Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jan. 31, 2021 | Mar. 03, 2021 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CAMPBELL SOUP CO | |
Entity Central Index Key | 0000016732 | |
Current Fiscal Year End Date | --08-01 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 303,009,350 | |
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 | 6 Months Ended | |||
Jan. 31, 2021 | Jan. 26, 2020 | Jan. 31, 2021 | Jan. 26, 2020 | ||
Income Statement [Abstract] | |||||
Net sales | $ 2,279 | $ 2,162 | $ 4,619 | $ 4,345 | |
Costs and expenses | |||||
Cost of products sold | 1,496 | 1,420 | 3,023 | 2,865 | |
Marketing and selling expenses | 232 | 237 | 440 | 443 | |
Administrative expenses | 158 | 148 | 299 | 282 | |
Research and development expenses | 19 | 22 | 39 | 44 | |
Other expenses / (income) | (45) | (22) | (63) | 34 | |
Restructuring charges | 18 | 7 | 19 | 10 | |
Total costs and expenses | 1,878 | 1,812 | 3,757 | 3,678 | |
Earnings before interest and taxes | 401 | 350 | 862 | 667 | |
Interest expense | 55 | 149 | 110 | 229 | |
Interest income | 1 | 3 | 1 | 3 | |
Earnings before taxes | 347 | 204 | 753 | 441 | |
Taxes on earnings | 102 | 33 | 199 | 101 | |
Earnings from continuing operations | 245 | 171 | 554 | 340 | |
Earnings from discontinued operations | 0 | 1,037 | 0 | 1,034 | |
Net earnings | 245 | 1,208 | 554 | 1,374 | |
Less: Net earnings (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Net earnings attributable to Campbell Soup Company | $ 245 | $ 1,208 | $ 554 | $ 1,374 | |
Per Share - Basic | |||||
Earnings from continuing operations attributable to Campbell Soup Company | $ 0.81 | $ 0.57 | $ 1.83 | $ 1.13 | |
Earnings from discontinued operations | 0 | 3.43 | 0 | 3.44 | |
Net earnings attributable to Campbell Soup Company | [1] | $ 0.81 | $ 4 | $ 1.83 | $ 4.56 |
Weighted average shares outstanding - basic | 303 | 302 | 303 | 301 | |
Per Share - Assuming Dilution | |||||
Earnings from continuing operations attributable to Campbell Soup Company | $ 0.80 | $ 0.56 | $ 1.82 | $ 1.12 | |
Earnings from discontinued operations | 0 | 3.41 | 0 | 3.41 | |
Net earnings attributable to Campbell Soup Company | $ 0.80 | $ 3.97 | $ 1.82 | $ 4.53 | |
Weighted average shares outstanding - assuming dilution | 305 | 304 | 305 | 303 | |
[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 | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 26, 2020 | Jan. 31, 2021 | Jan. 26, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 245 | $ 1,208 | $ 554 | $ 1,374 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax [Abstract] | ||||
Foreign currency translation adjustments, before tax | 7 | 7 | 7 | 3 |
Reclassification of currency translation adjustments realized upon disposal of business, before tax | 0 | 124 | 0 | 206 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax [Abstract] | ||||
Unrealized gains (losses) arising during the period, before tax | (6) | 1 | (7) | 1 |
Reclassification adjustment for (gains) losses included in net earnings, before tax | 3 | (1) | 3 | 1 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, [Abstract] | ||||
Reclassification of prior service credit included in net earnings, before tax | (1) | (7) | (2) | (14) |
Other comprehensive income (loss), before tax | 3 | 124 | 1 | 197 |
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 | 0 | 4 | 0 | 4 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax [Abstract] | ||||
Unrealized gains (losses) arising during the period, tax (expense) benefit | 0 | 0 | 1 | 0 |
Reclassification adjustment for (gains) losses included in net earnings, tax (expense) benefit | 0 | 0 | 0 | (1) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax [Abstract] | ||||
Reclassification of prior service credit included in net earnings, tax (expense) benefit | 0 | 2 | 0 | 3 |
Other comprehensive income (loss), tax (expense) benefit | 0 | 6 | 1 | 6 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | ||||
Foreign currency translation adjustments, after-tax | 7 | 7 | 7 | 3 |
Reclassification of currency transaction adjustments realized upon disposal of business, after-tax | 0 | 128 | 0 | 210 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax [Abstract] | ||||
Unrealized gains (losses) arising during the period, after-tax | (6) | 1 | (6) | 1 |
Reclassification adjustment for (gains) losses included in net earnings, after-tax | 3 | (1) | 3 | 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 | (1) | (5) | (2) | (11) |
Other comprehensive income (loss), after tax | 3 | 130 | 2 | 203 |
Total comprehensive income (loss), after-tax | 248 | 1,338 | 556 | 1,577 |
Total comprehensive income (loss) attributable to noncontrolling interests | (1) | (1) | (3) | 0 |
Total comprehensive income (loss) attributable to Campbell Soup Company | $ 249 | $ 1,339 | $ 559 | $ 1,577 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions | Jan. 31, 2021 | Aug. 02, 2020 |
Current assets | ||
Cash and cash equivalents | $ 946 | $ 859 |
Accounts receivable, net | 702 | 575 |
Inventories | 815 | 871 |
Other current assets | 72 | 80 |
Total current assets | 2,535 | 2,385 |
Plant assets, net of depreciation | 2,329 | 2,368 |
Goodwill | 3,991 | 3,986 |
Other intangible assets, net of amortization | 3,329 | 3,350 |
Other assets | 314 | 283 |
Total assets | 12,498 | 12,372 |
Current liabilities | ||
Short-term borrowings | 1,025 | 1,202 |
Payable to suppliers and others | 1,026 | 1,049 |
Accrued liabilities | 618 | 693 |
Dividends payable | 115 | 107 |
Accrued income taxes | 17 | 24 |
Total current liabilities | 2,801 | 3,075 |
Long-term debt | 4,996 | 4,994 |
Deferred taxes | 982 | 914 |
Other liabilities | 794 | 820 |
Total liabilities | 9,573 | 9,803 |
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 | 388 | 394 |
Earnings retained in the business | 3,517 | 3,190 |
Capital stock in treasury, at cost | (990) | (1,023) |
Accumulated other comprehensive income (loss) | (5) | (10) |
Total Campbell Soup Company shareholders' equity | 2,922 | 2,563 |
Noncontrolling interests | 3 | 6 |
Total equity | 2,925 | 2,569 |
Total liabilities and equity | $ 12,498 | $ 12,372 |
Preferred Stock, Shares Authorized | 40 | 40 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.0375 | $ 0.0375 |
Common Stock, Shares Authorized | 560 | 560 |
Common Stock, Shares, Issued | 323 | 323 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jan. 31, 2021 | Jan. 26, 2020 | |
Cash flows from operating activities: | ||
Net earnings | $ 554 | $ 1,374 |
Adjustments to reconcile net earnings to operating cash flow | ||
Restructuring charges | 19 | 10 |
Stock-based compensation | 34 | 33 |
Pension and postretirement benefit income | (66) | (47) |
Depreciation and amortization | 154 | 162 |
Deferred income taxes | 69 | 32 |
Net gain on sales of businesses | 0 | (972) |
Loss on extinguishment of debt | 0 | 75 |
Other | 47 | 53 |
Changes in working capital, net of divestitures | ||
Accounts receivable | (124) | (112) |
Inventories | 57 | 73 |
Prepaid assets | (3) | 11 |
Accounts payable and accrued liabilities | (108) | (9) |
Other | (22) | (20) |
Net cash provided by operating activities | 611 | 663 |
Cash flows from investing activities: | ||
Purchases of plant assets | (132) | (167) |
Purchases of route businesses | (1) | (6) |
Sales of route businesses | 6 | 5 |
Sales of businesses, net of cash divested | 0 | 2,533 |
Other | 7 | 3 |
Net cash provided by (used) in investing activities | (120) | 2,368 |
Cash flows from financing activities: | ||
Short-term borrowings, including commercial paper | 0 | 3,680 |
Short-term repayments, including commercial paper | (176) | (4,350) |
Long-term repayments | 0 | (499) |
Dividends paid | (215) | (213) |
Treasury stock issuances | 0 | 4 |
Payments related to tax withholding for stock-based compensation | (14) | (9) |
Payments related to extinguishment of debt | 0 | (1,765) |
Net cash used in financing activities | (405) | (3,152) |
Effect of exchange rate changes on cash | 1 | 0 |
Net change in cash and cash equivalents | 87 | (121) |
Cash and cash equivalents - beginning of period | 859 | 31 |
Cash and cash equivalents discontinued operations - beginning of period | 0 | 148 |
Cash and cash equivalents discontinued operations - end of period | 0 | 0 |
Cash and cash equivalents - end of period | $ 946 | $ 58 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions | Total | Capital Stock Issued [Member] | Capital Stock In Treasury [Member] | Additional Paid-In Capital [Member] | Earnings Retained In The Business [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] |
Capital stock, shares at Jul. 28, 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) | 1,374 | 1,374 | 0 | ||||
Divestiture | (4) | (4) | |||||
Other comprehensive income (loss) | 203 | 203 | 0 | ||||
Dividends | $ (214) | (214) | |||||
Dividends per share | $ 0.70 | ||||||
Treasury stock issued under management incentive and stock option plans, shares | 1 | ||||||
Treasury stock issued under management incentive and stock option plans, value | $ 28 | $ 28 | 2 | (2) | |||
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 |
Capital stock, shares at Oct. 27, 2019 | 323 | ||||||
Treasury Stock, Shares at Oct. 27, 2019 | (21) | ||||||
Balance, value at Oct. 27, 2019 | 1,249 | $ 12 | $ (1,053) | 356 | 2,050 | (126) | 10 |
Net earnings (loss) | 1,208 | 1,208 | 0 | ||||
Divestiture | (4) | (4) | |||||
Other comprehensive income (loss) | 130 | 131 | (1) | ||||
Dividends | $ (106) | (106) | |||||
Dividends per share | $ 0.35 | ||||||
Treasury stock issued under management incentive and stock option plans, shares | 0 | ||||||
Treasury stock issued under management incentive and stock option plans, value | $ 22 | $ 5 | 18 | (1) | |||
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 |
Capital stock, shares at Aug. 02, 2020 | 323 | ||||||
Treasury Stock, Shares at Aug. 02, 2020 | (21) | ||||||
Balance, value at Aug. 02, 2020 | 2,569 | $ 12 | $ (1,023) | 394 | 3,190 | (10) | 6 |
Net earnings (loss) | 554 | 554 | 0 | ||||
Other comprehensive income (loss) | 2 | 5 | (3) | ||||
Dividends | $ (221) | (221) | |||||
Dividends per share | $ 0.72 | ||||||
Treasury stock issued under management incentive and stock option plans, shares | 1 | ||||||
Treasury stock issued under management incentive and stock option plans, value | $ 21 | $ 33 | (6) | (6) | |||
Capital stock, shares at Jan. 31, 2021 | 323 | ||||||
Treasury Stock, Shares at Jan. 31, 2021 | (20) | ||||||
Balance, value at Jan. 31, 2021 | 2,925 | $ 12 | $ (990) | 388 | 3,517 | (5) | 3 |
Capital stock, shares at Nov. 01, 2020 | 323 | ||||||
Treasury Stock, Shares at Nov. 01, 2020 | (20) | ||||||
Balance, value at Nov. 01, 2020 | 2,773 | $ 12 | $ (991) | 370 | 3,387 | (9) | 4 |
Net earnings (loss) | 245 | 245 | 0 | ||||
Other comprehensive income (loss) | 3 | 4 | (1) | ||||
Dividends | $ (114) | (114) | |||||
Dividends per share | $ 0.37 | ||||||
Treasury stock issued under management incentive and stock option plans, shares | 0 | ||||||
Treasury stock issued under management incentive and stock option plans, value | $ 18 | $ 1 | 18 | (1) | |||
Capital stock, shares at Jan. 31, 2021 | 323 | ||||||
Treasury Stock, Shares at Jan. 31, 2021 | (20) | ||||||
Balance, value at Jan. 31, 2021 | $ 2,925 | $ 12 | $ (990) | $ 388 | $ 3,517 | $ (5) | $ 3 |
Basis of Presentations and Sign
Basis of Presentations and Significant Accounting Policies | 6 Months Ended |
Jan. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentations and 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. 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 August 2, 2020. 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 1, 2021. There are 52 weeks in 2021. There were 53 weeks in 2020. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jan. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted In August 2018, the Financial Accounting Standards Board (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. We adopted the new guidance at the beginning of the first quarter of 2021. The adoption did not have a material impact on our consolidated financial statements. 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 adopted the new guidance on a prospective basis at the beginning of the first quarter of 2021. 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 ending 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 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 | 6 Months Ended |
Jan. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Divestitures Discontinued Operations 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 Campbell International were as follows: Three Months Ended Six Months Ended January 26, 2020 Net sales $ 136 $ 359 Earnings before taxes from operations $ 16 $ 53 Taxes on earnings from operations 4 17 Gain on sales of businesses / costs associated with selling the businesses 1,087 1,036 Tax expense on sales of businesses / costs associated with selling the businesses 62 38 Earnings from discontinued operations $ 1,037 $ 1,034 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 business. Cash flow activity of Campbell International included the following: Six Months Ended January 26, 2020 Cash flows from discontinued operating activities: Net gain on sales of discontinued operations businesses $ 1,036 Cash flows from discontinued investing activities: Capital expenditures $ 30 Sales of discontinued operations businesses, net of cash divested 2,462 Other Divestitures On October 11, 2019, we completed the sale of our European chips business for £63, or $77. The pre-tax loss recognized in the first quarter of 2020 on the sale was $64, which included the impact of allocated goodwill and foreign currency translation adjustments. For tax purposes, in the first quarter of 2020, the capital loss on the sale was offset by a valuation allowance. In the second quarter of 2020, we recognized a $19 tax benefit in continuing operations as we were able to use the capital loss on this sale to offset a portion of the capital gain from the sale of the Arnott's and other international operations. The European chips business had net sales of $25 for the six-month period ended January 26, 2020. Earnings were not material in the period. The results of the European chips business through the date of sale were reflected in continuing operations within the Snacks reportable segment. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jan. 31, 2021 | |
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 28, 2019 $ (218) $ (9) $ 29 $ (198) Other comprehensive income (loss) before reclassifications 3 1 — 4 Amounts reclassified from accumulated other comprehensive income (loss) (4) 210 — (11) 199 Net current-period other comprehensive income (loss) 213 1 (11) 203 Balance at January 26, 2020 $ (5) $ (8) $ 18 $ 5 Balance at August 2, 2020 $ (10) $ (7) $ 7 $ (10) Other comprehensive income (loss) before reclassifications 10 (6) — 4 Amounts reclassified from accumulated other comprehensive income (loss) — 3 (2) 1 Net current-period other comprehensive income (loss) 10 (3) (2) 5 Balance at January 31, 2021 $ — $ (10) $ 5 $ (5) _____________________________________ (1) Included no tax as of January 31, 2021, August 2, 2020, and January 26, 2020 and tax expense of $4 as of July 28, 2019. (2) Included a tax benefit of $2 as of January 31, 2021, $1 as of August 2, 2020, and January 26, 2020, and $2 as of July 28, 2019. (3) Included tax expense of $2 as of January 31, 2021, and as of August 2, 2020, $5 as of January 26, 2020, and $8 as of July 28, 2019. (4) 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 Six Months Ended Details about Accumulated Other Comprehensive Income (Loss) Components January 31, 2021 January 26, 2020 January 31, 2021 January 26, 2020 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 — 124 — 183 Earnings (loss) from discontinued operations Total before tax — 124 — 206 Tax expense (benefit) — 4 — 4 (Gain) loss, net of tax $ — $ 128 $ — $ 210 (Gains) losses on cash flow hedges: Foreign exchange forward contracts $ 2 $ (1) $ 2 $ (1) Cost of products sold Foreign exchange forward contracts — — — 1 Earnings (loss) from discontinued operations Forward starting interest rate swaps 1 — 1 1 Interest expense Total before tax 3 (1) 3 1 Tax expense (benefit) — — — (1) (Gain) loss, net of tax $ 3 $ (1) $ 3 $ — Pension and postretirement benefit adjustments: Prior service credit $ (1) $ (7) $ (2) $ (14) Other expenses / (income) Tax expense (benefit) — 2 — 3 (Gain) loss, net of tax $ (1) $ (5) $ (2) $ (11) |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 6 Months Ended |
Jan. 31, 2021 | |
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 August 2, 2020 $ 975 $ 3,011 $ 3,986 Foreign currency translation adjustment 5 — 5 Net balance at January 31, 2021 $ 980 $ 3,011 $ 3,991 Intangible Assets The following table summarizes balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization: January 31, 2021 August 2, 2020 Intangible Assets Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets Customer relationships $ 851 $ (133) $ 718 $ 851 $ (112) $ 739 Non-amortizable intangible assets Trademarks 2,611 2,611 Total net intangible assets $ 3,329 $ 3,350 Non-amortizable intangible assets consist of trademarks. As of January 31, 2021, trademarks primarily included $1,978 associated with Snyder's-Lance. Of the carrying values of all indefinite-lived trademarks, $620 related to the Snyder's of Hanover trademark, $292 related to the Pace trademark, and $280 related to the Pacific Foods trademark. |
Segment Information
Segment Information | 6 Months Ended |
Jan. 31, 2021 | |
Segment Reporting [Abstract] | |
Business and Geographic Segment Information | Segment Information 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 Pepperidge Farm Farmhouse * cookies and bakery products, 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 included the results of our European chips business, which was sold on October 11, 2019. We refer to the * trademarks as our "power brands." We evaluate segment performance before interest, taxes and costs associated with restructuring activities and impairment charges. Unrealized gains and losses on undesignated 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 Six Months Ended January 31, January 26, January 31, January 26, Net sales Meals & Beverages $ 1,300 $ 1,224 $ 2,642 $ 2,418 Snacks 979 938 1,977 1,927 Total $ 2,279 $ 2,162 $ 4,619 $ 4,345 Three Months Ended Six Months Ended January 31, January 26, January 31, January 26, Earnings before interest and taxes Meals & Beverages $ 258 $ 242 $ 591 $ 524 Snacks 144 136 283 261 Corporate (1) 17 (21) 7 (108) Restructuring charges (2) (18) (7) (19) (10) Total $ 401 $ 350 $ 862 $ 667 _______________________________________ (1) Represents unallocated items. Pension benefit settlement adjustments are included in Corporate. There were settlement gains of $30 and $34 in the three- and six-month periods ended January 31, 2021, and $11 in the three- and six-month periods ended January 26, 2020. A loss of $64 on the sale of our European chips business was included in the six-month period ended January 26, 2020. Costs related to the cost savings initiatives were $4 and $18 in the three-month periods and $9 and $26 in the six-month periods ended January 31, 2021, and January 26, 2020, respectively. (2) See Note 7 for additional information. Our net sales based on product categories are as follows: Three Months Ended Six Months Ended January 31, January 26, January 31, January 26, Net sales Soup $ 794 $ 755 $ 1,620 $ 1,463 Snacks 989 955 1,997 1,965 Other simple meals 307 279 618 562 Beverages 189 173 384 355 Total $ 2,279 $ 2,162 $ 4,619 $ 4,345 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. Beverages include V8 juices and beverages, Campbell’s tomato juice and Pacific Foods non-dairy beverages. |
Restructuring Charges and Cost
Restructuring Charges and Cost Savings Initiatives | 6 Months Ended |
Jan. 31, 2021 | |
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, Inc. (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 (gains) recorded in Earnings from continuing operations related to these initiatives is as follows: Three Months Ended Six Months Ended January 31, 2021 January 26, January 31, 2021 January 26, Recognized as of January 31, 2021 Restructuring charges $ 18 $ 7 $ 19 $ 10 $ 257 Administrative expenses 6 13 10 21 321 Cost of products sold (2) 2 (1) 2 75 Marketing and selling expenses — 2 — 2 12 Research and development expenses — 1 — 1 4 Total pre-tax charges $ 22 $ 25 $ 28 $ 36 $ 669 A summary of the pre-tax costs in Earnings from discontinued operations associated with these initiatives is as follows: Recognized as of January 31, 2021 Severance pay and benefits $ 19 Implementation costs and other related costs 4 Total $ 23 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 January 31, 2021 Severance pay and benefits $ 219 Asset impairment/accelerated depreciation 80 Implementation costs and other related costs 370 Total $ 669 The total estimated pre-tax costs for actions associated with continuing operations that have been identified are approximately $695 to $725 and we expect to incur the costs through 2022. 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 $220 to $225 in severance pay and benefits; approximately $85 in asset impairment and accelerated depreciation; and approximately $390 to $415 in implementation costs and other related costs. We expect these pre-tax costs to be associated with our segments as follows: Meals & Beverages - approximately 32%; Snacks - approximately 44%; and Corporate - approximately 24%. Of the aggregate $695 to $725 of pre-tax costs associated with continuing operations identified to date, we expect approximately $595 to $625 will be cash expenditures. In addition, we expect to invest approximately $455 in capital expenditures through 2022, of which we invested $367 as of January 31, 2021. The capital expenditures primarily relate to a 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, transition of production of the Toronto manufacturing facility to our U.S. thermal plants, optimization of information technology infrastructure and applications, 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 January 31, 2021, is as follows: Severance Pay and Benefits Implementation Costs and Other Related Costs (3) Asset Impairment/Accelerated Depreciation Other Non-Cash Exit Costs (4) Total Charges Accrued balance at August 2, 2020 (1) $ 15 2021 charges 4 8 13 3 $ 28 2021 cash payments (9) Accrued balance at January 31, 2021 (2) $ 10 __________________________________ (1) Includes $3 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (2) Includes $4 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (3) Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses and Cost of products sold in the Consolidated Statements of Earnings. (4) Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. Segment operating results do not include restructuring charges, implementation costs and other related costs because we evaluate segment performance excluding such charges. A summary of the pre-tax costs in Earnings from continuing operations associated with segments is as follows: January 31, 2021 Three Months Ended Six Months Costs Incurred to Date Meals & Beverages $ 1 $ 1 $ 221 Snacks 21 26 277 Corporate — 1 171 Total $ 22 $ 28 $ 669 In addition, in the second quarter of 2021, we recorded a $19 deferred tax charge in connection with a legal entity reorganization as part of the continued integration of Snyder's-Lance. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jan. 31, 2021 | |
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 six-month periods ended January 31, 2021, and January 26, 2020, excludes approximately 1 million stock options that would have been antidilutive. |
Pension And Postretirement Bene
Pension And Postretirement Benefits | 6 Months Ended |
Jan. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pension And Postretirement Benefits | Pension and Postretirement Benefits Components of net benefit expense (income) were as follows: Three Months Ended Six Months Ended Pension Postretirement Pension Postretirement January 31, January 26, January 31, January 26, January 31, January 26, January 31, January 26, Service cost $ 4 $ 5 $ — $ — $ 9 $ 10 $ — $ — Interest cost 10 17 1 1 20 34 2 3 Expected return on plan assets (30) (34) — — (61) (69) — — Amortization of prior service cost — — (1) (7) — — (2) (14) Settlement gains (30) (11) — — (34) (11) — — Net periodic benefit expense (income) $ (46) $ (23) $ — $ (6) $ (66) $ (36) $ — $ (11) 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 gains resulted from the level of lump sum distributions associated with U.S. and Canadian pension plans. Net periodic pension benefit expense (income) associated with discontinued operations was not material for the six-month period ended January 26, 2020. |
Leases
Leases | 6 Months Ended |
Jan. 31, 2021 | |
Leases [Abstract] | |
Leases of Lessee Disclosure | Leases The components of lease costs were as follows: Three Months Ended Six Months Ended January 31, January 26, January 31, January 26, Operating lease cost $ 20 $ 21 $ 40 $ 40 Finance lease - amortization of right-of-use (ROU) assets 1 1 2 1 Short-term lease cost 11 10 21 20 Variable lease cost (1) 46 43 92 86 Sublease income — (2) (1) (2) Total (2) $ 78 $ 73 $ 154 $ 145 __________________________________________ (1) Includes labor and other overhead in our service contracts with embedded leases. (2) Total lease cost of $2 and $4 for the three- and six-month periods ended January 26, 2020, respectively, related to discontinued operations. The following tables summarize the lease amounts recorded in the Consolidated Balance Sheets: Operating Leases Balance Sheet Location January 31, August 2, ROU assets, net Other assets $ 239 $ 254 Lease liabilities (current) Accrued liabilities $ 54 $ 67 Lease liabilities (noncurrent) Other liabilities $ 183 $ 184 Finance Leases Balance Sheet Location January 31, August 2, ROU assets, net Plant assets, net of depreciation $ 10 $ 10 Lease liabilities (current) Short-term borrowings $ 4 $ 3 Lease liabilities (noncurrent) Long-term debt $ 7 $ 7 The following table summarizes cash flow and other information related to leases: Six Months Ended January 31, January 26, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 40 $ 38 Financing cash flows from finance leases $ 2 $ — ROU assets obtained in exchange for lease obligations: Operating leases $ 27 $ 63 Finance leases $ 3 $ 3 ROU assets divested with businesses sold: Operating leases $ — $ 18 Finance leases $ — $ 5 |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jan. 31, 2021 | |
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 for hedge accounting treatment and instruments that are not designated as accounting hedges. 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 January 31, 2021, or August 2, 2020. We are also exposed to credit risk from our customers. During 2020, our largest customer accounted for approximately 21% of consolidated net sales from continuing operations. Our five largest customers accounted for approximately 44% of our consolidated net sales from continuing operations in 2020. We closely monitor credit risk associated with counterpartie s and customers. Foreign Currency Exchange Risk We are exposed to foreign currency exchange risk related to third-party transactions and intercompany transactions, including intercompany debt. Principal currencies hedged include the Canadian dollar and, prior to the sale of Arnott's and other international operations, the Australian dollar. We 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 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 $98 as of January 31, 2021, and $164 as of August 2, 2020. 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 $20 as of January 31, 2021, and $19 as of August 2, 2020. 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 interest expense over the life of the debt. The change in fair value on undesignated instruments is recorded in interest expense. There were no forward starting interest rate swaps or treasury rate lock contracts outstanding as of January 31, 2021, or August 2, 2020. 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, soybean oil, diesel fuel, natural gas, cocoa, aluminum, soybean meal and corn. 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. The notional amount of commodity contracts designated as cash flow hedges was $5 as of January 31, 2021. There were no commodity contracts designated as cash flow hedges as of August 2, 2020. The notional amount of commodity contracts not designated as accounting hedges was $121 as of January 31, 2021, and $137 as of August 2, 2020. 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 $84 as of January 31, 2021, and $34 as of August 2, 2020. 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. Unrealized gains (losses) and settlements are included in Administrative expenses in the Consolidated Statements of Earnings. We enter into these contracts for periods typically not exceeding 12 months. The notional amounts of the contracts were $22 as of January 31, 2021, and August 2, 2020. The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of January 31, 2021, and August 2, 2020: Balance Sheet Classification January 31, August 2, Asset Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Other current assets $ — $ 1 Total derivatives designated as hedges $ — $ 1 Derivatives not designated as hedges: Commodity derivative contracts Other current assets $ 16 $ 7 Deferred compensation derivative contracts Other current assets 3 4 Commodity derivative contracts Other assets 1 — Total derivatives not designated as hedges $ 20 $ 11 Total asset derivatives $ 20 $ 12 Balance Sheet Classification January 31, August 2, Liability Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Accrued liabilities $ 4 $ 2 Total derivatives designated as hedges $ 4 $ 2 Derivatives not designated as hedges: Commodity derivative contracts Accrued liabilities $ 2 $ 9 Total derivatives not designated as hedges $ 2 $ 9 Total liability derivatives $ 6 $ 11 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 January 31, 2021, and August 2, 2020, would be adjusted as detailed in the following table: January 31, 2021 August 2, 2020 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 $ 20 $ — $ 20 $ 12 $ (4) $ 8 Total liability derivatives $ 6 $ — $ 6 $ 11 $ (4) $ 7 We are required to maintain cash margin accounts in connection with funding the settlement of open positions for exchange-traded commodity derivative instruments. A cash margin liability balance of $5 at January 31, 2021, and an asset balance of $8 at August 2, 2020, were included in Accrued liabilities and Other current assets, respectively, in the Consolidated Balance Sheets. The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and six-month periods ended January 31, 2021, and January 26, 2020, in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings: Total Cash-Flow Hedge Derivatives Designated as Cash-Flow Hedges January 31, January 26, Three Months Ended OCI derivative gain (loss) at beginning of quarter $ (9) $ (9) Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts (6) 1 Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold 2 (1) Forward starting interest rate swaps Interest expense 1 — OCI derivative gain (loss) at end of quarter $ (12) $ (9) Six Months Ended OCI derivative gain (loss) at beginning of year $ (8) $ (11) Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts (7) 1 Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold 2 (1) Foreign exchange forward contracts Earnings (loss) from discontinued operations — 1 Forward starting interest rate swaps Interest expense 1 1 OCI derivative gain (loss) at end of quarter $ (12) $ (9) Based on current valuations, the amount expected to be reclassified from OCI into earnings within the next 12 months is a loss of $6. The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and six-month periods ended January 31, 2021, and January 26, 2020, in the Consolidated Statements of Earnings: Three Months Ended January 31, 2021 January 26, 2020 Cost of products sold Interest expense Cost of products sold Earnings from discontinued operations Interest expense Consolidated Statements of Earnings: $ 1,496 $ 55 $ 1,420 $ 1,037 $ 149 (Gain) loss on Cash Flow Hedges: Amount of (gain) loss reclassified from OCI to earnings $ 2 $ 1 $ (1) $ — $ — Amount excluded from effectiveness testing recognized in earnings using an amortization approach $ — $ — $ — $ — $ — Six Months Ended January 31, 2021 January 26, 2020 Cost of products sold Interest Cost of product sold Earnings from discontinued operations Interest Consolidated Statements of Earnings: $ 3,023 $ 110 $ 2,865 $ 1,034 $ 229 (Gain) loss on Cash Flow Hedges: Amount of (gain) loss reclassified from OCI to earnings $ 2 $ 1 $ (1) $ 1 $ 1 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 six-month periods ended January 31, 2021, and January 26, 2020, 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 Six Months Ended January 31, January 26, January 31, 2021 January 26, 2020 Foreign exchange forward contracts Cost of products sold $ — $ — $ 1 $ — Foreign exchange forward contracts Other expenses / (income) — — — 2 Commodity derivative contracts Cost of products sold (13) — (15) (4) Deferred compensation derivative contracts Administrative expenses (3) (3) (3) (4) Treasury rate lock contracts Interest expense — (3) — (3) Total (gain) loss at end of quarter $ (16) $ (6) $ (17) $ (9) |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jan. 31, 2021 | |
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 January 31, 2021, and August 2, 2020, consistent with the fair value hierarchy: Fair Value Fair Value Measurements at Fair Value Fair Value Measurements at Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Foreign exchange forward contracts (1) $ — $ — $ — $ — $ 1 $ — $ 1 $ — Commodity derivative contracts (2) 17 9 8 — 7 3 2 2 Deferred compensation derivative contracts (3) 3 — 3 — 4 — 4 — Deferred compensation investments (4) 3 3 — — 3 3 — — Total assets at fair value $ 23 $ 12 $ 11 $ — $ 15 $ 6 $ 7 $ 2 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 $ — $ 2 $ — $ 2 $ — Commodity derivative contracts (2) 2 — 1 1 9 5 4 — Deferred compensation obligation (4) 108 108 — — 92 92 — — Total liabilities at fair value $ 114 $ 108 $ 5 $ 1 $ 103 $ 97 $ 6 $ — ___________________________________ (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. The following table summarizes the changes in fair value of Level 3 assets and liabilities for the six-month periods ended January 31, 2021, and January 26, 2020: Six Months Ended January 31, January 26, 2020 (1) Fair value at beginning of year $ 2 $ 76 Gains (losses) — — Settlements (3) — Fair value at end of quarter $ (1) $ 76 ___________________________________ (1) Primarily represented investments in equity securities that were not readily marketable and were accounted for under the fair value option. The investments were funded by Acre Venture Partners, L.P. (Acre), a limited partnership in which we were the sole limited partner. 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. Fair Value of Financial Instruments The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value. Cash equivalents were $200 at January 31, 2021, and $157 at August 2, 2020. 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 was $6,670 at January 31, 2021, and $6,995 at August 2, 2020. The carrying value was $6,021 at January 31, 2021, and $6,196 at August 2, 2020. 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 | 6 Months Ended |
Jan. 31, 2021 | |
Equity [Abstract] | |
Share Repurchases | Share RepurchasesIn 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. We suspended our share repurchases as of the second quarter of 2018. Approximately $1,296 remained available under the March 2017 program as of January 31, 2021. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jan. 31, 2021 | |
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 2021, 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 2021. 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 Six Months Ended January 31, 2021 January 26, 2020 January 31, 2021 January 26, 2020 Total pre-tax stock-based compensation expense $ 18 $ 18 $ 34 $ 31 Tax-related benefits $ 3 $ 3 $ 6 $ 6 Total pre-tax stock-based compensation expense and tax-related benefits recognized in Earnings from discontinued operations were as follows: January 26, 2020 Three Months Ended Six Months Ended Total pre-tax stock-based compensation expense $ 1 $ 2 Tax-related benefits $ — $ — The following table summarizes stock option activity as of January 31, 2021: Options Weighted- Weighted- Aggregate (Options in (In years) Outstanding at August 2, 2020 1,423 $ 45.42 Granted — $ — Exercised — $ — Terminated — $ — Outstanding at January 31, 2021 1,423 $ 45.42 6.4 $ 7 Exercisable at January 31, 2021 1,130 $ 48.00 6.1 $ 3 The total intrinsic value of options exercised during the six-month period ended January 26, 2020 was $1. We measured the fair value of stock options using the Black-Scholes option pricing model. 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 January 31, 2021, total remaining unearned compensation related to nonvested stock options was $1, which will be amortized over the weighted-average remaining service period of less than one year. The following table summarizes time-lapse restricted stock units, EPS performance restricted stock units and FCF performance restricted stock units as of January 31, 2021: Units Weighted-Average Grant-Date Fair Value (Restricted stock Nonvested at August 2, 2020 1,866 $ 43.18 Granted 876 $ 48.43 Vested (731) $ 42.73 Forfeited (94) $ 46.75 Nonvested at January 31, 2021 1,917 $ 45.58 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 expensed EPS performance restricted stock units on a graded-vesting basis, except for awards issued to retirement-eligible participants, which we expensed on an accelerated basis. The actual number of EPS performance restricted stock units issued at the vesting date was either 0% or 100% of the initial grant, depending on actual performance achieved. We estimated expense based on the number of awards expected to vest. As of January 31, 2021, there were no EPS performance target grants outstanding. 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 was 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 is based upon the quoted price of our stock at the date of grant. We expense FCF performance restricted stock units over the requisite service period of each objective. As of January 31, 2021, we have granted all of the issued FCF performance restricted stock units, which are included in the table above. There were 243 thousand FCF performance target grants outstanding at January 31, 2021, with a weighted-average grant-date fair value of $44.10. As of January 31, 2021, total remaining unearned compensation related to nonvested time-lapse restricted stock units and FCF performance restricted units was $49, 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 six-month periods ended January 31, 2021, and January 26, 2020, was $35, and $32, respectively. The weighted-average grant-date fair value of the restricted stock units granted during the six-month period ended January 26, 2020 was $46.81. The following table summarizes TSR performance restricted stock units as of January 31, 2021: Units Weighted-Average Grant-Date Fair Value (Restricted stock Nonvested at August 2, 2020 1,254 $ 47.83 Granted 521 $ 54.93 Vested (236) $ 39.39 Forfeited (273) $ 41.57 Nonvested at January 31, 2021 1,266 $ 53.67 We estimated the fair value of TSR performance restricted stock units at the grant date using a Monte Carlo simulation. Assumptions used in the Monte Carlo simulation were as follows: 2021 2020 Risk-free interest rate 0.15% 1.48% Expected dividend yield 2.85% 2.95% Expected volatility 29.99% 27.01% 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 January 31, 2021, total remaining unearned compensation related to TSR performance restricted stock units was $35, which will be amortized over the weighted-average remaining service period of 2.0 years. In the first quarter of 2021, recipients of TSR performance restricted stock units earned 50% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 31, 2020. 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. The fair value of TSR performance restricted stock units vested during the six-month period ended January 31, 2021 was $11. The grant-date fair value of the TSR performance restricted stock units granted during 2020 was $63.06. The excess tax benefits of $1 in the six-month periods ended January 31, 2021, and January 26, 2020, 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 $4 for the six-month period ended January 26, 2020, and is reflected in cash flows from financing activities in the Consolidated Statements of Cash Flows. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jan. 31, 2021 | |
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 (the Court) 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 amended 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 amended consolidated complaint seeks unspecified monetary damages and other relief. On April 30, 2019, the defendants filed a motion to dismiss the amended consolidated complaint, which the Court granted on November 30, 2020, with leave to amend the complaint. On January 15, 2021, the plaintiff filed its second amended consolidated complaint. The second amended consolidated complaint again names as defendants the company and certain of its former officers and alleges that, in public statements between August 31, 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 second amended consolidated complaint seeks unspecified monetary damages and other relief. 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 January 31, 2021. 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 | 6 Months Ended |
Jan. 31, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Supplemental Financial Information Data | Supplemental Financial Statement Data Balance Sheets January 31, 2021 August 2, Inventories Raw materials, containers and supplies $ 340 $ 297 Finished products 475 574 $ 815 $ 871 Statements of Earnings Three Months Ended Six Months Ended January 31, 2021 January 26, 2020 January 31, 2021 January 26, 2020 Other expenses / (income) Amortization of intangible assets $ 11 $ 11 $ 21 $ 22 Net periodic benefit income other than the service cost (20) (23) (41) (46) Pension settlement gains (30) (11) (34) (11) Investment losses — — — 4 Loss on sale of business (1) — — — 64 Transition services fees (8) (1) (12) (2) Other 2 2 3 3 $ (45) $ (22) $ (63) $ 34 ____________________________ (1) See Note 3 for additional information. |
Divestitures (Tables)
Divestitures (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Results of Campbell International were as follows: Three Months Ended Six Months Ended January 26, 2020 Net sales $ 136 $ 359 Earnings before taxes from operations $ 16 $ 53 Taxes on earnings from operations 4 17 Gain on sales of businesses / costs associated with selling the businesses 1,087 1,036 Tax expense on sales of businesses / costs associated with selling the businesses 62 38 Earnings from discontinued operations $ 1,037 $ 1,034 |
Disposal Groups, Including Discontinued Operations, Cash Flow | Cash flow activity of Campbell International included the following: Six Months Ended January 26, 2020 Cash flows from discontinued operating activities: Net gain on sales of discontinued operations businesses $ 1,036 Cash flows from discontinued investing activities: Capital expenditures $ 30 Sales of discontinued operations businesses, net of cash divested 2,462 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
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 28, 2019 $ (218) $ (9) $ 29 $ (198) Other comprehensive income (loss) before reclassifications 3 1 — 4 Amounts reclassified from accumulated other comprehensive income (loss) (4) 210 — (11) 199 Net current-period other comprehensive income (loss) 213 1 (11) 203 Balance at January 26, 2020 $ (5) $ (8) $ 18 $ 5 Balance at August 2, 2020 $ (10) $ (7) $ 7 $ (10) Other comprehensive income (loss) before reclassifications 10 (6) — 4 Amounts reclassified from accumulated other comprehensive income (loss) — 3 (2) 1 Net current-period other comprehensive income (loss) 10 (3) (2) 5 Balance at January 31, 2021 $ — $ (10) $ 5 $ (5) _____________________________________ (1) Included no tax as of January 31, 2021, August 2, 2020, and January 26, 2020 and tax expense of $4 as of July 28, 2019. (2) Included a tax benefit of $2 as of January 31, 2021, $1 as of August 2, 2020, and January 26, 2020, and $2 as of July 28, 2019. (3) Included tax expense of $2 as of January 31, 2021, and as of August 2, 2020, $5 as of January 26, 2020, and $8 as of July 28, 2019. (4) 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 Six Months Ended Details about Accumulated Other Comprehensive Income (Loss) Components January 31, 2021 January 26, 2020 January 31, 2021 January 26, 2020 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 — 124 — 183 Earnings (loss) from discontinued operations Total before tax — 124 — 206 Tax expense (benefit) — 4 — 4 (Gain) loss, net of tax $ — $ 128 $ — $ 210 (Gains) losses on cash flow hedges: Foreign exchange forward contracts $ 2 $ (1) $ 2 $ (1) Cost of products sold Foreign exchange forward contracts — — — 1 Earnings (loss) from discontinued operations Forward starting interest rate swaps 1 — 1 1 Interest expense Total before tax 3 (1) 3 1 Tax expense (benefit) — — — (1) (Gain) loss, net of tax $ 3 $ (1) $ 3 $ — Pension and postretirement benefit adjustments: Prior service credit $ (1) $ (7) $ (2) $ (14) Other expenses / (income) Tax expense (benefit) — 2 — 3 (Gain) loss, net of tax $ (1) $ (5) $ (2) $ (11) |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
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 August 2, 2020 $ 975 $ 3,011 $ 3,986 Foreign currency translation adjustment 5 — 5 Net balance at January 31, 2021 $ 980 $ 3,011 $ 3,991 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table summarizes balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization: January 31, 2021 August 2, 2020 Intangible Assets Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets Customer relationships $ 851 $ (133) $ 718 $ 851 $ (112) $ 739 Non-amortizable intangible assets Trademarks 2,611 2,611 Total net intangible assets $ 3,329 $ 3,350 |
Schedule of Indefinite-Lived Intangible Assets [Table Block] | The following table summarizes balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization: January 31, 2021 August 2, 2020 Intangible Assets Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets Customer relationships $ 851 $ (133) $ 718 $ 851 $ (112) $ 739 Non-amortizable intangible assets Trademarks 2,611 2,611 Total net intangible assets $ 3,329 $ 3,350 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting [Table Text Block] | Three Months Ended Six Months Ended January 31, January 26, January 31, January 26, Net sales Meals & Beverages $ 1,300 $ 1,224 $ 2,642 $ 2,418 Snacks 979 938 1,977 1,927 Total $ 2,279 $ 2,162 $ 4,619 $ 4,345 Three Months Ended Six Months Ended January 31, January 26, January 31, January 26, Earnings before interest and taxes Meals & Beverages $ 258 $ 242 $ 591 $ 524 Snacks 144 136 283 261 Corporate (1) 17 (21) 7 (108) Restructuring charges (2) (18) (7) (19) (10) Total $ 401 $ 350 $ 862 $ 667 _______________________________________ (1) Represents unallocated items. Pension benefit settlement adjustments are included in Corporate. There were settlement gains of $30 and $34 in the three- and six-month periods ended January 31, 2021, and $11 in the three- and six-month periods ended January 26, 2020. A loss of $64 on the sale of our European chips business was included in the six-month period ended January 26, 2020. Costs related to the cost savings initiatives were $4 and $18 in the three-month periods and $9 and $26 in the six-month periods ended January 31, 2021, and January 26, 2020, 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 Six Months Ended January 31, January 26, January 31, January 26, Net sales Soup $ 794 $ 755 $ 1,620 $ 1,463 Snacks 989 955 1,997 1,965 Other simple meals 307 279 618 562 Beverages 189 173 384 355 Total $ 2,279 $ 2,162 $ 4,619 $ 4,345 |
Restructuring Charges and Cos_2
Restructuring Charges and Cost Savings Initiatives (Tables) - 2015 and Snyder's-Lance Initiatives [Member] | 6 Months Ended |
Jan. 31, 2021 | |
Schedule Of Pre-Tax Charge And Remaining Costs [Table Text Block] | A summary of the pre-tax charges (gains) recorded in Earnings from continuing operations related to these initiatives is as follows: Three Months Ended Six Months Ended January 31, 2021 January 26, January 31, 2021 January 26, Recognized as of January 31, 2021 Restructuring charges $ 18 $ 7 $ 19 $ 10 $ 257 Administrative expenses 6 13 10 21 321 Cost of products sold (2) 2 (1) 2 75 Marketing and selling expenses — 2 — 2 12 Research and development expenses — 1 — 1 4 Total pre-tax charges $ 22 $ 25 $ 28 $ 36 $ 669 A summary of the pre-tax costs in Earnings from discontinued operations associated with these initiatives is as follows: Recognized as of January 31, 2021 Severance pay and benefits $ 19 Implementation costs and other related costs 4 Total $ 23 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 January 31, 2021 Severance pay and benefits $ 219 Asset impairment/accelerated depreciation 80 Implementation costs and other related costs 370 Total $ 669 |
Schedule Of Restructuring Activity And Related Reserves [Table Text Block] | A summary of the restructuring activity and related reserves associated with continuing operations at January 31, 2021, is as follows: Severance Pay and Benefits Implementation Costs and Other Related Costs (3) Asset Impairment/Accelerated Depreciation Other Non-Cash Exit Costs (4) Total Charges Accrued balance at August 2, 2020 (1) $ 15 2021 charges 4 8 13 3 $ 28 2021 cash payments (9) Accrued balance at January 31, 2021 (2) $ 10 __________________________________ (1) Includes $3 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (2) Includes $4 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (3) Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses and Cost of products sold in the Consolidated Statements of Earnings. (4) Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. |
Schedule Of Restructuring Charges Associated With Each Reportable Segment | A summary of the pre-tax costs in Earnings from continuing operations associated with segments is as follows: January 31, 2021 Three Months Ended Six Months Costs Incurred to Date Meals & Beverages $ 1 $ 1 $ 221 Snacks 21 26 277 Corporate — 1 171 Total $ 22 $ 28 $ 669 |
Pension And Postretirement Be_2
Pension And Postretirement Benefits (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Components of net benefit expense (income) were as follows: Three Months Ended Six Months Ended Pension Postretirement Pension Postretirement January 31, January 26, January 31, January 26, January 31, January 26, January 31, January 26, Service cost $ 4 $ 5 $ — $ — $ 9 $ 10 $ — $ — Interest cost 10 17 1 1 20 34 2 3 Expected return on plan assets (30) (34) — — (61) (69) — — Amortization of prior service cost — — (1) (7) — — (2) (14) Settlement gains (30) (11) — — (34) (11) — — Net periodic benefit expense (income) $ (46) $ (23) $ — $ (6) $ (66) $ (36) $ — $ (11) |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Leases [Abstract] | |
Lease, Cost | The components of lease costs were as follows: Three Months Ended Six Months Ended January 31, January 26, January 31, January 26, Operating lease cost $ 20 $ 21 $ 40 $ 40 Finance lease - amortization of right-of-use (ROU) assets 1 1 2 1 Short-term lease cost 11 10 21 20 Variable lease cost (1) 46 43 92 86 Sublease income — (2) (1) (2) Total (2) $ 78 $ 73 $ 154 $ 145 __________________________________________ (1) Includes labor and other overhead in our service contracts with embedded leases. (2) Total lease cost of $2 and $4 for the three- and six-month periods ended January 26, 2020, respectively, related to discontinued operations. |
Schedule of Leases Reported in Balance Sheet | The following tables summarize the lease amounts recorded in the Consolidated Balance Sheets: Operating Leases Balance Sheet Location January 31, August 2, ROU assets, net Other assets $ 239 $ 254 Lease liabilities (current) Accrued liabilities $ 54 $ 67 Lease liabilities (noncurrent) Other liabilities $ 183 $ 184 Finance Leases Balance Sheet Location January 31, August 2, ROU assets, net Plant assets, net of depreciation $ 10 $ 10 Lease liabilities (current) Short-term borrowings $ 4 $ 3 Lease liabilities (noncurrent) Long-term debt $ 7 $ 7 |
Schedule of Supplemental Cash Flow Information Related to Leases | The following table summarizes cash flow and other information related to leases: Six Months Ended January 31, January 26, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 40 $ 38 Financing cash flows from finance leases $ 2 $ — ROU assets obtained in exchange for lease obligations: Operating leases $ 27 $ 63 Finance leases $ 3 $ 3 ROU assets divested with businesses sold: Operating leases $ — $ 18 Finance leases $ — $ 5 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
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 January 31, 2021, and August 2, 2020: Balance Sheet Classification January 31, August 2, Asset Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Other current assets $ — $ 1 Total derivatives designated as hedges $ — $ 1 Derivatives not designated as hedges: Commodity derivative contracts Other current assets $ 16 $ 7 Deferred compensation derivative contracts Other current assets 3 4 Commodity derivative contracts Other assets 1 — Total derivatives not designated as hedges $ 20 $ 11 Total asset derivatives $ 20 $ 12 Balance Sheet Classification January 31, August 2, Liability Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Accrued liabilities $ 4 $ 2 Total derivatives designated as hedges $ 4 $ 2 Derivatives not designated as hedges: Commodity derivative contracts Accrued liabilities $ 2 $ 9 Total derivatives not designated as hedges $ 2 $ 9 Total liability derivatives $ 6 $ 11 |
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 January 31, 2021, and August 2, 2020, would be adjusted as detailed in the following table: January 31, 2021 August 2, 2020 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 $ 20 $ — $ 20 $ 12 $ (4) $ 8 Total liability derivatives $ 6 $ — $ 6 $ 11 $ (4) $ 7 |
Schedule of Offsetting Liabilities [Table Text Block] | We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of January 31, 2021, and August 2, 2020, would be adjusted as detailed in the following table: January 31, 2021 August 2, 2020 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 $ 20 $ — $ 20 $ 12 $ (4) $ 8 Total liability derivatives $ 6 $ — $ 6 $ 11 $ (4) $ 7 |
Schedule Of Changes In Cash-Flow Hedges In Other Comprehensive Income (Loss) [Table Text Block] | The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and six-month periods ended January 31, 2021, and January 26, 2020, in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings: Total Cash-Flow Hedge Derivatives Designated as Cash-Flow Hedges January 31, January 26, Three Months Ended OCI derivative gain (loss) at beginning of quarter $ (9) $ (9) Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts (6) 1 Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold 2 (1) Forward starting interest rate swaps Interest expense 1 — OCI derivative gain (loss) at end of quarter $ (12) $ (9) Six Months Ended OCI derivative gain (loss) at beginning of year $ (8) $ (11) Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts (7) 1 Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold 2 (1) Foreign exchange forward contracts Earnings (loss) from discontinued operations — 1 Forward starting interest rate swaps Interest expense 1 1 OCI derivative gain (loss) at end of quarter $ (12) $ (9) |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and six-month periods ended January 31, 2021, and January 26, 2020, in the Consolidated Statements of Earnings: Three Months Ended January 31, 2021 January 26, 2020 Cost of products sold Interest expense Cost of products sold Earnings from discontinued operations Interest expense Consolidated Statements of Earnings: $ 1,496 $ 55 $ 1,420 $ 1,037 $ 149 (Gain) loss on Cash Flow Hedges: Amount of (gain) loss reclassified from OCI to earnings $ 2 $ 1 $ (1) $ — $ — Amount excluded from effectiveness testing recognized in earnings using an amortization approach $ — $ — $ — $ — $ — Six Months Ended January 31, 2021 January 26, 2020 Cost of products sold Interest Cost of product sold Earnings from discontinued operations Interest Consolidated Statements of Earnings: $ 3,023 $ 110 $ 2,865 $ 1,034 $ 229 (Gain) loss on Cash Flow Hedges: Amount of (gain) loss reclassified from OCI to earnings $ 2 $ 1 $ (1) $ 1 $ 1 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 six-month periods ended January 31, 2021, and January 26, 2020, 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 Six Months Ended January 31, January 26, January 31, 2021 January 26, 2020 Foreign exchange forward contracts Cost of products sold $ — $ — $ 1 $ — Foreign exchange forward contracts Other expenses / (income) — — — 2 Commodity derivative contracts Cost of products sold (13) — (15) (4) Deferred compensation derivative contracts Administrative expenses (3) (3) (3) (4) Treasury rate lock contracts Interest expense — (3) — (3) Total (gain) loss at end of quarter $ (16) $ (6) $ (17) $ (9) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
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 January 31, 2021, and August 2, 2020, consistent with the fair value hierarchy: Fair Value Fair Value Measurements at Fair Value Fair Value Measurements at Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Foreign exchange forward contracts (1) $ — $ — $ — $ — $ 1 $ — $ 1 $ — Commodity derivative contracts (2) 17 9 8 — 7 3 2 2 Deferred compensation derivative contracts (3) 3 — 3 — 4 — 4 — Deferred compensation investments (4) 3 3 — — 3 3 — — Total assets at fair value $ 23 $ 12 $ 11 $ — $ 15 $ 6 $ 7 $ 2 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 $ — $ 2 $ — $ 2 $ — Commodity derivative contracts (2) 2 — 1 1 9 5 4 — Deferred compensation obligation (4) 108 108 — — 92 92 — — Total liabilities at fair value $ 114 $ 108 $ 5 $ 1 $ 103 $ 97 $ 6 $ — ___________________________________ (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. |
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 and liabilities for the six-month periods ended January 31, 2021, and January 26, 2020: Six Months Ended January 31, January 26, 2020 (1) Fair value at beginning of year $ 2 $ 76 Gains (losses) — — Settlements (3) — Fair value at end of quarter $ (1) $ 76 ___________________________________ (1) Primarily represented investments in equity securities that were not readily marketable and were accounted for under the fair value option. The investments were funded by Acre Venture Partners, L.P. (Acre), a limited partnership in which we were the sole limited partner. 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. |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
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 Six Months Ended January 31, 2021 January 26, 2020 January 31, 2021 January 26, 2020 Total pre-tax stock-based compensation expense $ 18 $ 18 $ 34 $ 31 Tax-related benefits $ 3 $ 3 $ 6 $ 6 Total pre-tax stock-based compensation expense and tax-related benefits recognized in Earnings from discontinued operations were as follows: January 26, 2020 Three Months Ended Six Months Ended Total pre-tax stock-based compensation expense $ 1 $ 2 Tax-related benefits $ — $ — |
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 January 31, 2021: Options Weighted- Weighted- Aggregate (Options in (In years) Outstanding at August 2, 2020 1,423 $ 45.42 Granted — $ — Exercised — $ — Terminated — $ — Outstanding at January 31, 2021 1,423 $ 45.42 6.4 $ 7 Exercisable at January 31, 2021 1,130 $ 48.00 6.1 $ 3 |
Time Lapse, EPS Performance, And FCF 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 January 31, 2021: Units Weighted-Average Grant-Date Fair Value (Restricted stock Nonvested at August 2, 2020 1,866 $ 43.18 Granted 876 $ 48.43 Vested (731) $ 42.73 Forfeited (94) $ 46.75 Nonvested at January 31, 2021 1,917 $ 45.58 |
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 January 31, 2021: Units Weighted-Average Grant-Date Fair Value (Restricted stock Nonvested at August 2, 2020 1,254 $ 47.83 Granted 521 $ 54.93 Vested (236) $ 39.39 Forfeited (273) $ 41.57 Nonvested at January 31, 2021 1,266 $ 53.67 |
Schedule Of Share Based Payment Award Valuation Assumptions [Table Text Block] | Assumptions used in the Monte Carlo simulation were as follows: 2021 2020 Risk-free interest rate 0.15% 1.48% Expected dividend yield 2.85% 2.95% Expected volatility 29.99% 27.01% Expected term 3 years 3 years |
Supplemental Financial Statem_2
Supplemental Financial Statement Data (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Supplemental Balance Sheet Data | Balance Sheets January 31, 2021 August 2, Inventories Raw materials, containers and supplies $ 340 $ 297 Finished products 475 574 $ 815 $ 871 |
Supplemental Statements of Earnings Data | Statements of Earnings Three Months Ended Six Months Ended January 31, 2021 January 26, 2020 January 31, 2021 January 26, 2020 Other expenses / (income) Amortization of intangible assets $ 11 $ 11 $ 21 $ 22 Net periodic benefit income other than the service cost (20) (23) (41) (46) Pension settlement gains (30) (11) (34) (11) Investment losses — — — 4 Loss on sale of business (1) — — — 64 Transition services fees (8) (1) (12) (2) Other 2 2 3 3 $ (45) $ (22) $ (63) $ 34 ____________________________ (1) See Note 3 for additional information. |
Basis of Presentations and Si_2
Basis of Presentations and Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | |
Aug. 01, 2021 | Aug. 02, 2020 | |
Fiscal Period Number Of Weeks | 53 | |
Forecast [Member] | ||
Fiscal Period Number Of Weeks | 52 |
Divestitures (Narrative) (Detai
Divestitures (Narrative) (Details) £ in Millions, $ in Millions | Dec. 23, 2019USD ($) | Sep. 23, 2019USD ($) | Jan. 31, 2021USD ($) | Apr. 26, 2020USD ($) | Jan. 26, 2020USD ($) | Oct. 27, 2019USD ($) | Oct. 27, 2019GBP (£) | Jan. 31, 2021USD ($) | Jan. 26, 2020USD ($) | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Net sales | $ 2,279 | $ 2,162 | $ 4,619 | $ 4,345 | |||||||||
Net (gain) loss on sale of business | 0 | (972) | |||||||||||
Taxes on earnings | 102 | 33 | 199 | 101 | |||||||||
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 | $ 2,286 | $ 4 | |||||||||||
European chips business [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from Divestiture of Businesses | $ 77 | £ 63 | |||||||||||
Net sales | 25 | ||||||||||||
Net (gain) loss on sale of business | $ 0 | [1] | 0 | [1] | $ 64 | $ 0 | [1] | $ 64 | [1] | ||||
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 | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 26, 2020 | Jan. 31, 2021 | Jan. 26, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Earnings (loss) from discontinued operations | $ 0 | $ 1,037 | $ 0 | $ 1,034 |
Campbell International [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Revenue | 136 | 359 | ||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 16 | 53 | ||
Discontinued Operation, Tax Effect of Discontinued Operation | 4 | 17 | ||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 1,087 | 1,036 | ||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | 62 | 38 | ||
Earnings (loss) from discontinued operations | $ 1,037 | $ 1,034 |
Divestitures (Condensed Cash Fl
Divestitures (Condensed Cash Flow Statement) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jan. 31, 2021 | Jan. 26, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Purchases of plant assets | $ 132 | $ 167 |
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 0 | 2,533 |
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] | ||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 1,036 | |
Purchases of plant assets | 30 | |
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 2,462 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jan. 31, 2021 | Jan. 26, 2020 | Jan. 31, 2021 | Jan. 26, 2020 | Aug. 02, 2020 | Jul. 28, 2019 | |||
Beginning Balance | $ (10) | |||||||
Other comprehensive income (loss), after tax | $ 3 | $ 130 | 2 | $ 203 | ||||
Ending Balance | (5) | (5) | ||||||
Accumulated Other Comprehensive Income Foreign Currency Translation Tax (Benefit) Expense | 0 | 0 | 0 | 0 | $ 0 | $ 4 | ||
Accumulated Other Comprehensive Income Cashflow Hedges Tax (Benefit) Expense | (2) | (1) | (2) | (1) | (1) | (2) | ||
Accumulated Other Comprehensive Income Unamortized Pension And Post Retirement Tax (Benefit) Expense | 2 | 5 | 2 | 5 | $ 2 | $ 8 | ||
Accumulated Translation Adjustment [Member] | ||||||||
Beginning Balance | [1] | (10) | (218) | |||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 10 | 3 | ||||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 0 | 210 | [2] | |||||
Other comprehensive income (loss), after tax | 10 | 213 | ||||||
Ending Balance | [1] | 0 | (5) | 0 | (5) | |||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||||
Beginning Balance | [3] | (7) | (9) | |||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | (6) | 1 | ||||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 3 | 0 | [2] | |||||
Other comprehensive income (loss), after tax | (3) | 1 | ||||||
Ending Balance | [3] | (10) | (8) | (10) | (8) | |||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||||||
Beginning Balance | [4] | 7 | 29 | |||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 0 | 0 | ||||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | (2) | (11) | [2] | |||||
Other comprehensive income (loss), after tax | (2) | (11) | ||||||
Ending Balance | [4] | 5 | 18 | 5 | 18 | |||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||
Beginning Balance | (10) | (198) | ||||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 4 | 4 | ||||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 1 | 199 | [2] | |||||
Other comprehensive income (loss), after tax | 4 | 131 | 5 | 203 | ||||
Ending Balance | $ (5) | $ 5 | $ (5) | $ 5 | ||||
[1] | Included no tax as of January 31, 2021, August 2, 2020, and January 26, 2020 and tax expense of $4 as of July 28, 2019. | |||||||
[2] | Reflects amounts reclassified from sale of businesses. See Note 3 for additional information. | |||||||
[3] | Included a tax benefit of $2 as of January 31, 2021, $1 as of August 2, 2020, and January 26, 2020, and $2 as of July 28, 2019. | |||||||
[4] | Included tax expense of $2 as of January 31, 2021, and as of August 2, 2020, $5 as of January 26, 2020, and $8 as of July 28, 2019. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Schecule of amounts reclassified from AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 26, 2020 | Jan. 31, 2021 | Jan. 26, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other expenses / (income) | $ (45) | $ (22) | $ (63) | $ 34 |
Cost of products sold | 1,496 | 1,420 | 3,023 | 2,865 |
Earnings (loss) from discontinued operations | 0 | (1,037) | 0 | (1,034) |
Interest expense | 55 | 149 | 110 | 229 |
Taxes on earnings | 102 | 33 | 199 | 101 |
Net Income (Loss) Attributable to Parent | 245 | 1,208 | 554 | 1,374 |
Accumulated Translation Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other expenses / (income) | 0 | 0 | 0 | 23 |
Earnings (loss) from discontinued operations | 0 | 124 | 0 | 183 |
Earnings before taxes | 0 | 124 | 0 | 206 |
Taxes on earnings | 0 | 4 | 0 | 4 |
Net Income (Loss) Attributable to Parent | 0 | (128) | 0 | (210) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Earnings before taxes | 3 | (1) | 3 | 1 |
Taxes on earnings | 0 | 0 | 0 | (1) |
Net Income (Loss) Attributable to Parent | (3) | 1 | (3) | 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 | 2 | (1) | 2 | (1) |
Earnings (loss) from discontinued operations | 0 | 0 | 0 | 1 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Contract [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest expense | 1 | 0 | 1 | 1 |
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) | (1) | (7) | (2) | (14) |
Taxes on earnings | 0 | 2 | 0 | 3 |
Net Income (Loss) Attributable to Parent | $ 1 | $ 5 | $ 2 | $ 11 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2021 | Jan. 26, 2020 | Jan. 31, 2021 | Jan. 26, 2020 | Aug. 02, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 2,611 | $ 2,611 | $ 2,611 | ||
Amortization of Intangible Assets | 11 | $ 11 | 21 | $ 22 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 42 | 42 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 42 | 42 | |||
Finite Lived Intangible Assets, Amortization Expense, Year Three | 42 | 42 | |||
Finite Lived Intangible Assets, Amortization Expense, Year Four | 42 | 42 | |||
Finite Lived Intangible Assets, Amortization Expense, Year Five | $ 42 | 42 | |||
Customer Relationships [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 18 years | ||||
Snyder's-Lance [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 1,978 | 1,978 | |||
Trade Name - Snyder's of Hanover [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 620 | 620 | |||
Trade Names - Pace [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 292 | 292 | |||
Trade Name - Pacific Foods [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 280 | $ 280 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Goodwill) (Details) $ in Millions | 6 Months Ended |
Jan. 31, 2021USD ($) | |
Goodwill [Line Items] | |
Beginning Balance | $ 3,986 |
Foreign currency translation adjustment | 5 |
Ending Balance | 3,991 |
Meals & Beverages [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 975 |
Foreign currency translation adjustment | 5 |
Ending Balance | 980 |
Snacks [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 3,011 |
Foreign currency translation adjustment | 0 |
Ending Balance | $ 3,011 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions | Jan. 31, 2021 | Aug. 02, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 2,611 | $ 2,611 |
Other intangible assets, net of amortization | 3,329 | 3,350 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 851 | 851 |
Finite-Lived Intangible Assets, Accumulated Amortization | (133) | (112) |
Finite-Lived Intangible Assets, Net | $ 718 | $ 739 |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Reporting - Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 26, 2020 | Jan. 31, 2021 | Jan. 26, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 2,279 | $ 2,162 | $ 4,619 | $ 4,345 |
Meals & Beverages [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,300 | 1,224 | 2,642 | 2,418 |
Snacks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 979 | $ 938 | $ 1,977 | $ 1,927 |
Segment Information (Schedule_2
Segment Information (Schedule Of Segment Reporting - Earnings Before Interest And Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2021 | Jan. 26, 2020 | Jan. 31, 2021 | Jan. 26, 2020 | ||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | $ 401 | $ 350 | $ 862 | $ 667 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 30 | 11 | 34 | 11 | |
Net loss on sale of business | 0 | 972 | |||
Meals & Beverages [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | 258 | 242 | 591 | 524 | |
Snacks [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | 144 | 136 | 283 | 261 | |
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | [1] | 17 | (21) | 7 | (108) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 30 | 11 | 34 | 11 | |
Net loss on sale of business | (64) | ||||
Restructuring and Related Cost, Incurred Cost | (4) | (18) | (9) | (26) | |
Corporate | Restructuring Charges [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | [2] | $ (18) | $ (7) | $ (19) | $ (10) |
[1] | Represents unallocated items. Pension benefit settlement adjustments are included in Corporate. There were settlement gains of $30 and $34 in the three- and six-month periods ended January 31, 2021, and $11 in the three- and six-month periods ended January 26, 2020. A loss of $64 on the sale of our European chips business was included in the six-month period ended January 26, 2020. Costs related to the cost savings initiatives were $4 and $18 in the three-month periods and $9 and $26 in the six-month periods ended January 31, 2021, and January 26, 2020, respectively. | ||||
[2] | See Note 7 for additional information. |
Segment Information (Additional
Segment Information (Additional Product Information For Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 26, 2020 | Jan. 31, 2021 | Jan. 26, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 2,279 | $ 2,162 | $ 4,619 | $ 4,345 |
Soup [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 794 | 755 | 1,620 | 1,463 |
Snacks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 989 | 955 | 1,997 | 1,965 |
Other Simple Meals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 307 | 279 | 618 | 562 |
Beverages [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 189 | $ 173 | $ 384 | $ 355 |
Restructuring Charges and Cos_3
Restructuring Charges and Cost Savings Initiatives (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 24 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2021 | Jan. 26, 2020 | Jul. 31, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||||
Purchases of plant assets | $ 132 | $ 167 | ||
2015 and Snyder's-Lance Initiatives [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Purchases of plant assets | $ 367 | |||
2015 and Snyder's-Lance Initiatives [Member] | Meals & Beverages [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost Allocation | 32.00% | 32.00% | ||
2015 and Snyder's-Lance Initiatives [Member] | Snacks [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost Allocation | 44.00% | 44.00% | ||
2015 and Snyder's-Lance Initiatives [Member] | Corporate | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost Allocation | 24.00% | 24.00% | ||
2015 and Snyder's-Lance Initiatives [Member] | Forecast [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Purchases of plant assets | $ 455 | |||
2015 and Snyder's-Lance Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | $ 85 | $ 85 | ||
2015 and Snyder's-Lance Initiatives [Member] | Minimum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 695 | 695 | ||
Effect on Future Cash Flows, Amount | 595 | |||
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 | 220 | 220 | ||
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 | 390 | 390 | ||
2015 and Snyder's-Lance Initiatives [Member] | Maximum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 725 | 725 | ||
Effect on Future Cash Flows, Amount | 625 | |||
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 | 225 | 225 | ||
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 | 415 | $ 415 | ||
Snyder's- Lance Cost Transformation Program and Integration | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Deferred Income Tax Expense (Benefit) | $ 19 |
Restructuring Charges and Cos_4
Restructuring Charges and Cost Savings Initiatives (Schedule Of Pre-Tax Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 26, 2020 | Jan. 31, 2021 | Jan. 26, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 18 | $ 7 | $ 19 | $ 10 |
2015 and Snyder's-Lance Initiatives [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 18 | 7 | 19 | 10 |
Restructuring and Related Cost, Incurred Cost | 22 | 25 | 28 | 36 |
Restructuring and Related Cost, Cost Incurred to Date | 669 | 669 | ||
2015 and Snyder's-Lance Initiatives [Member] | Severance Pay And Benefits [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | 4 | |||
Restructuring and Related Cost, Cost Incurred to Date | 219 | 219 | ||
2015 and Snyder's-Lance Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | 13 | |||
Restructuring and Related Cost, Cost Incurred to Date | 80 | 80 | ||
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 | 370 | 370 | ||
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, Cost Incurred to Date | 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 | 257 | 257 | ||
2015 and Snyder's-Lance Initiatives [Member] | General and Administrative Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | 6 | 13 | 10 | 21 |
Restructuring and Related Cost, Cost Incurred to Date | 321 | 321 | ||
2015 and Snyder's-Lance Initiatives [Member] | Cost Of Products Sold [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | (2) | 2 | (1) | 2 |
Restructuring and Related Cost, Cost Incurred to Date | 75 | 75 | ||
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 | 0 | 2 |
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 | 0 | $ 1 |
Restructuring and Related Cost, Cost Incurred to Date | $ 4 | $ 4 |
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 | 6 Months Ended | ||||
Jan. 31, 2021 | Jan. 26, 2020 | Jan. 31, 2021 | Jan. 26, 2020 | Aug. 02, 2020 | ||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring and Related Cost, Incurred Cost | $ 22 | $ 25 | $ 28 | $ 36 | ||
Severance Pay And Benefits [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Accrued Balance at beginning of period | [1] | 15 | ||||
Restructuring and Related Cost, Incurred Cost | 4 | |||||
Cash Payments | (9) | |||||
Accrued Balance at end of period | [2] | 10 | 10 | |||
Restructuring Reserve, Noncurrent | $ 4 | 4 | $ 3 | |||
Other Cost Savings Implementation Costs [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring and Related Cost, Incurred Cost | [3] | 8 | ||||
Asset Impairment Accelerated Depreciation [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring and Related Cost, Incurred Cost | 13 | |||||
Other Non Cash Exit Costs [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring and Related Cost, Incurred Cost | [4] | $ 3 | ||||
[1] | Includes $3 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. | |||||
[2] | Includes $4 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. | |||||
[3] | Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses and Cost of products sold in the Consolidated Statements of Earnings. | |||||
[4] | Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. |
Restructuring Charges and Cos_6
Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Charges Associated With Each Reportable Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 26, 2020 | Jan. 31, 2021 | Jan. 26, 2020 | |
Corporate | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | $ 4 | $ 18 | $ 9 | $ 26 |
2015 and Snyder's-Lance Initiatives [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 669 | 669 | ||
Restructuring and Related Cost, Incurred Cost | 22 | $ 25 | 28 | $ 36 |
2015 and Snyder's-Lance Initiatives [Member] | Meals & Beverages [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 221 | 221 | ||
Restructuring and Related Cost, Incurred Cost | 1 | 1 | ||
2015 and Snyder's-Lance Initiatives [Member] | Snacks [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 277 | 277 | ||
Restructuring and Related Cost, Incurred Cost | 21 | 26 | ||
2015 and Snyder's-Lance Initiatives [Member] | Corporate | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 171 | 171 | ||
Restructuring and Related Cost, Incurred Cost | $ 0 | $ 1 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 26, 2020 | Jan. 31, 2021 | Jan. 26, 2020 | |
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 | 1 | 1 | 1 |
Pension And Postretirement Be_3
Pension And Postretirement Benefits (Schedule Of Components of Benefit Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 26, 2020 | Jan. 31, 2021 | Jan. 26, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), (Gain) Loss Due to Settlement | $ (30) | $ (11) | $ (34) | $ (11) |
Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 4 | 5 | 9 | 10 |
Defined Benefit Plan, Interest Cost | 10 | 17 | 20 | 34 |
Expected return on plan assets | (30) | (34) | (61) | (69) |
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 | (30) | (11) | (34) | (11) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (46) | (23) | (66) | (36) |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Interest Cost | 1 | 1 | 2 | 3 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (1) | (7) | (2) | (14) |
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) | $ 0 | $ (6) | $ 0 | $ (11) |
Leases (Costs) (Details)
Leases (Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2021 | Jan. 26, 2020 | Jan. 31, 2021 | Jan. 26, 2020 | ||
Operating Lease, Cost | $ 20 | $ 21 | $ 40 | $ 40 | |
Finance lease, amortization of right-of-use assets | 1 | 1 | 2 | 1 | |
Short-term Lease, Cost | 11 | 10 | 21 | 20 | |
Variable Lease, Cost | [1] | 46 | 43 | 92 | 86 |
Sublease Income | 0 | (2) | (1) | (2) | |
Lease, Cost, Total | [2] | $ 78 | 73 | $ 154 | 145 |
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | |||||
Lease, Cost, Total | $ 2 | $ 4 | |||
[1] | Includes labor and other overhead in our service contracts with embedded leases. | ||||
[2] | Total lease cost of $2 and $4 for the three- and six-month periods ended January 26, 2020, respectively, related to discontinued operations. |
Leases (Reported in Balance She
Leases (Reported in Balance Sheet) (Details) - USD ($) $ in Millions | Jan. 31, 2021 | Aug. 02, 2020 |
Other Assets [Member] | ||
Operating Lease, Right-of-Use Asset | $ 239 | $ 254 |
Accrued Liabilities [Member] | ||
Operating Lease, Liability, Current | 54 | 67 |
Other Liabilities [Member] | ||
Operating Lease, Liability, Noncurrent | 183 | 184 |
Property, Plant and Equipment [Member] | ||
Finance Lease, Right-of-Use Asset | 10 | 10 |
Short-term Debt [Member] | ||
Finance Lease, Liability, Current | 4 | 3 |
Long-term Debt [Member] | ||
Finance Lease, Liability, Noncurrent | $ 7 | $ 7 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jan. 31, 2021 | Jan. 26, 2020 | |
Leases [Abstract] | ||
Operating Lease, Payments | $ 40 | $ 38 |
Finance Lease, Principal Payments | 2 | 0 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 27 | 63 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 3 | 3 |
Operating Lease, Right-of-Use Asset divested with businesses sold | 0 | 18 |
Finance Leases, Right-of-Use Asset divested with businesses sold | $ 0 | $ 5 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jan. 31, 2021 | Aug. 02, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ (6) | |
Other Current Assets [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Margin Deposit Assets | $ 8 | |
Accrued Liabilities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Margin Deposit Liabilities | $ (5) | |
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 | |
Derivatives Designated As Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 98 | 164 |
Derivatives Designated As Hedges [Member] | Interest Rate Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | 0 | 0 |
Derivatives Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | 5 | 0 |
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | 20 | 19 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | 121 | 137 |
Derivatives Not Designated As Hedges [Member] | Embedded Derivative Financial Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | 84 | 34 |
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 22 | $ 22 |
Wal-Mart Stores, Inc. [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Concentration Risk, Percentage | 21.00% | |
Top Five Customers [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Concentration Risk, Percentage | 44.00% |
Financial Instruments (Schedule
Financial Instruments (Schedule Of The Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Millions | Jan. 31, 2021 | Aug. 02, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 20 | $ 12 |
Derivative Liability, Fair Value, Gross Liability | 6 | 11 |
Derivatives Designated As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 1 |
Derivative Liability, Fair Value, Gross Liability | 4 | 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 | 0 | 1 |
Derivatives Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 4 | 2 |
Derivatives Not Designated As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 20 | 11 |
Derivative Liability, Fair Value, Gross Liability | 2 | 9 |
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 | 3 | 4 |
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 | 16 | 7 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1 | 0 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 2 | $ 9 |
Financial Instruments (Offsetti
Financial Instruments (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Millions | Jan. 31, 2021 | Aug. 02, 2020 |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | $ 20 | $ 12 |
Derivative, Collateral, Obligation to Return Securities or Cash | 0 | (4) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 20 | 8 |
Derivative Liability, Fair Value, Gross Liability | 6 | 11 |
Derivative, Collateral, Right to Reclaim Securities or Cash | 0 | (4) |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 6 | $ 7 |
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 | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 26, 2020 | Jan. 31, 2021 | Jan. 26, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
OCI before tax accumulated derivative gain (loss) beginning of period | $ (9) | $ (9) | $ (8) | $ (11) |
OCI before tax accumulated derivative gain (loss) end of period | (12) | (9) | (12) | (9) |
Foreign Exchange Forward | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
OCI, before Reclassifications, before Tax, Attributable to Parent | (6) | 1 | (7) | 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 | 2 | (1) | 2 | (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 | 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 | $ 1 | $ 0 | $ 1 | $ 1 |
Financial Instruments (Schedu_3
Financial Instruments (Schedule of Cash Flow Hedges in Statements of Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 26, 2020 | Jan. 31, 2021 | Jan. 26, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Cost of products sold | $ 1,496 | $ 1,420 | $ 3,023 | $ 2,865 |
Interest expense | 55 | 149 | 110 | 229 |
Earnings from discontinued operations | 0 | 1,037 | 0 | 1,034 |
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 | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Cost Of Products Sold [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] | ||||
Cost of products sold | 2 | (1) | 2 | (1) |
Earnings from discontinued operations | 0 | 0 | 0 | (1) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Rate Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest expense | $ 1 | $ 0 | $ 1 | $ 1 |
Financial Instruments (Derivati
Financial Instruments (Derivatives Not Designated As Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 26, 2020 | Jan. 31, 2021 | Jan. 26, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | $ (16) | $ (6) | $ (17) | $ (9) |
Foreign Exchange Forward Contracts [Member] | Cost Of Products Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | 0 | 0 | 1 | 0 |
Foreign Exchange Forward Contracts [Member] | Other Expenses/Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | 0 | 0 | 0 | 2 |
Commodity Derivative Contracts [Member] | Cost Of Products Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | (13) | 0 | (15) | (4) |
Deferred Compensation Derivative Contracts [Member] | General and Administrative Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | (3) | (3) | (3) | (4) |
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) |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements Narrative (Details) - USD ($) $ in Millions | Jan. 31, 2021 | Aug. 02, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, at Carrying Value | $ 200 | $ 157 |
Debt, Long-term and Short-term, Combined Amount | 6,021 | 6,196 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 200 | 157 |
Debt, Long-term and Short-term, Combined Fair Value | $ 6,670 | $ 6,995 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurement Of Assets And Liabilities) (Details) - Measured On Recurring Basis [Member] - USD ($) $ in Millions | Jan. 31, 2021 | Aug. 02, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | $ 23 | $ 15 | |
Total liabilities at fair value | 114 | 103 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 12 | 6 | |
Total liabilities at fair value | 108 | 97 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 11 | 7 | |
Total liabilities at fair value | 5 | 6 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 0 | 2 | |
Total liabilities at fair value | 1 | 0 | |
Foreign Exchange Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [1] | 0 | 1 |
Derivatives liabilities at fair value | [1] | 4 | 2 |
Foreign Exchange Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [1] | 0 | 1 |
Derivatives liabilities at fair value | [1] | 4 | 2 |
Commodity Derivative Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [2] | 17 | 7 |
Derivatives liabilities at fair value | [2] | 2 | 9 |
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] | 9 | 3 |
Derivatives liabilities at fair value | [2] | 0 | 5 |
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] | 8 | 2 |
Derivatives liabilities at fair value | [2] | 1 | 4 |
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] | 0 | 2 |
Derivatives liabilities at fair value | [2] | 1 | 0 |
Deferred Compensation Derivative Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [3] | 3 | 4 |
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] | 3 | 4 |
Deferred Compensation Investment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments at fair value | [4] | 3 | 3 |
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 | 3 |
Deferred Compensation Obligation [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation obligation | [4] | 108 | 92 |
Deferred Compensation Obligation [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation obligation | [4] | $ 108 | $ 92 |
[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. |
Fair Value Measurements Fair _2
Fair Value Measurements Fair Value Measurements (Assets Measured On Recurring Basis Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 26, 2020 | [1] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Beginning Balance | $ 2 | $ 76 | |
Fair Value, Level 3 investment gain (Loss) Included in Earnings | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (3) | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Ending Balance | $ (1) | $ 76 | |
[1] | Primarily represented investments in equity securities that were not readily marketable and were accounted for under the fair value option. The investments were funded by Acre Venture Partners, L.P. (Acre), a limited partnership in which we were the sole limited partner. 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. |
Share Repurchases (Narrative) (
Share Repurchases (Narrative) (Details) - March 2017 Program [Member] $ in Millions | Jan. 31, 2021USD ($) |
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 | 6 Months Ended | 12 Months Ended | |||
Nov. 01, 2020 | Oct. 27, 2019 | Jan. 31, 2021 | Jan. 26, 2020 | Jul. 28, 2019 | Aug. 02, 2020 | |
Stock-based Compensation | ||||||
Excess Tax Benefit/(Deficiency) from Share-based Compensation, Operating Activities | $ 1 | $ 1 | ||||
Cash received from the exercise of stock options | 0 | 4 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 1 | |||||
Share-based Payment Arrangement, Option [Member] | ||||||
Stock-based Compensation | ||||||
Remaining unearned compensation on nonvested awards | $ 1 | |||||
Share-based Payment Arrangement, Option [Member] | Maximum [Member] | ||||||
Stock-based Compensation | ||||||
Weighted-average remaining service period, years | 1 year | |||||
EPS Performance Restricted Stock Units [Member] | Minimum [Member] | ||||||
Stock-based Compensation | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | |||||
EPS Performance Restricted Stock Units [Member] | Maximum [Member] | ||||||
Stock-based Compensation | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |||||
FCF Performance Restricted Stock Units [Member] | ||||||
Stock-based Compensation | ||||||
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, Award Vesting Period | 3 years | |||||
Nonvested, Units | 243 | |||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 44.10 | |||||
FCF Performance Restricted Stock Units [Member] | Minimum [Member] | ||||||
Stock-based Compensation | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | |||||
FCF Performance Restricted Stock Units [Member] | Maximum [Member] | ||||||
Stock-based Compensation | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% | |||||
Time Lapse, EPS Performance, And FCF Performance Restricted Stock Units [Member] | ||||||
Stock-based Compensation | ||||||
Remaining unearned compensation on nonvested awards | $ 49 | |||||
Weighted-average remaining service period, years | 1 year 9 months 18 days | |||||
Nonvested, Units | 1,917 | 1,866 | ||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 45.58 | $ 43.18 | ||||
Fair value of restricted units and shares vested | $ 35 | $ 32 | ||||
Granted, Weighted-Average Grant-Date Fair Value | $ 48.43 | $ 46.81 | ||||
TSR Performance Restricted Stock/Units [Member] | ||||||
Stock-based Compensation | ||||||
Remaining unearned compensation on nonvested awards | $ 35 | |||||
Weighted-average remaining service period, years | 2 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | 0.00% | ||||
Nonvested, Units | 1,266 | 1,254 | ||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 53.67 | $ 47.83 | ||||
Fair value of restricted units and shares vested | $ 11 | |||||
Granted, Weighted-Average Grant-Date Fair Value | $ 54.93 | $ 63.06 |
Stock-based Compensation (Summa
Stock-based Compensation (Summary of Stock-based Compensation Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 26, 2020 | Jan. 31, 2021 | Jan. 26, 2020 | |
Stock-based Compensation | ||||
Total pre-tax stock-based compensation expense | $ 18 | $ 18 | $ 34 | $ 31 |
Tax-related benefits | $ 3 | 3 | $ 6 | 6 |
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | ||||
Stock-based Compensation | ||||
Total pre-tax stock-based compensation expense | 1 | 2 | ||
Tax-related benefits | $ 0 | $ 0 |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule Of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Millions | 6 Months Ended |
Jan. 31, 2021USD ($)$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |
Beginning of period, Options | shares | 1,423 |
Granted, Options | shares | 0 |
Exercised, Options | shares | 0 |
Terminated, Options | shares | 0 |
End of period, Options | shares | 1,423 |
Exercisable at end of period, Options | shares | 1,130 |
Beginning of period, Weighted-Average Exercise Price | $ / shares | $ 45.42 |
Granted, Weighted-Average Exercise Price | $ / shares | 0 |
Exercised, Weighted-Average Exercise Price | $ / shares | 0 |
Terminated, Weighted-Average Exercise Price | $ / shares | 0 |
End of period, Weighted-Average Exercise Price | $ / shares | 45.42 |
Exercisable at end of period, Weighted-Average Exercise Price | $ / shares | $ 48 |
Outstanding at end of period, Weighted-Average Remaining Contractual Life (In years) | 6 years 4 months 24 days |
Exercisable at end of period, Weighted-Average Remaining Contractual Life (In years) | 6 years 1 month 6 days |
Outstanding at end of period, Aggregate Intrinsic Value | $ | $ 7 |
Exercisable at end of period, Aggregate Intrinsic Value | $ | $ 3 |
Stock-based Compensation (Time-
Stock-based Compensation (Time-Lapse Restricted Stock Units, EPS Performance Restricted Stock Units. FCF Performance Restricted Stock Units, And TSR Performance Restricted Stock Units) (Details) - $ / shares shares in Thousands | 6 Months Ended | |
Jan. 31, 2021 | Jan. 26, 2020 | |
Time Lapse, EPS Performance, And FCF Performance Restricted Stock Units [Member] | ||
Stock-based Compensation | ||
Nonvested at beginning of period, Units | 1,866 | |
Granted, Units | 876 | |
Vested, Units | (731) | |
Forfeited, Units | (94) | |
Nonvested at end of period, Units | 1,917 | |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $ 43.18 | |
Granted, Weighted-Average Grant-Date Fair Value | 48.43 | $ 46.81 |
Vested, Weighted-Average Grant-Date Fair Value | 42.73 | |
Forfeited, Weighted Average Grant Date Fair Value | 46.75 | |
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $ 45.58 | |
TSR Performance Restricted Stock/Units [Member] | ||
Stock-based Compensation | ||
Nonvested at beginning of period, Units | 1,254 | |
Granted, Units | 521 | |
Vested, Units | (236) | |
Forfeited, Units | (273) | |
Nonvested at end of period, Units | 1,266 | |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $ 47.83 | |
Granted, Weighted-Average Grant-Date Fair Value | 54.93 | $ 63.06 |
Vested, Weighted-Average Grant-Date Fair Value | 39.39 | |
Forfeited, Weighted Average Grant Date Fair Value | 41.57 | |
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $ 53.67 |
Stock-based Compensation (Valua
Stock-based Compensation (Valuation Assumptions) (Details) - TSR Performance Restricted Stock/Units [Member] | 6 Months Ended | |
Jan. 31, 2021 | Jan. 26, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 0.15% | 1.48% |
Expected dividend yield | 2.85% | 2.95% |
Expected volatility | 29.99% | 27.01% |
Expected term, years | 3 years | 3 years |
Supplemental Financial Statem_3
Supplemental Financial Statement Data (Schedule of Balance Sheets) (Details) - USD ($) $ in Millions | Jan. 31, 2021 | Aug. 02, 2020 |
Inventory, Net [Abstract] | ||
Inventory, raw materials, containers and supplies | $ 340 | $ 297 |
Inventory, finished products | 475 | 574 |
Inventories | $ 815 | $ 871 |
Supplemental Financial Statem_4
Supplemental Financial Statement Data (Schedule of Statement of Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jan. 31, 2021 | Jan. 26, 2020 | Oct. 27, 2019 | Jan. 31, 2021 | Jan. 26, 2020 | |||||
Amortization of Intangible Assets | $ 11 | $ 11 | $ 21 | $ 22 | |||||
Net periodic benefits expense (income), other than the service cost | (20) | (23) | (41) | (46) | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), (Gain) Loss Due to Settlement | (30) | (11) | (34) | (11) | |||||
Investment (gains) / losses | 0 | 0 | 0 | 4 | |||||
Net (gain) loss on sale of business | 0 | (972) | |||||||
Transition services fees | (8) | (1) | (12) | (2) | |||||
Other | 2 | 2 | 3 | 3 | |||||
Other expenses / (income) | (45) | (22) | (63) | 34 | |||||
European chips business [Member] | |||||||||
Net (gain) loss on sale of business | $ 0 | [1] | $ 0 | [1] | $ 64 | $ 0 | [1] | $ 64 | [1] |
[1] | See Note 3 for additional information. |