Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Apr. 28, 2024 | May 30, 2024 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CAMPBELL SOUP CO | |
Entity Central Index Key | 0000016732 | |
Current Fiscal Year End Date | --07-28 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 28, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 298,553,885 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Address, Address Line One | 1 Campbell Place | |
Entity Address, City or Town | Camden | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08103 | |
City Area Code | 856 | |
Local Phone Number | 342-4800 | |
Entity Interactive Data Current | Yes | |
Entity File Number | 1-3822 | |
Title of 12(b) Security | Capital Stock, par value $.0375 | |
Trading Symbol | CPB | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | NJ | |
Entity Tax Identification Number | 21-0419870 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2024 | Apr. 30, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | |
Income Statement [Abstract] | ||||
Net sales | $ 2,369 | $ 2,229 | $ 7,343 | $ 7,289 |
Costs and expenses | ||||
Cost of products sold | 1,637 | 1,561 | 5,047 | 5,028 |
Marketing and selling expenses | 206 | 194 | 645 | 612 |
Administrative expenses | 208 | 167 | 555 | 487 |
Research and development expenses | 27 | 24 | 76 | 66 |
Other expenses / (income) | 30 | 23 | 80 | 41 |
Restructuring charges | 13 | 6 | 17 | 15 |
Total costs and expenses | 2,121 | 1,975 | 6,420 | 6,249 |
Earnings before interest and taxes | 248 | 254 | 923 | 1,040 |
Interest expense | 70 | 47 | 165 | 139 |
Interest income | 4 | 1 | 5 | 2 |
Earnings before taxes | 182 | 208 | 763 | 903 |
Taxes on earnings | 49 | 48 | 193 | 214 |
Net earnings | 133 | 160 | 570 | 689 |
Less: Net earnings (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings attributable to Campbell Soup Company | $ 133 | $ 160 | $ 570 | $ 689 |
Per Share - Basic | ||||
Net earnings attributable to Campbell Soup Company | $ 0.45 | $ 0.54 | $ 1.91 | $ 2.30 |
Weighted average shares outstanding - basic | 298 | 299 | 298 | 299 |
Per Share - Assuming Dilution | ||||
Net earnings attributable to Campbell Soup Company | $ 0.44 | $ 0.53 | $ 1.91 | $ 2.29 |
Weighted average shares outstanding - assuming dilution | 300 | 301 | 299 | 301 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2024 | Apr. 30, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ 133 | $ 160 | $ 570 | $ 689 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax [Abstract] | ||||
Foreign currency translation adjustments, before tax | (3) | (2) | (6) | (7) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax [Abstract] | ||||
Unrealized gains (losses) arising during the period, before tax | 13 | 2 | (7) | 7 |
Reclassification adjustment for losses (gains) included in net earnings, before Tax | 0 | (2) | (1) | (8) |
Other comprehensive income (loss), before tax | 10 | (2) | (14) | (8) |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax [Abstract] | ||||
Foreign currency translation adjustments, tax benefit (expense) | 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 benefit (expense) | (2) | (1) | 2 | (2) |
Reclassification adjustment for losses (gains) included in net earnings, tax benefit (expense) | 0 | 1 | 0 | 2 |
Other comprehensive income (loss), tax benefit (expense) | (2) | 0 | 2 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | ||||
Foreign currency translation adjustments, after-tax | (3) | (2) | (6) | (7) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax [Abstract] | ||||
Unrealized gains (losses) arising during the period, after-tax | 11 | 1 | (5) | 5 |
Reclassification adjustment for losses (gains) included in net earnings, after Tax | 0 | (1) | (1) | (6) |
Other comprehensive income (loss), after-tax | 8 | (2) | (12) | (8) |
Total comprehensive income (loss), after-tax | 141 | 158 | 558 | 681 |
Total comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive income (loss) attributable to Campbell Soup Company | $ 141 | $ 158 | $ 558 | $ 681 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions | Apr. 28, 2024 | Jul. 30, 2023 |
Current assets | ||
Cash and cash equivalents | $ 107 | $ 189 |
Accounts receivable, net | 648 | 529 |
Inventories | 1,300 | 1,291 |
Other current assets | 84 | 52 |
Total current assets | 2,139 | 2,061 |
Plant assets, net of depreciation | 2,621 | 2,398 |
Goodwill | 5,072 | 3,965 |
Other intangible assets, net of amortization | 4,875 | 3,142 |
Other assets | 536 | 492 |
Total assets | 15,243 | 12,058 |
Current liabilities | ||
Short-term borrowings | 1,427 | 191 |
Accounts payable | 1,330 | 1,306 |
Accrued liabilities | 584 | 592 |
Dividends payable | 114 | 113 |
Accrued income taxes | 2 | 20 |
Total current liabilities | 3,457 | 2,222 |
Long-term debt | 5,752 | 4,498 |
Deferred taxes | 1,491 | 1,067 |
Other liabilities | 628 | 608 |
Total liabilities | 11,328 | 8,395 |
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 | 421 | 420 |
Earnings retained in the business | 4,685 | 4,451 |
Capital stock in treasury, at cost | (1,190) | (1,219) |
Accumulated other comprehensive income (loss) | (15) | (3) |
Total Campbell Soup Company shareholders' equity | 3,913 | 3,661 |
Noncontrolling interests | 2 | 2 |
Total equity | 3,915 | 3,663 |
Total liabilities and equity | $ 15,243 | $ 12,058 |
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 | 9 Months Ended | |
Apr. 28, 2024 | Apr. 30, 2023 | |
Cash flows from operating activities: | ||
Net earnings | $ 570 | $ 689 |
Adjustments to reconcile net earnings to operating cash flow | ||
Restructuring charges | 17 | 15 |
Stock-based compensation | 80 | 48 |
Amortization of inventory fair value adjustment from acquisition | 17 | 0 |
Pension and postretirement benefit expense | 5 | 20 |
Depreciation and amortization | 298 | 284 |
Deferred income taxes | 13 | (2) |
Other | 103 | 78 |
Changes in working capital, net of acquisition | ||
Accounts receivable | (33) | 1 |
Inventories | 102 | (40) |
Other current assets | (28) | (8) |
Accounts payable and accrued liabilities | (180) | (123) |
Other | (67) | (44) |
Net cash provided by operating activities | 897 | 918 |
Cash flows from investing activities: | ||
Purchases of plant assets | (376) | (257) |
Purchases of route businesses | (28) | (13) |
Sales of route businesses | 33 | 0 |
Business acquired, net of cash acquired | (2,617) | 0 |
Other | 1 | 1 |
Net cash used in investing activities | (2,987) | (269) |
Cash flows from financing activities: | ||
Short-term borrowings, including commercial paper and delayed draw term loan | 4,616 | 2,479 |
Short-term borrowings, including commercial paper and delayed draw term loan | (4,556) | (2,473) |
Long-term borrowings | 2,496 | 500 |
Long-term repayments | (100) | (566) |
Dividends paid | (334) | (336) |
Treasury stock purchases | (46) | (141) |
Treasury stock issuances | 0 | 22 |
Payments related to tax withholding for stock-based compensation | (46) | (19) |
Payments of debt issuance costs | (22) | 0 |
Other | 0 | (1) |
Net cash provided by (used in) financing activities | 2,008 | (535) |
Effect of exchange rate changes on cash | 0 | 0 |
Net change in cash and cash equivalents | (82) | 114 |
Cash and cash equivalents - beginning of period | 189 | 109 |
Cash and cash equivalents - end of period | $ 107 | $ 223 |
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 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) | 689 | 689 | 0 | ||||
Other comprehensive income (loss) | (8) | (8) | 0 | ||||
Dividends | $ (337) | (337) | |||||
Dividends per share | $ 1.11 | ||||||
Treasury stock purchased, shares | (2,692) | (3,000) | |||||
Treasury stock purchased, value | $ (141) | $ (141) | |||||
Treasury stock issued under stock-based compensation plans, shares | 2,000 | ||||||
Treasury stock issued under stock-based compensation plans, value | 52 | $ 60 | (8) | 0 | |||
Capital stock, shares at Apr. 30, 2023 | 323,000 | ||||||
Treasury Stock, Shares at Apr. 30, 2023 | (25,000) | ||||||
Balance, value at Apr. 30, 2023 | 3,588 | $ 12 | $ (1,219) | 407 | 4,392 | (6) | 2 |
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 |
Net earnings (loss) | 160 | 160 | 0 | ||||
Other comprehensive income (loss) | (2) | (2) | 0 | ||||
Dividends | $ (112) | (112) | |||||
Dividends per share | $ 0.37 | ||||||
Treasury stock purchased, shares | (2,000) | ||||||
Treasury stock purchased, value | $ (75) | $ (75) | |||||
Treasury stock issued under stock-based compensation plans, shares | 1,000 | ||||||
Treasury stock issued under stock-based compensation plans, value | 16 | $ 0 | 16 | 0 | |||
Capital stock, shares at Apr. 30, 2023 | 323,000 | ||||||
Treasury Stock, Shares at Apr. 30, 2023 | (25,000) | ||||||
Balance, value at Apr. 30, 2023 | 3,588 | $ 12 | $ (1,219) | 407 | 4,392 | (6) | 2 |
Capital stock, shares at Jul. 30, 2023 | 323,000 | ||||||
Treasury stock, shares at Jul. 30, 2023 | (25,000) | ||||||
Balance, value at Jul. 30, 2023 | 3,663 | $ 12 | $ (1,219) | 420 | 4,451 | (3) | 2 |
Net earnings (loss) | 570 | 570 | 0 | ||||
Other comprehensive income (loss) | (12) | (12) | 0 | ||||
Dividends | $ (336) | (336) | |||||
Dividends per share | $ 1.11 | ||||||
Fair value of replacement share-based awards | $ 42 | ||||||
Treasury stock purchased, shares | (1,080) | (1,000) | |||||
Treasury stock purchased, value | $ (46) | ||||||
Treasury stock issued under stock-based compensation plans, shares | 1,000 | ||||||
Treasury stock issued under stock-based compensation plans, value | 34 | $ 75 | (41) | 0 | |||
Capital stock, shares at Apr. 28, 2024 | 323,000 | ||||||
Treasury Stock, Shares at Apr. 28, 2024 | (25,000) | ||||||
Balance, value at Apr. 28, 2024 | 3,915 | $ 12 | $ (1,190) | 421 | 4,685 | (15) | 2 |
Capital stock, shares at Jan. 28, 2024 | 323,000 | ||||||
Treasury stock, shares at Jan. 28, 2024 | (25,000) | ||||||
Balance, value at Jan. 28, 2024 | 3,851 | $ 12 | $ (1,212) | 407 | 4,665 | (23) | 2 |
Net earnings (loss) | 133 | 133 | 0 | ||||
Other comprehensive income (loss) | 8 | 8 | 0 | ||||
Dividends | $ (113) | (113) | |||||
Dividends per share | $ 0.37 | ||||||
Fair value of replacement share-based awards | $ 42 | 42 | |||||
Treasury stock purchased, shares | 0 | ||||||
Treasury stock purchased, value | (17) | $ (17) | |||||
Treasury stock issued under stock-based compensation plans, shares | 0 | ||||||
Treasury stock issued under stock-based compensation plans, value | 11 | $ 39 | (28) | 0 | |||
Capital stock, shares at Apr. 28, 2024 | 323,000 | ||||||
Treasury Stock, Shares at Apr. 28, 2024 | (25,000) | ||||||
Balance, value at Apr. 28, 2024 | $ 3,915 | $ 12 | $ (1,190) | $ 421 | $ 4,685 | $ (15) | $ 2 |
Basis of Presentations and Sign
Basis of Presentations and Significant Accounting Policies | 9 Months Ended |
Apr. 28, 2024 | |
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 30, 2023. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Apr. 28, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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 adopted the guidance in the fourth quarter of 2023, with the exception of the rollforward information. The adoption did not have a material impact on our consolidated financial statements. See Note 17 for additional information. In November 2023, the FASB issued guidance to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. In addition, the guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment and contains other disclosure requirements. The purpose of the guidance is to enable investors to better understand an entity’s overall performance and assess potential future cash flows. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. In December 2023, the FASB issued guidance to improve income tax disclosures by requiring disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. The guidance should be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. |
Business Combinations and Asset
Business Combinations and Asset Acquisitions | 9 Months Ended |
Apr. 28, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition | Acquisition On August 7, 2023, we entered into a merger agreement to acquire Sovos Brands, Inc. (Sovos Brands) for $23.00 per share. On March 12, 2024, we completed the acquisition. Sovos Brands' portfolio includes a variety of pasta sauces, dry pasta, soups, frozen entrées, frozen pizza and yogurts, all of which are sold in North America under the brand names Rao’s, Michael Angelo’s and noosa . Total purchase consideration was $2.899 billion, which was determined as follows: (Millions) Cash consideration paid to Sovos Brands shareholders (1) $ 2,307 Cash paid for share-based awards (2) 32 Cash consideration paid directly to shareholders $ 2,339 Cash paid for transaction costs of Sovos Brands 32 Repayment of Sovos Brands existing indebtedness and accrued interest 486 Total cash consideration $ 2,857 Fair value of replacement share-based awards (3) 42 Total consideration $ 2,899 ___________________________________________ (1) Consideration paid to Sovos Brands shareholders which reflects $23.00 per share. (2) Represents cash paid to equity award holders of Sovos Brands restricted stock and restricted stock unit awards attributable to pre-combination service. This excludes $3 million of cash paid that was recognized as expense. (3) We issued replacement equity awards in settlement of certain Sovos Brands equity awards that did not become vested in connection with the acquisition. The portion of fair value of the replacement awards attributable to pre-combination service was $42 million and is included in the purchase consideration. We recognized $26 million of expense related to accelerated vesting of certain replacement awards. The cash portion of the acquisition was funded through a Delayed Draw Term Loan Credit Agreement (the 2024 DDTL Credit Agreement) of $2 billion and cash on hand. See Note 11 for additional information. The table below presents the fair value that was allocated to acquired assets and assumed liabilities: (Millions) Estimated Fair Value Cash $ 240 Accounts receivable 96 Inventories 130 Other current assets 5 Plant assets 102 Other intangible assets 1,785 Other assets 16 Total assets acquired $ 2,374 Accounts payable $ 96 Accrued liabilities 56 Accrued income taxes 1 Long-term debt 9 Deferred taxes 412 Other liabilities 11 Total liabilities assumed $ 585 Net assets acquired $ 1,789 Goodwill 1,110 Total consideration $ 2,899 The excess of the purchase price over the estimated fair values of identifiable net assets was recorded as $1.11 billion of goodwill. The goodwill is not deductible for tax purposes. The goodwill was primarily attributable to future growth opportunities, anticipated synergies, and intangible assets that did not qualify for separate recognition. The goodwill is included in the Meals & Beverages segment. The purchase price allocation of Sovos Brands is preliminary and is subject to the finalization of certain items, including valuations and tax balances, which will be completed within the allowable measurement period. The identifiable intangible assets of Sovos Brands consist of: (Millions) Type Life in Years Value Trademarks Non-amortizable Indefinite $ 1,470 Trademarks Amortizable 20 83 Customer relationships Amortizable 20 to 30 232 Total identifiable intangible assets $ 1,785 As of April 28, 2024, Sovos Brands amortizable intangible assets had a weighted-average remaining useful life of 27 years. We incurred transaction costs and integration costs, including costs to achieve synergies, of $95 million and $114 million associated with the Sovos Brands acquisition in the three- and nine-month periods ended April 28, 2024, respectively. Approximately $16 million in the three-month period and $35 million in the nine-month period represented transaction costs, including outside advisory costs, recorded in Other expenses / (income). In the three-month period ended April 28, 2024, we recognized $2 million in Interest expense related to financing fees associated with the 2024 DDTL Credit Agreement. Integration costs included expenses associated with accelerated vesting of replacement awards, severance and retention bonuses, amortization of the acquisition date fair value adjustment to inventories and other costs. Integration costs recognized in the three-month period ended April 28, 2024 included the following: • $18 million in Costs of products sold, $17 million of which related to the amortization of the acquisition date fair value adjustment to inventories; • $2 million of Marketing and selling expenses; • $39 million of Administrative expenses; • $2 million of Research and development expenses; and • $16 million of Restructuring charges to achieve synergies. See Note 7 for additional information. For the period March 12, 2024 through April 28, 2024, the Sovos Brands acquisition contributed $166 million to Net sales and a loss of $75 million to Net earnings, including the effect of transaction and integration costs and interest expense on the debt to finance the acquisition. The following unaudited summary information is presented on a consolidated pro forma basis as if the Sovos Brands acquisition had occurred on August 1, 2022: Three Months Ended Nine Months Ended (Millions) April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 Net sales $ 2,510 $ 2,472 $ 8,061 $ 8,023 Net earnings attributable to Campbell Soup Company $ 184 $ 141 $ 595 $ 532 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Apr. 28, 2024 | |
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 July 31, 2022 $ — $ — $ 2 $ 2 Other comprehensive income (loss) before reclassifications (7) 5 — (2) Losses (gains) reclassified from accumulated other comprehensive income (loss) — (6) — (6) Net current-period other comprehensive income (loss) (7) (1) — (8) Balance at April 30, 2023 $ (7) $ (1) $ 2 $ (6) Balance at July 30, 2023 $ (1) $ (4) $ 2 $ (3) Other comprehensive income (loss) before reclassifications (6) (5) — (11) Losses (gains) reclassified from accumulated other comprehensive income (loss) — (1) — (1) Net current-period other comprehensive income (loss) (6) (6) — (12) Balance at April 28, 2024 $ (7) $ (10) $ 2 $ (15) _____________________________________ (1) Included no tax as of April 28, 2024, July 30, 2023, April 30, 2023 and July 31, 2022. (2) Included a tax benefit of $3 million as of April 28, 2024 and $1 million as of July 30, 2023, and no tax as of April 30, 2023 and July 31, 2022. (3) Included tax expense of $1 million as of April 28, 2024, July 30, 2023, April 30, 2023 and July 31, 2022. Amounts related to noncontrolling interests were not material. The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following: Three Months Ended Nine Months Ended (Millions) April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 Location of Loss (Gain) Recognized in Earnings Losses (gains) on cash-flow hedges: Commodity contracts $ — $ — $ — $ (3) Cost of products sold Foreign exchange contracts — (2) (2) (6) Cost of products sold Forward starting interest rate swaps — — 1 1 Interest expense Total before tax — (2) (1) (8) Tax expense (benefit) — 1 — 2 Loss (gain), net of tax $ — $ (1) $ (1) $ (6) |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 9 Months Ended |
Apr. 28, 2024 | |
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 30, 2023 $ 990 $ 2,975 $ 3,965 Acquisition (1) 1,110 — 1,110 Foreign currency translation adjustment (3) — (3) Net balance at April 28, 2024 $ 2,097 $ 2,975 $ 5,072 ____________________________________ (1) On March 12, 2024, we acquired Sovos Brands. See Note 3 for additional information. Intangible Assets The following table summarizes balance sheet information for intangible assets, excluding goodwill: April 28, 2024 July 30, 2023 (Millions) Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets Customer relationships $ 1,062 $ (281) $ 781 $ 830 $ (229) $ 601 Definite-lived trademarks 83 — 83 — — — Total amortizable intangible assets $ 1,145 $ (281) $ 864 $ 830 $ (229) $ 601 Indefinite-lived trademarks Rao's $ 1,470 $ — Snyder's of Hanover 620 620 Lance 350 350 Kettle Brand 318 318 Pace 292 292 Pacific Foods 280 280 Cape Cod 187 187 Various other Snacks (1) 494 494 Total indefinite-lived trademarks $ 4,011 $ 2,541 Total net intangible assets $ 4,875 $ 3,142 ____________________________________ (1) Associated with the acquisition of Snyder's-Lance, Inc. (Snyder's-Lance). As part of the Sovos Brands acquisition, we acquired the Rao's indefinite-lived trademark of $1.47 billion, customer relationship intangible assets of $232 million and definite-lived trademarks of $83 million. See Note 3 for additional information. Amortization expense was $52 million for the nine-month period ended April 28, 2024, and $31 million for the nine-month period ended April 30, 2023. Amortization expense in 2024 included $20 million of accelerated amortization expense on customer relationships, which began in the fourth quarter of 2023 due to the loss of certain contract manufacturing customers. As of April 28, 2024, amortizable intangible assets had a weighted-average remaining useful life of 19 years. Amortization expense is estimated to be approximately $73 million in 2024, $72 million in 2025 and $46 million per year for the following three years. As of our 2023 annual impairment testing, indefinite-lived trademarks with approximately 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. The indefinite-lived trademark related to the Sovos Brands acquisition has been recorded at fair value. |
Segment Information
Segment Information | 9 Months Ended |
Apr. 28, 2024 | |
Segment Reporting [Abstract] | |
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; Campbell’s tomato juice; and as of March 12, 2024, Rao's pasta sauces, dry pasta, frozen entrées, frozen pizza and soups; Michael Angelo's frozen entrées and pasta sauces; and noosa yogurts. 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, 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. The segment included the results of our Emerald nuts business, which was sold on May 30, 2023. We evaluate segment performance before interest, taxes and costs associated with restructuring activities, cost savings and optimization initiatives, impairment charges and corporate expenses. 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 Nine Months Ended (Millions) April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 Net sales Meals & Beverages $ 1,272 $ 1,108 $ 4,058 $ 3,971 Snacks 1,097 1,121 3,285 3,318 Total $ 2,369 $ 2,229 $ 7,343 $ 7,289 Three Months Ended Nine Months Ended (Millions) April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 Earnings before interest and taxes Meals & Beverages $ 229 $ 182 $ 763 $ 762 Snacks 167 179 489 482 Corporate income (expense) (1) (135) (101) (312) (189) Restructuring charges (2) (13) (6) (17) (15) Total $ 248 $ 254 $ 923 $ 1,040 _______________________________________ (1) Represents unallocated items. Costs related to cost savings and optimization initiatives were $23 million and $68 million in the three- and nine-month periods ended April 28, 2024, and $27 million and $35 million in the three- and nine-month periods ended April 30, 2023, respectively. Unrealized mark-to-market adjustments on outstanding undesignated commodity hedges were gains of $13 million and $5 million in the three- and nine-month periods ended April 28, 2024, and losses of $9 million in the three- and nine-month periods ended April 30, 2023, respectively. Accelerated amortization expense related to customer relationship intangible assets was $6 million and $20 million in the three- and nine-month periods ended April 28, 2024, respectively. Costs of $77 million and $96 million associated with the acquisition of Sovos Brands were included in the three- and nine-month periods ended April 28, 2024, respectively. Litigation expenses related to the Plum baby food and snacks business, which was divested on May 3, 2021, were $3 million and were included in the nine-month period ended April 28, 2024. Costs of $3 million related to a cybersecurity incident were included in the nine-month period ended April 28, 2024. There were pension actuarial losses of $17 million and $26 million in the three- and nine-month periods ended April 30, 2023, respectively. (2) See Note 7 for additional information. Our net sales based on product categories are as follows: Three Months Ended Nine Months Ended (Millions) April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 Net sales Soup $ 577 $ 571 $ 2,278 $ 2,316 Snacks 1,152 1,169 3,452 3,463 Other simple meals 458 291 1,077 927 Beverages 182 198 536 583 Total $ 2,369 $ 2,229 $ 7,343 $ 7,289 Soup includes various soup, broths and stock products. Snacks include cookies, pretzels, crackers, popcorn, potato chips, tortilla chips and other salty snacks and baked products. Other simple meals include sauces, yogurts, pasta, frozen entrées, canned poultry, frozen pizza, gravies and beans. 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 | 9 Months Ended |
Apr. 28, 2024 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | Restructuring Charges, Cost Savings Initiatives and Other Optimization 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 Nine Months Ended (Millions) April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 Recognized as of April 28, 2024 Restructuring charges $ (3) $ 6 $ 1 $ 15 $ 281 Administrative expenses 13 13 47 21 430 Cost of products sold 3 12 9 12 111 Marketing and selling expenses 1 — 4 — 23 Research and development expenses 1 2 3 2 10 Total pre-tax charges $ 15 $ 33 $ 64 $ 50 $ 855 A summary of the pre-tax costs associated with the initiatives is as follows: (Millions) Recognized as of April 28, 2024 Severance pay and benefits $ 241 Asset impairment/accelerated depreciation 124 Implementation costs and other related costs 490 Total $ 855 The total estimated pre-tax costs for actions that have been identified are approximately $905 million to $930 million and we expect to incur substantially all of 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 $250 million to $255 million in severance pay and benefits; approximately $140 million in asset impairment and accelerated depreciation; and approximately $515 million to $535 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 $905 million to $930 million of pre-tax costs identified to date, we expect approximately $725 million to $750 million will be cash expenditures. In addition, we expect to invest approximately $705 million in capital expenditures, of which we invested $508 million as of April 28, 2024. We expect to invest in substantially all of the capital expenditures through 2025. 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, optimization of information technology infrastructure and applications, enhancements to our headquarters in Camden, New Jersey, implementation of our existing SAP enterprise-resource planning system for Snyder's-Lance, and optimization of the Snyder’s-Lance warehouse and distribution network. A summary of the restructuring activity and related reserves at April 28, 2024, is as follows: (Millions) Severance Pay and Benefits Implementation Costs and Other Related Costs (3) Asset Impairment/Accelerated Depreciation Other Non-Cash Exit Costs (4) Total Charges Accrued balance at July 30, 2023 (1) $ 13 2024 charges 1 27 18 18 $ 64 2024 cash payments (7) Accrued balance at April 28, 2024 (2) $ 7 __________________________________ (1) Includes $7 million of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (2) Includes $4 million of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (3) Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses, Cost of products sold, Marketing and selling expenses and Research and development expenses in the Consolidated Statements of Earnings. (4) Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. Segment operating results do not include restructuring charges, implementation costs and other related costs because we evaluate segment performance excluding such charges. A summary of the pre-tax costs associated with segments is as follows: April 28, 2024 (Millions) Three Months Ended Nine Months Ended Costs Incurred to Date Meals & Beverages $ 7 $ 16 $ 267 Snacks — 30 375 Corporate 8 18 213 Total $ 15 $ 64 $ 855 Other Optimization Initiatives In the second quarter of 2024, we began implementation of a new initiative to improve the effectiveness of our Snacks direct-store-delivery route-to-market network. Pursuant to this initiative we will purchase certain Pepperidge Farm and Snyder's-Lance routes where there are opportunities to unlock greater scale in select markets, combine them and sell the combined routes to independent contractor distributors. We expect to execute this program in a staggered rollout and to incur expenses of up to approximately $115 million through 2029. In the three-month period ended April 28, 2024, we incurred $5 million in Marketing and selling expenses related to this initiative. Sovos Brands Integration Initiatives On March 12, 2024, we completed the acquisition of Sovos Brands. See Note 3 for additional information. We have identified opportunities for cost synergies as we integrate Sovos Brands. Cost estimates to achieve the synergies are continuing to be developed. The total expected pre-tax costs and timing of when we expect to incur those costs, as well as the expected future cash expenditures, will be updated as detailed plans are developed. We expect the pre-tax costs to be associated primarily with the Meals & Beverages segment. In the three-month period ended April 28, 2024, we recorded Restructuring charges of $16 million related to initiatives to achieve the synergies. A summary of the restructuring activity and related reserves associated with the Sovos Brands integration at April 28, 2024, is as follows: (Millions) Severance Pay and Benefits 2024 charges $ 16 2024 cash payments — Accrued balance at April 28, 2024 (1) $ 16 __________________________________ (1) Includes $5 million of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. Segment operating results do not include restructuring charges, nor implementation and integration costs, because we evaluate segment performance excluding such charges. The costs incurred in the three-month period ended April 28, 2024 were associated with the Meals & Beverages segment. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Apr. 28, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share (EPS)For the periods presented in the Consolidated Statements of Earnings, the calculations of basic EPS and EPS assuming dilution vary in that the weighted average shares outstanding assuming dilution include the incremental effect of stock options and other share-based payment awards, except when such effect would be antidilutive. The earnings per share calculation for the three- and nine-month periods ended April 28, 2024 and April 30, 2023, excludes less than 1 million stock options that would have been antidilutive. |
Pension And Postretirement Bene
Pension And Postretirement Benefits | 9 Months Ended |
Apr. 28, 2024 | |
Retirement Benefits [Abstract] | |
Pension And Postretirement Benefits | Pension and Postretirement Benefits Components of net periodic benefit expense (income) were as follows: Three Months Ended Nine Months Ended Pension Postretirement Pension Postretirement (Millions) April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 Service cost $ 4 $ 3 $ — $ — $ 10 $ 10 $ — $ — Interest cost 16 19 2 2 49 55 6 5 Expected return on plan assets (20) (24) — — (60) (76) — — Actuarial losses (gains) — 17 — — — 26 — — Net periodic benefit expense (income) $ — $ 15 $ 2 $ 2 $ (1) $ 15 $ 6 $ 5 The actuarial losses for the three- and nine-month periods ended April 30, 2023 resulted from the remeasurement of certain U.S. pension plans due to lump sum distributions that exceeded or were expected to exceed service and interest costs resulting in settlement accounting for these plans. The actuarial losses recognized for the three-month period ended April 30, 2023 were primarily due to decreases in discount rates used to determine the benefit obligation and plan experience, partially offset by gains on plan assets. The actuarial losses recognized for the nine-month period ended April 30, 2023 were primarily due to losses on plan assets and plan experience, partially offset by increases in discount rates used to determine the benefit obligation. |
Leases
Leases | 9 Months Ended |
Apr. 28, 2024 | |
Leases [Abstract] | |
cpb_LeaseDisclosureTextBlock | Leases The components of lease costs were as follows: Three Months Ended Nine Months Ended (Millions) April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 Operating lease cost (1) $ 25 $ 23 $ 73 $ 63 Finance lease - amortization of right-of-use (ROU) assets 6 4 14 12 Finance lease - interest on lease liabilities 1 — 1 — Short-term lease cost 15 14 50 48 Variable lease cost 57 52 159 155 Total $ 104 $ 93 $ 297 $ 278 __________________________________________ (1) Excludes costs associated with the cost savings initiatives described in Note 7. The following tables summarize the lease amounts recorded in the Consolidated Balance Sheets: Operating Leases (Millions) Balance Sheet Classification April 28, 2024 July 30, 2023 ROU assets, net Other assets $ 283 $ 275 Lease liabilities (current) Accrued liabilities $ 76 $ 70 Lease liabilities (noncurrent) Other liabilities $ 229 $ 208 Finance Leases (Millions) Balance Sheet Classification April 28, 2024 July 30, 2023 ROU assets, net Plant assets, net of depreciation $ 61 $ 27 Lease liabilities (current) Short-term borrowings $ 21 $ 13 Lease liabilities (noncurrent) Long-term debt $ 39 $ 15 The following table summarizes cash flow and other information related to leases: Nine Months Ended (Millions) April 28, 2024 April 30, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 70 $ 62 Operating cash flows from finance leases $ 1 $ — Financing cash flows from finance leases $ 15 $ 12 ROU assets obtained in exchange for lease obligations: Operating leases $ 78 $ 106 Finance leases $ 35 $ 10 ROU assets obtained with business acquired: Operating leases $ 15 $ — Finance leases $ 13 $ — |
Debt
Debt | 9 Months Ended |
Apr. 28, 2024 | |
Debt Disclosure [Abstract] | |
Short-term Borrowings and Long-term Debt | Short-term Borrowings and Long-term Debt On October 10, 2023, we entered into the 2024 DDTL Credit Agreement totaling up to $2 billion scheduled to mature on October 8, 2024. Loans under the 2024 DDTL Credit Agreement bear interest at the rates specified in the 2024 DDTL Credit Agreement, which vary based on the type of loan and certain other conditions. The 2024 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 2024 DDTL Credit Agreement) of not less than 3.25:1.00, and events of default for credit facilities of this type. The proceeds of the loans under the 2024 DDTL Credit Agreement could only be used in connection with the acquisition of Sovos Brands and the payment of fees and expenses incurred in connection therewith. On March 12, 2024, we borrowed $2 billion under the 2024 DDTL Credit Agreement and used the proceeds in order to fund the acquisition of Sovos Brands, along with the fees and expenses incurred in connection therewith. In August 2023, we filed a registration statement with the Securities and Exchange Commission that registered an indeterminate amount of debt securities. Under the registration statement we may issue debt securities from time to time, depending on market conditions. On March 19, 2024, pursuant to the registration statement, we issued senior unsecured notes of $2.5 billion, consisting of: • $400 million aggregate principal amount of notes bearing interest at a fixed rate of 5.30% per annum, due March 20, 2026, with interest payable semi-annually on each of March 20 and September 20 commencing September 20, 2024; • $500 million aggregate principal amount of notes bearing interest at a fixed rate of 5.20% per annum, due March 19, 2027, with interest payable semi-annually on each of March 19 and September 19 commencing September 19, 2024; • $600 million aggregate principal amount of notes bearing interest at a fixed rate of 5.20% per annum, due March 21, 2029, with interest payable semi-annually on each of March 21 and September 21 commencing September 21, 2024; and • $1 billion aggregate principal amount of notes bearing interest at a fixed rate of 5.40% per annum, due March 21, 2034, with interest payable semi-annually on each of March 21 and September 21 commencing September 21, 2024. The notes contain customary covenants and events of default. If a change of control triggering event occurs, we will be required to offer to purchase the notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest, if any, to the purchase date. We used the net proceeds from the sale of the notes to repay the $2 billion of outstanding borrowings under the 2024 DDTL Credit Agreement used to fund the Sovos Brands acquisition, including fees and expenses in connection therewith, and the remainder of the net proceeds to repay commercial paper. On April 5, 2024, we repaid $100 million of the $500 million outstanding under our Delayed Draw Term Loan Credit Agreement (the 2022 DDTL Credit Agreement) due November 15, 2025. On April 16, 2024, we terminated our existing revolving credit facility dated September 27, 2021 (as amended on April 4, 2023). On April 16, 2024, we entered into a Five-Year Credit Agreement for an unsecured, senior revolving credit facility (the 2024 Revolving Credit Facility Agreement) in an aggregate principal amount equal to $1.85 billion with a maturity date of April 16, 2029 or such later date as extended pursuant to the terms set forth in the 2024 Revolving Credit Facility Agreement. The 2024 Revolving Credit Facility Agreement remained unused at April 28, 2024, except for $1 million of standby letters of credit that we issued under it. We may increase the 2024 Revolving Credit Facility Agreement commitments up to an additional $500 million, subject to the satisfaction of certain conditions. Loans under the 2024 Revolving Credit Facility Agreement will bear interest at the rates specified in the 2024 Revolving Credit Facility Agreement, which vary based on the type of loan and certain other conditions. The 2024 Revolving Credit Facility Agreement contains customary covenants, including a financial covenant with respect to a minimum consolidated interest coverage ratio of consolidated adjusted EBITDA to consolidated interest expense of not less than 3.25:1.00, and customary events of default for credit facilities of this type. We have $1.15 billion |
Financial Instruments
Financial Instruments | 9 Months Ended |
Apr. 28, 2024 | |
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 April 28, 2024, or July 30, 2023. We are also exposed to credit risk from our customers. During 2023, 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 2023. 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 and Euro, related to intercompany transactions and third-party transactions. We utilize foreign exchange forward purchase and sale contracts and option 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 $75 million as of April 28, 2024, and $125 million as of July 30, 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. 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 and option contracts that are not designated as accounting hedges was $279 million as of April 28, 2024, and $15 million as of July 30, 2023. Interest Rate Risk We manage our exposure to changes in interest rates by optimizin g the use of variable-rate and fixed-rate debt. From time to time, we may use interest rate swaps in order to maintain our variable-to-total debt ratio within targeted guidelines. We manage our exposure to interest volatility on future debt issuances by entering into forward starting interest rate swaps or treasury lock contracts to hedge the rate on the interest payments related to the anticipated debt issuance. The forward starting interest rate swaps or treasury lock contracts are either designated as cash-flow hedging instruments or are undesignated. 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), and reclassified into Interest expense over the life of the debt issued. The change in fair value on undesignated instruments is recorded in Interest expense. We settled forward starting interest rate swaps with a notional value of $1.1 billion in March 2024 at a loss of $11 million. The $11 million loss on these instruments was recorded in other comprehensive income (loss) and will be recognized as additional interest expense over the 10-year, 5-year, and 3-year lives of the debt issued in March 2024. There were no forward starting interest rate swaps or treasury lock contracts outstanding as of April 28, 2024 and July 30, 2023. 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. There were no commodity contracts designated as cash-flow hedges as of April 28, 2024, or July 30, 2023. The notional amount of commodity contracts not designated as accounting hedges was $211 million as of April 28, 2024, and $194 million as of July 30, 2023. 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 $66 million as of April 28, 2024, and $47 million as of July 30, 2023. 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 $71 million as of April 28, 2024, and $42 million July 30, 2023. The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of April 28, 2024, and July 30, 2023: (Millions) Balance Sheet Classification April 28, 2024 July 30, 2023 Asset Derivatives Derivatives designated as hedges: Foreign exchange contracts Other current assets $ 1 $ — Total derivatives designated as hedges $ 1 $ — Derivatives not designated as hedges: Commodity contracts Other current assets $ 19 $ 15 Deferred compensation contracts Other current assets — 4 Commodity contracts Other assets 1 1 Total derivatives not designated as hedges $ 20 $ 20 Total asset derivatives $ 21 $ 20 (Millions) Balance Sheet Classification April 28, 2024 July 30, 2023 Liability Derivatives Derivatives designated as hedges: Foreign exchange contracts Accrued liabilities $ — $ 1 Total derivatives designated as hedges $ — $ 1 Derivatives not designated as hedges: Commodity contracts Accrued liabilities $ 4 $ 5 Deferred compensation contracts Accrued liabilities 1 — Total derivatives not designated as hedges $ 5 $ 5 Total liability derivatives $ 5 $ 6 We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of April 28, 2024, and July 30, 2023, would be adjusted as detailed in the following table: April 28, 2024 July 30, 2023 (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 $ 21 $ (4) $ 17 $ 20 $ (5) $ 15 Total liability derivatives $ 5 $ (4) $ 1 $ 6 $ (5) $ 1 We are required to maintain cash margin accounts in connection with funding the settlement of open positions for exchange-traded commodity derivative instruments. A cash margin liability balance of $2 million at April 28, 2024, and an asset balance of $2 million at July 30, 2023, were included in Accrued liabilities and Other current assets, respectively, in the Consolidated Balance Sheets. The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and nine-month periods ended April 28, 2024, and April 30, 2023, in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings: Total Cash-Flow Hedge (Millions) April 28, 2024 April 30, 2023 Three Months Ended OCI derivative gain (loss) at beginning of quarter $ (26) $ (1) Effective portion of changes in fair value recognized in OCI: Foreign exchange contracts 1 2 Forward starting interest rate swaps 12 — Amount of loss (gain) reclassified from OCI to earnings: Location in Earnings Foreign exchange contracts Cost of products sold — (2) Forward starting interest rate swaps Interest expense — — OCI derivative gain (loss) at end of quarter $ (13) $ (1) Nine Months Ended OCI derivative gain (loss) at beginning of year $ (5) $ — Effective portion of changes in fair value recognized in OCI: Foreign exchange contracts 4 7 Forward starting interest rate swaps (11) — Amount of loss (gain) reclassified from OCI to earnings: Location in Earnings Commodity contracts Cost of products sold — (3) Foreign exchange contracts Cost of products sold (2) (6) Forward starting interest rate swaps Interest expense 1 1 OCI derivative gain (loss) at end of quarter $ (13) $ (1) Based on current valuations, the amount expected to be reclassified from OCI into earnings within the next 12 months is a loss of $1 million. The following tables show the total amounts of line items presented in the Consolidated Statements of Earnings for the three- and nine-month periods ended April 28, 2024, and April 30, 2023, 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 April 28, 2024 April 30, 2023 (Millions) Cost of products sold Interest Cost of products sold Interest Consolidated Statements of Earnings: $ 1,637 $ 70 $ 1,561 $ 47 Loss (gain) on cash-flow hedges: Amount of loss (gain) reclassified from OCI to earnings $ — $ — $ (2) $ — Nine Months Ended April 28, 2024 April 30, 2023 (Millions) Cost of products sold Interest Cost of products sold Interest Consolidated Statements of Earnings: $ 5,047 $ 165 $ 5,028 $ 139 Loss (gain) on cash-flow hedges: Amount of loss (gain) reclassified from OCI to earnings $ (2) $ 1 $ (9) $ 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 Nine Months Ended (Millions) April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 Foreign exchange contracts Cost of products sold $ — $ — $ — $ (1) Commodity contracts Cost of products sold (13) 18 (9) 7 Deferred compensation contracts Administrative expenses (1) — (4) (1) Total loss (gain) $ (14) $ 18 $ (13) $ 5 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Apr. 28, 2024 | |
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 April 28, 2024, and July 30, 2023, consistent with the fair value hierarchy: Fair Value as of April 28, 2024 Fair Value Measurements at April 28, 2024 Using Fair Value Hierarchy Fair Value as of July 30, 2023 Fair Value Measurements at July 30, 2023 Using Fair Value Hierarchy (Millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Foreign exchange contracts (1) $ 1 $ — $ 1 $ — $ — $ — $ — $ — Commodity derivative contracts (2) 20 5 7 8 16 11 3 2 Deferred compensation derivative contracts (3) — — — — 4 — 4 — Deferred compensation investments (4) 1 1 — — 1 1 — — Total assets at fair value $ 22 $ 6 $ 8 $ 8 $ 21 $ 12 $ 7 $ 2 Fair Value as of April 28, 2024 Fair Value Measurements at April 28, 2024 Using Fair Value Hierarchy Fair Value as of July 30, 2023 Fair Value Measurements at July 30, 2023 Using Fair Value Hierarchy (Millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Liabilities Foreign exchange contracts (1) $ — $ — $ — $ — $ 1 $ — $ 1 $ — Commodity derivative contracts (2) 4 1 3 — 5 3 2 — Deferred compensation derivative contracts (3) 1 — 1 — — — — — Deferred compensation obligation (4) 94 94 — — 91 91 — — Total liabilities at fair value $ 99 $ 95 $ 4 $ — $ 97 $ 94 $ 3 $ — ___________________________________ (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 nine-month periods ended April 28, 2024, and April 30, 2023: Nine Months Ended (Millions) April 28, 2024 April 30, 2023 Fair value at beginning of year $ 2 $ 4 Gains (losses) 13 4 Settlements (7) (4) Fair value at end of quarter $ 8 $ 4 Fair Value of Financial Instruments The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value. There were cash equivalents of $26 million at April 28, 2024 and none at July 30, 2023. Cash equivalents represent fair value as these highly liquid investments have an original maturity of three months or less. The fair value of short- and long-term debt was $6.714 billion at April 28, 2024, and $4.293 billion at July 30, 2023. The carrying value was $7.179 billion at April 28, 2024, and $4.689 billion at July 30, 2023. The fair value of long-term debt is principally estimated using Level 2 inputs based on quoted market prices or pricing models using current market rates. |
Share Repurchases
Share Repurchases | 9 Months Ended |
Apr. 28, 2024 | |
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 nine-month period ended April 28, 2024, we repurchased 1.08 million shares at a cost of $46 million pursuant to our June 2021 program. As of April 28, 2024, approximately $58 million remained available under the June 2021 program and approximately $301 million remained available under the September 2021 program. During the nine-month period ended April 30, 2023, we repurchased 2.692 million shares at a cost of $141 million. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Apr. 28, 2024 | |
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 2024, 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 connection with the Sovos Brands acquisition, we issued 1.721 million time-lapse restricted stock units (Replacement units) in exchange for certain Sovos Brands restricted stock units and performance restricted stock units. The Replacement units are subject to the same terms and conditions of the original Sovos Brands restricted stock units and performance restricted stock units. Certain Replacement units were subject to accelerated vesting. The Replacement units have a total fair value of $74 million based on the quoted price of our stock on the acquisition date. The portion of Replacement units attributed to pre-combination service was $42 million, which was accounted for as part of consideration transferred and was recorded in Additional Paid-in Capital in our Consolidated Statements of Equity. See Note 3 for additional information. The portion of the Replacement units attributable to post-combination service will be recognized as stock-based compensation expense over the remaining vesting period. 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 Nine Months Ended (Millions) April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 Total pre-tax stock-based compensation expense (1) $ 44 $ 17 $ 80 $ 48 Tax-related benefits $ 3 $ 3 $ 9 $ 9 _______________________________________ (1) Includes $26 million of expense related to accelerated vesting of certain Replacement units in the three- and nine-month periods ended April 28, 2024. The following table summarizes stock option activity as of April 28, 2024: Options Weighted- Weighted- Aggregate (In thousands) (In years) (Millions) Outstanding at July 30, 2023 833 $ 44.77 Granted — $ — Exercised — $ — Terminated — $ — Outstanding at April 28, 2024 833 $ 44.77 3.5 $ 4 Exercisable at April 28, 2024 833 $ 44.77 3.5 $ 4 The total intrinsic value of options exercised during the nine-month period ended April 30, 2023 was $3 million. 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 April 28, 2024: Units Weighted-Average Grant-Date Fair Value (In thousands) Nonvested at July 30, 2023 2,274 $ 45.39 Granted 1,744 $ 41.46 Replacement units granted in connection with Sovos Brands acquisition 1,721 $ 43.01 Vested (2,233) $ 43.86 Forfeited (184) $ 43.27 Nonvested at April 28, 2024 3,322 $ 43.23 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 and certain Replacement units, which we expense on an accelerated basis. Since 2022, we have 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 887 thousand EPS performance target grants outstanding at April 28, 2024, with a weighted-average grant-date fair value of $42.98. As of April 28, 2024, total remaining unearned compensation related to nonvested time-lapse restricted stock units and EPS performance restricted stock units was $65 million, which will be amortized over the weighted-average remaining service period of 1.8 years. The fair value of restricted stock units vested during the nine-month periods ended April 28, 2024, and April 30, 2023, was $95 million and $36 million, respectively. The weighted-average grant-date fair value of the restricted stock units granted during the nine-month period ended April 30, 2023 was $47.55. The following table summarizes TSR performance restricted stock units as of April 28, 2024: Units Weighted-Average Grant-Date Fair Value (In thousands) Nonvested at July 30, 2023 948 $ 51.81 Granted 387 $ 44.18 Vested (289) $ 54.93 Forfeited (159) $ 52.20 Nonvested at April 28, 2024 887 $ 47.40 We estimated the fair value of TSR performance restricted stock units at the grant date using a Monte Carlo simulation. Assumptions used in the Monte Carlo simulation were as follows: 2024 2023 Risk-free interest rate 4.84% 4.29% Expected dividend yield 3.54% 3.09% Expected volatility 22.16% 26.40% Expected term 3 years 3 years We recognize compensation expense on a straight-line basis over the service period, except for awards issued to retirement eligible participants, which we expense on an accelerated basis. As of April 28, 2024, total remaining unearned compensation related to TSR performance restricted stock units was $16 million, which will be amortized over the weighted-average remaining service period of 1.8 years. In the first quarter of 2024, 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 28, 2023. 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. The fair value of TSR performance restricted stock units vested during the nine-month periods ended April 28, 2024, and April 30, 2023, was $12 million and $21 million, respectively. The grant-date fair value of the TSR performance restricted stock units granted during the nine-month period ended April 30, 2023, was $53.74. The tax benefits on the exercise of stock options in the nine-month period ended April 30, 2023 were not material. Cash received from the exercise of stock options was $22 million for the nine-month period ended April 30, 2023, and is reflected in cash flows from financing activities in the Consolidated Statements of Cash Flows. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Apr. 28, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Regulatory and Litigation Matters We are involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising from the conduct of business both in the ordinary course and otherwise. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with our actual experiences in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to us that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value. Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time is normally difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law. On March 20, 2024, the United States Department of Justice (DOJ), on behalf of the U.S. Environmental Protection Agency, and National Education Law Center, on behalf of Environment America and Lake Erie Waterkeeper, filed lawsuits in the United States District Court for the Northern District of Ohio – Western Division concerning alleged violations of the Clean Water Act relating to alleged contaminant discharges from the company’s Napoleon, Ohio wastewater treatment facility in excess of the facility’s Clean Water Act permit limits. We have and are continuing to take actions to remediate the exceedances and are in settlement discussions with the DOJ and the private environmental groups. While we cannot predict with certainty the amount of any civil penalty or the timing of the resolution of this matter, we do not expect that the ultimate costs to resolve this matter will have a material adverse effect on our financial condition, results of operations, or cash flows. We establish liabilities for litigation and regulatory loss contingencies when information related to the loss contingencies shows both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require us to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated as of April 28, 2024. 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 April 28, 2024. |
Supplier Finance Program
Supplier Finance Program | 9 Months Ended |
Apr. 28, 2024 | |
Payables and Accruals [Abstract] | |
Supplier Finance Program | Supplier Finance Program Obligations To manage our cash flow and related liquidity, we work with our suppliers to optimize our terms and conditions, including the extension of payment terms. Our current payment terms with our suppliers, which we deem to be commercially reasonable, generally range from 0 to 120 days. We also maintain agreements with third-party administrators that allow participating suppliers to track payment obligations from us, and, at the sole discretion of the supplier, sell those payment obligations to participating financial institutions. Our obligations to our suppliers, including amounts due and scheduled payment terms, are not impacted. Supplier participation in these agreements is voluntary. We have no economic interest in a supplier’s decision to enter into these agreements and no direct financial relationship with the financial institutions. We have not pledged assets as security or provided any guarantees in connection with these arrangements. The payment of these obligations is included in cash provided by operating activities in the Consolidated Statements of Cash Flows. Amounts outstanding under these programs, which are included in Accounts payable |
Supplemental Financial Statemen
Supplemental Financial Statement Data | 9 Months Ended |
Apr. 28, 2024 | |
Disclosure Text Block Supplement [Abstract] | |
Supplemental Financial Information Data | Supplemental Financial Statement Data (Millions) April 28, 2024 July 30, 2023 Balance Sheets Inventories Raw materials, containers and supplies $ 414 $ 372 Finished products 886 919 $ 1,300 $ 1,291 Three Months Ended Nine Months Ended (Millions) April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 Statements of Earnings Other expenses / (income) Amortization of intangible assets (1) $ 18 $ 10 $ 52 $ 31 Net periodic benefit expense (income) other than the service cost (2) 14 (5) 10 Costs associated with acquisition (2) 16 — 35 — Transition services fees — — (2) — Other (2) (1) — — $ 30 $ 23 $ 80 $ 41 _______________________________________ (1) Includes accelerated amortization expense related to customer relationship intangible assets of $6 million and $20 million in the three- and nine-month periods ended April 28, 2024, respectively. (2) Related to the acquisition of Sovos Brands. See Note 3 for additional information. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2024 | Apr. 30, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) Attributable to Parent | $ 133 | $ 160 | $ 570 | $ 689 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 9 Months Ended |
Apr. 28, 2024 | Apr. 28, 2024 | |
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | During the quarter ended April 28, 2024, none of our directors or officers (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement" in accordance with Item 408 of Regulation S-K of the Securities Act. | |
Rule 10b5-1 Arrangement Adopted | false | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false |
Fair Value Measures and Disclos
Fair Value Measures and Disclosures (Policies) | 9 Months Ended |
Apr. 28, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement, Policy | We categorize financial assets and liabilities based on the following fair value hierarchy: • Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data. • Level 3: Unobservable inputs, which are valued based on our estimates of assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. When available, we use unadjusted quoted market prices to measure the fair value and classify such items as Level 1. If quoted market prices are not available, we base fair value upon internally developed models that use current market-based or independently sourced market parameters such as interest rates and currency rates. Included in the fair value of derivative instruments is an adjustment for credit and nonperformance risk. |
Compensation Related Costs, Sha
Compensation Related Costs, Share Based Payments (Policies) | 9 Months Ended |
Apr. 28, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation, Policy | In determining stock-based compensation expense, we estimate forfeitures expected to occur. |
Business Combinations and Ass_2
Business Combinations and Asset Acquisitions (Tables) | 9 Months Ended |
Apr. 28, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Total purchase consideration was $2.899 billion, which was determined as follows: (Millions) Cash consideration paid to Sovos Brands shareholders (1) $ 2,307 Cash paid for share-based awards (2) 32 Cash consideration paid directly to shareholders $ 2,339 Cash paid for transaction costs of Sovos Brands 32 Repayment of Sovos Brands existing indebtedness and accrued interest 486 Total cash consideration $ 2,857 Fair value of replacement share-based awards (3) 42 Total consideration $ 2,899 ___________________________________________ (1) Consideration paid to Sovos Brands shareholders which reflects $23.00 per share. (2) Represents cash paid to equity award holders of Sovos Brands restricted stock and restricted stock unit awards attributable to pre-combination service. This excludes $3 million of cash paid that was recognized as expense. (3) We issued replacement equity awards in settlement of certain Sovos Brands equity awards that did not become vested in connection with the acquisition. The portion of fair value of the replacement awards attributable to pre-combination service was $42 million and is included in the purchase consideration. We recognized $26 million of expense related to accelerated vesting of certain replacement awards. |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The table below presents the fair value that was allocated to acquired assets and assumed liabilities: (Millions) Estimated Fair Value Cash $ 240 Accounts receivable 96 Inventories 130 Other current assets 5 Plant assets 102 Other intangible assets 1,785 Other assets 16 Total assets acquired $ 2,374 Accounts payable $ 96 Accrued liabilities 56 Accrued income taxes 1 Long-term debt 9 Deferred taxes 412 Other liabilities 11 Total liabilities assumed $ 585 Net assets acquired $ 1,789 Goodwill 1,110 Total consideration $ 2,899 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The identifiable intangible assets of Sovos Brands consist of: (Millions) Type Life in Years Value Trademarks Non-amortizable Indefinite $ 1,470 Trademarks Amortizable 20 83 Customer relationships Amortizable 20 to 30 232 Total identifiable intangible assets $ 1,785 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited summary information is presented on a consolidated pro forma basis as if the Sovos Brands acquisition had occurred on August 1, 2022: Three Months Ended Nine Months Ended (Millions) April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 Net sales $ 2,510 $ 2,472 $ 8,061 $ 8,023 Net earnings attributable to Campbell Soup Company $ 184 $ 141 $ 595 $ 532 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Apr. 28, 2024 | |
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 July 31, 2022 $ — $ — $ 2 $ 2 Other comprehensive income (loss) before reclassifications (7) 5 — (2) Losses (gains) reclassified from accumulated other comprehensive income (loss) — (6) — (6) Net current-period other comprehensive income (loss) (7) (1) — (8) Balance at April 30, 2023 $ (7) $ (1) $ 2 $ (6) Balance at July 30, 2023 $ (1) $ (4) $ 2 $ (3) Other comprehensive income (loss) before reclassifications (6) (5) — (11) Losses (gains) reclassified from accumulated other comprehensive income (loss) — (1) — (1) Net current-period other comprehensive income (loss) (6) (6) — (12) Balance at April 28, 2024 $ (7) $ (10) $ 2 $ (15) _____________________________________ (1) Included no tax as of April 28, 2024, July 30, 2023, April 30, 2023 and July 31, 2022. (2) Included a tax benefit of $3 million as of April 28, 2024 and $1 million as of July 30, 2023, and no tax as of April 30, 2023 and July 31, 2022. (3) Included tax expense of $1 million as of April 28, 2024, July 30, 2023, April 30, 2023 and July 31, 2022. |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following: Three Months Ended Nine Months Ended (Millions) April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 Location of Loss (Gain) Recognized in Earnings Losses (gains) on cash-flow hedges: Commodity contracts $ — $ — $ — $ (3) Cost of products sold Foreign exchange contracts — (2) (2) (6) Cost of products sold Forward starting interest rate swaps — — 1 1 Interest expense Total before tax — (2) (1) (8) Tax expense (benefit) — 1 — 2 Loss (gain), net of tax $ — $ (1) $ (1) $ (6) |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 9 Months Ended |
Apr. 28, 2024 | |
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 30, 2023 $ 990 $ 2,975 $ 3,965 Acquisition (1) 1,110 — 1,110 Foreign currency translation adjustment (3) — (3) Net balance at April 28, 2024 $ 2,097 $ 2,975 $ 5,072 ____________________________________ (1) On March 12, 2024, we acquired Sovos Brands. See Note 3 for additional information. |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table summarizes balance sheet information for intangible assets, excluding goodwill: April 28, 2024 July 30, 2023 (Millions) Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets Customer relationships $ 1,062 $ (281) $ 781 $ 830 $ (229) $ 601 Definite-lived trademarks 83 — 83 — — — Total amortizable intangible assets $ 1,145 $ (281) $ 864 $ 830 $ (229) $ 601 Indefinite-lived trademarks Rao's $ 1,470 $ — Snyder's of Hanover 620 620 Lance 350 350 Kettle Brand 318 318 Pace 292 292 Pacific Foods 280 280 Cape Cod 187 187 Various other Snacks (1) 494 494 Total indefinite-lived trademarks $ 4,011 $ 2,541 Total net intangible assets $ 4,875 $ 3,142 ____________________________________ (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: April 28, 2024 July 30, 2023 (Millions) Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets Customer relationships $ 1,062 $ (281) $ 781 $ 830 $ (229) $ 601 Definite-lived trademarks 83 — 83 — — — Total amortizable intangible assets $ 1,145 $ (281) $ 864 $ 830 $ (229) $ 601 Indefinite-lived trademarks Rao's $ 1,470 $ — Snyder's of Hanover 620 620 Lance 350 350 Kettle Brand 318 318 Pace 292 292 Pacific Foods 280 280 Cape Cod 187 187 Various other Snacks (1) 494 494 Total indefinite-lived trademarks $ 4,011 $ 2,541 Total net intangible assets $ 4,875 $ 3,142 ____________________________________ (1) Associated with the acquisition of Snyder's-Lance, Inc. (Snyder's-Lance). |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Apr. 28, 2024 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting [Table Text Block] | Three Months Ended Nine Months Ended (Millions) April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 Net sales Meals & Beverages $ 1,272 $ 1,108 $ 4,058 $ 3,971 Snacks 1,097 1,121 3,285 3,318 Total $ 2,369 $ 2,229 $ 7,343 $ 7,289 Three Months Ended Nine Months Ended (Millions) April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 Earnings before interest and taxes Meals & Beverages $ 229 $ 182 $ 763 $ 762 Snacks 167 179 489 482 Corporate income (expense) (1) (135) (101) (312) (189) Restructuring charges (2) (13) (6) (17) (15) Total $ 248 $ 254 $ 923 $ 1,040 _______________________________________ (1) Represents unallocated items. Costs related to cost savings and optimization initiatives were $23 million and $68 million in the three- and nine-month periods ended April 28, 2024, and $27 million and $35 million in the three- and nine-month periods ended April 30, 2023, respectively. Unrealized mark-to-market adjustments on outstanding undesignated commodity hedges were gains of $13 million and $5 million in the three- and nine-month periods ended April 28, 2024, and losses of $9 million in the three- and nine-month periods ended April 30, 2023, respectively. Accelerated amortization expense related to customer relationship intangible assets was $6 million and $20 million in the three- and nine-month periods ended April 28, 2024, respectively. Costs of $77 million and $96 million associated with the acquisition of Sovos Brands were included in the three- and nine-month periods ended April 28, 2024, respectively. Litigation expenses related to the Plum baby food and snacks business, which was divested on May 3, 2021, were $3 million and were included in the nine-month period ended April 28, 2024. Costs of $3 million related to a cybersecurity incident were included in the nine-month period ended April 28, 2024. There were pension actuarial losses of $17 million and $26 million in the three- and nine-month periods ended April 30, 2023, respectively. (2) See Note 7 for additional information. |
Additional Product Information for Net Sales [Table Text Block] | Our net sales based on product categories are as follows: Three Months Ended Nine Months Ended (Millions) April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 Net sales Soup $ 577 $ 571 $ 2,278 $ 2,316 Snacks 1,152 1,169 3,452 3,463 Other simple meals 458 291 1,077 927 Beverages 182 198 536 583 Total $ 2,369 $ 2,229 $ 7,343 $ 7,289 |
Restructuring Charges and Cos_2
Restructuring Charges and Cost Savings Initiatives (Tables) | 9 Months Ended |
Apr. 28, 2024 | |
2015 and Snyder's-Lance Initiatives [Member] | |
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 Nine Months Ended (Millions) April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 Recognized as of April 28, 2024 Restructuring charges $ (3) $ 6 $ 1 $ 15 $ 281 Administrative expenses 13 13 47 21 430 Cost of products sold 3 12 9 12 111 Marketing and selling expenses 1 — 4 — 23 Research and development expenses 1 2 3 2 10 Total pre-tax charges $ 15 $ 33 $ 64 $ 50 $ 855 A summary of the pre-tax costs associated with the initiatives is as follows: (Millions) Recognized as of April 28, 2024 Severance pay and benefits $ 241 Asset impairment/accelerated depreciation 124 Implementation costs and other related costs 490 Total $ 855 |
Schedule Of Restructuring Activity And Related Reserves [Table Text Block] | A summary of the restructuring activity and related reserves at April 28, 2024, is as follows: (Millions) Severance Pay and Benefits Implementation Costs and Other Related Costs (3) Asset Impairment/Accelerated Depreciation Other Non-Cash Exit Costs (4) Total Charges Accrued balance at July 30, 2023 (1) $ 13 2024 charges 1 27 18 18 $ 64 2024 cash payments (7) Accrued balance at April 28, 2024 (2) $ 7 __________________________________ (1) Includes $7 million of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (2) Includes $4 million of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (3) Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses, Cost of products sold, Marketing and selling expenses and Research and development expenses in the Consolidated Statements of Earnings. (4) Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. |
Schedule Of Restructuring Charges Associated With Each Reportable Segment | A summary of the pre-tax costs associated with segments is as follows: April 28, 2024 (Millions) Three Months Ended Nine Months Ended Costs Incurred to Date Meals & Beverages $ 7 $ 16 $ 267 Snacks — 30 375 Corporate 8 18 213 Total $ 15 $ 64 $ 855 |
Sovos Initiatives [Member] | |
Schedule Of Restructuring Activity And Related Reserves [Table Text Block] | A summary of the restructuring activity and related reserves associated with the Sovos Brands integration at April 28, 2024, is as follows: (Millions) Severance Pay and Benefits 2024 charges $ 16 2024 cash payments — Accrued balance at April 28, 2024 (1) $ 16 __________________________________ (1) Includes $5 million of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. |
Pension And Postretirement Be_2
Pension And Postretirement Benefits (Tables) | 9 Months Ended |
Apr. 28, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Components of net periodic benefit expense (income) were as follows: Three Months Ended Nine Months Ended Pension Postretirement Pension Postretirement (Millions) April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 Service cost $ 4 $ 3 $ — $ — $ 10 $ 10 $ — $ — Interest cost 16 19 2 2 49 55 6 5 Expected return on plan assets (20) (24) — — (60) (76) — — Actuarial losses (gains) — 17 — — — 26 — — Net periodic benefit expense (income) $ — $ 15 $ 2 $ 2 $ (1) $ 15 $ 6 $ 5 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Apr. 28, 2024 | |
Leases [Abstract] | |
Lease, Cost | The components of lease costs were as follows: Three Months Ended Nine Months Ended (Millions) April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 Operating lease cost (1) $ 25 $ 23 $ 73 $ 63 Finance lease - amortization of right-of-use (ROU) assets 6 4 14 12 Finance lease - interest on lease liabilities 1 — 1 — Short-term lease cost 15 14 50 48 Variable lease cost 57 52 159 155 Total $ 104 $ 93 $ 297 $ 278 __________________________________________ (1) |
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 April 28, 2024 July 30, 2023 ROU assets, net Other assets $ 283 $ 275 Lease liabilities (current) Accrued liabilities $ 76 $ 70 Lease liabilities (noncurrent) Other liabilities $ 229 $ 208 Finance Leases (Millions) Balance Sheet Classification April 28, 2024 July 30, 2023 ROU assets, net Plant assets, net of depreciation $ 61 $ 27 Lease liabilities (current) Short-term borrowings $ 21 $ 13 Lease liabilities (noncurrent) Long-term debt $ 39 $ 15 |
Schedule of Supplemental Cash Flow Information Related to Leases | The following table summarizes cash flow and other information related to leases: Nine Months Ended (Millions) April 28, 2024 April 30, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 70 $ 62 Operating cash flows from finance leases $ 1 $ — Financing cash flows from finance leases $ 15 $ 12 ROU assets obtained in exchange for lease obligations: Operating leases $ 78 $ 106 Finance leases $ 35 $ 10 ROU assets obtained with business acquired: Operating leases $ 15 $ — Finance leases $ 13 $ — |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Apr. 28, 2024 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Schedule Of The Fair Value Of Derivative Instruments [Table Text Block] | The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of April 28, 2024, and July 30, 2023: (Millions) Balance Sheet Classification April 28, 2024 July 30, 2023 Asset Derivatives Derivatives designated as hedges: Foreign exchange contracts Other current assets $ 1 $ — Total derivatives designated as hedges $ 1 $ — Derivatives not designated as hedges: Commodity contracts Other current assets $ 19 $ 15 Deferred compensation contracts Other current assets — 4 Commodity contracts Other assets 1 1 Total derivatives not designated as hedges $ 20 $ 20 Total asset derivatives $ 21 $ 20 (Millions) Balance Sheet Classification April 28, 2024 July 30, 2023 Liability Derivatives Derivatives designated as hedges: Foreign exchange contracts Accrued liabilities $ — $ 1 Total derivatives designated as hedges $ — $ 1 Derivatives not designated as hedges: Commodity contracts Accrued liabilities $ 4 $ 5 Deferred compensation contracts Accrued liabilities 1 — Total derivatives not designated as hedges $ 5 $ 5 Total liability derivatives $ 5 $ 6 |
Schedule of Offsetting Assets [Table Text Block] | We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of April 28, 2024, and July 30, 2023, would be adjusted as detailed in the following table: April 28, 2024 July 30, 2023 (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 $ 21 $ (4) $ 17 $ 20 $ (5) $ 15 Total liability derivatives $ 5 $ (4) $ 1 $ 6 $ (5) $ 1 |
Schedule of Offsetting Liabilities [Table Text Block] | We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of April 28, 2024, and July 30, 2023, would be adjusted as detailed in the following table: April 28, 2024 July 30, 2023 (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 $ 21 $ (4) $ 17 $ 20 $ (5) $ 15 Total liability derivatives $ 5 $ (4) $ 1 $ 6 $ (5) $ 1 |
Schedule Of Changes In Cash-Flow Hedges In Other Comprehensive Income (Loss) [Table Text Block] | The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and nine-month periods ended April 28, 2024, and April 30, 2023, in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings: Total Cash-Flow Hedge (Millions) April 28, 2024 April 30, 2023 Three Months Ended OCI derivative gain (loss) at beginning of quarter $ (26) $ (1) Effective portion of changes in fair value recognized in OCI: Foreign exchange contracts 1 2 Forward starting interest rate swaps 12 — Amount of loss (gain) reclassified from OCI to earnings: Location in Earnings Foreign exchange contracts Cost of products sold — (2) Forward starting interest rate swaps Interest expense — — OCI derivative gain (loss) at end of quarter $ (13) $ (1) Nine Months Ended OCI derivative gain (loss) at beginning of year $ (5) $ — Effective portion of changes in fair value recognized in OCI: Foreign exchange contracts 4 7 Forward starting interest rate swaps (11) — Amount of loss (gain) reclassified from OCI to earnings: Location in Earnings Commodity contracts Cost of products sold — (3) Foreign exchange contracts Cost of products sold (2) (6) Forward starting interest rate swaps Interest expense 1 1 OCI derivative gain (loss) at end of quarter $ (13) $ (1) |
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 nine-month periods ended April 28, 2024, and April 30, 2023, 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 April 28, 2024 April 30, 2023 (Millions) Cost of products sold Interest Cost of products sold Interest Consolidated Statements of Earnings: $ 1,637 $ 70 $ 1,561 $ 47 Loss (gain) on cash-flow hedges: Amount of loss (gain) reclassified from OCI to earnings $ — $ — $ (2) $ — Nine Months Ended April 28, 2024 April 30, 2023 (Millions) Cost of products sold Interest Cost of products sold Interest Consolidated Statements of Earnings: $ 5,047 $ 165 $ 5,028 $ 139 Loss (gain) on cash-flow hedges: Amount of loss (gain) reclassified from OCI to earnings $ (2) $ 1 $ (9) $ 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 Nine Months Ended (Millions) April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 Foreign exchange contracts Cost of products sold $ — $ — $ — $ (1) Commodity contracts Cost of products sold (13) 18 (9) 7 Deferred compensation contracts Administrative expenses (1) — (4) (1) Total loss (gain) $ (14) $ 18 $ (13) $ 5 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Apr. 28, 2024 | |
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 April 28, 2024, and July 30, 2023, consistent with the fair value hierarchy: Fair Value as of April 28, 2024 Fair Value Measurements at April 28, 2024 Using Fair Value Hierarchy Fair Value as of July 30, 2023 Fair Value Measurements at July 30, 2023 Using Fair Value Hierarchy (Millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Foreign exchange contracts (1) $ 1 $ — $ 1 $ — $ — $ — $ — $ — Commodity derivative contracts (2) 20 5 7 8 16 11 3 2 Deferred compensation derivative contracts (3) — — — — 4 — 4 — Deferred compensation investments (4) 1 1 — — 1 1 — — Total assets at fair value $ 22 $ 6 $ 8 $ 8 $ 21 $ 12 $ 7 $ 2 Fair Value as of April 28, 2024 Fair Value Measurements at April 28, 2024 Using Fair Value Hierarchy Fair Value as of July 30, 2023 Fair Value Measurements at July 30, 2023 Using Fair Value Hierarchy (Millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Liabilities Foreign exchange contracts (1) $ — $ — $ — $ — $ 1 $ — $ 1 $ — Commodity derivative contracts (2) 4 1 3 — 5 3 2 — Deferred compensation derivative contracts (3) 1 — 1 — — — — — Deferred compensation obligation (4) 94 94 — — 91 91 — — Total liabilities at fair value $ 99 $ 95 $ 4 $ — $ 97 $ 94 $ 3 $ — ___________________________________ (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 nine-month periods ended April 28, 2024, and April 30, 2023: Nine Months Ended (Millions) April 28, 2024 April 30, 2023 Fair value at beginning of year $ 2 $ 4 Gains (losses) 13 4 Settlements (7) (4) Fair value at end of quarter $ 8 $ 4 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Apr. 28, 2024 | |
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 Nine Months Ended (Millions) April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 Total pre-tax stock-based compensation expense (1) $ 44 $ 17 $ 80 $ 48 Tax-related benefits $ 3 $ 3 $ 9 $ 9 _______________________________________ (1) Includes $26 million of expense related to accelerated vesting of certain Replacement units in the three- and nine-month periods ended April 28, 2024. |
Share-based Payment Arrangement, Option [Member] | |
Stock-based Compensation | |
Schedule Of Stock Option Activity [Table Text Block] | The following table summarizes stock option activity as of April 28, 2024: Options Weighted- Weighted- Aggregate (In thousands) (In years) (Millions) Outstanding at July 30, 2023 833 $ 44.77 Granted — $ — Exercised — $ — Terminated — $ — Outstanding at April 28, 2024 833 $ 44.77 3.5 $ 4 Exercisable at April 28, 2024 833 $ 44.77 3.5 $ 4 |
Time Lapse, EPS Performance, and Replacement Restricted Stock Units [Member] | |
Stock-based Compensation | |
Time-Lapse, EPS Performance, and Replacement Restricted Stock Units [Table Text Block] | The following table summarizes time-lapse restricted stock units and EPS performance restricted stock units as of April 28, 2024: Units Weighted-Average Grant-Date Fair Value (In thousands) Nonvested at July 30, 2023 2,274 $ 45.39 Granted 1,744 $ 41.46 Replacement units granted in connection with Sovos Brands acquisition 1,721 $ 43.01 Vested (2,233) $ 43.86 Forfeited (184) $ 43.27 Nonvested at April 28, 2024 3,322 $ 43.23 |
TSR Performance Restricted Stock/Units [Member] | |
Stock-based Compensation | |
TSR Performance Restricted Stock Units [Table Text Block] | The following table summarizes TSR performance restricted stock units as of April 28, 2024: Units Weighted-Average Grant-Date Fair Value (In thousands) Nonvested at July 30, 2023 948 $ 51.81 Granted 387 $ 44.18 Vested (289) $ 54.93 Forfeited (159) $ 52.20 Nonvested at April 28, 2024 887 $ 47.40 |
Schedule Of Share Based Payment Award Valuation Assumptions [Table Text Block] | Assumptions used in the Monte Carlo simulation were as follows: 2024 2023 Risk-free interest rate 4.84% 4.29% Expected dividend yield 3.54% 3.09% Expected volatility 22.16% 26.40% Expected term 3 years 3 years |
Supplemental Financial Statem_2
Supplemental Financial Statement Data (Tables) | 9 Months Ended |
Apr. 28, 2024 | |
Disclosure Text Block Supplement [Abstract] | |
Supplemental Balance Sheet Data | (Millions) April 28, 2024 July 30, 2023 Balance Sheets Inventories Raw materials, containers and supplies $ 414 $ 372 Finished products 886 919 $ 1,300 $ 1,291 |
Supplemental Statements of Earnings Data | Three Months Ended Nine Months Ended (Millions) April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 Statements of Earnings Other expenses / (income) Amortization of intangible assets (1) $ 18 $ 10 $ 52 $ 31 Net periodic benefit expense (income) other than the service cost (2) 14 (5) 10 Costs associated with acquisition (2) 16 — 35 — Transition services fees — — (2) — Other (2) (1) — — $ 30 $ 23 $ 80 $ 41 _______________________________________ (1) Includes accelerated amortization expense related to customer relationship intangible assets of $6 million and $20 million in the three- and nine-month periods ended April 28, 2024, respectively. (2) Related to the acquisition of Sovos Brands. See Note 3 for additional information. |
Business Combinations and Ass_3
Business Combinations and Asset Acquisitions (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Mar. 12, 2024 | Aug. 07, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | Jul. 30, 2023 | ||
Business Acquistion [Line Items] | ||||||||
Goodwill | $ 5,072 | $ 5,072 | $ 3,965 | |||||
Costs associated with acquisition | [1] | 16 | $ 0 | $ 35 | $ 0 | |||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 19 years | |||||||
Sovos Brands Acquisition | ||||||||
Business Acquistion [Line Items] | ||||||||
Business Acquisition, Date of Acquisition Agreement | Aug. 07, 2023 | |||||||
Business Acquisition, Share Price | $ 23 | |||||||
Business Acquisition, Effective Date of Acquisition | Mar. 12, 2024 | |||||||
Total consideration | $ 2,899 | |||||||
Goodwill | $ 1,110 | |||||||
Costs associated with acquisition | 95 | $ 114 | ||||||
Revenue of Acquiree since Acquisition Date, Actual | 166 | |||||||
Earnings / (Loss) of Acquiree since Acquisition Date, Actual | (75) | |||||||
Sovos Brands Acquisition | Delayed Draw Term Loan Due 2024 | ||||||||
Business Acquistion [Line Items] | ||||||||
Proceeds from Lines of Credit | $ 2,000 | |||||||
Sovos Brands Acquisition | Weighted Average | ||||||||
Business Acquistion [Line Items] | ||||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 27 years | |||||||
Other Nonoperating Income (Expense) | Sovos Brands Acquisition | ||||||||
Business Acquistion [Line Items] | ||||||||
Costs associated with acquisition | 16 | $ 35 | ||||||
Interest Expense [Member] | Sovos Brands Acquisition | Delayed Draw Term Loan Due 2024 | ||||||||
Business Acquistion [Line Items] | ||||||||
Costs associated with acquisition | 2 | |||||||
Cost Of Products Sold [Member] | Sovos Brands Acquisition | ||||||||
Business Acquistion [Line Items] | ||||||||
Costs associated with acquisition | 18 | |||||||
Cost Of Products Sold [Member] | Sovos Brands Acquisition | Fair Value Adjustment to Inventory | ||||||||
Business Acquistion [Line Items] | ||||||||
Costs associated with acquisition | 17 | |||||||
Selling and Marketing Expense [Member] | Sovos Brands Acquisition | ||||||||
Business Acquistion [Line Items] | ||||||||
Costs associated with acquisition | 2 | |||||||
General and Administrative Expense [Member] | Sovos Brands Acquisition | ||||||||
Business Acquistion [Line Items] | ||||||||
Costs associated with acquisition | 39 | |||||||
Research and Development Expense [Member] | Sovos Brands Acquisition | ||||||||
Business Acquistion [Line Items] | ||||||||
Costs associated with acquisition | 2 | |||||||
Restructuring Charges [Member] | Sovos Brands Acquisition | ||||||||
Business Acquistion [Line Items] | ||||||||
Costs associated with acquisition | $ 16 | |||||||
[1] Related to the acquisition of Sovos Brands. See Note 3 for additional information. |
Business Combinations and Ass_4
Business Combinations and Asset Acquisitions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Mar. 12, 2024 | Apr. 28, 2024 | Apr. 28, 2024 | |||
Business Acquistion [Line Items] | |||||
Fair value of replacement share-based awards | $ 42 | $ 42 | |||
Sovos Brands Acquisition | |||||
Business Acquistion [Line Items] | |||||
Cash consideration paid to Sovos Brands shareholders | [1] | $ 2,307 | |||
Cash paid for share-based awards | [2] | 32 | |||
Cash consideration paid directly to shareholders | 2,339 | ||||
Cash paid for transaction costs of Sovos Brands | 32 | ||||
Repayment of Sovos Brands existing indebtedness and accrued interest | 486 | ||||
Total cash consideration | 2,857 | ||||
Fair value of replacement share-based awards | 42 | [3] | 42 | ||
Total consideration | $ 2,899 | ||||
Share-Based Payment Arrangement, Accelerated Cost | $ 26 | $ 26 | |||
[1] Consideration paid to Sovos Brands shareholders which reflects $23.00 per share. Represents cash paid to equity award holders of Sovos Brands restricted stock and restricted stock unit awards attributable to pre-combination service. This excludes $3 million of cash paid that was recognized as expense. |
Business Combination, Recognize
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed (Table Details) - USD ($) $ in Millions | Apr. 28, 2024 | Mar. 12, 2024 | Jul. 30, 2023 |
Business Acquistion [Line Items] | |||
Goodwill | $ 5,072 | $ 3,965 | |
Sovos Brands Acquisition | |||
Business Acquistion [Line Items] | |||
Cash | $ 240 | ||
Accounts receivable | 96 | ||
Inventories | 130 | ||
Other current assets | 5 | ||
Plant assets | 102 | ||
Other intangible assets | 1,785 | ||
Other assets | 16 | ||
Total assets acquired | 2,374 | ||
Accounts payable | 96 | ||
Accrued liabilities | 56 | ||
Accrued income taxes | 1 | ||
Long-term debt | 9 | ||
Deferred taxes | 412 | ||
Other liabilities | 11 | ||
Total liabilities assumed | 585 | ||
Net assets acquired | 1,789 | ||
Goodwill | 1,110 | ||
Total Consideration | $ 2,899 |
Finite-Lived and Indefinite-Liv
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination (Table Details) - Sovos Brands Acquisition - USD ($) $ in Millions | 9 Months Ended | |
Mar. 12, 2024 | Apr. 28, 2024 | |
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Other intangible assets | $ 1,785 | |
Trademarks - Rao's | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets Acquired | $ 1,470 | $ 1,470 |
Trademarks [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years | |
Finite-Lived Intangible Assets Acquired | $ 83 | $ 83 |
Customer-Related Intangible Assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets Acquired | $ 232 | |
Customer-Related Intangible Assets | Maximum [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 30 years | |
Customer-Related Intangible Assets | Minimum [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Business Acquisition, Pro Forma
Business Acquisition, Pro Forma Information (Table Details) - Pro Forma [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2024 | Apr. 30, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Business Acquisition, Pro Forma Revenue | $ 2,510 | $ 2,472 | $ 8,061 | $ 8,023 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 184 | $ 141 | $ 595 | $ 532 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Apr. 28, 2024 | Apr. 30, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | Jul. 30, 2023 | Jul. 31, 2022 | ||
Beginning Balance | $ (3) | ||||||
Other comprehensive income (loss), after-tax | $ 8 | $ (2) | (12) | $ (8) | |||
Ending Balance | (15) | (15) | |||||
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 | (3) | 0 | (3) | 0 | (1) | 0 | |
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] | (1) | 0 | ||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | (6) | (7) | |||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 0 | 0 | |||||
Other comprehensive income (loss), after-tax | (6) | (7) | |||||
Ending Balance | [1] | (7) | (7) | (7) | (7) | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||||
Beginning Balance | [2] | (4) | 0 | ||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | (5) | 5 | |||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | (1) | (6) | |||||
Other comprehensive income (loss), after-tax | (6) | (1) | |||||
Ending Balance | [2] | (10) | (1) | (10) | (1) | ||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | |||||||
Beginning Balance | [3] | 2 | 2 | ||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 0 | 0 | |||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 0 | 0 | |||||
Other comprehensive income (loss), after-tax | 0 | 0 | |||||
Ending Balance | [3] | 2 | 2 | 2 | 2 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||||
Beginning Balance | (3) | 2 | |||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | (11) | (2) | |||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | (1) | (6) | |||||
Other comprehensive income (loss), after-tax | 8 | (2) | (12) | (8) | |||
Ending Balance | $ (15) | $ (6) | $ (15) | $ (6) | |||
[1] Included no tax as of April 28, 2024, July 30, 2023, April 30, 2023 and July 31, 2022. Included a tax benefit of $3 million as of April 28, 2024 and $1 million as of July 30, 2023, and no tax as of April 30, 2023 and July 31, 2022. Included tax expense of $1 million as of April 28, 2024, July 30, 2023, April 30, 2023 and July 31, 2022. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Schecule of amounts reclassified from AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2024 | Apr. 30, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cost of products sold | $ (1,637) | $ (1,561) | $ (5,047) | $ (5,028) |
Interest Expense | (70) | (47) | (165) | (139) |
Taxes on earnings | (49) | (48) | (193) | (214) |
Net Income (Loss) Attributable to Parent | 133 | 160 | 570 | 689 |
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 products sold | 0 | 2 | 2 | 9 |
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax | 0 | 2 | 1 | 8 |
Taxes on earnings | 0 | (1) | 0 | (2) |
Net Income (Loss) Attributable to Parent | 0 | 1 | 1 | 6 |
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 products sold | 0 | 0 | 0 | 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 products sold | 0 | 2 | 2 | 6 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Contract [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest Expense | $ 0 | $ 0 | $ (1) | $ (1) |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Mar. 12, 2024 | Apr. 28, 2024 | Apr. 30, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | Jul. 30, 2023 | ||
Finite-Lived Intangible Assets [Line Items] | |||||||
Amortization of Intangible Assets | [1] | $ 18 | $ 10 | $ 52 | $ 31 | ||
Accelerated Amortization of Intangible Assets | $ 20 | ||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 19 years | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 73 | $ 73 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 72 | 72 | |||||
Finite Lived Intangible Assets, Amortization Expense, Year Three | 46 | 46 | |||||
Finite Lived Intangible Assets, Amortization Expense, Year Four | 46 | 46 | |||||
Finite Lived Intangible Assets, Amortization Expense, Year Five | 46 | 46 | |||||
Trademarks with approximately 10 percent or less excess of fair value over carrying value [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 434 | ||||||
Trademarks - Rao's | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 1,470 | 1,470 | $ 0 | ||||
Trademarks - Rao's | Sovos Brands Acquisition | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Indefinite-Lived Intangible Assets Acquired | $ 1,470 | 1,470 | |||||
Trademarks [Member] | Sovos Brands Acquisition | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Finite-Lived Intangible Assets Acquired | $ 83 | 83 | |||||
Customer Relationships [Member] | Sovos Brands Acquisition | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Finite-Lived Intangible Assets Acquired | $ 232 | ||||||
[1] Includes accelerated amortization expense related to customer relationship intangible assets of $6 million and $20 million in the three- and nine-month periods ended April 28, 2024, respectively. |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Goodwill) (Details) $ in Millions | 9 Months Ended |
Apr. 28, 2024 USD ($) | |
Goodwill [Line Items] | |
Beginning Balance | $ 3,965 |
Goodwill, Acquired During Period | 1,110 |
Foreign currency translation adjustment | (3) |
Ending Balance | 5,072 |
Meals & Beverages [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 990 |
Goodwill, Acquired During Period | 1,110 |
Foreign currency translation adjustment | (3) |
Ending Balance | 2,097 |
Snacks [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 2,975 |
Goodwill, Acquired During Period | 0 |
Foreign currency translation adjustment | 0 |
Ending Balance | $ 2,975 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions | Apr. 28, 2024 | Jul. 30, 2023 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 1,145 | $ 830 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (281) | (229) | |
Finite-Lived Intangible Assets, Net | 864 | 601 | |
Other intangible assets, net of amortization | 4,875 | 3,142 | |
Trademarks - Rao's | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 1,470 | 0 | |
Trademarks - Snyder's of Hanover [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 620 | 620 | |
Trademarks- Lance [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 350 | 350 | |
Trademarks - Kettle Brand [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 318 | 318 | |
Trademarks - Pace [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 292 | 292 | |
Trademarks - Pacific Foods [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 280 | 280 | |
Trademarks- Cape Cod | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 187 | 187 | |
Trademarks- Other [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | [1] | 494 | 494 |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 4,011 | 2,541 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 1,062 | 830 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (281) | (229) | |
Finite-Lived Intangible Assets, Net | 781 | 601 | |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 83 | 0 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 | |
Finite-Lived Intangible Assets, Net | $ 83 | $ 0 | |
[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 | 9 Months Ended | ||
Apr. 28, 2024 | Apr. 30, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 2,369 | $ 2,229 | $ 7,343 | $ 7,289 |
Meals & Beverages [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,272 | 1,108 | 4,058 | 3,971 |
Snacks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 1,097 | $ 1,121 | $ 3,285 | $ 3,318 |
Segment Information (Schedule_2
Segment Information (Schedule Of Segment Reporting - Earnings Before Interest And Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Apr. 28, 2024 | Apr. 30, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | ||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | $ 248 | $ 254 | $ 923 | $ 1,040 | |
Accelerated Amortization of Intangible Assets | (20) | ||||
Costs Associated with Acquisition | [1] | (16) | 0 | (35) | 0 |
Meals & Beverages [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | 229 | 182 | 763 | 762 | |
Snacks [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | 167 | 179 | 489 | 482 | |
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | [2] | (135) | (101) | (312) | (189) |
Other Restructuring Costs | (23) | (27) | (68) | (35) | |
Unrealized Gain (Loss) on Commodity Contracts | 13 | (9) | 5 | (9) | |
Accelerated Amortization of Intangible Assets | (6) | (20) | |||
Costs Associated with Acquisition | (77) | (96) | |||
Plum Litigation Expenses | (3) | ||||
Cybersecurity Incident Costs | (3) | ||||
Defined Benefit Plan, Actuarial Gain (Loss) | (17) | (26) | |||
Corporate and Other [Member] | Two Thousand Fifteen, Snyder's-Lance and Sovos Initiatives | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | [3] | $ (13) | $ (6) | $ (17) | $ (15) |
[1] Related to the acquisition of Sovos Brands. See Note 3 for additional information. Represents unallocated items. Costs related to cost savings and optimization initiatives were $23 million and $68 million in the three- and nine-month periods ended April 28, 2024, and $27 million and $35 million in the three- and nine-month periods ended April 30, 2023, respectively. Unrealized mark-to-market adjustments on outstanding undesignated commodity hedges were gains of $13 million and $5 million in the three- and nine-month periods ended April 28, 2024, and losses of $9 million in the three- and nine-month periods ended April 30, 2023, respectively. Accelerated amortization expense related to customer relationship intangible assets was $6 million and $20 million in the three- and nine-month periods ended April 28, 2024, respectively. Costs of $77 million and $96 million associated with the acquisition of Sovos Brands were included in the three- and nine-month periods ended April 28, 2024, respectively. Litigation expenses related to the Plum baby food and snacks business, which was divested on May 3, 2021, were $3 million and were included in the nine-month period ended April 28, 2024. Costs of $3 million related to a cybersecurity incident were included in the nine-month period ended April 28, 2024. There were pension actuarial losses of $17 million and $26 million in the three- and nine-month periods ended April 30, 2023, respectively. See Note 7 for additional information. |
Segment Information (Additional
Segment Information (Additional Product Information For Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2024 | Apr. 30, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 2,369 | $ 2,229 | $ 7,343 | $ 7,289 |
Soup [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 577 | 571 | 2,278 | 2,316 |
Snacks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,152 | 1,169 | 3,452 | 3,463 |
Other Simple Meals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 458 | 291 | 1,077 | 927 |
Beverages [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 182 | $ 198 | $ 536 | $ 583 |
Restructuring Charges and Cos_3
Restructuring Charges and Cost Savings Initiatives (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2024 | Apr. 30, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 13 | $ 6 | $ 17 | $ 15 |
Corporate and Other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | 23 | 27 | 68 | 35 |
2015 and Snyder's-Lance Initiatives [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Payments to Acquire Property, Plant and Equipment - Expected Payments | 705 | 705 | ||
Payments to Acquire Property, Plant, and Equipment - Incurred to Date | 508 | 508 | ||
Restructuring charges | (3) | 6 | 1 | 15 |
Other Restructuring Costs | $ 15 | $ 33 | $ 64 | $ 50 |
2015 and Snyder's-Lance Initiatives [Member] | Meals & Beverages [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost Allocation | 33% | 33% | ||
Other Restructuring Costs | $ 7 | $ 16 | ||
2015 and Snyder's-Lance Initiatives [Member] | Snacks [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost Allocation | 43% | 43% | ||
Other Restructuring Costs | $ 0 | $ 30 | ||
2015 and Snyder's-Lance Initiatives [Member] | Corporate and Other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost Allocation | 24% | 24% | ||
Other Restructuring Costs | $ 8 | $ 18 | ||
2015 and Snyder's-Lance Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 140 | 140 | ||
Other Restructuring Costs | 18 | |||
2015 and Snyder's-Lance Initiatives [Member] | Minimum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 905 | 905 | ||
2015 and Snyder's-Lance Initiatives [Member] | Minimum [Member] | Severance Pay And Benefits [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 250 | 250 | ||
2015 and Snyder's-Lance Initiatives [Member] | Minimum [Member] | Implementation Costs and Other Related Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 515 | 515 | ||
2015 and Snyder's-Lance Initiatives [Member] | Minimum [Member] | Cash Expenditures [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 725 | 725 | ||
2015 and Snyder's-Lance Initiatives [Member] | Maximum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 930 | 930 | ||
2015 and Snyder's-Lance Initiatives [Member] | Maximum [Member] | Severance Pay And Benefits [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 255 | 255 | ||
2015 and Snyder's-Lance Initiatives [Member] | Maximum [Member] | Implementation Costs and Other Related Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 535 | 535 | ||
2015 and Snyder's-Lance Initiatives [Member] | Maximum [Member] | Cash Expenditures [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 750 | 750 | ||
Other Cost Savings Implementation Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 115 | 115 | ||
Other Cost Savings Implementation Costs [Member] | Marketing and Selling Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | 5 | $ 5 | ||
Sovos Initiatives | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 16 |
Restructuring Charges and Cos_4
Restructuring Charges and Cost Savings Initiatives (Schedule Of Pre-Tax Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2024 | Apr. 30, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 13 | $ 6 | $ 17 | $ 15 |
2015 and Snyder's-Lance Initiatives [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | (3) | 6 | 1 | 15 |
Restructuring and Related Cost, Cost Incurred to Date | 855 | 855 | ||
Other Restructuring Costs | 15 | 33 | 64 | 50 |
2015 and Snyder's-Lance Initiatives [Member] | Severance Pay And Benefits [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 241 | 241 | ||
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 | 124 | 124 | ||
Other Restructuring Costs | 18 | |||
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 | 490 | 490 | ||
2015 and Snyder's-Lance Initiatives [Member] | Restructuring Charges [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 281 | 281 | ||
2015 and Snyder's-Lance Initiatives [Member] | General and Administrative Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 430 | 430 | ||
Other Restructuring Costs | 13 | 13 | 47 | 21 |
2015 and Snyder's-Lance Initiatives [Member] | Cost Of Products Sold [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 111 | 111 | ||
Other Restructuring Costs | 3 | 12 | 9 | 12 |
2015 and Snyder's-Lance Initiatives [Member] | Selling and Marketing Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 23 | 23 | ||
Other Restructuring Costs | 1 | 0 | 4 | 0 |
2015 and Snyder's-Lance Initiatives [Member] | Research and Development Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 10 | 10 | ||
Other Restructuring Costs | 1 | $ 2 | $ 3 | $ 2 |
Sovos Initiatives | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 16 |
Restructuring Charges and Cos_5
Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Activity And Related Reserves) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Apr. 28, 2024 | Apr. 30, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | Jul. 30, 2023 | ||
2015 and Snyder's-Lance Initiatives [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Other Restructuring Costs | $ 15 | $ 33 | $ 64 | $ 50 | ||
2015 and Snyder's-Lance Initiatives [Member] | Severance Pay And Benefits [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Accrued Balance at beginning of period | [1] | 13 | ||||
Restructuring and Related Cost, Incurred Cost | 1 | |||||
Cash Payments | (7) | |||||
Accrued Balance at end of period | [2] | 7 | 7 | |||
Restructuring Reserve, Noncurrent | 4 | 4 | $ 7 | |||
2015 and Snyder's-Lance Initiatives [Member] | Other Cost Savings Implementation Costs [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Other Restructuring Costs | [3] | 27 | ||||
2015 and Snyder's-Lance Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Other Restructuring Costs | 18 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Other Non Cash Exit Costs [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Other Restructuring Costs | [4] | 18 | ||||
Sovos Initiatives [Member] | Severance Pay And Benefits [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring and Related Cost, Incurred Cost | 16 | |||||
Cash Payments | 0 | |||||
Accrued Balance at end of period | [5] | 16 | 16 | |||
Restructuring Reserve, Noncurrent | $ 5 | $ 5 | ||||
[1] Includes $7 million of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. Includes $4 million of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses, Cost of products sold, Marketing and selling expenses and Research and development expenses in the Consolidated Statements of Earnings. Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. Includes $5 million of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. |
Restructuring Charges and Cos_6
Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Charges Associated With Each Reportable Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2024 | Apr. 30, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | |
Corporate and Other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | $ 23 | $ 27 | $ 68 | $ 35 |
2015 and Snyder's-Lance Initiatives [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 855 | 855 | ||
Other Restructuring Costs | 15 | $ 33 | 64 | $ 50 |
2015 and Snyder's-Lance Initiatives [Member] | Meals & Beverages [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 267 | 267 | ||
Other Restructuring Costs | 7 | 16 | ||
2015 and Snyder's-Lance Initiatives [Member] | Snacks [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 375 | 375 | ||
Other Restructuring Costs | 0 | 30 | ||
2015 and Snyder's-Lance Initiatives [Member] | Corporate and Other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 213 | 213 | ||
Other Restructuring Costs | $ 8 | $ 18 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2024 | Apr. 30, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | |
Share-based Payment Arrangement, Option [Member] | 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 | 1 | 1 |
Pension And Postretirement Be_3
Pension And Postretirement Benefits (Schedule Of Components of Benefit Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2024 | Apr. 30, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | |
Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | $ 4 | $ 3 | $ 10 | $ 10 |
Defined Benefit Plan, Interest Cost | $ 16 | $ 19 | $ 49 | $ 55 |
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 | $ (20) | $ (24) | $ (60) | $ (76) |
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, Actuarial Gain (Loss) | $ 0 | $ (17) | $ 0 | $ (26) |
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) | $ 0 | $ 15 | $ (1) | $ 15 |
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 | $ 2 | $ 2 | $ 6 | $ 5 |
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, 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) | $ 2 | $ 2 | $ 6 | $ 5 |
Leases (Costs) (Details)
Leases (Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Apr. 28, 2024 | Apr. 30, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | ||
Operating Lease, Cost | [1] | $ 25 | $ 23 | $ 73 | $ 63 |
Finance lease, amortization of right-of-use assets | 6 | 4 | 14 | 12 | |
Finance lease, interest on lease liabilities | 1 | 0 | 1 | 0 | |
Short-term Lease, Cost | 15 | 14 | 50 | 48 | |
Variable Lease, Cost | 57 | 52 | 159 | 155 | |
Lease, Cost, Total | $ 104 | $ 93 | $ 297 | $ 278 | |
[1]Excludes costs associated with the cost savings initiatives described in Note 7. |
Leases (Reported in Balance She
Leases (Reported in Balance Sheet) (Details) - USD ($) $ in Millions | Apr. 28, 2024 | Jul. 30, 2023 |
Operating Lease, Right-of-Use Asset | $ 283 | $ 275 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Operating Lease, Liability, Current | $ 76 | $ 70 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities | Accrued liabilities |
Operating Lease, Liability, Noncurrent | $ 229 | $ 208 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Finance Lease, Right-of-Use Asset | $ 61 | $ 27 |
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 | $ 21 | $ 13 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Short-term borrowings | Short-term borrowings |
Finance Lease, Liability, Noncurrent | $ 39 | $ 15 |
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 | 9 Months Ended | |
Apr. 28, 2024 | Apr. 30, 2023 | |
Leases [Abstract] | ||
Operating Lease, Payments | $ 70 | $ 62 |
Finance Lease, Interest Payment on Liability | 1 | 0 |
Finance Lease, Principal Payments | 15 | 12 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 78 | 106 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 35 | 10 |
Right-of-Use Asset Obtained with Business Acquisition, Operating Leases | 15 | 0 |
Right-of-Use Asset Obtained with Business Acquisition, Finance Leases | $ 13 | $ 0 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Millions | 9 Months Ended |
Apr. 28, 2024 USD ($) | |
Debt Instrument [Line Items] | |
Long-term Debt, Gross | $ 2,500 |
Debt Instrument, Redemption Price, Percentage | 101% |
Other Long-Term Debt, Current | $ 1,150 |
Delayed Draw Term Loan Due 2024 | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Initiation Date | Oct. 10, 2023 |
Line of Credit Facility, Expiration Date | Oct. 08, 2024 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000 |
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 2024 DDTL Credit Agreement) of not less than 3.25:1.00 |
Repayments of Lines of Credit | $ 2,000 |
Delayed Draw Term Loan Due 2024 | Sovos Brands Acquisition | |
Debt Instrument [Line Items] | |
Proceeds from Lines of Credit | 2,000 |
Five Point Three Percent Note Due 2026 | |
Debt Instrument [Line Items] | |
Long-term Debt, Gross | $ 400 |
Debt Instrument, Interest Rate, Stated Percentage | 5.30% |
Debt Instrument, Maturity Date | Mar. 20, 2026 |
Five Point Two Percent Notes Due 2027 [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt, Gross | $ 500 |
Debt Instrument, Interest Rate, Stated Percentage | 5.20% |
Debt Instrument, Maturity Date | Mar. 19, 2027 |
Five Point Two Percent Notes Due 2029 [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt, Gross | $ 600 |
Debt Instrument, Interest Rate, Stated Percentage | 5.20% |
Debt Instrument, Maturity Date | Mar. 21, 2029 |
Five Point Four Percent Notes Due 2034 | |
Debt Instrument [Line Items] | |
Long-term Debt, Gross | $ 1,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.40% |
Debt Instrument, Maturity Date | Mar. 21, 2034 |
Variable Interest Rate Due 2025 [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt, Gross | $ 500 |
Debt Instrument, Repurchased Face Amount | 100 |
Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,850 |
Line of Credit Facility, Additional Borrowing Capacity, Covenant Terms | minimum consolidated interest coverage ratio of consolidated adjusted EBITDA to consolidated interest expense of not less than 3.25:1.00 |
Line Of Credit Facility Utilized Borrowing Capacity | $ 1 |
Line Of Credit Facility Additional Borrowing Capacity Subject to Conditions | $ 500 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Apr. 28, 2024 | Jul. 30, 2023 | Mar. 12, 2024 | |
Other Current Assets [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Margin Deposit Assets | $ 2 | ||
Accrued Liabilities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Margin Deposit Liability | $ (2) | ||
Maximum [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ (1) | ||
Foreign Exchange Forward [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Maximum Length of Time, Foreign Currency Cash Flow Hedge | 18 months | ||
Treasury Lock [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 0 | 0 | |
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 | ||
Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 0 | 0 | |
Derivatives Designated As Hedges [Member] | Foreign Exchange Forward [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 75 | 125 | |
Derivatives Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 0 | 0 | |
Derivatives Designated As Hedges [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 1,100 | $ 1,100 | |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 211 | 194 | |
Derivatives Not Designated As Hedges [Member] | Embedded Derivative Financial Instruments [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 66 | 47 | |
Derivatives Not Designated As Hedges [Member] | Equity Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 71 | 42 | |
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 279 | $ 15 | |
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 | Apr. 28, 2024 | Jul. 30, 2023 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 21 | $ 20 |
Derivative Liability, Fair Value, Gross Liability | 5 | 6 |
Derivatives Designated As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 1 |
Derivatives Designated As Hedges [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1 | 0 |
Derivatives Designated As Hedges [Member] | Foreign Exchange Contract [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 1 |
Derivatives Not Designated As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 20 | 20 |
Derivative Liability, Fair Value, Gross Liability | 5 | 5 |
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 | 19 | 15 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1 | 1 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 4 | 5 |
Derivatives Not Designated As Hedges [Member] | Equity Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 4 |
Derivatives Not Designated As Hedges [Member] | Equity Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 1 | $ 0 |
Financial Instruments (Offsetti
Financial Instruments (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Millions | Apr. 28, 2024 | Jul. 30, 2023 |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ||
Derivative Assets | $ 21 | $ 20 |
Derivative Asset, Not Offset, Policy Election Deduction | (4) | (5) |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election, Total | 17 | 15 |
Derivative Liability | 5 | 6 |
Derivative Liability, Not Offset, Policy Election Deduction | (4) | (5) |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 1 | $ 1 |
Financial Instruments (Schedu_2
Financial Instruments (Schedule Of Changes In Cash Flow Hedges In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2024 | Apr. 30, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
OCI before tax accumulated derivative gain (loss) beginning of period | $ (26) | $ (1) | $ (5) | $ 0 |
OCI before tax accumulated derivative gain (loss) end of period | (13) | (1) | (13) | (1) |
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 | (3) | ||
Foreign Exchange Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
OCI, before Reclassifications, before Tax, Attributable to Parent | 1 | 2 | 4 | 7 |
Foreign Exchange Contract [Member] | Cost Of Products Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | (2) | (2) | (6) |
Interest Rate Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
OCI, before Reclassifications, before Tax, Attributable to Parent | 12 | 0 | (11) | 0 |
Interest Rate Contract [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $ 0 | $ 0 | $ 1 | $ 1 |
Financial Instruments (Schedu_3
Financial Instruments (Schedule of Cash Flow Hedges in Statements of Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2024 | Apr. 30, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Cost of products sold | $ 1,637 | $ 1,561 | $ 5,047 | $ 5,028 |
Interest expense | 70 | 47 | 165 | 139 |
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 | 0 | (2) | (2) | (9) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest expense | $ 0 | $ 0 | $ 1 | $ 1 |
Financial Instruments (Derivati
Financial Instruments (Derivatives Not Designated As Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2024 | Apr. 30, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | $ (14) | $ 18 | $ (13) | $ 5 |
Foreign Exchange Contract [Member] | Cost Of Products Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | 0 | 0 | 0 | (1) |
Commodity Derivative Contracts [Member] | Cost Of Products Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | (13) | 18 | (9) | 7 |
Equity Contracts [Member] | General and Administrative Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | $ (1) | $ 0 | $ (4) | $ (1) |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements Narrative (Details) - USD ($) $ in Millions | Apr. 28, 2024 | Jul. 30, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, at Carrying Value | $ 26 | $ 0 |
Debt, Long-term and Short-term, Combined Amount | 7,179 | 4,689 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 26 | 0 |
Debt Instrument, Fair Value Disclosure | $ 6,714 | $ 4,293 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurement Of Assets And Liabilities) (Details) - USD ($) $ in Millions | Apr. 28, 2024 | Jul. 30, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | $ 21 | $ 20 | |
Derivatives liabilities at fair value | 5 | 6 | |
Measured On Recurring Basis [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 22 | 21 | |
Total liabilities at fair value | 99 | 97 | |
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 | 6 | 12 | |
Total liabilities at fair value | 95 | 94 | |
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 | 8 | 7 | |
Total liabilities at fair value | 4 | 3 | |
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 | 8 | 2 | |
Measured On Recurring Basis [Member] | Foreign Exchange Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [1] | 1 | 0 |
Derivatives liabilities at fair value | [1] | 0 | 1 |
Measured On Recurring Basis [Member] | Foreign Exchange Contract [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] | 1 | 0 |
Derivatives liabilities at fair value | [1] | 0 | 1 |
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] | 20 | 16 |
Derivatives liabilities at fair value | [2] | 4 | 5 |
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] | 5 | 11 |
Derivatives liabilities at fair value | [2] | 1 | 3 |
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] | 7 | 3 |
Derivatives liabilities at fair value | [2] | 3 | 2 |
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] | 8 | 2 |
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] | 0 | 4 |
Derivatives liabilities at fair value | [3] | 1 | 0 |
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] | 0 | 4 |
Derivatives liabilities at fair value | [3] | 1 | 0 |
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 | 1 |
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 | 1 |
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] | 94 | 91 |
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] | $ 94 | $ 91 |
[1] Based on observable market transactions of spot currency rates and forward rates. 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. Based on index swap rates. 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 | 9 Months Ended | |
Apr. 28, 2024 | Apr. 30, 2023 | |
Fair Value Disclosures [Abstract] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Beginning Balance | $ 2 | $ 4 |
Fair Value, Level 3 investment gain (Loss) Included in Earnings | 13 | 4 |
Fair Value, Level 3 Investment, Settlements | (7) | (4) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Ending Balance | $ 8 | $ 4 |
Share Repurchases (Narrative) (
Share Repurchases (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2024 | Apr. 30, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | |
Statement [Line Items] | ||||
Treasury stock purchased, shares | 1,080 | 2,692 | ||
Treasury Stock Value Acquired Cost Method | $ 17 | $ 75 | $ 46 | $ 141 |
June 2021 Program | ||||
Statement [Line Items] | ||||
Authorized amount for shares repurchase | 250 | 250 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 58 | 58 | ||
September 2021 Program | ||||
Statement [Line Items] | ||||
Authorized amount for shares repurchase | 500 | 500 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 301 | $ 301 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Mar. 12, 2024 | [1] | Apr. 28, 2024 | Oct. 29, 2023 | Oct. 30, 2022 | Apr. 28, 2024 | Apr. 30, 2023 | Jul. 30, 2023 | |
Stock-based Compensation | ||||||||
Fair value of replacement share-based awards | $ 42 | $ 42 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 3 | |||||||
Cash received from the exercise of stock options | 0 | 22 | ||||||
Sovos Brands Acquisition | ||||||||
Stock-based Compensation | ||||||||
ShareBased Compensation Arrangement by Share Based Payment Award Equity Instruments Other than Options Grants In Period Fair Value | 74 | |||||||
Fair value of replacement share-based awards | $ 42 | $ 42 | ||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Granted In Connection With Acquisition | 1,721 | |||||||
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 | 887 | 887 | ||||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 42.98 | $ 42.98 | ||||||
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% | |||||||
Time Lapse, EPS Performance, and Replacement Restricted Stock Units [Member] | ||||||||
Stock-based Compensation | ||||||||
Remaining unearned compensation on nonvested awards | $ 65 | $ 65 | ||||||
Weighted-average remaining service period, years | 1 year 9 months 18 days | |||||||
Nonvested, Units | 3,322 | 3,322 | 2,274 | |||||
Fair value of restricted units and shares vested | $ 95 | $ 36 | ||||||
Granted, Weighted-Average Grant-Date Fair Value | $ 41.46 | $ 47.55 | ||||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 43.23 | $ 43.23 | $ 45.39 | |||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Granted In Connection With Acquisition | 1,721 | |||||||
TSR Performance Restricted Stock/Units [Member] | ||||||||
Stock-based Compensation | ||||||||
Remaining unearned compensation on nonvested awards | $ 16 | $ 16 | ||||||
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 | 75% | 100% | ||||||
Nonvested, Units | 887 | 887 | 948 | |||||
Fair value of restricted units and shares vested | $ 12 | $ 21 | ||||||
Granted, Weighted-Average Grant-Date Fair Value | $ 44.18 | $ 53.74 | ||||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 47.40 | $ 47.40 | $ 51.81 | |||||
[1]We issued replacement equity awards in settlement of certain Sovos Brands equity awards that did not become vested in connection with the acquisition. The portion of fair value of the replacement awards attributable to pre-combination service was $42 million and is included in the purchase consideration. We recognized $26 million of expense related to accelerated vesting of certain replacement awards. |
Stock-based Compensation (Summa
Stock-based Compensation (Summary of Stock-based Compensation Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Apr. 28, 2024 | Apr. 30, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total pre-tax stock-based compensation expense | $ 44 | [1] | $ 17 | $ 80 | [1] | $ 48 |
Tax-related benefits | 3 | $ 3 | 9 | $ 9 | ||
Sovos Brands Acquisition | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-Based Payment Arrangement, Accelerated Cost | $ 26 | $ 26 | ||||
[1] Includes $26 million of expense related to accelerated vesting of certain Replacement units in the three- and nine-month periods ended April 28, 2024. |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule Of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Millions | 9 Months Ended |
Apr. 28, 2024 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Beginning of period, Options | shares | 833 |
Granted, Options | shares | 0 |
Exercised, Options | shares | 0 |
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 | $ 44.77 |
Granted, Weighted-Average Exercise Price | $ / shares | 0 |
Exercised, Weighted-Average Exercise Price | $ / shares | 0 |
Terminated, Weighted-Average Exercise Price | $ / shares | 0 |
End of period, Weighted-Average Exercise Price | $ / shares | 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) | 3 years 6 months |
Exercisable at end of period, Weighted-Average Remaining Contractual Life (In years) | 3 years 6 months |
Outstanding at end of period, Aggregate Intrinsic Value | $ | $ 4 |
Exercisable at end of period, Aggregate Intrinsic Value | $ | $ 4 |
Stock-based Compensation (Time-
Stock-based Compensation (Time-Lapse Restricted Stock Units, EPS Performance Restricted Stock Units, Replacement Restricted Stock Units. And TSR Performance Restricted Stock Units) (Details) - $ / shares shares in Thousands | 9 Months Ended | |
Apr. 28, 2024 | Apr. 30, 2023 | |
Time Lapse, EPS Performance, and Replacement Restricted Stock Units [Member] | ||
Stock-based Compensation | ||
Nonvested at beginning of period, Units | 2,274 | |
Granted, Units | 1,744 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Granted In Connection With Acquisition | 1,721 | |
Vested, Units | (2,233) | |
Forfeited, Units | (184) | |
Nonvested at end of period, Units | 3,322 | |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $ 45.39 | |
Granted, Weighted-Average Grant-Date Fair Value | 41.46 | $ 47.55 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Assumed In Connection With Acquisition Weighted Average Grant Date Fair Value | 43.01 | |
Vested, Weighted-Average Grant-Date Fair Value | 43.86 | |
Forfeited, Weighted Average Grant Date Fair Value | 43.27 | |
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $ 43.23 | |
TSR Performance Restricted Stock/Units [Member] | ||
Stock-based Compensation | ||
Nonvested at beginning of period, Units | 948 | |
Granted, Units | 387 | |
Vested, Units | (289) | |
Forfeited, Units | (159) | |
Nonvested at end of period, Units | 887 | |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $ 51.81 | |
Granted, Weighted-Average Grant-Date Fair Value | 44.18 | $ 53.74 |
Vested, Weighted-Average Grant-Date Fair Value | 54.93 | |
Forfeited, Weighted Average Grant Date Fair Value | 52.20 | |
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $ 47.40 |
Stock-based Compensation (Valua
Stock-based Compensation (Valuation Assumptions) (Details) - TSR Performance Restricted Stock/Units [Member] | 9 Months Ended | |
Apr. 28, 2024 | Apr. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 4.84% | 4.29% |
Expected dividend yield | 3.54% | 3.09% |
Expected volatility | 22.16% | 26.40% |
Expected term, years | 3 years | 3 years |
Supplier Finance Program (Narra
Supplier Finance Program (Narrative) (Details) - USD ($) $ in Millions | Apr. 28, 2024 | Jul. 30, 2023 |
Supplier Finance Program [Line Items] | ||
Supplier Finance Program, Obligation | $ 260 | $ 260 |
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] | Accounts payable | Accounts payable |
Minimum [Member] | ||
Supplier Finance Program [Line Items] | ||
Supplier Payment Timing | 0 days | |
Maximum [Member] | ||
Supplier Finance Program [Line Items] | ||
Supplier Payment Timing | 120 days |
Supplemental Financial Statem_3
Supplemental Financial Statement Data (Schedule of Balance Sheets) (Details) - USD ($) $ in Millions | Apr. 28, 2024 | Jul. 30, 2023 |
Inventory, [Line Items] | ||
Inventory, raw materials, containers and supplies | $ 414 | $ 372 |
Inventory, finished products | 886 | 919 |
Inventories | $ 1,300 | $ 1,291 |
Supplemental Financial Statem_4
Supplemental Financial Statement Data (Schedule of Statement of Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Apr. 28, 2024 | Apr. 30, 2023 | Apr. 28, 2024 | Apr. 30, 2023 | ||
Amortization of Intangible Assets | [1] | $ 18 | $ 10 | $ 52 | $ 31 |
Net periodic benefits expense (income), other than the service cost | (2) | 14 | (5) | 10 | |
Transaction Costs | [2] | 16 | 0 | 35 | 0 |
Transition services fees | 0 | 0 | (2) | 0 | |
Other | (2) | (1) | 0 | 0 | |
Other expenses / (income) | $ 30 | $ 23 | 80 | $ 41 | |
Accelerated Amortization of Intangible Assets | $ 20 | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other expenses / (income) | Other expenses / (income) | Other expenses / (income) | Other expenses / (income) | |
Other Nonoperating Income (Expense) | |||||
Accelerated Amortization of Intangible Assets | $ 6 | $ 20 | |||
[1] Includes accelerated amortization expense related to customer relationship intangible assets of $6 million and $20 million in the three- and nine-month periods ended April 28, 2024, respectively. Related to the acquisition of Sovos Brands. See Note 3 for additional information. |