Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jan. 29, 2023 | Mar. 02, 2023 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CAMPBELL SOUP CO | |
Entity Central Index Key | 0000016732 | |
Current Fiscal Year End Date | --07-30 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jan. 29, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 299,475,991 | |
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. 29, 2023 | Jan. 30, 2022 | Jan. 29, 2023 | Jan. 30, 2022 | |
Income Statement [Abstract] | ||||
Net sales | $ 2,485 | $ 2,209 | $ 5,060 | $ 4,445 |
Costs and expenses | ||||
Cost of products sold | 1,726 | 1,540 | 3,467 | 3,054 |
Marketing and selling expenses | 217 | 197 | 418 | 367 |
Administrative expenses | 162 | 147 | 320 | 303 |
Research and development expenses | 21 | 21 | 42 | 42 |
Other expenses / (income) | 0 | (19) | 18 | (20) |
Restructuring charges | 9 | 0 | 9 | 0 |
Total costs and expenses | 2,135 | 1,886 | 4,274 | 3,746 |
Earnings before interest and taxes | 350 | 323 | 786 | 699 |
Interest expense | 45 | 46 | 92 | 93 |
Interest income | 0 | 0 | 1 | 0 |
Earnings before taxes | 305 | 277 | 695 | 606 |
Taxes on earnings | 73 | 65 | 166 | 133 |
Net earnings | 232 | 212 | 529 | 473 |
Less: Net earnings (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings attributable to Campbell Soup Company | $ 232 | $ 212 | $ 529 | $ 473 |
Per Share - Basic | ||||
Net earnings attributable to Campbell Soup Company | $ 0.78 | $ 0.70 | $ 1.77 | $ 1.57 |
Weighted average shares outstanding - basic | 299 | 302 | 299 | 302 |
Per Share - Assuming Dilution | ||||
Net earnings attributable to Campbell Soup Company | $ 0.77 | $ 0.70 | $ 1.76 | $ 1.56 |
Weighted average shares outstanding - assuming dilution | 301 | 303 | 301 | 303 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 29, 2023 | Jan. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ 232 | $ 212 | $ 529 | $ 473 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax [Abstract] | ||||
Foreign currency translation adjustments, before tax | 3 | (4) | (5) | (4) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax [Abstract] | ||||
Unrealized gains (losses) arising during the period, before tax | (2) | 5 | 5 | 8 |
Reclassification adjustment for losses (gains) included in net earnings, before Tax | (2) | 0 | (6) | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract] | ||||
Reclassification of prior service credit included in net earnings, before tax | 0 | (1) | 0 | (1) |
Other comprehensive income (loss), before tax | (1) | 0 | (6) | 3 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax [Abstract] | ||||
Foreign currency translation adjustments, tax (expense) benefit | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax [Abstract] | ||||
Unrealized gains (losses) arising during the period, tax | 1 | (1) | (1) | (2) |
Reclassification adjustment for losses (gains) included in net earnings, tax (expense) benefit | 0 | 0 | 1 | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax [Abstract] | ||||
Reclassification of prior service credit included in net earnings, tax (expense) benefit | 0 | 0 | 0 | 0 |
Other comprehensive income (loss), tax (expense) benefit | 1 | (1) | 0 | (2) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | ||||
Foreign currency translation adjustments, after-tax | 3 | (4) | (5) | (4) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax [Abstract] | ||||
Unrealized gains (losses) arising during the period, after-tax | (1) | 4 | 4 | 6 |
Reclassification adjustment for losses (gains) included in net earnings, after Tax | (2) | 0 | (5) | 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 | 0 | (1) | 0 | (1) |
Other comprehensive income (loss), after-tax | 0 | (1) | (6) | 1 |
Total comprehensive income (loss), after-tax | 232 | 211 | 523 | 474 |
Total comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive income (loss) attributable to Campbell Soup Company | $ 232 | $ 211 | $ 523 | $ 474 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions | Jan. 29, 2023 | Jul. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 158 | $ 109 |
Accounts receivable, net | 597 | 541 |
Inventories | 1,251 | 1,246 |
Other current assets | 81 | 67 |
Total current assets | 2,087 | 1,963 |
Plant assets, net of depreciation | 2,318 | 2,343 |
Goodwill | 3,975 | 3,979 |
Other intangible assets, net of amortization | 3,177 | 3,198 |
Other assets | 410 | 409 |
Total assets | 11,967 | 11,892 |
Current liabilities | ||
Short-term borrowings | 578 | 814 |
Payable to suppliers and others | 1,374 | 1,334 |
Accrued liabilities | 602 | 621 |
Dividends payable | 113 | 114 |
Accrued income taxes | 32 | 3 |
Total current liabilities | 2,699 | 2,886 |
Long-term debt | 3,992 | 3,996 |
Deferred taxes | 1,076 | 1,074 |
Other liabilities | 599 | 603 |
Total liabilities | 8,366 | 8,559 |
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 | 391 | 415 |
Earnings retained in the business | 4,344 | 4,040 |
Capital stock in treasury, at cost | (1,144) | (1,138) |
Accumulated other comprehensive income (loss) | (4) | 2 |
Total Campbell Soup Company shareholders' equity | 3,599 | 3,331 |
Noncontrolling interests | 2 | 2 |
Total equity | 3,601 | 3,333 |
Total liabilities and equity | $ 11,967 | $ 11,892 |
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. 29, 2023 | Jan. 30, 2022 | |
Cash flows from operating activities: | ||
Net earnings | $ 529 | $ 473 |
Adjustments to reconcile net earnings to operating cash flow | ||
Restructuring charges | 9 | 0 |
Stock-based compensation | 31 | 31 |
Pension and postretirement benefit expense (income) | 3 | (35) |
Depreciation and amortization | 176 | 166 |
Deferred income taxes | 2 | 31 |
Other | 51 | 40 |
Changes in working capital | ||
Accounts receivable | (63) | (17) |
Inventories | (6) | 22 |
Other current assets | (12) | (5) |
Accounts payable and accrued liabilities | 38 | 78 |
Other | (26) | (18) |
Net cash provided by operating activities | 732 | 766 |
Cash flows from investing activities: | ||
Purchases of plant assets | (155) | (129) |
Purchases of route businesses | (3) | 0 |
Sales of route businesses | 0 | 2 |
Other | 0 | 2 |
Net cash used in investing activities | (158) | (125) |
Cash flows from financing activities: | ||
Short-term borrowings, including commercial paper | 1,389 | 444 |
Short-term repayments, including commercial paper | (1,626) | (486) |
Dividends paid | (226) | (228) |
Treasury stock purchases | (66) | (65) |
Treasury stock issuances | 22 | 1 |
Payments related to tax withholding for stock-based compensation | (18) | (18) |
Net cash used in financing activities | (525) | (352) |
Effect of exchange rate changes on cash | 0 | (1) |
Net change in cash and cash equivalents | 49 | 288 |
Cash and cash equivalents - beginning of period | 109 | 69 |
Cash and cash equivalents - end of period | $ 158 | $ 357 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Millions | Total | Capital Stock Issued [Member] | Capital Stock In Treasury [Member] | Additional Paid-In Capital [Member] | Earnings Retained In The Business [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] |
Capital stock, shares at Aug. 01, 2021 | 323,000 | ||||||
Treasury stock, shares at Aug. 01, 2021 | (21,000) | ||||||
Balance, value at Aug. 01, 2021 | $ 3,154 | $ 12 | $ (1,021) | $ 414 | $ 3,742 | $ 5 | $ 2 |
Net earnings (loss) | 473 | 473 | 0 | ||||
Other comprehensive income (loss) | 1 | 1 | 0 | ||||
Dividends | $ (224) | (224) | |||||
Dividends per share | $ 0.74 | ||||||
Treasury stock purchased, shares | (1,500) | (1,000) | |||||
Treasury stock purchased, value | $ (65) | $ (65) | |||||
Treasury stock issued under management incentive and stock option plans, value | 13 | $ 47 | (26) | (8) | |||
Treasury stock issued under management incentive and stock option plans, shares | 1,000 | ||||||
Capital stock, shares at Jan. 30, 2022 | 323,000 | ||||||
Treasury Stock, Shares at Jan. 30, 2022 | (21,000) | ||||||
Balance, value at Jan. 30, 2022 | 3,352 | $ 12 | $ (1,039) | 388 | 3,983 | 6 | 2 |
Capital stock, shares at Oct. 31, 2021 | 323,000 | ||||||
Treasury stock, shares at Oct. 31, 2021 | (21,000) | ||||||
Balance, value at Oct. 31, 2021 | 3,237 | $ 12 | $ (1,038) | 372 | 3,882 | 7 | 2 |
Net earnings (loss) | 212 | 212 | 0 | ||||
Other comprehensive income (loss) | (1) | (1) | 0 | ||||
Dividends | $ (111) | (111) | |||||
Dividends per share | $ 0.37 | ||||||
Treasury stock purchased, shares | 0 | ||||||
Treasury stock purchased, value | $ (2) | $ (2) | |||||
Treasury stock issued under management incentive and stock option plans, value | 17 | $ 1 | 16 | 0 | |||
Treasury stock issued under management incentive and stock option plans, shares | 0 | ||||||
Capital stock, shares at Jan. 30, 2022 | 323,000 | ||||||
Treasury Stock, Shares at Jan. 30, 2022 | (21,000) | ||||||
Balance, value at Jan. 30, 2022 | 3,352 | $ 12 | $ (1,039) | 388 | 3,983 | 6 | 2 |
Capital stock, shares at Jul. 31, 2022 | 323,000 | ||||||
Treasury stock, shares at Jul. 31, 2022 | (24,000) | ||||||
Balance, value at Jul. 31, 2022 | 3,333 | $ 12 | $ (1,138) | 415 | 4,040 | 2 | 2 |
Net earnings (loss) | 529 | 529 | 0 | ||||
Other comprehensive income (loss) | (6) | (6) | 0 | ||||
Dividends | $ (225) | (225) | |||||
Dividends per share | $ 0.74 | ||||||
Treasury stock purchased, shares | (1,298) | (1,000) | |||||
Treasury stock purchased, value | $ (66) | $ (66) | |||||
Treasury stock issued under management incentive and stock option plans, value | 36 | $ 60 | (24) | 0 | |||
Treasury stock issued under management incentive and stock option plans, shares | 1,000 | ||||||
Capital stock, shares at Jan. 29, 2023 | 323,000 | ||||||
Treasury Stock, Shares at Jan. 29, 2023 | (24,000) | ||||||
Balance, value at Jan. 29, 2023 | 3,601 | $ 12 | $ (1,144) | 391 | 4,344 | (4) | 2 |
Capital stock, shares at Oct. 30, 2022 | 323,000 | ||||||
Treasury stock, shares at Oct. 30, 2022 | (24,000) | ||||||
Balance, value at Oct. 30, 2022 | 3,469 | $ 12 | $ (1,140) | 375 | 4,224 | (4) | 2 |
Net earnings (loss) | 232 | 232 | 0 | ||||
Other comprehensive income (loss) | 0 | 0 | 0 | ||||
Dividends | $ (112) | (112) | |||||
Dividends per share | $ 0.37 | ||||||
Treasury stock purchased, shares | 0 | ||||||
Treasury stock purchased, value | $ (25) | $ (25) | |||||
Treasury stock issued under management incentive and stock option plans, value | 37 | $ 21 | 16 | 0 | |||
Treasury stock issued under management incentive and stock option plans, shares | 0 | ||||||
Capital stock, shares at Jan. 29, 2023 | 323,000 | ||||||
Treasury Stock, Shares at Jan. 29, 2023 | (24,000) | ||||||
Balance, value at Jan. 29, 2023 | $ 3,601 | $ 12 | $ (1,144) | $ 391 | $ 4,344 | $ (4) | $ 2 |
Basis of Presentations and Sign
Basis of Presentations and Significant Accounting Policies | 6 Months Ended |
Jan. 29, 2023 | |
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 financial statements reflect all adjustments which are, in our opinion, necessary for a fair statement of the results of operations, financial position and cash flows for the indicated periods. The accounting policies we used in preparing these financial statements are substantially consistent with those we applied in our Annual Report on Form 10-K for the year ended July 31, 2022. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jan. 29, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Pronouncements Not Yet Adopted In September 2022, the Financial Accounting Standards Board (FASB) issued guidance that enhances the transparency of supplier finance programs by requiring disclosure of the key terms of these programs and a related rollforward of these obligations to understand the effect on working capital, liquidity and cash flows. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods in those fiscal years, except for the rollforward requirement, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our disclosures. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jan. 29, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (Loss) The components of Accumulated other comprehensive income (loss) consisted of the following: (Millions) Foreign Currency Translation Adjustments (1) Cash-Flow Hedges (2) Pension and Postretirement Benefit Plan Adjustments (3) Total Accumulated Comprehensive Income (Loss) Balance at August 1, 2021 $ 6 $ (4) $ 3 $ 5 Other comprehensive income (loss) before reclassifications (4) 6 — 2 Losses (gains) reclassified from accumulated other comprehensive income (loss) — — (1) (1) Net current-period other comprehensive income (loss) (4) 6 (1) 1 Balance at January 30, 2022 $ 2 $ 2 $ 2 $ 6 Balance at July 31, 2022 $ — $ — $ 2 $ 2 Other comprehensive income (loss) before reclassifications (5) 4 — (1) Losses (gains) reclassified from accumulated other comprehensive income (loss) — (5) — (5) Net current-period other comprehensive income (loss) (5) (1) — (6) Balance at January 29, 2023 $ (5) $ (1) $ 2 $ (4) _____________________________________ (1) Included no tax as of January 29, 2023, July 31, 2022, January 30, 2022 and August 1, 2021. (2) Included no tax as of January 29, 2023 and July 31, 2022, tax expense of $1 million as of January 30, 2022, and a tax benefit of $1 million as of August 1, 2021. (3) Included tax expense of $1 million as of January 29, 2023, July 31, 2022, January 30, 2022, and August 1, 2021. 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 (Millions) January 29, 2023 January 30, 2022 January 29, 2023 January 30, 2022 Location of Loss (Gain) Recognized in Earnings Losses (gains) on cash-flow hedges: Commodity contracts $ — $ (2) $ (3) $ (3) Cost of products sold Foreign exchange forward contracts (3) 1 (4) 2 Cost of products sold Forward starting interest rate swaps 1 1 1 1 Interest expense Total before tax (2) — (6) — Tax expense (benefit) — — 1 — Loss (gain), net of tax $ (2) $ — $ (5) $ — Pension and postretirement benefit adjustments: Prior service credit $ — $ (1) $ — $ (1) Other expenses / (income) Tax expense (benefit) — — — — Loss (gain), net of tax $ — $ (1) $ — $ (1) |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 6 Months Ended |
Jan. 29, 2023 | |
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: (Millions) Meals & Beverages Snacks Total Net balance at July 31, 2022 $ 993 $ 2,986 $ 3,979 Foreign currency translation adjustment (4) — (4) Net balance at January 29, 2023 $ 989 $ 2,986 $ 3,975 Intangible Assets The following table summarizes balance sheet information for intangible assets, excluding goodwill: January 29, 2023 July 31, 2022 (Millions) Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets Customer relationships $ 830 $ (202) $ 628 $ 830 $ (181) $ 649 Non-amortizable intangible assets Snyder's of Hanover $ 620 $ 620 Lance 350 350 Kettle Brand 318 318 Pace 292 292 Pacific Foods 280 280 Various other Snacks (1) 689 689 Total trademarks $ 2,549 $ 2,549 Total net intangible assets $ 3,177 $ 3,198 ____________________________________ (1) Associated with the acquisition of Snyder's-Lance, Inc. (Snyder's-Lance). Amortization of intangible assets was $21 million for both the six-month periods ended January 29, 2023 and January 30, 2022. As of January 29, 2023, amortizable intangible assets had a weighted-average remaining useful life of 16 years. Amortization expense for the next 5 years is estimated to be approximately $41 million per year. As of our 2022 annual impairment testing, indefinite-lived trademarks with 10% or less of excess coverage of fair value over carrying value had an aggregate carrying value of $434 million and included Pacific Foods and certain other Snacks trademarks. |
Segment Information
Segment Information | 6 Months Ended |
Jan. 29, 2023 | |
Segment Reporting [Abstract] | |
Business and Geographic Segment Information | Segment Information Our reportable segments are as follows: • Meals & Beverages, which consists of our soup, simple meals and beverages products in retail and foodservice 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; V8 juices and beverages; and Campbell’s tomato juice. The segment also includes snacking products in foodservice and Canada; and • Snacks, which consists of Pepperidge Farm cookies*, crackers, fresh bakery and frozen products, including Goldfish crackers*, Snyder’s of Hanover pretzels*, Lance sandwich crackers*, Cape Cod potato chips*, Kettle Brand potato chips*, Late July snacks*, Snack Factory pretzel crisps*, Pop Secret popcorn, Emerald nuts, and other snacking products in retail in the U.S. We refer to the * brands as our "power brands." The segment also includes the retail business in Latin America. We evaluate segment performance before interest, taxes and costs associated with restructuring activities and impairment charges. Unrealized gains and losses on outstanding 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 (Millions) January 29, 2023 January 30, 2022 January 29, 2023 January 30, 2022 Net sales Meals & Beverages $ 1,408 $ 1,275 $ 2,863 $ 2,541 Snacks 1,077 934 2,197 1,904 Total $ 2,485 $ 2,209 $ 5,060 $ 4,445 Three Months Ended Six Months Ended (Millions) January 29, 2023 January 30, 2022 January 29, 2023 January 30, 2022 Earnings before interest and taxes Meals & Beverages $ 249 $ 213 $ 580 $ 493 Snacks 150 121 303 249 Corporate income (expense) (1) (40) (11) (88) (43) Restructuring charges (2) (9) — (9) — Total $ 350 $ 323 $ 786 $ 699 _______________________________________ (1) Represents unallocated items. There were pension actuarial gains of $6 million and losses of $9 million in the three- and six-month periods ended January 29, 2023, and pension actuarial gains of $10 million and $4 million in the three- and six-month periods ended January 30, 2022, respectively. Costs related to the cost savings initiatives were $5 million and $8 million in the three- and six-month periods ended January 29, 2023, and $5 million and $9 million in the three- and six-month periods ended January 30, 2022, respectively. Unrealized mark-to-market adjustments on outstanding undesignated commodity hedges were losses of $4 million in the three-month period ended January 29, 2023, and losses of $3 million in the six-month period ended January 30, 2022. (2) See Note 6 for additional information. Our net sales based on product categories are as follows: Three Months Ended Six Months Ended (Millions) January 29, 2023 January 30, 2022 January 29, 2023 January 30, 2022 Net sales Soup $ 852 $ 784 $ 1,745 $ 1,581 Snacks 1,121 966 2,294 1,969 Other simple meals 321 270 636 534 Beverages 191 189 385 361 Total $ 2,485 $ 2,209 $ 5,060 $ 4,445 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, gravies, pasta, beans and canned poultry. 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. 29, 2023 | |
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 Continuing Operations Beginning in fiscal 2015, we implemented initiatives to reduce costs and to streamline our organizational structure. Over the years, we expanded these initiatives by continuing to optimize our supply chain and manufacturing networks, as well as our information technology infrastructure. On March 26, 2018, we completed the acquisition of Snyder's-Lance. Prior to the acquisition, Snyder's-Lance launched a cost transformation program following a comprehensive review of its operations with the goal of significantly improving its financial performance. We continued to implement this program and identified opportunities for additional cost synergies as we integrated Snyder's-Lance. In 2022, we expanded these initiatives as we continue to pursue cost savings by further optimizing our supply chain and manufacturing network and through effective cost management. In the second quarter of 2023, we announced plans to consolidate our Snacks offices in Charlotte, North Carolina, and Norwalk, Connecticut, into our headquarters in Camden, New Jersey. Cost estimates for these expanded initiatives, as well as timing for certain activities, are continuing to be developed. A summary of the pre-tax charges recognized in the Consolidated Statements of Earnings related to these initiatives is as follows: Three Months Ended Six Months Ended (Millions) January 29, 2023 January 30, 2022 January 29, 2023 January 30, 2022 Recognized as of January 29, 2023 Restructuring charges $ 9 $ — $ 9 $ — $ 273 Administrative expenses 5 3 8 5 367 Cost of products sold — 2 — 4 84 Marketing and selling expenses — — — — 14 Research and development expenses — — — — 4 Total pre-tax charges $ 14 $ 5 $ 17 $ 9 $ 742 A summary of the pre-tax costs associated with the initiatives is as follows: (Millions) Recognized as of January 29, 2023 Severance pay and benefits $ 236 Asset impairment/accelerated depreciation 82 Implementation costs and other related costs 424 Total $ 742 The total estimated pre-tax costs for actions that have been identified are approximately $860 million to $880 million and we expect to incur the costs through 2025. These estimates will be updated as the expanded initiatives are developed. We expect the costs for actions that have been identified to date to consist of the following: approximately $245 million to $250 million in severance pay and benefits; approximately $130 million in asset impairment and accelerated depreciation; and approximately $485 million to $500 million in implementation costs and other related costs. We expect these pre-tax costs to be associated with our segments as follows: Meals & Beverages - approximately 33%; Snacks - approximately 43%; and Corporate - approximately 24%. Of the aggregate $860 million to $880 million of pre-tax costs identified to date, we expect approximately $690 million to $710 million will be cash expenditures. In addition, we expect to invest approximately $600 million in capital expenditures through 2025, of which we invested $441 million as of January 29, 2023. The capital expenditures primarily relate to optimization of production within our Meals & Beverages manufacturing network, a U.S. warehouse optimization project, improvement of quality, safety and cost structure across the Snyder’s-Lance manufacturing network, implementation of our existing SAP enterprise-resource planning system for Snyder's-Lance, enhancements to our headquarters in Camden, New Jersey, optimization of information technology infrastructure and applications and optimization of the Snyder’s-Lance warehouse and distribution network. A summary of the restructuring activity and related reserves at January 29, 2023, is as follows: (Millions) Severance Pay and Benefits Implementation Costs and Other Related Costs (2) Total Charges Accrued balance at July 31, 2022 $ 7 2023 charges 9 8 $ 17 2023 cash payments (4) Accrued balance at January 29, 2023 (1) $ 12 __________________________________ (1) Includes $5 million of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (2) Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses in the Consolidated Statements of Earnings. Segment operating results do not include restructuring charges, implementation costs and other related costs because we evaluate segment performance excluding such charges. A summary of the pre-tax costs associated with segments is as follows: January 29, 2023 (Millions) Three Months Ended Six Months Ended Costs Incurred to Date Meals & Beverages $ — $ — $ 225 Snacks 10 10 331 Corporate 4 7 186 Total $ 14 $ 17 $ 742 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jan. 29, 2023 | |
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 29, 2023, excludes less than 1 million stock options that would have been antidilutive. The earnings per share calculation for the three- and six-month periods ended January 30, 2022, excludes approximately 1 million stock options that would have been antidilutive. |
Pension And Postretirement Bene
Pension And Postretirement Benefits | 6 Months Ended |
Jan. 29, 2023 | |
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 (Millions) January 29, 2023 January 30, 2022 January 29, 2023 January 30, 2022 January 29, 2023 January 30, 2022 January 29, 2023 January 30, 2022 Service cost $ 3 $ 5 $ — $ — $ 7 $ 9 $ — $ — Interest cost 19 11 1 1 36 21 3 2 Expected return on plan assets (25) (32) — — (52) (62) — — Amortization of prior service credit — — — (1) — — — (1) Actuarial losses (gains) (6) (10) — — 9 (4) — — Net periodic benefit expense (income) $ (9) $ (26) $ 1 $ — $ — $ (36) $ 3 $ 1 The actuarial gains and losses resulted from the remeasurement of pension plans due to lump sum distributions that exceeded or are expected to exceed service and interest costs resulting in settlement accounting for the plans. The actuarial gains recognized for the three-month period ended January 29, 2023 were primarily due to increases in discount rates used to determine the benefit obligation, partially offset by losses on plan assets. The actuarial losses recognized for the six-month period ended January 29, 2023 were primarily due to losses on plan assets, partially offset by increases in discount rates used to determine the benefit obligation. The actuarial gains recognized for the three- and six-month periods ended January 30, 2022 were primarily due to increases in discount rates used to determine the benefit obligation, partially offset by losses on plan assets. |
Leases
Leases | 6 Months Ended |
Jan. 29, 2023 | |
Leases [Abstract] | |
cpb_LeaseDisclosureTextBlock | Leases The components of lease costs were as follows: Three Months Ended Six Months Ended (Millions) January 29, 2023 January 30, 2022 January 29, 2023 January 30, 2022 Operating lease cost $ 20 $ 20 $ 40 $ 39 Finance lease - amortization of right-of-use (ROU) assets 4 4 8 8 Short-term lease cost 17 14 34 27 Variable lease cost (1) 53 49 103 101 Total $ 94 $ 87 $ 185 $ 175 __________________________________________ (1) Includes labor and other overhead in our service contracts with embedded leases. The following tables summarize the lease amounts recorded in the Consolidated Balance Sheets: Operating Leases (Millions) Balance Sheet Classification January 29, 2023 July 31, 2022 ROU assets, net Other assets $ 230 $ 239 Lease liabilities (current) Accrued liabilities $ 59 $ 62 Lease liabilities (noncurrent) Other liabilities $ 172 $ 177 Finance Leases (Millions) Balance Sheet Classification January 29, 2023 July 31, 2022 ROU assets, net Plant assets, net of depreciation $ 21 $ 28 Lease liabilities (current) Short-term borrowings $ 12 $ 14 Lease liabilities (noncurrent) Long-term debt $ 11 $ 16 The following table summarizes cash flow and other information related to leases: Six Months Ended (Millions) January 29, 2023 January 30, 2022 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 $ 8 $ 8 ROU assets obtained in exchange for lease obligations: Operating leases $ 30 $ 33 Finance leases $ 1 $ 13 |
Debt
Debt | 6 Months Ended |
Jan. 29, 2023 | |
Debt Disclosure [Abstract] | |
Short-term Borrowings and Long-term Debt | Short-term Borrowings and Long-term DebtOn November 15, 2022, we entered into a delayed draw term loan credit agreement (the DDTL Credit Agreement) totaling up to $500 million scheduled to mature on November 15, 2025. Loans under the DDTL Credit Agreement will bear interest at the rates specified in the DDTL Credit Agreement, which vary based on the type of loan and certain other conditions. The DDTL Credit Agreement contains customary representations and warranties, affirmative and negative covenants, including a financial covenant with respect to a minimum consolidated interest coverage ratio of consolidated adjusted EBITDA to consolidated interest expense (as each is defined in the DDTL Credit Agreement) of not less than 3.25:1.00, and events of default for credit facilities of this type. We anticipate using $500 million of the proceeds of the loans under the DDTL Credit Agreement to refinance our existing $566 million Notes with a maturity date of March 15, 2023. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jan. 29, 2023 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Financial Instruments | Financial Instruments The principal market risks to which we are exposed are changes in foreign currency exchange rates, interest rates and commodity prices. In addition, we are exposed to 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 29, 2023, or July 31, 2022. We are also exposed to credit risk from our customers. During 2022, our largest customer accounted for approximately 22% of consolidated net sales. Our five largest customers accounted for approximately 47% of our consolidated net sales in 2022. We closely monitor credit risk associated with counterpartie s and customers. Foreign Currency Exchange Risk We are exposed to foreign currency exchange risk, primarily the Canadian dollar, related to intercompany transactions and third-party transactions. 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. The notional amount of foreign exchange forward contracts accounted for as cash-flow hedges was $128 million as of January 29, 2023, and $140 million as of July 31, 2022. Changes in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of cash-flow hedges are recorded in other comprehensive income (loss), until earnings are affected by the variability of cash flows. For derivatives that are designated and qualify as hedging instruments, the initial fair value of hedge components excluded from the assessment of effectiveness is recognized in earnings under a systematic and rational method over the life of the hedging instrument and is presented in the same statement of earnings line item as the earnings effect of the hedged item. Any difference between the change in the fair value of the hedge components excluded from the assessment of effectiveness and the amounts recognized in earnings is recorded as a component of other comprehensive income (loss). The notional amount of foreign exchange forward contracts that are not designated as accounting hedges was $17 million as of January 29, 2023, and $13 million as of July 31, 2022. 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. There were no interest rate swaps outstanding as of January 29, 2023, or July 31, 2022. Commodity Price Risk We principally use a combination of purchase orders and various short- and long-term supply arrangements in connection with the purchase of raw materials, including certain commodities and agricultural products. We also enter into commodity futures, options and swap contracts to reduce the volatility of price fluctuations of wheat, diesel fuel, natural gas, soybean oil, aluminum, cocoa, corn, soybean meal and butter. 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 $3 million as of July 31, 2022. There were no commodity contracts designated as cash-flow hedges as of January 29, 2023. Changes in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of cash-flow hedges are recorded in other comprehensive income (loss), until earnings are affected by the variability of cash flows. The notional amount of commodity contracts not designated as accounting hedges was $246 million as of January 29, 2023, and $254 million as of July 31, 2022. The change in fair value on undesignated instruments is recorded in Cost of products sold. We have 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 amount was $106 million as of January 29, 2023, and $39 million as of July 31, 2022. The change in fair value on the embedded derivative is recorded in Cost of products sold. Deferred Compensation Obligation Price Risk We enter into swap contracts which hedge a portion of exposures relating to the total return of certain deferred compensation obligations. These contracts are 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 $50 million as of January 29, 2023, and July 31, 2022. The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of January 29, 2023, and July 31, 2022: (Millions) Balance Sheet Classification January 29, 2023 July 31, 2022 Asset Derivatives Derivatives designated as hedges: Commodity contracts Other current assets $ — $ 3 Foreign exchange forward contracts Other current assets 3 2 Total derivatives designated as hedges $ 3 $ 5 Derivatives not designated as hedges: Commodity contracts Other current assets $ 9 $ 20 Deferred compensation contracts Other current assets 5 — Total derivatives not designated as hedges $ 14 $ 20 Total asset derivatives $ 17 $ 25 (Millions) Balance Sheet Classification January 29, 2023 July 31, 2022 Liability Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Accrued liabilities $ 1 $ — Total derivatives designated as hedges $ 1 $ — Derivatives not designated as hedges: Commodity contracts Accrued liabilities $ 18 $ 30 Deferred compensation contracts Accrued liabilities — 4 Total derivatives not designated as hedges $ 18 $ 34 Total liability derivatives $ 19 $ 34 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 29, 2023, and July 31, 2022, would be adjusted as detailed in the following table: January 29, 2023 July 31, 2022 (Millions) 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 $ 17 $ (6) $ 11 $ 25 $ (17) $ 8 Total liability derivatives $ 19 $ (6) $ 13 $ 34 $ (17) $ 17 We are required to maintain cash margin accounts in connection with funding the settlement of open positions for exchange-traded commodity derivative instruments. Cash margin asset balances of $17 million at January 29, 2023, and $8 million at July 31, 2022, were included in Other current assets in the Consolidated Balance Sheets. The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and six-month periods ended January 29, 2023, and January 30, 2022, in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings: Total Cash-Flow Hedge (Millions) January 29, 2023 January 30, 2022 Three Months Ended OCI derivative gain (loss) at beginning of quarter $ 3 $ (2) Effective portion of changes in fair value recognized in OCI: Commodity contracts — 1 Foreign exchange forward contracts (2) 4 Amount of loss (gain) reclassified from OCI to earnings: Location in Earnings Commodity contracts Cost of products sold — (2) Foreign exchange forward contracts Cost of products sold (3) 1 Forward starting interest rate swaps Interest expense 1 1 OCI derivative gain (loss) at end of quarter $ (1) $ 3 Six Months Ended OCI derivative gain (loss) at beginning of year $ — $ (5) Effective portion of changes in fair value recognized in OCI: Commodity contracts — 4 Foreign exchange forward contracts 5 4 Amount of loss (gain) reclassified from OCI to earnings: Location in Earnings Commodity contracts Cost of products sold (3) (3) Foreign exchange forward contracts Cost of products sold (4) 2 Forward starting interest rate swaps Interest expense 1 1 OCI derivative gain (loss) at end of quarter $ (1) $ 3 Based on current valuations, the amount expected to be reclassified from OCI into earnings within the next 12 months is a gain of $3 million. The following tables show the total amounts of line items presented in the Consolidated Statements of Earnings for the three- and six-month periods ended January 29, 2023, and January 30, 2022, in which the effects of derivative instruments designated as cash-flow hedges are recorded and the total effect of hedge activity on these line items are as follows: Three Months Ended January 29, 2023 January 30, 2022 (Millions) Cost of products sold Interest Cost of products sold Interest Consolidated Statements of Earnings: $ 1,726 $ 45 $ 1,540 $ 46 Loss (gain) on cash-flow hedges: Amount of loss (gain) reclassified from OCI to earnings $ (3) $ 1 $ (1) $ 1 Six Months Ended January 29, 2023 January 30, 2022 (Millions) Cost of products sold Interest Cost of products sold Interest Consolidated Statements of Earnings: $ 3,467 $ 92 $ 3,054 $ 93 Loss (gain) on cash-flow hedges: Amount of loss (gain) reclassified from OCI to earnings $ (7) $ 1 $ (1) $ 1 The amount excluded from effectiveness testing recognized in each line item of earnings using an amortization approach was not material in all periods presented. The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings: Location of Loss (Gain) Recognized in Earnings Three Months Ended Six Months Ended (Millions) January 29, 2023 January 30, 2022 January 29, 2023 January 30, 2022 Foreign exchange forward contracts Cost of products sold $ — $ — $ (1) $ — Commodity contracts Cost of products sold 1 (10) (11) (19) Deferred compensation contracts Administrative expenses (3) 1 (1) — Total loss (gain) $ (2) $ (9) $ (13) $ (19) |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jan. 29, 2023 | |
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 tables present our financial assets and liabilities that are measured at fair value on a recurring basis as of January 29, 2023, and July 31, 2022, consistent with the fair value hierarchy: Fair Value as of January 29, 2023 Fair Value Measurements at January 29, 2023 Using Fair Value Hierarchy Fair Value as of July 31, 2022 Fair Value Measurements at July 31, 2022 Using Fair Value Hierarchy (Millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Foreign exchange forward contracts (1) $ 3 $ — $ 3 $ — $ 2 $ — $ 2 $ — Commodity derivative contracts (2) 9 2 2 5 23 — 19 4 Deferred compensation derivative contracts (3) 5 — 5 — — — — — Deferred compensation investments (4) 1 1 — — 2 2 — — Total assets at fair value $ 18 $ 3 $ 10 $ 5 $ 27 $ 2 $ 21 $ 4 Fair Value as of January 29, 2023 Fair Value Measurements at January 29, 2023 Using Fair Value Hierarchy Fair Value as of July 31, 2022 Fair Value Measurements at July 31, 2022 Using Fair Value Hierarchy (Millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Liabilities Foreign exchange forward contracts (1) $ 1 $ — $ 1 $ — $ — $ — $ — $ — Commodity derivative contracts (2) 18 10 8 — 30 6 24 — Deferred compensation derivative contracts (3) — — — — 4 — 4 — Deferred compensation obligation (4) 104 104 — — 96 96 — — Total liabilities at fair value $ 123 $ 114 $ 9 $ — $ 130 $ 102 $ 28 $ — ___________________________________ (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 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 29, 2023, and January 30, 2022: Six Months Ended (Millions) January 29, 2023 January 30, 2022 Fair value at beginning of year $ 4 $ 1 Gains (losses) 5 20 Settlements (4) (6) Fair value at end of quarter $ 5 $ 15 Fair Value of Financial Instruments The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value. There were $26 million of cash equivalents at January 29, 2023, and $27 million at July 31, 2022. 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 $4.29 billion at January 29, 2023, and $4.637 billion at July 31, 2022. The carrying value was $4.57 billion at January 29, 2023, and $4.81 billion at July 31, 2022. 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. 29, 2023 | |
Equity [Abstract] | |
Share Repurchases | Share Repurchases In June 2021, the Board authorized an anti-dilutive share repurchase program of up to $250 million (June 2021 program) to offset the impact of dilution from shares issued under our stock compensation programs. The June 2021 program has no expiration date, but it may be suspended or discontinued at any time. Repurchases under the June 2021 program may be made in open-market or privately negotiated transactions. In September 2021, the Board approved a strategic share repurchase program of up to $500 million (September 2021 program). The September 2021 program has no expiration date, but it may be suspended or discontinued at any time. Repurchases under the September 2021 program may be made in open-market or privately negotiated transactions. During the six-month period ended January 29, 2023, we repurchased 1.298 million shares at a cost of $66 million pursuant to our June 2021 program. As of January 29, 2023, approximately $106 million remained available under the June 2021 program and approximately $375 million remained available under the September 2021 program. During the six-month period ended January 30, 2022, we repurchased approximately 1.5 million shares at a cost of $65 million. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jan. 29, 2023 | |
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 2023, we issued time-lapse restricted stock units, unrestricted stock, TSR performance restricted stock units and EPS performance restricted stock units. We last issued stock options and FCF performance restricted stock units in 2019. 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 the Consolidated Statements of Earnings were as follows: Three Months Ended Six Months Ended (Millions) January 29, 2023 January 30, 2022 January 29, 2023 January 30, 2022 Total pre-tax stock-based compensation expense $ 16 $ 17 $ 31 $ 31 Tax-related benefits $ 3 $ 3 $ 6 $ 5 The following table summarizes stock option activity as of January 29, 2023: Options Weighted- Weighted- Aggregate (Options in (In years) (Millions) Outstanding at July 31, 2022 1,297 $ 46.04 Granted — $ — Exercised (464) $ 48.33 Terminated — $ — Outstanding at January 29, 2023 833 $ 44.77 4.7 $ 6 Exercisable at January 29, 2023 833 $ 44.77 4.7 $ 6 The total intrinsic value of options exercised during the six-month period ended January 29, 2023 was $3 million. The total intrinsic value of options exercised during the six-month period ended January 30, 2022 was not material. We measured the fair value of stock options using the Black-Scholes option pricing model. We expensed stock options on a straight-line basis over the vesting period, except for awards issued to retirement eligible participants, which we expensed on an accelerated basis. As of January 2022, compensation related to stock options was fully expensed. The following table summarizes time-lapse restricted stock units and EPS performance restricted stock units as of January 29, 2023: Units Weighted-Average Grant-Date Fair Value (Restricted stock Nonvested at July 31, 2022 1,946 $ 43.88 Granted 1,148 $ 47.36 Vested (735) $ 45.23 Forfeited (100) $ 44.86 Nonvested at January 29, 2023 2,259 $ 45.16 We determine the fair value of time-lapse 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. In 2023 and 2022, we granted EPS performance restricted stock units that will be earned upon the achievement of our adjusted EPS compound annual growth rate goal, measured over a three-year period. The actual number of EPS 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 EPS performance restricted stock units is based upon the quoted price of our stock at the date of grant. We expense EPS performance restricted stock units on a straight-line basis over the service period, except for awards issued to retirement-eligible participants, which we expense on an accelerated basis. We estimate expense based on the number of awards expected to vest. There were 564 thousand EPS performance target grants outstanding at January 29, 2023, with a weighted-average grant-date fair value of $44.33. In 2019, we issued approximately 388 thousand FCF performance restricted stock units for which vesting was 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 was averaged at the end of the three-year period to determine the number of underlying units that would vest at the end of the three years. The actual number of FCF performance restricted stock units issued at the vesting date could have ranged from 0% to 200% of the initial grant depending on actual performance achieved. The fair value of FCF performance restricted stock units was based upon the quoted price of our stock at the date of grant. We expensed FCF performance restricted stock units over the requisite service period of each objective. We estimated expense based on the number of awards expected to vest. In the first quarter of 2022, recipients of FCF performance restricted stock units earned 167% of the initial grants based upon the average of actual performance achieved during a three-year period ended August 1, 2021. As a result, approximately 158 thousand additional shares were awarded. As of October 31, 2021, there were no FCF performance target grants outstanding. As of January 29, 2023, total remaining unearned compensation related to nonvested time-lapse restricted stock units and EPS performance restricted stock units was $60 million, which will be amortized over the weighted-average remaining service period of 1.9 years. The fair value of restricted stock units vested during the six-month periods ended January 29, 2023, and January 30, 2022, was $35 million and $49 million, respectively. The weighted-average grant-date fair value of the restricted stock units granted during the six-month period ended January 30, 2022 was $41.79. The following table summarizes TSR performance restricted stock units as of January 29, 2023: Units Weighted-Average Grant-Date Fair Value (Restricted stock Nonvested at July 31, 2022 1,153 $ 55.63 Granted 296 $ 53.74 Vested (443) $ 63.06 Forfeited (52) $ 51.69 Nonvested at January 29, 2023 954 $ 51.81 We estimated the fair value of TSR performance restricted stock units at the grant date using a Monte Carlo simulation. Weighted-average assumptions used in the Monte Carlo simulation were as follows: 2023 2022 Risk-free interest rate 4.29% 0.46% Expected dividend yield 3.09% 3.50% Expected volatility 26.40% 27.42% 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 29, 2023, total remaining unearned compensation related to TSR performance restricted stock units was $20 million, which will be amortized over the weighted-average remaining service period of 1.8 years. In the first quarter of 2023, recipients of TSR performance restricted stock units earned 100% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 29, 2022. In the first quarter of 2022, recipients of TSR performance restricted stock units earned 75% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 30, 2021. The fair value of TSR performance restricted stock units vested during the six-month periods ended January 29, 2023, and January 30, 2022, was $21 million and $8 million, respectively. The weighted-average grant-date fair value of the TSR performance restricted stock units granted during the six-month period ended January 30, 2022, was $45.54. The tax benefits on the exercise of stock options in the six-month period ended January 29, 2023 were $1 million. The tax benefits on the exercise of stock options in the six-month period ended January 30, 2022 were not material. Cash received from the exercise of stock options was $22 million and $1 million for the six-month periods ended January 29, 2023, and January 30, 2022, respectively, 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. 29, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Regulatory and Litigation Matters We are involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising from the conduct of business both in the ordinary course and otherwise. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with our actual experiences in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to us that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value. Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time is normally difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law. We establish liabilities for litigation and regulatory loss contingencies when information related to the loss contingencies shows both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require us to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated as of January 29, 2023. 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. Other Contingencies We have provided certain indemnifications in connection with divestitures, contracts and other transactions. Certain indemnifications have finite expiration dates. Liabilities recognized based on known exposures related to such matters were not material at January 29, 2023. |
Supplemental Financial Statemen
Supplemental Financial Statement Data | 6 Months Ended |
Jan. 29, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Supplemental Financial Information Data | Supplemental Financial Statement Data (Millions) January 29, 2023 July 31, Balance Sheets Inventories Raw materials, containers and supplies $ 446 $ 390 Finished products 805 856 $ 1,251 $ 1,246 Three Months Ended Six Months Ended (Millions) January 29, 2023 January 30, 2022 January 29, 2023 January 30, 2022 Statements of Earnings Other expenses / (income) Amortization of intangible assets $ 10 $ 10 $ 21 $ 21 Net periodic benefit expense (income) other than the service cost (11) (31) (4) (44) Other 1 2 1 3 $ — $ (19) $ 18 $ (20) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jan. 29, 2023 | |
Equity [Abstract] | |
Components Of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of Accumulated other comprehensive income (loss) consisted of the following: (Millions) Foreign Currency Translation Adjustments (1) Cash-Flow Hedges (2) Pension and Postretirement Benefit Plan Adjustments (3) Total Accumulated Comprehensive Income (Loss) Balance at August 1, 2021 $ 6 $ (4) $ 3 $ 5 Other comprehensive income (loss) before reclassifications (4) 6 — 2 Losses (gains) reclassified from accumulated other comprehensive income (loss) — — (1) (1) Net current-period other comprehensive income (loss) (4) 6 (1) 1 Balance at January 30, 2022 $ 2 $ 2 $ 2 $ 6 Balance at July 31, 2022 $ — $ — $ 2 $ 2 Other comprehensive income (loss) before reclassifications (5) 4 — (1) Losses (gains) reclassified from accumulated other comprehensive income (loss) — (5) — (5) Net current-period other comprehensive income (loss) (5) (1) — (6) Balance at January 29, 2023 $ (5) $ (1) $ 2 $ (4) _____________________________________ (1) Included no tax as of January 29, 2023, July 31, 2022, January 30, 2022 and August 1, 2021. (2) Included no tax as of January 29, 2023 and July 31, 2022, tax expense of $1 million as of January 30, 2022, and a tax benefit of $1 million as of August 1, 2021. (3) Included tax expense of $1 million as of January 29, 2023, July 31, 2022, January 30, 2022, and August 1, 2021. |
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 (Millions) January 29, 2023 January 30, 2022 January 29, 2023 January 30, 2022 Location of Loss (Gain) Recognized in Earnings Losses (gains) on cash-flow hedges: Commodity contracts $ — $ (2) $ (3) $ (3) Cost of products sold Foreign exchange forward contracts (3) 1 (4) 2 Cost of products sold Forward starting interest rate swaps 1 1 1 1 Interest expense Total before tax (2) — (6) — Tax expense (benefit) — — 1 — Loss (gain), net of tax $ (2) $ — $ (5) $ — Pension and postretirement benefit adjustments: Prior service credit $ — $ (1) $ — $ (1) Other expenses / (income) Tax expense (benefit) — — — — Loss (gain), net of tax $ — $ (1) $ — $ (1) |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 6 Months Ended |
Jan. 29, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The following table shows the changes in the carrying amount of goodwill: (Millions) Meals & Beverages Snacks Total Net balance at July 31, 2022 $ 993 $ 2,986 $ 3,979 Foreign currency translation adjustment (4) — (4) Net balance at January 29, 2023 $ 989 $ 2,986 $ 3,975 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table summarizes balance sheet information for intangible assets, excluding goodwill: January 29, 2023 July 31, 2022 (Millions) Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets Customer relationships $ 830 $ (202) $ 628 $ 830 $ (181) $ 649 Non-amortizable intangible assets Snyder's of Hanover $ 620 $ 620 Lance 350 350 Kettle Brand 318 318 Pace 292 292 Pacific Foods 280 280 Various other Snacks (1) 689 689 Total trademarks $ 2,549 $ 2,549 Total net intangible assets $ 3,177 $ 3,198 ____________________________________ (1) Associated with the acquisition of Snyder's-Lance, Inc. (Snyder's-Lance). |
Schedule of Indefinite-Lived Intangible Assets [Table Block] | The following table summarizes balance sheet information for intangible assets, excluding goodwill: January 29, 2023 July 31, 2022 (Millions) Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets Customer relationships $ 830 $ (202) $ 628 $ 830 $ (181) $ 649 Non-amortizable intangible assets Snyder's of Hanover $ 620 $ 620 Lance 350 350 Kettle Brand 318 318 Pace 292 292 Pacific Foods 280 280 Various other Snacks (1) 689 689 Total trademarks $ 2,549 $ 2,549 Total net intangible assets $ 3,177 $ 3,198 ____________________________________ (1) Associated with the acquisition of Snyder's-Lance, Inc. (Snyder's-Lance). |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jan. 29, 2023 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting [Table Text Block] | Three Months Ended Six Months Ended (Millions) January 29, 2023 January 30, 2022 January 29, 2023 January 30, 2022 Net sales Meals & Beverages $ 1,408 $ 1,275 $ 2,863 $ 2,541 Snacks 1,077 934 2,197 1,904 Total $ 2,485 $ 2,209 $ 5,060 $ 4,445 Three Months Ended Six Months Ended (Millions) January 29, 2023 January 30, 2022 January 29, 2023 January 30, 2022 Earnings before interest and taxes Meals & Beverages $ 249 $ 213 $ 580 $ 493 Snacks 150 121 303 249 Corporate income (expense) (1) (40) (11) (88) (43) Restructuring charges (2) (9) — (9) — Total $ 350 $ 323 $ 786 $ 699 _______________________________________ (1) Represents unallocated items. There were pension actuarial gains of $6 million and losses of $9 million in the three- and six-month periods ended January 29, 2023, and pension actuarial gains of $10 million and $4 million in the three- and six-month periods ended January 30, 2022, respectively. Costs related to the cost savings initiatives were $5 million and $8 million in the three- and six-month periods ended January 29, 2023, and $5 million and $9 million in the three- and six-month periods ended January 30, 2022, respectively. Unrealized mark-to-market adjustments on outstanding undesignated commodity hedges were losses of $4 million in the three-month period ended January 29, 2023, and losses of $3 million in the six-month period ended January 30, 2022. (2) See Note 6 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 (Millions) January 29, 2023 January 30, 2022 January 29, 2023 January 30, 2022 Net sales Soup $ 852 $ 784 $ 1,745 $ 1,581 Snacks 1,121 966 2,294 1,969 Other simple meals 321 270 636 534 Beverages 191 189 385 361 Total $ 2,485 $ 2,209 $ 5,060 $ 4,445 |
Restructuring Charges and Cos_2
Restructuring Charges and Cost Savings Initiatives (Tables) - 2015 and Snyder's-Lance Initiatives [Member] | 6 Months Ended |
Jan. 29, 2023 | |
Schedule Of Pre-Tax Charge And Remaining Costs [Table Text Block] | A summary of the pre-tax charges recognized in the Consolidated Statements of Earnings related to these initiatives is as follows: Three Months Ended Six Months Ended (Millions) January 29, 2023 January 30, 2022 January 29, 2023 January 30, 2022 Recognized as of January 29, 2023 Restructuring charges $ 9 $ — $ 9 $ — $ 273 Administrative expenses 5 3 8 5 367 Cost of products sold — 2 — 4 84 Marketing and selling expenses — — — — 14 Research and development expenses — — — — 4 Total pre-tax charges $ 14 $ 5 $ 17 $ 9 $ 742 A summary of the pre-tax costs associated with the initiatives is as follows: (Millions) Recognized as of January 29, 2023 Severance pay and benefits $ 236 Asset impairment/accelerated depreciation 82 Implementation costs and other related costs 424 Total $ 742 |
Schedule Of Restructuring Activity And Related Reserves [Table Text Block] | A summary of the restructuring activity and related reserves at January 29, 2023, is as follows: (Millions) Severance Pay and Benefits Implementation Costs and Other Related Costs (2) Total Charges Accrued balance at July 31, 2022 $ 7 2023 charges 9 8 $ 17 2023 cash payments (4) Accrued balance at January 29, 2023 (1) $ 12 __________________________________ (1) Includes $5 million of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (2) Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses in the Consolidated Statements of Earnings. |
Schedule Of Restructuring Charges Associated With Each Reportable Segment | A summary of the pre-tax costs associated with segments is as follows: January 29, 2023 (Millions) Three Months Ended Six Months Ended Costs Incurred to Date Meals & Beverages $ — $ — $ 225 Snacks 10 10 331 Corporate 4 7 186 Total $ 14 $ 17 $ 742 |
Pension And Postretirement Be_2
Pension And Postretirement Benefits (Tables) | 6 Months Ended |
Jan. 29, 2023 | |
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 (Millions) January 29, 2023 January 30, 2022 January 29, 2023 January 30, 2022 January 29, 2023 January 30, 2022 January 29, 2023 January 30, 2022 Service cost $ 3 $ 5 $ — $ — $ 7 $ 9 $ — $ — Interest cost 19 11 1 1 36 21 3 2 Expected return on plan assets (25) (32) — — (52) (62) — — Amortization of prior service credit — — — (1) — — — (1) Actuarial losses (gains) (6) (10) — — 9 (4) — — Net periodic benefit expense (income) $ (9) $ (26) $ 1 $ — $ — $ (36) $ 3 $ 1 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jan. 29, 2023 | |
Leases [Abstract] | |
Lease, Cost | The components of lease costs were as follows: Three Months Ended Six Months Ended (Millions) January 29, 2023 January 30, 2022 January 29, 2023 January 30, 2022 Operating lease cost $ 20 $ 20 $ 40 $ 39 Finance lease - amortization of right-of-use (ROU) assets 4 4 8 8 Short-term lease cost 17 14 34 27 Variable lease cost (1) 53 49 103 101 Total $ 94 $ 87 $ 185 $ 175 __________________________________________ (1) Includes labor and other overhead in our service contracts with embedded leases. |
Schedule of Leases Reported in Balance Sheet | The following tables summarize the lease amounts recorded in the Consolidated Balance Sheets: Operating Leases (Millions) Balance Sheet Classification January 29, 2023 July 31, 2022 ROU assets, net Other assets $ 230 $ 239 Lease liabilities (current) Accrued liabilities $ 59 $ 62 Lease liabilities (noncurrent) Other liabilities $ 172 $ 177 Finance Leases (Millions) Balance Sheet Classification January 29, 2023 July 31, 2022 ROU assets, net Plant assets, net of depreciation $ 21 $ 28 Lease liabilities (current) Short-term borrowings $ 12 $ 14 Lease liabilities (noncurrent) Long-term debt $ 11 $ 16 |
Schedule of Supplemental Cash Flow Information Related to Leases | The following table summarizes cash flow and other information related to leases: Six Months Ended (Millions) January 29, 2023 January 30, 2022 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 $ 8 $ 8 ROU assets obtained in exchange for lease obligations: Operating leases $ 30 $ 33 Finance leases $ 1 $ 13 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jan. 29, 2023 | |
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 29, 2023, and July 31, 2022: (Millions) Balance Sheet Classification January 29, 2023 July 31, 2022 Asset Derivatives Derivatives designated as hedges: Commodity contracts Other current assets $ — $ 3 Foreign exchange forward contracts Other current assets 3 2 Total derivatives designated as hedges $ 3 $ 5 Derivatives not designated as hedges: Commodity contracts Other current assets $ 9 $ 20 Deferred compensation contracts Other current assets 5 — Total derivatives not designated as hedges $ 14 $ 20 Total asset derivatives $ 17 $ 25 (Millions) Balance Sheet Classification January 29, 2023 July 31, 2022 Liability Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Accrued liabilities $ 1 $ — Total derivatives designated as hedges $ 1 $ — Derivatives not designated as hedges: Commodity contracts Accrued liabilities $ 18 $ 30 Deferred compensation contracts Accrued liabilities — 4 Total derivatives not designated as hedges $ 18 $ 34 Total liability derivatives $ 19 $ 34 |
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 29, 2023, and July 31, 2022, would be adjusted as detailed in the following table: January 29, 2023 July 31, 2022 (Millions) 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 $ 17 $ (6) $ 11 $ 25 $ (17) $ 8 Total liability derivatives $ 19 $ (6) $ 13 $ 34 $ (17) $ 17 |
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 29, 2023, and July 31, 2022, would be adjusted as detailed in the following table: January 29, 2023 July 31, 2022 (Millions) 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 $ 17 $ (6) $ 11 $ 25 $ (17) $ 8 Total liability derivatives $ 19 $ (6) $ 13 $ 34 $ (17) $ 17 |
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 29, 2023, and January 30, 2022, in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings: Total Cash-Flow Hedge (Millions) January 29, 2023 January 30, 2022 Three Months Ended OCI derivative gain (loss) at beginning of quarter $ 3 $ (2) Effective portion of changes in fair value recognized in OCI: Commodity contracts — 1 Foreign exchange forward contracts (2) 4 Amount of loss (gain) reclassified from OCI to earnings: Location in Earnings Commodity contracts Cost of products sold — (2) Foreign exchange forward contracts Cost of products sold (3) 1 Forward starting interest rate swaps Interest expense 1 1 OCI derivative gain (loss) at end of quarter $ (1) $ 3 Six Months Ended OCI derivative gain (loss) at beginning of year $ — $ (5) Effective portion of changes in fair value recognized in OCI: Commodity contracts — 4 Foreign exchange forward contracts 5 4 Amount of loss (gain) reclassified from OCI to earnings: Location in Earnings Commodity contracts Cost of products sold (3) (3) Foreign exchange forward contracts Cost of products sold (4) 2 Forward starting interest rate swaps Interest expense 1 1 OCI derivative gain (loss) at end of quarter $ (1) $ 3 |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following tables show the total amounts of line items presented in the Consolidated Statements of Earnings for the three- and six-month periods ended January 29, 2023, and January 30, 2022, in which the effects of derivative instruments designated as cash-flow hedges are recorded and the total effect of hedge activity on these line items are as follows: Three Months Ended January 29, 2023 January 30, 2022 (Millions) Cost of products sold Interest Cost of products sold Interest Consolidated Statements of Earnings: $ 1,726 $ 45 $ 1,540 $ 46 Loss (gain) on cash-flow hedges: Amount of loss (gain) reclassified from OCI to earnings $ (3) $ 1 $ (1) $ 1 Six Months Ended January 29, 2023 January 30, 2022 (Millions) Cost of products sold Interest Cost of products sold Interest Consolidated Statements of Earnings: $ 3,467 $ 92 $ 3,054 $ 93 Loss (gain) on cash-flow hedges: Amount of loss (gain) reclassified from OCI to earnings $ (7) $ 1 $ (1) $ 1 |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings: Location of Loss (Gain) Recognized in Earnings Three Months Ended Six Months Ended (Millions) January 29, 2023 January 30, 2022 January 29, 2023 January 30, 2022 Foreign exchange forward contracts Cost of products sold $ — $ — $ (1) $ — Commodity contracts Cost of products sold 1 (10) (11) (19) Deferred compensation contracts Administrative expenses (3) 1 (1) — Total loss (gain) $ (2) $ (9) $ (13) $ (19) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jan. 29, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets And Liabilities Measured on Recurring Basis [Table Text Block] | The following tables present our financial assets and liabilities that are measured at fair value on a recurring basis as of January 29, 2023, and July 31, 2022, consistent with the fair value hierarchy: Fair Value as of January 29, 2023 Fair Value Measurements at January 29, 2023 Using Fair Value Hierarchy Fair Value as of July 31, 2022 Fair Value Measurements at July 31, 2022 Using Fair Value Hierarchy (Millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Foreign exchange forward contracts (1) $ 3 $ — $ 3 $ — $ 2 $ — $ 2 $ — Commodity derivative contracts (2) 9 2 2 5 23 — 19 4 Deferred compensation derivative contracts (3) 5 — 5 — — — — — Deferred compensation investments (4) 1 1 — — 2 2 — — Total assets at fair value $ 18 $ 3 $ 10 $ 5 $ 27 $ 2 $ 21 $ 4 Fair Value as of January 29, 2023 Fair Value Measurements at January 29, 2023 Using Fair Value Hierarchy Fair Value as of July 31, 2022 Fair Value Measurements at July 31, 2022 Using Fair Value Hierarchy (Millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Liabilities Foreign exchange forward contracts (1) $ 1 $ — $ 1 $ — $ — $ — $ — $ — Commodity derivative contracts (2) 18 10 8 — 30 6 24 — Deferred compensation derivative contracts (3) — — — — 4 — 4 — Deferred compensation obligation (4) 104 104 — — 96 96 — — Total liabilities at fair value $ 123 $ 114 $ 9 $ — $ 130 $ 102 $ 28 $ — ___________________________________ (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 index swap rates. (4) Based on the fair value of the participants’ investments. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table] | The following table summarizes the changes in fair value of Level 3 assets and liabilities for the six-month periods ended January 29, 2023, and January 30, 2022: Six Months Ended (Millions) January 29, 2023 January 30, 2022 Fair value at beginning of year $ 4 $ 1 Gains (losses) 5 20 Settlements (4) (6) Fair value at end of quarter $ 5 $ 15 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jan. 29, 2023 | |
Stock-based Compensation | |
Summary of Stock-based Compensation Expense [Table Text Block] | Total pre-tax stock-based compensation expense and tax-related benefits recognized in the Consolidated Statements of Earnings were as follows: Three Months Ended Six Months Ended (Millions) January 29, 2023 January 30, 2022 January 29, 2023 January 30, 2022 Total pre-tax stock-based compensation expense $ 16 $ 17 $ 31 $ 31 Tax-related benefits $ 3 $ 3 $ 6 $ 5 |
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 29, 2023: Options Weighted- Weighted- Aggregate (Options in (In years) (Millions) Outstanding at July 31, 2022 1,297 $ 46.04 Granted — $ — Exercised (464) $ 48.33 Terminated — $ — Outstanding at January 29, 2023 833 $ 44.77 4.7 $ 6 Exercisable at January 29, 2023 833 $ 44.77 4.7 $ 6 |
Time Lapse, and EPS Performance Restricted Stock Units [Member] | |
Stock-based Compensation | |
Time-Lapse Restricted Stock Units, and EPS Performance Restricted Stock Units [Table Text Block] | The following table summarizes time-lapse restricted stock units and EPS performance restricted stock units as of January 29, 2023: Units Weighted-Average Grant-Date Fair Value (Restricted stock Nonvested at July 31, 2022 1,946 $ 43.88 Granted 1,148 $ 47.36 Vested (735) $ 45.23 Forfeited (100) $ 44.86 Nonvested at January 29, 2023 2,259 $ 45.16 |
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 29, 2023: Units Weighted-Average Grant-Date Fair Value (Restricted stock Nonvested at July 31, 2022 1,153 $ 55.63 Granted 296 $ 53.74 Vested (443) $ 63.06 Forfeited (52) $ 51.69 Nonvested at January 29, 2023 954 $ 51.81 |
Schedule Of Share Based Payment Award Valuation Assumptions [Table Text Block] | Weighted-average assumptions used in the Monte Carlo simulation were as follows: 2023 2022 Risk-free interest rate 4.29% 0.46% Expected dividend yield 3.09% 3.50% Expected volatility 26.40% 27.42% Expected term 3 years 3 years |
Supplemental Financial Statem_2
Supplemental Financial Statement Data (Tables) | 6 Months Ended |
Jan. 29, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Supplemental Balance Sheet Data | (Millions) January 29, 2023 July 31, Balance Sheets Inventories Raw materials, containers and supplies $ 446 $ 390 Finished products 805 856 $ 1,251 $ 1,246 |
Supplemental Statements of Earnings Data | Three Months Ended Six Months Ended (Millions) January 29, 2023 January 30, 2022 January 29, 2023 January 30, 2022 Statements of Earnings Other expenses / (income) Amortization of intangible assets $ 10 $ 10 $ 21 $ 21 Net periodic benefit expense (income) other than the service cost (11) (31) (4) (44) Other 1 2 1 3 $ — $ (19) $ 18 $ (20) |
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. 29, 2023 | Jan. 30, 2022 | Jan. 29, 2023 | Jan. 30, 2022 | Jul. 31, 2022 | Aug. 01, 2021 | ||
Beginning Balance | $ 2 | ||||||
Other comprehensive income (loss), after-tax | $ 0 | $ (1) | (6) | $ 1 | |||
Ending Balance | (4) | (4) | |||||
Accumulated Other Comprehensive Income Foreign Currency Translation Tax (Benefit) Expense | 0 | 0 | 0 | 0 | $ 0 | $ 0 | |
Accumulated Other Comprehensive Income Cashflow Hedges Tax (Benefit) Expense | 0 | 1 | 0 | 1 | 0 | (1) | |
Accumulated Other Comprehensive Income Unamortized Pension And Post Retirement Tax (Benefit) Expense | 1 | 1 | 1 | 1 | $ 1 | $ 1 | |
Accumulated Translation Adjustment [Member] | |||||||
Beginning Balance | [1] | 0 | 6 | ||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | (5) | (4) | |||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 0 | 0 | |||||
Other comprehensive income (loss), after-tax | (5) | (4) | |||||
Ending Balance | [1] | (5) | 2 | (5) | 2 | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||||
Beginning Balance | [2] | 0 | (4) | ||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 4 | 6 | |||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | (5) | 0 | |||||
Other comprehensive income (loss), after-tax | (1) | 6 | |||||
Ending Balance | [2] | (1) | 2 | (1) | 2 | ||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | |||||||
Beginning Balance | [3] | 2 | 3 | ||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 0 | 0 | |||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 0 | (1) | |||||
Other comprehensive income (loss), after-tax | 0 | (1) | |||||
Ending Balance | [3] | 2 | 2 | 2 | 2 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||||
Beginning Balance | 2 | 5 | |||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | (1) | 2 | |||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | (5) | (1) | |||||
Other comprehensive income (loss), after-tax | 0 | (1) | (6) | 1 | |||
Ending Balance | $ (4) | $ 6 | $ (4) | $ 6 | |||
[1]Included no tax as of January 29, 2023, July 31, 2022, January 30, 2022 and August 1, 2021.[2]Included no tax as of January 29, 2023 and July 31, 2022, tax expense of $1 million as of January 30, 2022, and a tax benefit of $1 million as of August 1, 2021.[3]Included tax expense of $1 million as of January 29, 2023, July 31, 2022, January 30, 2022, and August 1, 2021. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Schecule of amounts reclassified from AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 29, 2023 | Jan. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cost of Goods and Services Sold | $ (1,726) | $ (1,540) | $ (3,467) | $ (3,054) |
Interest Expense | (45) | (46) | (92) | (93) |
Other Nonoperating Income (Expense) | 0 | 19 | (18) | 20 |
Taxes on earnings | (73) | (65) | (166) | (133) |
Net Income (Loss) Attributable to Parent | 232 | 212 | 529 | 473 |
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] | ||||
Cost of Goods and Services Sold | 3 | 1 | 7 | 1 |
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax | 2 | 0 | 6 | 0 |
Taxes on earnings | 0 | 0 | (1) | 0 |
Net Income (Loss) Attributable to Parent | 2 | 0 | 5 | 0 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Commodity Derivative Contracts [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cost of Goods and Services Sold | 0 | 2 | 3 | 3 |
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 Goods and Services Sold | 3 | (1) | 4 | (2) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Contract [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest Expense | (1) | (1) | (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 Nonoperating Income (Expense) | 0 | 1 | 0 | 1 |
Taxes on earnings | 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | $ 0 | $ 1 | $ 0 | $ 1 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 29, 2023 | Jan. 30, 2022 | Jul. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of Intangible Assets | $ 10 | $ 10 | $ 21 | $ 21 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 41 | 41 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 41 | 41 | |||
Finite Lived Intangible Assets, Amortization Expense, Year Three | 41 | 41 | |||
Finite Lived Intangible Assets, Amortization Expense, Year Four | 41 | 41 | |||
Finite Lived Intangible Assets, Amortization Expense, Year Five | $ 41 | $ 41 | |||
Trade names - Total carrying value with 10% or less excess fair value coverage [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 434 | ||||
Customer Relationships [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 16 years |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Goodwill) (Details) $ in Millions | 6 Months Ended |
Jan. 29, 2023 USD ($) | |
Goodwill [Line Items] | |
Beginning Balance | $ 3,979 |
Foreign currency translation adjustment | (4) |
Ending Balance | 3,975 |
Meals & Beverages [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 993 |
Foreign currency translation adjustment | (4) |
Ending Balance | 989 |
Snacks [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 2,986 |
Foreign currency translation adjustment | 0 |
Ending Balance | $ 2,986 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions | Jan. 29, 2023 | Jul. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||
Other intangible assets, net of amortization | $ 3,177 | $ 3,198 | |
Trade Name - Snyder's of Hanover [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 620 | 620 | |
Trade Names - Lance | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 350 | 350 | |
Trade Name - Kettle Brand | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 318 | 318 | |
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 | |
Trade Names - Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | [1] | 689 | 689 |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 2,549 | 2,549 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 830 | 830 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (202) | (181) | |
Finite-Lived Intangible Assets, Net | $ 628 | $ 649 | |
[1]Associated with the acquisition of Snyder's-Lance, Inc. (Snyder's-Lance). |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Reporting - Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 29, 2023 | Jan. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 2,485 | $ 2,209 | $ 5,060 | $ 4,445 |
Meals & Beverages [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,408 | 1,275 | 2,863 | 2,541 |
Snacks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 1,077 | $ 934 | $ 2,197 | $ 1,904 |
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. 29, 2023 | Jan. 30, 2022 | Jan. 29, 2023 | Jan. 30, 2022 | ||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | $ 350 | $ 323 | $ 786 | $ 699 | |
Meals & Beverages [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | 249 | 213 | 580 | 493 | |
Snacks [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | 150 | 121 | 303 | 249 | |
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | [1] | (40) | (11) | (88) | (43) |
Defined Benefit Plan, Actuarial Gain (Loss) | 6 | 10 | (9) | 4 | |
Restructuring and Related Cost, Incurred Cost | (5) | (5) | (8) | (9) | |
Unrealized Gain (Loss) on Commodity Contracts | (4) | (3) | |||
Corporate | Restructuring Charges [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | [2] | $ (9) | $ 0 | $ (9) | $ 0 |
[1]Represents unallocated items. There were pension actuarial gains of $6 million and losses of $9 million in the three- and six-month periods ended January 29, 2023, and pension actuarial gains of $10 million and $4 million in the three- and six-month periods ended January 30, 2022, respectively. Costs related to the cost savings initiatives were $5 million and $8 million in the three- and six-month periods ended January 29, 2023, and $5 million and $9 million in the three- and six-month periods ended January 30, 2022, respectively. Unrealized mark-to-market adjustments on outstanding undesignated commodity hedges were losses of $4 million in the three-month period ended January 29, 2023, and losses of $3 million in the six-month period ended January 30, 2022.[2]See Note 6 for additional information. |
Segment Information (Additional
Segment Information (Additional Product Information For Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 29, 2023 | Jan. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 2,485 | $ 2,209 | $ 5,060 | $ 4,445 |
Soup [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 852 | 784 | 1,745 | 1,581 |
Snacks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,121 | 966 | 2,294 | 1,969 |
Other Simple Meals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 321 | 270 | 636 | 534 |
Beverages [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 191 | $ 189 | $ 385 | $ 361 |
Restructuring Charges and Cos_3
Restructuring Charges and Cost Savings Initiatives (Narrative) (Details) - 2015 and Snyder's-Lance Initiatives [Member] $ in Millions | Jan. 29, 2023 USD ($) |
Restructuring Cost and Reserve [Line Items] | |
Payments to Acquire Property, Plant and Equipment - Expected Payments | $ 600 |
Payments to Acquire Property, Plant, and Equipment - Incurred to Date | $ 441 |
Meals & Beverages [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost Allocation | 33% |
Snacks [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost Allocation | 43% |
Corporate | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost Allocation | 24% |
Asset Impairment Accelerated Depreciation [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | $ 130 |
Minimum [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 860 |
Minimum [Member] | Severance Pay And Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 245 |
Minimum [Member] | Implementation Costs and Other Related Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 485 |
Minimum [Member] | Cash Expenditures | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 690 |
Maximum [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 880 |
Maximum [Member] | Severance Pay And Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 250 |
Maximum [Member] | Implementation Costs and Other Related Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 500 |
Maximum [Member] | Cash Expenditures | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | $ 710 |
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. 29, 2023 | Jan. 30, 2022 | Jan. 29, 2023 | Jan. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 9 | $ 0 | $ 9 | $ 0 |
2015 and Snyder's-Lance Initiatives [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 9 | 0 | 9 | 0 |
Restructuring and Related Cost, Incurred Cost | 14 | 5 | 17 | 9 |
Restructuring and Related Cost, Cost Incurred to Date | 742 | 742 | ||
2015 and Snyder's-Lance Initiatives [Member] | Severance Pay And Benefits [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | 9 | |||
Restructuring and Related Cost, Cost Incurred to Date | 236 | 236 | ||
2015 and Snyder's-Lance Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 82 | 82 | ||
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 | 424 | 424 | ||
2015 and Snyder's-Lance Initiatives [Member] | Restructuring Charges [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 273 | 273 | ||
2015 and Snyder's-Lance Initiatives [Member] | General and Administrative Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | 5 | 3 | 8 | 5 |
Restructuring and Related Cost, Cost Incurred to Date | 367 | 367 | ||
2015 and Snyder's-Lance Initiatives [Member] | Cost Of Products Sold [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | 0 | 2 | 0 | 4 |
Restructuring and Related Cost, Cost Incurred to Date | 84 | 84 | ||
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 | 0 | 0 | 0 |
Restructuring and Related Cost, Cost Incurred to Date | 14 | 14 | ||
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 | $ 0 | 0 | $ 0 |
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. 29, 2023 | Jan. 30, 2022 | Jan. 29, 2023 | Jan. 30, 2022 | ||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and Related Cost, Incurred Cost | $ 14 | $ 5 | $ 17 | $ 9 | |
Severance Pay And Benefits [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Accrued Balance at beginning of period | 7 | ||||
Restructuring and Related Cost, Incurred Cost | 9 | ||||
Cash Payments | (4) | ||||
Accrued Balance at end of period | [1] | 12 | 12 | ||
Restructuring Reserve, Noncurrent | $ 5 | 5 | |||
Other Cost Savings Implementation Costs [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and Related Cost, Incurred Cost | [2] | $ 8 | |||
[1]Includes $5 million of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet.[2]Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses in the Consolidated Statements of Earnings. |
Restructuring Charges and Cos_6
Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Charges Associated With Each Reportable Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 29, 2023 | Jan. 30, 2022 | |
Corporate | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | $ 5 | $ 5 | $ 8 | $ 9 |
2015 and Snyder's-Lance Initiatives [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 742 | 742 | ||
Restructuring and Related Cost, Incurred Cost | 14 | $ 5 | 17 | $ 9 |
2015 and Snyder's-Lance Initiatives [Member] | Meals & Beverages [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 225 | 225 | ||
Restructuring and Related Cost, Incurred Cost | 0 | 0 | ||
2015 and Snyder's-Lance Initiatives [Member] | Snacks [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 331 | 331 | ||
Restructuring and Related Cost, Incurred Cost | 10 | 10 | ||
2015 and Snyder's-Lance Initiatives [Member] | Corporate | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 186 | 186 | ||
Restructuring and Related Cost, Incurred Cost | $ 4 | $ 7 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - Share-based Payment Arrangement, Option [Member] - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 29, 2023 | Jan. 30, 2022 | |
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 | ||
Maximum [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options not included in the diluted earnings per share calculation as they were antidilutive | 1 | 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. 29, 2023 | Jan. 30, 2022 | Jan. 29, 2023 | Jan. 30, 2022 | |
Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | $ 3 | $ 5 | $ 7 | $ 9 |
Defined Benefit Plan, Interest Cost | $ 19 | $ 11 | $ 36 | $ 21 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Expected return on plan assets | $ (25) | $ (32) | $ (52) | $ (62) |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | $ 0 | $ 0 | $ 0 | $ 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Defined Benefit Plan, Actuarial Gain (Loss) | $ 6 | $ 10 | $ (9) | $ 4 |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Immediate Recognition of Actuarial Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (9) | $ (26) | $ 0 | $ (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 | $ 3 | $ 2 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Expected return on plan assets | $ 0 | $ 0 | $ 0 | $ 0 |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | $ 0 | $ (1) | $ 0 | $ (1) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Defined Benefit Plan, Actuarial Gain (Loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Immediate Recognition of Actuarial Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 1 | $ 0 | $ 3 | $ 1 |
Leases (Costs) (Details)
Leases (Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 29, 2023 | Jan. 30, 2022 | ||
Operating Lease, Cost | $ 20 | $ 20 | $ 40 | $ 39 | |
Finance lease, amortization of right-of-use assets | 4 | 4 | 8 | 8 | |
Short-term Lease, Cost | 17 | 14 | 34 | 27 | |
Variable Lease, Cost | [1] | 53 | 49 | 103 | 101 |
Lease, Cost, Total | $ 94 | $ 87 | $ 185 | $ 175 | |
[1]Includes labor and other overhead in our service contracts with embedded leases. |
Leases (Reported in Balance She
Leases (Reported in Balance Sheet) (Details) - USD ($) $ in Millions | Jan. 29, 2023 | Jul. 31, 2022 |
Operating Lease, Right-of-Use Asset | $ 230 | $ 239 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Operating Lease, Liability, Current | $ 59 | $ 62 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities | Accrued liabilities |
Operating Lease, Liability, Noncurrent | $ 172 | $ 177 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Finance Lease, Right-of-Use Asset | $ 21 | $ 28 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Plant assets, net of depreciation | Plant assets, net of depreciation |
Finance Lease, Liability, Current | $ 12 | $ 14 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Short-term borrowings | Short-term borrowings |
Finance Lease, Liability, Noncurrent | $ 11 | $ 16 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt and Lease Obligation | Long-Term Debt and Lease Obligation |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jan. 29, 2023 | Jan. 30, 2022 | |
Leases [Abstract] | ||
Operating Lease, Payments | $ 40 | $ 38 |
Finance Lease, Principal Payments | 8 | 8 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 30 | 33 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 1 | $ 13 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Millions | 6 Months Ended |
Jan. 29, 2023 USD ($) | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 |
Line of Credit Facility, Additional Borrowing Capacity, Covenant Terms | minimum consolidated interest coverage ratio of consolidated adjusted EBITDA to consolidated interest expense (as each is defined in the DDTL Credit Agreement) of not less than 3.25:1.00 |
Three Point Six Five Percent Notes | |
Debt Instrument [Line Items] | |
Notes Payable, Current | $ 566 |
Debt Instrument, Maturity Date | Mar. 15, 2023 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jan. 29, 2023 | Jul. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 3 | |
Other Current Assets [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Margin Deposit Assets | $ 17 | $ 8 |
Foreign Exchange Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Contracts Mature Within, Months | 18 months | |
Interest Rate Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 0 | 0 |
Commodity Derivative Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Maximum Length of Contract Maturity | 18 months | |
Commodity Derivative Contracts [Member] | Maximum [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Term of Contract | 18 months | |
Equity Contracts [Member] | Maximum [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Term of Contract | 12 months | |
Derivatives Designated As Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 128 | 140 |
Derivatives Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | 0 | 3 |
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | 17 | 13 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | 246 | 254 |
Derivatives Not Designated As Hedges [Member] | Embedded Derivative Financial Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | 106 | 39 |
Derivatives Not Designated As Hedges [Member] | Equity Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 50 | $ 50 |
Wal-Mart Stores, Inc. [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Concentration Risk, Percentage | 22% | |
Top Five Customers [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Concentration Risk, Percentage | 47% |
Financial Instruments (Schedule
Financial Instruments (Schedule Of The Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Millions | Jan. 29, 2023 | Jul. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 17 | $ 25 |
Derivative Liability, Fair Value, Gross Liability | 19 | 34 |
Derivatives Designated As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 3 | 5 |
Derivative Liability, Fair Value, Gross Liability | 1 | 0 |
Derivatives Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 3 |
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 | 3 | 2 |
Derivatives Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 1 | 0 |
Derivatives Not Designated As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 14 | 20 |
Derivative Liability, Fair Value, Gross Liability | 18 | 34 |
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 | 9 | 20 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 18 | 30 |
Derivatives Not Designated As Hedges [Member] | Equity Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 5 | 0 |
Derivatives Not Designated As Hedges [Member] | Equity Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 4 |
Financial Instruments (Offsetti
Financial Instruments (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Millions | Jan. 29, 2023 | Jul. 31, 2022 |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ||
Derivative Assets | $ 17 | $ 25 |
Derivative Asset, Not Offset, Policy Election Deduction | (6) | (17) |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election, Total | 11 | 8 |
Derivative Liability | 19 | 34 |
Derivative Liability, Not Offset, Policy Election Deduction | (6) | (17) |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 13 | $ 17 |
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. 29, 2023 | Jan. 30, 2022 | Jan. 29, 2023 | Jan. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
OCI before tax accumulated derivative gain (loss) beginning of period | $ 3 | $ (2) | $ 0 | $ (5) |
OCI before tax accumulated derivative gain (loss) end of period | (1) | 3 | (1) | 3 |
Commodity Derivative Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
OCI, before Reclassifications, before Tax, Attributable to Parent | 0 | 1 | 0 | 4 |
Commodity Derivative Contracts [Member] | Cost Of Products Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | (2) | (3) | (3) |
Foreign Exchange Forward | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
OCI, before Reclassifications, before Tax, Attributable to Parent | (2) | 4 | 5 | 4 |
Foreign Exchange Forward | Cost Of Products Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (3) | 1 | (4) | 2 |
Interest Rate Contract [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $ 1 | $ 1 | $ 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. 29, 2023 | Jan. 30, 2022 | Jan. 29, 2023 | Jan. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Cost of products sold | $ 1,726 | $ 1,540 | $ 3,467 | $ 3,054 |
Interest expense | 45 | 46 | 92 | 93 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Cost of products sold | (3) | (1) | (7) | (1) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Rate Contract [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest expense | $ 1 | $ 1 | $ 1 | $ 1 |
Financial Instruments (Derivati
Financial Instruments (Derivatives Not Designated As Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 29, 2023 | Jan. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | $ (2) | $ (9) | $ (13) | $ (19) |
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 |
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 | 1 | (10) | (11) | (19) |
Equity Contracts [Member] | General and Administrative Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | $ (3) | $ 1 | $ (1) | $ 0 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements Narrative (Details) - USD ($) $ in Millions | Jan. 29, 2023 | Jul. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, at Carrying Value | $ 26 | $ 27 |
Debt, Long-term and Short-term, Combined Amount | 4,570 | 4,810 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, Fair Value Disclosure | 26 | 27 |
Debt Instrument, Fair Value Disclosure | $ 4,290 | $ 4,637 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurement Of Assets And Liabilities) (Details) - USD ($) $ in Millions | Jan. 29, 2023 | Jul. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | $ 17 | $ 25 | |
Derivatives liabilities at fair value | 19 | 34 | |
Measured On Recurring Basis [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 18 | 27 | |
Total liabilities at fair value | 123 | 130 | |
Measured On Recurring Basis [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 3 | 2 | |
Total liabilities at fair value | 114 | 102 | |
Measured On Recurring Basis [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 10 | 21 | |
Total liabilities at fair value | 9 | 28 | |
Measured On Recurring Basis [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 5 | 4 | |
Measured On Recurring Basis [Member] | Foreign Exchange Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [1] | 3 | 2 |
Derivatives liabilities at fair value | [1] | 1 | 0 |
Measured On Recurring Basis [Member] | Foreign Exchange Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [1] | 3 | 2 |
Derivatives liabilities at fair value | [1] | 1 | 0 |
Measured On Recurring Basis [Member] | Commodity Derivative Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [2] | 9 | 23 |
Derivatives liabilities at fair value | [2] | 18 | 30 |
Measured On Recurring Basis [Member] | Commodity Derivative Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [2] | 2 | 0 |
Derivatives liabilities at fair value | [2] | 10 | 6 |
Measured On Recurring Basis [Member] | Commodity Derivative Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [2] | 2 | 19 |
Derivatives liabilities at fair value | [2] | 8 | 24 |
Measured On Recurring Basis [Member] | 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] | 5 | 4 |
Measured On Recurring Basis [Member] | Equity Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [3] | 5 | 0 |
Derivatives liabilities at fair value | [3] | 0 | 4 |
Measured On Recurring Basis [Member] | Equity 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] | 5 | 0 |
Derivatives liabilities at fair value | [3] | 0 | 4 |
Measured On Recurring Basis [Member] | Deferred Compensation Investment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments at fair value | [4] | 1 | 2 |
Measured On Recurring Basis [Member] | 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] | 1 | 2 |
Measured On Recurring Basis [Member] | Deferred Compensation Obligation [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation obligation | [4] | 104 | 96 |
Measured On Recurring Basis [Member] | Deferred Compensation Obligation [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation obligation | [4] | $ 104 | $ 96 |
[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 index swap rates.[4]Based on the fair value of the participants’ investments. |
Fair Value Measurements (Assets
Fair Value Measurements (Assets Measured on Recurring Basis Unobservable Input Reconciliation (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jan. 29, 2023 | Jan. 30, 2022 | Jul. 31, 2022 | Aug. 01, 2021 | |
Fair Value Disclosures [Abstract] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 5 | $ 15 | $ 4 | $ 1 |
Fair Value, Level 3 investment gain (Loss) Included in Earnings | 5 | 20 | ||
Fair Value, Level 3 Investment, Settlements | $ (4) | $ (6) |
Share Repurchases (Narrative) (
Share Repurchases (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 29, 2023 | Jan. 30, 2022 | |
Statement [Line Items] | ||||
Treasury stock purchased, shares | 1,298 | 1,500 | ||
Shares repurchased, value | $ 25 | $ 2 | $ 66 | $ 65 |
Capital Stock In Treasury [Member] | ||||
Statement [Line Items] | ||||
Treasury stock purchased, shares | 0 | 0 | 1,000 | 1,000 |
Shares repurchased, value | $ 25 | $ 2 | $ 66 | $ 65 |
June 2021 Program | ||||
Statement [Line Items] | ||||
Authorized amount for shares repurchase | 250 | 250 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 106 | 106 | ||
September 2021 Program | ||||
Statement [Line Items] | ||||
Authorized amount for shares repurchase | 500 | 500 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 375 | $ 375 |
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 | |||
Oct. 30, 2022 | Oct. 31, 2021 | Jan. 29, 2023 | Jan. 30, 2022 | Jul. 28, 2019 | Jul. 31, 2022 | |
Stock-based Compensation | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 3 | $ 0 | ||||
Share-Based Payment Arrangement, Exercise of Option, Tax Benefit | 1 | 0 | ||||
Cash received from the exercise of stock options | $ 22 | 1 | ||||
EPS Performance Restricted Stock Units [Member] | ||||||
Stock-based Compensation | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Nonvested, Units | 564 | |||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 44.33 | |||||
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% | |||||
EPS Performance Restricted Stock Units [Member] | Maximum [Member] | ||||||
Stock-based Compensation | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200% | |||||
FCF Performance Restricted Stock Units [Member] | ||||||
Stock-based Compensation | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 167% | |||||
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 | 0 | |||||
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% | |||||
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% | |||||
FCF Performance Restricted Stock Units Additional Shares [Member] | ||||||
Stock-based Compensation | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 158 | |||||
Time Lapse, and EPS Performance Restricted Stock Units [Member] | ||||||
Stock-based Compensation | ||||||
Remaining unearned compensation on nonvested awards | $ 60 | |||||
Weighted-average remaining service period, years | 1 year 10 months 24 days | |||||
Nonvested, Units | 2,259 | 1,946 | ||||
Fair value of restricted units and shares vested | $ 35 | $ 49 | ||||
Granted, Weighted-Average Grant-Date Fair Value | $ 47.36 | $ 41.79 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,148 | |||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 45.16 | $ 43.88 | ||||
TSR Performance Restricted Stock/Units [Member] | ||||||
Stock-based Compensation | ||||||
Remaining unearned compensation on nonvested awards | $ 20 | |||||
Weighted-average remaining service period, years | 1 year 9 months 18 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100% | 75% | ||||
Nonvested, Units | 954 | 1,153 | ||||
Fair value of restricted units and shares vested | $ 21 | $ 8 | ||||
Granted, Weighted-Average Grant-Date Fair Value | $ 53.74 | $ 45.54 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 296 | |||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 51.81 | $ 55.63 |
Stock-based Compensation (Summa
Stock-based Compensation (Summary of Stock-based Compensation Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 29, 2023 | Jan. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||||
Total pre-tax stock-based compensation expense | $ 16 | $ 17 | $ 31 | $ 31 |
Tax-related benefits | $ 3 | $ 3 | $ 6 | $ 5 |
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. 29, 2023 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Beginning of period, Options | shares | 1,297 |
Granted, Options | shares | 0 |
Exercised, Options | shares | (464) |
Terminated, Options | shares | 0 |
End of period, Options | shares | 833 |
Exercisable at end of period, Options | shares | 833 |
Beginning of period, Weighted-Average Exercise Price | $ / shares | $ 46.04 |
Granted, Weighted-Average Exercise Price | $ / shares | 0 |
Exercised, Weighted-Average Exercise Price | $ / shares | 48.33 |
Terminated, Weighted-Average Exercise Price | $ / shares | 0 |
End of period, Weighted-Average Exercise Price | $ / shares | 44.77 |
Exercisable at end of period, Weighted-Average Exercise Price | $ / shares | $ 44.77 |
Outstanding at end of period, Weighted-Average Remaining Contractual Life (In years) | 4 years 8 months 12 days |
Exercisable at end of period, Weighted-Average Remaining Contractual Life (In years) | 4 years 8 months 12 days |
Outstanding at end of period, Aggregate Intrinsic Value | $ | $ 6 |
Exercisable at end of period, Aggregate Intrinsic Value | $ | $ 6 |
Stock-based Compensation (Time-
Stock-based Compensation (Time-Lapse Restricted Stock Units, EPS Performance Restricted Stock Units. And TSR Performance Restricted Stock Units) (Details) - $ / shares shares in Thousands | 6 Months Ended | |
Jan. 29, 2023 | Jan. 30, 2022 | |
Time Lapse, and EPS Performance Restricted Stock Units [Member] | ||
Stock-based Compensation | ||
Nonvested at beginning of period, Units | 1,946 | |
Granted, Units | 1,148 | |
Vested, Units | (735) | |
Forfeited, Units | (100) | |
Nonvested at end of period, Units | 2,259 | |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $ 43.88 | |
Granted, Weighted-Average Grant-Date Fair Value | 47.36 | $ 41.79 |
Vested, Weighted-Average Grant-Date Fair Value | 45.23 | |
Forfeited, Weighted Average Grant Date Fair Value | 44.86 | |
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $ 45.16 | |
TSR Performance Restricted Stock/Units [Member] | ||
Stock-based Compensation | ||
Nonvested at beginning of period, Units | 1,153 | |
Granted, Units | 296 | |
Vested, Units | (443) | |
Forfeited, Units | (52) | |
Nonvested at end of period, Units | 954 | |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $ 55.63 | |
Granted, Weighted-Average Grant-Date Fair Value | 53.74 | $ 45.54 |
Vested, Weighted-Average Grant-Date Fair Value | 63.06 | |
Forfeited, Weighted Average Grant Date Fair Value | 51.69 | |
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $ 51.81 |
Stock-based Compensation (Valua
Stock-based Compensation (Valuation Assumptions) (Details) - TSR Performance Restricted Stock/Units [Member] | 6 Months Ended | |
Jan. 29, 2023 | Jan. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 4.29% | 0.46% |
Expected dividend yield | 3.09% | 3.50% |
Expected volatility | 26.40% | 27.42% |
Expected term, years | 3 years | 3 years |
Supplemental Financial Statem_3
Supplemental Financial Statement Data (Schedule of Balance Sheets) (Details) - USD ($) $ in Millions | Jan. 29, 2023 | Jul. 31, 2022 |
Inventory, Net [Abstract] | ||
Inventory, raw materials, containers and supplies | $ 446 | $ 390 |
Inventory, finished products | 805 | 856 |
Inventories | $ 1,251 | $ 1,246 |
Supplemental Financial Statem_4
Supplemental Financial Statement Data (Schedule of Statement of Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 29, 2023 | Jan. 30, 2022 | |
Disclosure Text Block Supplement [Abstract] | ||||
Amortization of Intangible Assets | $ 10 | $ 10 | $ 21 | $ 21 |
Net periodic benefits expense (income), other than the service cost | (11) | (31) | (4) | (44) |
Other | 1 | 2 | 1 | 3 |
Other expenses / (income) | $ 0 | $ (19) | $ 18 | $ (20) |