Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Jul. 29, 2018 | Sep. 17, 2018 | Jan. 26, 2018 | |
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-K | ||
Document Period End Date | Jul. 29, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 300,656,129 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 9,014,993,646 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Income Statement [Abstract] | |||
Net sales | $ 8,685 | $ 7,890 | $ 7,961 |
Costs and expenses | |||
Cost of products sold | 5,869 | 4,965 | 5,033 |
Marketing and selling expenses | 902 | 855 | 852 |
Administrative expenses | 654 | 550 | 575 |
Research and development expenses | 110 | 111 | 105 |
Other expenses / (income) | 619 | (9) | 405 |
Restructuring charges | 62 | 18 | 31 |
Total costs and expenses | 8,216 | 6,490 | 7,001 |
Earnings before interest and taxes | 469 | 1,400 | 960 |
Interest expense | 201 | 112 | 115 |
Interest income | 4 | 5 | 4 |
Earnings before taxes | 272 | 1,293 | 849 |
Taxes on earnings | 11 | 406 | 286 |
Net earnings | 261 | 887 | 563 |
Less: Net earnings (loss) attributable to noncontrolling interests | 0 | 0 | 0 |
Net earnings attributable to Campbell Soup Company | $ 261 | $ 887 | $ 563 |
Per Share - Basic | |||
Net earnings attributable to Campbell Soup Company | $ 0.87 | $ 2.91 | $ 1.82 |
Weighted average shares outstanding - basic | 301 | 305 | 309 |
Per Share - Assuming Dilution | |||
Net earnings attributable to Campbell Soup Company | $ 0.86 | $ 2.89 | $ 1.81 |
Weighted average shares outstanding - assuming dilution | 302 | 307 | 311 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 261 | $ 887 | $ 563 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax [Abstract] | |||
Foreign currency translation adjustments, before tax | (69) | 40 | 45 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | |||
Unrealized gains (losses) arising during period, before Tax | 23 | 19 | (45) |
Reclassification adjustment for (gains) losses included in net earnings, before tax | 3 | 11 | (9) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, [Abstract] | |||
Prior service credit arising during the period, before tax | 9 | 12 | 93 |
Reclassification of prior service credit included in net earnings, before tax | (27) | (25) | (1) |
Other comprehensive income (loss), before tax | (61) | 57 | 83 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax [Abstract] | |||
Foreign currency translation adjustments, tax (expense) benefit | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax Effect [Abstract] | |||
Unrealized gains (losses) arising during the period, tax (expense) benefit | (7) | (7) | 16 |
Reclassification adjustment for (gains) losses included in net earnings, tax (expense) benefit | (1) | (4) | 2 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax [Abstract] | |||
Prior service credit arising during the period, tax | (2) | (4) | (34) |
Reclassification of prior service credit included in net earnings, tax (expense) benefit | 7 | 9 | 0 |
Other comprehensive income (loss), tax (expense) benefit | (3) | (6) | (16) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | |||
Foreign currency translation adjustments, after-tax | (69) | 40 | 45 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | |||
Unrealized gains (losses) arising during the period, after-tax | 16 | 12 | (29) |
Reclassification adjustment for (gains) losses included in net earnings, after-tax | 2 | 7 | (7) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax [Abstract] | |||
Prior service credit arising during the period, net of tax | 7 | 8 | 59 |
Reclassification of prior service credit included in net earnings, after-tax | (20) | (16) | (1) |
Other comprehensive income (loss), after tax | (64) | 51 | 67 |
Total comprehensive income (loss), after-tax | 197 | 938 | 630 |
Total comprehensive income (loss) attributable to noncontrolling interests | 1 | 0 | 3 |
Total comprehensive income (loss) attributable to Campbell Soup Company | $ 196 | $ 938 | $ 627 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions | Jul. 29, 2018 | Jul. 30, 2017 |
Current assets | ||
Cash and cash equivalents | $ 226 | $ 319 |
Accounts receivable, net | 785 | 605 |
Inventories | 1,199 | 902 |
Other current assets | 86 | 74 |
Total current assets | 2,296 | 1,900 |
Plant assets, net of depreciation | 3,233 | 2,454 |
Goodwill | 4,580 | 2,115 |
Other intangible assets, net of amortization | 4,196 | 1,118 |
Other assets ($77 as of 2018 and $51 as of 2017 attributable to variable interest entity) | 224 | 139 |
Total assets | 14,529 | 7,726 |
Current liabilities | ||
Short-term borrowings | 1,896 | 1,037 |
Payable to suppliers and others | 893 | 666 |
Accrued liabilities | 676 | 561 |
Dividends payable | 107 | 111 |
Accrued income taxes | 22 | 20 |
Total current liabilities | 3,594 | 2,395 |
Long-term debt | 7,998 | 2,499 |
Deferred taxes | 995 | 490 |
Other liabilities | 569 | 697 |
Total liabilities | 13,156 | 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 | 349 | 359 |
Earnings retained in the business | 2,224 | 2,385 |
Capital stock in treasury, at cost | (1,103) | (1,066) |
Accumulated other comprehensive loss | (118) | (53) |
Total Campbell Soup Company shareholders' equity | 1,364 | 1,637 |
Noncontrolling interests | 9 | 8 |
Total equity | 1,373 | 1,645 |
Total liabilities and equity | $ 14,529 | $ 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 ($77 as of 2018 and $51 as of 2017 attributable to variable interest entity) | $ 77 | $ 51 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Cash flows from operating activities: | |||
Net earnings | $ 261 | $ 887 | $ 563 |
Adjustments to reconcile net earnings to operating cash flow | |||
Asset Impairment Charges | 748 | 212 | 141 |
Restructuring charges | 62 | 18 | 31 |
Stock-based compensation | 61 | 60 | 64 |
Amortization of inventory fair value adjustment from acquisition | 42 | 0 | 0 |
Pension and postretirement benefit expense (income) | (187) | (258) | 317 |
Depreciation and amortization | 394 | 318 | 308 |
Deferred income taxes | (133) | 93 | (30) |
Other, net | 34 | 18 | 6 |
Changes in working capital, net of acquisitions | |||
Accounts receivable | 56 | 28 | 24 |
Inventories | (84) | 46 | 59 |
Prepaid assets | 27 | (27) | 9 |
Accounts payable and accrued liabilities | 78 | (48) | 15 |
Net receipts from hedging activities | 6 | 2 | 44 |
Other | (60) | (58) | (60) |
Net cash provided by operating activities | 1,305 | 1,291 | 1,491 |
Cash flows from investing activities: | |||
Purchases of plant assets | (407) | (338) | (341) |
Sales of plant assets | 1 | 0 | 5 |
Purchases of route businesses | (9) | 0 | 0 |
Sales of route businesses | 10 | 0 | 0 |
Business acquired, net of cash acquired | (6,772) | 0 | 0 |
Other, net | (20) | (30) | (18) |
Net cash used in investing activities | (7,197) | (368) | (354) |
Cash flows from financing activities: | |||
Short-term borrowings | 10,222 | 8,247 | 8,161 |
Short-term repayments | (9,944) | (8,002) | (8,923) |
Long-term borrowings | 6,224 | 211 | 215 |
Long-term repayments | (63) | (90) | 0 |
Repayments of notes payable | 0 | (400) | 0 |
Dividends paid | (426) | (420) | (390) |
Treasury stock purchases | (86) | (437) | (143) |
Treasury stock issuances | 0 | 2 | 2 |
Payments related to tax withholding for stock-based compensation | (23) | (22) | (21) |
Repurchase of noncontrolling interest | (47) | 0 | 0 |
Payments of debt issuance costs | (50) | 0 | 0 |
Net cash provided by (used in) financing activities | 5,807 | (911) | (1,099) |
Effect of exchange rate changes on cash | (8) | 11 | 5 |
Net change in cash and cash equivalents | (93) | 23 | 43 |
Cash and cash equivalents - beginning of period | 319 | 296 | 253 |
Cash and cash equivalents - end of period | $ 226 | $ 319 | $ 296 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions | Total | Capital Stock Issued [Member] | Capital Stock In Treasury [Member] | Additional Paid-In Capital [Member] | Earnings Retained In The Business [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] |
Capital stock, shares at Aug. 02, 2015 | 323 | ||||||
Treasury Stock, Shares at Aug. 02, 2015 | (13) | ||||||
Balance, value at Aug. 02, 2015 | $ 1,377 | $ 12 | $ (556) | $ 339 | $ 1,754 | $ (168) | $ (4) |
Contribution from noncontrolling interest | 9 | 9 | |||||
Net earnings (loss) | 563 | 563 | 0 | ||||
Other comprehensive income (loss) | 67 | 64 | 3 | ||||
Dividends | $ (390) | (390) | |||||
Dividends per share | $ 1.248 | ||||||
Treasury stock purchased, shares | (3) | ||||||
Treasury stock purchased, value | $ (143) | $ (143) | |||||
Treasury stock issued under management incentive and stock option plans, shares | 1 | ||||||
Treasury stock issued under management incentive and stock option plans, value | 50 | $ 35 | 15 | ||||
Capital stock, shares at Jul. 31, 2016 | 323 | ||||||
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) | 887 | 887 | 0 | ||||
Other comprehensive income (loss) | 51 | 51 | 0 | ||||
Dividends | $ (429) | (429) | |||||
Dividends per share | $ 1.40 | ||||||
Treasury stock purchased, shares | (8) | ||||||
Treasury stock purchased, value | $ (437) | $ (437) | |||||
Treasury stock issued under management incentive and stock option plans, shares | 1 | ||||||
Treasury stock issued under management incentive and stock option plans, value | 40 | $ 35 | 5 | ||||
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 |
Noncontrolling Interest, Increase from Business Combination | 47 | 47 | |||||
Repurchases of noncontrolling interest | (47) | (47) | |||||
Net earnings (loss) | 261 | 261 | 0 | ||||
Other comprehensive income (loss) | (64) | (65) | 1 | ||||
Dividends | $ (422) | (422) | |||||
Dividends per share | $ 1.40 | ||||||
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 | 39 | $ 49 | (10) | ||||
Capital stock, shares at Jul. 29, 2018 | 323 | ||||||
Treasury Stock, Shares at Jul. 29, 2018 | (22) | ||||||
Balance, value at Jul. 29, 2018 | $ 1,373 | $ 12 | $ (1,103) | $ 349 | $ 2,224 | $ (118) | $ 9 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jul. 29, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies In this Report, unless otherwise stated, the terms "we," "us," "our" and the "company" refer to Campbell Soup Company and its consolidated subsidiaries. We are a manufacturer and marketer of high-quality, branded food and beverage products. Basis of Presentation — The consolidated financial statements include our accounts and entities in which we maintain a controlling financial interest and a variable interest entity (VIE) for which we are the primary beneficiary. Intercompany transactions are eliminated in consolidation. Certain amounts in prior-year financial statements were reclassified to conform to the current-year presentation. See Note 2 for additional information. Our fiscal year ends on the Sunday nearest July 31. There were 52 weeks in 2018, 2017, and 2016. Use of Estimates — Generally accepted accounting principles require management to make estimates and assumptions that affect assets, liabilities, revenues and expenses. Actual results could differ from those estimates. Revenue Recognition — Revenues are recognized when the earnings process is complete. This occurs when products are shipped in accordance with terms of agreements, title and risk of loss transfer to customers, collection is probable and pricing is fixed or determinable. Revenues are recognized net of provisions for returns, discounts and allowances. Certain sales promotion expenses, such as feature price discounts, in-store display incentives, cooperative advertising programs, new product introduction fees and coupon redemption costs, are classified as a reduction of sales. The recognition of costs for promotion programs involves the use of judgment related to performance and redemption estimates. Estimates are made based on historical experience and other factors. Costs are recognized either upon sale or when the incentive is offered, based on the program. Revenues are presented on a net basis for arrangements under which suppliers perform certain additional services. In 2019, we will adopt revised accounting guidance on the recognition of revenue. See Note 2 for additional information. Cash and Cash Equivalents — All highly liquid debt instruments purchased with a maturity of three months or less are classified as cash equivalents. Inventories — All inventories are valued at the lower of average cost or net realizable value. Property, Plant and Equipment — Property, plant and equipment are recorded at historical cost and are depreciated over estimated useful lives using the straight-line method. Buildings and machinery and equipment are depreciated over periods not exceeding 45 years and 20 years, respectively. Assets are evaluated for impairment when conditions indicate that the carrying value may not be recoverable. Such conditions include significant adverse changes in business climate or a plan of disposal. Repairs and maintenance are charged to expense as incurred. Goodwill and Intangible Assets — Goodwill and intangible assets deemed to have indefinite lives are not amortized but rather are tested at least annually for impairment, or when circumstances indicate that the carrying amount of the asset may not be recoverable. Goodwill is tested for impairment at the reporting unit level. A reporting unit is an operating segment or a component of an operating segment. Goodwill is tested for impairment by either performing a qualitative evaluation or a quantitative test. The qualitative evaluation is an assessment of factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. We may elect not to perform the qualitative assessment for some or all reporting units and perform a quantitative impairment test. Fair value is determined based on discounted cash flow analyses. The discounted estimates of future cash flows include significant management assumptions such as revenue growth rates, operating margins, weighted average cost of capital, and future economic and market conditions. If the carrying value of the reporting unit exceeds fair value, goodwill is considered impaired. In January 2017, the Financial Accounting Standards Board (FASB) issued revised guidance that simplifies the test for goodwill impairment, effective for fiscal years beginning after December 15, 2019, with early adoption permitted. Under the revised guidance, if a reporting unit’s carrying value exceeds its fair value, an impairment charge will be recorded to reduce the reporting unit to fair value. Prior to the revised guidance, the amount of the impairment was the difference between the carrying value of the goodwill and the "implied" fair value, which was calculated as if the reporting unit had just been acquired and accounted for as a business combination. Indefinite-lived intangible assets are tested for impairment by comparing the fair value of the asset to the carrying value. Fair value is determined based on discounted cash flow analyses that include significant management assumptions such as revenue growth rates, weighted average cost of capital, and assumed royalty rates. If the carrying value exceeds fair value, an impairment charge will be recorded to reduce the asset to fair value. See Note 5 for information on intangible assets and impairment charges. Derivative Financial Instruments — We use derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates, interest rates, commodities and equity-linked employee benefit obligations. We enter into these derivative contracts for periods consistent with the related underlying exposures, and the contracts do not constitute positions independent of those exposures. We do not enter into derivative contracts for speculative purposes and do not use leveraged instruments. Our derivative programs include strategies that qualify and strategies that do not qualify for hedge accounting treatment. To qualify for hedge accounting, the hedging relationship, both at inception of the hedge and on an ongoing basis, is expected to be highly effective in achieving offsetting changes in the fair value of the hedged risk during the period that the hedge is designated. All derivatives are recognized on the balance sheet at fair value. For derivatives that qualify for hedge accounting, on the date the derivative contract is entered into, we designate the derivative as a hedge of the fair value of a recognized asset or liability or a firm commitment (fair-value hedge), a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (cash-flow hedge), or a hedge of a net investment in a foreign operation. Some derivatives may also be considered natural hedging instruments (changes in fair value act as economic offsets to changes in fair value of the underlying hedged item) and are not designated for hedge accounting. Changes in the fair value of a fair-value hedge, along with the gain or loss on the underlying hedged asset or liability (including losses or gains on firm commitments), are recorded in current-period earnings. The effective portion of gains and losses on cash-flow hedges are recorded in other comprehensive income (loss), until earnings are affected by the variability of cash flows. If the hedge is no longer effective, all changes in the fair value of the derivative are included in earnings each period until the instrument matures. If a derivative is used as a hedge of a net investment in a foreign operation, its changes in fair value, to the extent effective as a hedge, are recorded in other comprehensive income (loss). Any ineffective portion of designated hedges is recognized in current-period earnings. Changes in the fair value of derivatives that are not designated for hedge accounting are recognized in current-period earnings. Cash flows from derivative contracts are included in Net cash provided by operating activities. Advertising Production Costs — Advertising production costs are expensed in the period that the advertisement first takes place or when a decision is made not to use an advertisement. Research and Development Costs — The costs of research and development are expensed as incurred. Costs include expenditures for new product and manufacturing process innovation, and improvements to existing products and processes. Costs primarily consist of salaries, wages, consulting, and depreciation and maintenance of research facilities and equipment. Income Taxes — Deferred tax assets and liabilities are recognized for the future impact of differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Jul. 29, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted In April 2015, the FASB issued guidance to clarify the accounting for fees paid by a customer in a cloud computing arrangement. The guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those years. Early adoption is permitted. The new guidance should be applied either prospectively to all arrangements entered into or materially modified after the effective date or retrospectively. In 2017, we prospectively adopted the guidance. The adoption did not have a material impact on our consolidated financial statements. In March 2016, the FASB issued guidance that amends accounting for share-based payments, including the accounting for income taxes, forfeitures, and statutory withholding requirements, as well as classification in the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted. We adopted the guidance in 2017. We elected to continue to estimate forfeitures expected to occur. In addition, we elected to adopt retrospectively the amendment to present excess tax benefits on share-based compensation as an operating activity, which resulted in a reclassification of $7 from Net cash used in financing activities to Net cash provided by operating activities in the Consolidated Statement of Cash Flows for 2016 . We also adopted retrospectively the amendment to present cash payments to tax authorities in connection with shares withheld to meet statutory tax withholding requirements as a financing activity. As a result, there was a reclassification of $21 from Net cash provided by operating activities to Net cash used in financing activities in the Consolidated Statement of Cash Flows for 2016 . In January 2017, the FASB issued guidance that simplifies the test for goodwill impairment. Under the revised guidance, if a reporting unit’s carrying amount exceeds its fair value, an entity will record an impairment charge to reduce the reporting unit to fair value. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. The revised guidance eliminates the current requirement to determine the fair value of individual assets and liabilities of a reporting unit to measure the goodwill impairment. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those years. Early adoption is permitted. We elected to early adopt the guidance in the fourth quarter 2017. The adoption did not have an impact on our consolidated financial statements. 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: Increase / (decrease) in expense 2017 2016 Cost of products sold $ 134 $ (148 ) Marketing and selling expenses $ 38 $ (41 ) Administrative expenses $ 62 $ (66 ) Research and development expenses $ 13 $ (19 ) Other expenses / (income) $ (247 ) $ 274 Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued revised guidance on the recognition of revenue from contracts with customers. The guidance is designed to create greater comparability for financial statement users across industries and jurisdictions. The guidance also requires enhanced disclosures. The guidance was originally effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. In July 2015, the FASB decided to delay the effective date of the new revenue guidance by one year to fiscal years, and interim periods within those years, beginning after December 15, 2017. Entities will be permitted to adopt the new revenue standard early, but not before the original effective date. The guidance permits the use of either a full retrospective or modified retrospective transition method. We completed the review of our arrangements with customers across our businesses, including our practices of offering rebates, refunds, discounts and other price allowances, and trade and consumer promotion programs. As we evaluated our methods of estimating the amount and timing of these various forms of variable consideration, we determined we will accelerate the expense recognition of certain trade and consumer promotion programs under the new guidance. Based on our assessment, the impact is not expected to be material on an annual basis, but will impact quarterly results. We will use the modified retrospective method when we adopt the new guidance in 2019, and the cumulative-effect adjustment is not expected to be material. 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 do not expect that the adoption will have an impact 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. In July 2018, the FASB issued an adoption approach that allows entities to apply the new guidance at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption without restating prior periods. We are currently compiling an inventory of our lease arrangements in order to determine 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 do not expect that the adoption will have an impact 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 do not expect that the adoption will have an impact 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. Beginning in 2019, we will prospectively apply the guidance to applicable transactions. 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. In February 2018, the FASB issued guidance that provides entities an option to reclassify the tax effects of the Tax Cuts and Jobs Act of 2017 on items within accumulated other comprehensive income to retained earnings. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those years. Entities are able to early adopt the guidance in any interim or annual period for which financial statements have not yet been issued and apply it either in the period of adoption or retrospectively to each period in which the tax effects of the Tax Cuts and Jobs Act of 2017 related to items in accumulated other comprehensive income are recognized. New disclosures are required regardless of whether an entity elects to reclassify the tax effects. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. In August 2018, the FASB issued guidance that changes the disclosure requirements related to defined benefit pension and postretirement plans. The guidance is effective for fiscal years beginning after December 15, 2020. The guidance is to be applied on a retrospective basis. Early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our disclosures. |
Acquistions
Acquistions | 12 Months Ended |
Jul. 29, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On March 26, 2018, we completed the acquisition of Snyder's-Lance, Inc. (Snyder's-Lance) for $50.00 per share. Total consideration was $6,112 , which included the payoff of approximately $1,100 of Snyder's-Lance indebtedness. The acquisition was financed through a single draw 3-year senior unsecured term loan facility and the issuance of senior notes. See Note 12 for additional information. Snyder's-Lance is a snack food company that manufactures, distributes, markets and sells snack food products in North America and Europe. Its primary brands include Snyder’s of Hanover and Lance , as well as Kettle Brand , KETTLE, Cape Cod , Snack Factory Pretzel Crisps , Pop Secret, Emerald and Late July . The excess of the purchase price over the estimated fair values of identifiable net assets was recorded as $2,866 of goodwill. The goodwill is not deductible for tax purposes. The goodwill was primarily attributable to future growth opportunities, anticipated synergies, and intangible assets that did not qualify for separate recognition. The goodwill is included in the Global Biscuits and Snacks segment. On December 12, 2017, we completed the acquisition of Pacific Foods of Oregon, LLC (Pacific Foods). The purchase price was $688 . Pacific Foods produces broth, soups, non-dairy beverages and other simple meals. The excess of the purchase price over the estimated fair values of identifiable net assets was recorded as $202 of goodwill. The goodwill is deductible for tax purposes. The goodwill was primarily attributable to future growth opportunities, anticipated synergies, and intangible assets that did not qualify for separate recognition. The goodwill is included in the Americas Simple Meals and Beverages segment. The acquired assets and assumed liabilities include the following: Snyder's-Lance Pacific Foods Cash $ 21 $ 7 Accounts receivable 221 16 Inventories 219 48 Other current assets 32 1 Plant assets 696 78 Goodwill 2,866 202 Other intangible assets 2,947 366 Other assets 65 — Short-term debt (1 ) — Accounts payable (124 ) (24 ) Accrued liabilities (115 ) (6 ) Deferred income taxes (640 ) — Other liabilities (28 ) — Noncontrolling interest (47 ) — Total assets acquired and liabilities assumed $ 6,112 $ 688 The purchase price allocation of Snyder's-Lance is preliminary and is subject to the finalization of certain items, including tax balances, which will be completed within the allowable measurement period. The identifiable intangible assets of Snyder's-Lance consist of: Type Life in Years Value Trademarks Non-amortizable Indefinite $ 2,131 Customer relationships Amortizable 15 to 22 808 Other Amortizable 1.5 8 Total identifiable intangible assets $ 2,947 The identifiable intangible assets of Pacific Foods consist of $280 in non-amortizable trademarks, and $86 in customer relationships to be amortized over 20 years. In 2018, we recognized transaction costs and integration costs of $102 , associated with the Snyder's-Lance acquisition. Approximately $53 represented transactions costs, including bridge financing costs and outside advisory costs, and were recorded in Other expenses / (income). Integration costs included the following: • amortization of the acquisition date fair value adjustment to inventories of $42 that was recorded in Cost of products sold; • $13 of Restructuring charges; • $12 of Administrative expenses; and • $18 gain in Interest expense on treasury rate lock contracts used to hedge the planned financing of the acquisition. The acquisition of Snyder's-Lance contributed $772 to Net sales from March 26, 2018, through July 29, 2018. The contribution to Net earnings was a loss of $84 from March 26, 2018, through July 29, 2018, including the effect of the transaction and integration costs, and interest expense on the debt to finance the acquisition. The acquisition of Pacific Foods contributed $123 to Net sales from December 12, 2017, through July 29, 2018. The contribution to Net earnings was a loss of $13 from December 12, 2017, through July 29, 2018. The following unaudited summary information is presented on a consolidated pro forma basis as if the Snyder's-Lance and Pacific Foods acquisitions had occurred on August 1, 2016: 2018 2017 Net sales $ 10,222 $ 10,324 Net earnings attributable to Campbell Soup Company $ 371 $ 773 Net earnings per share attributable to Campbell Soup Company - basic $ 1.23 $ 2.53 Net earnings per share attributable to Campbell Soup Company - assuming dilution $ 1.23 $ 2.52 The pro forma amounts include additional interest expense on the debt issued to finance the purchases, amortization and depreciation expense based on the estimated fair value and useful lives of intangible assets and plant assets, and related tax effects. The pro forma results are not necessarily indicative of the combined results had the Snyder's-Lance and Pacific Foods acquisitions been completed on August 1, 2016, nor are they indicative of future combined results. The pro forma results for 2017 include pre-tax transaction costs of $53 , pre-tax amortization of the acquisition date fair value adjustment to inventories of $42 , and a pre-tax gain of $18 on treasury rate lock contracts. Therefore, the pro forma results for 2018 exclude these items, as they are reflected in 2017. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jul. 29, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (Loss) The components of Accumulated other comprehensive income (loss) consisted of the following: Foreign Currency Translation Adjustments (1) Gains (Losses) on Cash Flow Hedges (2) Pension and Postretirement Benefit Plan Adjustments (3) Total Accumulated Comprehensive Income (Loss) Balance at August 2, 2015 $ (166 ) $ (5 ) $ 3 $ (168 ) Other comprehensive income (loss) before reclassifications 42 (29 ) 59 72 Amounts reclassified from accumulated other comprehensive income (loss) — (7 ) (1 ) (8 ) Net current-period other comprehensive income (loss) 42 (36 ) 58 64 Balance at July 31, 2016 $ (124 ) $ (41 ) $ 61 $ (104 ) Other comprehensive income (loss) before reclassifications 40 12 8 60 Amounts reclassified from accumulated other comprehensive income (loss) — 7 (16 ) (9 ) Net current-period other comprehensive income (loss) 40 19 (8 ) 51 Balance at July 30, 2017 $ (84 ) $ (22 ) $ 53 $ (53 ) Other comprehensive income (loss) before reclassifications (70 ) 16 7 (47 ) Amounts reclassified from accumulated other comprehensive income (loss) — 2 (20 ) (18 ) Net current-period other comprehensive income (loss) (70 ) 18 (13 ) (65 ) Balance at July 29, 2018 $ (154 ) $ (4 ) $ 40 $ (118 ) _____________________________________ (1) Included a tax expense of $6 as of July 29, 2018 , July 30, 2017 , July 31, 2016 , and August 2, 2015 . (2) Included a tax benefit of $4 as of July 29, 2018 , $12 as of July 30, 2017 , $23 as of July 31, 2016 , and $5 as of August 2, 2015 . (3) Included a tax expense of $25 as of July 29, 2018 , $30 as of July 30, 2017 , $35 as of July 31, 2016 , and $1 as of August 2, 2015 . Amounts related to noncontrolling interests were not material. The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following: Details about Accumulated Other Comprehensive Income (Loss) Components 2018 2017 2016 Location of (Gain) Loss Recognized in Earnings (Gains) losses on cash flow hedges: Foreign exchange forward contracts $ 1 $ 6 $ (11 ) Cost of products sold Foreign exchange forward contracts — 1 (2 ) Other expenses / (income) Forward starting interest rate swaps 2 4 4 Interest expense Total before tax 3 11 (9 ) Tax expense (benefit) (1 ) (4 ) 2 (Gain) loss, net of tax $ 2 $ 7 $ (7 ) Pension and postretirement benefit adjustments: Prior service credit $ (27 ) $ (25 ) $ (1 ) Other expenses / (income) Tax expense (benefit) 7 9 — (Gain) loss, net of tax $ (20 ) $ (16 ) $ (1 ) |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Jul. 29, 2018 | |
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 (1) Total Net balance at July 31, 2016 $ 775 $ 757 $ 731 $ 2,263 Impairment charges — — (191 ) (191 ) Foreign currency translation adjustment 5 38 — 43 Net balance at July 30, 2017 $ 780 $ 795 $ 540 $ 2,115 Acquisitions 202 2,866 — 3,068 Impairment charges — — (540 ) (540 ) Foreign currency translation adjustment (4 ) (59 ) — (63 ) Net balance at July 29, 2018 $ 978 $ 3,602 $ — $ 4,580 _____________________________________ (1) The balance of goodwill is reflected net of accumulated impairment charges of $837 as of July 29, 2018, $297 as of July 30, 2017 and $106 as of July 31, 2016, respectively, related to the Bolthouse Farms carrot and carrot ingredients reporting unit, the deli reporting unit, and the Bolthouse Farms refrigerated beverages and salad dressings reporting unit. In March 2018, we acquired Snyder's-Lance for $6,112 . Goodwill related to the acquisition was $2,866 . In addition, we acquired Pacific Foods in December 2017 for $688 and goodwill related to the acquisition was $202 . See Note 3 for additional information. 2016 Assessments In the fourth quarter of 2016, as part of our annual review of intangible assets, an impairment charge of $106 was recorded on goodwill for the Bolthouse Farms carrot and carrot ingredients reporting unit within the Campbell Fresh segment. In 2016, carrot performance primarily reflected the adverse impact of weather conditions on crop yields, and execution issues in response to those conditions, which led to customer dissatisfaction, a loss of business, and higher carrot costs in the second half of the year. The impairment was attributable to a decline in profitability in the second half of 2016 and a revised outlook for the business, with reduced expectations for sales, operating margins, and discounted cash flows. 2017 Assessments During the second quarter of 2017, sales and operating profit performance for the Bolthouse Farms carrot and carrot ingredients reporting unit were well below our expectations due to difficulty with regaining market share lost during 2016 and higher carrot costs from the adverse impact of heavy rains on crop yields. During the quarter, we also lowered our forecast for sales and earnings for the reporting unit for the second half of 2017 based on revised market share recovery expectations and the continuing effect of unusual weather conditions on carrot costs. In addition, as part of a strategic review initiated by a new leadership team of Campbell Fresh during the second quarter, we decided to reduce emphasis on growing sales of carrot ingredients, which are a by-product of the manufacturing process, and to manage carrots sold at retail for modest sales growth consistent with the category while improving profitability. Accordingly, we reduced our expectations for recovery of retail carrot market share. As a consequence of the business performance and the strategic review, we lowered our sales outlook for future fiscal years. We also lowered our average margin expectations due in part to cost volatility, which has been higher than expected. Based upon the business performance in the second quarter of 2017, our reduced near-term outlook, and reduced expectations for sales, operating margins and discounted cash flows, we performed an interim goodwill impairment assessment in the second quarter, which resulted in a $127 impairment charge to reduce the carrying amount to $75 . We acquired Garden Fresh Gourmet on June 29, 2015. During 2017, sales and operating profit performance for Garden Fresh Gourmet, a reporting unit within the Campbell Fresh segment, were well below expectations, and we lowered our outlook for the second half of 2017 due to customer losses and failure to meet product distribution goals. We expected to expand distribution of salsa beyond our concentration in the Midwest region, however this proved to be challenging as differentiated recipes are required to meet taste profiles in other parts of the country. In addition, as part of a strategic review initiated by a new leadership team of Campbell Fresh during the second quarter, we lowered our distribution and category growth expectations and, therefore, future sales outlook. Based upon the business performance in 2017, our reduced near-term outlook, and reduced expectations for sales, operating margins and discounted cash flows, we performed an interim goodwill impairment assessment on this reporting unit in the second quarter, which resulted in a $64 impairment charge to reduce the carrying amount to $52 . 2018 Assessments During the second quarter of 2018, we performed an interim impairment assessment on the intangible assets of the Bolthouse Farms carrot and carrot ingredients reporting unit as operating performance was below expectations. The business was impacted by adverse weather conditions and the implementation of enhanced quality protocols, which impacted crop yields and resulted in higher costs. This cost volatility continued to be higher than expected and caused us to reassess our short- and long-term margin expectations for this business. Based on this performance, we reduced our outlook for future operating margins and discounted cash flows, which resulted in a $75 impairment charge, representing a write-down of the remaining goodwill in the reporting unit. During the third quarter of 2018, we performed an interim impairment assessment on the intangible assets of the deli reporting unit, which includes Garden Fresh Gourmet and the U.S. refrigerated soup business, within Campbell Fresh. During the third quarter of 2018, certain of our private label refrigerated soup customers, which represent a majority of the business, informed us of their intention to in-source production beginning in 2019, and the sales and operating profit outlook of the Garden Fresh Gourmet business was reduced. Due to the anticipated loss of refrigerated soup business with these customers, as well as the recent performance of the Garden Fresh Gourmet business, we revised the long-term outlook for future sales, operating margins and discounted cash flows for this reporting unit, which resulted in an $81 impairment charge, representing a write-down of the remaining goodwill in the reporting unit. In addition, we performed an interim impairment assessment on the intangible assets of the Bolthouse Farms refrigerated beverages and salad dressings reporting unit within Campbell Fresh as the operating performance in the third quarter was below expectations. We assessed sales performance of refrigerated beverages and key drivers impacting gross profit for the unit. We revised our long-term outlook for future earnings and discounted cash flows to reflect reduced sales expectations to modest growth and decreased our gross profit outlook to reflect the inflation and manufacturing efficiency pressures that remain with the unit. This revised outlook resulted in a $384 impairment charge, representing a write-down of the remaining goodwill in the reporting unit. The impairment charges were recorded in Other expenses / (income) in the Consolidated Statements of Earnings. Intangible Assets The following table sets forth balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization: Intangible Assets 2018 2017 Amortizable intangible assets Customer relationships $ 1,116 $ 223 Technology 40 40 Other 43 35 Total gross amortizable intangible assets $ 1,199 $ 298 Accumulated amortization (126 ) (92 ) Total net amortizable intangible assets $ 1,073 $ 206 Non-amortizable intangible assets Trademarks 3,123 912 Total net intangible assets $ 4,196 $ 1,118 Non-amortizable intangible assets consist of trademarks, which include Snyder's of Hanover, Lance, Kettle Brand, Pace, Pacific Foods, Snack Factory, Cape Cod, Bolthouse Farms , Plum, Kjeldsens, and Garden Fresh Gourmet . Other amortizable intangible assets consist of recipes, non-compete agreements, trademarks, patents and distributor relationships. Amortization of intangible assets was $34 for 2018 , $19 for 2017 and $20 for 2016 . Amortization expense for the next 5 years is estimated to be $65 in 2019, $60 in 2020, and $59 in 2021 through 2023. Asset useful lives range from 2 to 22 years. Due to the factors previously described, we recognized impairment charges on the Bolthouse Farms carrot and carrot ingredients reporting unit trademark as follows: $35 in 2016 and $20 in 2017. The carrying value of the trademark was $48 as of July 29, 2018. In the second quarter of 2017, due to the factors previously described, we performed an interim impairment assessment on the trademark in the Garden Fresh Gourmet reporting unit, which resulted in a $1 impairment charge. In the third quarter of 2018, due to the factors described above, we performed an interim impairment assessment on the trademarks in the deli reporting unit and the Bolthouse Farms refrigerated beverages and salad dressings reporting unit. We recorded impairment charges of $13 related to the Garden Fresh Gourmet trademark within the deli reporting unit and $130 related to the Bolthouse Farms refrigerated beverages and salad dressings trademark. This reduced the carrying value of the trademarks to $23 in the deli reporting unit and to $150 in the Bolthouse Farms refrigerated beverages and salad dressings reporting unit. In the fourth quarter of 2018, as part of our annual review of intangible assets, we recognized an impairment charge of $54 on the Plum trademark, which reduced the carrying value to $61 . In 2018, sales and operating performance were well below expectations due in part to competitive pressure and reduced margins. In the fourth quarter, as part of a strategic review initiated by a new leadership team and based on recent performance, we lowered our long-term outlook for future sales. The impairment charges were recorded in Other expenses / (income) in the Consolidated Statements of Earnings. The estimates of future cash flows used in determining the fair value of goodwill and intangible assets involve significant management judgment and are based upon assumptions about expected future operating performance, economic conditions, market conditions and cost of capital. Inherent in estimating the future cash flows are uncertainties beyond our control, such as changes in capital markets. The actual cash flows could differ materially from management’s estimates due to changes in business conditions, operating performance and economic conditions. |
Business And Geographic Segment
Business And Geographic Segment Information | 12 Months Ended |
Jul. 29, 2018 | |
Segment Reporting [Abstract] | |
Business and Geographic Segment Information | Business and Geographic Segment Information Commencing in the third quarter of 2018 with the acquisition of Snyder's-Lance, we formed a new U.S. snacking unit, which combines Snyder's-Lance and Pepperidge Farm, and is an operating segment. As of the third quarter of 2018, we have four operating segments based primarily on product type, and three reportable segments. The U.S. snacking operating segment is aggregated with the international biscuits and snacks operating segment to form the Global Biscuits and Snacks reportable segment. The operating segments are aggregated based on similar economic characteristics, products, production processes, types or classes of customers, distribution methods, and regulatory environment. Our reportable 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; Campbell’s tomato juice; and as of December 12, 2017, Pacific broth, soups, non-dairy beverages and other simple meals; • Global Biscuits and Snacks segment represents an aggregation of the following operating segments: U.S. snacks operating segment, which includes Pepperidge Farm cookies, crackers, bakery and frozen products in U.S. retail, and Snyder’s-Lance pretzels, sandwich crackers, potato chips, tortilla chips and other snacking products in the U.S. and Europe; and the international biscuits and snacks operating segment, which includes Arnott’s biscuits in Australia and Asia Pacific, Kelsen cookies globally, 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. On August 30, 2018, we announced plans to pursue the divestiture of our international biscuits and snacks operating segment, and the Campbell Fresh segment. The international biscuits and snacks operating segment and the Campbell Fresh segment combined represent approximately $2,100 in net sales in 2018. We evaluate segment performance before interest, taxes and costs associated with restructuring activities and impairment charges. 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. Therefore, only geographic segment asset information is provided. Our largest customer, Wal-Mart Stores, Inc. and its affiliates, accounted for approximately 18% of consolidated net sales in 2018 , and 20% of consolidated net sales in 2017 and 2016 . All of our reportable segments sold products to Wal-Mart Stores, Inc. or its affiliates. 2018 2017 2016 Net sales Americas Simple Meals and Beverages $ 4,213 $ 4,256 $ 4,313 Global Biscuits and Snacks 3,499 2,667 2,631 Campbell Fresh 970 967 1,017 Corporate 3 — — Total $ 8,685 $ 7,890 $ 7,961 2018 2017 2016 Earnings before interest and taxes Americas Simple Meals and Beverages $ 982 $ 1,111 $ 1,060 Global Biscuits and Snacks 540 463 431 Campbell Fresh (43 ) (9 ) 60 Corporate (1) (948 ) (147 ) (560 ) Restructuring charges (2) (62 ) (18 ) (31 ) Total $ 469 $ 1,400 $ 960 2018 2017 2016 Depreciation and amortization Americas Simple Meals and Beverages $ 158 $ 118 $ 117 Global Biscuits and Snacks 144 98 96 Campbell Fresh 73 83 77 Corporate (3) 19 19 18 Total $ 394 $ 318 $ 308 2018 2017 2016 Capital expenditures Americas Simple Meals and Beverages $ 187 $ 117 $ 105 Global Biscuits and Snacks 133 127 122 Campbell Fresh 46 47 74 Corporate (3) 41 47 40 Total $ 407 $ 338 $ 341 _______________________________________ (1) Represents unallocated items. Pension and postretirement benefit mark-to-market adjustments and curtailments are included in Corporate. There were gains of $136 and $178 in 2018 and 2017 , respectively, and losses of $313 in 2016 . Costs related to the cost savings initiatives were $136 , $40 and $47 in 2018 , 2017 and 2016 , respectively. Transaction and integration costs associated with the acquisition of Snyder's-Lance were $107 in 2018. Intangible asset impairment charges were $737 , $212 and $141 in 2018, 2017 and 2016, respectively. See Note 5 for information on the intangible asset impairment charges. Plant asset impairment charges were $11 in 2018. A charge of $22 related to the settlement of a legal claim was included in 2018, and a gain of $25 from a settlement of a claim related to the Kelsen acquisition was included in 2016. (2) See Note 7 for additional information. (3) Represents primarily corporate offices. Our global net sales based on product categories are as follows: 2018 2017 2016 Net sales Soup $ 2,615 $ 2,673 $ 2,690 Snacks 3,344 2,511 2,479 Other simple meals 1,699 1,698 1,702 Beverages 1,024 1,008 1,090 Other 3 — — Total $ 8,685 $ 7,890 $ 7,961 Soup includes various soup, broths and stock products. Snacks include cookies, pretzels, crackers, biscuits, popcorn, nuts, potato chips, tortilla chips and other salty snacks and baked products. Other simple meals include sauces, carrot products, refrigerated salad dressings, refrigerated salsa, hummus, dips and Plum foods and snacks. Geographic Area Information Information about operations in different geographic areas is as follows: 2018 2017 2016 Net sales United States $ 7,032 $ 6,357 $ 6,437 Australia 622 610 590 Other countries 1,031 923 934 Total $ 8,685 $ 7,890 $ 7,961 2018 2017 2016 Long-lived assets United States $ 2,778 $ 1,987 $ 1,967 Australia 248 265 242 Other countries 207 202 198 Total $ 3,233 $ 2,454 $ 2,407 |
Restructuring Charges and Cost
Restructuring Charges and Cost Savings Initiatives | 12 Months Ended |
Jul. 29, 2018 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | Restructuring Charges and Cost Savings Initiatives 2015 Initiatives In fiscal 2015, we implemented initiatives to reduce costs and to streamline our organizational structure. 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. In February 2017, we announced that we were expanding these 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. In January 2018, as part of the expanded initiatives, we authorized additional pre-tax costs to improve the operational efficiency of our thermal supply chain network in North America by closing our manufacturing facility in Toronto, Ontario, and to optimize our information technology infrastructure by migrating certain applications to the latest cloud technology platform. In August 2018, we announced that we will continue to streamline our organization, expand our zero-based budgeting efforts and optimize our manufacturing network. We extended the time horizon for the initiatives to 2022. Cost estimates for these expanded initiatives, as well as timing for certain activities, are continuing to be developed. A summary of the restructuring charges and charges recorded in Administrative expenses, Cost of products sold, and Marketing and selling expenses related to the initiatives is as follows: 2018 2017 2016 2015 Restructuring charges $ 49 $ 18 $ 35 $ 102 Administrative expenses 88 36 47 22 Cost of products sold 45 4 — — Marketing and selling expenses 3 — — — Total pre-tax charges $ 185 $ 58 $ 82 $ 124 A summary of the pre-tax costs associated with the initiatives is as follows: Recognized as of Severance pay and benefits $ 180 Asset impairment/accelerated depreciation 45 Implementation costs and other related costs 224 Total $ 449 The total estimated pre-tax costs for actions that have been identified are approximately $570 to $605 and we expect to incur the remaining costs through 2020. 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 $195 in severance pay and benefits; approximately $95 in asset impairment and accelerated depreciation; and approximately $280 to $315 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 45% ; Global Biscuits and Snacks - approximately 30% ; Campbell Fresh - approximately 3% ; and Corporate - approximately 22% . Of the aggregate $570 to $605 of pre-tax costs identified to date, we expect approximately $465 to $500 will be cash expenditures. In addition, we expect to invest approximately $250 in capital expenditures through 2020 primarily related to the U.S. warehouse optimization project, transition of production of the Toronto manufacturing facility to our U.S. thermal plants, insourcing of manufacturing for certain simple meal products and optimization of information technology infrastructure and applications, of which we invested approximately $114 as of July 29, 2018 . A summary of the restructuring activity and related reserves associated with the initiatives at July 29, 2018 , is as follows: Severance Pay and Benefits Other Restructuring Costs Non-Cash Benefits (5) Implementation Costs and Other Related Costs (6) Asset Impairment/Accelerated Depreciation Other Non-Cash Exit Costs (7) Total Charges Accrued balance at August 3, 2014 $ — $ — 2015 charges 87 8 7 22 — — $ 124 2015 cash payments (1 ) — Foreign currency translation adjustment (1 ) — Accrued balance at August 2, 2015 (1) $ 85 $ 8 2016 charges 34 1 — 47 — — $ 82 2016 cash payments (46 ) (9 ) Accrued balance at July 31, 2016 (2) $ 73 $ — 2017 charges 7 — — 39 12 — $ 58 2017 cash payments (54 ) — Accrued balance at July 30, 2017 (3) $ 26 $ — 2018 charges 43 — 2 104 33 3 $ 185 2018 cash payments (31 ) — Foreign currency translation adjustment (1 ) — Accrued balance at July 29, 2018 (4) $ 37 $ — _______________________________________ (1) Includes $45 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (2) Includes $17 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (3) Includes $2 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (4) Includes $23 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (5) Represents postretirement and pension curtailment costs and pension special termination benefits. See Note 10 for additional information. (6) Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses, Cost of products sold, and Marketing and selling expenses in the Consolidated Statements of Earnings. (7) Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. 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: 2018 Costs Incurred to Date Americas Simple Meals and Beverages $ 86 $ 178 Global Biscuits and Snacks 73 151 Campbell Fresh 5 11 Corporate 21 109 Total $ 185 $ 449 Snyder's-Lance Cost Transformation Program and Integration On March 26, 2018, we completed the acquisition of Snyder's-Lance. Prior to the acquisition, in April 2017, Snyder's-Lance launched a cost transformation program following a comprehensive review of its operations with the goal of significantly improving its financial performance. We expect to continue to implement this program and to achieve a majority of the program's targeted savings. In addition, we have identified opportunities for additional cost synergies as we integrate Snyder's-Lance. We are developing the detailed plans to implement the Snyder's-Lance cost transformation program and to achieve the cost synergies and therefore we cannot reasonably estimate the total expected pre-tax costs and timing of when we expect to incur those costs, as well as the expected future cash expenditures. We expect the pre-tax costs to be associated primarily with Global Biscuits and Snacks. In 2018 , we recorded a restructuring charge of $13 and incurred $12 in Administrative expenses related to the integration of Snyder's-Lance. A summary of the restructuring activity and related reserves associated with the Snyder's-Lance integration at July 29, 2018 , is as follows: Severance Pay and Benefits Implementation and Integration Costs (1) Total Charges 2018 charges $ 13 12 $ 25 2018 cash payments (4 ) Accrued balance at July 29, 2018 (2) $ 9 _______________________________________ (1) Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses in the Consolidated Statements of Earnings. (2) Includes $1 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. Segment operating results do not include restructuring charges, nor implementation and integration costs because we evaluate segment performance excluding such charges. The pre-tax costs of $25 incurred in 2018 were associated with the Global Biscuits and Snacks segment. 2014 Initiatives In 2014, we implemented initiatives to reduce overhead across the organization, restructure manufacturing and streamline operations for our soup and broth business in China and improve supply chain efficiency in Australia. In 2016, we recorded a reduction to restructuring charges of $4 related to the 2014 initiatives. As of July 31, 2016, we incurred substantially all of the costs related to the 2014 initiatives. A summary of the pre-tax costs associated with the 2014 initiatives is as follows: Total Program (1) Change in Estimate Recognized as of July 31, 2016 Severance pay and benefits $ 41 $ (4 ) $ 37 Asset impairment 12 — 12 Other exit costs 1 — 1 Total $ 54 $ (4 ) $ 50 _______________________________________ (1) Recognized as of August 2, 2015. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jul. 29, 2018 | |
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 2018 excludes approximately 1 million stock options that would have been antidilutive. The earnings per share calculation for 2017 and 2016 excludes less than 1 million stock options that would have been antidilutive. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Jul. 29, 2018 | |
Income Amounts Attributable to Noncontrolling Interest, Disclosures [Abstract] | |
Noncontrolling Interest | Noncontrolling Interests We own a 60% controlling interest in a joint venture formed with Swire Pacific Limited to support our soup and broth business in China and a 70% controlling interest in a Malaysian food products manufacturing company. We also own a 99.8% interest in Acre Venture Partners, L.P. (Acre), a limited partnership formed to make venture capital investments in innovative new companies in food and food-related industries. See Note 14 for additional information. On March 26, 2018, we acquired Snyder's-Lance, including an 80% interest in one of its subsidiaries. In April 2018, we purchased the remaining 20% interest for $47 . The noncontrolling interests' share in the net earnings (loss) was included in Net earnings (loss) attributable to noncontrolling interests in the Consolidated Statements of Earnings. The noncontrolling interests in these entities were included in Total equity in the Consolidated Balance Sheets and Consolidated Statements of Equity. |
Pension And Postretirement Bene
Pension And Postretirement Benefits | 12 Months Ended |
Jul. 29, 2018 | |
Retirement Benefits [Abstract] | |
Pension And Postretirement Benefits | Pension and Postretirement Benefits Pension Benefits — We sponsor a number of noncontributory defined benefit pension plans to provide retirement benefits to all eligible U.S. and non-U.S. employees. The benefits provided under these plans are based primarily on years of service and compensation levels. Benefits are paid from funds previously provided to trustees and insurance companies or are paid directly by us from general funds. In 1999, we implemented significant amendments to certain U.S. pension plans. Under a new formula, retirement benefits are determined based on percentages of annual pay and age. To minimize the impact of converting to the new formula, service and earnings credit continued to accrue through the year 2014 for certain active employees participating in the plans under the old formula prior to the amendments. Employees will receive the benefit from either the new or old formula, whichever is higher. Benefits become vested upon the completion of three years of service. Effective as of January 1, 2011, our U.S. pension plans were amended so that employees hired or rehired on or after that date and who are not covered by collective bargaining agreements will not be eligible to participate in the plans. Postretirement Benefits — We provide postretirement benefits, including health care and life insurance, to substantially all retired U.S. employees and their dependents. We established retiree medical account benefits for eligible U.S. retirees. The accounts were intended to provide reimbursement for eligible health care expenses on a tax-favored basis. Effective as of January 1, 2011, the retirement medical program was amended to eliminate the retiree medical account benefit for employees not covered by collective bargaining agreements. To preserve the benefit for employees close to retirement age, the retiree medical account will be available to employees who were at least age 50 with at least 10 years of service as of December 31, 2010, and who satisfy the other eligibility requirements for the retiree medical program. In July 2016, the retirement medical program was amended and effective as of January 1, 2017, we no longer sponsor our own medical coverage for certain Medicare-eligible retirees. In July 2017, the retirement medical program was once again amended and beginning on January 1, 2018, we no longer sponsor our own medical coverage for certain Medicare-eligible retirees covered by one of our collective bargaining agreements. In July 2018, the retirement medical program was once again amended and beginning on January 1, 2019, we no longer sponsor our own medical coverage for certain Medicare-eligible retirees covered by one of our collective bargaining agreements. Instead, in connection with these amendments, we offer these Medicare-eligible retirees access to health care coverage through a private exchange and offer a health reimbursement account to subsidize benefits for a select group of such retirees. We use the fiscal year end as the measurement date for the benefit plans. Components of net benefit expense (income) were as follows: Pension 2018 2017 2016 Service cost $ 24 $ 26 $ 26 Interest cost 74 86 98 Expected return on plan assets (144 ) (144 ) (147 ) Recognized net actuarial (gain) loss (104 ) (198 ) 302 Special termination benefits 2 — — Curtailment gains (2 ) — — Net periodic benefit expense (income) $ (150 ) $ (230 ) $ 279 The special termination benefits of $2 related to the planned closure of the manufacturing facility in Toronto, Ontario, and were included in Restructuring charges. See Note 7 for additional information. 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 made 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 $17 in 2018, compared to what the net periodic benefit income would have been under the previous method. Postretirement 2018 2017 2016 Service cost $ 1 $ 1 $ 1 Interest cost 7 10 15 Amortization of prior service credit (27 ) (25 ) (1 ) Recognized net actuarial (gain) loss (16 ) (14 ) 23 Net periodic benefit expense (income) $ (35 ) $ (28 ) $ 38 The estimated prior service credit that will be amortized from Accumulated other comprehensive loss into net periodic postretirement expense during 2019 is $29 . The prior service credit is primarily related to the amendments in July 2016, July 2017, and July 2018. Change in benefit obligation: Pension Postretirement 2018 2017 2018 2017 Obligation at beginning of year $ 2,450 $ 2,626 $ 276 $ 313 Service cost 24 26 1 1 Interest cost 74 86 7 10 Actuarial gain (110 ) (134 ) (16 ) (14 ) Participant contributions — — 1 1 Plan amendments 2 — (11 ) (12 ) Benefits paid (165 ) (164 ) (26 ) (26 ) Medicare subsidies — — 3 3 Other (2 ) (3 ) — — Special termination benefits 2 — — — Curtailment (2 ) — — — Foreign currency adjustment (16 ) 13 — — Benefit obligation at end of year $ 2,257 $ 2,450 $ 235 $ 276 Change in the fair value of pension plan assets: 2018 2017 Fair value at beginning of year $ 2,183 $ 2,111 Actual return on plan assets 137 208 Employer contributions 5 5 Benefits paid (155 ) (154 ) Foreign currency adjustment (16 ) 13 Fair value at end of year $ 2,154 $ 2,183 Net amounts recognized in the Consolidated Balance Sheets: Pension Postretirement 2018 2017 2018 2017 Other assets $ 61 $ 8 $ — $ — Accrued liabilities 14 14 29 29 Other liabilities 150 261 206 247 Net amounts recognized $ 103 $ 267 $ 235 $ 276 Amounts recognized in accumulated other comprehensive income (loss) consist of: Pension Postretirement 2018 2017 2018 2017 Prior service (cost) credit $ (2 ) $ — $ 67 $ 83 The change in amounts recognized in accumulated other comprehensive income (loss) associated with postretirement benefits was due to the plan amendments in July 2017 and July 2018, net of amortization. The following table provides information for pension plans with accumulated benefit obligations in excess of plan assets: 2018 2017 Projected benefit obligation $ 249 $ 2,270 Accumulated benefit obligation $ 241 $ 2,232 Fair value of plan assets $ 85 $ 1,995 The accumulated benefit obligation for all pension plans was $2,227 at July 29, 2018 , and $2,399 at July 30, 2017 . Weighted-average assumptions used to determine benefit obligations at the end of the year: Pension Postretirement 2018 2017 2018 2017 Discount rate 4.15% 3.74% 4.06% 3.45% Rate of compensation increase 3.21% 3.24% 3.25% 3.25% Weighted-average assumptions used to determine net periodic benefit cost for the years ended: Pension 2018 2017 2016 Discount rate 3.74% 3.39% 4.19% Expected return on plan assets 6.84% 7.09% 7.35% Rate of compensation increase 3.24% 3.25% 3.29% The discount rate is established as of our fiscal year-end measurement date. In establishing the discount rate, we review published market indices of high-quality debt securities, adjusted as appropriate for duration. In addition, independent actuaries apply high-quality bond yield curves to the expected benefit payments of the plans. The expected return on plan assets is a long-term assumption based upon historical experience and expected future performance, considering our current and projected investment mix. This estimate is based on an estimate of future inflation, long-term projected real returns for each asset class, and a premium for active management. The discount rate used to determine net periodic postretirement expense was 3.45% in 2018 , 3.20% in 2017 , and 4.00% in 2016 . Assumed health care cost trend rates at the end of the year: 2018 2017 Health care cost trend rate assumed for next year 6.75% 7.25% Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 4.50% 4.50% Year that the rate reaches the ultimate trend rate 2023 2023 A one-percentage-point increase or decrease in assumed health care costs would not significantly impact 2018 reported service and interest cost nor the 2018 accumulated benefit obligation. Pension Plan Assets The fundamental goal underlying the investment policy is to ensure that the assets of the plans are invested in a prudent manner to meet the obligations of the plans as these obligations come due. The primary investment objectives include providing a total return which will promote the goal of benefit security by attaining an appropriate ratio of plan assets to plan obligations, to provide for real asset growth while also tracking plan obligations, to diversify investments across and within asset classes, to reduce the impact of losses in single investments, and to follow investment practices that comply with applicable laws and regulations. The primary policy objectives will be met by investing assets to achieve a reasonable tradeoff between return and risk relative to plan obligations. This includes investing a portion of the assets in funds selected in part to hedge the interest rate sensitivity to plan obligations. The portfolio includes investments in the following asset classes: fixed income, equity, real estate and alternatives. Fixed income will provide a moderate expected return and partially hedge the exposure to interest rate risk of the plans’ obligations. Equities are used for their high expected return. Additional asset classes are used to provide diversification. Asset allocation is monitored on an ongoing basis relative to the established asset class targets. The interaction between plan assets and benefit obligations is periodically studied to assist in the establishment of strategic asset allocation targets. The investment policy permits variances from the targets within certain parameters. Asset rebalancing occurs when the underlying asset class allocations move outside these parameters, at which time the asset allocation is rebalanced back to the policy target weight. Our year-end pension plan weighted-average asset allocations by category were: Strategic Target 2018 2017 Equity securities 42% 42% 48% Debt securities 46% 46% 40% Real estate and other 12% 12% 12% Total 100% 100% 100% Pension plan assets are categorized based on the following fair value hierarchy: • Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data. • Level 3: Unobservable inputs, which are valued based on our estimates of assumptions that market participants would use in pricing the asset or liability. The following table presents our pension plan assets by asset category at July 29, 2018 , and July 30, 2017 : Fair Value Fair Value Measurements at Fair Value Fair Value Measurements at Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Short-term investments $ 61 $ 29 $ 32 $ — $ 46 $ 35 $ 11 $ — Equities: U.S. 284 284 — — 338 338 — — Non-U.S. 230 230 — — 290 290 — — Corporate bonds: U.S. 597 — 597 — 537 — 537 — Non-U.S. 138 — 138 — 123 — 123 — Government and agency bonds: U.S. 70 — 70 — 60 — 60 — Non-U.S. 33 — 33 — 31 — 31 — Municipal bonds 61 — 61 — 58 — 58 — Mortgage and asset backed securities 15 — 15 — 8 — 8 — Real estate 10 4 — 6 17 10 — 7 Hedge funds 34 — — 34 38 — — 38 Derivative assets 8 — 8 — 9 — 9 — Derivative liabilities (4 ) — (4 ) — (10 ) — (10 ) — Total assets at fair value $ 1,537 $ 547 $ 950 $ 40 $ 1,545 $ 673 $ 827 $ 45 Investments measured at net asset value: Short-term investments 21 31 Commingled funds: Equities 310 332 Fixed income 31 30 Blended 85 86 Real estate 89 84 Hedge funds 95 103 Total investments measured at net asset value: 631 666 Other items to reconcile to fair value of plan assets (14 ) (28 ) Total pension plan assets at fair value $ 2,154 $ 2,183 Short-term investments — Investments include cash and cash equivalents, and various short-term debt instruments and short-term investment funds. Institutional short-term investment vehicles valued daily are classified as Level 1 at cost which approximates market value. Short-term debt instruments are classified at Level 2 and are valued based on bid quotations and recent trade data for identical or similar obligations. Other investments valued based upon net asset value are included as a reconciling item to the fair value table. Equities — Common stocks and preferred stocks are classified as Level 1 and are valued using quoted market prices in active markets. Corporate bonds — These investments are valued based on quoted market prices, yield curves and pricing models using current market rates. Government and agency bonds — These investments are generally valued based on bid quotations and recent trade data for identical or similar obligations. Municipal bonds — These investments are valued based on quoted market prices, yield curves and pricing models using current market rates. Mortgage and asset backed securities — These investments are valued based on prices obtained from third party pricing sources. The prices from third party pricing sources may be based on bid quotes from dealers and recent trade data. Mortgage backed securities are traded in the over-the-counter market. Real estate — Real estate investments consist of real estate investment trusts, property funds and limited partnerships. Real estate investment trusts are classified as Level 1 and are valued based on quoted market prices. Property funds are classified as either Level 2 or Level 3 depending upon whether liquidity is limited or there are few observable market participant transactions. Property funds are valued based on third party appraisals. Limited partnerships are valued based upon valuations provided by the general partners of the funds. The values of limited partnerships are based upon an assessment of each underlying investment, incorporating valuations that consider the evaluation of financing and sales transactions with third parties, expected cash flows, and market-based information, including comparable transactions and performance multiples among other factors. The investments are classified as Level 3 since the valuation is determined using unobservable inputs. Real estate investments valued at net asset value are included as a reconciling item to the fair value table. Hedge funds — Hedge fund investments include hedge funds valued based upon a net asset value derived from the fair value of underlying securities. Hedge fund investments that are subject to liquidity restrictions or that are based on unobservable inputs are classified as Level 3. Hedge fund investments may include long and short positions in equity and fixed income securities, derivative instruments such as futures and options, commodities and other types of securities. Hedge fund investments valued at net asset value are included as a reconciling item to the fair value table. Derivatives — Derivative financial instruments include forward currency contracts, futures contracts, options contracts, interest rate swaps and credit default swaps. Derivative financial instruments are classified as Level 2 and are valued based on observable market transactions or prices. Commingled funds — Investments in commingled funds are not traded in active markets. Blended commingled funds are invested in both equities and fixed income securities. Commingled funds are valued based on the net asset values of such funds and are included as a reconciling item to the fair value table. Other items to reconcile to fair value of plan assets included amounts due for securities sold, amounts payable for securities purchased, and other payables. The following table summarizes the changes in fair value of Level 3 investments for the years ended July 29, 2018 , and July 30, 2017 : Real Estate Hedge Funds Total Fair value at July 30, 2017 $ 7 $ 38 $ 45 Actual return on plan assets 2 2 4 Purchases — — — Sales (3 ) (6 ) (9 ) Settlements — — — Transfers out of Level 3 — — — Fair value at July 29, 2018 $ 6 $ 34 $ 40 Real Estate Hedge Funds Total Fair value at July 31, 2016 $ 6 $ 45 $ 51 Actual return on plan assets 1 2 3 Purchases 1 1 2 Sales (1 ) (10 ) (11 ) Settlements — — — Transfers out of Level 3 — — — Fair value at July 30, 2017 $ 7 $ 38 $ 45 The following tables present additional information about the pension plan assets valued using net asset value as a practical expedient within the fair value hierarchy table: 2018 2017 Fair Value Fair Value Redemption Frequency Redemption Notice Period Range Short-term investments $ 21 $ 31 Daily 1 Day Commingled funds: Equities 310 332 Daily, Monthly 2 to 60 Days Fixed income 31 30 Daily 1 Day Blended 85 86 Primarily Daily 1 to 20 Days Real estate funds 89 84 Quarterly 45 to 90 Days Hedge funds (1) 95 103 Monthly 5 to 30 Days Total $ 631 $ 666 ___________________________________ (1) Includes a fund valued at $2 in 2017 which was substantially liquidated in 2018. There were no unfunded commitments in 2018 or 2017. No contributions are expected to be made to U.S. pension plans in 2019. We expect contributions to non-U.S. pension plans to be approximately $4 in 2019. Estimated future benefit payments are as follows: Pension Postretirement 2019 $ 173 $ 29 2020 $ 167 $ 28 2021 $ 168 $ 26 2022 $ 163 $ 25 2023 $ 159 $ 24 2024-2028 $ 777 $ 97 The estimated future benefit payments include payments from funded and unfunded plans. Defined Contribution Plans — All Snyder’s-Lance U.S. employees are eligible to participate in a 401(k) Retirement Plan that provides participants with matching contributions equal to 100% of the first 4% of qualified wages and 50% of the next 1% of qualified wages. For substantially all U.S. employees except Snyder's-Lance employees, effective January 1, 2011, we provide a matching contribution of 100% of employee contributions up to 4% of compensation for employees who are not covered by collective bargaining agreements. Employees hired or rehired on or after January 1, 2011, who will not be eligible to participate in the defined benefit plans and who are not covered by collective bargaining agreements receive a contribution equal to 3% of compensation regardless of their participation in the 401(k) Retirement Plan. Amounts charged to Costs and expenses were $45 in 2018 , $34 in 2017 and $33 in 2016 . |
Taxes on Earnings
Taxes on Earnings | 12 Months Ended |
Jul. 29, 2018 | |
Income Tax Disclosure [Abstract] | |
Taxes on Earnings | Taxes on Earnings The provision for income taxes on earnings consists of the following: 2018 2017 2016 Income taxes: Currently payable: Federal $ 84 $ 238 $ 235 State 13 39 34 Non-U.S. 47 36 47 144 313 316 Deferred: Federal (122 ) 77 (17 ) State (2 ) 2 — Non-U.S. (9 ) 14 (13 ) (133 ) 93 (30 ) $ 11 $ 406 $ 286 2018 2017 2016 Earnings before income taxes: United States $ 143 $ 1,103 $ 705 Non-U.S. 129 190 144 $ 272 $ 1,293 $ 849 The following is a reconciliation of the effective income tax rate to the U.S. federal statutory income tax rate: 2018 2017 2016 Federal statutory income tax rate 21.0 % 35.0 % 35.0 % State income taxes (net of federal tax benefit) 4.3 2.1 2.7 Tax effect of international items 2.6 (2.1 ) (3.0 ) Settlement of tax contingencies (6.2 ) — — Federal manufacturing deduction (4.0 ) (2.1 ) (3.2 ) Goodwill impairment 18.7 3.4 4.3 Claim settlement — — (0.8 ) Tax Reform - impact on U.S. deferred tax assets and liabilities (1) (66.3 ) — — Tax Reform - transition tax (1) 19.6 — — Effect of higher U.S. federal statutory tax rate (1) 13.2 — — Foreign exchange losses (2) — (3.9 ) — Other 1.1 (1.0 ) (1.3 ) Effective income tax rate 4.0 % 31.4 % 33.7 % _______________________________________ (1) The Tax Cuts and Jobs Act of 2017 (the Act) was enacted into law on December 22, 2017, and made significant changes to corporate taxation. Changes under the Act include: • Reducing the federal corporate tax rate from 35% to 21% effective January 1, 2018. A blended rate will apply for fiscal 2018 non-calendar year end companies for the fiscal periods that include the effective date of the rate change. The impact of this is shown as "Effect of higher U.S. federal statutory tax rate"; • Repealing the exception for deductibility of performance-based compensation to covered employees, which impacts us beginning in 2019, along with expanding the number of covered employees; • Transitioning to a territorial system for taxation on foreign earnings along with the imposition of a transition tax in 2018 on the deemed repatriation of unremitted foreign earnings; • Immediate expensing of machinery and equipment placed into service after September 27, 2017; • Eliminating the deduction for domestic manufacturing activities, which impacts us beginning in 2019; • Changes to the taxation of multinational companies, including a new minimum tax on Global Intangible Low-Taxed Income, a new Base Erosion Anti-Abuse Tax, and a new U.S. corporate deduction for Foreign-Derived Intangible Income, all of which are effective for us beginning in 2019; and • Limiting the deductibility of interest expense to 30% of adjusted taxable income, which is effective for us beginning in 2019. (2) The 2017 rate was favorably impacted by a $52 benefit primarily related to the sale of intercompany notes receivable to a financial institution, which resulted in the recognition of foreign exchange losses. The U.S. Securities and Exchange Commission recently released Staff Accounting Bulletin (SAB) 118, which allows for a measurement period while a company obtains, prepares, and analyzes the information necessary to finalize its accounting for the effects of the Act. As a result of the Act, we recognized a benefit of $179 on the remeasurement of deferred tax assets and liabilities and expense of $53 on the transition tax on unremitted foreign earnings. Based on SAB 118, the amounts recorded represent provisional amounts based on our best estimates and current interpretation of the provisions of the Act and may change as estimates are revised or additional guidance is issued. Deferred tax liabilities and assets are comprised of the following: 2018 2017 Depreciation $ 342 $ 355 Amortization 868 521 Other 35 20 Deferred tax liabilities 1,245 896 Benefits and compensation 144 241 Pension benefits 24 98 Tax loss carryforwards 65 36 Capital loss carryforwards 88 92 Other 92 95 Gross deferred tax assets 413 562 Deferred tax asset valuation allowance (133 ) (120 ) Deferred tax assets, net of valuation allowance 280 442 Net deferred tax liability $ 965 $ 454 At July 29, 2018 , our U.S. and non-U.S. subsidiaries had tax loss carryforwards of approximately $671 . Of these carryforwards, $634 expire between 2019 and 2037 , and $37 may be carried forward indefinitely. At July 29, 2018 , deferred tax asset valuation allowances have been established to offset $213 of these tax loss carryforwards. Additionally, at July 29, 2018 , our U.S. and non-U.S. subsidiaries had capital loss carryforwards of approximately $318 , of which $300 were offset by valuation allowances. The net change in the deferred tax asset valuation allowance in 2018 was an increase of $13 . The increase was primarily due to the acquisition of Snyder's-Lance and the impact of currency. The net change in the deferred tax asset valuation allowance in 2017 was an increase of $2 . The increase was primarily due to the impact of currency and the recognition of additional valuation allowances on tax loss carryforwards, partially offset by the expiration of tax losses. The net change in the deferred tax asset valuation allowance in 2016 was a decrease of $4 . The decrease was primarily due to the expiration of tax losses, partially offset by the recognition of additional valuation allowance on tax loss carryforwards. As of July 29, 2018 , other deferred tax assets included $23 of state tax credit carryforwards related to various states that expire between 2021 and 2031 . As of July 29, 2018 , deferred tax asset valuation allowances have been established to offset $15 of the state credit carryforwards. The increase in state tax credit carryforwards was primarily due to the acquisition of Snyder's-Lance and settlement of tax audits. As of July 30, 2017 , other deferred tax assets included $1 of state tax credit carryforwards related to various states that expire between 2021 and 2029 . No valuation allowances have been established related to these deferred tax assets. As of July 29, 2018 , we had approximately $956 of undistributed earnings of subsidiaries. Of this amount, $897 was subject to U.S. tax under the transition tax on foreign earnings discussed above. Consistent with prior years, these unremitted earnings and the investment in our foreign subsidiaries are deemed to be permanently reinvested and no additional tax has been provided. It is not practical to estimate the tax liability that might be incurred if such earnings were remitted to the U.S. A reconciliation of the activity related to unrecognized tax benefits follows: 2018 2017 2016 Balance at beginning of year $ 64 $ 63 $ 58 Increases related to prior-year tax positions — 4 2 Decreases related to prior-year tax positions (37 ) — — Increases related to current-year tax positions 2 4 3 Settlements (1 ) (7 ) — Increase due to acquisitions 4 — — Balance at end of year $ 32 $ 64 $ 63 The amount of unrecognized tax benefits that, if recognized, would impact the annual effective tax rate was $26 as of July 29, 2018 , $43 as of July 30, 2017 , and $42 as of July 31, 2016 . The total amount of unrecognized tax benefits can change due to audit settlements, tax examination activities, statute expirations and the recognition and measurement criteria under accounting for uncertainty in income taxes. We reasonably expect reductions in the liability for unrecognized tax benefits of approximately $7 within the next 12 months due to settlement of state tax examinations. Approximately $5 of unrecognized tax benefits, including interest and penalties, were reported in Accounts receivable in the Consolidated Balance Sheets as of July 30, 2017 . Our accounting policy with respect to interest and penalties attributable to income taxes is to reflect any expense or benefit as a component of our income tax provision. The total amount of interest and penalties recognized in the Consolidated Statements of Earnings was insignificant in 2018 , $4 in 2017 and $3 in 2016 . The total amount of interest and penalties recognized in the Consolidated Balance Sheets in Other liabilities was $5 as of July 29, 2018 , and July 30, 2017 . We do business internationally and, as a result, file income tax returns in the U.S. federal jurisdiction and various state and non-U.S. jurisdictions. In the normal course of business, we are subject to examination by taxing authorities throughout the world, including such major jurisdictions as the U.S., Australia, Canada and Denmark. The 2018 tax year is currently under audit by the Internal Revenue Service. In addition, several state income tax examinations are in progress for the years 1999 to 2017. With limited exceptions, we have been audited for income tax purposes in Australia through 2010, Denmark through 2013, and in Canada through 2014. |
Short-term Borrowings and Long-
Short-term Borrowings and Long-term Debt | 12 Months Ended |
Jul. 29, 2018 | |
Debt Instrument [Line Items] | |
Short-term Borrowings and Long-term Debt | Short-term Borrowings and Long-term Debt Short-term borrowings consist of the following: 2018 2017 Commercial paper $ 1,140 $ 874 Australian notes 348 152 Notes 300 — Current portion of Canadian credit facility 90 — Variable-rate bank borrowings 22 10 Capital leases 1 1 Other (1) (5 ) — Total short-term borrowings $ 1,896 $ 1,037 _______________________________________ (1) Includes unamortized net discount/premium on debt issuances and debt issuance costs. As of July 29, 2018 , the weighted-average interest rate of commercial paper, which consisted of U.S. borrowings, was 2.54% . As of July 30, 2017 , the weighted-average interest rate of commercial paper, which consisted of U.S. borrowings, was 1.31% . As of July 29, 2018 , we had $1,896 of short-term borrowings due within one year, of which $1,140 was comprised of commercial paper borrowings. As of July 29, 2018 , we issued $59 of standby letters of credit. We have a committed revolving credit facility totaling $1,850 that matures in December 2021 . This U.S. facility remained unused at July 29, 2018 , except for $1 of standby letters of credit that we issued under it. The U.S. facility supports our commercial paper programs and other general corporate purposes. In June 2017, we sold an intercompany note to a financial institution of AUD $190 , or $152 with an interest rate of 6.98% that matures on March 29, 2021 , but is payable upon demand. In June 2017, we sold an intercompany note to a financial institution of AUD $280 , or $224 , with an interest rate of 4.88% that matures on September 18, 2018 . Interest on the notes is due semi-annually on January 23 and July 23. The net proceeds were used for general corporate purposes. In July 2016, we entered into a Canadian committed revolving credit facility that matures in July 2019. As of July 29, 2018 , the total commitment under the Canadian facility was CAD $125 , or $96 , and we had borrowings of CAD $117 , or $90 , at a rate of 3.17% under this facility. The Canadian facility supports general corporate purposes. Long-term debt consists of the following: Type Fiscal Year of Maturity Rate 2018 2017 Canadian credit facility 2019 Variable $ 90 $ 130 Australian note 2019 4.88% 207 224 Notes 2019 4.50% 300 300 Notes 2020 Variable 500 — Notes 2021 Variable 400 — Senior Term Loan 2021 Variable 900 — Notes 2021 3.30% 650 — Notes 2021 4.25% 500 500 Debentures 2021 8.88% 200 200 Notes 2023 2.50% 450 450 Notes 2023 3.65% 1,200 — Notes 2025 3.95% 850 — Notes 2025 3.30% 300 300 Notes 2028 4.15% 1,000 — Notes 2043 3.80% 400 400 Notes 2048 4.80% 700 — Capital leases 7 7 Other (1) (59 ) (12 ) Total $ 8,595 $ 2,499 Less current portion 597 — Total long-term debt $ 7,998 $ 2,499 _______________________________________ (1) Includes unamortized net discount/premium on debt issuances and debt issuance costs. We issued $5,300 senior notes on March 16, 2018, and borrowed $900 under a single draw 3-year senior unsecured term loan facility on March 26, 2018 to finance the acquisition of Snyder's-Lance. The interest rate on the $900 senior unsecured term loan facility resets in one, two, three, or six-month periods dependent upon our election. Interest on the senior unsecured term loan facility is due upon the earlier of an interest reset or quarterly and the first interest payment is due in June 2018. The senior unsecured term loan facility may be prepaid at par at any time. The senior unsecured term loan facility contains a financial covenant based on our maximum leverage ratio. Pursuant to this covenant, if our credit rating is less than BBB+ from Standard & Poor's and Baa1 from Moody's Investors Service, Inc and the amount borrowed under the facility is in excess of $500, we must maintain a leverage ratio below (i) for the last day of each quarter ending on or prior to April 30, 2020, 5.75:1.00, and (ii) thereafter, 5.25:1.00. Our leverage ratio is calculated based on the ratio of consolidated net debt to consolidated adjusted EBITDA, each as defined in the credit agreement for the senior unsecured term loan facility. The maximum leverage ratio covenant is incorporated into our U.S. and Canadian facilities for so long as that covenant is in effect under the senior unsecured term loan facility. In addition, the senior unsecured term loan facility contains other customary covenants and events of default for credit facilities of this type. Interest on the 2-year floating rate senior notes is due quarterly on March 16, June 16, September 16, and December 16, commencing on June 16, 2018. Interest on the 3-year floating rate senior notes is due quarterly on March 15, June 15, September 15, and December 15, commencing on June 15, 2018. Interest on the fixed rate senior notes is due semi-annually on March 15 and September 15, commencing on September 15, 2018. The fixed rate senior notes may be redeemed, in whole or in part, at our option at any time at the applicable redemption price. If change of control triggering events occur, we will be required to offer to purchase the senior notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest, if any, to the purchase date. Principal amounts of long-term debt mature as follows: $500 in 2020 ; $2,651 in 2021 ; $1 in 2022 ; $1,651 in 2023 ; and a total of $3,254 in period beyond 2023 . |
Financial Instruments
Financial Instruments | 12 Months Ended |
Jul. 29, 2018 | |
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, rate locks, 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 July 29, 2018 , or July 30, 2017 . We are also exposed to credit risk from our customers. During 2018, our largest customer accounted for approximately 18% of consolidated net sales. Our five largest customers accounted for approximately 38% of our consolidated net sales in 2018. 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 $104 at July 29, 2018 , 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 $140 and $336 at July 29, 2018 , and July 30, 2017 , respectively. There were no cross-currency swap contracts outstanding as of July 29, 2018 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 or treasury rate lock contracts to lock in the rate on the interest payments related to the anticipated debt issuances. The contracts are either designated as cash-flow hedging instruments or are undesignated. The effective portion of the changes in fair value on designated instruments is recorded in other comprehensive income (loss) and reclassified into the Consolidated Statements of Earnings over the life of the debt. The change in fair value on undesignated instruments is recorded in interest expense. At July 30, 2017 , we had forward starting interest rate swaps accounted for as cash flow hedges with a notional amount of $300 , which related to the debt issuance in 2018. We settled forward starting interest rate swaps with a notional of $300 in October 2017 at a loss of $22 . We settled forward starting interest rate swaps with a notional of $300 in March 2018 at a gain of $15 . The $7 net loss on these instruments was recorded in other comprehensive income (loss) and will be recognized as additional interest expense over the 10-year life of the debt issued in March 2018. We entered into treasury rate lock contracts with a notional value of $2,400 in 2018. The contacts were settled in March 2018 at a gain of $18 , which was recognized in Interest expense in our Consolidated Statements of Earnings. These contracts, which were undesignated, hedged the planned financing of the acquisition of Snyder's-Lance. There were no forward starting interest rate swaps outstanding as of July 29, 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 soybean oil, wheat, diesel fuel, aluminum, natural gas, soybean meal, corn, cocoa, 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 July 29, 2018 , or July 30, 2017 . The notional amount of commodity contracts not designated as accounting hedges was $118 at July 29, 2018 , 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 $33 as of July 29, 2018 , and $35 as of July 30, 2017 . The fair value was not material as of July 29, 2018 , 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 July 29, 2018 , and July 30, 2017 , were $41 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 July 29, 2018 , and July 30, 2017 : Balance Sheet Classification 2018 2017 Asset Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Other current assets $ 1 $ 3 Total derivatives designated as hedges $ 1 $ 3 Derivatives not designated as hedges: Commodity derivative contracts Other current assets $ 5 $ 5 Deferred compensation derivative contracts Other current assets 1 1 Foreign exchange forward contracts Other current assets 3 — Commodity derivative contracts Other assets — 1 Total derivatives not designated as hedges $ 9 $ 7 Total asset derivatives $ 10 $ 10 Balance Sheet Classification 2018 2017 Liability Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Accrued liabilities $ 2 $ 1 Forward starting interest rate swaps Accrued liabilities — 22 Total derivatives designated as hedges $ 2 $ 23 Derivatives not designated as hedges: Commodity derivative contracts Accrued liabilities $ 3 $ 1 Foreign exchange forward contracts Accrued liabilities — 19 Foreign exchange forward contracts Other liabilities — 1 Commodity derivative contracts Other liabilities 1 — Total derivatives not designated as hedges $ 4 $ 21 Total liability derivatives $ 6 $ 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 July 29, 2018 , and July 30, 2017 , would be adjusted as detailed in the following table: 2018 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 $ 10 $ (3 ) $ 7 $ 10 $ (3 ) $ 7 Total liability derivatives $ 6 $ (3 ) $ 3 $ 44 $ (3 ) $ 41 We are required to maintain cash margin accounts in connection with funding the settlement of open positions for exchange-traded commodity derivative instruments. At July 29, 2018 , 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 years ended July 29, 2018 , July 30, 2017 , and July 31, 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 2018 2017 2016 OCI derivative gain (loss) at beginning of year $ (34 ) $ (64 ) $ (10 ) Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts 8 (4 ) (9 ) Forward starting interest rate swaps 15 23 (36 ) Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold 1 6 (11 ) Foreign exchange forward contracts Other expenses / (income) — 1 (2 ) Forward starting interest rate swaps Interest expense 2 4 4 OCI derivative gain (loss) at end of year $ (8 ) $ (34 ) $ (64 ) Based on current valuations, the amount expected to be reclassified from OCI into earnings within the next 12 months is a gain of $1 . 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 2018 2017 2016 Foreign exchange forward contracts Cost of products sold $ (1 ) $ — $ — Foreign exchange forward contracts Other expenses / (income) (1 ) 14 (1 ) Cross-currency swap contracts Other expenses / (income) — — 2 Commodity derivative contracts Cost of products sold (2 ) (11 ) 6 Deferred compensation derivative contracts Administrative expenses (2 ) (3 ) (6 ) Treasury rate lock contracts Interest expense (18 ) — — Total $ (24 ) $ — $ 1 |
Variable Interest Entity
Variable Interest Entity | 12 Months Ended |
Jul. 29, 2018 | |
Schedule of Equity Method Investments [Line Items] | |
Variable Interest Entity Disclosure [Text Block] | Variable Interest Entity In February 2016, we agreed to make a capital commitment subject to certain qualifications of up to $125 to Acre, a limited partnership formed to make venture capital investments in innovative new companies in food and food-related industries. Acre is managed by its general partner, Acre Ventures GP, LLC, which is independent of us. We are the sole limited partner of Acre and own a 99.8% interest. Our share of earnings (loss) is calculated according to the terms of the partnership agreement. Acre is a VIE. We have determined that we are the primary beneficiary. Therefore, we consolidate Acre and account for the third party ownership as a noncontrolling interest. Through July 29, 2018 , we funded $81 of the capital commitment. On August 29, 2018, we provided notice of termination of the investment period and have no obligation to make any further capital contributions to Acre for new investments, but are required to pay obligations made prior to the notice of termination, the management fee and permitted partnership expenses. 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 $77 and $51 as of July 29, 2018 , 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 July 29, 2018 , or July 30, 2017 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jul. 29, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | We categorize financial assets and liabilities based on the following fair value hierarchy: • Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data. • Level 3: Unobservable inputs, which are valued based on our estimates of assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. When available, we use unadjusted quoted market prices to measure the fair value and classify such items as Level 1. If quoted market prices are not available, we base fair value upon internally developed models that use current market-based or independently sourced market parameters such as interest rates and currency rates. Included in the fair value of derivative instruments is an adjustment for credit and nonperformance risk. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents our financial assets and liabilities that are measured at fair value on a recurring basis as of July 29, 2018 , 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 Foreign exchange forward contracts (1) $ 4 $ — $ 4 $ — $ 3 $ — $ 3 $ — Commodity derivative contracts (2) 5 5 — — 6 6 — — Deferred compensation derivative contracts (3) 1 — 1 — 1 — 1 — Deferred compensation investments (4) 6 6 — — — — — — Fair value option investments (5) 77 — — 77 50 — 1 49 Total assets at fair value $ 93 $ 11 $ 5 $ 77 $ 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 (6) $ — $ — $ — $ — $ 22 $ — $ 22 $ — Foreign exchange forward contracts (1) 2 — 2 — 21 — 21 — Commodity derivative contracts (2) 4 3 1 — 1 1 — — Deferred compensation obligation (4) 108 108 — — 112 112 — — Total liabilities at fair value $ 114 $ 111 $ 3 $ — $ 156 $ 113 $ 43 $ — ___________________________________ (1) Based on observable market transactions of spot currency rates and forward rates. (2) Based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. (3) Based on LIBOR and equity index swap rates. (4) Based on the fair value of the participants’ investments. (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 14 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 LIBOR swap rates. The following table summarizes the changes in fair value of Level 3 investments for the years ended July 29, 2018 , and July 30, 2017 : 2018 2017 Fair value at beginning of year $ 49 $ 25 Gains 9 2 Purchases 19 22 Fair value at end of year $ 77 $ 49 Items Measured at Fair Value on a Nonrecurring Basis In addition to assets and liabilities that are measured at fair value on a recurring basis, we are also required to measure certain items at fair value on a nonrecurring basis. We recognized impairment charges on goodwill, trademarks and plant assets in connection with interim and annual assessments of intangible assets. See also Note 5 for additional information on the impairment charges. In the fourth quarter of 2017, we recognized $12 of charges, primarily asset impairment, on plant assets associated with the 2015 restructuring initiatives described in Note 7. The carrying value was reduced to estimated fair value based on expected proceeds. The carrying value was not material. Fair value was determined based on unobservable Level 3 inputs. The fair value of plant assets was determined based on cash flows associated with the asset group that include significant management assumptions, including expected proceeds. The fair value of trademarks was determined based on discounted cash flow analyses that include significant management assumptions such as revenue growth rates, weighted average cost of capital and assumed royalty rates. The fair value of goodwill was determined based on discounted cash flow analyses that include significant management assumptions such as revenue growth rates, operating margins, weighted average cost of capital, and future economic and market conditions. The following table presents fair value measurements: Impairment Charges Fair Value July 29, 2018 Plant Assets Trademark Goodwill Plant Assets Trademark Goodwill Plum $ 54 $ 61 April 29, 2018 Deli $ 11 $ 13 $ 81 $ 53 $ 23 $ — Bolthouse Farms refrigerated beverages and salad dressings $ 130 $ 384 $ 150 $ — January 28, 2018 Bolthouse Farms carrot and carrot ingredients $ 75 $ — January 29, 2017 Bolthouse Farms carrot and carrot ingredients $ 20 $ 127 $ 48 $ 75 Garden Fresh Gourmet $ 1 $ 64 $ 37 $ 52 July 31, 2016 Bolthouse Farms carrot and carrot ingredients $ 35 $ 106 $ 68 $ 202 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 $14 at July 29, 2018 , 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 $8,347 at July 29, 2018 , and $2,582 at July 30, 2017 . The carrying value was $8,595 at July 29, 2018 , 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. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jul. 29, 2018 | |
Equity [Abstract] | |
Share Repurchases | Shareholders' Equity We have authorized 560 million shares of Capital stock with $.0375 par value and 40 million shares of Preferred stock, issuable in one or more classes, with or without par as may be authorized by the Board of Directors. No Preferred stock has been issued. Share Repurchase Programs In 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. We suspended our share repurchases as of the second quarter of 2018. In 2018, 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 July 29, 2018 . In 2017, we repurchased 8 million shares at a cost of $437 , and in 2016, we repurchased 3 million shares at a cost of $143 . |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Jul. 29, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Stock-based Compensation In 2003, shareholders approved the 2003 Long-Term Incentive Plan, which authorized the issuance of an aggregate of 31.2 million shares to satisfy awards of stock options, stock appreciation rights, unrestricted stock, restricted stock/units (including performance restricted stock) and performance units. In 2005, shareholders approved the 2005 Long-Term Incentive Plan, which authorized the issuance of an additional 6 million shares to satisfy the same types of awards. In 2008, shareholders approved an amendment to the 2005 Long-Term Incentive Plan to increase the number of authorized shares to 10.5 million and in 2010, shareholders approved another amendment to the 2005 Long-Term Incentive Plan to increase the number of authorized shares to 17.5 million . In 2015, shareholders approved the 2015 Long-Term Incentive Plan, which authorized the issuance of 13 million shares. Approximately 6 million of these shares were shares that were currently available under the 2005 plan and were incorporated into the 2015 Plan upon approval by shareholders. Awards under Long-Term Incentive Plans may be granted to employees and directors. Pursuant to the Long-Term Incentive Plan, we adopted a long-term incentive compensation program which provides for grants of total shareholder return (TSR) performance restricted stock/units, EPS performance restricted stock/units, strategic performance restricted stock/units, time-lapse restricted stock/units, special performance restricted stock/units and unrestricted stock. Under the program, awards of TSR performance restricted stock/units will be earned by comparing our total shareholder return during a three -year period to the respective total shareholder returns of companies in a performance peer group. Based upon our ranking in the performance peer group, a recipient of TSR performance restricted stock/units may earn a total award ranging from 0% to 200% of the initial grant. Awards of EPS performance restricted stock/units will be earned based upon our achievement of annual earnings per share goals. During the three -year vesting period, a recipient of EPS performance restricted stock/units may earn a total award of either 0% or 100% of the initial grant. Awards of the strategic performance restricted stock units were earned based upon the achievement of two key metrics, net sales and EPS growth, compared to strategic plan objectives during a three -year period. A recipient of strategic performance restricted stock units earned a total award ranging from 0% to 200% of the initial grant. Awards of time-lapse restricted stock/units will vest ratably over the three -year period. In addition, we may issue special grants of restricted stock/units to attract and retain executives which vest over various periods. Awards are generally granted annually in October. Annual stock option grants were granted in 2018, 2017, and 2016, and were not part of the long-term incentive compensation program for 2015. Stock options are granted on a selective basis under the Long-Term Incentive Plans. The term of a stock option granted under these plans may not exceed ten years from the date of grant. Options granted in 2018, 2017, and 2016 under these plans vest ratably over a three -year period. The option price may not be less than the fair market value of a share of common stock on the date of the grant. In 2018, we issued stock options, time-lapse restricted stock units, unrestricted stock, EPS performance restricted stock units and TSR performance restricted stock units. We did not issue strategic performance restricted stock units or special performance restricted units in 2018. Total pre-tax stock-based compensation expense and tax-related benefits recognized in the Consolidated Statements of Earnings were as follows: 2018 2017 2016 Total pre-tax stock-based compensation expense $ 61 $ 60 $ 64 Tax-related benefits $ 11 $ 22 $ 24 The following table summarizes stock option activity as of July 29, 2018 : 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 (80 ) $ 50.05 Outstanding at July 29, 2018 1,537 $ 50.36 8.2 $ — Exercisable at July 29, 2018 519 $ 51.40 7.5 $ — The total intrinsic value of options exercised during 2017 was not material. During 2016, the total intrinsic value of options exercised was $2 . 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 2016 Risk-free interest rate 2.06% 1.28% 1.68% Expected dividend yield 2.95% 2.26% 2.46% Expected volatility 19.60% 18.64% 18.35% Expected term 6 years 6 years 6 years Grant-date fair value $6.67 $7.51 $6.86 We expense stock options on a straight-line basis over the vesting period, except for awards issued to retirement eligible participants, which we expense on an accelerated basis. As of July 29, 2018 , total remaining unearned compensation related to nonvested stock options was $1 , which will be amortized over the weighted-average remaining service period of 1.3 years . The following table summarizes time-lapse restricted stock units and EPS performance restricted stock units as of July 29, 2018 : Units Weighted- Average Grant-Date Fair Value (Restricted stock units in thousands) Nonvested at July 30, 2017 1,221 $ 50.86 Granted 1,220 $ 44.18 Vested (643 ) $ 48.67 Forfeited (146 ) $ 48.27 Nonvested at July 29, 2018 1,652 $ 47.01 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 142 thousand EPS performance target grants outstanding at July 29, 2018 , with a weighted-average grant-date fair value of $49.60 . The actual number of EPS performance restricted stock units and strategic performance restricted stock units that vest will depend on actual performance achieved. We estimate expense based on the number of awards expected to vest. In the first quarter of 2017, recipients of strategic performance restricted stock units 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 July 29, 2018. 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 July 29, 2018 , total remaining unearned compensation related to nonvested time-lapse restricted stock units and EPS performance restricted stock units was $37 , which will be amortized over the weighted-average remaining service period of 1.7 years . The fair value of restricted stock units vested during 2018, 2017 and 2016 was $30 , $55 and $44 , respectively. The weighted-average grant-date fair value of the restricted stock units granted during 2017 and 2016 was $54.79 and $50.44 , respectively. The following table summarizes TSR performance restricted stock units as of July 29, 2018 : 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 (238 ) $ 43.53 Nonvested at July 29, 2018 1,664 $ 46.66 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 2016 Risk-free interest rate 1.58% 0.85% 0.92% Expected dividend yield 2.95% 2.26% 2.46% Expected volatility 19.07% 17.78% 17.25% Expected term 3 years 3 years 3 years We recognize compensation expense on a straight-line basis over the service period. As of July 29, 2018 , total remaining unearned compensation related to TSR performance restricted stock units was $23 , which will be amortized over the weighted-average remaining service period of 1.8 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 thousand 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. In the first quarter of 2016, recipients of TSR performance restricted stock units earned 100% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 31, 2015. The fair value of TSR performance restricted stock units vested during 2018, 2017, and 2016 was $38 , $14 , and $22 , respectively. The grant-date fair value of the TSR performance restricted stock units granted during 2017 and 2016 was $39.53 and $62.44 , respectively. In the first quarter of 2019, recipients of TSR performance restricted stock units will receive a 0% payout based upon our TSR ranking in a performance peer group during a three-year period ended July 27, 2018. The excess tax deficiencies of $3 in 2018, and the excess tax benefits of $6 in 2017 and $7 in 2016, on the exercise of stock options and vested restricted stock were presented as cash flows from operating activities. Cash received from the exercise of stock options was $2 for 2017 and 2016, and are reflected in cash flows from financing activities in the Consolidated Statements of Cash Flows. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jul. 29, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Regulatory and Litigation Matters We are involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising from the conduct of business both in the ordinary course and otherwise. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with our actual experiences in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to 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 July 29, 2018 . 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. In the third quarter of 2018, we recorded expense of $22 from a settlement of a claim. Operating Leases We have certain operating lease commitments, primarily related to warehouse and office facilities, and certain equipment. Rent expense under operating lease commitments was $74 in 2018, $53 in 2017 and $45 in 2016. Future minimum annual rental payments under these operating leases as of July 29, 2018 , are as follows: 2019 2020 2021 2022 2023 Thereafter $75 $61 $48 $39 $28 $109 Other Contingencies We guarantee approximately 2,000 bank loans made to Pepperidge Farm independent contractor distributors by third-party financial institutions for the purchase of distribution routes. The maximum potential amount of future payments under existing guarantees we could be required to make is $210 . Our guarantees are indirectly secured by the distribution routes. We do not expect that we will be required to make material guarantee payments as a result of defaults on the bank loans guaranteed. The amounts recognized as of July 29, 2018 , and July 30, 2017 , were not material. With the acquisition of Snyder's-Lance, we guarantee approximately 2,400 bank loans made to independent business owners by third-party financial institutions for the purchase of distribution routes. The outstanding aggregate balance on these loans was $187 as of July 29, 2018 . Our guarantees are indirectly secured by the distribution routes. We do not expect that we will be required to make material guarantee payments as a result of defaults on the bank loans guaranteed. We have provided certain standard indemnifications in connection with divestitures, contracts and other transactions. Certain indemnifications have finite expiration dates. Liabilities recognized based on known exposures related to such matters were not material at July 29, 2018 , and July 30, 2017 . |
Supplemental Financial Statemen
Supplemental Financial Statement Data | 12 Months Ended |
Jul. 29, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Supplemental Financial Information Data | Supplemental Financial Statement Data Balance Sheets 2018 2017 Accounts receivable Customer accounts receivable $ 734 $ 561 Allowances (20 ) (11 ) Subtotal $ 714 $ 550 Other 71 55 $ 785 $ 605 Inventories Raw materials, containers and supplies $ 478 $ 377 Finished products 721 525 $ 1,199 $ 902 Other current assets Fair value of derivatives $ 10 $ 9 Other 76 65 $ 86 $ 74 Plant assets Land $ 122 $ 64 Buildings 1,870 1,557 Machinery and equipment 4,751 4,243 Projects in progress 211 179 Total cost $ 6,954 $ 6,043 Accumulated depreciation (1) (3,721 ) (3,589 ) $ 3,233 $ 2,454 Other assets Investments $ 92 $ 69 Deferred taxes 30 36 Pensions 61 8 Other 41 26 $ 224 $ 139 2018 2017 Accrued liabilities Accrued compensation and benefits $ 220 $ 241 Fair value of derivatives 5 43 Accrued trade and consumer promotion programs 189 131 Accrued interest 103 34 Restructuring 22 24 Other 137 88 $ 676 $ 561 Other liabilities Pension benefits $ 150 $ 261 Deferred compensation 90 96 Postretirement benefits 206 247 Transition tax on unremitted foreign earnings 7 — Unrecognized tax benefits 22 34 Restructuring 24 2 Other 70 57 $ 569 $ 697 ____________________________________ (1) Depreciation expense was $360 in 2018 , $299 in 2017 and $288 in 2016 . Buildings are depreciated over periods ranging from 7 to 45 years. Machinery and equipment are depreciated over periods generally ranging from 2 to 20 years. Statements of Earnings 2018 2017 2016 Other expenses / (income) Amortization of intangible assets $ 34 $ 19 $ 20 Impairment of intangible assets (1) 737 212 141 Net periodic benefit expense (income) other than the service cost (231 ) (247 ) 274 Investment (gains) / losses 10 9 (3 ) Transaction costs (2) 53 — — Legal settlements (3) 22 — (25 ) Other (6 ) (2 ) (2 ) $ 619 $ (9 ) $ 405 Advertising and consumer promotion expense (4) $ 394 $ 389 $ 397 Interest expense Interest expense $ 204 $ 114 $ 118 Less: Interest capitalized 3 2 3 $ 201 $ 112 $ 115 ____________________________________ (1) See Note 5 for additional information. (2) In 2018, we recognized transaction costs of $53 related to the acquisition of Snyder's-Lance. See Note 3 for additional information. (3) In 2018, we recognized a charge of $22 related to the settlement of a legal claim. In 2016, we recorded a gain of $25 from a settlement of a claim related to the Kelsen acquisition. (4) Included in Marketing and selling expenses. Statements of Cash Flows 2018 2017 2016 Cash Flows from Operating Activities Other Benefit related payments $ (59 ) $ (58 ) $ (57 ) Other (1 ) — (3 ) $ (60 ) $ (58 ) $ (60 ) Other Cash Flow Information Interest paid $ 152 $ 110 $ 113 Interest received $ 4 $ 5 $ 4 Income taxes paid $ 128 $ 320 $ 325 |
Quarterly Data
Quarterly Data | 12 Months Ended |
Jul. 29, 2018 | |
Quarterly Financial Data [Abstract] | |
Quarterly Data | Quarterly Data (unaudited) 2018 First Second Third Fourth Net sales $ 2,161 $ 2,180 $ 2,125 $ 2,219 Gross profit 783 766 618 649 Net earnings (loss) attributable to Campbell Soup Company 275 285 (393 ) 94 Per share - basic Net earnings (loss) attributable to Campbell Soup Company .91 .95 (1.31 ) .31 Dividends .35 .35 .35 .35 Per share - assuming dilution Net earnings attributable to Campbell Soup Company .91 .95 (1.31 ) .31 Market price High $ 54.37 $ 51.07 $ 48.10 $ 42.88 Low $ 45.00 $ 45.07 $ 39.79 $ 32.63 2018 First Second Third Fourth In 2018, the following charges (gains) were recorded in Net earnings attributable to Campbell Soup Company: Impairment charges $ — $ 74 $ 497 $ 41 Restructuring charges, implementation costs and other related costs 12 46 45 33 Pension and postretirement benefit mark-to-market and curtailment adjustments (9 ) — — (93 ) Transaction and integration costs — 19 46 8 Claim settlement — — 15 — Tax reform — (124 ) — (6 ) Per share - assuming dilution Impairment charges — .25 1.65 .14 Restructuring charges, implementation costs and other related costs .04 .15 .15 .11 Pension and postretirement benefit mark-to-market and curtailment adjustments (.03 ) — — (.31 ) Transaction and integration costs — .06 .15 .03 Claim settlement — — .05 — Tax reform — (.41 ) — (.02 ) 2017 First Second Third Fourth Net sales $ 2,202 $ 2,171 $ 1,853 $ 1,664 Gross profit 851 811 665 598 Net earnings attributable to Campbell Soup Company 292 101 176 318 Per share - basic Net earnings attributable to Campbell Soup Company .95 .33 .58 1.05 Dividends .35 .35 .35 .35 Per share - assuming dilution Net earnings attributable to Campbell Soup Company .94 .33 .58 1.04 Market price High $ 62.30 $ 63.50 $ 64.23 $ 59.14 Low $ 52.74 $ 52.59 $ 56.05 $ 50.62 2017 First Second Third Fourth In 2017, the following charges (gains) were recorded in Net earnings attributable to Campbell Soup Company: Impairment charges $ — $ 180 $ — $ — Restructuring charges, implementation costs and other related costs 6 — 4 26 Pension and postretirement benefit mark-to-market adjustments 13 — — (129 ) Sale of notes — — — (56 ) Per share - assuming dilution Impairment charges — .58 — — Restructuring charges, implementation costs and other related costs .02 — .01 .09 Pension and postretirement benefit mark-to-market adjustments .04 — — (.42 ) Sale of notes — — — (.18 ) |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Jul. 29, 2018 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | CAMPBELL SOUP COMPANY Valuation and Qualifying Accounts For the Fiscal Years ended July 29, 2018, July 30, 2017, and July 31, 2016 (Millions) Balance at Beginning of Period Charged to/ (Reduction in) Costs and Expenses Deductions Acquisitions Balance at End of Period Fiscal year ended July 29, 2018 Cash discount $ 4 $ 117 $ (117 ) $ 2 $ 6 Bad debt reserve 2 1 (2 ) 2 3 Returns reserve (1) 5 5 (1 ) 2 11 Total Accounts receivable allowances $ 11 $ 123 $ (120 ) $ 6 $ 20 Fiscal year ended July 30, 2017 Cash discount $ 4 $ 109 $ (109 ) $ — $ 4 Bad debt reserve 3 — (1 ) — 2 Returns reserve (1) 5 — — — 5 Total Accounts receivable allowances $ 12 $ 109 $ (110 ) $ — $ 11 Fiscal year ended July 31, 2016 Cash discount $ 5 $ 116 $ (117 ) $ — $ 4 Bad debt reserve 4 (1 ) — — 3 Returns reserve (1) 4 2 (1 ) — 5 Total Accounts receivable allowances $ 13 $ 117 $ (118 ) $ — $ 12 _______________________________________ (1) The returns reserve is evaluated quarterly and adjusted accordingly. During each period, returns are charged to net sales in the Consolidated Statements of Earnings as incurred. Actual returns were approximately $106 in 2018, $103 in 2017, and $95 in 2016, or less than 2% of net sales. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 29, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation — The consolidated financial statements include our accounts and entities in which we maintain a controlling financial interest and a variable interest entity (VIE) for which we are the primary beneficiary. Intercompany transactions are eliminated in consolidation. Certain amounts in prior-year financial statements were reclassified to conform to the current-year presentation. See Note 2 for additional information. Our fiscal year ends on the Sunday nearest July 31. There were 52 weeks in 2018, 2017, and 2016. |
Use of Estimates | Use of Estimates — Generally accepted accounting principles require management to make estimates and assumptions that affect assets, liabilities, revenues and expenses. Actual results could differ from those estimates. |
Revenue Recognition | Revenue Recognition — Revenues are recognized when the earnings process is complete. This occurs when products are shipped in accordance with terms of agreements, title and risk of loss transfer to customers, collection is probable and pricing is fixed or determinable. Revenues are recognized net of provisions for returns, discounts and allowances. Certain sales promotion expenses, such as feature price discounts, in-store display incentives, cooperative advertising programs, new product introduction fees and coupon redemption costs, are classified as a reduction of sales. The recognition of costs for promotion programs involves the use of judgment related to performance and redemption estimates. Estimates are made based on historical experience and other factors. Costs are recognized either upon sale or when the incentive is offered, based on the program. Revenues are presented on a net basis for arrangements under which suppliers perform certain additional services. In 2019, we will adopt revised accounting guidance on the recognition of revenue. See Note 2 for additional information. |
Cash and Cash Equivalents | Cash and Cash Equivalents — All highly liquid debt instruments purchased with a maturity of three months or less are classified as cash equivalents. |
Inventories | Inventories — All inventories are valued at the lower of average cost or net realizable value. |
Property, Plant and Equipment | Property, Plant and Equipment — Property, plant and equipment are recorded at historical cost and are depreciated over estimated useful lives using the straight-line method. Buildings and machinery and equipment are depreciated over periods not exceeding 45 years and 20 years, respectively. Assets are evaluated for impairment when conditions indicate that the carrying value may not be recoverable. Such conditions include significant adverse changes in business climate or a plan of disposal. Repairs and maintenance are charged to expense as incurred. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets — Goodwill and intangible assets deemed to have indefinite lives are not amortized but rather are tested at least annually for impairment, or when circumstances indicate that the carrying amount of the asset may not be recoverable. Goodwill is tested for impairment at the reporting unit level. A reporting unit is an operating segment or a component of an operating segment. Goodwill is tested for impairment by either performing a qualitative evaluation or a quantitative test. The qualitative evaluation is an assessment of factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. We may elect not to perform the qualitative assessment for some or all reporting units and perform a quantitative impairment test. Fair value is determined based on discounted cash flow analyses. The discounted estimates of future cash flows include significant management assumptions such as revenue growth rates, operating margins, weighted average cost of capital, and future economic and market conditions. If the carrying value of the reporting unit exceeds fair value, goodwill is considered impaired. In January 2017, the Financial Accounting Standards Board (FASB) issued revised guidance that simplifies the test for goodwill impairment, effective for fiscal years beginning after December 15, 2019, with early adoption permitted. Under the revised guidance, if a reporting unit’s carrying value exceeds its fair value, an impairment charge will be recorded to reduce the reporting unit to fair value. Prior to the revised guidance, the amount of the impairment was the difference between the carrying value of the goodwill and the "implied" fair value, which was calculated as if the reporting unit had just been acquired and accounted for as a business combination. Indefinite-lived intangible assets are tested for impairment by comparing the fair value of the asset to the carrying value. Fair value is determined based on discounted cash flow analyses that include significant management assumptions such as revenue growth rates, weighted average cost of capital, and assumed royalty rates. If the carrying value exceeds fair value, an impairment charge will be recorded to reduce the asset to fair value. See Note 5 for information on intangible assets and impairment charges. |
Derivative Financial Instruments | Derivative Financial Instruments — We use derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates, interest rates, commodities and equity-linked employee benefit obligations. We enter into these derivative contracts for periods consistent with the related underlying exposures, and the contracts do not constitute positions independent of those exposures. We do not enter into derivative contracts for speculative purposes and do not use leveraged instruments. Our derivative programs include strategies that qualify and strategies that do not qualify for hedge accounting treatment. To qualify for hedge accounting, the hedging relationship, both at inception of the hedge and on an ongoing basis, is expected to be highly effective in achieving offsetting changes in the fair value of the hedged risk during the period that the hedge is designated. All derivatives are recognized on the balance sheet at fair value. For derivatives that qualify for hedge accounting, on the date the derivative contract is entered into, we designate the derivative as a hedge of the fair value of a recognized asset or liability or a firm commitment (fair-value hedge), a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (cash-flow hedge), or a hedge of a net investment in a foreign operation. Some derivatives may also be considered natural hedging instruments (changes in fair value act as economic offsets to changes in fair value of the underlying hedged item) and are not designated for hedge accounting. Changes in the fair value of a fair-value hedge, along with the gain or loss on the underlying hedged asset or liability (including losses or gains on firm commitments), are recorded in current-period earnings. The effective portion of gains and losses on cash-flow hedges are recorded in other comprehensive income (loss), until earnings are affected by the variability of cash flows. If the hedge is no longer effective, all changes in the fair value of the derivative are included in earnings each period until the instrument matures. If a derivative is used as a hedge of a net investment in a foreign operation, its changes in fair value, to the extent effective as a hedge, are recorded in other comprehensive income (loss). Any ineffective portion of designated hedges is recognized in current-period earnings. Changes in the fair value of derivatives that are not designated for hedge accounting are recognized in current-period earnings. Cash flows from derivative contracts are included in Net cash provided by operating activities. |
Advertising Production Costs | Advertising Production Costs — Advertising production costs are expensed in the period that the advertisement first takes place or when a decision is made not to use an advertisement. |
Research and Development Costs | Research and Development Costs — The costs of research and development are expensed as incurred. Costs include expenditures for new product and manufacturing process innovation, and improvements to existing products and processes. Costs primarily consist of salaries, wages, consulting, and depreciation and maintenance of research facilities and equipment. |
Income Taxes | Income Taxes — Deferred tax assets and liabilities are recognized for the future impact of differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. |
Fair Value Measurement, Policy | We categorize financial assets and liabilities based on the following fair value hierarchy: • Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data. • Level 3: Unobservable inputs, which are valued based on our estimates of assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. When available, we use unadjusted quoted market prices to measure the fair value and classify such items as Level 1. If quoted market prices are not available, we base fair value upon internally developed models that use current market-based or independently sourced market parameters such as interest rates and currency rates. Included in the fair value of derivative instruments is an adjustment for credit and nonperformance risk. |
Recent Accounting Pronounceme29
Recent Accounting Pronouncements (Tables) | 12 Months Ended |
Jul. 29, 2018 | |
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: Increase / (decrease) in expense 2017 2016 Cost of products sold $ 134 $ (148 ) Marketing and selling expenses $ 38 $ (41 ) Administrative expenses $ 62 $ (66 ) Research and development expenses $ 13 $ (19 ) Other expenses / (income) $ (247 ) $ 274 |
Acquistions (Tables)
Acquistions (Tables) | 12 Months Ended |
Jul. 29, 2018 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The acquired assets and assumed liabilities include the following: Snyder's-Lance Pacific Foods Cash $ 21 $ 7 Accounts receivable 221 16 Inventories 219 48 Other current assets 32 1 Plant assets 696 78 Goodwill 2,866 202 Other intangible assets 2,947 366 Other assets 65 — Short-term debt (1 ) — Accounts payable (124 ) (24 ) Accrued liabilities (115 ) (6 ) Deferred income taxes (640 ) — Other liabilities (28 ) — Noncontrolling interest (47 ) — Total assets acquired and liabilities assumed $ 6,112 $ 688 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The identifiable intangible assets of Snyder's-Lance consist of: Type Life in Years Value Trademarks Non-amortizable Indefinite $ 2,131 Customer relationships Amortizable 15 to 22 808 Other Amortizable 1.5 8 Total identifiable intangible assets $ 2,947 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited summary information is presented on a consolidated pro forma basis as if the Snyder's-Lance and Pacific Foods acquisitions had occurred on August 1, 2016: 2018 2017 Net sales $ 10,222 $ 10,324 Net earnings attributable to Campbell Soup Company $ 371 $ 773 Net earnings per share attributable to Campbell Soup Company - basic $ 1.23 $ 2.53 Net earnings per share attributable to Campbell Soup Company - assuming dilution $ 1.23 $ 2.52 The pro forma amounts include additional interest expense on the debt issued to finance the purchases, amortization and depreciation expense based on the estimated fair value and useful lives of intangible assets and plant assets, and related tax effects. The pro forma results are not necessarily indicative of the combined results had the Snyder's-Lance and Pacific Foods acquisitions been completed on August 1, 2016, nor are they indicative of future combined results. The pro forma results for 2017 include pre-tax transaction costs of $53 , pre-tax amortization of the acquisition date fair value adjustment to inventories of $42 , and a pre-tax gain of $18 on treasury rate lock contracts. Therefore, the pro forma results for 2018 exclude these items, as they are reflected in 2017. |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jul. 29, 2018 | |
Equity [Abstract] | |
Components Of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of Accumulated other comprehensive income (loss) consisted of the following: Foreign Currency Translation Adjustments (1) Gains (Losses) on Cash Flow Hedges (2) Pension and Postretirement Benefit Plan Adjustments (3) Total Accumulated Comprehensive Income (Loss) Balance at August 2, 2015 $ (166 ) $ (5 ) $ 3 $ (168 ) Other comprehensive income (loss) before reclassifications 42 (29 ) 59 72 Amounts reclassified from accumulated other comprehensive income (loss) — (7 ) (1 ) (8 ) Net current-period other comprehensive income (loss) 42 (36 ) 58 64 Balance at July 31, 2016 $ (124 ) $ (41 ) $ 61 $ (104 ) Other comprehensive income (loss) before reclassifications 40 12 8 60 Amounts reclassified from accumulated other comprehensive income (loss) — 7 (16 ) (9 ) Net current-period other comprehensive income (loss) 40 19 (8 ) 51 Balance at July 30, 2017 $ (84 ) $ (22 ) $ 53 $ (53 ) Other comprehensive income (loss) before reclassifications (70 ) 16 7 (47 ) Amounts reclassified from accumulated other comprehensive income (loss) — 2 (20 ) (18 ) Net current-period other comprehensive income (loss) (70 ) 18 (13 ) (65 ) Balance at July 29, 2018 $ (154 ) $ (4 ) $ 40 $ (118 ) _____________________________________ (1) Included a tax expense of $6 as of July 29, 2018 , July 30, 2017 , July 31, 2016 , and August 2, 2015 . (2) Included a tax benefit of $4 as of July 29, 2018 , $12 as of July 30, 2017 , $23 as of July 31, 2016 , and $5 as of August 2, 2015 . (3) Included a tax expense of $25 as of July 29, 2018 , $30 as of July 30, 2017 , $35 as of July 31, 2016 , and $1 as of August 2, 2015 . |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following: Details about Accumulated Other Comprehensive Income (Loss) Components 2018 2017 2016 Location of (Gain) Loss Recognized in Earnings (Gains) losses on cash flow hedges: Foreign exchange forward contracts $ 1 $ 6 $ (11 ) Cost of products sold Foreign exchange forward contracts — 1 (2 ) Other expenses / (income) Forward starting interest rate swaps 2 4 4 Interest expense Total before tax 3 11 (9 ) Tax expense (benefit) (1 ) (4 ) 2 (Gain) loss, net of tax $ 2 $ 7 $ (7 ) Pension and postretirement benefit adjustments: Prior service credit $ (27 ) $ (25 ) $ (1 ) Other expenses / (income) Tax expense (benefit) 7 9 — (Gain) loss, net of tax $ (20 ) $ (16 ) $ (1 ) |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Jul. 29, 2018 | |
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 (1) Total Net balance at July 31, 2016 $ 775 $ 757 $ 731 $ 2,263 Impairment charges — — (191 ) (191 ) Foreign currency translation adjustment 5 38 — 43 Net balance at July 30, 2017 $ 780 $ 795 $ 540 $ 2,115 Acquisitions 202 2,866 — 3,068 Impairment charges — — (540 ) (540 ) Foreign currency translation adjustment (4 ) (59 ) — (63 ) Net balance at July 29, 2018 $ 978 $ 3,602 $ — $ 4,580 _____________________________________ (1) The balance of goodwill is reflected net of accumulated impairment charges of $837 as of July 29, 2018, $297 as of July 30, 2017 and $106 as of July 31, 2016, respectively, related to the Bolthouse Farms carrot and carrot ingredients reporting unit, the deli reporting unit, and the Bolthouse Farms refrigerated beverages and salad dressings reporting unit. |
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 2018 2017 Amortizable intangible assets Customer relationships $ 1,116 $ 223 Technology 40 40 Other 43 35 Total gross amortizable intangible assets $ 1,199 $ 298 Accumulated amortization (126 ) (92 ) Total net amortizable intangible assets $ 1,073 $ 206 Non-amortizable intangible assets Trademarks 3,123 912 Total net intangible assets $ 4,196 $ 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 2018 2017 Amortizable intangible assets Customer relationships $ 1,116 $ 223 Technology 40 40 Other 43 35 Total gross amortizable intangible assets $ 1,199 $ 298 Accumulated amortization (126 ) (92 ) Total net amortizable intangible assets $ 1,073 $ 206 Non-amortizable intangible assets Trademarks 3,123 912 Total net intangible assets $ 4,196 $ 1,118 |
Business And Geographic Segme33
Business And Geographic Segment Information (Tables) | 12 Months Ended |
Jul. 29, 2018 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting [Table Text Block] | 2018 2017 2016 Net sales Americas Simple Meals and Beverages $ 4,213 $ 4,256 $ 4,313 Global Biscuits and Snacks 3,499 2,667 2,631 Campbell Fresh 970 967 1,017 Corporate 3 — — Total $ 8,685 $ 7,890 $ 7,961 2018 2017 2016 Earnings before interest and taxes Americas Simple Meals and Beverages $ 982 $ 1,111 $ 1,060 Global Biscuits and Snacks 540 463 431 Campbell Fresh (43 ) (9 ) 60 Corporate (1) (948 ) (147 ) (560 ) Restructuring charges (2) (62 ) (18 ) (31 ) Total $ 469 $ 1,400 $ 960 2018 2017 2016 Depreciation and amortization Americas Simple Meals and Beverages $ 158 $ 118 $ 117 Global Biscuits and Snacks 144 98 96 Campbell Fresh 73 83 77 Corporate (3) 19 19 18 Total $ 394 $ 318 $ 308 2018 2017 2016 Capital expenditures Americas Simple Meals and Beverages $ 187 $ 117 $ 105 Global Biscuits and Snacks 133 127 122 Campbell Fresh 46 47 74 Corporate (3) 41 47 40 Total $ 407 $ 338 $ 341 _______________________________________ (1) Represents unallocated items. Pension and postretirement benefit mark-to-market adjustments and curtailments are included in Corporate. There were gains of $136 and $178 in 2018 and 2017 , respectively, and losses of $313 in 2016 . Costs related to the cost savings initiatives were $136 , $40 and $47 in 2018 , 2017 and 2016 , respectively. Transaction and integration costs associated with the acquisition of Snyder's-Lance were $107 in 2018. Intangible asset impairment charges were $737 , $212 and $141 in 2018, 2017 and 2016, respectively. See Note 5 for information on the intangible asset impairment charges. Plant asset impairment charges were $11 in 2018. A charge of $22 related to the settlement of a legal claim was included in 2018, and a gain of $25 from a settlement of a claim related to the Kelsen acquisition was included in 2016. (2) See Note 7 for additional information. (3) Represents primarily corporate offices. |
Additional Product Information for Net Sales [Table Text Block] | Our global net sales based on product categories are as follows: 2018 2017 2016 Net sales Soup $ 2,615 $ 2,673 $ 2,690 Snacks 3,344 2,511 2,479 Other simple meals 1,699 1,698 1,702 Beverages 1,024 1,008 1,090 Other 3 — — Total $ 8,685 $ 7,890 $ 7,961 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Information about operations in different geographic areas is as follows: 2018 2017 2016 Net sales United States $ 7,032 $ 6,357 $ 6,437 Australia 622 610 590 Other countries 1,031 923 934 Total $ 8,685 $ 7,890 $ 7,961 2018 2017 2016 Long-lived assets United States $ 2,778 $ 1,987 $ 1,967 Australia 248 265 242 Other countries 207 202 198 Total $ 3,233 $ 2,454 $ 2,407 |
Restructuring Charges and Cos34
Restructuring Charges and Cost Savings Initiatives (Tables) | 12 Months Ended |
Jul. 29, 2018 | |
2015 Initiatives [Member] | |
Schedule Of Pre-Tax Charge And Remaining Costs [Table Text Block] | 2018 2017 2016 2015 Restructuring charges $ 49 $ 18 $ 35 $ 102 Administrative expenses 88 36 47 22 Cost of products sold 45 4 — — Marketing and selling expenses 3 — — — Total pre-tax charges $ 185 $ 58 $ 82 $ 124 A summary of the pre-tax costs associated with the initiatives is as follows: Recognized as of Severance pay and benefits $ 180 Asset impairment/accelerated depreciation 45 Implementation costs and other related costs 224 Total $ 449 |
Schedule Of Restructuring Activity And Related Reserves [Table Text Block] | A summary of the restructuring activity and related reserves associated with the initiatives at July 29, 2018 , is as follows: Severance Pay and Benefits Other Restructuring Costs Non-Cash Benefits (5) Implementation Costs and Other Related Costs (6) Asset Impairment/Accelerated Depreciation Other Non-Cash Exit Costs (7) Total Charges Accrued balance at August 3, 2014 $ — $ — 2015 charges 87 8 7 22 — — $ 124 2015 cash payments (1 ) — Foreign currency translation adjustment (1 ) — Accrued balance at August 2, 2015 (1) $ 85 $ 8 2016 charges 34 1 — 47 — — $ 82 2016 cash payments (46 ) (9 ) Accrued balance at July 31, 2016 (2) $ 73 $ — 2017 charges 7 — — 39 12 — $ 58 2017 cash payments (54 ) — Accrued balance at July 30, 2017 (3) $ 26 $ — 2018 charges 43 — 2 104 33 3 $ 185 2018 cash payments (31 ) — Foreign currency translation adjustment (1 ) — Accrued balance at July 29, 2018 (4) $ 37 $ — _______________________________________ (1) Includes $45 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (2) Includes $17 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (3) Includes $2 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (4) Includes $23 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (5) Represents postretirement and pension curtailment costs and pension special termination benefits. See Note 10 for additional information. (6) Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses, Cost of products sold, and Marketing and selling expenses in the Consolidated Statements of Earnings. (7) Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. |
Schedule Of Restructuring Charges Associated With Each Reportable Segment | A summary of the pre-tax costs associated with segments is as follows: 2018 Costs Incurred to Date Americas Simple Meals and Beverages $ 86 $ 178 Global Biscuits and Snacks 73 151 Campbell Fresh 5 11 Corporate 21 109 Total $ 185 $ 449 |
Snyder's-Lance Cost Transformation Program and Integration [Member] | |
Schedule Of Restructuring Activity And Related Reserves [Table Text Block] | A summary of the restructuring activity and related reserves associated with the Snyder's-Lance integration at July 29, 2018 , is as follows: Severance Pay and Benefits Implementation and Integration Costs (1) Total Charges 2018 charges $ 13 12 $ 25 2018 cash payments (4 ) Accrued balance at July 29, 2018 (2) $ 9 _______________________________________ (1) Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses in the Consolidated Statements of Earnings. (2) Includes $1 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. |
2014 Initiatives [Member] | |
Schedule Of Pre-Tax Charge And Remaining Costs [Table Text Block] | A summary of the pre-tax costs associated with the 2014 initiatives is as follows: Total Program (1) Change in Estimate Recognized as of July 31, 2016 Severance pay and benefits $ 41 $ (4 ) $ 37 Asset impairment 12 — 12 Other exit costs 1 — 1 Total $ 54 $ (4 ) $ 50 |
Pension And Postretirement Be35
Pension And Postretirement Benefits (Tables) | 12 Months Ended |
Jul. 29, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | Change in benefit obligation: Pension Postretirement 2018 2017 2018 2017 Obligation at beginning of year $ 2,450 $ 2,626 $ 276 $ 313 Service cost 24 26 1 1 Interest cost 74 86 7 10 Actuarial gain (110 ) (134 ) (16 ) (14 ) Participant contributions — — 1 1 Plan amendments 2 — (11 ) (12 ) Benefits paid (165 ) (164 ) (26 ) (26 ) Medicare subsidies — — 3 3 Other (2 ) (3 ) — — Special termination benefits 2 — — — Curtailment (2 ) — — — Foreign currency adjustment (16 ) 13 — — Benefit obligation at end of year $ 2,257 $ 2,450 $ 235 $ 276 |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Net amounts recognized in the Consolidated Balance Sheets: Pension Postretirement 2018 2017 2018 2017 Other assets $ 61 $ 8 $ — $ — Accrued liabilities 14 14 29 29 Other liabilities 150 261 206 247 Net amounts recognized $ 103 $ 267 $ 235 $ 276 Amounts recognized in accumulated other comprehensive income (loss) consist of: Pension Postretirement 2018 2017 2018 2017 Prior service (cost) credit $ (2 ) $ — $ 67 $ 83 |
Schedule of Assumptions Used [Table Text Block] | Weighted-average assumptions used to determine benefit obligations at the end of the year: Pension Postretirement 2018 2017 2018 2017 Discount rate 4.15% 3.74% 4.06% 3.45% Rate of compensation increase 3.21% 3.24% 3.25% 3.25% |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated future benefit payments are as follows: Pension Postretirement 2019 $ 173 $ 29 2020 $ 167 $ 28 2021 $ 168 $ 26 2022 $ 163 $ 25 2023 $ 159 $ 24 2024-2028 $ 777 $ 97 |
Pension Plan, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | Components of net benefit expense (income) were as follows: Pension 2018 2017 2016 Service cost $ 24 $ 26 $ 26 Interest cost 74 86 98 Expected return on plan assets (144 ) (144 ) (147 ) Recognized net actuarial (gain) loss (104 ) (198 ) 302 Special termination benefits 2 — — Curtailment gains (2 ) — — Net periodic benefit expense (income) $ (150 ) $ (230 ) $ 279 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | Change in the fair value of pension plan assets: 2018 2017 Fair value at beginning of year $ 2,183 $ 2,111 Actual return on plan assets 137 208 Employer contributions 5 5 Benefits paid (155 ) (154 ) Foreign currency adjustment (16 ) 13 Fair value at end of year $ 2,154 $ 2,183 |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | The following table provides information for pension plans with accumulated benefit obligations in excess of plan assets: 2018 2017 Projected benefit obligation $ 249 $ 2,270 Accumulated benefit obligation $ 241 $ 2,232 Fair value of plan assets $ 85 $ 1,995 |
Schedule of Assumptions Used [Table Text Block] | Weighted-average assumptions used to determine net periodic benefit cost for the years ended: Pension 2018 2017 2016 Discount rate 3.74% 3.39% 4.19% Expected return on plan assets 6.84% 7.09% 7.35% Rate of compensation increase 3.24% 3.25% 3.29% |
Schedule of Allocation of Plan Assets [Table Text Block] | Our year-end pension plan weighted-average asset allocations by category were: Strategic Target 2018 2017 Equity securities 42% 42% 48% Debt securities 46% 46% 40% Real estate and other 12% 12% 12% Total 100% 100% 100% Pension plan assets are categorized based on the following fair value hierarchy: • Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data. • Level 3: Unobservable inputs, which are valued based on our estimates of assumptions that market participants would use in pricing the asset or liability. The following table presents our pension plan assets by asset category at July 29, 2018 , and July 30, 2017 : Fair Value Fair Value Measurements at Fair Value Fair Value Measurements at Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Short-term investments $ 61 $ 29 $ 32 $ — $ 46 $ 35 $ 11 $ — Equities: U.S. 284 284 — — 338 338 — — Non-U.S. 230 230 — — 290 290 — — Corporate bonds: U.S. 597 — 597 — 537 — 537 — Non-U.S. 138 — 138 — 123 — 123 — Government and agency bonds: U.S. 70 — 70 — 60 — 60 — Non-U.S. 33 — 33 — 31 — 31 — Municipal bonds 61 — 61 — 58 — 58 — Mortgage and asset backed securities 15 — 15 — 8 — 8 — Real estate 10 4 — 6 17 10 — 7 Hedge funds 34 — — 34 38 — — 38 Derivative assets 8 — 8 — 9 — 9 — Derivative liabilities (4 ) — (4 ) — (10 ) — (10 ) — Total assets at fair value $ 1,537 $ 547 $ 950 $ 40 $ 1,545 $ 673 $ 827 $ 45 Investments measured at net asset value: Short-term investments 21 31 Commingled funds: Equities 310 332 Fixed income 31 30 Blended 85 86 Real estate 89 84 Hedge funds 95 103 Total investments measured at net asset value: 631 666 Other items to reconcile to fair value of plan assets (14 ) (28 ) Total pension plan assets at fair value $ 2,154 $ 2,183 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | The following table summarizes the changes in fair value of Level 3 investments for the years ended July 29, 2018 , and July 30, 2017 : Real Estate Hedge Funds Total Fair value at July 30, 2017 $ 7 $ 38 $ 45 Actual return on plan assets 2 2 4 Purchases — — — Sales (3 ) (6 ) (9 ) Settlements — — — Transfers out of Level 3 — — — Fair value at July 29, 2018 $ 6 $ 34 $ 40 Real Estate Hedge Funds Total Fair value at July 31, 2016 $ 6 $ 45 $ 51 Actual return on plan assets 1 2 3 Purchases 1 1 2 Sales (1 ) (10 ) (11 ) Settlements — — — Transfers out of Level 3 — — — Fair value at July 30, 2017 $ 7 $ 38 $ 45 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block] | The following tables present additional information about the pension plan assets valued using net asset value as a practical expedient within the fair value hierarchy table: 2018 2017 Fair Value Fair Value Redemption Frequency Redemption Notice Period Range Short-term investments $ 21 $ 31 Daily 1 Day Commingled funds: Equities 310 332 Daily, Monthly 2 to 60 Days Fixed income 31 30 Daily 1 Day Blended 85 86 Primarily Daily 1 to 20 Days Real estate funds 89 84 Quarterly 45 to 90 Days Hedge funds (1) 95 103 Monthly 5 to 30 Days Total $ 631 $ 666 ___________________________________ (1) Includes a fund valued at $2 in 2017 which was substantially liquidated in 2018. |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | Postretirement 2018 2017 2016 Service cost $ 1 $ 1 $ 1 Interest cost 7 10 15 Amortization of prior service credit (27 ) (25 ) (1 ) Recognized net actuarial (gain) loss (16 ) (14 ) 23 Net periodic benefit expense (income) $ (35 ) $ (28 ) $ 38 |
Schedule of Health Care Cost Trend Rates [Table Text Block] | Assumed health care cost trend rates at the end of the year: 2018 2017 Health care cost trend rate assumed for next year 6.75% 7.25% Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 4.50% 4.50% Year that the rate reaches the ultimate trend rate 2023 2023 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | A one-percentage-point increase or decrease in assumed health care costs would not significantly impact 2018 reported service and interest cost nor the 2018 accumulated benefit obligation. |
Taxes on Earnings (Tables)
Taxes on Earnings (Tables) | 12 Months Ended |
Jul. 29, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes on earnings consists of the following: 2018 2017 2016 Income taxes: Currently payable: Federal $ 84 $ 238 $ 235 State 13 39 34 Non-U.S. 47 36 47 144 313 316 Deferred: Federal (122 ) 77 (17 ) State (2 ) 2 — Non-U.S. (9 ) 14 (13 ) (133 ) 93 (30 ) $ 11 $ 406 $ 286 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2018 2017 2016 Earnings before income taxes: United States $ 143 $ 1,103 $ 705 Non-U.S. 129 190 144 $ 272 $ 1,293 $ 849 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following is a reconciliation of the effective income tax rate to the U.S. federal statutory income tax rate: 2018 2017 2016 Federal statutory income tax rate 21.0 % 35.0 % 35.0 % State income taxes (net of federal tax benefit) 4.3 2.1 2.7 Tax effect of international items 2.6 (2.1 ) (3.0 ) Settlement of tax contingencies (6.2 ) — — Federal manufacturing deduction (4.0 ) (2.1 ) (3.2 ) Goodwill impairment 18.7 3.4 4.3 Claim settlement — — (0.8 ) Tax Reform - impact on U.S. deferred tax assets and liabilities (1) (66.3 ) — — Tax Reform - transition tax (1) 19.6 — — Effect of higher U.S. federal statutory tax rate (1) 13.2 — — Foreign exchange losses (2) — (3.9 ) — Other 1.1 (1.0 ) (1.3 ) Effective income tax rate 4.0 % 31.4 % 33.7 % _______________________________________ (1) The Tax Cuts and Jobs Act of 2017 (the Act) was enacted into law on December 22, 2017, and made significant changes to corporate taxation. Changes under the Act include: • Reducing the federal corporate tax rate from 35% to 21% effective January 1, 2018. A blended rate will apply for fiscal 2018 non-calendar year end companies for the fiscal periods that include the effective date of the rate change. The impact of this is shown as "Effect of higher U.S. federal statutory tax rate"; • Repealing the exception for deductibility of performance-based compensation to covered employees, which impacts us beginning in 2019, along with expanding the number of covered employees; • Transitioning to a territorial system for taxation on foreign earnings along with the imposition of a transition tax in 2018 on the deemed repatriation of unremitted foreign earnings; • Immediate expensing of machinery and equipment placed into service after September 27, 2017; • Eliminating the deduction for domestic manufacturing activities, which impacts us beginning in 2019; • Changes to the taxation of multinational companies, including a new minimum tax on Global Intangible Low-Taxed Income, a new Base Erosion Anti-Abuse Tax, and a new U.S. corporate deduction for Foreign-Derived Intangible Income, all of which are effective for us beginning in 2019; and • Limiting the deductibility of interest expense to 30% of adjusted taxable income, which is effective for us beginning in 2019. (2) The 2017 rate was favorably impacted by a $52 benefit primarily related to the sale of intercompany notes receivable to a financial institution, which resulted in the recognition of foreign exchange losses. |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred tax liabilities and assets are comprised of the following: 2018 2017 Depreciation $ 342 $ 355 Amortization 868 521 Other 35 20 Deferred tax liabilities 1,245 896 Benefits and compensation 144 241 Pension benefits 24 98 Tax loss carryforwards 65 36 Capital loss carryforwards 88 92 Other 92 95 Gross deferred tax assets 413 562 Deferred tax asset valuation allowance (133 ) (120 ) Deferred tax assets, net of valuation allowance 280 442 Net deferred tax liability $ 965 $ 454 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the activity related to unrecognized tax benefits follows: 2018 2017 2016 Balance at beginning of year $ 64 $ 63 $ 58 Increases related to prior-year tax positions — 4 2 Decreases related to prior-year tax positions (37 ) — — Increases related to current-year tax positions 2 4 3 Settlements (1 ) (7 ) — Increase due to acquisitions 4 — — Balance at end of year $ 32 $ 64 $ 63 |
Short-term Borrowings and Lon37
Short-term Borrowings and Long-term Debt (Tables) | 12 Months Ended |
Jul. 29, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt [Table Text Block] | Short-term borrowings consist of the following: 2018 2017 Commercial paper $ 1,140 $ 874 Australian notes 348 152 Notes 300 — Current portion of Canadian credit facility 90 — Variable-rate bank borrowings 22 10 Capital leases 1 1 Other (1) (5 ) — Total short-term borrowings $ 1,896 $ 1,037 _______________________________________ (1) Includes unamortized net discount/premium on debt issuances and debt issuance costs. |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consists of the following: Type Fiscal Year of Maturity Rate 2018 2017 Canadian credit facility 2019 Variable $ 90 $ 130 Australian note 2019 4.88% 207 224 Notes 2019 4.50% 300 300 Notes 2020 Variable 500 — Notes 2021 Variable 400 — Senior Term Loan 2021 Variable 900 — Notes 2021 3.30% 650 — Notes 2021 4.25% 500 500 Debentures 2021 8.88% 200 200 Notes 2023 2.50% 450 450 Notes 2023 3.65% 1,200 — Notes 2025 3.95% 850 — Notes 2025 3.30% 300 300 Notes 2028 4.15% 1,000 — Notes 2043 3.80% 400 400 Notes 2048 4.80% 700 — Capital leases 7 7 Other (1) (59 ) (12 ) Total $ 8,595 $ 2,499 Less current portion 597 — Total long-term debt $ 7,998 $ 2,499 _______________________________________ (1) Includes unamortized net discount/premium on debt issuances and debt issuance costs. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Jul. 29, 2018 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Schedule Of The Fair Value Of Derivative Instruments [Table Text Block] | The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of July 29, 2018 , and July 30, 2017 : Balance Sheet Classification 2018 2017 Asset Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Other current assets $ 1 $ 3 Total derivatives designated as hedges $ 1 $ 3 Derivatives not designated as hedges: Commodity derivative contracts Other current assets $ 5 $ 5 Deferred compensation derivative contracts Other current assets 1 1 Foreign exchange forward contracts Other current assets 3 — Commodity derivative contracts Other assets — 1 Total derivatives not designated as hedges $ 9 $ 7 Total asset derivatives $ 10 $ 10 Balance Sheet Classification 2018 2017 Liability Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Accrued liabilities $ 2 $ 1 Forward starting interest rate swaps Accrued liabilities — 22 Total derivatives designated as hedges $ 2 $ 23 Derivatives not designated as hedges: Commodity derivative contracts Accrued liabilities $ 3 $ 1 Foreign exchange forward contracts Accrued liabilities — 19 Foreign exchange forward contracts Other liabilities — 1 Commodity derivative contracts Other liabilities 1 — Total derivatives not designated as hedges $ 4 $ 21 Total liability derivatives $ 6 $ 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 July 29, 2018 , and July 30, 2017 , would be adjusted as detailed in the following table: 2018 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 $ 10 $ (3 ) $ 7 $ 10 $ (3 ) $ 7 Total liability derivatives $ 6 $ (3 ) $ 3 $ 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 July 29, 2018 , and July 30, 2017 , would be adjusted as detailed in the following table: 2018 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 $ 10 $ (3 ) $ 7 $ 10 $ (3 ) $ 7 Total liability derivatives $ 6 $ (3 ) $ 3 $ 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 years ended July 29, 2018 , July 30, 2017 , and July 31, 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 2018 2017 2016 OCI derivative gain (loss) at beginning of year $ (34 ) $ (64 ) $ (10 ) Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts 8 (4 ) (9 ) Forward starting interest rate swaps 15 23 (36 ) Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold 1 6 (11 ) Foreign exchange forward contracts Other expenses / (income) — 1 (2 ) Forward starting interest rate swaps Interest expense 2 4 4 OCI derivative gain (loss) at end of year $ (8 ) $ (34 ) $ (64 ) |
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 2018 2017 2016 Foreign exchange forward contracts Cost of products sold $ (1 ) $ — $ — Foreign exchange forward contracts Other expenses / (income) (1 ) 14 (1 ) Cross-currency swap contracts Other expenses / (income) — — 2 Commodity derivative contracts Cost of products sold (2 ) (11 ) 6 Deferred compensation derivative contracts Administrative expenses (2 ) (3 ) (6 ) Treasury rate lock contracts Interest expense (18 ) — — Total $ (24 ) $ — $ 1 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jul. 29, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement, Policy | We categorize financial assets and liabilities based on the following fair value hierarchy: • Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data. • Level 3: Unobservable inputs, which are valued based on our estimates of assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. When available, we use unadjusted quoted market prices to measure the fair value and classify such items as Level 1. If quoted market prices are not available, we base fair value upon internally developed models that use current market-based or independently sourced market parameters such as interest rates and currency rates. Included in the fair value of derivative instruments is an adjustment for credit and nonperformance risk. |
Fair Value, Assets And Liabilities Measured on Recurring Basis [Table Text Block] | The following table presents our financial assets and liabilities that are measured at fair value on a recurring basis as of July 29, 2018 , 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 Foreign exchange forward contracts (1) $ 4 $ — $ 4 $ — $ 3 $ — $ 3 $ — Commodity derivative contracts (2) 5 5 — — 6 6 — — Deferred compensation derivative contracts (3) 1 — 1 — 1 — 1 — Deferred compensation investments (4) 6 6 — — — — — — Fair value option investments (5) 77 — — 77 50 — 1 49 Total assets at fair value $ 93 $ 11 $ 5 $ 77 $ 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 (6) $ — $ — $ — $ — $ 22 $ — $ 22 $ — Foreign exchange forward contracts (1) 2 — 2 — 21 — 21 — Commodity derivative contracts (2) 4 3 1 — 1 1 — — Deferred compensation obligation (4) 108 108 — — 112 112 — — Total liabilities at fair value $ 114 $ 111 $ 3 $ — $ 156 $ 113 $ 43 $ — ___________________________________ (1) Based on observable market transactions of spot currency rates and forward rates. (2) Based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. (3) Based on LIBOR and equity index swap rates. (4) Based on the fair value of the participants’ investments. (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 14 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 LIBOR swap rates. |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following table summarizes the changes in fair value of Level 3 investments for the years ended July 29, 2018 , and July 30, 2017 : 2018 2017 Fair value at beginning of year $ 49 $ 25 Gains 9 2 Purchases 19 22 Fair value at end of year $ 77 $ 49 |
Fair Value Measurements, Nonrecurring [Table Text Block] | The following table presents fair value measurements: Impairment Charges Fair Value July 29, 2018 Plant Assets Trademark Goodwill Plant Assets Trademark Goodwill Plum $ 54 $ 61 April 29, 2018 Deli $ 11 $ 13 $ 81 $ 53 $ 23 $ — Bolthouse Farms refrigerated beverages and salad dressings $ 130 $ 384 $ 150 $ — January 28, 2018 Bolthouse Farms carrot and carrot ingredients $ 75 $ — January 29, 2017 Bolthouse Farms carrot and carrot ingredients $ 20 $ 127 $ 48 $ 75 Garden Fresh Gourmet $ 1 $ 64 $ 37 $ 52 July 31, 2016 Bolthouse Farms carrot and carrot ingredients $ 35 $ 106 $ 68 $ 202 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Jul. 29, 2018 | |
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: 2018 2017 2016 Total pre-tax stock-based compensation expense $ 61 $ 60 $ 64 Tax-related benefits $ 11 $ 22 $ 24 |
Schedule Of Stock Option Activity [Table Text Block] | The following table summarizes stock option activity as of July 29, 2018 : 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 (80 ) $ 50.05 Outstanding at July 29, 2018 1,537 $ 50.36 8.2 $ — Exercisable at July 29, 2018 519 $ 51.40 7.5 $ — |
Time-Lapse Restricted Stock Units and EPS Performance Restricted Stock Units[Table Text Block] | The following table summarizes time-lapse restricted stock units and EPS performance restricted stock units as of July 29, 2018 : Units Weighted- Average Grant-Date Fair Value (Restricted stock units in thousands) Nonvested at July 30, 2017 1,221 $ 50.86 Granted 1,220 $ 44.18 Vested (643 ) $ 48.67 Forfeited (146 ) $ 48.27 Nonvested at July 29, 2018 1,652 $ 47.01 |
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 2016 Risk-free interest rate 2.06% 1.28% 1.68% Expected dividend yield 2.95% 2.26% 2.46% Expected volatility 19.60% 18.64% 18.35% Expected term 6 years 6 years 6 years Grant-date fair value $6.67 $7.51 $6.86 |
TSR Performance Restricted Stock/Units [Member] | |
Stock-based Compensation | |
TSR Performance Restricted Stock Units [Table Text Block] | The following table summarizes TSR performance restricted stock units as of July 29, 2018 : 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 (238 ) $ 43.53 Nonvested at July 29, 2018 1,664 $ 46.66 |
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 2016 Risk-free interest rate 1.58% 0.85% 0.92% Expected dividend yield 2.95% 2.26% 2.46% Expected volatility 19.07% 17.78% 17.25% Expected term 3 years 3 years 3 years |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jul. 29, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum annual rental payments under these operating leases as of July 29, 2018 , are as follows: 2019 2020 2021 2022 2023 Thereafter $75 $61 $48 $39 $28 $109 |
Supplemental Financial Statem42
Supplemental Financial Statement Data (Tables) | 12 Months Ended |
Jul. 29, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule Of Balance Sheets Supplemental Disclosures [Table Text Block] | Balance Sheets 2018 2017 Accounts receivable Customer accounts receivable $ 734 $ 561 Allowances (20 ) (11 ) Subtotal $ 714 $ 550 Other 71 55 $ 785 $ 605 Inventories Raw materials, containers and supplies $ 478 $ 377 Finished products 721 525 $ 1,199 $ 902 Other current assets Fair value of derivatives $ 10 $ 9 Other 76 65 $ 86 $ 74 Plant assets Land $ 122 $ 64 Buildings 1,870 1,557 Machinery and equipment 4,751 4,243 Projects in progress 211 179 Total cost $ 6,954 $ 6,043 Accumulated depreciation (1) (3,721 ) (3,589 ) $ 3,233 $ 2,454 Other assets Investments $ 92 $ 69 Deferred taxes 30 36 Pensions 61 8 Other 41 26 $ 224 $ 139 2018 2017 Accrued liabilities Accrued compensation and benefits $ 220 $ 241 Fair value of derivatives 5 43 Accrued trade and consumer promotion programs 189 131 Accrued interest 103 34 Restructuring 22 24 Other 137 88 $ 676 $ 561 Other liabilities Pension benefits $ 150 $ 261 Deferred compensation 90 96 Postretirement benefits 206 247 Transition tax on unremitted foreign earnings 7 — Unrecognized tax benefits 22 34 Restructuring 24 2 Other 70 57 $ 569 $ 697 ____________________________________ (1) Depreciation expense was $360 in 2018 , $299 in 2017 and $288 in 2016 . Buildings are depreciated over periods ranging from 7 to 45 years. Machinery and equipment are depreciated over periods generally ranging from 2 to 20 years. |
Schedule Of Statements Of Earnings Supplemental Disclosures [Table Text Block] | Statements of Earnings 2018 2017 2016 Other expenses / (income) Amortization of intangible assets $ 34 $ 19 $ 20 Impairment of intangible assets (1) 737 212 141 Net periodic benefit expense (income) other than the service cost (231 ) (247 ) 274 Investment (gains) / losses 10 9 (3 ) Transaction costs (2) 53 — — Legal settlements (3) 22 — (25 ) Other (6 ) (2 ) (2 ) $ 619 $ (9 ) $ 405 Advertising and consumer promotion expense (4) $ 394 $ 389 $ 397 Interest expense Interest expense $ 204 $ 114 $ 118 Less: Interest capitalized 3 2 3 $ 201 $ 112 $ 115 ____________________________________ (1) See Note 5 for additional information. (2) In 2018, we recognized transaction costs of $53 related to the acquisition of Snyder's-Lance. See Note 3 for additional information. (3) In 2018, we recognized a charge of $22 related to the settlement of a legal claim. In 2016, we recorded a gain of $25 from a settlement of a claim related to the Kelsen acquisition. (4) Included in Marketing and selling expenses. |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Statements of Cash Flows 2018 2017 2016 Cash Flows from Operating Activities Other Benefit related payments $ (59 ) $ (58 ) $ (57 ) Other (1 ) — (3 ) $ (60 ) $ (58 ) $ (60 ) Other Cash Flow Information Interest paid $ 152 $ 110 $ 113 Interest received $ 4 $ 5 $ 4 Income taxes paid $ 128 $ 320 $ 325 |
Quarterly Data (Tables)
Quarterly Data (Tables) | 12 Months Ended |
Jul. 29, 2018 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | 2018 First Second Third Fourth Net sales $ 2,161 $ 2,180 $ 2,125 $ 2,219 Gross profit 783 766 618 649 Net earnings (loss) attributable to Campbell Soup Company 275 285 (393 ) 94 Per share - basic Net earnings (loss) attributable to Campbell Soup Company .91 .95 (1.31 ) .31 Dividends .35 .35 .35 .35 Per share - assuming dilution Net earnings attributable to Campbell Soup Company .91 .95 (1.31 ) .31 Market price High $ 54.37 $ 51.07 $ 48.10 $ 42.88 Low $ 45.00 $ 45.07 $ 39.79 $ 32.63 2018 First Second Third Fourth In 2018, the following charges (gains) were recorded in Net earnings attributable to Campbell Soup Company: Impairment charges $ — $ 74 $ 497 $ 41 Restructuring charges, implementation costs and other related costs 12 46 45 33 Pension and postretirement benefit mark-to-market and curtailment adjustments (9 ) — — (93 ) Transaction and integration costs — 19 46 8 Claim settlement — — 15 — Tax reform — (124 ) — (6 ) Per share - assuming dilution Impairment charges — .25 1.65 .14 Restructuring charges, implementation costs and other related costs .04 .15 .15 .11 Pension and postretirement benefit mark-to-market and curtailment adjustments (.03 ) — — (.31 ) Transaction and integration costs — .06 .15 .03 Claim settlement — — .05 — Tax reform — (.41 ) — (.02 ) 2017 First Second Third Fourth Net sales $ 2,202 $ 2,171 $ 1,853 $ 1,664 Gross profit 851 811 665 598 Net earnings attributable to Campbell Soup Company 292 101 176 318 Per share - basic Net earnings attributable to Campbell Soup Company .95 .33 .58 1.05 Dividends .35 .35 .35 .35 Per share - assuming dilution Net earnings attributable to Campbell Soup Company .94 .33 .58 1.04 Market price High $ 62.30 $ 63.50 $ 64.23 $ 59.14 Low $ 52.74 $ 52.59 $ 56.05 $ 50.62 2017 First Second Third Fourth In 2017, the following charges (gains) were recorded in Net earnings attributable to Campbell Soup Company: Impairment charges $ — $ 180 $ — $ — Restructuring charges, implementation costs and other related costs 6 — 4 26 Pension and postretirement benefit mark-to-market adjustments 13 — — (129 ) Sale of notes — — — (56 ) Per share - assuming dilution Impairment charges — .58 — — Restructuring charges, implementation costs and other related costs .02 — .01 .09 Pension and postretirement benefit mark-to-market adjustments .04 — — (.42 ) Sale of notes — — — (.18 ) |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | ||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Fiscal Period Duration | 364 days | 364 days | 364 days |
Building [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 45 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 20 years |
Recent Accounting Pronounceme45
Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Excess Tax Benefit/(Deficiency) from Share-based Compensation, Operating Activities | $ (3) | $ 6 | $ 7 |
Payments related to tax withholding for stock-based compensation | (23) | (22) | (21) |
Increase (Decrease) in Accounts Payable and Accrued Liabilities | $ 78 | $ (48) | 15 |
New Accounting Pronouncement, Early Adoption, Effect [Member] | |||
Excess Tax Benefit from Share-based Compensation, Financing Activities | (7) | ||
Excess Tax Benefit/(Deficiency) from Share-based Compensation, Operating Activities | 7 | ||
Payments related to tax withholding for stock-based compensation | (21) | ||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | $ 21 |
Recent Accounting Pronounceme46
Recent Accounting Pronouncements Schedule of Changes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Cost of products sold | $ 5,869 | $ 4,965 | $ 5,033 |
Marketing and selling expenses | 902 | 855 | 852 |
Administrative expenses | 654 | 550 | 575 |
Research and development expenses | 110 | 111 | 105 |
Other expenses / (Income) | $ (619) | 9 | (405) |
Accounting Standards Update 2017-07 [Member] | |||
Cost of products sold | 134 | (148) | |
Marketing and selling expenses | 38 | (41) | |
Administrative expenses | 62 | (66) | |
Research and development expenses | 13 | (19) | |
Other expenses / (Income) | $ 247 | $ (274) |
Acquistions (Narrative) (Detail
Acquistions (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 26, 2018 | Dec. 12, 2017 | Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Oct. 29, 2017 | Jul. 29, 2018 | Jul. 29, 2018 | Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Business Acquisition [Line Items] | ||||||||||||
Long-term Debt | $ 8,595 | $ 8,595 | $ 8,595 | $ 8,595 | $ 2,499 | |||||||
Goodwill | 4,580 | 4,580 | 4,580 | 4,580 | 2,115 | $ 2,263 | ||||||
Business Combination, Acquisition Related Costs | $ 8 | $ 46 | $ 19 | $ 0 | 53 | [1] | 0 | 0 | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 24 | $ 0 | $ (1) | |||||||||
Snyder's-Lance [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Acquisition, Share Price | $ 50 | |||||||||||
Payments to Acquire Businesses, Gross | $ 6,112 | |||||||||||
Goodwill | 2,866 | |||||||||||
Business Combination Transaction and Integration Related Costs | 102 | |||||||||||
Business Combination, Acquisition Related Costs | 53 | |||||||||||
Revenue of Acquiree since Acquisition Date, Actual | 772 | |||||||||||
Earnings / (Loss) of Acquiree since Acquisition Date, Actual | $ (84) | |||||||||||
Snyder's-Lance [Member] | Customer Relationships [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Finite-Lived Intangible Assets | 808 | |||||||||||
Snyder's-Lance [Member] | Trademarks [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 2,131 | |||||||||||
Snyder's-Lance [Member] | Cost Of Products Sold [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Combination Amortization of Inventory Fair Value Adjustment | 42 | |||||||||||
Snyder's-Lance [Member] | Restructuring Charges [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Combination, Integration Related Costs | 13 | |||||||||||
Snyder's-Lance [Member] | General and Administrative Expense [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Combination, Integration Related Costs | 12 | |||||||||||
Snyder's-Lance [Member] | Interest Expense [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 18 | |||||||||||
Pacific Foods [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payments to Acquire Businesses, Gross | $ 688 | |||||||||||
Goodwill | 202 | |||||||||||
Revenue of Acquiree since Acquisition Date, Actual | 123 | |||||||||||
Earnings / (Loss) of Acquiree since Acquisition Date, Actual | $ (13) | |||||||||||
Pacific Foods [Member] | Customer Relationships [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Finite-Lived Intangible Assets | $ 86 | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||||||||||
Pacific Foods [Member] | Trademarks [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 280 | |||||||||||
Payoff of Indebtedness [Member] | Snyder's-Lance [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Long-term Debt | $ 1,100 | |||||||||||
[1] | In 2018, we recognized transaction costs of $53 related to the acquisition of Snyder's-Lance. See Note 3 for additional information. |
Acquistions Acquisitions (Sched
Acquistions Acquisitions (Schedule of Purchase Price Allocation) (Details) - USD ($) $ in Millions | Jul. 29, 2018 | Mar. 26, 2018 | Dec. 12, 2017 | Jul. 30, 2017 | Jul. 31, 2016 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 4,580 | $ 2,115 | $ 2,263 | ||
Snyder's-Lance [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 21 | ||||
Accounts receivable | 221 | ||||
Inventories | 219 | ||||
Other current assets | 32 | ||||
Plant assets | 696 | ||||
Goodwill | 2,866 | ||||
Other intangible assets | 2,947 | ||||
Other assets | 65 | ||||
Short-term debt | (1) | ||||
Accounts payable | (124) | ||||
Accrued liabilities | (115) | ||||
Deferred incomes taxes | (640) | ||||
Other liabilities | (28) | ||||
Noncontrolling interest | (47) | ||||
Total assets acquired and liabilities assumed | $ 6,112 | ||||
Pacific Foods [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 7 | ||||
Accounts receivable | 16 | ||||
Inventories | 48 | ||||
Other current assets | 1 | ||||
Plant assets | 78 | ||||
Goodwill | 202 | ||||
Other intangible assets | 366 | ||||
Other assets | 0 | ||||
Short-term debt | 0 | ||||
Accounts payable | (24) | ||||
Accrued liabilities | (6) | ||||
Deferred incomes taxes | 0 | ||||
Other liabilities | 0 | ||||
Noncontrolling interest | 0 | ||||
Total assets acquired and liabilities assumed | $ 688 |
Acquistions Acquisitions (Intan
Acquistions Acquisitions (Intangible assets acquired) (Details) - USD ($) $ in Millions | Mar. 26, 2018 | Jul. 29, 2018 |
Snyder's-Lance [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 2,947 | |
Snyder's-Lance [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Assets | $ 808 | |
Snyder's-Lance [Member] | Noncompete Agreements [Member] | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 1 year 6 months | |
Finite-Lived Intangible Assets | $ 8 | |
Snyder's-Lance [Member] | Trademarks [Member] | ||
Business Acquisition [Line Items] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 2,131 | |
Minimum [Member] | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 2 years | |
Minimum [Member] | Snyder's-Lance [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 15 years | |
Maximum [Member] | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 22 years | |
Maximum [Member] | Snyder's-Lance [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 22 years |
Acquistions Pro forma Informati
Acquistions Pro forma Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Oct. 29, 2017 | Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||||||
Business Combination, Acquisition Related Costs | $ 8 | $ 46 | $ 19 | $ 0 | $ 53 | [1] | $ 0 | $ 0 |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 24 | 0 | $ (1) | |||||
Business Acquisition, Pro Forma Revenue | 10,222 | 10,324 | ||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 371 | $ 773 | ||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 1.23 | $ 2.53 | ||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 1.23 | $ 2.52 | ||||||
Pro Forma [Member] | ||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||||||
Business Combination, Acquisition Related Costs | $ 53 | |||||||
Business Combination Amortization of Inventory Fair Value Adjustment | 42 | |||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 18 | |||||||
[1] | In 2018, we recognized transaction costs of $53 related to the acquisition of Snyder's-Lance. See Note 3 for additional information. |
Accumulated Other Comprehensi51
Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | Aug. 02, 2015 | ||
Beginning Balance | $ (53) | ||||
Other comprehensive income (loss), after tax | (64) | $ 51 | $ 67 | ||
Ending Balance | (118) | (53) | |||
Accumulated Other Comprehensive Income Foreign Currency Translation Tax (Benefit) Expense | 6 | 6 | 6 | $ 6 | |
Accumulated Other Comprehensive Income Cashflow Hedges Tax (Benefit) Expense | (4) | (12) | (23) | (5) | |
Accumulated Other Comprehensive Income Unamortized Pension And Post Retirement Tax (Benefit) Expense | 25 | 30 | 35 | $ 1 | |
Accumulated Translation Adjustment [Member] | |||||
Beginning Balance | [1] | (84) | (124) | (166) | |
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | (70) | 40 | 42 | ||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 0 | 0 | 0 | ||
Other comprehensive income (loss), after tax | (70) | 40 | 42 | ||
Ending Balance | [1] | (154) | (84) | (124) | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||
Beginning Balance | [2] | (22) | (41) | (5) | |
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 16 | 12 | (29) | ||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 2 | 7 | (7) | ||
Other comprehensive income (loss), after tax | 18 | 19 | (36) | ||
Ending Balance | [2] | (4) | (22) | (41) | |
Accumulated Defined Benefit Plans Adjustment [Member] | |||||
Beginning Balance | [3] | 53 | 61 | 3 | |
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 7 | 8 | 59 | ||
Other Comprehensive Income Reclassifications Current Period Net of Tax | (20) | (16) | (1) | ||
Other comprehensive income (loss), after tax | (13) | (8) | 58 | ||
Ending Balance | [3] | 40 | 53 | 61 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Beginning Balance | (53) | (104) | (168) | ||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | (47) | 60 | 72 | ||
Other Comprehensive Income Reclassifications Current Period Net of Tax | (18) | (9) | (8) | ||
Other comprehensive income (loss), after tax | (65) | 51 | 64 | ||
Ending Balance | $ (118) | $ (53) | $ (104) | ||
[1] | Included a tax expense of $6 as of July 29, 2018, July 30, 2017, July 31, 2016, and August 2, 2015. | ||||
[2] | Included a tax benefit of $4 as of July 29, 2018, $12 as of July 30, 2017, $23 as of July 31, 2016, and $5 as of August 2, 2015. | ||||
[3] | Included a tax expense of $25 as of July 29, 2018, $30 as of July 30, 2017, $35 as of July 31, 2016, and $1 as of August 2, 2015. |
Accumulated Other Comprehensi52
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Schecule of amounts reclassified from AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Oct. 29, 2017 | Jul. 30, 2017 | Apr. 30, 2017 | Jan. 29, 2017 | Oct. 30, 2016 | Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Cost of products sold | $ 5,869 | $ 4,965 | $ 5,033 | ||||||||
Interest expense | 201 | 112 | 115 | ||||||||
Other expenses / (income) | 619 | (9) | 405 | ||||||||
Earnings before taxes | (272) | (1,293) | (849) | ||||||||
Taxes on earnings | 11 | 406 | 286 | ||||||||
Net earnings attributable to Campbell Soup Company | $ (94) | $ 393 | $ (285) | $ (275) | $ (318) | $ (176) | $ (101) | $ (292) | (261) | (887) | (563) |
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 | 3 | 11 | (9) | ||||||||
Taxes on earnings | (1) | (4) | 2 | ||||||||
Net earnings attributable to Campbell Soup Company | 2 | 7 | (7) | ||||||||
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 | 1 | 6 | (11) | ||||||||
Other operating income / (expenses) | 0 | 1 | (2) | ||||||||
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 | 2 | 4 | 4 | ||||||||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Other expenses / (income) | (27) | (25) | (1) | ||||||||
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Taxes on earnings | 7 | 9 | 0 | ||||||||
Net earnings attributable to Campbell Soup Company | $ (20) | $ (16) | $ (1) |
Goodwill And Intangible Asset53
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | Mar. 26, 2018 | Dec. 12, 2017 | Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Jan. 29, 2017 | Jul. 31, 2016 | Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Goodwill | $ 4,580 | $ 2,263 | $ 4,580 | $ 2,115 | $ 2,263 | ||||||
Goodwill, Impairment Loss | 540 | 191 | |||||||||
Amortization of Intangible Assets | 34 | 19 | 20 | ||||||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 65 | 65 | |||||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 60 | 60 | |||||||||
Finite Lived Intangible Assets, Amortization Expense, Year Three | 59 | 59 | |||||||||
Finite Lived Intangible Assets, Amortization Expense, Year Four | 59 | 59 | |||||||||
Finite Lived Intangible Assets, Amortization Expense, Year Five | 59 | 59 | |||||||||
Bolthouse Farms carrot and carrot ingredients reporting unit [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Goodwill, Impairment Loss | $ 75 | $ 127 | 106 | ||||||||
Goodwill, Fair Value Disclosure | 0 | 75 | 202 | 202 | |||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 20 | 35 | |||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 48 | 68 | 68 | ||||||||
Garden Fresh Gourmet reporting unit [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Goodwill, Impairment Loss | 64 | ||||||||||
Goodwill, Fair Value Disclosure | 52 | ||||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 1 | ||||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 37 | ||||||||||
Bolthouse Farms refrigerated beverages and salad dressing [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Goodwill, Impairment Loss | $ 384 | ||||||||||
Goodwill, Fair Value Disclosure | 0 | ||||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 130 | ||||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 150 | ||||||||||
Deli Reporting Unit [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Goodwill, Impairment Loss | 81 | ||||||||||
Goodwill, Fair Value Disclosure | 0 | ||||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 13 | ||||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 23 | ||||||||||
Plum [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 54 | ||||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 61 | 61 | |||||||||
Campbell Fresh [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Goodwill | [1] | 0 | 731 | 0 | 540 | $ 731 | |||||
Goodwill, Impairment Loss | 540 | $ 191 | |||||||||
Campbell Fresh [Member] | Bolthouse Farms carrot and carrot ingredients reporting unit [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Goodwill, Impairment Loss | $ 75 | 127 | 106 | ||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 20 | $ 35 | |||||||||
Campbell Fresh [Member] | Bolthouse Farms carrot and carrot ingredients reporting unit [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Goodwill, Fair Value Disclosure | 75 | ||||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 48 | $ 48 | |||||||||
Campbell Fresh [Member] | Garden Fresh Gourmet reporting unit [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Goodwill, Impairment Loss | 64 | ||||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 1 | ||||||||||
Campbell Fresh [Member] | Garden Fresh Gourmet reporting unit [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Goodwill, Fair Value Disclosure | $ 52 | ||||||||||
Campbell Fresh [Member] | Bolthouse Farms refrigerated beverages and salad dressing [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Goodwill, Impairment Loss | 384 | ||||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 130 | ||||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 150 | ||||||||||
Campbell Fresh [Member] | Deli Reporting Unit [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Goodwill, Impairment Loss | 81 | ||||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 13 | ||||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 23 | ||||||||||
Minimum [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||||||||||
Maximum [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 22 years | ||||||||||
Snyder's-Lance [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Payments to Acquire Businesses, Gross | $ 6,112 | ||||||||||
Goodwill | $ 2,866 | ||||||||||
Pacific Foods [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Payments to Acquire Businesses, Gross | $ 688 | ||||||||||
Goodwill | $ 202 | ||||||||||
[1] | The balance of goodwill is reflected net of accumulated impairment charges of $837 as of July 29, 2018, $297 as of July 30, 2017 and $106 as of July 31, 2016, respectively, related to the Bolthouse Farms carrot and carrot ingredients reporting unit, the deli reporting unit, and the Bolthouse Farms refrigerated beverages and salad dressings reporting unit. |
Goodwill And Intangible Asset54
Goodwill And Intangible Assets (Goodwill) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2016 | Jul. 29, 2018 | Jul. 30, 2017 | ||
Goodwill [Line Items] | ||||
Beginning Balance | $ 2,115 | $ 2,263 | ||
Goodwill, Acquired During Period | 3,068 | |||
Goodwill, Impairment Loss | (540) | (191) | ||
Foreign currency translation adjustment | (63) | 43 | ||
Ending Balance | $ 2,263 | 4,580 | 2,115 | |
Americas Simple Meals and Beverages [Member] | ||||
Goodwill [Line Items] | ||||
Beginning Balance | 780 | 775 | ||
Goodwill, Acquired During Period | 202 | |||
Goodwill, Impairment Loss | 0 | 0 | ||
Foreign currency translation adjustment | (4) | 5 | ||
Ending Balance | 775 | 978 | 780 | |
Global Biscuits and Snacks [Member] | ||||
Goodwill [Line Items] | ||||
Beginning Balance | 795 | 757 | ||
Goodwill, Acquired During Period | 2,866 | |||
Goodwill, Impairment Loss | 0 | 0 | ||
Foreign currency translation adjustment | (59) | 38 | ||
Ending Balance | 757 | 3,602 | 795 | |
Campbell Fresh [Member] | ||||
Goodwill [Line Items] | ||||
Beginning Balance | [1] | 540 | 731 | |
Goodwill, Acquired During Period | 0 | |||
Goodwill, Impairment Loss | (540) | (191) | ||
Foreign currency translation adjustment | 0 | 0 | ||
Ending Balance | [1] | 731 | 0 | 540 |
Goodwill, Accumulated Impairment Loss | $ (106) | $ (837) | $ (297) | |
[1] | The balance of goodwill is reflected net of accumulated impairment charges of $837 as of July 29, 2018, $297 as of July 30, 2017 and $106 as of July 31, 2016, respectively, related to the Bolthouse Farms carrot and carrot ingredients reporting unit, the deli reporting unit, and the Bolthouse Farms refrigerated beverages and salad dressings reporting unit. |
Goodwill And Intangible Asset55
Goodwill And Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions | Jul. 29, 2018 | Jul. 30, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 1,199 | $ 298 |
Finite-Lived Intangible Assets, Accumulated Amortization | (126) | (92) |
Finite-Lived Intangible Assets, Net | 1,073 | 206 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 3,123 | 912 |
Total net intangible assets | 4,196 | 1,118 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 1,116 | 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 | $ 43 | $ 35 |
Business And Geographic Segme56
Business And Geographic Segment Information (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Oct. 29, 2017 | Jul. 30, 2017 | Apr. 30, 2017 | Jan. 29, 2017 | Oct. 30, 2016 | Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 2,219 | $ 2,125 | $ 2,180 | $ 2,161 | $ 1,664 | $ 1,853 | $ 2,171 | $ 2,202 | $ 8,685 | $ 7,890 | $ 7,961 |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Wal-Mart Stores, Inc. [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration Risk, Percentage | 18.00% | 20.00% | 20.00% | ||||||||
International and Campbell Fresh [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 2,100 |
Business And Geographic Segme57
Business And Geographic Segment Information (Schedule Of Segment Reporting - Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Oct. 29, 2017 | Jul. 30, 2017 | Apr. 30, 2017 | Jan. 29, 2017 | Oct. 30, 2016 | Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 2,219 | $ 2,125 | $ 2,180 | $ 2,161 | $ 1,664 | $ 1,853 | $ 2,171 | $ 2,202 | $ 8,685 | $ 7,890 | $ 7,961 |
Americas Simple Meals and Beverages [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 4,213 | 4,256 | 4,313 | ||||||||
Global Biscuits and Snacks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 3,499 | 2,667 | 2,631 | ||||||||
Campbell Fresh [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 970 | 967 | 1,017 | ||||||||
Corporate, Non-Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 3 | $ 0 | $ 0 |
Business And Geographic Segme58
Business And Geographic Segment Information (Schedule Of Segment Reporting - Earnings Before Interest And Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Oct. 29, 2017 | Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |||
Segment Reporting Information [Line Items] | |||||||||
Earnings before interest and taxes | $ 469 | $ 1,400 | $ 960 | ||||||
Business Combination, Acquisition Related Costs | $ (8) | $ (46) | $ (19) | $ 0 | (53) | [1] | 0 | 0 | |
Goodwill and Intangible Asset Impairment | [2] | (737) | (212) | (141) | |||||
Other Income | 6 | 2 | 2 | ||||||
Legal Fees | (22) | ||||||||
Americas Simple Meals and Beverages [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Earnings before interest and taxes | 982 | 1,111 | 1,060 | ||||||
Global Biscuits and Snacks [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Earnings before interest and taxes | 540 | 463 | 431 | ||||||
Campbell Fresh [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Earnings before interest and taxes | (43) | (9) | 60 | ||||||
Corporate, Non-Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Earnings before interest and taxes | [3] | (948) | (147) | (560) | |||||
Defined Benefit Plan, Actuarial Gain (Loss) | (136) | (178) | 313 | ||||||
Restructuring and Related Cost, Incurred Cost | (136) | (40) | (47) | ||||||
Business Combination, Acquisition Related Costs | (107) | ||||||||
Goodwill and Intangible Asset Impairment | (737) | (212) | (141) | ||||||
Tangible Asset Impairment Charges | (11) | ||||||||
Other Income | 25 | ||||||||
Legal Fees | (22) | ||||||||
Restructuring Charges [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Earnings before interest and taxes | [4] | $ (62) | $ (18) | $ (31) | |||||
[1] | In 2018, we recognized transaction costs of $53 related to the acquisition of Snyder's-Lance. See Note 3 for additional information. | ||||||||
[2] | See Note 5 for additional information. | ||||||||
[3] | Represents unallocated items. Pension and postretirement benefit mark-to-market adjustments and curtailments are included in Corporate. There were gains of $136 and $178 in 2018 and 2017, respectively, and losses of $313 in 2016. Costs related to the cost savings initiatives were $136, $40 and $47 in 2018, 2017 and 2016, respectively. Transaction and integration costs associated with the acquisition of Snyder's-Lance were $107 in 2018. Intangible asset impairment charges were $737, $212 and $141 in 2018, 2017 and 2016, respectively. See Note 5 for information on the intangible asset impairment charges. Plant asset impairment charges were $11 in 2018. A charge of $22 related to the settlement of a legal claim was included in 2018, and a gain of $25 from a settlement of a claim related to the Kelsen acquisition was included in 2016. | ||||||||
[4] | See Note 7 for additional information. |
Business And Geographic Segme59
Business And Geographic Segment Inormation (Schedule of Segment Reporting - Depreciation and Amortization)(Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | ||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ 394 | $ 318 | $ 308 | |
Americas Simple Meals and Beverages [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 158 | 118 | 117 | |
Global Biscuits and Snacks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 144 | 98 | 96 | |
Campbell Fresh [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 73 | 83 | 77 | |
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | [1] | $ 19 | $ 19 | $ 18 |
[1] | Represents primarily corporate offices. |
Business And Geographic Segme60
Business And Geographic Segment Information (Schedule of Segment Reporting - Capital Expenditures) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | ||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | $ 407 | $ 338 | $ 341 | |
Americas Simple Meals and Beverages [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | 187 | 117 | 105 | |
Global Biscuits and Snacks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | 133 | 127 | 122 | |
Campbell Fresh [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | 46 | 47 | 74 | |
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | [1] | $ 41 | $ 47 | $ 40 |
[1] | Represents primarily corporate offices. |
Business And Geographic Segme61
Business And Geographic Segment Information (Additional Product Information For Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Oct. 29, 2017 | Jul. 30, 2017 | Apr. 30, 2017 | Jan. 29, 2017 | Oct. 30, 2016 | Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 2,219 | $ 2,125 | $ 2,180 | $ 2,161 | $ 1,664 | $ 1,853 | $ 2,171 | $ 2,202 | $ 8,685 | $ 7,890 | $ 7,961 |
Soup [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,615 | 2,673 | 2,690 | ||||||||
Snacks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 3,344 | 2,511 | 2,479 | ||||||||
Other Simple Meals [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,699 | 1,698 | 1,702 | ||||||||
Beverages [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,024 | 1,008 | 1,090 | ||||||||
Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 3 | $ 0 | $ 0 |
Business And Geographic Segme62
Business And Geographic Segment Information Business And Geographic Segment Information (Geographic Information, Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Oct. 29, 2017 | Jul. 30, 2017 | Apr. 30, 2017 | Jan. 29, 2017 | Oct. 30, 2016 | Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 2,219 | $ 2,125 | $ 2,180 | $ 2,161 | $ 1,664 | $ 1,853 | $ 2,171 | $ 2,202 | $ 8,685 | $ 7,890 | $ 7,961 |
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 7,032 | 6,357 | 6,437 | ||||||||
AUSTRALIA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 622 | 610 | 590 | ||||||||
Other Countries [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 1,031 | $ 923 | $ 934 |
Business And Geographic Segme63
Business And Geographic Segment Information Business And Geographic Segment Information (Geographic Information, Long-lived Assets) (Details) - USD ($) $ in Millions | Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 |
Segment Reporting Information [Line Items] | |||
Plant assets, net of depreciation | $ 3,233 | $ 2,454 | $ 2,407 |
UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Plant assets, net of depreciation | 2,778 | 1,987 | 1,967 |
AUSTRALIA | |||
Segment Reporting Information [Line Items] | |||
Plant assets, net of depreciation | 248 | 265 | 242 |
Other Countries [Member] | |||
Segment Reporting Information [Line Items] | |||
Plant assets, net of depreciation | $ 207 | $ 202 | $ 198 |
Restructuring Charges and Cos64
Restructuring Charges and Cost Savings Initiatives (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | 25 Months Ended | ||||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | Aug. 02, 2015 | Aug. 26, 2020 | ||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 62 | $ 18 | $ 31 | |||
Payments to Acquire Property, Plant, and Equipment | 407 | 338 | 341 | |||
Americas Simple Meals and Beverages [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | 187 | 117 | 105 | |||
Global Biscuits and Snacks [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | 133 | 127 | 122 | |||
Campbell Fresh [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | 46 | 47 | 74 | |||
Corporate, Non-Segment [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | [1] | 41 | 47 | 40 | ||
Restructuring and Related Cost, Incurred Cost | 136 | 40 | 47 | |||
2015 Initiatives [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 49 | 18 | 35 | $ 102 | ||
Payments to Acquire Property, Plant, and Equipment | 114 | |||||
Restructuring and Related Cost, Incurred Cost | $ 185 | 58 | 82 | 124 | ||
2015 Initiatives [Member] | Americas Simple Meals and Beverages [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost Allocation | 45.00% | |||||
Restructuring and Related Cost, Incurred Cost | $ 86 | |||||
2015 Initiatives [Member] | Global Biscuits and Snacks [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost Allocation | 30.00% | |||||
Restructuring and Related Cost, Incurred Cost | $ 73 | |||||
2015 Initiatives [Member] | Campbell Fresh [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost Allocation | 3.00% | |||||
Restructuring and Related Cost, Incurred Cost | $ 5 | |||||
2015 Initiatives [Member] | Corporate, Non-Segment [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost Allocation | 22.00% | |||||
Restructuring and Related Cost, Incurred Cost | $ 21 | |||||
2015 Initiatives [Member] | Scenario, Forecast [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | $ 250 | |||||
2015 Initiatives [Member] | Severance Pay And Benefits [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 195 | |||||
Restructuring and Related Cost, Incurred Cost | 43 | 7 | 34 | 87 | ||
2015 Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 95 | |||||
Restructuring and Related Cost, Incurred Cost | 33 | 12 | 0 | 0 | ||
2015 Initiatives [Member] | Minimum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 570 | |||||
Effect on Future Cash Flows, Amount | 465 | |||||
2015 Initiatives [Member] | Minimum [Member] | Implementation Costs and Other Related Costs [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 280 | |||||
2015 Initiatives [Member] | Maximum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 605 | |||||
Effect on Future Cash Flows, Amount | 500 | |||||
2015 Initiatives [Member] | Maximum [Member] | Implementation Costs and Other Related Costs [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 315 | |||||
Snyder's-Lance Cost Transformation Program and Integration [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 13 | |||||
Restructuring and Related Cost, Incurred Cost | 25 | |||||
Snyder's-Lance Cost Transformation Program and Integration [Member] | Global Biscuits and Snacks [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 25 | |||||
Snyder's-Lance Cost Transformation Program and Integration [Member] | Severance Pay And Benefits [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 13 | |||||
2014 Initiatives [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | (4) | |||||
2014 Initiatives [Member] | Severance Pay And Benefits [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | (4) | |||||
2014 Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 0 | |||||
General and Administrative Expense [Member] | 2015 Initiatives [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 88 | $ 36 | $ 47 | $ 22 | ||
General and Administrative Expense [Member] | Snyder's-Lance Cost Transformation Program and Integration [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | $ 12 | |||||
[1] | Represents primarily corporate offices. |
Restructuring Charges and Cos65
Restructuring Charges and Cost Savings Initiatives (Schedule Of Pre-Tax Charges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | Aug. 02, 2015 | ||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 62 | $ 18 | $ 31 | ||
2015 Initiatives [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 49 | 18 | 35 | $ 102 | |
Restructuring and Related Cost, Incurred Cost | 185 | 58 | 82 | 124 | |
Restructuring and Related Cost, Cost Incurred to Date | 449 | ||||
2015 Initiatives [Member] | Severance Pay And Benefits [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 43 | 7 | 34 | 87 | |
Restructuring and Related Cost, Cost Incurred to Date | 180 | ||||
2015 Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 33 | 12 | 0 | 0 | |
Restructuring and Related Cost, Cost Incurred to Date | 45 | ||||
2015 Initiatives [Member] | Implementation Costs and Other Related Costs [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 224 | ||||
2015 Initiatives [Member] | Other Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 0 | 0 | 1 | 8 | |
2015 Initiatives [Member] | General and Administrative Expense [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 88 | 36 | 47 | 22 | |
2015 Initiatives [Member] | Cost Of Products Sold [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 45 | 4 | 0 | 0 | |
2015 Initiatives [Member] | Selling and Marketing Expense [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | $ 3 | $ 0 | 0 | 0 | |
2014 Initiatives [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | (4) | ||||
Restructuring and Related Cost, Cost Incurred to Date | 50 | 54 | [1] | ||
2014 Initiatives [Member] | Severance Pay And Benefits [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | (4) | ||||
Restructuring and Related Cost, Cost Incurred to Date | 37 | 41 | [1] | ||
2014 Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 0 | ||||
Restructuring and Related Cost, Cost Incurred to Date | 12 | 12 | [1] | ||
2014 Initiatives [Member] | Other Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 0 | ||||
Restructuring and Related Cost, Cost Incurred to Date | $ 1 | $ 1 | [1] | ||
[1] | Recognized as of August 2, 2015. |
Restructuring Charges and Cos66
Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Activity And Related Reserves) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | Aug. 02, 2015 | ||||||
Restructuring Reserve [Roll Forward] | |||||||||
Restructuring Reserve, Noncurrent | $ 24 | $ 2 | |||||||
2015 Initiatives [Member] | |||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Restructuring and Related Cost, Incurred Cost | 185 | 58 | $ 82 | $ 124 | |||||
2015 Initiatives [Member] | Severance Pay And Benefits [Member] | |||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Accrued Balance at beginning of period | 26 | [1] | 73 | [2] | 85 | [3] | 0 | ||
Restructuring and Related Cost, Incurred Cost | 43 | 7 | 34 | 87 | |||||
Cash Payments | (31) | (54) | (46) | (1) | |||||
Restructuring Reserve, Translation Adjustment | (1) | (1) | |||||||
Accrued Balance at end of period | 37 | [4] | 26 | [1] | 73 | [2] | 85 | [3] | |
Restructuring Reserve, Noncurrent | 23 | 2 | 17 | 45 | |||||
2015 Initiatives [Member] | Other Restructuring [Member] | |||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Accrued Balance at beginning of period | 0 | 0 | 8 | 0 | |||||
Restructuring and Related Cost, Incurred Cost | 0 | 0 | 1 | 8 | |||||
Cash Payments | 0 | 0 | (9) | 0 | |||||
Restructuring Reserve, Translation Adjustment | 0 | 0 | |||||||
Accrued Balance at end of period | 0 | 0 | 0 | 8 | |||||
2015 Initiatives [Member] | Other Non-cash Benefit Costs [Member] | |||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Restructuring and Related Cost, Incurred Cost | [5] | 2 | 0 | 0 | 7 | ||||
2015 Initiatives [Member] | Other Cost Savings Implementation Costs [Member] | |||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Restructuring and Related Cost, Incurred Cost | [6] | 104 | 39 | 47 | 22 | ||||
2015 Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | |||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Restructuring and Related Cost, Incurred Cost | 33 | 12 | 0 | 0 | |||||
2015 Initiatives [Member] | Other Non Cash Exit Costs [Member] | |||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Restructuring and Related Cost, Incurred Cost | [7] | 3 | $ 0 | $ 0 | $ 0 | ||||
Snyder's-Lance Cost Transformation Program and Integration [Member] | |||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Restructuring and Related Cost, Incurred Cost | 25 | ||||||||
Snyder's-Lance Cost Transformation Program and Integration [Member] | Severance Pay And Benefits [Member] | |||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Restructuring and Related Cost, Incurred Cost | 13 | ||||||||
Cash Payments | (4) | ||||||||
Accrued Balance at end of period | [8] | 9 | |||||||
Restructuring Reserve, Noncurrent | 1 | ||||||||
Snyder's-Lance Cost Transformation Program and Integration [Member] | Other Cost Savings Implementation Costs [Member] | |||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Restructuring and Related Cost, Incurred Cost | [9] | $ 12 | |||||||
[1] | Includes $2 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. | ||||||||
[2] | Includes $17 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. | ||||||||
[3] | Includes $45 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. | ||||||||
[4] | Includes $23 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. | ||||||||
[5] | Represents postretirement and pension curtailment costs and pension special termination benefits. See Note 10 for additional information. | ||||||||
[6] | Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses, Cost of products sold, and Marketing and selling expenses in the Consolidated Statements of Earnings. | ||||||||
[7] | Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. | ||||||||
[8] | Includes $1 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. | ||||||||
[9] | Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses in the Consolidated Statements of Earnings. |
Restructuring Charges and Cos67
Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Charges Associated With Each Reportable Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jul. 29, 2018 | 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 | $ 136 | $ 40 | $ 47 | |
2015 Initiatives [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | 185 | $ 58 | $ 82 | $ 124 |
Restructuring and Related Cost, Cost Incurred to Date | 449 | |||
2015 Initiatives [Member] | Americas Simple Meals and Beverages [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | 86 | |||
Restructuring and Related Cost, Cost Incurred to Date | 178 | |||
2015 Initiatives [Member] | Global Biscuits and Snacks [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | 73 | |||
Restructuring and Related Cost, Cost Incurred to Date | 151 | |||
2015 Initiatives [Member] | Campbell Fresh [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | 5 | |||
Restructuring and Related Cost, Cost Incurred to Date | 11 | |||
2015 Initiatives [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | 21 | |||
Restructuring and Related Cost, Cost Incurred to Date | $ 109 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - Employee Stock Option [Member] - shares shares in Thousands | 12 Months Ended | ||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 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 | 1,000 | ||
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 | 1,000 | 1,000 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Apr. 29, 2018 | Jul. 29, 2018 | Mar. 26, 2018 | |
Noncontrolling Interest [Line Items] | |||
Ownership Percentage | 80.00% | ||
Ownership Percentage by Noncontrolling Owners | 20.00% | ||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 47 | ||
Swire Pacific Limited [Member] | |||
Noncontrolling Interest [Line Items] | |||
Ownership Percentage | 60.00% | ||
Campbell Cheong Chan Malaysia [Member] | |||
Noncontrolling Interest [Line Items] | |||
Ownership Percentage | 70.00% | ||
Acre Venture Partners [Member] | |||
Noncontrolling Interest [Line Items] | |||
LLC ownership percentage | 99.80% |
Pension And Postretirement Be70
Pension And Postretirement Benefits (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Cost | $ 45 | $ 34 | $ 33 |
Employees Not Covered By Collective Bargaining Agreements [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||
Employees Not Eligible To Participate In Defined Benefit Plans And Who Are Not Covered By Collective Bargaining Agreements Employer Contribution[Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ||
Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (150) | (230) | 279 |
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | 2 | 0 | $ 0 |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 2,227 | $ 2,399 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.74% | 3.39% | 4.19% |
Pension Plan, Defined Benefit [Member] | Domestic Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 0 | ||
Pension Plan, Defined Benefit [Member] | Foreign Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 4 | ||
Other Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (35) | $ (28) | $ 38 |
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | $ (29) | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.45% | 3.20% | 4.00% |
Change in Accounting Method Accounted for as Change in Estimate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (17) | ||
Snyder's-Lance [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||
Employer Matching Contributions On Secondary Qualified Percentage, Percent of Match | 50.00% | ||
Employer Matching Contributions On Secondary Qualified Percentage, Percent of Employee's Gross Pay | 1.00% |
Pension And Postretirement Be71
Pension And Postretirement Benefits (Schedule Of Components of Benefit Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Defined Benefit Plan, Service Cost | $ 24 | $ 26 | $ 26 |
Defined Benefit Plan, Interest Cost | 74 | 86 | 98 |
Expected return on plan assets | (144) | (144) | (147) |
Defined Benefit Plan, Actuarial Gain (Loss) | (104) | (198) | 302 |
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | 2 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (2) | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (150) | (230) | 279 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Defined Benefit Plan, Service Cost | 1 | 1 | 1 |
Defined Benefit Plan, Interest Cost | 7 | 10 | 15 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (27) | (25) | (1) |
Defined Benefit Plan, Actuarial Gain (Loss) | (16) | (14) | 23 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (35) | $ (28) | $ 38 |
Pension And Postretirement Be72
Pension And Postretirement Benefits (Schedule of Change in Benefit Obligation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | $ 2,450 | $ 2,626 | |
Defined Benefit Plan, Service Cost | 24 | 26 | $ 26 |
Defined Benefit Plan, Interest Cost | 74 | 86 | 98 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (110) | (134) | |
Defined Benefit Plan, Participant Contributions | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 2 | 0 | |
Defined Benefit Plan, Benefits Paid | (165) | (164) | |
Defined Benefit Plan, Medicare Subsidies | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Other Change | (2) | (3) | |
Defined Benefit Plan, Benefit Obligation, Special and Contractual Termination Benefits | 2 | 0 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | (2) | 0 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | (16) | 13 | |
Defined Benefit Plan, Benefit Obligation | 2,257 | 2,450 | 2,626 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | 276 | 313 | |
Defined Benefit Plan, Service Cost | 1 | 1 | 1 |
Defined Benefit Plan, Interest Cost | 7 | 10 | 15 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (16) | (14) | |
Defined Benefit Plan, Participant Contributions | 1 | 1 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | (11) | (12) | |
Defined Benefit Plan, Benefits Paid | (26) | (26) | |
Defined Benefit Plan, Medicare Subsidies | 3 | 3 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Other Change | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Special and Contractual Termination Benefits | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation | $ 235 | $ 276 | $ 313 |
Pension And Postretirement Be73
Pension And Postretirement Benefits (Schedule of Change In Fair Value Of Pension Assets) (Details) - Pension Plan, Defined Benefit [Member] - USD ($) $ in Millions | 12 Months Ended | |
Jul. 29, 2018 | Jul. 30, 2017 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 2,183 | $ 2,111 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 137 | 208 |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 5 | 5 |
Defined Benefit Plan, Plan Assets, Benefits Paid | (155) | (154) |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | (16) | 13 |
Defined Benefit Plan, Fair Value of Plan Assets | $ 2,154 | $ 2,183 |
Pension And Postretirement Be74
Pension And Postretirement Benefits (Amounts Recognized in Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Jul. 29, 2018 | Jul. 30, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | $ 61 | $ 8 |
Pension Plan, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | 61 | 8 |
Liability, Defined Benefit Plan, Current | 14 | 14 |
Liability, Defined Benefit Plan, Noncurrent | 150 | 261 |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | 103 | 267 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | 2 | 0 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | 0 | 0 |
Liability, Defined Benefit Plan, Current | 29 | 29 |
Liability, Defined Benefit Plan, Noncurrent | 206 | 247 |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | 235 | 276 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | $ (67) | $ (83) |
Pension And Postretirement Be75
Pension And Postretirement Benefits (Schedule Of Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets) (Details) - Pension Plan, Defined Benefit [Member] - USD ($) $ in Millions | Jul. 29, 2018 | Jul. 30, 2017 |
Defined Benefit Plan, Plan with Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | $ 249 | $ 2,270 |
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 241 | 2,232 |
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Fair Value of Plan Assets | $ 85 | $ 1,995 |
Pension And Postretirement Be76
Pension And Postretirement Benefits (Weighted-average Assumptions To Determine Benefit Obligations) (Details) | Jul. 29, 2018 | Jul. 30, 2017 |
Pension Plan, Defined Benefit [Member] | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.15% | 3.74% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.21% | 3.24% |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.06% | 3.45% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.25% | 3.25% |
Pension And Postretirement Be77
Pension And Postretirement Benefits (Weighted-Average Assumptions To Determine Net Periodic Benefit Costs) (Details) - Pension Plan, Defined Benefit [Member] | 12 Months Ended | ||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.74% | 3.39% | 4.19% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.84% | 7.09% | 7.35% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.24% | 3.25% | 3.29% |
Pension And Postretirement Be78
Pension And Postretirement Benefits (Schedule Of Assumed Health Care Cost Trend Rates) (Details) - Other Postretirement Benefit Plan, Defined Benefit [Member] | 12 Months Ended | |
Jul. 29, 2018 | Jul. 30, 2017 | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 6.75% | 7.25% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% |
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate | 2,023 | 2,023 |
Pension And Postretirement Be79
Pension And Postretirement Benefits (Schedule of Pension Plan Weighted-Average Asset Allocation By Cateogry) (Details) - Pension Plan, Defined Benefit [Member] | Jul. 29, 2018 | Jul. 30, 2017 |
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 42.00% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 42.00% | 48.00% |
Debt Securities [Member] | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 46.00% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 46.00% | 40.00% |
Real Estate [Member] | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 12.00% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 12.00% | 12.00% |
Pension And Postretirement Be80
Pension And Postretirement Benefits (Schedule Of Pension Plan Assets By Category) (Details) - Pension Plan, Defined Benefit [Member] - USD ($) $ in Millions | Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Defined Benefit Plan, Fair Value of Plan Assets | $ 2,154 | $ 2,183 | $ 2,111 | |
Defined Benefit Plan, Fair Value of Plan Assets Sub-Total | 1,537 | 1,545 | ||
Alternative Investment, Fair Value Disclosure | 631 | 666 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 547 | 673 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 950 | 827 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 40 | 45 | 51 | |
Short-term Investments [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 61 | 46 | ||
Alternative Investment, Fair Value Disclosure | 21 | 31 | ||
Short-term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 29 | 35 | ||
Short-term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 32 | 11 | ||
US Treasury and Government [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 70 | 60 | ||
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 70 | 60 | ||
Foreign Government Debt Securities [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 33 | 31 | ||
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 33 | 31 | ||
Municipal Bonds [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 61 | 58 | ||
Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 61 | 58 | ||
Asset-backed Securities [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 15 | 8 | ||
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 15 | 8 | ||
Real Estate [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 10 | 17 | ||
Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 4 | 10 | ||
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 6 | 7 | 6 | |
Hedge Funds [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 34 | 38 | ||
Alternative Investment, Fair Value Disclosure | [1] | 95 | 103 | |
Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 34 | 38 | $ 45 | |
Derivative Financial Instruments, Assets [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 8 | 9 | ||
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 8 | 9 | ||
Derivative Financial Instruments, Liabilities [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | (4) | (10) | ||
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | (4) | (10) | ||
Equity Funds [Member] | ||||
Alternative Investment, Fair Value Disclosure | 310 | 332 | ||
Fixed Income Funds [Member] | ||||
Alternative Investment, Fair Value Disclosure | 31 | 30 | ||
Blended Funds [Member] | ||||
Alternative Investment, Fair Value Disclosure | 85 | 86 | ||
Real Estate Funds [Member] | ||||
Alternative Investment, Fair Value Disclosure | 89 | 84 | ||
Other Items To Reconcile To Fair Value Of Plan Assets [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | (14) | (28) | ||
UNITED STATES | Equity [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 284 | 338 | ||
UNITED STATES | Equity [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 284 | 338 | ||
UNITED STATES | Corporate Debt Securities [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 597 | 537 | ||
UNITED STATES | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 597 | 537 | ||
Non-U.S. [Member] | Equity [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 230 | 290 | ||
Non-U.S. [Member] | Equity [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 230 | 290 | ||
Non-U.S. [Member] | Corporate Debt Securities [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 138 | 123 | ||
Non-U.S. [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 138 | $ 123 | ||
[1] | Includes a fund valued at $2 in 2017 which was substantially liquidated in 2018. |
Pension And Postretirement Be81
Pension And Postretirement Benefits Pension And Postretirement Benefits (Schedule Of Changes In Fair Value Of Level 3 Investments) (Details) - Pension Plan, Defined Benefit [Member] - USD ($) $ in Millions | 12 Months Ended | |
Jul. 29, 2018 | Jul. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 2,183 | $ 2,111 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 137 | 208 |
Defined Benefit Plan, Fair Value of Plan Assets | 2,154 | 2,183 |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 17 | |
Defined Benefit Plan, Fair Value of Plan Assets | 10 | 17 |
Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 38 | |
Defined Benefit Plan, Fair Value of Plan Assets | 34 | 38 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 45 | 51 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 4 | 3 |
Defined Benefit Plan, Purchases | 0 | 2 |
Defined Benefit Plan, Sale of Plan Assets | (9) | (11) |
Defined Benefit Plan, Settlements | 0 | 0 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | 0 | 0 |
Defined Benefit Plan, Fair Value of Plan Assets | 40 | 45 |
Fair Value, Inputs, Level 3 [Member] | Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 7 | 6 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 2 | 1 |
Defined Benefit Plan, Purchases | 0 | 1 |
Defined Benefit Plan, Sale of Plan Assets | (3) | (1) |
Defined Benefit Plan, Settlements | 0 | 0 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | 0 | 0 |
Defined Benefit Plan, Fair Value of Plan Assets | 6 | 7 |
Fair Value, Inputs, Level 3 [Member] | Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 38 | 45 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 2 | 2 |
Defined Benefit Plan, Purchases | 0 | 1 |
Defined Benefit Plan, Sale of Plan Assets | (6) | (10) |
Defined Benefit Plan, Settlements | 0 | 0 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | 0 | 0 |
Defined Benefit Plan, Fair Value of Plan Assets | $ 34 | $ 38 |
Pension And Postretirement Be82
Pension And Postretirement Benefits Pension And Postretirement Benefits (Schedule of Investments Valued Using Net Asset Value) (Details) - Pension Plan, Defined Benefit [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 29, 2018 | Jul. 30, 2017 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Alternative Investment, Fair Value Disclosure | $ 631 | $ 666 | |
Short-term Investments [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Alternative Investment, Fair Value Disclosure | $ 21 | 31 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Daily | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 1 day | ||
Equity Funds [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Alternative Investment, Fair Value Disclosure | $ 310 | 332 | |
Equity Funds [Member] | Minimum [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Daily | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 2 days | ||
Equity Funds [Member] | Maximum [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Monthly | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 60 days | ||
Fixed Income Funds [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Alternative Investment, Fair Value Disclosure | $ 31 | 30 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Daily | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 1 day | ||
Blended Funds [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Alternative Investment, Fair Value Disclosure | $ 85 | 86 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Primarily Daily | ||
Blended Funds [Member] | Minimum [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 1 day | ||
Blended Funds [Member] | Maximum [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 20 days | ||
Real Estate Funds [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Alternative Investment, Fair Value Disclosure | $ 89 | 84 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Quarterly | ||
Real Estate Funds [Member] | Minimum [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 45 days | ||
Real Estate Funds [Member] | Maximum [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 90 days | ||
Hedge Funds [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Alternative Investment, Fair Value Disclosure | [1] | $ 95 | 103 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Monthly | ||
Hedge Funds [Member] | Minimum [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 5 days | ||
Hedge Funds [Member] | Maximum [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Description | 30 days | ||
Hedge Funds - Being Liquidated [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Alternative Investment, Fair Value Disclosure | $ 2 | ||
[1] | Includes a fund valued at $2 in 2017 which was substantially liquidated in 2018. |
Pension And Postretirement Be83
Pension And Postretirement Benefits (Schedule of Estimated Future Benefit Payments) (Details) $ in Millions | Jul. 29, 2018USD ($) |
Pension Plan, Defined Benefit [Member] | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 173 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 167 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 168 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 163 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 159 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 777 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 29 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 28 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 26 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 25 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 24 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 97 |
Taxes on Earnings Taxes on Earn
Taxes on Earnings Taxes on Earnings (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | Jul. 28, 2019 | |
TCJA of 2017, Incomplete Accounting, Change in Tax Rate, Deferred Tax Liability, Provisional Income Tax Expense (Benefit) | $ (179) | |||
Transition Tax For Accumulated Foreign Earnings, Provisional Income Tax Expense | 53 | |||
Operating Loss Carryforwards | 671 | |||
Operating Loss Carryforwards, Subject to Expiration | 634 | |||
Operating Loss Carryforwards, Not Subject to Expiration | 37 | |||
Operating Loss Carryforwards, Valuation Allowance | 213 | |||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 13 | $ 2 | $ (4) | |
Deferred Tax Assets, Valuation Allowance | 133 | 120 | ||
Undistributed Earnings of Foreign Subsidiaries | 956 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 26 | 43 | 42 | |
Income Tax Examination, Penalties and Interest Expense | 4 | $ 3 | ||
Scenario, Forecast [Member] | ||||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $ 7 | |||
Accounts Receivable [Member] | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 5 | |||
Other Liabilities [Member] | ||||
Income Tax Examination, Penalties and Interest Accrued | 5 | 5 | ||
Capital Loss Carryforward [Member] | ||||
Tax Credit Carryforward, Amount | 318 | |||
Operating Loss Carryforwards, Valuation Allowance | $ 300 | |||
Earliest Tax Year [Member] | ||||
Operating Loss Carryforwards, Expiration Date | Jul. 29, 2019 | |||
Latest Tax Year [Member] | ||||
Operating Loss Carryforwards, Expiration Date | Jul. 31, 2037 | |||
State and Local Jurisdiction [Member] | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Other | $ 23 | $ 1 | ||
Deferred Tax Assets, Valuation Allowance | $ 15 | |||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | ||||
Tax Credit Carryforward, Expiration Date | Jul. 31, 2021 | Jul. 31, 2021 | ||
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | ||||
Tax Credit Carryforward, Expiration Date | Jul. 31, 2031 | Jul. 31, 2029 | ||
Tax Cut and Jobs Act 2017 [Member] | ||||
Undistributed Earnings of Foreign Subsidiaries | $ 897 |
Taxes on Earnings Schedule Of P
Taxes on Earnings Schedule Of Provision Of Income Taxes On Earnings Of Continuing Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ 84 | $ 238 | $ 235 |
Current State and Local Tax Expense (Benefit) | 13 | 39 | 34 |
Current Foreign Tax Expense (Benefit) | 47 | 36 | 47 |
Current Income Tax Expense (Benefit) | 144 | 313 | 316 |
Deferred Federal Income Tax Expense (Benefit) | (122) | 77 | (17) |
Deferred State and Local Income Tax Expense (Benefit) | (2) | 2 | 0 |
Deferred Foreign Income Tax Expense (Benefit) | (9) | 14 | (13) |
Deferred Income Tax Expense (Benefit) | (133) | 93 | (30) |
Income Tax Expense (Benefit) | $ 11 | $ 406 | $ 286 |
Taxes on Earnings Schedule of C
Taxes on Earnings Schedule of Components of Earnings Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 143 | $ 1,103 | $ 705 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 129 | 190 | 144 |
Earnings before taxes | $ 272 | $ 1,293 | $ 849 |
Taxes on Earnings Schedule Of R
Taxes on Earnings Schedule Of Reconciliation Of Effective Income Tax Rate (Details) - USD ($) $ in Millions | Jul. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | 35.00% | |||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 4.30% | 2.10% | 2.70% | |||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 2.60% | (2.10%) | (3.00%) | |||||
Effective Income Tax Rate Reconciliation, Tax Settlement, Percent | (6.20%) | 0.00% | 0.00% | |||||
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Percent | (4.00%) | (2.10%) | (3.20%) | |||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent | 18.70% | 3.40% | 4.30% | |||||
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | 0.00% | 0.00% | (0.80%) | |||||
Effective Income Tax Rate Reconciliation, Deferred Taxes, Tax Cuts and Jobs Act 2017, Percent | (66.30%) | [1] | 0.00% | 0.00% | ||||
Effective Income Tax Rate Reconciliation, Transition Tax On Unremitted Foreign Earnings | 19.60% | [1] | 0.00% | 0.00% | ||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 13.20% | [1] | 0.00% | 0.00% | ||||
Effective Income Tax Rate Reconciliation, Foreign Exchange Losses, Percent | 0.00% | (3.90%) | [2] | 0.00% | ||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 1.10% | (1.00%) | (1.30%) | |||||
Effective Income Tax Rate Reconciliation, Percent | 4.00% | 31.40% | 33.70% | |||||
Taxes on earnings | $ 11 | $ 406 | $ 286 | |||||
Sale of Intercompany Notes [Member] | ||||||||
Taxes on earnings | $ (52) | |||||||
Tax Cut and Jobs Act 2017 [Member] | ||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | ||||||
Scenario, Forecast [Member] | Tax Cut and Jobs Act 2017 [Member] | ||||||||
Tax Cuts and Jobs Act of 2017, Limiting Interest Expense Deductibility, Percent | 30.00% | |||||||
[1] | The Tax Cuts and Jobs Act of 2017 (the Act) was enacted into law on December 22, 2017, and made significant changes to corporate taxation. Changes under the Act include:•Reducing the federal corporate tax rate from 35% to 21% effective January 1, 2018. A blended rate will apply for fiscal 2018 non-calendar year end companies for the fiscal periods that include the effective date of the rate change. The impact of this is shown as "Effect of higher U.S. federal statutory tax rate";•Repealing the exception for deductibility of performance-based compensation to covered employees, which impacts us beginning in 2019, along with expanding the number of covered employees;•Transitioning to a territorial system for taxation on foreign earnings along with the imposition of a transition tax in 2018 on the deemed repatriation of unremitted foreign earnings; •Immediate expensing of machinery and equipment placed into service after September 27, 2017;•Eliminating the deduction for domestic manufacturing activities, which impacts us beginning in 2019; •Changes to the taxation of multinational companies, including a new minimum tax on Global Intangible Low-Taxed Income, a new Base Erosion Anti-Abuse Tax, and a new U.S. corporate deduction for Foreign-Derived Intangible Income, all of which are effective for us beginning in 2019; and•Limiting the deductibility of interest expense to 30% of adjusted taxable income, which is effective for us beginning in 2019. | |||||||
[2] | The 2017 rate was favorably impacted by a $52 benefit primarily related to the sale of intercompany notes receivable to a financial institution, which resulted in the recognition of foreign exchange losses. |
Taxes on Earnings Schedule of D
Taxes on Earnings Schedule of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Millions | Jul. 29, 2018 | Jul. 30, 2017 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Liabilities, Property, Plant and Equipment | $ 342 | $ 355 |
Deferred Tax Liabilities, Goodwill and Intangible Assets | 868 | 521 |
Deferred Tax Liabilities, Other | 35 | 20 |
Deferred Tax Liabilities, Gross | 1,245 | 896 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 144 | 241 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | 24 | 98 |
Deferred Tax Assets, Operating Loss Carryforwards | 65 | 36 |
Deferred Tax Assets, Capital Loss Carryforwards | 88 | 92 |
Deferred Tax Assets, Other | 92 | 95 |
Deferred Tax Assets, Gross | 413 | 562 |
Deferred Tax Assets, Valuation Allowance | (133) | (120) |
Deferred Tax Assets, Net of Valuation Allowance | 280 | 442 |
Deferred Tax Liabilities, Net | $ 965 | $ 454 |
Taxes on Earnings Schedule of A
Taxes on Earnings Schedule of Activity Related to Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits | $ 64 | $ 63 | $ 58 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 0 | 4 | 2 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (37) | 0 | 0 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 2 | 4 | 3 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | (1) | (7) | 0 |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 4 | 0 | 0 |
Unrecognized Tax Benefits | $ 32 | $ 64 | $ 63 |
Short-term Borrowing and Long-t
Short-term Borrowing and Long-term Debt (Narratives) (Details) $ in Millions, $ in Millions, $ in Millions | 12 Months Ended | ||||
Jul. 29, 2018USD ($) | Jul. 30, 2017USD ($) | Jul. 29, 2018CAD ($) | Apr. 29, 2018USD ($) | Jul. 30, 2017AUD ($) | |
Debt Instrument [Line Items] | |||||
Debt, Current | $ 1,896 | $ 1,037 | |||
Commercial Paper | 1,140 | $ 874 | |||
Letters of Credit Outstanding, Amount | $ 59 | ||||
Long-term Debt, Gross | $ 5,300 | ||||
Debt Instrument, Redemption Price, Percentage | 101.00% | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 500 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 2,651 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 1,651 | ||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 3,254 | ||||
Commercial Paper [Member] | |||||
Debt Instrument [Line Items] | |||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 2.54% | 1.31% | 2.54% | 1.31% | |
Australian Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Short-term Bank Loans and Notes Payable | $ 348 | $ 152 | $ 190 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.98% | 6.98% | |||
Debt Instrument, Maturity Date | Mar. 29, 2021 | ||||
4.88% notes, due 2019 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.88% | 4.88% | |||
Debt Instrument, Maturity Date | Sep. 18, 2018 | ||||
Long-term Debt, Gross | $ 207 | $ 224 | $ 280 | ||
Variable Interest Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Short-term Bank Loans and Notes Payable | $ 22 | 10 | |||
Variable Interest Rate Term Loan due 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Mar. 26, 2021 | ||||
Long-term Debt, Gross | $ 900 | 0 | $ 900 | ||
Debt Instrument, Covenant Description | The senior unsecured term loan facility contains a financial covenant based on our maximum leverage ratio. Pursuant to this covenant, if our credit rating is less than BBB+ from Standard & Poor's and Baa1 from Moody's Investors Service, Inc and the amount borrowed under the facility is in excess of $500, we must maintain a leverage ratio below (i) for the last day of each quarter ending on or prior to April 30, 2020, 5.75:1.00, and (ii) thereafter, 5.25:1.00. Our leverage ratio is calculated based on the ratio of consolidated net debt to consolidated adjusted EBITDA, each as defined in the credit agreement for the senior unsecured term loan facility. The maximum leverage ratio covenant is incorporated into our U.S. and Canadian facilities for so long as that covenant is in effect under the senior unsecured term loan facility. In addition, the senior unsecured term loan facility contains other customary covenants and events of default for credit facilities of this type. | ||||
Domestic Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,850 | ||||
Line of Credit Facility, Expiration Date | Dec. 31, 2021 | ||||
Line of Credit Facility Utilized Borrowing Capacity | $ 1 | ||||
Foreign Line of Credit [Member] | Variable Interest Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 96 | $ 125 | |||
Debt Instrument, Maturity Date | Jul. 15, 2019 | ||||
Line of Credit, Current | $ 90 | $ 0 | $ 117 | ||
Line of Credit Facility, Interest Rate at Period End | 3.17% | 3.17% |
Short-term Borrowings and Lon91
Short-term Borrowings and Long-term Debt (Schedule of Short-term Debt) (Details) $ in Millions, $ in Millions, $ in Millions | Jul. 29, 2018USD ($) | Jul. 29, 2018CAD ($) | Jul. 30, 2017USD ($) | Jul. 30, 2017AUD ($) | |
Short-term Debt [Line Items] | |||||
Commercial Paper | $ 1,140 | $ 874 | |||
Capital Lease Obligations, Current | 1 | 1 | |||
Debt, Current | 1,896 | 1,037 | |||
Variable Interest Rate [Member] | |||||
Short-term Debt [Line Items] | |||||
Short-term Bank Loans and Notes Payable | 22 | 10 | |||
Australian Notes [Member] | |||||
Short-term Debt [Line Items] | |||||
Short-term Bank Loans and Notes Payable | 348 | 152 | $ 190 | ||
4.50% notes, due 2019 | |||||
Short-term Debt [Line Items] | |||||
Notes Payable, Current | 300 | 0 | |||
Short-term Debt [Member] | |||||
Short-term Debt [Line Items] | |||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | [1] | (5) | 0 | ||
Foreign Line of Credit [Member] | Variable Interest Rate [Member] | |||||
Short-term Debt [Line Items] | |||||
Line of Credit, Current | $ 90 | $ 117 | $ 0 | ||
[1] | Includes unamortized net discount/premium on debt issuances and debt issuance costs. |
Short-term Borrowings and Lon92
Short-term Borrowings and Long-term Debt (Schedule of Long-term Debt Instruments) (Details) $ in Millions, $ in Millions | 12 Months Ended | ||||
Jul. 29, 2018USD ($) | Apr. 29, 2018USD ($) | Jul. 30, 2017USD ($) | Jul. 30, 2017AUD ($) | ||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 5,300 | ||||
Capital Lease Obligations, Noncurrent | $ 7 | $ 7 | |||
Long Term Debt And Capital Lease Obligations Aggregate | 8,595 | 2,499 | |||
Long-term Debt, Current Maturities | 597 | 0 | |||
Long-term Debt and Capital Lease Obligations | $ 7,998 | 2,499 | |||
Variable Interest Rate due 2019 | Foreign Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Jul. 15, 2019 | ||||
Debt Instrument, Description of Variable Rate Basis | Variable | ||||
Long-term Line of Credit | $ 90 | 130 | |||
4.88% notes, due 2019 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Sep. 18, 2018 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.88% | ||||
Long-term Debt, Gross | $ 207 | 224 | $ 280 | ||
4.50% notes, due 2019 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Feb. 15, 2019 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||||
Long-term Debt, Gross | $ 300 | 300 | |||
Variable Interest Rate due 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Mar. 16, 2020 | ||||
Debt Instrument, Description of Variable Rate Basis | Variable | ||||
Long-term Debt, Gross | $ 500 | 0 | |||
Variable Interest Rate due 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Mar. 15, 2021 | ||||
Debt Instrument, Description of Variable Rate Basis | Variable | ||||
Long-term Debt, Gross | $ 400 | 0 | |||
Variable Interest Rate Term Loan due 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Mar. 26, 2021 | ||||
Debt Instrument, Description of Variable Rate Basis | Variable | ||||
Long-term Debt, Gross | $ 900 | $ 900 | 0 | ||
3.30% notes, due 2021 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Mar. 15, 2021 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.30% | ||||
Long-term Debt, Gross | $ 650 | 0 | |||
4.25% notes, due 2021 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Apr. 15, 2021 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||||
Long-term Debt, Gross | $ 500 | 500 | |||
8.88% notes, due 2021 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | May 1, 2021 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.88% | ||||
Long-term Debt, Gross | $ 200 | 200 | |||
2.50% notes, due 2023 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Aug. 2, 2022 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | ||||
Long-term Debt, Gross | $ 450 | 450 | |||
3.65% notes, due 2023 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Mar. 15, 2023 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | ||||
Long-term Debt, Gross | $ 1,200 | 0 | |||
3.95% notes, due 2025 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Mar. 15, 2025 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | ||||
Long-term Debt, Gross | $ 850 | 0 | |||
3.30% notes, due 2025 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Mar. 19, 2025 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.30% | ||||
Long-term Debt, Gross | $ 300 | 300 | |||
4.15% notes, due 2028 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Mar. 15, 2028 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | ||||
Long-term Debt, Gross | $ 1,000 | 0 | |||
3.80% notes, due 2043 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Aug. 2, 2042 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | ||||
Long-term Debt, Gross | $ 400 | 400 | |||
4.80% notes, due 2048 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Mar. 15, 2048 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.80% | ||||
Long-term Debt, Gross | $ 700 | 0 | |||
Long-term Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | [1] | $ (59) | $ (12) | ||
[1] | Includes unamortized net discount/premium on debt issuances and debt issuance costs |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Apr. 29, 2018 | Oct. 29, 2017 | Apr. 29, 2018 | Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | Mar. 13, 2018 | Oct. 16, 2017 | |
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 24 | $ 0 | $ (1) | |||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 1 | |||||||
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 Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 8 | (4) | (9) | |||||
Interest Rate Contract [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 15 | 23 | $ (36) | |||||
Interest Rate Swap [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 15 | $ (22) | $ (7) | |||||
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 | $ 104 | 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] | Treasury Lock [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Notional Amount | $ 2,400 | |||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 18 | |||||||
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Contract [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Notional Amount | 140 | 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 | 118 | 90 | ||||||
Derivatives Not Designated As Hedges [Member] | Embedded Derivative Financial Instruments [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Notional Amount | 33 | 35 | ||||||
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Notional Amount | $ 41 | $ 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 | 18.00% | 20.00% | 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 | 38.00% |
Financial Instruments (Schedule
Financial Instruments (Schedule Of The Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Millions | Jul. 29, 2018 | Jul. 30, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 10 | $ 10 |
Derivative Liability, Fair Value, Gross Liability | 6 | 44 |
Derivatives Designated As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1 | 3 |
Derivative Liability, Fair Value, Gross Liability | 2 | 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 | 1 | 3 |
Derivatives Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 2 | 1 |
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 | 9 | 7 |
Derivative Liability, Fair Value, Gross Liability | 4 | 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 | 3 | 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 | 0 | 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 | 5 | 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 | 3 | 1 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 1 | 0 |
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 | Jul. 29, 2018 | Jul. 30, 2017 |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | $ 10 | $ 10 |
Derivative, Collateral, Obligation to Return Securities or Cash | (3) | (3) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 7 | 7 |
Derivative Liability, Fair Value, Gross Liability | 6 | 44 |
Derivative, Collateral, Right to Reclaim Securities or Cash | (3) | (3) |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 3 | $ 41 |
Financial Instruments (Schedu96
Financial Instruments (Schedule Of Changes In Cash Flow Hedges In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
OCI before tax accumulated derivative gain (loss) beginning of period | $ (34) | $ (64) | $ (10) |
OCI before tax accumulated derivative gain (loss) end of period | (8) | (34) | (64) |
Foreign Exchange Forward Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 8 | (4) | (9) |
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 | 1 | 6 | (11) |
Foreign Exchange Forward Contracts [Member] | Other Expenses/Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 1 | (2) |
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 | 2 | 4 | 4 |
Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 15 | $ 23 | $ (36) |
Financial Instruments (Derivati
Financial Instruments (Derivatives Not Designated As Hedges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | $ (24) | $ 0 | $ 1 |
Foreign Exchange Forward Contracts [Member] | Cost Of Products Sold [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | (1) | 0 | 0 |
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) | 14 | (1) |
Currency Swap [Member] | Other Expenses/Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | 0 | 0 | 2 |
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) | (11) | 6 |
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 | (2) | (3) | (6) |
Treasury Lock [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | $ (18) | $ 0 | $ 0 |
Variable Interest Entity (Detai
Variable Interest Entity (Details) - USD ($) $ in Millions | Aug. 29, 2018 | Jul. 29, 2018 | Jul. 30, 2017 | Feb. 29, 2016 |
Investments funded | $ 81 | |||
Other assets | 224 | $ 139 | ||
Subsequent Event [Member] | ||||
Other Commitments, Description | On August 29, 2018, we provided notice of termination of the investment period and have no obligation to make any further capital contributions to Acre for new investments, but are required to pay obligations made prior to the notice of termination, the management fee and permitted partnership expenses. | |||
Variable Interest Entity | ||||
Other assets | $ 77 | $ 51 | ||
Total Commitment [Member] | ||||
Other Commitment | $ 125 | |||
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 | 3 Months Ended | 12 Months Ended | ||
Jul. 30, 2017 | Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset Impairment Charges | $ 12 | $ 748 | $ 212 | $ 141 |
Cash and Cash Equivalents, at Carrying Value | 8 | 14 | 8 | |
Long-term Debt | 2,499 | 8,595 | 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 | 8 | 14 | 8 | |
Long-term Debt, Fair Value | $ 2,582 | $ 8,347 | $ 2,582 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurement Of Assets And Liabilities) (Details) - Measured On Recurring Basis [Member] - USD ($) $ in Millions | Jul. 29, 2018 | Jul. 30, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | $ 93 | $ 60 | |
Total liabilities at fair value | 114 | 156 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 11 | 6 | |
Total liabilities at fair value | 111 | 113 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 5 | 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] | |||
Total assets at fair value | 77 | 49 | |
Foreign Exchange Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [1] | 4 | 3 |
Derivatives liabilities at fair value | [1] | 2 | 21 |
Foreign Exchange Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [1] | 4 | 3 |
Derivatives liabilities at fair value | [1] | 2 | 21 |
Commodity Derivative Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [2] | 5 | 6 |
Derivatives liabilities at fair value | [2] | 4 | 1 |
Commodity Derivative Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [2] | 5 | 6 |
Derivatives liabilities at fair value | [2] | 3 | 1 |
Commodity Derivative Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [2] | 0 | 0 |
Derivatives liabilities at fair value | [2] | 1 | 0 |
Deferred Compensation Derivative Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [3] | 1 | 1 |
Deferred Compensation Derivative Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [3] | 1 | 1 |
Deferred Compensation Investment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [4] | 6 | 0 |
Deferred Compensation Investment [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [4] | 6 | 0 |
Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments at fair value | [5] | 77 | 50 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments at fair value | [5] | 0 | 1 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments at fair value | [5] | 77 | 49 |
Interest Rate Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives liabilities at fair value | [6] | 0 | 22 |
Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives liabilities at fair value | [6] | 0 | 22 |
Deferred Compensation Obligation [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation obligation | [4] | 108 | 112 |
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 | [4] | $ 108 | $ 112 |
[1] | Based on observable market transactions of spot currency rates and forward rates. | ||
[2] | Based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. | ||
[3] | (3) Based on LIBOR and equity index swap rates. | ||
[4] | Based on the fair value of the participants’ investments. | ||
[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 14 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 201 | ||
[6] | Based on LIBOR swap rates. |
Fair Value Measurements Fair101
Fair Value Measurements Fair Value Measurements (Assets Measured On Recurring Basis Unobservable Input Reconciliation) (Details) - Equity Securities [Member] - USD ($) $ in Millions | 12 Months Ended | |
Jul. 29, 2018 | Jul. 30, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Level 3 investments at beginning of year | $ 49 | $ 25 |
Fair Value, Level 3 investment gain (Loss) Included in Earnings | 9 | 2 |
Fair Value, Level 3 investment Purchases | 19 | 22 |
Fair Value, Level 3 investments at end of year | $ 77 | $ 49 |
Fair Value Measurements Fair102
Fair Value Measurements Fair Value Measurements (Assets Measured on Nonrecurring Basis) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Jan. 29, 2017 | Jul. 31, 2016 | Jul. 29, 2018 | Jul. 30, 2017 | |
Indefinite-lived Intangible Assets [Line Items] | |||||||
Goodwill, Impairment Loss | $ 540 | $ 191 | |||||
Plum [Member] | |||||||
Indefinite-lived Intangible Assets [Line Items] | |||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 54 | ||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 61 | $ 61 | |||||
Deli Reporting Unit [Member] | |||||||
Indefinite-lived Intangible Assets [Line Items] | |||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 13 | ||||||
Tangible Asset Impairment Charges | 11 | ||||||
Goodwill, Impairment Loss | 81 | ||||||
Goodwill, Fair Value Disclosure | 0 | ||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 23 | ||||||
Property, Plant, and Equipment, Fair Value Disclosure | 53 | ||||||
Bolthouse Farms carrot and carrot ingredients reporting unit [Member] | |||||||
Indefinite-lived Intangible Assets [Line Items] | |||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 20 | $ 35 | |||||
Goodwill, Impairment Loss | $ 75 | 127 | 106 | ||||
Goodwill, Fair Value Disclosure | $ 0 | 75 | 202 | ||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 48 | $ 68 | |||||
Garden Fresh Gourmet reporting unit [Member] | |||||||
Indefinite-lived Intangible Assets [Line Items] | |||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 1 | ||||||
Goodwill, Impairment Loss | 64 | ||||||
Goodwill, Fair Value Disclosure | 52 | ||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 37 | ||||||
Bolthouse Farms refrigerated beverages and salad dressing [Member] | |||||||
Indefinite-lived Intangible Assets [Line Items] | |||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 130 | ||||||
Goodwill, Impairment Loss | 384 | ||||||
Goodwill, Fair Value Disclosure | 0 | ||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 150 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Statement [Line Items] | |||
Common Stock, Shares Authorized | 560 | 560 | 560 |
Common Stock, Par or Stated Value Per Share | $ 0.0375 | $ 0.0375 | $ 0.0375 |
Preferred Stock, Shares Authorized | 40 | 40 | 40 |
Preferred Stock, Shares Issued | 0 | 0 | 0 |
Shares repurchased, value | $ 86 | $ 437 | $ 143 |
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 | 8 | 3 |
Shares repurchased, value | $ 86 | $ 437 | $ 143 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Oct. 28, 2018 | Oct. 29, 2017 | Oct. 30, 2016 | Nov. 01, 2015 | Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Stock-based Compensation | |||||||
Total intrinsic value of options exercised | $ 2 | ||||||
Excess Tax Benefit/(Deficiency) from Share-based Compensation, Operating Activities | $ (3) | $ 6 | 7 | ||||
Cash received from the exercise of stock options | $ 0 | $ 2 | $ 2 | ||||
EPS Performance Restricted Stock Units [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Nonvested, Units | 142 | ||||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 49.60 | ||||||
Strategic Performance Restricted Stock Units [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 35.00% | ||||||
Time Lapse Restricted Stock Units [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Employee Stock Option [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Share Based Compensation Arrangement Share Based Payment Award Vested Options Contractual Exercise Term | 10 years | ||||||
Remaining unearned compensation on nonvested awards | $ 1 | ||||||
Weighted-average remaining service period, years | 1 year 4 months | ||||||
Time Lapse and EPS Restricted Stock Units [Member] | |||||||
Stock-based Compensation | |||||||
Remaining unearned compensation on nonvested awards | $ 37 | ||||||
Weighted-average remaining service period, years | 1 year 8 months | ||||||
Nonvested, Units | 1,652 | 1,221 | |||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 47.01 | $ 50.86 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,220 | ||||||
Granted, Weighted-Average Grant-Date Fair Value | $ 44.18 | $ 54.79 | $ 50.44 | ||||
Fair value of restricted units and shares vested | $ 30 | $ 55 | $ 44 | ||||
TSR Performance Restricted Stock/Units [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Remaining unearned compensation on nonvested awards | $ 23 | ||||||
Weighted-average remaining service period, years | 1 year 10 months | ||||||
Nonvested, Units | 1,664 | 1,774 | |||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 46.66 | $ 48.24 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 125.00% | 75.00% | 100.00% | ||||
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 | $ 62.44 | ||||
Fair value of restricted units and shares vested | $ 38 | $ 14 | $ 22 | ||||
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% | ||||||
Minimum [Member] | Strategic Performance Restricted Stock Units [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | ||||||
Minimum [Member] | TSR 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% | ||||||
Maximum [Member] | Strategic Performance Restricted Stock Units [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% | ||||||
Maximum [Member] | TSR Performance Restricted Stock/Units [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% | ||||||
2003 And Previous Long-Term Incentive Plan [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 31,200 | ||||||
2005 Long Term Incentive Plan [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,000 | ||||||
2005 Long Term Incentive Plan, Total Shares Authorized, as Amended In 2008 [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 10,500 | ||||||
2005 Long Term Incentive Plan, Total Shares Authorized, as Amended in 2010 [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 17,500 | ||||||
2015 Long-Term Incentive Plan [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 13,000 | ||||||
2005 Long-Term Incentive Plan Rolled into the 2015 Long-Term Incentive Plan | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,000 | ||||||
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% | ||||||
Scenario, Forecast [Member] | TSR Performance Restricted Stock/Units [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% |
Stock-based Compensation Summar
Stock-based Compensation Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Total pre-tax stock-based compensation expense | $ 61 | $ 60 | $ 64 |
Tax-related benefits | $ 11 | $ 22 | $ 24 |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule Of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended |
Jul. 29, 2018USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Beginning of year, Options | shares | 1,042 |
Granted, Options | shares | 575 |
Exercised, Options | shares | 0 |
Terminated, Options | shares | (80) |
End of year, Options | shares | 1,537 |
Exercisable at end of period, Options | shares | 519 |
Beginning of period, Weighted-Average Exercise Price | $ / shares | $ 52.08 |
Granted, Weighted-Average Exercise Price | $ / shares | 47.19 |
Exercised, Weighted-Average Exercise Price | $ / shares | 0 |
Terminated, Weighted-Average Exercise Price | $ / shares | 50.05 |
End of period, Weighted-Average Exercise Price | $ / shares | 50.36 |
Exercisable at end of period, Weighted-Average Exercise Price | $ / shares | $ 51.40 |
Outstanding at end of period, Weighted-Average Remaining Contractual Life (In years) | 8 years 2 months |
Exercisable at end of period, Weighted-Average Remaining Contractual Life (In years) | 7 years 6 months |
Outstanding at end of period, Aggregate Intrinsic Value | $ | $ 0 |
Exercisable at end of period, Aggregate Intrinsic Value | $ | $ 0 |
Stock-based Compensation (Time-
Stock-based Compensation (Time-Lapse Restricted Stock Units, EPS Performance Restricted Stock Units And Strategic Performance Restricted Stock Units And TSR Performance Restricted Stock Units) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 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 | 1,220 | ||
Vested, Units | (643) | ||
Forfeited, Units | (146) | ||
Nonvested at end of period, Units | 1,652 | 1,221 | |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $ 50.86 | ||
Granted, Weighted-Average Grant-Date Fair Value | 44.18 | $ 54.79 | $ 50.44 |
Vested, Weighted-Average Grant-Date Fair Value | 48.67 | ||
Forfeited, Weighted Average Grant Date Fair Value | 48.27 | ||
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $ 47.01 | $ 50.86 | |
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 | (238) | ||
Nonvested at end of period, Units | 1,664 | 1,774 | |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $ 48.24 | ||
Granted, Weighted-Average Grant-Date Fair Value | 39.39 | $ 39.53 | $ 62.44 |
Vested, Weighted-Average Grant-Date Fair Value | 43.39 | ||
Forfeited, Weighted Average Grant Date Fair Value | 43.53 | ||
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $ 46.66 | $ 48.24 |
Stock-based Compensation (Valua
Stock-based Compensation (Valuation Assumptions) (Details) - $ / shares | 12 Months Ended | ||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.06% | 1.28% | 1.68% |
Expected dividend yield | 2.95% | 2.26% | 2.46% |
Expected volatility | 19.60% | 18.64% | 18.35% |
Expected term, years | 6 years | 6 years | 6 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.67 | $ 7.51 | $ 6.86 |
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% | 0.92% |
Expected dividend yield | 2.95% | 2.26% | 2.46% |
Expected volatility | 19.07% | 17.78% | 17.25% |
Expected term, years | 3 years | 3 years | 3 years |
Commitments and Contingencie109
Commitments and Contingencies (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Jul. 29, 2018USD ($) | Jul. 30, 2017USD ($) | Jul. 31, 2016USD ($) | |
Other Commitments [Line Items] | |||
Legal Fees | $ 22 | ||
Operating Leases, Rent Expense, Net | $ 74 | $ 53 | $ 45 |
Pepperidge Farm [Member] | |||
Other Commitments [Line Items] | |||
Number of bank loans guarantees related to independent distributors | 2,000 | ||
Maximum potential amount of future payments | $ 210 | ||
Snyder's-Lance [Member] | |||
Other Commitments [Line Items] | |||
Number of bank loans guarantees related to independent distributors | 2,400 | ||
Maximum potential amount of future payments | $ 187 |
Commitments and Contingencie110
Commitments and Contingencies (Schedule of Future Annual Minimum Rental Payments (Details) $ in Millions | Jul. 29, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum rental obligation, 2019 | $ 75 |
Minimum rental obligation, 2020 | 61 |
Minimum rental obligation, 2021 | 48 |
Minimum rental obligation, 2022 | 39 |
Minimum rental obligation, 2023 | 28 |
Minimum rental obligation, thereafter | $ 109 |
Supplemental Financial State111
Supplemental Financial Statement Data (Schedule of Balance Sheets) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | ||
Receivables [Abstract] | ||||
Customer accounts receivable | $ 734 | $ 561 | ||
Allowances | (20) | (11) | ||
Accounts receivable, net current | 714 | 550 | ||
Other receivables | 71 | 55 | ||
Accounts receivable, net | 785 | 605 | ||
Inventory, Net [Abstract] | ||||
Inventory, raw materials, containers and supplies | 478 | 377 | ||
Inventory, finished products | 721 | 525 | ||
Inventories | 1,199 | 902 | ||
Prepaid Expense and Other Assets, Current [Abstract] | ||||
Derivative Asset, Current | 10 | 9 | ||
Other Assets, Miscellaneous, Current | 76 | 65 | ||
Other current assets | 86 | 74 | ||
Property, Plant and Equipment, Net [Abstract] | ||||
Land | 122 | 64 | ||
Buildings and Improvements, Gross | 1,870 | 1,557 | ||
Machinery and Equipment, Gross | 4,751 | 4,243 | ||
Construction in Progress, Gross | 211 | 179 | ||
Property, Plant and Equipment, Gross | 6,954 | 6,043 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | [1] | (3,721) | (3,589) | |
Plant assets, net of depreciation | 3,233 | 2,454 | $ 2,407 | |
Depreciation | 360 | 299 | $ 288 | |
Other Assets, Noncurrent [Abstract] | ||||
Investments | 92 | 69 | ||
Deferred Taxes | 30 | 36 | ||
Pensions | 61 | 8 | ||
Other Assets, Miscellaneous, Noncurrent | 41 | 26 | ||
Other assets | 224 | 139 | ||
Other Liabilities, Current [Abstract] | ||||
Employee-related Liabilities, Current | 220 | 241 | ||
Derivative Liability, Current | 5 | 43 | ||
Accrued Marketing Costs, Current | 189 | 131 | ||
Interest Payable, Current | 103 | 34 | ||
Restructuring Reserve, Current | 22 | 24 | ||
Other Accrued Liabilities, Current | 137 | 88 | ||
Accrued liabilities | 676 | 561 | ||
Other Liabilities, Noncurrent [Abstract] | ||||
Liability, Defined Benefit Pension Plan, Noncurrent | 150 | 261 | ||
Deferred Compensation Liability, Noncurrent | 90 | 96 | ||
Liability, Other Retirement Benefits, Noncurrent | 206 | 247 | ||
Liability, Transition Tax On Unremitted Foreign Earnings | 7 | 0 | ||
Liability, Uncertain Tax Positions, Noncurrent | 22 | 34 | ||
Restructuring Reserve, Noncurrent | 24 | 2 | ||
Other Accrued Liabilities, Noncurrent | 70 | 57 | ||
Other liabilities | $ 569 | $ 697 | ||
Building [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Net [Abstract] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
Building [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Net [Abstract] | ||||
Property, Plant and Equipment, Useful Life | 45 years | |||
Machinery and Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Net [Abstract] | ||||
Property, Plant and Equipment, Useful Life | 2 years | |||
Machinery and Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Net [Abstract] | ||||
Property, Plant and Equipment, Useful Life | 20 years | |||
[1] | Depreciation expense was $360 in 2018, $299 in 2017 and $288 in 2016. Buildings are depreciated over periods ranging from 7 to 45 years. Machinery and equipment are depreciated over periods generally ranging from 2 to 20 years. |
Supplemental Financial State112
Supplemental Financial Statement Data (Schedule of Statement of Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Oct. 29, 2017 | Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |||
Amortization of Intangible Assets | $ 34 | $ 19 | $ 20 | ||||||
Impairment charges | [1] | 737 | 212 | 141 | |||||
Net Periodic Defined Benefits Expense (Income), Excluding Service Cost Component | (231) | (247) | 274 | ||||||
Investment (gains) / losses | 10 | 9 | (3) | ||||||
Transaction Costs | $ 8 | $ 46 | $ 19 | $ 0 | 53 | [2] | 0 | 0 | |
Legal Settlements | [3] | 22 | 0 | (25) | |||||
Other Income | (6) | (2) | (2) | ||||||
Other expenses / (income) | 619 | (9) | 405 | ||||||
Advertising Expense | [4] | 394 | 389 | 397 | |||||
Interest Costs Incurred | 204 | 114 | 118 | ||||||
Interest Costs Capitalized Adjustment | (3) | (2) | (3) | ||||||
Interest Expense | 201 | $ 112 | $ 115 | ||||||
Snyder's-Lance [Member] | |||||||||
Transaction Costs | $ 53 | ||||||||
[1] | See Note 5 for additional information. | ||||||||
[2] | In 2018, we recognized transaction costs of $53 related to the acquisition of Snyder's-Lance. See Note 3 for additional information. | ||||||||
[3] | In 2018, we recognized a charge of $22 related to the settlement of a legal claim. In 2016, we recorded a gain of $25 from a settlement of a claim related to the Kelsen acquisition. | ||||||||
[4] | Included in Marketing and selling expenses. |
Supplemental Financial State113
Supplemental Financial Statement Data (Schedule of Statements of Cash Flow) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | |
Statement of Financial Position [Abstract] | |||
Employee Benefits And Deferred Compensation Payments | $ (59) | $ (58) | $ (57) |
Other Operating Activities, Cash Flow Statement | (1) | 0 | (3) |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | (60) | (58) | (60) |
Interest Paid | 152 | 110 | 113 |
Interest Received | 4 | 5 | 4 |
Income Taxes Paid, Net | $ 128 | $ 320 | $ 325 |
Quarterly Data (Details)
Quarterly Data (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Oct. 29, 2017 | Jul. 30, 2017 | Apr. 30, 2017 | Jan. 29, 2017 | Oct. 30, 2016 | Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | ||
Net sales | $ 2,219 | $ 2,125 | $ 2,180 | $ 2,161 | $ 1,664 | $ 1,853 | $ 2,171 | $ 2,202 | $ 8,685 | $ 7,890 | $ 7,961 | |
Gross profit | 649 | 618 | 766 | 783 | 598 | 665 | 811 | 851 | ||||
Net earnings attributable to Campbell Soup Company | $ 94 | $ (393) | $ 285 | $ 275 | $ 318 | $ 176 | $ 101 | $ 292 | $ 261 | $ 887 | $ 563 | |
Earnings per share, basic | $ 0.31 | $ (1.31) | $ 0.95 | $ 0.91 | $ 1.05 | $ 0.58 | $ 0.33 | $ 0.95 | $ 0.87 | $ 2.91 | $ 1.82 | |
Common Stock, Dividends, Per Share, Declared | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 1.40 | 1.40 | 1.248 | |
Earnings Per Share, Diluted | $ 0.31 | $ (1.31) | $ 0.95 | $ 0.91 | $ 1.04 | $ 0.58 | $ 0.33 | $ 0.94 | $ 0.86 | $ 2.89 | $ 1.81 | |
Goodwill and Intangible Asset Impairment, net of tax | $ 41 | $ 497 | $ 74 | $ 0 | $ 0 | $ 0 | $ 180 | $ 0 | ||||
Restructuring charges, implementation costs and other related costs, net of tax | 33 | 45 | 46 | 12 | 26 | 4 | 0 | 6 | ||||
Pension and postretirement benefits mark to market adj, net of tax | (93) | 0 | 0 | (9) | (129) | 0 | 0 | 13 | ||||
Business Combination, Acquisition Related Costs | 8 | 46 | 19 | 0 | $ 53 | [1] | $ 0 | $ 0 | ||||
Charges Related to Litigation Settlement, net of tax | 0 | 15 | 0 | 0 | ||||||||
Tax reform | $ (6) | $ 0 | $ (124) | $ 0 | ||||||||
Sale of Notes Net of Taxes | $ (56) | $ 0 | $ 0 | $ 0 | ||||||||
Goodwill and Intangible Impairment, Per Diluted Share | $ 0.14 | $ 1.65 | $ 0.25 | $ 0 | $ 0 | $ 0 | $ 0.58 | $ 0 | ||||
Restructuring charges, Per Diluted Share | 0.11 | 0.15 | 0.15 | 0.04 | 0.09 | 0.01 | 0 | 0.02 | ||||
Pension and postretirement benefits mark to market adjustment, Per Diluted Share | (0.31) | 0 | 0 | (0.03) | (0.42) | 0 | 0 | 0.04 | ||||
Business Combination, Acquisition Related Costs Per Diluted Shar | 0.03 | 0.15 | 0.06 | 0 | ||||||||
Charges Related to Litigation Settlement, Per Diluted Share | 0 | 0.05 | 0 | 0 | ||||||||
Tax Cuts and Jobs Act of 2017, Provisional Income Tax Expense (Benefit), Per Diluted Share | (0.02) | 0 | (0.41) | 0 | ||||||||
Sale of Notes, Per Diluted Share | (0.18) | 0 | 0 | 0 | ||||||||
Maximum [Member] | ||||||||||||
Share Price | 42.88 | 48.10 | 51.07 | 54.37 | 59.14 | 64.23 | 63.50 | 62.30 | $ 42.88 | $ 59.14 | ||
Minimum [Member] | ||||||||||||
Share Price | $ 32.63 | $ 39.79 | $ 45.07 | $ 45 | $ 50.62 | $ 56.05 | $ 52.59 | $ 52.74 | $ 32.63 | $ 50.62 | ||
[1] | In 2018, we recognized transaction costs of $53 related to the acquisition of Snyder's-Lance. See Note 3 for additional information. |
Valuation and Qualifying Acc115
Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jul. 29, 2018 | Jul. 30, 2017 | Jul. 31, 2016 | ||
Beginning Balance | $ 11 | $ 12 | $ 13 | |
Charged to (Reduction in) Cost and Expense | 123 | 109 | 117 | |
Deductions | (120) | (110) | (118) | |
Valuation Allowances and Reserves, Reserves of Businesses Acquired | 6 | 0 | 0 | |
Ending Balance | 20 | 11 | 12 | |
Reserve for Cash Discount [Member] | ||||
Beginning Balance | 4 | 4 | 5 | |
Charged to (Reduction in) Cost and Expense | 117 | 109 | 116 | |
Deductions | (117) | (109) | (117) | |
Valuation Allowances and Reserves, Reserves of Businesses Acquired | 2 | 0 | 0 | |
Ending Balance | 6 | 4 | 4 | |
Allowance for Doubtful Accounts [Member] | ||||
Beginning Balance | 2 | 3 | 4 | |
Charged to (Reduction in) Cost and Expense | 1 | 0 | (1) | |
Deductions | (2) | (1) | 0 | |
Valuation Allowances and Reserves, Reserves of Businesses Acquired | 2 | 0 | 0 | |
Ending Balance | 3 | 2 | 3 | |
Allowance for Sales Returns [Member] | ||||
Beginning Balance | [1] | 5 | 5 | 4 |
Charged to (Reduction in) Cost and Expense | [1] | 5 | 0 | 2 |
Deductions | [1] | (1) | 0 | (1) |
Valuation Allowances and Reserves, Reserves of Businesses Acquired | [1] | 2 | 0 | 0 |
Ending Balance | [1] | 11 | 5 | 5 |
Actual Returns | $ 106 | $ 103 | $ 95 | |
Maximum [Member] | Allowance for Sales Returns [Member] | ||||
Percentage Of Actual Returns | 2.00% | 2.00% | 2.00% | |
[1] | The returns reserve is evaluated quarterly and adjusted accordingly. During each period, returns are charged to net sales in the Consolidated Statements of Earnings as incurred. Actual returns were approximately $106 in 2018, $103 in 2017, and $95 in 2016, or less than 2% of net sales. |