Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Oct. 29, 2017 | Nov. 30, 2017 | |
Entity Information [Line Items] | ||
Entity Registrant Name | CAMPBELL SOUP CO | |
Entity Central Index Key | 16,732 | |
Current Fiscal Year End Date | --07-29 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Oct. 29, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 300,606,995 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Oct. 29, 2017 | Oct. 30, 2016 | |
Income Statement [Abstract] | ||
Net sales | $ 2,161 | $ 2,202 |
Costs and expenses | ||
Cost of products sold | 1,378 | 1,351 |
Marketing and selling expenses | 219 | 230 |
Administrative expenses | 149 | 125 |
Research and development expenses | 30 | 27 |
Other expenses / (income) | (29) | 11 |
Restructuring charges | 2 | 1 |
Total costs and expenses | 1,749 | 1,745 |
Earnings before interest and taxes | 412 | 457 |
Interest expense | 31 | 29 |
Interest income | 1 | 1 |
Earnings before taxes | 382 | 429 |
Taxes on earnings | 107 | 137 |
Net earnings | 275 | 292 |
Less: Net earnings (loss) attributable to noncontrolling interests | 0 | 0 |
Net earnings attributable to Campbell Soup Company | $ 275 | $ 292 |
Per Share - Basic | ||
Net earnings attributable to Campbell Soup Company | $ 0.91 | $ 0.95 |
Dividends | $ 0.35 | $ 0.35 |
Weighted average shares outstanding - basic | 301 | 308 |
Per Share - Assuming Dilution | ||
Net earnings attributable to Campbell Soup Company | $ 0.91 | $ 0.94 |
Weighted average shares outstanding - assuming dilution | 302 | 310 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Oct. 29, 2017 | Oct. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 275 | $ 292 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax [Abstract] | ||
Foreign currency translation adjustments, before tax | (32) | (8) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | ||
Unrealized gains (losses) arising during period, before Tax | 9 | 13 |
Reclassification adjustment for (gains) losses included in net earnings, before tax | (2) | 2 |
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 | (7) | (6) |
Other comprehensive income (loss), before tax | (32) | 1 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax [Abstract] | ||
Foreign currency translation adjustments, tax (expense) benefit | 0 | 0 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax Effect [Abstract] | ||
Unrealized gains (losses) arising during the period, tax (expense) benefit | (2) | (5) |
Reclassification adjustment for (gains) losses included in net earnings, tax (expense) benefit | 0 | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax [Abstract] | ||
Reclassification of prior service credit included in net earnings, tax (expense) benefit | 2 | 2 |
Other comprehensive income (loss), tax (expense) benefit | 0 | (3) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | ||
Foreign currency translation adjustments, after-tax | (32) | (8) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | ||
Unrealized gains (losses) arising during the period, after-tax | 7 | 8 |
Reclassification adjustment for (gains) losses included in net earnings, after-tax | (2) | 2 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax [Abstract] | ||
Reclassification of prior service credit included in net earnings, after-tax | (5) | (4) |
Other comprehensive income (loss), after tax | (32) | (2) |
Total comprehensive income (loss), after-tax | 243 | 290 |
Total comprehensive income (loss) attributable to noncontrolling interests | 0 | 1 |
Total comprehensive income (loss) attributable to Campbell Soup Company | $ 243 | $ 289 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions | Oct. 29, 2017 | Jul. 30, 2017 | |
Current assets | |||
Cash and cash equivalents | $ 163 | $ 319 | |
Accounts receivable, net | 766 | 605 | |
Inventories | 1,001 | 902 | |
Other current assets | 66 | 74 | |
Total current assets | 1,996 | 1,900 | |
Plant assets, net of depreciation | 2,417 | 2,454 | |
Goodwill | [1] | 2,086 | 2,115 |
Other intangible assets, net of amortization | 1,112 | 1,118 | |
Other assets ($56 as of 2018 and $51 as of 2017 attributable to variable interest entity) | 135 | 139 | |
Total assets | 7,746 | 7,726 | |
Current liabilities | |||
Short-term borrowings | 1,192 | 1,037 | |
Payable to suppliers and others | 713 | 666 | |
Accrued liabilities | 518 | 561 | |
Dividends payable | 107 | 111 | |
Accrued income taxes | 53 | 20 | |
Total current liabilities | 2,583 | 2,395 | |
Long-term debt | 2,269 | 2,499 | |
Deferred taxes | 531 | 490 | |
Other liabilities | 674 | 697 | |
Total liabilities | 6,057 | 6,081 | |
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 | 305 | 359 | |
Earnings retained in the business | 2,555 | 2,385 | |
Capital stock in treasury, at cost | (1,106) | (1,066) | |
Accumulated other comprehensive loss | (85) | (53) | |
Total Campbell Soup Company shareholders' equity | 1,681 | 1,637 | |
Noncontrolling interests | 8 | 8 | |
Total equity | 1,689 | 1,645 | |
Total liabilities and equity | $ 7,746 | $ 7,726 | |
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 ($56 as of 2018 and $51 as of 2017 attributable to variable interest entity) | $ 56 | $ 51 | |
[1] | The Campbell Fresh segment includes accumulated impairment charges of $297 as of October 29, 2017, and July 30, 2017. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Oct. 29, 2017 | Oct. 30, 2016 | |
Cash flows from operating activities: | ||
Net earnings | $ 275 | $ 292 |
Adjustments to reconcile net earnings to operating cash flow | ||
Restructuring charges | 2 | 1 |
Stock-based compensation | 14 | 14 |
Pension and postretirement benefit income | (16) | (11) |
Depreciation and amortization | 82 | 77 |
Deferred income taxes | 41 | 19 |
Other, net | 6 | (2) |
Changes in working capital | ||
Accounts receivable | (167) | (218) |
Inventories | (105) | (27) |
Prepaid assets | 16 | (6) |
Accounts payable and accrued liabilities | 84 | 96 |
Net payments of hedging activities | (33) | (2) |
Other | (11) | (12) |
Net cash provided by operating activities | 188 | 221 |
Cash flows from investing activities: | ||
Purchases of plant assets | (58) | (48) |
Other, net | (5) | (4) |
Net cash used in investing activities | (63) | (52) |
Cash flows from financing activities: | ||
Net short-term borrowings (repayments) | (60) | 86 |
Long-term repayments | 0 | (27) |
Dividends paid | (111) | (100) |
Treasury stock purchases | (86) | (112) |
Payments related to tax withholding for stock-based compensation | (22) | (20) |
Net cash used in financing activities | (279) | (173) |
Effect of exchange rate changes on cash | (2) | (2) |
Net change in cash and cash equivalents | (156) | (6) |
Cash and cash equivalents - beginning of period | 319 | 296 |
Cash and cash equivalents - end of period | $ 163 | $ 290 |
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] | AOCI Attributable to Parent [Member] | Noncontrolling Interests [Member] |
Capital stock, shares at Jul. 31, 2016 | 323 | ||||||
Treasury stock, shares at Jul. 31, 2016 | (15) | ||||||
Balance, value at Jul. 31, 2016 | $ 1,533 | $ 12 | $ (664) | $ 354 | $ 1,927 | $ (104) | $ 8 |
Net earnings (loss) | 292 | 292 | 0 | ||||
Other comprehensive income (loss) | (2) | (3) | 1 | ||||
Dividends | $ (107) | (107) | |||||
Dividends per share | $ 0.35 | ||||||
Treasury stock purchased, shares | (2) | ||||||
Treasury stock purchased, value | $ (112) | $ (112) | |||||
Treasury stock issued under management incentive and stock option plans, shares | 1 | ||||||
Treasury stock issued under management incentive and stock option plans, value | (6) | $ 31 | (37) | ||||
Capital stock, shares at Oct. 30, 2016 | 323 | ||||||
Treasury stock, shares at Oct. 30, 2016 | (16) | ||||||
Balance, value at Oct. 30, 2016 | 1,598 | $ 12 | $ (745) | 317 | 2,112 | (107) | 9 |
Capital stock, shares at Jul. 30, 2017 | 323 | ||||||
Treasury stock, shares at Jul. 30, 2017 | (22) | ||||||
Balance, value at Jul. 30, 2017 | 1,645 | $ 12 | $ (1,066) | 359 | 2,385 | (53) | 8 |
Net earnings (loss) | 275 | 275 | 0 | ||||
Other comprehensive income (loss) | (32) | (32) | 0 | ||||
Dividends | $ (105) | (105) | |||||
Dividends per share | $ 0.35 | ||||||
Treasury stock purchased, shares | (2) | ||||||
Treasury stock purchased, value | $ (86) | $ (86) | |||||
Treasury stock issued under management incentive and stock option plans, shares | 2 | ||||||
Treasury stock issued under management incentive and stock option plans, value | (8) | $ 46 | (54) | ||||
Capital stock, shares at Oct. 29, 2017 | 323 | ||||||
Treasury stock, shares at Oct. 29, 2017 | (22) | ||||||
Balance, value at Oct. 29, 2017 | $ 1,689 | $ 12 | $ (1,106) | $ 305 | $ 2,555 | $ (85) | $ 8 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Oct. 29, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation and Significant Accounting Policies In this Form 10-Q, unless otherwise stated, the terms "we," "us," "our" and the "company" refer to Campbell Soup Company and its consolidated subsidiaries. The consolidated financial statements include our accounts and entities in which we maintain a controlling financial interest and a variable interest entity (VIE) for which we are the primary beneficiary. Intercompany transactions are eliminated in consolidation. Certain amounts in prior-year financial statements were reclassified to conform to the current-year presentation. The financial statements reflect all adjustments which are, in our opinion, necessary for a fair statement of the results of operations, financial position, and cash flows for the indicated periods. The accounting policies we used in preparing these financial statements are substantially consistent with those we applied in our Annual Report on Form 10-K for the year ended July 30, 2017, except as described in Note 2. The results for the period are not necessarily indicative of the results to be expected for other interim periods or the full year. Our fiscal year ends on the Sunday nearest July 31. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Oct. 29, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued revised guidance on the recognition of revenue from contracts with customers. The guidance is designed to create greater comparability for financial statement users across industries and jurisdictions. The guidance also requires enhanced disclosures. The guidance was originally effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. In July 2015, the FASB decided to delay the effective date of the new revenue guidance by one year to fiscal years, and interim periods within those years, beginning after December 15, 2017. Entities will be permitted to adopt the new revenue standard early, but not before the original effective date. The guidance permits the use of either a full retrospective or modified retrospective transition method. We are currently performing a diagnostic review of our arrangements with customers across our significant businesses, including our practices of offering rebates, refunds, discounts and other price allowances, and trade and consumer promotion programs. We are evaluating our methods of estimating the amount and timing of these various forms of variable consideration. We are continuing to evaluate the impact that the new guidance will have on our consolidated financial statements, as well as which transition method we will use. We will adopt the new guidance in 2019. 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 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 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. In October 2016, the FASB issued guidance on tax accounting for intra-entity asset transfers. Under current guidance, the tax effects of intra-entity asset transfers (intercompany sales) are deferred until the transferred asset is sold to a third party or otherwise recognized. The new guidance requires companies to account for the income tax effects on intercompany transfers of assets other than inventory when the transfer occurs. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted in the first interim period of a fiscal year. The modified retrospective approach is required upon adoption, with a cumulative-effect adjustment recorded in retained earnings as of the beginning of the period of adoption. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. In January 2017, the FASB issued guidance that revises the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this threshold is met, the set of transferred assets and activities is not a business. If it is not met, the entity then evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. We will prospectively apply the guidance to applicable transactions. In March 2017, the FASB issued guidance that changes the presentation of net periodic pension cost and net periodic postretirement benefit cost. Under the revised guidance, the service cost component of benefit cost is classified in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost (such as interest expense, return on assets, amortization of prior service credit, actuarial gains and losses, settlements and curtailments) are required to be presented in the income statement separately from the service cost component. The guidance also allows only the service cost component to be eligible for capitalization when applicable (for example, as a cost of internally manufactured inventory). The guidance should be applied retrospectively for the presentation of the service cost component and the other components of benefit cost in the income statement, and applied prospectively on and after the effective date for the capitalization of the service cost component. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. We elected to early adopt the guidance in the first quarter of 2018. The retrospective impact of presenting net periodic benefit cost in accordance with the new guidance is as follows: Three Months Ended Increase / (decrease) in expense October 30, Cost of products sold $ (10 ) Marketing and selling expenses $ 2 Administrative expenses $ 2 Research and development expenses $ 1 Other expenses / (income) $ 5 In May 2017, the FASB issued guidance that clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under the new guidance, modification accounting is required only if the value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The guidance is effective prospectively for fiscal years beginning after December 15, 2017. Early adoption is permitted. We will apply the guidance in evaluating future changes to terms or conditions of share-based payment awards. In August 2017, the FASB issued guidance that amends hedge accounting. Under the new guidance, more hedging strategies will be eligible for hedge accounting and the application of hedge accounting is simplified. The new guidance amends presentation and disclosure requirements, and how effectiveness is assessed. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those years. Early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. |
Acquistions
Acquistions | 3 Months Ended |
Oct. 29, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On July 6, 2017, we entered into an agreement to acquire Pacific Foods of Oregon, Inc. (Pacific Foods) for $700 , subject to customary purchase price adjustments related to the amount of Pacific Foods' cash, debt, working capital and transaction expenses. The closing of the transaction is subject to customary closing conditions and termination rights. The agreement provides that if we fail to close the transaction when all conditions to closing have been satisfied or if we are in breach of the agreement, we will be required to pay Pacific Foods a $50 termination fee. On August 21, 2017, the estate of a former Pacific Foods shareholder, Edward C. Lynch, filed a lawsuit against Pacific Foods and certain of its directors, among others, seeking in excess of $250 in damages. On September 27, 2017, we notified Pacific Foods that it had 60 days under the terms of the agreement to resolve the issues arising from the suit in order for the transaction to close. Pacific Foods has resolved the issues arising from the suit, and we expect the acquisition to close in December 2017. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Oct. 29, 2017 | |
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 July 31, 2016 $ (124 ) $ (41 ) $ 61 $ (104 ) Other comprehensive income (loss) before reclassifications (9 ) 8 — (1 ) Amounts reclassified from accumulated other comprehensive income (loss) — 2 (4 ) (2 ) Net current-period other comprehensive income (loss) (9 ) 10 (4 ) (3 ) Balance at October 30, 2016 $ (133 ) $ (31 ) $ 57 $ (107 ) Balance at July 30, 2017 $ (84 ) $ (22 ) $ 53 $ (53 ) Other comprehensive income (loss) before reclassifications (32 ) 7 — (25 ) Amounts reclassified from accumulated other comprehensive income (loss) — (2 ) (5 ) (7 ) Net current-period other comprehensive income (loss) (32 ) 5 (5 ) (32 ) Balance at October 29, 2017 $ (116 ) $ (17 ) $ 48 $ (85 ) _____________________________________ (1) Included a tax expense of $6 as of October 29, 2017 , July 30, 2017 , October 30, 2016 , and July 31, 2016 . (2) Included a tax benefit of $10 as of October 29, 2017 , $12 as of July 30, 2017 , $18 as of October 30, 2016 , and $23 as of July 31, 2016. (3) Included a tax expense of $28 as of October 29, 2017 , $30 as of July 30, 2017 , $33 as of October 30, 2016 , and $35 as of July 31, 2016 . Amounts related to noncontrolling interests were not material. The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following: Three Months Ended Details about Accumulated Other Comprehensive Income (Loss) Components October 29, 2017 October 30, 2016 Location of (Gain) Loss Recognized in Earnings (Gains) losses on cash flow hedges: Foreign exchange forward contracts $ (2 ) $ 1 Cost of products sold Forward starting interest rate swaps — 1 Interest expense Total before tax (2 ) 2 Tax expense (benefit) — — (Gain) loss, net of tax $ (2 ) $ 2 Pension and postretirement benefit adjustments: Prior service credit $ (7 ) $ (6 ) Other expenses / (income) Tax expense (benefit) 2 2 (Gain) loss, net of tax $ (5 ) $ (4 ) |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 3 Months Ended |
Oct. 29, 2017 | |
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 Net balance at July 30, 2017 (1) $ 780 $ 795 $ 540 $ 2,115 Foreign currency translation adjustment (3 ) (26 ) — (29 ) Net balance at October 29, 2017 (1) $ 777 $ 769 $ 540 $ 2,086 _____________________________________ (1) The Campbell Fresh segment includes accumulated impairment charges of $297 as of October 29, 2017 , and July 30, 2017. 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 October 29, July 30, Amortizable intangible assets Customer relationships $ 223 $ 223 Technology 40 40 Other 35 35 Total gross amortizable intangible assets $ 298 $ 298 Accumulated amortization (96 ) (92 ) Total net amortizable intangible assets $ 202 $ 206 Non-amortizable intangible assets Trademarks 910 912 Total net intangible assets $ 1,112 $ 1,118 Non-amortizable intangible assets consist of trademarks, which include Bolthouse Farms, Pace , Plum, Kjeldsens, Garden Fresh Gourmet and Royal Dansk . Other amortizable intangible assets consist of recipes, patents, trademarks and distributor relationships. Amortization of intangible assets was $4 and $5 for the three-month periods ended October 29, 2017 , and October 30, 2016 , respectively. Amortization expense for the next 5 years is estimated to be $16 in 2018 and 2019, and $15 in 2020 through 2022. Asset useful lives range from 5 to 20 years. |
Segment Information
Segment Information | 3 Months Ended |
Oct. 29, 2017 | |
Segment Reporting [Abstract] | |
Business and Geographic Segment Information | Segment Information We manage our businesses in three segments focused mainly on product categories. The segments are as follows: • Americas Simple Meals and Beverages segment includes the retail and food service businesses in the U.S. and Canada. 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 beginning in 2018, the business in Latin America; and • Campbell Fresh segment includes Bolthouse Farms fresh carrots, carrot ingredients, refrigerated beverages and refrigerated salad dressings, Garden Fresh Gourmet salsa, hummus, dips and tortilla chips, and the U.S. refrigerated soup business. Prior to 2018, the business in Latin America was managed as part of the Americas Simple Meals and Beverages segment. Segment results have been adjusted retrospectively to reflect this change. 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 are reflected in Corporate and not included in segment operating results. Asset information by segment is not discretely maintained for internal reporting or used in evaluating performance. Three Months Ended October 29, October 30, Net sales Americas Simple Meals and Beverages $ 1,218 $ 1,278 Global Biscuits and Snacks 709 690 Campbell Fresh 234 234 Total $ 2,161 $ 2,202 Three Months Ended October 29, October 30, Earnings before interest and taxes Americas Simple Meals and Beverages $ 328 $ 380 Global Biscuits and Snacks 120 115 Campbell Fresh (6 ) 1 Corporate (1) (28 ) (38 ) Restructuring charges (2) (2 ) (1 ) Total $ 412 $ 457 _______________________________________ (1) Represents unallocated items. Pension and postretirement benefit mark-to-market adjustments are included in Corporate. There were gains of $14 and losses of $20 in the three-month periods ended October 29, 2017 , and October 30, 2016 , respectively. Costs related to the implementation of our new organizational structure and cost savings initiatives were $17 and $8 in the three-month periods ended October 29, 2017 , and October 30, 2016 , respectively. (2) See Note 7 for additional information. Our global net sales based on product categories are as follows: Three Months Ended October 29, October 30, Net sales Soup $ 807 $ 863 Baked snacks 677 653 Other simple meals 435 429 Beverages 242 257 Total $ 2,161 $ 2,202 Soup includes various soup, broths and stock products. Baked Snacks include cookies, crackers, biscuits and other baked products. Other simple meals include sauces, carrot products, refrigerated salad dressings, refrigerated salsa, hummus, dips and Plum foods and snacks. |
Restructuring Charges and Cost
Restructuring Charges and Cost Savings Initiatives | 3 Months Ended |
Oct. 29, 2017 | |
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, implemented an initiative to reduce overhead across the organization and are pursuing other initiatives to reduce costs and increase effectiveness. 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 that date. In February 2017, we announced that we are expanding these cost savings initiatives by further optimizing our supply chain network, primarily in North America, continuing to evolve our operating model to drive efficiencies, and more fully integrating our recent acquisitions. We have extended the time horizon for the initiatives from 2018 to 2020. Cost estimates for these expanded initiatives, as well as timing for certain activities, are being developed. A summary of the restructuring charges we recorded and charges incurred in Administrative expenses and Cost of products sold related to the implementation of the new organizational structure and costs savings initiatives is as follows: Three Months Ended Year Ended October 29, 2017 October 30, 2016 July 30, 2017 July 31, 2016 August 2, 2015 Restructuring charges $ 2 $ 1 $ 18 $ 35 $ 102 Administrative expenses 12 8 36 47 22 Cost of products sold 5 — 4 — — Total pre-tax charges $ 19 $ 9 $ 58 $ 82 $ 124 A summary of the pre-tax costs associated with the initiatives is as follows: Recognized as of Severance pay and benefits $ 137 Asset impairment/accelerated depreciation 17 Implementation costs and other related costs 129 Total $ 283 The total estimated pre-tax costs for actions that have been identified are approximately $380 to $420 . We expect to incur substantially all of the costs through 2019. This estimate will be updated as costs for the expanded initiatives are developed. We expect the costs for actions that have been identified to date to consist of the following: approximately $140 in severance pay and benefits; approximately $20 in asset impairment and accelerated depreciation; and approximately $220 to $260 in implementation costs and other related costs.We expect these pre-tax costs to be associated with our segments as follows: Americas Simple Meals and Beverages - approximately 30% ; Global Biscuits and Snacks - approximately 38% ; Campbell Fresh - approximately 4% ; and Corporate - approximately 28% . Of the aggregate $380 to $420 of pre-tax costs identified to date, we expect approximately $350 to $390 will be cash expenditures. In addition, we expect to invest approximately $180 in capital expenditures through 2019 primarily related to the construction of a network of distribution centers for our U.S. thermal plants and insourcing of manufacturing for certain simple meal products, of which we invested approximately $22 as of October 29, 2017 . A summary of the restructuring activity and related reserves associated with the initiatives at October 29, 2017 , is as follows: Severance Pay and Benefits Implementation Costs and Other Related Costs (3) Asset Impairment/Accelerated Depreciation Total Charges Accrued balance at July 30, 2017 (1) $ 26 2018 charges 2 12 5 $ 19 2018 cash payments (10 ) Accrued balance at October 29, 2017 (2) $ 18 _______________________________________ (1) Includes $2 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (2) Includes $2 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (3) Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses and Cost of products sold in the Consolidated Statements of Earnings. Segment operating results do not include restructuring charges, implementation costs and other related costs because we evaluate segment performance excluding such charges. A summary of the pre-tax costs associated with segments is as follows: October 29, 2017 Three Months Ended Costs Incurred to Date Americas Simple Meals and Beverages $ 7 $ 99 Global Biscuits and Snacks 6 84 Campbell Fresh 1 7 Corporate 5 93 Total $ 19 $ 283 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Oct. 29, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share (EPS) For the periods presented in the Consolidated Statements of Earnings, the calculations of basic EPS and EPS assuming dilution vary in that the weighted average shares outstanding assuming dilution include the incremental effect of stock options and other share-based payment awards, except when such effect would be antidilutive. The earnings per share calculation for the three-month period ended October 29, 2017 , excludes approximately 1 million stock options that would have been anti-dilutive. The earnings per share calculation for the three-month period ended October 30, 2016 , excludes less than 1 million stock options that would have been antidilutive. |
Taxes on Earnings
Taxes on Earnings | 3 Months Ended |
Oct. 29, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Taxes on Earnings During the first quarter of 2018, we settled a state tax audit which resulted in the recognition of a $15 benefit that impacted the effective rate, and a $33 reduction in unrecognized tax benefits. The balance of unrecognized tax benefits as of October 29, 2017, was $32 , of which $21 would impact the effective tax rate if recognized. 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. |
Pension And Postretirement Bene
Pension And Postretirement Benefits | 3 Months Ended |
Oct. 29, 2017 | |
Retirement Benefits [Abstract] | |
Pension And Postretirement Benefits | Pension and Postretirement Benefits Components of net benefit expense (income) were as follows: Three Months Ended Pension Postretirement October 29, October 30, October 29, October 30, Service cost $ 6 $ 6 $ — $ — Interest cost 19 22 2 3 Expected return on plan assets (36 ) (36 ) — — Amortization of prior service credit — — (7 ) (6 ) Net periodic benefit income $ (11 ) $ (8 ) $ (5 ) $ (3 ) The components of net periodic benefit expense (income) other than the service cost component are included in Other expenses / (income) in the Consolidated Statements of Earnings. Beginning in 2018, under the revised FASB guidance adopted in the first quarter, only the service cost component of net periodic benefit expense (income) is eligible for capitalization. Beginning in 2018, we changed the method we use to estimate the service and interest cost components of net periodic benefit expense (income). We elected to use a full yield curve approach to estimate service cost and interest cost by applying the specific spot rates along the yield curve used to determine the benefit obligation of the relevant projected cash flows. Previously, we estimated service cost and interest cost using a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. We are making this change to provide a more precise measurement of service cost and interest cost by improving the correlation between projected benefit cash flows and the corresponding spot yield curve rates. This change will not affect the measurement of our benefit obligations. We accounted for this change prospectively in 2018 as a change in accounting estimate. As a result of this change, net periodic benefit income increased by approximately $4 in the three-month period ended October 29, 2017, compared to what the net periodic benefit income would have been under the previous method. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Oct. 29, 2017 | |
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 did not have credit-risk-related contingent features in our derivative instruments as of October 29, 2017 , or July 30, 2017 . We are also exposed to credit risk from our customers. During 2017, our largest customer accounted for approximately 20% of consolidated net sales. Our five largest customers accounted for approximately 39% of our consolidated net sales in 2017. 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 $66 at October 29, 2017 , and $84 at July 30, 2017 . 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 $176 and $336 at October 29, 2017 , and July 30, 2017 , respectively. There were no cross-currency swap contracts outstanding as of October 29, 2017 , or July 30, 2017 . 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 October 29, 2017 , and July 30, 2017 , which relates to an anticipated debt issuance in 2018. We settled forward starting interest rate swaps with a notional value of $300 in October 2017, at a loss of $22 . 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 the anticipated debt issuance in 2018. Commodity Price Risk We principally use a combination of purchase orders and various short- and long-term supply arrangements in connection with the purchase of raw materials, including certain commodities and agricultural products. We also enter into commodity futures, options and swap contracts to reduce the volatility of price fluctuations of wheat, diesel fuel, natural gas, cocoa, soybean oil, aluminum, corn, soybean meal, butter 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 October 29, 2017 , or July 30, 2017 . The notional amount of commodity contracts not designated as accounting hedges was $76 at October 29, 2017 , and $90 at July 30, 2017 . In 2017, we entered into a supply contract under which prices for certain raw materials are established based on anticipated volume requirements over a twelve-month period. Certain prices under the contract are based in part on certain component parts of the raw materials that are in excess of our needs or not required for our operations, thereby creating an embedded derivative requiring bifurcation. We net settle amounts due under the contract with our counterparty. The notional value was approximately $13 at October 29, 2017 , and $35 at July 30, 2017 . The fair value was not material as of October 29, 2017 , and July 30, 2017 . Unrealized gains (losses) and settlements are included in Cost of products sold in our Consolidated Statements of Earnings. 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 October 29, 2017 , and July 30, 2017 , were $42 and $43 , respectively. The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of October 29, 2017 , and July 30, 2017 : Balance Sheet Classification October 29, July 30, Asset Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Other current assets $ 2 $ 3 Forward starting interest rate swaps Other current assets 3 — Total derivatives designated as hedges $ 5 $ 3 Derivatives not designated as hedges: Commodity derivative contracts Other current assets $ 4 $ 5 Deferred compensation derivative contracts Other current assets 1 1 Foreign exchange forward contracts Other current assets 1 — Commodity derivative contracts Other assets — 1 Total derivatives not designated as hedges $ 6 $ 7 Total asset derivatives $ 11 $ 10 Balance Sheet Classification October 29, July 30, Liability Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Accrued liabilities $ — $ 1 Forward starting interest rate swaps Accrued liabilities — 22 Total derivatives designated as hedges $ — $ 23 Derivatives not designated as hedges: Commodity derivative contracts Accrued liabilities $ 2 $ 1 Foreign exchange forward contracts Accrued liabilities 3 19 Foreign exchange forward contracts Other liabilities — 1 Total derivatives not designated as hedges $ 5 $ 21 Total liability derivatives $ 5 $ 44 We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of October 29, 2017 , and July 30, 2017 , would be adjusted as detailed in the following table: October 29, 2017 July 30, 2017 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 $ 11 $ (3 ) $ 8 $ 10 $ (3 ) $ 7 Total liability derivatives $ 5 $ (3 ) $ 2 $ 44 $ (3 ) $ 41 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 October 29, 2017 , and July 30, 2017 , a cash margin account balance of $2 and $1 , respectively, was included in Other current assets in the Consolidated Balance Sheets. The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three-month periods ended October 29, 2017 , and October 30, 2016 , in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings: Total Cash-Flow Hedge OCI Activity Derivatives Designated as Cash-Flow Hedges October 29, 2017 October 30, 2016 OCI derivative gain (loss) at beginning of year $ (34 ) $ (64 ) Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts 6 3 Forward starting interest rate swaps 3 10 Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold (2 ) 1 Forward starting interest rate swaps Interest expense — 1 OCI derivative gain (loss) at end of quarter $ (27 ) $ (49 ) Based on current valuations, the amount expected to be reclassified from OCI into earnings within the next 12 months is a loss of $6 . The ineffective portion and amount excluded from effectiveness testing were not material. The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings: Amount of (Gain) Loss Recognized in Earnings on Derivatives Derivatives not Designated as Hedges Location of (Gain) Loss Three Months Ended October 29, 2017 October 30, 2016 Foreign exchange forward contracts Other expenses / (income) $ (1 ) $ — Commodity derivative contracts Cost of products sold 2 (4 ) Deferred compensation derivative contracts Administrative expenses (1 ) 2 Total $ — $ (2 ) |
Variable Interest Entity
Variable Interest Entity | 3 Months Ended |
Oct. 29, 2017 | |
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 Venture Partners, L.P. (Acre), a limited partnership formed to make venture capital investments in innovative new companies in food and food-related industries. Acre is managed by its general partner, Acre Ventures GP, LLC, which is independent of us. We are the sole limited partner of Acre and own a 99.8% interest. Our share of earnings (loss) is calculated according to the terms of the partnership agreement. Acre is a VIE. We have determined that we are the primary beneficiary. Therefore, we consolidate Acre and account for the third party ownership as a noncontrolling interest. Through October 29, 2017 , we funded $64 of the capital commitment. Except for the remaining unfunded capital commitment of $61 , 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 $56 and $51 as of October 29, 2017 , and July 30, 2017, respectively, 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. Current assets and liabilities of Acre were not material as of October 29, 2017 , or July 30, 2017. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Oct. 29, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements We categorize financial assets and liabilities based on the following fair value hierarchy: • Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data. • Level 3: Unobservable inputs, which are valued based on our estimates of assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. When available, we use unadjusted quoted market prices to measure the fair value and classify such items as Level 1. If quoted market prices are not available, we base fair value upon internally developed models that use current market-based or independently sourced market parameters such as interest rates and currency rates. Included in the fair value of derivative instruments is an adjustment for credit and nonperformance risk. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents our financial assets and liabilities that are measured at fair value on a recurring basis as of October 29, 2017 , and July 30, 2017 , 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 Forward starting interest rate swaps (1) $ 3 $ — $ 3 $ — $ — $ — $ — $ — Foreign exchange forward contracts (2) 3 — 3 — 3 — 3 — Commodity derivative contracts (3) 4 3 1 — 6 6 — — Deferred compensation derivative contracts (4) 1 — 1 — 1 — 1 — Fair value option investments (5) 56 — — 56 50 — 1 49 Total assets at fair value $ 67 $ 3 $ 8 $ 56 $ 60 $ 6 $ 5 $ 49 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 (1) $ — $ — $ — $ — $ 22 $ — $ 22 $ — Foreign exchange forward contracts (2) 3 — 3 — 21 — 21 — Commodity derivative contracts (3) 2 2 — — 1 1 — — Deferred compensation obligation (6) 118 118 — — 112 112 — — Total liabilities at fair value $ 123 $ 120 $ 3 $ — $ 156 $ 113 $ 43 $ — ___________________________________ (1) Based on LIBOR swap rates. (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 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. See Note 12 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 in 2018 or 2017. (6) Based on the fair value of the participants’ investments. Fair Value of Financial Instruments The carrying values of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings, excluding the current portion of long-term debt, approximate fair value. Cash equivalents of $9 at October 29, 2017 , and $8 at July 30, 2017 , 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 $2,549 at October 29, 2017 , and $2,582 at July 30, 2017 . The carrying value was $2,484 at October 29, 2017 , and $2,499 at July 30, 2017 . The fair value of long-term debt is principally estimated using Level 2 inputs based on quoted market prices or pricing models using current market rates. |
Share Repurchases
Share Repurchases | 3 Months Ended |
Oct. 29, 2017 | |
Equity [Abstract] | |
Share Repurchases | Share Repurchases In March 2017, the Board authorized a share repurchase program to purchase up to $1,500 . The program has no expiration date, but it may be suspended or discontinued at any time. In addition to this publicly announced program, we have a separate Board authorization to purchase shares to offset the impact of dilution from shares issued under our stock compensation plans. During the three-month period ended October 29, 2017 , we repurchased 2 million shares at a cost of $86 . Of this amount, $75 was used to repurchase shares pursuant to our March 2017 publicly announced share repurchase program. Approximately $1,296 remained available under the March 2017 program as of October 29, 2017 . During the three-month period ended October 30, 2016 , we repurchased 2 million shares at a cost of $112 . |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Oct. 29, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Stock-based Compensation We provide compensation benefits by issuing stock options, unrestricted stock and restricted stock units (including time-lapse restricted stock units, EPS performance restricted stock units, total shareholder return (TSR) performance restricted stock units, strategic performance restricted stock units and special performance restricted stock units). In 2018, we issued stock options, time-lapse restricted stock units, EPS performance restricted stock units and TSR performance restricted stock units. We have not issued strategic performance restricted stock units or special performance restricted stock units in 2018. Total pre-tax stock-based compensation expense and tax-related benefits recognized in the Consolidated Statements of Earnings were as follows: Three Months Ended October 29, October 30, Total pre-tax stock-based compensation expense $ 14 $ 14 Tax-related benefits $ 5 $ 5 The following table summarizes stock option activity as of October 29, 2017 : Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value (Options in thousands) (In years) Outstanding at July 30, 2017 1,042 $ 52.08 Granted 575 $ 47.19 Exercised — $ — Terminated — $ — Outstanding at October 29, 2017 1,617 $ 50.34 8.9 $ 1 Exercisable at October 29, 2017 544 $ 51.40 8.2 $ — No options were exercised during the three-month period ended October 30, 2016 . 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 assumptions and grant-date fair values for grants in 2018 and 2017 were as follows: 2018 2017 Risk-free interest rate 2.06% 1.28% Expected dividend yield 2.95% 2.26% Expected volatility 19.60% 18.64% Expected term 6 years 6 years Grant-date fair value $6.67 $7.51 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 October 29, 2017 , total remaining unearned compensation related to nonvested stock options was $4 , which will be amortized over the weighted-average remaining service period of 1.1 years . The following table summarizes time-lapse restricted stock units and EPS performance restricted stock units as of October 29, 2017 : Units Weighted- Average Grant-Date Fair Value (Restricted stock units in thousands) Nonvested at July 30, 2017 1,221 $ 50.86 Granted 657 $ 46.88 Vested (602 ) $ 48.33 Forfeited (21 ) $ 51.00 Nonvested at October 29, 2017 1,255 $ 49.99 We determine the fair value of time-lapse restricted stock units, EPS performance restricted stock units, strategic performance restricted stock units and special performance restricted stock units based on the quoted price of our stock at the date of grant. We expense time-lapse restricted stock units on a straight-line basis over the vesting period, except for awards issued to retirement-eligible participants, which we expense on an accelerated basis. We expense EPS performance restricted stock units on a graded-vesting basis, except for awards issued to retirement-eligible participants, which we expense on an accelerated basis. There were 150 thousand EPS performance target grants outstanding at October 29, 2017 , with a weighted-average grant-date fair value of $49.58 . The actual number of EPS performance restricted stock units issued at the vesting date could range from 0% or 100% of the initial grant, depending 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 earned 35% of the initial grants based on actual performance achieved during a three-year period ended July 31, 2016. There were no strategic performance restricted stock units outstanding at October 29, 2017 . In 2015, we issued special performance restricted stock units for which vesting was contingent upon meeting various financial goals and performance milestones to support innovation and growth initiatives. These awards vested in the first quarter of 2017. Recipients of special performance restricted stock units earned 0% of the initial grants based upon financial goals and 100% of the initial grants based upon performance milestones to support innovation and growth initiatives. As of October 29, 2017 , total remaining unearned compensation related to nonvested time-lapse restricted stock units and EPS performance restricted stock units was $42 , which will be amortized over the weighted-average remaining service period of 1.9 years . The fair value of restricted stock units vested during the three-month periods ended October 29, 2017 , and October 30, 2016 , was $29 , and $50 , respectively. The weighted-average grant-date fair value of the restricted stock units granted during the three-month period ended October 30, 2016 , was $54.72 . The following table summarizes TSR performance restricted stock units as of October 29, 2017 : Units Weighted- Average Grant-Date Fair Value (Restricted stock units in thousands) Nonvested at July 30, 2017 1,774 $ 48.24 Granted 943 $ 39.39 Vested (815 ) $ 43.39 Forfeited (28 ) $ 47.91 Nonvested at October 29, 2017 1,874 $ 46.25 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: 2018 2017 Risk-free interest rate 1.58% 0.85% Expected dividend yield 2.95% 2.26% Expected volatility 19.07% 17.78% Expected term 3 years 3 years We recognize compensation expense on a straight-line basis over the service period. As of October 29, 2017 , total remaining unearned compensation related to TSR performance restricted stock units was $44 , which will be amortized over the weighted-average remaining service period of 2.2 years. In the first quarter of 2018, recipients of TSR performance restricted stock units earned 125% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 28, 2017. As a result, approximately 160,000 additional shares were awarded. In the first quarter of 2017, recipients of TSR performance restricted stock units earned 75% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 29, 2016. The fair value of TSR performance restricted stock units vested during the three-month periods ended October 29, 2017 , and October 30, 2016 , was $38 and $14 , respectively. The grant-date fair value of the TSR performance restricted stock units granted during 2017 was $39.53 . The excess tax benefits on the exercise of stock options and vested restricted stock presented as cash flows from operating activities for the three-month periods ended October 29, 2017 , and October 30, 2016 , were $5 and $6 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Oct. 29, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We are involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising from the conduct of business both in the ordinary course and otherwise. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with our actual experiences in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to us that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value. Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time is normally difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law. We establish liabilities for litigation and regulatory loss contingencies when information related to the loss contingencies shows both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require us to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated as of October 29, 2017 . While the potential future charges could be material in a particular quarter or annual period, based on information currently known by us, we do not believe any such charges are likely to have a material adverse effect on our consolidated results of operations or financial condition. |
Supplemental Financial Statemen
Supplemental Financial Statement Data | 3 Months Ended |
Oct. 29, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Additional Financial Information Disclosure [Text Block] | Balance Sheets October 29, July 30, Inventories Raw materials, containers and supplies $ 423 $ 377 Finished products 578 525 Total $ 1,001 $ 902 Statements of Earnings Three Months Ended October 29, October 30, Other expenses / (income) Amortization of intangible assets $ 4 $ 5 Net periodic benefit expense (income) other than the service cost (42 ) 5 Investment losses 8 — Other 1 1 Total $ (29 ) $ 11 |
Recent Accounting Pronounceme24
Recent Accounting Pronouncements (Tables) | 3 Months Ended |
Oct. 29, 2017 | |
New Accounting Pronouncement, Early Adoption [Table Text Block] | The retrospective impact of presenting net periodic benefit cost in accordance with the new guidance is as follows: Three Months Ended Increase / (decrease) in expense October 30, Cost of products sold $ (10 ) Marketing and selling expenses $ 2 Administrative expenses $ 2 Research and development expenses $ 1 Other expenses / (income) $ 5 |
Accumulated Other Comprehensi25
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Oct. 29, 2017 | |
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 July 31, 2016 $ (124 ) $ (41 ) $ 61 $ (104 ) Other comprehensive income (loss) before reclassifications (9 ) 8 — (1 ) Amounts reclassified from accumulated other comprehensive income (loss) — 2 (4 ) (2 ) Net current-period other comprehensive income (loss) (9 ) 10 (4 ) (3 ) Balance at October 30, 2016 $ (133 ) $ (31 ) $ 57 $ (107 ) Balance at July 30, 2017 $ (84 ) $ (22 ) $ 53 $ (53 ) Other comprehensive income (loss) before reclassifications (32 ) 7 — (25 ) Amounts reclassified from accumulated other comprehensive income (loss) — (2 ) (5 ) (7 ) Net current-period other comprehensive income (loss) (32 ) 5 (5 ) (32 ) Balance at October 29, 2017 $ (116 ) $ (17 ) $ 48 $ (85 ) _____________________________________ (1) Included a tax expense of $6 as of October 29, 2017 , July 30, 2017 , October 30, 2016 , and July 31, 2016 . (2) Included a tax benefit of $10 as of October 29, 2017 , $12 as of July 30, 2017 , $18 as of October 30, 2016 , and $23 as of July 31, 2016. (3) Included a tax expense of $28 as of October 29, 2017 , $30 as of July 30, 2017 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following: Three Months Ended Details about Accumulated Other Comprehensive Income (Loss) Components October 29, 2017 October 30, 2016 Location of (Gain) Loss Recognized in Earnings (Gains) losses on cash flow hedges: Foreign exchange forward contracts $ (2 ) $ 1 Cost of products sold Forward starting interest rate swaps — 1 Interest expense Total before tax (2 ) 2 Tax expense (benefit) — — (Gain) loss, net of tax $ (2 ) $ 2 Pension and postretirement benefit adjustments: Prior service credit $ (7 ) $ (6 ) Other expenses / (income) Tax expense (benefit) 2 2 (Gain) loss, net of tax $ (5 ) $ (4 ) |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 3 Months Ended |
Oct. 29, 2017 | |
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 Net balance at July 30, 2017 (1) $ 780 $ 795 $ 540 $ 2,115 Foreign currency translation adjustment (3 ) (26 ) — (29 ) Net balance at October 29, 2017 (1) $ 777 $ 769 $ 540 $ 2,086 _____________________________________ (1) The Campbell Fresh segment includes accumulated impairment charges of $297 as of October 29, 2017 , and July 30, 2017. |
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 October 29, July 30, Amortizable intangible assets Customer relationships $ 223 $ 223 Technology 40 40 Other 35 35 Total gross amortizable intangible assets $ 298 $ 298 Accumulated amortization (96 ) (92 ) Total net amortizable intangible assets $ 202 $ 206 Non-amortizable intangible assets Trademarks 910 912 Total net intangible assets $ 1,112 $ 1,118 |
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 October 29, July 30, Amortizable intangible assets Customer relationships $ 223 $ 223 Technology 40 40 Other 35 35 Total gross amortizable intangible assets $ 298 $ 298 Accumulated amortization (96 ) (92 ) Total net amortizable intangible assets $ 202 $ 206 Non-amortizable intangible assets Trademarks 910 912 Total net intangible assets $ 1,112 $ 1,118 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Oct. 29, 2017 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting [Table Text Block] | Three Months Ended October 29, October 30, Net sales Americas Simple Meals and Beverages $ 1,218 $ 1,278 Global Biscuits and Snacks 709 690 Campbell Fresh 234 234 Total $ 2,161 $ 2,202 Three Months Ended October 29, October 30, Earnings before interest and taxes Americas Simple Meals and Beverages $ 328 $ 380 Global Biscuits and Snacks 120 115 Campbell Fresh (6 ) 1 Corporate (1) (28 ) (38 ) Restructuring charges (2) (2 ) (1 ) Total $ 412 $ 457 _______________________________________ (1) Represents unallocated items. Pension and postretirement benefit mark-to-market adjustments are included in Corporate. There were gains of $14 and losses of $20 in the three-month periods ended October 29, 2017 , and October 30, 2016 , respectively. Costs related to the implementation of our new organizational structure and cost savings initiatives were $17 and $8 in the three-month periods ended October 29, 2017 , and October 30, 2016 , respectively. (2) See Note 7 for additional information. |
Additional Product Information for Net Sales [Table Text Block] | Our global net sales based on product categories are as follows: Three Months Ended October 29, October 30, Net sales Soup $ 807 $ 863 Baked snacks 677 653 Other simple meals 435 429 Beverages 242 257 Total $ 2,161 $ 2,202 |
Restructuring Charges and Cos28
Restructuring Charges and Cost Savings Initiatives (Tables) - 2015 Initiatives [Member] | 3 Months Ended |
Oct. 29, 2017 | |
Schedule Of Pre-Tax Charge And Remaining Costs [Table Text Block] | A summary of the restructuring charges we recorded and charges incurred in Administrative expenses and Cost of products sold related to the implementation of the new organizational structure and costs savings initiatives is as follows: Three Months Ended Year Ended October 29, 2017 October 30, 2016 July 30, 2017 July 31, 2016 August 2, 2015 Restructuring charges $ 2 $ 1 $ 18 $ 35 $ 102 Administrative expenses 12 8 36 47 22 Cost of products sold 5 — 4 — — Total pre-tax charges $ 19 $ 9 $ 58 $ 82 $ 124 A summary of the pre-tax costs associated with the initiatives is as follows: Recognized as of Severance pay and benefits $ 137 Asset impairment/accelerated depreciation 17 Implementation costs and other related costs 129 Total $ 283 |
Schedule Of Restructuring Activity And Related Reserves [Table Text Block] | A summary of the restructuring activity and related reserves associated with the initiatives at October 29, 2017 , is as follows: Severance Pay and Benefits Implementation Costs and Other Related Costs (3) Asset Impairment/Accelerated Depreciation Total Charges Accrued balance at July 30, 2017 (1) $ 26 2018 charges 2 12 5 $ 19 2018 cash payments (10 ) Accrued balance at October 29, 2017 (2) $ 18 _______________________________________ (1) Includes $2 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (2) Includes $2 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (3) Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses and Cost of products sold in the Consolidated Statements of Earnings. |
Schedule Of Restructuring Charges Associated With Each Reportable Segment | A summary of the pre-tax costs associated with segments is as follows: October 29, 2017 Three Months Ended Costs Incurred to Date Americas Simple Meals and Beverages $ 7 $ 99 Global Biscuits and Snacks 6 84 Campbell Fresh 1 7 Corporate 5 93 Total $ 19 $ 283 |
Pension And Postretirement Be29
Pension And Postretirement Benefits (Tables) | 3 Months Ended |
Oct. 29, 2017 | |
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: Three Months Ended Pension Postretirement October 29, October 30, October 29, October 30, Service cost $ 6 $ 6 $ — $ — Interest cost 19 22 2 3 Expected return on plan assets (36 ) (36 ) — — Amortization of prior service credit — — (7 ) (6 ) Net periodic benefit income $ (11 ) $ (8 ) $ (5 ) $ (3 ) |
Other Postretirement Benefit Plans, 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: Three Months Ended Pension Postretirement October 29, October 30, October 29, October 30, Service cost $ 6 $ 6 $ — $ — Interest cost 19 22 2 3 Expected return on plan assets (36 ) (36 ) — — Amortization of prior service credit — — (7 ) (6 ) Net periodic benefit income $ (11 ) $ (8 ) $ (5 ) $ (3 ) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Oct. 29, 2017 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Schedule Of The Fair Value Of Derivative Instruments [Table Text Block] | The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of October 29, 2017 , and July 30, 2017 : Balance Sheet Classification October 29, July 30, Asset Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Other current assets $ 2 $ 3 Forward starting interest rate swaps Other current assets 3 — Total derivatives designated as hedges $ 5 $ 3 Derivatives not designated as hedges: Commodity derivative contracts Other current assets $ 4 $ 5 Deferred compensation derivative contracts Other current assets 1 1 Foreign exchange forward contracts Other current assets 1 — Commodity derivative contracts Other assets — 1 Total derivatives not designated as hedges $ 6 $ 7 Total asset derivatives $ 11 $ 10 Balance Sheet Classification October 29, July 30, Liability Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Accrued liabilities $ — $ 1 Forward starting interest rate swaps Accrued liabilities — 22 Total derivatives designated as hedges $ — $ 23 Derivatives not designated as hedges: Commodity derivative contracts Accrued liabilities $ 2 $ 1 Foreign exchange forward contracts Accrued liabilities 3 19 Foreign exchange forward contracts Other liabilities — 1 Total derivatives not designated as hedges $ 5 $ 21 Total liability derivatives $ 5 $ 44 |
Schedule of Offsetting Assets [Table Text Block] | We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of October 29, 2017 , and July 30, 2017 , would be adjusted as detailed in the following table: October 29, 2017 July 30, 2017 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 $ 11 $ (3 ) $ 8 $ 10 $ (3 ) $ 7 Total liability derivatives $ 5 $ (3 ) $ 2 $ 44 $ (3 ) $ 41 |
Schedule of Offsetting Liabilities [Table Text Block] | We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of October 29, 2017 , and July 30, 2017 , would be adjusted as detailed in the following table: October 29, 2017 July 30, 2017 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 $ 11 $ (3 ) $ 8 $ 10 $ (3 ) $ 7 Total liability derivatives $ 5 $ (3 ) $ 2 $ 44 $ (3 ) $ 41 |
Schedule Of Changes In Cash-Flow Hedges In Other Comprehensive Income (Loss) [Table Text Block] | The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three-month periods ended October 29, 2017 , and October 30, 2016 , in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings: Total Cash-Flow Hedge OCI Activity Derivatives Designated as Cash-Flow Hedges October 29, 2017 October 30, 2016 OCI derivative gain (loss) at beginning of year $ (34 ) $ (64 ) Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts 6 3 Forward starting interest rate swaps 3 10 Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold (2 ) 1 Forward starting interest rate swaps Interest expense — 1 OCI derivative gain (loss) at end of quarter $ (27 ) $ (49 ) |
Derivatives Not Designated As Hedges [Table Text Block] | The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings: Amount of (Gain) Loss Recognized in Earnings on Derivatives Derivatives not Designated as Hedges Location of (Gain) Loss Three Months Ended October 29, 2017 October 30, 2016 Foreign exchange forward contracts Other expenses / (income) $ (1 ) $ — Commodity derivative contracts Cost of products sold 2 (4 ) Deferred compensation derivative contracts Administrative expenses (1 ) 2 Total $ — $ (2 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Oct. 29, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement, Policy | 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. |
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 October 29, 2017 , and July 30, 2017 , 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 Forward starting interest rate swaps (1) $ 3 $ — $ 3 $ — $ — $ — $ — $ — Foreign exchange forward contracts (2) 3 — 3 — 3 — 3 — Commodity derivative contracts (3) 4 3 1 — 6 6 — — Deferred compensation derivative contracts (4) 1 — 1 — 1 — 1 — Fair value option investments (5) 56 — — 56 50 — 1 49 Total assets at fair value $ 67 $ 3 $ 8 $ 56 $ 60 $ 6 $ 5 $ 49 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 (1) $ — $ — $ — $ — $ 22 $ — $ 22 $ — Foreign exchange forward contracts (2) 3 — 3 — 21 — 21 — Commodity derivative contracts (3) 2 2 — — 1 1 — — Deferred compensation obligation (6) 118 118 — — 112 112 — — Total liabilities at fair value $ 123 $ 120 $ 3 $ — $ 156 $ 113 $ 43 $ — ___________________________________ (1) Based on LIBOR swap rates. (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 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. See Note 12 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 in 2018 or 2017. (6) Based on the fair value of the participants’ investments. |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Oct. 29, 2017 | |
Stock-based Compensation | |
Summary of Stock-based Compensation Expense [Table Text Block] | Total pre-tax stock-based compensation expense and tax-related benefits recognized in the Consolidated Statements of Earnings were as follows: Three Months Ended October 29, October 30, Total pre-tax stock-based compensation expense $ 14 $ 14 Tax-related benefits $ 5 $ 5 |
Schedule Of Stock Option Activity [Table Text Block] | The following table summarizes stock option activity as of October 29, 2017 : Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value (Options in thousands) (In years) Outstanding at July 30, 2017 1,042 $ 52.08 Granted 575 $ 47.19 Exercised — $ — Terminated — $ — Outstanding at October 29, 2017 1,617 $ 50.34 8.9 $ 1 Exercisable at October 29, 2017 544 $ 51.40 8.2 $ — |
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 and EPS performance restricted stock units as of October 29, 2017 : Units Weighted- Average Grant-Date Fair Value (Restricted stock units in thousands) Nonvested at July 30, 2017 1,221 $ 50.86 Granted 657 $ 46.88 Vested (602 ) $ 48.33 Forfeited (21 ) $ 51.00 Nonvested at October 29, 2017 1,255 $ 49.99 |
Schedule Of Share Based Payment Award Valuation Assumptions [Table Text Block] | The assumptions and grant-date fair values for grants in 2018 and 2017 were as follows: 2018 2017 Risk-free interest rate 2.06% 1.28% Expected dividend yield 2.95% 2.26% Expected volatility 19.60% 18.64% Expected term 6 years 6 years Grant-date fair value $6.67 $7.51 |
TSR Performance Restricted Stock/Units [Member] | |
Stock-based Compensation | |
TSR Performance Restricted Stock Units [Table Text Block] | The following table summarizes TSR performance restricted stock units as of October 29, 2017 : Units Weighted- Average Grant-Date Fair Value (Restricted stock units in thousands) Nonvested at July 30, 2017 1,774 $ 48.24 Granted 943 $ 39.39 Vested (815 ) $ 43.39 Forfeited (28 ) $ 47.91 Nonvested at October 29, 2017 1,874 $ 46.25 |
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: 2018 2017 Risk-free interest rate 1.58% 0.85% Expected dividend yield 2.95% 2.26% Expected volatility 19.07% 17.78% Expected term 3 years 3 years |
Supplementail Financial Stateme
Supplementail Financial Statement Data (Tables) | 3 Months Ended |
Oct. 29, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Inventory Disclosure [Table Text Block] | October 29, July 30, Inventories Raw materials, containers and supplies $ 423 $ 377 Finished products 578 525 Total $ 1,001 $ 902 |
Other Expense / (Income) [Table Text Block] | Three Months Ended October 29, October 30, Other expenses / (income) Amortization of intangible assets $ 4 $ 5 Net periodic benefit expense (income) other than the service cost (42 ) 5 Investment losses 8 — Other 1 1 Total $ (29 ) $ 11 |
Recent Accounting Pronounceme34
Recent Accounting Pronouncements Schedule of Changes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Oct. 29, 2017 | Oct. 30, 2016 | |
Cost of products sold | $ 1,378 | $ 1,351 |
Marketing and selling expenses | 219 | 230 |
Administrative expenses | 149 | 125 |
Research and development expenses | 30 | 27 |
Other expenses / (income) | $ 29 | (11) |
Accounting Standards Update 2017-07 [Member] | ||
Cost of products sold | (10) | |
Marketing and selling expenses | 2 | |
Administrative expenses | 2 | |
Research and development expenses | 1 | |
Other expenses / (income) | $ (5) |
Acquistions (Narrative) (Detail
Acquistions (Narrative) (Details) - Pacific Foods [Member] $ in Millions | 3 Months Ended |
Oct. 29, 2017USD ($) | |
Business Acquisition [Line Items] | |
Future Payments To Acquire Business | $ 700 |
Business combination, potential termination fee | $ 50 |
Notice Period in Days | 60 days |
Minimum [Member] | |
Business Acquisition [Line Items] | |
Litigation Against Business Potentially To Be Acquired | $ 250 |
Accumulated Other Comprehensi36
Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Oct. 29, 2017 | Oct. 30, 2016 | Jul. 30, 2017 | Jul. 31, 2016 | ||
Beginning Balance | $ (53) | ||||
Other comprehensive income (loss), after tax | (32) | $ (2) | |||
Ending Balance | (85) | ||||
Accumulated Other Comprehensive Income Foreign Currency Translation Tax (Benefit) Expense | 6 | 6 | $ 6 | $ 6 | |
Accumulated Other Comprehensive Income Cashflow Hedges Tax (Benefit) Expense | (10) | (18) | (12) | (23) | |
Accumulated Other Comprehensive Income Unamortized Pension And Post Retirement Tax (Benefit) Expense | 28 | 33 | $ 30 | $ 35 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||
Beginning Balance | [1] | (84) | (124) | ||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | (32) | (9) | |||
Reclassification from AOCI, Current Period, Net of Tax | 0 | 0 | |||
Other comprehensive income (loss), after tax | (32) | (9) | |||
Ending Balance | [1] | (116) | (133) | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||||
Beginning Balance | [2] | (22) | (41) | ||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 7 | 8 | |||
Reclassification from AOCI, Current Period, Net of Tax | (2) | 2 | |||
Other comprehensive income (loss), after tax | 5 | 10 | |||
Ending Balance | [2] | (17) | (31) | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Beginning Balance | [3] | 53 | 61 | ||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 0 | 0 | |||
Reclassification from AOCI, Current Period, Net of Tax | (5) | (4) | |||
Other comprehensive income (loss), after tax | (5) | (4) | |||
Ending Balance | [3] | 48 | 57 | ||
AOCI Attributable to Parent [Member] | |||||
Beginning Balance | (53) | (104) | |||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | (25) | (1) | |||
Reclassification from AOCI, Current Period, Net of Tax | (7) | (2) | |||
Other comprehensive income (loss), after tax | (32) | (3) | |||
Ending Balance | $ (85) | $ (107) | |||
[1] | Included a tax expense of $6 as of October 29, 2017, July 30, 2017, October 30, 2016, and July 31, 2016. | ||||
[2] | Included a tax benefit of $10 as of October 29, 2017, $12 as of July 30, 2017, $18 as of October 30, 2016, and $23 as of July 31, 2016. | ||||
[3] | Included a tax expense of $28 as of October 29, 2017, $30 as of July 30, 2017, $33 as of October 30, 2016, and $35 as of July 31, 2016. |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Income (Loss) (Schecule of amounts reclassified from AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Oct. 29, 2017 | Oct. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Cost of products sold | $ 1,378 | $ 1,351 |
Interest expense | 31 | 29 |
Other expenses / (income) | (29) | 11 |
Earnings before taxes | (382) | (429) |
Taxes on earnings | 107 | 137 |
Net earnings attributable to Campbell Soup Company | (275) | (292) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Earnings before taxes | (2) | 2 |
Taxes on earnings | 0 | 0 |
Net earnings attributable to Campbell Soup Company | (2) | 2 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign Exchange Contract [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Cost of products sold | (2) | 1 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Contract [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Interest expense | 0 | 1 |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other expenses / (income) | (7) | (6) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Taxes on earnings | 2 | 2 |
Net earnings attributable to Campbell Soup Company | $ (5) | $ (4) |
Goodwill And Intangible Asset38
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Oct. 29, 2017 | Oct. 30, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | $ 4 | $ 5 |
Finite-Lived Intangible Assets, Amortization Expense, Current Year | 16 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 16 | |
Finite Lived Intangible Assets, Amortization Expense, Year Three | 15 | |
Finite Lived Intangible Assets, Amortization Expense, Year Four | 15 | |
Finite Lived Intangible Assets, Amortization Expense, Year Five | $ 15 | |
Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 5 years | |
Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Goodwill And Intangible Asset39
Goodwill And Intangible Assets (Goodwill) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Oct. 29, 2017 | Jul. 30, 2017 | ||
Goodwill [Line Items] | |||
Beginning Balance | [1] | $ 2,115 | |
Foreign currency translation adjustment | (29) | ||
Ending Balance | [1] | 2,086 | |
Americas Simple Meals and Beverages [Member] | |||
Goodwill [Line Items] | |||
Beginning Balance | 780 | ||
Foreign currency translation adjustment | (3) | ||
Ending Balance | 777 | ||
Global Biscuits and Snacks [Member] | |||
Goodwill [Line Items] | |||
Beginning Balance | 795 | ||
Foreign currency translation adjustment | (26) | ||
Ending Balance | 769 | ||
Campbell Fresh [Member] | |||
Goodwill [Line Items] | |||
Beginning Balance | [1] | 540 | |
Foreign currency translation adjustment | 0 | ||
Ending Balance | [1] | 540 | |
Goodwill, Accumulated Impairment Loss | $ (297) | $ (297) | |
[1] | The Campbell Fresh segment includes accumulated impairment charges of $297 as of October 29, 2017, and July 30, 2017. |
Goodwill And Intangible Asset40
Goodwill And Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions | Oct. 29, 2017 | Jul. 30, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 298 | $ 298 |
Finite-Lived Intangible Assets, Accumulated Amortization | (96) | (92) |
Finite-Lived Intangible Assets, Net | 202 | 206 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 910 | 912 |
Total net intangible assets | 1,112 | 1,118 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 223 | 223 |
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 |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Reporting - Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Oct. 29, 2017 | Oct. 30, 2016 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 2,161 | $ 2,202 |
Americas Simple Meals and Beverages [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,218 | 1,278 |
Global Biscuits and Snacks [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 709 | 690 |
Campbell Fresh [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 234 | $ 234 |
Segment Information (Schedule42
Segment Information (Schedule Of Segment Reporting - Earnings Before Interest And Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Oct. 29, 2017 | Oct. 30, 2016 | ||
Segment Reporting Information [Line Items] | |||
Earnings before interest and taxes | $ 412 | $ 457 | |
Americas Simple Meals and Beverages [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings before interest and taxes | 328 | 380 | |
Global Biscuits and Snacks [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings before interest and taxes | 120 | 115 | |
Campbell Fresh [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings before interest and taxes | (6) | 1 | |
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings before interest and taxes | [1] | (28) | (38) |
Defined Benefit Plan, Actuarial Gain (Loss) | (14) | (20) | |
Restructuring and Related Cost, Incurred Cost | (17) | (8) | |
Restructuring Charges [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings before interest and taxes | [2] | $ (2) | $ (1) |
[1] | Represents unallocated items. Pension and postretirement benefit mark-to-market adjustments are included in Corporate. There were gains of $14 and losses of $20 in the three-month periods ended October 29, 2017, and October 30, 2016, respectively. Costs related to the implementation of our new organizational structure and cost savings initiatives were $17 and $8 in the three-month periods ended October 29, 2017, and October 30, 2016, respectively. | ||
[2] | See Note 7 for additional information. |
Segment Information (Additional
Segment Information (Additional Product Information For Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Oct. 29, 2017 | Oct. 30, 2016 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 2,161 | $ 2,202 |
Soup [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 807 | 863 |
Baked Snacks [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 677 | 653 |
Other Simple Meals [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 435 | 429 |
Beverages [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 242 | $ 257 |
Restructuring Charges and Cos44
Restructuring Charges and Cost Savings Initiatives (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 30 Months Ended | |
Oct. 29, 2017USD ($) | Oct. 30, 2016USD ($) | Oct. 29, 2017USD ($) | Jul. 28, 2019USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | $ 58 | $ 48 | ||
2015 Initiatives [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | $ 22 | |||
2015 Initiatives [Member] | Americas Simple Meals and Beverages [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
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, Expected Cost Allocation | 38.00% | 38.00% | ||
2015 Initiatives [Member] | Campbell Fresh [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost Allocation | 4.00% | 4.00% | ||
2015 Initiatives [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost Allocation | 28.00% | 28.00% | ||
2015 Initiatives [Member] | Scenario, Forecast [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | $ 180 | |||
2015 Initiatives [Member] | Severance Pay And Benefits [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | $ 140 | $ 140 | ||
2015 Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 20 | 20 | ||
2015 Initiatives [Member] | Minimum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 380 | 380 | ||
Effect on Future Cash Flows, Amount | 350 | |||
2015 Initiatives [Member] | Minimum [Member] | Implementation and Other Related Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 220 | 220 | ||
2015 Initiatives [Member] | Maximum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 420 | 420 | ||
Effect on Future Cash Flows, Amount | 390 | |||
2015 Initiatives [Member] | Maximum [Member] | Implementation and Other Related Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | $ 260 | $ 260 | ||
2015 Initiatives [Member] | UNITED STATES | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Number of Positions Eliminated | 471 |
Restructuring Charges and Cos45
Restructuring Charges and Cost Savings Initiatives (Schedule Of Pre-Tax Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Oct. 29, 2017 | Oct. 30, 2016 | Jul. 30, 2017 | Jul. 31, 2016 | Aug. 02, 2015 | ||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | $ 2 | $ 1 | ||||
2015 Initiatives [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 2 | 1 | $ 18 | $ 35 | $ 102 | |
Restructuring and Related Cost, Incurred Cost | 19 | 9 | 58 | 82 | 124 | |
Restructuring and Related Cost, Cost Incurred to Date | 283 | |||||
2015 Initiatives [Member] | Severance Pay And Benefits [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 2 | |||||
Restructuring and Related Cost, Cost Incurred to Date | 137 | |||||
2015 Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 5 | |||||
Restructuring and Related Cost, Cost Incurred to Date | 17 | |||||
2015 Initiatives [Member] | Implementation and Other Related Costs [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | [1] | 12 | ||||
Restructuring and Related Cost, Cost Incurred to Date | 129 | |||||
2015 Initiatives [Member] | General and Administrative Expense [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 12 | 8 | 36 | 47 | 22 | |
2015 Initiatives [Member] | Cost Of Products Sold [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | $ 5 | $ 0 | $ 4 | $ 0 | $ 0 | |
[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 and Cost of products sold in the Consolidated Statements of Earnings. |
Restructuring Charges and Cos46
Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Activity And Related Reserves) (Details) - 2015 Initiatives [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Oct. 29, 2017 | Oct. 30, 2016 | Jul. 30, 2017 | Jul. 31, 2016 | Aug. 02, 2015 | ||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring and Related Cost, Incurred Cost | $ 19 | $ 9 | $ 58 | $ 82 | $ 124 | |||
Severance Pay And Benefits [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Accrued Balance at beginning of period | [1] | 26 | ||||||
Restructuring and Related Cost, Incurred Cost | 2 | |||||||
Cash Payments | (10) | |||||||
Accrued Balance at end of period | 18 | [2] | 26 | [1] | ||||
Restructuring Reserve, Noncurrent | 2 | $ 2 | ||||||
Other Cost Savings Implementation Costs [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring and Related Cost, Incurred Cost | [3] | 12 | ||||||
Asset Impairment Accelerated Depreciation [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring and Related Cost, Incurred Cost | $ 5 | |||||||
[1] | Includes $2 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. | |||||||
[2] | Includes $2 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. | |||||||
[3] | Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses and Cost of products sold in the Consolidated Statements of Earnings. |
Restructuring Charges and Cos47
Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Charges Associated With Each Reportable Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Oct. 29, 2017 | Oct. 30, 2016 | Jul. 30, 2017 | Jul. 31, 2016 | Aug. 02, 2015 | |
Corporate, Non-Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | $ 17 | $ 8 | |||
2015 Initiatives [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 19 | $ 9 | $ 58 | $ 82 | $ 124 |
Restructuring and Related Cost, Cost Incurred to Date | 283 | ||||
2015 Initiatives [Member] | Americas Simple Meals and Beverages [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 7 | ||||
Restructuring and Related Cost, Cost Incurred to Date | 99 | ||||
2015 Initiatives [Member] | Global Biscuits and Snacks [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 6 | ||||
Restructuring and Related Cost, Cost Incurred to Date | 84 | ||||
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 | 7 | ||||
2015 Initiatives [Member] | Corporate, Non-Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 5 | ||||
Restructuring and Related Cost, Cost Incurred to Date | $ 93 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - Employee Stock Option [Member] - shares shares in Millions | 3 Months Ended | |
Oct. 29, 2017 | Oct. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options not included in the diluted earnings per share calculation as they were antidilutive | 1 | |
Maximum [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options not included in the diluted earnings per share calculation as they were antidilutive | 1 |
Taxes on Earnings Taxes on Earn
Taxes on Earnings Taxes on Earnings (Narrative) (Details) $ in Millions | 3 Months Ended |
Oct. 29, 2017USD ($) | |
Income Tax Disclosure [Abstract] | |
Effective Income Tax Rate Reconciliation, State Tax Settlement | $ 15 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 33 |
Unrecognized Tax Benefits | 32 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 21 |
Pension And Postretirement Be50
Pension And Postretirement Benefits (Narrative) (Details) $ in Millions | 3 Months Ended |
Oct. 29, 2017USD ($) | |
Change in Accounting Method [Member] | |
Change in Accounting Estimate [Line Items] | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (4) |
Pension And Postretirement Be51
Pension And Postretirement Benefits (Schedule Of Components of Benefit Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Oct. 29, 2017 | Oct. 30, 2016 | |
Pension Plan, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Service Cost | $ 6 | $ 6 |
Defined Benefit Plan, Interest Cost | 19 | 22 |
Expected return on plan assets | (36) | (36) |
Amortization of Prior Service Cost (Credit) | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (11) | (8) |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Service Cost | 0 | 0 |
Defined Benefit Plan, Interest Cost | 2 | 3 |
Expected return on plan assets | 0 | 0 |
Amortization of Prior Service Cost (Credit) | (7) | (6) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (5) | $ (3) |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Oct. 29, 2017 | Oct. 30, 2016 | Jul. 30, 2017 | Oct. 16, 2017 | |
Derivatives, Fair Value [Line Items] | ||||
Derivative, Loss on Derivative | $ 22 | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ (6) | |||
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 | $ 2 | $ 1 | ||
Foreign Exchange Contract [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Contracts Mature Within, Months | 18 months | |||
Derivative, Loss on Derivative | $ 6 | $ 3 | ||
Interest Rate Contract [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Loss on Derivative | $ 3 | $ 10 | ||
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 | $ 66 | 84 | ||
Derivatives Designated As Hedges [Member] | Interest Rate Contract [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 300 | 300 | $ 300 | |
Derivatives Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 0 | 0 | ||
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Contract [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 176 | 336 | ||
Derivatives Not Designated As Hedges [Member] | Currency Swap [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 0 | 0 | ||
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 76 | 90 | ||
Derivatives Not Designated As Hedges [Member] | Embedded Derivative Financial Instruments [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 13 | 35 | ||
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | $ 42 | $ 43 | ||
Wal-Mart Stores, Inc. [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Entity Wide Revenue, Major Customer, Percentage Of Net Sales | 20.00% | |||
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 | 39.00% |
Financial Instruments (Schedule
Financial Instruments (Schedule Of The Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Millions | Oct. 29, 2017 | Jul. 30, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 11 | $ 10 |
Derivative Liability, Fair Value, Gross Liability | 5 | 44 |
Derivatives Designated As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 5 | 3 |
Derivative Liability, Fair Value, Gross Liability | 0 | 23 |
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 | 2 | 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 | 0 | 1 |
Derivatives Designated As Hedges [Member] | Interest Rate Contract [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 3 | 0 |
Derivatives Designated As Hedges [Member] | Interest Rate Contract [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 22 |
Derivatives Not Designated As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 6 | 7 |
Derivative Liability, Fair Value, Gross Liability | 5 | 21 |
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 | 1 | 0 |
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 | 3 | 19 |
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 1 |
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 | 4 | 5 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 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 | 2 | 1 |
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 |
Financial Instruments (Offsetti
Financial Instruments (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Millions | Oct. 29, 2017 | Jul. 30, 2017 |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | $ 11 | $ 10 |
Derivative, Collateral, Obligation to Return Securities or Cash | (3) | (3) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 8 | 7 |
Derivative Liability, Fair Value, Gross Liability | 5 | 44 |
Derivative, Collateral, Right to Reclaim Securities or Cash | (3) | (3) |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 2 | $ 41 |
Financial Instruments (Schedu55
Financial Instruments (Schedule Of Changes In Cash Flow Hedges In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Oct. 29, 2017 | Oct. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
OCI before tax accumulated derivative gain (loss) beginning of period | $ (34) | $ (64) |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 22 | |
OCI before tax accumulated derivative gain (loss) end of period | (27) | (49) |
Foreign Exchange Forward Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 6 | 3 |
Foreign Exchange Forward Contracts [Member] | Cost Of Products Sold [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2 | (1) |
Foreign Exchange Forward Contracts [Member] | Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | (1) |
Interest Rate Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 3 | $ 10 |
Financial Instruments (Derivati
Financial Instruments (Derivatives Not Designated As Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Oct. 29, 2017 | Oct. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | $ 0 | $ (2) |
Foreign Exchange Forward Contracts [Member] | Other Expenses/Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | (1) | 0 |
Commodity Derivative Contracts [Member] | Cost Of Products Sold [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | 2 | (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 | $ (1) | $ 2 |
Variable Interest Entity (Detai
Variable Interest Entity (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Oct. 29, 2017 | Jul. 30, 2017 | Feb. 29, 2016 | |
Investments funded | $ 64 | ||
Other assets | 135 | $ 139 | |
Variable Interest Entity | |||
Other assets | 56 | $ 51 | |
Total Commitment [Member] | |||
Other Commitment | $ 125 | ||
Remaining Commitment [Member] | |||
Other Commitment | $ 61 | ||
Acre Venture Partners [Member] | |||
LLC ownership percentage | 99.80% |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements Narrative (Details) - USD ($) $ in Millions | Oct. 29, 2017 | Jul. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, at Carrying Value | $ 9 | $ 8 |
Long-term Debt | 2,484 | 2,499 |
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 | 9 | 8 |
Long-term Debt, Fair Value | $ 2,549 | $ 2,582 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurement Of Assets And Liabilities) (Details) - USD ($) $ in Millions | Oct. 29, 2017 | Jul. 30, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | $ 67 | $ 60 | |
Total liabilities at fair value | 123 | 156 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 3 | 6 | |
Total liabilities at fair value | 120 | 113 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 8 | 5 | |
Total liabilities at fair value | 3 | 43 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 56 | 49 | |
Measured On Recurring Basis [Member] | Interest Rate Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | [1] | 3 | 0 |
Total liabilities at fair value | [1] | 0 | 22 |
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 assets at fair value | [1] | 3 | 0 |
Total liabilities at fair value | [1] | 0 | 22 |
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] | 3 | 3 |
Total liabilities at fair value | [2] | 3 | 21 |
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] | 3 | 3 |
Total liabilities at fair value | [2] | 3 | 21 |
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] | 4 | 6 |
Total liabilities at fair value | [3] | 2 | 1 |
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] | 3 | 6 |
Total liabilities at fair value | [3] | 2 | 1 |
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] | Deferred Compensation Derivative Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | [4] | 1 | 1 |
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 | [4] | 1 | 1 |
Measured On Recurring Basis [Member] | Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | [5] | 56 | 50 |
Measured On Recurring Basis [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | [5] | 0 | 1 |
Measured On Recurring Basis [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | [5] | 56 | 49 |
Measured On Recurring Basis [Member] | Deferred Compensation Obligation [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation obligation | [6] | 118 | 112 |
Measured On Recurring Basis [Member] | Deferred Compensation Obligation [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation obligation | [6] | $ 118 | $ 112 |
[1] | Based on LIBOR swap rates. | ||
[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 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. See Note 12 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 in 2018 or 2017. | ||
[6] | Based on the fair value of the participants’ investments. |
Share Repurchases (Narrative) (
Share Repurchases (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Oct. 29, 2017 | Oct. 30, 2016 | |
Statement [Line Items] | ||
Shares repurchased, value | $ 86 | $ 112 |
March 2017 Program [Member] | ||
Statement [Line Items] | ||
Authorized amount for shares repurchase | 1,500 | |
Shares repurchased, value | 75 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 1,296 | |
Treasury Stock [Member] | ||
Statement [Line Items] | ||
Treasury stock purchased, shares | 2 | 2 |
Shares repurchased, value | $ 86 | $ 112 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | ||
Oct. 29, 2017 | Oct. 30, 2016 | Jul. 30, 2017 | |
Stock-based Compensation | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | |
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ (5) | $ (6) | |
EPS Performance Restricted Stock Units [Member] | |||
Stock-based Compensation | |||
Nonvested, Units | 150 | ||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 49.58 | ||
Strategic Performance Restricted Stock Units [Member] | |||
Stock-based Compensation | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 35.00% | ||
Employee Stock Option [Member] | |||
Stock-based Compensation | |||
Remaining unearned compensation on nonvested awards | $ 4 | ||
Weighted-average remaining service period, years | 1 year 1 month | ||
Time Lapse E P S And Strategic Performance Restricted Stock Units [Member] | |||
Stock-based Compensation | |||
Remaining unearned compensation on nonvested awards | $ 42 | ||
Weighted-average remaining service period, years | 1 year 11 months | ||
Nonvested, Units | 1,255 | 1,221 | |
Nonvested, Weighted-Average Grant-Date Fair Value | $ 49.99 | $ 50.86 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 657 | ||
Granted, Weighted-Average Grant-Date Fair Value | $ 46.88 | $ 54.72 | |
Fair value of restricted units and shares vested | $ 29 | $ 50 | |
TSR Performance Restricted Stock/Units [Member] | |||
Stock-based Compensation | |||
Remaining unearned compensation on nonvested awards | $ 44 | ||
Weighted-average remaining service period, years | 2 years 2 months | ||
Nonvested, Units | 1,874 | 1,774 | |
Nonvested, Weighted-Average Grant-Date Fair Value | $ 46.25 | $ 48.24 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 125.00% | 75.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 943 | ||
Granted, Weighted-Average Grant-Date Fair Value | $ 39.39 | $ 39.53 | |
Fair value of restricted units and shares vested | $ 38 | $ 14 | |
T S R Performance Restricted Stock Units Additional Shares [Member] | |||
Stock-based Compensation | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 160 | ||
Minimum [Member] | EPS Performance Restricted Stock Units [Member] | |||
Stock-based Compensation | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | ||
Maximum [Member] | EPS Performance Restricted Stock Units [Member] | |||
Stock-based Compensation | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||
Financial [Member] | Special Performance Restricted Stock Units [Member] | |||
Stock-based Compensation | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | ||
Milestones [Member] | Special Performance Restricted Stock Units [Member] | |||
Stock-based Compensation | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% |
Stock-based Compensation Summar
Stock-based Compensation Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Oct. 29, 2017 | Oct. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Total pre-tax stock-based compensation expense | $ 14 | $ 14 |
Tax-related benefits | $ 5 | $ 5 |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule Of Stock Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Oct. 29, 2017 | Oct. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Beginning of year, Options | 1,042 | |
Granted, Options | 575 | |
Exercised, Options | 0 | 0 |
Terminated, Options | 0 | |
End of year, Options | 1,617 | |
Exercisable at end of period, Options | 544 | |
Beginning of period, Weighted-Average Exercise Price | $ 52.08 | |
Granted, Weighted-Average Exercise Price | 47.19 | |
Exercised, Weighted-Average Exercise Price | 0 | |
Terminated, Weighted-Average Exercise Price | 0 | |
End of period, Weighted-Average Exercise Price | 50.34 | |
Exercisable at end of period, Weighted-Average Exercise Price | $ 51.40 | |
Outstanding at end of period, Weighted-Average Remaining Contractual Life (In years) | 8 years 11 months | |
Exercisable at end of period, Weighted-Average Remaining Contractual Life (In years) | 8 years 2 months | |
Outstanding at end of period, Aggregate Intrinsic Value | $ 1 | |
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 | 3 Months Ended | |
Oct. 29, 2017 | Oct. 30, 2016 | |
Time Lapse, EPS Performance And Strategic Performance Restricted Stock Units [Member] | ||
Stock-based Compensation | ||
Nonvested at beginning of period, Units | 1,221 | |
Granted, Units | 657 | |
Vested, Units | (602) | |
Forfeited, Units | (21) | |
Nonvested at end of period, Units | 1,255 | |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $ 50.86 | |
Granted, Weighted-Average Grant-Date Fair Value | 46.88 | $ 54.72 |
Vested, Weighted-Average Grant-Date Fair Value | 48.33 | |
Forfeited, Weighted Average Grant Date Fair Value | 51 | |
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $ 49.99 | |
TSR Performance Restricted Stock/Units [Member] | ||
Stock-based Compensation | ||
Nonvested at beginning of period, Units | 1,774 | |
Granted, Units | 943 | |
Vested, Units | (815) | |
Forfeited, Units | (28) | |
Nonvested at end of period, Units | 1,874 | |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $ 48.24 | |
Granted, Weighted-Average Grant-Date Fair Value | 39.39 | $ 39.53 |
Vested, Weighted-Average Grant-Date Fair Value | 43.39 | |
Forfeited, Weighted Average Grant Date Fair Value | 47.91 | |
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $ 46.25 |
Stock-based Compensation (Valua
Stock-based Compensation (Valuation Assumptions) (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Oct. 29, 2017 | Jul. 30, 2017 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 2.06% | 1.28% |
Expected dividend yield | 2.95% | 2.26% |
Expected volatility | 19.60% | 18.64% |
Expected term, years | 6 years | 6 years |
Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.67 | $ 7.51 |
TSR Performance Restricted Stock/Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.58% | 0.85% |
Expected dividend yield | 2.95% | 2.26% |
Expected volatility | 19.07% | 17.78% |
Expected term, years | 3 years | 3 years |
Supplemental Financial Statem66
Supplemental Financial Statement Data (Inventories) (Details) - USD ($) $ in Millions | Oct. 29, 2017 | Jul. 30, 2017 |
Disclosure Text Block Supplement [Abstract] | ||
Inventory, Raw Materials, Gross | $ 423 | $ 377 |
Inventory, Finished Goods, Gross | 578 | 525 |
Inventories | $ 1,001 | $ 902 |
Supplemental Financial Statem67
Supplemental Financial Statement Data (Other Expenses / (Income)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Oct. 29, 2017 | Oct. 30, 2016 | |
Disclosure Text Block Supplement [Abstract] | ||
Amortization of Intangible Assets | $ 4 | $ 5 |
Net Periodic Defined Benefits Expense (Income), Excluding Service Cost Component | (42) | 5 |
Gain (Loss) on Investments | 8 | 0 |
Other Nonoperating Expense | 1 | 1 |
Other expenses / (income) | $ (29) | $ 11 |