Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Apr. 28, 2019 | May 29, 2019 | |
Entity Information [Line Items] | ||
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, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 301,149,903 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Apr. 28, 2019 | Apr. 29, 2018 | Apr. 28, 2019 | Apr. 29, 2018 | |||
Income Statement [Abstract] | ||||||
Net sales | $ 2,178 | $ 1,878 | $ 7,129 | $ 5,743 | ||
Costs and expenses | ||||||
Cost of products sold | 1,455 | 1,263 | 4,781 | 3,624 | ||
Marketing and selling expenses | 245 | 220 | 738 | 645 | ||
Administrative expenses | 165 | 153 | 492 | 444 | ||
Research and development expenses | 26 | 25 | 74 | 79 | ||
Other expenses / (income) | 20 | 35 | 13 | (7) | ||
Restructuring charges | 1 | 24 | 21 | 58 | ||
Total costs and expenses | 1,912 | 1,720 | 6,119 | 4,843 | ||
Earnings before interest and taxes | 266 | 158 | 1,010 | 900 | ||
Interest expense | 92 | 44 | 279 | 107 | ||
Interest income | 1 | 2 | 3 | 3 | ||
Earnings before taxes | 175 | 116 | 734 | 796 | ||
Taxes on earnings | 44 | 43 | 184 | 106 | ||
Earnings from continuing operations | 131 | 73 | 550 | 690 | ||
Loss from discontinued operations | (47) | (466) | (331) | (523) | ||
Net earnings (loss) | 84 | (393) | 219 | 167 | ||
Less: Net earnings (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Net earnings (loss) attributable to Campbell Soup Company | $ 84 | $ (393) | $ 219 | $ 167 | ||
Per Share - Basic | ||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ 0.44 | [1] | $ 0.24 | $ 1.83 | [1] | $ 2.29 |
Loss from discontinued operations | (0.16) | (1.55) | (1.10) | (1.74) | ||
Net earnings (loss) attributable to Campbell Soup Company | $ 0.28 | $ (1.31) | $ 0.73 | $ 0.55 | ||
Weighted average shares outstanding - basic | 301 | 301 | 301 | 301 | ||
Per Share - Assuming Dilution | ||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ 0.43 | $ 0.24 | $ 1.82 | $ 2.28 | ||
Loss from discontinued operations | (0.16) | (1.55) | (1.10) | (1.73) | ||
Net earnings (loss) attributable to Campbell Soup Company | $ 0.28 | $ (1.31) | $ 0.73 | $ 0.55 | ||
Weighted average shares outstanding - assuming dilution | 302 | 301 | 302 | 302 | ||
[1] | The sum of individual per share amounts may not add due to rounding. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2019 | Apr. 29, 2018 | Apr. 28, 2019 | Apr. 29, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ 84 | $ (393) | $ 219 | $ 167 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax [Abstract] | ||||
Foreign currency translation adjustments, before tax | (26) | (59) | (49) | (25) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax [Abstract] | ||||
Unrealized gains (losses) arising during period, before Tax | 2 | 11 | 1 | 22 |
Reclassification adjustment for (gains) losses included in net earnings, before tax | (1) | 1 | 0 | 2 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, [Abstract] | ||||
Prior service credit arising during the period | 0 | 1 | 0 | (2) |
Reclassification of prior service credit included in net earnings, before tax | (8) | (7) | (22) | (20) |
Other comprehensive income (loss), before tax | (33) | (53) | (70) | (23) |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax [Abstract] | ||||
Foreign currency translation adjustments, tax (expense) benefit | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax [Abstract] | ||||
Unrealized gains (losses) arising during the period, tax (expense) benefit | 0 | (3) | 0 | (7) |
Reclassification adjustment for (gains) losses included in net earnings, tax (expense) benefit | 0 | 0 | 0 | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax [Abstract] | ||||
Prior service credit arising during the period, tax (expense) benefit | 0 | (1) | 0 | 0 |
Reclassification of prior service credit included in net earnings, tax (expense) benefit | 2 | 2 | 5 | 6 |
Other comprehensive income (loss), tax (expense) benefit | 2 | (2) | 5 | (1) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | ||||
Foreign currency translation adjustments, after-tax | (26) | (59) | (49) | (25) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax [Abstract] | ||||
Unrealized gains (losses) arising during the period, after-tax | 2 | 8 | 1 | 15 |
Reclassification adjustment for (gains) losses included in net earnings, after-tax | (1) | 1 | 0 | 2 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax [Abstract] | ||||
Prior service credit arising during the period, after-tax | 0 | 0 | 0 | 2 |
Reclassification of prior service credit included in net earnings, after-tax | (6) | (5) | (17) | (14) |
Other comprehensive income (loss), after tax | (31) | (55) | (65) | (24) |
Total comprehensive income (loss), after-tax | 53 | (448) | 154 | 143 |
Total comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | (1) |
Total comprehensive income (loss) attributable to Campbell Soup Company | $ 53 | $ (448) | $ 154 | $ 144 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions | Apr. 28, 2019 | Jul. 29, 2018 |
Current assets | ||
Cash and cash equivalents | $ 202 | $ 218 |
Accounts receivable, net | 753 | 702 |
Inventories | 884 | 1,037 |
Other current assets | 102 | 83 |
Current assets of discontinued operations | 220 | 256 |
Total current assets | 2,161 | 2,296 |
Plant assets, net of depreciation | 2,769 | 2,820 |
Goodwill | 4,702 | 4,580 |
Other intangible assets, net of amortization | 3,587 | 3,815 |
Other assets ($78 as of 2019 and $77 as of 2018 attributable to variable interest entity) | 203 | 220 |
Noncurrent assets of discontinued operations | 346 | 798 |
Total assets | 13,768 | 14,529 |
Current liabilities | ||
Short-term borrowings | 1,773 | 1,896 |
Payable to suppliers and others | 841 | 814 |
Accrued liabilities | 672 | 637 |
Dividends payable | 107 | 107 |
Accrued income taxes | 18 | 22 |
Current liabilities on discontinued operations | 100 | 118 |
Total current liabilities | 3,511 | 3,594 |
Long-term debt | 7,507 | 7,998 |
Deferred taxes | 990 | 996 |
Other liabilities | 519 | 564 |
Noncurrent liabilities of discontinued operations | 4 | 4 |
Total liabilities | 12,531 | 13,156 |
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 | 360 | 349 |
Earnings retained in the business | 2,107 | 2,224 |
Capital stock in treasury, at cost | (1,077) | (1,103) |
Accumulated other comprehensive loss | (174) | (118) |
Total Campbell Soup Company shareholders' equity | 1,228 | 1,364 |
Noncontrolling interests | 9 | 9 |
Total equity | 1,237 | 1,373 |
Total liabilities and equity | $ 13,768 | $ 14,529 |
Preferred Stock, Shares Authorized | 40 | 40 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.0375 | $ 0.0375 |
Capital Stock, Shares Authorized | 560 | 560 |
Common Stock, Shares, Issued | 323 | 323 |
Variable Interest Entity | ||
Current assets | ||
Other assets ($78 as of 2019 and $77 as of 2018 attributable to variable interest entity) | $ 78 | $ 77 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Apr. 28, 2019 | Apr. 29, 2018 | |
Cash flows from operating activities: | ||
Net earnings (loss) | $ 219 | $ 167 |
Adjustments to reconcile net earnings to operating cash flow | ||
Impairment charges | 360 | 694 |
Restructuring charges | 22 | 59 |
Stock-based compensation | 45 | 48 |
Noncurrent income taxes | 0 | 52 |
Amortization of inventory fair value adjustment from acquisition | 0 | 37 |
Pension and postretirement benefit income | (16) | (48) |
Depreciation and amortization | 349 | 266 |
Deferred income taxes | 50 | (192) |
Losses on sales of discontinued operations businesses | 18 | 0 |
Other, net | 21 | 10 |
Changes in working capital, net of acquisitions and divestitures | ||
Accounts receivable | (63) | (18) |
Inventories | 156 | 50 |
Prepaid assets | (19) | (84) |
Accounts payable and accrued liabilities | 60 | 26 |
Other | (54) | (43) |
Net cash provided by operating activities | 1,148 | 1,024 |
Cash flows from investing activities: | ||
Purchases of plant assets | (274) | (223) |
Purchases of route businesses | (27) | (5) |
Sales of route businesses | 29 | 5 |
Businesses acquired, net of cash acquired | (18) | (6,773) |
Sales of discontinued operations businesses, net of cash divested | 54 | 0 |
Other, net | 14 | (12) |
Net cash used in investing activities | (222) | (7,008) |
Cash flows from financing activities: | ||
Short-term borrowings | 4,681 | 7,811 |
Short-term repayments | (4,995) | (7,577) |
Long-term borrowings | 0 | 6,200 |
Long-term repayments | (300) | (43) |
Dividends paid | (318) | (321) |
Treasury stock purchases | 0 | (86) |
Payments related to tax withholding for stock-based compensation | (8) | (23) |
Repurchase of noncontrolling interest | 0 | 47 |
Payments of debt issuance costs | (1) | (49) |
Net cash provided by (used in) financing activities | (941) | 5,865 |
Effect of exchange rate changes on cash | (5) | (1) |
Net change in cash and cash equivalents | (20) | (120) |
Cash and cash equivalents - beginning of period | 218 | 314 |
Cash and Cash Equivalents of discontinued operations - beginning of period | 8 | 5 |
Cash and Cash Equivalents of discontinued operations - end of period | 4 | 4 |
Cash and cash equivalents - end of period | $ 202 | $ 195 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions | Total | Capital Stock Issued [Member] | Capital Stock In Treasury [Member] | Additional Paid-In Capital [Member] | Earnings Retained In The Business [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] | ||
Capital stock, shares at Jul. 30, 2017 | 323 | ||||||||
Treasury Stock, Shares at Jul. 30, 2017 | (22) | ||||||||
Balance, value at Jul. 30, 2017 | $ 1,645 | $ 12 | $ (1,066) | $ 359 | $ 2,385 | $ (53) | $ 8 | ||
Noncontrolling Interest acquired | 47 | 47 | |||||||
Repurchase of noncontrolling interest | (47) | (47) | |||||||
Net earnings (loss) | 167 | 167 | 0 | ||||||
Other comprehensive income (loss) | (24) | (23) | (1) | ||||||
Dividends | $ (316) | (316) | |||||||
Dividends per share | $ 1.05 | ||||||||
Treasury stock purchased, shares | (2) | ||||||||
Treasury stock purchased, value | $ (86) | $ (86) | |||||||
Treasury stock issued under management incentive and stock option plans, shares | 2 | ||||||||
Treasury stock issued under management incentive and stock option plans, value | 25 | $ 48 | (23) | ||||||
Capital stock, shares at Apr. 29, 2018 | 323 | ||||||||
Treasury Stock, Shares at Apr. 29, 2018 | (22) | ||||||||
Balance, value at Apr. 29, 2018 | 1,411 | $ 12 | $ (1,104) | 336 | 2,236 | (76) | 7 | ||
Capital stock, shares at Jan. 28, 2018 | 323 | ||||||||
Treasury Stock, Shares at Jan. 28, 2018 | (22) | ||||||||
Balance, value at Jan. 28, 2018 | 1,949 | $ 12 | $ (1,104) | 321 | 2,734 | (21) | 7 | ||
Noncontrolling Interest acquired | 47 | 47 | |||||||
Repurchase of noncontrolling interest | (47) | (47) | |||||||
Net earnings (loss) | (393) | (393) | 0 | ||||||
Other comprehensive income (loss) | (55) | (55) | 0 | ||||||
Dividends | $ (105) | (105) | |||||||
Dividends per share | $ 0.35 | ||||||||
Treasury stock purchased, shares | 0 | ||||||||
Treasury stock purchased, value | $ 0 | $ 0 | |||||||
Treasury stock issued under management incentive and stock option plans, shares | 0 | ||||||||
Treasury stock issued under management incentive and stock option plans, value | 15 | $ 0 | 15 | ||||||
Capital stock, shares at Apr. 29, 2018 | 323 | ||||||||
Treasury Stock, Shares at Apr. 29, 2018 | (22) | ||||||||
Balance, value at Apr. 29, 2018 | 1,411 | $ 12 | $ (1,104) | 336 | 2,236 | (76) | 7 | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting Standards Update 2014-09 [Member] | [1] | (8) | (8) | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting Standards Update 2018-02 [Member] | [1] | 0 | (9) | 9 | [2] | ||||
Capital stock, shares at Jul. 29, 2018 | 323 | ||||||||
Treasury Stock, Shares at Jul. 29, 2018 | (22) | ||||||||
Balance, value at Jul. 29, 2018 | 1,373 | $ 12 | $ (1,103) | 349 | 2,224 | (118) | 9 | ||
Net earnings (loss) | 219 | 219 | 0 | ||||||
Other comprehensive income (loss) | (65) | (65) | 0 | ||||||
Dividends | $ (319) | (319) | |||||||
Dividends per share | $ 1.05 | ||||||||
Treasury stock purchased, shares | 0 | ||||||||
Treasury stock purchased, value | $ 0 | $ 0 | |||||||
Treasury stock issued under management incentive and stock option plans, shares | 0 | ||||||||
Treasury stock issued under management incentive and stock option plans, value | 37 | $ 26 | 11 | ||||||
Capital stock, shares at Apr. 28, 2019 | 323 | ||||||||
Treasury Stock, Shares at Apr. 28, 2019 | (22) | ||||||||
Balance, value at Apr. 28, 2019 | 1,237 | $ 12 | $ (1,077) | 360 | 2,107 | (174) | 9 | ||
Capital stock, shares at Jan. 27, 2019 | 323 | ||||||||
Treasury Stock, Shares at Jan. 27, 2019 | (22) | ||||||||
Balance, value at Jan. 27, 2019 | 1,278 | $ 12 | $ (1,079) | 349 | 2,130 | (143) | 9 | ||
Net earnings (loss) | 84 | 84 | 0 | ||||||
Other comprehensive income (loss) | (31) | (31) | 0 | ||||||
Dividends | $ (107) | (107) | |||||||
Dividends per share | $ 0.35 | ||||||||
Treasury stock purchased, shares | 0 | ||||||||
Treasury stock purchased, value | $ 0 | $ 0 | |||||||
Treasury stock issued under management incentive and stock option plans, shares | 0 | ||||||||
Treasury stock issued under management incentive and stock option plans, value | 13 | $ 2 | 11 | ||||||
Capital stock, shares at Apr. 28, 2019 | 323 | ||||||||
Treasury Stock, Shares at Apr. 28, 2019 | (22) | ||||||||
Balance, value at Apr. 28, 2019 | $ 1,237 | $ 12 | $ (1,077) | $ 360 | $ 2,107 | $ (174) | $ 9 | ||
[1] | See Note 2 for additional detail. | ||||||||
[2] | Reflects the adoption of the FASB guidance on stranded tax effects. See Note 2 for additional information. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Apr. 28, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies In this Form 10-Q, unless otherwise stated, the terms "we," "us," "our" and the "company" refer to Campbell Soup Company and its consolidated subsidiaries. The consolidated financial statements include our accounts and entities in which we maintain a controlling financial interest and a variable interest entity (VIE) for which we are the primary beneficiary. Intercompany transactions are eliminated in consolidation. See Note 3 for a discussion of Discontinued Operations. Certain amounts in prior-year financial statements were reclassified to conform to the current-year presentation. 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 29, 2018, except as described below and in Note 2. The results for the period are not necessarily indicative of the results to be expected for other interim periods or the full year. Our fiscal year ends on the Sunday nearest July 31, which is July 28, 2019. Revenue Recognition - Our revenues primarily consist of the sale of food and beverage products through our own sales force and/or third-party brokers and distribution partners. Revenues are recognized when our performance obligation has been satisfied and control of the product passes to our customers, which typically occurs when products are delivered or accepted by customers in accordance with terms of agreements. We make shipments promptly after acceptance of orders. Shipping and handling costs incurred to deliver the product are recorded within Cost of products sold. Amounts billed and due from our customers are classified as Accounts receivable in the Consolidated Balance Sheets and require payment on a short-term basis. Revenues are recognized net of provisions for returns, discounts and certain sales promotion expenses, such as feature price discounts, in-store display incentives, cooperative advertising programs, new product introduction fees and coupon redemption costs. These forms of variable consideration are recognized upon sale. The recognition of costs for promotion programs involves the use of judgment related to performance and redemption estimates. Estimates are made based on historical experience and other factors, including expected volume. Historically, the difference between actual experience compared to estimated redemptions and performance has not been significant to the quarterly or annual financial statements. Differences between estimates and actual costs are recognized as a change in estimate in a subsequent period. Revenues are presented on a net basis for arrangements under which suppliers perform certain additional services. See Note 7 for additional information on disaggregation of revenue. In 2019, we adopted revised guidance on the recognition of revenue from contracts with customers. See Note 2 for additional information. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Apr. 28, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted In May 2014, the Financial Accounting Standards Board (FASB) issued revised guidance on the recognition of revenue from contracts with customers. The guidance is designed to create greater comparability for financial statement users across industries and jurisdictions. The guidance also requires enhanced disclosures. The guidance was originally effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. In July 2015, the FASB decided to delay the effective date of the new revenue guidance by one year to fiscal years, and interim periods within those years, beginning after December 15, 2017. Entities were permitted to adopt the new revenue standard early, but not before the original effective date. The guidance permits the use of either a full retrospective or modified retrospective transition method. We completed the review of our arrangements with customers across our businesses, including our practices of offering rebates, refunds, discounts and other price allowances, and trade and consumer promotion programs. As we evaluated our methods of estimating the amount and timing of these various forms of variable consideration, we determined we will accelerate the expense recognition of certain trade and consumer promotion programs under the new guidance. Based on our assessment, the impact is not expected to be material on an annual basis, but will impact quarterly results. We adopted the guidance in the first quarter of 2019 using the modified retrospective method and recorded a cumulative effect adjustment of $8 , net of tax, to decrease the opening balance of Earnings retained in the business, an increase of $10 to Accrued liabilities, an increase of $1 to Accounts payable, a decrease of $2 to Deferred taxes and an increase of $1 to Other assets. The impacts of the changes to our Consolidated Balance Sheet as of April 28, 2019 , as a result of adoption are as follows: As Reported Balances Without Adoption Increase/(Decrease) Due to Adoption Accounts receivable, net $ 753 $ 752 $ 1 Total current assets 2,161 2,160 1 Total assets 13,768 13,767 1 Payable to suppliers and others $ 841 $ 840 $ 1 Accrued liabilities 672 661 11 Accrued income taxes 18 21 (3 ) Total current liabilities 3,511 3,502 9 Total liabilities 12,531 12,522 9 Campbell Soup Company shareholders' equity Earnings retained in the business $ 2,107 $ 2,115 $ (8 ) Total Campbell Soup Company shareholders' equity 1,228 1,236 (8 ) Total equity 1,237 1,245 (8 ) Total liabilities and equity 13,768 13,767 1 The impacts of the changes to our Consolidated Statement of Earnings as a result of adoption are as follows: Three Months Ended Nine Months Ended April 28, 2019 April 28, 2019 As Reported Balances Without Adoption Increase/(Decrease) Due to Adoption As Reported Balances Without Adoption Increase/(Decrease) Due to Adoption Net sales $ 2,178 $ 2,172 $ 6 $ 7,129 $ 7,128 $ 1 Cost of products sold $ 1,455 $ 1,454 $ 1 $ 4,781 $ 4,780 $ 1 Total costs and expenses $ 1,912 $ 1,911 $ 1 $ 6,119 $ 6,118 $ 1 Earnings before interest and taxes $ 266 $ 261 $ 5 $ 1,010 $ 1,010 $ — Earnings before taxes $ 175 $ 170 $ 5 $ 734 $ 734 $ — Taxes on earnings 44 43 1 184 184 — Earnings from continuing operations attributable to Campbell Soup Company $ 131 $ 127 $ 4 $ 550 $ 550 $ — Per Share — Basic Earnings from continuing operations attributable to Campbell Soup Company (1) $ .44 $ .42 $ .01 $ 1.83 $ 1.83 $ — Per Share — Assuming Dilution Earnings from continuing operations attributable to Campbell Soup Company $ .43 $ .42 $ .01 $ 1.82 $ 1.82 $ — _______________________________________ (1) The sum of individual per share amounts may not add due to rounding. In January 2016, the FASB issued guidance that amends the recognition and measurement of financial instruments. The changes primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. Under the new guidance, equity investments in unconsolidated entities that are not accounted for under the equity method will generally be measured at fair value through earnings. When the fair value option has been elected for financial liabilities, changes in fair value due to instrument-specific credit risk will be recognized separately in other comprehensive income. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. In 2019, we adopted the guidance. The adoption did not have an impact on our consolidated financial statements. In August 2016, the FASB issued guidance on the classification of certain cash receipts and payments in the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The guidance must be applied retrospectively to all periods presented but may be applied prospectively if retrospective application would be impracticable. In 2019, we adopted the guidance. The adoption did not have a material impact on our consolidated financial statements. In October 2016, the FASB issued guidance on tax accounting for intra-entity asset transfers. Under current guidance, the tax effects of intra-entity asset transfers (intercompany sales) are deferred until the transferred asset is sold to a third party or otherwise recognized. The new guidance requires companies to account for the income tax effects on intercompany transfers of assets other than inventory when the transfer occurs. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted in the first interim period of a fiscal year. The modified retrospective approach is required upon adoption, with a cumulative-effect adjustment recorded in retained earnings as of the beginning of the period of adoption. In 2019, we adopted the guidance. The adoption did not have an impact on our consolidated financial statements. In January 2017, the FASB issued guidance that revises the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this threshold is met, the set of transferred assets and activities is not a business. If it is not met, the entity then evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. Beginning in 2019, we will prospectively apply the guidance to applicable transactions. In May 2017, the FASB issued guidance that clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under the new guidance, modification accounting is required only if the value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The guidance is effective prospectively for fiscal years beginning after December 15, 2017. Early adoption is permitted. We will apply the guidance in evaluating future changes to terms or conditions of share-based payment awards. In February 2018, the FASB issued guidance that provides entities an option to reclassify the stranded tax effects of the Tax Cuts and Jobs Act of 2017 on items within accumulated other comprehensive income to retained earnings. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those years. Entities are able to early adopt the guidance in any interim or annual period for which financial statements have not yet been issued and apply it either in the period of adoption or retrospectively to each period in which the tax effects of the Tax Cuts and Jobs Act of 2017 related to items in accumulated other comprehensive income are recognized. We adopted the guidance in the first quarter of 2019, effective on July 30, 2018, and elected not to reclassify prior periods. The adoption resulted in a cumulative effect adjustment of $9 to decrease the opening balance of Earnings retained in the business and a corresponding net decrease to the components of Accumulated other comprehensive income (loss). See Note 5 for additional information. Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued guidance that amends accounting for leases. Under the new guidance, a lessee will recognize assets and liabilities for most leases but will recognize expenses similar to current lease accounting. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. In July 2018, the FASB issued an adoption approach that allows entities to apply the new guidance at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption without restating prior periods. We are currently compiling an inventory of our lease arrangements in order to determine the impact that the new guidance will have on our consolidated financial statements. We have selected a lease software solution to facilitate the adoption of the new guidance. In August 2017, the FASB issued guidance that amends hedge accounting. Under the new guidance, more hedging strategies will be eligible for hedge accounting and the application of hedge accounting is simplified. The new guidance amends presentation and disclosure requirements, and how effectiveness is assessed. In October 2018, the FASB issued guidance which permits an entity to designate the overnight index swap rate based on the Secured Overnight Financing Rate Fed Funds as a benchmark interest rate in a hedge accounting relationship. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those years. Early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. In August 2018, the FASB issued guidance that changes the disclosure requirements related to defined benefit pension and postretirement plans. The guidance is effective for fiscal years beginning after December 15, 2020. The guidance is to be applied on a retrospective basis. Early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our disclosures. In August 2018, the FASB issued guidance that eliminates, adds, and modifies certain disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those years. Early adoption is permitted. Certain disclosures in the guidance must be applied on a retrospective basis, while others must be applied on a prospective basis. We are currently evaluating the impact that the new guidance will have on our disclosures. In August 2018, the FASB issued guidance on accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. The guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance is effective for fiscal years beginning after December 15, 2019. Entities have the option to apply the guidance prospectively to all implementation costs incurred after the date of adoption or retrospectively. Early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Apr. 28, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations On August 30, 2018, we announced plans to pursue the divestiture of businesses within two operating segments: our international biscuits and snacks operating segment, which includes Arnott’s, Kelsen and our operations in Indonesia, Malaysia, Hong Kong and Japan; and the Campbell Fresh operating segment, which includes Bolthouse Farms, Garden Fresh Gourmet and the U.S. refrigerated soup business. On February 25, 2019, we sold our U.S refrigerated soup business and on April 25, 2019, we sold our Garden Fresh Gourmet business. Proceeds were approximately $55 , subject to customary purchase price adjustments. On April 12, 2019, we signed a definitive agreement for the sale of Bolthouse Farms to an affiliate of Butterfly Equity for $510 , subject to customary purchase price adjustments. We expect to complete the sale in the fourth quarter of 2019. Beginning in the third quarter of 2019, we have reflected the results of these businesses as discontinued operations in the Consolidated Statements of Earnings for all periods presented. Results of discontinued operations were as follows: Three Months Ended Nine Months Ended April 28, 2019 April 29, 2018 April 28, 2019 April 29, 2018 Net sales $ 210 $ 247 $ 666 $ 723 Impairment charges $ — $ 619 $ 360 $ 694 Earnings (loss) before taxes from operations $ 7 $ (633 ) $ (361 ) $ (720 ) Taxes on earnings from operations 7 (167 ) (82 ) (197 ) Loss on sale of businesses / costs associated with selling the businesses (24 ) — (31 ) — Tax impact of loss on sale / costs associated with selling the businesses 23 — 21 — Loss from discontinued operations $ (47 ) $ (466 ) $ (331 ) $ (523 ) In the second quarter of 2019, we performed interim impairment assessments on the intangible and tangible assets of the businesses. We revised our future outlook for earnings and cash flows for each of these businesses as the divestiture process progressed and we received initial indications of value. Within Bolthouse Farms carrot and carrot ingredients, we recorded impairment charges of $18 on the trademark, $40 on customer relationships, $15 on technology and $104 on plant assets. Within Bolthouse Farms refrigerated beverages and salad dressings, we recorded impairment charges of $74 on the trademark, $22 on customer relationships, and $9 on plant assets. On Garden Fresh Gourmet, we recorded impairment charges of $23 on the trademark, $39 on customer relationships, and $2 on plant assets. In the first quarter of 2019, we recorded an impairment charge of $14 on the U.S refrigerated soup plant assets. In the third quarter of 2019, we incurred pre-tax expenses of $24 associated with the sale process of the businesses in Campbell Fresh, including losses on the sale of the U.S. refrigerated soup business and Garden Fresh Gourmet of $15 . Year-to-date in 2019, we incurred pre-tax expenses of $31 associated with the sale process of the businesses, including losses on the sale of the U.S. refrigerated soup business and Garden Fresh Gourmet of $18 . In addition, due to the pending sale of Bolthouse Farms, we recorded tax expense of $29 in the three- and nine-month periods ended April 28, 2019, as deferred tax assets are not realizable. The assets and liabilities of Bolthouse Farms have been reflected as assets and liabilities of discontinued operations as of April 28, 2019, and July 29, 2018. In addition, the assets and liabilities of the Garden Fresh Gourmet business and our U.S refrigerated soup business, which were sold in the current-year quarter, have been reflected as assets and liabilities of discontinued operations as of July 29, 2018. April 28, July 29, Cash $ 4 $ 8 Accounts receivable, net 77 84 Inventories 137 161 Other current assets 2 3 Current assets $ 220 $ 256 Plant assets, net of depreciation $ 199 $ 413 Other intangible assets, net of amortization 143 381 Other assets 4 4 Total assets $ 566 $ 1,054 Payable to suppliers and others $ 57 $ 79 Accrued liabilities 43 39 Current liabilities $ 100 $ 118 Deferred taxes $ — $ (1 ) Other liabilities 4 5 Total liabilities $ 104 $ 122 The depreciation and amortization, capital expenditures, sale proceeds and significant operating noncash items of discontinued operations were as follows: Nine Months Ended April 28, April 29, Cash flows from discontinued operating activities: Impairment charges $ 360 $ 694 Depreciation and amortization 44 55 Loss on sale of businesses 18 — Cash flows from discontinued investing activities: Capital expenditures $ 20 $ 28 Sale of businesses, net of cash divested 54 — We will provide certain transition services to support the divested businesses. |
Acquistions
Acquistions | 9 Months Ended |
Apr. 28, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On March 26, 2018, we completed the acquisition of Snyder's-Lance, Inc. (Snyder's-Lance) for $50.00 per share. Total consideration was $6,112 , which included the payoff of approximately $1,100 of Snyder's-Lance indebtedness. The acquisition was financed through a single draw 3-year senior unsecured term loan facility and the issuance of senior notes. Snyder's-Lance is a snack food company that manufactures, distributes, markets and sells snack food products in North America and Europe. Its primary brands include Snyder’s of Hanover and Lance , as well as Kettle Brand , KETTLE, Cape Cod , Snack Factory Pretzel Crisps , Pop Secret, Emerald and Late July . The excess of the purchase price over the estimated fair values of identifiable net assets was recorded as $3,006 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 Global Biscuits and Snacks segment. On December 12, 2017, we completed the acquisition of Pacific Foods of Oregon, LLC (Pacific Foods). The purchase price was $688 . Pacific Foods produces broth, soups, non-dairy beverages and other simple meals. The excess of the purchase price over the estimated fair values of identifiable net assets was recorded as $202 of goodwill. The goodwill is 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 and Beverages segment. The table below presents the fair value that was allocated to acquired assets and assumed liabilities of Snyder's-Lance. In the first quarter ended October 28, 2018, we made measurement period adjustments to reflect facts and circumstances in existence as of the date of acquisition. These adjustments included a $134 decrease to indefinite-lived trademarks, a $52 decrease to customer relationships, a $43 decrease to Deferred taxes and a $140 increase to Goodwill. Snyder's-Lance Cash $ 21 Accounts receivable 220 Inventories 219 Other current assets 32 Plant assets 696 Goodwill 3,006 Other intangible assets 2,761 Other assets 65 Short-term debt (1 ) Accounts payable (124 ) Accrued liabilities (115 ) Deferred taxes (597 ) Other liabilities (24 ) Noncontrolling interest (47 ) Total assets acquired and liabilities assumed $ 6,112 The identifiable intangible assets of Snyder's-Lance consist of: Type Life in Years Value Trademarks Non-amortizable Indefinite $ 1,997 Customer relationships Amortizable 15 to 22 756 Other Amortizable 1.5 8 Total identifiable intangible assets $ 2,761 For the three- and nine-month periods ended April 28, 2019 , the acquisition of Snyder's-Lance contributed $532 and $1,615 to Net sales. The contribution to Net earnings (loss) from continuing operations were losses of $9 and $26 for the three- and nine-month periods ended April 28, 2019 , including expenses associated with restructuring charges and cost savings initiatives, as well as interest expense on the debt to finance the acquisition. We recognized transaction costs and integration costs of $64 and $88 , associated with the Snyder's-Lance acquisition in the three- and nine-month periods ended April 29, 2018 , respectively. Approximately $29 in the three-month period and $53 in the nine-month period represented transactions costs, including bridge financing costs and outside advisory costs, and were recorded in Other expenses / (income). Integration costs in the three- and nine-month periods included the following: • amortization of most of the acquisition date fair value adjustment to inventories of $37 that was recorded in Cost of products sold; • $10 of Restructuring charges; • $6 of Administrative expenses; and • $18 gain in Interest expense on treasury rate lock contracts used to hedge the planned financing of the acquisition. For the three- and nine-month periods ended April 29, 2018 , the contribution of the Snyder's-Lance acquisition to Net sales was $207 . The contribution to Net earnings (loss) was a loss of $52 for the three-month period ended April 29, 2018 , including the effect of the transaction and integration costs, and interest expense on the debt to finance the acquisition. For the three- and nine-month periods ended April 28, 2019 , the acquisition of Pacific Foods contributed $55 and $182 to Net sales. The contribution to Net earnings (loss) from continuing operations were losses of $4 and $7 for the three- and nine-month periods ended April 28, 2019 , including interest expense on the debt to finance the acquisition. For the nine-month period ended April 29, 2018 , the contribution of the Pacific Foods acquisition to Net sales was $83 . The contribution to Net earnings was not material. The following unaudited summary information is presented on a consolidated pro forma basis as if the Snyder's-Lance and Pacific Foods acquisitions had occurred on August 1, 2016: Three Months Ended Nine Months Ended April 29, April 29, Net sales $ 2,201 $ 7,280 Earnings from continuing operations attributable to Campbell Soup Company $ 98 $ 795 Earnings from continuing operations per share attributable to Campbell Soup Company - basic $ .33 $ 2.64 Earnings from continuing operations per share attributable to Campbell Soup Company - assuming dilution $ .33 $ 2.63 The pro forma amounts include additional interest expense on the debt issued to finance the purchases, amortization and depreciation expense based on the estimated fair value and useful lives of intangible assets and plant assets, and related tax effects. The pro forma results are not necessarily indicative of the combined results had the Snyder's-Lance and Pacific Foods acquisitions been completed on August 1, 2016, nor are they indicative of future combined results. The pro forma results for the three- and nine-month periods ended April 29, 2018 do not include certain transaction costs, amortization of the acquisition date fair value adjustment to inventories, or a gain on treasury rate lock contracts, as all of these would be reflected in the nine-month period ended April 30, 2017, had the acquisitions occurred on August 1, 2016. With the acquisition of Snyder's-Lance, we acquired an investment in Yellow Chips Holdings B.V. (Yellow Chips), and accounted for the investment under the equity method of accounting. On October 30, 2018, we purchased the remaining ownership interest in Yellow Chips, and began consolidating the business. The purchase price was $18 . The pro forma results for the nine-month period ended April 28, 2019 and the three- and nine-month periods ended April 29, 2018 were not material. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Apr. 28, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (Loss) The components of Accumulated other comprehensive income (loss) consisted of the following: Foreign Currency Translation Adjustments (1) Gains (Losses) on Cash Flow Hedges (2) Pension and Postretirement Benefit Plan Adjustments (3) Total Accumulated Comprehensive Income (Loss) Balance at July 30, 2017 $ (84 ) $ (22 ) $ 53 $ (53 ) Other comprehensive income (loss) before reclassifications (24 ) 15 (2 ) (11 ) Amounts reclassified from accumulated other comprehensive income (loss) — 2 (14 ) (12 ) Net current-period other comprehensive income (loss) (24 ) 17 (16 ) (23 ) Balance at April 29, 2018 $ (108 ) $ (5 ) $ 37 $ (76 ) Balance at July 29, 2018 $ (154 ) $ (4 ) $ 40 $ (118 ) Cumulative effect of a change in accounting principle (4) 2 (3 ) 10 9 Other comprehensive income (loss) before reclassifications (49 ) 1 — (48 ) Amounts reclassified from accumulated other comprehensive income (loss) — — (17 ) (17 ) Net current-period other comprehensive income (loss) (49 ) 1 (17 ) (65 ) Balance at April 29, 2019 $ (201 ) $ (6 ) $ 33 $ (174 ) _____________________________________ (1) Included a tax expense of $4 as of April 28, 2019 , and $6 as of July 29, 2018 , April 29, 2018 , and July 30, 2017 . (2) Included a tax benefit of $1 as of April 28, 2019 , $4 as of July 29, 2018 , $5 as of April 29, 2018 , and $12 as of July 30, 2017 . (3) Included a tax expense of $10 as of April 28, 2019 , $25 as of July 29, 2018 , $24 as of April 29, 2018 , and $30 as of July 30, 2017 . (4) Reflects the adoption of the FASB guidance on stranded tax effects. See Note 2 for additional information. Amounts related to noncontrolling interests were not material. The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following: Three Months Ended Nine Months Ended Details about Accumulated Other Comprehensive Income (Loss) Components April 28, 2019 April 29, 2018 April 28, 2019 April 29, 2018 Location of (Gain) Loss Recognized in Earnings (Gains) losses on cash flow hedges: Foreign exchange forward contracts $ (1 ) $ — $ (1 ) $ — Cost of products sold Foreign exchange forward contracts (1 ) — (1 ) — Other expenses / (income) Forward starting interest rate swaps 1 1 2 2 Interest expense Total before tax (1 ) 1 — 2 Tax expense (benefit) — — — — (Gain) loss, net of tax $ (1 ) $ 1 $ — $ 2 Pension and postretirement benefit adjustments: Prior service credit $ (8 ) $ (7 ) $ (22 ) $ (20 ) Other expenses / (income) Tax expense (benefit) 2 2 5 6 (Gain) loss, net of tax $ (6 ) $ (5 ) $ (17 ) $ (14 ) |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 9 Months Ended |
Apr. 28, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The following table shows the changes in the carrying amount of goodwill by business segment: Meals and Beverages Global Total Net balance at July 29, 2018 $ 978 $ 3,602 $ 4,580 Changes in preliminary purchase price allocation — 140 140 Acquisition — 21 21 Foreign currency translation adjustment (3 ) (36 ) (39 ) Net balance at April 28, 2019 $ 975 $ 3,727 $ 4,702 During the three-month period ended October 28, 2018, we made changes in the preliminary allocation of the purchase price of the Snyder's-Lance acquisition which resulted in a change in goodwill of $140 in the Global Biscuits and Snacks segment. On October 30, 2018, we acquired the remaining ownership interest in Yellow Chips and began consolidating the business, which resulted in goodwill of $21 . See Note 4 for additional information. Intangible Assets The following table sets forth balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization: April 28, 2019 July 29, 2018 Intangible Assets Estimated Useful Lives Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets Customer relationships 10 to 22 $ 890 $ (67 ) $ 823 $ 936 $ (34 ) $ 902 Other 1.5 to 20 17 (14 ) 3 17 (6 ) 11 Total amortizable intangible assets $ 907 $ (81 ) $ 826 $ 953 $ (40 ) $ 913 Non-amortizable intangible assets Trademarks 2,761 2,902 Total net intangible assets $ 3,587 $ 3,815 The intangible assets of Campbell Fresh are included in Noncurrent assets of discontinued operations on the Consolidated Balance Sheets. See also Note 3 See for additional information on discontinued operations. Non-amortizable intangible assets consist of trademarks, which include Snyder's of Hanover, Lance, Kettle Brand, Pace, Pacific Foods, Snack Factory, Cape Cod, Pop Secret , Kjeldsens, Plum, and Late July . Other amortizable intangible assets consist of recipes, non-compete agreements, trademarks, and patents. Amortization of intangible assets in Earnings from continuing operations was $37 and $9 for the nine-month periods ended April 28, 2019 and April 29, 2018 , respectively. Amortization expense for the next 5 years is estimated to be $51 in 2019, $47 in 2020 and $45 in 2021 through 2023. |
Segment Information
Segment Information | 9 Months Ended |
Apr. 28, 2019 | |
Segment Reporting [Abstract] | |
Business and Geographic Segment Information | Segment Information Commencing in the third quarter of 2018 with the acquisition of Snyder's-Lance, we formed a new U.S. snacking unit, which combines Snyder's-Lance and Pepperidge Farm, and is an operating segment. Through the second quarter of 2019, we had four operating segments based primarily on product type, and three reportable segments. The operating segments were Meals and Beverages; U.S. snacking; international biscuits and snacks; and Campbell Fresh. The U.S. snacking operating segment is aggregated with the international biscuits and snacks operating segment to form the Global Biscuits and Snacks reportable segment. The operating segments are aggregated based on similar economic characteristics, products, production processes, types or classes of customers, distribution methods, and regulatory environment. On August 30, 2018, we announced plans to pursue the divestiture of our international biscuits and snacks operating segment, and the Campbell Fresh segment. The international biscuits and snacks operating segment and the Campbell Fresh segment combined represent approximately $2,100 in net sales in 2018. On February 25, 2019, we sold our U.S refrigerated soup business. On April 25, 2019, we sold our Garden Fresh Gourmet business. On April 12, 2019, we signed a definitive agreement for the sale of Bolthouse Farms to an affiliate of Butterfly Equity. These businesses were historically included in the Campbell Fresh segment. Beginning in the third quarter of 2019, the results of these businesses are reported as discontinued operations for the periods presented. A portion of the U.S. refrigerated soup business historically included in Campbell Fresh was retained, and is now reported in Meals and Beverages. Prior periods have been adjusted to conform to the current presentation. Our reportable segments are as follows: • Meals and Beverages segment includes the retail and food service businesses in the U.S., Canada and Latin America. The segment includes the following products: Campbell’s condensed and ready-to-serve soups; Swanson broth and stocks; Prego pasta sauces; Pace Mexican sauces; Campbell’s gravies, pasta, beans and dinner sauces; Swanson canned poultry; Plum food and snacks; V8 juices and beverages; Campbell’s tomato juice; and as of December 12, 2017, Pacific broth, soups, non-dairy beverages and other simple meals; and • Global Biscuits and Snacks segment represents an aggregation of the following operating segments: U.S. snacks operating segment, which includes Pepperidge Farm cookies, crackers, bakery and frozen products in U.S. retail, and Snyder’s-Lance pretzels, sandwich crackers, potato chips, tortilla chips and other snacking products in the U.S. and Europe; and the international biscuits and snacks operating segment, which includes Arnott’s biscuits in Australia and Asia Pacific, Kelsen cookies globally, and the simple meals and shelf-stable beverages business in Australia and Asia Pacific. Through the fourth quarter of 2018, our simple meals and shelf-stable beverage business in Latin America was managed as part of the Global Biscuits and Snacks segment. Beginning in 2019, our business in Latin America is managed as part of the Meals and Beverages segment. Segment results have been adjusted retrospectively to reflect this change. We evaluate segment performance before interest, taxes and costs associated with restructuring activities and impairment charges. Unrealized gains and losses on 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 April 28, April 29, April 28, April 29, Net sales Meals and Beverages $ 1,024 $ 1,033 $ 3,513 $ 3,501 Global Biscuits and Snacks 1,154 843 3,615 2,239 Corporate — 2 1 3 Total $ 2,178 $ 1,878 $ 7,129 $ 5,743 Three Months Ended Nine Months Ended April 28, April 29, April 28, April 29, Earnings before interest and taxes Meals and Beverages $ 207 $ 218 $ 753 $ 832 Global Biscuits and Snacks 139 121 478 375 Corporate (1) (79 ) (157 ) (200 ) (249 ) Restructuring charges (2) (1 ) (24 ) (21 ) (58 ) Total $ 266 $ 158 $ 1,010 $ 900 _______________________________________ (1) Represents unallocated items. Pension and postretirement benefit settlement and mark-to-market adjustments are included in Corporate. There were settlement charges of $28 in the three- and nine-month periods ended April 28, 2019, and mark-to-market gains of $14 in the nine-month period ended April 29, 2018 . Costs related to cost savings initiatives were $19 and $45 for the three-month periods and $68 and $89 in the nine-month periods ended April 28, 2019 , and April 29, 2018 , respectively. Costs of $2 and $7 associated with the planned divestiture of our international biscuits and snacks operating segment were in the three- and nine-month periods ended April 28, 2019 , respectively. Transaction and integration costs associated with the acquisition of Snyder's-Lance were $72 and $96 in the three- and nine-month periods ended April 29, 2018 , respectively. A charge of $22 related to the settlement of a legal claim was included in the three- and nine-month periods ended April 29, 2018. (2) See Note 8 for additional information. Our global net sales based on product categories are as follows: Three Months Ended Nine Months Ended April 28, April 29, April 28, April 29, Net sales Soup $ 560 $ 564 $ 2,108 $ 2,113 Snacks 1,138 818 3,567 2,180 Other simple meals 286 293 879 903 Beverages 194 203 574 545 Other — — 1 2 Total $ 2,178 $ 1,878 $ 7,129 $ 5,743 Soup includes various soup, broths and stock products. Snacks include cookies, pretzels, crackers, biscuits, popcorn, nuts, potato chips, tortilla chips and other salty snacks and baked products. Other simple meals include sauces and Plum products. |
Restructuring Charges and Cost
Restructuring Charges and Cost Savings Initiatives | 9 Months Ended |
Apr. 28, 2019 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | Restructuring Charges and Cost Savings Initiatives 2015 Initiatives and Snyder's-Lance Cost Transformation Program and Integration In fiscal 2015, we implemented initiatives to reduce costs and to streamline our organizational structure. As part of these initiatives, we commenced a voluntary employee separation program available to certain U.S.-based salaried employees nearing retirement who met age, length-of-service and business unit/function criteria. In February 2017, we announced that we were expanding these initiatives by further optimizing our supply chain network, primarily in North America, continuing to evolve our operating model to drive efficiencies, and more fully integrating our recent acquisitions. In January 2018, as part of the expanded initiatives, we authorized additional pre-tax costs to improve the operational efficiency of our thermal supply chain network in North America by closing our manufacturing facility in Toronto, Ontario, and to optimize our information technology infrastructure by migrating certain applications to the latest cloud technology platform. In August 2018, we announced that we will continue to streamline our organization, expand our zero-based budgeting efforts and optimize our manufacturing network. On March 26, 2018, we completed the acquisition of Snyder's-Lance. Prior to the acquisition, in April 2017, 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 expect to continue to implement this program and to achieve a majority of the program's targeted savings. In addition, we have identified opportunities for additional cost synergies as we integrate Snyder's-Lance. Cost estimates, as well as timing for certain activities, are continuing to be developed. A summary of the pre-tax charges recorded in Earnings from continuing operations related to both programs is as follows: Three Months Ended Nine Months Ended April 28, April 29, 2018 (1) April 28, April 29, 2018 (1) Recognized as of April 28, 2019 (2) Restructuring charges $ 1 $ 24 $ 21 $ 58 $ 235 Administrative expenses 12 35 35 73 236 Cost of products sold 4 14 25 20 74 Marketing and selling expenses 2 2 6 2 9 Research and development expenses 1 — 2 — 2 Total pre-tax charges $ 20 $ 75 $ 89 $ 153 $ 556 _______________________________________ (1) Includes $10 of Restructuring charges and $6 of Administrative expenses in the three- and nine-month periods ended April 29, 2018 associated with the Snyder's-Lance cost transformation program and integration. (2) Includes $13 of Restructuring charges and $12 of Administrative expenses associated with the Snyder's-Lance cost transformation program and integration recognized in 2018. A summary of the pre-tax charges recorded in Loss from discontinued operations is as follows: Three Months Ended Nine Months Ended April 28, April 29, April 28, April 29, Recognized as of April 28, 2019 (1) Total pre-tax charges $ — $ 1 $ 1 $ 2 $ 8 _______________________________________ (1) Includes $4 of Severance pay and benefits and $4 of Implementation costs and other related costs. As of April 28, 2019 , we incurred all of the costs for actions associated with discontinued operations. All of the costs were cash expenditures. A summary of the pre-tax costs in Earnings from continuing operations associated with both programs is as follows: Recognized as of Severance pay and benefits (1) $ 211 Asset impairment/accelerated depreciation 69 Implementation costs and other related costs (2) 276 Total $ 556 _______________________________________ (1) Includes $13 of charges associated with the Snyder's-Lance cost transformation program and integration recognized in 2018. (2) Includes $12 of charges associated with the Snyder's-Lance cost transformation program and integration recognized in 2018. The total estimated pre-tax costs associated with continuing operations for actions that have been identified under both programs are approximately $610 to $655 and we expect to incur substantially all of the costs through 2020. This estimate will be updated as costs for the expanded initiatives are developed. We expect the costs for actions that have been identified to date associated with continuing operations under both programs to consist of the following: approximately $210 to $215 in severance pay and benefits; approximately $70 in asset impairment and accelerated depreciation; and approximately $330 to $370 in implementation costs and other related costs.We expect these pre-tax costs to be associated with our segments as follows: Meals and Beverages - approximately 37% ; Global Biscuits and Snacks - approximately 40% ; and Corporate - approximately 23% . Of the aggregate $610 to $655 of pre-tax costs identified to date associated with continuing operations, we expect approximately $530 to $575 will be cash expenditures. In addition, we expect to invest approximately $340 in capital expenditures through 2021, of which we invested approximately $226 as of April 28, 2019 . The capital expenditures primarily related to the U.S. warehouse optimization project, improvement of quality, safety and cost structure across the Snyder’s-Lance manufacturing network, transition of production of the Toronto manufacturing facility to our U.S. thermal plants, optimization of information technology infrastructure and applications, insourcing of manufacturing for certain simple meal products, and optimization of the Snyder’s-Lance warehouse and distribution network. A summary of the restructuring activity and related reserves associated with continuing operations at April 28, 2019 , is as follows: Severance Pay and Benefits Implementation Costs and Other Related Costs (3) Asset Impairment/Accelerated Depreciation Total Charges Accrued balance at July 29, 2018 (1) $ 45 2019 charges 21 44 24 $ 89 2019 cash payments (26 ) Foreign currency translation adjustment (1 ) Accrued balance at April 28, 2019 (2) $ 39 _______________________________________ (1) Includes $24 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet, $1 of which is associated with the Snyder's-Lance cost transformation program and integration. Of total accrued balance, $9 is associated with the Snyder's-Lance cost transformation program and integration. (2) Includes $11 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 Sheets. 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. Restructuring related reserves included in Current liabilities of discontinued operations were $1 and $0 at July 29, 2018 and April 28, 2019 , respectively. Segment operating results do not include restructuring charges, implementation costs and other related costs because we evaluate segment performance excluding such charges. A summary of the pre-tax costs in Earnings from continuing operations associated with segments is as follows: April 28, 2019 Three Months Ended Nine Months Ended Costs Incurred to Date (1) Meals and Beverages $ 7 $ 42 $ 220 Global Biscuits and Snacks 6 22 198 Corporate 7 25 138 Total $ 20 $ 89 $ 556 _______________________________________ (1) Includes $25 of pre-tax costs associated with the Global Biscuits and Snacks segment recognized in 2018 related to the Snyder's-Lance cost transformation program and integration. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Apr. 28, 2019 | |
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, 2019 , excludes approximately 2 million stock options that would have been antidilutive. The earnings per share calculation for the three-month period ended April 29, 2018 , excludes approximately 2 million stock options that would have been antidilutive. The earnings per share calculation for the nine-month period ended April 29, 2018 , excludes approximately 1 million stock options that would have been antidilutive. |
Noncontrolling Interests
Noncontrolling Interests | 9 Months Ended |
Apr. 28, 2019 | |
Income Amounts Attributable to Noncontrolling Interest, Disclosures [Abstract] | |
Noncontrolling Interest | Noncontrolling Interests We own a 60% controlling interest in a joint venture formed with Swire Pacific Limited to support our soup and broth business in China and a 70% controlling interest in a Malaysian food products manufacturing company. We also own a 99.8% interest in Acre Venture Partners, L.P. (Acre), a limited partnership formed to make venture capital investments in innovative new companies in food and food-related industries. See Note 13 for additional information. On March 26, 2018, we acquired Snyder's-Lance, including an 80% interest in one of its subsidiaries. In April 2018, we purchased the remaining 20% interest for $47 . The noncontrolling interests' share in the net earnings (loss) was included in Net earnings (loss) attributable to noncontrolling interests in the Consolidated Statements of Earnings. The noncontrolling interests in these entities were included in Total equity in the Consolidated Balance Sheets and Consolidated Statements of Equity. |
Pension And Postretirement Bene
Pension And Postretirement Benefits | 9 Months Ended |
Apr. 28, 2019 | |
Retirement Benefits [Abstract] | |
Pension And Postretirement Benefits | Pension and Postretirement Benefits Components of net benefit expense (income) were as follows: Three Months Ended Nine Months Ended Pension Postretirement Pension Postretirement April 28, April 29, April 28, April 29, April 28, April 29, April 28, April 29, Service cost $ 5 $ 6 $ 1 $ 1 $ 16 $ 18 $ 1 $ 1 Interest cost 21 19 2 1 62 56 6 5 Expected return on plan assets (36 ) (36 ) — — (107 ) (108 ) — — Amortization of prior service credit — — (8 ) (7 ) — — (22 ) (20 ) Special termination benefits — — — — — 2 — — Settlement charge 28 — — — 28 — — — Net periodic benefit income $ 18 $ (11 ) $ (5 ) $ (5 ) $ (1 ) $ (32 ) $ (15 ) $ (14 ) The settlement charge of $28 resulted from the level of lump sum distributions associated with a U.S. pension plan. The special termination benefits of $2 related to the planned closure of the manufacturing facility in Toronto, Ontario, and were included in Restructuring charges. See Note 8. The components of net periodic benefit expense (income) from continuing operations other than the service cost component are included in Other expenses / (income) in Earnings from continuing operations. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Apr. 28, 2019 | |
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 equity price changes related to certain deferred compensation obligations. In order to manage these exposures, we follow established risk management policies and procedures, including the use of derivative contracts such as swaps, rate locks, options, forwards and commodity futures. We enter into these derivative contracts for periods consistent with the related underlying exposures, and the contracts do not constitute positions independent of those exposures. We do not enter into derivative contracts for speculative purposes and do not use leveraged instruments. Our derivative programs include instruments that qualify and others that do not qualify for hedge accounting treatment. 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, 2019 , or July 29, 2018 . We are also exposed to credit risk from our customers. During 2018, our largest customer accounted for approximately 18% of consolidated net sales from continuing operations. Our five largest customers accounted for approximately 39% of our consolidated net sales from continuing operations in 2018. We closely monitor credit risk associated with counterparties and customers. Foreign Currency Exchange Risk We are exposed to foreign currency exchange risk related to our international operations, including non-functional currency intercompany debt and net investments in subsidiaries. We are also exposed to foreign exchange risk as a result of transactions in currencies other than the functional currency of certain subsidiaries. Principal currencies hedged include the Canadian dollar, Australian dollar and U.S. dollar. We utilize foreign exchange forward purchase and sale contracts, as well as cross-currency swaps, to hedge these exposures. The contracts are either designated as cash-flow hedging instruments or are undesignated. We hedge portions of our forecasted foreign currency transaction exposure with foreign exchange forward contracts for periods typically up to 18 months. To hedge currency exposures related to intercompany debt, we enter into foreign exchange forward purchase and sale contracts, as well as cross-currency swap contracts, for periods consistent with the underlying debt. The notional amount of foreign exchange forward contracts accounted for as cash-flow hedges was $98 at April 28, 2019 , and $104 at July 29, 2018 . The effective portion of the changes in fair value on these instruments is recorded in other comprehensive income (loss) and is reclassified into the Consolidated Statements of Earnings on the same line item and the same period in which the underlying hedged transaction affects earnings. The notional amount of foreign exchange forward contracts that are not designated as accounting hedges was $169 and $140 at April 28, 2019 , and July 29, 2018 , respectively. There were no cross-currency swap contracts outstanding as of April 28, 2019 , or July 29, 2018 . Interest Rate Risk We manage our exposure to changes in interest rates by optimizing the use of variable-rate and fixed-rate debt and by utilizing interest rate swaps in order to maintain our variable-to-total debt ratio within targeted guidelines. Receive fixed rate/pay variable rate interest rate swaps are accounted for as fair-value hedges. We manage our exposure to interest rate volatility on future debt issuances by entering into forward starting interest rate swaps or treasury rate lock contracts to lock in the rate on the interest payments related to the anticipated debt issuances. The contracts are either designated as cash-flow hedging instruments or are undesignated. The effective portion of the changes in fair value on designated instruments is recorded in other comprehensive income (loss) and reclassified into the Consolidated Statements of Earnings over the life of the debt. The change in fair value on undesignated instruments is recorded in interest expense. There were no forward starting interest rate swaps or treasury rate lock contracts outstanding as of April 28, 2019 , or July 29, 2018 . 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 diesel fuel, wheat, soybean oil, aluminum, natural gas, cocoa, soybean meal, corn, butter, and cheese, which impact the cost of raw materials. 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 accounted for as cash-flow hedges as of April 28, 2019 , or July 29, 2018 . The notional amount of commodity contracts not designated as accounting hedges was $233 at April 28, 2019 , and $118 at July 29, 2018 . In 2017, we entered into a supply contract under which prices for certain raw materials are established based on anticipated volume requirements over a twelve-month period. Certain prices under the contract are based in part on certain component parts of the raw materials that are in excess of our needs or not required for our operations, thereby creating an embedded derivative requiring bifurcation. We net settle amounts due under the contract with our counterparty. The notional value was approximately $43 as of April 28, 2019 , and $33 as of July 29, 2018 . The fair value was not material as of April 28, 2019 , and July 29, 2018 . Unrealized gains (losses) and settlements are included in Cost of products sold in our Consolidated Statements of Earnings. Equity Price Risk We enter into swap contracts which hedge a portion of exposures relating to certain deferred compensation obligations linked to the total return of our capital stock, the total return of the Vanguard Institutional Index Institutional Plus Shares and the total return of the Vanguard Total International Stock Index. Under these contracts, we pay variable interest rates and receive from the counterparty either: the total return on our capital stock; the total return of the Standard & Poor's 500 Index, which is expected to approximate the total return of the Vanguard Institutional Index Institutional Plus Shares; or the total return of the iShares MSCI EAFE Index, which is expected to approximate the total return of the Vanguard Total International Stock Index. These contracts were not designated as hedges for accounting purposes. We enter into these contracts for periods typically not exceeding 12 months. The notional amounts of the contracts were $31 as of April 28, 2019 , and $41 as of July 29, 2018 . 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, 2019 , and July 29, 2018 : Balance Sheet Classification April 28, July 29, Asset Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Other current assets $ 1 $ 1 Total derivatives designated as hedges $ 1 $ 1 Derivatives not designated as hedges: Commodity derivative contracts Other current assets $ 6 $ 5 Deferred compensation derivative contracts Other current assets 1 1 Foreign exchange forward contracts Other current assets 3 3 Total derivatives not designated as hedges $ 10 $ 9 Total asset derivatives $ 11 $ 10 Balance Sheet Classification April 28, July 29, Liability Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Accrued liabilities $ 2 $ 2 Total derivatives designated as hedges $ 2 $ 2 Derivatives not designated as hedges: Commodity derivative contracts Accrued liabilities $ 10 $ 3 Commodity derivative contracts Other liabilities 1 1 Total derivatives not designated as hedges $ 11 $ 4 Total liability derivatives $ 13 $ 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, 2019 , and July 29, 2018 , would be adjusted as detailed in the following table: April 28, 2019 July 29, 2018 Derivative Instrument Gross Amounts Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements Net Amount Gross Amounts Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements Net Amount Total asset derivatives $ 11 $ (5 ) $ 6 $ 10 $ (3 ) $ 7 Total liability derivatives $ 13 $ (5 ) $ 8 $ 6 $ (3 ) $ 3 We are required to maintain cash margin accounts in connection with funding the settlement of open positions for exchange-traded commodity derivative instruments. At April 28, 2019 , and July 29, 2018 , a cash margin account balance of $10 and $2 , respectively, was included in Other current assets in the Consolidated Balance Sheets. The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and nine- month periods ended April 28, 2019 , and April 29, 2018 , in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings: Total Cash-Flow Hedge OCI Activity Derivatives Designated as Cash-Flow Hedges April 28, April 29, Three Months Ended OCI derivative gain (loss) at beginning of quarter $ (8 ) $ (22 ) Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts 2 6 Forward starting interest rate swaps — 5 Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold (1 ) — Foreign exchange forward contracts Other expenses / (income) (1 ) — Forward starting interest rate swaps Interest expense 1 1 OCI derivative gain (loss) at end of quarter $ (7 ) $ (10 ) Nine Months Ended OCI derivative gain (loss) at beginning of year $ (8 ) $ (34 ) Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts 1 7 Forward starting interest rate swaps — 15 Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold (1 ) — Foreign exchange forward contracts Other expenses / (income) (1 ) — Forward starting interest rate swaps Interest expense 2 2 OCI derivative gain (loss) at end of quarter $ (7 ) $ (10 ) Based on current valuations, the amount expected to be reclassified from OCI into earnings within the next 12 months is a gain of $1 . The ineffective portion and amount excluded from effectiveness testing were not material. The following table shows the effects of our derivative instruments not designated as hedges for the three- and nine-month periods ended April 28, 2019 , and April 29, 2018 , in Earnings from continuing operations: Amount of (Gain) Loss Recognized in Earnings on Derivatives Three Months Ended Nine Months Ended Derivatives not Designated as Hedges Location of (Gain) Loss April 28, April 29, April 28, April 29, Foreign exchange forward contracts Other expenses / (income) $ — $ — $ — $ (1 ) Commodity derivative contracts Cost of products sold 6 (3 ) 7 (3 ) Deferred compensation derivative contracts Administrative expenses (4 ) 4 (1 ) (1 ) Treasury rate lock contracts Interest expense — (17 ) — (18 ) Total (gain) loss at end of quarter $ 2 $ (16 ) $ 6 $ (23 ) |
Variable Interest Entity
Variable Interest Entity | 9 Months Ended |
Apr. 28, 2019 | |
Schedule of Equity Method Investments [Line Items] | |
Variable Interest Entity Disclosure [Text Block] | Variable Interest Entity In February 2016, we agreed to make a capital commitment subject to certain qualifications of up to $125 to Acre, a limited partnership formed to make venture capital investments in innovative new companies in food and food-related industries. Acre is managed by its general partner, Acre Ventures GP, LLC, which is independent of us. We are the sole limited partner of Acre and own a 99.8% interest. Our share of earnings (loss) is calculated according to the terms of the partnership agreement. Acre is a VIE. We have determined that we are the primary beneficiary. Therefore, we consolidate Acre and account for the third-party ownership as a noncontrolling interest. Through April 28, 2019 , we funded $83 of the capital commitment. On August 29, 2018, we provided notice of termination of the investment period and have no obligation to make any further capital contributions to Acre for new investments, but are required to pay obligations made prior to the notice of termination, the management fee and permitted partnership expenses. Acre elected the fair value option to account for qualifying investments to more appropriately reflect the value of the investments in the financial statements. The investments were $78 as of April 28, 2019 , and $77 as of July 29, 2018 , and are included in Other assets on the Consolidated Balance Sheets. Changes in the fair values of investments for which the fair value option was elected are included in Other expenses / (income) on the Consolidated Statements of Earnings. Current assets and liabilities of Acre were not material as of April 28, 2019 , or July 29, 2018 . |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Apr. 28, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements We categorize financial assets and liabilities based on the following fair value hierarchy: • Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data. • Level 3: Unobservable inputs, which are valued based on our estimates of assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. When available, we use unadjusted quoted market prices to measure the fair value and classify such items as Level 1. If quoted market prices are not available, we base fair value upon internally developed models that use current market-based or independently sourced market parameters such as interest rates and currency rates. Included in the fair value of derivative instruments is an adjustment for credit and nonperformance risk. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents our financial assets and liabilities that are measured at fair value on a recurring basis as of April 28, 2019 , and July 29, 2018 , consistent with the fair value hierarchy: Fair Value Fair Value Measurements at Fair Value Fair Value Measurements at Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Foreign exchange forward contracts (1) $ 4 $ — $ 4 $ — $ 4 $ — $ 4 $ — Commodity derivative contracts (2) 6 4 2 — 5 5 — — Deferred compensation derivative contracts (3) 1 — 1 — 1 — 1 — Deferred compensation investments (4) 4 4 — — 6 6 — — Fair value option investments (5) 78 — — 78 77 — — 77 Total assets at fair value $ 93 $ 8 $ 7 $ 78 $ 93 $ 11 $ 5 $ 77 Fair Value Fair Value Measurements at Fair Value Fair Value Measurements at Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Liabilities Foreign exchange forward contracts (1) $ 2 $ — $ 2 $ — $ 2 $ — $ 2 $ — Commodity derivative contracts (2) 11 9 2 — 4 3 1 — Deferred compensation obligation (4) 93 93 — — 108 108 — — Total liabilities at fair value $ 106 $ 102 $ 4 $ — $ 114 $ 111 $ 3 $ — ___________________________________ (1) Based on observable market transactions of spot currency rates and forward rates. (2) Based on quoted futures exchanges and on observable prices of transactions in the marketplace. (3) Based on LIBOR and equity index swap rates. (4) Based on the fair value of the participants’ investments. (5) Primarily represents investments in equity securities that are not readily marketable and are accounted for under the fair value option. The investments were funded by Acre. See Note 13 for additional information. Fair value is based on analyzing recent transactions and transactions of comparable companies, and the discounted cash flow method. In addition, allocation methods, including the option pricing method, are used in distributing fair value among various equity holders according to rights and preferences. The following table summarizes the changes in fair value of Level 3 investments for the nine-month periods ended April 28, 2019 and April 29, 2018: Nine Months Ended April 28, April 29, Fair value at beginning of year $ 77 $ 49 Gains 1 8 Purchases — 12 Fair value at end of quarter $ 78 $ 69 Items Measured at Fair Value on a Nonrecurring Basis In addition to assets and liabilities that are measured at fair value on a recurring basis, we are also required to measure certain items at fair value on a nonrecurring basis. In 2019, we recognized impairment charges on trademarks, plant assets, customer relationships and technology in connection with interim assessments of fair value on intangible and tangible assets in Campbell Fresh. See also Note 3 for additional information on the impairment charges, which are included in Loss from discontinued operations. In the fourth quarter of 2018, as part of our annual review of intangible assets, we recognized an impairment charge of $54 on the Plum trademark, which reduced the carrying value to fair value of $61 . Fair value was determined based on unobservable Level 3 inputs. The fair value of plant assets was determined based on cash flows associated with the asset group that include significant management assumptions, including expected proceeds. The fair values of trademarks, customer relationships and technology were determined based on discounted cash flow analyses that include significant management assumptions such as revenue growth rates, weighted average cost of capital, assumed royalty rates and attrition. The following table presents 2019 fair value measurements: Impairment Charges Fair Value January 27, 2019 Plant Assets Trademarks Customer Relationships Technology Plant Assets Trademarks Customer Relationships Technology Bolthouse Farms carrot and carrot ingredients $ 104 $ 18 $ 40 $ 15 $ 102 $ 30 $ 15 $ 10 Bolthouse Farms refrigerated beverages and salad dressings $ 9 $ 74 $ 22 $ 100 $ 76 $ 12 Garden Fresh Gourmet $ 2 $ 23 $ 39 $ 25 $ — $ — October 28, 2018 Refrigerated soup $ 14 $ 38 Fair Value of Financial Instruments The carrying values of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings, excluding the current portion of long-term debt, approximate fair value. Cash equivalents of $19 at April 28, 2019 , and $14 at July 29, 2018 , represent fair value as these highly liquid investments have an original maturity of three months or less. Fair value of cash equivalents is based on Level 2 inputs. The fair value of long-term debt, including the current portion of long-term debt in Short-term borrowings, was $7,985 at April 28, 2019 , and $8,347 at July 29, 2018 . The carrying value was $8,028 at April 28, 2019 , and $8,595 at July 29, 2018 . 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, 2019 | |
Equity [Abstract] | |
Share Repurchases | Share Repurchases In March 2017, the Board authorized a share repurchase program to purchase up to $1,500 . The program has no expiration date, but it may be suspended or discontinued at any time. In addition to this publicly announced program, we have a separate Board authorization to purchase shares to offset the impact of dilution from shares issued under our stock compensation plans. We suspended our share repurchases as of the second quarter of 2018. Approximately $1,296 remained available under the March 2017 program as of April 28, 2019 . During the nine-month period ended April 29, 2018 , we repurchased 2 million shares at a cost of $86 . |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Apr. 28, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [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 2019, we issued stock options, time-lapse restricted stock units, unrestricted stock, TSR performance restricted stock units and FCF performance restricted stock units. We have not issued EPS performance restricted stock units in 2019. Total pre-tax stock-based compensation expense and tax-related benefits recognized in Earnings from continuing operations were as follows: Three Months Ended Nine Months Ended April 28, April 29, April 28, April 29, Total pre-tax stock-based compensation expense $ 13 $ 16 $ 43 $ 46 Tax-related benefits $ 2 $ 3 $ 8 $ 10 The pre-tax stock-based compensation expense recognized in Losses from discontinued operations was $1 in the three-month period ended April 28, 2019, and $2 in the nine-month periods ended April 28, 2019, and April 29, 2018. The pre-tax stock based compensation expense recognized in the three-month period ended April 29, 2018 was not material. Tax-related benefits recognized in Losses from discontinued operations in the three- and nine-month periods ended April 28, 2019 were $1 and were not material in the three-and nine-month periods ended April 29, 2018. The following table summarizes stock option activity as of April 28, 2019 : Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value (Options in thousands) (In years) Outstanding at July 29, 2018 1,537 $ 50.36 Granted 596 $ 35.74 Exercised — $ — Terminated (74 ) $ 49.05 Outstanding at April 28, 2019 2,059 $ 46.17 7.5 $ 2 Exercisable at April 28, 2019 1,035 $ 50.88 6.1 $ — No options were exercised during the nine-month period ended April 29, 2018 . We measure the fair value of stock options using the Black-Scholes option pricing model. The expected term of options granted was based on the weighted average time of vesting and the end of the contractual term. We utilized this simplified method as we do not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The weighted-average assumptions and grant-date fair values for grants in 2019 and 2018 were as follows: 2019 2018 Risk-free interest rate 2.79% 2.06% Expected dividend yield 3.84% 2.95% Expected volatility 25.28% 19.60% Expected term 6.1 years 6 years Grant-date fair value $6.27 $6.67 We expense stock options on a straight-line basis over the vesting period, except for awards issued to retirement eligible participants, which we expense on an accelerated basis. As of April 28, 2019 , total remaining unearned compensation related to nonvested stock options was $2 , which will be amortized over the weighted-average remaining service period of 2.5 years . The following table summarizes time-lapse restricted stock units, EPS performance restricted stock units and FCF performance restricted stock units as of April 28, 2019 : Units Weighted- Average Grant-Date Fair Value (Restricted stock units in thousands) Nonvested at July 29, 2018 1,652 $ 47.01 Granted 1,331 $ 36.50 Vested (689 ) $ 47.77 Forfeited (254 ) $ 40.99 Nonvested at April 28, 2019 2,040 $ 40.64 We determine the fair value of time-lapse restricted stock units and EPS performance restricted stock units based on the quoted price of our stock at the date of grant. We expense time-lapse restricted stock units on a straight-line basis over the vesting period, except for awards issued to retirement-eligible participants, which we expense on an accelerated basis. We expense EPS performance restricted stock units on a graded-vesting basis, except for awards issued to retirement-eligible participants, which we expense on an accelerated basis. There were 66 thousand EPS performance target grants outstanding at April 28, 2019 , with a weighted-average grant-date fair value of $49.10 . The actual number of EPS performance restricted stock units issued at the vesting date could range from 0% to 100% of the initial grant, depending on actual performance achieved. We estimate expense based on the number of awards expected to vest. In 2019, we issued approximately 388 thousand FCF performance restricted stock units for which vesting is contingent upon the achievement of free cash flow (defined as Net cash provided by operating activities less capital expenditures and certain investing and financing activities) compared to annual operating plan objectives over a three-year period. An annual objective will be established each fiscal year for three consecutive years. Performance against these objectives will be averaged at the end of the three-year period to determine the number of underlying units that will vest at the end of the three years. The actual number of FCF performance restricted stock units issued at the vesting date could range from 0% to 200% of the initial grant depending on actual performance achieved. The fair value of FCF performance restricted stock units will be based upon the quoted price of our stock at the date of grant. We will expense FCF performance restricted stock units over the requisite service period of each objective. In the nine-month period ended April 28, 2019 , we granted 129 thousand of the issued FCF performance restricted stock units, which are included in the table above. There were 118 thousand FCF performance target grants outstanding at April 28, 2019 , with a grant date fair value of $37.62 . As of April 28, 2019 , total remaining unearned compensation related to nonvested time-lapse restricted stock units, EPS performance restricted stock units and FCF performance restricted stock units was $45 , which will be amortized over the weighted-average remaining service period of 1.9 years . The fair value of restricted stock units vested during the nine-month periods ended April 28, 2019 , and April 29, 2018 , was $26 , and $30 , respectively. The weighted-average grant-date fair value of the restricted stock units granted during the nine-month period ended April 29, 2018 , was $46.03 . The following table summarizes TSR performance restricted stock units as of April 28, 2019 : Units Weighted- Average Grant-Date Fair Value (Restricted stock units in thousands) Nonvested at July 29, 2018 1,664 $ 46.66 Granted 388 $ 31.29 Vested — $ — Forfeited (710 ) $ 55.98 Nonvested at April 28, 2019 1,342 $ 37.30 We estimated the fair value of TSR performance restricted stock units at the grant date using a Monte Carlo simulation. Weighted-average assumptions used in the Monte Carlo simulations were as follows: 2019 2018 Risk-free interest rate 2.80% 1.58% Expected dividend yield 3.79% 2.95% Expected volatility 24.50% 19.07% Expected term 3 years 3 years We recognize compensation expense on a straight-line basis over the service period. As of April 28, 2019 , total remaining unearned compensation related to TSR performance restricted stock units was $18 , which will be amortized over the weighted-average remaining service period of 1.7 years. In the first quarter of 2019, recipients of TSR performance restricted stock units earned 0% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 27, 2018. In the first quarter of 2018, recipients of TSR performance restricted stock units earned 125% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 28, 2017. As a result, approximately 160 thousand additional shares were awarded. The fair value of TSR performance restricted stock units vested during the nine-month period ended April 29, 2018 , was $38 . The grant-date fair value of the TSR performance restricted stock units granted during 2018 was $39.39 . The excess tax deficiencies of $2 in the nine-month period ended April 28, 2019 , and the excess tax benefits of $4 in the nine-month period ended April 29, 2018 , on vested restricted stock were presented as cash flows from operating activities. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Apr. 28, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We are involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising from the conduct of business both in the ordinary course and otherwise. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with our actual experiences in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to us that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value. Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time is normally difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law. On January 7, 2019, three purported shareholder class action lawsuits pending in the United States District Court for the District of New Jersey were consolidated under the caption, In re Campbell Soup Company Securities Litigation , Civ. No. 1:18-cv-14385-NLH-JS (the Action). Oklahoma Firefighters Pension and Retirement System was appointed lead plaintiff in the Action and, on March 1, 2019, filed an amended consolidated complaint. The company, Denise Morrison (the company's former President and Chief Executive Officer), and Anthony DiSilvestro (the company's Senior Vice President and Chief Financial Officer) are defendants in the Action. The consolidated complaint alleges that, in public statements between July 19, 2017 and May 17, 2018, the defendants made materially false and misleading statements and/or omitted material information about the company's business, operations, customer relationships, and prospects, specifically with regard to the Campbell Fresh segment. The consolidated complaint seeks unspecified monetary damages and other relief. On April 30, 2019, the defendants filed a motion to dismiss the consolidated complaint. We are vigorously defending against the Action. We establish liabilities for litigation and regulatory loss contingencies when information related to the loss contingencies shows both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require us to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated as of April 28, 2019 . While the potential future charges could be material in a particular quarter or annual period, based on information currently known by us, we do not believe any such charges are likely to have a material adverse effect on our consolidated results of operations or financial condition. |
Supplemental Financial Statemen
Supplemental Financial Statement Data | 9 Months Ended |
Apr. 28, 2019 | |
Disclosure Text Block Supplement [Abstract] | |
Supplemental Financial Information Data | Supplemental Financial Statement Data Balance Sheets April 28, July 29, Inventories Raw materials, containers and supplies $ 322 $ 365 Finished products 562 672 Total $ 884 $ 1,037 Statements of Earnings Three Months Ended Nine Months Ended April 28, April 29, April 28, April 29, Other expenses / (income) Amortization of intangible assets $ 13 $ 6 $ 37 $ 9 Net periodic benefit income other than the service cost (21 ) (23 ) (61 ) (87 ) Pension settlement charge 28 — 28 — Investment (gains) / losses (8 ) 1 (1 ) 1 Transaction costs (1) — 29 — 53 Legal settlement — 22 — 22 Other 8 — 10 (5 ) Total $ 20 $ 35 $ 13 $ (7 ) _________________________________ (1) In the three- and nine-month periods ended April 29, 2018, we recognized transaction costs of $29 and $53 , respectively, related to the acquisition of Snyder's-Lance. See Note 4 for additional information. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Apr. 28, 2019 | |
Accounting Policies [Abstract] | |
Revenue Recognition | Revenue Recognition - Our revenues primarily consist of the sale of food and beverage products through our own sales force and/or third-party brokers and distribution partners. Revenues are recognized when our performance obligation has been satisfied and control of the product passes to our customers, which typically occurs when products are delivered or accepted by customers in accordance with terms of agreements. We make shipments promptly after acceptance of orders. Shipping and handling costs incurred to deliver the product are recorded within Cost of products sold. Amounts billed and due from our customers are classified as Accounts receivable in the Consolidated Balance Sheets and require payment on a short-term basis. Revenues are recognized net of provisions for returns, discounts and certain sales promotion expenses, such as feature price discounts, in-store display incentives, cooperative advertising programs, new product introduction fees and coupon redemption costs. These forms of variable consideration are recognized upon sale. The recognition of costs for promotion programs involves the use of judgment related to performance and redemption estimates. Estimates are made based on historical experience and other factors, including expected volume. Historically, the difference between actual experience compared to estimated redemptions and performance has not been significant to the quarterly or annual financial statements. Differences between estimates and actual costs are recognized as a change in estimate in a subsequent period. Revenues are presented on a net basis for arrangements under which suppliers perform certain additional services. See Note 7 for additional information on disaggregation of revenue. In 2019, we adopted revised guidance on the recognition of revenue from contracts with customers. See Note 2 for additional information. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Tables) | 9 Months Ended |
Apr. 28, 2019 | |
Accounting Standards Update 2014-09 [Member] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The impacts of the changes to our Consolidated Balance Sheet as of April 28, 2019 , as a result of adoption are as follows: As Reported Balances Without Adoption Increase/(Decrease) Due to Adoption Accounts receivable, net $ 753 $ 752 $ 1 Total current assets 2,161 2,160 1 Total assets 13,768 13,767 1 Payable to suppliers and others $ 841 $ 840 $ 1 Accrued liabilities 672 661 11 Accrued income taxes 18 21 (3 ) Total current liabilities 3,511 3,502 9 Total liabilities 12,531 12,522 9 Campbell Soup Company shareholders' equity Earnings retained in the business $ 2,107 $ 2,115 $ (8 ) Total Campbell Soup Company shareholders' equity 1,228 1,236 (8 ) Total equity 1,237 1,245 (8 ) Total liabilities and equity 13,768 13,767 1 The impacts of the changes to our Consolidated Statement of Earnings as a result of adoption are as follows: Three Months Ended Nine Months Ended April 28, 2019 April 28, 2019 As Reported Balances Without Adoption Increase/(Decrease) Due to Adoption As Reported Balances Without Adoption Increase/(Decrease) Due to Adoption Net sales $ 2,178 $ 2,172 $ 6 $ 7,129 $ 7,128 $ 1 Cost of products sold $ 1,455 $ 1,454 $ 1 $ 4,781 $ 4,780 $ 1 Total costs and expenses $ 1,912 $ 1,911 $ 1 $ 6,119 $ 6,118 $ 1 Earnings before interest and taxes $ 266 $ 261 $ 5 $ 1,010 $ 1,010 $ — Earnings before taxes $ 175 $ 170 $ 5 $ 734 $ 734 $ — Taxes on earnings 44 43 1 184 184 — Earnings from continuing operations attributable to Campbell Soup Company $ 131 $ 127 $ 4 $ 550 $ 550 $ — Per Share — Basic Earnings from continuing operations attributable to Campbell Soup Company (1) $ .44 $ .42 $ .01 $ 1.83 $ 1.83 $ — Per Share — Assuming Dilution Earnings from continuing operations attributable to Campbell Soup Company $ .43 $ .42 $ .01 $ 1.82 $ 1.82 $ — _______________________________________ (1) The sum of individual per share amounts may not add due to rounding. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Apr. 28, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Results of discontinued operations were as follows: Three Months Ended Nine Months Ended April 28, 2019 April 29, 2018 April 28, 2019 April 29, 2018 Net sales $ 210 $ 247 $ 666 $ 723 Impairment charges $ — $ 619 $ 360 $ 694 Earnings (loss) before taxes from operations $ 7 $ (633 ) $ (361 ) $ (720 ) Taxes on earnings from operations 7 (167 ) (82 ) (197 ) Loss on sale of businesses / costs associated with selling the businesses (24 ) — (31 ) — Tax impact of loss on sale / costs associated with selling the businesses 23 — 21 — Loss from discontinued operations $ (47 ) $ (466 ) $ (331 ) $ (523 ) |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | April 28, July 29, Cash $ 4 $ 8 Accounts receivable, net 77 84 Inventories 137 161 Other current assets 2 3 Current assets $ 220 $ 256 Plant assets, net of depreciation $ 199 $ 413 Other intangible assets, net of amortization 143 381 Other assets 4 4 Total assets $ 566 $ 1,054 Payable to suppliers and others $ 57 $ 79 Accrued liabilities 43 39 Current liabilities $ 100 $ 118 Deferred taxes $ — $ (1 ) Other liabilities 4 5 Total liabilities $ 104 $ 122 |
Condensed Cash Flow Statement [Table Text Block] | The depreciation and amortization, capital expenditures, sale proceeds and significant operating noncash items of discontinued operations were as follows: Nine Months Ended April 28, April 29, Cash flows from discontinued operating activities: Impairment charges $ 360 $ 694 Depreciation and amortization 44 55 Loss on sale of businesses 18 — Cash flows from discontinued investing activities: Capital expenditures $ 20 $ 28 Sale of businesses, net of cash divested 54 — |
Acquistions (Tables)
Acquistions (Tables) | 9 Months Ended |
Apr. 28, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Snyder's-Lance Cash $ 21 Accounts receivable 220 Inventories 219 Other current assets 32 Plant assets 696 Goodwill 3,006 Other intangible assets 2,761 Other assets 65 Short-term debt (1 ) Accounts payable (124 ) Accrued liabilities (115 ) Deferred taxes (597 ) Other liabilities (24 ) Noncontrolling interest (47 ) Total assets acquired and liabilities assumed $ 6,112 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The identifiable intangible assets of Snyder's-Lance consist of: Type Life in Years Value Trademarks Non-amortizable Indefinite $ 1,997 Customer relationships Amortizable 15 to 22 756 Other Amortizable 1.5 8 Total identifiable intangible assets $ 2,761 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited summary information is presented on a consolidated pro forma basis as if the Snyder's-Lance and Pacific Foods acquisitions had occurred on August 1, 2016: Three Months Ended Nine Months Ended April 29, April 29, Net sales $ 2,201 $ 7,280 Earnings from continuing operations attributable to Campbell Soup Company $ 98 $ 795 Earnings from continuing operations per share attributable to Campbell Soup Company - basic $ .33 $ 2.64 Earnings from continuing operations per share attributable to Campbell Soup Company - assuming dilution $ .33 $ 2.63 The pro forma amounts include additional interest expense on the debt issued to finance the purchases, amortization and depreciation expense based on the estimated fair value and useful lives of intangible assets and plant assets, and related tax effects. The pro forma results are not necessarily indicative of the combined results had the Snyder's-Lance and Pacific Foods acquisitions been completed on August 1, 2016, nor are they indicative of future combined results. The pro forma results for the three- and nine-month periods ended April 29, 2018 do not include certain transaction costs, amortization of the acquisition date fair value adjustment to inventories, or a gain on treasury rate lock contracts, as all of these would be reflected in the nine-month period ended April 30, 2017, had the acquisitions occurred on August 1, 2016. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Apr. 28, 2019 | |
Equity [Abstract] | |
Components Of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of Accumulated other comprehensive income (loss) consisted of the following: Foreign Currency Translation Adjustments (1) Gains (Losses) on Cash Flow Hedges (2) Pension and Postretirement Benefit Plan Adjustments (3) Total Accumulated Comprehensive Income (Loss) Balance at July 30, 2017 $ (84 ) $ (22 ) $ 53 $ (53 ) Other comprehensive income (loss) before reclassifications (24 ) 15 (2 ) (11 ) Amounts reclassified from accumulated other comprehensive income (loss) — 2 (14 ) (12 ) Net current-period other comprehensive income (loss) (24 ) 17 (16 ) (23 ) Balance at April 29, 2018 $ (108 ) $ (5 ) $ 37 $ (76 ) Balance at July 29, 2018 $ (154 ) $ (4 ) $ 40 $ (118 ) Cumulative effect of a change in accounting principle (4) 2 (3 ) 10 9 Other comprehensive income (loss) before reclassifications (49 ) 1 — (48 ) Amounts reclassified from accumulated other comprehensive income (loss) — — (17 ) (17 ) Net current-period other comprehensive income (loss) (49 ) 1 (17 ) (65 ) Balance at April 29, 2019 $ (201 ) $ (6 ) $ 33 $ (174 ) _____________________________________ (1) Included a tax expense of $4 as of April 28, 2019 , and $6 as of July 29, 2018 , April 29, 2018 , and July 30, 2017 . (2) Included a tax benefit of $1 as of April 28, 2019 , $4 as of July 29, 2018 , $5 as of April 29, 2018 , and $12 as of July 30, 2017 . (3) Included a tax expense of $10 as of April 28, 2019 , $25 as of July 29, 2018 , $24 as of April 29, 2018 , and $30 as of July 30, 2017 . (4) Reflects the adoption of the FASB guidance on stranded tax effects. See Note 2 for additional information. |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following: Three Months Ended Nine Months Ended Details about Accumulated Other Comprehensive Income (Loss) Components April 28, 2019 April 29, 2018 April 28, 2019 April 29, 2018 Location of (Gain) Loss Recognized in Earnings (Gains) losses on cash flow hedges: Foreign exchange forward contracts $ (1 ) $ — $ (1 ) $ — Cost of products sold Foreign exchange forward contracts (1 ) — (1 ) — Other expenses / (income) Forward starting interest rate swaps 1 1 2 2 Interest expense Total before tax (1 ) 1 — 2 Tax expense (benefit) — — — — (Gain) loss, net of tax $ (1 ) $ 1 $ — $ 2 Pension and postretirement benefit adjustments: Prior service credit $ (8 ) $ (7 ) $ (22 ) $ (20 ) Other expenses / (income) Tax expense (benefit) 2 2 5 6 (Gain) loss, net of tax $ (6 ) $ (5 ) $ (17 ) $ (14 ) |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 9 Months Ended |
Apr. 28, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The following table shows the changes in the carrying amount of goodwill by business segment: Meals and Beverages Global Total Net balance at July 29, 2018 $ 978 $ 3,602 $ 4,580 Changes in preliminary purchase price allocation — 140 140 Acquisition — 21 21 Foreign currency translation adjustment (3 ) (36 ) (39 ) Net balance at April 28, 2019 $ 975 $ 3,727 $ 4,702 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table sets forth balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization: April 28, 2019 July 29, 2018 Intangible Assets Estimated Useful Lives Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets Customer relationships 10 to 22 $ 890 $ (67 ) $ 823 $ 936 $ (34 ) $ 902 Other 1.5 to 20 17 (14 ) 3 17 (6 ) 11 Total amortizable intangible assets $ 907 $ (81 ) $ 826 $ 953 $ (40 ) $ 913 Non-amortizable intangible assets Trademarks 2,761 2,902 Total net intangible assets $ 3,587 $ 3,815 |
Schedule of Indefinite-Lived Intangible Assets [Table Block] | The following table sets forth balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization: April 28, 2019 July 29, 2018 Intangible Assets Estimated Useful Lives Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets Customer relationships 10 to 22 $ 890 $ (67 ) $ 823 $ 936 $ (34 ) $ 902 Other 1.5 to 20 17 (14 ) 3 17 (6 ) 11 Total amortizable intangible assets $ 907 $ (81 ) $ 826 $ 953 $ (40 ) $ 913 Non-amortizable intangible assets Trademarks 2,761 2,902 Total net intangible assets $ 3,587 $ 3,815 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Apr. 28, 2019 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting [Table Text Block] | Three Months Ended Nine Months Ended April 28, April 29, April 28, April 29, Net sales Meals and Beverages $ 1,024 $ 1,033 $ 3,513 $ 3,501 Global Biscuits and Snacks 1,154 843 3,615 2,239 Corporate — 2 1 3 Total $ 2,178 $ 1,878 $ 7,129 $ 5,743 Three Months Ended Nine Months Ended April 28, April 29, April 28, April 29, Earnings before interest and taxes Meals and Beverages $ 207 $ 218 $ 753 $ 832 Global Biscuits and Snacks 139 121 478 375 Corporate (1) (79 ) (157 ) (200 ) (249 ) Restructuring charges (2) (1 ) (24 ) (21 ) (58 ) Total $ 266 $ 158 $ 1,010 $ 900 _______________________________________ (1) Represents unallocated items. Pension and postretirement benefit settlement and mark-to-market adjustments are included in Corporate. There were settlement charges of $28 in the three- and nine-month periods ended April 28, 2019, and mark-to-market gains of $14 in the nine-month period ended April 29, 2018 . Costs related to cost savings initiatives were $19 and $45 for the three-month periods and $68 and $89 in the nine-month periods ended April 28, 2019 , and April 29, 2018 , respectively. Costs of $2 and $7 associated with the planned divestiture of our international biscuits and snacks operating segment were in the three- and nine-month periods ended April 28, 2019 , respectively. Transaction and integration costs associated with the acquisition of Snyder's-Lance were $72 and $96 in the three- and nine-month periods ended April 29, 2018 , respectively. A charge of $22 related to the settlement of a legal claim was included in the three- and nine-month periods ended April 29, 2018. (2) See Note 8 for additional information. |
Additional Product Information for Net Sales [Table Text Block] | Our global net sales based on product categories are as follows: Three Months Ended Nine Months Ended April 28, April 29, April 28, April 29, Net sales Soup $ 560 $ 564 $ 2,108 $ 2,113 Snacks 1,138 818 3,567 2,180 Other simple meals 286 293 879 903 Beverages 194 203 574 545 Other — — 1 2 Total $ 2,178 $ 1,878 $ 7,129 $ 5,743 |
Restructuring Charges and Cos_2
Restructuring Charges and Cost Savings Initiatives (Tables) - 2015 and Snyder's-Lance Initiatives [Member] | 9 Months Ended |
Apr. 28, 2019 | |
Schedule Of Pre-Tax Charge And Remaining Costs [Table Text Block] | Three Months Ended Nine Months Ended April 28, April 29, 2018 (1) April 28, April 29, 2018 (1) Recognized as of April 28, 2019 (2) Restructuring charges $ 1 $ 24 $ 21 $ 58 $ 235 Administrative expenses 12 35 35 73 236 Cost of products sold 4 14 25 20 74 Marketing and selling expenses 2 2 6 2 9 Research and development expenses 1 — 2 — 2 Total pre-tax charges $ 20 $ 75 $ 89 $ 153 $ 556 _______________________________________ (1) Includes $10 of Restructuring charges and $6 of Administrative expenses in the three- and nine-month periods ended April 29, 2018 associated with the Snyder's-Lance cost transformation program and integration. (2) Includes $13 of Restructuring charges and $12 of Administrative expenses associated with the Snyder's-Lance cost transformation program and integration recognized in 2018. A summary of the pre-tax charges recorded in Loss from discontinued operations is as follows: Three Months Ended Nine Months Ended April 28, April 29, April 28, April 29, Recognized as of April 28, 2019 (1) Total pre-tax charges $ — $ 1 $ 1 $ 2 $ 8 _______________________________________ (1) Includes $4 of Severance pay and benefits and $4 of Implementation costs and other related costs. As of April 28, 2019 , we incurred all of the costs for actions associated with discontinued operations. All of the costs were cash expenditures. A summary of the pre-tax costs in Earnings from continuing operations associated with both programs is as follows: Recognized as of Severance pay and benefits (1) $ 211 Asset impairment/accelerated depreciation 69 Implementation costs and other related costs (2) 276 Total $ 556 _______________________________________ (1) Includes $13 of charges associated with the Snyder's-Lance cost transformation program and integration recognized in 2018. (2) Includes $12 of charges associated with the Snyder's-Lance cost transformation program and integration recognized in 2018. |
Schedule Of Restructuring Activity And Related Reserves [Table Text Block] | A summary of the restructuring activity and related reserves associated with continuing operations at April 28, 2019 , is as follows: Severance Pay and Benefits Implementation Costs and Other Related Costs (3) Asset Impairment/Accelerated Depreciation Total Charges Accrued balance at July 29, 2018 (1) $ 45 2019 charges 21 44 24 $ 89 2019 cash payments (26 ) Foreign currency translation adjustment (1 ) Accrued balance at April 28, 2019 (2) $ 39 _______________________________________ (1) Includes $24 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet, $1 of which is associated with the Snyder's-Lance cost transformation program and integration. Of total accrued balance, $9 is associated with the Snyder's-Lance cost transformation program and integration. (2) Includes $11 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 Sheets. 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. Restructuring related reserves included in Current liabilities of discontinued operations were $1 and $0 at July 29, 2018 and April 28, 2019 , respectively. |
Schedule Of Restructuring Charges Associated With Each Reportable Segment | A summary of the pre-tax costs in Earnings from continuing operations associated with segments is as follows: April 28, 2019 Three Months Ended Nine Months Ended Costs Incurred to Date (1) Meals and Beverages $ 7 $ 42 $ 220 Global Biscuits and Snacks 6 22 198 Corporate 7 25 138 Total $ 20 $ 89 $ 556 _______________________________________ (1) Includes $25 of pre-tax costs associated with the Global Biscuits and Snacks segment recognized in 2018 related to the Snyder's-Lance cost transformation program and integration. |
Pension And Postretirement Be_2
Pension And Postretirement Benefits (Tables) | 9 Months Ended |
Apr. 28, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Components of net benefit expense (income) were as follows: Three Months Ended Nine Months Ended Pension Postretirement Pension Postretirement April 28, April 29, April 28, April 29, April 28, April 29, April 28, April 29, Service cost $ 5 $ 6 $ 1 $ 1 $ 16 $ 18 $ 1 $ 1 Interest cost 21 19 2 1 62 56 6 5 Expected return on plan assets (36 ) (36 ) — — (107 ) (108 ) — — Amortization of prior service credit — — (8 ) (7 ) — — (22 ) (20 ) Special termination benefits — — — — — 2 — — Settlement charge 28 — — — 28 — — — Net periodic benefit income $ 18 $ (11 ) $ (5 ) $ (5 ) $ (1 ) $ (32 ) $ (15 ) $ (14 ) The settlement charge of $28 resulted from the level of lump sum distributions associated with a U.S. pension plan. The special termination benefits of $2 related to the planned closure of the manufacturing facility in Toronto, Ontario, and were included in Restructuring charges. See Note 8. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Apr. 28, 2019 | |
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, 2019 , and July 29, 2018 : Balance Sheet Classification April 28, July 29, Asset Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Other current assets $ 1 $ 1 Total derivatives designated as hedges $ 1 $ 1 Derivatives not designated as hedges: Commodity derivative contracts Other current assets $ 6 $ 5 Deferred compensation derivative contracts Other current assets 1 1 Foreign exchange forward contracts Other current assets 3 3 Total derivatives not designated as hedges $ 10 $ 9 Total asset derivatives $ 11 $ 10 Balance Sheet Classification April 28, July 29, Liability Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Accrued liabilities $ 2 $ 2 Total derivatives designated as hedges $ 2 $ 2 Derivatives not designated as hedges: Commodity derivative contracts Accrued liabilities $ 10 $ 3 Commodity derivative contracts Other liabilities 1 1 Total derivatives not designated as hedges $ 11 $ 4 Total liability derivatives $ 13 $ 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, 2019 , and July 29, 2018 , would be adjusted as detailed in the following table: April 28, 2019 July 29, 2018 Derivative Instrument Gross Amounts Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements Net Amount Gross Amounts Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements Net Amount Total asset derivatives $ 11 $ (5 ) $ 6 $ 10 $ (3 ) $ 7 Total liability derivatives $ 13 $ (5 ) $ 8 $ 6 $ (3 ) $ 3 |
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, 2019 , and July 29, 2018 , would be adjusted as detailed in the following table: April 28, 2019 July 29, 2018 Derivative Instrument Gross Amounts Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements Net Amount Gross Amounts Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements Net Amount Total asset derivatives $ 11 $ (5 ) $ 6 $ 10 $ (3 ) $ 7 Total liability derivatives $ 13 $ (5 ) $ 8 $ 6 $ (3 ) $ 3 |
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, 2019 , and April 29, 2018 , in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings: Total Cash-Flow Hedge OCI Activity Derivatives Designated as Cash-Flow Hedges April 28, April 29, Three Months Ended OCI derivative gain (loss) at beginning of quarter $ (8 ) $ (22 ) Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts 2 6 Forward starting interest rate swaps — 5 Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold (1 ) — Foreign exchange forward contracts Other expenses / (income) (1 ) — Forward starting interest rate swaps Interest expense 1 1 OCI derivative gain (loss) at end of quarter $ (7 ) $ (10 ) Nine Months Ended OCI derivative gain (loss) at beginning of year $ (8 ) $ (34 ) Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts 1 7 Forward starting interest rate swaps — 15 Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold (1 ) — Foreign exchange forward contracts Other expenses / (income) (1 ) — Forward starting interest rate swaps Interest expense 2 2 OCI derivative gain (loss) at end of quarter $ (7 ) $ (10 ) |
Derivatives Not Designated As Hedges [Table Text Block] | The following table shows the effects of our derivative instruments not designated as hedges for the three- and nine-month periods ended April 28, 2019 , and April 29, 2018 , in Earnings from continuing operations: Amount of (Gain) Loss Recognized in Earnings on Derivatives Three Months Ended Nine Months Ended Derivatives not Designated as Hedges Location of (Gain) Loss April 28, April 29, April 28, April 29, Foreign exchange forward contracts Other expenses / (income) $ — $ — $ — $ (1 ) Commodity derivative contracts Cost of products sold 6 (3 ) 7 (3 ) Deferred compensation derivative contracts Administrative expenses (4 ) 4 (1 ) (1 ) Treasury rate lock contracts Interest expense — (17 ) — (18 ) Total (gain) loss at end of quarter $ 2 $ (16 ) $ 6 $ (23 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Apr. 28, 2019 | |
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. |
Fair Value, Assets And Liabilities Measured on Recurring Basis [Table Text Block] | The following table presents our financial assets and liabilities that are measured at fair value on a recurring basis as of April 28, 2019 , and July 29, 2018 , consistent with the fair value hierarchy: Fair Value Fair Value Measurements at Fair Value Fair Value Measurements at Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Foreign exchange forward contracts (1) $ 4 $ — $ 4 $ — $ 4 $ — $ 4 $ — Commodity derivative contracts (2) 6 4 2 — 5 5 — — Deferred compensation derivative contracts (3) 1 — 1 — 1 — 1 — Deferred compensation investments (4) 4 4 — — 6 6 — — Fair value option investments (5) 78 — — 78 77 — — 77 Total assets at fair value $ 93 $ 8 $ 7 $ 78 $ 93 $ 11 $ 5 $ 77 Fair Value Fair Value Measurements at Fair Value Fair Value Measurements at Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Liabilities Foreign exchange forward contracts (1) $ 2 $ — $ 2 $ — $ 2 $ — $ 2 $ — Commodity derivative contracts (2) 11 9 2 — 4 3 1 — Deferred compensation obligation (4) 93 93 — — 108 108 — — Total liabilities at fair value $ 106 $ 102 $ 4 $ — $ 114 $ 111 $ 3 $ — ___________________________________ (1) Based on observable market transactions of spot currency rates and forward rates. (2) Based on quoted futures exchanges and on observable prices of transactions in the marketplace. (3) Based on LIBOR and equity index swap rates. (4) Based on the fair value of the participants’ investments. (5) Primarily represents investments in equity securities that are not readily marketable and are accounted for under the fair value option. The investments were funded by Acre. See Note 13 for additional information. Fair value is based on analyzing recent transactions and transactions of comparable companies, and the discounted cash flow method. In addition, allocation methods, including the option pricing method, are used in distributing fair value among various equity holders according to rights and preferences. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table summarizes the changes in fair value of Level 3 investments for the nine-month periods ended April 28, 2019 and April 29, 2018: Nine Months Ended April 28, April 29, Fair value at beginning of year $ 77 $ 49 Gains 1 8 Purchases — 12 Fair value at end of quarter $ 78 $ 69 |
Fair Value Measurements, Nonrecurring [Table Text Block] | he following table presents 2019 fair value measurements: Impairment Charges Fair Value January 27, 2019 Plant Assets Trademarks Customer Relationships Technology Plant Assets Trademarks Customer Relationships Technology Bolthouse Farms carrot and carrot ingredients $ 104 $ 18 $ 40 $ 15 $ 102 $ 30 $ 15 $ 10 Bolthouse Farms refrigerated beverages and salad dressings $ 9 $ 74 $ 22 $ 100 $ 76 $ 12 Garden Fresh Gourmet $ 2 $ 23 $ 39 $ 25 $ — $ — October 28, 2018 Refrigerated soup $ 14 $ 38 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Apr. 28, 2019 | |
Stock-based Compensation | |
Summary of Stock-based Compensation Expense [Table Text Block] | Total pre-tax stock-based compensation expense and tax-related benefits recognized in Earnings from continuing operations were as follows: Three Months Ended Nine Months Ended April 28, April 29, April 28, April 29, Total pre-tax stock-based compensation expense $ 13 $ 16 $ 43 $ 46 Tax-related benefits $ 2 $ 3 $ 8 $ 10 |
Employee Stock Option [Member] | |
Stock-based Compensation | |
Schedule Of Stock Option Activity [Table Text Block] | The following table summarizes stock option activity as of April 28, 2019 : Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value (Options in thousands) (In years) Outstanding at July 29, 2018 1,537 $ 50.36 Granted 596 $ 35.74 Exercised — $ — Terminated (74 ) $ 49.05 Outstanding at April 28, 2019 2,059 $ 46.17 7.5 $ 2 Exercisable at April 28, 2019 1,035 $ 50.88 6.1 $ — |
Schedule Of Share Based Payment Award Valuation Assumptions [Table Text Block] | The weighted-average assumptions and grant-date fair values for grants in 2019 and 2018 were as follows: 2019 2018 Risk-free interest rate 2.79% 2.06% Expected dividend yield 3.84% 2.95% Expected volatility 25.28% 19.60% Expected term 6.1 years 6 years Grant-date fair value $6.27 $6.67 |
Time Lapse. EPS, and FCF Restricted Stock Units [Member] | |
Stock-based Compensation | |
Time-Lapse Restricted Stock Units, EPS Performance Restricted Stock Units and FCF Restricted Stock Units Table Text Block] | The following table summarizes time-lapse restricted stock units, EPS performance restricted stock units and FCF performance restricted stock units as of April 28, 2019 : Units Weighted- Average Grant-Date Fair Value (Restricted stock units in thousands) Nonvested at July 29, 2018 1,652 $ 47.01 Granted 1,331 $ 36.50 Vested (689 ) $ 47.77 Forfeited (254 ) $ 40.99 Nonvested at April 28, 2019 2,040 $ 40.64 |
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, 2019 : Units Weighted- Average Grant-Date Fair Value (Restricted stock units in thousands) Nonvested at July 29, 2018 1,664 $ 46.66 Granted 388 $ 31.29 Vested — $ — Forfeited (710 ) $ 55.98 Nonvested at April 28, 2019 1,342 $ 37.30 |
Schedule Of Share Based Payment Award Valuation Assumptions [Table Text Block] | We estimated the fair value of TSR performance restricted stock units at the grant date using a Monte Carlo simulation. Weighted-average assumptions used in the Monte Carlo simulations were as follows: 2019 2018 Risk-free interest rate 2.80% 1.58% Expected dividend yield 3.79% 2.95% Expected volatility 24.50% 19.07% Expected term 3 years 3 years |
Supplemental Financial Statem_2
Supplemental Financial Statement Data (Tables) | 9 Months Ended |
Apr. 28, 2019 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule Of Balance Sheets Supplemental Disclosures [Table Text Block] | Balance Sheets April 28, July 29, Inventories Raw materials, containers and supplies $ 322 $ 365 Finished products 562 672 Total $ 884 $ 1,037 |
Schedule Of Statements Of Earnings Supplemental Disclosures [Table Text Block] | Statements of Earnings Three Months Ended Nine Months Ended April 28, April 29, April 28, April 29, Other expenses / (income) Amortization of intangible assets $ 13 $ 6 $ 37 $ 9 Net periodic benefit income other than the service cost (21 ) (23 ) (61 ) (87 ) Pension settlement charge 28 — 28 — Investment (gains) / losses (8 ) 1 (1 ) 1 Transaction costs (1) — 29 — 53 Legal settlement — 22 — 22 Other 8 — 10 (5 ) Total $ 20 $ 35 $ 13 $ (7 ) _________________________________ (1) In the three- and nine-month periods ended April 29, 2018, we recognized transaction costs of $29 and $53 , respectively, related to the acquisition of Snyder's-Lance. See Note 4 for additional information. |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Narrative) (Details) $ in Millions | Jul. 29, 2018USD ($) | |
Accounting Standards Update 2014-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (8) | [1] |
Accounting Standards Update 2018-02 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | [1] |
Accrued Liabilities [Member] | Accounting Standards Update 2014-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | 10 | |
Payable to suppliers and others [Member] | Accounting Standards Update 2014-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | 1 | |
Deferred taxes [Member] | Accounting Standards Update 2014-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | (2) | |
Other Assets [Member] | Accounting Standards Update 2014-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | 1 | |
Accumulated Other Comprehensive Income (Loss) [Member] | Accounting Standards Update 2018-02 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | 9 | |
Earnings Retained In The Business [Member] | Accounting Standards Update 2014-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | (8) | |
Earnings Retained In The Business [Member] | Accounting Standards Update 2018-02 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (9) | |
[1] | See Note 2 for additional detail. |
Recent Accounting Pronounceme_4
Recent Accounting Pronouncements Schedule of Changes (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||||||||
Apr. 28, 2019 | Apr. 29, 2018 | Apr. 28, 2019 | Apr. 29, 2018 | Jan. 27, 2019 | Jul. 29, 2018 | Jan. 28, 2018 | Jul. 30, 2017 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Accounts receivable, net | $ 753 | $ 753 | $ 702 | ||||||||
Assets, Current | 2,161 | 2,161 | 2,296 | ||||||||
Assets | 13,768 | 13,768 | 14,529 | ||||||||
Payable to suppliers and others | 841 | 841 | 814 | ||||||||
Accrued liabilities | 672 | 672 | 637 | ||||||||
Accrued income taxes | 18 | 18 | 22 | ||||||||
Total current liabilities | 3,511 | 3,511 | 3,594 | ||||||||
Total liabilities | 12,531 | 12,531 | 13,156 | ||||||||
Earnings retained in the business | 2,107 | 2,107 | 2,224 | ||||||||
Total Campbell Soup Company shareholders' equity | 1,228 | 1,228 | 1,364 | ||||||||
Total equity | 1,237 | $ 1,411 | 1,237 | $ 1,411 | $ 1,278 | 1,373 | $ 1,949 | $ 1,645 | |||
Liabilities and Equity | 13,768 | 13,768 | $ 14,529 | ||||||||
Net sales | 2,178 | 1,878 | 7,129 | 5,743 | |||||||
Cost of products sold | 1,455 | 1,263 | 4,781 | 3,624 | |||||||
Costs and Expenses | 1,912 | 1,720 | 6,119 | 4,843 | |||||||
Earnings before interest and taxes | 266 | 158 | 1,010 | 900 | |||||||
Earnings (loss) before taxes | 175 | 116 | 734 | 796 | |||||||
Taxes on earnings | 44 | 43 | 184 | 106 | |||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ 131 | $ 73 | $ 550 | $ 690 | |||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ 0.44 | [1] | $ 0.24 | $ 1.83 | [1] | $ 2.29 | |||||
Earnings from continuing operations attributable to Campbell Soup Company | $ 0.43 | $ 0.24 | $ 1.82 | $ 2.28 | |||||||
Balances without adoption of Topic 606 | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Accounts receivable, net | $ 752 | $ 752 | |||||||||
Assets, Current | 2,160 | 2,160 | |||||||||
Assets | 13,767 | 13,767 | |||||||||
Payable to suppliers and others | 840 | 840 | |||||||||
Accrued liabilities | 661 | 661 | |||||||||
Accrued income taxes | 21 | 21 | |||||||||
Total current liabilities | 3,502 | 3,502 | |||||||||
Total liabilities | 12,522 | 12,522 | |||||||||
Earnings retained in the business | 2,115 | 2,115 | |||||||||
Total Campbell Soup Company shareholders' equity | 1,236 | 1,236 | |||||||||
Total equity | 1,245 | 1,245 | |||||||||
Liabilities and Equity | 13,767 | 13,767 | |||||||||
Net sales | 2,172 | 7,128 | |||||||||
Cost of products sold | 1,454 | 4,780 | |||||||||
Costs and Expenses | 1,911 | 6,118 | |||||||||
Earnings before interest and taxes | 261 | 1,010 | |||||||||
Earnings (loss) before taxes | 170 | 734 | |||||||||
Taxes on earnings | 43 | 184 | |||||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ 127 | $ 550 | |||||||||
Earnings from continuing operations attributable to Campbell Soup Company | [1] | $ 0.42 | $ 1.83 | ||||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ 0.42 | $ 1.82 | |||||||||
Adjustments due to adoption of Topic 606 | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Accounts receivable, net | $ 1 | $ 1 | |||||||||
Assets, Current | 1 | 1 | |||||||||
Assets | 1 | 1 | |||||||||
Payable to suppliers and others | 1 | 1 | |||||||||
Accrued liabilities | 11 | 11 | |||||||||
Accrued income taxes | (3) | (3) | |||||||||
Total current liabilities | 9 | 9 | |||||||||
Total liabilities | 9 | 9 | |||||||||
Earnings retained in the business | (8) | (8) | |||||||||
Total Campbell Soup Company shareholders' equity | (8) | (8) | |||||||||
Total equity | (8) | (8) | |||||||||
Liabilities and Equity | 1 | 1 | |||||||||
Net sales | 6 | 1 | |||||||||
Cost of products sold | 1 | 1 | |||||||||
Costs and Expenses | 1 | 1 | |||||||||
Earnings before interest and taxes | 5 | 0 | |||||||||
Earnings (loss) before taxes | 5 | 0 | |||||||||
Taxes on earnings | 1 | 0 | |||||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ 4 | $ 0 | |||||||||
Earnings from continuing operations attributable to Campbell Soup Company | [1] | $ 0.01 | $ 0 | ||||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ 0.01 | $ 0 | |||||||||
[1] | The sum of individual per share amounts may not add due to rounding. |
Discontinued Operations Discont
Discontinued Operations Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Jul. 28, 2019 | Apr. 28, 2019 | Jan. 27, 2019 | Oct. 28, 2018 | Apr. 29, 2018 | Apr. 28, 2019 | Apr. 29, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Discontinued Operations, Loss on sale of business | $ 18 | $ 0 | |||||
Discontinued Operation, Tax impact of loss on sale and costs associated with selling the business | $ 23 | $ 0 | 21 | 0 | |||
Bolthouse Farms carrot and carrot ingredients reporting unit [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Tangible Asset Impairment Charges | $ 104 | 104 | |||||
Bolthouse Farms carrot and carrot ingredients reporting unit [Member] | Trademarks [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 18 | 18 | |||||
Bolthouse Farms carrot and carrot ingredients reporting unit [Member] | Customer Relationships [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Impairment of Intangible Assets, Finite-lived | 40 | 40 | |||||
Bolthouse Farms carrot and carrot ingredients reporting unit [Member] | Developed Technology Rights [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Impairment of Intangible Assets, Finite-lived | 15 | 15 | |||||
Bolthouse Farms refrigerated beverages and salad dressing [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Tangible Asset Impairment Charges | 9 | 9 | |||||
Bolthouse Farms refrigerated beverages and salad dressing [Member] | Trademarks [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 74 | 74 | |||||
Bolthouse Farms refrigerated beverages and salad dressing [Member] | Customer Relationships [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Impairment of Intangible Assets, Finite-lived | 22 | 22 | |||||
Garden Fresh Gourmet [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Tangible Asset Impairment Charges | 2 | 2 | |||||
Garden Fresh Gourmet [Member] | Trademarks [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 23 | 23 | |||||
Garden Fresh Gourmet [Member] | Customer Relationships [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Impairment of Intangible Assets, Finite-lived | $ 39 | 39 | |||||
U.S. Refrigerated Soup [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Tangible Asset Impairment Charges | $ 14 | 14 | |||||
Campbell Fresh [Member] | Costs Associated With Sale Of Business [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Discontinued Operations, Loss on sale of business | 24 | $ 0 | 31 | $ 0 | |||
Bolthouse Farms [Member] | Valuation Allowance, Deferred Tax Asset [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Discontinued Operation, Tax impact of loss on sale and costs associated with selling the business | 29 | 29 | |||||
U.S. Refrigerated Soup and Garden Fresh Gourmet | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from Divestiture of Businesses | 55 | ||||||
U.S. Refrigerated Soup and Garden Fresh Gourmet | Excluding Business Exit Costs [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Discontinued Operations, Loss on sale of business | $ 15 | $ 18 | |||||
Scenario, Forecast [Member] | Bolthouse Farms [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from Divestiture of Businesses | $ 510 |
Discontinued Operations (Schedu
Discontinued Operations (Schedule of Results of Operations of Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2019 | Apr. 29, 2018 | Apr. 28, 2019 | Apr. 29, 2018 | |
Discontinued Operations, Net sales | $ 210 | $ 247 | $ 666 | $ 723 |
Discontinued Operations, Earnings (loss) before taxes from operations | 7 | (633) | (361) | (720) |
Discontinued Operation, Taxes on earnings from operations | 7 | (167) | (82) | (197) |
Discontinued Operations, Loss on sale of business / costs associated with selling the business | 18 | 0 | ||
Discontinued Operation, Tax impact of loss on sale and costs associated with selling the business | 23 | 0 | 21 | 0 |
Loss from discontinued operations | (47) | (466) | (331) | (523) |
Asset Impairment Accelerated Depreciation [Member] | ||||
Discontinued Operations, Other Expense | 0 | (619) | (360) | (694) |
Campbell Fresh [Member] | Costs Associated With Sale Of Business [Member] | ||||
Discontinued Operations, Loss on sale of business / costs associated with selling the business | $ 24 | $ 0 | $ 31 | $ 0 |
Discontinued Operations (Sche_2
Discontinued Operations (Schedule of Assets and Liabilities of Discontinued Operations) (Details) - USD ($) $ in Millions | Apr. 28, 2019 | Jul. 29, 2018 | Apr. 29, 2018 | Jul. 30, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | $ 4 | $ 8 | $ 4 | $ 5 |
Discontinued Operation, Accounts receivable, net | 77 | 84 | ||
Discontinued Operation, Inventories | 137 | 161 | ||
Other current assets of discontinued operations | 2 | 3 | ||
Current assets of discontinued operations | 220 | 256 | ||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent | 199 | 413 | ||
Disposal Group, Including Discontinued Operation, Intangible Assets | 143 | 381 | ||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 4 | 4 | ||
Disposal Group, Including Discontinued Operation, Assets | 566 | 1,054 | ||
Disposal Group, Including Discontinued Operation, Accounts Payable | 57 | 79 | ||
Disposal Group, Including Discontinued Operation, Accrued Liabilities | 43 | 39 | ||
Current liabilities on discontinued operations | 100 | 118 | ||
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities | 0 | (1) | ||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 4 | 5 | ||
Disposal Group, Including Discontinued Operation, Liabilities | $ 104 | $ 122 |
Discontinued Operations (Supple
Discontinued Operations (Supplementary Cash Flow of Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2019 | Apr. 29, 2018 | Apr. 28, 2019 | Apr. 29, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued Operations, Depreciation and Amortization | $ 44 | $ 55 | ||
Discontinued Operations, Loss on sale of business | 18 | 0 | ||
Discontinued Operations, Capital Expenditures | 20 | 28 | ||
Sales of discontinued operations businesses, net of cash divested | 54 | 0 | ||
Asset Impairment Accelerated Depreciation [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued Operations, Other Expense | $ 0 | $ 619 | $ 360 | $ 694 |
Acquistions (Narrative) (Detail
Acquistions (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 30, 2018 | Mar. 26, 2018 | Dec. 12, 2017 | Apr. 28, 2019 | Oct. 28, 2018 | Apr. 29, 2018 | Apr. 28, 2019 | Apr. 29, 2018 | Jul. 29, 2018 |
Business Acquisition [Line Items] | |||||||||
Long-term Debt | $ 8,028 | $ 8,028 | $ 8,595 | ||||||
Goodwill | 4,702 | 4,702 | $ 4,580 | ||||||
Net sales | 2,178 | $ 1,878 | 7,129 | $ 5,743 | |||||
Net earnings (loss) | 84 | (393) | 219 | 167 | |||||
Business combination, acquisition related costs | 0 | 29 | 0 | 53 | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (2) | 16 | (6) | 23 | |||||
Pacific Foods [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Payments to Acquire Businesses, Gross | $ 688 | ||||||||
Goodwill | $ 202 | ||||||||
Net sales | 55 | 182 | 83 | ||||||
Net earnings (loss) | (4) | (7) | |||||||
Snyder's-Lance [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Share Price | $ 50 | ||||||||
Payments to Acquire Businesses, Gross | $ 6,112 | ||||||||
Goodwill | $ 3,006 | ||||||||
Net sales | 532 | 1,615 | |||||||
Net earnings (loss) | $ (9) | $ (26) | |||||||
Business Combination Transaction and Integration Related Costs | 64 | 88 | |||||||
Business combination, acquisition related costs | 29 | 53 | |||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 207 | 207 | |||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 52 | 52 | |||||||
Yellow Chips [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Payments to Acquire Businesses, Gross | $ 18 | ||||||||
Payoff of Indebtedness [Member] | Snyder's-Lance [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Long-term Debt | $ 1,100 | ||||||||
Indefinite-lived Intangible Assets [Member] | Snyder's-Lance [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (134) | ||||||||
Other Noncurrent Liabilities [Member] | Snyder's-Lance [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities | (43) | ||||||||
Goodwill [Member] | Snyder's-Lance [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 140 | ||||||||
Finite-Lived Intangible Assets [Member] | Snyder's-Lance [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | $ (52) | ||||||||
Cost Of Products Sold [Member] | Snyder's-Lance [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination Amortization of Inventory Fair Value Adjustment | 37 | 37 | |||||||
Restructuring Charges [Member] | Snyder's-Lance [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Integration Related Costs | 10 | 10 | |||||||
General and Administrative Expense [Member] | Snyder's-Lance [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Integration Related Costs | 6 | 6 | |||||||
Interest Expense [Member] | Snyder's-Lance [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 18 | $ 18 |
Acquistions Acquisitions (Sched
Acquistions Acquisitions (Schedule of Purchase Price Allocation) (Details) - USD ($) $ in Millions | Apr. 28, 2019 | Oct. 28, 2018 | Jul. 29, 2018 |
Business Acquisition [Line Items] | |||
Goodwill | $ 4,702 | $ 4,580 | |
Snyder's-Lance [Member] | |||
Business Acquisition [Line Items] | |||
Cash | $ 21 | ||
Accounts receivable | 220 | ||
Inventories | 219 | ||
Other current assets | 32 | ||
Plant assets | 696 | ||
Goodwill | 3,006 | ||
Other intangible assets | 2,761 | ||
Other assets | 65 | ||
Short-term debt | (1) | ||
Accounts payable | (124) | ||
Accrued liabilities | (115) | ||
Deferred incomes taxes | (597) | ||
Other liabilities | (24) | ||
Noncontrolling interest | (47) | ||
Total assets acquired and liabilities assumed | $ 6,112 |
Acquistions Acquisitions (Intan
Acquistions Acquisitions (Intangible assets acquired) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Oct. 28, 2018 | Apr. 28, 2019 | |
Snyder's-Lance [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 2,761 | |
Snyder's-Lance [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Assets | $ 756 | |
Snyder's-Lance [Member] | Noncompete Agreements [Member] | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 1 year 6 months | |
Finite-Lived Intangible Assets | $ 8 | |
Snyder's-Lance [Member] | Trademarks [Member] | ||
Business Acquisition [Line Items] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 1,997 | |
Minimum [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | |
Minimum [Member] | Snyder's-Lance [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 15 years | |
Maximum [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 22 years | |
Maximum [Member] | Snyder's-Lance [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 22 years |
Acquistions Pro forma Informati
Acquistions Pro forma Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended |
Apr. 29, 2018 | Apr. 29, 2018 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Business Acquisition, Pro Forma Revenue | $ 2,201 | $ 7,280 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 98 | $ 795 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 0.33 | $ 2.64 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 0.33 | $ 2.63 |
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, 2019 | Apr. 29, 2018 | Apr. 28, 2019 | Apr. 29, 2018 | Jul. 29, 2018 | Jul. 30, 2017 | ||
Beginning Balance | $ (118) | ||||||
Other comprehensive income (loss), after tax | $ (31) | $ (55) | (65) | $ (24) | |||
Ending Balance | (174) | (174) | |||||
Accumulated Other Comprehensive Income Foreign Currency Translation Tax (Benefit) Expense | 4 | 6 | 4 | 6 | $ 6 | $ 6 | |
Accumulated Other Comprehensive Income Cashflow Hedges Tax (Benefit) Expense | (1) | (5) | (1) | (5) | (4) | (12) | |
Accumulated Other Comprehensive Income Unamortized Pension And Post Retirement Tax (Benefit) Expense | 10 | 24 | 10 | 24 | 25 | $ 30 | |
Accumulated Translation Adjustment [Member] | |||||||
Beginning Balance | [1] | (154) | (84) | ||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | (49) | (24) | |||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 0 | 0 | |||||
Other comprehensive income (loss), after tax | (49) | (24) | |||||
Ending Balance | [1] | (201) | (108) | (201) | (108) | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||||
Beginning Balance | [2] | (4) | (22) | ||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 1 | 15 | |||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 0 | 2 | |||||
Other comprehensive income (loss), after tax | 1 | 17 | |||||
Ending Balance | [2] | (6) | (5) | (6) | (5) | ||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||||
Beginning Balance | [3] | 40 | 53 | ||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 0 | (2) | |||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | (17) | (14) | |||||
Other comprehensive income (loss), after tax | (17) | (16) | |||||
Ending Balance | [3] | 33 | 37 | 33 | 37 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||||
Beginning Balance | (118) | (53) | |||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | (48) | (11) | |||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | (17) | (12) | |||||
Other comprehensive income (loss), after tax | (31) | (55) | (65) | (23) | |||
Ending Balance | $ (174) | $ (76) | $ (174) | $ (76) | |||
Accounting Standards Update 2018-02 [Member] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [4] | 0 | |||||
Accounting Standards Update 2018-02 [Member] | Accumulated Translation Adjustment [Member] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [5] | 2 | |||||
Accounting Standards Update 2018-02 [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [5] | (3) | |||||
Accounting Standards Update 2018-02 [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [5] | 10 | |||||
Accounting Standards Update 2018-02 [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [4],[5] | $ 9 | |||||
[1] | Included a tax expense of $4 as of April 28, 2019, and $6 as of July 29, 2018, April 29, 2018, and July 30, 2017. | ||||||
[2] | Included a tax benefit of $1 as of April 28, 2019, $4 as of July 29, 2018, $5 as of April 29, 2018, and $12 as of July 30, 2017. | ||||||
[3] | Included a tax expense of $10 as of April 28, 2019, $25 as of July 29, 2018, $24 as of April 29, 2018, and $30 as of July 30, 2017. | ||||||
[4] | See Note 2 for additional detail. | ||||||
[5] | Reflects the adoption of the FASB guidance on stranded tax effects. See Note 2 for additional information. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Schecule of amounts reclassified from AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2019 | Apr. 29, 2018 | Apr. 28, 2019 | Apr. 29, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cost of products sold | $ 1,455 | $ 1,263 | $ 4,781 | $ 3,624 |
Interest expense | 92 | 44 | 279 | 107 |
Other expenses / (income) | 20 | 35 | 13 | (7) |
Earnings (loss) before taxes | (175) | (116) | (734) | (796) |
Taxes on earnings | 44 | 43 | 184 | 106 |
Net earnings (loss) attributable to Campbell Soup Company | (84) | 393 | (219) | (167) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Earnings (loss) before taxes | (1) | 1 | 0 | 2 |
Taxes on earnings | 0 | 0 | 0 | 0 |
Net earnings (loss) attributable to Campbell Soup Company | (1) | 1 | 0 | 2 |
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 | (1) | 0 | (1) | 0 |
Other Operating Income (Expense), Net | (1) | 0 | (1) | 0 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Contract [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest expense | 1 | 1 | 2 | 2 |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other expenses / (income) | (8) | (7) | (22) | (20) |
Taxes on earnings | 2 | 2 | 5 | 6 |
Net earnings (loss) attributable to Campbell Soup Company | $ (6) | $ (5) | $ (17) | $ (14) |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | Oct. 30, 2018 | Apr. 28, 2019 | Oct. 28, 2018 | Apr. 29, 2018 | Apr. 28, 2019 | Apr. 29, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill, Purchase Accounting Adjustments | $ 140 | |||||
Goodwill, Acquired During Period | 21 | |||||
Amortization of Intangible Assets | $ 13 | $ 6 | 37 | $ 9 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 51 | 51 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 47 | 47 | ||||
Finite Lived Intangible Assets, Amortization Expense, Year Three | 45 | 45 | ||||
Finite Lived Intangible Assets, Amortization Expense, Year Four | 45 | 45 | ||||
Finite Lived Intangible Assets, Amortization Expense, Year Five | $ 45 | 45 | ||||
Global Biscuits and Snacks [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill, Purchase Accounting Adjustments | 140 | |||||
Goodwill, Acquired During Period | $ 21 | |||||
Snyder's-Lance [Member] | Goodwill [Member] | Global Biscuits and Snacks [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill, Purchase Accounting Adjustments | $ 140 | |||||
Yellow Chips [Member] | Goodwill [Member] | Global Biscuits and Snacks [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill, Acquired During Period | $ 21 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Goodwill) (Details) $ in Millions | 9 Months Ended |
Apr. 28, 2019USD ($) | |
Goodwill [Line Items] | |
Beginning Balance | $ 4,580 |
Goodwill, Purchase Accounting Adjustments | 140 |
Goodwill, Acquired During Period | 21 |
Foreign currency translation adjustment | (39) |
Ending Balance | 4,702 |
Meals and Beverages [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 978 |
Goodwill, Purchase Accounting Adjustments | 0 |
Goodwill, Acquired During Period | 0 |
Foreign currency translation adjustment | (3) |
Ending Balance | 975 |
Global Biscuits and Snacks [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 3,602 |
Goodwill, Purchase Accounting Adjustments | 140 |
Goodwill, Acquired During Period | 21 |
Foreign currency translation adjustment | (36) |
Ending Balance | $ 3,727 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Apr. 28, 2019 | Jul. 29, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 907 | $ 953 |
Finite-Lived Intangible Assets, Accumulated Amortization | (81) | (40) |
Finite-Lived Intangible Assets, Net | 826 | 913 |
Indefinite-lived Intangible Assets (Excluding Goodwill) | 2,761 | 2,902 |
Total net intangible assets | 3,587 | 3,815 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 890 | 936 |
Finite-Lived Intangible Assets, Accumulated Amortization | (67) | (34) |
Finite-Lived Intangible Assets, Net | 823 | 902 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 17 | 17 |
Finite-Lived Intangible Assets, Accumulated Amortization | (14) | (6) |
Finite-Lived Intangible Assets, Net | $ 3 | $ 11 |
Minimum [Member] | Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | |
Minimum [Member] | Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 1 year 6 months | |
Maximum [Member] | Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 22 years | |
Maximum [Member] | Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Segment Information (Narrative)
Segment Information (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 28, 2019 | Apr. 29, 2018 | Apr. 28, 2019 | Apr. 29, 2018 | Jul. 29, 2018 | |
Segment Reporting Information [Line Items] | |||||
Net sales | $ 2,178 | $ 1,878 | $ 7,129 | $ 5,743 | |
International and Campbell Fresh [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | $ 2,100 |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Reporting - Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2019 | Apr. 29, 2018 | Apr. 28, 2019 | Apr. 29, 2018 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 2,178 | $ 1,878 | $ 7,129 | $ 5,743 |
Meals and Beverages [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,024 | 1,033 | 3,513 | 3,501 |
Global Biscuits and Snacks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,154 | 843 | 3,615 | 2,239 |
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 0 | $ 2 | $ 1 | $ 3 |
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, 2019 | Apr. 29, 2018 | Apr. 28, 2019 | Apr. 29, 2018 | ||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | $ 266 | $ 158 | $ 1,010 | $ 900 | |
Defined Benefit Plan, settlement charges | (28) | 0 | (28) | 0 | |
Business combination, acquisition related costs | 0 | (29) | 0 | (53) | |
Legal Fees | 0 | (22) | 0 | (22) | |
Meals and Beverages [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | 207 | 218 | 753 | 832 | |
Global Biscuits and Snacks [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | 139 | 121 | 478 | 375 | |
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | [1] | (79) | (157) | (200) | (249) |
Defined Benefit Plan, Actuarial Gain (Loss) | 14 | ||||
Restructuring and Related Cost, Incurred Cost | (19) | (45) | (68) | (89) | |
Planned divestiture costs | (2) | (7) | |||
Business combination, acquisition related costs | (72) | (96) | |||
Restructuring Charges [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | [2] | (1) | (24) | (21) | (58) |
Pension Plan, Defined Benefit [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Defined Benefit Plan, settlement charges | $ (28) | $ 0 | $ (28) | $ 0 | |
[1] | Represents unallocated items. Pension and postretirement benefit settlement and mark-to-market adjustments are included in Corporate. There were settlement charges of $28 in the three- and nine-month periods ended April 28, 2019, and mark-to-market gains of $14 in the nine-month period ended April 29, 2018. Costs related to cost savings initiatives were $19 and $45 for the three-month periods and $68 and $89 in the nine-month periods ended April 28, 2019, and April 29, 2018, respectively. Costs of $2 and $7 associated with the planned divestiture of our international biscuits and snacks operating segment were in the three- and nine-month periods ended April 28, 2019, respectively. Transaction and integration costs associated with the acquisition of Snyder's-Lance were $72 and $96 in the three- and nine-month periods ended April 29, 2018, respectively. A charge of $22 related to the settlement of a legal claim was included in the three- and nine-month periods ended April 29, 2018. | ||||
[2] | See Note 8 for additional information. |
Segment Information (Additional
Segment Information (Additional Product Information For Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2019 | Apr. 29, 2018 | Apr. 28, 2019 | Apr. 29, 2018 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 2,178 | $ 1,878 | $ 7,129 | $ 5,743 |
Soup [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 560 | 564 | 2,108 | 2,113 |
Snacks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,138 | 818 | 3,567 | 2,180 |
Other Simple Meals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 286 | 293 | 879 | 903 |
Beverages [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 194 | 203 | 574 | 545 |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 0 | $ 0 | $ 1 | $ 2 |
Restructuring Charges and Cos_3
Restructuring Charges and Cost Savings Initiatives (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | 36 Months Ended | ||||
Apr. 28, 2019 | Apr. 29, 2018 | Aug. 01, 2021 | Jul. 29, 2018 | |||
Restructuring Cost and Reserve [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | $ 274 | $ 223 | ||||
2015 and Snyder's-Lance Initiatives [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | $ 226 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Meals and Beverages [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost Allocation | 37.00% | |||||
2015 and Snyder's-Lance Initiatives [Member] | Global Biscuits and Snacks [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost Allocation | 40.00% | |||||
2015 and Snyder's-Lance Initiatives [Member] | Corporate, Non-Segment [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost Allocation | 23.00% | |||||
2015 and Snyder's-Lance Initiatives [Member] | Scenario, Forecast [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | $ 340 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Minimum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | $ 610 | |||||
Effect on Future Cash Flows, Amount | 530 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Maximum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 655 | |||||
Effect on Future Cash Flows, Amount | 575 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Severance Pay And Benefits [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | 39 | [1] | $ 45 | [2] | ||
2015 and Snyder's-Lance Initiatives [Member] | Severance Pay And Benefits [Member] | Minimum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 210 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Severance Pay And Benefits [Member] | Maximum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 215 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 70 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Implementation Costs and Other Related Costs [Member] | Minimum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 330 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Implementation Costs and Other Related Costs [Member] | Maximum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 370 | |||||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | 2015 and Snyder's-Lance Initiatives [Member] | Severance Pay And Benefits [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | $ 0 | $ 1 | ||||
[1] | Includes $11 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. | |||||
[2] | Includes $24 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet, $1 of which is associated with the Snyder's-Lance cost transformation program and integration. Of total accrued balance, $9 is associated with the Snyder's-Lance cost transformation program and integration. |
Restructuring Charges and Cos_4
Restructuring Charges and Cost Savings Initiatives (Schedule Of Pre-Tax Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Apr. 28, 2019 | Apr. 29, 2018 | Apr. 28, 2019 | Apr. 29, 2018 | Jul. 29, 2018 | ||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | $ 1 | $ 24 | $ 21 | $ 58 | ||||
2015 and Snyder's-Lance Initiatives [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 1 | 24 | 21 | 58 | ||||
Restructuring and Related Cost, Incurred Cost | 20 | 75 | [1] | 89 | 153 | [1] | ||
Restructuring and Related Cost, Cost Incurred to Date | [2] | 556 | 556 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Severance Pay And Benefits [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Incurred Cost | 21 | |||||||
Restructuring and Related Cost, Cost Incurred to Date | [3] | 211 | 211 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Incurred Cost | 24 | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 69 | 69 | ||||||
2015 and Snyder's-Lance Initiatives [Member] | Implementation Costs and Other Related Costs [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Incurred Cost | [4] | 44 | ||||||
Restructuring and Related Cost, Cost Incurred to Date | [5] | 276 | 276 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Incurred Cost | 0 | 1 | 1 | 2 | ||||
Restructuring and Related Cost, Cost Incurred to Date | [6] | 8 | 8 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Severance Pay And Benefits [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Cost Incurred to Date | 4 | 4 | ||||||
2015 and Snyder's-Lance Initiatives [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Implementation Costs and Other Related Costs [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Cost Incurred to Date | 4 | 4 | ||||||
2015 and Snyder's-Lance Initiatives [Member] | Restructuring Charges [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Cost Incurred to Date | 235 | 235 | ||||||
2015 and Snyder's-Lance Initiatives [Member] | General and Administrative Expense [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Incurred Cost | 12 | 35 | 35 | 73 | ||||
Restructuring and Related Cost, Cost Incurred to Date | 236 | 236 | ||||||
2015 and Snyder's-Lance Initiatives [Member] | Cost Of Products Sold [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Incurred Cost | 4 | 14 | 25 | 20 | ||||
Restructuring and Related Cost, Cost Incurred to Date | 74 | 74 | ||||||
2015 and Snyder's-Lance Initiatives [Member] | Selling and Marketing Expense [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Incurred Cost | 2 | 2 | 6 | 2 | ||||
Restructuring and Related Cost, Cost Incurred to Date | 9 | 9 | ||||||
2015 and Snyder's-Lance Initiatives [Member] | Research and Development Expense [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Incurred Cost | 1 | 0 | 2 | 0 | ||||
Restructuring and Related Cost, Cost Incurred to Date | $ 2 | $ 2 | ||||||
Snyder's-Lance Cost Transformation Program and Integration [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Incurred Cost | 10 | 10 | ||||||
Snyder's-Lance Cost Transformation Program and Integration [Member] | Severance Pay And Benefits [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Cost Incurred to Date | $ 13 | |||||||
Snyder's-Lance Cost Transformation Program and Integration [Member] | General and Administrative Expense [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Incurred Cost | $ 6 | $ 6 | ||||||
Snyder's-Lance Cost Transformation Program and Integration [Member] | General and Administrative Expense [Member] | Implementation Costs and Other Related Costs [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Cost Incurred to Date | $ 12 | |||||||
[1] | Includes $10 of Restructuring charges and $6 of Administrative expenses in the three- and nine-month periods ended April 29, 2018 associated with the Snyder's-Lance cost transformation program and integration. | |||||||
[2] | Includes $13 of Restructuring charges and $12 of Administrative expenses associated with the Snyder's-Lance cost transformation program and integration recognized in 2018. | |||||||
[3] | Includes $13 of charges associated with the Snyder's-Lance cost transformation program and integration recognized in 2018. | |||||||
[4] | Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheets. 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. | |||||||
[5] | Includes $12 of charges associated with the Snyder's-Lance cost transformation program and integration recognized in 2018. | |||||||
[6] | Includes $4 of Severance pay and benefits and $4 of Implementation costs and other related costs. |
Restructuring Charges and Cos_5
Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Activity And Related Reserves) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Apr. 28, 2019 | Apr. 29, 2018 | Apr. 28, 2019 | Apr. 29, 2018 | Jul. 29, 2018 | ||||
2015 and Snyder's-Lance Initiatives [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring and Related Cost, Incurred Cost | $ 20 | $ 75 | [1] | $ 89 | $ 153 | [1] | ||
2015 and Snyder's-Lance Initiatives [Member] | Severance Pay And Benefits [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Accrued Balance at beginning of period | [2] | 45 | ||||||
Restructuring and Related Cost, Incurred Cost | 21 | |||||||
Cash Payments | (26) | |||||||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | (1) | |||||||
Accrued Balance at end of period | [3] | 39 | 39 | |||||
Restructuring Reserve, Noncurrent | 11 | 11 | $ 24 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring and Related Cost, Incurred Cost | 24 | |||||||
2015 and Snyder's-Lance Initiatives [Member] | Other Cost Savings Implementation Costs [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring and Related Cost, Incurred Cost | [4] | 44 | ||||||
Snyder's-Lance Cost Transformation Program and Integration [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring and Related Cost, Incurred Cost | 10 | 10 | ||||||
Snyder's-Lance Cost Transformation Program and Integration [Member] | Severance Pay And Benefits [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Accrued Balance at beginning of period | 9 | |||||||
Restructuring Reserve, Noncurrent | $ 1 | |||||||
General and Administrative Expense [Member] | 2015 and Snyder's-Lance Initiatives [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring and Related Cost, Incurred Cost | $ 12 | 35 | $ 35 | 73 | ||||
General and Administrative Expense [Member] | Snyder's-Lance Cost Transformation Program and Integration [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring and Related Cost, Incurred Cost | $ 6 | $ 6 | ||||||
[1] | Includes $10 of Restructuring charges and $6 of Administrative expenses in the three- and nine-month periods ended April 29, 2018 associated with the Snyder's-Lance cost transformation program and integration. | |||||||
[2] | Includes $24 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet, $1 of which is associated with the Snyder's-Lance cost transformation program and integration. Of total accrued balance, $9 is associated with the Snyder's-Lance cost transformation program and integration. | |||||||
[3] | Includes $11 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. | |||||||
[4] | Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheets. The costs are included in Administrative expenses, Cost of products sold, Marketing and selling expenses, and Research and development expenses in the Consolidated Statements of Earnings. |
Restructuring Charges and Cos_6
Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Charges Associated With Each Reportable Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Apr. 28, 2019 | Apr. 29, 2018 | Apr. 28, 2019 | Apr. 29, 2018 | Jul. 29, 2018 | ||||
Corporate, Non-Segment [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Incurred Cost | $ 19 | $ 45 | $ 68 | $ 89 | ||||
2015 and Snyder's-Lance Initiatives [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Incurred Cost | 20 | 75 | [1] | 89 | 153 | [1] | ||
Restructuring and Related Cost, Cost Incurred to Date | [2] | 556 | 556 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Meals and Beverages [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Incurred Cost | 7 | 42 | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 220 | 220 | ||||||
2015 and Snyder's-Lance Initiatives [Member] | Global Biscuits and Snacks [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Incurred Cost | 6 | 22 | ||||||
Restructuring and Related Cost, Cost Incurred to Date | [3] | 198 | 198 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Corporate, Non-Segment [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Incurred Cost | 7 | 25 | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 138 | 138 | ||||||
Snyder's-Lance Cost Transformation Program and Integration [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Incurred Cost | 10 | 10 | ||||||
Snyder's-Lance Cost Transformation Program and Integration [Member] | Global Biscuits and Snacks [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Cost Incurred to Date | $ 25 | |||||||
General and Administrative Expense [Member] | 2015 and Snyder's-Lance Initiatives [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Incurred Cost | 12 | 35 | 35 | 73 | ||||
Restructuring and Related Cost, Cost Incurred to Date | $ 236 | $ 236 | ||||||
General and Administrative Expense [Member] | Snyder's-Lance Cost Transformation Program and Integration [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Incurred Cost | $ 6 | $ 6 | ||||||
[1] | Includes $10 of Restructuring charges and $6 of Administrative expenses in the three- and nine-month periods ended April 29, 2018 associated with the Snyder's-Lance cost transformation program and integration. | |||||||
[2] | Includes $13 of Restructuring charges and $12 of Administrative expenses associated with the Snyder's-Lance cost transformation program and integration recognized in 2018. | |||||||
[3] | Includes $25 of pre-tax costs associated with the Global Biscuits and Snacks segment recognized in 2018 related to the Snyder's-Lance cost transformation program and integration. |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2019 | Apr. 29, 2018 | Apr. 28, 2019 | Apr. 29, 2018 | |
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,000 | 2,000 | 2,000 | 1,000 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Apr. 29, 2018 | Apr. 28, 2019 | Mar. 26, 2018 | |
Noncontrolling Interest [Line Items] | |||
Ownership Percentage | 80.00% | ||
Ownership Percentage by Noncontrolling Owners | 20.00% | ||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 47 | ||
Swire Pacific Limited [Member] | |||
Noncontrolling Interest [Line Items] | |||
Ownership Percentage | 60.00% | ||
Campbell Cheong Chan Malaysia [Member] | |||
Noncontrolling Interest [Line Items] | |||
Ownership Percentage | 70.00% | ||
Acre Venture Partners [Member] | |||
Noncontrolling Interest [Line Items] | |||
LLC ownership percentage | 99.80% |
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, 2019 | Apr. 29, 2018 | Apr. 28, 2019 | Apr. 29, 2018 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Defined Benefit Plan, settlement charges | $ 28 | $ 0 | $ 28 | $ 0 |
Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Defined Benefit Plan, Service Cost | 5 | 6 | 16 | 18 |
Defined Benefit Plan, Interest Cost | 21 | 19 | 62 | 56 |
Expected return on plan assets | (36) | (36) | (107) | (108) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | 0 | 0 | 0 | 2 |
Defined Benefit Plan, settlement charges | 28 | 0 | 28 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 18 | (11) | (1) | (32) |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Defined Benefit Plan, Service Cost | 1 | 1 | 1 | 1 |
Defined Benefit Plan, Interest Cost | 2 | 1 | 6 | 5 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (8) | (7) | (22) | (20) |
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | 0 | 0 | 0 | 0 |
Defined Benefit Plan, settlement charges | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (5) | $ (5) | $ (15) | $ (14) |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Apr. 28, 2019 | Jul. 29, 2018 | |
Derivatives, Fair Value [Line Items] | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 1 | |
Cash Flow Hedge Ineffectiveness is Immaterial | The ineffective portion and amount excluded from effectiveness testing were not material. | |
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Margin Deposit Assets | $ 10 | $ 2 |
Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Contracts Mature Within, Months | 18 months | |
Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 0 | 0 |
Commodity Derivative Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Maximum Length of Contract Maturity | 18 months | |
Deferred Compensation Derivative Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Maximum Length of Contract Maturity | 12 months | |
Derivatives Designated As Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 98 | 104 |
Derivatives Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 0 | 0 |
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 169 | 140 |
Derivatives Not Designated As Hedges [Member] | Currency Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 0 | 0 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 233 | 118 |
Derivatives Not Designated As Hedges [Member] | Embedded Derivative Financial Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 43 | 33 |
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 31 | $ 41 |
Wal-Mart Stores, Inc. [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Entity Wide Revenue, Major Customer, Percentage Of Net Sales | 18.00% | |
Top Five Customers [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Entity Wide Revenue, Major Customer, Percentage Of Net Sales | 39.00% |
Financial Instruments (Schedule
Financial Instruments (Schedule Of The Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Millions | Apr. 28, 2019 | Jul. 29, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 11 | $ 10 |
Derivative Liability, Fair Value, Gross Liability | 13 | 6 |
Derivatives Designated As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1 | 1 |
Derivative Liability, Fair Value, Gross Liability | 2 | 2 |
Derivatives Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1 | 1 |
Derivatives Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 2 | 2 |
Derivatives Not Designated As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 10 | 9 |
Derivative Liability, Fair Value, Gross Liability | 11 | 4 |
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 3 | 3 |
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 | 6 | 5 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 10 | 3 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 1 | 1 |
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 1 | $ 1 |
Financial Instruments (Offsetti
Financial Instruments (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Millions | Apr. 28, 2019 | Jul. 29, 2018 |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | $ 11 | $ 10 |
Derivative, Collateral, Obligation to Return Securities or Cash | (5) | (3) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 6 | 7 |
Derivative Liability, Fair Value, Gross Liability | 13 | 6 |
Derivative, Collateral, Right to Reclaim Securities or Cash | (5) | (3) |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 8 | $ 3 |
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, 2019 | Apr. 29, 2018 | Apr. 28, 2019 | Apr. 29, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
OCI before tax accumulated derivative gain (loss) beginning of period | $ (8) | $ (22) | $ (8) | $ (34) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 2 | 11 | 1 | 22 |
OCI before tax accumulated derivative gain (loss) end of period | (7) | (10) | (7) | (10) |
Foreign Exchange Forward Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 2 | 6 | 1 | 7 |
Foreign Exchange Forward Contracts [Member] | Cost Of Products Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1) | 0 | (1) | 0 |
Foreign Exchange Forward Contracts [Member] | Other Expenses/Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1) | 0 | (1) | 0 |
Interest Rate Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0 | 5 | 0 | 15 |
Interest Rate Contract [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 1 | $ 1 | $ 2 | $ 2 |
Financial Instruments (Derivati
Financial Instruments (Derivatives Not Designated As Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2019 | Apr. 29, 2018 | Apr. 28, 2019 | Apr. 29, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | $ 2 | $ (16) | $ 6 | $ (23) |
Foreign Exchange Forward Contracts [Member] | Other Expenses/Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | 0 | 0 | 0 | (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 | 6 | (3) | 7 | (3) |
Deferred Compensation Derivative Contracts [Member] | General and Administrative Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | (4) | 4 | (1) | (1) |
Treasury Lock [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | $ 0 | $ (17) | $ 0 | $ (18) |
Variable Interest Entity (Detai
Variable Interest Entity (Details) - USD ($) $ in Millions | Aug. 29, 2018 | Apr. 28, 2019 | Jul. 29, 2018 | Feb. 29, 2016 |
Investments funded | $ 83 | |||
Other assets | 203 | $ 220 | ||
Other Commitments, Description | <div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On August 29, 2018, we provided notice of termination of the investment period and have </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> obligation to make any further capital contributions to Acre for new investments, but are required to pay obligations made prior to the notice of termination, the management fee and permitted partnership expenses.</font></div></div>" id="sjs-B4"><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On August 29, 2018, we provided notice of termination of the investment period and have </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> obligation to make any further capital contributions to Acre for new investments, but are required to pay obligations made prior to the notice of termination, the management fee and permitted partnership expenses.</font></div></div> | |||
Variable Interest Entity | ||||
Other assets | $ 78 | $ 77 | ||
Total Commitment [Member] | ||||
Other Commitment | $ 125 | |||
Acre Venture Partners [Member] | ||||
LLC ownership percentage | 99.80% |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jul. 29, 2018 | Apr. 28, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, at Carrying Value | $ 14 | $ 19 |
Long-term Debt | 8,595 | 8,028 |
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 | 14 | 19 |
Long-term Debt, Fair Value | 8,347 | $ 7,985 |
Plum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 54 | |
Plum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 61 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurement Of Assets And Liabilities) (Details) - Measured On Recurring Basis [Member] - USD ($) $ in Millions | Apr. 28, 2019 | Jul. 29, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | $ 93 | $ 93 | |
Total liabilities at fair value | 106 | 114 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 8 | 11 | |
Total liabilities at fair value | 102 | 111 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 7 | 5 | |
Total liabilities at fair value | 4 | 3 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 78 | 77 | |
Foreign Exchange Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [1] | 4 | 4 |
Derivatives liabilities at fair value | [1] | 2 | 2 |
Foreign Exchange Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [1] | 4 | 4 |
Derivatives liabilities at fair value | [1] | 2 | 2 |
Commodity Derivative Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [2] | 6 | 5 |
Derivatives liabilities at fair value | [2] | 11 | 4 |
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] | 4 | 5 |
Derivatives liabilities at fair value | [2] | 9 | 3 |
Commodity Derivative Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [2] | 2 | 0 |
Derivatives liabilities at fair value | [2] | 2 | 1 |
Deferred Compensation Derivative Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [3] | 1 | 1 |
Deferred Compensation Derivative Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [3] | 1 | 1 |
Deferred Compensation Investment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments at fair value | [4] | 4 | 6 |
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] | 4 | 6 |
Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments at fair value | [5] | 78 | 77 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments at fair value | [5] | 78 | 77 |
Deferred Compensation Obligation [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation obligation | [4] | 93 | 108 |
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] | $ 93 | $ 108 |
[1] | Based on observable market transactions of spot currency rates and forward rates. | ||
[2] | Based on quoted futures exchanges and on observable prices of transactions in the marketplace. | ||
[3] | Based on LIBOR and equity index swap rates. | ||
[4] | Based on the fair value of the participants’ investments. | ||
[5] | Primarily represents investments in equity securities that are not readily marketable and are accounted for under the fair value option. The investments were funded by Acre. See Note 13 for additional information. Fair value is based on analyzing recent transactions and transactions of comparable companies, and the discounted cash flow method. In addition, allocation methods, including the option pricing method, are used in distributing fair value among various equity holders according to rights and preferences. |
Fair Value Measurements Fair _2
Fair Value Measurements Fair Value Measurements (Assets Measured On Recurring Basis Unobservable Input Reconciliation) (Details) - Equity Securities [Member] - USD ($) $ in Millions | 9 Months Ended | |
Apr. 28, 2019 | Apr. 29, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Level 3 investments at beginning of year | $ 77 | $ 49 |
Fair Value, Level 3 investment gain (Loss) Included in Earnings | 1 | 8 |
Fair Value, Level 3 investment Purchases | 0 | 12 |
Fair Value, Level 3 investments at end of year | $ 78 | $ 69 |
Fair Value Measurements Fair _3
Fair Value Measurements Fair Value Measurements (Assets Measured on Nonrecurring Basis) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jan. 27, 2019 | Oct. 28, 2018 | |
Bolthouse Farms carrot and carrot ingredients reporting unit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 18 | |
Bolthouse Farms carrot and carrot ingredients reporting unit [Member] | Measure On Nonrecurring Basis [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Property, Plant, and Equipment, Fair Value Disclosure | 102 | |
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 30 | |
Bolthouse Farms refrigerated beverages and salad dressing [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 74 | |
Bolthouse Farms refrigerated beverages and salad dressing [Member] | Measure On Nonrecurring Basis [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Property, Plant, and Equipment, Fair Value Disclosure | 100 | |
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 76 | |
Deli Reporting Unit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Tangible Asset Impairment Charges | $ 14 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 23 | |
Deli Reporting Unit [Member] | Measure On Nonrecurring Basis [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Property, Plant, and Equipment, Fair Value Disclosure | 25 | $ 38 |
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 0 | |
Customer Relationships [Member] | Bolthouse Farms carrot and carrot ingredients reporting unit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of Intangible Assets, Finite-lived | 40 | |
Customer Relationships [Member] | Bolthouse Farms carrot and carrot ingredients reporting unit [Member] | Measure On Nonrecurring Basis [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finite-lived Intangible Assets, Fair Value Disclosure | 15 | |
Customer Relationships [Member] | Bolthouse Farms refrigerated beverages and salad dressing [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of Intangible Assets, Finite-lived | 22 | |
Customer Relationships [Member] | Bolthouse Farms refrigerated beverages and salad dressing [Member] | Measure On Nonrecurring Basis [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finite-lived Intangible Assets, Fair Value Disclosure | 12 | |
Customer Relationships [Member] | Deli Reporting Unit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of Intangible Assets, Finite-lived | 39 | |
Customer Relationships [Member] | Deli Reporting Unit [Member] | Measure On Nonrecurring Basis [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finite-lived Intangible Assets, Fair Value Disclosure | 0 | |
Developed Technology Rights [Member] | Bolthouse Farms carrot and carrot ingredients reporting unit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of Intangible Assets, Finite-lived | 15 | |
Developed Technology Rights [Member] | Bolthouse Farms carrot and carrot ingredients reporting unit [Member] | Measure On Nonrecurring Basis [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finite-lived Intangible Assets, Fair Value Disclosure | $ 10 |
Share Repurchases (Details)
Share Repurchases (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2019 | Apr. 29, 2018 | Apr. 28, 2019 | Apr. 29, 2018 | |
Statement [Line Items] | ||||
Shares repurchased, value | $ 0 | $ 0 | $ 0 | $ 86 |
March 2017 Program [Member] | ||||
Statement [Line Items] | ||||
Authorized amount for shares repurchase | 1,500 | 1,500 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 1,296 | $ 1,296 | ||
Treasury Stock [Member] | ||||
Statement [Line Items] | ||||
Treasury stock purchased, shares | 0 | 0 | 0 | 2 |
Shares repurchased, value | $ 0 | $ 0 | $ 0 | $ 86 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Apr. 28, 2019 | Oct. 28, 2018 | Apr. 29, 2018 | Oct. 29, 2017 | Apr. 28, 2019 | Apr. 29, 2018 | Jul. 29, 2018 | |
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | |||||
Excess Tax Benefit/(Deficiency) from Share-based Compensation, Operating Activities | $ (2) | $ 4 | |||||
Allocated Share-based Compensation Expense | $ 13 | $ 16 | 43 | 46 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 2 | 3 | 8 | $ 10 | |||
Employee Stock Option [Member] | |||||||
Stock-based Compensation | |||||||
Remaining unearned compensation on nonvested awards | $ 2 | $ 2 | |||||
Weighted-average remaining service period, years | 2 years 6 months | ||||||
EPS Performance Restricted Stock Units [Member] | |||||||
Stock-based Compensation | |||||||
Nonvested, Units | 66 | 66 | |||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 49.10 | $ 49.10 | |||||
EPS Performance Restricted Stock Units [Member] | Minimum [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | ||||||
EPS Performance Restricted Stock Units [Member] | Maximum [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||||||
FCF Performance Restricted Stock Units [Member] | |||||||
Stock-based Compensation | |||||||
Nonvested, Units | 118 | 118 | |||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 37.62 | $ 37.62 | |||||
Share Based Compensation Arrangements By Share Based Payment Award Equity Instruments Other than Options Issued in Period | 388 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 129 | ||||||
FCF Performance Restricted Stock Units [Member] | Minimum [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | ||||||
FCF Performance Restricted Stock Units [Member] | Maximum [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% | ||||||
Time Lapse, EPS, FCF, Strategic Performance and Special Performance Restricted Stock Units [Member] | |||||||
Stock-based Compensation | |||||||
Remaining unearned compensation on nonvested awards | $ 45 | $ 45 | |||||
Weighted-average remaining service period, years | 1 year 11 months | ||||||
Nonvested, Units | 2,040 | 2,040 | 1,652 | ||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 40.64 | $ 40.64 | $ 47.01 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,331 | ||||||
Granted, Weighted-Average Grant-Date Fair Value | $ 36.50 | $ 46.03 | |||||
Fair value of restricted units and shares vested | $ 26 | $ 30 | |||||
TSR Performance Restricted Stock/Units [Member] | |||||||
Stock-based Compensation | |||||||
Remaining unearned compensation on nonvested awards | $ 18 | $ 18 | |||||
Weighted-average remaining service period, years | 1 year 8 months | ||||||
Nonvested, Units | 1,342 | 1,342 | 1,664 | ||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 37.30 | $ 37.30 | $ 46.66 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | 125.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 388 | ||||||
Granted, Weighted-Average Grant-Date Fair Value | $ 31.29 | $ 39.39 | |||||
Fair value of restricted units and shares vested | $ 38 | ||||||
T S R Performance Restricted Stock Units Additional Shares [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 160 | ||||||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | |||||||
Stock-based Compensation | |||||||
Allocated Share-based Compensation Expense | $ 1 | 0 | $ 2 | 2 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 1 | $ 0 | $ 1 | $ 0 |
Stock-based Compensation Summar
Stock-based Compensation Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2019 | Apr. 29, 2018 | Apr. 28, 2019 | Apr. 29, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Total pre-tax stock-based compensation expense | $ 13 | $ 16 | $ 43 | $ 46 |
Tax-related benefits | $ 2 | $ 3 | $ 8 | $ 10 |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule Of Stock Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 9 Months Ended | |
Apr. 28, 2019 | Apr. 29, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Beginning of year, Options | 1,537 | |
Granted, Options | 596 | |
Exercised, Options | 0 | 0 |
Terminated, Options | (74) | |
End of year, Options | 2,059 | |
Exercisable at end of period, Options | 1,035 | |
Beginning of period, Weighted-Average Exercise Price | $ 50.36 | |
Granted, Weighted-Average Exercise Price | 35.74 | |
Exercised, Weighted-Average Exercise Price | 0 | |
Terminated, Weighted-Average Exercise Price | 49.05 | |
End of period, Weighted-Average Exercise Price | 46.17 | |
Exercisable at end of period, Weighted-Average Exercise Price | $ 50.88 | |
Outstanding at end of period, Weighted-Average Remaining Contractual Life (In years) | 7 years 6 months | |
Exercisable at end of period, Weighted-Average Remaining Contractual Life (In years) | 6 years 1 month | |
Outstanding at end of period, Aggregate Intrinsic Value | $ 2 | |
Exercisable at end of period, Aggregate Intrinsic Value | $ 0 |
Stock-based Compensation (Time-
Stock-based Compensation (Time-Lapse Restricted Stock Units, EPS Performance Restricted Stock Units, FCF Restricted Stock Units And TSR Performance Restricted Stock Units) (Details) - $ / shares shares in Thousands | 9 Months Ended | |
Apr. 28, 2019 | Apr. 29, 2018 | |
Time Lapse, EPS, FCF, Strategic Performance and Special Performance Restricted Stock Units [Member] | ||
Stock-based Compensation | ||
Nonvested at beginning of period, Units | 1,652 | |
Granted, Units | 1,331 | |
Vested, Units | (689) | |
Forfeited, Units | (254) | |
Nonvested at end of period, Units | 2,040 | |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $ 47.01 | |
Granted, Weighted-Average Grant-Date Fair Value | 36.50 | $ 46.03 |
Vested, Weighted-Average Grant-Date Fair Value | 47.77 | |
Forfeited, Weighted Average Grant Date Fair Value | 40.99 | |
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $ 40.64 | |
TSR Performance Restricted Stock/Units [Member] | ||
Stock-based Compensation | ||
Nonvested at beginning of period, Units | 1,664 | |
Granted, Units | 388 | |
Vested, Units | 0 | |
Forfeited, Units | (710) | |
Nonvested at end of period, Units | 1,342 | |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $ 46.66 | |
Granted, Weighted-Average Grant-Date Fair Value | 31.29 | $ 39.39 |
Vested, Weighted-Average Grant-Date Fair Value | 0 | |
Forfeited, Weighted Average Grant Date Fair Value | 55.98 | |
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $ 37.30 |
Stock-based Compensation (Valua
Stock-based Compensation (Valuation Assumptions) (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Apr. 28, 2019 | Jul. 29, 2018 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 2.79% | 2.06% |
Expected dividend yield | 3.84% | 2.95% |
Expected volatility | 25.28% | 19.60% |
Expected term, years | 6 years 1 month | 6 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.27 | $ 6.67 |
TSR Performance Restricted Stock/Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 2.80% | 1.58% |
Expected dividend yield | 3.79% | 2.95% |
Expected volatility | 24.50% | 19.07% |
Expected term, years | 3 years | 3 years |
Supplemental Financial Statem_3
Supplemental Financial Statement Data (Schedule of Balance Sheets) (Details) - USD ($) $ in Millions | Apr. 28, 2019 | Jul. 29, 2018 |
Inventory, Net [Abstract] | ||
Inventory, raw materials, containers and supplies | $ 322 | $ 365 |
Inventory, finished products | 562 | 672 |
Inventories | $ 884 | $ 1,037 |
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, 2019 | Apr. 29, 2018 | Apr. 28, 2019 | Apr. 29, 2018 | |
Amortization of Intangible Assets | $ 13 | $ 6 | $ 37 | $ 9 |
Net periodic defined benefits income other than service cost | (21) | (23) | (61) | (87) |
Defined Benefit Plan, settlement charges | 28 | 0 | 28 | 0 |
Investment losses | (8) | 1 | (1) | 1 |
Business combination, acquisition related costs | 0 | 29 | 0 | 53 |
Legal settlements | 0 | 22 | 0 | 22 |
Other expenses | 8 | 10 | ||
Other Income | 0 | (5) | ||
Other expenses / (income) | $ 20 | $ 35 | $ 13 | $ (7) |