Campbell Soup (CPB) 10-Q 10 Mar 10 2010 Q2 Quarterly report Financial data

Consolidated Statements of Earn

Consolidated Statements of Earnings (USD $)
In Millions, except Per Share data	3 Months Ended Jan. 31, 2010	3 Months Ended Feb. 01, 2009	6 Months Ended Jan. 31, 2010	6 Months Ended Feb. 01, 2009
Net sales	$2,153	$2,122	$4,356	$4,372
Costs and expenses
Cost of products sold	1,282	1,285	2,562	2,664
Marketing and selling expenses	301	315	585	622
Administrative expenses	149	138	282	278
Research and development expenses	28	27	57	56
Other expenses / (income)	2	2	1	(2)
Total costs and expenses	1,762	1,767	3,487	3,618
Earnings before interest and taxes	391	355	869	754
Interest expense	27	26	55	59
Interest income	1	1	2	2
Earnings before taxes	365	330	816	697
Taxes on earnings	106	101	253	208
Earnings from continuing operations	259	229	563	489
Earnings from discontinued operations	0	4	0	4
Net earnings	$259	$233	$563	$493
Per share - basic
Earnings from continuing operations	0.74	0.63	1.62	1.35
Earnings from discontinued operations	$0	0.01	$0	0.01
Net earnings	0.74	0.65	1.62	1.36
Dividends	0.275	0.25	0.525	0.5
Weighted average shares outstanding - basic	341	355	342	356
Per share - assuming dilution
Earnings from continuing operations	0.74	0.63	1.61	1.33
Earnings from discontinued operations	$0	0.01	$0	0.01
Net earnings	0.74	0.64	1.61	1.34
Weighted average shares outstanding - assuming dilution	344	358	345	360

Consolidated Balance Sheets

Consolidated Balance Sheets (USD $)
In Millions	Jan. 31, 2010	Aug. 02, 2009
Current assets
Cash and cash equivalents	$113	$51
Accounts receivable	679	528
Inventories	700	824
Other current assets	140	148
Total current assets	1,632	1,551
Plant assets, net of depreciation	1,969	1,977
Goodwill	1,926	1,901
Other intangible assets, net of amortization	516	522
Other assets	109	105
Total assets	6,152	6,056
Current liabilities
Short-term borrowings	400	378
Payable to suppliers and others	512	569
Accrued liabilities	576	579
Dividend payable	96	88
Accrued income taxes	49	14
Total current liabilities	1,633	1,628
Long-term debt	2,250	2,246
Deferred taxes	289	237
Other liabilities	954	1,214
Total liabilities	5,126	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	311	332
Earnings retained in the business	8,668	8,288
Capital stock in treasury, at cost	(7,321)	(7,194)
Accumulated other comprehensive loss	(655)	(718)
Total Campbell Soup Company shareowners' equity	1,023	728
Noncontrolling interest	3	3
Total equity	1,026	731
Total liabilities and equity	$6,152	$6,056

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (USD $)
Share data in Millions	Jan. 31, 2010	Aug. 02, 2009
Consolidated Balance Sheets (Parenthetical)
Preferred stock, shares, authorized	40	40
Preferred stock, shares, issued	0	0
Capital stock, par value	0.0375	0.0375
Capital stock, shares, authorized	560	560
Capital stock, shares, issued	542	542

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (USD $)
In Millions	6 Months Ended Jan. 31, 2010	6 Months Ended Feb. 01, 2009
Cash flows from operating activities:
Net earnings	$563	$493
Adjustments to reconcile net earnings to operating cash flow
Stock-based compensation	45	44
Depreciation and amortization	122	133
Deferred income taxes	58	53
Other, net	46	24
Changes in working capital
Accounts receivable	(147)	(144)
Inventories	126	23
Prepaid assets	0	22
Accounts payable and accrued liabilities	(31)	(169)
Pension fund contributions	(272)	(4)
Receipts from (payments of) hedging activities	7	(47)
Other	(21)	(10)
Net cash provided by operating activities	496	418
Cash flows from investing activities:
Purchases of plant assets	(103)	(98)
Sales of plant assets	5	0
Sale of business, net of cash divested	0	38
Other, net	2	(2)
Net cash used in investing activities	(96)	(62)
Cash flows from financing activities:
Net short-term borrowings	8	47
Long-term borrowings	0	300
Repayments of notes payable	0	(300)
Dividends paid	(175)	(171)
Treasury stock purchases	(213)	(295)
Treasury stock issuances	36	69
Excess tax benefits on stock-based compensation	4	17
Other, net	0	(4)
Net cash used in financing activities	(340)	(337)
Effect of exchange rate changes on cash	2	(20)
Net change in cash and cash equivalents	62	(1)
Cash and cash equivalents - beginning of period	51	81
Cash and cash equivalents - end of period	$113	$80

Consolidated Statements of Equi

Consolidated Statements of Equity (USD $)
In Millions	Capital Stock Issued	Capital Stock in Treasury	Additional Paid-in Capital	Earnings Retained in the Business	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest (NoncontrollingInterestMember)	Total
Balance, Value at Aug. 03, 2008	$20	($6,812)	$337	$7,909	($136)	$3	$1,321
Balance, Shares at Aug. 03, 2008	542	(186)
Comprehensive income (loss)
Net earnings				493		0	493
Foreign currency translation adjustments, net of tax					(409)	0	(409)
Cash flow hedges, net of tax					(13)		(13)
Pension and postretirement benefits, net of tax					23		23
Other comprehensive income (loss)					(399)	0	(399)
Total comprehensive income (loss)							94
Dividends				(181)			(181)
Treasury stock purchased - Value		(295)					(295)
Treasury stock purchased - Shares		(9)
Treasury stock issued under management incentive and stock option plans - Value		135	(34)				101
Treasury stock issued under management incentive and stock option plans - Shares		4
Balance, Value at Feb. 01, 2009	20	(6,972)	303	8,221	(535)	3	1,040
Balance, Shares at Feb. 01, 2009	542	(191)
Balance, Value at Aug. 02, 2009	20	(7,194)	332	8,288	(718)	3	731
Balance, Shares at Aug. 02, 2009	542	(199)
Comprehensive income (loss)
Net earnings				563		0	563
Foreign currency translation adjustments, net of tax					35	0	35
Cash flow hedges, net of tax					6		6
Pension and postretirement benefits, net of tax					22		22
Other comprehensive income (loss)					63	0	63
Total comprehensive income (loss)							626
Dividends				(183)			(183)
Treasury stock purchased - Value		(213)					(213)
Treasury stock purchased - Shares		(7)
Treasury stock issued under management incentive and stock option plans - Value		86	(21)				65
Treasury stock issued under management incentive and stock option plans - Shares		3
Balance, Value at Jan. 31, 2010	$20	($7,321)	$311	$8,668	($655)	$3	$1,026
Balance, Shares at Jan. 31, 2010	542	(203)

1_Consolidated Statements of Eq

Consolidated Statements of Equity (Parenthetical) (USD $)
	3 Months Ended Jan. 31, 2010	3 Months Ended Feb. 01, 2009	6 Months Ended Jan. 31, 2010	6 Months Ended Feb. 01, 2009
Consolidated Statements of Equity (Parenthetical)
Dividends per share	0.275	0.25	0.525	0.5

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies
	6 Months Ended Jan. 31, 2010
Basis of Presentation and Significant Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	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.

Recent Accounting Pronouncement

Recent Accounting Pronouncements
	6 Months Ended Jan. 31, 2010
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	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 9 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 12 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

Discontinued Operations

Discontinued Operations
	6 Months Ended Jan. 31, 2010
Discontinued Operations [Abstract]
Discontinued Operations	3.Discontinued Operations On March18, 2008, the company completed the sale of its Godiva Chocolatier business for $850. The purchase price was subject to certain post-closing adjustments, which resulted in an additional $20 of proceeds. The company reflected the results of this business as discontinued operations in the consolidated statements of earnings. The company used approximately $600 of the net proceeds to purchase company stock. The company recognized a $4 benefit in Earnings from discontinued operations during the three-month period ended February 1, 2009 as a result of an adjustment to the tax liability associated with the sale.

Comprehensive Income

Comprehensive Income (Loss)
	6 Months Ended Jan. 31, 2010
Comprehensive Income (Loss) [Abstract]
Comprehensive Income (Loss)	4.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 periods ended January 31, 2010 and February1, 2009, was $236 and $206, respectively. Total comprehensive income for the six-month periods ended January 31, 2010 and February1, 2009, was $626 and $94, respectively. The components of Accumulated other comprehensive income (loss) consisted of the following: January31, August 2, 2010 2009 Foreign currency translation adjustments, net of tax (1) $ 128 $ 93 Cash-flow hedges, net of tax (2) (14) (20) Unamortized pension and postretirement benefits, net of tax (3): Net actuarial loss (766) (787) Prior service cost (3) (4) Total Accumulated other comprehensive income (loss) $ (655) $ (718) (1) Includes a tax expense of $6 as of January31, 2010 and $7 as of August 2, 2009. (2) Includes a tax benefit of $8 as of January31, 2010 and $11 as of August2, 2009. (3) Includes a tax benefit of $441 as of January31, 2010 and $442 as of August 2, 2009.

Goodwill and Intangible Assets

Goodwill and Intangible Assets
	6 Months Ended Jan. 31, 2010
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets	5.Goodwill and Intangible Assets The following table shows the changes in the carrying amount of goodwill by business segment: International U.S. Soup, Baking Soup, Sauces North Sauces and and and America Beverages Snacking Beverages Foodservice Total Balance at August2, 2009 $ 434 $ 700 $ 621 $ 146 $ 1,901 Foreign currency translation adjustment - 38 (13) - 25 Balance at January 31, 2010 $ 434 $ 738 $ 608 $ 146 $1,926 The following table sets forth balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization: January31, August2, 2010 2009 Intangible Assets: Non-amortizable intangible assets $ 503 $ 508 Amortizable intangible assets 21 21 524 529 Accumulated amortization (8) (7) Total net intangible assets $ 516 $ 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 six-month periods ended January31, 2010 and February1, 2009. 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
	6 Months Ended Jan. 31, 2010
Business and Geographic Segment Information [Abstract]
Business and Geographic Segment Information	6.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. Three Months Ended Six Months Ended January31, February1, January31, February1, 2010 2009 2010 2009 Net sales U.S.Soup, Sauces and Beverages $ 1,068 $ 1,128 $ 2,208 $ 2,326 Baking and Snacking 489 440 1,019 949 International Soup, Sauces and Beverages 437 391 811 771 NorthAmerica Foodservice 159 163 318 326 Total $ 2,153 $ 2,122 $ 4,356 $ 4,372 Three Months Ended Six Months Ended January31, February1, January31, February1, 2010 2009 2010 2009 Earnings before interest and taxes U.S.Soup, Sauces and Beverages $259 $ 270 $590 $ 584 Baking and Snacking(1) 73 53 173 136 International Soup, Sauces and Beverages 74 50 118 88 NorthAmerica Foodservice(1) 17 10 43 21 Corporate(2)

Restructuring Charges

Restructuring Charges
	6 Months Ended Jan. 31, 2010
Restructuring Charges [Abstract]
Restructuring Charges	7.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 $15 ($10 after tax or $.03 per share) were recorded through the end of the second quarter. Approximately $13 ($9 after tax) of the costs represented accelerated depreciation on property, plant and equipment and approximately $2 ($1 after tax) related to other exit costs. The company expects to incur additional pre-tax costs of approximately $12 in benefit costs related to pension charges in 2010. A summary of restructuring activity and related reserves at January 31, 2010 is as follows: Accrued Accrued Balance at Balance at August2, Cash January 31, 2009 Payments 2010 Severance pay and benefits $ 4 (3) $ 1 A summary of restructuring charges incurred in 2008 and 2009 by reportable segment is as follows: International U.S. Soup, Baking Soup, Sauces North Sauces and and and America Beverages Snacking 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 expects to incur the additional pre-tax costs of approximately $12 in the North America Foodservice segment for benefit costs related to pension charges. The total pre-tax costs of $216 expected to be incurred by segment is as follows: Baking and Snacking - $147, International Soup, Sauces and Beverages-$9 and North

Earnings per Share

Earnings per Share
	6 Months Ended Jan. 31, 2010
Earnings per Share [Abstract]
Earnings per Share	8. 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 earnings per share from continuing operations and net earnings of $.02 and $.01, respectively, for the three-month period ended February 1, 2009. There was no change to the previously reported diluted earnings per share from continuing operations, net earnings, or the previously reported basic and diluted earnings per share from discontinued operations for the three-month period ended February 1, 2009. For the six-month period ended February 1, 2009, the retrospective application resulted in a reduction of the previously reported basic earnings per share from continuing operations and net earnings of $.02 and of the previously reported diluted earnings per share from continuing operations and net earnings of $.01. There was no change to the previously reported basic and diluted earnings per share from discontinued operations. The computation of basic and diluted earnings per share attributable to common shareowners is as follows: Three Months Ended Six Months Ended January31, February1, January31, February1, 2010 2009 2010 2009 Earnings from continuing operations $259 $ 229 $563 $ 489 Less: Allocation to participating securities (5) (4) (8) (9) Available to common shareowners $254 $ 225 $555 $ 480 Earnings from discontinued operations $ - $ 4 $ - $ 4 Less: Allocation to participating securities - - - - Available to common shareowners $ - $ 4 $ - $ 4 Net earnings $259 $ 233 $563 $ 493 Less: Allocation to participating securities (5) (4) (8) (9) Available to common shareowners $254 $ 229 $555 $ 484 Weighted average shares outstanding basic 341 355 342 356 Effect of dilutive securities: stock options 3 3 3 4 Weighted average shares outstanding diluted 344 358 345 360 Earnings from continuing operations per common share: Basic $ .74 $ .63 $ 1.62 $ 1.35 Diluted $ .74 $ .63 $ 1.61 $ 1.33 Earnings from discontinued operations per common share: Basic $ - $ .01 $ - $.01 Diluted $ - $ .01 $ - $ .01 Three Mo

Noncontrolling Interest

Noncontrolling Interest
	6 Months Ended Jan. 31, 2010
Noncontrolling interest [Abstract]
Noncontrolling Interest	9. 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 and six-month periods ended January 31, 2010 and February 1, 2009, and were included in Other expenses/(income) in the Consolidated Statements of Earnings.

Pension and Postretirement Bene

Pension and Postretirement Benefits
	6 Months Ended Jan. 31, 2010
Pension and Postretirements Benefits [Abstract]
Pension and Postretirement Benefits	10.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: Three Months Ended Six Months Ended Pension Postretirement Pension Postretirement Jan.31, Feb. 1, Jan.31, Feb. 1, Jan. 31, Feb.1, Jan. 31, Feb.1, 2010 2009 2010 2009 2010 2009 2010 2009 Service cost $ 13 $ 12 $ 1 $ 1 $ 27 $ 23 $ 2 $ 2 Interest cost 31 30 5 6 61 61 10 11 Expected return on plan assets (42) (41) (85) (82) Amortization of prior service cost 1 1 Recognized net actuarial loss 12 5 24 9 Net periodic benefit expense $ 14 $ 6 $ 6 $ 7 $ 28 $ 12 $ 12 $ 13 As of January 31, 2010, acontribution of $260 was made to a U.S. pension plan and contributions of $12 were made to non-U.S. pension plans. No additional U.S. pension plan contributions are expected this fiscal year. Contributions to non-U.S. pension plans are expected to be approximately $14 during the remainder of the fiscal year.

Financial Instruments

Financial Instruments
	6 Months Ended Jan. 31, 2010
Financial Instruments [Abstract]
Financial Instruments	11.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 January 31, 2010 was $2,387 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 January 31, 2010. 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 January 31, 2010, cross-currency swap contracts mature in 2010 through 2014. Principal currencies hedged include the Australian dollar, euro, Canadian dollar, 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 $344 and $314 at January 31, 2010 and February 1, 2009, respectively. The effective portion of the changes in fair value on

Fair Value Measurements

Fair Value Measurements
	6 Months Ended Jan. 31, 2010
Fair Value Measurements [Abstract]
Fair Value Measurements	12.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, the company bases fair value 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 January 31, 2010 consistent with the fair value hierarchy: Fair Value Fair Value Measurements at as of January 31, 2010 Using January31, Fair Value Hierarchy 2010 Level 1 Level 2 Level 3 Assets Interest rate swaps (1) $ 43 $ $ 43 $ Foreign exchange forward contracts (2) 4 4 Cross-currency swap contracts (3) 10 10 Commodity derivatives (4) 1 1 Total assets at fair value $ 58 $ 1 $ 57 $ Fair Value Fair Value Measurements at as of January 31, 2010 Using January31, Fair Value Hierarchy 2010 Level 1 Level 2 Level 3 Liabilities Interest rate swaps (1) $ 2 $ $ 2 $ Foreign exchange forward contracts (2) 9 9 Cross-currency swap contracts (3) 50 50 Commodity derivatives (4) 4 4 Deferred compensation obligation (5) 159 112 47 Total liabilities at fair value $ 224 $ 116 $ 108 $ ____________ (1) Based on LIBOR swap rates. (2) Based on observable market transactions of spot currency rates and forward rates. (3) Based on observable local benchmarks for currency and interest rates. (4) Based on quoted futures exchanges. (5) Based on the fair value of the participants investments.

Share Repurchase Programs

Share Repurchase Programs
	6 Months Ended Jan. 31, 2010
Share Repurchase Programs [Abstract]
Share Repurchase Programs	13.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 six-month period ended January 31, 2010, the company repurchased 7million shares at a cost of $213. Of this amount, $118 were repurchased pursuant to the companys June2008 publicly announced share repurchase program. Approximately $682 remains available under this program as of January31, 2010. During the six-month period ended February 1, 2009, the company repurchased 9million shares at a cost of $295. Of this amount, $197 were repurchased pursuant to the companys June2008 publicly announced share repurchase program.

Stock-based Compensation

Stock-based Compensation
	6 Months Ended Jan. 31, 2010
Stock-based Compensation [Abstract]
Stock-based Compensation	14. 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 Earnings from continuing operations was $25 and $19 for the three-month periods ended January 31, 2010 and February1, 2009, respectively. Tax-related benefits of $10 and $7 were also recognized for the three-month periods ended January 31, 2010 and February1, 2009, respectively. Total pre-tax stock-based compensation recognized in Earnings from continuing operations was $45 and $44 for the six-month periods ended January 31, 2010 and February1, 2009, respectively. Tax-related benefits of $17 and $16 were also recognized for the six-month periods ended January 31, 2010 and February1, 2009, respectively. Cash received from the exercise of stock options was $36 and $69 for the six-month periods ended January 31, 2010 and February 1, 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 January31, 2010: 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 (1,384) $ 27.13 Terminated (81) $ 35.20 Outstanding at January31, 2010 16,087 $ 27.00 2.9 $ 98 Exercisable at January31, 2010 16,087 $ 27.00 2.9 $ 98 The total intrinsic value of options exercised during the six-month periods ended January31, 2010 and February1, 2009 was $9and $30, 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 January31, 2010: Weighted- Average Grant-Date Shares/Units Fair Value (Restricted stock/units in thousands) Nonvested at August2, 2009 2,073 $ 38.17 Granted .. 1,384 $ 32.19 Vested (924) $ 37.79 Forfeited (62) $ 35.88 Nonvested at January31, 2010 .. 2,471 $ 35.02 The fair value of time-lapse restricted stock/units and EPS performance restricted stock/units is determined based on the number of shares granted and the quoted price of the companys stock at the date of grant. Time-lapse restricted stock/units granted in fiscal 2006 and forward are expensed on a straight-line basis over the vesting period, except for awards issued to retirement-eligible participants, which are expensed on an accelerated basis. EPS restric

Inventories

Inventories
	6 Months Ended Jan. 31, 2010
Inventories [Abstract]
Inventories	15.Inventories January31, August 2, 2010 2009 Inventories Raw materials, containers and supplies $ 250 $ 324 Finished products 450 500 $ 700 $ 824

Supplemental Cash Flow Informat

Supplemental Cash Flow Information
	6 Months Ended Jan. 31, 2010
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	16. Supplemental Cash Flow Information Other cash used in operating activities for the six-month periods is comprised of the following: January31, February1, 2010 2009 Benefit related payments $ (17) $ (19) Other (4) 9 $ (21) $ (10)

Document and Entity Information

Document and Entity Information
	6 Months Ended Jan. 31, 2010	Mar. 04, 2010
Document & Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	2010-01-31
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		340,266,799