. |
Restructuring Charges and Cos48
Restructuring Charges and Cost Savings Initiatives (Schedule Of Pre-Tax Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
May. 01, 2016 | May. 03, 2015 | May. 01, 2016 | May. 03, 2015 | Aug. 02, 2015 | ||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | $ 2 | $ 9 | $ 32 | $ 9 | ||
2015 Initiatives [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 194 | 194 | ||||
Restructuring and Related Cost, Incurred Cost | 2 | 35 | $ 9 | $ 102 | ||
2015 Initiatives [Member] | Severance Pay And Benefits [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 128 | 128 | ||||
2015 Initiatives [Member] | Implementation and Other Costs [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 66 | 66 | ||||
2014 Initiatives [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 51 | 51 | 54 | [1] | ||
Restructuring and Related Cost, Incurred Cost | (3) | |||||
2014 Initiatives [Member] | Severance Pay And Benefits [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 38 | 38 | 41 | [1] | ||
Restructuring and Related Cost, Incurred Cost | (3) | |||||
2014 Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 12 | 12 | 12 | [1] | ||
Restructuring and Related Cost, Incurred Cost | 0 | |||||
2014 Initiatives [Member] | Other Restructuring [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | $ 1 | 1 | $ 1 | [1] | ||
Restructuring and Related Cost, Incurred Cost | $ 0 | |||||
[1] | Recognized as of August 2, 2015. |
Restructuring Charges and Cos49
Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Activity And Related Reserves) (Details) - 2015 Initiatives [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
May. 01, 2016 | May. 01, 2016 | May. 03, 2015 | Aug. 02, 2015 | |||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | $ 15 | $ 70 | ||||||
Severance Pay And Benefits [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Accrued Balance at beginning of period | [1] | 85 | ||||||
Restructuring charges | 34 | |||||||
Cash Payments | (31) | |||||||
Accrued Balance at end of period | 88 | [2] | 88 | [2] | $ 85 | [1] | ||
Restructuring Reserve, Noncurrent | 37 | 37 | 45 | |||||
Other Restructuring [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Accrued Balance at beginning of period | 8 | |||||||
Restructuring charges | 1 | |||||||
Cash Payments | (9) | |||||||
Accrued Balance at end of period | 0 | 0 | 8 | |||||
Other Cost Savings Implementation Costs [Member] | General and Administrative Expense [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | $ 13 | $ 35 | [3] | $ 9 | $ 22 | |||
[1] | Includes $45 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet | |||||||
[2] | Includes $37 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. | |||||||
[3] | 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. |
Restructuring Charges and Cos50
Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Charges Associated With Each Reportable Segment) (Details) - 2015 Initiatives [Member] $ in Millions | 3 Months Ended | 9 Months Ended |
May. 01, 2016USD ($) | May. 01, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Incurred Cost | $ 15 | $ 70 |
Restructuring and Related Cost, Cost Incurred to Date | 194 | 194 |
Americas Simple Meals and Beverages [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Incurred Cost | 1 | 17 |
Restructuring and Related Cost, Cost Incurred to Date | 71 | 71 |
Global Biscuits and Snacks [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Incurred Cost | 3 | 23 |
Restructuring and Related Cost, Cost Incurred to Date | 67 | 67 |
Campbell Fresh [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Incurred Cost | 0 | 0 |
Restructuring and Related Cost, Cost Incurred to Date | 1 | 1 |
Corporate, Non-Segment [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Incurred Cost | 11 | 30 |
Restructuring and Related Cost, Cost Incurred to Date | $ 55 | $ 55 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
May. 01, 2016 | May. 03, 2015 | May. 01, 2016 | May. 03, 2015 | |
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 | 0 | 0 | 474 | 0 |
Pension And Postretirement Be52
Pension And Postretirement Benefits (Narrative) (Details) $ in Millions | 9 Months Ended |
May. 01, 2016USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Pension contributions, remainder of current fiscal year | $ 0 |
Pension And Postretirement Be53
Pension And Postretirement Benefits (Schedule Of Components of Benefit Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
May. 01, 2016 | May. 03, 2015 | May. 01, 2016 | May. 03, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Recognized net actuarial loss | $ 54 | $ 26 | $ 175 | $ 26 |
Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 6 | 8 | 20 | 22 |
Defined Benefit Plan, Interest Cost | 24 | 26 | 74 | 79 |
Expected return on plan assets | (36) | (43) | (111) | (130) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (1) | (1) | (1) | (1) |
Recognized net actuarial loss | 61 | 5 | 173 | 5 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 1 | 0 | 1 |
Defined Benefit Plan, Net Periodic Benefit Cost | 54 | (4) | 155 | (24) |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 0 | 1 | 1 | 2 |
Defined Benefit Plan, Interest Cost | 4 | 3 | 12 | 11 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | (1) | (1) |
Recognized net actuarial loss | 0 | 22 | 0 | 22 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 6 | 0 | 6 |
Defined Benefit Plan, Net Periodic Benefit Cost | $ 4 | $ 32 | $ 12 | $ 40 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
May. 01, 2016 | Aug. 02, 2015 | |
Derivatives, Fair Value [Line Items] | ||
Entity Wide Revenue, Major Customer, Percentage Of Net Sales | 20.00% | |
Margin Deposit Assets | $ 1 | $ 12 |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 17 | |
Cash Flow Hedge Ineffectiveness is Immaterial | The ineffective portion and amount excluded from effectiveness testing were not material. | |
Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Contracts Mature Within, Months | 18 months | |
Commodity Derivative Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Maximum Length of Contract Maturity | 18 months | |
Deferred Compensation Derivative Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Maximum Length of Contract Maturity | 12 months | |
Derivatives Designated As Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 71 | 53 |
Derivatives Designated As Hedges [Member] | Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 300 | 300 |
Derivatives Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 0 | 0 |
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 464 | 480 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 93 | 95 |
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 42 | $ 49 |
Financial Instruments (Schedule
Financial Instruments (Schedule Of The Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Millions | May. 01, 2016 | Aug. 02, 2015 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 38 | $ 54 |
Liability Derivatives | 49 | 20 |
Derivatives Designated As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 3 |
Liability Derivatives | 33 | 8 |
Derivatives Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 3 |
Derivatives Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 3 | 0 |
Derivatives Designated As Hedges [Member] | Interest Rate Contract [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 30 | 8 |
Derivatives Not Designated As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 38 | 51 |
Liability Derivatives | 16 | 12 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 6 | 1 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 1 | 0 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 2 | 10 |
Derivatives Not Designated As Hedges [Member] | Currency Swap [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 30 | 18 |
Derivatives Not Designated As Hedges [Member] | Currency Swap [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 22 |
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 1 |
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 1 | 0 |
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 1 | 9 |
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 13 | $ 2 |
Financial Instruments (Offsetti
Financial Instruments (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Millions | May. 01, 2016 | Aug. 02, 2015 |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | $ 38 | $ 54 |
Derivative Asset, Not Offset, Policy Election Deduction | (25) | (13) |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 13 | 41 |
Derivative Liability, Fair Value, Gross Liability | 49 | 20 |
Derivative Liability, Not Offset, Policy Election Deduction | (25) | (13) |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | $ 24 | $ 7 |
Financial Instruments (Schedu57
Financial Instruments (Schedule Of Changes In Cash Flow Hedges In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
May. 01, 2016 | May. 03, 2015 | May. 01, 2016 | May. 03, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
OCI derivative gain/(loss) at beginning of period | $ (26) | $ (36) | $ (10) | $ (4) |
Reclassification adjustment for (gains) losses included in net earnings, before tax | (3) | (1) | (9) | 0 |
OCI derivative gain/(loss) at end of period | (54) | (25) | (54) | (25) |
Foreign Exchange Forward Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments, gain (loss) recognized in OCI | (21) | (9) | (13) | 4 |
Foreign Exchange Forward Contracts [Member] | Cost Of Products Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment for (gains) losses included in net earnings, before tax | (4) | (2) | (10) | (2) |
Foreign Exchange Forward Contracts [Member] | Other expenses / (income) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment for (gains) losses included in net earnings, before tax | 0 | 0 | (2) | (1) |
Interest Rate Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments, gain (loss) recognized in OCI | (4) | 21 | (22) | (25) |
Interest Rate Contract [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment for (gains) losses included in net earnings, before tax | $ 1 | $ 1 | $ 3 | $ 3 |
Financial Instruments (Derivati
Financial Instruments (Derivatives Not Designated As Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
May. 01, 2016 | May. 03, 2015 | May. 01, 2016 | May. 03, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | $ (5) | $ (1) | $ (4) | $ 36 |
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 | 2 | 0 | 2 |
Foreign Exchange Forward Contracts [Member] | Other expenses / (income) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | 2 | (1) | 1 | (1) |
Currency Swap [Member] | Other expenses / (income) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | (21) | (10) | (9) | 42 |
Commodity Derivative Contracts [Member] | Cost Of Products Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | 9 | 6 | 0 | (12) |
Deferred Compensation Derivative Contracts [Member] | General and Administrative Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | $ 4 | $ 2 | $ 4 | $ 5 |
Variable Interest Entity (Narra
Variable Interest Entity (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
May. 01, 2016 | Aug. 02, 2015 | |
LLC Ownership Percentage | 99.80% | |
Investments, funded | $ 26 | |
Other Assets, Noncurrent | 94 | $ 101 |
Total Commitment | ||
Investment commitments | 125 | |
Remaining Commitment | ||
Investment commitments | 99 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Other Assets, Noncurrent | $ 28 | $ 0 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements Narrative (Details) - USD ($) $ in Millions | May. 01, 2016 | Aug. 02, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, at Carrying Value | $ 64 | $ 39 |
Long-term Debt | 2,552 | 2,552 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 64 | 39 |
Long-term Debt, Fair Value | $ 2,686 | $ 2,623 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurement Of Assets And Liabilities) (Details) - Measured On Recurring Basis [Member] - USD ($) $ in Millions | May. 01, 2016 | Aug. 02, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | $ 65 | $ 54 | |
Total liabilities at fair value | 163 | 140 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 6 | 1 | |
Total liabilities at fair value | 116 | 130 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 39 | 53 | |
Total liabilities at fair value | 47 | 10 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 20 | 0 | |
Foreign Exchange Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [1] | 1 | 12 |
Derivative liabilities at fair value | [1] | 16 | 2 |
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] | 1 | 12 |
Derivative liabilities at fair value | [1] | 16 | 2 |
Commodity Derivative Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [2] | 7 | 1 |
Derivative liabilities at fair value | [2] | 2 | 10 |
Commodity Derivative Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [2] | 6 | 1 |
Derivative liabilities at fair value | [2] | 2 | 10 |
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] | 1 | 0 |
Derivative liabilities at fair value | [2] | 0 | 0 |
Currency Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [3] | 30 | 40 |
Currency Swap [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] | 30 | 40 |
Deferred Compensation Derivative Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [4] | 0 | 1 |
Derivative liabilities at fair value | [4] | 1 | 0 |
Deferred Compensation Derivative Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [4] | 0 | 1 |
Derivative liabilities at fair value | [4] | 1 | 0 |
Investments Fair Value Accounting [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments at fair value | [5] | 27 | 0 |
Investments Fair Value Accounting [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments at fair value | [5] | 7 | 0 |
Investments Fair Value Accounting [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments at fair value | [5] | 20 | 0 |
Interest Rate Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities at fair value | [6] | 30 | 8 |
Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities at fair value | [6] | 30 | 8 |
Deferred Compensation Obligation [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation obligation at fair value | [7] | 114 | 120 |
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 at fair value | [7] | $ 114 | $ 120 |
[1] | Based on observable market transactions of spot currency rates and forward rates. | ||
[2] | Based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. | ||
[3] | Based on observable local benchmarks for currency and interest rates. | ||
[4] | Based on LIBOR and equity index swap rates. | ||
[5] | Primarily represents investments in equity securities that are not readily marketable and are accounted for under the fair value option. The investments were funded by Acre in the three-month period ended May 1, 2016. See Note 11 for additional information. Fair value is based on analyzing recent transactions and transactions of comparable companies, and the discounted cash flow method. In addition, allocation methods, including the option pricing method, are used in distributing fair value among various equity holders according to rights and preferences. | ||
[6] | Based on LIBOR swap rates. | ||
[7] | Based on the fair value of the participants’ investments. |
Share Repurchases (Details)
Share Repurchases (Details) - USD ($) shares in Millions, $ in Millions | 9 Months Ended | |
May. 01, 2016 | May. 03, 2015 | |
Statement [Line Items] | ||
Shares repurchased, value | $ 118 | $ 192 |
June 2011 Program [Member] | ||
Statement [Line Items] | ||
Authorized amount for shares repurchase | 1,000 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 475 | |
Treasury Stock [Member] | ||
Statement [Line Items] | ||
Treasury stock purchased, shares | 2 | 4 |
Shares repurchased, value | $ 118 | $ 192 |
Treasury Stock [Member] | June 2011 Program [Member] | ||
Statement [Line Items] | ||
Shares repurchased, value | $ 75 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
May. 01, 2016 | Nov. 01, 2015 | May. 03, 2015 | May. 01, 2016 | May. 03, 2015 | Aug. 02, 2015 | |
Stock-based Compensation | ||||||
Pre-tax stock-based compensation expense | $ 16 | $ 15 | $ 50 | $ 46 | ||
Tax-related benefits | 5 | $ 6 | 18 | 17 | ||
Cash received from the exercise of stock options | 2 | 9 | ||||
Total intrinsic value of options exercised | 2 | 5 | ||||
Excess tax benefits on stock-based compensation | 7 | 5 | ||||
Employee Stock Option [Member] | ||||||
Stock-based Compensation | ||||||
Remaining unearned compensation on nonvested awards | $ 2 | $ 2 | ||||
Weighted-average remaining service period, years | 2 years 1 month | |||||
EPS Performance Restricted Stock Units [Member] | ||||||
Stock-based Compensation | ||||||
Nonvested, Units | 211 | 211 | ||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 45.32 | $ 45.32 | ||||
EPS Performance Restricted Stock Units [Member] | Minimum [Member] | ||||||
Stock-based Compensation | ||||||
Share-based compensation potential percentage of grant | 0.00% | |||||
EPS Performance Restricted Stock Units [Member] | Maximum [Member] | ||||||
Stock-based Compensation | ||||||
Share-based compensation potential percentage of grant | 100.00% | |||||
Strategic Performance Restricted Stock Units [Member] | ||||||
Stock-based Compensation | ||||||
Nonvested, Units | 337 | 337 | ||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 41.21 | $ 41.21 | ||||
Strategic Performance Restricted Stock Units [Member] | Minimum [Member] | ||||||
Stock-based Compensation | ||||||
Share-based compensation potential percentage of grant | 0.00% | |||||
Strategic Performance Restricted Stock Units [Member] | Maximum [Member] | ||||||
Stock-based Compensation | ||||||
Share-based compensation potential percentage of grant | 200.00% | |||||
Special Performance Restricted Stock Units [Member] | ||||||
Stock-based Compensation | ||||||
Nonvested, Units | 126 | 126 | ||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 42.22 | $ 42.22 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||
Special Performance Restricted Stock Units [Member] | Minimum [Member] | ||||||
Stock-based Compensation | ||||||
Share-based compensation potential percentage of grant | 0.00% | |||||
Special Performance Restricted Stock Units [Member] | Maximum [Member] | ||||||
Stock-based Compensation | ||||||
Share-based compensation potential percentage of grant | 150.00% | |||||
Time Lapse, EPS Performance, Strategic Performance, and Special Performance Restricted Stock Units [Member] | ||||||
Stock-based Compensation | ||||||
Remaining unearned compensation on nonvested awards | $ 32 | $ 32 | ||||
Weighted-average remaining service period, years | 1 year 8 months | |||||
Nonvested, Units | 2,068 | 2,068 | 2,410 | |||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 44.99 | $ 44.99 | $ 41.40 | |||
Fair value of restricted units and shares vested | $ 43 | $ 54 | ||||
Granted, Weighted-Average Grant-Date Fair Value | $ 50.28 | $ 42.43 | ||||
TSR Performance Restricted Stock/Units [Member] | ||||||
Stock-based Compensation | ||||||
Remaining unearned compensation on nonvested awards | $ 41 | $ 41 | ||||
Weighted-average remaining service period, years | 2 years | |||||
Nonvested, Units | 1,677 | 1,677 | 1,579 | |||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 49.28 | $ 49.28 | $ 40.75 | |||
Fair value of restricted units and shares vested | $ 22 | $ 0 | ||||
Granted, Weighted-Average Grant-Date Fair Value | $ 62.44 | $ 43.39 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Percentage Recipients Received Based On Performance | 100.00% |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule Of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Millions | 9 Months Ended |
May. 01, 2016USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Beginning of year, Options | shares | 74 |
Granted, Options | shares | 711 |
Exercised, Options | shares | (74) |
Terminated, Options | shares | 0 |
End of year, Options | shares | 711 |
Exercisable at end of period, Options | shares | 0 |
Beginning of period, Weighted-Average Exercise Price | $ / shares | $ 29.91 |
Granted, Weighted-Average Exercise Price | $ / shares | 50.21 |
Exercised, Weighted-Average Exercise Price | $ / shares | 29.91 |
Terminated, Weighted-Average Exercise Price | $ / shares | 0 |
End of period, Weighted-Average Exercise Price | $ / shares | 50.21 |
Exercisable at end of period, Weighted-Average Exercise Price | $ / shares | $ 0 |
Outstanding at end of period, Weighted-Average Remaining Contractual Life (In years) | 9 years 5 months |
Exercisable at end of period, Weighted-Average Remaining Contractual Life (In years) | 0 years |
Outstanding at end of period, Aggregate Intrinsic Value | $ | $ 8 |
Exercisable at end of period, Aggregate Intrinsic Value | $ | $ 0 |
Stock-based Compensation (Sch65
Stock-based Compensation (Schedule of share-based awards activity) (Details) - $ / shares shares in Thousands | 9 Months Ended | |
May. 01, 2016 | May. 03, 2015 | |
Time Lapse, EPS Performance, Strategic Performance, and Special Performance Restricted Stock Units [Member] | ||
Stock-based Compensation | ||
Nonvested at beginning of period, Units | 2,410 | |
Granted, Units | 691 | |
Vested, Units | (850) | |
Forfeited, Units | (183) | |
Nonvested at end of period, Units | 2,068 | |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $ 41.40 | |
Granted, Weighted-Average Grant-Date Fair Value | 50.28 | $ 42.43 |
Vested, Weighted-Average Grant-Date Fair Value | 39.42 | |
Forfeited, Weighted Average Grant Date Fair Value | 43.62 | |
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 | 1,579 | |
Granted, Units | 682 | |
Vested, Units | (438) | |
Forfeited, Units | (146) | |
Nonvested at end of period, Units | 1,677 | |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $ 40.75 | |
Granted, Weighted-Average Grant-Date Fair Value | 62.44 | $ 43.39 |
Vested, Weighted-Average Grant-Date Fair Value | 39.76 | |
Forfeited, Weighted Average Grant Date Fair Value | 46.94 | |
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $ 49.28 |
Stock-based Compensation (Sch66
Stock-based Compensation (Schedule of share-based payment award, assumptions) (Details) | 9 Months Ended | 12 Months Ended |
May. 01, 2016 | Aug. 02, 2015 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.68% | |
Expected dividend yield | 2.46% | |
Expected volatility | 18.35% | |
Expected term, years | 6 years | |
TSR Performance Restricted Stock/Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 0.92% | 0.97% |
Expected dividend yield | 2.46% | 2.91% |
Expected volatility | 17.25% | 16.20% |
Expected term, years | 3 years | 3 years |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | May. 01, 2016 | Aug. 02, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials, containers and supplies | $ 370 | $ 427 |
Finished products | 459 | 568 |
Inventories | $ 829 | $ 995 |