Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Apr. 26, 2020 | May 27, 2020 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CAMPBELL SOUP CO | |
Entity Central Index Key | 0000016732 | |
Current Fiscal Year End Date | --08-02 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 26, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 302,164,426 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Address, Address Line One | 1 Campbell Place | |
Entity Address, City or Town | Camden | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08103 | |
City Area Code | 856 | |
Local Phone Number | 342-4800 | |
Entity Interactive Data Current | Yes | |
Entity File Number | 1-3822 | |
Title of 12(b) Security | Capital Stock, par value $.0375 | |
Trading Symbol | CPB | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | NJ | |
Entity Tax Identification Number | 21-0419870 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Apr. 26, 2020 | Apr. 28, 2019 | Apr. 26, 2020 | Apr. 28, 2019 | ||
Income Statement [Abstract] | |||||
Net sales | $ 2,238 | $ 1,953 | $ 6,583 | $ 6,327 | |
Costs and expenses | |||||
Cost of products sold | 1,466 | 1,298 | 4,331 | 4,240 | |
Marketing and selling expenses | 239 | 215 | 682 | 647 | |
Administrative expenses | 154 | 150 | 436 | 444 | |
Research and development expenses | 25 | 23 | 69 | 66 | |
Other expenses / (income) | 81 | 20 | 115 | 12 | |
Restructuring charges | 0 | 2 | 10 | 22 | |
Total costs and expenses | 1,965 | 1,708 | 5,643 | 5,431 | |
Earnings before interest and taxes | 273 | 245 | 940 | 896 | |
Interest expense | 55 | 89 | 284 | 271 | |
Interest income | 0 | 0 | 3 | 1 | |
Earnings before taxes | 218 | 156 | 659 | 626 | |
Taxes on earnings | 52 | 33 | 153 | 147 | |
Earnings from continuing operations | 166 | 123 | 506 | 479 | |
Earnings (loss) from discontinued operations | 2 | (39) | 1,036 | (260) | |
Net earnings | 168 | 84 | 1,542 | 219 | |
Less: Net earnings (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Net earnings attributable to Campbell Soup Company | $ 168 | $ 84 | $ 1,542 | $ 219 | |
Per Share - Basic | |||||
Earnings from continuing operations attributable to Campbell Soup Company | $ 0.55 | $ 0.41 | $ 1.68 | $ 1.59 | |
Earnings (loss) from discontinued operations | 0.01 | (0.13) | 3.43 | (0.86) | |
Net earnings attributable to Campbell Soup Company | $ 0.56 | $ 0.28 | $ 5.11 | $ 0.73 | |
Weighted average shares outstanding - basic | 302 | 301 | 302 | 301 | |
Per Share - Assuming Dilution | |||||
Earnings from continuing operations attributable to Campbell Soup Company | $ 0.55 | $ 0.41 | $ 1.66 | $ 1.59 | |
Earnings (loss) from discontinued operations | 0.01 | (0.13) | 3.41 | (0.86) | |
Net earnings attributable to Campbell Soup Company | [1] | $ 0.55 | $ 0.28 | $ 5.07 | $ 0.73 |
Weighted average shares outstanding - assuming dilution | 304 | 302 | 304 | 302 | |
[1] | Sum of the individual amounts may not add due to rounding . |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 26, 2020 | Apr. 28, 2019 | Apr. 26, 2020 | Apr. 28, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 168 | $ 84 | $ 1,542 | $ 219 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax [Abstract] | ||||
Foreign currency translation adjustments, before tax | (13) | (26) | (10) | (49) |
Reclassification of currency translation adjustments realized upon disposal of business, before tax | 206 | 0 | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax [Abstract] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 8 | 2 | 9 | 1 |
Reclassification adjustment for (gains) losses included in net earnings, before tax | 1 | (1) | 2 | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, [Abstract] | ||||
Reclassification of prior service credit included in net earnings, before tax | (7) | (8) | (21) | (22) |
Other comprehensive income (loss), before tax | (11) | (33) | 186 | (70) |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax [Abstract] | ||||
Foreign currency translation adjustments, tax (expense) benefit | 0 | 0 | 0 | 0 |
Reclassification of currency translation adjustments realized upon disposal of business, tax (expense) benefit | 4 | 0 | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax [Abstract] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (2) | 0 | (2) | 0 |
Reclassification adjustment for (gains) losses included in net earnings, tax (expense) benefit | 0 | 0 | (1) | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax [Abstract] | ||||
Reclassification of prior service credit included in net earnings, tax (expense) benefit | 2 | 2 | 5 | 5 |
Other comprehensive income (loss), tax (expense) benefit | 0 | 2 | 6 | 5 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | ||||
Foreign currency translation adjustments, after-tax | (13) | (26) | (10) | (49) |
Reclassification of currency translation adjustments realized upon disposal of business, after-tax | (210) | 0 | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax [Abstract] | ||||
Unrealized gains (losses) arising during the period, after-tax | 6 | 2 | 7 | 1 |
Reclassification adjustment for (gains) losses included in net earnings, after-tax | 1 | (1) | 1 | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax [Abstract] | ||||
Reclassification of prior service credit included in net earnings, after-tax | (5) | (6) | (16) | (17) |
Other comprehensive income (loss), after tax | (11) | (31) | 192 | (65) |
Total comprehensive income (loss), after-tax | 157 | 53 | 1,734 | 154 |
Total comprehensive income (loss) attributable to noncontrolling interests | 1 | 0 | 1 | 0 |
Total comprehensive income (loss) attributable to Campbell Soup Company | $ 156 | $ 53 | $ 1,733 | $ 154 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions | Apr. 26, 2020 | Jul. 28, 2019 |
Current assets | ||
Cash and cash equivalents | $ 1,242 | $ 31 |
Accounts receivable, net | 662 | 574 |
Inventories | 731 | 863 |
Other current assets ($29 as of 2020 attributable to variable interest entity) | 111 | 71 |
Current assets of discontinued operations | 0 | 428 |
Total current assets | 2,746 | 1,967 |
Plant assets, net of depreciation | 2,340 | 2,455 |
Goodwill | 3,981 | 4,017 |
Other intangible assets, net of amortization | 3,362 | 3,415 |
Other assets ($76 as of 2019 attributable to variable interest entity) | 289 | 127 |
Noncurrent assets of discontinued operations | 0 | 1,167 |
Total assets | 12,718 | 13,148 |
Current liabilities | ||
Short-term borrowings | 1,504 | 1,371 |
Payable to suppliers and others | 993 | 814 |
Accrued liabilities | 619 | 609 |
Dividends payable | 108 | 107 |
Accrued income taxes | 45 | 15 |
Current liabilities of discontinued operations | 0 | 469 |
Total current liabilities | 3,269 | 3,385 |
Long-term debt | 5,191 | 7,103 |
Deferred taxes | 959 | 924 |
Other liabilities | 718 | 559 |
Noncurrent liabilities of discontinued operations | 0 | 65 |
Total liabilities | 10,137 | 12,036 |
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 | 386 | 372 |
Earnings retained in the business | 3,212 | 1,993 |
Capital stock in treasury, at cost | (1,028) | (1,076) |
Accumulated other comprehensive income (loss) | (7) | (198) |
Total Campbell Soup Company shareholders' equity | 2,575 | 1,103 |
Noncontrolling interests | 6 | 9 |
Total equity | 2,581 | 1,112 |
Total liabilities and equity | $ 12,718 | $ 13,148 |
Preferred Stock, Shares Authorized | 40 | 40 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.0375 | $ 0.0375 |
Capital Stock, Shares Authorized | 560 | 560 |
Common Stock, Shares, Issued | 323 | 323 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Current assets | ||
Other current assets ($29 as of 2020 attributable to variable interest entity) | $ 29 | |
Other assets ($76 as of 2019 attributable to variable interest entity) | $ 76 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Apr. 26, 2020 | Apr. 28, 2019 | |
Cash flows from operating activities: | ||
Net earnings | $ 1,542 | $ 219 |
Adjustments to reconcile net earnings to operating cash flow | ||
Impairment charges | 0 | 360 |
Restructuring charges | 10 | 22 |
Stock-based compensation | 47 | 45 |
Pension and postretirement benefit income | (11) | (16) |
Depreciation and amortization | 241 | 349 |
Deferred income taxes | 35 | 50 |
Net (gain) loss on sale of business | (975) | 18 |
Loss on extinguishment of debt | 75 | 0 |
Investment losses | 49 | 0 |
Other | 74 | 21 |
Changes in working capital, net of acquisition and divestitures | ||
Accounts receivable | (121) | (63) |
Inventories | 118 | 156 |
Prepaid assets | (4) | (19) |
Accounts payable and accrued liabilities | 92 | 60 |
Other | (47) | (54) |
Net cash provided by operating activities | 1,125 | 1,148 |
Cash flows from investing activities: | ||
Purchases of plant assets | (220) | (274) |
Purchases of route businesses | (10) | (27) |
Sales of route businesses | 8 | 29 |
Business acquired, net of cash acquired | 0 | 18 |
Sales of businesses, net of cash divested | 2,537 | 54 |
Other | 3 | 14 |
Net cash provided by (used) in investing activities | 2,318 | (222) |
Cash flows from financing activities: | ||
Short-term borrowings | 5,610 | 4,681 |
Short-term repayments | (6,405) | (4,995) |
Long-term borrowings | 1,000 | 0 |
Long-term repayments | (499) | (300) |
Dividends paid | (320) | (318) |
Treasury stock issuances | 23 | 0 |
Payments related to tax withholding for stock-based compensation | (10) | (8) |
Payments related to extinguishment of debt | (1,768) | 0 |
Payments of debt issuance costs | (9) | (1) |
Net cash used in financing activities | (2,378) | (941) |
Effect of exchange rate changes on cash | (2) | (5) |
Net change in cash and cash equivalents | 1,063 | (20) |
Cash and cash equivalents - beginning of period | 31 | 49 |
Cash and cash equivalents discontinued operations - beginning of period | 148 | 177 |
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | 0 | (161) |
Cash and cash equivalents - end of period | $ 1,242 | $ 45 |
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] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting Standards Update 2014-09 [Member] | [1] | $ (8) | $ (8) | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting Standards Update 2018-02 [Member] | [1] | 0 | (9) | $ 9 | [2] | ||||
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 | ||
Net earnings (loss) | 219 | 219 | 0 | ||||||
Other comprehensive income (loss) | (65) | (65) | 0 | ||||||
Dividends | $ (319) | (319) | |||||||
Dividends per share | $ 1.05 | ||||||||
Treasury stock purchased, shares | 0 | ||||||||
Treasury stock purchased, value | $ 0 | $ 0 | |||||||
Treasury stock issued under management incentive and stock option plans, shares | 0 | ||||||||
Treasury stock issued under management incentive and stock option plans, value | 37 | $ 26 | 11 | 0 | |||||
Capital stock, shares at Apr. 28, 2019 | 323 | ||||||||
Treasury Stock, Shares at Apr. 28, 2019 | (22) | ||||||||
Balance, value at Apr. 28, 2019 | 1,237 | $ 12 | $ (1,077) | 360 | 2,107 | (174) | 9 | ||
Capital stock, shares at Jan. 27, 2019 | 323 | ||||||||
Treasury Stock, Shares at Jan. 27, 2019 | (22) | ||||||||
Balance, value at Jan. 27, 2019 | 1,278 | $ 12 | $ (1,079) | 349 | 2,130 | (143) | 9 | ||
Net earnings (loss) | 84 | 84 | 0 | ||||||
Other comprehensive income (loss) | (31) | (31) | 0 | ||||||
Dividends | $ (107) | (107) | |||||||
Dividends per share | $ 0.35 | ||||||||
Treasury stock purchased, shares | 0 | ||||||||
Treasury stock purchased, value | $ 0 | $ 0 | |||||||
Treasury stock issued under management incentive and stock option plans, shares | 0 | ||||||||
Treasury stock issued under management incentive and stock option plans, value | 13 | $ 2 | 11 | 0 | |||||
Capital stock, shares at Apr. 28, 2019 | 323 | ||||||||
Treasury Stock, Shares at Apr. 28, 2019 | (22) | ||||||||
Balance, value at Apr. 28, 2019 | 1,237 | $ 12 | $ (1,077) | 360 | 2,107 | (174) | 9 | ||
Capital stock, shares at Jul. 28, 2019 | 323 | ||||||||
Treasury Stock, Shares at Jul. 28, 2019 | (22) | ||||||||
Balance, value at Jul. 28, 2019 | 1,112 | $ 12 | $ (1,076) | 372 | 1,993 | (198) | 9 | ||
Net earnings (loss) | 1,542 | 1,542 | 0 | ||||||
Noncontrolling Interest, Period Increase (Decrease) | (4) | (4) | |||||||
Other comprehensive income (loss) | 192 | 191 | 1 | ||||||
Dividends | $ (321) | (321) | |||||||
Dividends per share | $ 1.05 | ||||||||
Treasury stock purchased, shares | 0 | ||||||||
Treasury stock purchased, value | $ 0 | $ 0 | |||||||
Treasury stock issued under management incentive and stock option plans, shares | 1 | ||||||||
Treasury stock issued under management incentive and stock option plans, value | 60 | $ 48 | 14 | (2) | |||||
Capital stock, shares at Apr. 26, 2020 | 323 | ||||||||
Treasury Stock, Shares at Apr. 26, 2020 | (21) | ||||||||
Balance, value at Apr. 26, 2020 | 2,581 | $ 12 | $ (1,028) | 386 | 3,212 | (7) | 6 | ||
Capital stock, shares at Jan. 26, 2020 | 323 | ||||||||
Treasury Stock, Shares at Jan. 26, 2020 | (21) | ||||||||
Balance, value at Jan. 26, 2020 | 2,499 | $ 12 | $ (1,048) | 374 | 3,151 | 5 | 5 | ||
Net earnings (loss) | 168 | 168 | 0 | ||||||
Other comprehensive income (loss) | (11) | (12) | 1 | ||||||
Dividends | $ (107) | (107) | |||||||
Dividends per share | $ 0.35 | ||||||||
Treasury stock purchased, shares | 0 | ||||||||
Treasury stock purchased, value | $ 0 | $ 0 | |||||||
Treasury stock issued under management incentive and stock option plans, shares | 0 | ||||||||
Treasury stock issued under management incentive and stock option plans, value | 32 | $ 20 | 12 | 0 | |||||
Capital stock, shares at Apr. 26, 2020 | 323 | ||||||||
Treasury Stock, Shares at Apr. 26, 2020 | (21) | ||||||||
Balance, value at Apr. 26, 2020 | $ 2,581 | $ 12 | $ (1,028) | $ 386 | $ 3,212 | $ (7) | $ 6 | ||
[1] | See Note 2 for additional detail. | ||||||||
[2] | Reflects the adoption of the FASB guidance on stranded tax effects. See Note 2 for additional information. |
Basis of Presentations and Sign
Basis of Presentations and Significant Accounting Policies | 9 Months Ended |
Apr. 26, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies In this Form 10-Q, unless otherwise stated, the terms "we," "us," "our" and the "company" refer to Campbell Soup Company and its consolidated subsidiaries. The consolidated financial statements include our accounts and entities in which we maintain a controlling financial interest and a variable interest entity (VIE) for which we were the primary beneficiary. See Note 14 for a discussion of the VIE. Intercompany transactions are eliminated in consolidation. See Note 3 for a discussion of Discontinued Operations. The financial statements reflect all adjustments which are, in our opinion, necessary for a fair statement of the results of operations, financial position, and cash flows for the indicated periods. The accounting policies we used in preparing these financial statements are substantially consistent with those we applied in our Annual Report on Form 10-K for the year ended July 28, 2019, except as described below and in Note 2. The results for the period are not necessarily indicative of the results to be expected for other interim periods or the full year. Our fiscal year ends on the Sunday nearest July 31, which is August 2, 2020. There will be 53 weeks in 2020. There were 52 weeks in 2019. Leases — At the beginning of the first quarter of 2020 , we adopted new guidance on accounting for leases. We determine if an agreement is or contains a lease at inception by evaluating if an identified asset exists that we control for a period of time. When a lease exists, we record a right-of-use (ROU) asset and a corresponding lease liability on our Consolidated Balance Sheet. ROU assets represent our right to use an underlying asset for the lease term and the corresponding liabilities represent an obligation to make lease payments during the term. We have elected not to record leases with a term of 12 months or less on our Consolidated Balance Sheet. ROU assets are recorded on our Consolidated Balance Sheet at lease commencement based on the present value of the corresponding liabilities and are adjusted for any prepayments, lease incentives received, or initial direct costs incurred. To calculate the present value of our lease liabilities, we use a country-specific collateralized incremental borrowing rate based on the lease term at commencement. The measurement of our ROU assets and liabilities includes all fixed payments and any variable payments based on an index or rate. Our leases generally include options to extend or terminate use of the underlying assets. These options are included in the lease term used to determine ROU assets and corresponding liabilities when we are reasonably certain we will exercise. Our lease arrangements typically include non-lease components, such as common area maintenance and labor. We account for each lease and any non-lease components associated with that lease as a single lease component for all underlying asset classes with the exception of certain production assets. Accordingly, all costs associated with a lease contract are disclosed as lease costs. This includes any variable payments that are not dependent on an index or a rate and which are expensed as incurred. Operating leases expense is recognized on a straight-line basis over the lease term with the expense recorded in Cost of products sold, Marketing and selling expenses, or Administrative expenses depending on the nature of the leased item. For finance leases, the amortization of ROU lease assets is recognized on a straight-line basis over the shorter of the estimated useful life of the underlying asset or the lease term in Cost of products sold, Marketing and selling expenses, or Administrative expenses depending on the nature of the leased item. Interest expense on finance lease obligations is recorded over the lease term and is recorded in Interest expense (based on a front-loaded interest expense pattern). All operating lease cash payments and interest on finance leases are recorded within Net cash provided by operating activities and all finance lease principal payments are recorded within Net cash used in financing activities in our Consolidated Statements of Cash Flows. See Notes 2 and 11 for additional information. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Apr. 26, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted In May 2014, the Financial Accounting Standards Board (FASB) issued revised guidance on the recognition of revenue from contracts with customers. We adopted the guidance in the first quarter of 2019, effective on July 30, 2018, using the modified retrospective method and recorded a cumulative effect adjustment of $8, net of tax, to decrease the opening balance of Earnings retained in the business, an increase of $10 to Accrued liabilities, an increase of $1 to Accounts payable, a decrease of $2 to Deferred taxes and an increase of $1 to Other assets. In February 2016, the FASB issued guidance that amends accounting for leases. Under the new guidance, a lessee will recognize most leases on the balance sheet 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. In July 2018, the FASB issued an adoption approach that allows entities to apply the new guidance and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption without restating prior periods. We adopted the new guidance at the beginning of 2020 using this transition method. We elected to apply a package of practical expedients, which allowed us to not reassess prior conclusions related to contracts containing leases, lease classification, and initial direct costs. Adoption of the new guidance resulted in the recognition of operating lease ROU assets of $259 and operating lease liabilities of $254, with the difference between the assets and liabilities primarily due to below market assets, deferred rent and prepaid rent. In addition, we derecognized $20 of an asset and liability associated with a build-to-suit lease arrangement. The adoption did not have a material impact on consolidated net earnings or cash flows. See Note 11 for additional information. In February 2018, the FASB issued guidance that provides entities an option to reclassify the stranded 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. We adopted the guidance in the first quarter of 2019, effective on July 30, 2018, and elected not to reclassify prior periods. The adoption resulted in a cumulative effect adjustment of $9 to decrease the opening balance of Earnings retained in the business and a corresponding net decrease to the components of Accumulated other comprehensive income (loss). See Note 4 for additional information. 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. In October 2018, the FASB issued guidance which permits an entity to designate the overnight index swap rate based on the Secured Overnight Financing Rate Fed Funds as a benchmark interest rate in a hedge accounting relationship. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those years. We adopted the new guidance at the beginning of the first quarter of 2020. The adoption did not have a material impact on our consolidated financial statements. Accounting Pronouncements Not Yet Adopted 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. In August 2018, the FASB issued guidance that eliminates, adds, and modifies certain disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those years. Early adoption is permitted. Certain disclosures in the guidance must be applied on a retrospective basis, while others must be applied on a prospective basis. We are currently evaluating the impact that the new guidance will have on our disclosures. In August 2018, the FASB issued guidance on accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. The guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance is effective for fiscal years beginning after December 15, 2019. Entities have the option to apply the guidance prospectively to all implementation costs incurred after the date of adoption or retrospectively. Early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. We intend to adopt the guidance on a prospective basis. In December 2019, the FASB issued guidance on simplifying the accounting for income taxes. The guidance removes certain exceptions to the general principles of accounting for income taxes and also improves consistent application of accounting by clarifying or amending existing guidance. The guidance is effective for fiscal years beginning after December 15, 2020, 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 March 2020, the FASB issued guidance that provides optional expedients and exceptions for a limited period of time for accounting for contracts, hedging relationships, and other transactions affected by the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued. Optional expedients can be applied from March 12, 2020 through December 31, 2022. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. |
Divestitures
Divestitures | 9 Months Ended |
Apr. 26, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Divestitures Discontinued Operations On February 25, 2019, we sold our U.S. refrigerated soup business, and on April 25, 2019, we sold our Garden Fresh Gourmet business. Proceeds were $55. On June 16, 2019, we sold our Bolthouse Farms business. Proceeds were $500. Beginning in the third quarter of 2019, we have reflected the results of these businesses as discontinued operations in the Consolidated Statements of Earnings for all periods presented. These businesses were historically included in the Campbell Fresh reportable segment. We completed the sale of our Kelsen business on September 23, 2019, for $322. We also completed the sale of our Arnott’s business and certain other international operations, including the simple meals and shelf-stable beverages businesses in Australia and Asia Pacific (the Arnott's and other international operations), on December 23, 2019, for $2,286. The purchase price was subject to certain post-closing adjustments, which resulted in $4 of additional proceeds in the third quarter of 2020. B eginning in the fourth quarter of 2019, we have reflected the results of operations of the Kelsen business and the Arnott’s and other international operations (collectively referred to as Campbell International) as discontinued operations in the Consolidated Statements of Earnings for all periods presented. These businesses were historically included in the Snacks reportable segment. Results of discontinued operations were as follows: Three Months Ended Nine Months Ended Campbell International Campbell Fresh Campbell International Campbell Fresh April 28, 2019 April 28, 2019 April 26, 2020 April 28, 2019 April 28, 2019 Net sales $ 225 $ 210 $ 359 $ 802 $ 666 Impairment charges $ — $ — $ — $ — $ 360 Earnings (loss) before taxes from operations $ 21 $ 7 $ 53 $ 115 $ (361) Taxes on earnings (loss) from operations 12 7 17 39 (82) Gain (loss) on sale of businesses / costs associated with selling the businesses (2) (24) 1,039 (7) (31) Tax expense (benefit) on sale / costs associated with selling the businesses (1) 23 39 (2) 21 Earnings (loss) from discontinued operations $ 8 $ (47) $ 1,036 $ 71 $ (331) The sale of the Arnott's and other international operations resulted in a substantial capital gain for tax purposes. We were able to utilize capital losses, which were offset with valuation allowances as of July 28, 2019, to offset the capital gain. In the second quarter of 2019, we performed interim impairment assessments on the intangible and tangible assets of the Campbell Fresh businesses. We revised our future outlook for earnings and cash flows for each of these businesses as the divestiture process progressed and we received initial indications of value. In Bolthouse Farms carrot and carrot ingredients, we recorded impairment charges of $18 on the trademark, $40 on customer relationships, $15 on technology and $104 on plant assets. In Bolthouse Farms refrigerated beverages and salad dressings, we recorded impairment charges of $74 on the trademark, $22 on customer relationships, and $9 on plant assets. In Garden Fresh Gourmet, we recorded impairment charges of $23 on the trademark, $39 on customer relationships, and $2 on plant assets. In the first quarter of 2019, we recorded an impairment charge of $14 on the U.S. refrigerated soup plant assets in Campbell Fresh. In addition, in the third quarter of 2019, we recorded tax expense of $29 as deferred tax assets on Bolthouse Farms were not realizable. Under the terms of the sale of the Arnott's and other international operations, we entered into a long-term licensing arrangement for the exclusive rights to certain Campbell brands in certain non-U.S. markets. We provide certain transition services to support the divested businesses. The assets and liabilities of Campbell International have been reflected as assets and liabilities of discontinued operations in the Consolidated Balance Sheet as of July 28, 2019. The assets and liabilities were as follows: July 28, 2019 Cash and cash equivalents $ 148 Accounts receivable, net 135 Inventories 135 Other current assets 10 Current assets $ 428 Plant assets, net of depreciation 340 Goodwill 661 Other intangible assets, net of amortization 135 Other assets 31 Total assets $ 1,595 Short-term borrowings $ 232 Payable to suppliers and others 109 Accrued liabilities 114 Accrued income taxes 14 Current liabilities $ 469 Long-term debt 6 Deferred taxes 32 Other liabilities 27 Total liabilities $ 534 The depreciation and amortization, capital expenditures, sale proceeds and significant noncash operating items of Campbell Fresh and Campbell International were as follows: Nine Months Ended April 26, 2020 April 28, 2019 Cash flows from discontinued operating activities: Impairment charges $ — $ 360 Depreciation and amortization (1) — 72 Net (gain) loss on sales of discontinued operations businesses (1,039) 18 Cash flows from discontinued investing activities: Capital expenditures $ 30 $ 45 Sales of discontinued operations businesses, net of cash divested 2,466 54 _______________________________________________ (1) Depreciation and amortization are no longer recognized once businesses are classified as held for sale/discontinued operations. Other Divestitures On October 11, 2019, we completed the sale of our European chips business for £63, or $77. The European chips business had net sales of $25 for the nine-month period ended April 26, 2020. The European chips business had net sales of $33 for the three-month period and $93 for the nine-month period ended April 28, 2019. Earnings were not material in either period. The results of the European chips business through the date of sale were reflected in continuing operations within the Snacks reportable segment. The pre-tax loss recognized in the first quarter on the sale was $64, which included the impact of allocated goodwill and foreign currency translation adjustments. For tax purposes, in the first quarter, the capital loss on the sale was offset by a valuation allowance. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Apr. 26, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (Loss) The components of Accumulated other comprehensive income (loss) consisted of the following: Foreign Currency Translation Adjustments (1) Gains (Losses) on Cash Flow Hedges (2) Pension and Postretirement Benefit Plan Adjustments (3) Total Accumulated Comprehensive Income (Loss) Balance at July 29, 2018 $ (154) $ (4) $ 40 $ (118) Cumulative effect of a change in accounting principle (4) 2 (3) 10 9 Other comprehensive income (loss) before reclassifications (49) 1 — (48) Amounts reclassified from accumulated other comprehensive income (loss) — — (17) (17) Net current-period other comprehensive income (loss) (49) 1 (17) (65) Balance at April 28, 2019 $ (201) $ (6) $ 33 $ (174) Balance at July 28, 2019 $ (218) $ (9) $ 29 $ (198) Other comprehensive income (loss) before reclassifications (11) 7 — (4) Amounts reclassified from accumulated other comprehensive income (loss) (5) 210 1 (16) 195 Net current-period other comprehensive income (loss) 199 8 (16) 191 Balance at April 26, 2020 $ (19) $ (1) $ 13 $ (7) _____________________________________ (1) Included no tax as of April 26, 2020, a tax expense of $4 as of July 28, 2019, and April 28, 2019, and $6 as of July 29, 2018. (2) Included a tax expense of $1 as of April 26, 2020, and a tax benefit of $2 as of July 28, 2019, $1 as of April 28, 2019, and $4 as of July 29, 2018. (3) Included a tax expense of $3 as of April 26, 2020, $8 as of July 28, 2019, $10 as of April 28, 2019, and $25 as of July 29, 2018. (4) Reflects the adoption of the FASB guidance on stranded tax effects. See Note 2 for additional information. (5) Reflects amounts reclassified from sale of businesses. See Note 3 for additional information. Amounts related to noncontrolling interests were not material. The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following: Three Months Ended Nine Months Ended Details about Accumulated Other Comprehensive Income (Loss) Components April 26, 2020 April 28, 2019 April 26, 2020 April 28, 2019 Location of (Gain) Loss Recognized in Earnings Foreign currency translation adjustments: Currency translation (gains) losses realized upon disposal of businesses $ — $ — $ 23 $ — Other expenses / (income) Currency translation (gains) losses realized upon disposal of businesses — — 183 — Earnings (loss) from discontinued operations Total before tax — — 206 — Tax expense (benefit) — — 4 — (Gain) loss, net of tax $ — $ — $ 210 $ — (Gains) losses on cash flow hedges: Foreign exchange forward contracts $ 1 $ (1) $ — $ (2) Cost of products sold Foreign exchange forward contracts — (1) — (1) Other expenses / (income) Foreign exchange forward contracts — — 1 1 Earnings (loss) from discontinued operations Forward starting interest rate swaps — 1 1 2 Interest expense Total before tax 1 (1) 2 — Tax expense (benefit) — — (1) — (Gain) loss, net of tax $ 1 $ (1) $ 1 $ — Pension and postretirement benefit adjustments: Prior service credit $ (7) $ (8) $ (21) $ (22) Other expenses / (income) Tax expense (benefit) 2 2 5 5 (Gain) loss, net of tax $ (5) $ (6) $ (16) $ (17) |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 9 Months Ended |
Apr. 26, 2020 | |
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: Meals & Beverages Snacks Total Net balance at July 28, 2019 $ 977 $ 3,040 $ 4,017 Divestiture (1) — (34) (34) Foreign currency translation adjustment (6) 4 (2) Net balance at April 26, 2020 $ 971 $ 3,010 $ 3,981 ______________________________________________________ (1) On October 11, 2019, we completed the sale of our European chips business. See Note 3 for additional information. 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: April 26, 2020 July 28, 2019 Intangible Assets Estimated Useful Lives Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets Customer relationships 10 to 22 $ 851 $ (100) $ 751 $ 855 $ (70) $ 785 Other 1.5 to 20 14 (14) — 14 (13) 1 Total amortizable intangible assets $ 865 $ (114) $ 751 $ 869 $ (83) $ 786 Non-amortizable intangible assets Trademarks 2,611 2,629 Total net intangible assets $ 3,362 $ 3,415 Non-amortizable intangible assets consist of trademarks. As of April 26, 2020, trademarks primarily included $1,978 associated with Snyder's-Lance, $280 associated with Pacific Foods and $292 related to Pace . Other amortizable intangible assets consist of recipes, non-compete agreements, trademarks and patents. Amortization of intangible assets in Earnings from continuing operations was $33 and $36 for the nine-month periods ended April 26, 2020, and April 28, 2019, respectively. Amortization expense for the next 5 years is estimated to be approximately $44 per year. |
Segment Information
Segment Information | 9 Months Ended |
Apr. 26, 2020 | |
Segment Reporting [Abstract] | |
Business and Geographic Segment Information | Segment Information Through the second quarter of 2019, we had four operating segments based primarily on product type, and three reportable segments. The operating segments were Meals & Beverages; U.S. snacking; international biscuits and snacks; and Campbell Fresh. The U.S. snacking operating segment was aggregated with the international biscuits and snacks operating segment to form the Global Biscuits and Snacks reportable segment. The operating segments were aggregated based on similar economic characteristics, products, production processes, types or classes of customers, distribution methods, and regulatory environment. As discussed in Note 3, we sold our businesses in Campbell Fresh during 2019. Beginning in the third quarter of 2019, we have reflected the results of these businesses as discontinued operations in the Consolidated Statements of Earnings for all periods presented. Prior periods have been adjusted to conform to the current presentation. A portion of the U.S. refrigerated soup business historically included in Campbell Fresh was retained, and is reported as part of foodservice in Meals & Beverages. Within our international biscuits and snacks operating segment, we sold our Kelsen business on September 23, 2019, and the Arnott’s and other international operations on December 23, 2019. Beginning in the fourth quarter of 2019, we have reflected the results of operations of the Kelsen business and the Arnott’s and other international operations, or Campbell International, as discontinued operations in the Consolidated Statements of Earnings for all periods presented. Our reportable segments are as follows: • Meals & Beverages, which includes the retail and foodservice 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; Pacific Foods broth, soups and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; Campbell’s gravies, pasta, beans and dinner sauces; Swanson canned poultry; Plum baby food and snacks; V8 juices and beverages; and Campbell’s tomato juice; and • Snacks, which consists of Pepperidge Farm cookies, crackers, fresh bakery and frozen products in U.S. retail, including Milano cookies and Goldfish crackers; and Snyder’s of Hanover pretzels, Lance sandwich crackers, Cape Cod and Kettle Brand potato chips, Late July snacks, Snack Factory Pretzel Crisps, Pop Secret popcorn, Emerald nuts, and other snacking products in the U.S. and Canada. The segment includes the retail business in Latin America. The segment also includes the results of our European chips business, which was sold on October 11, 2019. Through the fourth quarter of 2019, our retail business in Latin America was managed as part of the Meals & Beverages segment. Beginning in 2020, it is managed as part of the Snacks segment. Segment results have been adjusted retrospectively to reflect this change. 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. Three Months Ended Nine Months Ended April 26, April 28, April 26, April 28, Net sales Meals & Beverages $ 1,210 $ 1,006 $ 3,628 $ 3,457 Snacks 1,028 947 2,955 2,869 Corporate — — — 1 Total $ 2,238 $ 1,953 $ 6,583 $ 6,327 Three Months Ended Nine Months Ended April 26, April 28, April 26, April 28, Earnings before interest and taxes Meals & Beverages $ 275 $ 204 $ 799 $ 747 Snacks 154 129 415 386 Corporate (1) (156) (86) (264) (215) Restructuring charges (2) — (2) (10) (22) Total $ 273 $ 245 $ 940 $ 896 _______________________________________ (1) Represents unallocated items. Pension benefit settlement adjustments are included in Corporate. There were settlement charges of $54 and $43 for the three- and nine-month periods ended April 26, 2020, respectively, and charges of $28 in the three- and nine-month periods ended April 28, 2019. A loss of $45 on Acre Venture Partners, L.P. (Acre) was included in the three- and nine-month periods ended April 26, 2020. See Note 14 for additional information on Acre. A loss of $64 on the sale of our European chips business was included in the nine-month period ended April 26, 2020. Costs related to the cost savings initiatives were $14 and $19 in the three-month periods and $40 and $68 in the nine-month periods ended April 26, 2020, and April 28, 2019, respectively. (2) See Note 7 for additional information. Our net sales based on product categories are as follows: Three Months Ended Nine Months Ended April 26, April 28, April 26, April 28, Net sales Soup $ 681 $ 528 $ 2,144 $ 2,020 Snacks 1,040 967 3,005 2,922 Other simple meals 324 270 886 829 Beverages 193 188 548 555 Other — — — 1 Total $ 2,238 $ 1,953 $ 6,583 $ 6,327 Soup includes various soup, broths and stock products. Snacks include cookies, pretzels, crackers, popcorn, nuts, potato chips, tortilla chips and other salty snacks and baked products. Other simple meals include sauces and Plum products. |
Restructuring Charges and Cost
Restructuring Charges and Cost Savings Initiatives | 9 Months Ended |
Apr. 26, 2020 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | Restructuring Charges and Cost Savings Initiatives Multi-year Cost Savings Initiatives and Snyder's-Lance Cost Transformation Program and Integration Beginning in fiscal 2015, we implemented initiatives to reduce costs and to streamline our organizational structure. In recent years, we expanded these initiatives by further optimizing our supply chain and manufacturing networks, including closing our manufacturing facility in Toronto, Ontario, as well as our information technology infrastructure. On March 26, 2018, we completed the acquisition of Snyder's-Lance. Prior to the acquisition, 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 continue to implement this program. In addition, we have identified opportunities for additional cost synergies as we integrate Snyder's-Lance. Cost estimates, as well as timing for certain activities, are continuing to be developed. A summary of the pre-tax charges recorded in Earnings from continuing operations related to these initiatives is as follows: Three Months Ended Nine Months Ended April 26, April 28, April 26, April 28, Recognized as of April 26, 2020 Restructuring charges $ — $ 2 $ 10 $ 22 $ 239 Administrative expenses 10 12 31 35 294 Cost of products sold 4 4 6 25 73 Marketing and selling expenses — 2 2 6 12 Research and development expenses — 1 1 2 4 Total pre-tax charges $ 14 $ 21 $ 50 $ 90 $ 622 A summary of the pre-tax charges (gains) recorded in Earnings (loss) from discontinued operations is as follows: Three Months Ended Nine Months Ended April 26, April 28, April 26, April 28, Recognized as of April 26, 2020 (1) Total pre-tax charges (gains) $ — $ (1) $ — $ — $ 23 _______________________________________ (1) Includes $19 of severance pay and benefits and $4 of implementation costs and other related costs. As of April 28, 2019, we incurred substantially all of the costs for actions associated with discontinued operations. All of the costs were cash expenditures. A summary of the pre-tax costs in Earnings from continuing operations associated with the initiatives is as follows: Recognized as of April 26, 2020 Severance pay and benefits $ 215 Asset impairment/accelerated depreciation 65 Implementation costs and other related costs 342 Total $ 622 The total estimated pre-tax costs for actions associated with continuing operations that have been identified are approximately $665 to $690 and we expect to incur the costs through 2021. This estimate will be updated as costs for the expanded initiatives are developed. We expect the costs for actions associated with continuing operations that have been identified to date to consist of the following: approximately $215 to $220 in severance pay and benefits; approximately $65 in asset impairment and accelerated depreciation; and approximately $385 to $405 in implementation costs and other related costs. We expect these pre-tax costs to be associated with our segments as follows: Meals & Beverages - approximately 33%; Snacks - approximately 42%; and Corporate - approximately 25%. Of the aggregate $665 to $690 of pre-tax costs associated with continuing operations identified to date, we expect approximately $590 to $615 will be cash expenditures. In addition, we expect to invest approximately $420 in capital expenditures through 2021, of which we invested $311 as of April 26, 2020. The capital expenditures primarily relate to the U.S. warehouse optimization project, improvement of quality, safety and cost structure across the Snyder’s-Lance manufacturing network, implementation of an SAP enterprise-resource planning system for Snyder's-Lance, optimization of information technology infrastructure and applications, 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 the Snyder’s-Lance warehouse and distribution network. A summary of the restructuring activity and related reserves associated with continuing operations at April 26, 2020, is as follows: Severance Pay and Benefits Implementation Costs and Other Related Asset Impairment/Accelerated Depreciation Total Charges Costs (3) Accrued balance at July 28, 2019 (1) $ 37 2020 charges 10 38 2 $ 50 2020 cash payments (23) Accrued balance at April 26, 2020 (2) $ 24 _______________________________________ (1) Includes $8 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (2) Includes $3 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (3) Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses, Cost of products sold, Marketing and selling expenses, and Research and development expenses in the Consolidated Statements of Earnings. Restructuring reserves included in Current liabilities of discontinued operations were $1 at July 28, 2019. 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 in Earnings from continuing operations associated with segments is as follows: April 26, 2020 Three Months Ended Nine Months Costs Incurred to Date Meals & Beverages $ 2 $ 7 $ 218 Snacks 10 37 238 Corporate 2 6 166 Total $ 14 $ 50 $ 622 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Apr. 26, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share (EPS)For the periods presented in the Consolidated Statements of Earnings, the calculations of basic EPS and EPS assuming dilution vary in that the weighted average shares outstanding assuming dilution include the incremental effect of stock options and other share-based payment awards, except when such effect would be antidilutive. The earnings per share calculation for the three- and nine-month periods ended April 26, 2020, excludes approximately 1 million stock options that would have been antidilutive. The earnings per share calculation for the three- and nine-month periods ended April 28, 2019, excludes approximately 2 million stock options that would have been antidilutive. |
Noncontrolling Interests
Noncontrolling Interests | 9 Months Ended |
Apr. 26, 2020 | |
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 in China. We also owned a 99.8% interest in 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. 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 | 9 Months Ended |
Apr. 26, 2020 | |
Retirement Benefits [Abstract] | |
Pension And Postretirement Benefits | Pension and Postretirement Benefits Components of net benefit expense (income) were as follows: Three Months Ended Nine Months Ended Pension Postretirement Pension Postretirement April 26, 2020 April 28, 2019 April 26, 2020 April 28, April 26, 2020 April 28, 2019 April 26, 2020 April 28, 2019 Service cost $ 4 $ 5 $ — $ 1 $ 14 $ 16 $ — $ 1 Interest cost 14 21 2 2 48 62 5 6 Expected return on plan assets (31) (36) — — (100) (107) — — Amortization of prior service cost — — (7) (8) — — (21) (22) Settlement charge 54 28 — — 43 28 — — Net periodic benefit expense (income) $ 41 $ 18 $ (5) $ (5) $ 5 $ (1) $ (16) $ (15) The components of net periodic benefit expense (income) other than the service cost component associated with continuing operations are included in Other expenses / (income) in the Consolidated Statements of Earnings. The settlement charges of $54 and $43 for the three- and nine-month periods ended April 26, 2020, respectively, resulted from the level of lump sum distributions associated with a U.S. pension plan and a Canadian pension plan. The settlement charge of $28 for the three- and nine-month periods ended April 28, 2019, resulted from the level of lump sum distributions associated with a U.S. pension plan. Net periodic pension benefit expense (income) associated with discontinued operations was not material for the nine-month period ended April 26, 2020, and for the three- and nine-month periods ended April 28, 2019. |
Leases
Leases | 9 Months Ended |
Apr. 26, 2020 | |
Leases [Abstract] | |
Leases of Lessee Disclosure | Leases We lease warehouse and distribution facilities, office space, manufacturing facilities, equipment and vehicles, primarily through operating leases. Leases recorded on our Consolidated Balance Sheet have remaining terms primarily from 1 to 15 years. Our fleet leases generally include residual value guarantees that are assessed at lease inception in determining ROU assets and corresponding liabilities. No other significant restrictions or covenants are included in our leases. The components of lease costs were as follows: April 26, 2020 Three Months Ended Nine Months Ended Operating lease cost $ 20 $ 60 Finance lease - amortization of ROU assets 1 2 Short-term lease cost 11 31 Variable lease cost (1) 43 129 Sublease income (1) (3) Total $ 74 $ 219 __________________________________________ (1) Includes labor and other overhead included in our service contracts with embedded leases. Total lease cost includes $4 for the nine-month period ended April 26, 2020, related to discontinued operations. The following table summarizes the lease amounts recorded in the Consolidated Balance Sheet: April 26, 2020 Operating Finance Assets Plant assets, net of depreciation $ — $ 9 Other assets 257 — Total lease assets $ 257 $ 9 Liabilities Short-term borrowings $ — $ 3 Accrued liabilities 66 — Long-term debt — 7 Other liabilities 187 — Total lease liabilities $ 253 $ 10 Weighted-average lease terms and discount rates were as follows: April 26, 2020 Operating Finance Weighted-average remaining term in years 6.8 2.9 Weighted-average discount rate 2.7 % 1.9 % Future minimum lease payments were as follows: April 26, 2020 July 28, 2019 New Guidance Previous Guidance Continuing Continuing Discontinued Operating Finance Operating Operating 2020 $ 20 $ 1 $ 61 $ 7 2021 66 3 48 6 2022 39 4 36 4 2023 33 2 26 3 2024 25 — 20 1 Thereafter 98 — 88 — Total future undiscounted lease payments 281 10 $ 279 $ 21 Less imputed interest 28 — Total reported lease liability $ 253 $ 10 In 2020, we expect to record an operating lease liability of $6 for leases with terms up to 5 years that have not yet commenced and are not included in the future minimum lease payments table. Supplemental cash flow and other information related to leases was as follows: Nine Months Ended April 26, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 59 Operating cash flows from finance leases $ — Financing cash flows from finance leases $ 1 ROU assets obtained in exchange for lease obligations: Operating leases $ 77 Finance leases $ 8 ROU assets divested with businesses sold: Operating leases $ 18 Finance leases $ 5 Lease liabilities derecognized upon adoption: Build-to-suit lease commitment $ 20 |
Short-term Borrowings and Long-
Short-term Borrowings and Long-term Debt | 9 Months Ended |
Apr. 26, 2020 | |
Debt Disclosure [Abstract] | |
Short-term Borrowings and Long-term Debt | Short-term Borrowings and Long-term Debt Short-term borrowings consist of the following: April 26, July 28, Commercial paper $ 485 $ 853 Notes 721 500 Finance leases 3 1 Revolving credit facility 300 — Build-to-suit lease commitment — 20 Other (1) (5) (3) Total short-term borrowings $ 1,504 $ 1,371 _______________________________________ (1) Includes unamortized net discount/premium on debt issuances and debt issuance costs. Long-term debt consists of the following: Type Fiscal Year of Maturity Rate April 26, July 28, Notes 2020 Variable $ — $ 500 Notes 2021 Variable 400 400 Senior Term Loan 2021 Variable — 499 Notes 2021 3.300% 321 650 Notes 2021 4.250% — 500 Debentures 2021 8.875% 200 200 Notes 2023 2.500% 450 450 Notes 2023 3.650% 566 1,200 Notes 2025 3.950% 850 850 Notes 2025 3.300% 300 300 Notes 2028 4.150% 1,000 1,000 Notes 2030 2.375% 500 — Notes 2042 3.800% 163 400 Notes 2048 4.800% 700 700 Notes 2050 3.125% 500 — Finance leases 7 3 Other (1) (45) (49) Total $ 5,912 $ 7,603 Less current portion 721 500 Total long-term debt $ 5,191 $ 7,103 _______________________________________ (1) Includes unamortized net discount/premium on debt issuances and debt issuance costs. On January 22, 2020, we completed the redemption of all $500 outstanding aggregate principal amount of our 4.25% Senior Notes due 2021. On January 24, 2020, we settled tender offers to purchase $1,200 in aggregate principal amount of certain senior unsecured debt, comprising $329 of 3.30% Senior Notes due 2021, $634 of 3.65% Senior Notes due 2023, and $237 of 3.80% Senior Notes due 2042. The total consideration for the redemption and the tender offers was $1,765 and the total carrying amount of the purchased notes was $1,691, resulting in a loss of $75 (including $65 of premium, as well as fees and other costs associated with the tender offers) which was recorded in Interest expense in the Consolidated Statement of Earnings. In addition, we paid accrued and unpaid interest on the purchased notes through the dates of settlement. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Apr. 26, 2020 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Financial Instruments | Financial InstrumentsThe 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 April 26, 2020, or July 28, 2019. We are also exposed to credit risk from our customers. During 2019, our largest customer accounted for approximately 20% of consolidated net sales from continuing operations. Our five largest customers accounted for approximately 43% of our consolidated net sales from continuing operations in 2019. 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 primarily utilize foreign exchange forward purchase and sale contracts 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 primarily enter into foreign exchange forward purchase and sale contracts for periods consistent with the underlying debt. The notional amount of foreign exchange forward contracts accounted for as cash-flow hedges was $118 at April 26, 2020, and $146 at July 28, 2019, of which $80 at July 28, 2019 related to discontinued operations. 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 $25 at April 26, 2020, and $177 at July 28, 2019, of which $3 at July 28, 2019, related to discontinued operations. 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. In conjunction with the debt redemption and tender offer, we entered into $900 of treasury rate lock agreements in the three-month period ended January 26, 2020, which resulted in a gain of $3. There were no forward starting interest rate swaps or treasury rate lock contracts outstanding as of April 26, 2020, or July 28, 2019. Commodity Price Risk We principally use a combination of purchase orders and various short- and long-term supply arrangements in connection with the purchase of raw materials, including certain commodities and agricultural products. We also enter into commodity futures, options and swap contracts to reduce the volatility of price fluctuations of wheat, diesel fuel, soybean oil, natural gas, aluminum, cocoa, corn, soybean meal, butter, and cheese, which impact the cost of raw materials. Commodity futures, options, and swap contracts are either designated as cash-flow hedging instruments or are undesignated. We hedge a portion of commodity requirements for periods typically up to 18 months. There were no commodity contracts accounted for as cash-flow hedges as of April 26, 2020, or July 28, 2019. The notional amount of commodity contracts not designated as accounting hedges was $137 at April 26, 2020, and $183 at July 28, 2019, of which $3 at July 28, 2019, related to discontinued operations. 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 $55 as of April 26, 2020, and $27 as of July 28, 2019. 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 Institutional Plus Shares, 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 Institutional Plus Shares; 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 were $17 as of April 26, 2020, and $31 as of July 28, 2019. The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of April 26, 2020, and July 28, 2019: Balance Sheet Classification April 26, July 28, Asset Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Other current assets $ 7 $ — Total derivatives designated as hedges $ 7 $ — Derivatives not designated as hedges: Commodity derivative contracts Other current assets $ 3 $ 3 Deferred compensation derivative contracts Other current assets 1 1 Foreign exchange forward contracts Other current assets — 1 Total derivatives not designated as hedges $ 4 $ 5 Total asset derivatives $ 11 $ 5 Balance Sheet Classification April 26, July 28, Liability Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Current liabilities of discontinued operations $ — $ 2 Total derivatives designated as hedges $ — $ 2 Derivatives not designated as hedges: Commodity derivative contracts Accrued liabilities $ 25 $ 6 Foreign exchange forward contracts Accrued liabilities — 2 Commodity derivative contracts Other liabilities 1 — Total derivatives not designated as hedges $ 26 $ 8 Total liability derivatives $ 26 $ 10 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 April 26, 2020, and July 28, 2019, would be adjusted as detailed in the following table: April 26, 2020 July 28, 2019 Derivative Instrument Gross Amounts Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements Net Amount Gross Amounts Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements Net Amount Total asset derivatives $ 11 $ (2) $ 9 $ 5 $ (2) $ 3 Total liability derivatives $ 26 $ (2) $ 24 $ 10 $ (2) $ 8 We are required to maintain cash margin accounts in connection with funding the settlement of open positions for exchange-traded commodity derivative instruments. The cash margin account balance was $18 at April 26, 2020, and $7 at July 28, 2019, which was included in Other current assets in the Consolidated Balance Sheets. The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and nine-month periods ended April 26, 2020, and April 28, 2019, in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings: Total Cash-Flow Hedge Derivatives Designated as Cash-Flow Hedges April 26, April 28, Three Months Ended OCI derivative gain (loss) at beginning of quarter $ (9) $ (8) Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts 8 2 Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold 1 (1) Foreign exchange forward contracts Other expenses / (income) — (1) Forward starting interest rate swaps Interest expense — 1 OCI derivative gain (loss) at end of quarter $ — $ (7) Nine Months Ended OCI derivative gain (loss) at beginning of year $ (11) $ (8) Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts 9 1 Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold — (2) Foreign exchange forward contracts Other expenses / (income) — (1) Foreign exchange forward contracts Earnings (loss) from discontinued operations 1 1 Forward starting interest rate swaps Interest expense 1 2 OCI derivative gain (loss) at end of quarter $ — $ (7) Based on current valuations, the amount expected to be reclassified from OCI into earnings within the next 12 months is a gain of $7. The following table shows the effect of our derivative instruments designated as cash-flow hedges for the three- and nine-month periods ended April 26, 2020, and April 28, 2019, in the Consolidated Statements of Earnings: Three Months Ended Nine Months Ended April 26, April 28, April 26, April 28, Earnings (Loss) from Discontinued Operations Interest Expense Earnings (Loss) from Discontinued Operations Interest Expense Earnings (Loss) from Discontinued Operations Interest Earnings (Loss) from Discontinued Operations Interest Consolidated Statements of Earnings: $ 2 $ 55 $ (39) $ 89 $ 1,036 $ 284 $ (260) $ 271 (Gain) loss on Cash Flow Hedges: Amount of (gain) loss reclassified from OCI to earnings $ — $ — $ — $ 1 $ 1 $ 1 $ 1 $ 2 Amount excluded from effectiveness testing recognized in earnings using an amortization approach $ — $ — $ — $ — $ — $ — $ — $ — The following table shows the effects of our derivative instruments not designated as hedges for the three- and nine-month periods ended April 26, 2020, and April 28, 2019, in the Consolidated Statements of Earnings: Amount of (Gain) Loss Recognized in Earnings on Derivatives Derivatives not Designated as Hedges Location of (Gain) Loss Three Months Ended Nine Months Ended April 26, 2020 April 28, 2019 April 26, 2020 April 28, 2019 Foreign exchange forward contracts Cost of products sold $ (1) $ — $ (1) $ — Foreign exchange forward contracts Other expenses / (income) — — 2 — Commodity derivative contracts Cost of products sold 31 6 27 7 Deferred compensation derivative contracts Administrative expenses 5 (4) 1 (1) Treasury rate lock contracts Interest expense — — (3) — Total (gain) loss at end of quarter $ 35 $ 2 $ 26 $ 6 |
Variable Interest Entity
Variable Interest Entity | 9 Months Ended |
Apr. 26, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Variable Interest Entity Disclosure [Text Block] | Variable Interest EntityIn 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 were the sole limited partner of Acre and owned a 99.8% interest. Acre is a VIE. We consolidate Acre and account for the third party ownership as a noncontrolling interest. Through April 26, 2020, we funded $86 of the capital commitment. 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 $76 as of July 28, 2019, and were included in Other assets on the Consolidated Balance Sheet. Changes in the fair values of investments are included in Other expenses / (income) on the Consolidated Statements of Earnings.We entered into an agreement to sell our interest in Acre on April 26, 2020, and completed the sale on May 8, 2020, for $30. As a result of the pending sale, we recorded a loss of $45 in the third quarter. The remaining $29 of assets were reclassified to assets held for sale and are included in Other current assets on the Consolidated Balance Sheet as of April 26, 2020. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Apr. 26, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements We categorize financial assets and liabilities based on the following fair value hierarchy: • Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data. • Level 3: Unobservable inputs, which are valued based on our estimates of assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. When available, we use unadjusted quoted market prices to measure the fair value and classify such items as Level 1. If quoted market prices are not available, we base fair value upon internally developed models that use current market-based or independently sourced market parameters such as interest rates and currency rates. Included in the fair value of derivative instruments is an adjustment for credit and nonperformance risk. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents our financial assets and liabilities that are measured at fair value on a recurring basis as of April 26, 2020, and July 28, 2019, 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) $ 7 $ — $ 7 $ — $ 1 $ — $ 1 $ — Commodity derivative contracts (2) 3 1 1 1 3 2 1 — Deferred compensation derivative contracts (3) 1 — 1 — 1 — 1 — Deferred compensation investments (4) 3 3 — — 4 4 — — Fair value option investments (5) 29 — — 29 76 — — 76 Total assets at fair value $ 43 $ 4 $ 9 $ 30 $ 85 $ 6 $ 3 $ 76 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 Foreign exchange forward contracts (1) $ — $ — $ — $ — $ 4 $ — $ 4 $ — Commodity derivative contracts (2) 26 16 10 — 6 3 3 — Deferred compensation obligation (4) 86 86 — — 95 95 — — Total liabilities at fair value $ 112 $ 102 $ 10 $ — $ 105 $ 98 $ 7 $ — ___________________________________ (1) Based on observable market transactions of spot currency rates and forward rates. (2) Level 1 and 2 are based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. Level 3 is based on unobservable inputs in which there is little or no market data, which requires management’s own assumptions within an internally developed model. (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. Prior to April 26, 2020, fair value was 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, were used in distributing fair value among various equity holders according to rights and preferences. We entered into an agreement to sell our interest in Acre on April 26, 2020, and completed the sale on May 8, 2020. As a result of the pending sale, we adjusted the fair value based on the proceeds and reclassified the assets to assets held for sale on the Consolidated Balance Sheet. See Note 14 for additional information. The following table summarizes the changes in fair value of Level 3 assets for the nine-month periods ended April 26, 2020, and April 28, 2019: Nine Months Ended April 26, April 28, Fair value at beginning of year $ 76 $ 77 Gains (losses) (46) 1 Purchases 1 — Settlements (1) — Fair value at end of quarter $ 30 $ 78 Fair Value of Financial Instruments The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value. Cash equivalents of continuing operations were $15 at April 26, 2020. Cash equivalents of discontinued operations were $19 at July 28, 2019. Cash equivalents 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 short- and long-term debt of continuing operations was $7,216 at April 26, 2020, and $8,642 at July 28, 2019. The carrying value was $6,695 at April 26, 2020, and $8,474 at July 28, 2019. The fair value and carrying value of short- and long-term debt of discontinued operations was $238 at July 28, 2019. The fair value of long-term debt is principally estimated using Level 2 inputs based on quoted market prices or pricing models using current market rates. |
Share Repurchases
Share Repurchases | 9 Months Ended |
Apr. 26, 2020 | |
Equity [Abstract] | |
Share Repurchases | Share RepurchasesOn 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. Approximately $1,296 remained available under the March 2017 program as of April 26, 2020. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Apr. 26, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation We provide compensation benefits by issuing stock options, unrestricted stock and restricted stock units (including time-lapse restricted stock units, EPS performance restricted stock units, total shareholder return (TSR) performance restricted stock units, and free cash flow (FCF) performance restricted stock units). In 2020, we issued time-lapse restricted stock units, unrestricted stock, and TSR performance restricted stock units. We have not issued stock options, FCF performance restricted stock units, or EPS performance restricted stock units in 2020. In determining stock-based compensation expense, we estimate forfeitures expected to occur. Total pre-tax stock-based compensation expense and tax-related benefits recognized in Earnings from continuing operations were as follows: Three Months Ended Nine Months Ended April 26, April 28, April 26, April 28, Total pre-tax stock-based compensation expense $ 14 $ 12 $ 45 $ 40 Tax-related benefits $ 3 $ 2 $ 9 $ 7 Total pre-tax stock-based compensation expense and tax-related benefits recognized in Earnings (loss) from discontinued operations were as follows: Three Months Ended Nine Months Ended April 26, April 28, April 26, April 28, Total pre-tax stock-based compensation expense $ — $ 2 $ 2 $ 5 Tax-related benefits $ — $ 1 $ — $ 2 The following table summarizes stock option activity as of April 26, 2020: Options Weighted- Weighted- Aggregate (Options in (In years) Outstanding at July 28, 2019 2,059 $ 46.17 Granted — $ — Exercised (481) $ 47.33 Terminated (155) $ 49.46 Outstanding at April 26, 2020 1,423 $ 45.42 7.2 $ 9 Exercisable at April 26, 2020 833 $ 50.23 6.4 $ 2 The total intrinsic value of options exercised during the nine-month period ended April 26, 2020 was $2. No options were exercised during the nine-month period ended April 28, 2019. 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 weighted-average assumptions and grant-date fair value for grants in 2019 were as follows: 2019 Risk-free interest rate 2.79% Expected dividend yield 3.84% Expected volatility 25.28% Expected term 6.1 years Grant-date fair value $6.27 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 April 26, 2020, total remaining unearned compensation related to nonvested stock options was $1, which will be amortized over the weighted-average remaining service period of 1.6 years. The following table summarizes time-lapse restricted stock units, EPS performance restricted stock units and FCF performance restricted stock units as of April 26, 2020: Units Weighted-Average Grant-Date Fair Value (Restricted stock Nonvested at July 28, 2019 1,960 $ 40.57 Granted 1,141 $ 46.77 Vested (723) $ 43.23 Forfeited (362) $ 41.55 Nonvested at April 26, 2020 2,016 $ 42.95 We determine the fair value of time-lapse restricted stock units and EPS 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 23 thousand EPS performance target grants outstanding at April 26, 2020, with a grant-date fair value of $46.82. The actual number of EPS performance restricted stock units issued at the vesting date could be either 0% or 100% of the initial grant, depending on actual performance achieved. We estimate expense based on the number of awards expected to vest. In 2019, we issued approximately 388 thousand FCF performance restricted stock units for which vesting is contingent upon achievement of free cash flow (defined as Net cash provided by operating activities less capital expenditures and certain investing and financing activities) compared to annual operating plan objectives over a three-year period. An annual objective will be established each fiscal year for three consecutive years. Performance against these objectives will be averaged at the end of the three-year period to determine the number of underlying units that will vest at the end of the three years. The actual number of FCF performance restricted stock units issued at the vesting date could range from 0% to 200% of the initial grant depending on actual performance achieved. The fair value of FCF performance restricted stock units will be based upon the quoted price of our stock at the date of grant. We will expense FCF performance restricted stock units over the requisite service period of each objective. As of April 26, 2020, we have granted 258 thousand of the issued FCF performance restricted stock units, which are included in the table above. There were 168 thousand FCF performance target grants outstanding at April 26, 2020, with a weighted-average grant-date fair value of $42.16. As of April 26, 2020, total remaining unearned compensation related to nonvested time-lapse restricted stock units, EPS performance restricted stock units and FCF performance restricted units was $42, which will be amortized over the weighted-average remaining service period of 1.8 years. The fair value of restricted stock units vested during the nine-month periods ended April 26, 2020, and April 28, 2019, was $34, and $26, respectively. The weighted-average grant-date fair value of the restricted stock units granted during the nine-month period ended April 28, 2019 was $36.50. The following table summarizes TSR performance restricted stock units as of April 26, 2020: Units Weighted-Average Grant-Date Fair Value (Restricted stock Nonvested at July 28, 2019 1,308 $ 37.33 Granted 619 $ 63.06 Vested — $ — Forfeited (657) $ 41.13 Nonvested at April 26, 2020 1,270 $ 47.90 We estimated the fair value of TSR performance restricted stock units at the grant date using a Monte Carlo simulation. Weighted-average assumptions used in the Monte Carlo simulation were as follows: 2020 2019 Risk-free interest rate 1.48% 2.80% Expected dividend yield 2.95% 3.79% Expected volatility 27.01% 24.50% Expected term 3 years 3 years We recognize compensation expense on a straight-line basis over the service period, except for awards issued to retirement eligible participants, which we expense on an accelerated basis. As of April 26, 2020, total remaining unearned compensation related to TSR performance restricted stock units was $27, which will be amortized over the weighted-average remaining service period of 2.0 years. In the first quarter of 2020, recipients of TSR performance restricted stock units earned 0% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 26, 2019. In the first quarter of 2019, recipients of TSR performance restricted stock units earned 0% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 27, 2018. The weighted-average grant-date fair value of the TSR performance restricted stock units granted during 2019 was $31.29. The excess tax benefits of $1 in the nine-month period ended April 26, 2020, and the excess tax deficiencies of $2 in the nine-month period ended April 28, 2019, 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 $23 for the nine-month period ended April 26, 2020, and is reflected in cash flows from financing activities in the Consolidated Statements of Cash Flows. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Apr. 26, 2020 | |
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. On January 7, 2019, three purported shareholder class action lawsuits pending in the United States District Court for the District of New Jersey were consolidated under the caption, In re Campbell Soup Company Securities Litigation , Civ. No. 1:18-cv-14385-NLH-JS (the Action). Oklahoma Firefighters Pension and Retirement System was appointed lead plaintiff in the Action and, on March 1, 2019, filed an amended consolidated complaint. The company, Denise Morrison (the company's former President and Chief Executive Officer), and Anthony DiSilvestro (the company's former Senior Vice President and Chief Financial Officer) are defendants in the Action. The consolidated complaint alleges that, in public statements between July 19, 2017 and May 17, 2018, the defendants made materially false and misleading statements and/or omitted material information about the company's business, operations, customer relationships, and prospects, specifically with regard to the Campbell Fresh segment. The consolidated complaint seeks unspecified monetary damages and other relief. On April 30, 2019, the defendants filed a motion to dismiss the consolidated complaint. We are vigorously defending against the Action. 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 April 26, 2020. While the potential future charges could be material in a particular quarter or annual period, based on information currently known by us, we do not believe any such charges are likely to have a material adverse effect on our consolidated results of operations or financial condition. |
Supplemental Financial Statemen
Supplemental Financial Statement Data | 9 Months Ended |
Apr. 26, 2020 | |
Disclosure Text Block Supplement [Abstract] | |
Supplemental Financial Information Data | Supplemental Financial Statement Data Balance Sheets April 26, 2020 July 28, Inventories Raw materials, containers and supplies $ 291 $ 271 Finished products 440 592 $ 731 $ 863 Three Months Ended Nine Months Ended Statements of Earnings April 26, 2020 April 28, 2019 April 26, 2020 April 28, 2019 Other expenses / (income) Amortization of intangible assets $ 11 $ 13 $ 33 $ 36 Net periodic benefit income other than the service cost (22) (20) (68) (60) Pension settlement charges 54 28 43 28 Investment (gains) / losses (1) 45 (8) 49 (1) Loss on sale of business (2) — — 64 — Transition services fees (3) — (5) — Other (4) 7 (1) 9 $ 81 $ 20 $ 115 $ 12 ____________________________ (1) Includes a loss of $45 on Acre for the three- and nine-month periods ended April 26, 2020. See Note 14 for additional information. (2) See Note 3 for additional information. |
Basis of Presentations and Si_2
Basis of Presentations and Significant Accounting Policies (Policies) | 9 Months Ended |
Apr. 26, 2020 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy | Leases — At the beginning of the first quarter of 2020 , we adopted new guidance on accounting for leases. We determine if an agreement is or contains a lease at inception by evaluating if an identified asset exists that we control for a period of time. When a lease exists, we record a right-of-use (ROU) asset and a corresponding lease liability on our Consolidated Balance Sheet. ROU assets represent our right to use an underlying asset for the lease term and the corresponding liabilities represent an obligation to make lease payments during the term. We have elected not to record leases with a term of 12 months or less on our Consolidated Balance Sheet. ROU assets are recorded on our Consolidated Balance Sheet at lease commencement based on the present value of the corresponding liabilities and are adjusted for any prepayments, lease incentives received, or initial direct costs incurred. To calculate the present value of our lease liabilities, we use a country-specific collateralized incremental borrowing rate based on the lease term at commencement. The measurement of our ROU assets and liabilities includes all fixed payments and any variable payments based on an index or rate. Our leases generally include options to extend or terminate use of the underlying assets. These options are included in the lease term used to determine ROU assets and corresponding liabilities when we are reasonably certain we will exercise. Our lease arrangements typically include non-lease components, such as common area maintenance and labor. We account for each lease and any non-lease components associated with that lease as a single lease component for all underlying asset classes with the exception of certain production assets. Accordingly, all costs associated with a lease contract are disclosed as lease costs. This includes any variable payments that are not dependent on an index or a rate and which are expensed as incurred. Operating leases expense is recognized on a straight-line basis over the lease term with the expense recorded in Cost of products sold, Marketing and selling expenses, or Administrative expenses depending on the nature of the leased item. For finance leases, the amortization of ROU lease assets is recognized on a straight-line basis over the shorter of the estimated useful life of the underlying asset or the lease term in Cost of products sold, Marketing and selling expenses, or Administrative expenses depending on the nature of the leased item. Interest expense on finance lease obligations is recorded over the lease term and is recorded in Interest expense (based on a front-loaded interest expense pattern). All operating lease cash payments and interest on finance leases are recorded within Net cash provided by operating activities and all finance lease principal payments are recorded within Net cash used in financing activities in our Consolidated Statements of Cash Flows. See Notes 2 and 11 for additional information. |
Divestitures (Tables)
Divestitures (Tables) | 9 Months Ended |
Apr. 26, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Results of Operations [Table Text Block] | Results of discontinued operations were as follows: Three Months Ended Nine Months Ended Campbell International Campbell Fresh Campbell International Campbell Fresh April 28, 2019 April 28, 2019 April 26, 2020 April 28, 2019 April 28, 2019 Net sales $ 225 $ 210 $ 359 $ 802 $ 666 Impairment charges $ — $ — $ — $ — $ 360 Earnings (loss) before taxes from operations $ 21 $ 7 $ 53 $ 115 $ (361) Taxes on earnings (loss) from operations 12 7 17 39 (82) Gain (loss) on sale of businesses / costs associated with selling the businesses (2) (24) 1,039 (7) (31) Tax expense (benefit) on sale / costs associated with selling the businesses (1) 23 39 (2) 21 Earnings (loss) from discontinued operations $ 8 $ (47) $ 1,036 $ 71 $ (331) |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The assets and liabilities of Campbell International have been reflected as assets and liabilities of discontinued operations in the Consolidated Balance Sheet as of July 28, 2019. The assets and liabilities were as follows: July 28, 2019 Cash and cash equivalents $ 148 Accounts receivable, net 135 Inventories 135 Other current assets 10 Current assets $ 428 Plant assets, net of depreciation 340 Goodwill 661 Other intangible assets, net of amortization 135 Other assets 31 Total assets $ 1,595 Short-term borrowings $ 232 Payable to suppliers and others 109 Accrued liabilities 114 Accrued income taxes 14 Current liabilities $ 469 Long-term debt 6 Deferred taxes 32 Other liabilities 27 Total liabilities $ 534 |
Disposal Groups, Condensed Cash Flow Statement [Table Text Block] | The depreciation and amortization, capital expenditures, sale proceeds and significant noncash operating items of Campbell Fresh and Campbell International were as follows: Nine Months Ended April 26, 2020 April 28, 2019 Cash flows from discontinued operating activities: Impairment charges $ — $ 360 Depreciation and amortization (1) — 72 Net (gain) loss on sales of discontinued operations businesses (1,039) 18 Cash flows from discontinued investing activities: Capital expenditures $ 30 $ 45 Sales of discontinued operations businesses, net of cash divested 2,466 54 _______________________________________________ (1) Depreciation and amortization are no longer recognized once businesses are classified as held for sale/discontinued operations. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Apr. 26, 2020 | |
Equity [Abstract] | |
Components Of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of Accumulated other comprehensive income (loss) consisted of the following: Foreign Currency Translation Adjustments (1) Gains (Losses) on Cash Flow Hedges (2) Pension and Postretirement Benefit Plan Adjustments (3) Total Accumulated Comprehensive Income (Loss) Balance at July 29, 2018 $ (154) $ (4) $ 40 $ (118) Cumulative effect of a change in accounting principle (4) 2 (3) 10 9 Other comprehensive income (loss) before reclassifications (49) 1 — (48) Amounts reclassified from accumulated other comprehensive income (loss) — — (17) (17) Net current-period other comprehensive income (loss) (49) 1 (17) (65) Balance at April 28, 2019 $ (201) $ (6) $ 33 $ (174) Balance at July 28, 2019 $ (218) $ (9) $ 29 $ (198) Other comprehensive income (loss) before reclassifications (11) 7 — (4) Amounts reclassified from accumulated other comprehensive income (loss) (5) 210 1 (16) 195 Net current-period other comprehensive income (loss) 199 8 (16) 191 Balance at April 26, 2020 $ (19) $ (1) $ 13 $ (7) _____________________________________ (1) Included no tax as of April 26, 2020, a tax expense of $4 as of July 28, 2019, and April 28, 2019, and $6 as of July 29, 2018. (2) Included a tax expense of $1 as of April 26, 2020, and a tax benefit of $2 as of July 28, 2019, $1 as of April 28, 2019, and $4 as of July 29, 2018. (3) Included a tax expense of $3 as of April 26, 2020, $8 as of July 28, 2019, $10 as of April 28, 2019, and $25 as of July 29, 2018. (4) Reflects the adoption of the FASB guidance on stranded tax effects. See Note 2 for additional information. (5) Reflects amounts reclassified from sale of businesses. See Note 3 for additional information. |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following: Three Months Ended Nine Months Ended Details about Accumulated Other Comprehensive Income (Loss) Components April 26, 2020 April 28, 2019 April 26, 2020 April 28, 2019 Location of (Gain) Loss Recognized in Earnings Foreign currency translation adjustments: Currency translation (gains) losses realized upon disposal of businesses $ — $ — $ 23 $ — Other expenses / (income) Currency translation (gains) losses realized upon disposal of businesses — — 183 — Earnings (loss) from discontinued operations Total before tax — — 206 — Tax expense (benefit) — — 4 — (Gain) loss, net of tax $ — $ — $ 210 $ — (Gains) losses on cash flow hedges: Foreign exchange forward contracts $ 1 $ (1) $ — $ (2) Cost of products sold Foreign exchange forward contracts — (1) — (1) Other expenses / (income) Foreign exchange forward contracts — — 1 1 Earnings (loss) from discontinued operations Forward starting interest rate swaps — 1 1 2 Interest expense Total before tax 1 (1) 2 — Tax expense (benefit) — — (1) — (Gain) loss, net of tax $ 1 $ (1) $ 1 $ — Pension and postretirement benefit adjustments: Prior service credit $ (7) $ (8) $ (21) $ (22) Other expenses / (income) Tax expense (benefit) 2 2 5 5 (Gain) loss, net of tax $ (5) $ (6) $ (16) $ (17) |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 9 Months Ended |
Apr. 26, 2020 | |
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: Meals & Beverages Snacks Total Net balance at July 28, 2019 $ 977 $ 3,040 $ 4,017 Divestiture (1) — (34) (34) Foreign currency translation adjustment (6) 4 (2) Net balance at April 26, 2020 $ 971 $ 3,010 $ 3,981 ______________________________________________________ (1) On October 11, 2019, we completed the sale of our European chips business. See Note 3 for additional information. |
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: April 26, 2020 July 28, 2019 Intangible Assets Estimated Useful Lives Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets Customer relationships 10 to 22 $ 851 $ (100) $ 751 $ 855 $ (70) $ 785 Other 1.5 to 20 14 (14) — 14 (13) 1 Total amortizable intangible assets $ 865 $ (114) $ 751 $ 869 $ (83) $ 786 Non-amortizable intangible assets Trademarks 2,611 2,629 Total net intangible assets $ 3,362 $ 3,415 |
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: April 26, 2020 July 28, 2019 Intangible Assets Estimated Useful Lives Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets Customer relationships 10 to 22 $ 851 $ (100) $ 751 $ 855 $ (70) $ 785 Other 1.5 to 20 14 (14) — 14 (13) 1 Total amortizable intangible assets $ 865 $ (114) $ 751 $ 869 $ (83) $ 786 Non-amortizable intangible assets Trademarks 2,611 2,629 Total net intangible assets $ 3,362 $ 3,415 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Apr. 26, 2020 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting [Table Text Block] | Three Months Ended Nine Months Ended April 26, April 28, April 26, April 28, Net sales Meals & Beverages $ 1,210 $ 1,006 $ 3,628 $ 3,457 Snacks 1,028 947 2,955 2,869 Corporate — — — 1 Total $ 2,238 $ 1,953 $ 6,583 $ 6,327 Three Months Ended Nine Months Ended April 26, April 28, April 26, April 28, Earnings before interest and taxes Meals & Beverages $ 275 $ 204 $ 799 $ 747 Snacks 154 129 415 386 Corporate (1) (156) (86) (264) (215) Restructuring charges (2) — (2) (10) (22) Total $ 273 $ 245 $ 940 $ 896 _______________________________________ (1) Represents unallocated items. Pension benefit settlement adjustments are included in Corporate. There were settlement charges of $54 and $43 for the three- and nine-month periods ended April 26, 2020, respectively, and charges of $28 in the three- and nine-month periods ended April 28, 2019. A loss of $45 on Acre Venture Partners, L.P. (Acre) was included in the three- and nine-month periods ended April 26, 2020. See Note 14 for additional information on Acre. A loss of $64 on the sale of our European chips business was included in the nine-month period ended April 26, 2020. Costs related to the cost savings initiatives were $14 and $19 in the three-month periods and $40 and $68 in the nine-month periods ended April 26, 2020, and April 28, 2019, respectively. (2) See Note 7 for additional information. |
Additional Product Information for Net Sales [Table Text Block] | Our net sales based on product categories are as follows: Three Months Ended Nine Months Ended April 26, April 28, April 26, April 28, Net sales Soup $ 681 $ 528 $ 2,144 $ 2,020 Snacks 1,040 967 3,005 2,922 Other simple meals 324 270 886 829 Beverages 193 188 548 555 Other — — — 1 Total $ 2,238 $ 1,953 $ 6,583 $ 6,327 |
Restructuring Charges and Cos_2
Restructuring Charges and Cost Savings Initiatives (Tables) - 2015 and Snyder's-Lance Initiatives [Member] | 9 Months Ended | |
Apr. 26, 2020 | ||
Schedule Of Pre-Tax Charge And Remaining Costs [Table Text Block] | A summary of the pre-tax charges recorded in Earnings from continuing operations related to these initiatives is as follows: Three Months Ended Nine Months Ended April 26, April 28, April 26, April 28, Recognized as of April 26, 2020 Restructuring charges $ — $ 2 $ 10 $ 22 $ 239 Administrative expenses 10 12 31 35 294 Cost of products sold 4 4 6 25 73 Marketing and selling expenses — 2 2 6 12 Research and development expenses — 1 1 2 4 Total pre-tax charges $ 14 $ 21 $ 50 $ 90 $ 622 A summary of the pre-tax charges (gains) recorded in Earnings (loss) from discontinued operations is as follows: Three Months Ended Nine Months Ended April 26, April 28, April 26, April 28, Recognized as of April 26, 2020 (1) Total pre-tax charges (gains) $ — $ (1) $ — $ — $ 23 _______________________________________ (1) Includes $19 of severance pay and benefits and $4 of implementation costs and other related costs. As of April 28, 2019, we incurred substantially all of the costs for actions associated with discontinued operations. All of the costs were cash expenditures. A summary of the pre-tax costs in Earnings from continuing operations associated with the initiatives is as follows: Recognized as of April 26, 2020 Severance pay and benefits $ 215 Asset impairment/accelerated depreciation 65 Implementation costs and other related costs 342 Total $ 622 | [1] |
Schedule Of Restructuring Activity And Related Reserves [Table Text Block] | A summary of the restructuring activity and related reserves associated with continuing operations at April 26, 2020, is as follows: Severance Pay and Benefits Implementation Costs and Other Related Asset Impairment/Accelerated Depreciation Total Charges Costs (3) Accrued balance at July 28, 2019 (1) $ 37 2020 charges 10 38 2 $ 50 2020 cash payments (23) Accrued balance at April 26, 2020 (2) $ 24 _______________________________________ (1) Includes $8 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (2) Includes $3 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (3) Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses, Cost of products sold, Marketing and selling expenses, and Research and development expenses in the Consolidated Statements of Earnings. | [2],[3],[4] |
Schedule Of Restructuring Charges Associated With Each Reportable Segment | A summary of the pre-tax costs in Earnings from continuing operations associated with segments is as follows: April 26, 2020 Three Months Ended Nine Months Costs Incurred to Date Meals & Beverages $ 2 $ 7 $ 218 Snacks 10 37 238 Corporate 2 6 166 Total $ 14 $ 50 $ 622 | |
[1] | Includes $19 of severance pay and benefits and $4 of implementation costs and other related costs. | |
[2] | Includes $3 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet | |
[3] | Includes $8 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. | |
[4] | Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses, Cost of products sold, Marketing and selling expenses, and Research and development expenses in the Consolidated Statements of Earnings. |
Pension And Postretirement Be_2
Pension And Postretirement Benefits (Tables) | 9 Months Ended |
Apr. 26, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Components of net benefit expense (income) were as follows: Three Months Ended Nine Months Ended Pension Postretirement Pension Postretirement April 26, 2020 April 28, 2019 April 26, 2020 April 28, April 26, 2020 April 28, 2019 April 26, 2020 April 28, 2019 Service cost $ 4 $ 5 $ — $ 1 $ 14 $ 16 $ — $ 1 Interest cost 14 21 2 2 48 62 5 6 Expected return on plan assets (31) (36) — — (100) (107) — — Amortization of prior service cost — — (7) (8) — — (21) (22) Settlement charge 54 28 — — 43 28 — — Net periodic benefit expense (income) $ 41 $ 18 $ (5) $ (5) $ 5 $ (1) $ (16) $ (15) |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Apr. 26, 2020 | |
Leases [Abstract] | |
Lease, Cost | The components of lease costs were as follows: April 26, 2020 Three Months Ended Nine Months Ended Operating lease cost $ 20 $ 60 Finance lease - amortization of ROU assets 1 2 Short-term lease cost 11 31 Variable lease cost (1) 43 129 Sublease income (1) (3) Total $ 74 $ 219 __________________________________________ (1) Includes labor and other overhead included in our service contracts with embedded leases. |
Schedule of Leases Reported in Balance Sheet | The following table summarizes the lease amounts recorded in the Consolidated Balance Sheet: April 26, 2020 Operating Finance Assets Plant assets, net of depreciation $ — $ 9 Other assets 257 — Total lease assets $ 257 $ 9 Liabilities Short-term borrowings $ — $ 3 Accrued liabilities 66 — Long-term debt — 7 Other liabilities 187 — Total lease liabilities $ 253 $ 10 |
Weighted Average Lease Information | Weighted-average lease terms and discount rates were as follows: April 26, 2020 Operating Finance Weighted-average remaining term in years 6.8 2.9 Weighted-average discount rate 2.7 % 1.9 % |
Finance Lease, Liability, Maturity | Future minimum lease payments were as follows: April 26, 2020 July 28, 2019 New Guidance Previous Guidance Continuing Continuing Discontinued Operating Finance Operating Operating 2020 $ 20 $ 1 $ 61 $ 7 2021 66 3 48 6 2022 39 4 36 4 2023 33 2 26 3 2024 25 — 20 1 Thereafter 98 — 88 — Total future undiscounted lease payments 281 10 $ 279 $ 21 Less imputed interest 28 — Total reported lease liability $ 253 $ 10 In 2020, we expect to record an operating lease liability of $6 for leases with terms up to 5 years that have not yet commenced and are not included in the future minimum lease payments table. |
Operating Lease, Liability, Maturity | Future minimum lease payments were as follows: April 26, 2020 July 28, 2019 New Guidance Previous Guidance Continuing Continuing Discontinued Operating Finance Operating Operating 2020 $ 20 $ 1 $ 61 $ 7 2021 66 3 48 6 2022 39 4 36 4 2023 33 2 26 3 2024 25 — 20 1 Thereafter 98 — 88 — Total future undiscounted lease payments 281 10 $ 279 $ 21 Less imputed interest 28 — Total reported lease liability $ 253 $ 10 In 2020, we expect to record an operating lease liability of $6 for leases with terms up to 5 years that have not yet commenced and are not included in the future minimum lease payments table. |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow and other information related to leases was as follows: Nine Months Ended April 26, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 59 Operating cash flows from finance leases $ — Financing cash flows from finance leases $ 1 ROU assets obtained in exchange for lease obligations: Operating leases $ 77 Finance leases $ 8 ROU assets divested with businesses sold: Operating leases $ 18 Finance leases $ 5 Lease liabilities derecognized upon adoption: Build-to-suit lease commitment $ 20 |
Short-term Borrowings and Lon_2
Short-term Borrowings and Long-term Debt (Tables) | 9 Months Ended |
Apr. 26, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt [Table Text Block] | Short-term borrowings consist of the following: April 26, July 28, Commercial paper $ 485 $ 853 Notes 721 500 Finance leases 3 1 Revolving credit facility 300 — Build-to-suit lease commitment — 20 Other (1) (5) (3) Total short-term borrowings $ 1,504 $ 1,371 _______________________________________ (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 April 26, July 28, Notes 2020 Variable $ — $ 500 Notes 2021 Variable 400 400 Senior Term Loan 2021 Variable — 499 Notes 2021 3.300% 321 650 Notes 2021 4.250% — 500 Debentures 2021 8.875% 200 200 Notes 2023 2.500% 450 450 Notes 2023 3.650% 566 1,200 Notes 2025 3.950% 850 850 Notes 2025 3.300% 300 300 Notes 2028 4.150% 1,000 1,000 Notes 2030 2.375% 500 — Notes 2042 3.800% 163 400 Notes 2048 4.800% 700 700 Notes 2050 3.125% 500 — Finance leases 7 3 Other (1) (45) (49) Total $ 5,912 $ 7,603 Less current portion 721 500 Total long-term debt $ 5,191 $ 7,103 _______________________________________ (1) Includes unamortized net discount/premium on debt issuances and debt issuance costs. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Apr. 26, 2020 | |
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 April 26, 2020, and July 28, 2019: Balance Sheet Classification April 26, July 28, Asset Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Other current assets $ 7 $ — Total derivatives designated as hedges $ 7 $ — Derivatives not designated as hedges: Commodity derivative contracts Other current assets $ 3 $ 3 Deferred compensation derivative contracts Other current assets 1 1 Foreign exchange forward contracts Other current assets — 1 Total derivatives not designated as hedges $ 4 $ 5 Total asset derivatives $ 11 $ 5 Balance Sheet Classification April 26, July 28, Liability Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Current liabilities of discontinued operations $ — $ 2 Total derivatives designated as hedges $ — $ 2 Derivatives not designated as hedges: Commodity derivative contracts Accrued liabilities $ 25 $ 6 Foreign exchange forward contracts Accrued liabilities — 2 Commodity derivative contracts Other liabilities 1 — Total derivatives not designated as hedges $ 26 $ 8 Total liability derivatives $ 26 $ 10 |
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 April 26, 2020, and July 28, 2019, would be adjusted as detailed in the following table: April 26, 2020 July 28, 2019 Derivative Instrument Gross Amounts Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements Net Amount Gross Amounts Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements Net Amount Total asset derivatives $ 11 $ (2) $ 9 $ 5 $ (2) $ 3 Total liability derivatives $ 26 $ (2) $ 24 $ 10 $ (2) $ 8 |
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 April 26, 2020, and July 28, 2019, would be adjusted as detailed in the following table: April 26, 2020 July 28, 2019 Derivative Instrument Gross Amounts Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements Net Amount Gross Amounts Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements Net Amount Total asset derivatives $ 11 $ (2) $ 9 $ 5 $ (2) $ 3 Total liability derivatives $ 26 $ (2) $ 24 $ 10 $ (2) $ 8 |
Schedule Of Changes In Cash-Flow Hedges In Other Comprehensive Income (Loss) [Table Text Block] | The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and nine-month periods ended April 26, 2020, and April 28, 2019, in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings: Total Cash-Flow Hedge Derivatives Designated as Cash-Flow Hedges April 26, April 28, Three Months Ended OCI derivative gain (loss) at beginning of quarter $ (9) $ (8) Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts 8 2 Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold 1 (1) Foreign exchange forward contracts Other expenses / (income) — (1) Forward starting interest rate swaps Interest expense — 1 OCI derivative gain (loss) at end of quarter $ — $ (7) Nine Months Ended OCI derivative gain (loss) at beginning of year $ (11) $ (8) Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts 9 1 Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold — (2) Foreign exchange forward contracts Other expenses / (income) — (1) Foreign exchange forward contracts Earnings (loss) from discontinued operations 1 1 Forward starting interest rate swaps Interest expense 1 2 OCI derivative gain (loss) at end of quarter $ — $ (7) |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table shows the effect of our derivative instruments designated as cash-flow hedges for the three- and nine-month periods ended April 26, 2020, and April 28, 2019, in the Consolidated Statements of Earnings: Three Months Ended Nine Months Ended April 26, April 28, April 26, April 28, Earnings (Loss) from Discontinued Operations Interest Expense Earnings (Loss) from Discontinued Operations Interest Expense Earnings (Loss) from Discontinued Operations Interest Earnings (Loss) from Discontinued Operations Interest Consolidated Statements of Earnings: $ 2 $ 55 $ (39) $ 89 $ 1,036 $ 284 $ (260) $ 271 (Gain) loss on Cash Flow Hedges: Amount of (gain) loss reclassified from OCI to earnings $ — $ — $ — $ 1 $ 1 $ 1 $ 1 $ 2 Amount excluded from effectiveness testing recognized in earnings using an amortization approach $ — $ — $ — $ — $ — $ — $ — $ — |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | The following table shows the effects of our derivative instruments not designated as hedges for the three- and nine-month periods ended April 26, 2020, and April 28, 2019, in the Consolidated Statements of Earnings: Amount of (Gain) Loss Recognized in Earnings on Derivatives Derivatives not Designated as Hedges Location of (Gain) Loss Three Months Ended Nine Months Ended April 26, 2020 April 28, 2019 April 26, 2020 April 28, 2019 Foreign exchange forward contracts Cost of products sold $ (1) $ — $ (1) $ — Foreign exchange forward contracts Other expenses / (income) — — 2 — Commodity derivative contracts Cost of products sold 31 6 27 7 Deferred compensation derivative contracts Administrative expenses 5 (4) 1 (1) Treasury rate lock contracts Interest expense — — (3) — Total (gain) loss at end of quarter $ 35 $ 2 $ 26 $ 6 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Apr. 26, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets And Liabilities Measured on Recurring Basis [Table Text Block] | The following table presents our financial assets and liabilities that are measured at fair value on a recurring basis as of April 26, 2020, and July 28, 2019, 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) $ 7 $ — $ 7 $ — $ 1 $ — $ 1 $ — Commodity derivative contracts (2) 3 1 1 1 3 2 1 — Deferred compensation derivative contracts (3) 1 — 1 — 1 — 1 — Deferred compensation investments (4) 3 3 — — 4 4 — — Fair value option investments (5) 29 — — 29 76 — — 76 Total assets at fair value $ 43 $ 4 $ 9 $ 30 $ 85 $ 6 $ 3 $ 76 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 Foreign exchange forward contracts (1) $ — $ — $ — $ — $ 4 $ — $ 4 $ — Commodity derivative contracts (2) 26 16 10 — 6 3 3 — Deferred compensation obligation (4) 86 86 — — 95 95 — — Total liabilities at fair value $ 112 $ 102 $ 10 $ — $ 105 $ 98 $ 7 $ — ___________________________________ (1) Based on observable market transactions of spot currency rates and forward rates. (2) Level 1 and 2 are based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. Level 3 is based on unobservable inputs in which there is little or no market data, which requires management’s own assumptions within an internally developed model. (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. Prior to April 26, 2020, fair value was 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, were used in distributing fair value among various equity holders according to rights and preferences. We entered into an agreement to sell our interest in Acre on April 26, 2020, and completed the sale on May 8, 2020. As a result of the pending sale, we adjusted the fair value based on the proceeds and reclassified the assets to assets held for sale on the Consolidated Balance Sheet. See Note 14 for additional information. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table summarizes the changes in fair value of Level 3 assets for the nine-month periods ended April 26, 2020, and April 28, 2019: Nine Months Ended April 26, April 28, Fair value at beginning of year $ 76 $ 77 Gains (losses) (46) 1 Purchases 1 — Settlements (1) — Fair value at end of quarter $ 30 $ 78 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Apr. 26, 2020 | |
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 Earnings from continuing operations were as follows: Three Months Ended Nine Months Ended April 26, April 28, April 26, April 28, Total pre-tax stock-based compensation expense $ 14 $ 12 $ 45 $ 40 Tax-related benefits $ 3 $ 2 $ 9 $ 7 Total pre-tax stock-based compensation expense and tax-related benefits recognized in Earnings (loss) from discontinued operations were as follows: Three Months Ended Nine Months Ended April 26, April 28, April 26, April 28, Total pre-tax stock-based compensation expense $ — $ 2 $ 2 $ 5 Tax-related benefits $ — $ 1 $ — $ 2 |
Share-based Payment Arrangement, Option [Member] | |
Stock-based Compensation | |
Schedule Of Stock Option Activity [Table Text Block] | The following table summarizes stock option activity as of April 26, 2020: Options Weighted- Weighted- Aggregate (Options in (In years) Outstanding at July 28, 2019 2,059 $ 46.17 Granted — $ — Exercised (481) $ 47.33 Terminated (155) $ 49.46 Outstanding at April 26, 2020 1,423 $ 45.42 7.2 $ 9 Exercisable at April 26, 2020 833 $ 50.23 6.4 $ 2 |
Schedule Of Share Based Payment Award Valuation Assumptions [Table Text Block] | The weighted-average assumptions and grant-date fair value for grants in 2019 were as follows: 2019 Risk-free interest rate 2.79% Expected dividend yield 3.84% Expected volatility 25.28% Expected term 6.1 years Grant-date fair value $6.27 |
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 April 26, 2020: Units Weighted-Average Grant-Date Fair Value (Restricted stock Nonvested at July 28, 2019 1,308 $ 37.33 Granted 619 $ 63.06 Vested — $ — Forfeited (657) $ 41.13 Nonvested at April 26, 2020 1,270 $ 47.90 |
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. Weighted-average assumptions used in the Monte Carlo simulation were as follows: 2020 2019 Risk-free interest rate 1.48% 2.80% Expected dividend yield 2.95% 3.79% Expected volatility 27.01% 24.50% Expected term 3 years 3 years |
Time Lapse, EPS Performance, FCF Performance And Strategic Performance Restricted Stock Units [Member] | |
Stock-based Compensation | |
Time-Lapse Restricted Stock Units, EPS Performance Restricted Stock Units and FCF Performance Restricted Stock Units[Table Text Block] | The following table summarizes time-lapse restricted stock units, EPS performance restricted stock units and FCF performance restricted stock units as of April 26, 2020: Units Weighted-Average Grant-Date Fair Value (Restricted stock Nonvested at July 28, 2019 1,960 $ 40.57 Granted 1,141 $ 46.77 Vested (723) $ 43.23 Forfeited (362) $ 41.55 Nonvested at April 26, 2020 2,016 $ 42.95 |
Supplemental Financial Statem_2
Supplemental Financial Statement Data (Tables) | 9 Months Ended |
Apr. 26, 2020 | |
Disclosure Text Block Supplement [Abstract] | |
Condensed Balance Sheet | Balance Sheets April 26, 2020 July 28, Inventories Raw materials, containers and supplies $ 291 $ 271 Finished products 440 592 $ 731 $ 863 |
Schedule Of Statements Of Earnings Supplemental Disclosures [Table Text Block] | Three Months Ended Nine Months Ended Statements of Earnings April 26, 2020 April 28, 2019 April 26, 2020 April 28, 2019 Other expenses / (income) Amortization of intangible assets $ 11 $ 13 $ 33 $ 36 Net periodic benefit income other than the service cost (22) (20) (68) (60) Pension settlement charges 54 28 43 28 Investment (gains) / losses (1) 45 (8) 49 (1) Loss on sale of business (2) — — 64 — Transition services fees (3) — (5) — Other (4) 7 (1) 9 $ 81 $ 20 $ 115 $ 12 ____________________________ (1) Includes a loss of $45 on Acre for the three- and nine-month periods ended April 26, 2020. See Note 14 for additional information. (2) See Note 3 for additional information. |
Basis of Presentations and Si_3
Basis of Presentations and Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | |
Aug. 02, 2020 | Jul. 28, 2019 | |
Fiscal Period Number Of Weeks | 52 | |
Forecast [Member] | ||
Fiscal Period Number Of Weeks | 53 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Millions | Apr. 26, 2020 | Jul. 29, 2019 | Jul. 28, 2019 | Jul. 29, 2018 | |
Operating Lease, Right-of-Use Asset | $ 257 | ||||
Operating Lease, Liability | 253 | ||||
Plant assets, net of depreciation | 2,340 | $ 2,455 | |||
Short-term borrowings | 1,504 | $ 1,371 | |||
Other Assets [Member] | |||||
Operating Lease, Right-of-Use Asset | 257 | ||||
Accounting Standards Update 2014-09 [Member] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [1] | $ 8 | |||
Accounting Standards Update 2014-09 [Member] | Earnings Retained In The Business [Member] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 8 | ||||
Accounting Standards Update 2014-09 [Member] | Accrued Liabilities [Member] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (10) | ||||
Accounting Standards Update 2014-09 [Member] | Accounts Payable [Member] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (1) | ||||
Accounting Standards Update 2014-09 [Member] | Other Liabilities [Member] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 2 | ||||
Accounting Standards Update 2014-09 [Member] | Other Assets [Member] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 1 | ||||
Accounting Standards Update 2016-02 [Member] | |||||
Operating Lease, Right-of-Use Asset | $ 259 | ||||
Operating Lease, Liability | 254 | ||||
Plant assets, net of depreciation | (20) | ||||
Short-term borrowings | $ (20) | $ (20) | |||
Accounting Standards Update 2018-02 [Member] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [1] | 0 | |||
Accounting Standards Update 2018-02 [Member] | Earnings Retained In The Business [Member] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 9 | ||||
Accounting Standards Update 2018-02 [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (9) | ||||
[1] | See Note 2 for additional detail. |
Divestitures (Narrative) (Detai
Divestitures (Narrative) (Details) £ in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||||||
Apr. 26, 2020USD ($) | Jan. 26, 2020USD ($) | Oct. 27, 2019USD ($) | Jul. 28, 2019USD ($) | Apr. 28, 2019USD ($) | Jan. 27, 2019USD ($) | Oct. 28, 2018USD ($) | Apr. 26, 2020GBP (£) | Apr. 26, 2020USD ($) | Apr. 28, 2019USD ($) | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net sales | $ 2,238 | $ 1,953 | $ 6,583 | $ 6,327 | |||||||
Net (gain) loss on sale of business | 975 | (18) | |||||||||
Taxes on earnings | 52 | 33 | 153 | 147 | |||||||
Bolthouse Farms [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | 29 | ||||||||||
Campbell Fresh [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Discontinued Operations, Impairment charges | 0 | 360 | |||||||||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | 23 | 21 | |||||||||
Campbell Fresh [Member] | U.S Refrigerated Soup & Garden Fresh Gourmet [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from Divestiture of Businesses | 55 | ||||||||||
Campbell Fresh [Member] | Bolthouse Farms [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from Divestiture of Businesses | $ 500 | ||||||||||
Campbell Fresh [Member] | U.S. Refrigerated Soup [Member] | Property, Plant and Equipment [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Discontinued Operations, Impairment charges | $ 14 | ||||||||||
Campbell Fresh [Member] | Bolthouse Farms carrot and carrot ingredients [Member] | Property, Plant and Equipment [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Discontinued Operations, Impairment charges | $ 104 | ||||||||||
Campbell Fresh [Member] | Bolthouse Farms carrot and carrot ingredients [Member] | Trademarks [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Discontinued Operations, Impairment charges | 18 | ||||||||||
Campbell Fresh [Member] | Bolthouse Farms carrot and carrot ingredients [Member] | Customer Relationships [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Discontinued Operations, Impairment charges | 40 | ||||||||||
Campbell Fresh [Member] | Bolthouse Farms carrot and carrot ingredients [Member] | Technology-Based Intangible Assets [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Discontinued Operations, Impairment charges | 15 | ||||||||||
Campbell Fresh [Member] | Bolthouse Farms refrigerated beverages and salad dressing [Member] | Property, Plant and Equipment [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Discontinued Operations, Impairment charges | 9 | ||||||||||
Campbell Fresh [Member] | Bolthouse Farms refrigerated beverages and salad dressing [Member] | Trademarks [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Discontinued Operations, Impairment charges | 74 | ||||||||||
Campbell Fresh [Member] | Bolthouse Farms refrigerated beverages and salad dressing [Member] | Customer Relationships [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Discontinued Operations, Impairment charges | 22 | ||||||||||
Campbell Fresh [Member] | Garden Fresh Gourmet [Member] | Property, Plant and Equipment [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Discontinued Operations, Impairment charges | 2 | ||||||||||
Campbell Fresh [Member] | Garden Fresh Gourmet [Member] | Trademarks [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Discontinued Operations, Impairment charges | 23 | ||||||||||
Campbell Fresh [Member] | Garden Fresh Gourmet [Member] | Customer Relationships [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Discontinued Operations, Impairment charges | $ 39 | ||||||||||
Kelsen [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from Divestiture of Businesses | $ 322 | ||||||||||
Arnott's and International [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from Divestiture of Businesses | 4 | $ 2,286 | |||||||||
European chips business [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from Divestiture of Businesses | £ 63 | 77 | |||||||||
Net sales | 33 | 25 | 93 | ||||||||
Net (gain) loss on sale of business | [1] | 0 | $ 0 | $ (64) | $ 0 | ||||||
European chips business [Member] | Continuing Operations [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Taxes on earnings | $ (19) | ||||||||||
[1] | See Note 3 for additional information |
Divestitures (Schedule of Resul
Divestitures (Schedule of Results of Operations of Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 26, 2020 | Apr. 28, 2019 | Apr. 26, 2020 | Apr. 28, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Earnings (loss) from discontinued operations | $ 2 | $ (39) | $ 1,036 | $ (260) |
Campbell Fresh [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Revenue | 210 | 666 | ||
Discontinued Operations, Impairment charges | 0 | 360 | ||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 7 | (361) | ||
Discontinued Operation, Tax Effect of Discontinued Operation | 7 | (82) | ||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | (24) | (31) | ||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | 23 | 21 | ||
Earnings (loss) from discontinued operations | (47) | (331) | ||
Campbell International [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Revenue | 225 | 359 | 802 | |
Discontinued Operations, Impairment charges | 0 | 0 | 0 | |
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 21 | 53 | 115 | |
Discontinued Operation, Tax Effect of Discontinued Operation | 12 | 17 | 39 | |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | (2) | 1,039 | (7) | |
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | (1) | 39 | (2) | |
Earnings (loss) from discontinued operations | $ 8 | $ 1,036 | $ 71 |
Divestitures (Schedule of Asset
Divestitures (Schedule of Assets and Liabilites of Discontinued Operations) (Details) - USD ($) $ in Millions | Apr. 26, 2020 | Jul. 28, 2019 | Apr. 28, 2019 | Jul. 29, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | $ 0 | $ 148 | $ 161 | $ 177 |
Disposal Group, Including Discontinued Operation, Assets, Current, Total | 0 | 428 | ||
Current liabilities of discontinued operations | $ 0 | 469 | ||
Campbell International [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | 148 | |||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 135 | |||
Disposal Group, Including Discontinued Operation, Inventory | 135 | |||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 10 | |||
Disposal Group, Including Discontinued Operation, Assets, Current, Total | 428 | |||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent | 340 | |||
Disposal Group, Including Discontinued Operation, Goodwill | 661 | |||
Disposal Group, Including Discontinued Operation, Intangible Assets | 135 | |||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 31 | |||
Disposal Group, Including Discontinued Operation, Assets, Total | 1,595 | |||
Disposal Group, Including Discontinued Operation, Accounts Payable | 109 | |||
Disposal Group, Including Discontinued Operation, Accrued Liabilities | 114 | |||
Disposal Group, Including Discontinued Operation, Accrued Income Tax Payable | 14 | |||
Current liabilities of discontinued operations | 469 | |||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 27 | |||
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities | 32 | |||
Disposal Group, Including Discontinued Operation, Liabilities | 534 | |||
Debt [Member] | Campbell International [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 232 | |||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | $ 6 |
Divestitures (Condensed Cash Fl
Divestitures (Condensed Cash Flow Statement) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Apr. 26, 2020 | Apr. 28, 2019 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | [1] | $ 0 | $ 72 |
Discontinued Operation, net (gain) loss on sales of businesses | (1,039) | 18 | |
Payments to Acquire Property, Plant, and Equipment | 220 | 274 | |
Proceeds from Divestiture of Businesses, Net of Cash Divested | 2,537 | 54 | |
Asset Impairment Accelerated Depreciation [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued Operations, Impairment charges | 0 | 360 | |
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Payments to Acquire Property, Plant, and Equipment | 30 | 45 | |
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 2,466 | $ 54 | |
[1] | Depreciation and amortization are no longer recognized once businesses are classified as held for sale/discontinued operations. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Apr. 26, 2020 | Apr. 28, 2019 | Apr. 26, 2020 | Apr. 28, 2019 | Jul. 28, 2019 | Jul. 29, 2018 | |||
Beginning Balance | $ (198) | |||||||
Other comprehensive income (loss), after tax | $ (11) | $ (31) | 192 | $ (65) | ||||
Ending Balance | (7) | (7) | ||||||
Accumulated Other Comprehensive Income Foreign Currency Translation Tax (Benefit) Expense | 4 | 4 | $ 4 | $ 6 | ||||
Accumulated Other Comprehensive Income Cashflow Hedges Tax (Benefit) Expense | 1 | (1) | 1 | (1) | (2) | (4) | ||
Accumulated Other Comprehensive Income Unamortized Pension And Post Retirement Tax (Benefit) Expense | 3 | 10 | 3 | 10 | $ 8 | 25 | ||
Accumulated Translation Adjustment [Member] | ||||||||
Beginning Balance | [1] | (218) | (154) | |||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | (11) | (49) | ||||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 210 | [2] | 0 | |||||
Other comprehensive income (loss), after tax | 199 | (49) | ||||||
Ending Balance | [1] | (19) | (201) | (19) | (201) | |||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||||
Beginning Balance | [3] | (9) | (4) | |||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 7 | 1 | ||||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 1 | [2] | 0 | |||||
Other comprehensive income (loss), after tax | 8 | 1 | ||||||
Ending Balance | [3] | (1) | (6) | (1) | (6) | |||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||||||
Beginning Balance | [4] | 29 | 40 | |||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 0 | 0 | ||||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | (16) | [2] | (17) | |||||
Other comprehensive income (loss), after tax | (16) | (17) | ||||||
Ending Balance | [4] | 13 | 33 | 13 | 33 | |||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||
Beginning Balance | (198) | (118) | ||||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | (4) | (48) | ||||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 195 | [2] | (17) | |||||
Other comprehensive income (loss), after tax | (12) | (31) | 191 | (65) | ||||
Ending Balance | $ (7) | $ (174) | $ (7) | $ (174) | ||||
Accounting Standards Update 2018-02 [Member] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [5] | 0 | ||||||
Accounting Standards Update 2018-02 [Member] | Accumulated Translation Adjustment [Member] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [6] | 2 | ||||||
Accounting Standards Update 2018-02 [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [6] | (3) | ||||||
Accounting Standards Update 2018-02 [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [6] | 10 | ||||||
Accounting Standards Update 2018-02 [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [5],[6] | $ 9 | ||||||
[1] | Included no tax as of April 26, 2020, a tax expense of $4 as of July 28, 2019, and April 28, 2019, and $6 as of July 29, 2018. | |||||||
[2] | Reflects amounts reclassified from sale of businesses. See Note 3 for additional information. | |||||||
[3] | Included a tax expense of $1 as of April 26, 2020, and a tax benefit of $2 as of July 28, 2019, $1 as of April 28, 2019, and $4 as of July 29, 2018. | |||||||
[4] | Included a tax expense of $3 as of April 26, 2020, $8 as of July 28, 2019, $10 as of April 28, 2019, and $25 as of July 29, 2018. | |||||||
[5] | See Note 2 for additional detail. | |||||||
[6] | Reflects the adoption of the FASB guidance on stranded tax effects. See Note 2 for additional information. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Schecule of amounts reclassified from AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 26, 2020 | Apr. 28, 2019 | Apr. 26, 2020 | Apr. 28, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cost of products sold | $ 1,466 | $ 1,298 | $ 4,331 | $ 4,240 |
Other expenses / (income) | 81 | 20 | 115 | 12 |
Earnings (loss) from discontinued operations | (2) | 39 | (1,036) | 260 |
Interest expense | 55 | 89 | 284 | 271 |
Taxes on earnings | 52 | 33 | 153 | 147 |
Net earnings attributable to Campbell Soup Company | (168) | (84) | (1,542) | (219) |
Accumulated Translation Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other expenses / (income) | 0 | 0 | 23 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 | 183 | 0 |
Earnings before taxes | 0 | 0 | 206 | 0 |
Taxes on earnings | 0 | 0 | 4 | 0 |
Net earnings attributable to Campbell Soup Company | 0 | 0 | 210 | 0 |
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 | 1 | (1) | 2 | 0 |
Taxes on earnings | 0 | 0 | (1) | 0 |
Net earnings attributable to Campbell Soup Company | 1 | (1) | 1 | 0 |
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 | (1) | 0 | (2) |
Other expenses / (income) | 0 | (1) | 0 | (1) |
Earnings (loss) from discontinued operations | 0 | 0 | 1 | 1 |
Interest expense | 0 | 1 | 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 | 0 | 1 | 1 | 2 |
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) | (7) | (8) | (21) | (22) |
Taxes on earnings | 2 | 2 | 5 | 5 |
Net earnings attributable to Campbell Soup Company | $ (5) | $ (6) | $ (16) | $ (17) |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Apr. 26, 2020 | Apr. 28, 2019 | Apr. 26, 2020 | Apr. 28, 2019 | Jul. 28, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 2,611 | $ 2,611 | $ 2,629 | ||
Amortization of Intangible Assets | 11 | $ 13 | 33 | $ 36 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 44 | 44 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 44 | 44 | |||
Finite Lived Intangible Assets, Amortization Expense, Year Three | 44 | 44 | |||
Finite Lived Intangible Assets, Amortization Expense, Year Four | 44 | 44 | |||
Finite Lived Intangible Assets, Amortization Expense, Year Five | 44 | 44 | |||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of Intangible Assets | $ 8 | ||||
Snyder's-Lance [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 1,978 | 1,978 | |||
Trade Name - Pacific Foods [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 280 | 280 | |||
Trade Names - Pace [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 292 | $ 292 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Goodwill) (Details) $ in Millions | 9 Months Ended | |
Apr. 26, 2020USD ($) | ||
Goodwill [Line Items] | ||
Beginning Balance | $ 4,017 | |
Goodwill, Written off Related to Sale of Business Unit | (34) | [1] |
Foreign currency translation adjustment | (2) | |
Ending Balance | 3,981 | |
Meals & Beverages [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 977 | |
Goodwill, Written off Related to Sale of Business Unit | 0 | [1] |
Foreign currency translation adjustment | (6) | |
Ending Balance | 971 | |
Snacks [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 3,040 | |
Goodwill, Written off Related to Sale of Business Unit | (34) | [1] |
Foreign currency translation adjustment | 4 | |
Ending Balance | $ 3,010 | |
[1] | On October 11, 2019, we completed the sale of our European chips business. See Note 3 for additional information. |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Apr. 26, 2020 | Jul. 28, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 865 | $ 869 |
Finite-Lived Intangible Assets, Accumulated Amortization | (114) | (83) |
Finite-Lived Intangible Assets, Net | 751 | 786 |
Indefinite-lived Intangible Assets (Excluding Goodwill) | 2,611 | 2,629 |
Total net intangible assets | 3,362 | 3,415 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 851 | 855 |
Finite-Lived Intangible Assets, Accumulated Amortization | (100) | (70) |
Finite-Lived Intangible Assets, Net | $ 751 | 785 |
Customer Relationships [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 22 years | |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 14 | 14 |
Finite-Lived Intangible Assets, Accumulated Amortization | (14) | (13) |
Finite-Lived Intangible Assets, Net | $ 0 | $ 1 |
Other Intangible Assets [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 1 year 6 months | |
Other Intangible Assets [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Reporting - Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 26, 2020 | Apr. 28, 2019 | Apr. 26, 2020 | Apr. 28, 2019 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 2,238 | $ 1,953 | $ 6,583 | $ 6,327 |
Meals & Beverages [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,210 | 1,006 | 3,628 | 3,457 |
Snacks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,028 | 947 | 2,955 | 2,869 |
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 0 | $ 0 | $ 0 | $ 1 |
Segment Information (Schedule_2
Segment Information (Schedule Of Segment Reporting - Earnings Before Interest And Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Apr. 26, 2020 | Apr. 28, 2019 | Apr. 26, 2020 | Apr. 28, 2019 | ||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | $ 273 | $ 245 | $ 940 | $ 896 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), (Gain) Loss Due to Settlement | 54 | 28 | 43 | 28 | |
Investment (gains) / losses | 49 | 0 | |||
Net (gain) loss on sale of business | 975 | (18) | |||
Pension Plan [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), (Gain) Loss Due to Settlement | 54 | 28 | 43 | 28 | |
Meals & Beverages [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | 275 | 204 | 799 | 747 | |
Snacks [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | 154 | 129 | 415 | 386 | |
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | [1] | (156) | (86) | (264) | (215) |
Net (gain) loss on sale of business | (64) | ||||
Restructuring and Related Cost, Incurred Cost | (14) | (19) | (40) | (68) | |
Corporate, Non-Segment [Member] | Acre Venture Partners [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Investment (gains) / losses | 45 | 45 | |||
Corporate, Non-Segment [Member] | Pension Plan [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), (Gain) Loss Due to Settlement | 54 | 28 | 43 | 28 | |
Restructuring Charges [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | [2] | $ 0 | $ (2) | $ (10) | $ (22) |
[1] | Represents unallocated items. Pension benefit settlement adjustments are included in Corporate. There were settlement charges of $54 and $43 for the three- and nine-month periods ended April 26, 2020, respectively, and charges of $28 in the three- and nine-month periods ended April 28, 2019. A loss of $45 on Acre Venture Partners, L.P. (Acre) was included in the three- and nine-month periods ended April 26, 2020. See Note 14 for additional information on Acre. A loss of $64 on the sale of our European chips business was included in the nine-month period ended April 26, 2020. Costs related to the cost savings initiatives were $14 and $19 in the three-month periods and $40 and $68 in the nine-month periods ended April 26, 2020, and April 28, 2019, respectively. | ||||
[2] | See Note 7 for additional information. |
Segment Information (Additional
Segment Information (Additional Product Information For Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 26, 2020 | Apr. 28, 2019 | Apr. 26, 2020 | Apr. 28, 2019 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 2,238 | $ 1,953 | $ 6,583 | $ 6,327 |
Soup [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 681 | 528 | 2,144 | 2,020 |
Snacks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,040 | 967 | 3,005 | 2,922 |
Other Simple Meals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 324 | 270 | 886 | 829 |
Beverages [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 193 | 188 | 548 | 555 |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 0 | $ 0 | $ 0 | $ 1 |
Restructuring Charges and Cos_3
Restructuring Charges and Cost Savings Initiatives (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | 24 Months Ended | ||||
Apr. 26, 2020 | Apr. 28, 2019 | Aug. 01, 2021 | Jul. 28, 2019 | |||
Restructuring Cost and Reserve [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | $ 220 | $ 274 | ||||
2015 and Snyder's-Lance Initiatives [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | $ 311 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Meals & Beverages [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost Allocation | 33.00% | |||||
2015 and Snyder's-Lance Initiatives [Member] | Snacks [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost Allocation | 42.00% | |||||
2015 and Snyder's-Lance Initiatives [Member] | Corporate, Non-Segment [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost Allocation | 25.00% | |||||
2015 and Snyder's-Lance Initiatives [Member] | Forecast [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | $ 420 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Severance Pay And Benefits [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | $ 24 | [1] | $ 37 | [2] | ||
2015 and Snyder's-Lance Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 65 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Minimum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 665 | |||||
Effect on Future Cash Flows, Amount | 590 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Minimum [Member] | Severance Pay And Benefits [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 215 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Minimum [Member] | Implementation Costs and Other Related Costs [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 385 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Maximum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 690 | |||||
Effect on Future Cash Flows, Amount | 615 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Maximum [Member] | Severance Pay And Benefits [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 220 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Maximum [Member] | Implementation Costs and Other Related Costs [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | $ 405 | |||||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | 2015 and Snyder's-Lance Initiatives [Member] | Severance Pay And Benefits [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | $ 1 | |||||
[1] | Includes $3 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet | |||||
[2] | Includes $8 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. |
Restructuring Charges and Cos_4
Restructuring Charges and Cost Savings Initiatives (Schedule Of Pre-Tax Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Apr. 26, 2020 | Apr. 28, 2019 | Apr. 26, 2020 | Apr. 28, 2019 | ||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 0 | $ 2 | $ 10 | $ 22 | |
2015 and Snyder's-Lance Initiatives [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 0 | 2 | 10 | 22 | |
Restructuring and Related Cost, Incurred Cost | 14 | 21 | 50 | 90 | |
Restructuring and Related Cost, Cost Incurred to Date | 622 | 622 | |||
2015 and Snyder's-Lance Initiatives [Member] | Severance Pay And Benefits [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 10 | ||||
Restructuring and Related Cost, Cost Incurred to Date | 215 | 215 | |||
2015 and Snyder's-Lance Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 2 | ||||
Restructuring and Related Cost, Cost Incurred to Date | 65 | 65 | |||
2015 and Snyder's-Lance Initiatives [Member] | Implementation Costs and Other Related Costs [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 342 | 342 | |||
2015 and Snyder's-Lance Initiatives [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 0 | (1) | 0 | 0 | |
Restructuring and Related Cost, Cost Incurred to Date | [1] | 23 | 23 | ||
2015 and Snyder's-Lance Initiatives [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Severance Pay And Benefits [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 19 | 19 | |||
2015 and Snyder's-Lance Initiatives [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Implementation Costs and Other Related Costs [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 4 | 4 | |||
2015 and Snyder's-Lance Initiatives [Member] | Restructuring Charges [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 239 | 239 | |||
2015 and Snyder's-Lance Initiatives [Member] | General and Administrative Expense [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 10 | 12 | 31 | 35 | |
Restructuring and Related Cost, Cost Incurred to Date | 294 | 294 | |||
2015 and Snyder's-Lance Initiatives [Member] | Cost Of Products Sold [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 4 | 4 | 6 | 25 | |
Restructuring and Related Cost, Cost Incurred to Date | 73 | 73 | |||
2015 and Snyder's-Lance Initiatives [Member] | Selling and Marketing Expense [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 0 | 2 | 2 | 6 | |
Restructuring and Related Cost, Cost Incurred to Date | 12 | 12 | |||
2015 and Snyder's-Lance Initiatives [Member] | Research and Development Expense [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 0 | $ 1 | 1 | $ 2 | |
Restructuring and Related Cost, Cost Incurred to Date | $ 4 | $ 4 | |||
[1] | Includes $19 of severance pay and benefits and $4 of implementation costs and other related costs. |
Restructuring Charges and Cos_5
Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Activity And Related Reserves) (Details) - 2015 and Snyder's-Lance Initiatives [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Apr. 26, 2020 | Apr. 28, 2019 | Apr. 26, 2020 | Apr. 28, 2019 | Jul. 28, 2019 | ||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring and Related Cost, Incurred Cost | $ 14 | $ 21 | $ 50 | $ 90 | ||
Severance Pay And Benefits [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Accrued Balance at beginning of period | [1] | 37 | ||||
Restructuring and Related Cost, Incurred Cost | 10 | |||||
Cash Payments | (23) | |||||
Accrued Balance at end of period | [2] | 24 | 24 | |||
Restructuring Reserve, Noncurrent | $ 3 | 3 | $ 8 | |||
Other Cost Savings Implementation Costs [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring and Related Cost, Incurred Cost | [3] | 38 | ||||
Asset Impairment Accelerated Depreciation [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring and Related Cost, Incurred Cost | $ 2 | |||||
[1] | Includes $8 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. | |||||
[2] | Includes $3 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet | |||||
[3] | Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses, Cost of products sold, Marketing and selling expenses, and Research and development expenses in the Consolidated Statements of Earnings. |
Restructuring Charges and Cos_6
Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Charges Associated With Each Reportable Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 26, 2020 | Apr. 28, 2019 | Apr. 26, 2020 | Apr. 28, 2019 | |
Corporate, Non-Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | $ 14 | $ 19 | $ 40 | $ 68 |
2015 and Snyder's-Lance Initiatives [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 622 | 622 | ||
Restructuring and Related Cost, Incurred Cost | 14 | $ 21 | 50 | $ 90 |
2015 and Snyder's-Lance Initiatives [Member] | Meals & Beverages [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 218 | 218 | ||
Restructuring and Related Cost, Incurred Cost | 2 | 7 | ||
2015 and Snyder's-Lance Initiatives [Member] | Snacks [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 238 | 238 | ||
Restructuring and Related Cost, Incurred Cost | 10 | 37 | ||
2015 and Snyder's-Lance Initiatives [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 166 | 166 | ||
Restructuring and Related Cost, Incurred Cost | $ 2 | $ 6 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 26, 2020 | Apr. 28, 2019 | Apr. 26, 2020 | Apr. 28, 2019 | |
Share-based Payment Arrangement, Option [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 | 2 | 1 | 2 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) | 9 Months Ended |
Apr. 26, 2020 | |
Swire Pacific Limited [Member] | |
Noncontrolling Interest [Line Items] | |
Ownership Percentage | 60.00% |
Acre Venture Partners [Member] | |
Noncontrolling Interest [Line Items] | |
LLC ownership percentage | 99.80% |
Pension And Postretirement Be_3
Pension And Postretirement Benefits (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 26, 2020 | Apr. 28, 2019 | Apr. 26, 2020 | Apr. 28, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), (Gain) Loss Due to Settlement | $ 54 | $ 28 | $ 43 | $ 28 |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), (Gain) Loss Due to Settlement | $ 54 | $ 28 | $ 43 | $ 28 |
Pension And Postretirement Be_4
Pension And Postretirement Benefits (Schedule Of Components of Benefit Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 26, 2020 | Apr. 28, 2019 | Apr. 26, 2020 | Apr. 28, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), (Gain) Loss Due to Settlement | $ 54 | $ 28 | $ 43 | $ 28 |
Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 4 | 5 | 14 | 16 |
Defined Benefit Plan, Interest Cost | 14 | 21 | 48 | 62 |
Expected return on plan assets | (31) | (36) | (100) | (107) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), (Gain) Loss Due to Settlement | 54 | 28 | 43 | 28 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 41 | 18 | 5 | (1) |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 0 | 1 | 0 | 1 |
Defined Benefit Plan, Interest Cost | 2 | 2 | 5 | 6 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (7) | (8) | (21) | (22) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), (Gain) Loss Due to Settlement | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (5) | $ (5) | $ (16) | $ (15) |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 26, 2020 | Apr. 26, 2020 | Aug. 02, 2020 | Apr. 27, 2020 | |
Lease, Cost | $ 74 | $ 219 | ||
Operating Lease, Liability | $ 253 | $ 253 | ||
Minimum [Member] | ||||
Term of lease contracts | 1 year | 1 year | ||
Maximum [Member] | ||||
Term of lease contracts | 15 years | 15 years | ||
Forecast [Member] | ||||
Operating Lease, Liability | $ 6 | |||
Term of lease contracts | 5 years | |||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | ||||
Lease, Cost | $ 4 |
Leases (Costs) (Details)
Leases (Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Apr. 26, 2020 | Apr. 26, 2020 | |
Leases [Abstract] | ||
Operating Lease, Cost | $ 20 | $ 60 |
Finance lease, amortization of right-of-use assets | 1 | 2 |
Short-term Lease, Cost | 11 | 31 |
Variable Lease, Cost | 43 | 129 |
Sublease Income | (1) | (3) |
Lease, Cost, Total | $ 74 | $ 219 |
Leases (Reported in Balance She
Leases (Reported in Balance Sheet) (Details) - USD ($) $ in Millions | Apr. 26, 2020 | Jul. 28, 2019 |
Operating Lease, Right-of-Use Asset | $ 257 | |
Finance Lease, Right-of-Use Asset | 9 | |
Operating Lease, Liability | 253 | |
Finance Lease, Liability, Noncurrent | 7 | $ 3 |
Finance Lease, Liability | 10 | |
Property, Plant and Equipment [Member] | ||
Operating Lease, Right-of-Use Asset | 0 | |
Finance Lease, Right-of-Use Asset | 9 | |
Other Assets [Member] | ||
Operating Lease, Right-of-Use Asset | 257 | |
Finance Lease, Right-of-Use Asset | 0 | |
Short-term Debt [Member] | ||
Operating Lease, Liability, Current | 0 | |
Finance Lease, Liability, Current | 3 | |
Accrued Liabilities [Member] | ||
Operating Lease, Liability, Current | 66 | |
Finance Lease, Liability, Current | 0 | |
Long-term Debt [Member] | ||
Operating Lease, Liability, Noncurrent | 0 | |
Finance Lease, Liability, Noncurrent | 7 | |
Other Liabilities [Member] | ||
Operating Lease, Liability, Noncurrent | 187 | |
Finance Lease, Liability, Noncurrent | $ 0 |
Leases (Weighted Average Terms
Leases (Weighted Average Terms and Discount Rate) (Details) | Apr. 26, 2020 |
Leases [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 9 months 18 days |
Finance Lease, Weighted Average Remaining Lease Term | 2 years 10 months 24 days |
Lessee, Operating Lease, Discount Rate | 2.70% |
Lessee, Finance Lease, Discount Rate | 1.90% |
Leases (Maturity of Lease Liabi
Leases (Maturity of Lease Liabilities) (Details) - USD ($) $ in Millions | Apr. 26, 2020 | Jul. 28, 2019 |
Operating Lease, Liability | $ 253 | |
Finance Lease, Liability | 10 | |
Continuing Operations [Member] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 20 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 66 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 39 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 33 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 25 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 98 | |
Lessee, Operating Lease, Liability, Payments, Due, Total | 281 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 28 | |
Operating Lease, Liability | 253 | |
Finance Lease, Liability, Payments, Due Next Twelve Months | 1 | |
Finance Lease, Liability, Payments, Due Year Two | 3 | |
Finance Lease, Liability, Payments, Due Year Three | 4 | |
Finance Lease, Liability, Payments, Due Year Four | 2 | |
Finance Lease, Liability, Payments, Due Year Five | 0 | |
Finance Lease, Liability, Payments, Due after Year Five | 0 | |
Finance Lease, Liability, Payment, Due, Total | 10 | |
Finance Lease, Liability, Undiscounted Excess Amount | 0 | |
Finance Lease, Liability | $ 10 | |
Previous Accounting Guidance | Continuing Operations [Member] | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 61 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 48 | |
Operating Leases, Future Minimum Payments, Due in Three Years | 36 | |
Operating Leases, Future Minimum Payments, Due in Four Years | 26 | |
Operating Leases, Future Minimum Payments, Due in Five Years | 20 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 88 | |
Operating Leases, Future Minimum Payments Due, Total | 279 | |
Previous Accounting Guidance | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 7 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 6 | |
Operating Leases, Future Minimum Payments, Due in Three Years | 4 | |
Operating Leases, Future Minimum Payments, Due in Four Years | 3 | |
Operating Leases, Future Minimum Payments, Due in Five Years | 1 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 0 | |
Operating Leases, Future Minimum Payments Due, Total | $ 21 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Apr. 26, 2020 | Jul. 29, 2019 | Jul. 28, 2019 | |
Operating Lease, Payments | $ 59 | ||
Finance Lease, Interest Payment on Liability | 0 | ||
Finance Lease, Principal Payments | 1 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 77 | ||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 8 | ||
Operating Lease, Right-of-Use Asset divested with businesses sold | 18 | ||
Finance Leases, Right-of-Use Asset divested with businesses sold | 5 | ||
Short-term borrowings | 1,504 | $ 1,371 | |
Accounting Standards Update 2016-02 [Member] | |||
Short-term borrowings | $ (20) | $ (20) |
Short-term Borrowings and Lon_3
Short-term Borrowings and Long-term Debt (Narrative) (Details) - USD ($) $ in Millions | May 01, 2020 | Apr. 26, 2020 | Apr. 28, 2019 | Jul. 28, 2019 |
Debt Instrument [Line Items] | ||||
Extinguishment of Debt, Amount | $ 1,200 | |||
Payment for Debt Extinguishment, Net | 1,765 | |||
Debt Instrument, Repurchased Face Amount | 1,691 | |||
Loss on extinguishment of debt | (75) | $ 0 | ||
Long-term borrowings | 1,000 | $ 0 | ||
Interest Expense [Member] | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt | (75) | |||
Gain (Loss) on Extinguishment of Debt, before Write off of Debt Issuance Cost | (65) | |||
4.250% notes, due 2021 | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | $ 500 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |||
Long-term Debt, Gross | $ 0 | $ 500 | ||
Debt Instrument, Maturity Date | Apr. 15, 2021 | |||
3.650% notes, due 2023 | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | $ 634 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | |||
Long-term Debt, Gross | $ 566 | 1,200 | ||
Debt Instrument, Maturity Date | Mar. 15, 2023 | |||
3.800% notes, due 2042 | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | $ 237 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | |||
Long-term Debt, Gross | $ 163 | 400 | ||
Debt Instrument, Maturity Date | Aug. 2, 2042 | |||
3.300% notes, due 2021 | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | $ 329 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.30% | |||
Long-term Debt, Gross | $ 321 | 650 | ||
Debt Instrument, Maturity Date | Mar. 15, 2021 | |||
Line of Credit, Current | Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | $ 300 | |||
2.375% notes due 2030 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.375% | |||
Long-term Debt, Gross | $ 500 | 0 | ||
Debt Instrument, Redemption Price, Percentage | 101.00% | |||
Debt Instrument, Maturity Date | Apr. 24, 2030 | |||
3.125% notes, due 2050 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.125% | |||
Long-term Debt, Gross | $ 500 | $ 0 | ||
Debt Instrument, Redemption Price, Percentage | 101.00% | |||
Debt Instrument, Maturity Date | Apr. 24, 2050 |
Short-term Borrowings and Lon_4
Short-term Borrowings and Long-term Debt (Schedule of Short-term Debt) (Details) - USD ($) $ in Millions | Apr. 26, 2020 | Jul. 28, 2019 |
Short-term Debt [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (45) | $ (49) |
Debt, Current, Total | 1,504 | 1,371 |
Other Current Liabilities | ||
Short-term Debt [Line Items] | ||
Commercial Paper | 485 | 853 |
Notes Payable, Current | 721 | 500 |
Finance Lease, Liability, Current | 3 | 1 |
Line of Credit, Current | 300 | 0 |
Build-to-suit obligation current portion | 0 | 20 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (5) | (3) |
Debt, Current, Total | $ 1,504 | $ 1,371 |
Short-term Borrowings and Lon_5
Short-term Borrowings and Long-term Debt (Schedule of Long-term Debt Instruments) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Apr. 26, 2020 | Jul. 28, 2019 | |
Debt Instrument [Line Items] | ||
Finance Lease, Liability, Noncurrent | $ 7 | $ 3 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (45) | (49) |
Long-term Debt and Lease Obligation, Including Current Maturities | 5,912 | 7,603 |
Long-term Debt, Current Maturities | 721 | 500 |
Long-term debt | $ 5,191 | 7,103 |
Variable Interest Rate due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | Variable | |
Debt Instrument, Maturity Date | Mar. 16, 2020 | |
Long-term Debt, Gross | $ 0 | 500 |
Variable Interest Rate due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | Variable | |
Debt Instrument, Maturity Date | Mar. 15, 2021 | |
Long-term Debt, Gross | $ 400 | 400 |
Variable Interest Rate Term Loan due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | Variable | |
Debt Instrument, Maturity Date | Mar. 26, 2021 | |
Long-term Debt, Gross | $ 0 | 499 |
3.300% notes, due 2021 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.30% | |
Debt Instrument, Maturity Date | Mar. 15, 2021 | |
Long-term Debt, Gross | $ 321 | 650 |
4.250% notes, due 2021 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |
Debt Instrument, Maturity Date | Apr. 15, 2021 | |
Long-term Debt, Gross | $ 0 | 500 |
8.875% notes, due 2021 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.875% | |
Debt Instrument, Maturity Date | May 1, 2021 | |
Long-term Debt, Gross | $ 200 | 200 |
2.500% notes, due 2023 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | |
Debt Instrument, Maturity Date | Aug. 2, 2022 | |
Long-term Debt, Gross | $ 450 | 450 |
3.650% notes, due 2023 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | |
Debt Instrument, Maturity Date | Mar. 15, 2023 | |
Long-term Debt, Gross | $ 566 | 1,200 |
3.950% notes, due 2025 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | |
Debt Instrument, Maturity Date | Mar. 15, 2025 | |
Long-term Debt, Gross | $ 850 | 850 |
3.300% notes, due 2025 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.30% | |
Debt Instrument, Maturity Date | Mar. 19, 2025 | |
Long-term Debt, Gross | $ 300 | 300 |
4.150% notes, due 2028 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | |
Debt Instrument, Maturity Date | Mar. 15, 2028 | |
Long-term Debt, Gross | $ 1,000 | 1,000 |
2.375% notes due 2030 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.375% | |
Debt Instrument, Maturity Date | Apr. 24, 2030 | |
Long-term Debt, Gross | $ 500 | 0 |
3.800% notes, due 2042 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | |
Debt Instrument, Maturity Date | Aug. 2, 2042 | |
Long-term Debt, Gross | $ 163 | 400 |
4.800% notes, due 2048 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.80% | |
Debt Instrument, Maturity Date | Mar. 15, 2048 | |
Long-term Debt, Gross | $ 700 | 700 |
3.125% notes, due 2050 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.125% | |
Debt Instrument, Maturity Date | Apr. 24, 2050 | |
Long-term Debt, Gross | $ 500 | $ 0 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Apr. 26, 2020 | Jan. 26, 2020 | Apr. 28, 2019 | Apr. 26, 2020 | Apr. 28, 2019 | Jul. 28, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 7 | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (35) | $ (2) | (26) | $ (6) | ||
Other Current Assets [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Margin Deposit Assets | 18 | $ 18 | $ 7 | |||
Foreign Exchange Contract [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Contracts Mature Within, Months | 18 months | |||||
Commodity Derivative Contracts [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Maximum Length of Contract Maturity | 18 months | |||||
Deferred Compensation Derivative Contracts [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Maximum Length of Contract Maturity | 12 months | |||||
Treasury Lock [Member] | Interest Expense [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | $ 3 | $ 0 | $ 3 | $ 0 | |
Derivatives Designated As Hedges [Member] | Foreign Exchange Contract [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Notional Amount | 118 | 118 | 146 | |||
Derivatives Designated As Hedges [Member] | Interest Rate Contract [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Notional Amount | 0 | 0 | 0 | |||
Derivatives Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Notional Amount | 0 | 0 | 0 | |||
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Contract [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Notional Amount | 25 | 25 | 177 | |||
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Notional Amount | 137 | 137 | 183 | |||
Derivatives Not Designated As Hedges [Member] | Embedded Derivative Financial Instruments [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Notional Amount | 55 | 55 | 27 | |||
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Notional Amount | $ 17 | $ 17 | $ 31 | |||
Derivatives Not Designated As Hedges [Member] | Treasury Lock [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Notional Amount | $ 900 | |||||
Wal-Mart Stores, Inc. [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Concentration Risk, Percentage | 20.00% | |||||
Top Five Customers [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Concentration Risk, Percentage | 43.00% | |||||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Derivatives Designated As Hedges [Member] | Foreign Exchange Contract [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Notional Amount | $ 80 | |||||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Derivatives Not Designated As Hedges [Member] | Foreign Exchange Contract [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Notional Amount | 3 | |||||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Notional Amount | $ 3 |
Financial Instruments (Schedule
Financial Instruments (Schedule Of The Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Apr. 26, 2020 | Jan. 26, 2020 | Apr. 28, 2019 | Apr. 26, 2020 | Apr. 28, 2019 | Jul. 28, 2019 | |
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | $ 11 | $ 11 | $ 5 | |||
Derivative Liability, Fair Value, Gross Liability | 26 | 26 | 10 | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 35 | $ 2 | 26 | $ 6 | ||
Treasury Lock [Member] | Interest Expense [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | $ (3) | $ 0 | (3) | $ 0 | |
Derivatives Designated As Hedges [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 7 | 7 | 0 | |||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 2 | |||
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 | 7 | 7 | 0 | |||
Derivatives Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 2 | |||
Derivatives Not Designated As Hedges [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 4 | 4 | 5 | |||
Derivative Liability, Fair Value, Gross Liability | 26 | 26 | 8 | |||
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Other Current Assets [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 1 | |||
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 | 0 | 2 | |||
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Other Current Assets [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 3 | 3 | 3 | |||
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Accrued Liabilities [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 25 | 25 | 6 | |||
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 | 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 | $ 1 |
Financial Instruments (Offsetti
Financial Instruments (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Millions | Apr. 26, 2020 | Jul. 28, 2019 |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | $ 11 | $ 5 |
Derivative, Collateral, Obligation to Return Securities or Cash | (2) | (2) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 9 | 3 |
Derivative Liability, Fair Value, Gross Liability | 26 | 10 |
Derivative, Collateral, Right to Reclaim Securities or Cash | (2) | (2) |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 24 | $ 8 |
Financial Instruments (Schedu_2
Financial Instruments (Schedule Of Changes In Cash Flow Hedges In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 26, 2020 | Apr. 28, 2019 | Apr. 26, 2020 | Apr. 28, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
OCI before tax accumulated derivative gain (loss) beginning of period | $ (9) | $ (8) | $ (11) | $ (8) |
OCI before tax accumulated derivative gain (loss) end of period | 0 | (7) | 0 | (7) |
Foreign Exchange Forward | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
OCI, before Reclassifications, before Tax, Attributable to Parent | 8 | 2 | 9 | 1 |
Foreign Exchange Forward | Loss from discontinued operations [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 1 | 1 | ||
Foreign Exchange Forward | Cost Of Products Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 1 | (1) | 0 | (2) |
Foreign Exchange Forward | Other Expenses/Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | (1) | 0 | (1) |
Interest Rate Contract [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $ 0 | $ 1 | $ 1 | $ 2 |
Financial Instruments (Schedu_3
Financial Instruments (Schedule of Cash Flow Hedges in Statements of Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 26, 2020 | Apr. 28, 2019 | Apr. 26, 2020 | Apr. 28, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Earnings (loss) from discontinued operations | $ 2 | $ (39) | $ 1,036 | $ (260) |
Interest expense | 55 | 89 | 284 | 271 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | 0 | 0 | 0 | 0 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | 0 | 0 | 0 | 0 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Foreign Exchange Forward Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Earnings (loss) from discontinued operations | 0 | 0 | (1) | (1) |
Interest expense | $ 0 | $ 1 | $ 1 | $ 2 |
Financial Instruments (Derivati
Financial Instruments (Derivatives Not Designated As Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Apr. 26, 2020 | Jan. 26, 2020 | Apr. 28, 2019 | Apr. 26, 2020 | Apr. 28, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | $ 35 | $ 2 | $ 26 | $ 6 | |
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 | 0 | 0 | 2 | 0 | |
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 | (1) | 0 | |
Commodity Derivative Contracts [Member] | Cost Of Products Sold [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | 31 | 6 | 27 | 7 | |
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 | 5 | (4) | 1 | (1) | |
Treasury Lock [Member] | Interest Expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | $ 0 | $ (3) | $ 0 | $ (3) | $ 0 |
Variable Interest Entity (Detai
Variable Interest Entity (Details) - USD ($) $ in Millions | May 08, 2020 | Apr. 26, 2020 | Apr. 26, 2020 | Apr. 28, 2019 | Jul. 28, 2019 | Feb. 29, 2016 |
Other assets | $ 289 | $ 289 | $ 127 | |||
Investment (gains) / losses | 49 | $ 0 | ||||
Other current assets | 111 | 111 | 71 | |||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Other assets | $ 76 | |||||
Other current assets | 29 | $ 29 | ||||
Acre Venture Partners [Member] | ||||||
LLC ownership percentage | 99.80% | |||||
Investments funded | 86 | $ 86 | ||||
Investment (gains) / losses | $ 45 | |||||
Acre Venture Partners [Member] | Subsequent Event [Member] | ||||||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | $ 30 | |||||
Acre Venture Partners [Member] | Total Commitment [Member] | ||||||
Other Commitment | $ 125 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements Narrative (Details) - USD ($) $ in Millions | Apr. 26, 2020 | Jul. 28, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 15 | $ 0 |
Cash and Cash Equivalents, at Carrying Value | 15 | 0 |
Debt, Long-term and Short-term, Combined Amount | 6,695 | 8,474 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, Long-term and Short-term, Combined Fair Value | 7,216 | 8,642 |
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 19 |
Cash and Cash Equivalents, at Carrying Value | 0 | 19 |
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, Long-term and Short-term, Combined Fair Value | 0 | 238 |
Cash and Cash Equivalents, at Carrying Value | $ 0 | $ 238 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurement Of Assets And Liabilities) (Details) - Measured On Recurring Basis [Member] - USD ($) $ in Millions | Apr. 26, 2020 | Jul. 28, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | $ 43 | $ 85 | |
Total liabilities at fair value | 112 | 105 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 4 | 6 | |
Total liabilities at fair value | 102 | 98 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 9 | 3 | |
Total liabilities at fair value | 10 | 7 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 30 | 76 | |
Foreign Exchange Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [1] | 7 | 1 |
Derivatives liabilities at fair value | [1] | 0 | 4 |
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] | 7 | 1 |
Derivatives liabilities at fair value | [1] | 0 | 4 |
Commodity Derivative Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [2] | 3 | 3 |
Derivatives liabilities at fair value | [2] | 26 | 6 |
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] | 1 | 2 |
Derivatives liabilities at fair value | [2] | 16 | 3 |
Commodity Derivative Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [2] | 1 | 1 |
Derivatives liabilities at fair value | [2] | 10 | 3 |
Commodity Derivative Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets 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] | |||
Investments at fair value | [4] | 3 | 4 |
Deferred Compensation Investment [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments at fair value | [4] | 3 | 4 |
Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments at fair value | [5] | 29 | 76 |
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] | 29 | 76 |
Deferred Compensation Obligation [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation obligation | [4] | 86 | 95 |
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] | $ 86 | $ 95 |
[1] | Based on observable market transactions of spot currency rates and forward rates. | ||
[2] | Level 1 and 2 are based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. Level 3 is based on unobservable inputs in which there is little or no market data, which requires management’s own assumptions within an internally developed model. | ||
[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. Prior to April 26, 2020, fair value was 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, were used in distributing fair value among various equity holders according to rights and preferences. We entered into an agreement to sell our interest in Acre on April 26, 2020, and completed the sale on May 8, 2020. As a result of the pending sale, we adjusted the fair value based on the proceeds and reclassified the assets to assets held for sale on the Consolidated Balance Sheet. See Note 14 for additional information. |
Fair Value Measurements Fair _2
Fair Value Measurements Fair Value Measurements (Assets Measured On Recurring Basis Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Apr. 26, 2020 | Apr. 28, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Level 3 investments at beginning of year | $ 76 | $ 77 |
Fair Value, Level 3 investment gain (Loss) Included in Earnings | (46) | 1 |
Fair Value, Level 3 investment Purchases | 1 | 0 |
Fair Value, Level 3 Investment, Settlements | (1) | 0 |
Fair Value, Level 3 investments at end of year | $ 30 | $ 78 |
Share Repurchases (Narrative) (
Share Repurchases (Narrative) (Details) - March 2017 Program [Member] $ in Millions | Apr. 26, 2020USD ($) |
Statement [Line Items] | |
Authorized amount for shares repurchase | $ 1,500 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 1,296 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | 21 Months Ended | |||
Oct. 27, 2019 | Oct. 28, 2018 | Apr. 26, 2020 | Apr. 28, 2019 | Apr. 26, 2020 | Jul. 28, 2019 | |
Stock-based Compensation | ||||||
Excess Tax Benefit/(Deficiency) from Share-based Compensation, Operating Activities | $ 1 | $ (2) | ||||
Cash received from the exercise of stock options | 23 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 2 | $ 0 | ||||
EPS Performance Restricted Stock Units [Member] | ||||||
Stock-based Compensation | ||||||
Nonvested, Units | 23 | 23 | ||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 46.82 | $ 46.82 | ||||
FCF Performance Restricted Stock Units [Member] | ||||||
Stock-based Compensation | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Nonvested, Units | 168 | 168 | ||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 42.16 | $ 42.16 | ||||
Share Based Compensation Arrangements By Share Based Payment Award Equity Instruments Other than Options Issued in Period | 388 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 258 | |||||
Share-based Payment Arrangement, Option [Member] | ||||||
Stock-based Compensation | ||||||
Remaining unearned compensation on nonvested awards | $ 1 | $ 1 | ||||
Weighted-average remaining service period, years | 1 year 7 months 6 days | |||||
Time Lapse, EPS Performance, FCF Performance And Strategic Performance Restricted Stock Units [Member] | ||||||
Stock-based Compensation | ||||||
Remaining unearned compensation on nonvested awards | $ 42 | $ 42 | ||||
Weighted-average remaining service period, years | 1 year 9 months 18 days | |||||
Nonvested, Units | 2,016 | 2,016 | 1,960 | |||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 42.95 | $ 42.95 | $ 40.57 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,141 | |||||
Granted, Weighted-Average Grant-Date Fair Value | $ 46.77 | $ 36.50 | ||||
Fair value of restricted units and shares vested | $ 34 | $ 26 | ||||
TSR Performance Restricted Stock/Units [Member] | ||||||
Stock-based Compensation | ||||||
Remaining unearned compensation on nonvested awards | $ 27 | $ 27 | ||||
Weighted-average remaining service period, years | 2 years | |||||
Nonvested, Units | 1,270 | 1,270 | 1,308 | |||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 47.90 | $ 47.90 | $ 37.33 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | 0.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 619 | |||||
Granted, Weighted-Average Grant-Date Fair Value | $ 63.06 | $ 31.29 | ||||
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] | FCF 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] | FCF Performance Restricted Stock Units [Member] | ||||||
Stock-based Compensation | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% |
Stock-based Compensation (Summa
Stock-based Compensation (Summary of Stock-based Compensation Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 26, 2020 | Apr. 28, 2019 | Apr. 26, 2020 | Apr. 28, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total pre-tax stock-based compensation expense | $ 14 | $ 12 | $ 45 | $ 40 |
Tax-related benefits | 3 | 2 | 9 | 7 |
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total pre-tax stock-based compensation expense | 0 | 2 | 2 | 5 |
Tax-related benefits | $ 0 | $ 1 | $ 0 | $ 2 |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule Of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Millions | 9 Months Ended |
Apr. 26, 2020USD ($)$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |
Beginning of period, Options | shares | 2,059 |
Granted, Options | shares | 0 |
Exercised, Options | shares | (481) |
Terminated, Options | shares | (155) |
End of period, Options | shares | 1,423 |
Exercisable at end of period, Options | shares | 833 |
Beginning of period, Weighted-Average Exercise Price | $ / shares | $ 46.17 |
Granted, Weighted-Average Exercise Price | $ / shares | 0 |
Exercised, Weighted-Average Exercise Price | $ / shares | 47.33 |
Terminated, Weighted-Average Exercise Price | $ / shares | 49.46 |
End of period, Weighted-Average Exercise Price | $ / shares | 45.42 |
Exercisable at end of period, Weighted-Average Exercise Price | $ / shares | $ 50.23 |
Outstanding at end of period, Weighted-Average Remaining Contractual Life (In years) | 7 years 2 months 12 days |
Exercisable at end of period, Weighted-Average Remaining Contractual Life (In years) | 6 years 4 months 24 days |
Outstanding at end of period, Aggregate Intrinsic Value | $ | $ 9 |
Exercisable at end of period, Aggregate Intrinsic Value | $ | $ 2 |
Stock-based Compensation (Time-
Stock-based Compensation (Time-Lapse Restricted Stock Units, EPS Performance Restricted Stock Units. FCF Performance Restricted Stock Units, Strategic Performance Restricted Stock Units And TSR Performance Restricted Stock Units) (Details) - $ / shares shares in Thousands | 9 Months Ended | |
Apr. 26, 2020 | Apr. 28, 2019 | |
Time Lapse, EPS Performance, FCF Performance And Strategic Performance Restricted Stock Units [Member] | ||
Stock-based Compensation | ||
Nonvested at beginning of period, Units | 1,960 | |
Granted, Units | 1,141 | |
Vested, Units | (723) | |
Forfeited, Units | (362) | |
Nonvested at end of period, Units | 2,016 | |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $ 40.57 | |
Granted, Weighted-Average Grant-Date Fair Value | 46.77 | $ 36.50 |
Vested, Weighted-Average Grant-Date Fair Value | 43.23 | |
Forfeited, Weighted Average Grant Date Fair Value | 41.55 | |
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $ 42.95 | |
TSR Performance Restricted Stock/Units [Member] | ||
Stock-based Compensation | ||
Nonvested at beginning of period, Units | 1,308 | |
Granted, Units | 619 | |
Vested, Units | 0 | |
Forfeited, Units | (657) | |
Nonvested at end of period, Units | 1,270 | |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $ 37.33 | |
Granted, Weighted-Average Grant-Date Fair Value | 63.06 | $ 31.29 |
Vested, Weighted-Average Grant-Date Fair Value | 0 | |
Forfeited, Weighted Average Grant Date Fair Value | 41.13 | |
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $ 47.90 |
Stock-based Compensation (Valua
Stock-based Compensation (Valuation Assumptions) (Details) - $ / shares | 9 Months Ended | |
Apr. 26, 2020 | Apr. 28, 2019 | |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 2.79% | |
Expected dividend yield | 3.84% | |
Expected volatility | 25.28% | |
Expected term, years | 6 years 1 month 6 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.27 | |
TSR Performance Restricted Stock/Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.48% | 2.80% |
Expected dividend yield | 2.95% | 3.79% |
Expected volatility | 27.01% | 24.50% |
Expected term, years | 3 years | 3 years |
Supplemental Financial Statem_3
Supplemental Financial Statement Data (Schedule of Balance Sheets) (Details) - USD ($) $ in Millions | Apr. 26, 2020 | Jul. 28, 2019 |
Inventory, Net [Abstract] | ||
Inventory, raw materials, containers and supplies | $ 291 | $ 271 |
Inventory, finished products | 440 | 592 |
Inventories | $ 731 | $ 863 |
Supplemental Financial Statem_4
Supplemental Financial Statement Data (Schedule of Statement of Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Apr. 26, 2020 | Apr. 28, 2019 | Apr. 26, 2020 | Apr. 28, 2019 | ||
Amortization of Intangible Assets | $ 11 | $ 13 | $ 33 | $ 36 | |
Net periodic benefits expense (income), other than the service cost | (22) | (20) | (68) | (60) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (54) | (28) | (43) | (28) | |
Investment (gains) / losses | 49 | 0 | |||
Net (gain) loss on sale of business | (975) | 18 | |||
Transition services fees | (3) | 0 | (5) | 0 | |
Other Income | 4 | (7) | 1 | (9) | |
Other expenses / (income) | 81 | 20 | 115 | 12 | |
Corporate, Non-Segment [Member] | |||||
Net (gain) loss on sale of business | 64 | ||||
European chips business [Member] | |||||
Net (gain) loss on sale of business | [1] | 0 | 0 | 64 | 0 |
Acre Venture Partners [Member] | Corporate, Non-Segment [Member] | |||||
Investment (gains) / losses | 45 | 45 | |||
Other Assets [Member] | |||||
Investment (gains) / losses | [2] | $ 45 | $ (8) | $ 49 | $ (1) |
[1] | See Note 3 for additional information | ||||
[2] | Includes a loss of $45 on Acre for the three- and nine-month periods ended April 26, 2020. See Note 14 for additional information. |