Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Jul. 31, 2016 | Sep. 14, 2016 | Jan. 29, 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-K | ||
Document Period End Date | Jul. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 307,875,045 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 10,943,238,771 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Net sales | $ 7,961 | $ 8,082 | $ 8,268 |
Costs and expenses | |||
Cost of products sold | 5,181 | 5,300 | 5,297 |
Marketing and selling expenses | 893 | 884 | 929 |
Administrative expenses | 641 | 601 | 576 |
Research and development expenses | 124 | 117 | 122 |
Other expenses / (income) | 131 | 24 | 22 |
Restructuring charges | 31 | 102 | 55 |
Total costs and expenses | 7,001 | 7,028 | 7,001 |
Earnings before interest and taxes | 960 | 1,054 | 1,267 |
Interest expense | 115 | 108 | 122 |
Interest income | 4 | 3 | 3 |
Earnings before taxes | 849 | 949 | 1,148 |
Taxes on earnings | 286 | 283 | 374 |
Earnings from continuing operations | 563 | 666 | 774 |
Earnings from discontinued operations | 0 | 0 | 81 |
Net earnings | 563 | 666 | 855 |
Less: Net earnings (loss) attributable to noncontrolling interests | 0 | 0 | (11) |
Net earnings attributable to Campbell Soup Company | $ 563 | $ 666 | $ 866 |
Per Share - Basic | |||
Earnings from continuing operations attributable to Campbell Soup Company | $ 1.82 | $ 2.13 | $ 2.50 |
Earnings from discontinued operations | 0 | 0 | 0.26 |
Net earnings attributable to Campbell Soup Company | $ 1.82 | $ 2.13 | $ 2.76 |
Weighted average shares outstanding - basic | 309 | 312 | 314 |
Per Share - Assuming Dilution | |||
Earnings from continuing operations attributable to Campbell Soup Company | $ 1.81 | $ 2.13 | $ 2.48 |
Earnings from discontinued operations | 0 | 0 | 0.26 |
Net earnings attributable to Campbell Soup Company | $ 1.81 | $ 2.13 | $ 2.74 |
Weighted average shares outstanding - assuming dilution | 311 | 313 | 316 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | |||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax [Abstract] | ||||
Foreign currency translation adjustments, before tax | $ 45 | $ (312) | $ (5) | |
Reclassification of currency translation adjustments realized upon disposal of business, before tax | 0 | 0 | (22) | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | ||||
Unrealized gains (losses) arising during period, before Tax | (45) | (5) | (12) | |
Reclassification adjustment for (gains) losses included in net earnings, before tax | (9) | (1) | 0 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, [Abstract] | ||||
Prior service credit arising during the period, before tax | 93 | 0 | 0 | |
Reclassification of prior service credit included in net earnings, before tax | [1] | (1) | (2) | (2) |
Other comprehensive income (loss), before tax | 83 | (320) | (41) | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax [Abstract] | ||||
Foreign currency translation adjustments, tax (expense) benefit | 0 | 1 | (1) | |
Reclassification of currency translation adjustments realized upon disposal of business, tax (expense) benefit | 0 | 0 | 3 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax Effect [Abstract] | ||||
Unrealized gains (losses) arising during the period, tax (expense) benefit | 16 | 3 | 4 | |
Reclassification adjustment for (gains) losses included in net earnings, tax (expense) benefit | 2 | 1 | 0 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax [Abstract] | ||||
Prior service credit arising during the period, tax | (34) | 0 | 0 | |
Reclassification of prior service credit included in net earnings, tax (expense) benefit | 0 | 1 | 1 | |
Other comprehensive income (loss), tax (expense) benefit | (16) | 6 | 7 | |
Other comprehensive income (loss), after-tax [Abstract] | ||||
Net earnings | 563 | 666 | 855 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | ||||
Foreign currency translation adjustments, after-tax | 45 | (311) | (6) | |
Reclassification of currency translation adjustments realized upon disposal of business, after-tax | 0 | 0 | (19) | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | ||||
Unrealized gains (losses) arising during the period, after-tax | (29) | (2) | (8) | |
Reclassification adjustment for (gains) losses included in net earnings, after-tax | (7) | 0 | 0 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax [Abstract] | ||||
Prior service credit arising during the period, net of tax | 59 | 0 | 0 | |
Reclassification of prior service credit included in net earnings, after-tax | (1) | (1) | (1) | |
Other comprehensive income (loss), after tax | 67 | (314) | (34) | |
Total comprehensive income (loss), after-tax | 630 | 352 | 821 | |
Total comprehensive income (loss) attributable to noncontrolling interests | 3 | (1) | (10) | |
Total comprehensive income (loss) attributable to Campbell Soup Company | $ 627 | $ 353 | $ 831 | |
[1] | This is included in the components of net periodic benefit costs (see Note 11 for additional details). |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions | Jul. 31, 2016 | Aug. 02, 2015 | |
Current assets | |||
Cash and cash equivalents | $ 296 | $ 253 | |
Accounts receivable, net | 626 | 647 | |
Inventories | 940 | 995 | |
Other current assets | 46 | 198 | |
Total current assets | 1,908 | 2,093 | |
Plant assets, net of depreciation | 2,407 | 2,347 | |
Goodwill | 2,263 | [1] | 2,344 |
Other intangible assets, net of amortization | 1,152 | 1,205 | |
Other assets ($34 and $0 attributable to variable interest entity) | 107 | 88 | |
Total assets | 7,837 | 8,077 | |
Current liabilities | |||
Short-term borrowings | 1,219 | 1,543 | |
Payable to suppliers and others | 610 | 544 | |
Accrued liabilities | 604 | 589 | |
Dividend payable | 100 | 101 | |
Accrued income taxes | 22 | 29 | |
Total current liabilities | 2,555 | 2,806 | |
Long-term debt | 2,314 | 2,539 | |
Deferred taxes | 396 | 505 | |
Other liabilities | 1,039 | 850 | |
Total liabilities | 6,304 | 6,700 | |
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 | 354 | 339 | |
Earnings retained in the business | 1,927 | 1,754 | |
Capital stock in treasury, at cost | (664) | (556) | |
Accumulated other comprehensive loss | (104) | (168) | |
Total Campbell Soup Company shareholders' equity | 1,525 | 1,381 | |
Noncontrolling interests | 8 | (4) | |
Total equity | 1,533 | 1,377 | |
Total liabilities and equity | $ 7,837 | $ 8,077 | |
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 | |||
Current assets | |||
Other assets ($34 and $0 attributable to variable interest entity) | $ 34 | $ 0 | |
[1] | The total carrying value of goodwill as of July 31, 2016 is reflected net of $106 of accumulated impairment charges recorded in 2016. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | ||
Cash flows from operating activities: | ||||
Net earnings | $ 563 | $ 666 | $ 855 | |
Adjustments to reconcile net earnings to operating cash flow | ||||
Impairment charge | 141 | 6 | 0 | [1] |
Restructuring charges | 31 | 102 | 55 | |
Stock-based compensation | 64 | 57 | 57 | |
Pension and postretirement benefit expense | 317 | 118 | 58 | |
Depreciation and amortization | 308 | 303 | 305 | |
Deferred income taxes | (30) | (49) | 38 | |
Gain on sale of business | 0 | 0 | (141) | |
Other, net | 6 | 15 | 9 | |
Changes in working capital, net of acquisitions | ||||
Accounts receivable | 24 | 12 | (38) | |
Inventories | 59 | (18) | (80) | |
Prepaid assets | 9 | 10 | (22) | |
Accounts payable and accrued liabilities | (13) | 6 | (93) | |
Pension fund contributions | (2) | (5) | (47) | |
Receipts from (payments of) hedging activities | 44 | 11 | (4) | |
Other | (58) | (52) | (53) | |
Net cash provided by operating activities | 1,463 | 1,182 | 899 | |
Cash flows from investing activities: | ||||
Purchases of plant assets | (341) | (380) | (347) | |
Sales of plant assets | 5 | 15 | 22 | |
Businesses acquired, net of cash acquired | 0 | (232) | (329) | |
Sale of business, net of cash divested | 0 | 0 | 520 | |
Other, net | (18) | (6) | 0 | |
Net cash used in investing activities | (354) | (603) | (134) | |
Cash flows from financing activities: | ||||
Net short-term borrowings (repayments) | (762) | 100 | 208 | |
Long-term borrowings (repayments) | 215 | 300 | (2) | |
Repayments of notes payable | 0 | (309) | (700) | |
Dividends paid | (390) | (394) | (391) | |
Treasury stock purchases | (143) | (244) | (76) | |
Treasury stock issuances | 2 | 9 | 18 | |
Excess tax benefits on stock-based compensation | 7 | 6 | 13 | |
Contributions from noncontrolling interest | 0 | 9 | 5 | |
Other, net | 0 | (3) | 0 | |
Net cash used in financing activities | (1,071) | (526) | (925) | |
Effect of exchange rate changes on cash | 5 | (32) | (9) | |
Net change in cash and cash equivalents | 43 | 21 | (169) | |
Cash and cash equivalents continuing operations - beginning of period | 253 | 232 | 333 | |
Cash and cash equivalents discontinued operations - beginning of period | 0 | 0 | 68 | |
Cash and cash equivalents discontinued operations — end of period | 0 | 0 | 0 | |
Cash and cash equivalents continuing operations - end of period | $ 296 | $ 253 | $ 232 | |
[1] | In 2016, we recognized an impairment charge of $141 related to the intangible assets of the Bolthouse Farms carrot and carrot ingredients reporting unit and in 2015 we recognized an impairment charge of $6 related to minor trademarks used in the Global Biscuits and Snacks segment. See also Note 6. |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) 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 Jul. 28, 2013 | 323 | (11) | |||||
Balance, value at Jul. 28, 2013 | $ 1,192 | $ 12 | $ (364) | $ 362 | $ 1,009 | $ 180 | $ (7) |
Contribution from noncontrolling interest | 5 | 5 | |||||
Net earnings (loss) | 855 | 866 | (11) | ||||
Other comprehensive income (loss) | (34) | (35) | 1 | ||||
Dividends | $ (392) | (392) | |||||
Dividends per share | $ 1.248 | ||||||
Treasury stock purchased, shares | (2) | ||||||
Treasury stock purchased, value | $ (76) | $ (76) | |||||
Treasury stock issued under management incentive and stock option plans, shares | 3 | ||||||
Treasury stock issued under management incentive and stock option plans, value | 52 | $ 84 | (32) | ||||
Capital stock, shares at Aug. 03, 2014 | 323 | (10) | |||||
Balance, value at Aug. 03, 2014 | 1,602 | $ 12 | $ (356) | 330 | 1,483 | 145 | (12) |
Contribution from noncontrolling interest | 9 | 9 | |||||
Net earnings (loss) | 666 | 666 | 0 | ||||
Other comprehensive income (loss) | (314) | (313) | (1) | ||||
Dividends | $ (395) | (395) | |||||
Dividends per share | $ 1.248 | ||||||
Treasury stock purchased, shares | (5) | ||||||
Treasury stock purchased, value | $ (244) | $ (244) | |||||
Treasury stock issued under management incentive and stock option plans, shares | 2 | ||||||
Treasury stock issued under management incentive and stock option plans, value | 53 | $ 44 | 9 | ||||
Capital stock, shares at Aug. 02, 2015 | 323 | (13) | |||||
Balance, value at Aug. 02, 2015 | 1,377 | $ 12 | $ (556) | 339 | 1,754 | (168) | (4) |
Contribution from noncontrolling interest | 0 | ||||||
Noncontrolling Interests Other Activity | 9 | 9 | |||||
Net earnings (loss) | 563 | 563 | 0 | ||||
Other comprehensive income (loss) | 67 | 64 | 3 | ||||
Dividends | $ (390) | (390) | |||||
Dividends per share | $ 1.248 | ||||||
Treasury stock purchased, shares | (3) | ||||||
Treasury stock purchased, value | $ (143) | $ (143) | |||||
Treasury stock issued under management incentive and stock option plans, shares | 1 | ||||||
Treasury stock issued under management incentive and stock option plans, value | 50 | $ 35 | 15 | ||||
Capital stock, shares at Jul. 31, 2016 | 323 | (15) | |||||
Balance, value at Jul. 31, 2016 | $ 1,533 | $ 12 | $ (664) | $ 354 | $ 1,927 | $ (104) | $ 8 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jul. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies In this Form 10-K, unless otherwise stated, the terms “we,” “us,” “our” and the “company” refer to Campbell Soup Company and its consolidated subsidiaries. We are a manufacturer and marketer of high-quality, branded food and beverage products. Basis of Presentation — 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. Certain amounts in prior-year financial statements were reclassified to conform to the current-year presentation. Our fiscal year ends on the Sunday nearest July 31. There were 52 weeks in 2016 and 2015, and 53 weeks in 2014. Out-of-Period Adjustment — In the fourth quarter of 2016, an out-of-period adjustment of $13 ( $.04 per share) to increase taxes on earnings was recorded. The adjustment related to deferred tax expense that should have been provided on certain cross-currency swap contracts associated with intercompany debt. Most of the adjustment related to the third quarter of 2016. Management does not believe the adjustment is material to the consolidated financial statements for any period. Use of Estimates — Generally accepted accounting principles require management to make estimates and assumptions that affect assets, liabilities, revenues and expenses. Actual results could differ from those estimates. Revenue Recognition — Revenues are recognized when the earnings process is complete. This occurs when products are shipped in accordance with terms of agreements, title and risk of loss transfer to customers, collection is probable and pricing is fixed or determinable. Revenues are recognized net of provisions for returns, discounts and allowances. Certain sales promotion expenses, such as feature price discounts, in-store display incentives, cooperative advertising programs, new product introduction fees and coupon redemption costs, are classified as a reduction of sales. The recognition of costs for promotion programs involves the use of judgment related to performance and redemption estimates. Estimates are made based on historical experience and other factors. Costs are recognized either upon sale or when the incentive is offered, based on the program. Revenues are presented on a net basis for arrangements under which suppliers perform certain additional services. Cash and Cash Equivalents — All highly liquid debt instruments purchased with a maturity of three months or less are classified as cash equivalents. Inventories — All inventories are valued at the lower of average cost or market. Property, Plant and Equipment — Property, plant and equipment are recorded at historical cost and are depreciated over estimated useful lives using the straight-line method. Buildings and machinery and equipment are depreciated over periods not exceeding 45 years and 20 years, respectively. Assets are evaluated for impairment when conditions indicate that the carrying value may not be recoverable. Such conditions include significant adverse changes in business climate or a plan of disposal. Repairs and maintenance are charged to expense as incurred. Goodwill and Intangible Assets — Goodwill and intangible assets deemed to have indefinite lives are not amortized but rather are tested at least annually for impairment, or when circumstances indicate that the carrying amount of the asset may not be recoverable. Goodwill is tested for impairment at the reporting unit level. A reporting unit is an operating segment or a component of an operating segment. Goodwill is tested for impairment by either performing a qualitative evaluation or a two-step quantitative test. The qualitative evaluation is an assessment of factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. We may elect not to perform the qualitative assessment for some or all reporting units and perform a two-step quantitative impairment test. Fair value is determined based on discounted cash flow analyses. The discounted estimates of future cash flows include significant management assumptions such as revenue growth rates, operating margins, weighted average cost of capital, and future economic and market conditions. If the carrying value of the reporting unit exceeds fair value, goodwill is considered impaired. The amount of the impairment is the difference between the carrying value of the goodwill and the “implied” fair value, which is calculated as if the reporting unit had just been acquired and accounted for as a business combination. Indefinite-lived intangible assets are tested for impairment by comparing the fair value of the asset to the carrying value. Fair value is determined based on discounted cash flow analyses that include significant management assumptions such as revenue growth rates, weighted average cost of capital, and assumed royalty rates. If the fair value is less than the carrying value, the asset is reduced to fair value. See Note 6 for information on intangible assets and impairment charges. Derivative Financial Instruments — We use derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates, interest rates, commodities and equity-linked employee benefit obligations. 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 strategies that qualify and strategies that do not qualify for hedge accounting treatment. To qualify for hedge accounting, the hedging relationship, both at inception of the hedge and on an ongoing basis, is expected to be highly effective in achieving offsetting changes in the fair value of the hedged risk during the period that the hedge is designated. All derivatives are recognized on the balance sheet at fair value. For derivatives that qualify for hedge accounting, on the date the derivative contract is entered into, we designate the derivative as a hedge of the fair value of a recognized asset or liability or a firm commitment (fair-value hedge), a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (cash-flow hedge), or a hedge of a net investment in a foreign operation. Some derivatives may also be considered natural hedging instruments (changes in fair value act as economic offsets to changes in fair value of the underlying hedged item) and are not designated for hedge accounting. Changes in the fair value of a fair-value hedge, along with the gain or loss on the underlying hedged asset or liability (including losses or gains on firm commitments), are recorded in current-period earnings. The effective portion of gains and losses on cash-flow hedges are recorded in other comprehensive income (loss), until earnings are affected by the variability of cash flows. If the hedge is no longer effective, all changes in the fair value of the derivative are included in earnings each period until the instrument matures. If a derivative is used as a hedge of a net investment in a foreign operation, its changes in fair value, to the extent effective as a hedge, are recorded in other comprehensive income (loss). Any ineffective portion of designated hedges is recognized in current-period earnings. Changes in the fair value of derivatives that are not designated for hedge accounting are recognized in current-period earnings. Cash flows from derivative contracts are included in Net cash provided by operating activities. Advertising Production Costs — Advertising production costs are expensed in the period that the advertisement first takes place or when a decision is made not to use an advertisement. Research and Development Costs — The costs of research and development are expensed as incurred. Costs include expenditures for new product and manufacturing process innovation, and improvements to existing products and processes. Costs primarily consist of salaries, wages, consulting, and depreciation and maintenance of research facilities and equipment. Income Taxes — Deferred tax assets and liabilities are recognized for the future impact of differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Changes in Accounting Policy — In the first quarter of 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. Results have been adjusted retrospectively to reflect these revisions. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Jul. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2013, the Financial Accounting Standards Board (FASB) issued guidance for the recognition, measurement, and disclosure of certain obligations resulting from joint and several liability arrangements for which the total amount is fixed. Such obligations may include debt arrangements, legal settlements, and other contractual arrangements. The guidance was effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. We adopted the guidance in 2015. The adoption did not have an impact on our consolidated financial statements. In March 2013, the FASB issued guidance on the accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. The guidance was effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. We adopted the guidance in 2015. The adoption did not have an impact on our consolidated financial statements. In July 2013, the FASB issued guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance requires the netting of unrecognized tax benefits (UTBs) against a deferred tax asset for a loss or other carryforward that would apply in settlement of uncertain tax positions. Under the new standard, UTBs will be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the UTBs. The guidance was effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. We adopted the guidance in 2015. The adoption did not have a material impact on our consolidated financial statements. In April 2014, the FASB issued revised guidance that modifies the criteria for determining which disposals can be presented as discontinued operations and requires additional disclosures. The guidance is effective for fiscal years beginning on or after December 15, 2014, and interim periods within those years. We will prospectively apply the guidance to applicable transactions. In May 2014, the 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 adopted the guidance in 2016. As a result, we have retrospectively adjusted Other assets and Long-term debt as of August 2, 2015. The adoption did not have a material impact on our consolidated financial statements. In April 2015, the FASB issued guidance intended to provide a practical expedient for the measurement date of defined benefit plan assets and obligations. The practical expedient allows employers with fiscal year-end dates that do not fall on a calendar month-end to measure pension and postretirement benefit plan assets and obligations as of the calendar month-end date closest to the fiscal year-end.The guidance is effective for fiscal years beginning on or after December 15, 2015, and interim periods within those years. Early adoption is permitted. We adopted the guidance in connection with our 2015 measurement. The adoption did not 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 May 2015, the FASB issued guidance that eliminates the requirement to categorize investments measured using the net asset value (NAV) practical expedient in the fair value hierarchy table. Entities will be required to disclose the fair value of investments measured using the NAV practical expedient so that financial statement users can reconcile amounts reported in the fair value hierarchy table to amounts reported on the balance sheet. The new guidance will be applied retrospectively and is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. We adopted the guidance in 2015 and modified our disclosures in Note 11. 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 in the balance sheet. Previous guidance required deferred tax liabilities and assets to be separated into current and noncurrent amounts in 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. We adopted the guidance in 2016 on a prospective basis and modified the presentation of deferred taxes in the Consolidated Balance Sheet as of July 31, 2016. As of August 2, 2015, the balance of current deferred taxes was $114 . 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. In August 2016, the FASB issued guidance on the classification of certain cash receipts and payments in the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The guidance must be applied retrospectively to all periods presented but may be applied prospectively if retrospective application would be impracticable. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. |
Acquistions
Acquistions | 12 Months Ended |
Jul. 31, 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. The excess of the purchase price over the estimated fair values of identifiable net assets was recorded as $116 of goodwill. The goodwill is expected to be deductible for tax purposes. The goodwill was primarily attributable to future growth opportunities, anticipated synergies, and intangible assets that did not qualify for separate recognition. The goodwill is included in the Campbell Fresh segment. The contribution of the Garden Fresh Gourmet acquisition to Net sales and Net earnings from June 29, 2015, through August 2, 2015 was not material. On August 8, 2013, we completed the acquisition of Kelsen. The final all-cash purchase price was $331 . Kelsen is a producer of quality baked snacks that are sold in approximately 85 countries around the world. Its primary brands include Kjeldsens and Royal Dansk . The excess of the purchase price over the estimated fair values of identifiable net assets was recorded as $140 of goodwill. The goodwill is not expected to be deductible for tax purposes. The goodwill was primarily attributable to future growth opportunities and intangible assets that did not qualify for separate recognition. The goodwill is included in the Global Biscuits and Snacks segment. The acquisition of Kelsen contributed $193 to Net sales and $8 to Net earnings from August 8, 2013, through August 3, 2014. The acquired assets and assumed liabilities include the following: Garden Fresh Gourmet Kelsen Cash $ — $ 2 Accounts receivable 10 20 Inventories 5 50 Other current assets — 2 Plant assets 22 47 Goodwill 116 140 Other intangible assets 86 173 Short-term debt — (32 ) Accounts payable (6 ) (13 ) Accrued liabilities (1 ) (10 ) Long-term debt — (4 ) Deferred income taxes — (44 ) Total assets acquired and liabilities assumed $ 232 $ 331 The identifiable intangible assets of Garden Fresh Gourmet consist of $38 in non-amortizable trademarks, and $48 in customer relationships to be amortized over 20 years . The identifiable intangible assets of Kelsen consist of $147 in non-amortizable trademarks, $4 in amortizable trademarks to be amortized over 10 years and $22 in customer relationships to be amortized over 10 to 15 years . 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, and the Kelsen acquisition had occurred on July 30, 2012: 2015 2014 Net sales $ 8,174 $ 8,372 Earnings from continuing operations attributable to Campbell Soup Company $ 668 $ 789 Earnings per share from continuing operations attributable to Campbell Soup Company - assuming dilution $ 2.13 $ 2.50 The pro forma amounts include additional interest expense on the debt issued to finance the purchases, 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, and the Kelsen acquisition been completed on July 30, 2012, nor are they indicative of future combined results. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Jul. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On October 28, 2013, we completed the sale of our European simple meals business to Soppa Investments S.à r.l., an affiliate of CVC Capital Partners. The all-cash preliminary sale price was €400 , or $548 , and was subject to certain post-closing adjustments, which resulted in a $14 reduction of proceeds. We recognized a pre-tax gain of $141 ( $72 after tax, or $.23 per share) in 2014. The European business included Erasco and Heisse Tasse soups in Germany; Liebig and Royco soups in France; Devos Lemmens mayonnaise and cold sauces and Royco soups in Belgium; and Blå Band and Isomitta soups and sauces in Sweden. We used the proceeds from the sale to pay taxes on the sale, to reduce debt and for other general corporate purposes. We have reflected the results of the European simple meals business as discontinued operations in the Consolidated Statements of Earnings. Results of discontinued operations were as follows: 2014 Net sales $ 137 Gain on sale of the European simple meals business $ 141 Earnings from operations, before taxes 14 Earnings before taxes $ 155 Taxes on earnings (74 ) Earnings from discontinued operations $ 81 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jul. 31, 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 Plan Adjustments (3) Total Accumulated Comprehensive Income (Loss) Balance at August 3, 2014 $ 144 $ (3 ) $ 4 $ 145 Other comprehensive income (loss) before reclassifications (310 ) (2 ) — (312 ) Amounts reclassified from accumulated other comprehensive income (loss) — — (1 ) (1 ) Net current-period other comprehensive income (loss) (310 ) (2 ) (1 ) (313 ) Balance at August 2, 2015 $ (166 ) $ (5 ) $ 3 $ (168 ) Other comprehensive income (loss) before reclassifications 42 (29 ) 59 72 Amounts reclassified from accumulated other comprehensive income (loss) — (7 ) (1 ) (8 ) Net current-period other comprehensive income (loss) 42 (36 ) 58 64 Balance at July 31, 2016 $ (124 ) $ (41 ) $ 61 $ (104 ) _____________________________________ (1) Included a tax expense of $6 as of July 31, 2016 and as of August 2, 2015 , and $7 as of August 3, 2014 . (2) Included a tax benefit of $23 as of July 31, 2016 , $5 as of August 2, 2015 , and $1 as of August 3, 2014 . (3) Included a tax expense of $35 as of July 31, 2016 , $1 as of August 2, 2015 , and $2 as of August 3, 2014 . Amounts related to noncontrolling interests were not material. The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following: Details about Accumulated Other Comprehensive Income (Loss) Components 2016 2015 2014 Location of (Gain) Loss Recognized in Earnings (Gains) losses on cash flow hedges: Foreign exchange forward contracts $ (11 ) $ (4 ) $ (4 ) Cost of products sold Foreign exchange forward contracts (2 ) (1 ) 1 Other expenses / (income) Forward starting interest rate swaps 4 4 3 Interest expense Total before tax (9 ) (1 ) — Tax expense (benefit) 2 1 — (Gain) loss, net of tax $ (7 ) $ — $ — Pension and postretirement benefit adjustments: Prior service credit $ (1 ) $ (2 ) $ (2 ) (1) Tax expense (benefit) — 1 1 (Gain) loss, net of tax $ (1 ) $ (1 ) $ (1 ) _____________________________________ (1) This is included in the components of net periodic benefit costs (see Note 11 for additional details). In 2014, a pre-tax loss of $22 ( $19 after tax) on foreign currency translation adjustments was also reclassified from Accumulated other comprehensive income. The loss was related to the divestiture of the European simple meals business and was included in Earnings from discontinued operations. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Jul. 31, 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 3, 2014 $ 794 $ 918 $ 721 $ 2,433 Acquisition — — 116 116 Foreign currency translation adjustment (19 ) (186 ) — (205 ) Balance at August 2, 2015 $ 775 $ 732 $ 837 $ 2,344 Impairment — — (106 ) (106 ) Foreign currency translation adjustment — 25 — 25 Balance at July 31, 2016 (1) $ 775 $ 757 $ 731 $ 2,263 _______________________________________ (1) The total carrying value of goodwill as of July 31, 2016 is reflected net of $106 of accumulated impairment charges recorded in 2016. In 2015, we acquired the assets of Garden Fresh Gourmet for $232 . Goodwill related to the acquisition was $116 . See Note 3. In the fourth quarter of 2016, as part of our annual review of intangible assets, an impairment charge of $106 was recorded on goodwill for the Bolthouse Farms carrot and carrot ingredients reporting unit within the Campbell Fresh segment. In 2016, carrot performance primarily reflected the adverse impact of weather conditions on crop yields, and execution issues in response to those conditions, which led to customer dissatisfaction, a loss of business, and higher carrot costs in the second half of the year. These factors resulted in a decline in profitability during the second half of the year which was below our expectations. Although we expect sales and margins to improve over time, after this weak performance we revised our 2017 outlook and long-term expectations in the fourth quarter. The impairment was attributable to this revised future outlook for the business, with reduced expectations for sales, margins, and discounted cash flows. The discounted estimates of future cash flows include significant management assumptions such as revenue growth rates, operating margins, weighted average cost of capital, and future economic and market conditions. The impairment charge was recorded in Other expenses / (income) in the Consolidated Statements of Earnings. 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 2016 2015 Amortizable intangible assets Customer relationships $ 222 $ 222 Technology 40 40 Other 35 35 Total gross amortizable intangible assets $ 297 $ 297 Accumulated amortization (72 ) (52 ) Total net amortizable intangible assets $ 225 $ 245 Non-amortizable intangible assets Trademarks 927 960 Total net intangible assets $ 1,152 $ 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 of continuing operations was $20 for 2016 , $17 for 2015 and $18 for 2014 . Amortization expense for the next 5 years is estimated to be $20 in 2017, and $15 in 2018 through 2021. Asset useful lives range from 5 to 20 years. In the fourth quarter of 2016, as part of our annual review of intangible assets, an impairment charge of $35 was recognized on the Bolthouse Farms carrot and carrot ingredients reporting unit trademark. The impairment was attributable to the revised future outlook for the business, with reduced expectations for sales, margins, and discounted cash flows. As part of our annual review of intangible assets, an impairment charge of $6 was recognized in the fourth quarter of 2015 related to minor trademarks used in the Global Biscuits and Snacks segment. The trademarks were determined to be impaired as a result of a decrease in the fair value of the brands, resulting from reduced expectations for future sales and discounted cash flows. The impairment charges were recorded in Other expenses / (income) in the Consolidated Statements of Earnings. The discounted estimates of future cash flows used in determining the fair value of goodwill and intangible assets involve considerable management judgment and are based upon assumptions about expected future operating performance, economic conditions, market conditions and cost of capital. Inherent in estimating the future cash flows are uncertainties beyond our control, such as changes in capital markets. The actual cash flows could differ materially from management’s estimates due to changes in business conditions, operating performance and economic conditions. |
Business And Geographic Segment
Business And Geographic Segment Information | 12 Months Ended |
Jul. 31, 2016 | |
Segment Reporting [Abstract] | |
Business and Geographic Segment Information | Business and Geographic Segment Information Beginning in 2016, we manage our businesses in three segments focused mainly on product categories. The segments are: • Americas Simple Meals and Beverages segment includes the retail and food service 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; and • 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. Only the service cost component of pension and postretirement expense is allocated to segments. All other components of expense, including interest cost, expected return on assets, amortization of prior service credits and recognized actuarial gains and losses will be 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. Therefore, only geographic segment asset information is included in the disclosure. Our largest customer, Wal-Mart Stores, Inc. and its affiliates, accounted for approximately 20% of consolidated net sales in 2016 and 2015 , and 19% in 2014 . All of our reportable segments sold products to Wal-Mart Stores, Inc. or its affiliates. 2016 2015 2014 Net sales Americas Simple Meals and Beverages $ 4,380 $ 4,483 $ 4,588 Global Biscuits and Snacks 2,564 2,631 2,725 Campbell Fresh 1,017 968 955 Total $ 7,961 $ 8,082 $ 8,268 2016 2015 2014 Earnings before interest and taxes Americas Simple Meals and Beverages $ 1,069 $ 948 $ 1,030 Global Biscuits and Snacks 422 383 366 Campbell Fresh 60 61 68 Corporate (1) (560 ) (236 ) (142 ) Restructuring charges (2) (31 ) (102 ) (55 ) Total $ 960 $ 1,054 $ 1,267 2016 2015 2014 Depreciation and amortization Americas Simple Meals and Beverages $ 117 $ 123 $ 120 Global Biscuits and Snacks 96 94 101 Campbell Fresh 77 70 69 Corporate (3) 18 16 15 Total $ 308 $ 303 $ 305 2016 2015 2014 Capital expenditures Americas Simple Meals and Beverages $ 105 $ 137 $ 136 Global Biscuits and Snacks 122 137 127 Campbell Fresh 74 82 55 Corporate (3) 40 24 28 Discontinued Operations — — 1 Total $ 341 $ 380 $ 347 _______________________________________ (1) Represents unallocated items. Pension and postretirement benefit mark-to-market adjustments are included in Corporate. Losses were $313 , $138 and $31 in 2016 , 2015 and 2014 , respectively. Costs of $47 and $22 related to the implementation of our new organizational structure and cost savings initiatives were included in 2016 and 2015 , respectively. A gain of $25 from a settlement of a claim related to the Kelsen acquisition and an impairment charge of $141 on the intangible assets of the Bolthouse Farms carrot and carrot ingredients reporting unit were also included in 2016. In addition, a loss of $9 on foreign exchange forward contracts related to the sale of the European simple meals business and restructuring-related costs of $3 were included in 2014. See Note 6 for information on the impairment charge. (2) See Note 8 for additional information. (3) Represents primarily corporate offices. Our global net sales based on product categories are as follows: 2016 2015 2014 Net sales Soup $ 2,690 $ 2,798 $ 2,891 Baked snacks 2,479 2,502 2,571 Other simple meals 1,702 1,648 1,620 Beverages 1,090 1,134 1,186 Total $ 7,961 $ 8,082 $ 8,268 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. Geographic Area Information Information about operations in different geographic areas is as follows: 2016 2015 2014 Net sales United States $ 6,437 $ 6,400 $ 6,432 Australia 590 646 709 Other countries 934 1,036 1,127 Total $ 7,961 $ 8,082 $ 8,268 2016 2015 2014 Long-lived assets United States $ 1,967 $ 1,942 $ 1,844 Australia 242 232 306 Other countries 198 173 168 Total $ 2,407 $ 2,347 $ 2,318 |
Restructuring Charges and Cost
Restructuring Charges and Cost Savings Initiatives | 12 Months Ended |
Jul. 31, 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 structure, 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 structure, we designed and implemented a new Integrated Global Services organization to deliver shared services across the company. 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 250 positions. In 2016, we recorded a restructuring charge of $35 related to these initiatives. In 2015, we recorded a restructuring charge of $102 related to these initiatives. In 2016, we also incurred charges of $47 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 these initiatives. The aggregate after-tax impact of restructuring charges, implementation costs and other related costs recorded in 2016 was $52 , or $.17 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 78 Total $ 206 The total estimated pre-tax costs for the 2015 initiatives are approximately $250 to $300 . We expect to incur these costs through 2018. We expect the costs to consist of approximately $135 to $145 in severance pay and benefits, and approximately $115 to $155 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 30% ; Global Biscuits and Snacks - approximately 32% ; Campbell Fresh - approximately 3% ; and Corporate - approximately 35% . A summary of the restructuring activity and related reserves associated with the 2015 initiatives at July 31, 2016 , is as follows: Severance Pay and Benefits Other Restructuring Costs Non-Cash Benefits (3) Implementation Costs and Other Related Costs (4) Total Charges Accrued balance at August 3, 2014 $ — $ — 2015 charges 87 8 7 22 $ 124 2015 cash payments (1 ) — Foreign currency translation adjustment (1 ) — Accrued balance at August 2, 2015 (1) $ 85 $ 8 2016 charges 34 1 — 47 $ 82 2016 cash payments (46 ) (9 ) Accrued balance at July 31, 2016 (2) $ 73 $ — _______________________________________ (1) Includes $45 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (2) Includes $17 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (3) Represents postretirement and pension curtailment costs. See Note 11. (4) 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: 2016 Costs Incurred to Date Americas Simple Meals and Beverages $ 17 $ 71 Global Biscuits and Snacks 22 66 Campbell Fresh 1 2 Corporate 42 67 Total $ 82 $ 206 2014 Initiatives In 2014, we implemented initiatives to reduce overhead across the organization, restructure manufacturing and streamline operations for our soup and broth business in China and improve supply chain efficiency in Australia. Details of the 2014 initiatives include: • We streamlined our salaried workforce in North America and our workforce in the Asia Pacific region. Approximately 250 positions were eliminated. • Together with our joint venture partner Swire Pacific Limited, we restructured manufacturing and streamlined operations for our soup and broth business in China. As a result, certain assets were impaired, and approximately 100 positions were eliminated. • In Australia, we commenced an initiative to improve supply chain efficiency by relocating production from our biscuit plant in Marleston to Huntingwood. The relocation will continue through 2017 and will result in the elimination of approximately 45 positions. • We implemented an initiative to reduce overhead across the organization by eliminating approximately 85 positions. The actions were completed in 2015. In 2016, we recorded a reduction to restructuring charges of $4 ( $3 after tax, or $.01 per share) related to the 2014 initiatives. In 2014, we recorded a restructuring charge of $ 54 ( $33 after tax, or $.10 per share, in earnings from continuing operations attributable to Campbell Soup Company) related to the 2014 initiatives. As of July 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 July 31, 2016 Severance pay and benefits $ 41 $ (4 ) $ 37 Asset impairment 12 — 12 Other exit costs 1 — 1 Total $ 54 $ (4 ) $ 50 _______________________________________ (1) Recognized as of August 2, 2015. A summary of the restructuring activity and related reserves associated with the 2014 initiatives at July 31, 2016 , is as follows: Severance Pay and Benefits Asset Impairment Other Exit Costs (1) Total Charges Accrued balance at July 28, 2013 $ — 2014 charges 41 12 1 $ 54 2014 cash payments (13 ) Accrued balance at August 3, 2014 $ 28 2015 cash payments (16 ) Foreign currency translation adjustment (2 ) Accrued balance at August 2, 2015 (2) $ 10 2016 reduction to charges (4 ) — — $ (4 ) 2016 cash payments (4 ) Foreign currency translation adjustment (1 ) Accrued balance at July 31, 2016 $ 1 _______________________________________ (1) Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. (2) Includes $4 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. Segment operating results do not include restructuring charges because we evaluate segment performance excluding such charges. A summary of restructuring charges associated with segments is as follows: 2016 Total Program Americas Simple Meals and Beverages $ (1 ) $ 13 Global Biscuits and Snacks (3 ) 35 Campbell Fresh — 1 Corporate — 1 Total $ (4 ) $ 50 2013 Initiatives In 2013, we implemented initiatives to improve supply chain efficiency, expand access to manufacturing and distribution capabilities and reduce costs. In 2014, we recorded a restructuring charge of $1 related to the 2013 initiatives. In addition, we recorded approximately $3 of costs related to the 2013 initiatives in Cost of products sold, representing other exit costs. The aggregate after-tax impact of restructuring charges and related costs recorded in 2014 was $3 , or $.01 per share. A summary of the pre-tax costs associated with the 2013 initiatives recognized is as follows: Total Program Severance pay and benefits $ 31 Accelerated depreciation/asset impairment 99 Other exit costs 12 Total $ 142 In 2015, we substantially completed the 2013 initiatives. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jul. 31, 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. The earnings per share calculation for 2016 excludes 355 thousand stock options that would have been antidilutive. There were no antidilutive stock options in 2015 or 2014 . |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Jul. 31, 2016 | |
Income Amounts Attributable to Noncontrolling Interest, Disclosures [Abstract] | |
Noncontrolling Interest | Noncontrolling Interests We own a 60% controlling interest in a joint venture formed with Swire Pacific Limited to support the development of our soup and broth business in China. We contributed cash of $14 and $7 in 2015 and 2014, respectively, and the joint venture partner contributed cash of $9 and $5 in 2015 and 2014, respectively. In 2014, together with our joint venture partner, we restructured manufacturing and streamlined operations for our soup and broth business in China. The after-tax restructuring charge attributable to the noncontrolling interest was $5 . See also Note 8. We own a 70% controlling interest in a Malaysian food products manufacturing company. We also own a 99.8% interest in 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. See also Note 15. The noncontrolling interests' share in the net earnings (loss) was included in Net earnings (loss) attributable to noncontrolling interests in the Consolidated Statements of Earnings. The noncontrolling interests in these entities were included in Total equity in the Consolidated Balance Sheets and Consolidated Statements of Equity. |
Pension And Postretirement Bene
Pension And Postretirement Benefits | 12 Months Ended |
Jul. 31, 2016 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Pension And Postretirement Benefits | Pension and Postretirement Benefits Pension Benefits — We sponsor a number of noncontributory defined benefit pension plans to provide retirement benefits to all eligible U.S. and non-U.S. employees. The benefits provided under these plans are based primarily on years of service and compensation levels. Benefits are paid from funds previously provided to trustees and insurance companies or are paid directly by us from general funds. In 1999, we implemented significant amendments to certain U.S. pension plans. Under a new formula, retirement benefits are determined based on percentages of annual pay and age. To minimize the impact of converting to the new formula, service and earnings credit continued to accrue through the year 2014 for certain active employees participating in the plans under the old formula prior to the amendments. Employees will receive the benefit from either the new or old formula, whichever is higher. Benefits become vested upon the completion of three years of service. Effective as of January 1, 2011, our U.S. pension plans were amended so that employees hired or rehired on or after that date and who are not covered by collective bargaining agreements will not be eligible to participate in the plans. Postretirement Benefits — We provide postretirement benefits, including health care and life insurance, to substantially all retired U.S. employees and their dependents. We established retiree medical account benefits for eligible U.S. retirees. The accounts were intended to provide reimbursement for eligible health care expenses on a tax-favored basis. Effective as of January 1, 2011, the retirement medical program was amended to eliminate the retiree medical account benefit for employees not covered by collective bargaining agreements. To preserve the benefit for employees close to retirement age, the retiree medical account will be available to employees who were at least age 50 with at least 10 years of service as of December 31, 2010, and who satisfy the other eligibility requirements for the retiree medical program. In July 2016, the retirement medical program was amended and beginning on January 1, 2017, we will no longer sponsor our own medical coverage for certain Medicare-eligible retirees. Instead, we will offer these Medicare-eligible retirees access to health care coverage through a private exchange and offer a health reimbursement account to subsidize benefits for a select group of retirees. We use the fiscal year end as the measurement date for the benefit plans. Components of net benefit expense (income) were as follows: Pension 2016 2015 2014 Service cost $ 26 $ 28 $ 42 Interest cost 98 105 115 Expected return on plan assets (147 ) (173 ) (169 ) Amortization of prior service credit — (1 ) (1 ) Recognized net actuarial loss 302 136 48 Curtailment loss — 1 — Net periodic benefit expense $ 279 $ 96 $ 35 The curtailment loss of $1 in 2015 was related to a voluntary employee separation program and was included in Restructuring charges. See also Note 8. Postretirement 2016 2015 2014 Service cost $ 1 $ 2 $ 2 Interest cost 15 15 17 Amortization of prior service credit (1 ) (1 ) (1 ) Recognized net actuarial loss 23 7 5 Curtailment loss — 6 — Net periodic benefit expense $ 38 $ 29 $ 23 The curtailment loss of $6 in 2015 was related to a voluntary employee separation program and was included in Restructuring charges. See also Note 8. The estimated prior service credit that will be amortized from Accumulated other comprehensive loss into net periodic postretirement expense during 2017 is $25 . The prior service credit is primarily related to the amendment in July 2016. Change in benefit obligation: Pension Postretirement 2016 2015 2016 2015 Obligation at beginning of year $ 2,569 $ 2,539 $ 392 $ 388 Service cost 26 28 1 2 Interest cost 98 105 15 15 Actuarial loss 210 106 23 7 Participant contributions — — 1 3 Plan amendments — — (93 ) — Benefits paid (116 ) (151 ) (30 ) (33 ) Settlements (160 ) — — — Medicare subsidies — — 4 4 Other (6 ) (1 ) — — Curtailment — 1 — 6 Foreign currency adjustment 5 (58 ) — — Benefit obligation at end of year $ 2,626 $ 2,569 $ 313 $ 392 Change in the fair value of pension plan assets: 2016 2015 Fair value at beginning of year $ 2,316 $ 2,364 Actual return on plan assets 54 143 Employer contributions 2 5 Benefits paid (106 ) (141 ) Settlements (160 ) — Foreign currency adjustment 5 (55 ) Fair value at end of year $ 2,111 $ 2,316 Amounts recognized in the Consolidated Balance Sheets: Pension Postretirement 2016 2015 2016 2015 Accrued liabilities $ 14 $ 20 $ 28 $ 30 Other liabilities 501 233 285 362 Amounts recognized $ 515 $ 253 $ 313 $ 392 Amounts recognized in accumulated other comprehensive income (loss) consist of: Pension Postretirement 2016 2015 2016 2015 Prior service credit $ — $ — $ 96 $ 4 The change in amounts recognized in accumulated other comprehensive income (loss) associated with postretirement benefits was due to the plan amendment in July 2016. The following table provides information for pension plans with accumulated benefit obligations in excess of plan assets: 2016 2015 Projected benefit obligation $ 2,434 $ 1,926 Accumulated benefit obligation $ 2,385 $ 1,906 Fair value of plan assets $ 1,933 $ 1,684 The accumulated benefit obligation for all pension plans was $2,557 at July 31, 2016 , and $2,516 at August 2, 2015 . Weighted-average assumptions used to determine benefit obligations at the end of the year: Pension Postretirement 2016 2015 2016 2015 Discount rate 3.39% 4.19% 3.20% 4.00% Rate of compensation increase 3.25% 3.29% 3.25% 3.25% Weighted-average assumptions used to determine net periodic benefit cost for the years ended: Pension 2016 2015 2014 Discount rate 4.19% 4.33% 4.82% Expected return on plan assets 7.35% 7.62% 7.62% Rate of compensation increase 3.29% 3.30% 3.30% The discount rate is established as of our fiscal year-end measurement date. In establishing the discount rate, we review published market indices of high-quality debt securities, adjusted as appropriate for duration. In addition, independent actuaries apply high-quality bond yield curves to the expected benefit payments of the plans. The expected return on plan assets is a long-term assumption based upon historical experience and expected future performance, considering our current and projected investment mix. This estimate is based on an estimate of future inflation, long-term projected real returns for each asset class, and a premium for active management. The discount rate used to determine net periodic postretirement expense was 4.00% in 2016 and 2015 , and 4.50% in 2014 . Assumed health care cost trend rates at the end of the year: 2016 2015 Health care cost trend rate assumed for next year 7.25% 7.75% Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 4.50% 4.50% Year that the rate reaches the ultimate trend rate 2022 2022 A one-percentage-point change in assumed health care costs would have the following effects on 2016 reported amounts: Increase Decrease Effect on service and interest cost $ — $ — Effect on the 2016 accumulated benefit obligation $ 12 $ (11 ) Pension Plan Assets The fundamental goal underlying the investment policy is to ensure that the assets of the plans are invested in a prudent manner to meet the obligations of the plans as these obligations come due. The primary investment objectives include providing a total return which will promote the goal of benefit security by attaining an appropriate ratio of plan assets to plan obligations, to provide for real asset growth while also tracking plan obligations, to diversify investments across and within asset classes, to reduce the impact of losses in single investments, and to follow investment practices that comply with applicable laws and regulations. The primary policy objectives will be met by investing assets to achieve a reasonable tradeoff between return and risk relative to plan obligations. This includes investing a portion of the assets in funds selected in part to hedge the interest rate sensitivity to plan obligations. The portfolio includes investments in the following asset classes: fixed income, equity, real estate and alternatives. Fixed income will provide a moderate expected return and partially hedge the exposure to interest rate risk of the plans’ obligations. Equities are used for their high expected return. Additional asset classes are used to provide diversification. Asset allocation is monitored on an ongoing basis relative to the established asset class targets. The interaction between plan assets and benefit obligations is periodically studied to assist in the establishment of strategic asset allocation targets. The investment policy permits variances from the targets within certain parameters. Asset rebalancing occurs when the underlying asset class allocations move outside these parameters, at which time the asset allocation is rebalanced back to the policy target weight. Our year-end pension plan weighted-average asset allocations by category were: Strategic Target 2016 2015 Equity securities 51% 51% 50% Debt securities 35% 35% 34% Real estate and other 14% 14% 16% Net periodic benefit expense 100% 100% 100% Pension plan assets are categorized based on the following fair value hierarchy: • Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data. • Level 3: Unobservable inputs, which are valued based on our estimates of assumptions that market participants would use in pricing the asset or liability. The following table presents our pension plan assets by asset category at July 31, 2016 , and August 2, 2015 : Fair Value Fair Value Measurements at Fair Value Fair Value Measurements at Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Short-term investments $ 43 $ 41 $ 2 $ — $ 32 $ 32 $ — $ — Equities: U.S. 349 349 — — 386 386 — — Non-U.S. 273 273 — — 312 312 — — Corporate bonds: U.S. 469 — 469 — 494 — 494 — Non-U.S. 98 — 98 — 102 — 102 — Government and agency bonds: U.S. 49 — 49 — 42 — 42 — Non-U.S. 29 — 29 — 36 — 36 — Municipal bonds 67 — 67 — 68 — 68 — Mortgage and asset backed securities 7 — 7 — 9 — 9 — Real estate 19 13 — 6 14 8 — 6 Hedge funds 45 — — 45 39 — — 39 Derivative assets 6 — 6 — 5 — 5 — Derivative liabilities (7 ) — (7 ) — (6 ) — (6 ) — Total assets at fair value $ 1,447 $ 676 $ 720 $ 51 $ 1,533 $ 738 $ 750 $ 45 Investments measured at net asset value: Short-term investments 20 28 Commingled funds: Equities 309 375 Fixed income 31 31 Blended 79 79 Real estate 108 117 Hedge funds 144 175 Total investments measured at net asset value: 691 805 Other items to reconcile to fair value of plan assets (27 ) (22 ) Total pension assets at fair value $ 2,111 $ 2,316 Short-term investments — Investments include cash and cash equivalents, and various short-term debt instruments and short-term investment funds. Institutional short-term investment vehicles valued daily are classified as Level 1 at cost which approximates market value. Short-term debt instruments are classified at Level 2 and are valued based on bid quotations and recent trade data for identical or similar obligations. Other investments valued based upon net asset value are included as a reconciling item to the fair value table. Equities — Common stocks and preferred stocks are classified as Level 1 and are valued using quoted market prices in active markets. Corporate bonds — These investments are valued based on quoted market prices, yield curves and pricing models using current market rates. Government and agency bonds — These investments are generally valued based on bid quotations and recent trade data for identical or similar obligations. Municipal bonds — These investments are valued based on quoted market prices, yield curves and pricing models using current market rates. Mortgage and asset backed securities — These investments are valued based on prices obtained from third party pricing sources. The prices from third party pricing sources may be based on bid quotes from dealers and recent trade data. Mortgage backed securities are traded in the over-the-counter market. Real estate — Real estate investments consist of real estate investment trusts, property funds and limited partnerships. Real estate investment trusts are classified as Level 1 and are valued based on quoted market prices. Property funds are classified as either Level 2 or Level 3 depending upon whether liquidity is limited or there are few observable market participant transactions. Property funds are valued based on third party appraisals. Limited partnerships are valued based upon valuations provided by the general partners of the funds. The values of limited partnerships are based upon an assessment of each underlying investment, incorporating valuations that consider the evaluation of financing and sales transactions with third parties, expected cash flows, and market-based information, including comparable transactions and performance multiples among other factors. The investments are classified as Level 3 since the valuation is determined using unobservable inputs. Real estate investments valued at net asset value are included as a reconciling item to the fair value table. Hedge funds — Hedge fund investments include hedge funds valued based upon a net asset value derived from the fair value of underlying securities. Hedge fund investments that are subject to liquidity restrictions or that are based on unobservable inputs are classified as Level 3. Hedge fund investments may include long and short positions in equity and fixed income securities, derivative instruments such as futures and options, commodities and other types of securities. Hedge fund investments valued at net asset value are included as a reconciling item to the fair value table. Derivatives — Derivative financial instruments include forward currency contracts, futures contracts, options contracts, interest rate swaps and credit default swaps. Derivative financial instruments are classified as Level 2 and are valued based on observable market transactions or prices. Commingled funds — Investments in commingled funds are not traded in active markets. Blended commingled funds are invested in both equities and fixed income securities. Commingled funds are valued based on the net asset values of such funds and are included as a reconciling item to the fair value table. Other items to reconcile to fair value of plan assets included amounts due for securities sold, amounts payable for securities purchased, and other payables. The following table summarizes the changes in fair value of Level 3 investments for the years ended July 31, 2016 , and August 2, 2015 : Real Estate Hedge Funds Total Fair value at August 2, 2015 $ 6 $ 39 $ 45 Actual return on plan assets 1 1 2 Purchases — 5 5 Sales (1 ) — (1 ) Settlements — — — Transfers out of Level 3 — — — Fair value at July 31, 2016 $ 6 $ 45 $ 51 Real Estate Hedge Funds Total Fair value at August 3, 2014 $ 3 $ 30 $ 33 Actual return on plan assets 1 2 3 Purchases 2 7 9 Sales — — — Settlements — — — Transfers out of Level 3 — — — Fair value at August 2, 2015 $ 6 $ 39 $ 45 The following table presents additional information about the pension plan assets valued using net asset value as a practical expedient within the fair value hierarchy table. 2016 2015 Fair Value Unfunded Commitments Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Range Short-term investments $ 20 $ — $ 28 $ — Daily 1 Day Commingled funds: Equities 309 — 375 — Daily, Monthly 1 to 60 Days Fixed income 31 — 31 — Daily 1 Day Blended 79 — 79 — Primarily Daily 1 Day Real estate funds (1) 108 — 117 3 Primarily Quarterly 1 to 90 Days Hedge funds (2) 144 — 175 25 Monthly, Quarterly 5 to 65 Days Total $ 691 $ — $ 805 $ 28 ___________________________________ (1) Includes real estate investments valued at $34 for which a redemption queue has been imposed by the investment manager increasing the redemption receipt period to up to 9 months after notice. (2) Includes a fund valued at $45 which is being liquidated. Distributions from the fund will be received as the underlying investments are liquidated which is estimated to occur by December 31, 2016. No contributions are expected to be made to U.S. pension plans in 2017. We expect contributions to non-U.S. pension plans to be approximately $5 in 2017. Estimated future benefit payments are as follows: Pension Postretirement 2017 $ 176 $ 28 2018 $ 164 $ 28 2019 $ 168 $ 27 2020 $ 161 $ 26 2021 $ 161 $ 24 2022-2026 $ 808 $ 99 The estimated future benefit payments include payments from funded and unfunded plans. 401(k) Retirement Plan — We sponsor employee savings plans that cover substantially all U.S. employees. Effective January 1, 2011, we provide a matching contribution of 100% of employee contributions up to 4% of compensation for employees who are not covered by collective bargaining agreements. Employees hired or rehired on or after January 1, 2011, who will not be eligible to participate in the defined benefit plans and who are not covered by collective bargaining agreements receive a contribution equal to 3% of compensation regardless of their participation in the 401(k) Retirement Plan. Prior to January 1, 2011, we provided a matching contribution of 60% ( 50% at certain locations) of the employee contributions up to 5% of compensation after one year of continued service. Amounts charged to Costs and expenses were $33 in 2016 , $31 in 2015 and $29 in 2014 . |
Taxes on Earnings
Taxes on Earnings | 12 Months Ended |
Jul. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Taxes on Earnings | Taxes on Earnings The provision for income taxes on earnings from continuing operations consists of the following: 2016 2015 2014 Income taxes: Currently payable: Federal $ 235 $ 246 $ 252 State 34 31 30 Non-U.S. 47 55 42 316 332 324 Deferred: Federal (17 ) (47 ) 56 State — 1 3 Non-U.S. (13 ) (3 ) (9 ) (30 ) (49 ) 50 $ 286 $ 283 $ 374 2016 2015 2014 Earnings from continuing operations before income taxes: United States $ 705 $ 803 $ 1,064 Non-U.S. 144 146 84 $ 849 $ 949 $ 1,148 The following is a reconciliation of the effective income tax rate on continuing operations to the U.S. federal statutory income tax rate: 2016 2015 2014 Federal statutory income tax rate 35.0 % 35.0 % 35.0 % State income taxes (net of federal tax benefit) 2.7 2.2 2.0 Tax effect of international items (3.0 ) (2.5 ) (1.0 ) Settlement of tax contingencies — (0.8 ) — Federal manufacturing deduction (3.2 ) (2.9 ) (2.2 ) Goodwill impairment 4.3 — — Claim settlement (0.8 ) — — Other (1.3 ) (1.2 ) (1.2 ) Effective income tax rate 33.7 % 29.8 % 32.6 % Deferred tax liabilities and assets are comprised of the following: 2016 2015 Depreciation $ 362 $ 306 Amortization 541 541 Other 23 17 Deferred tax liabilities 926 864 Benefits and compensation 266 298 Pension benefits 185 92 Tax loss carryforwards 37 44 Capital loss carryforwards 88 85 Other 113 101 Gross deferred tax assets 689 620 Deferred tax asset valuation allowance (118 ) (122 ) Net deferred tax assets 571 498 Net deferred tax liability $ 355 $ 366 At July 31, 2016 , our U.S. and non-U.S. subsidiaries had tax loss carryforwards of approximately $173 . Of these carryforwards, $157 expire between 2017 and 2036 , and $16 may be carried forward indefinitely. At July 31, 2016 , deferred tax asset valuation allowances have been established to offset $143 of these tax loss carryforwards. Additionally, at July 31, 2016 , our non-U.S. subsidiaries had capital loss carryforwards of approximately $307 , which were fully offset by valuation allowances. The net change in the deferred tax asset valuation allowance in 2016 was a decrease of $4 . The decrease was primarily due to the expiration of tax losses, partially offset by the recognition of additional valuation allowance on tax loss carryforwards. The net change in the deferred tax asset valuation allowance in 2015 was a decrease of $29 . The decrease was primarily due to the impact of currency and the expiration of tax losses, partially offset by the recognition of additional valuation allowances on other foreign loss carryforwards. As of July 31, 2016 , other deferred tax assets included $2 of state tax credit carryforwards related to various states that expire between 2018 and 2025 . As of August 2, 2015 , other deferred tax assets included $2 of state tax credit carryforwards related to various states that expire between 2018 and 2024 . No valuation allowances have been established related to these deferred tax assets. As of July 31, 2016 , U.S. income taxes have not been provided on approximately $638 of undistributed earnings of non-U.S. subsidiaries, which are deemed to be permanently reinvested. It is not practical to estimate the tax liability that might be incurred if such earnings were remitted to the U.S. A reconciliation of the activity related to unrecognized tax benefits follows: 2016 2015 2014 Balance at beginning of year $ 58 $ 71 $ 61 Increases related to prior-year tax positions 2 9 — Decreases related to prior-year tax positions — — (1 ) Increases related to current-year tax positions 3 5 11 Settlements — (27 ) — Lapse of statute — — — Balance at end of year $ 63 $ 58 $ 71 The amount of unrecognized tax benefits that, if recognized, would impact the annual effective tax rate was $42 as of July 31, 2016 , $39 as of August 2, 2015 , and $23 as of August 3, 2014 . The total amount of unrecognized tax benefits can change due to audit settlements, tax examination activities, statute expirations and the recognition and measurement criteria under accounting for uncertainty in income taxes. We are unable to estimate what this change may be within the next 12 months, but do not believe that it will be material to the financial statements. Approximately $5 of unrecognized tax benefits, including interest and penalties, were reported as accounts receivable in the Consolidated Balance Sheets as of July 31, 2016 , and August 2, 2015 . Our accounting policy with respect to interest and penalties attributable to income taxes is to reflect any expense or benefit as a component of our income tax provision. The total amount of interest and penalties recognized in the Consolidated Statements of Earnings was $3 in 2016 , and $1 in 2015 and 2014 . The total amount of interest and penalties recognized in the Consolidated Balance Sheets was $6 as of July 31, 2016 , and $3 as of August 2, 2015 . We do business internationally and, as a result, file income tax returns in the U.S. federal jurisdiction and various state and non-U.S. jurisdictions. In the normal course of business, we are subject to examination by taxing authorities throughout the world, including such major jurisdictions as the U.S., Australia, Canada and Denmark. The 2016 tax year is currently under audit by the Internal Revenue Service. In addition, several state income tax examinations are in progress for the years 1999 to 2015. With limited exceptions, we have been audited for income tax purposes in Australia and Denmark through 2010, and in Canada through 2009. |
Short-term Borrowings and Long-
Short-term Borrowings and Long-term Debt | 12 Months Ended |
Jul. 31, 2016 | |
Debt Disclosure [Abstract] | |
Short-term Borrowings and Long-term Debt | Short-term borrowings consist of the following: 2016 2015 Commercial paper $ 770 $ 1,532 Current portion of long-term debt 400 — Current portion of Canadian credit facility 42 — Variable-rate bank borrowings 6 1 Fixed-rate bank borrowings — 9 Capital leases 2 1 Other (1) (1 ) — Total short-term borrowings $ 1,219 $ 1,543 _______________________________________ (1) Includes unamortized net discount/premium on debt issuances and debt issuance costs. As of July 31, 2016 , the weighted-average interest rate of commercial paper, which consisted of U.S. borrowings, was 0.74% . As of August 2, 2015 , the weighted-average interest rate of commercial paper, which consisted of U.S. borrowings, was 0.58% . At July 31, 2016 , we had $1,219 of short-term borrowings due within one year, of which $770 was comprised of commercial paper borrowings. As of July 31, 2016 , we issued $47 of standby letters of credit. We have a committed revolving credit facility totaling $2,200 that matures in December 2018. This U.S. facility remained unused at July 31, 2016 , except for $3 of standby letters of credit that we issued under it. The U.S. facility supports our commercial paper programs and other general corporate purposes. We may increase the commitment under the U.S. facility up to an additional $500 , upon the agreement of either existing lenders or of additional banks not currently parties to the facility. In July 2016, we entered into a committed revolving credit facility totaling CAD $280 , or $215 , that matures in July 2019. The Canadian facility's commitment mandatorily reduces to CAD $225 in July 2017 and to CAD $185 in July 2018. The Canadian facility supports general corporate purposes. As of July 31, 2016 , we borrowed CAD $280 , or $215 , at a rate of 1.78% pursuant to this facility, of which CAD $55 , or $42 , is classified as short-term borrowings. In August 2016, we reduced the borrowings and commitment under the Canadian facility by CAD $35 , or $27 . Long-term debt consists of the following: Type Fiscal Year of Maturity Rate 2016 2015 Notes 2017 3.05% $ 400 $ 400 Notes 2019 4.50% 300 300 Notes 2021 4.25% 500 500 Debentures 2021 8.88% 200 200 Notes 2023 2.50% 450 450 Notes 2025 3.30% 300 300 Notes 2043 3.80% 400 400 Canadian credit facility 2019 Variable 215 — Capital leases 8 10 Other (1) (18 ) (21 ) Total $ 2,755 $ 2,539 Less current portion (1) 441 — Total long-term debt $ 2,314 $ 2,539 _______________________________________ (1) Includes unamortized net discount/premium on debt issuances and debt issuance costs. In March 2015, we issued $300 of 3.30% notes that mature on March 19, 2025 . Interest on the notes is due semi-annually on March 19 and September 19, commencing on September 19, 2015. The notes may be redeemed in whole, or in part, at our option at any time at the applicable redemption price. In certain circumstances, we may be required to repurchase some or all of the notes upon a change in control of our company and a downgrade of the notes below investment grade. The net proceeds were used for general corporate purposes. Principal amounts of long-term debt, including the current portion of long-term debt in Short-term borrowings, mature as follows: $444 in 2017; $32 in 2018; $442 in 2019; $1 in 2020; $700 in 2021; and a total of $1,156 in periods beyond 2021. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Jul. 31, 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 July 31, 2016 . We are also exposed to credit risk from our customers. During 2016, our largest customer accounted for approximately 20% of consolidated net sales. Our five largest customers accounted for approximately 40% of our consolidated net sales in 2016. 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. The notional amount of foreign exchange forward contracts accounted for as cash-flow hedges was $91 at July 31, 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 contracts that are not designated as accounting hedges was $175 and $230 at July 31, 2016 , and August 2, 2015 , respectively. The notional amount of cross-currency swap contracts that are not designated as accounting hedges was $250 at August 2, 2015 . There were no cross-currency swap contracts outstanding as of July 31, 2016 . 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 July 31, 2016 and August 2, 2015 , respectively, which relates to an anticipated debt issuance in 2018. We settled forward starting interest rate swaps with a notional value of $250 during 2015 at a loss of $4 . The effective portion of the loss was recorded in other comprehensive income (loss) and will be recognized as additional interest expense over the 10-year life of debt issued in March 2015. 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, aluminum, soybean oil, cocoa, natural gas, 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 July 31, 2016 , or August 2, 2015 . The notional amount of commodity contracts not designated as accounting hedges was $88 at July 31, 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 amounts of the contracts as of July 31, 2016 , and August 2, 2015 , were $44 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 July 31, 2016 , and August 2, 2015 : Balance Sheet Classification 2016 2015 Asset Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Other current assets $ 1 $ 3 Total derivatives designated as hedges $ 1 $ 3 Derivatives not designated as hedges: Commodity derivative contracts Other current assets $ 3 $ 1 Cross-currency swap contracts Other current assets — 18 Deferred compensation derivative contracts Other current assets 1 1 Foreign exchange forward contracts Other current assets — 9 Cross-currency swap contracts Other assets — 22 Total derivatives not designated as hedges $ 4 $ 51 Total asset derivatives $ 5 $ 54 Balance Sheet Classification 2016 2015 Liability Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Accrued liabilities $ 4 $ — Forward starting interest rate swaps Other liabilities 44 8 Total derivatives designated as hedges $ 48 $ 8 Derivatives not designated as hedges: Commodity derivative contracts Accrued liabilities $ 4 $ 10 Deferred compensation derivative contracts Accrued liabilities 1 — Foreign exchange forward contracts Accrued liabilities 7 2 Total derivatives not designated as hedges $ 12 $ 12 Total liability derivatives $ 60 $ 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 July 31, 2016 , and August 2, 2015 , would be adjusted as detailed in the following table: 2016 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 $ 5 $ (4 ) $ 1 $ 54 $ (13 ) $ 41 Total liability derivatives $ 60 $ (4 ) $ 56 $ 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 July 31, 2016 , and August 2, 2015 , a cash margin account balance of $5 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 years ended July 31, 2016 , and August 2, 2015 , in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings: Derivatives Designated as Cash-Flow Hedges Total Cash-Flow Hedge OCI Activity 2016 2015 2014 OCI derivative gain (loss) at beginning of year $ (10 ) $ (4 ) $ 8 Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts (9 ) 18 — Forward starting interest rate swaps (36 ) (23 ) (12 ) Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold (11 ) (4 ) (4 ) Foreign exchange forward contracts Other expenses / (income) (2 ) (1 ) 1 Forward starting interest rate swaps Interest expense 4 4 3 OCI derivative gain (loss) at end of year $ (64 ) $ (10 ) $ (4 ) Based on current valuations, the amount expected to be reclassified from OCI into earnings within the next 12 months is a loss of $13 . The ineffective portion and amount excluded from effectiveness testing were not material. The following table shows the effect of our derivative instruments designated as fair-value hedges in the Consolidated Statements of Earnings: Amount of Gain (Loss) Recognized in Earnings on Derivatives Amount of Gain (Loss) Recognized in Earnings on Hedged Item Derivatives Designated Location of Gain (Loss) 2016 2015 2014 2016 2015 2014 Interest rate swaps Interest expense $ — $ — $ (1 ) $ — $ — $ 1 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 2016 2015 2014 Foreign exchange forward contracts Cost of products sold $ — $ (2 ) $ (3 ) Foreign exchange forward contracts Other expenses / (income) (1 ) 3 12 Cross-currency swap contracts Other expenses / (income) 2 (58 ) (7 ) Commodity derivative contracts Cost of products sold 6 19 4 Deferred compensation derivative contracts Administrative expenses (6 ) (7 ) (2 ) Total $ 1 $ (45 ) $ 4 |
Variable Interest Entity
Variable Interest Entity | 12 Months Ended |
Jul. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |
Variable Interest Entity Disclosure [Text Block] | Variable Interest Entity In February 2016, we agreed to make a $125 capital commitment to 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 July 31, 2016, we funded $35 of the capital commitment. Except for the remaining unfunded capital commitment of $90 , 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 $34 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 July 31, 2016 . The liabilities of Acre were not material. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jul. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | We categorize financial assets and liabilities based on the following fair value hierarchy: • Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data. • Level 3: Unobservable inputs, which are valued based on our estimates of assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. When available, we use unadjusted quoted market prices to measure the fair value and classify such items as Level 1. If quoted market prices are not available, we base fair value upon internally developed models that use current market-based or independently sourced market parameters such as interest rates and currency rates. Included in the fair value of derivative instruments is an adjustment for credit and nonperformance risk. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents our financial assets and liabilities that are measured at fair value on a recurring basis as of July 31, 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) 3 2 1 — 1 1 — — Cross-currency swap contracts (3) — — — — 40 — 40 — Deferred compensation derivative contracts (4) 1 — 1 — 1 — 1 — Fair value option investments (5) 33 — 8 25 — — — — Total assets at fair value $ 38 $ 2 $ 11 $ 25 $ 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) $ 44 $ — $ 44 $ — $ 8 $ — $ 8 $ — Foreign exchange forward contracts (1) 11 — 11 — 2 — 2 — Commodity derivative contracts (2) 4 4 — — 10 10 — — Deferred compensation derivative contracts (4) 1 — 1 — — — — — Deferred compensation obligation (7) 119 119 — — 120 120 — — Total liabilities at fair value $ 179 $ 123 $ 56 $ — $ 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 2016. See Note 15 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 July 31, 2016. (6) Based on LIBOR swap rates. (7) Based on the fair value of the participants’ investments. Items Measured at Fair Value on a Nonrecurring Basis In addition to assets and liabilities that are measured at fair value on a recurring basis, we are also required to measure certain items at fair value on a nonrecurring basis. In the fourth quarter of 2016, as part of our annual review of intangible assets, we recognized an impairment charge of $106 on goodwill of the Bolthouse Farms carrot and carrot ingredients reporting unit to reduce the carrying value to the implied fair value of $202 . The impairment was attributable to a revised future outlook for the business, with reduced expectations for sales, margins, and discounted cash flows. Fair value was determined based on unobservable Level 3 inputs. The discounted estimates of future cash flows include significant management assumptions such as revenue growth rates, operating margins, weighted average cost of capital, and future economic and market conditions. In the fourth quarter of 2016, as part of our annual review of intangible assets, we recognized an impairment charge of $35 on a trademark within the Bolthouse Farms carrot and carrot ingredients reporting unit. The carrying value of the trademark was $68 as of July 31, 2016 . Fair value was determined based on unobservable Level 3 inputs. Fair value was determined based on discounted cash flow analysis that include significant management assumptions such as revenue growth rates, weighted average cost of capital, and assumed royalty rates. In the fourth quarter of 2015, as part of our annual review of intangible assets, we recognized an impairment charge of $6 on minor trademarks used in the Global Biscuits and Snacks segment. The carrying value was $9 as of August 2, 2015 . Fair value was determined based on unobservable Level 3 inputs. Fair value was determined based on discounted cash flow analysis that include significant management assumptions such as revenue growth rates, weighted average cost of capital, and assumed royalty rates. See also Note 6 for additional information on the impairment charges. In the second quarter of 2014, we recognized an impairment charge of $11 on plant assets associated with the initiative to restructure manufacturing and streamline operations for our soup and broth business in China. See also Note 8. The carrying value was reduced to estimated fair value based on expected proceeds. The carrying value was not material. 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 $74 at July 31, 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, including the current portion of long-term debt in Short-term borrowings, was $2,949 at July 31, 2016 , and $2,623 at August 2, 2015 . The carrying value was $2,755 at July 31, 2016 , and $2,539 at 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. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jul. 31, 2016 | |
Equity [Abstract] | |
Share Repurchases | Shareholders' Equity We have authorized 560 million shares of Capital stock with $.0375 par value and 40 million shares of Preferred stock, issuable in one or more classes, with or without par as may be authorized by the Board of Directors. No Preferred stock has been issued. Share Repurchase Programs 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 also have a separate Board authorization to purchase shares to offset the impact of dilution from shares issued under our stock compensation plans. In 2016, we repurchased 3 million shares at a cost of $143 . Of this amount, $100 was used to repurchase shares pursuant to our June 2011 publicly announced share repurchase program. Approximately $450 remained available under this program as of July 31, 2016 . In 2015, we repurchased 5 million shares at a cost of $244 and in 2014, we repurchased 2 million shares at a cost of $76 . |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Jul. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Stock-based Compensation In 2003, shareholders approved the 2003 Long-Term Incentive Plan, which authorized the issuance of an aggregate of 31.2 million shares to satisfy awards of stock options, stock appreciation rights, unrestricted stock, restricted stock/units (including performance restricted stock) and performance units. In 2005, shareholders approved the 2005 Long-Term Incentive Plan, which authorized the issuance of an additional 6 million shares to satisfy the same types of awards. In 2008, shareholders approved an amendment to the 2005 Long-Term Incentive Plan to increase the number of authorized shares to 10.5 million and in 2010, shareholders approved another amendment to the 2005 Long-Term Incentive Plan to increase the number of authorized shares to 17.5 million . In 2015, shareholders approved the 2015 Long-Term Incentive Plan, which authorized the issuance of 13 million shares. Approximately 6 million of these shares were shares that were currently available under the 2005 plan and were incorporated into the 2015 Plan upon approval by shareholders. Awards under Long-Term Incentive Plans may be granted to employees and directors. Pursuant to the Long-Term Incentive Plan, we adopted a long-term incentive compensation program which provides for grants of total shareholder return (TSR) performance restricted stock/units, EPS performance restricted stock/units, strategic performance restricted stock/units, time-lapse restricted stock/units, special performance restricted stock/units and unrestricted stock. Under the program, awards of TSR performance restricted stock/units will be earned by comparing our total shareholder return during a three -year period to the respective total shareholder returns of companies in a performance peer group. Based upon our ranking in the performance peer group, a recipient of TSR performance restricted stock/units may earn a total award ranging from 0% to 200% of the initial grant. Awards of EPS performance restricted stock/units will be earned based upon our achievement of annual earnings per share goals. During the three -year vesting period, a recipient of EPS performance restricted stock/units may earn a total award of either 0% or 100% of the initial grant. 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. A recipient of strategic performance restricted stock units may earn a total award ranging from 0% to 200% of the initial grant. Awards of time-lapse restricted stock/units will vest ratably over the three -year period. In addition, we may issue special grants of restricted stock/units to attract and retain executives which vest over various periods. Awards are generally granted annually in October. Annual stock option grants were granted in 2016 and were not part of the long-term incentive compensation program for 2015 or 2014. Stock options are granted on a selective basis under the Long-Term Incentive Plans. The term of a stock option granted under these plans may not exceed ten years from the date of grant. Options granted in 2016 under these plans vest ratably over a three -year period. The option price may not be less than the fair market value of a share of common stock on the date of the grant. 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 did not issue strategic performance restricted stock units or special performance restricted units in 2016. Total pre-tax stock-based compensation expense recognized in Earnings from continuing operations was $64 for 2016, $57 for 2015 and $56 for 2014. The pre-tax stock-based compensation expense recognized in Earnings (loss) from discontinued operations was $1 for 2014. Tax-related benefits of $24 were recognized for 2016, and $21 were recognized for 2015 and 2014. The following table summarizes stock option activity as of July 31, 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 (30 ) $ 50.21 Outstanding at July 31, 2016 681 $ 50.21 9.2 $ 8 Exercisable at July 31, 2016 — $ — — $ — The total intrinsic value of options exercised during 2016, 2015 and 2014, was $2 , $5 and $12 , 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 July 31, 2016, total remaining unearned compensation related to nonvested stock options was $2 , which will be amortized over the weighted-average remaining service period of 1.8 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 July 31, 2016 : Units Weighted- Average Grant-Date Fair Value (Restricted stock units in thousands) Nonvested at August 2, 2015 2,410 $ 41.40 Granted 698 $ 50.44 Vested (862 ) $ 39.50 Forfeited (242 ) $ 43.73 Nonvested at July 31, 2016 2,004 $ 45.08 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 208 thousand EPS performance target grants outstanding at July 31, 2016 , with a weighted-average grant-date fair value of $45.30 . We expense strategic performance restricted stock units on a straight-line basis over the service period. There were 336 thousand strategic performance target grants outstanding at July 31, 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 that vest will depend on actual performance achieved. We estimate expense based on the number of awards expected to vest. In the first quarter of 2017, recipients of strategic performance restricted stock units will receive a 35% payout based on actual performance achieved during a three-year period ended July 31, 2016. 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. There were 92 thousand special performance restricted stock units outstanding at July 31, 2016 , with a grant-date fair value of $42.22 . In the first quarter of 2017, recipients of special performance restricted stock units will receive a 0% and 100% payout, respectively, based upon financial goals and performance milestones to support innovation and growth initiatives. As of July 31, 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 $25 , which will be amortized over the weighted-average remaining service period of 1.6 years . The fair value of restricted stock units vested during 2016, 2015 and 2014 was $44 , $56 and $106 , respectively. The weighted-average grant-date fair value of the restricted stock units granted during 2015 and 2014 was $43.00 and $39.97 , respectively. The following table summarizes TSR performance restricted stock units as of July 31, 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 (182 ) $ 48.77 Nonvested at July 31, 2016 1,641 $ 49.13 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 2014 Risk-free interest rate 0.92% 0.97% 0.60% Expected dividend yield 2.46% 2.91% 2.98% Expected volatility 17.25% 16.20% 15.76% Expected term 3 years 3 years 3 years We recognize compensation expense on a straight-line basis over the service period. As of July 31, 2016 , total remaining unearned compensation related to TSR performance restricted stock units was $34 , which will be amortized over the weighted-average remaining service period of 1.8 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 a three-year period ended July 31, 2015. There were no TSR performance restricted stock units scheduled to vest in 2015. In the first quarter of 2014, recipients of TSR performance restricted stock units earned 0% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 26, 2013. The fair value of TSR performance restricted stock units vested during 2016 was $22 . The grant-date fair value of the TSR performance restricted stock units granted during 2015 and 2014 was $43.39 and $36.26 , respectively. In the first quarter of 2017, recipients of TSR performance restricted stock units will receive a 75% payout based upon our TSR ranking in a performance peer group during a three-year period ended July 29, 2016. The excess tax benefits on the exercise of stock options and vested restricted stock presented as cash flows from financing activities were $7 in 2016, $6 in 2015 and $13 in 2014. Cash received from the exercise of stock options was $2 , $9 and $18 for 2016, 2015 and 2014, respectively, and are reflected in cash flows from financing activities in the Consolidated Statements of Cash Flows. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jul. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Regulatory and Litigation Matters We are involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising from the conduct of business both in the ordinary course and otherwise. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with our actual experiences in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to management that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value. Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time is normally difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law. We establish liabilities for litigation and regulatory loss contingencies when information related to the loss contingencies shows both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require us to pay damages or make other expenditures or establish accruals in amounts that could not be estimated as of July 31, 2016. While the potential future charges could be material in a particular quarter or annual period, based on information currently known by management, management does not believe any such charges are likely to have a material adverse effect on our consolidated results of operations or financial condition. Operating Leases We have certain operating lease commitments, primarily related to warehouse and office facilities, and certain equipment. Rent expense under operating lease commitments was $45 in 2016, $48 in 2015 and $50 in 2014. The amount in 2014 included $2 related to discontinued operations. Future minimum annual rental payments under these operating leases as of July 31, 2016 , are as follows: 2017 2018 2019 2020 2021 Thereafter $38 $31 $25 $22 $16 $26 Other Contingencies We guarantee approximately 2,000 bank loans made to Pepperidge Farm independent contractor distributors by third‑party financial institutions for the purchase of distribution routes. The maximum potential amount of future payments under existing guarantees we could be required to make is $198 . Our guarantees are indirectly secured by the distribution routes. We do not believe it is probable that we will be required to make material guarantee payments as a result of defaults on the bank loans guaranteed. The amounts recognized as of July 31, 2016 , and August 2, 2015 , were not material. We have provided certain standard indemnifications in connection with divestitures, contracts and other transactions. Certain indemnifications have finite expiration dates. Liabilities recognized based on known exposures related to such matters were not material at July 31, 2016 , and August 2, 2015 . |
Supplemental Financial Statemen
Supplemental Financial Statement Data | 12 Months Ended |
Jul. 31, 2016 | |
Supplemental Financial Statement Data [Abstract] | |
Supplemental Financial Information Data | Supplemental Financial Statement Data Balance Sheets 2016 2015 Accounts receivable Customer accounts receivable $ 566 $ 570 Allowances (12 ) (13 ) Subtotal $ 554 $ 557 Other 72 90 $ 626 $ 647 Inventories Raw materials, containers and supplies $ 391 $ 427 Finished products 549 568 $ 940 $ 995 Other current assets Deferred taxes (1) $ — $ 114 Fair value of derivatives 5 32 Other 41 52 $ 46 $ 198 Plant assets Land $ 58 $ 57 Buildings 1,488 1,416 Machinery and equipment 4,042 3,802 Projects in progress 176 238 Total cost $ 5,764 $ 5,513 Accumulated depreciation (2) (3,357 ) (3,166 ) $ 2,407 $ 2,347 Other assets Fair value of derivatives $ — $ 22 Investments 47 10 Deferred taxes 41 25 Other 19 31 $ 107 $ 88 2016 2015 Accrued liabilities Accrued compensation and benefits $ 263 $ 255 Fair value of derivatives 16 12 Accrued trade and consumer promotion programs 130 125 Accrued interest 35 35 Restructuring 57 54 Other 103 108 $ 604 $ 589 Other liabilities Pension benefits $ 501 $ 233 Deferred compensation (3) 100 104 Postretirement benefits 285 362 Fair value of derivatives 44 8 Unrecognized tax benefits 31 26 Restructuring 17 49 Other 61 68 $ 1,039 $ 850 ____________________________________ (1) In November 2015, the FASB issued guidance that requires deferred tax liabilities and assets to be classified as noncurrent in the balance sheet. We adopted the guidance in 2016 on a prospective basis and modified the presentation of deferred taxes in the Consolidated Balance Sheet as of July 31, 2016. (2) Depreciation expense was $288 in 2016 , $286 in 2015 and $287 in 2014 . Buildings are depreciated over periods ranging from 7 to 45 years. Machinery and equipment are depreciated over periods generally ranging from 2 to 20 years. (3) The deferred compensation obligation represents unfunded plans maintained for the purpose of providing our directors and certain of our executives the opportunity to defer a portion of their compensation. All forms of compensation contributed to the deferred compensation plans are accounted for in accordance with the underlying program. Deferrals and our contributions are credited to an investment account in the participant's name, although no funds are actually contributed to the investment account and no investments are actually purchased. Seven investment choices are available, including: (1) a book account that tracks the total return on our stock; (2) a book account that tracks the performance of the Vanguard Institutional Index; (3) a book account that tracks the performance of the Vanguard Extended Market Index; (4) a book account that tracks the performance of the Vanguard Total International Stock Index; (5) a book account that tracks the performance of the Vanguard Total Bond Market Index; (6) a book account that tracks the performance of the Vanguard Short-Term Bond Index; and (7) a book account that tracks the BlackRock Liquidity TempFund. Participants can reallocate investments daily and are entitled to the gains and losses on investment funds. We recognize an amount in the Consolidated Statements of Earnings for the market appreciation/depreciation of each fund. Statements of Earnings 2016 2015 2014 Other expenses / (income) Foreign exchange (gains) / losses (1) $ (2 ) $ — $ 6 Amortization of intangible assets 20 17 18 Impairment of intangible assets (2) 141 6 — Claim settlement (3) (25 ) — — Other (3 ) 1 (2 ) $ 131 $ 24 $ 22 Advertising and consumer promotion expense (4) $ 397 $ 385 $ 411 Interest expense Interest expense $ 118 $ 111 $ 124 Less: Interest capitalized 3 3 2 $ 115 $ 108 $ 122 ____________________________________ (1) 2014 included a loss of $9 on foreign exchange forward contracts used to hedge the proceeds from the sale of the European simple meals business. (2) In 2016, we recognized an impairment charge of $141 related to the intangible assets of the Bolthouse Farms carrot and carrot ingredients reporting unit and in 2015 we recognized an impairment charge of $6 related to minor trademarks used in the Global Biscuits and Snacks segment. See also Note 6. (3) In 2016, we recorded a gain of $25 from a settlement of a claim related to the Kelsen acquisition. (4) Included in Marketing and selling expenses. Statements of Cash Flows 2016 2015 2014 Cash Flows from Operating Activities Other Benefit related payments $ (55 ) $ (53 ) $ (52 ) Other (3 ) 1 (1 ) $ (58 ) $ (52 ) $ (53 ) Other Cash Flow Information Interest paid $ 113 $ 111 $ 122 Interest received $ 4 $ 3 $ 3 Income taxes paid $ 325 $ 333 $ 421 |
Quarterly Data
Quarterly Data | 12 Months Ended |
Jul. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Quarterly Data | Quarterly Data (unaudited) 2016 First Second Third Fourth Net sales $ 2,203 $ 2,201 $ 1,870 $ 1,687 Gross profit 755 819 660 546 Net earnings (loss) attributable to Campbell Soup Company 194 265 185 (81 ) Per share - basic Net earnings (loss) attributable to Campbell Soup Company .63 .85 .60 (.26 ) Dividends .312 .312 .312 .312 Per share - assuming dilution Net earnings (loss) attributable to Campbell Soup Company .62 .85 .59 (.26 ) Market price High $ 52.37 $ 56.63 $ 65.48 $ 67.89 Low $ 45.23 $ 47.77 $ 54.97 $ 59.51 2016 First Second Third Fourth In 2016, the following charges (gains) were recorded in Net earnings attributable to Campbell Soup Company: Impairment charge $ — $ — $ — $ 127 Restructuring charges, implementation costs and other related costs 23 10 9 7 Pension and postretirement benefit mark-to-market adjustments 80 (4 ) 34 90 Claim settlement — — (25 ) — Per share - assuming dilution Impairment charge — — — .41 Restructuring charges, implementation costs and other related costs .07 .03 .03 .02 Pension and postretirement benefit mark-to-market adjustments .26 (.01 ) .11 .29 Claim settlement — — (.08 ) — 2015 First Second Third Fourth Net sales $ 2,255 $ 2,234 $ 1,900 $ 1,693 Gross profit 795 743 682 562 Net earnings attributable to Campbell Soup Company 248 222 179 17 Per share - basic Net earnings attributable to Campbell Soup Company .79 .71 .58 .05 Dividends .312 .312 .312 .312 Per share - assuming dilution Net earnings attributable to Campbell Soup Company .78 .71 .57 .05 Market price High $ 45.12 $ 47.45 $ 48.31 $ 49.54 Low $ 41.15 $ 42.70 $ 44.45 $ 44.92 2015 First Second Third Fourth In 2015, the following charges were recorded in Net earnings attributable to Campbell Soup Company: Restructuring charges and implementation costs $ — $ — $ 11 $ 67 Pension and postretirement benefit mark-to-market adjustments 2 — 16 69 Per share - assuming dilution Restructuring charges and implementation costs — — .04 .21 Pension and postretirement benefit mark-to-market adjustments .01 — .05 .22 In the fourth quarter of 2016, an out-of-period adjustment of $13 ( $.04 per share) to increase taxes on earnings was recorded. The adjustment related to deferred tax expense that should have been provided on certain cross-currency swap contracts associated with intercompany debt. Most of the adjustment related to the third quarter of 2016. Management does not believe the adjustment is material to the consolidated financial statements for any period. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Jul. 31, 2016 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | CAMPBELL SOUP COMPANY Valuation and Qualifying Accounts For the Fiscal Years ended July 31, 2016, August 2, 2015 and August 3, 2014 (Millions) Balance at Beginning of Period Charged to/ (Reduction in) Costs and Expenses Deductions Acquisitions Balance at End of Period Fiscal year ended July 31, 2016 Cash discount $ 5 $ 116 $ (117 ) $ — $ 4 Bad debt reserve 4 (1 ) — — 3 Returns reserve (1) 4 2 (1 ) — 5 Total Accounts receivable allowances $ 13 $ 117 $ (118 ) $ — $ 12 Fiscal year ended August 2, 2015 Cash discount $ 4 $ 116 $ (115 ) $ — $ 5 Bad debt reserve 3 2 (1 ) — 4 Returns reserve (1) 5 — (1 ) — 4 Total Accounts receivable allowances $ 12 $ 118 $ (117 ) $ — $ 13 Fiscal year ended August 3, 2014 Cash discount $ 5 $ 114 $ (115 ) $ — $ 4 Bad debt reserve 2 — (1 ) 2 3 Returns reserve (1) 4 1 — — 5 Total Accounts receivable allowances $ 11 $ 115 $ (116 ) $ 2 $ 12 _______________________________________ (1) The returns reserve is evaluated quarterly and adjusted accordingly. During each period, returns are charged to net sales in the Consolidated Statements of Earnings as incurred. Actual returns were approximately $95 in 2016, $105 in 2015 and $118 in 2014, or less than 2% of net sales. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation — 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. Certain amounts in prior-year financial statements were reclassified to conform to the current-year presentation. Our fiscal year ends on the Sunday nearest July 31. There were 52 weeks in 2016 and 2015, and 53 weeks in 2014. |
Use of Estimates | Use of Estimates — Generally accepted accounting principles require management to make estimates and assumptions that affect assets, liabilities, revenues and expenses. Actual results could differ from those estimates. |
Revenue Recognition | Revenue Recognition — Revenues are recognized when the earnings process is complete. This occurs when products are shipped in accordance with terms of agreements, title and risk of loss transfer to customers, collection is probable and pricing is fixed or determinable. Revenues are recognized net of provisions for returns, discounts and allowances. Certain sales promotion expenses, such as feature price discounts, in-store display incentives, cooperative advertising programs, new product introduction fees and coupon redemption costs, are classified as a reduction of sales. The recognition of costs for promotion programs involves the use of judgment related to performance and redemption estimates. Estimates are made based on historical experience and other factors. Costs are recognized either upon sale or when the incentive is offered, based on the program. Revenues are presented on a net basis for arrangements under which suppliers perform certain additional services. |
Cash and Cash Equivalents | Cash and Cash Equivalents — All highly liquid debt instruments purchased with a maturity of three months or less are classified as cash equivalents. |
Inventories | Inventories — All inventories are valued at the lower of average cost or market. |
Property, Plant and Equipment | Property, Plant and Equipment — Property, plant and equipment are recorded at historical cost and are depreciated over estimated useful lives using the straight-line method. Buildings and machinery and equipment are depreciated over periods not exceeding 45 years and 20 years, respectively. Assets are evaluated for impairment when conditions indicate that the carrying value may not be recoverable. Such conditions include significant adverse changes in business climate or a plan of disposal. Repairs and maintenance are charged to expense as incurred. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets — Goodwill and intangible assets deemed to have indefinite lives are not amortized but rather are tested at least annually for impairment, or when circumstances indicate that the carrying amount of the asset may not be recoverable. Goodwill is tested for impairment at the reporting unit level. A reporting unit is an operating segment or a component of an operating segment. Goodwill is tested for impairment by either performing a qualitative evaluation or a two-step quantitative test. The qualitative evaluation is an assessment of factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. We may elect not to perform the qualitative assessment for some or all reporting units and perform a two-step quantitative impairment test. Fair value is determined based on discounted cash flow analyses. The discounted estimates of future cash flows include significant management assumptions such as revenue growth rates, operating margins, weighted average cost of capital, and future economic and market conditions. If the carrying value of the reporting unit exceeds fair value, goodwill is considered impaired. The amount of the impairment is the difference between the carrying value of the goodwill and the “implied” fair value, which is calculated as if the reporting unit had just been acquired and accounted for as a business combination. Indefinite-lived intangible assets are tested for impairment by comparing the fair value of the asset to the carrying value. Fair value is determined based on discounted cash flow analyses that include significant management assumptions such as revenue growth rates, weighted average cost of capital, and assumed royalty rates. If the fair value is less than the carrying value, the asset is reduced to fair value. See Note 6 for information on intangible assets and impairment charges. |
Derivative Financial Instruments | Derivative Financial Instruments — We use derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates, interest rates, commodities and equity-linked employee benefit obligations. 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 strategies that qualify and strategies that do not qualify for hedge accounting treatment. To qualify for hedge accounting, the hedging relationship, both at inception of the hedge and on an ongoing basis, is expected to be highly effective in achieving offsetting changes in the fair value of the hedged risk during the period that the hedge is designated. All derivatives are recognized on the balance sheet at fair value. For derivatives that qualify for hedge accounting, on the date the derivative contract is entered into, we designate the derivative as a hedge of the fair value of a recognized asset or liability or a firm commitment (fair-value hedge), a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (cash-flow hedge), or a hedge of a net investment in a foreign operation. Some derivatives may also be considered natural hedging instruments (changes in fair value act as economic offsets to changes in fair value of the underlying hedged item) and are not designated for hedge accounting. Changes in the fair value of a fair-value hedge, along with the gain or loss on the underlying hedged asset or liability (including losses or gains on firm commitments), are recorded in current-period earnings. The effective portion of gains and losses on cash-flow hedges are recorded in other comprehensive income (loss), until earnings are affected by the variability of cash flows. If the hedge is no longer effective, all changes in the fair value of the derivative are included in earnings each period until the instrument matures. If a derivative is used as a hedge of a net investment in a foreign operation, its changes in fair value, to the extent effective as a hedge, are recorded in other comprehensive income (loss). Any ineffective portion of designated hedges is recognized in current-period earnings. Changes in the fair value of derivatives that are not designated for hedge accounting are recognized in current-period earnings. Cash flows from derivative contracts are included in Net cash provided by operating activities. |
Advertising Production Costs | Advertising Production Costs — Advertising production costs are expensed in the period that the advertisement first takes place or when a decision is made not to use an advertisement. |
Research and Development Costs | Research and Development Costs — The costs of research and development are expensed as incurred. Costs include expenditures for new product and manufacturing process innovation, and improvements to existing products and processes. Costs primarily consist of salaries, wages, consulting, and depreciation and maintenance of research facilities and equipment. |
Income Taxes | Income Taxes — Deferred tax assets and liabilities are recognized for the future impact of differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. |
Fair Value Measurement, Policy | We categorize financial assets and liabilities based on the following fair value hierarchy: • Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data. • Level 3: Unobservable inputs, which are valued based on our estimates of assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. When available, we use unadjusted quoted market prices to measure the fair value and classify such items as Level 1. If quoted market prices are not available, we base fair value upon internally developed models that use current market-based or independently sourced market parameters such as interest rates and currency rates. Included in the fair value of derivative instruments is an adjustment for credit and nonperformance risk. |
Acquistions (Tables)
Acquistions (Tables) | 12 Months Ended |
Jul. 31, 2016 | |
Business Acquisition [Line Items] | |
Schedule of Purchase Price Allocation [Table Text Block] | Garden Fresh Gourmet Kelsen Cash $ — $ 2 Accounts receivable 10 20 Inventories 5 50 Other current assets — 2 Plant assets 22 47 Goodwill 116 140 Other intangible assets 86 173 Short-term debt — (32 ) Accounts payable (6 ) (13 ) Accrued liabilities (1 ) (10 ) Long-term debt — (4 ) Deferred income taxes — (44 ) Total assets acquired and liabilities assumed $ 232 $ 331 |
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, and the Kelsen acquisition had occurred on July 30, 2012: 2015 2014 Net sales $ 8,174 $ 8,372 Earnings from continuing operations attributable to Campbell Soup Company $ 668 $ 789 Earnings per share from continuing operations attributable to Campbell Soup Company - assuming dilution $ 2.13 $ 2.50 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Jul. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Results of discontinued operations were as follows: 2014 Net sales $ 137 Gain on sale of the European simple meals business $ 141 Earnings from operations, before taxes 14 Earnings before taxes $ 155 Taxes on earnings (74 ) Earnings from discontinued operations $ 81 |
Accumulated Other Comprehensi32
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jul. 31, 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 Plan Adjustments (3) Total Accumulated Comprehensive Income (Loss) Balance at August 3, 2014 $ 144 $ (3 ) $ 4 $ 145 Other comprehensive income (loss) before reclassifications (310 ) (2 ) — (312 ) Amounts reclassified from accumulated other comprehensive income (loss) — — (1 ) (1 ) Net current-period other comprehensive income (loss) (310 ) (2 ) (1 ) (313 ) Balance at August 2, 2015 $ (166 ) $ (5 ) $ 3 $ (168 ) Other comprehensive income (loss) before reclassifications 42 (29 ) 59 72 Amounts reclassified from accumulated other comprehensive income (loss) — (7 ) (1 ) (8 ) Net current-period other comprehensive income (loss) 42 (36 ) 58 64 Balance at July 31, 2016 $ (124 ) $ (41 ) $ 61 $ (104 ) _____________________________________ (1) Included a tax expense of $6 as of July 31, 2016 and as of August 2, 2015 , and $7 as of August 3, 2014 . (2) Included a tax benefit of $23 as of July 31, 2016 , $5 as of August 2, 2015 , and $1 as of August 3, 2014 . (3) Included a tax expense of $35 as of July 31, 2016 , $1 as of August 2, 2015 , and $2 as of August 3, 2014 . |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following: Details about Accumulated Other Comprehensive Income (Loss) Components 2016 2015 2014 Location of (Gain) Loss Recognized in Earnings (Gains) losses on cash flow hedges: Foreign exchange forward contracts $ (11 ) $ (4 ) $ (4 ) Cost of products sold Foreign exchange forward contracts (2 ) (1 ) 1 Other expenses / (income) Forward starting interest rate swaps 4 4 3 Interest expense Total before tax (9 ) (1 ) — Tax expense (benefit) 2 1 — (Gain) loss, net of tax $ (7 ) $ — $ — Pension and postretirement benefit adjustments: Prior service credit $ (1 ) $ (2 ) $ (2 ) (1) Tax expense (benefit) — 1 1 (Gain) loss, net of tax $ (1 ) $ (1 ) $ (1 ) _____________________________________ (1) This is included in the components of net periodic benefit costs (see Note 11 for additional details). |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Jul. 31, 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 3, 2014 $ 794 $ 918 $ 721 $ 2,433 Acquisition — — 116 116 Foreign currency translation adjustment (19 ) (186 ) — (205 ) Balance at August 2, 2015 $ 775 $ 732 $ 837 $ 2,344 Impairment — — (106 ) (106 ) Foreign currency translation adjustment — 25 — 25 Balance at July 31, 2016 (1) $ 775 $ 757 $ 731 $ 2,263 _______________________________________ (1) The total carrying value of goodwill as of July 31, 2016 is reflected net of $106 of accumulated impairment charges recorded in 2016. |
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 2016 2015 Amortizable intangible assets Customer relationships $ 222 $ 222 Technology 40 40 Other 35 35 Total gross amortizable intangible assets $ 297 $ 297 Accumulated amortization (72 ) (52 ) Total net amortizable intangible assets $ 225 $ 245 Non-amortizable intangible assets Trademarks 927 960 Total net intangible assets $ 1,152 $ 1,205 |
Schedule of Indefinite-Lived Intangible Assets [Table 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 2016 2015 Amortizable intangible assets Customer relationships $ 222 $ 222 Technology 40 40 Other 35 35 Total gross amortizable intangible assets $ 297 $ 297 Accumulated amortization (72 ) (52 ) Total net amortizable intangible assets $ 225 $ 245 Non-amortizable intangible assets Trademarks 927 960 Total net intangible assets $ 1,152 $ 1,205 |
Business And Geographic Segme34
Business And Geographic Segment Information (Tables) | 12 Months Ended |
Jul. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting [Table Text Block] | 2016 2015 2014 Net sales Americas Simple Meals and Beverages $ 4,380 $ 4,483 $ 4,588 Global Biscuits and Snacks 2,564 2,631 2,725 Campbell Fresh 1,017 968 955 Total $ 7,961 $ 8,082 $ 8,268 2016 2015 2014 Earnings before interest and taxes Americas Simple Meals and Beverages $ 1,069 $ 948 $ 1,030 Global Biscuits and Snacks 422 383 366 Campbell Fresh 60 61 68 Corporate (1) (560 ) (236 ) (142 ) Restructuring charges (2) (31 ) (102 ) (55 ) Total $ 960 $ 1,054 $ 1,267 2016 2015 2014 Depreciation and amortization Americas Simple Meals and Beverages $ 117 $ 123 $ 120 Global Biscuits and Snacks 96 94 101 Campbell Fresh 77 70 69 Corporate (3) 18 16 15 Total $ 308 $ 303 $ 305 2016 2015 2014 Capital expenditures Americas Simple Meals and Beverages $ 105 $ 137 $ 136 Global Biscuits and Snacks 122 137 127 Campbell Fresh 74 82 55 Corporate (3) 40 24 28 Discontinued Operations — — 1 Total $ 341 $ 380 $ 347 _______________________________________ (1) Represents unallocated items. Pension and postretirement benefit mark-to-market adjustments are included in Corporate. Losses were $313 , $138 and $31 in 2016 , 2015 and 2014 , respectively. Costs of $47 and $22 related to the implementation of our new organizational structure and cost savings initiatives were included in 2016 and 2015 , respectively. A gain of $25 from a settlement of a claim related to the Kelsen acquisition and an impairment charge of $141 on the intangible assets of the Bolthouse Farms carrot and carrot ingredients reporting unit were also included in 2016. In addition, a loss of $9 on foreign exchange forward contracts related to the sale of the European simple meals business and restructuring-related costs of $3 were included in 2014. See Note 6 for information on the impairment charge. (2) See Note 8 for additional information. (3) Represents primarily corporate offices. |
Additional Product Information for Net Sales [Table Text Block] | Our global net sales based on product categories are as follows: 2016 2015 2014 Net sales Soup $ 2,690 $ 2,798 $ 2,891 Baked snacks 2,479 2,502 2,571 Other simple meals 1,702 1,648 1,620 Beverages 1,090 1,134 1,186 Total $ 7,961 $ 8,082 $ 8,268 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Information about operations in different geographic areas is as follows: 2016 2015 2014 Net sales United States $ 6,437 $ 6,400 $ 6,432 Australia 590 646 709 Other countries 934 1,036 1,127 Total $ 7,961 $ 8,082 $ 8,268 2016 2015 2014 Long-lived assets United States $ 1,967 $ 1,942 $ 1,844 Australia 242 232 306 Other countries 198 173 168 Total $ 2,407 $ 2,347 $ 2,318 |
Restructuring Charges and Cos35
Restructuring Charges and Cost Savings Initiatives (Tables) | 12 Months Ended |
Jul. 31, 2016 | |
2015 Initiatives [Member] | |
Schedule Of Pre-Tax Charge And Remaining 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 78 Total $ 206 |
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 July 31, 2016 , is as follows: Severance Pay and Benefits Other Restructuring Costs Non-Cash Benefits (3) Implementation Costs and Other Related Costs (4) Total Charges Accrued balance at August 3, 2014 $ — $ — 2015 charges 87 8 7 22 $ 124 2015 cash payments (1 ) — Foreign currency translation adjustment (1 ) — Accrued balance at August 2, 2015 (1) $ 85 $ 8 2016 charges 34 1 — 47 $ 82 2016 cash payments (46 ) (9 ) Accrued balance at July 31, 2016 (2) $ 73 $ — _______________________________________ (1) Includes $45 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (2) Includes $17 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (3) Represents postretirement and pension curtailment costs. See Note 11. (4) Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses in the Consolidated Statements of Earnings. |
Schedule Of Restructuring Charges Associated With Each Reportable Segment | A summary of the pre-tax costs associated with segments is as follows: 2016 Costs Incurred to Date Americas Simple Meals and Beverages $ 17 $ 71 Global Biscuits and Snacks 22 66 Campbell Fresh 1 2 Corporate 42 67 Total $ 82 $ 206 |
2014 Initiatives [Member] | |
Schedule Of Pre-Tax Charge And Remaining 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 July 31, 2016 Severance pay and benefits $ 41 $ (4 ) $ 37 Asset impairment 12 — 12 Other exit costs 1 — 1 Total $ 54 $ (4 ) $ 50 |
Schedule Of Restructuring Activity And Related Reserves [Table Text Block] | A summary of the restructuring activity and related reserves associated with the 2014 initiatives at July 31, 2016 , is as follows: Severance Pay and Benefits Asset Impairment Other Exit Costs (1) Total Charges Accrued balance at July 28, 2013 $ — 2014 charges 41 12 1 $ 54 2014 cash payments (13 ) Accrued balance at August 3, 2014 $ 28 2015 cash payments (16 ) Foreign currency translation adjustment (2 ) Accrued balance at August 2, 2015 (2) $ 10 2016 reduction to charges (4 ) — — $ (4 ) 2016 cash payments (4 ) Foreign currency translation adjustment (1 ) Accrued balance at July 31, 2016 $ 1 _______________________________________ (1) Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. (2) Includes $4 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. |
Schedule Of Restructuring Charges Associated With Each Reportable Segment | A summary of restructuring charges associated with segments is as follows: 2016 Total Program Americas Simple Meals and Beverages $ (1 ) $ 13 Global Biscuits and Snacks (3 ) 35 Campbell Fresh — 1 Corporate — 1 Total $ (4 ) $ 50 |
2013 Initiatives [Member] | |
Schedule Of Pre-Tax Charge And Remaining Costs [Table Text Block] | A summary of the pre-tax costs associated with the 2013 initiatives recognized is as follows: Total Program Severance pay and benefits $ 31 Accelerated depreciation/asset impairment 99 Other exit costs 12 Total $ 142 |
Pension And Postretirement Be36
Pension And Postretirement Benefits (Tables) | 12 Months Ended |
Jul. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | Change in benefit obligation: Pension Postretirement 2016 2015 2016 2015 Obligation at beginning of year $ 2,569 $ 2,539 $ 392 $ 388 Service cost 26 28 1 2 Interest cost 98 105 15 15 Actuarial loss 210 106 23 7 Participant contributions — — 1 3 Plan amendments — — (93 ) — Benefits paid (116 ) (151 ) (30 ) (33 ) Settlements (160 ) — — — Medicare subsidies — — 4 4 Other (6 ) (1 ) — — Curtailment — 1 — 6 Foreign currency adjustment 5 (58 ) — — Benefit obligation at end of year $ 2,626 $ 2,569 $ 313 $ 392 |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Amounts recognized in the Consolidated Balance Sheets: Pension Postretirement 2016 2015 2016 2015 Accrued liabilities $ 14 $ 20 $ 28 $ 30 Other liabilities 501 233 285 362 Amounts recognized $ 515 $ 253 $ 313 $ 392 Amounts recognized in accumulated other comprehensive income (loss) consist of: Pension Postretirement 2016 2015 2016 2015 Prior service credit $ — $ — $ 96 $ 4 |
Schedule of Assumptions Used [Table Text Block] | Weighted-average assumptions used to determine benefit obligations at the end of the year: Pension Postretirement 2016 2015 2016 2015 Discount rate 3.39% 4.19% 3.20% 4.00% Rate of compensation increase 3.25% 3.29% 3.25% 3.25% |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated future benefit payments are as follows: Pension Postretirement 2017 $ 176 $ 28 2018 $ 164 $ 28 2019 $ 168 $ 27 2020 $ 161 $ 26 2021 $ 161 $ 24 2022-2026 $ 808 $ 99 |
Pension Plan, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | Components of net benefit expense (income) were as follows: Pension 2016 2015 2014 Service cost $ 26 $ 28 $ 42 Interest cost 98 105 115 Expected return on plan assets (147 ) (173 ) (169 ) Amortization of prior service credit — (1 ) (1 ) Recognized net actuarial loss 302 136 48 Curtailment loss — 1 — Net periodic benefit expense $ 279 $ 96 $ 35 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | Change in the fair value of pension plan assets: 2016 2015 Fair value at beginning of year $ 2,316 $ 2,364 Actual return on plan assets 54 143 Employer contributions 2 5 Benefits paid (106 ) (141 ) Settlements (160 ) — Foreign currency adjustment 5 (55 ) Fair value at end of year $ 2,111 $ 2,316 |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | The following table provides information for pension plans with accumulated benefit obligations in excess of plan assets: 2016 2015 Projected benefit obligation $ 2,434 $ 1,926 Accumulated benefit obligation $ 2,385 $ 1,906 Fair value of plan assets $ 1,933 $ 1,684 |
Schedule of Assumptions Used [Table Text Block] | Weighted-average assumptions used to determine net periodic benefit cost for the years ended: Pension 2016 2015 2014 Discount rate 4.19% 4.33% 4.82% Expected return on plan assets 7.35% 7.62% 7.62% Rate of compensation increase 3.29% 3.30% 3.30% |
Schedule of Allocation of Plan Assets [Table Text Block] | Our year-end pension plan weighted-average asset allocations by category were: Strategic Target 2016 2015 Equity securities 51% 51% 50% Debt securities 35% 35% 34% Real estate and other 14% 14% 16% Net periodic benefit expense 100% 100% 100% Pension plan assets are categorized based on the following fair value hierarchy: • Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data. • Level 3: Unobservable inputs, which are valued based on our estimates of assumptions that market participants would use in pricing the asset or liability. The following table presents our pension plan assets by asset category at July 31, 2016 , and August 2, 2015 : Fair Value Fair Value Measurements at Fair Value Fair Value Measurements at Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Short-term investments $ 43 $ 41 $ 2 $ — $ 32 $ 32 $ — $ — Equities: U.S. 349 349 — — 386 386 — — Non-U.S. 273 273 — — 312 312 — — Corporate bonds: U.S. 469 — 469 — 494 — 494 — Non-U.S. 98 — 98 — 102 — 102 — Government and agency bonds: U.S. 49 — 49 — 42 — 42 — Non-U.S. 29 — 29 — 36 — 36 — Municipal bonds 67 — 67 — 68 — 68 — Mortgage and asset backed securities 7 — 7 — 9 — 9 — Real estate 19 13 — 6 14 8 — 6 Hedge funds 45 — — 45 39 — — 39 Derivative assets 6 — 6 — 5 — 5 — Derivative liabilities (7 ) — (7 ) — (6 ) — (6 ) — Total assets at fair value $ 1,447 $ 676 $ 720 $ 51 $ 1,533 $ 738 $ 750 $ 45 Investments measured at net asset value: Short-term investments 20 28 Commingled funds: Equities 309 375 Fixed income 31 31 Blended 79 79 Real estate 108 117 Hedge funds 144 175 Total investments measured at net asset value: 691 805 Other items to reconcile to fair value of plan assets (27 ) (22 ) Total pension assets at fair value $ 2,111 $ 2,316 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | The following table summarizes the changes in fair value of Level 3 investments for the years ended July 31, 2016 , and August 2, 2015 : Real Estate Hedge Funds Total Fair value at August 2, 2015 $ 6 $ 39 $ 45 Actual return on plan assets 1 1 2 Purchases — 5 5 Sales (1 ) — (1 ) Settlements — — — Transfers out of Level 3 — — — Fair value at July 31, 2016 $ 6 $ 45 $ 51 Real Estate Hedge Funds Total Fair value at August 3, 2014 $ 3 $ 30 $ 33 Actual return on plan assets 1 2 3 Purchases 2 7 9 Sales — — — Settlements — — — Transfers out of Level 3 — — — Fair value at August 2, 2015 $ 6 $ 39 $ 45 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block] | The following table presents additional information about the pension plan assets valued using net asset value as a practical expedient within the fair value hierarchy table. 2016 2015 Fair Value Unfunded Commitments Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Range Short-term investments $ 20 $ — $ 28 $ — Daily 1 Day Commingled funds: Equities 309 — 375 — Daily, Monthly 1 to 60 Days Fixed income 31 — 31 — Daily 1 Day Blended 79 — 79 — Primarily Daily 1 Day Real estate funds (1) 108 — 117 3 Primarily Quarterly 1 to 90 Days Hedge funds (2) 144 — 175 25 Monthly, Quarterly 5 to 65 Days Total $ 691 $ — $ 805 $ 28 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | The curtailment loss of $1 in 2015 was related to a voluntary employee separation program and was included in Restructuring charges. See also Note 8. Postretirement 2016 2015 2014 Service cost $ 1 $ 2 $ 2 Interest cost 15 15 17 Amortization of prior service credit (1 ) (1 ) (1 ) Recognized net actuarial loss 23 7 5 Curtailment loss — 6 — Net periodic benefit expense $ 38 $ 29 $ 23 |
Schedule of Health Care Cost Trend Rates [Table Text Block] | Assumed health care cost trend rates at the end of the year: 2016 2015 Health care cost trend rate assumed for next year 7.25% 7.75% Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 4.50% 4.50% Year that the rate reaches the ultimate trend rate 2022 2022 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | A one-percentage-point change in assumed health care costs would have the following effects on 2016 reported amounts: Increase Decrease Effect on service and interest cost $ — $ — Effect on the 2016 accumulated benefit obligation $ 12 $ (11 ) |
Taxes on Earnings (Tables)
Taxes on Earnings (Tables) | 12 Months Ended |
Jul. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes on earnings from continuing operations consists of the following: 2016 2015 2014 Income taxes: Currently payable: Federal $ 235 $ 246 $ 252 State 34 31 30 Non-U.S. 47 55 42 316 332 324 Deferred: Federal (17 ) (47 ) 56 State — 1 3 Non-U.S. (13 ) (3 ) (9 ) (30 ) (49 ) 50 $ 286 $ 283 $ 374 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2016 2015 2014 Earnings from continuing operations before income taxes: United States $ 705 $ 803 $ 1,064 Non-U.S. 144 146 84 $ 849 $ 949 $ 1,148 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following is a reconciliation of the effective income tax rate on continuing operations to the U.S. federal statutory income tax rate: 2016 2015 2014 Federal statutory income tax rate 35.0 % 35.0 % 35.0 % State income taxes (net of federal tax benefit) 2.7 2.2 2.0 Tax effect of international items (3.0 ) (2.5 ) (1.0 ) Settlement of tax contingencies — (0.8 ) — Federal manufacturing deduction (3.2 ) (2.9 ) (2.2 ) Goodwill impairment 4.3 — — Claim settlement (0.8 ) — — Other (1.3 ) (1.2 ) (1.2 ) Effective income tax rate 33.7 % 29.8 % 32.6 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred tax liabilities and assets are comprised of the following: 2016 2015 Depreciation $ 362 $ 306 Amortization 541 541 Other 23 17 Deferred tax liabilities 926 864 Benefits and compensation 266 298 Pension benefits 185 92 Tax loss carryforwards 37 44 Capital loss carryforwards 88 85 Other 113 101 Gross deferred tax assets 689 620 Deferred tax asset valuation allowance (118 ) (122 ) Net deferred tax assets 571 498 Net deferred tax liability $ 355 $ 366 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the activity related to unrecognized tax benefits follows: 2016 2015 2014 Balance at beginning of year $ 58 $ 71 $ 61 Increases related to prior-year tax positions 2 9 — Decreases related to prior-year tax positions — — (1 ) Increases related to current-year tax positions 3 5 11 Settlements — (27 ) — Lapse of statute — — — Balance at end of year $ 63 $ 58 $ 71 |
Short-term Borrowings and Lon38
Short-term Borrowings and Long-term Debt (Tables) | 12 Months Ended |
Jul. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt [Table Text Block] | Short-term borrowings consist of the following: 2016 2015 Commercial paper $ 770 $ 1,532 Current portion of long-term debt 400 — Current portion of Canadian credit facility 42 — Variable-rate bank borrowings 6 1 Fixed-rate bank borrowings — 9 Capital leases 2 1 Other (1) (1 ) — Total short-term borrowings $ 1,219 $ 1,543 |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consists of the following: Type Fiscal Year of Maturity Rate 2016 2015 Notes 2017 3.05% $ 400 $ 400 Notes 2019 4.50% 300 300 Notes 2021 4.25% 500 500 Debentures 2021 8.88% 200 200 Notes 2023 2.50% 450 450 Notes 2025 3.30% 300 300 Notes 2043 3.80% 400 400 Canadian credit facility 2019 Variable 215 — Capital leases 8 10 Other (1) (18 ) (21 ) Total $ 2,755 $ 2,539 Less current portion (1) 441 — Total long-term debt $ 2,314 $ 2,539 _______________________________________ (1) Includes unamortized net discount/premium on debt issuances and debt issuance costs. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Jul. 31, 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 July 31, 2016 , and August 2, 2015 : Balance Sheet Classification 2016 2015 Asset Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Other current assets $ 1 $ 3 Total derivatives designated as hedges $ 1 $ 3 Derivatives not designated as hedges: Commodity derivative contracts Other current assets $ 3 $ 1 Cross-currency swap contracts Other current assets — 18 Deferred compensation derivative contracts Other current assets 1 1 Foreign exchange forward contracts Other current assets — 9 Cross-currency swap contracts Other assets — 22 Total derivatives not designated as hedges $ 4 $ 51 Total asset derivatives $ 5 $ 54 Balance Sheet Classification 2016 2015 Liability Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Accrued liabilities $ 4 $ — Forward starting interest rate swaps Other liabilities 44 8 Total derivatives designated as hedges $ 48 $ 8 Derivatives not designated as hedges: Commodity derivative contracts Accrued liabilities $ 4 $ 10 Deferred compensation derivative contracts Accrued liabilities 1 — Foreign exchange forward contracts Accrued liabilities 7 2 Total derivatives not designated as hedges $ 12 $ 12 Total liability derivatives $ 60 $ 20 |
Schedule of Offsetting Assets [Table Text Block] | We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of July 31, 2016 , and August 2, 2015 , would be adjusted as detailed in the following table: 2016 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 $ 5 $ (4 ) $ 1 $ 54 $ (13 ) $ 41 Total liability derivatives $ 60 $ (4 ) $ 56 $ 20 $ (13 ) $ 7 |
Schedule of Offsetting Liabilities [Table Text Block] | We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of July 31, 2016 , and August 2, 2015 , would be adjusted as detailed in the following table: 2016 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 $ 5 $ (4 ) $ 1 $ 54 $ (13 ) $ 41 Total liability derivatives $ 60 $ (4 ) $ 56 $ 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 years ended July 31, 2016 , and August 2, 2015 , in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings: Derivatives Designated as Cash-Flow Hedges Total Cash-Flow Hedge OCI Activity 2016 2015 2014 OCI derivative gain (loss) at beginning of year $ (10 ) $ (4 ) $ 8 Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts (9 ) 18 — Forward starting interest rate swaps (36 ) (23 ) (12 ) Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold (11 ) (4 ) (4 ) Foreign exchange forward contracts Other expenses / (income) (2 ) (1 ) 1 Forward starting interest rate swaps Interest expense 4 4 3 OCI derivative gain (loss) at end of year $ (64 ) $ (10 ) $ (4 ) |
Derivatives Designated As Fair-Value Hedges [Table Text Block] | The following table shows the effect of our derivative instruments designated as fair-value hedges in the Consolidated Statements of Earnings: Amount of Gain (Loss) Recognized in Earnings on Derivatives Amount of Gain (Loss) Recognized in Earnings on Hedged Item Derivatives Designated Location of Gain (Loss) 2016 2015 2014 2016 2015 2014 Interest rate swaps Interest expense $ — $ — $ (1 ) $ — $ — $ 1 |
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 2016 2015 2014 Foreign exchange forward contracts Cost of products sold $ — $ (2 ) $ (3 ) Foreign exchange forward contracts Other expenses / (income) (1 ) 3 12 Cross-currency swap contracts Other expenses / (income) 2 (58 ) (7 ) Commodity derivative contracts Cost of products sold 6 19 4 Deferred compensation derivative contracts Administrative expenses (6 ) (7 ) (2 ) Total $ 1 $ (45 ) $ 4 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jul. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement, Policy | We categorize financial assets and liabilities based on the following fair value hierarchy: • Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data. • Level 3: Unobservable inputs, which are valued based on our estimates of assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. When available, we use unadjusted quoted market prices to measure the fair value and classify such items as Level 1. If quoted market prices are not available, we base fair value upon internally developed models that use current market-based or independently sourced market parameters such as interest rates and currency rates. Included in the fair value of derivative instruments is an adjustment for credit and nonperformance risk. |
Fair Value, Assets And Liabilities Measured on Recurring Basis [Table Text Block] | The following table presents our financial assets and liabilities that are measured at fair value on a recurring basis as of July 31, 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) 3 2 1 — 1 1 — — Cross-currency swap contracts (3) — — — — 40 — 40 — Deferred compensation derivative contracts (4) 1 — 1 — 1 — 1 — Fair value option investments (5) 33 — 8 25 — — — — Total assets at fair value $ 38 $ 2 $ 11 $ 25 $ 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) $ 44 $ — $ 44 $ — $ 8 $ — $ 8 $ — Foreign exchange forward contracts (1) 11 — 11 — 2 — 2 — Commodity derivative contracts (2) 4 4 — — 10 10 — — Deferred compensation derivative contracts (4) 1 — 1 — — — — — Deferred compensation obligation (7) 119 119 — — 120 120 — — Total liabilities at fair value $ 179 $ 123 $ 56 $ — $ 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 2016. See Note 15 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 July 31, 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) | 12 Months Ended |
Jul. 31, 2016 | |
Stock-based Compensation | |
Schedule Of Stock Option Activity [Table Text Block] | The following table summarizes stock option activity as of July 31, 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 (30 ) $ 50.21 Outstanding at July 31, 2016 681 $ 50.21 9.2 $ 8 Exercisable at July 31, 2016 — $ — — $ — |
Time-Lapse Restricted Stock Units, EPS Performance Restricted Stock Units And Strategic Performance Restricted Stock Units[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 July 31, 2016 : Units Weighted- Average Grant-Date Fair Value (Restricted stock units in thousands) Nonvested at August 2, 2015 2,410 $ 41.40 Granted 698 $ 50.44 Vested (862 ) $ 39.50 Forfeited (242 ) $ 43.73 Nonvested at July 31, 2016 2,004 $ 45.08 |
Schedule Of Share Based Payment Award Valuation 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 |
TSR Performance Restricted Stock/Units [Member] | |
Stock-based Compensation | |
TSR Performance Restricted Stock Units [Table Text Block] | The following table summarizes TSR performance restricted stock units as of July 31, 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 (182 ) $ 48.77 Nonvested at July 31, 2016 1,641 $ 49.13 |
Schedule Of Share Based Payment Award Valuation 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 2014 Risk-free interest rate 0.92% 0.97% 0.60% Expected dividend yield 2.46% 2.91% 2.98% Expected volatility 17.25% 16.20% 15.76% Expected term 3 years 3 years 3 years |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jul. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum annual rental payments under these operating leases as of July 31, 2016 , are as follows: 2017 2018 2019 2020 2021 Thereafter $38 $31 $25 $22 $16 $26 |
Supplemental Financial Statem43
Supplemental Financial Statement Data (Tables) | 12 Months Ended |
Jul. 31, 2016 | |
Supplemental Financial Statement Data [Abstract] | |
Schedule Of Balance Sheets Supplemental Disclosures [Table Text Block] | 2016 2015 Accounts receivable Customer accounts receivable $ 566 $ 570 Allowances (12 ) (13 ) Subtotal $ 554 $ 557 Other 72 90 $ 626 $ 647 Inventories Raw materials, containers and supplies $ 391 $ 427 Finished products 549 568 $ 940 $ 995 Other current assets Deferred taxes (1) $ — $ 114 Fair value of derivatives 5 32 Other 41 52 $ 46 $ 198 Plant assets Land $ 58 $ 57 Buildings 1,488 1,416 Machinery and equipment 4,042 3,802 Projects in progress 176 238 Total cost $ 5,764 $ 5,513 Accumulated depreciation (2) (3,357 ) (3,166 ) $ 2,407 $ 2,347 Other assets Fair value of derivatives $ — $ 22 Investments 47 10 Deferred taxes 41 25 Other 19 31 $ 107 $ 88 2016 2015 Accrued liabilities Accrued compensation and benefits $ 263 $ 255 Fair value of derivatives 16 12 Accrued trade and consumer promotion programs 130 125 Accrued interest 35 35 Restructuring 57 54 Other 103 108 $ 604 $ 589 Other liabilities Pension benefits $ 501 $ 233 Deferred compensation (3) 100 104 Postretirement benefits 285 362 Fair value of derivatives 44 8 Unrecognized tax benefits 31 26 Restructuring 17 49 Other 61 68 $ 1,039 $ 850 ____________________________________ (1) In November 2015, the FASB issued guidance that requires deferred tax liabilities and assets to be classified as noncurrent in the balance sheet. We adopted the guidance in 2016 on a prospective basis and modified the presentation of deferred taxes in the Consolidated Balance Sheet as of July 31, 2016. (2) Depreciation expense was $288 in 2016 , $286 in 2015 and $287 in 2014 . Buildings are depreciated over periods ranging from 7 to 45 years. Machinery and equipment are depreciated over periods generally ranging from 2 to 20 years. (3) The deferred compensation obligation represents unfunded plans maintained for the purpose of providing our directors and certain of our executives the opportunity to defer a portion of their compensation. All forms of compensation contributed to the deferred compensation plans are accounted for in accordance with the underlying program. Deferrals and our contributions are credited to an investment account in the participant's name, although no funds are actually contributed to the investment account and no investments are actually purchased. Seven investment choices are available, including: (1) a book account that tracks the total return on our stock; (2) a book account that tracks the performance of the Vanguard Institutional Index; (3) a book account that tracks the performance of the Vanguard Extended Market Index; (4) a book account that tracks the performance of the Vanguard Total International Stock Index; (5) a book account that tracks the performance of the Vanguard Total Bond Market Index; (6) a book account that tracks the performance of the Vanguard Short-Term Bond Index; and (7) a book account that tracks the BlackRock Liquidity TempFund. Participants can reallocate investments daily and are entitled to the gains and losses on investment funds. We recognize an amount in the Consolidated Statements of Earnings for the market appreciation/depreciation of each fund. |
Schedule Of Statements Of Earnings Supplemental Disclosures [Table Text Block] | 2016 2015 2014 Other expenses / (income) Foreign exchange (gains) / losses (1) $ (2 ) $ — $ 6 Amortization of intangible assets 20 17 18 Impairment of intangible assets (2) 141 6 — Claim settlement (3) (25 ) — — Other (3 ) 1 (2 ) $ 131 $ 24 $ 22 Advertising and consumer promotion expense (4) $ 397 $ 385 $ 411 Interest expense Interest expense $ 118 $ 111 $ 124 Less: Interest capitalized 3 3 2 $ 115 $ 108 $ 122 ____________________________________ (1) 2014 included a loss of $9 on foreign exchange forward contracts used to hedge the proceeds from the sale of the European simple meals business. (2) In 2016, we recognized an impairment charge of $141 related to the intangible assets of the Bolthouse Farms carrot and carrot ingredients reporting unit and in 2015 we recognized an impairment charge of $6 related to minor trademarks used in the Global Biscuits and Snacks segment. See also Note 6. (3) In 2016, we recorded a gain of $25 from a settlement of a claim related to the Kelsen acquisition. (4) Included in Marketing and selling expenses. |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | 2016 2015 2014 Cash Flows from Operating Activities Other Benefit related payments $ (55 ) $ (53 ) $ (52 ) Other (3 ) 1 (1 ) $ (58 ) $ (52 ) $ (53 ) Other Cash Flow Information Interest paid $ 113 $ 111 $ 122 Interest received $ 4 $ 3 $ 3 Income taxes paid $ 325 $ 333 $ 421 |
Quarterly Data (Tables)
Quarterly Data (Tables) | 12 Months Ended |
Jul. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | 2016 First Second Third Fourth Net sales $ 2,203 $ 2,201 $ 1,870 $ 1,687 Gross profit 755 819 660 546 Net earnings (loss) attributable to Campbell Soup Company 194 265 185 (81 ) Per share - basic Net earnings (loss) attributable to Campbell Soup Company .63 .85 .60 (.26 ) Dividends .312 .312 .312 .312 Per share - assuming dilution Net earnings (loss) attributable to Campbell Soup Company .62 .85 .59 (.26 ) Market price High $ 52.37 $ 56.63 $ 65.48 $ 67.89 Low $ 45.23 $ 47.77 $ 54.97 $ 59.51 2016 First Second Third Fourth In 2016, the following charges (gains) were recorded in Net earnings attributable to Campbell Soup Company: Impairment charge $ — $ — $ — $ 127 Restructuring charges, implementation costs and other related costs 23 10 9 7 Pension and postretirement benefit mark-to-market adjustments 80 (4 ) 34 90 Claim settlement — — (25 ) — Per share - assuming dilution Impairment charge — — — .41 Restructuring charges, implementation costs and other related costs .07 .03 .03 .02 Pension and postretirement benefit mark-to-market adjustments .26 (.01 ) .11 .29 Claim settlement — — (.08 ) — 2015 First Second Third Fourth Net sales $ 2,255 $ 2,234 $ 1,900 $ 1,693 Gross profit 795 743 682 562 Net earnings attributable to Campbell Soup Company 248 222 179 17 Per share - basic Net earnings attributable to Campbell Soup Company .79 .71 .58 .05 Dividends .312 .312 .312 .312 Per share - assuming dilution Net earnings attributable to Campbell Soup Company .78 .71 .57 .05 Market price High $ 45.12 $ 47.45 $ 48.31 $ 49.54 Low $ 41.15 $ 42.70 $ 44.45 $ 44.92 2015 First Second Third Fourth In 2015, the following charges were recorded in Net earnings attributable to Campbell Soup Company: Restructuring charges and implementation costs $ — $ — $ 11 $ 67 Pension and postretirement benefit mark-to-market adjustments 2 — 16 69 Per share - assuming dilution Restructuring charges and implementation costs — — .04 .21 Pension and postretirement benefit mark-to-market adjustments .01 — .05 .22 In the fourth quarter of 2016, an out-of-period adjustment of $13 ( $.04 per share) to increase taxes on earnings was recorded. The adjustment related to deferred tax expense that should have been provided on certain cross-currency swap contracts associated with intercompany debt. Most of the adjustment related to the third quarter of 2016. Management does not believe the adjustment is material to the consolidated financial statements for any period. |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2016 | May 01, 2016 | Jan. 31, 2016 | Nov. 01, 2015 | Aug. 02, 2015 | May 03, 2015 | Feb. 01, 2015 | Nov. 02, 2014 | Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Taxes on earnings | $ 286 | $ 283 | $ 374 | ||||||||
Fiscal Period Duration | 364 days | 364 days | 371 days | ||||||||
Earnings Per Share, Diluted | $ (0.26) | $ 0.59 | $ 0.85 | $ 0.62 | $ 0.05 | $ 0.57 | $ 0.71 | $ 0.78 | $ 1.81 | $ 2.13 | $ 2.74 |
Building [Member] | Maximum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 45 years | ||||||||||
Machinery and Equipment [Member] | Maximum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 20 years | ||||||||||
Restatement Adjustment [Member] | |||||||||||
Taxes on earnings | $ 13 | ||||||||||
Earnings Per Share, Diluted | $ 0.04 |
Recent Accounting Pronounceme46
Recent Accounting Pronouncements Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Millions | Jul. 31, 2016 | Aug. 02, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||
Deferred Tax Assets, Net of Valuation Allowance, Current | [1] | $ 0 | $ 114 |
[1] | In November 2015, the FASB issued guidance that requires deferred tax liabilities and assets to be classified as noncurrent in the balance sheet. We adopted the guidance in 2016 on a prospective basis and modified the presentation of deferred taxes in the Consolidated Balance Sheet as of July 31, 2016. |
Acquistions (Narrative) (Detail
Acquistions (Narrative) (Details) $ in Millions | Jun. 29, 2015USD ($) | Aug. 08, 2013USD ($) | Aug. 03, 2014USD ($) | Jul. 31, 2016USD ($) | [1] | Aug. 02, 2015USD ($) |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 2,433 | $ 2,263 | $ 2,344 | |||
Garden Fresh Gourmet [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Gross | $ 232 | |||||
Goodwill | 116 | |||||
Garden Fresh Gourmet [Member] | Customer Relationships [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 48 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | |||||
Garden Fresh Gourmet [Member] | Trademarks [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 38 | |||||
Kelsen [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Gross | $ 331 | |||||
Number of Countries in which Entity Operates | 85 | |||||
Goodwill | $ 140 | |||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 193 | |||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 8 | |||||
Kelsen [Member] | Trademarks [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 4 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||||
Kelsen [Member] | Customer Relationships [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 22 | |||||
Kelsen [Member] | Customer Relationships [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||||
Kelsen [Member] | Customer Relationships [Member] | Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | |||||
Kelsen [Member] | Trademarks [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 147 | |||||
[1] | The total carrying value of goodwill as of July 31, 2016 is reflected net of $106 of accumulated impairment charges recorded in 2016. |
Acquistions Schedule of Purchas
Acquistions Schedule of Purchase Price Allocation (Details) - USD ($) $ in Millions | Jul. 31, 2016 | [1] | Aug. 02, 2015 | Jun. 29, 2015 | Aug. 03, 2014 | Aug. 08, 2013 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 2,263 | $ 2,344 | $ 2,433 | |||
Garden Fresh Gourmet [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | $ 0 | |||||
Accounts receivable, net | 10 | |||||
Inventories | 5 | |||||
Other current assets | 0 | |||||
Plant assets | 22 | |||||
Goodwill | 116 | |||||
Other intangible assets | 86 | |||||
Short-term borrowings | 0 | |||||
Payable to suppliers and others | (6) | |||||
Accrued liabilities | (1) | |||||
Long-term debt | 0 | |||||
Deferred taxes | 0 | |||||
Total assets acquired and liabilities assumed | $ 232 | |||||
Kelsen [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | $ 2 | |||||
Accounts receivable, net | 20 | |||||
Inventories | 50 | |||||
Other current assets | 2 | |||||
Plant assets | 47 | |||||
Goodwill | 140 | |||||
Other intangible assets | 173 | |||||
Short-term borrowings | (32) | |||||
Payable to suppliers and others | (13) | |||||
Accrued liabilities | (10) | |||||
Long-term debt | (4) | |||||
Deferred taxes | (44) | |||||
Total assets acquired and liabilities assumed | $ 331 | |||||
[1] | The total carrying value of goodwill as of July 31, 2016 is reflected net of $106 of accumulated impairment charges recorded in 2016. |
Acquistions Pro forma Informati
Acquistions Pro forma Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Aug. 02, 2015 | Aug. 03, 2014 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Business Acquisition, Pro Forma Revenue | $ 8,174 | $ 8,372 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 668 | $ 789 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 2.13 | $ 2.50 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - Discontinued Operations [Member] $ / shares in Units, € in Millions, $ in Millions | Oct. 28, 2013USD ($) | Oct. 28, 2013EUR (€) | Aug. 03, 2014USD ($)$ / shares |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from Divestiture of Businesses | $ 548 | € 400 | $ (14) |
Gain on sale of business | 141 | ||
Gain on sale of business, net of tax | $ 72 | ||
Gain on sale of business, per diluted share | $ / shares | $ 0.23 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Earnings from discontinued operations | $ 0 | $ 0 | $ 81 |
Discontinued Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net sales | 137 | ||
Gain on sale of business | 141 | ||
Earnings from operations, before tax | 14 | ||
Earnings before taxes | 155 | ||
Taxes on earnings | (74) | ||
Earnings from discontinued operations | $ 81 |
Accumulated Other Comprehensi52
Accumulated Other Comprehensive Income (Loss) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Equity [Abstract] | |||
Reclassification of currency translation adjustments realized upon disposal of business, before tax | $ 0 | $ 0 | $ (22) |
Reclassification of currency translation adjustments realized upon disposal of business, after-tax | $ 0 | $ 0 | $ (19) |
Accumulated Other Comprehensi53
Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | ||
Beginning Balance | $ (168) | |||
Other comprehensive income (loss), after tax | 67 | $ (314) | $ (34) | |
Ending Balance | (104) | (168) | ||
Accumulated Other Comprehensive Income Foreign Currency Translation Tax (Benefit) Expense | 6 | 6 | 7 | |
Accumulated Other Comprehensive Income Cashflow Hedges Tax (Benefit) Expense | (23) | (5) | (1) | |
Accumulated Other Comprehensive Income Unamortized Pension And Post Retirement Tax (Benefit) Expense | 35 | 1 | 2 | |
Accumulated Translation Adjustment [Member] | ||||
Beginning Balance | [1] | (166) | 144 | |
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 42 | (310) | ||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 0 | 0 | ||
Other comprehensive income (loss), after tax | 42 | (310) | ||
Ending Balance | [1] | (124) | (166) | 144 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Beginning Balance | [2] | (5) | (3) | |
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | (29) | (2) | ||
Other Comprehensive Income Reclassifications Current Period Net of Tax | (7) | 0 | ||
Other comprehensive income (loss), after tax | (36) | (2) | ||
Ending Balance | [2] | (41) | (5) | (3) |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Beginning Balance | [3] | 3 | 4 | |
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 59 | 0 | ||
Other Comprehensive Income Reclassifications Current Period Net of Tax | (1) | (1) | ||
Other comprehensive income (loss), after tax | 58 | (1) | ||
Ending Balance | [3] | 61 | 3 | 4 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Beginning Balance | (168) | 145 | ||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 72 | (312) | ||
Other Comprehensive Income Reclassifications Current Period Net of Tax | (8) | (1) | ||
Other comprehensive income (loss), after tax | 64 | (313) | (35) | |
Ending Balance | $ (104) | $ (168) | $ 145 | |
[1] | Included a tax expense of $6 as of July 31, 2016 and as of August 2, 2015, and $7 as of August 3, 2014. | |||
[2] | Included a tax benefit of $23 as of July 31, 2016, $5 as of August 2, 2015, and $1 as of August 3, 2014. | |||
[3] | Included a tax expense of $35 as of July 31, 2016, $1 as of August 2, 2015, and $2 as of August 3, 2014. |
Accumulated Other Comprehensi54
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Schecule of amounts reclassified from AOCI) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | ||||
Reclassification adjustment for (gains) losses included in net earnings, before tax | $ (9) | $ (1) | $ 0 | |
Reclassification adjustment for (gains) losses included in net earnings, tax expense (benefit) | 2 | 1 | 0 | |
Reclassification adjustment for (gains) losses included in net earnings, after-tax | (7) | 0 | 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) | (2) | (2) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax [Abstract] | ||||
Total Pension and Other Postretirement Benefit amortization included in net earnings, tax expense (benefit) | 0 | 1 | 1 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax [Abstract] | ||||
Total Pension and Other Postretirement Benefit amortization included in net earnings, net of tax | (1) | (1) | (1) | |
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 | (11) | (4) | (4) | |
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 | (2) | (1) | 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 | $ 4 | $ 4 | $ 3 | |
[1] | This is included in the components of net periodic benefit costs (see Note 11 for additional details). |
Goodwill And Intangible Asset55
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | Jun. 29, 2015 | Jul. 31, 2016 | Aug. 02, 2015 | Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill, Acquired During Period | $ 116 | |||||
Goodwill, Impairment Loss | $ 106 | |||||
Amortization of Intangible Assets | 20 | 17 | $ 18 | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 20 | 20 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 15 | 15 | ||||
Finite Lived Intangible Assets, Amortization Expense, Year Three | 15 | 15 | ||||
Finite Lived Intangible Assets, Amortization Expense, Year Four | 15 | 15 | ||||
Finite Lived Intangible Assets, Amortization Expense, Year Five | 15 | $ 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 | |||||
Campbell Fresh [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill, Acquired During Period | 116 | |||||
Goodwill, Impairment Loss | $ 106 | |||||
Campbell Fresh [Member] | Bolthouse Farms carrot and carrot ingredients reporting unit [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill, Impairment Loss | 106 | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 35 | |||||
Global Biscuits and Snacks [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill, Acquired During Period | 0 | |||||
Goodwill, Impairment Loss | $ 0 | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 6 | $ 6 | ||||
Garden Fresh Gourmet [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Payments to Acquire Businesses, Gross | $ 232 | |||||
Garden Fresh Gourmet [Member] | Campbell Fresh [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Payments to Acquire Businesses, Gross | 232 | |||||
Goodwill, Acquired During Period | $ 116 |
Goodwill And Intangible Asset56
Goodwill And Intangible Assets (Goodwill) (Details) $ in Millions | 12 Months Ended | ||
Jul. 31, 2016USD ($) | Aug. 02, 2015USD ($) | ||
Goodwill [Line Items] | |||
Beginning Balance | $ 2,344 | $ 2,433 | |
Goodwill, Acquired During Period | 116 | ||
Goodwill, Impairment Loss | (106) | ||
Foreign currency translation adjustment | 25 | (205) | |
Ending Balance | 2,263 | [1] | 2,344 |
Goodwill, Impaired, Accumulated Impairment Loss | (106) | ||
Americas Simple Meals and Beverages [Member] | |||
Goodwill [Line Items] | |||
Beginning Balance | 775 | 794 | |
Goodwill, Acquired During Period | 0 | ||
Goodwill, Impairment Loss | 0 | ||
Foreign currency translation adjustment | 0 | (19) | |
Ending Balance | 775 | 775 | |
Global Biscuits and Snacks [Member] | |||
Goodwill [Line Items] | |||
Beginning Balance | 732 | 918 | |
Goodwill, Acquired During Period | 0 | ||
Goodwill, Impairment Loss | 0 | ||
Foreign currency translation adjustment | 25 | (186) | |
Ending Balance | 757 | 732 | |
Campbell Fresh [Member] | |||
Goodwill [Line Items] | |||
Beginning Balance | 837 | 721 | |
Goodwill, Acquired During Period | 116 | ||
Goodwill, Impairment Loss | (106) | ||
Foreign currency translation adjustment | 0 | 0 | |
Ending Balance | 731 | [1] | $ 837 |
Goodwill, Impaired, Accumulated Impairment Loss | $ (106) | ||
[1] | The total carrying value of goodwill as of July 31, 2016 is reflected net of $106 of accumulated impairment charges recorded in 2016. |
Goodwill And Intangible Asset57
Goodwill And Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions | Jul. 31, 2016 | Aug. 02, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 297 | $ 297 |
Finite-Lived Intangible Assets, Accumulated Amortization | (72) | (52) |
Finite-Lived Intangible Assets, Net | 225 | 245 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 927 | 960 |
Total net intangible assets | 1,152 | 1,205 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 222 | 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 Segme58
Business And Geographic Segment Information (Narrative) (Details) | 12 Months Ended | ||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Customer Concentration Risk [Member] | Wal-Mart Stores, Inc. [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment Reporting, Disclosure of Major Customers | 20.00% | 20.00% | 19.00% |
Business And Geographic Segme59
Business And Geographic Segment Information (Schedule Of Segment Reporting - Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2016 | May 01, 2016 | Jan. 31, 2016 | Nov. 01, 2015 | Aug. 02, 2015 | May 03, 2015 | Feb. 01, 2015 | Nov. 02, 2014 | Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 1,687 | $ 1,870 | $ 2,201 | $ 2,203 | $ 1,693 | $ 1,900 | $ 2,234 | $ 2,255 | $ 7,961 | $ 8,082 | $ 8,268 |
Americas Simple Meals and Beverages [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 4,380 | 4,483 | 4,588 | ||||||||
Global Biscuits and Snacks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,564 | 2,631 | 2,725 | ||||||||
Campbell Fresh [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 1,017 | $ 968 | $ 955 |
Business And Geographic Segme60
Business And Geographic Segment Information (Schedule Of Segment Reporting - Earnings Before Interest And Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | $ 960 | $ 1,054 | $ 1,267 | ||
Other Operating Income (Expense), Net | (131) | (24) | (22) | ||
Goodwill and Intangible Asset Impairment | (141) | (6) | 0 | [1] | |
Foreign Exchange Contract [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Derivative, Gain / (Loss) | 9 | ||||
Americas Simple Meals and Beverages [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | 1,069 | 948 | 1,030 | ||
Global Biscuits and Snacks [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | 422 | 383 | 366 | ||
Goodwill and Intangible Asset Impairment | [1] | (6) | |||
Campbell Fresh [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | 60 | 61 | 68 | ||
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | [2] | (560) | (236) | (142) | |
Defined Benefit Plan, Actuarial Gain (Loss) | (313) | (138) | (31) | ||
Restructuring and Related Cost, Incurred Cost | 3 | ||||
Corporate, Non-Segment [Member] | Other Cost Savings Implementation Costs [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 47 | 22 | |||
Corporate, Non-Segment [Member] | Foreign Exchange Contract [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Derivative, Gain / (Loss) | (9) | ||||
Restructuring Charges [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | [3] | (31) | $ (102) | $ (55) | |
Bolthouse Farms carrot and carrot ingredients reporting unit [Member] | Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill and Intangible Asset Impairment | [1] | $ (141) | |||
[1] | In 2016, we recognized an impairment charge of $141 related to the intangible assets of the Bolthouse Farms carrot and carrot ingredients reporting unit and in 2015 we recognized an impairment charge of $6 related to minor trademarks used in the Global Biscuits and Snacks segment. See also Note 6. | ||||
[2] | Represents unallocated items. Pension and postretirement benefit mark-to-market adjustments are included in Corporate. Losses were $313, $138 and $31 in 2016, 2015 and 2014, respectively. Costs of $47 and $22 related to the implementation of our new organizational structure and cost savings initiatives were included in 2016 and 2015, respectively. A gain of $25 from a settlement of a claim related to the Kelsen acquisition and an impairment charge of $141 on the intangible assets of the Bolthouse Farms carrot and carrot ingredients reporting unit were also included in 2016. In addition, a loss of $9 on foreign exchange forward contracts related to the sale of the European simple meals business and restructuring-related costs of $3 were included in 2014. See Note 6 for information on the impairment charge. | ||||
[3] | See Note 8 for additional information. |
Business And Geographic Segme61
Business And Geographic Segment Inormation (Schedule of Segment Reporting - Depreciation and Amortization)(Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | ||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ 308 | $ 303 | $ 305 | |
Americas Simple Meals and Beverages [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 117 | 123 | 120 | |
Global Biscuits and Snacks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 96 | 94 | 101 | |
Campbell Fresh [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 77 | 70 | 69 | |
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | [1] | $ 18 | $ 16 | $ 15 |
[1] | Represents primarily corporate offices. |
Business And Geographic Segme62
Business And Geographic Segment Information (Schedule of Segment Reporting - Capital Expenditures) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | ||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | $ 341 | $ 380 | $ 347 | |
Americas Simple Meals and Beverages [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | 105 | 137 | 136 | |
Global Biscuits and Snacks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | 122 | 137 | 127 | |
Campbell Fresh [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | 74 | 82 | 55 | |
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | [1] | 40 | 24 | 28 |
Discontinued Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | $ 0 | $ 0 | $ 1 | |
[1] | Represents primarily corporate offices. |
Business And Geographic Segme63
Business And Geographic Segment Information (Additional Product Information For Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2016 | May 01, 2016 | Jan. 31, 2016 | Nov. 01, 2015 | Aug. 02, 2015 | May 03, 2015 | Feb. 01, 2015 | Nov. 02, 2014 | Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 1,687 | $ 1,870 | $ 2,201 | $ 2,203 | $ 1,693 | $ 1,900 | $ 2,234 | $ 2,255 | $ 7,961 | $ 8,082 | $ 8,268 |
Soup [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,690 | 2,798 | 2,891 | ||||||||
Baked Snacks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,479 | 2,502 | 2,571 | ||||||||
Other Simple Meals [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,702 | 1,648 | 1,620 | ||||||||
Beverages [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 1,090 | $ 1,134 | $ 1,186 |
Business And Geographic Segme64
Business And Geographic Segment Information Business And Geographic Segment Information (Geographic Information, Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2016 | May 01, 2016 | Jan. 31, 2016 | Nov. 01, 2015 | Aug. 02, 2015 | May 03, 2015 | Feb. 01, 2015 | Nov. 02, 2014 | Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 1,687 | $ 1,870 | $ 2,201 | $ 2,203 | $ 1,693 | $ 1,900 | $ 2,234 | $ 2,255 | $ 7,961 | $ 8,082 | $ 8,268 |
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 6,437 | 6,400 | 6,432 | ||||||||
AUSTRALIA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 590 | 646 | 709 | ||||||||
Other Countries [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 934 | $ 1,036 | $ 1,127 |
Business And Geographic Segme65
Business And Geographic Segment Information Business And Geographic Segment Information (Geographic Information, Long-lived Assets) (Details) - USD ($) $ in Millions | Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 |
Segment Reporting Information [Line Items] | |||
Plant assets, net of depreciation | $ 2,407 | $ 2,347 | $ 2,318 |
UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Plant assets, net of depreciation | 1,967 | 1,942 | 1,844 |
AUSTRALIA | |||
Segment Reporting Information [Line Items] | |||
Plant assets, net of depreciation | 242 | 232 | 306 |
Other Countries [Member] | |||
Segment Reporting Information [Line Items] | |||
Plant assets, net of depreciation | $ 198 | $ 173 | $ 168 |
Restructuring Charges and Cos66
Restructuring Charges and Cost Savings Initiatives (Narrative) (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Jul. 31, 2016USD ($)$ / shares | May 01, 2016USD ($)$ / shares | Jan. 31, 2016USD ($)$ / shares | Nov. 01, 2015USD ($)$ / shares | Aug. 02, 2015USD ($)$ / shares | May 03, 2015USD ($)$ / shares | Feb. 01, 2015USD ($)$ / shares | Nov. 02, 2014USD ($)$ / shares | Jul. 31, 2016USD ($)$ / shares | Aug. 02, 2015USD ($)$ / shares | Aug. 03, 2014USD ($)$ / shares | ||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring charges | $ 31 | $ 102 | $ 55 | |||||||||
Restructuring charges, after tax | $ 7 | $ 9 | $ 10 | $ 23 | $ 67 | $ 11 | $ 0 | $ 0 | ||||
Restructuring charges, Per Diluted Share | $ / shares | $ 0.02 | $ 0.03 | $ 0.03 | $ 0.07 | $ 0.21 | $ 0.04 | $ 0 | $ 0 | ||||
Corporate, Non-Segment [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and Related Cost, Incurred Cost | 3 | |||||||||||
Corporate, Non-Segment [Member] | Other Cost Savings Implementation Costs [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and Related Cost, Incurred Cost | $ 47 | 22 | ||||||||||
2015 Initiatives [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | 250 | |||||||||||
Restructuring charges | $ 35 | 102 | ||||||||||
Restructuring charges and related costs, after tax | $ 52 | $ 78 | ||||||||||
Restructuring charges, Per Diluted Share | $ / shares | $ 0.17 | $ 0.25 | ||||||||||
Restructuring and Related Cost, Incurred Cost | $ 82 | $ 124 | ||||||||||
2015 Initiatives [Member] | Severance Pay And Benefits [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and Related Cost, Incurred Cost | 34 | 87 | ||||||||||
2015 Initiatives [Member] | Other Restructuring [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and Related Cost, Incurred Cost | $ 1 | 8 | ||||||||||
2015 Initiatives [Member] | UNITED STATES | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | 471 | |||||||||||
2015 Initiatives [Member] | Americas Simple Meals and Beverages [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and Related Cost, Incurred Cost | $ 17 | |||||||||||
Restructuring and Related Cost, Expected Cost Allocation | 30.00% | 30.00% | ||||||||||
2015 Initiatives [Member] | Global Biscuits and Snacks [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and Related Cost, Incurred Cost | $ 22 | |||||||||||
Restructuring and Related Cost, Expected Cost Allocation | 32.00% | 32.00% | ||||||||||
2015 Initiatives [Member] | Campbell Fresh [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and Related Cost, Incurred Cost | $ 1 | |||||||||||
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 | $ 42 | |||||||||||
Restructuring and Related Cost, Expected Cost Allocation | 35.00% | 35.00% | ||||||||||
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 | [1] | $ 47 | $ 22 | |||||||||
2015 Initiatives [Member] | Minimum [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and Related Cost, Expected Cost | $ 250 | 250 | ||||||||||
2015 Initiatives [Member] | Minimum [Member] | Severance Pay And Benefits [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and Related Cost, Expected Cost | 135 | 135 | ||||||||||
2015 Initiatives [Member] | Minimum [Member] | Implementation and Other Costs [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and Related Cost, Expected Cost | 115 | 115 | ||||||||||
2015 Initiatives [Member] | Maximum [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and Related Cost, Expected Cost | 300 | 300 | ||||||||||
2015 Initiatives [Member] | Maximum [Member] | Severance Pay And Benefits [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and Related Cost, Expected Cost | 145 | 145 | ||||||||||
2015 Initiatives [Member] | Maximum [Member] | Implementation and Other Costs [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and Related Cost, Expected Cost | $ 155 | $ 155 | ||||||||||
2014 Initiatives [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Positions eliminated | 85 | |||||||||||
Restructuring charges | $ (4) | 54 | ||||||||||
Restructuring charges, after tax | $ (3) | $ 33 | ||||||||||
Restructuring charges, Per Diluted Share | $ / shares | $ (0.01) | $ 0.10 | ||||||||||
Restructuring and Related Cost, Incurred Cost | $ (4) | |||||||||||
2014 Initiatives [Member] | Severance Pay And Benefits [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring charges | (4) | $ 41 | ||||||||||
2014 Initiatives [Member] | Other Restructuring [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring charges | [2] | $ 0 | 1 | |||||||||
2014 Initiatives [Member] | AUSTRALIA | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | 45 | |||||||||||
2014 Initiatives [Member] | North America and Asia Pacific [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Positions eliminated | 250 | |||||||||||
2014 Initiatives [Member] | CHINA | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Positions eliminated | 100 | |||||||||||
2014 Initiatives [Member] | Americas Simple Meals and Beverages [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and Related Cost, Incurred Cost | $ (1) | |||||||||||
2014 Initiatives [Member] | Global Biscuits and Snacks [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and Related Cost, Incurred Cost | (3) | |||||||||||
2014 Initiatives [Member] | Campbell Fresh [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and Related Cost, Incurred Cost | 0 | |||||||||||
2014 Initiatives [Member] | Corporate, Non-Segment [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and Related Cost, Incurred Cost | $ 0 | |||||||||||
2013 Initiatives [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring charges | 1 | |||||||||||
Restructuring charges and related costs, after tax | $ 3 | |||||||||||
Restructuring charges, Per Diluted Share | $ / shares | $ 0.01 | |||||||||||
2013 Initiatives [Member] | Cost Of Products Sold [Member] | Other Restructuring [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and Related Cost, Incurred Cost | $ 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. | |||||||||||
[2] | Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. |
Restructuring Charges and Cos67
Restructuring Charges and Cost Savings Initiatives (Schedule Of Pre-Tax Charges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 31 | $ 102 | $ 55 | ||
2015 Initiatives [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 206 | ||||
Restructuring Charges | 35 | 102 | |||
2015 Initiatives [Member] | Severance Pay And Benefits [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 128 | ||||
2015 Initiatives [Member] | Implementation and Other Costs [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 78 | ||||
2014 Initiatives [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 50 | 54 | [1] | ||
Restructuring Charges | (4) | 54 | |||
2014 Initiatives [Member] | Severance Pay And Benefits [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 37 | 41 | [1] | ||
Restructuring Charges | (4) | 41 | |||
2014 Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 12 | 12 | [1] | ||
Restructuring Charges | 0 | 12 | |||
2014 Initiatives [Member] | Other Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 1 | $ 1 | [1] | ||
Restructuring Charges | [2] | 0 | 1 | ||
2013 Initiatives [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 142 | ||||
Restructuring Charges | $ 1 | ||||
2013 Initiatives [Member] | Severance Pay And Benefits [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 31 | ||||
2013 Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 99 | ||||
2013 Initiatives [Member] | Other Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | $ 12 | ||||
[1] | Recognized as of August 2, 2015. | ||||
[2] | Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. |
Restructuring Charges and Cos68
Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Activity And Related Reserves) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | ||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Charges | $ 31 | $ 102 | $ 55 | |||
Restructuring Reserve, Noncurrent | 17 | 49 | ||||
2015 Initiatives [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring and Related Cost, Incurred Cost | 82 | 124 | ||||
Restructuring Charges | 35 | 102 | ||||
2015 Initiatives [Member] | Severance Pay And Benefits [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Accrued Balance at beginning of period | 85 | [1] | 0 | |||
Restructuring and Related Cost, Incurred Cost | 34 | 87 | ||||
Cash Payments | (46) | (1) | ||||
Restructuring Reserve, Translation Adjustment | (1) | |||||
Accrued Balance at end of period | 73 | [2] | 85 | [1] | 0 | |
Restructuring Reserve, Noncurrent | 17 | 45 | ||||
2015 Initiatives [Member] | Other Restructuring [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Accrued Balance at beginning of period | 8 | 0 | ||||
Restructuring and Related Cost, Incurred Cost | 1 | 8 | ||||
Cash Payments | (9) | 0 | ||||
Restructuring Reserve, Translation Adjustment | 0 | |||||
Accrued Balance at end of period | 0 | 8 | 0 | |||
2015 Initiatives [Member] | Other Non-cash Benefit Costs [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring and Related Cost, Incurred Cost | [3] | 0 | 7 | |||
2014 Initiatives [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring and Related Cost, Incurred Cost | (4) | |||||
Restructuring Charges | (4) | 54 | ||||
2014 Initiatives [Member] | Severance Pay And Benefits [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Accrued Balance at beginning of period | 10 | [4] | 28 | 0 | ||
Restructuring Charges | (4) | 41 | ||||
Cash Payments | (4) | (16) | (13) | |||
Restructuring Reserve, Translation Adjustment | (1) | (2) | ||||
Accrued Balance at end of period | 1 | 10 | [4] | 28 | ||
Restructuring Reserve, Noncurrent | 4 | |||||
2014 Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Charges | 0 | 12 | ||||
2014 Initiatives [Member] | Other Restructuring [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Charges | [5] | 0 | 1 | |||
2013 Initiatives [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Charges | $ 1 | |||||
General and Administrative Expense [Member] | 2015 Initiatives [Member] | Other Cost Savings Implementation Costs [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring and Related Cost, Incurred Cost | [6] | $ 47 | $ 22 | |||
[1] | Includes $45 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. | |||||
[2] | Includes $17 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. | |||||
[3] | Represents postretirement and pension curtailment costs. See Note 11. | |||||
[4] | Includes $4 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. | |||||
[5] | Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. | |||||
[6] | Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses in the Consolidated Statements of Earnings. |
Restructuring Charges and Cos69
Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Charges Associated With Each Reportable Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | ||
Corporate, Non-Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | $ 3 | |||
2015 Initiatives [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | $ 82 | $ 124 | ||
Restructuring and Related Cost, Cost Incurred to Date | 206 | |||
2015 Initiatives [Member] | Americas Simple Meals and Beverages [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | 17 | |||
Restructuring and Related Cost, Cost Incurred to Date | 71 | |||
2015 Initiatives [Member] | Global Biscuits and Snacks [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | 22 | |||
Restructuring and Related Cost, Cost Incurred to Date | 66 | |||
2015 Initiatives [Member] | Campbell Fresh [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | 1 | |||
Restructuring and Related Cost, Cost Incurred to Date | 2 | |||
2015 Initiatives [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | 42 | |||
Restructuring and Related Cost, Cost Incurred to Date | 67 | |||
2014 Initiatives [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | (4) | |||
Restructuring and Related Cost, Cost Incurred to Date | 50 | $ 54 | [1] | |
2014 Initiatives [Member] | Americas Simple Meals and Beverages [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | (1) | |||
Restructuring and Related Cost, Cost Incurred to Date | 13 | |||
2014 Initiatives [Member] | Global Biscuits and Snacks [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | (3) | |||
Restructuring and Related Cost, Cost Incurred to Date | 35 | |||
2014 Initiatives [Member] | Campbell Fresh [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | 0 | |||
Restructuring and Related Cost, Cost Incurred to Date | 1 | |||
2014 Initiatives [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | 0 | |||
Restructuring and Related Cost, Cost Incurred to Date | $ 1 | |||
[1] | Recognized as of August 2, 2015. |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Thousands | 12 Months Ended | ||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
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 | 355 | 0 | 0 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2016 | May 01, 2016 | Jan. 31, 2016 | Nov. 01, 2015 | Aug. 02, 2015 | May 03, 2015 | Feb. 01, 2015 | Nov. 02, 2014 | Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Noncontrolling Interest [Line Items] | |||||||||||
Payments to Acquire Interest in Joint Venture | $ 14 | $ 7 | |||||||||
Contribution from noncontrolling interest | $ 0 | 9 | 5 | ||||||||
Restructuring charges, after tax | $ 7 | $ 9 | $ 10 | $ 23 | $ 67 | $ 11 | $ 0 | $ 0 | |||
LLC ownership percentage | 99.80% | ||||||||||
Noncontrolling Interests [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Contribution from noncontrolling interest | $ 9 | 5 | |||||||||
Restructuring charges, after tax | $ 5 | ||||||||||
China [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Controlling interest in a company | 60.00% | 60.00% | |||||||||
Malaysia [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Controlling interest in a company | 70.00% | 70.00% |
Pension And Postretirement Be72
Pension And Postretirement Benefits (Narrative) (Details) - USD ($) $ in Millions | Jul. 01, 2011 | Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 60.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | |||
Defined Contribution Plan, Cost Recognized | $ 33 | $ 31 | $ 29 | |
Employees Not Covered By Collective Bargaining Agreements [Member] | ||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | |||
Employees Not Eligible To Participate In Defined Benefit Plans And Who Are Not Covered By Collective Bargaining Agreements Employer Contribution[Member] | ||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | |||
At certain locations [Member] | ||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | |||
Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Recognized Net Loss Due to Curtailments | $ 0 | 1 | $ 0 | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 2,557 | $ 2,516 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.19% | 4.33% | 4.82% | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Recognized Net Loss Due to Curtailments | $ 0 | $ 6 | $ 0 | |
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | $ (25) | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.00% | 4.00% | 4.50% | |
U.S. Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 0 | |||
Non-U.S. Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 5 |
Pension And Postretirement Be73
Pension And Postretirement Benefits (Schedule Of Components of Benefit Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Defined Benefit Plan, Service Cost | $ 26 | $ 28 | $ 42 |
Defined Benefit Plan, Interest Cost | 98 | 105 | 115 |
Expected return on plan assets | (147) | (173) | (169) |
Amortization of Prior Service Cost (Credit) | 0 | (1) | (1) |
Defined Benefit Plan, Actuarial Gain (Loss) | (302) | (136) | (48) |
Defined Benefit Plan, Recognized Net Loss Due to Curtailments | 0 | 1 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | 279 | 96 | 35 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Defined Benefit Plan, Service Cost | 1 | 2 | 2 |
Defined Benefit Plan, Interest Cost | 15 | 15 | 17 |
Amortization of Prior Service Cost (Credit) | (1) | (1) | (1) |
Defined Benefit Plan, Actuarial Gain (Loss) | (23) | (7) | (5) |
Defined Benefit Plan, Recognized Net Loss Due to Curtailments | 0 | 6 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | $ 38 | $ 29 | $ 23 |
Pension And Postretirement Be74
Pension And Postretirement Benefits (Schedule of Change in Benefit Obligation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | $ 2,569 | $ 2,539 | |
Defined Benefit Plan, Service Cost | 26 | 28 | $ 42 |
Defined Benefit Plan, Interest Cost | 98 | 105 | 115 |
Defined Benefit Plan, Actuarial Gain (Loss) | 210 | 106 | |
Defined Benefit Plan, Contributions by Plan Participants | 0 | 0 | |
Defined Benefit Plan, Plan Amendments | 0 | 0 | |
Defined Benefit Plan, Benefits Paid | (116) | (151) | |
Defined Benefit Plan, Settlements, Benefit Obligation | (160) | 0 | |
Defined Benefit Plan, Gross Prescription Drug Subsidy Receipts Received | 0 | 0 | |
Defined Benefit Plan, Other Changes | (6) | (1) | |
Defined Benefit Plan, Curtailments | 0 | 1 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 5 | (58) | |
Defined Benefit Plan, Benefit Obligation | 2,626 | 2,569 | 2,539 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | 392 | 388 | |
Defined Benefit Plan, Service Cost | 1 | 2 | 2 |
Defined Benefit Plan, Interest Cost | 15 | 15 | 17 |
Defined Benefit Plan, Actuarial Gain (Loss) | 23 | 7 | |
Defined Benefit Plan, Contributions by Plan Participants | 1 | 3 | |
Defined Benefit Plan, Plan Amendments | (93) | 0 | |
Defined Benefit Plan, Benefits Paid | (30) | (33) | |
Defined Benefit Plan, Settlements, Benefit Obligation | 0 | 0 | |
Defined Benefit Plan, Gross Prescription Drug Subsidy Receipts Received | 4 | 4 | |
Defined Benefit Plan, Other Changes | 0 | 0 | |
Defined Benefit Plan, Curtailments | 0 | 6 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation | $ 313 | $ 392 | $ 388 |
Pension And Postretirement Be75
Pension And Postretirement Benefits (Schedule of Change In Fair Value Of Pension Assets) (Details) - Pension Plan, Defined Benefit [Member] - USD ($) $ in Millions | 12 Months Ended | |
Jul. 31, 2016 | Aug. 02, 2015 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 2,316 | $ 2,364 |
Defined Benefit Plan, Actual Return on Plan Assets | 54 | 143 |
Defined Benefit Plan, Contributions by Employer | 2 | 5 |
Defined Benefit Plan, Benefits Paid, from Plan Assets | (106) | (141) |
Defined Benefit Plan, Settlements, Plan Assets | (160) | 0 |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 5 | (55) |
Defined Benefit Plan, Fair Value of Plan Assets | $ 2,111 | $ 2,316 |
Pension And Postretirement Be76
Pension And Postretirement Benefits (Amounts Recognized in Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Jul. 31, 2016 | Aug. 02, 2015 |
Pension Plan, Defined Benefit [Member] | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | $ 14 | $ 20 |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 501 | 233 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | 515 | 253 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 0 | 0 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | 28 | 30 |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 285 | 362 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | 313 | 392 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | $ 96 | $ 4 |
Pension And Postretirement Be77
Pension And Postretirement Benefits (Schedule Of Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets) (Details) - Pension Plan, Defined Benefit [Member] - USD ($) $ in Millions | Jul. 31, 2016 | Aug. 02, 2015 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | $ 2,434 | $ 1,926 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 2,385 | 1,906 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | $ 1,933 | $ 1,684 |
Pension And Postretirement Be78
Pension And Postretirement Benefits (Weighted-average Assumptions To Determine Benefit Obligations) (Details) | Jul. 31, 2016 | Aug. 02, 2015 |
Pension Plan, Defined Benefit [Member] | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.39% | 4.19% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.25% | 3.29% |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.20% | 4.00% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.25% | 3.25% |
Pension And Postretirement Be79
Pension And Postretirement Benefits (Weighted-Average Assumptions To Determine Net Periodic Benefit Costs) (Details) - Pension Plan, Defined Benefit [Member] | 12 Months Ended | ||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.19% | 4.33% | 4.82% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.35% | 7.62% | 7.62% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.29% | 3.30% | 3.30% |
Pension And Postretirement Be80
Pension And Postretirement Benefits (Schedule Of Assumed Health Care Cost Trend Rates) (Details) - Other Postretirement Benefit Plan, Defined Benefit [Member] | 12 Months Ended | |
Jul. 31, 2016 | Aug. 02, 2015 | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 7.25% | 7.75% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% |
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2,022 | 2,022 |
Pension And Postretirement Be81
Pension And Postretirement Benefits (Schedule Of Effect Of One-Percentage-Point Change In Assumed Health Care Costs) (Details) - Other Postretirement Benefit Plan, Defined Benefit [Member] $ in Millions | 12 Months Ended |
Jul. 31, 2016USD ($) | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | |
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $ 0 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | 0 |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 12 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | $ (11) |
Pension And Postretirement Be82
Pension And Postretirement Benefits (Schedule of Pension Plan Weighted-Average Asset Allocation By Cateogry) (Details) - Pension Plan, Defined Benefit [Member] | 12 Months Ended | |
Jul. 31, 2016 | Aug. 02, 2015 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 51.00% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 51.00% | 50.00% |
Debt Securities [Member] | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 35.00% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 35.00% | 34.00% |
Real Estate [Member] | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 14.00% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 14.00% | 16.00% |
Pension And Postretirement Be83
Pension And Postretirement Benefits (Schedule Of Pension Plan Assets By Category) (Details) - USD ($) $ in Millions | Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Defined Benefit Plan, Fair Value of Plan Assets Sub-Total | $ 1,447 | $ 1,533 | ||
Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 2,111 | 2,316 | $ 2,364 | |
Alternative Investments, Fair Value Disclosure | 691 | 805 | ||
Pension Plan, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 676 | 738 | ||
Pension Plan, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 720 | 750 | ||
Pension Plan, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 51 | 45 | $ 33 | |
Pension Plan, Defined Benefit [Member] | Short-term Investments [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 43 | 32 | ||
Alternative Investments, Fair Value Disclosure | 20 | 28 | ||
Pension Plan, Defined Benefit [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 41 | 32 | ||
Pension Plan, Defined Benefit [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 2 | 0 | ||
Pension Plan, Defined Benefit [Member] | Municipal Bonds [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 67 | 68 | ||
Pension Plan, Defined Benefit [Member] | Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 67 | 68 | ||
Pension Plan, Defined Benefit [Member] | Asset-backed Securities [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 7 | 9 | ||
Pension Plan, Defined Benefit [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 7 | 9 | ||
Pension Plan, Defined Benefit [Member] | Real Estate [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 19 | 14 | ||
Pension Plan, Defined Benefit [Member] | Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 13 | 8 | ||
Pension Plan, Defined Benefit [Member] | Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 6 | 6 | ||
Pension Plan, Defined Benefit [Member] | Hedge Funds [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 45 | 39 | ||
Alternative Investments, Fair Value Disclosure | 144 | [1] | 175 | |
Pension Plan, Defined Benefit [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 45 | 39 | ||
Pension Plan, Defined Benefit [Member] | Derivative Financial Instruments, Assets [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 6 | 5 | ||
Pension Plan, Defined Benefit [Member] | Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 6 | 5 | ||
Pension Plan, Defined Benefit [Member] | Derivative Financial Instruments, Liabilities [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | (7) | (6) | ||
Pension Plan, Defined Benefit [Member] | Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | (7) | (6) | ||
Pension Plan, Defined Benefit [Member] | Equity Funds [Member] | ||||
Alternative Investments, Fair Value Disclosure | 309 | 375 | ||
Pension Plan, Defined Benefit [Member] | Fixed Income Funds [Member] | ||||
Alternative Investments, Fair Value Disclosure | 31 | 31 | ||
Pension Plan, Defined Benefit [Member] | Blended Funds [Member] | ||||
Alternative Investments, Fair Value Disclosure | 79 | 79 | ||
Pension Plan, Defined Benefit [Member] | Real Estate Funds [Member] | ||||
Alternative Investments, Fair Value Disclosure | 108 | [2] | 117 | |
Pension Plan, Defined Benefit [Member] | Other Items To Reconcile To Fair Value Of Plan Assets [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | (27) | (22) | ||
Pension Plan, Defined Benefit [Member] | UNITED STATES | Equity [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 349 | 386 | ||
Pension Plan, Defined Benefit [Member] | UNITED STATES | Equity [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 349 | 386 | ||
Pension Plan, Defined Benefit [Member] | UNITED STATES | Corporate Debt Securities [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 469 | 494 | ||
Pension Plan, Defined Benefit [Member] | UNITED STATES | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 469 | 494 | ||
Pension Plan, Defined Benefit [Member] | UNITED STATES | US Treasury and Government [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 49 | 42 | ||
Pension Plan, Defined Benefit [Member] | UNITED STATES | US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 49 | 42 | ||
Pension Plan, Defined Benefit [Member] | Non-U.S. [Member] | Equity [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 273 | 312 | ||
Pension Plan, Defined Benefit [Member] | Non-U.S. [Member] | Equity [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 273 | 312 | ||
Pension Plan, Defined Benefit [Member] | Non-U.S. [Member] | Corporate Debt Securities [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 98 | 102 | ||
Pension Plan, Defined Benefit [Member] | Non-U.S. [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 98 | 102 | ||
Pension Plan, Defined Benefit [Member] | Non-U.S. [Member] | US Treasury and Government [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 29 | 36 | ||
Pension Plan, Defined Benefit [Member] | Non-U.S. [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 29 | $ 36 | ||
[1] | Includes a fund valued at $45 which is being liquidated. Distributions from the fund will be received as the underlying investments are liquidated which is estimated to occur by December 31, 2016. | |||
[2] | Includes real estate investments valued at $34 for which a redemption queue has been imposed by the investment manager increasing the redemption receipt period to up to 9 months after notice. |
Pension And Postretirement Be84
Pension And Postretirement Benefits Pension And Postretirement Benefits (Schedule Of Changes In Fair Value Of Level 3 Investments) (Details) - Pension Plan, Defined Benefit [Member] - USD ($) $ in Millions | 12 Months Ended | |
Jul. 31, 2016 | Aug. 02, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 2,316 | $ 2,364 |
Defined Benefit Plan, Actual Return on Plan Assets | 54 | 143 |
Defined Benefit Plan, Fair Value of Plan Assets | 2,111 | 2,316 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 45 | 33 |
Defined Benefit Plan, Actual Return on Plan Assets | 2 | 3 |
Defined Benefit Plan, Purchase of Plan Assets | 5 | 9 |
Defined Benefit Plan, Sale of Plan Assets | (1) | 0 |
Defined Benefit Plan, Settlements | 0 | 0 |
Defined Benefit Plan, Transfers Between Measurement Levels | 0 | 0 |
Defined Benefit Plan, Fair Value of Plan Assets | 51 | 45 |
Fair Value, Inputs, Level 3 [Member] | Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 6 | 3 |
Defined Benefit Plan, Actual Return on Plan Assets | 1 | 1 |
Defined Benefit Plan, Purchase of Plan Assets | 0 | 2 |
Defined Benefit Plan, Sale of Plan Assets | (1) | 0 |
Defined Benefit Plan, Settlements | 0 | 0 |
Defined Benefit Plan, Transfers Between Measurement Levels | 0 | 0 |
Defined Benefit Plan, Fair Value of Plan Assets | 6 | 6 |
Fair Value, Inputs, Level 3 [Member] | Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 39 | 30 |
Defined Benefit Plan, Actual Return on Plan Assets | 1 | 2 |
Defined Benefit Plan, Purchase of Plan Assets | 5 | 7 |
Defined Benefit Plan, Sale of Plan Assets | 0 | 0 |
Defined Benefit Plan, Settlements | 0 | 0 |
Defined Benefit Plan, Transfers Between Measurement Levels | 0 | 0 |
Defined Benefit Plan, Fair Value of Plan Assets | $ 45 | $ 39 |
Pension And Postretirement Be85
Pension And Postretirement Benefits Pension And Postretirement Benefits (Schedule of Investments Valued Using Net Asset Value) (Details) - Pension Plan, Defined Benefit [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Jul. 31, 2016 | Aug. 02, 2015 | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Alternative Investments, Fair Value Disclosure | $ 691 | $ 805 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | 0 | 28 | ||
Short-term Investments [Member] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Alternative Investments, Fair Value Disclosure | $ 20 | 28 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Daily | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 1 day | |||
Equity Funds [Member] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Alternative Investments, Fair Value Disclosure | $ 309 | 375 | ||
Equity Funds [Member] | Minimum [Member] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Daily | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 1 day | |||
Equity Funds [Member] | Maximum [Member] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Monthly | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 60 days | |||
Fixed Income Funds [Member] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Alternative Investments, Fair Value Disclosure | $ 31 | 31 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Daily | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 1 day | |||
Blended Funds [Member] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Alternative Investments, Fair Value Disclosure | $ 79 | 79 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Primarily Daily | |||
Blended Funds [Member] | Minimum [Member] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 1 day | |||
Real Estate Funds [Member] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Alternative Investments, Fair Value Disclosure | $ 108 | [1] | 117 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 0 | 3 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Primarily Quarterly | |||
Real Estate Funds [Member] | Minimum [Member] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 1 day | |||
Real Estate Funds [Member] | Maximum [Member] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 90 days | |||
Hedge Funds [Member] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Alternative Investments, Fair Value Disclosure | $ 144 | [2] | 175 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 0 | $ 25 | ||
Hedge Funds [Member] | Minimum [Member] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Monthly | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 5 days | |||
Hedge Funds [Member] | Maximum [Member] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Quarterly | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 65 days | |||
Real Estate Funds with a Redemption Queue [Member] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Alternative Investments, Fair Value Disclosure | [1] | $ 34 | ||
Hedge Funds - Being Liquidated [Member] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Alternative Investments, Fair Value Disclosure | [2] | $ 45 | ||
[1] | Includes real estate investments valued at $34 for which a redemption queue has been imposed by the investment manager increasing the redemption receipt period to up to 9 months after notice. | |||
[2] | Includes a fund valued at $45 which is being liquidated. Distributions from the fund will be received as the underlying investments are liquidated which is estimated to occur by December 31, 2016. |
Pension And Postretirement Be86
Pension And Postretirement Benefits (Schedule of Estimated Future Benefit Payments) (Details) $ in Millions | Jul. 31, 2016USD ($) |
Pension Plan, Defined Benefit [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $ 176 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 164 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 168 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 161 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 161 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 808 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 28 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 28 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 27 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 26 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 24 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 99 |
Taxes on Earnings Taxes on Earn
Taxes on Earnings Taxes on Earnings (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Operating Loss Carryforwards | $ 173 | ||
Operating Loss Carryforwards, Subject to Expiration | 157 | ||
Operating Loss Carryforwards, Not Subject to Expiration | 16 | ||
Operating Loss Carryforwards, Valuation Allowance | 143 | ||
Tax Credit Carryforward, Amount | 88 | $ 85 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | (4) | (29) | |
Undistributed Earnings of Foreign Subsidiaries | 638 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 42 | 39 | $ 23 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 5 | 5 | |
Income Tax Examination, Penalties and Interest Expense | 3 | 1 | $ 1 |
Income Tax Examination, Penalties and Interest Accrued | 6 | 3 | |
State and Local Jurisdiction [Member] | |||
Deferred Tax Assets, Tax Credit Carryforwards, Other | 2 | $ 2 | |
Non-U.S. [Member] | Capital Loss Carryforward [Member] | |||
Tax Credit Carryforward, Amount | $ 307 | ||
Earliest Tax Year [Member] | |||
Operating Loss Carryforwards, Expiration Date | Jul. 30, 2017 | ||
Earliest Tax Year [Member] | State and Local Jurisdiction [Member] | |||
Tax Credit Carryforward, Expiration Date | Jul. 29, 2018 | Jul. 29, 2018 | |
Latest Tax Year [Member] | |||
Operating Loss Carryforwards, Expiration Date | Jul. 31, 2036 | ||
Latest Tax Year [Member] | State and Local Jurisdiction [Member] | |||
Tax Credit Carryforward, Expiration Date | Jul. 28, 2025 | Jul. 28, 2024 |
Taxes on Earnings Schedule Of P
Taxes on Earnings Schedule Of Provision Of Income Taxes On Earnings Of Continuing Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Income Tax Disclosure [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ 235 | $ 246 | $ 252 |
Current State and Local Tax Expense (Benefit) | 34 | 31 | 30 |
Current Foreign Tax Expense (Benefit) | 47 | 55 | 42 |
Current Income Tax Expense (Benefit) | 316 | 332 | 324 |
Deferred Federal Income Tax Expense (Benefit) | (17) | (47) | 56 |
Deferred State and Local Income Tax Expense (Benefit) | 0 | 1 | 3 |
Deferred Foreign Income Tax Expense (Benefit) | (13) | (3) | (9) |
Deferred Income Tax Expense (Benefit) | (30) | (49) | 50 |
Income Tax Expense (Benefit) | $ 286 | $ 283 | $ 374 |
Taxes on Earnings Schedule of C
Taxes on Earnings Schedule of Components of Earnings Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Income Tax Disclosure [Abstract] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 705 | $ 803 | $ 1,064 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 144 | 146 | 84 |
Earnings before taxes | $ 849 | $ 949 | $ 1,148 |
Taxes on Earnings Schedule Of R
Taxes on Earnings Schedule Of Reconciliation Of Effective Income Tax Rate (Details) | 12 Months Ended | ||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 2.70% | 2.20% | 2.00% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | (3.00%) | (2.50%) | (1.00%) |
Effective Income Tax Rate Reconciliation, Tax Settlement, Percent | 0.00% | (0.80%) | 0.00% |
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Percent | (3.20%) | (2.90%) | (2.20%) |
Effective Income Tax Rate Reconciliation, Goodwill impairment, Percent | 4.30% | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | (0.80%) | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | (1.30%) | (1.20%) | (1.20%) |
Effective Income Tax Rate Reconciliation, Percent | 33.70% | 29.80% | 32.60% |
Taxes on Earnings Schedule of D
Taxes on Earnings Schedule of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Millions | Jul. 31, 2016 | Aug. 02, 2015 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Liabilities, Property, Plant and Equipment | $ 362 | $ 306 |
Deferred Tax Liabilities, Goodwill and Intangible Assets | 541 | 541 |
Deferred Tax Liabilities, Other | 23 | 17 |
Deferred Tax Liabilities, Gross | 926 | 864 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 266 | 298 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | 185 | 92 |
Deferred Tax Assets, Operating Loss Carryforwards | 37 | 44 |
Deferred Tax Assets, Capital Loss Carryforwards | 88 | 85 |
Deferred Tax Assets, Other | 113 | 101 |
Deferred Tax Assets, Gross | 689 | 620 |
Deferred Tax Assets, Valuation Allowance | (118) | (122) |
Deferred Tax Assets, Net of Valuation Allowance | 571 | 498 |
Deferred Tax Liabilities, Net | $ 355 | $ 366 |
Taxes on Earnings Schedule of A
Taxes on Earnings Schedule of Activity Related to Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits | $ 58 | $ 71 | $ 61 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 2 | 9 | 0 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 0 | 0 | (1) |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 3 | 5 | 11 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 0 | (27) | 0 |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 0 | 0 | 0 |
Unrecognized Tax Benefits | $ 63 | $ 58 | $ 71 |
Short-term Borrowing and Long-t
Short-term Borrowing and Long-term Debt (Narratives) (Details) CAD in Millions, $ in Millions | 12 Months Ended | ||||
Jul. 31, 2016USD ($) | Oct. 30, 2016USD ($) | Oct. 30, 2016CAD | Jul. 31, 2016CAD | Aug. 02, 2015USD ($) | |
Debt Instrument [Line Items] | |||||
Short-term borrowings | $ 1,219 | $ 1,543 | |||
Commercial Paper | 770 | 1,532 | |||
Letters of Credit Outstanding, Amount | 47 | ||||
Long-term Debt | 2,755 | $ 2,539 | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 444 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 32 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 442 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 700 | ||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 1,156 | ||||
Commercial Paper [Member] | |||||
Debt Instrument [Line Items] | |||||
Short-term Debt, Weighted Average Interest Rate | 0.74% | 0.74% | 0.58% | ||
3.30% notes, due 2025 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.30% | 3.30% | 3.30% | ||
Long-term Debt | $ 300 | $ 300 | |||
Debt Instrument, Maturity Date | Mar. 19, 2025 | ||||
Domestic Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,200 | ||||
Line of Credit Facility Utilized Borrowing Capacity | 3 | ||||
Line of Credit Facility, Additional Borrowing Capacity | 500 | ||||
Foreign Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 215 | CAD 280 | |||
Line of Credit Facility, Maximum Borrowing Capacity in One Year | CAD | 225 | ||||
Line of Credit Facility, Maximum Borrowing Capacity in Two Years | CAD | CAD 185 | ||||
Line of Credit Facility, Interest Rate at Period End | 1.78% | 1.78% | |||
Foreign Line of Credit [Member] | Variable Interest Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Line of Credit | $ 215 | CAD 280 | 0 | ||
Line of Credit, Current | $ 42 | CAD 55 | $ 0 | ||
Debt Instrument, Maturity Date | Jul. 15, 2019 | ||||
Scenario, Forecast [Member] | Foreign Line of Credit [Member] | Variable Interest Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Annual Principal Payment | $ 27 | CAD 35 |
Short-term Borrowings and Lon94
Short-term Borrowings and Long-term Debt (Schedule of Short-term Debt) (Details) CAD in Millions, $ in Millions | Jul. 31, 2016USD ($) | Jul. 31, 2016CAD | Aug. 02, 2015USD ($) | |
Short-term Debt [Line Items] | ||||
Commercial Paper | $ 770 | $ 1,532 | ||
Notes Payable, Current | 400 | 0 | ||
Capital Lease Obligations, Current | 2 | 1 | ||
Other Short-term Borrowings | [1] | (1) | 0 | |
Debt, Current | 1,219 | 1,543 | ||
Variable Interest Rate [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term Bank Loans and Notes Payable | 6 | 1 | ||
Fixed Interest Rate [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term Bank Loans and Notes Payable | 0 | 9 | ||
Foreign Line of Credit [Member] | Variable Interest Rate [Member] | ||||
Short-term Debt [Line Items] | ||||
Line of Credit, Current | $ 42 | CAD 55 | $ 0 | |
[1] | Includes unamortized net discount/premium on debt issuances and debt issuance costs |
Short-term Borrowings and Lon95
Short-term Borrowings and Long-term Debt (Schedule of Long-term Debt Instruments) (Details) CAD in Millions, $ in Millions | 12 Months Ended | |||
Jul. 31, 2016USD ($) | Aug. 02, 2015USD ($) | Jul. 31, 2016CAD | ||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 2,755 | $ 2,539 | ||
Capital Lease Obligations, Noncurrent | 8 | 10 | ||
Debt Instrument, Unamortized Discount and Debt Issuance Costs | [1] | 18 | 21 | |
Long Term Debt And Capital Lease Obligations Aggregate | 2,755 | 2,539 | ||
Long-term Debt, Current Maturities | [1] | 441 | 0 | |
Long-term Debt and Capital Lease Obligations | $ 2,314 | $ 2,539 | ||
3.05% notes, due 2017 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Maturity Date | Jul. 15, 2017 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.05% | 3.05% | 3.05% | |
Long-term Debt | $ 400 | $ 400 | ||
4.50% notes, due 2019 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Maturity Date | Feb. 15, 2019 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | 4.50% | |
Long-term Debt | $ 300 | $ 300 | ||
4.25% notes, due 2021 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Maturity Date | Apr. 15, 2021 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | 4.25% | |
Long-term Debt | $ 500 | $ 500 | ||
8.88% notes, due 2021 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Maturity Date | May 1, 2021 | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.88% | 8.88% | 8.88% | |
Long-term Debt | $ 200 | $ 200 | ||
2.50% notes, due 2023 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Maturity Date | Aug. 2, 2022 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | 2.50% | 2.50% | |
Long-term Debt | $ 450 | $ 450 | ||
3.30% notes, due 2025 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Maturity Date | Mar. 19, 2025 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.30% | 3.30% | 3.30% | |
Long-term Debt | $ 300 | $ 300 | ||
3.80% notes, due 2043 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Maturity Date | Aug. 2, 2042 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | 3.80% | 3.80% | |
Long-term Debt | $ 400 | $ 400 | ||
Variable Interest Rate [Member] | Foreign Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Maturity Date | Jul. 15, 2019 | |||
Debt Instrument, Description of Variable Rate Basis | Variable | |||
Long-term Line of Credit | $ 215 | $ 0 | CAD 280 | |
[1] | Includes unamortized net discount/premium on debt issuances and debt issuance costs. |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Derivatives, Fair Value [Line Items] | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 13 | ||
Cash Flow Hedge Ineffectiveness is Immaterial | The ineffective portion and amount excluded from effectiveness testing were not material. | ||
Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Margin Deposit Assets | $ 5 | $ 12 | |
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 | $ 91 | 53 | |
Derivatives Designated As Hedges [Member] | Interest Rate Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 300 | 300 | |
DerivativeForwardInterestRateSettled | 250 | ||
Derivative instruments gain (loss) recognized in OCI | (4) | ||
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 | 175 | 230 | |
Derivatives Not Designated As Hedges [Member] | Currency Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 0 | 250 | |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 88 | 95 | |
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | $ 44 | $ 49 | |
Wal-Mart Stores, Inc. [Member] | Customer Concentration Risk [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Entity Wide Revenue, Major Customer, Percentage Of Net Sales | 20.00% | 20.00% | 19.00% |
Top Five Customers [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Entity Wide Revenue, Major Customer, Percentage Of Net Sales | 40.00% |
Financial Instruments (Schedule
Financial Instruments (Schedule Of The Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Millions | Jul. 31, 2016 | Aug. 02, 2015 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 5 | $ 54 |
Derivative Liability, Fair Value, Gross Liability | 60 | 20 |
Derivatives Designated As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1 | 3 |
Derivative Liability, Fair Value, Gross Liability | 48 | 8 |
Derivatives Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1 | 3 |
Derivatives Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 4 | 0 |
Derivatives Designated As Hedges [Member] | Interest Rate Contract [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 44 | 8 |
Derivatives Not Designated As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 4 | 51 |
Derivative Liability, Fair Value, Gross Liability | 12 | 12 |
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 9 |
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 7 | 2 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 3 | 1 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 4 | 10 |
Derivatives Not Designated As Hedges [Member] | Currency Swap [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 18 |
Derivatives Not Designated As Hedges [Member] | Currency Swap [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 22 |
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1 | 1 |
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 1 | $ 0 |
Financial Instruments (Offsetti
Financial Instruments (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Millions | Jul. 31, 2016 | Aug. 02, 2015 |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | $ 5 | $ 54 |
Derivative, Collateral, Obligation to Return Securities or Cash | 4 | 13 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 1 | 41 |
Derivative Liability, Fair Value, Gross Liability | 60 | 20 |
Derivative, Collateral, Right to Reclaim Securities or Cash | 4 | 13 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 56 | $ 7 |
Financial Instruments (Schedu99
Financial Instruments (Schedule Of Changes In Cash Flow Hedges In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
OCI derivative gain/(loss) at beginning of year | $ (10) | $ (4) | $ 8 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (45) | (5) | (12) |
Reclassification adjustment for (gains) losses included in net earnings, before tax | (9) | (1) | 0 |
OCI derivative gain/(loss) at end of period | (64) | (10) | (4) |
Foreign Exchange Forward Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (9) | 18 | 0 |
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 | (11) | (4) | (4) |
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 | (2) | (1) | 1 |
Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (36) | (23) | (12) |
Interest Rate Contract [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Reclassification adjustment for (gains) losses included in net earnings, before tax | $ 4 | $ 4 | $ 3 |
Financial Instruments (Derivati
Financial Instruments (Derivatives Designated As Fair-Value Hedges) (Details) - Interest Expense [Member] - Interest Rate Swap [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | $ 0 | $ 0 | $ (1) |
Amount of Gain or (Loss) Recognized in Earnings on Hedged Items | $ 0 | $ 0 | $ 1 |
Financial Instruments (Deriv101
Financial Instruments (Derivatives Not Designated As Hedges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | $ 1 | $ (45) | $ 4 |
Foreign Exchange Forward Contracts [Member] | Cost Of Products Sold [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | 0 | (2) | (3) |
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 | (1) | 3 | 12 |
Currency Swap [Member] | Other Expenses/Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | 2 | (58) | (7) |
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 | 6 | 19 | 4 |
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 | $ (6) | $ (7) | $ (2) |
Variable Interest Entity (Detai
Variable Interest Entity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2016 | Feb. 29, 2016 | Aug. 02, 2015 | |
LLC ownership percentage | 99.80% | ||
Investments funded | $ 35 | ||
Other assets | 107 | $ 88 | |
Variable Interest Entity | |||
Other assets | 34 | $ 0 | |
Total Commitment [Member] | |||
Other Commitment | $ 125 | ||
Remaining Commitment [Member] | |||
Other Commitment | $ 90 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jul. 31, 2016 | Aug. 02, 2015 | Feb. 01, 2015 | Jul. 31, 2016 | Aug. 02, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill, Impairment Loss | $ 106 | ||||
Asset Impairment Charges | $ 11 | ||||
Cash and Cash Equivalents, at Carrying Value | $ 74 | $ 39 | 74 | $ 39 | |
Long-term Debt | 2,755 | 2,539 | 2,755 | 2,539 | |
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 | 74 | 39 | 74 | 39 | |
Long-term Debt, Fair Value | 2,949 | 2,623 | 2,949 | 2,623 | |
Campbell Fresh [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill, Impairment Loss | 106 | ||||
Campbell Fresh [Member] | Bolthouse Farms carrot and carrot ingredients reporting unit [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill, Impairment Loss | 106 | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 35 | ||||
Campbell Fresh [Member] | Bolthouse Farms carrot and carrot ingredients reporting unit [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill, Fair Value Disclosure | 202 | 202 | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 68 | 68 | |||
Global Biscuits and Snacks [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill, Impairment Loss | $ 0 | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 6 | 6 | |||
Global Biscuits and Snacks [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 9 | $ 9 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurement Of Assets And Liabilities) (Details) - USD ($) $ in Millions | Jul. 31, 2016 | Aug. 02, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | $ 38 | $ 54 | |
Total liabilities at fair value | 179 | 140 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 2 | 1 | |
Total liabilities at fair value | 123 | 130 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 11 | 53 | |
Total liabilities at fair value | 56 | 10 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 25 | 0 | |
Deferred Compensation Obligation [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation obligation(7) | [1] | 119 | 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(7) | [1] | 119 | 120 |
Measured On Recurring Basis [Member] | Foreign Exchange Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | [2] | 1 | 12 |
Total liabilities at fair value | [2] | 11 | 2 |
Measured On Recurring Basis [Member] | Foreign Exchange Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | [2] | 1 | 12 |
Total liabilities at fair value | [2] | 11 | 2 |
Measured On Recurring Basis [Member] | Commodity Derivative Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | [3] | 3 | 1 |
Total liabilities at fair value | [3] | 4 | 10 |
Measured On Recurring Basis [Member] | Commodity Derivative Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | [3] | 2 | 1 |
Total liabilities at fair value | [3] | 4 | 10 |
Measured On Recurring Basis [Member] | Commodity Derivative Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | [3] | 1 | 0 |
Measured On Recurring Basis [Member] | Currency Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | [4] | 0 | 40 |
Measured On Recurring Basis [Member] | Currency Swap [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | [4] | 0 | 40 |
Measured On Recurring Basis [Member] | Deferred Compensation Derivative Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | [5] | 1 | 1 |
Total liabilities at fair value | [5] | 1 | 0 |
Measured On Recurring Basis [Member] | Deferred Compensation Derivative Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | [5] | 1 | 1 |
Total liabilities at fair value | [5] | 1 | 0 |
Measured On Recurring Basis [Member] | Investments Fair Value Accounting [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | [6] | 33 | 0 |
Measured On Recurring Basis [Member] | 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, Fair Value Disclosure | [6] | 8 | 0 |
Measured On Recurring Basis [Member] | 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, Fair Value Disclosure | [6] | 25 | 0 |
Measured On Recurring Basis [Member] | Interest Rate Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total liabilities at fair value | [7] | 44 | 8 |
Measured On Recurring Basis [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total liabilities at fair value | [7] | $ 44 | $ 8 |
[1] | Based on the fair value of the participants’ investments. | ||
[2] | Based on observable market transactions of spot currency rates and forward rates. | ||
[3] | Based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. | ||
[4] | Based on observable local benchmarks for currency and interest rates. | ||
[5] | Based on LIBOR and equity index swap rates. | ||
[6] | 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 2016. See Note 15 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 July 31, 2016. | ||
[7] | Based on LIBOR swap rates. |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Statement [Line Items] | |||
Common Stock, Shares Authorized | 560 | 560 | |
Common Stock, Par or Stated Value Per Share | $ 0.0375 | $ 0.0375 | |
Preferred Stock, Shares Authorized | 40 | 40 | |
Preferred Stock, Shares Issued | 0 | 0 | |
Shares repurchased, value | $ 143 | $ 244 | $ 76 |
June 2011 Program [Member] | |||
Statement [Line Items] | |||
Authorized amount for shares repurchase | 1,000 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 450 | ||
Treasury Stock [Member] | |||
Statement [Line Items] | |||
Treasury stock purchased, shares | 3 | 5 | 2 |
Shares repurchased, value | $ 143 | $ 244 | $ 76 |
Treasury Stock [Member] | June 2011 Program [Member] | |||
Statement [Line Items] | |||
Shares repurchased, value | $ 100 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Oct. 30, 2016 | Nov. 01, 2015 | Oct. 27, 2013 | Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Stock-based Compensation | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Pre-tax stock-based compensation expense | $ 64 | $ 57 | $ 56 | |||
Tax-related benefits | 24 | 21 | 21 | |||
Total intrinsic value of options exercised | 2 | 5 | 12 | |||
Excess tax benefits on stock-based compensation | 7 | 6 | 13 | |||
Cash received from the exercise of stock options | $ 2 | $ 9 | $ 18 | |||
EPS Performance Restricted Stock Units [Member] | ||||||
Stock-based Compensation | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Nonvested, Units | 208 | |||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 45.30 | |||||
Strategic Performance Restricted Stock Units [Member] | ||||||
Stock-based Compensation | ||||||
Nonvested, Units | 336 | |||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 41.21 | |||||
Employee Stock Option [Member] | ||||||
Stock-based Compensation | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Share Based Compensation Arrangement Share Based Payment Award Vested Options Contractual Exercise Term | 10 years | |||||
Remaining unearned compensation on nonvested awards | $ 2 | |||||
Weighted-average remaining service period, years | 1 year 9 months | |||||
Special Performance Restricted Stock Units [Member] | ||||||
Stock-based Compensation | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||
Nonvested, Units | 92 | |||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 42.22 | |||||
Time Lapse E P S And Strategic Performance Restricted Stock Units [Member] | ||||||
Stock-based Compensation | ||||||
Remaining unearned compensation on nonvested awards | $ 25 | |||||
Weighted-average remaining service period, years | 1 year 7 months | |||||
Nonvested, Units | 2,004 | 2,410 | ||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 45.08 | $ 41.40 | ||||
Granted, Weighted-Average Grant-Date Fair Value | $ 50.44 | $ 43 | $ 39.97 | |||
Fair value of restricted units and shares vested | $ 44 | $ 56 | $ 106 | |||
TSR Performance Restricted Stock/Units [Member] | ||||||
Stock-based Compensation | ||||||
Remaining unearned compensation on nonvested awards | $ 34 | |||||
Weighted-average remaining service period, years | 1 year 9 months | |||||
Nonvested, Units | 1,641 | 1,579 | ||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 49.13 | $ 40.75 | ||||
Granted, Weighted-Average Grant-Date Fair Value | $ 62.44 | $ 43.39 | $ 36.26 | |||
Fair value of restricted units and shares vested | $ 22 | |||||
Percentage recipients received based on performance | 100.00% | 0.00% | ||||
Discontinued Operations [Member] | ||||||
Stock-based Compensation | ||||||
Pre-tax stock-based compensation expense | $ 1 | |||||
Minimum [Member] | EPS Performance Restricted Stock Units [Member] | ||||||
Stock-based Compensation | ||||||
Potential Percentage Of Grant Under Performance Plan | 0.00% | |||||
Minimum [Member] | Strategic Performance Restricted Stock Units [Member] | ||||||
Stock-based Compensation | ||||||
Potential Percentage Of Grant Under Performance Plan | 0.00% | |||||
Minimum [Member] | TSR Performance Restricted Stock/Units [Member] | ||||||
Stock-based Compensation | ||||||
Potential Percentage Of Grant Under Performance Plan | 0.00% | |||||
Maximum [Member] | EPS Performance Restricted Stock Units [Member] | ||||||
Stock-based Compensation | ||||||
Potential Percentage Of Grant Under Performance Plan | 100.00% | |||||
Maximum [Member] | Strategic Performance Restricted Stock Units [Member] | ||||||
Stock-based Compensation | ||||||
Potential Percentage Of Grant Under Performance Plan | 200.00% | |||||
Maximum [Member] | TSR Performance Restricted Stock/Units [Member] | ||||||
Stock-based Compensation | ||||||
Potential Percentage Of Grant Under Performance Plan | 200.00% | |||||
2003 And Previous Long-Term Incentive Plan [Member] | ||||||
Stock-based Compensation | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 31,200 | |||||
2005 Long Term Incentive Plan [Member] | ||||||
Stock-based Compensation | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,000 | |||||
2005 Long Term Incentive Plan, Total Shares Authorized, as Amended In 2008 [Member] | ||||||
Stock-based Compensation | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 10,500 | |||||
2005 Long Term Incentive Plan, Total Shares Authorized, as Amended in 2010 [Member] | ||||||
Stock-based Compensation | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 17,500 | |||||
2015 Long-Term Incentive Plan [Member] | ||||||
Stock-based Compensation | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 13,000 | |||||
2005 Long-Term Incentive Plan Rolled into the 2015 Long-Term Incentive Plan | ||||||
Stock-based Compensation | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,000 | |||||
Scenario, Forecast [Member] | Strategic Performance Restricted Stock Units [Member] | ||||||
Stock-based Compensation | ||||||
Percentage recipients received based on performance | 35.00% | |||||
Scenario, Forecast [Member] | TSR Performance Restricted Stock/Units [Member] | ||||||
Stock-based Compensation | ||||||
Percentage recipients received based on performance | 75.00% | |||||
Scenario, Forecast [Member] | Financial [Member] | Special Performance Restricted Stock Units [Member] | ||||||
Stock-based Compensation | ||||||
Percentage recipients received based on performance | 0.00% | |||||
Scenario, Forecast [Member] | Milestones [Member] | Special Performance Restricted Stock Units [Member] | ||||||
Stock-based Compensation | ||||||
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 | 12 Months Ended |
Jul. 31, 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 | (30) |
End of year, Options | shares | 681 |
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 | 50.21 |
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 2 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 (Time-
Stock-based Compensation (Time-Lapse Restricted Stock Units, EPS Performance Restricted Stock Units And Strategic Performance Restricted Stock Units And TSR Performance Restricted Stock Units) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Time Lapse, EPS Performance And Strategic Performance Restricted Stock Units [Member] | |||
Stock-based Compensation | |||
Nonvested at beginning of period, Units | 2,410 | ||
Granted, Units | 698 | ||
Vested, Units | (862) | ||
Forfeited, Units | (242) | ||
Nonvested at end of period, Units | 2,004 | 2,410 | |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $ 41.40 | ||
Granted, Weighted-Average Grant-Date Fair Value | 50.44 | $ 43 | $ 39.97 |
Vested, Weighted-Average Grant-Date Fair Value | 39.50 | ||
Forfeited, Weighted Average Grant Date Fair Value | 43.73 | ||
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $ 45.08 | $ 41.40 | |
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 | (182) | ||
Nonvested at end of period, Units | 1,641 | 1,579 | |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $ 40.75 | ||
Granted, Weighted-Average Grant-Date Fair Value | 62.44 | $ 43.39 | $ 36.26 |
Vested, Weighted-Average Grant-Date Fair Value | 39.76 | ||
Forfeited, Weighted Average Grant Date Fair Value | 48.77 | ||
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $ 49.13 | $ 40.75 |
Stock-based Compensation (Valua
Stock-based Compensation (Valuation Assumptions) (Details) | 12 Months Ended | ||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
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% | 0.60% |
Expected dividend yield | 2.46% | 2.91% | 2.98% |
Expected volatility | 17.25% | 16.20% | 15.76% |
Expected term, years | 3 years | 3 years | 3 years |
Commitments and Contingencie110
Commitments and Contingencies (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Jul. 31, 2016USD ($) | Aug. 02, 2015USD ($) | Aug. 03, 2014USD ($) | |
Operating Leases, Rent Expense, Net | $ 45 | $ 48 | $ 50 |
Number of bank loans guarantees related to independent distributors | 2,000 | ||
Maximum potential amount of future payments | $ 198 | ||
Discontinued Operations [Member] | |||
Operating Leases, Rent Expense, Net | $ 2 |
Commitments and Contingencie111
Commitments and Contingencies (Schedule of Future Annual Minimum Rental Payments (Details) $ in Millions | Jul. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum rental obligation, 2017 | $ 38 |
Minimum rental obligation, 2018 | 31 |
Minimum rental obligation, 2019 | 25 |
Minimum rental obligation, 2020 | 22 |
Minimum rental obligation, 2021 | 16 |
Minimum rental obligation, thereafter | $ 26 |
Supplemental Financial State112
Supplemental Financial Statement Data (Schedule of Balance Sheets) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | ||
Receivables [Abstract] | ||||
Customer accounts receivable | $ 566 | $ 570 | ||
Allowances | (12) | (13) | ||
Accounts receivable, net current | 554 | 557 | ||
Other receivables | 72 | 90 | ||
Accounts receivable, net | 626 | 647 | ||
Inventory, Net [Abstract] | ||||
Inventory, Raw Materials, Gross | 391 | 427 | ||
Inventory, Finished Goods, Gross | 549 | 568 | ||
Inventories | 940 | 995 | ||
Prepaid Expense and Other Assets, Current [Abstract] | ||||
Deferred Tax Assets, Net of Valuation Allowance, Current | [1] | 0 | 114 | |
Derivative Asset, Current | 5 | 32 | ||
Other Assets, Miscellaneous, Current | 41 | 52 | ||
Other current assets | 46 | 198 | ||
Property, Plant and Equipment, Net [Abstract] | ||||
Land | 58 | 57 | ||
Buildings and Improvements, Gross | 1,488 | 1,416 | ||
Machinery and Equipment, Gross | 4,042 | 3,802 | ||
Construction in Progress, Gross | 176 | 238 | ||
Property, Plant and Equipment, Gross | 5,764 | 5,513 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | [2] | (3,357) | (3,166) | |
Plant assets, net of depreciation | 2,407 | 2,347 | $ 2,318 | |
Other Assets, Noncurrent [Abstract] | ||||
Derivative Asset, Noncurrent | 0 | 22 | ||
Investments | 47 | 10 | ||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 41 | 25 | ||
Other Assets, Miscellaneous, Noncurrent | 19 | 31 | ||
Other assets | 107 | 88 | ||
Other Liabilities, Current [Abstract] | ||||
Employee-related Liabilities, Current | 263 | 255 | ||
Derivative Liability, Current | 16 | 12 | ||
Accrued Marketing Costs, Current | 130 | 125 | ||
Interest Payable, Current | 35 | 35 | ||
Restructuring Reserve, Current | 57 | 54 | ||
Other Accrued Liabilities, Current | 103 | 108 | ||
Accrued liabilities | 604 | 589 | ||
Other Liabilities, Noncurrent [Abstract] | ||||
Defined Benefit Pension Plan, Liabilities, Noncurrent | 501 | 233 | ||
Deferred Compensation Liability, Noncurrent | [3] | 100 | 104 | |
Other Postretirement Benefits Payable, Noncurrent | 285 | 362 | ||
Derivative Liability, Noncurrent | 44 | 8 | ||
Liability for Uncertain Tax Positions, Noncurrent | 31 | 26 | ||
Restructuring Reserve, Noncurrent | 17 | 49 | ||
Other Accrued Liabilities, Noncurrent | 61 | 68 | ||
Other liabilities | 1,039 | 850 | ||
Depreciation | $ 288 | $ 286 | $ 287 | |
Building [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Net [Abstract] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
Building [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Net [Abstract] | ||||
Property, Plant and Equipment, Useful Life | 45 years | |||
Machinery and Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Net [Abstract] | ||||
Property, Plant and Equipment, Useful Life | 2 years | |||
Machinery and Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Net [Abstract] | ||||
Property, Plant and Equipment, Useful Life | 20 years | |||
[1] | In November 2015, the FASB issued guidance that requires deferred tax liabilities and assets to be classified as noncurrent in the balance sheet. We adopted the guidance in 2016 on a prospective basis and modified the presentation of deferred taxes in the Consolidated Balance Sheet as of July 31, 2016. | |||
[2] | Depreciation expense was $288 in 2016, $286 in 2015 and $287 in 2014. Buildings are depreciated over periods ranging from 7 to 45 years. Machinery and equipment are depreciated over periods generally ranging from 2 to 20 years. | |||
[3] | The deferred compensation obligation represents unfunded plans maintained for the purpose of providing our directors and certain of our executives the opportunity to defer a portion of their compensation. All forms of compensation contributed to the deferred compensation plans are accounted for in accordance with the underlying program. Deferrals and our contributions are credited to an investment account in the participant's name, although no funds are actually contributed to the investment account and no investments are actually purchased. Seven investment choices are available, including: (1) a book account that tracks the total return on our stock; (2) a book account that tracks the performance of the Vanguard Institutional Index; (3) a book account that tracks the performance of the Vanguard Extended Market Index; (4) a book account that tracks the performance of the Vanguard Total International Stock Index; (5) a book account that tracks the performance of the Vanguard Total Bond Market Index; (6) a book account that tracks the performance of the Vanguard Short-Term Bond Index; and (7) a book account that tracks the BlackRock Liquidity TempFund. Participants can reallocate investments daily and are entitled to the gains and losses on investment funds. We recognize an amount in the Consolidated Statements of Earnings for the market appreciation/depreciation of each fund. |
Supplemental Financial State113
Supplemental Financial Statement Data (Schedule of Statement of Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Aug. 02, 2015 | Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |||
Foreign exchange (gains) / losses | [1] | $ (2) | $ 0 | $ 6 | ||
Amortization of Intangible Assets | 20 | 17 | 18 | |||
Impairment charge | 141 | 6 | 0 | [2] | ||
Claim Settlement | [3] | 0 | 0 | |||
Other | (3) | 1 | (2) | |||
Other Operating Income (Expense), Net | (131) | (24) | (22) | |||
Advertising Expense | [4] | 397 | 385 | 411 | ||
Interest Costs Incurred | 118 | 111 | 124 | |||
Interest Costs Capitalized Adjustment | (3) | (3) | (2) | |||
Interest Expense | 115 | 108 | 122 | |||
Foreign Exchange Contract [Member] | ||||||
Derivative, Gain / (Loss) | (9) | |||||
Corporate, Non-Segment [Member] | Foreign Exchange Contract [Member] | ||||||
Derivative, Gain / (Loss) | $ 9 | |||||
Corporate, Non-Segment [Member] | Bolthouse Farms carrot and carrot ingredients reporting unit [Member] | ||||||
Impairment charge | [2] | 141 | ||||
Global Biscuits and Snacks [Member] | ||||||
Impairment charge | [2] | 6 | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 6 | $ 6 | ||||
Kelsen [Member] | Corporate, Non-Segment [Member] | ||||||
Claim Settlement | [3] | $ (25) | ||||
[1] | 2014 included a loss of $9 on foreign exchange forward contracts used to hedge the proceeds from the sale of the European simple meals business. | |||||
[2] | In 2016, we recognized an impairment charge of $141 related to the intangible assets of the Bolthouse Farms carrot and carrot ingredients reporting unit and in 2015 we recognized an impairment charge of $6 related to minor trademarks used in the Global Biscuits and Snacks segment. See also Note 6. | |||||
[3] | In 2016, we recorded a gain of $25 from a settlement of a claim related to the Kelsen acquisition. | |||||
[4] | Included in Marketing and selling expenses. |
Supplemental Financial State114
Supplemental Financial Statement Data (Schedule of Statements of Cash Flow) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Statement of Financial Position [Abstract] | |||
Employee Benefits And Deferred Compensation Payments | $ (55) | $ (53) | $ (52) |
Other Operating Activities, Cash Flow Statement | (3) | 1 | (1) |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | (58) | (52) | (53) |
Interest Paid | 113 | 111 | 122 |
Interest Received | 4 | 3 | 3 |
Income Taxes Paid, Net | $ 325 | $ 333 | $ 421 |
Quarterly Data (Details)
Quarterly Data (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2016 | May 01, 2016 | Jan. 31, 2016 | Nov. 01, 2015 | Aug. 02, 2015 | May 03, 2015 | Feb. 01, 2015 | Nov. 02, 2014 | Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | |
Net sales | $ 1,687 | $ 1,870 | $ 2,201 | $ 2,203 | $ 1,693 | $ 1,900 | $ 2,234 | $ 2,255 | $ 7,961 | $ 8,082 | $ 8,268 |
Gross profit | 546 | 660 | 819 | 755 | 562 | 682 | 743 | 795 | |||
Net earnings attributable to Campbell Soup Company | $ (81) | $ 185 | $ 265 | $ 194 | $ 17 | $ 179 | $ 222 | $ 248 | $ 563 | $ 666 | $ 866 |
Earnings per share, basic | $ (0.26) | $ 0.60 | $ 0.85 | $ 0.63 | $ 0.05 | $ 0.58 | $ 0.71 | $ 0.79 | $ 1.82 | $ 2.13 | $ 2.76 |
Common Stock, Dividends, Per Share, Declared | 0.312 | 0.312 | 0.312 | 0.312 | 0.312 | 0.312 | 0.312 | 0.312 | $ 1.248 | $ 1.248 | $ 1.248 |
Taxes on earnings | $ 286 | $ 283 | $ 374 | ||||||||
Earnings Per Share, Diluted | $ (0.26) | $ 0.59 | $ 0.85 | $ 0.62 | $ 0.05 | $ 0.57 | $ 0.71 | $ 0.78 | $ 1.81 | $ 2.13 | $ 2.74 |
Goodwill and Intangible Asset Impairment, net of tax | $ 127 | $ 0 | $ 0 | $ 0 | |||||||
Restructuring charges, after tax | 7 | 9 | 10 | 23 | $ 67 | $ 11 | $ 0 | $ 0 | |||
Pension and postretirement benefits mark to market adj, net of tax | 90 | 34 | (4) | 80 | $ 69 | $ 16 | $ 0 | $ 2 | |||
Other Income claim settlement, net of tax | $ 0 | $ (25) | $ 0 | $ 0 | |||||||
Goodwill and Intangible Impairment, Per Diluted Share | $ 0.41 | $ 0 | $ 0 | $ 0 | |||||||
Restructuring charges, Per Diluted Share | 0.02 | 0.03 | 0.03 | 0.07 | $ 0.21 | $ 0.04 | $ 0 | $ 0 | |||
Pension and postretirement benefits mark to market adjustment, Per Diluted Share | 0.29 | 0.11 | (0.01) | 0.26 | 0.22 | 0.05 | 0 | 0.01 | |||
Other Income claim settlement, Per Diluted Share | 0 | (0.08) | 0 | 0 | |||||||
Maximum [Member] | |||||||||||
Share Price | 67.89 | 65.48 | 56.63 | 52.37 | 49.54 | 48.31 | 47.45 | 45.12 | 67.89 | 49.54 | |
Minimum [Member] | |||||||||||
Share Price | $ 59.51 | $ 54.97 | $ 47.77 | $ 45.23 | $ 44.92 | $ 44.45 | $ 42.70 | $ 41.15 | $ 59.51 | $ 44.92 | |
Restatement Adjustment [Member] | |||||||||||
Taxes on earnings | $ 13 | ||||||||||
Earnings Per Share, Diluted | $ 0.04 |
Valuation and Qualifying Acc116
Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jul. 31, 2016 | Aug. 02, 2015 | Aug. 03, 2014 | ||
Beginning Balance | $ 13 | $ 12 | $ 11 | |
Charged to (Reduction in) Cost and Expense | 117 | 118 | 115 | |
Deductions | (118) | (117) | (116) | |
Acquisitions | 0 | 0 | 2 | |
Ending Balance | 12 | 13 | 12 | |
Actual Returns | 95 | 105 | 118 | |
Reserve for Cash Discount [Member] | ||||
Beginning Balance | 5 | 4 | 5 | |
Charged to (Reduction in) Cost and Expense | 116 | 116 | 114 | |
Deductions | (117) | (115) | (115) | |
Acquisitions | 0 | 0 | 0 | |
Ending Balance | 4 | 5 | 4 | |
Allowance for Doubtful Accounts [Member] | ||||
Beginning Balance | 4 | 3 | 2 | |
Charged to (Reduction in) Cost and Expense | (1) | 2 | 0 | |
Deductions | 0 | (1) | (1) | |
Acquisitions | 0 | 0 | 2 | |
Ending Balance | 3 | 4 | 3 | |
Allowance for Sales Returns [Member] | ||||
Beginning Balance | [1] | 4 | 5 | 4 |
Charged to (Reduction in) Cost and Expense | [1] | 2 | 0 | 1 |
Deductions | [1] | (1) | (1) | 0 |
Acquisitions | [1] | 0 | 0 | 0 |
Ending Balance | [1] | $ 5 | $ 4 | $ 5 |
Maximum [Member] | ||||
Percentage Of Actual Returns | 2.00% | 2.00% | 2.00% | |
[1] | The returns reserve is evaluated quarterly and adjusted accordingly. During each period, returns are charged to net sales in the Consolidated Statements of Earnings as incurred. Actual returns were approximately $95 in 2016, $105 in 2015 and $118 in 2014, or less than 2% of net sales. |