Campbell Soup (CPB) 10-Q 10 Dec 09 2010 Q1 Quarterly report Financial data

Consolidated Statements of Earn

Consolidated Statements of Earnings (Unaudited) (USD $)
In Millions, except Per Share data	3 Months Ended Nov. 01, 2009	3 Months Ended Nov. 02, 2008
Net sales	$2,203	$2,250
Costs and expenses
Cost of products sold	1,280	1,379
Marketing and selling expenses	284	307
Administrative expenses	133	140
Research and development expenses	29	29
Other expenses / (income)	(1)	(4)
Total costs and expenses	1,725	1,851
Earnings before interest and taxes	478	399
Interest expense	28	33
Interest income	1	1
Earnings before taxes	451	367
Taxes on earnings	147	107
Net earnings	$304	$260
Per share - basic
Net earnings	0.87	0.71
Dividends	0.25	0.25
Weighted average shares outstanding - basic	343	357
Per share - assuming dilution
Net earnings	0.87	0.7
Weighted average shares outstanding - assuming dilution	346	362

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) (USD $)
In Millions	Nov. 01, 2009	Aug. 02, 2009
Current assets
Cash and cash equivalents	$76	$51
Accounts receivable	790	528
Inventories	839	824
Other current assets	147	148
Total current assets	1,852	1,551
Plant assets, net of depreciation	1,985	1,977
Goodwill	1,966	1,901
Other intangible assets, net of amortization	528	522
Other assets	100	105
Total assets	6,431	6,056
Current liabilities
Short-term borrowings	656	378
Payable to suppliers and others	594	569
Accrued liabilities	558	579
Dividend payable	88	88
Accrued income taxes	88	14
Total current liabilities	1,984	1,628
Long-term debt	2,249	2,246
Deferred taxes	287	237
Other liabilities	956	1,214
Total liabilities	5,476	5,325
Campbell Soup Company shareowners' equity
Preferred stock; authorized 40 shares; none issued	0	0
Capital stock, $.0375 par value; authorized 560 shares; issued 542 shares	20	20
Additional paid-in capital	291	332
Earnings retained in the business	8,505	8,288
Capital stock in treasury, at cost	(7,232)	(7,194)
Accumulated other comprehensive loss	(632)	(718)
Total Campbell Soup Company shareowners' equity	952	728
Noncontrolling interest	3	3
Total equity	955	731
Total liabilities and equity	$6,431	$6,056

1_Consolidated Balance Sheets (

Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)
Share data in Millions	Nov. 01, 2009	Aug. 02, 2009
Consolidated Balance Sheets (Parentheticals)
Capital stock, par value	0.0375	0.0375
Capital stock, shares, authorized	560	560
Capital stock, shares, issued	542	542
Preferred stock, shares, authorized	40	40
Preferred stock, shares, issued	0	0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Millions	3 Months Ended Nov. 01, 2009	3 Months Ended Nov. 02, 2008
Cash flows from operating activities:
Net earnings	$304	$260
Adjustments to reconcile net earnings to operating cash flow
Stock-based compensation	20	25
Depreciation and amortization	60	66
Deferred income taxes	48	29
Other, net	29	13
Changes in working capital
Accounts receivable	(253)	(260)
Inventories	(7)	(118)
Prepaid assets	(6)	11
Accounts payable and accrued liabilities	42	(3)
Pension fund contributions	(268)	(1)
Receipts from (payments of) hedging activities	5	(31)
Other	(10)	(6)
Net cash used in operating activities	(36)	(15)
Cash flows from investing activities:
Purchases of plant assets	(44)	(35)
Sale of business, net of cash divested	0	32
Other, net	1	0
Net cash used in investing activities	(43)	(3)
Cash flows from financing activities:
Net short-term borrowings	269	436
Repayments of notes payable	0	(300)
Dividends paid	(88)	(80)
Treasury stock purchases	(94)	(114)
Treasury stock issuances	13	62
Excess tax benefits on stock-based compensation	1	15
Net cash provided by financing activities	101	19
Effect of exchange rate changes on cash	3	(19)
Net change in cash and cash equivalents	25	(18)
Cash and cash equivalents - beginning of period	51	81
Cash and cash equivalents - end of period	$76	$63

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) (USD $)
In Millions	3 Months Ended Nov. 01, 2009	3 Months Ended Nov. 02, 2008	Aug. 02, 2009	Aug. 03, 2008
Balance	$731	$1,321
Comprehensive income (loss)
Net earnings	304	260
Foreign currency translation adjustments, net of tax	77	(371)
Cash flow hedges, net of tax	1	(19)
Pension and postretirement benefits, net of tax	8	18
Other comprehensive (income) loss	86	(372)
Total comprehensive income (loss)
Total comprehensive (income) loss	390	(112)
Dividends ($.25 per share)	(87)	(91)
Treasury stock purchased	(94)	(114)
Treasury stock issued under management incentive and stock option plans	15	70
Balance	955	1,074	731	1,321
Capital Stock in Treasury
Shares, balance	(199)	(186)
Balance	(7,194)	(6,812)
Total comprehensive income (loss)
Treasury stock purchased	(94)	(114)
Treasury stock issued under management incentive and stock option plans	56	122
Balance	(7,232)	(6,804)	(7,194)	(6,812)
Shares, balance	(199)	(185)	(199)	(186)
Treasury stock purchased, shares	(3)	(3)
Treasury stock issued under management incentive and stock option plans, shares	3	4
Additional Paid-in Capital
Balance	332	337
Total comprehensive income (loss)
Treasury stock issued under management incentive and stock option plans	(41)	(52)
Balance	291	285	332	337
Accumulated Other Comprehensive Income (Loss)
Balance	(718)	(136)
Comprehensive income (loss)
Foreign currency translation adjustments, net of tax	77	(371)
Cash flow hedges, net of tax	1	(19)
Pension and postretirement benefits, net of tax	8	18
Other comprehensive (income) loss	86	(372)
Total comprehensive income (loss)
Balance	(632)	(508)	(718)	(136)
Capital Stock Issued
Shares, balance	542	542
Balance	20	20
Total comprehensive income (loss)
Balance	20	20	20	20
Shares, balance	542	542	542	542
Earnings Retained in the Business
Balance	8,288	7,909
Comprehensive income (loss)
Net earnings	304	260
Total comprehensive income (loss)
Dividends ($.25 per share)	(87)	(91)
Balance	8,505	8,078	8,288	7,909
Noncontrolling Interest
Balance	3	3
Comprehensive income (loss)
Net earnings	0	0
Foreign currency translation adjustments, net of tax	0	0
Other comprehensive (income) loss	0	0
Total comprehensive income (loss)
Balance	$3	$3	$3	$3

2_Consolidated Statements of Eq

Consolidated Statements of Equity (Unaudited) (Parenthetical) (USD $)
	3 Months Ended Nov. 01, 2009	3 Months Ended Nov. 02, 2008
Consolidated Statements of Equity (Unaudited) (Parenthetical) [Abstract]
Dividends per share	0.25	0.25

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies
	3 Months Ended Nov. 01, 2009 USD / shares
Basis of Presentation and Significant Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	1.Basis of Presentation and Significant Accounting Policies The financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations, financial position, and cash flows for the indicated periods. All such adjustments are of a normal recurring nature. The accounting policies used in preparing these financial statements are consistent with those applied in the Annual Report on Form 10-K for the year ended August2, 2009, except for the adoption of new financial accounting standards, as discussed in Note 2. Certain amounts in prior-year financial statements were reclassified to conform to the current-year presentation. The results for the period are not necessarily indicative of the results to be expected for other interim periods or the full year. Subsequent events have been evaluated through December 10, 2009, which represents the date the Consolidated Financial Statements were issued.

Recent Accounting Pronouncement

Recent Accounting Pronouncements
	3 Months Ended Nov. 01, 2009 USD / shares
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements [Text Block]	2.Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In December2007, the Financial Accounting Standards Board (FASB) issued authoritative guidance which establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. It requires a noncontrolling interest in a subsidiary, which was formerly known as minority interest, to be classified as a separate component of total equity in the consolidated financial statements. The company retrospectively adopted the new noncontrolling interest guidance in the first quarter of fiscal 2010. The adoption did not have a material impact on the financial statements. See Note 8 for additional information. In December 2007, the FASB issued authoritative guidance for business combinations, which establishes the principles and requirements for how an acquirer recognizes the assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree at the acquisition date, measured at their fair values as of that date with limited exceptions. The guidance requires acquisition-related transaction costs to be expensed as incurred rather than capitalized as a component of the business combination. The provisions as revised were effective as of the first quarter of fiscal 2010 and will be applied to any business combinations entered into in fiscal 2010 and thereafter. In September2006, the FASB issued authoritative guidance for fair value measurements, which establishes a definition of fair value, provides a framework for measuring fair value and expands the disclosure requirements about fair value measurements. This guidance does not require any new fair value measurements but rather applies to all other accounting pronouncements that require or permit fair value measurements. In February2008, the FASB issued authoritative guidance which delayed by a year the effective date for certain nonfinancial assets and liabilities. The company adopted the provisions of the guidance for financial assets and liabilities in the first quarter of fiscal 2009. The adoption did not have a material impact on the consolidated financial statements. The company adopted the remaining provisions in the first quarter of fiscal 2010 for nonfinancial assets and liabilities, including goodwill and intangible assets. The adoption did not have a material impact on the consolidated financial statements. See Note 11 for additional information. In June 2008, the FASB issued authoritative guidance related to the calculation of earnings per share. The guidance provides that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. Upon adoption, a company is required to retrospectively adjust its earnings per share data (including any amounts related to interim periods, summaries of earnings and selected financial data) to conform with the new provisions. The company adopted the new guidance in the first quarter of fisca

Comprehensive Income

Comprehensive Income (Loss)
	3 Months Ended Nov. 01, 2009 USD / shares
Comprehensive Income (Loss) [Abstract]
Comprehensive Income (Loss) [Text Block]	3.Comprehensive Income (Loss) Total comprehensive income (loss) is comprised of net earnings, net foreign currency translation adjustments, net unamortized pension and postretirement benefits adjustments and net unrealized gains and losses on cash-flow hedges. Total comprehensive income for the three-month period ended November 1, 2009 was $390. Total comprehensive loss for the three-month period ended November2, 2008 was $112. The components of Accumulated other comprehensive income (loss) consisted of the following: November1, August 2, 2009 2009 Foreign currency translation adjustments, net of tax (1).......................................................................................... $ 170 $ 93 Cash-flow hedges, net of tax (2)................................................................................................................................... (19) (20) Unamortized pension and postretirement benefits, net of tax (3): Net actuarial loss........................................................................................................................................................... (780) (787) Prior service cost........................................................................................................................................................... (3) (4) Total Accumulated other comprehensive income (loss).......................................................................................... $ (632) $ (718) ____________ (1) Includes a tax expense of $9 as of November1, 2009 and $7 as of August 2, 2009. (2) Includes a tax benefit of $11 as of November1, 2009 and as of August2, 2009. (3) Includes a tax benefit of $439 as of November1, 2009 and $442 as of August 2, 2009.

Goodwill and Intangible Assets

Goodwill and Intangible Assets
	3 Months Ended Nov. 01, 2009 USD / shares
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets [Text Block]	4.Goodwill and Intangible Assets The following table shows the changes in the carrying amount of goodwill by business segment: U.S. International North Soup, Sauces Baking and Soup, Sauces America and Beverages Snacking and Beverages Foodservice Total Balance at August2, 2009............................................................. $ 434 $ 700 $ 621 $ 146 $ 1,901 Foreign currency translation adjustment.................................... - 50 15 - 65 Balance at November 1, 2009........................................................ $ 434 $ 750 $ 636 $ 146 $ 1,966 The following table sets forth balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization: November1, August2, 2009 2009 Intangible Assets: Non-amortizable intangible assets.......................................................................................................................... $ 514 $ 508 Amortizable intangible assets.................................................................................................................................. 21 21 535 529 Accumulated amortization........................................................................................................................................ (7) (7) Total net intangible assets........................................................................................................................................ $ 528 $ 522 Non-amortizable intangible assets consist of trademarks. Amortizable intangible assets consist substantially of process technology and customer intangibles. Amortization related to these assets was less than $1 for the three-month periods ended November1, 2009 and November2, 2008. The estimated aggregated amortization expense for each of the five succeeding fiscal years is less than $1 per year. Asset useful lives range from ten to twenty years.

Business and Geographic Segment

Business and Geographic Segment Information
	3 Months Ended Nov. 01, 2009 USD / shares
Business and Geographic Segment Information [Abstract]
Business and Geographic Segment Information [Text Block]	5.Business and Geographic Segment Information Campbell Soup Company, together with its consolidated subsidiaries, is a global manufacturer and marketer of high-quality, branded convenience food products. The company manages and reports the results of operations in the following segments: U.S. Soup, Sauces and Beverages; Baking and Snacking; International Soup, Sauces and Beverages; and North America Foodservice. The U.S. Soup, Sauces and Beverages segment includes the following retail businesses: Campbells condensed and ready-to-serve soups; Swanson broth, stocks and canned poultry; Prego pasta sauce; Pace Mexican sauce; Campbells canned pasta, gravies, and beans; V8 juice and juice drinks; and Campbells tomato juice. The Baking and Snacking segment includes the following businesses: Pepperidge Farm cookies, crackers, bakery and frozen products in U.S. retail; and Arnotts biscuits in Australia and Asia Pacific. The International Soup, Sauces and Beverages segment includes the soup, sauce and beverage businesses outside of the United States, including Europe, Latin America, the Asia Pacific region, as well as the emerging markets of Russia and China and the retail business in Canada. The North America Foodservice segment represents the distribution of products such as soup, specialty entrees, beverage products, other prepared foods and Pepperidge Farm products through various food service channels in the United States and Canada. Accounting policies for measuring segment assets and earnings before interest and taxes are substantially consistent with those described in the companys 2009 Annual Report on Form 10-K. The company evaluates segment performance before interest and taxes. North America Foodservice products are principally produced by the tangible assets of the companys other segments, except for refrigerated soups, which are produced in a separate facility, and certain other products, which are produced under contract manufacturing agreements. Tangible assets of the companys other segments are not allocated to the North America Foodservice operations. Depreciation, however, is allocated to North America Foodservice based on production hours. November1, November2, 2009 2008 Net sales U.S. Soup, Sauces and Beverages............................................................................................................................. $ 1,140 $ 1,198 Baking and Snacking................................................................................................................................................... 530 509 International Soup, Sauces and Beverages............................................................................................................. 374 380 North America Foodservice....................................................................................................................................... 159 163 Total................................................................................................................................................................................ $

Restructuring Charges

Restructuring Charges
	3 Months Ended Nov. 01, 2009 USD / shares
Restructuring Charges [Abstract]
Restructuring Charges [Text Block]	6.Restructuring Charges On April 28, 2008, the company announced a series of initiatives to improve operational efficiency and long-term profitability, including selling certain salty snack food brands and assets in Australia, closing certain production facilities in Australia and Canada, and streamlining the companys management structure. As a result of these initiatives, in 2008, the company recorded a restructuring charge of $175 ($102 after tax or $.27 per share). The charge consisted of a net loss of $120 ($64 after tax) on the sale of certain Australian salty snack food brands and assets; $45 ($31 after tax) of employee severance and benefit costs, including the estimated impact of curtailment and other pension charges; and $10 ($7 after tax) of property, plant and equipment impairment charges. In addition, approximately $7 ($5 after tax or $.01 per share) of costs related to these initiatives were recorded in Cost of products sold, primarily representing accelerated depreciation on property, plant and equipment. The aggregate after-tax impact of restructuring charges and related costs in 2008 was $107, or $.28 per share. In 2009, the company recorded approximately $22 ($15 after tax or $.04 per share) of costs related to these initiatives in Cost of products sold. Approximately $17 ($12 after tax) of the costs represented accelerated depreciation on property, plant and equipment; approximately $4 ($2 after tax) related to other exit costs; and approximately $1 related to employee severance and benefit costs, including other pension charges. Of the amount recorded in 2009, costs of approximately $7 ($5 after tax or $.01 per share) were recorded in the first quarter. Approximately $6 ($4 after tax) of the costs represented accelerated depreciation on property, plant and equipment and approximately $1 related to other exit costs. The company expects to incur additional pre-tax costs of approximately $12 in benefit costs related to pension charges. A summary of restructuring activity and related reserves at November 1, 2009 is as follows: Accrued Accrued Balance at Balance at August2, Cash November 1, 2009 Payments 2009 Severance pay and benefits......................................................................................................................... $ 4 (2) $ 2 A summary of restructuring charges incurred in 2008 and 2009 by reportable segment is as follows: U.S. Soup, International North Sauces and Baking and Soup, Sauces America Beverages Snacking and Beverages Foodservice Total Severance pay and benefits..................................................................................... $ $ 14 $ 9 $ 23 $ 46 Asset impairment/accelerated depreciation........................................................... 131 23 154 Other exit costs........................................................................................................... 2 2 4 $ $ 147 $ 9 $ 48 $ 204 The company exp

Earnings per Share

Earnings per Share
	3 Months Ended Nov. 01, 2009 USD / shares
Earnings per Share [Abstract]
Earnings per Share [Text Block]	7. Earnings per Share In June 2008, the FASB issued accounting guidance related to the calculation of earnings per share. The guidance provides that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. The company adopted and retrospectively applied the new guidance in the first quarter of fiscal 2010. The retrospective application of the provisions resulted in a reduction of previously reported basic and diluted net earnings per share of $0.02 and $0.01, respectively, for the three-month period ended November 2, 2008. The computation of basic and diluted earnings per share attributable to common shareowners is as follows: Three Months Ended November1, November2, 2009 2008 Net earnings $ 304 $ 260 Less: net earnings allocated to participating securities............................................................................................ (4) (5) Net earnings available to common shareowners....................................................................................................... $ 300 $ 255 Weighted average shares outstanding - basic 343 357 Effect of dilutive securities: stock options................................................................................................................ 3 5 Weighted average shares outstanding - diluted....................................................................................................... 346 362 Net earnings per common share: Basic.............................................................................................................................................................................. $ 0.87 $ 0.71 Diluted........................................................................................................................................................................... $ 0.87 $ 0.70 Stock options to purchase approximately 1 million of shares of capital stock as of November1, 2009 and as of November2, 2008 were not included in the calculation of diluted earnings per share because the exercise price of the stock options exceeded the average market price of the capital stock and, therefore, would be antidilutive. Additional historical information is as follows: Quarter Ended Year-to-Date February1, May3, August 2, February1, May3, August 2, 2009 2009 2009 2009 2009 2009 Earnings from continuing operations............................................................................. $ 229 $ 174 $ 69 $ 489 $ 663 $ 732 Less: Allocation to participating secu

Noncontrolling Interest

Noncontrolling Interest
	3 Months Ended Nov. 01, 2009 USD / shares
Noncontrolling Interest [Abstract]
Noncontrolling Interest [Text Block]	8. Noncontrolling Interest The company owns a 70% controlling interest in a Malaysian manufacturing company. The noncontrolling interest in this entity is included in Total equity in the Consolidated Balance Sheets. The earnings attributable to the noncontrolling interest were less than $1 for the three-month periods ended November 1, 2009 and November 2, 2008, and were included in Other expenses/(income) in the Consolidated Statements of Earnings.

Pension and Postretirement Bene

Pension and Postretirement Benefits
	3 Months Ended Nov. 01, 2009 USD / shares
Pension and Postretirement Benefits [Abstract]
Pension and Postretirement Benefits [Text Block]	9.Pension and Postretirement Benefits The company sponsors certain defined benefit plans and postretirement medical benefit plans for employees. Components of benefit expense were as follows: Pension Postretirement Three Months Ended Nov. 1, Nov. 2, Nov. 1, Nov. 2, 2009 2008 2009 2008 Service cost................................................................................................................................................... $ 14 $ 11 $ 1 $ 1 Interest cost.................................................................................................................................................. 30 31 5 5 Expected return on plan assets.................................................................................................................. (43) (41) Amortization of prior service cost............................................................................................................. 1 1 Recognized net actuarial loss..................................................................................................................... 12 4 Net periodic benefit expense...................................................................................................................... $ 14 $ 6 $ 6 $ 6 A contribution of $260 was made to a U.S. pension plan and contributions of $8 were made to non-U.S. pension plans during the three-month period ended November1, 2009. No additional U.S. pension plan contributions are expected this fiscal year. Contributions to non-U.S. pension plans are expected to be approximately $10 during the remainder of the fiscal year.

Financial Instruments

Financial Instruments
	3 Months Ended Nov. 01, 2009 USD / shares
Financial Instruments [Abstract]
Financial Instruments [Text Block]	10.Financial Instruments The carrying value of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings approximate fair value. The fair value of long-term debt as of November 1, 2009 was $2,393 and was based on quoted market prices or pricing models using current market rates. The principal market risks to which the company is exposed are changes in foreign currency exchange rates, interest rates, and commodity prices. In addition, the company is exposed to equity price changes related to certain deferred compensation obligations. In order to manage these exposures, the company follows established risk management policies and procedures, including the use of derivative contracts such as swaps, forwards, commodity futures and option contracts. These derivative contracts are entered into for periods consistent with the related underlying exposures and do not constitute positions independent of those exposures. The company does not enter into derivative contracts for speculative purposes and does not use leveraged instruments. The companys derivative programs include strategies that both qualify and do not qualify for hedge accounting treatment. The company is exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. The company minimizes the counterparty credit risk on these transactions by dealing only with leading, credit-worthy financial institutions having long-term credit ratings of A or better and, therefore, does not anticipate nonperformance. In addition, the contracts are distributed among several financial institutions, thus minimizing credit risk concentration. The company does not have credit-risk-related contingent features in its derivative instruments as of November 1, 2009. Foreign Currency Exchange Risk The company is exposed to foreign currency exchange risk related to its international operations, including non-functional currency intercompany debt and net investments in subsidiaries. The company is also exposed to foreign exchange risk as a result of transactions in currencies other than the functional currency of certain subsidiaries. The company utilizes foreign exchange forward purchase and sale contracts as well as cross-currency swaps to hedge these exposures. The contracts are designated as cash-flow hedging instruments or are undesignated. The company typically hedges portions of its forecasted foreign currency transaction exposure with foreign exchange forward contracts for up to 18 months. To hedge currency exposures related to intercompany debt, cross-currency swap contracts are entered into for periods consistent with the underlying debt. As of November 1, 2009, cross-currency swap contracts mature in 2010 through 2014. Principal currencies hedged include the Australian dollar, Canadian dollar, euro, Swedish krona, New Zealand dollar, British pound and Japanese yen. The notional amount of foreign exchange forward and cross-currency swap contracts accounted for as cash-flow hedges was $302 and $331 at November 1, 2009 and November 2, 2008, respectively. The effective portion of the changes in fair value on the

Fair Value Measurements

Fair Value Measurements
	3 Months Ended Nov. 01, 2009 USD / shares
Fair Value Measurements [Abstract]
Fair Value Measurements [Text Block]	11.Fair Value Measurements The company is required to 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 that reflect the reporting entitys own assumptions. 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, the company uses unadjusted quoted market prices to measure the fair value and classifies such items as Level 1. If quoted market prices are not available, fair value is based upon internally developed models that use current market-based or independently sourced market parameters such as interest rates and currency rates. Items valued using internally generated models are classified according to the lowest level input or value driver that is significant to the calculation. The following table presents the companys financial assets and liabilities that are measured at fair value on a recurring basis at November 1, 2009 consistent with the fair value hierarchy: Fair Value Fair Value Measurements at as of November 1, 2009 Using November1, Fair Value Hierarchy 2009 Level 1 Level 2 Level 3 Assets Interest rate swaps (1)...................................................................................................................... $ 42 $ $ 42 $ Foreign exchange forward contracts (2)........................................................................................ 2 2 Cross-currency swap contracts (3)................................................................................................. 8 8 Commodity derivatives (5)............................................................................................................... 4 4 Total assets at fair value.............................................................................................................. $ 56 $ 4 $ 52 $ Fair Value Fair Value Measurements at as of November 1, 2009 Using November1, Fair Value Hierarchy 2009 Level 1 Level 2 Level 3 Liabilities Interest rate swaps (1) ..................................................................................................................... $ 2 $ $ 2 $ Commodity derivatives (5)............................................................................................................... 2 2 Foreign exchange forward contracts (2)........................................................................................ 12 12 Cross-currency swap contracts (3)...................................................

Share Repurchase Programs

Share Repurchase Programs
	3 Months Ended Nov. 01, 2009 USD / shares
Share Repurchase Programs [Abstract]
Share Repurchase Programs [Text Block]	12.Share Repurchase Programs In June2008, the companys Board of Directors authorized the purchase of up to $1,200 of company stock through fiscal 2011. This program began in fiscal 2009. In addition to this publicly announced program, the company repurchases shares to offset the impact of dilution from shares issued under the companys stock compensation plans. During the first quarter of fiscal 2010, the company repurchased 3million shares at a cost of $94. Of this amount, $49 were repurchased pursuant to the companys June2008 publicly announced share repurchase program. Approximately $751 remains available under this program as of November1, 2009. During the first quarter of fiscal 2009, the company repurchased 3million shares at a cost of $114. Of this amount, $82 were repurchased pursuant to the companys June2008 publicly announced share repurchase program.

Stock-based Compensation

Stock-based Compensation
	3 Months Ended Nov. 01, 2009 USD / shares
Stock-based Compensation [Abstract]
Stock-based Compensation [Text Block]	13. Stock-based Compensation The company provides compensation benefits by issuing unrestricted stock, restricted stock and restricted stock units (including EPS performance restricted stock/units and total shareowner return (TSR)performance restricted stock/units). In previous fiscal years, the company also issued stock options and stock appreciation rights to provide compensation benefits. Total pre-tax stock-based compensation recognized in the Statements of Earnings was $20 and $25 for the first quarter ended November 1, 2009 and November2, 2008, respectively. Tax related benefits of $7 and $9 were also recognized for the first quarter of 2010 and 2009, respectively. Cash received from the exercise of stock options was $13 and $62 for the first quarter of 2010 and 2009, respectively, and is reflected in cash flows from financing activities in the Consolidated Statements of Cash Flows. The following table summarizes stock option activity as of November1, 2009: Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Life Value (Options in thousands) Outstanding at August2, 2009............................................................................................................ 17,552 $ 27.08 Granted.................................................................................................................................................... $ Exercised.................................................................................................................................................. (540) $ 26.91 Terminated.............................................................................................................................................. (5) $ 32.13 Outstanding at November1, 2009....................................................................................................... 17,007 $ 27.08 3.1 $ 81 Exercisable at November1, 2009.......................................................................................................... 17,007 $ 27.08 3.1 $ 81 The total intrinsic value of options exercised during the three-month periods ended November1, 2009 and November 2, 2008 was $3 and $27, respectively. As of January 2009, compensation related to stock options was fully expensed. The company measured the fair value of stock options using the Black-Scholes option pricing model. The following table summarizes time-lapse restricted stock/units and EPS performance restricted stock/units as of November1, 2009: Weighted- Average Grant-Date Shares/Units Fair Value (Restricted stock/units in thousands) Nonvested at August2, 2009.......................................................................................................................... 2,073 $ 38.17 Granted................................................................................................................................................................

Inventories

Inventories
	3 Months Ended Nov. 01, 2009 USD / shares
Inventories [Abstract]
Inventories [Text Block]	14.Inventories November1, August 2, 2009 2009 Inventories Raw materials, containers, and supplies.................................................................................................................... $ 320 $ 324 Finished products.......................................................................................................................................................... 519 500 $ 839 $ 824

Supplemental Cash Flow Informat

Supplemental Cash Flow Information
	3 Months Ended Nov. 01, 2009 USD / shares
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information [Text Block]	15. Supplemental Cash Flow Information Other cash used in operating activities for the three-month periods is comprised of the following: November1, November2, 2009 2008 Benefit related payments.............................................................................................................................................. $ (8) $ (8) Other................................................................................................................................................................................ (2) 2 $ (10) $ (6)

Document Information

Document Information
	3 Months Ended Nov. 01, 2009 USD / shares
Document Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	2009-11-01

Entity Information

Entity Information (USD $)
	3 Months Ended Nov. 01, 2009	Dec. 03, 2009
Entity Information
Entity Registrant Name	CAMPBELL SOUP CO
Entity Central Index Key	0000016732
Current Fiscal Year End Date	--08-01
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		342,925,506