Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Aug. 01, 2021 | Sep. 15, 2021 | Jan. 29, 2021 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | CAMPBELL SOUP COMPANY | ||
Entity Central Index Key | 0000016732 | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --08-01 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Aug. 1, 2021 | ||
Entity File Number | 1-3822 | ||
Entity Incorporation, State or Country Code | NJ | ||
Entity Tax Identification Number | 21-0419870 | ||
Entity Address, Address Line One | 1 Campbell Place | ||
Entity Address, City or Town | Camden | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 08103-1799 | ||
City Area Code | 856 | ||
Local Phone Number | 342-4800 | ||
Title of 12(b) Security | Capital Stock, par value $.0375 | ||
Trading Symbol | CPB | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 301,517,743 | ||
Entity Public Float | $ 9,319,572,891 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | ||
Income Statement [Abstract] | ||||
Net sales | $ 8,476 | $ 8,691 | $ 8,107 | |
Costs and expenses | ||||
Cost of products sold | 5,665 | 5,692 | 5,414 | |
Marketing and selling expenses | 817 | 947 | 842 | |
Administrative expenses | 598 | 622 | 610 | |
Research and development expenses | 84 | 93 | 91 | |
Other expenses / (income) | (254) | 221 | 140 | |
Restructuring charges | 21 | 9 | 31 | |
Total costs and expenses | 6,931 | 7,584 | 7,128 | |
Earnings before interest and taxes | 1,545 | 1,107 | 979 | |
Interest expense | [1] | 210 | 345 | 356 |
Interest income | 1 | 4 | 2 | |
Earnings before taxes | 1,336 | 766 | 625 | |
Taxes on earnings | 328 | 174 | 151 | |
Earnings from continuing operations | 1,008 | 592 | 474 | |
Earnings (loss) from discontinued operations | (6) | 1,036 | (263) | |
Net earnings | 1,002 | 1,628 | 211 | |
Less: Net earnings (loss) attributable to noncontrolling interests | 0 | 0 | 0 | |
Net earnings attributable to Campbell Soup Company | $ 1,002 | $ 1,628 | $ 211 | |
Per Share - Basic | ||||
Earnings from continuing operations attributable to Campbell Soup Company | $ 3.33 | $ 1.96 | $ 1.57 | |
Earnings (loss) from discontinued operations | (0.02) | 3.43 | (0.87) | |
Net earnings attributable to Campbell Soup Company | $ 3.31 | $ 5.39 | $ 0.70 | |
Weighted average shares outstanding - basic | 303 | 302 | 301 | |
Per Share - Assuming Dilution | ||||
Earnings from continuing operations attributable to Campbell Soup Company | $ 3.30 | $ 1.95 | $ 1.57 | |
Earnings (loss) from discontinued operations | (0.02) | 3.41 | (0.87) | |
Net earnings attributable to Campbell Soup Company | [2] | $ 3.29 | $ 5.36 | $ 0.70 |
Weighted average shares outstanding - assuming dilution | 305 | 304 | 302 | |
[1] | In 2020, we recognized a loss of $75 (including $65 of premium, fees and other costs paid with the tender offers and unamortized debt issuance costs). See Note 12 for additional information. | |||
[2] | Sum of the individual amounts may not add due to rounding . |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 1,002 | $ 1,628 | $ 211 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax [Abstract] | |||
Foreign currency translation adjustments, before tax | 12 | (1) | (68) |
Reclassification of currency translation adjustments realized upon disposal of business, before tax | 0 | 206 | 2 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax [Abstract] | |||
Unrealized gains (losses) arising during period, before tax | (5) | 3 | (3) |
Reclassification adjustment for (gains) losses included in net earnings, before tax | 8 | 0 | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, [Abstract] | |||
Prior service credit arising during the period, before tax | 0 | 0 | 0 |
Reclassification of prior service credit included in net earnings, before tax | (5) | (28) | (28) |
Other comprehensive income (loss), before tax | 10 | 180 | (97) |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax [Abstract] | |||
Foreign currency translation adjustments, tax (expense) benefit | 0 | 0 | 0 |
Reclassification of currency translation adjustments realized upon disposal of business, tax (expense) benefit | 0 | 4 | 0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax [Abstract] | |||
Unrealized gains (losses) arising during the period, tax (expense) benefit | 1 | (1) | 1 |
Reclassification adjustment for (gains) losses included in net earnings, tax (expense) benefit | (1) | 0 | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax [Abstract] | |||
Prior service credit arising during the period, tax | 0 | 0 | 0 |
Reclassification of prior service credit included in net earnings, tax (expense) benefit | 1 | 6 | 7 |
Other comprehensive income (loss), tax (expense) benefit | 1 | 9 | 8 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | |||
Foreign currency translation adjustments, after-tax | 12 | (1) | (68) |
Reclassification of currency translation adjustments realized upon disposal of business, after-tax | 0 | (210) | (2) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax [Abstract] | |||
Unrealized gains (losses) arising during the period, after-tax | (4) | 2 | (2) |
Reclassification adjustment for (gains) losses included in net earnings, after-tax | 7 | 0 | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax [Abstract] | |||
Prior service credit arising during the period, net of tax | 0 | 0 | 0 |
Reclassification of prior service credit included in net earnings, after-tax | (4) | (22) | (21) |
Other comprehensive income (loss), after tax | 11 | 189 | (89) |
Total comprehensive income (loss), after-tax | 1,013 | 1,817 | 122 |
Total comprehensive income (loss) attributable to noncontrolling interests | (4) | 1 | 0 |
Total comprehensive income (loss) attributable to Campbell Soup Company | $ 1,017 | $ 1,816 | $ 122 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions | Aug. 01, 2021 | Aug. 02, 2020 |
Current assets | ||
Cash and cash equivalents | $ 69 | $ 859 |
Accounts receivable, net | 595 | 575 |
Inventories | 933 | 871 |
Other current assets | 98 | 80 |
Total current assets | 1,695 | 2,385 |
Plant assets, net of depreciation | 2,370 | 2,368 |
Goodwill | 3,981 | 3,986 |
Other intangible assets, net of amortization | 3,239 | 3,350 |
Other assets | 449 | 283 |
Total assets | 11,734 | 12,372 |
Current liabilities | ||
Short-term borrowings | 48 | 1,202 |
Payable to suppliers and others | 1,070 | 1,049 |
Accrued liabilities | 576 | 693 |
Dividends payable | 115 | 107 |
Accrued income taxes | 5 | 24 |
Total current liabilities | 1,814 | 3,075 |
Long-term debt | 5,010 | 4,994 |
Deferred taxes | 1,051 | 914 |
Other liabilities | 705 | 820 |
Total liabilities | 8,580 | 9,803 |
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 | 414 | 394 |
Earnings retained in the business | 3,742 | 3,190 |
Capital stock in treasury, at cost | (1,021) | (1,023) |
Accumulated other comprehensive income (loss) | 5 | (10) |
Total Campbell Soup Company shareholders' equity | 3,152 | 2,563 |
Noncontrolling interests | 2 | 6 |
Total equity | 3,154 | 2,569 |
Total liabilities and equity | $ 11,734 | $ 12,372 |
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 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | ||
Cash flows from operating activities: | ||||
Net earnings | $ 1,002 | $ 1,628 | $ 211 | |
Adjustments to reconcile net earnings to operating cash flow | ||||
Impairment charges | 0 | 0 | 393 | |
Restructuring charges | 21 | 9 | 31 | |
Stock-based compensation | 64 | 61 | 58 | |
Pension and postretirement benefit expense (income) | (267) | 93 | 103 | |
Depreciation and amortization | 317 | 328 | 446 | |
Deferred income taxes | 137 | (6) | 14 | |
Net loss (gain) on sales of businesses | 11 | (975) | 32 | |
Loss on extinguishment of debt | 0 | 75 | 0 | |
Investment losses | [1] | 0 | 49 | 1 |
Other | 86 | 101 | 24 | |
Changes in working capital, net of acquisitions and divestitures | ||||
Accounts receivable | (20) | (30) | (11) | |
Inventories | (77) | (20) | 36 | |
Prepaid assets | (28) | (3) | (1) | |
Accounts payable and accrued liabilities | (164) | 145 | 125 | |
Other | (47) | (59) | (64) | |
Net cash provided by operating activities | 1,035 | 1,396 | 1,398 | |
Cash flows from investing activities: | ||||
Purchases of plant assets | (275) | (299) | (384) | |
Purchases of route businesses | (2) | (11) | (29) | |
Sales of route businesses | 10 | 11 | 31 | |
Business acquired, net of cash acquired | 0 | 0 | (18) | |
Sales of businesses, net of cash divested | 101 | 2,537 | 539 | |
Proceeds from sale of investment | 0 | 30 | 0 | |
Other | 8 | 4 | 14 | |
Net cash provided by (used) in investing activities | (158) | 2,272 | 153 | |
Cash flows from financing activities: | ||||
Short-term borrowings, including commercial paper and revolving line of credit | 320 | 5,617 | 5,839 | |
Short-term repayments, including commercial paper and revolving line of credit | (580) | (6,909) | (6,296) | |
Long-term borrowings | 0 | 1,000 | 0 | |
Long-term repayments | (921) | (499) | (702) | |
Dividends paid | (439) | (426) | (423) | |
Treasury stock purchases | (36) | 0 | 0 | |
Treasury stock issuances | 2 | 23 | 0 | |
Payments related to tax withholding for stock-based compensation | (15) | (12) | (8) | |
Payments related to extinguishment of debt | 0 | (1,769) | 0 | |
Payments of debt issuance costs | 0 | (12) | (1) | |
Net cash used in financing activities | (1,669) | (2,987) | (1,591) | |
Effect of exchange rate changes on cash | 2 | (1) | (7) | |
Net change in cash and cash equivalents | (790) | 680 | (47) | |
Cash and cash equivalents - beginning of period (including discontinued operations) | 859 | 179 | 226 | |
Less cash and cash equivalents discontinued operations - end of period | 0 | 0 | 148 | |
Cash and cash equivalents - end of period | $ 69 | $ 859 | $ 31 | |
[1] | 2020 includes a loss of $45 related to Acre. See Note 14 for additional information. |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) 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] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Earnings Retained In The Business [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Accumulated Other Comprehensive Income (Loss) [Member] |
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 | |||
Balance, value (Accounting Standards Update 2014-09 [Member]) at Jul. 29, 2018 | $ (8) | $ (8) | ||||||||
Balance, value (Accounting Standards Update 2018-02 [Member]) at Jul. 29, 2018 | $ 0 | $ (9) | $ 9 | |||||||
Net earnings (loss) | 211 | 211 | 0 | |||||||
Other comprehensive income (loss) | (89) | (89) | 0 | |||||||
Dividends | $ (425) | (425) | ||||||||
Dividends per share | $ 1.40 | |||||||||
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 | 50 | $ 27 | 23 | 0 | ||||||
Capital stock, shares at Jul. 28, 2019 | 323 | |||||||||
Treasury Stock, Shares at Jul. 28, 2019 | (22) | |||||||||
Balance, value at Jul. 28, 2019 | 1,112 | $ 12 | $ (1,076) | 372 | 1,993 | (198) | 9 | |||
Net earnings (loss) | 1,628 | 1,628 | 0 | |||||||
Noncontrolling Interest, Period Increase (Decrease) | (4) | (4) | ||||||||
Other comprehensive income (loss) | 189 | 188 | 1 | |||||||
Dividends | $ (428) | (428) | ||||||||
Dividends per share | $ 1.40 | |||||||||
Treasury stock purchased, shares | 0 | |||||||||
Treasury stock purchased, value | $ 0 | $ 0 | ||||||||
Treasury stock issued under management incentive and stock option plans, shares | 1 | |||||||||
Treasury stock issued under management incentive and stock option plans, value | 72 | $ 53 | 22 | (3) | ||||||
Capital stock, shares at Aug. 02, 2020 | 323 | |||||||||
Treasury Stock, Shares at Aug. 02, 2020 | (21) | |||||||||
Balance, value at Aug. 02, 2020 | 2,569 | $ 12 | $ (1,023) | 394 | 3,190 | (10) | 6 | |||
Net earnings (loss) | 1,002 | 1,002 | 0 | |||||||
Other comprehensive income (loss) | 11 | 15 | (4) | |||||||
Dividends | $ (444) | (444) | ||||||||
Dividends per share | $ 1.46 | |||||||||
Treasury stock purchased, shares | (1) | |||||||||
Treasury stock purchased, value | $ (36) | $ (36) | ||||||||
Treasury stock issued under management incentive and stock option plans, shares | 1 | |||||||||
Treasury stock issued under management incentive and stock option plans, value | 52 | $ 38 | 20 | (6) | ||||||
Capital stock, shares at Aug. 01, 2021 | 323 | |||||||||
Treasury Stock, Shares at Aug. 01, 2021 | (21) | |||||||||
Balance, value at Aug. 01, 2021 | $ 3,154 | $ 12 | $ (1,021) | $ 414 | $ 3,742 | $ 5 | $ 2 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Aug. 01, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies In this Report, unless otherwise stated, the terms "we," "us," "our" and the "company" refer to Campbell Soup Company and its consolidated subsidiaries. We are a manufacturer and marketer of high-quality, branded food and beverage products. Basis of Presentation — 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 were the primary beneficiary. Intercompany transactions are eliminated in consolidation. Our fiscal year ends on the Sunday nearest July 31. There were 52 weeks in 2021 and 2019, and 53 weeks in 2020. Discontinued Operations — We present discontinued operations when there is a disposal of a component group or a group of components that in our judgment represents a strategic shift that will have a major effect on our operations and financial results. We aggregate the results of operations for discontinued operations into a single line item in the Consolidated Statements of Earnings for all periods presented. General corporate overhead is not allocated to discontinued operations. See Note 3 for additional information. Use of Estimates — Generally accepted accounting principles require management to make estimates and assumptions that affect assets, liabilities, revenues and expenses. Actual results could differ from those estimates. 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 6 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. Cash and Cash Equivalents — All highly liquid debt instruments purchased with a maturity of three months or less are classified as cash equivalents. Inventories — All inventories are valued at the lower of average cost or net realizable value. Property, Plant and Equipment — Property, plant and equipment are recorded at historical cost and are depreciated over estimated useful lives using the straight-line method. Buildings and machinery and equipment are depreciated over periods not exceeding 45 years and 20 years, respectively. Assets are evaluated for impairment when conditions indicate that the carrying value may not be recoverable. Such conditions include significant adverse changes in business climate or a plan of disposal. Repairs and maintenance are charged to expense as incurred. Goodwill and Intangible Assets — Goodwill and intangible assets deemed to have indefinite lives are not amortized but rather are tested at least annually for impairment, or when circumstances indicate that the carrying amount of the asset may not be recoverable. Goodwill is tested for impairment at the reporting unit level. A reporting unit is an operating segment or a component of an operating segment. Goodwill is tested for impairment by either performing a qualitative evaluation or a quantitative test. The qualitative evaluation is an assessment of factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. We may elect not to perform the qualitative assessment for some or all reporting units and perform a quantitative impairment test. Fair value is determined based on discounted cash flow analyses. The discounted estimates of future cash flows include significant management assumptions such as revenue growth rates, operating margins, weighted average costs of capital and future economic and market conditions. If the carrying value of the reporting unit exceeds fair value, goodwill is considered impaired and an impairment charge will be recorded to reduce the reporting unit to fair value. Indefinite-lived intangible assets are tested for impairment by comparing the fair value of the asset to the carrying value. Fair value is determined using a relief from royalty valuation method based on discounted cash flow analyses that include significant management assumptions such as revenue growth rates, weighted average costs of capital and assumed royalty rates. If the carrying value exceeds fair value, an impairment charge will be recorded to reduce the asset to fair value. See Notes 3 and 5 for information on intangible assets and impairment charges. Leases — At the beginning of the first quarter of 2020, we adopted new guidance on accounting for leases. We determine if an agreement is or contains a lease at inception by evaluating if an identified asset exists that we control for a period of time. When a lease exists, we record a right-of-use (ROU) asset and a corresponding lease liability on our Consolidated Balance Sheet. ROU assets represent our right to use an underlying asset for the lease term and the corresponding liabilities represent an obligation to make lease payments during the term. We have elected not to record leases with a term of 12 months or less on our Consolidated Balance Sheet. ROU assets are recorded on our Consolidated Balance Sheet at lease commencement based on the present value of the corresponding liabilities and are adjusted for any prepayments, lease incentives received, or initial direct costs incurred. To calculate the present value of our lease liabilities, we use a country-specific collateralized incremental borrowing rate based on the lease term at commencement. The measurement of our ROU assets and liabilities includes all fixed payments and any variable payments based on an index or rate. Our leases generally include options to extend or terminate use of the underlying assets. These options are included in the lease term used to determine ROU assets and corresponding liabilities when we are reasonably certain we will exercise. Our lease arrangements typically include non-lease components, such as common area maintenance and labor. We account for each lease and any non-lease components associated with that lease as a single lease component for all underlying asset classes with the exception of certain production assets. Accordingly, all costs associated with a lease contract are disclosed as lease costs. This includes any variable payments that are not dependent on an index or a rate and which are expensed as incurred. Operating leases expense is recognized on a straight-line basis over the lease term with the expense recorded in Cost of products sold, Marketing and selling expenses, or Administrative expenses depending on the nature of the leased item. For finance leases, the amortization of ROU lease assets is recognized on a straight-line basis over the shorter of the estimated useful life of the underlying asset or the lease term in Cost of products sold, Marketing and selling expenses, or Administrative expenses depending on the nature of the leased item. Interest expense on finance lease obligations is recorded over the lease term and is recorded in Interest expense (based on a front-loaded interest expense pattern). All operating lease cash payments and interest on finance leases are recorded within Net cash provided by operating activities and all finance lease principal payments are recorded within Net cash used in financing activities in our Consolidated Statements of Cash Flows. See Notes 2 and 10 for more information. Derivative Financial Instruments — We use derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates, interest rates, commodities and equity-linked employee benefit obligations. 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 strategies that qualify and strategies that do not qualify for hedge accounting treatment. To qualify for hedge accounting, the hedging relationship, both at inception of the hedge and on an ongoing basis, is expected to be highly effective in achieving offsetting changes in the fair value of the hedged risk during the period that the hedge is designated. All derivatives are recognized on the balance sheet at fair value. For derivatives that qualify for hedge accounting, we designate the derivative as a hedge of the fair value of a recognized asset or liability or a firm commitment (fair-value hedge) or a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (cash-flow hedge). Some derivatives may also be considered natural hedging instruments (changes in fair value act as economic offsets to changes in fair value of the underlying hedged item) and are not designated for hedge accounting. Changes in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of a fair-value hedge, along with the gain or loss on the underlying hedged asset or liability (including losses or gains on firm commitments), are recorded in current-period earnings. Changes in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of cash-flow hedges are recorded in other comprehensive income (loss), until earnings are affected by the variability of cash flows. For derivatives that are designated and qualify as hedging instruments, the initial fair value of hedge components excluded from the assessment of effectiveness is recognized in earnings under a systematic and rational method over the life of the hedging instrument and is presented in the same statement of earnings line item as the earnings effect of the hedged item. Any difference between the change in the fair value of the hedge components excluded from the assessment of effectiveness and the amounts recognized in earnings is recorded as a component of other comprehensive income (loss). Changes in the fair value of derivatives that are not designated for hedge accounting are recognized in current-period earnings. Cash flows from derivative contracts are included in Net cash provided by operating activities. Advertising Production Costs — Advertising production costs are expensed in the period that the advertisement first takes place or when a decision is made not to use an advertisement. Research and Development Costs — The costs of research and development are expensed as incurred. Costs include expenditures for new product and manufacturing process innovation, and improvements to existing products and processes. Costs primarily consist of salaries, wages, consulting, and depreciation and maintenance of research facilities and equipment. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Aug. 01, 2021 | |
Accounting Standards Update and Change in Accounting Principle [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. We adopted the guidance in the first quarter of 2019, effective on July 30, 2018, 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. In February 2016, the FASB issued guidance that amends accounting for leases. Under the new guidance, a lessee will recognize most leases on the balance sheet 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. In July 2018, the FASB issued an adoption approach that allows entities to apply the new guidance and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption without restating prior periods. We adopted the new guidance in the first quarter of 2020 using this transition method. We elected to apply a package of practical expedients, which allowed us to not reassess prior conclusions related to contracts containing leases, lease classification, and initial direct costs. Adoption of the new guidance resulted in the recognition of operating lease ROU assets of $259 and operating lease liabilities of $254, with the difference between the assets and liabilities primarily due to below market assets, deferred rent and prepaid rent. In addition, we derecognized $20 of an asset and liability associated with a build-to-suit lease arrangement. The adoption did not have a material impact on consolidated net earnings or cash flows. See Note 10 for additional information. 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. We adopted the guidance in the first quarter of 2020. The adoption did not have a material impact on our consolidated financial statements. 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. 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 4 for additional information. 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. We adopted the guidance in the first quarter of 2021. The adoption did not have a material impact on our consolidated financial statements. 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 adopted the guidance on a prospective basis in the first quarter of 2021. The adoption did not have a material impact 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 ending after December 15, 2020. The guidance is to be applied on a retrospective basis. We adopted the guidance in 2021. The adoption did not have a material impact on our consolidated financial statements. Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued guidance on simplifying the accounting for income taxes. The guidance removes certain exceptions to the general principles of accounting for income taxes and also improves consistent application of accounting by clarifying or amending existing guidance. The guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those years. Early adoption is permitted. The adoption is not expected to have a material impact on our consolidated financial statements. In March 2020, the FASB issued guidance that provides optional expedients and exceptions for a limited period of time for accounting for contracts, hedging relationships, and other transactions affected by the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued. Optional expedients can be applied from March 12, 2020 through December 31, 2022. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. |
Divestitures
Divestitures | 12 Months Ended |
Aug. 01, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Divestitures Discontinued Operations 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 $55. On June 16, 2019, we sold our Bolthouse Farms business. Proceeds were $500. 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. These businesses were historically included in the Campbell Fresh reportable segment. We completed the sale of our Kelsen business on September 23, 2019, for $322. We also completed the sale of our Arnott’s business and certain other international operations, including the simple meals and shelf-stable beverages businesses in Australia and Asia Pacific (the Arnott's and other international operations), on December 23, 2019, for $2,286. The purchase price was subject to certain post-closing adjustments, which resulted in $4 of additional proceeds in the third quarter of 2020. Beginning in the fourth quarter of 2019, we have reflected the results of operations of the Kelsen business and the Arnott’s and other international operations (collectively referred to as Campbell International) as discontinued operations in the Consolidated Statements of Earnings for all periods presented. These businesses were historically included in the Snacks reportable segment. Results of discontinued operations were as follows: Campbell International Campbell Fresh 2020 2019 2019 Net sales $ 359 $ 1,046 $ 756 Impairment charges $ — $ 17 $ 360 Earnings (loss) before taxes from operations $ 53 $ 120 $ (359) Taxes on earnings (loss) from operations 17 41 (78) Gain (loss) on sales of businesses / costs associated with selling the businesses 1,039 (12) (32) Tax expense (benefit) on sales / costs associated with selling the businesses 39 (2) 19 Earnings (loss) from discontinued operations $ 1,036 $ 69 $ (332) In the third quarter of 2021, we recognized a $6 Loss from discontinued operations due to tax expense from return-to-provision adjustments related to the sale of Campbell International. The sale of the Arnott's and other international operations resulted in a substantial capital gain for tax purposes. We were able to utilize capital losses in 2020, which were offset with valuation allowances as of July 28, 2019, to offset the capital gain. In the fourth quarter of 2019, as part of our annual review of intangible assets, we recognized an impairment charge of $7 on a trademark and $10 on goodwill in Kelsen due to a lower long-term outlook for sales and the pending sale of the business. In the second quarter of 2019, we performed interim impairment assessments on the intangible and tangible assets of the Campbell Fresh 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. In 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. In 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. In 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 Campbell Fresh. In addition, we recorded tax expense of $29 in 2019 as deferred tax assets were not realizable. Under the terms of the sale of the Arnott's and other international operations, we entered into a long-term licensing arrangement for the exclusive rights to certain Campbell brands in certain non-U.S. markets. We provided certain transition services to support the divested businesses. The depreciation and amortization, capital expenditures, sale proceeds and significant operating non-cash items of discontinued operations were as follows: 2020 2019 Cash flows from discontinued operating activities: Impairment charges $ — $ 377 Depreciation and amortization (1) — 83 Net (gain) loss on sales of discontinued operations businesses (1,039) 32 Cash flows from discontinued investing activities: Capital expenditures $ 30 $ 59 Sales of discontinued operations businesses, net of cash divested 2,466 539 _____________________________________ (1) Depreciation and amortization are no longer recognized once businesses are classified as held for sale/discontinued operations. Other Divestitures On October 11, 2019, we completed the sale of our European chips business for £63, or $77. The pre-tax loss recognized in the first quarter of 2020 on the sale was $64, which included the impact of allocated goodwill and foreign currency translation adjustments. For tax purposes, we were able to use the capital loss on this sale to offset a portion of the capital gain from the sale of the Arnott's and other international operations. The after-tax loss was $37 . The European chips business had net sales of $25 in 2020 and $129 in 2019. Earnings from the business, which included a pre-tax impairment charge on intangible assets of $16 recognized in the fourth quarter of 2019, were not material. The results of the European chips business through the date of sale were reflected in continuing operations within the Snacks reportable segment. On May 3, 2021, we completed the sale of our Plum baby food and snacks business for $101, subject to certain post-closing adjustments. The purchase agreement contained customary representations, warranties, indemnifications and other obligations between us and the buyer. In addition, we have agreed to indemnify the buyer for certain claims against the Plum baby food and snacks business alleging the presence of heavy metals in the products manufactured or sold on or prior to May 2, 2021, that were pending at the time of closing of the transaction or are asserted within two years thereafter. We recognized a pre-tax loss of $11 and an after-tax gain on the sale of $3. The business had net sales of $68 in 2021, $104 in 2020, and $110 in 2019. Earnings were not material in the periods. The results of the business through the date of sale were reflected in continuing operations within the Meals & Beverages reportable segment. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Aug. 01, 2021 | |
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 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 (68) (2) — (70) Amounts reclassified from accumulated other comprehensive income (loss) 2 — (21) (19) Net current-period other comprehensive income (loss) (66) (2) (21) (89) Balance at July 28, 2019 $ (218) $ (9) $ 29 $ (198) Other comprehensive income (loss) before reclassifications (2) 2 — — Amounts reclassified from accumulated other comprehensive income (loss) (5) 210 — (22) 188 Net current-period other comprehensive income (loss) 208 2 (22) 188 Balance at August 2, 2020 $ (10) $ (7) $ 7 $ (10) Other comprehensive income (loss) before reclassifications 16 (4) — 12 Amounts reclassified from accumulated other comprehensive income (loss) — 7 (4) 3 Net current-period other comprehensive income (loss) 16 3 (4) 15 Balance at August 1, 2021 $ 6 $ (4) $ 3 $ 5 _____________________________________ (1) Included no tax as of August 1, 2021, and August 2, 2020, and tax expense of $4 as of July 28, 2019, and $6 as of July 29, 2018. (2) Included a tax benefit of $1 as of August 1, 2021, and as of August 2, 2020, $2 as of July 28, 2019, and $4 as of July 29, 2018. (3) Included a tax expense of $1 as of August 1, 2021, $2 as of August 2, 2020, $8 as of July 28, 2019, and $25 as of July 29, 2018. (4) Reflects the adoption of the FASB guidance on stranded tax effects. See Note 2 for additional information. (5) Reflects the reclassification from sale of businesses. See Note 3 for additional information. Amounts related to noncontrolling interests were not material. The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following: Details about Accumulated Other Comprehensive Income (Loss) Components 2021 2020 2019 Location of Loss (Gain) Recognized in Earnings Foreign currency translation adjustments: Currency translation losses (gains) realized upon disposal of businesses $ — $ 23 $ — Other expenses / (income) Currency translation losses (gains) realized upon disposal of businesses — 183 2 Earnings (loss) from discontinued operations Total before tax — 206 2 Tax expense (benefit) — 4 — Loss (gain), net of tax $ — $ 210 $ 2 Losses (gains) on cash-flow hedges: Foreign exchange forward contracts $ 6 $ (2) $ (4) Cost of products sold Foreign exchange forward contracts 1 — — Other expenses / (income) Foreign exchange forward contracts — 1 2 Earnings (loss) from discontinued operations Forward starting interest rate swaps 1 1 2 Interest expense Total before tax 8 — — Tax expense (benefit) (1) — — Loss (gain), net of tax $ 7 $ — $ — Pension and postretirement benefit adjustments: Prior service credit $ (5) $ (28) $ (28) Other expenses / (income) Tax expense (benefit) 1 6 7 Loss (gain), net of tax $ (4) $ (22) $ (21) |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Aug. 01, 2021 | |
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 & Beverages Snacks Total Net balance at July 28, 2019 $ 977 $ 3,040 $ 4,017 Divestiture (1) — (34) (34) Foreign currency translation adjustment (2) 5 3 Net balance at August 2, 2020 $ 975 $ 3,011 $ 3,986 Divestiture (1) (12) — (12) Foreign currency translation adjustment 7 — 7 Net balance at August 1, 2021 $ 970 $ 3,011 $ 3,981 _____________________________________ (1) See Note 3 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: 2021 2020 Intangible Assets Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets Customer relationships (1) $ 830 $ (140) $ 690 $ 851 $ (112) $ 739 Non-amortizable intangible assets Trademarks (1) 2,549 2,611 Total net intangible assets $ 3,239 $ 3,350 _____________________________________ (1) Net Customer relationships of $8 and Trademarks of $62 were divested with the sale of the Plum baby and snack foods business. See Note 3 for additional information. As of August 1, 2021, the carrying value of indefinite-lived trademarks is detailed below: Various Other (1) Snyder's of Hanover Lance Pace Pacific Foods Carrying value $ 1,007 $ 620 $ 350 $ 292 $ 280 _____________________________________ (1) Associated with the acquisition of Snyder's-Lance, Inc. (Snyder's-Lance). Amortization of intangible assets in Earnings from continuing operations was $42 for 2021, $43 for 2020 and $48 for 2019. As of August 1, 2021, amortizable intangible assets had a weighted-average remaining useful life of 17 years. Amortization expense for the next 5 years is estimated to be approximately $41 per year. Amortization of intangible assets in discontinued operations was $9 for 2019. The estimates of future cash flows used in determining the fair value of goodwill and intangible assets involve significant management judgment and are based upon assumptions about expected future operating performance, economic conditions, market conditions and cost of capital. Inherent in estimating the future cash flows are uncertainties beyond our control, such as changes in capital markets. The actual cash flows could differ materially from management’s estimates due to changes in business conditions, operating performance and economic conditions. |
Business And Geographic Segment
Business And Geographic Segment Information | 12 Months Ended |
Aug. 01, 2021 | |
Segment Reporting [Abstract] | |
Business and Geographic Segment Information | Business and Geographic Segment Information Our reportable segments are as follows: • Meals & Beverages, which includes the retail and foodservice businesses in the U.S. and Canada. The segment includes the following products: Campbell’s condensed and ready-to-serve soups; Swanson broth and stocks; Pacific Foods broth, soups and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; Campbell’s gravies, pasta, beans and dinner sauces; Swanson canned poultry; V8 juices and beverages; and Campbell’s tomato juice. The segment also included the results of our Plum baby food and snacks business, which was sold on May 3, 2021; and • Snacks, which consists of Pepperidge Farm cookies, crackers, fresh bakery and frozen products in U.S. retail, including Pepperidge Farm Farmhouse* cookies and bakery products, Milano * cookies and Goldfish * crackers; and Snyder’s of Hanover * pretzels, Lance * sandwich crackers, Cape Cod * and Kettle Brand * potato chips, Late July * snacks, Snack Factory pretzel crisps,* Pop Secret popcorn, Emerald nuts, and other snacking products in retail and foodservice in the U.S. and Canada. The segment includes the retail business in Latin America. The segment also included the results of our European chips business, which was sold on October 11, 2019. We refer to the * trademarks as our "power brands." Beginning in 2022, the foodservice and Canadian portion of Snacks will be managed as part of Meals & Beverages . 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. Therefore, only geographic segment asset information is provided. Our largest customer, Wal-Mart Stores, Inc. and its affiliates, accounted for approximately 21% of consolidated net sales from continuing operations in 2021 and 2020, and 20% in 2019. Both of our reportable segments sold products to Wal-Mart Stores, Inc. or its affiliates. 2021 2020 2019 Net sales Meals & Beverages $ 4,532 $ 4,646 $ 4,252 Snacks 3,944 4,045 3,854 Corporate — — 1 Total $ 8,476 $ 8,691 $ 8,107 2021 2020 2019 Earnings before interest and taxes Meals & Beverages $ 899 $ 983 $ 895 Snacks 537 551 522 Corporate income (expense) (1) 130 (418) (407) Restructuring charges (2) (21) (9) (31) Total $ 1,545 $ 1,107 $ 979 2021 2020 2019 Depreciation and amortization Meals & Beverages $ 128 $ 134 $ 162 Snacks 169 175 184 Corporate (3) 20 19 17 Discontinued operations (4) — — 83 Total $ 317 $ 328 $ 446 2021 2020 2019 Capital expenditures Meals & Beverages $ 61 $ 52 $ 156 Snacks 153 153 134 Corporate (3) 61 64 35 Discontinued operations — 30 59 Total $ 275 $ 299 $ 384 _______________________________________ (1) Represents unallocated items. Pension and postretirement benefit settlement and mark-to-market adjustments are included in Corporate. There were settlement gains of $38 and gains of $165 in 2021, settlement charges of $43 and losses of $121 in 2020, and losses of $122 in 2019, respectively. A loss of $11 on the sale of the Plum baby food and snacks business was included in 2021. A loss of $45 on Acre Venture Partners, L.P. (Acre) was included in 2020. See Note 14 for additional information on Acre. A loss of $64 on the sale of our European chips business was included in 2020. Costs related to the cost savings initiatives were $32, $60 and $90 in 2021, 2020 and 2019, respectively. Intangible asset impairment charges were $16 in 2019. A mark-to-market gain on outstanding commodity hedges of $50 was included in 2021. (2) See Note 7 for additional information. (3) Represents primarily corporate offices and enterprise-wide information technology systems. (4) Depreciation and amortization are no longer recognized once businesses are classified as held for sale/discontinued operations. Our global net sales based on product categories are as follows: 2021 2020 2019 Net sales Soup $ 2,568 $ 2,653 $ 2,368 Snacks 3,989 4,099 3,918 Other simple meals 1,134 1,184 1,082 Beverages 785 755 738 Other — — 1 Total $ 8,476 $ 8,691 $ 8,107 Soup includes various soup, broths and stock products. Snacks include cookies, pretzels, crackers, popcorn, nuts, potato chips, tortilla chips and other salty snacks and baked products. Other simple meals include sauces and Plum products. Beverages include V8 juices and beverages, Campbell's tomato juice and Pacific Foods non-dairy beverages. Geographic Area Information Information about continuing operations in different geographic areas is as follows: 2021 2020 2019 Net sales United States $ 7,951 $ 8,165 $ 7,492 Other countries 525 526 615 Total $ 8,476 $ 8,691 $ 8,107 2021 2020 2019 Long-lived assets United States $ 2,363 $ 2,361 $ 2,400 Other countries 7 7 55 Total $ 2,370 $ 2,368 $ 2,455 |
Restructuring Charges and Cost
Restructuring Charges and Cost Savings Initiatives | 12 Months Ended |
Aug. 01, 2021 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | Restructuring Charges and Cost Savings Initiatives Multi-year Cost Savings Initiatives and Snyder's-Lance Cost Transformation Program and Integration Beginning in fiscal 2015, we implemented initiatives to reduce costs and to streamline our organizational structure. In recent years, we expanded these initiatives by further optimizing our supply chain and manufacturing networks, including closing our manufacturing facility in Toronto, Ontario, as well as our information technology infrastructure. On March 26, 2018, we completed the acquisition of Snyder's-Lance. Prior to the acquisition, Snyder's-Lance launched a cost transformation program following a comprehensive review of its operations with the goal of significantly improving its financial performance. We continue to implement this program. In addition, we have identified opportunities for additional cost synergies as we integrate Snyder's-Lance. A summary of the pre-tax charges recorded in Earnings from continuing operations related to these initiatives is as follows: 2021 2020 2019 Recognized as of August 1, 2021 Restructuring charges $ 21 $ 9 $ 31 $ 259 Administrative expenses 28 48 62 339 Cost of products sold 3 9 18 79 Marketing and selling expenses 1 2 7 13 Research and development expenses — 1 3 4 Total pre-tax charges $ 53 $ 69 $ 121 $ 694 A summary of the pre-tax costs in Earnings from continuing operations associated with the initiatives is as follows: Recognized as of Severance pay and benefits $ 222 Asset impairment/accelerated depreciation 82 Implementation costs and other related costs 390 Total $ 694 A summary of the pre-tax costs in Earnings (loss) from discontinued operations associated with these initiatives is as follows: Recognized as of August 1, 2021 Severance pay and benefits $ 19 Implementation costs and other related costs 4 Total $ 23 As of April 28, 2019, we incurred substantially all of the costs for actions associated with discontinued operations. All of the costs were cash expenditures. The total estimated pre-tax costs for actions associated with continuing operations are approximately $710 to $730. This estimate will be updated as costs continue to be developed. The majority of the remaining costs will be incurred in 2022. We expect the costs for actions associated with continuing operations to consist of the following: approximately $220 to $225 in severance pay and benefits; approximately $85 in asset impairment and accelerated depreciation; and approximately $405 to $420 in implementation costs and other related costs. We expect these pre-tax costs to be associated with our segments as follows: Meals & Beverages - approximately 31%; Snacks - approximately 45%; and Corporate - approximately 24%. Of the aggregate $710 to $730 of pre-tax costs associated with continuing operations, we expect approximately $610 to $630 will be cash expenditures. In addition, we expect to invest approximately $435 in capital expenditures through 2022, of which we invested $401 as of August 1, 2021. The capital expenditures primarily relate to a U.S. warehouse optimization project, improvement of quality, safety and cost structure across the Snyder’s-Lance manufacturing network, implementation of our existing SAP enterprise-resource planning system for Snyder's-Lance, transition of production of the Toronto manufacturing facility to our U.S. thermal plants, optimization of information technology infrastructure and applications and optimization of the Snyder’s-Lance warehouse and distribution network. A summary of the restructuring activity and related reserves associated with continuing operations at August 1, 2021, is as follows: Severance Pay and Benefits Implementation Costs and Other Related Costs (4) Asset Impairment/Accelerated Depreciation Other Non-Cash Exit Costs (5) Total Charges Accrued balance at July 28, 2019 (1) $ 37 2020 charges 9 56 4 — $ 69 2020 cash payments (31) Accrued balance at August 2, 2020 (2) $ 15 2021 charges 6 27 15 5 $ 53 2021 cash payments (14) Accrued balance at August 1, 2021 (3) $ 7 _______________________________________ (1) Includes $8 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (2) Includes $3 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (3) Includes $1 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 Sheet. The costs are included in Administrative expenses, Cost of products sold, Marketing and selling expenses, and Research and development expenses in the Consolidated Statements of Earnings. (5) Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. Segment operating results do not include restructuring charges, implementation costs and other related costs because we evaluate segment performance excluding such charges. A summary of the pre-tax costs in Earnings from continuing operations associated with segments is as follows: 2021 Costs Incurred to Date Meals & Beverages $ 3 $ 223 Snacks 48 299 Corporate 2 172 Total $ 53 $ 694 In addition, in the second quarter of 2021, we recorded a $19 deferred tax charge in connection with a legal entity reorganization as part of the continued integration of Snyder's-Lance. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Aug. 01, 2021 | |
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 2021 and 2020 excludes approximately 1 million stock options and for 2019 excludes approximately 2 million stock options that would have been antidilutive. |
Pension And Postretirement Bene
Pension And Postretirement Benefits | 12 Months Ended |
Aug. 01, 2021 | |
Retirement Benefits [Abstract] | |
Pension And Postretirement Benefits | Pension and Postretirement Benefits Pension Benefits — We sponsor a number of noncontributory defined benefit pension plans to provide retirement benefits to eligible U.S. and non-U.S. employees. The benefits provided under these plans are based primarily on years of service and compensation levels. Benefits are paid from funds previously provided to trustees or are paid directly by us from general funds. In 1999, we implemented significant amendments to certain U.S. pension plans. Under a new formula, retirement benefits are determined based on percentages of annual pay and age. To minimize the impact of converting to the new formula, service and earnings credit continued to accrue for fifteen years for certain active employees participating in the plans under the old formula prior to the amendments. Employees will receive the benefit from either the new or old formula, whichever is higher. Effective as of January 1, 2011, our U.S. pension plans were amended so that employees hired or rehired on or after that date and who are not covered by collective bargaining agreements will not be eligible to participate in the plans. All collective bargaining units adopted this amendment by December 31, 2011. Postretirement Benefits — We provide postretirement benefits, including health care and life insurance to eligible retired U.S. employees, and where applicable, their dependents. Accordingly, we sponsor a retiree medical program for eligible retired U.S. employees and fund applicable retiree medical accounts intended to provide reimbursement for eligible health care expenses on a tax-favored basis for retirees who satisfy certain eligibility requirements. Effective as of January 1, 2019, we no longer sponsor our own retiree medical coverage for substantially all retired U.S. employees that are Medicare eligible. Instead, we offer these Medicare-eligible retirees access to health care coverage through a private exchange and offer a health reimbursement account to subsidize benefits for a select group of such retirees. We also provide postretirement life insurance to all eligible U.S. employees who retired prior to January 1, 2018, as well as certain eligible retired employees covered by one of our collective bargaining agreements. We use the fiscal year end as the measurement date for the benefit plans. Components of net benefit expense (income) were as follows: Pension 2021 2020 2019 Service cost $ 18 $ 19 $ 21 Interest cost 41 65 82 Expected return on plan assets (122) (134) (143) Amortization of prior service cost — — 1 Recognized net actuarial loss (gain) (159) 98 120 Settlement charges (gains) (38) 43 28 Net periodic benefit expense (income) $ (260) $ 91 $ 109 The components of net periodic benefit expense (income) other than the service cost component associated with continuing operations are included in Other expenses / (income) in the Consolidated Statements of Earnings. The settlement gains in 2021 and charges in 2020 resulted from the level of lump sum distributions associated with U.S. and Canadian pension plans. The settlement charges in 2019 resulted from the level of lump sum distributions associated with a U.S. pension plan. Net periodic benefit expense (income) associated with discontinued operations was not material in 2020 and $13 in 2019. Postretirement 2021 2020 2019 Service cost $ — $ 1 $ 1 Interest cost 4 6 8 Amortization of prior service credit (5) (28) (29) Recognized net actuarial loss (gain) (6) 23 14 Net periodic benefit expense (income) $ (7) $ 2 $ (6) The components of net periodic benefit expense (income) other than the service cost component associated with continuing operations are included in Other expenses / (income) in the Consolidated Statements of Earnings. Change in benefit obligation: Pension Postretirement 2021 2020 2021 2020 Obligation at beginning of year $ 2,366 $ 2,345 $ 244 $ 235 Service cost 18 19 — 1 Interest cost 41 65 4 6 Actuarial loss (gain) (43) 237 (6) 23 Benefits paid (152) (148) (20) (21) Settlements (53) (41) — — Other (2) (3) — — Divestitures — (105) — — Foreign currency adjustment 11 (3) — — Benefit obligation at end of year $ 2,186 $ 2,366 $ 222 $ 244 The actuarial losses (gains) in our pension and postretirement benefit obligations were primarily due to changes in the discount rates used to determine the benefit obligation. Change in the fair value of pension plan assets: 2021 2020 Fair value at beginning of year $ 2,120 $ 2,153 Actual return on plan assets 276 230 Employer contributions 2 2 Benefits paid (138) (135) Settlements (53) (41) Divestitures — (86) Foreign currency adjustment 13 (3) Fair value at end of year $ 2,220 $ 2,120 Net amounts recognized in the Consolidated Balance Sheets: Pension Postretirement 2021 2020 2021 2020 Other assets $ 190 $ 10 $ — $ — Accrued liabilities 14 14 23 24 Other liabilities 142 242 199 220 Net amounts recognized asset / (liability) $ 34 $ (246) $ (222) $ (244) Amounts recognized in accumulated other comprehensive income (loss) consist of: Pension Postretirement 2021 2020 2021 2020 Prior service credit (cost) $ (1) $ (1) $ 5 $ 10 The change in amounts recognized in accumulated other comprehensive income (loss) associated with postretirement benefits was due to amortization in 2021 and 2020. The following table provides information for pension plans with projected benefit obligations in excess of plan assets and accumulated benefit obligations in excess of plan assets: 2021 2020 Projected benefit obligation $ 156 $ 1,783 Accumulated benefit obligation $ 154 $ 1,763 Fair value of plan assets $ — $ 1,527 The accumulated benefit obligation for all pension plans was $2,159 at August 1, 2021, and $2,338 at August 2, 2020. Weighted-average assumptions used to determine benefit obligations at the end of the year: Pension Postretirement 2021 2020 2021 2020 Discount rate 2.69% 2.47% 2.37% 2.15% Rate of compensation increase 3.23% 3.23% 3.25% 3.25% Interest crediting rate 4.00% 4.00% Not applicable Weighted-average assumptions used to determine net periodic benefit cost for the years ended: Pension 2021 2020 2019 Discount rate 2.47% 3.46% 4.15% Expected return on plan assets 6.01% 6.85% 6.86% Rate of compensation increase 3.23% 3.20% 3.21% Interest crediting rate 4.00% 4.00% 3.25% The discount rate is established as of our fiscal year-end measurement date. In establishing the discount rate, we review published market indices of high-quality debt securities, adjusted as appropriate for duration. In addition, independent actuaries apply high-quality bond yield curves to the expected benefit payments of the plans. The expected return on plan assets is a long-term assumption based upon historical experience and expected future performance, considering our current and projected investment mix. This estimate is based on an estimate of future inflation, long-term projected real returns for each asset class, and a premium for active management. The discount rate used to determine net periodic postretirement expense was 2.15% in 2021, 3.28% in 2020, and 4.06% in 2019. Assumed health care cost trend rates at the end of the year: 2021 2020 Health care cost trend rate assumed for next year 6.25% 6.25% Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 4.50% 4.50% Year that the rate reaches the ultimate trend rate 2025 2024 Pension Plan Assets The fundamental goal underlying the investment policy is to ensure that the assets of the plans are invested in a prudent manner to meet the obligations of the plans as these obligations come due. The primary investment objectives include providing a total return which will promote the goal of benefit security by attaining an appropriate ratio of plan assets to plan obligations, to provide for real asset growth while also tracking plan obligations, to diversify investments across and within asset classes, to reduce the impact of losses in single investments, and to follow investment practices that comply with applicable laws and regulations. The primary policy objectives will be met by investing assets to achieve a reasonable tradeoff between return and risk relative to plan obligations. This includes investing a portion of the assets in funds selected in part to hedge the interest rate sensitivity to plan obligations. The portfolio includes investments in the following asset classes: fixed income, equity, real estate and alternatives. Fixed income will provide a moderate expected return and partially hedge the exposure to interest rate risk of the plans’ obligations. Equities are used for their high expected return. Additional asset classes are used to provide diversification. Asset allocation is monitored on an ongoing basis relative to the established asset class targets. The interaction between plan assets and benefit obligations is periodically studied to assist in the establishment of strategic asset allocation targets. The investment policy permits variances from the targets within certain parameters. Asset rebalancing occurs when the underlying asset class allocations move outside these parameters, at which time the asset allocation is rebalanced back to the policy target weight. Our year-end pension plan weighted-average asset allocations by category were: Strategic Target 2021 2020 Equity securities 36% 36% 38% Debt securities 56% 57% 53% Real estate and other 8% 7% 9% Total 100% 100% 100% Pension plan assets are categorized 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. The following table presents our pension plan assets by asset category at August 1, 2021, and August 2, 2020: Fair Value Fair Value Measurements at Fair Value Fair Value Measurements at Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Short-term investments $ 43 $ 41 $ 2 $ — $ 42 $ 42 $ — $ — Equities: U.S. 106 100 6 — 261 261 — — Non-U.S. 234 233 1 — 240 240 — — Corporate bonds: U.S. 723 — 723 — 749 — 749 — Non-U.S. 138 — 138 — 130 — 130 — Government and agency bonds: U.S. 198 — 198 — 74 — 74 — Non-U.S. 33 — 33 — 24 — 24 — Municipal bonds 29 — 29 — 30 — 30 — Mortgage and asset backed securities 10 — 10 — 34 — 34 — Real estate 5 2 — 3 7 4 — 3 Hedge funds 30 — — 30 31 — — 31 Derivative assets 6 — 6 — 2 — 2 — Derivative liabilities (3) — (3) — (6) — (6) — Total assets at fair value $ 1,552 $ 376 $ 1,143 $ 33 $ 1,618 $ 547 $ 1,037 $ 34 Investments measured at net asset value: Short-term investments 26 22 Commingled funds: Equities 438 262 Fixed income 117 139 Real estate 87 84 Hedge funds 34 61 Total investments measured at net asset value: 702 568 Other items to reconcile to fair value of plan assets (34) (66) Total pension plan assets at fair value $ 2,220 $ 2,120 Short-term investments — Investments include cash and cash equivalents, and various short-term debt instruments and short-term investment funds. Institutional short-term investment vehicles valued daily are classified as Level 1 at cost which approximates market value. Short-term debt instruments are classified at Level 2 and are valued based on bid quotations and recent trade data for identical or similar obligations. Other investments valued based upon net asset value are included as a reconciling item to the fair value table. Equities — Generally common stocks and preferred stocks are classified as Level 1 and are valued using quoted market prices in active markets. Corporate bonds — These investments are valued based on quoted market prices, yield curves and pricing models using current market rates. Government and agency bonds — These investments are generally valued based on bid quotations and recent trade data for identical or similar obligations. Municipal bonds — These investments are valued based on quoted market prices, yield curves and pricing models using current market rates. Mortgage and asset backed securities — These investments are valued based on prices obtained from third party pricing sources. The prices from third party pricing sources may be based on bid quotes from dealers and recent trade data. Mortgage backed securities are traded in the over-the-counter market. Real estate — Real estate investments consist of real estate investment trusts, property funds and limited partnerships. Real estate investment trusts are classified as Level 1 and are valued based on quoted market prices. Property funds are classified as either Level 2 or Level 3 depending upon whether liquidity is limited or there are few observable market participant transactions. Property funds are valued based on third party appraisals. Limited partnerships are valued based upon valuations provided by the general partners of the funds. The values of limited partnerships are based upon an assessment of each underlying investment, incorporating valuations that consider the evaluation of financing and sales transactions with third parties, expected cash flows, and market-based information, including comparable transactions and performance multiples among other factors. The investments are classified as Level 3 since the valuation is determined using unobservable inputs. Real estate investments valued at net asset value are included as a reconciling item to the fair value table. Hedge funds — Hedge fund investments include hedge funds valued based upon a net asset value derived from the fair value of underlying securities. Hedge fund investments that are subject to liquidity restrictions or that are based on unobservable inputs are classified as Level 3. Hedge fund investments may include long and short positions in equity and fixed income securities, derivative instruments such as futures and options, commodities and other types of securities. Hedge fund investments valued at net asset value are included as a reconciling item to the fair value table. Derivatives — Derivative financial instruments include forward currency contracts, futures contracts, options contracts, interest rate swaps and credit default swaps. Derivative financial instruments are classified as Level 2 and are valued based on observable market transactions or prices. Commingled funds — Investments in commingled funds are not traded in active markets. Blended commingled funds are invested in both equities and fixed income securities. Commingled funds are valued based on the net asset values of such funds and are included as a reconciling item to the fair value table. Other items to reconcile to fair value of plan assets included amounts due for securities sold, amounts payable for securities purchased, and other payables. The following table summarizes the changes in fair value of Level 3 investments for the years ended August 1, 2021, and August 2, 2020: Real Estate Hedge Funds Total Fair value at August 2, 2020 $ 3 $ 31 $ 34 Actual return on plan assets — 2 2 Purchases, sales and settlements, net — (3) (3) Transfers out of Level 3 — — — Fair value at August 1, 2021 $ 3 $ 30 $ 33 Real Estate Hedge Funds Total Fair value at July 28, 2019 $ 4 $ 32 $ 36 Actual return on plan assets — — — Purchases, sales and settlements, net (1) (1) (2) Transfers out of Level 3 — — — Fair value at August 2, 2020 $ 3 $ 31 $ 34 Estimated future benefit payments are as follows: Pension Postretirement 2022 $ 174 $ 23 2023 $ 161 $ 21 2024 $ 153 $ 20 2025 $ 146 $ 18 2026 $ 143 $ 17 2027-2031 $ 644 $ 69 The estimated future benefit payments include payments from funded and unfunded plans. We do not expect contributions to pension plans to be material in 2022. Defined Contribution Plans — We sponsor a 401(k) Retirement Plan that covers substantially all U.S. employees and provide a matching contribution of 100% of employee contributions up to 4% of eligible compensation. In addition, for employees not eligible to participate in defined benefit plans that we sponsor, we provide a contribution equal to 3% of eligible compensation regardless of their participation in the 401(k) Retirement Plan. Through December 31, 2019, all Snyder's-Lance U.S. employees were eligible to participate in a 401(k) retirement plan sponsored by Snyder's-Lance that provided participants with matching contributions equal to 100% of the first 4% and 50% of the next 1% of eligible compensation. As of January 1, 2020, Snyder's-Lance employees were transitioned to the 401(k) Retirement Plan and receive the same contributions under the 401(k) Retirement Plan noted above. Amounts charged to Costs and expenses of continuing operations were $64 in 2021, $62 in 2020 and $52 in 2019. Amounts charged to discontinued operations were $4 in 2019. |
Leases
Leases | 12 Months Ended |
Aug. 01, 2021 | |
Leases [Abstract] | |
Leases of Lessee Disclosure | Leases We lease warehouse and distribution facilities, office space, manufacturing facilities, equipment and vehicles, primarily through operating leases. Leases recorded on our Consolidated Balance Sheet have remaining terms primarily from 1 to 14 years. Our fleet leases generally include residual value guarantees that are assessed at lease inception in determining ROU assets and corresponding liabilities. No other significant restrictions or covenants are included in our leases. The components of lease costs were as follows: 2021 2020 Operating lease cost $ 80 $ 81 Finance lease - amortization of ROU assets 6 2 Short-term lease cost 48 39 Variable lease cost (1) 201 172 Sublease income (2) (3) Total (2) $ 333 $ 291 __________________________________________ (1) Includes labor and other overhead included in our service contracts with embedded leases. (2) Total lease cost in 2020 included $4 related to discontinued operations. The following table summarizes the lease amounts recorded in the Consolidated Balance Sheets: Operating Leases Balance sheet classification 2021 2020 ROU assets, net Other assets $ 235 $ 254 Lease liabilities (current) Accrued liabilities 54 67 Lease liabilities (noncurrent) Other liabilities 180 184 Financing Leases Balance sheet classification 2021 2020 ROU assets, net Plant assets, net of depreciation $ 29 $ 10 Lease liabilities (current) Short-term borrowings 11 3 Lease liabilities (noncurrent) Long-term debt 19 7 Weighted-average lease terms and discount rates were as follows: August 1, 2021 August 2, 2020 Operating Finance Operating Finance Weighted-average remaining term in years 6.4 3.1 6.7 3.0 Weighted-average discount rate 2.3 % 0.8 % 2.6 % 1.8 % Future minimum lease payments are as follows: August 1, 2021 Operating Finance 2022 $ 59 $ 11 2023 49 9 2024 38 5 2025 27 2 2026 19 3 Thereafter 63 — Total future undiscounted lease payments 255 30 Less imputed interest 21 — Total reported lease liability $ 234 $ 30 The following table summarizes cash flow and other information related to leases: 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 79 $ 79 Financing cash flows from finance leases $ 5 $ 2 ROU assets obtained in exchange for lease obligations: Operating leases $ 59 $ 88 Finance leases $ 25 $ 10 ROU assets divested with businesses sold: Operating leases $ — $ 18 Finance leases $ — $ 5 Lease liabilities derecognized upon adoption: Build-to-suit lease commitment $ — $ 20 |
Taxes on Earnings
Taxes on Earnings | 12 Months Ended |
Aug. 01, 2021 | |
Income Tax Disclosure [Abstract] | |
Taxes on Earnings | Taxes on Earnings The provision for income taxes on earnings from continuing operations consists of the following: 2021 2020 2019 Income taxes: Currently payable: Federal $ 151 $ 152 $ 104 State 34 26 19 Non-U.S. 6 3 5 191 181 128 Deferred: Federal 102 (12) 19 State 33 4 7 Non-U.S. 2 1 (3) 137 (7) 23 $ 328 $ 174 $ 151 2021 2020 2019 Earnings from continuing operations before income taxes: United States $ 1,308 $ 737 $ 624 Non-U.S. 28 29 1 $ 1,336 $ 766 $ 625 The following is a reconciliation of the effective income tax rate on continuing operations to the U.S. federal statutory income tax rate: 2021 2020 2019 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % State income taxes (net of federal tax benefit) 3.1 3.5 2.2 Tax effect of international items 0.2 (0.3) — Tax Cuts and Jobs Act - transition tax — — 0.3 Divestiture impact on deferred taxes (0.9) — 1.2 Legal entity reorganization 1.4 — — Capital loss on the sale of the Plum baby food and snacks business (1.3) — — Capital loss valuation allowance on the sale of the Plum baby food and snacks business 1.3 — — Benefit on sale of the European chips business — (1.3) — Other (0.2) (0.2) (0.5) Effective income tax rate 24.6 % 22.7 % 24.2 % In 2021, we recorded a $19 deferred tax charge in connection with a legal entity reorganization as part of the continued integration of Snyder's-Lance. Deferred tax liabilities and assets of continuing operations and discontinued operations are comprised of the following: 2021 2020 Depreciation $ 352 $ 319 Amortization 869 856 Operating lease ROU assets 53 63 Pension 45 — Other 9 9 Deferred tax liabilities 1,328 1,247 Benefits and compensation 127 144 Pension benefits 38 58 Tax loss carryforwards 24 31 Capital loss carryforwards 117 95 Operating lease liabilities 53 63 Other 61 65 Gross deferred tax assets 420 456 Deferred tax asset valuation allowance (142) (122) Deferred tax assets, net of valuation allowance 278 334 Net deferred tax liability $ 1,050 $ 913 At August 1, 2021, our U.S. and non-U.S. subsidiaries had tax loss carryforwards of approximately $294. Of these carryforwards, $27 may be carried forward indefinitely, and $267 expire between 2022 and 2038, with the majority expiring after 2028. At August 1, 2021, deferred tax asset valuation allowances have been established to offset $113 of these tax loss carryforwards. Additionally, as of August 1, 2021, our U.S. and non-U.S. subsidiaries had capital loss carryforwards of approximately $477, all of which were offset by valuation allowances. The increase in the total capital loss carryforwards in 2021 was primarily due to the sale of the Plum baby food and snacks business. The net change in the deferred tax asset valuation allowance in 2021 was an increase of $20. The increase was primarily due to the sale of the Plum baby food and snacks business. The net change in the deferred tax asset valuation allowance in 2020 was a decrease of $305. The decrease was primarily due to the sale of the Arnott's and other international operations. The net change in the deferred tax asset valuation allowance in 2019 was an increase of $294. The increase was primarily due to the sale of Bolthouse Farms and the pending sale of the Arnott's and other international operations. As of August 1, 2021, and August 2, 2020, other deferred tax assets included $13 of state tax credit carryforwards related to various states that expire between 2022 and 2031. As of August 1, 2021, and August 2, 2020, deferred tax asset valuation allowances have been established to offset the $13 of state credit carryforwards. As of August 1, 2021, we had approximately $11 of undistributed earnings of foreign subsidiaries which are deemed to be permanently reinvested and for which we have not recognized a deferred tax liability. We estimate that the tax liability that might be incurred if permanently reinvested earnings were remitted to the U.S. would not be material. Foreign subsidiary earnings in 2021 are not considered permanently reinvested and we have therefore recognized a deferred tax liability and expense. A reconciliation of the activity related to unrecognized tax benefits follows: 2021 2020 2019 Balance at beginning of year $ 23 $ 24 $ 32 Increases related to prior-year tax positions — — 1 Decreases related to prior-year tax positions (1) (1) (1) Increases related to current-year tax positions 3 2 2 Settlements — (1) (9) Lapse of statute (3) (1) (1) Balance at end of year $ 22 $ 23 $ 24 The amount of unrecognized tax benefits that, if recognized, would impact the annual effective tax rate was $18 as of August 1, 2021, and as of August 2, 2020, and $17 as of July 28, 2019. The total amount of unrecognized tax benefits can change due to audit settlements, tax examination activities, statute expirations and the recognition and measurement criteria under accounting for uncertainty in income taxes. Our accounting policy for interest and penalties attributable to income taxes is to reflect any expense or benefit as a component of our income tax provision. The total amount of interest and penalties recognized in the Consolidated Statements of Earnings were not material in 2021, 2020, and 2019. The total amount of interest and penalties recognized in the Consolidated Balance Sheets in Other liabilities was $4 as of August 1, 2021, and as of August 2, 2020. We file income tax returns in the U.S. federal jurisdiction and various state and non-U.S. jurisdictions. In the normal course of business, we are subject to examination by taxing authorities, including the U.S. and Canada. With limited exceptions, we have been audited for income tax purposes in the U.S. through 2020 and in Canada through 2016. In addition, several state income tax examinations are in progress for the years 2015 to 2019. |
Short-term Borrowings and Long-
Short-term Borrowings and Long-term Debt | 12 Months Ended |
Aug. 01, 2021 | |
Debt Disclosure [Abstract] | |
Short-term Borrowings and Long-term Debt | Short-term Borrowings and Long-term Debt Short-term borrowings consist of the following: 2021 2020 Commercial paper $ 37 $ 280 Notes — 721 Debentures — 200 Finance leases 11 3 Other (1) — (2) Total short-term borrowings $ 48 $ 1,202 _______________________________________ (1) Includes unamortized net discount/premium on debt issuances and debt issuance costs. The weighted-average interest rate of commercial paper, which consisted of U.S. borrowings, was 0.22% as of August 1, 2021, and 2.10% as of August 2, 2020. As of August 1, 2021, we issued $36 of standby letters of credit. On November 2, 2020, we entered into a committed revolving credit facility totaling $1,850 that matures on November 2, 2023. This facility remained unused at August 1, 2021, except for $1 of standby letters of credit that we issued under it. The facility contains customary covenants, including a financial covenant with respect to a minimum consolidated interest coverage ratio of consolidated adjusted EBITDA to consolidated interest expense (as each is defined in the credit facility) of not less than 3.25:1.00, measured quarterly, and customary events of default for credit facilities of this type. Loans under this facility will bear interest at the rates specified in the facility, which vary based on the type of loan and certain other customary conditions. The facility supports our commercial paper program and other general corporate purposes. In March 2020, we borrowed $300 under our previous revolving credit facility and on May 1, 2020, we repaid the borrowings. Long-term debt consists of the following: Type Fiscal Year of Maturity Rate 2021 2020 Notes 2021 Variable $ — $ 400 Notes 2021 3.30% — 321 Debentures 2021 8.875% — 200 Notes 2023 2.50% 450 450 Notes 2023 3.65% 566 566 Notes 2025 3.95% 850 850 Notes 2025 3.30% 300 300 Notes 2028 4.15% 1,000 1,000 Notes 2030 2.375% 500 500 Notes 2043 3.80% 163 163 Notes 2048 4.80% 700 700 Notes 2050 3.125% 500 500 Finance leases 19 7 Other (1) (38) (42) Total $ 5,010 $ 5,915 Less current portion — 921 Total long-term debt $ 5,010 $ 4,994 _______________________________________ (1) Includes unamortized net discount/premium on debt issuances and debt issuance costs. Principal amounts of long-term debt mature as follows: $1,025 in 2023; $5 in 2024; $1,152 in 2025; $3 in 2026; and a total of $2,863 in periods thereafter. Debt Extinguishment On January 22, 2020, we completed the redemption of all $500 outstanding aggregate principal amount of our 4.25% Senior Notes due 2021. On January 24, 2020, we settled tender offers to purchase $1,200 in aggregate principal amount of certain senior unsecured debt, comprising $329 of 3.30% Senior Notes due 2021, $634 of 3.65% Senior Notes due 2023, and $237 of 3.80% Senior Notes due 2043. The consideration for the redemption and the tender offers was $1,765, including $65 of premium. We recognized a loss of $75 (including $65 of premium, fees and other costs paid with the tender offers and unamortized debt issuance costs), which was recorded in Interest expense in the Consolidated Statement of Earnings. In addition, we paid accrued and unpaid interest on the purchased notes through the dates of settlement. Debt Repayments In March 2021, we repaid our 3.30% $321 notes and floating rate $400 notes, and in May 2021, we repaid our 8.875% $200 notes. In 2020, we also repaid our $499 Senior Term Loan due 2021. Debt Issuances On April 24, 2020, we issued senior notes in an aggregate principal amount of $1,000, consisting of $500 aggregate principal amount of notes bearing interest at a fixed rate of 2.375% per annum, due April 24, 2030, and $500 aggregate principal amount of notes bearing interest at a fixed rate of 3.125% per annum, due April 24, 2050. On May 1, 2020, we used $300 of the net proceeds to repay $300 of borrowings outstanding under a revolving credit facility. The 2.375% Senior Notes due 2030 and the 3.125% Senior Notes due 2050 may each be redeemed at the applicable redemption price, in whole or in part, at our option at any time and from time to time prior to January 24, 2030, and October 24, 2049, respectively. Interest on each of the notes is due semi-annually on April 24 and October 24, commencing on October 24, 2020. The notes contain customary covenants and events of default. If a change of control triggering event occurs, we will be required to offer to purchase the notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest, if any, to the purchase date. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Aug. 01, 2021 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Financial Instruments | Financial InstrumentsThe 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 for hedge accounting treatment and instruments that are not designated as accounting hedges. Concentration of Credit Risk We are exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. To mitigate counterparty credit risk, we enter into contracts only with carefully selected, leading, credit-worthy financial institutions, and distribute contracts among several financial institutions to reduce the concentration of credit risk. We did not have credit-risk-related contingent features in our derivative instruments as of August 1, 2021, or August 2, 2020. We are also exposed to credit risk from our customers. During 2021, our largest customer accounted for approximately 21% of consolidated net sales from continuing operations. Our five largest customers accounted for approximately 46% of our consolidated net sales from continuing operations in 2021. We closely monitor credit risk associated with counterparties and customers. Foreign Currency Exchange Risk We are exposed to foreign currency exchange risk related to third-party transactions and intercompany transactions, including intercompany debt. Principal currencies hedged include the Canadian dollar and, prior to the sale of Arnott's and other international operations, the Australian dollar. We utilize foreign exchange forward purchase and sale contracts to hedge these exposures. The contracts are either designated as cash-flow hedging instruments or are undesignated. We hedge portions of our forecasted foreign currency transaction exposure with foreign exchange forward contracts for periods typically up to 18 months. To hedge currency exposures related to intercompany debt, we enter into foreign exchange forward purchase and sale contracts for periods consistent with the underlying debt. The notional amount of foreign exchange forward contracts accounted for as cash-flow hedges was $134 at August 1, 2021, and $164 at August 2, 2020. Changes in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of cash-flow hedges are recorded in other comprehensive income (loss), until earnings are affected by the variability of cash flows. For derivatives that are designated and qualify as hedging instruments, the initial fair value of hedge components excluded from the assessment of effectiveness is recognized in earnings under a systematic and rational method over the life of the hedging instrument and is presented in the same statement of earnings line item as the earnings effect of the hedged item. Any difference between the change in the fair value of the hedge components excluded from the assessment of effectiveness and the amounts recognized in earnings is recorded as a component of other comprehensive income (loss). The notional amount of foreign exchange forward contracts that are not designated as accounting hedges was $13 at August 1, 2021, and $19 at August 2, 2020. 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. Changes in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of a fair-value hedge, along with the gain or loss on the underlying hedged asset or liability, are recorded in current-period earnings. 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. Changes in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of cash-flow hedges are recorded in other comprehensive income (loss), and reclassified into Interest expense over the life of the debt. The change in fair value on undesignated instruments is recorded in Interest expense. There were no interest rate swaps or treasury rate lock contracts outstanding as of August 1, 2021, or August 2, 2020. Commodity Price Risk We principally use a combination of purchase orders and various short- and long-term supply arrangements in connection with the purchase of raw materials, including certain commodities and agricultural products. We also enter into commodity futures, options and swap contracts to reduce the volatility of price fluctuations of wheat, soybean oil, diesel fuel, natural gas, aluminum, cocoa, soybean meal, corn and butter. Commodity futures, options, and swap contracts are either designated as cash-flow hedging instruments or are undesignated. We hedge a portion of commodity requirements for periods typically up to 18 months. The notional amount of commodity contracts designated as cash flow hedges was $18 as of August 1, 2021. There were no commodity contracts designated as cash flow hedges as of August 2, 2020. Changes in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of cash-flow hedges are recorded in other comprehensive income (loss), until earnings are affected by the variability of cash flows. The notional amount of commodity contracts not designated as accounting hedges was $190 at August 1, 2021, and $137 at August 2, 2020. The change in fair value on undesignated instruments is recorded in Cost of products sold. We have a supply contract under which prices for certain raw materials are established based on anticipated volume requirements over a twelve-month period. Certain prices under the contract are based in part on certain component parts of the raw materials that are in excess of our needs or not required for our operations, thereby creating an embedded derivative requiring bifurcation. We net settle amounts due under the contract with our counterparty. The notional amount was approximately $38 as of August 1, 2021, and $34 as of August 2, 2020. The change in fair value on the embedded derivative is recorded in Cost of products sold. 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. As of June 2021, we no longer hedge our exposure linked to the total return of our capital stock. These contracts were not designated as hedges for accounting purposes. Unrealized gains (losses) and settlements are included in Administrative expenses in the Consolidated Statements of Earnings. We enter into these contracts for periods typically not exceeding 12 months. The notional amounts of the contracts as of August 1, 2021, and August 2, 2020, were $29 and $22, respectively. The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of August 1, 2021, and August 2, 2020: Balance Sheet Classification 2021 2020 Asset Derivatives Derivatives designated as hedges: Commodity derivative contracts Other current assets $ 4 $ — Foreign exchange forward contracts Other current assets 1 1 Total derivatives designated as hedges $ 5 $ 1 Derivatives not designated as hedges: Commodity derivative contracts Other current assets $ 49 $ 7 Deferred compensation derivative contracts Other current assets 3 4 Total derivatives not designated as hedges $ 52 $ 11 Total asset derivatives $ 57 $ 12 Balance Sheet Classification 2021 2020 Liability Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Accrued liabilities $ 3 $ 2 Total derivatives designated as hedges $ 3 $ 2 Derivatives not designated as hedges: Commodity derivative contracts Accrued liabilities $ — $ 9 Total derivatives not designated as hedges $ — $ 9 Total liability derivatives $ 3 $ 11 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 August 1, 2021, and August 2, 2020, would be adjusted as detailed in the following table: 2021 2020 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 $ 57 $ (1) $ 56 $ 12 $ (4) $ 8 Total liability derivatives $ 3 $ (1) $ 2 $ 11 $ (4) $ 7 We are required to maintain cash margin accounts in connection with funding the settlement of open positions for exchange-traded commodity derivative instruments. A cash margin liability balance of $14 at August 1, 2021, and an asset balance of $8 at August 2, 2020, were included in Accrued liabilities and Other current assets, respectively, in the Consolidated Balance Sheets. The following tables show the effect of our derivative instruments designated as cash-flow hedges for the years ended August 1, 2021, August 2, 2020, and July 28, 2019 in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings: Total Cash-Flow Hedge Derivatives Designated as Cash-Flow Hedges 2021 2020 2019 OCI derivative gain (loss) at beginning of year $ (8) $ (11) $ (8) Effective portion of changes in fair value recognized in OCI: Commodity derivative contracts 4 — — Foreign exchange forward contracts (9) 3 (3) Amount of loss (gain) reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold 6 (2) (4) Foreign exchange forward contracts Other expenses / (income) 1 — — Foreign exchange forward contracts Earnings (loss) from discontinued operations — 1 2 Forward starting interest rate swaps Interest expense 1 1 2 OCI derivative gain (loss) at end of year $ (5) $ (8) $ (11) 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 following table shows the total amounts of line items presented in the Consolidated Statements of Earnings for the years ended 2021, 2020, and 2019 in which the effects of derivative instruments designated as cash-flow hedges are recorded and the total effect of hedge activity on these line items are as follows: 2021 2020 2019 Cost of products sold Other expenses / (income) Interest expense Earnings (loss) from discontinued operations Cost of products sold Interest expense Earnings (loss) from discontinued operations Cost of products sold Interest expense Earnings (loss) from discontinued operations Consolidated Statements of Earnings: $ 5,665 $ (254) $ 210 $ (6) $ 5,692 $ 345 $ 1,036 $ 5,414 $ 356 $ (263) Loss (gain) on cash-flow hedges: Amount of loss (gain) reclassified from OCI to earnings $ 6 $ 1 $ 1 $ — $ (2) $ 1 $ 1 $ (4) $ 2 $ 2 Amount excluded from effectiveness testing recognized in earnings using an amortization approach $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings: Amount of Loss (Gain) Recognized in Earnings on Derivatives Derivatives Not Designated as Hedges Location of Loss (Gain) 2021 2020 2019 Foreign exchange forward contracts Cost of products sold $ 2 $ (1) $ — Foreign exchange forward contracts Other expenses / (income) — 2 — Commodity derivative contracts Cost of products sold (55) 12 6 Commodity derivative contracts Earnings (loss) from discontinued operations — — (1) Deferred compensation derivative contracts Administrative expenses (8) (2) (2) Treasury rate lock contracts Interest expense — (3) — Total $ (61) $ 8 $ 3 |
Variable Interest Entity
Variable Interest Entity | 12 Months Ended |
Aug. 01, 2021 | |
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 was managed by its general partner, Acre Ventures GP, LLC, which was independent of us. We were the sole limited partner of Acre and owned a 99.8% interest. Acre was a VIE. We entered into an agreement to sell our interest in Acre on April 26, 2020, and completed the sale on May 8, 2020, for $30 resulting in a loss of $45 recognized in the third quarter of 2020 as a result of the pending sale. We consolidated Acre and accounted for the third party ownership as a noncontrolling interest. Through the date of the sale, we funded $86 of the capital commitment. Acre elected the fair value option to account for qualifying investments to more appropriately reflect the value of the investments in the financial statements. Changes in the fair values of investments for which the fair value option was elected were included in Other expenses / (income) on the Consolidated Statements of Earnings. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Aug. 01, 2021 | |
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 August 1, 2021, and August 2, 2020, 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) $ 1 $ — $ 1 $ — $ 1 $ — $ 1 $ — Commodity derivative contracts (2) 53 21 31 1 7 3 2 2 Deferred compensation derivative contracts (3) 3 — 3 — 4 — 4 — Deferred compensation investments (4) 3 3 — — 3 3 — — Total assets at fair value $ 60 $ 24 $ 35 $ 1 $ 15 $ 6 $ 7 $ 2 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) $ 3 $ — $ 3 $ — $ 2 $ — $ 2 $ — Commodity derivative contracts (2) — — — — 9 5 4 — Deferred compensation obligation (4) 105 105 — — 92 92 — — Total liabilities at fair value $ 108 $ 105 $ 3 $ — $ 103 $ 97 $ 6 $ — ___________________________________ (1) Based on observable market transactions of spot currency rates and forward rates. (2) Level 1 and 2 are based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. Level 3 is based on unobservable inputs in which there is little or no market data, which requires management’s own assumptions within an internally developed model. (3) Based on LIBOR and equity index swap rates. (4) Based on the fair value of the participants’ investments. The following table summarizes the changes in fair value of Level 3 investments for the years ended August 1, 2021, and August 2, 2020: 2021 2020 (1) Fair value at beginning of year $ 2 $ 76 Gains (losses) recognized in earnings 6 (45) Purchases — 1 Sales — (29) Settlements (7) (1) Fair value at end of year $ 1 $ 2 __________________________________ (1) Primarily represented investments in equity securities that were not readily marketable and were accounted for under the fair value option. The investments were funded by Acre, a limited partnership in which we were the sole limited partner. Fair value was 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, were used in distributing fair value among various equity holders according to rights and preferences. We entered into an agreement to sell our interest in Acre on April 26, 2020, and completed the sale on May 8, 2020. See Note 14 for additional information. Fair Value of Financial Instruments The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value. There were no cash equivalents at August 1, 2021, and $157 at August 2, 2020. Cash equivalents represent fair value as these highly liquid investments have an original maturity of three months or less. Fair value of cash equivalents is based on Level 2 inputs. The fair value of short- and long-term debt was $5,613 at August 1, 2021, and $6,995 at August 2, 2020. The carrying value was $5,058 at August 1, 2021, and $6,196 at August 2, 2020. 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. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Aug. 01, 2021 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure | Shareholders' Equity We have authorized 560 million shares of Capital stock with $.0375 par value and 40 million shares of Preferred stock, issuable in one or more classes, with or without par as may be authorized by the Board of Directors. No Preferred stock has been issued. Share Repurchase Programs In March 2017, the Board authorized a strategic share repurchase program to purchase up to $1,500 (March 2017 program). The March 2017 program had no expiration date, but could be suspended or discontinued at any time. In addition to the March 2017 program, we had a separate Board authorization to purchase shares to offset the impact of dilution from shares issued under our stock compensation programs (anti-dilutive program). We suspended all of our share repurchases, including our anti-dilutive program, as of the second quarter of 2018. Approximately $1,296 remained available under the March 2017 program as of August 1, 2021. In June 2021, the Board authorized a new anti-dilutive share repurchase program of up to $250 (June 2021 program) to offset the impact of dilution from shares issued under our stock compensation programs. The June 2021 program has no expiration date, but it may be suspended or discontinued at any time. Repurchases under the June 2021 program may be made in open-market or privately negotiated transactions. In 2021, we repurchased 1 million shares at a cost of $36. Approximately $214 remained available under the June 2021 program as of August 1, 2021. In September 2021, the Board approved a new strategic share repurchase program of up to $500 (September 2021 program). The September 2021 program has no expiration date, but may be suspended or discontinued at any time. Repurchases under the September 2021 program may be made in open-market or privately negotiated transactions. The September 2021 program replaces the suspended March 2017 program, which has been cancelled. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Aug. 01, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based CompensationIn 2005, shareholders approved the 2005 Long-Term Incentive Plan, which authorized the issuance of 6 million shares to satisfy awards of stock options, stock appreciation rights, unrestricted stock, restricted stock/units (including performance restricted stock) and performance units. In 2008, shareholders approved an amendment to the 2005 Long-Term Incentive Plan to increase the number of authorized shares to 10.5 million and in 2010, shareholders approved another amendment to the 2005 Long-Term Incentive Plan to increase the number of authorized shares to 17.5 million. In 2015, shareholders approved the 2015 Long-Term Incentive Plan, which authorized the issuance of 13 million shares. Approximately 6 million of these shares were shares that were currently available under the 2005 plan and were incorporated into the 2015 Plan upon approval by shareholders. Awards under Long-Term Incentive Plans may be granted to employees and directors. Pursuant to the Long-Term Incentive Plan, we adopted a long-term incentive compensation program which provides for grants of total shareholder return (TSR) performance restricted stock/units, EPS performance restricted stock/units, strategic performance restricted stock/units, time-lapse restricted stock/units, special performance restricted stock/units, free cash flow (FCF) performance restricted stock/units and unrestricted stock. Under the program, awards of TSR performance restricted stock/units will be earned by comparing our total shareholder return during a three-year period to the respective total shareholder returns of companies in a performance peer group. Based upon our ranking in the performance peer group after the relevant three-year performance period, a recipient of TSR performance restricted stock/units may earn a total award ranging from 0% to 200% of the initial grant. Awards of EPS performance restricted stock/units were earned based upon our achievement of annual earnings per share goals and vested over the relevant three-year period. During the three-year vesting period, a recipient of EPS performance restricted stock/units earned a total award of either 0% or 100% of the initial grant. Awards of the strategic performance restricted stock units were earned based upon the achievement of two key metrics, net sales and EPS growth, compared to strategic plan objectives during a three-year period. A recipient of strategic performance restricted stock units earned a total award ranging from 0% to 200% of the initial grant. Awards of FCF performance restricted stock units will be earned based 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 was established each fiscal year for three consecutive years. Performance against these objectives is 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. A recipient of FCF performance restricted stock units may earn a total award ranging from 0% to 200% of the initial grant. Awards of time-lapse restricted stock/units will vest ratably over the three-year period. In addition, we may issue special grants of restricted stock/units to attract and retain executives which vest over various periods. Awards are generally granted annually in October. Stock options are granted on a selective basis under the Long-Term Incentive Plans. The term of a stock option granted under these plans may not exceed ten years from the date of grant. The option price may not be less than the fair market value of a share of common stock on the date of the grant. Options granted under these plans generally vest ratably over a three-year period. In 2019, we also granted certain options that vest at the end of a three-year period. We have not issued any stock options in 2021 or 2020. In 2021, we issued time-lapse restricted stock units, unrestricted stock and TSR performance restricted stock units. We last issued FCF performance restricted stock units in 2019, EPS performance restricted stock units in 2018, strategic performance restricted stock units in 2014 and special performance restricted units in 2015. In determining stock-based compensation expense, we estimate forfeitures expected to occur. Total pre-tax stock-based compensation expense and tax-related benefits recognized in Earnings from continuing operations were as follows: 2021 2020 2019 Total pre-tax stock-based compensation expense $ 64 $ 59 $ 50 Tax-related benefits $ 12 $ 11 $ 8 Total pre-tax stock-based compensation expense and tax-related benefits recognized in Earnings (loss) from discontinued operations were as follows: 2020 2019 Total pre-tax stock-based compensation expense $ 2 $ 8 Tax-related benefits $ — $ 2 The following table summarizes stock option activity as of August 1, 2021: Options Weighted- Weighted- Aggregate (Options in (In years) Outstanding at August 2, 2020 1,423 $ 45.42 Granted — $ — Exercised (51) $ 40.41 Terminated — $ — Outstanding at August 1, 2021 1,372 $ 45.61 5.9 $ 4 Exercisable at August 1, 2021 1,079 $ 48.36 5.5 $ 2 The total intrinsic value of options exercised during 2021 was not material. The total intrinsic value of options exercised during 2020 was $2. No options were exercised during 2019. 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 were as follows: 2019 Risk-free interest rate 2.79% Expected dividend yield 3.84% Expected volatility 25.28% Expected term 6.1 years Grant-date fair value $6.27 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 August 1, 2021, total remaining unearned compensation related to nonvested stock options was less than $1, which will be amortized over the weighted-average remaining service period of less than 1 year. The following table summarizes time-lapse restricted stock units, EPS performance restricted stock units and FCF performance restricted stock units as of August 1, 2021: Units Weighted- (Restricted stock Nonvested at August 2, 2020 1,866 $ 43.18 Granted 905 $ 48.37 Vested (799) $ 42.83 Forfeited (158) $ 46.58 Nonvested at August 1, 2021 1,814 $ 45.63 We determine the fair value of time-lapse restricted stock units, EPS performance restricted stock units and FCF 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 expensed EPS performance restricted stock units on a graded-vesting basis, except for awards issued to retirement-eligible participants, which we expensed on an accelerated basis. As of November 1, 2020, there were no EPS performance target grants outstanding. We expense FCF performance restricted stock units over the requisite service period of each objective. In 2019, we issued approximately 388 thousand FCF performance restricted stock units. As of November 1, 2020, we have granted all of the issued FCF performance restricted stock units, which are included in the table above. There were 239 thousand FCF performance target grants outstanding at August 1, 2021, with a weighted-average grant date fair value of $44.10. The actual number of EPS performance restricted stock units and FCF performance restricted stock units that vest will depend on actual performance achieved. We estimate expense based on the number of awards expected to vest. As of August 1, 2021, total remaining unearned compensation related to nonvested time-lapse restricted stock units and FCF performance restricted units was $30, which will be amortized over the weighted-average remaining service period of 1.6 years. The fair value of restricted stock units vested during 2021, 2020 and 2019 was $38, $41 and $26, respectively. The weighted-average grant-date fair value of the restricted stock units granted during 2020 and 2019 was $46.82 and $36.51, respectively. In the first quarter of 2022, recipients of FCF performance restricted stock units will receive a 167% payout based upon the average of actual performance achieved during a three-year period ended August 1, 2021. The following table summarizes TSR performance restricted stock units as of August 1, 2021: Units Weighted- (Restricted stock Nonvested at August 2, 2020 1,254 $ 47.83 Granted 521 $ 54.93 Vested (236) $ 39.39 Forfeited (317) $ 43.53 Nonvested at August 1, 2021 1,222 $ 53.60 We estimated the fair value of TSR performance restricted stock units at the grant date using a Monte Carlo simulation. Weighted-average assumptions used in the Monte Carlo simulation were as follows: 2021 2020 2019 Risk-free interest rate 0.15% 1.48% 2.80% Expected dividend yield 2.85% 2.95% 3.79% Expected volatility 29.99% 27.01% 24.50% Expected term 3 years 3 years 3 years We recognize compensation expense on a straight-line basis over the service period, except for awards issued to retirement eligible participants, which we expense on an accelerated basis. As of August 1, 2021, total remaining unearned compensation related to TSR performance restricted stock units was $25, which will be amortized over the weighted-average remaining service period of 1.6 years. In the first quarter of 2021, recipients of TSR performance restricted stock units earned 50% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 31, 2020. In the first quarter of 2020, 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 26, 2019. 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. The fair value of TSR performance restricted stock units vested during 2021 was $11. The weighted-average grant-date fair value of the TSR performance restricted stock units granted during 2020 and 2019 was $63.06 and $31.29, respectively. In the first quarter of 2022, recipients of TSR performance restricted stock units will receive a 75% payout based upon our TSR ranking in a performance peer group during a three-year period ended July 30, 2021. The excess tax benefits of $1 in 2021 and 2020 and the excess tax deficiencies of $6 in 2019, on the exercise of stock options and vested restricted stock were presented as cash flows from operating activities. Cash received from the exercise of stock options was $2 and $23 for 2021 and 2020, respectively, and is reflected in cash flows from financing activities in the Consolidated Statements of Cash Flows. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Aug. 01, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Regulatory and Litigation Matters We are involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising from the conduct of business both in the ordinary course and otherwise. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with our actual experiences in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to us that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value. Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time is normally difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law. On January 7, 2019, three purported shareholder class action lawsuits pending in the United States District Court for the District of New Jersey (the Court) 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 former Senior Vice President and Chief Financial Officer) are defendants in the Action. The amended 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 amended consolidated complaint seeks unspecified monetary damages and other relief. On April 30, 2019, the defendants filed a motion to dismiss the amended consolidated complaint, which the Court granted on November 30, 2020, with leave to amend the complaint. On January 15, 2021, the plaintiff filed its second amended consolidated complaint. The second amended consolidated complaint again names as defendants the company and certain of its former officers and alleges that, in public statements between August 31, 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 second amended consolidated complaint seeks unspecified monetary damages and other relief. On March 10, 2021 the defendants filed a motion to dismiss the second amended 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 August 1, 2021. While the potential future charges could be material in a particular quarter or annual period, based on information currently known by us, we do not believe any such charges are likely to have a material adverse effect on our consolidated results of operations or financial condition. Other Contingencies We guarantee approximately 4,900 bank loans made to independent contractor distributors by third-party financial institutions for the purchase of distribution routes. The maximum potential amount of the future payments under existing guarantees we could be required to make is $488 as of August 1, 2021. Our guarantees are indirectly secured by the distribution routes. We do not expect that we will be required to make material guarantee payments as a result of defaults on the bank loans guaranteed. The amounts recognized as of August 1, 2021, and August 2, 2020, were not material. We have provided certain standard indemnifications in connection with divestitures, contracts and other transactions. Certain indemnifications have finite expiration dates. Liabilities recognized based on known exposures related to such matters were not material at August 1, 2021, and August 2, 2020. |
Supplemental Financial Statemen
Supplemental Financial Statement Data | 12 Months Ended |
Aug. 01, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Supplemental Financial Information Data | Supplemental Financial Statement Data Balance Sheets 2021 2020 Accounts receivable Customer accounts receivable $ 556 $ 544 Allowances (12) (14) Subtotal $ 544 $ 530 Other 51 45 $ 595 $ 575 Inventories Raw materials, containers and supplies $ 321 $ 297 Finished products 612 574 $ 933 $ 871 Plant assets Land $ 75 $ 75 Buildings 1,493 1,473 Machinery and equipment 3,732 3,463 Projects in progress 189 274 Total cost $ 5,489 $ 5,285 Accumulated depreciation (1) (3,119) (2,917) $ 2,370 $ 2,368 Other assets Operating lease ROU assets, net of amortization $ 235 $ 254 Pension 190 10 Other 24 19 $ 449 $ 283 Accrued liabilities Accrued compensation and benefits $ 203 $ 252 Fair value of derivatives 3 11 Accrued trade and consumer promotion programs 121 156 Accrued interest 70 79 Restructuring 6 12 Operating lease liabilities 54 67 Other 119 116 $ 576 $ 693 2021 2020 Other liabilities Pension benefits $ 142 $ 242 Postretirement benefits 199 220 Operating lease liabilities 180 184 Deferred compensation 92 80 Unrecognized tax benefits 20 17 Other 72 77 $ 705 $ 820 ____________________________________ (1) Depreciation expense was $275 in 2021, $285 in 2020 and $389 in 2019. Depreciation expense associated with discontinued operations was $74 in 2019. Buildings are depreciated over periods ranging from 7 to 45 years. Machinery and equipment are depreciated over periods generally ranging from 2 to 20 years. Statements of Earnings 2021 2020 2019 Other expenses / (income) Amortization of intangible assets $ 42 $ 43 $ 48 Impairment of intangible assets (1) — — 16 Net periodic benefit expense (income) other than the service cost (247) 30 43 Pension settlement charges (gains) (38) 43 28 Investment losses (2) — 49 1 Loss on sales of businesses (3) 11 64 — Transition services fees (27) (10) — Other 5 2 4 $ (254) $ 221 $ 140 Advertising and consumer promotion expense (4) $ 399 $ 463 $ 347 Interest expense (5) Interest expense $ 214 $ 350 $ 359 Less: Interest capitalized 4 5 3 $ 210 $ 345 $ 356 ____________________________________ (1) See Note 3 for additional information. (2) 2020 includes a loss of $45 related to Acre. See Note 14 for additional information. (3) In 2021, we recognized a loss of $11 on the sale of the Plum baby food and snacks business. In 2020, we recognized a loss of $64 on the sale of the European chips business. See Note 3 for additional information. (4) Included in Marketing and selling expenses. (5) In 2020, we recognized a loss of $75 (including $65 of premium, fees and other costs paid with the tender offers and unamortized debt issuance costs). See Note 12 for additional information. Statements of Cash Flows 2021 2020 2019 Cash Flows from Operating Activities Other non-cash charges to net earnings Operating lease ROU asset expense $ 75 $ 75 $ — Amortization of debt issuance costs/debt discount 6 9 14 Benefit related expense 12 12 6 Other (7) 5 4 $ 86 $ 101 $ 24 Other Benefit related payments $ (49) $ (53) $ (60) Other 2 (6) (4) $ (47) $ (59) $ (64) Other Cash Flow Information Interest paid $ 214 $ 287 $ 367 Interest received $ 1 $ 4 $ 3 Income taxes paid $ 212 $ 222 $ 117 Non-cash Activity Build-to-suit lease commitment $ — $ — $ 20 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Aug. 01, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | CAMPBELL SOUP COMPANY Valuation and Qualifying Accounts For the Fiscal Years ended August 1, 2021, August 2, 2020, and July 28, 2019 (Millions) This schedule of valuation and qualifying accounts for continuing operations should be read in conjunction with the Consolidated Financial Statements. This schedule excludes amounts related to discontinued operations. See Note 3 to the Consolidated Financial Statements for additional information. Balance at Beginning of Period Charged to/ Deductions Divestiture Balance at End of Period Fiscal year ended August 1, 2021 Cash discount $ 6 $ 137 $ (137) $ — $ 6 Bad debt reserve 4 — (2) — 2 Returns reserve (1) 4 — — — 4 Total Accounts receivable allowances $ 14 $ 137 $ (139) $ — $ 12 Fiscal year ended August 2, 2020 Cash discount $ 6 $ 139 $ (139) $ — $ 6 Bad debt reserve 3 2 — (1) 4 Returns reserve (1) 4 1 (1) — 4 Total Accounts receivable allowances $ 13 $ 142 $ (140) $ (1) $ 14 Fiscal year ended July 28, 2019 Cash discount $ 6 $ 132 $ (132) $ — $ 6 Bad debt reserve 3 1 (1) — 3 Returns reserve (1) 9 (2) (3) — 4 Total Accounts receivable allowances $ 18 $ 131 $ (136) $ — $ 13 _______________________________________ (1) The returns reserve is evaluated quarterly and adjusted accordingly. During each period, returns are charged to net sales in the Consolidated Statements of Earnings as incurred. Actual returns were approximately $100 in 2021, $99 in 2020, and $107 in 2019, or less than 2% of net sales. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Aug. 01, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation — 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 were the primary beneficiary. Intercompany transactions are eliminated in consolidation. Our fiscal year ends on the Sunday nearest July 31. There were 52 weeks in 2021 and 2019, and 53 weeks in 2020. |
Discontinued Operations | Discontinued Operations — We present discontinued operations when there is a disposal of a component group or a group of components that in our judgment represents a strategic shift that will have a major effect on our operations and financial results. We aggregate the results of operations for discontinued operations into a single line item in the Consolidated Statements of Earnings for all periods presented. General corporate overhead is not allocated to discontinued operations. See Note 3 for additional information. |
Use of Estimates | Use of Estimates — Generally accepted accounting principles require management to make estimates and assumptions that affect assets, liabilities, revenues and expenses. Actual results could differ from those estimates. |
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 6 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents — All highly liquid debt instruments purchased with a maturity of three months or less are classified as cash equivalents. |
Inventories | Inventories — All inventories are valued at the lower of average cost or net realizable value. |
Property, Plant and Equipment | Property, Plant and Equipment — Property, plant and equipment are recorded at historical cost and are depreciated over estimated useful lives using the straight-line method. Buildings and machinery and equipment are depreciated over periods not exceeding 45 years and 20 years, respectively. Assets are evaluated for impairment when conditions indicate that the carrying value may not be recoverable. Such conditions include significant adverse changes in business climate or a plan of disposal. Repairs and maintenance are charged to expense as incurred. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets — Goodwill and intangible assets deemed to have indefinite lives are not amortized but rather are tested at least annually for impairment, or when circumstances indicate that the carrying amount of the asset may not be recoverable. Goodwill is tested for impairment at the reporting unit level. A reporting unit is an operating segment or a component of an operating segment. Goodwill is tested for impairment by either performing a qualitative evaluation or a quantitative test. The qualitative evaluation is an assessment of factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. We may elect not to perform the qualitative assessment for some or all reporting units and perform a quantitative impairment test. Fair value is determined based on discounted cash flow analyses. The discounted estimates of future cash flows include significant management assumptions such as revenue growth rates, operating margins, weighted average costs of capital and future economic and market conditions. If the carrying value of the reporting unit exceeds fair value, goodwill is considered impaired and an impairment charge will be recorded to reduce the reporting unit to fair value. Indefinite-lived intangible assets are tested for impairment by comparing the fair value of the asset to the carrying value. Fair value is determined using a relief from royalty valuation method based on discounted cash flow analyses that include significant management assumptions such as revenue growth rates, weighted average costs of capital and assumed royalty rates. If the carrying value exceeds fair value, an impairment charge will be recorded to reduce the asset to fair value. See Notes 3 and 5 for information on intangible assets and impairment charges. |
Leases | Leases — At the beginning of the first quarter of 2020, we adopted new guidance on accounting for leases. We determine if an agreement is or contains a lease at inception by evaluating if an identified asset exists that we control for a period of time. When a lease exists, we record a right-of-use (ROU) asset and a corresponding lease liability on our Consolidated Balance Sheet. ROU assets represent our right to use an underlying asset for the lease term and the corresponding liabilities represent an obligation to make lease payments during the term. We have elected not to record leases with a term of 12 months or less on our Consolidated Balance Sheet. ROU assets are recorded on our Consolidated Balance Sheet at lease commencement based on the present value of the corresponding liabilities and are adjusted for any prepayments, lease incentives received, or initial direct costs incurred. To calculate the present value of our lease liabilities, we use a country-specific collateralized incremental borrowing rate based on the lease term at commencement. The measurement of our ROU assets and liabilities includes all fixed payments and any variable payments based on an index or rate. Our leases generally include options to extend or terminate use of the underlying assets. These options are included in the lease term used to determine ROU assets and corresponding liabilities when we are reasonably certain we will exercise. Our lease arrangements typically include non-lease components, such as common area maintenance and labor. We account for each lease and any non-lease components associated with that lease as a single lease component for all underlying asset classes with the exception of certain production assets. Accordingly, all costs associated with a lease contract are disclosed as lease costs. This includes any variable payments that are not dependent on an index or a rate and which are expensed as incurred. Operating leases expense is recognized on a straight-line basis over the lease term with the expense recorded in Cost of products sold, Marketing and selling expenses, or Administrative expenses depending on the nature of the leased item. For finance leases, the amortization of ROU lease assets is recognized on a straight-line basis over the shorter of the estimated useful life of the underlying asset or the lease term in Cost of products sold, Marketing and selling expenses, or Administrative expenses depending on the nature of the leased item. Interest expense on finance lease obligations is recorded over the lease term and is recorded in Interest expense (based on a front-loaded interest expense pattern). All operating lease cash payments and interest on finance leases are recorded within Net cash provided by operating activities and all finance lease principal payments are recorded within Net cash used in financing activities in our Consolidated Statements of Cash Flows. See Notes 2 and 10 for more information. |
Derivative Financial Instruments | Derivative Financial Instruments — We use derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates, interest rates, commodities and equity-linked employee benefit obligations. 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 strategies that qualify and strategies that do not qualify for hedge accounting treatment. To qualify for hedge accounting, the hedging relationship, both at inception of the hedge and on an ongoing basis, is expected to be highly effective in achieving offsetting changes in the fair value of the hedged risk during the period that the hedge is designated. All derivatives are recognized on the balance sheet at fair value. For derivatives that qualify for hedge accounting, we designate the derivative as a hedge of the fair value of a recognized asset or liability or a firm commitment (fair-value hedge) or a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (cash-flow hedge). Some derivatives may also be considered natural hedging instruments (changes in fair value act as economic offsets to changes in fair value of the underlying hedged item) and are not designated for hedge accounting. Changes in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of a fair-value hedge, along with the gain or loss on the underlying hedged asset or liability (including losses or gains on firm commitments), are recorded in current-period earnings. Changes in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of cash-flow hedges are recorded in other comprehensive income (loss), until earnings are affected by the variability of cash flows. For derivatives that are designated and qualify as hedging instruments, the initial fair value of hedge components excluded from the assessment of effectiveness is recognized in earnings under a systematic and rational method over the life of the hedging instrument and is presented in the same statement of earnings line item as the earnings effect of the hedged item. Any difference between the change in the fair value of the hedge components excluded from the assessment of effectiveness and the amounts recognized in earnings is recorded as a component of other comprehensive income (loss). Changes in the fair value of derivatives that are not designated for hedge accounting are recognized in current-period earnings. |
Advertising Production Costs | Advertising Production Costs — Advertising production costs are expensed in the period that the advertisement first takes place or when a decision is made not to use an advertisement. |
Research and Development Costs | Research and Development Costs — The costs of research and development are expensed as incurred. Costs include expenditures for new product and manufacturing process innovation, and improvements to existing products and processes. Costs primarily consist of salaries, wages, consulting, and depreciation and maintenance of research facilities and equipment. |
Income Taxes | Income Taxes — Deferred tax assets and liabilities are recognized for the future impact of differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. |
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. |
Stock-based Compensation, Policy | In determining stock-based compensation expense, we estimate forfeitures expected to occur. |
Divestitures (Tables)
Divestitures (Tables) | 12 Months Ended |
Aug. 01, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Results of Operations [Table Text Block] | Results of discontinued operations were as follows: Campbell International Campbell Fresh 2020 2019 2019 Net sales $ 359 $ 1,046 $ 756 Impairment charges $ — $ 17 $ 360 Earnings (loss) before taxes from operations $ 53 $ 120 $ (359) Taxes on earnings (loss) from operations 17 41 (78) Gain (loss) on sales of businesses / costs associated with selling the businesses 1,039 (12) (32) Tax expense (benefit) on sales / costs associated with selling the businesses 39 (2) 19 Earnings (loss) from discontinued operations $ 1,036 $ 69 $ (332) |
Disposal Groups, Condensed Cash Flow Statement [Table Text Block] | The depreciation and amortization, capital expenditures, sale proceeds and significant operating non-cash items of discontinued operations were as follows: 2020 2019 Cash flows from discontinued operating activities: Impairment charges $ — $ 377 Depreciation and amortization (1) — 83 Net (gain) loss on sales of discontinued operations businesses (1,039) 32 Cash flows from discontinued investing activities: Capital expenditures $ 30 $ 59 Sales of discontinued operations businesses, net of cash divested 2,466 539 _____________________________________ (1) Depreciation and amortization are no longer recognized once businesses are classified as held for sale/discontinued operations. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Aug. 01, 2021 | |
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 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 (68) (2) — (70) Amounts reclassified from accumulated other comprehensive income (loss) 2 — (21) (19) Net current-period other comprehensive income (loss) (66) (2) (21) (89) Balance at July 28, 2019 $ (218) $ (9) $ 29 $ (198) Other comprehensive income (loss) before reclassifications (2) 2 — — Amounts reclassified from accumulated other comprehensive income (loss) (5) 210 — (22) 188 Net current-period other comprehensive income (loss) 208 2 (22) 188 Balance at August 2, 2020 $ (10) $ (7) $ 7 $ (10) Other comprehensive income (loss) before reclassifications 16 (4) — 12 Amounts reclassified from accumulated other comprehensive income (loss) — 7 (4) 3 Net current-period other comprehensive income (loss) 16 3 (4) 15 Balance at August 1, 2021 $ 6 $ (4) $ 3 $ 5 _____________________________________ (1) Included no tax as of August 1, 2021, and August 2, 2020, and tax expense of $4 as of July 28, 2019, and $6 as of July 29, 2018. (2) Included a tax benefit of $1 as of August 1, 2021, and as of August 2, 2020, $2 as of July 28, 2019, and $4 as of July 29, 2018. (3) Included a tax expense of $1 as of August 1, 2021, $2 as of August 2, 2020, $8 as of July 28, 2019, and $25 as of July 29, 2018. (4) Reflects the adoption of the FASB guidance on stranded tax effects. See Note 2 for additional information. (5) Reflects the reclassification from sale of businesses. See Note 3 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: Details about Accumulated Other Comprehensive Income (Loss) Components 2021 2020 2019 Location of Loss (Gain) Recognized in Earnings Foreign currency translation adjustments: Currency translation losses (gains) realized upon disposal of businesses $ — $ 23 $ — Other expenses / (income) Currency translation losses (gains) realized upon disposal of businesses — 183 2 Earnings (loss) from discontinued operations Total before tax — 206 2 Tax expense (benefit) — 4 — Loss (gain), net of tax $ — $ 210 $ 2 Losses (gains) on cash-flow hedges: Foreign exchange forward contracts $ 6 $ (2) $ (4) Cost of products sold Foreign exchange forward contracts 1 — — Other expenses / (income) Foreign exchange forward contracts — 1 2 Earnings (loss) from discontinued operations Forward starting interest rate swaps 1 1 2 Interest expense Total before tax 8 — — Tax expense (benefit) (1) — — Loss (gain), net of tax $ 7 $ — $ — Pension and postretirement benefit adjustments: Prior service credit $ (5) $ (28) $ (28) Other expenses / (income) Tax expense (benefit) 1 6 7 Loss (gain), net of tax $ (4) $ (22) $ (21) |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Aug. 01, 2021 | |
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 & Beverages Snacks Total Net balance at July 28, 2019 $ 977 $ 3,040 $ 4,017 Divestiture (1) — (34) (34) Foreign currency translation adjustment (2) 5 3 Net balance at August 2, 2020 $ 975 $ 3,011 $ 3,986 Divestiture (1) (12) — (12) Foreign currency translation adjustment 7 — 7 Net balance at August 1, 2021 $ 970 $ 3,011 $ 3,981 _____________________________________ (1) See Note 3 for additional information. |
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: 2021 2020 Intangible Assets Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets Customer relationships (1) $ 830 $ (140) $ 690 $ 851 $ (112) $ 739 Non-amortizable intangible assets Trademarks (1) 2,549 2,611 Total net intangible assets $ 3,239 $ 3,350 _____________________________________ (1) Net Customer relationships of $8 and Trademarks of $62 were divested with the sale of the Plum baby and snack foods business. See Note 3 for additional information. |
Schedule of Indefinite-Lived Intangible Assets [Table Block] | As of August 1, 2021, the carrying value of indefinite-lived trademarks is detailed below: Various Other (1) Snyder's of Hanover Lance Pace Pacific Foods Carrying value $ 1,007 $ 620 $ 350 $ 292 $ 280 _____________________________________ (1) Associated with the acquisition of Snyder's-Lance, Inc. (Snyder's-Lance). |
Business And Geographic Segme_2
Business And Geographic Segment Information (Tables) | 12 Months Ended |
Aug. 01, 2021 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting [Table Text Block] | 2021 2020 2019 Net sales Meals & Beverages $ 4,532 $ 4,646 $ 4,252 Snacks 3,944 4,045 3,854 Corporate — — 1 Total $ 8,476 $ 8,691 $ 8,107 2021 2020 2019 Earnings before interest and taxes Meals & Beverages $ 899 $ 983 $ 895 Snacks 537 551 522 Corporate income (expense) (1) 130 (418) (407) Restructuring charges (2) (21) (9) (31) Total $ 1,545 $ 1,107 $ 979 2021 2020 2019 Depreciation and amortization Meals & Beverages $ 128 $ 134 $ 162 Snacks 169 175 184 Corporate (3) 20 19 17 Discontinued operations (4) — — 83 Total $ 317 $ 328 $ 446 2021 2020 2019 Capital expenditures Meals & Beverages $ 61 $ 52 $ 156 Snacks 153 153 134 Corporate (3) 61 64 35 Discontinued operations — 30 59 Total $ 275 $ 299 $ 384 _______________________________________ (1) Represents unallocated items. Pension and postretirement benefit settlement and mark-to-market adjustments are included in Corporate. There were settlement gains of $38 and gains of $165 in 2021, settlement charges of $43 and losses of $121 in 2020, and losses of $122 in 2019, respectively. A loss of $11 on the sale of the Plum baby food and snacks business was included in 2021. A loss of $45 on Acre Venture Partners, L.P. (Acre) was included in 2020. See Note 14 for additional information on Acre. A loss of $64 on the sale of our European chips business was included in 2020. Costs related to the cost savings initiatives were $32, $60 and $90 in 2021, 2020 and 2019, respectively. Intangible asset impairment charges were $16 in 2019. A mark-to-market gain on outstanding commodity hedges of $50 was included in 2021. (2) See Note 7 for additional information. (3) Represents primarily corporate offices and enterprise-wide information technology systems. (4) Depreciation and amortization are no longer recognized once businesses are classified as held for sale/discontinued operations. |
Additional Product Information for Net Sales [Table Text Block] | Our global net sales based on product categories are as follows: 2021 2020 2019 Net sales Soup $ 2,568 $ 2,653 $ 2,368 Snacks 3,989 4,099 3,918 Other simple meals 1,134 1,184 1,082 Beverages 785 755 738 Other — — 1 Total $ 8,476 $ 8,691 $ 8,107 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Information about continuing operations in different geographic areas is as follows: 2021 2020 2019 Net sales United States $ 7,951 $ 8,165 $ 7,492 Other countries 525 526 615 Total $ 8,476 $ 8,691 $ 8,107 2021 2020 2019 Long-lived assets United States $ 2,363 $ 2,361 $ 2,400 Other countries 7 7 55 Total $ 2,370 $ 2,368 $ 2,455 |
Restructuring Charges and Cos_2
Restructuring Charges and Cost Savings Initiatives (Tables) - 2015 and Snyder's-Lance Initiatives [Member] | 12 Months Ended |
Aug. 01, 2021 | |
Schedule ofPre-Tax Charge And Remaining Costs [Table] | A summary of the pre-tax charges recorded in Earnings from continuing operations related to these initiatives is as follows: 2021 2020 2019 Recognized as of August 1, 2021 Restructuring charges $ 21 $ 9 $ 31 $ 259 Administrative expenses 28 48 62 339 Cost of products sold 3 9 18 79 Marketing and selling expenses 1 2 7 13 Research and development expenses — 1 3 4 Total pre-tax charges $ 53 $ 69 $ 121 $ 694 A summary of the pre-tax costs in Earnings from continuing operations associated with the initiatives is as follows: Recognized as of Severance pay and benefits $ 222 Asset impairment/accelerated depreciation 82 Implementation costs and other related costs 390 Total $ 694 A summary of the pre-tax costs in Earnings (loss) from discontinued operations associated with these initiatives is as follows: Recognized as of August 1, 2021 Severance pay and benefits $ 19 Implementation costs and other related costs 4 Total $ 23 As of April 28, 2019, we incurred substantially all of the costs for actions associated with discontinued operations. All of the costs were cash expenditures. |
Schedule of Restructuring Activity and Related Reserves [Table] | A summary of the restructuring activity and related reserves associated with continuing operations at August 1, 2021, is as follows: Severance Pay and Benefits Implementation Costs and Other Related Costs (4) Asset Impairment/Accelerated Depreciation Other Non-Cash Exit Costs (5) Total Charges Accrued balance at July 28, 2019 (1) $ 37 2020 charges 9 56 4 — $ 69 2020 cash payments (31) Accrued balance at August 2, 2020 (2) $ 15 2021 charges 6 27 15 5 $ 53 2021 cash payments (14) Accrued balance at August 1, 2021 (3) $ 7 _______________________________________ (1) Includes $8 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (2) Includes $3 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (3) Includes $1 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 Sheet. The costs are included in Administrative expenses, Cost of products sold, Marketing and selling expenses, and Research and development expenses in the Consolidated Statements of Earnings. (5) Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. |
Schedule Of Restructuring Charges Associated With Each Reportable Segment | A summary of the pre-tax costs in Earnings from continuing operations associated with segments is as follows: 2021 Costs Incurred to Date Meals & Beverages $ 3 $ 223 Snacks 48 299 Corporate 2 172 Total $ 53 $ 694 |
Pension And Postretirement Be_2
Pension And Postretirement Benefits (Tables) | 12 Months Ended |
Aug. 01, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | Change in benefit obligation: Pension Postretirement 2021 2020 2021 2020 Obligation at beginning of year $ 2,366 $ 2,345 $ 244 $ 235 Service cost 18 19 — 1 Interest cost 41 65 4 6 Actuarial loss (gain) (43) 237 (6) 23 Benefits paid (152) (148) (20) (21) Settlements (53) (41) — — Other (2) (3) — — Divestitures — (105) — — Foreign currency adjustment 11 (3) — — Benefit obligation at end of year $ 2,186 $ 2,366 $ 222 $ 244 |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Net amounts recognized in the Consolidated Balance Sheets: Pension Postretirement 2021 2020 2021 2020 Other assets $ 190 $ 10 $ — $ — Accrued liabilities 14 14 23 24 Other liabilities 142 242 199 220 Net amounts recognized asset / (liability) $ 34 $ (246) $ (222) $ (244) Amounts recognized in accumulated other comprehensive income (loss) consist of: Pension Postretirement 2021 2020 2021 2020 Prior service credit (cost) $ (1) $ (1) $ 5 $ 10 |
Defined Benefit Plan, Assumptions [Table Text Block] | Weighted-average assumptions used to determine benefit obligations at the end of the year: Pension Postretirement 2021 2020 2021 2020 Discount rate 2.69% 2.47% 2.37% 2.15% Rate of compensation increase 3.23% 3.23% 3.25% 3.25% Interest crediting rate 4.00% 4.00% Not applicable |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated future benefit payments are as follows: Pension Postretirement 2022 $ 174 $ 23 2023 $ 161 $ 21 2024 $ 153 $ 20 2025 $ 146 $ 18 2026 $ 143 $ 17 2027-2031 $ 644 $ 69 |
Pension Plan, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | Components of net benefit expense (income) were as follows: Pension 2021 2020 2019 Service cost $ 18 $ 19 $ 21 Interest cost 41 65 82 Expected return on plan assets (122) (134) (143) Amortization of prior service cost — — 1 Recognized net actuarial loss (gain) (159) 98 120 Settlement charges (gains) (38) 43 28 Net periodic benefit expense (income) $ (260) $ 91 $ 109 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | Change in the fair value of pension plan assets: 2021 2020 Fair value at beginning of year $ 2,120 $ 2,153 Actual return on plan assets 276 230 Employer contributions 2 2 Benefits paid (138) (135) Settlements (53) (41) Divestitures — (86) Foreign currency adjustment 13 (3) Fair value at end of year $ 2,220 $ 2,120 |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block] | The following table provides information for pension plans with projected benefit obligations in excess of plan assets and accumulated benefit obligations in excess of plan assets: 2021 2020 Projected benefit obligation $ 156 $ 1,783 Accumulated benefit obligation $ 154 $ 1,763 Fair value of plan assets $ — $ 1,527 |
Defined Benefit Plan, Assumptions [Table Text Block] | Weighted-average assumptions used to determine net periodic benefit cost for the years ended: Pension 2021 2020 2019 Discount rate 2.47% 3.46% 4.15% Expected return on plan assets 6.01% 6.85% 6.86% Rate of compensation increase 3.23% 3.20% 3.21% Interest crediting rate 4.00% 4.00% 3.25% |
Schedule of Allocation of Plan Assets [Table Text Block] | Our year-end pension plan weighted-average asset allocations by category were: Strategic Target 2021 2020 Equity securities 36% 36% 38% Debt securities 56% 57% 53% Real estate and other 8% 7% 9% Total 100% 100% 100% Pension plan assets are categorized 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. The following table presents our pension plan assets by asset category at August 1, 2021, and August 2, 2020: Fair Value Fair Value Measurements at Fair Value Fair Value Measurements at Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Short-term investments $ 43 $ 41 $ 2 $ — $ 42 $ 42 $ — $ — Equities: U.S. 106 100 6 — 261 261 — — Non-U.S. 234 233 1 — 240 240 — — Corporate bonds: U.S. 723 — 723 — 749 — 749 — Non-U.S. 138 — 138 — 130 — 130 — Government and agency bonds: U.S. 198 — 198 — 74 — 74 — Non-U.S. 33 — 33 — 24 — 24 — Municipal bonds 29 — 29 — 30 — 30 — Mortgage and asset backed securities 10 — 10 — 34 — 34 — Real estate 5 2 — 3 7 4 — 3 Hedge funds 30 — — 30 31 — — 31 Derivative assets 6 — 6 — 2 — 2 — Derivative liabilities (3) — (3) — (6) — (6) — Total assets at fair value $ 1,552 $ 376 $ 1,143 $ 33 $ 1,618 $ 547 $ 1,037 $ 34 Investments measured at net asset value: Short-term investments 26 22 Commingled funds: Equities 438 262 Fixed income 117 139 Real estate 87 84 Hedge funds 34 61 Total investments measured at net asset value: 702 568 Other items to reconcile to fair value of plan assets (34) (66) Total pension plan assets at fair value $ 2,220 $ 2,120 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | The following table summarizes the changes in fair value of Level 3 investments for the years ended August 1, 2021, and August 2, 2020: Real Estate Hedge Funds Total Fair value at August 2, 2020 $ 3 $ 31 $ 34 Actual return on plan assets — 2 2 Purchases, sales and settlements, net — (3) (3) Transfers out of Level 3 — — — Fair value at August 1, 2021 $ 3 $ 30 $ 33 Real Estate Hedge Funds Total Fair value at July 28, 2019 $ 4 $ 32 $ 36 Actual return on plan assets — — — Purchases, sales and settlements, net (1) (1) (2) Transfers out of Level 3 — — — Fair value at August 2, 2020 $ 3 $ 31 $ 34 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | Postretirement 2021 2020 2019 Service cost $ — $ 1 $ 1 Interest cost 4 6 8 Amortization of prior service credit (5) (28) (29) Recognized net actuarial loss (gain) (6) 23 14 Net periodic benefit expense (income) $ (7) $ 2 $ (6) |
Schedule of Health Care Cost Trend Rates [Table Text Block] | Assumed health care cost trend rates at the end of the year: 2021 2020 Health care cost trend rate assumed for next year 6.25% 6.25% Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 4.50% 4.50% Year that the rate reaches the ultimate trend rate 2025 2024 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Aug. 01, 2021 | |
Leases [Abstract] | |
Lease, Cost | The components of lease costs were as follows: 2021 2020 Operating lease cost $ 80 $ 81 Finance lease - amortization of ROU assets 6 2 Short-term lease cost 48 39 Variable lease cost (1) 201 172 Sublease income (2) (3) Total (2) $ 333 $ 291 __________________________________________ (1) Includes labor and other overhead included in our service contracts with embedded leases. (2) Total lease cost in 2020 included $4 related to discontinued operations. |
Schedule of Leases Reported in Balance Sheet [Table] | The following table summarizes the lease amounts recorded in the Consolidated Balance Sheets: Operating Leases Balance sheet classification 2021 2020 ROU assets, net Other assets $ 235 $ 254 Lease liabilities (current) Accrued liabilities 54 67 Lease liabilities (noncurrent) Other liabilities 180 184 Financing Leases Balance sheet classification 2021 2020 ROU assets, net Plant assets, net of depreciation $ 29 $ 10 Lease liabilities (current) Short-term borrowings 11 3 Lease liabilities (noncurrent) Long-term debt 19 7 |
Weighted Average Lease Information [Table] | Weighted-average lease terms and discount rates were as follows: August 1, 2021 August 2, 2020 Operating Finance Operating Finance Weighted-average remaining term in years 6.4 3.1 6.7 3.0 Weighted-average discount rate 2.3 % 0.8 % 2.6 % 1.8 % |
Lessee, Operating Lease, Liability, Maturity | Future minimum lease payments are as follows: August 1, 2021 Operating Finance 2022 $ 59 $ 11 2023 49 9 2024 38 5 2025 27 2 2026 19 3 Thereafter 63 — Total future undiscounted lease payments 255 30 Less imputed interest 21 — Total reported lease liability $ 234 $ 30 |
Finance Lease, Liability, Fiscal Year Maturity | Future minimum lease payments are as follows: August 1, 2021 Operating Finance 2022 $ 59 $ 11 2023 49 9 2024 38 5 2025 27 2 2026 19 3 Thereafter 63 — Total future undiscounted lease payments 255 30 Less imputed interest 21 — Total reported lease liability $ 234 $ 30 |
Schedule of Supplemental Cash Flow Information Related to Leases [Table] | The following table summarizes cash flow and other information related to leases: 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 79 $ 79 Financing cash flows from finance leases $ 5 $ 2 ROU assets obtained in exchange for lease obligations: Operating leases $ 59 $ 88 Finance leases $ 25 $ 10 ROU assets divested with businesses sold: Operating leases $ — $ 18 Finance leases $ — $ 5 Lease liabilities derecognized upon adoption: Build-to-suit lease commitment $ — $ 20 |
Taxes on Earnings (Tables)
Taxes on Earnings (Tables) | 12 Months Ended |
Aug. 01, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes on earnings from continuing operations consists of the following: 2021 2020 2019 Income taxes: Currently payable: Federal $ 151 $ 152 $ 104 State 34 26 19 Non-U.S. 6 3 5 191 181 128 Deferred: Federal 102 (12) 19 State 33 4 7 Non-U.S. 2 1 (3) 137 (7) 23 $ 328 $ 174 $ 151 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2021 2020 2019 Earnings from continuing operations before income taxes: United States $ 1,308 $ 737 $ 624 Non-U.S. 28 29 1 $ 1,336 $ 766 $ 625 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following is a reconciliation of the effective income tax rate on continuing operations to the U.S. federal statutory income tax rate: 2021 2020 2019 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % State income taxes (net of federal tax benefit) 3.1 3.5 2.2 Tax effect of international items 0.2 (0.3) — Tax Cuts and Jobs Act - transition tax — — 0.3 Divestiture impact on deferred taxes (0.9) — 1.2 Legal entity reorganization 1.4 — — Capital loss on the sale of the Plum baby food and snacks business (1.3) — — Capital loss valuation allowance on the sale of the Plum baby food and snacks business 1.3 — — Benefit on sale of the European chips business — (1.3) — Other (0.2) (0.2) (0.5) Effective income tax rate 24.6 % 22.7 % 24.2 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred tax liabilities and assets of continuing operations and discontinued operations are comprised of the following: 2021 2020 Depreciation $ 352 $ 319 Amortization 869 856 Operating lease ROU assets 53 63 Pension 45 — Other 9 9 Deferred tax liabilities 1,328 1,247 Benefits and compensation 127 144 Pension benefits 38 58 Tax loss carryforwards 24 31 Capital loss carryforwards 117 95 Operating lease liabilities 53 63 Other 61 65 Gross deferred tax assets 420 456 Deferred tax asset valuation allowance (142) (122) Deferred tax assets, net of valuation allowance 278 334 Net deferred tax liability $ 1,050 $ 913 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the activity related to unrecognized tax benefits follows: 2021 2020 2019 Balance at beginning of year $ 23 $ 24 $ 32 Increases related to prior-year tax positions — — 1 Decreases related to prior-year tax positions (1) (1) (1) Increases related to current-year tax positions 3 2 2 Settlements — (1) (9) Lapse of statute (3) (1) (1) Balance at end of year $ 22 $ 23 $ 24 |
Short-term Borrowings and Lon_2
Short-term Borrowings and Long-term Debt (Tables) | 12 Months Ended |
Aug. 01, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt [Table Text Block] | Short-term borrowings consist of the following: 2021 2020 Commercial paper $ 37 $ 280 Notes — 721 Debentures — 200 Finance leases 11 3 Other (1) — (2) Total short-term borrowings $ 48 $ 1,202 _______________________________________ (1) Includes unamortized net discount/premium on debt issuances and debt issuance costs. |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consists of the following: Type Fiscal Year of Maturity Rate 2021 2020 Notes 2021 Variable $ — $ 400 Notes 2021 3.30% — 321 Debentures 2021 8.875% — 200 Notes 2023 2.50% 450 450 Notes 2023 3.65% 566 566 Notes 2025 3.95% 850 850 Notes 2025 3.30% 300 300 Notes 2028 4.15% 1,000 1,000 Notes 2030 2.375% 500 500 Notes 2043 3.80% 163 163 Notes 2048 4.80% 700 700 Notes 2050 3.125% 500 500 Finance leases 19 7 Other (1) (38) (42) Total $ 5,010 $ 5,915 Less current portion — 921 Total long-term debt $ 5,010 $ 4,994 _______________________________________ (1) Includes unamortized net discount/premium on debt issuances and debt issuance costs. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Aug. 01, 2021 | |
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 August 1, 2021, and August 2, 2020: Balance Sheet Classification 2021 2020 Asset Derivatives Derivatives designated as hedges: Commodity derivative contracts Other current assets $ 4 $ — Foreign exchange forward contracts Other current assets 1 1 Total derivatives designated as hedges $ 5 $ 1 Derivatives not designated as hedges: Commodity derivative contracts Other current assets $ 49 $ 7 Deferred compensation derivative contracts Other current assets 3 4 Total derivatives not designated as hedges $ 52 $ 11 Total asset derivatives $ 57 $ 12 Balance Sheet Classification 2021 2020 Liability Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Accrued liabilities $ 3 $ 2 Total derivatives designated as hedges $ 3 $ 2 Derivatives not designated as hedges: Commodity derivative contracts Accrued liabilities $ — $ 9 Total derivatives not designated as hedges $ — $ 9 Total liability derivatives $ 3 $ 11 |
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 August 1, 2021, and August 2, 2020, would be adjusted as detailed in the following table: 2021 2020 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 $ 57 $ (1) $ 56 $ 12 $ (4) $ 8 Total liability derivatives $ 3 $ (1) $ 2 $ 11 $ (4) $ 7 |
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 August 1, 2021, and August 2, 2020, would be adjusted as detailed in the following table: 2021 2020 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 $ 57 $ (1) $ 56 $ 12 $ (4) $ 8 Total liability derivatives $ 3 $ (1) $ 2 $ 11 $ (4) $ 7 |
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 years ended August 1, 2021, August 2, 2020, and July 28, 2019 in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings: Total Cash-Flow Hedge Derivatives Designated as Cash-Flow Hedges 2021 2020 2019 OCI derivative gain (loss) at beginning of year $ (8) $ (11) $ (8) Effective portion of changes in fair value recognized in OCI: Commodity derivative contracts 4 — — Foreign exchange forward contracts (9) 3 (3) Amount of loss (gain) reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold 6 (2) (4) Foreign exchange forward contracts Other expenses / (income) 1 — — Foreign exchange forward contracts Earnings (loss) from discontinued operations — 1 2 Forward starting interest rate swaps Interest expense 1 1 2 OCI derivative gain (loss) at end of year $ (5) $ (8) $ (11) |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table shows the total amounts of line items presented in the Consolidated Statements of Earnings for the years ended 2021, 2020, and 2019 in which the effects of derivative instruments designated as cash-flow hedges are recorded and the total effect of hedge activity on these line items are as follows: 2021 2020 2019 Cost of products sold Other expenses / (income) Interest expense Earnings (loss) from discontinued operations Cost of products sold Interest expense Earnings (loss) from discontinued operations Cost of products sold Interest expense Earnings (loss) from discontinued operations Consolidated Statements of Earnings: $ 5,665 $ (254) $ 210 $ (6) $ 5,692 $ 345 $ 1,036 $ 5,414 $ 356 $ (263) Loss (gain) on cash-flow hedges: Amount of loss (gain) reclassified from OCI to earnings $ 6 $ 1 $ 1 $ — $ (2) $ 1 $ 1 $ (4) $ 2 $ 2 Amount excluded from effectiveness testing recognized in earnings using an amortization approach $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — |
Derivatives Not Designated as Hedging Instruments | The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings: Amount of Loss (Gain) Recognized in Earnings on Derivatives Derivatives Not Designated as Hedges Location of Loss (Gain) 2021 2020 2019 Foreign exchange forward contracts Cost of products sold $ 2 $ (1) $ — Foreign exchange forward contracts Other expenses / (income) — 2 — Commodity derivative contracts Cost of products sold (55) 12 6 Commodity derivative contracts Earnings (loss) from discontinued operations — — (1) Deferred compensation derivative contracts Administrative expenses (8) (2) (2) Treasury rate lock contracts Interest expense — (3) — Total $ (61) $ 8 $ 3 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Aug. 01, 2021 | |
Fair Value Disclosures [Abstract] | |
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 August 1, 2021, and August 2, 2020, 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) $ 1 $ — $ 1 $ — $ 1 $ — $ 1 $ — Commodity derivative contracts (2) 53 21 31 1 7 3 2 2 Deferred compensation derivative contracts (3) 3 — 3 — 4 — 4 — Deferred compensation investments (4) 3 3 — — 3 3 — — Total assets at fair value $ 60 $ 24 $ 35 $ 1 $ 15 $ 6 $ 7 $ 2 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) $ 3 $ — $ 3 $ — $ 2 $ — $ 2 $ — Commodity derivative contracts (2) — — — — 9 5 4 — Deferred compensation obligation (4) 105 105 — — 92 92 — — Total liabilities at fair value $ 108 $ 105 $ 3 $ — $ 103 $ 97 $ 6 $ — ___________________________________ (1) Based on observable market transactions of spot currency rates and forward rates. (2) Level 1 and 2 are based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. Level 3 is based on unobservable inputs in which there is little or no market data, which requires management’s own assumptions within an internally developed model. (3) Based on LIBOR and equity index swap rates. (4) Based on the fair value of the participants’ investments. |
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 years ended August 1, 2021, and August 2, 2020: 2021 2020 (1) Fair value at beginning of year $ 2 $ 76 Gains (losses) recognized in earnings 6 (45) Purchases — 1 Sales — (29) Settlements (7) (1) Fair value at end of year $ 1 $ 2 __________________________________ (1) Primarily represented investments in equity securities that were not readily marketable and were accounted for under the fair value option. The investments were funded by Acre, a limited partnership in which we were the sole limited partner. Fair value was 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, were used in distributing fair value among various equity holders according to rights and preferences. We entered into an agreement to sell our interest in Acre on April 26, 2020, and completed the sale on May 8, 2020. See Note 14 for additional information. |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Aug. 01, 2021 | |
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: 2021 2020 2019 Total pre-tax stock-based compensation expense $ 64 $ 59 $ 50 Tax-related benefits $ 12 $ 11 $ 8 Total pre-tax stock-based compensation expense and tax-related benefits recognized in Earnings (loss) from discontinued operations were as follows: 2020 2019 Total pre-tax stock-based compensation expense $ 2 $ 8 Tax-related benefits $ — $ 2 |
Share-based Payment Arrangement, Option [Member] | |
Stock-based Compensation | |
Schedule Of Stock Option Activity [Table Text Block] | The following table summarizes stock option activity as of August 1, 2021: Options Weighted- Weighted- Aggregate (Options in (In years) Outstanding at August 2, 2020 1,423 $ 45.42 Granted — $ — Exercised (51) $ 40.41 Terminated — $ — Outstanding at August 1, 2021 1,372 $ 45.61 5.9 $ 4 Exercisable at August 1, 2021 1,079 $ 48.36 5.5 $ 2 |
Schedule Of Share Based Payment Award Valuation Assumptions [Table Text Block] | The weighted-average assumptions and grant-date fair values for grants in 2019 were as follows: 2019 Risk-free interest rate 2.79% Expected dividend yield 3.84% Expected volatility 25.28% Expected term 6.1 years Grant-date fair value $6.27 |
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 August 1, 2021: Units Weighted- (Restricted stock Nonvested at August 2, 2020 1,254 $ 47.83 Granted 521 $ 54.93 Vested (236) $ 39.39 Forfeited (317) $ 43.53 Nonvested at August 1, 2021 1,222 $ 53.60 |
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 simulation were as follows: 2021 2020 2019 Risk-free interest rate 0.15% 1.48% 2.80% Expected dividend yield 2.85% 2.95% 3.79% Expected volatility 29.99% 27.01% 24.50% Expected term 3 years 3 years 3 years |
Time Lapse, EPS Performance, And FCF Performance Restricted Stock Units [Member] | |
Stock-based Compensation | |
Time-Lapse Restricted Stock Units, EPS Performance Restricted Stock Units and FCF Performance 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 August 1, 2021: Units Weighted- (Restricted stock Nonvested at August 2, 2020 1,866 $ 43.18 Granted 905 $ 48.37 Vested (799) $ 42.83 Forfeited (158) $ 46.58 Nonvested at August 1, 2021 1,814 $ 45.63 |
Supplemental Financial Statem_2
Supplemental Financial Statement Data (Tables) | 12 Months Ended |
Aug. 01, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule Of Balance Sheets Supplemental Disclosures [Table Text Block] | Balance Sheets 2021 2020 Accounts receivable Customer accounts receivable $ 556 $ 544 Allowances (12) (14) Subtotal $ 544 $ 530 Other 51 45 $ 595 $ 575 Inventories Raw materials, containers and supplies $ 321 $ 297 Finished products 612 574 $ 933 $ 871 Plant assets Land $ 75 $ 75 Buildings 1,493 1,473 Machinery and equipment 3,732 3,463 Projects in progress 189 274 Total cost $ 5,489 $ 5,285 Accumulated depreciation (1) (3,119) (2,917) $ 2,370 $ 2,368 Other assets Operating lease ROU assets, net of amortization $ 235 $ 254 Pension 190 10 Other 24 19 $ 449 $ 283 Accrued liabilities Accrued compensation and benefits $ 203 $ 252 Fair value of derivatives 3 11 Accrued trade and consumer promotion programs 121 156 Accrued interest 70 79 Restructuring 6 12 Operating lease liabilities 54 67 Other 119 116 $ 576 $ 693 2021 2020 Other liabilities Pension benefits $ 142 $ 242 Postretirement benefits 199 220 Operating lease liabilities 180 184 Deferred compensation 92 80 Unrecognized tax benefits 20 17 Other 72 77 $ 705 $ 820 ____________________________________ |
Schedule Of Statements Of Earnings Supplemental Disclosures [Table Text Block] | Statements of Earnings 2021 2020 2019 Other expenses / (income) Amortization of intangible assets $ 42 $ 43 $ 48 Impairment of intangible assets (1) — — 16 Net periodic benefit expense (income) other than the service cost (247) 30 43 Pension settlement charges (gains) (38) 43 28 Investment losses (2) — 49 1 Loss on sales of businesses (3) 11 64 — Transition services fees (27) (10) — Other 5 2 4 $ (254) $ 221 $ 140 Advertising and consumer promotion expense (4) $ 399 $ 463 $ 347 Interest expense (5) Interest expense $ 214 $ 350 $ 359 Less: Interest capitalized 4 5 3 $ 210 $ 345 $ 356 ____________________________________ (1) See Note 3 for additional information. (2) 2020 includes a loss of $45 related to Acre. See Note 14 for additional information. (3) In 2021, we recognized a loss of $11 on the sale of the Plum baby food and snacks business. In 2020, we recognized a loss of $64 on the sale of the European chips business. See Note 3 for additional information. (4) Included in Marketing and selling expenses. (5) In 2020, we recognized a loss of $75 (including $65 of premium, fees and other costs paid with the tender offers and unamortized debt issuance costs). See Note 12 for additional information. |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Statements of Cash Flows 2021 2020 2019 Cash Flows from Operating Activities Other non-cash charges to net earnings Operating lease ROU asset expense $ 75 $ 75 $ — Amortization of debt issuance costs/debt discount 6 9 14 Benefit related expense 12 12 6 Other (7) 5 4 $ 86 $ 101 $ 24 Other Benefit related payments $ (49) $ (53) $ (60) Other 2 (6) (4) $ (47) $ (59) $ (64) Other Cash Flow Information Interest paid $ 214 $ 287 $ 367 Interest received $ 1 $ 4 $ 3 Income taxes paid $ 212 $ 222 $ 117 Non-cash Activity Build-to-suit lease commitment $ — $ — $ 20 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Fiscal Period Number Of Weeks | 52 | 53 | 52 |
Building [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 45 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 20 years |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Millions | Aug. 01, 2021 | Aug. 02, 2020 | Jul. 29, 2019 | Jul. 28, 2019 | Jul. 29, 2018 |
Earnings retained in the business | $ 3,742 | $ 3,190 | |||
Accrued liabilities | 576 | 693 | |||
Payable to suppliers and others | 1,070 | 1,049 | |||
Deferred Tax Liabilities, Net | (1,050) | (913) | |||
Other assets | 449 | 283 | |||
Operating Lease, Right-of-Use Asset | 235 | 254 | |||
Operating Lease, Liability | 234 | ||||
Plant assets, net of depreciation | 2,370 | 2,368 | $ 2,455 | ||
Accumulated other comprehensive income (loss) | $ 5 | $ (10) | |||
Accounting Standards Update 2014-09 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Earnings retained in the business | $ (8) | ||||
Accrued liabilities | 10 | ||||
Payable to suppliers and others | 1 | ||||
Deferred Tax Liabilities, Net | 2 | ||||
Other assets | $ 1 | ||||
Accounting Standards Update 2016-02 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Operating Lease, Right-of-Use Asset | $ 259 | ||||
Operating Lease, Liability | 254 | ||||
Plant assets, net of depreciation | (20) | ||||
Build-to-suit Lease Commitment Liability Derecognized | $ 20 | ||||
Accounting Standards Update 2018-02 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Earnings retained in the business | (9) | ||||
Accumulated other comprehensive income (loss) | $ 9 |
Divestitures (Narrative) (Detai
Divestitures (Narrative) (Details) £ in Millions, $ in Millions | May 03, 2021USD ($) | Dec. 23, 2019USD ($) | Sep. 23, 2019USD ($) | May 02, 2021USD ($) | Apr. 26, 2020USD ($) | Oct. 27, 2019USD ($) | Oct. 27, 2019GBP (£) | Jul. 28, 2019USD ($) | Apr. 28, 2019USD ($) | Jan. 27, 2019USD ($) | Oct. 28, 2018USD ($) | Aug. 01, 2021USD ($) | Aug. 02, 2020USD ($) | Jul. 28, 2019USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Loss on sales of businesses | $ 11 | $ (975) | $ 32 | |||||||||||
Earnings (loss) from discontinued operations | $ (6) | (6) | 1,036 | (263) | ||||||||||
Campbell Fresh [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Net sales | 756 | |||||||||||||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | 19 | |||||||||||||
Earnings (loss) from discontinued operations | (332) | |||||||||||||
Campbell Fresh [Member] | Deferred tax asset write-off [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | 29 | |||||||||||||
Campbell Fresh [Member] | U.S Refrigerated Soup & Garden Fresh Gourmet [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Proceeds from Divestiture of Businesses | $ 55 | |||||||||||||
Campbell Fresh [Member] | Bolthouse Farms [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Proceeds from Divestiture of Businesses | $ 500 | |||||||||||||
Campbell Fresh [Member] | Bolthouse Farms carrot and carrot ingredients [Member] | Customer Relationships [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Discontinued Operations, Impairment charges | $ 40 | |||||||||||||
Campbell Fresh [Member] | Bolthouse Farms carrot and carrot ingredients [Member] | Technology-Based Intangible Assets [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Discontinued Operations, Impairment charges | 15 | |||||||||||||
Campbell Fresh [Member] | Bolthouse Farms carrot and carrot ingredients [Member] | Trademarks [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Discontinued Operations, Impairment charges | 18 | |||||||||||||
Campbell Fresh [Member] | Bolthouse Farms carrot and carrot ingredients [Member] | Property, Plant and Equipment [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Discontinued Operations, Impairment charges | 104 | |||||||||||||
Campbell Fresh [Member] | 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] | ||||||||||||||
Discontinued Operations, Impairment charges | 22 | |||||||||||||
Campbell Fresh [Member] | 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] | ||||||||||||||
Discontinued Operations, Impairment charges | 74 | |||||||||||||
Campbell Fresh [Member] | Bolthouse Farms refrigerated beverages and salad dressing [Member] | Property, Plant and Equipment [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Discontinued Operations, Impairment charges | 9 | |||||||||||||
Campbell Fresh [Member] | Garden Fresh Gourmet [Member] | Customer Relationships [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Discontinued Operations, Impairment charges | 39 | |||||||||||||
Campbell Fresh [Member] | Garden Fresh Gourmet [Member] | Trademarks [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Discontinued Operations, Impairment charges | 23 | |||||||||||||
Campbell Fresh [Member] | Garden Fresh Gourmet [Member] | Property, Plant and Equipment [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Discontinued Operations, Impairment charges | $ 2 | |||||||||||||
Campbell Fresh [Member] | U.S. Refrigerated Soup [Member] | Property, Plant and Equipment [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Discontinued Operations, Impairment charges | $ 14 | |||||||||||||
Kelsen [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Proceeds from Divestiture of Businesses | $ 322 | |||||||||||||
Kelsen [Member] | Goodwill [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Discontinued Operations, Impairment charges | 10 | |||||||||||||
Kelsen [Member] | Trademarks [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Discontinued Operations, Impairment charges | 7 | |||||||||||||
Arnott's and International [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Proceeds from Divestiture of Businesses | $ 2,286 | $ 4 | ||||||||||||
European Chips Business [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Proceeds from Divestiture of Businesses | $ 77 | £ 63 | ||||||||||||
Net sales | 25 | 129 | ||||||||||||
Loss on sales of businesses | 64 | |||||||||||||
Gain (Loss) on Disposition of Business, Net of Tax | $ (37) | |||||||||||||
European Chips Business [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 | $ 16 | |||||||||||||
Plum Baby | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Proceeds from Divestiture of Businesses | $ 101 | |||||||||||||
Net sales | 68 | $ 104 | $ 110 | |||||||||||
Loss on sales of businesses | 11 | |||||||||||||
Gain (Loss) on Disposition of Business, Net of Tax | $ 3 |
Divestitures (Schedule of Resul
Divestitures (Schedule of Results of Operations of Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
May 02, 2021 | Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 1,039 | $ 32 | ||
Earnings (loss) from discontinued operations | $ (6) | $ (6) | 1,036 | (263) |
Campbell Fresh [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 756 | |||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | (359) | |||
Discontinued Operation, Tax Effect of Discontinued Operation | (78) | |||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | (32) | |||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | 19 | |||
Earnings (loss) from discontinued operations | (332) | |||
Campbell International [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 359 | 1,046 | ||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 53 | 120 | ||
Discontinued Operation, Tax Effect of Discontinued Operation | 17 | 41 | ||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 1,039 | (12) | ||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | 39 | (2) | ||
Earnings (loss) from discontinued operations | 1,036 | 69 | ||
Plant And Intangible Assets [Member] | Campbell Fresh [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued Operations, Impairment charges | 360 | |||
Plant And Intangible Assets [Member] | Campbell International [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued Operations, Impairment charges | $ 0 | $ 17 |
Divestitures (Condensed Cash Fl
Divestitures (Condensed Cash Flow Statement) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | [1] | $ 0 | $ 83 | |
Net (gain) loss on sales of discontinued operations businesses | (1,039) | (32) | ||
Payments to Acquire Property, Plant, and Equipment | $ 275 | 299 | 384 | |
Proceeds from Divestiture of Businesses, Net of Cash Divested | 101 | 2,537 | 539 | |
Asset Impairment Accelerated Depreciation [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued Operations, Impairment charges | 0 | 377 | ||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | $ 0 | 30 | 59 | |
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 2,466 | $ 539 | ||
[1] | Depreciation and amortization are no longer recognized once businesses are classified as held for sale/discontinued operations. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | Jul. 29, 2018 | |||
Beginning Balance | $ (10) | |||||
Other comprehensive income (loss), after tax | 11 | $ 189 | $ (89) | |||
Ending Balance | 5 | (10) | ||||
Accumulated Other Comprehensive Income Foreign Currency Translation Tax (Benefit) Expense | 0 | 0 | 4 | $ 6 | ||
Accumulated Other Comprehensive Income Cashflow Hedges Tax Benefit Expense | (1) | (1) | (2) | (4) | ||
Accumulated Other Comprehensive Income Unamortized Pension And Post Retirement Tax (Benefit) Expense | 1 | 2 | 8 | $ 25 | ||
Accumulated Translation Adjustment [Member] | ||||||
Beginning Balance | [1] | (10) | (218) | (154) | ||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 16 | (2) | (68) | |||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 0 | 210 | [2] | 2 | ||
Other comprehensive income (loss), after tax | 16 | 208 | (66) | |||
Ending Balance | [1] | 6 | (10) | (218) | ||
Accumulated Translation Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Beginning Balance | 2 | |||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||
Beginning Balance | [3] | (7) | (9) | (4) | ||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | (4) | 2 | (2) | |||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 7 | 0 | [2] | 0 | ||
Other comprehensive income (loss), after tax | 3 | 2 | (2) | |||
Ending Balance | [3] | (4) | (7) | (9) | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Beginning Balance | (3) | |||||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||||
Beginning Balance | [4] | 7 | 29 | 40 | ||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 0 | 0 | 0 | |||
Other Comprehensive Income Reclassifications Current Period Net of Tax | (4) | (22) | [2] | (21) | ||
Other comprehensive income (loss), after tax | (4) | (22) | (21) | |||
Ending Balance | [4] | 3 | 7 | 29 | ||
Accumulated Defined Benefit Plans Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Beginning Balance | 10 | |||||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Beginning Balance | (10) | (198) | (118) | |||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 12 | 0 | (70) | |||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 3 | 188 | [2] | (19) | ||
Other comprehensive income (loss), after tax | 15 | 188 | (89) | |||
Ending Balance | $ 5 | $ (10) | (198) | |||
Accumulated Other Comprehensive Income (Loss) [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Beginning Balance | $ 9 | |||||
[1] | Included no tax as of August 1, 2021, and August 2, 2020, and tax expense of $4 as of July 28, 2019, and $6 as of July 29, 2018. | |||||
[2] | Reflects the reclassification from sale of businesses. See Note 3 for additional information. | |||||
[3] | Included a tax benefit of $1 as of August 1, 2021, and as of August 2, 2020, $2 as of July 28, 2019, and $4 as of July 29, 2018. | |||||
[4] | Included a tax expense of $1 as of August 1, 2021, $2 as of August 2, 2020, $8 as of July 28, 2019, and $25 as of July 29, 2018. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Schecule of amounts reclassified from AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
May 02, 2021 | Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Cost of products sold | $ 5,665 | $ 5,692 | $ 5,414 | ||
Other expenses / (income) | (254) | 221 | 140 | ||
Earnings (loss) from discontinued operations | $ (6) | (6) | 1,036 | (263) | |
Interest expense | [1] | 210 | 345 | 356 | |
Taxes on earnings | 328 | 174 | 151 | ||
Net earnings attributable to Campbell Soup Company | (1,002) | (1,628) | (211) | ||
Accumulated Translation Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other expenses / (income) | 0 | 23 | 0 | ||
Earnings (loss) from discontinued operations | 0 | (183) | (2) | ||
Earnings before taxes | 0 | 206 | 2 | ||
Taxes on earnings | 0 | 4 | 0 | ||
Net earnings attributable to Campbell Soup Company | 0 | 210 | 2 | ||
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 before taxes | 8 | 0 | 0 | ||
Taxes on earnings | (1) | 0 | 0 | ||
Net earnings attributable to Campbell Soup Company | 7 | 0 | 0 | ||
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 | 6 | (2) | (4) | ||
Other expenses / (income) | 1 | 0 | 0 | ||
Earnings (loss) from discontinued operations | 0 | (1) | (2) | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Contract [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Interest expense | 1 | 1 | 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) | (5) | (28) | (28) | ||
Taxes on earnings | 1 | 6 | 7 | ||
Net earnings attributable to Campbell Soup Company | $ (4) | $ (22) | $ (21) | ||
[1] | In 2020, we recognized a loss of $75 (including $65 of premium, fees and other costs paid with the tender offers and unamortized debt issuance costs). See Note 12 for additional information. |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 42 | $ 43 | $ 48 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 41 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 41 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 41 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 41 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 41 | ||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 9 | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 17 years |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | ||
Goodwill [Line Items] | |||
Beginning Balance | $ 3,986 | $ 4,017 | |
Goodwill, Written off Related to Sale of Business Unit | (12) | (34) | [1] |
Foreign currency translation adjustment | 7 | 3 | |
Ending Balance | 3,981 | 3,986 | |
Meals & Beverages [Member] | |||
Goodwill [Line Items] | |||
Beginning Balance | 975 | 977 | |
Goodwill, Written off Related to Sale of Business Unit | (12) | 0 | [1] |
Foreign currency translation adjustment | 7 | (2) | |
Ending Balance | 970 | 975 | |
Snacks [Member] | |||
Goodwill [Line Items] | |||
Beginning Balance | 3,011 | 3,040 | |
Goodwill, Written off Related to Sale of Business Unit | 0 | (34) | [1] |
Foreign currency translation adjustment | 0 | 5 | |
Ending Balance | $ 3,011 | $ 3,011 | |
[1] | See Note 3 for additional information. |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions | Aug. 01, 2021 | Aug. 02, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Other intangible assets, net of amortization | $ 3,239 | $ 3,350 | |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | [1] | 2,549 | 2,611 |
Disposal Group, Including Discontinued Operation, Intangible Assets | (62) | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | [1] | 830 | 851 |
Finite-Lived Intangible Assets, Accumulated Amortization | [1] | (140) | (112) |
Finite-Lived Intangible Assets, Net | [1] | 690 | $ 739 |
Disposal Group, Including Discontinued Operation, Intangible Assets | $ (8) | ||
[1] | Net Customer relationships of $8 and Trademarks of $62 were divested with the sale of the Plum baby and snack foods business. See Note 3 for additional information. |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Indefinite-Lived Intangibles) (Details) $ in Millions | Aug. 01, 2021USD ($) | |
Trademarks - Other | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 1,007 | [1] |
Trademarks - Snyder's of Hanover [Member] | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 620 | |
Trademarks - Lance | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 350 | |
Trademarks - Pace [Member] | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 292 | |
Trademarks - Pacific Foods [Member] | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 280 | |
[1] | Associated with the acquisition of Snyder's-Lance, Inc. (Snyder's-Lance). |
Business And Geographic Segme_3
Business And Geographic Segment Information (Narrative) (Details) | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Wal-Mart Stores, Inc. [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 21.00% | 21.00% | 20.00% |
Business And Geographic Segme_4
Business And Geographic Segment Information (Schedule Of Segment Reporting - Net Sales) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 8,476 | $ 8,691 | $ 8,107 |
Meals & Beverages [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 4,532 | 4,646 | 4,252 |
Snacks [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 3,944 | 4,045 | 3,854 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 0 | $ 0 | $ 1 |
Business And Geographic Segme_5
Business And Geographic Segment Information (Schedule Of Segment Reporting - Earnings Before Interest And Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Apr. 26, 2020 | Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |||||
Segment Reporting Information [Line Items] | ||||||||
Earnings before interest and taxes | $ 1,545 | $ 1,107 | $ 979 | |||||
Investment losses | $ 45 | 0 | [1] | 49 | [1] | 1 | [1] | |
Loss on sales of businesses | 11 | (975) | 32 | |||||
Goodwill and Intangible Asset Impairment | [2] | 0 | 0 | (16) | ||||
Meals & Beverages [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Earnings before interest and taxes | 899 | 983 | 895 | |||||
Snacks [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Earnings before interest and taxes | 537 | 551 | 522 | |||||
Corporate and Other | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Earnings before interest and taxes | [3] | 130 | (418) | (407) | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 38 | (43) | ||||||
Defined Benefit Plan, Actuarial Gain (Loss) | 165 | (121) | (122) | |||||
Investment losses | (45) | |||||||
Loss on sales of businesses | (11) | (64) | ||||||
Cost savings initiatives | (32) | (60) | (90) | |||||
Goodwill and Intangible Asset Impairment | (16) | |||||||
Unrealized Gain (Loss) on Commodity Contracts | 50 | |||||||
Corporate and Other | Restructuring Charges [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Earnings before interest and taxes | [4] | $ (21) | $ (9) | $ (31) | ||||
[1] | 2020 includes a loss of $45 related to Acre. See Note 14 for additional information. | |||||||
[2] | See Note 3 for additional information. | |||||||
[3] | Represents unallocated items. Pension and postretirement benefit settlement and mark-to-market adjustments are included in Corporate. There were settlement gains of $38 and gains of $165 in 2021, settlement charges of $43 and losses of $121 in 2020, and losses of $122 in 2019, respectively. A loss of $11 on the sale of the Plum baby food and snacks business was included in 2021. A loss of $45 on Acre Venture Partners, L.P. (Acre) was included in 2020. See Note 14 for additional information on Acre. A loss of $64 on the sale of our European chips business was included in 2020. Costs related to the cost savings initiatives were $32, $60 and $90 in 2021, 2020 and 2019, respectively. Intangible asset impairment charges were $16 in 2019. A mark-to-market gain on outstanding commodity hedges of $50 was included in 2021. | |||||||
[4] | See Note 7 for additional information. |
Business And Geographic Segme_6
Business And Geographic Segment Information (Schedule of Segment Reporting - Depreciation and Amortization) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | ||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ 317 | $ 328 | $ 446 | |
Meals & Beverages [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 128 | 134 | 162 | |
Snacks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 169 | 175 | 184 | |
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | [1] | 20 | 19 | 17 |
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | [2] | $ 0 | $ 0 | $ 83 |
[1] | Represents primarily corporate offices and enterprise-wide information technology systems. | |||
[2] | Depreciation and amortization are no longer recognized once businesses are classified as held for sale/discontinued operations |
Business And Geographic Segme_7
Business And Geographic Segment Information (Schedule of Segment Reporting - Capital Expenditures) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | ||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | $ 275 | $ 299 | $ 384 | |
Meals & Beverages [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | 61 | 52 | 156 | |
Snacks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | 153 | 153 | 134 | |
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | [1] | 61 | 64 | 35 |
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | $ 0 | $ 30 | $ 59 | |
[1] | Represents primarily corporate offices and enterprise-wide information technology systems. |
Business And Geographic Segme_8
Business And Geographic Segment Information (Additional Product Information For Net Sales) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 8,476 | $ 8,691 | $ 8,107 |
Soup [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,568 | 2,653 | 2,368 |
Snacks [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 3,989 | 4,099 | 3,918 |
Other Simple Meals [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,134 | 1,184 | 1,082 |
Beverages [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 785 | 755 | 738 |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 0 | $ 0 | $ 1 |
Business And Geographic Segme_9
Business And Geographic Segment Information Business And Geographic Segment Information (Geographic Information, Net Sales) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 8,476 | $ 8,691 | $ 8,107 |
UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Net sales | 7,951 | 8,165 | 7,492 |
Other Countries [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 525 | $ 526 | $ 615 |
Business And Geographic Segm_10
Business And Geographic Segment Information Business And Geographic Segment Information (Geographic Information, Long-lived Assets) (Details) - USD ($) $ in Millions | Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 |
Segment Reporting Information [Line Items] | |||
Plant assets, net of depreciation | $ 2,370 | $ 2,368 | $ 2,455 |
UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Plant assets, net of depreciation | 2,363 | 2,361 | 2,400 |
Other Countries [Member] | |||
Segment Reporting Information [Line Items] | |||
Plant assets, net of depreciation | $ 7 | $ 7 | $ 55 |
Restructuring Charges and Cos_3
Restructuring Charges and Cost Savings Initiatives (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Jan. 31, 2021 | Jul. 31, 2022 | Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | ||
Restructuring Cost and Reserve [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | $ 275 | $ 299 | $ 384 | |||
Deferred Income Tax Expense (Benefit) | 137 | (7) | 23 | |||
Meals & Beverages [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | 61 | 52 | 156 | |||
Snacks [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | 153 | 153 | 134 | |||
Corporate and Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | [1] | 61 | $ 64 | $ 35 | ||
2015 and Snyder's-Lance Initiatives [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Payments Made To Date To Acquire Property Plant And Equipment | $ 401 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Forecast [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | $ 435 | |||||
2015 and Snyder's-Lance Initiatives [Member] | Meals & Beverages [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost Allocation | 31.00% | |||||
2015 and Snyder's-Lance Initiatives [Member] | Snacks [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost Allocation | 45.00% | |||||
2015 and Snyder's-Lance Initiatives [Member] | Corporate and Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost Allocation | 24.00% | |||||
Snyder's-Lance Cost Transformation Program and Integration | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Deferred Income Tax Expense (Benefit) | $ 19 | $ 19 | ||||
Asset Impairment Accelerated Depreciation [Member] | 2015 and Snyder's-Lance Initiatives [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 85 | |||||
Minimum [Member] | 2015 and Snyder's-Lance Initiatives [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 710 | |||||
Effect on Future Cash Flows, Amount | 610 | |||||
Minimum [Member] | Severance Pay And Benefits [Member] | 2015 and Snyder's-Lance Initiatives [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 220 | |||||
Minimum [Member] | Implementation Costs and Other Related Costs [Member] | 2015 and Snyder's-Lance Initiatives [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 405 | |||||
Maximum [Member] | 2015 and Snyder's-Lance Initiatives [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 730 | |||||
Effect on Future Cash Flows, Amount | 630 | |||||
Maximum [Member] | Severance Pay And Benefits [Member] | 2015 and Snyder's-Lance Initiatives [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 225 | |||||
Maximum [Member] | Implementation Costs and Other Related Costs [Member] | 2015 and Snyder's-Lance Initiatives [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | $ 420 | |||||
[1] | Represents primarily corporate offices and enterprise-wide information technology systems. |
Restructuring Charges and Cos_4
Restructuring Charges and Cost Savings Initiatives (Schedule Of Pre-Tax Charges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 21 | $ 9 | $ 31 |
2015 and Snyder's-Lance Initiatives [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 21 | 9 | 31 |
Restructuring and Related Cost, Incurred Cost | 53 | 69 | 121 |
Restructuring and Related Cost, Cost Incurred to Date | 694 | ||
2015 and Snyder's-Lance Initiatives [Member] | Severance Pay And Benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 6 | 9 | |
Restructuring and Related Cost, Cost Incurred to Date | 222 | ||
2015 and Snyder's-Lance Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 15 | 4 | |
Restructuring and Related Cost, Cost Incurred to Date | 82 | ||
2015 and Snyder's-Lance Initiatives [Member] | Implementation Costs and Other Related Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 390 | ||
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, Cost Incurred to Date | 23 | ||
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 | 19 | ||
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 | ||
2015 and Snyder's-Lance Initiatives [Member] | Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 259 | ||
2015 and Snyder's-Lance Initiatives [Member] | General and Administrative Expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 28 | 48 | 62 |
Restructuring and Related Cost, Cost Incurred to Date | 339 | ||
2015 and Snyder's-Lance Initiatives [Member] | Cost Of Products Sold [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 3 | 9 | 18 |
Restructuring and Related Cost, Cost Incurred to Date | 79 | ||
2015 and Snyder's-Lance Initiatives [Member] | Selling and Marketing Expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 1 | 2 | 7 |
Restructuring and Related Cost, Cost Incurred to Date | 13 | ||
2015 and Snyder's-Lance Initiatives [Member] | Research and Development Expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | $ 1 | $ 3 |
Restructuring and Related Cost, Cost Incurred to Date | $ 4 |
Restructuring Charges and Cos_5
Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Activity And Related Reserves) (Details) - 2015 and Snyder's-Lance Initiatives [Member] - USD ($) $ in Millions | 12 Months Ended | ||||||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring and Related Cost, Incurred Cost | $ 53 | $ 69 | $ 121 | ||||
Severance Pay And Benefits [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Accrued Balance at beginning of period | 15 | [1] | 37 | [2] | |||
Restructuring and Related Cost, Incurred Cost | 6 | 9 | |||||
Cash Payments | (14) | (31) | |||||
Accrued Balance at end of period | 7 | [3] | 15 | [1] | 37 | [2] | |
Restructuring Reserve, Noncurrent | 1 | 3 | $ 8 | ||||
Other Cost Savings Implementation Costs [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring and Related Cost, Incurred Cost | [4] | 27 | 56 | ||||
Asset Impairment Accelerated Depreciation [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring and Related Cost, Incurred Cost | 15 | 4 | |||||
Other Non Cash Exit Costs [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring and Related Cost, Incurred Cost | [5] | $ 5 | $ 0 | ||||
[1] | Includes $3 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. | ||||||
[2] | Includes $8 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. | ||||||
[3] | Includes $1 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. | ||||||
[4] | Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses, Cost of products sold, Marketing and selling expenses, and Research and development expenses in the Consolidated Statements of Earnings. | ||||||
[5] | Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. |
Restructuring Charges and Cos_6
Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Charges Associated With Each Reportable Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Corporate and Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | $ 32 | $ 60 | $ 90 |
2015 and Snyder's-Lance Initiatives [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 694 | ||
Restructuring and Related Cost, Incurred Cost | 53 | $ 69 | $ 121 |
2015 and Snyder's-Lance Initiatives [Member] | Meals & Beverages [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 223 | ||
Restructuring and Related Cost, Incurred Cost | 3 | ||
2015 and Snyder's-Lance Initiatives [Member] | Snacks [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 299 | ||
Restructuring and Related Cost, Incurred Cost | 48 | ||
2015 and Snyder's-Lance Initiatives [Member] | Corporate and Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 172 | ||
Restructuring and Related Cost, Incurred Cost | $ 2 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Millions | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Stock options not included in the diluted earnings per share calculation as they were antidilutive | 1 | 1 | 2 |
Pension And Postretirement Be_3
Pension And Postretirement Benefits (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||
Defined Contribution Plan, Cost | $ 64 | $ 62 | $ 52 |
Snyder's-Lance [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||
Additional Match for Employees Not Eligible To Participate In Defined Benefit Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ||
Percent Of Employer Match For Next 1% of Employee Contribution [Member] | Snyder's-Lance [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 1.00% | ||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 13 | ||
Defined Contribution Plan, Cost | 4 | ||
Other Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (7) | $ 2 | $ (6) |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.15% | 3.28% | 4.06% |
Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (260) | $ 91 | $ 109 |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 2,159 | $ 2,338 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.47% | 3.46% | 4.15% |
Pension And Postretirement Be_4
Pension And Postretirement Benefits (Schedule Of Components of Benefit Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Defined Benefit Plan, Service Cost | $ 18 | $ 19 | $ 21 |
Defined Benefit Plan, Interest Cost | 41 | 65 | 82 |
Expected return on plan assets | (122) | (134) | (143) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 1 |
Defined Benefit Plan, Actuarial (Gain) Loss | (159) | 98 | 120 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (38) | 43 | 28 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (260) | 91 | 109 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Defined Benefit Plan, Service Cost | 0 | 1 | 1 |
Defined Benefit Plan, Interest Cost | 4 | 6 | 8 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (5) | (28) | (29) |
Defined Benefit Plan, Actuarial (Gain) Loss | (6) | 23 | 14 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (7) | $ 2 | $ (6) |
Pension And Postretirement Be_5
Pension And Postretirement Benefits (Schedule of Change in Benefit Obligation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | $ 2,366 | $ 2,345 | |
Defined Benefit Plan, Service Cost | 18 | 19 | $ 21 |
Defined Benefit Plan, Interest Cost | 41 | 65 | 82 |
Defined Benefit Plan, Benefit Obligation, Actuarial Loss (Gain) | (43) | 237 | |
Defined Benefit Plan, Benefits Paid | (152) | (148) | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | (53) | (41) | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Other Change | (2) | (3) | |
Defined Benefit Plan, Benefit Obligation, Divestiture | 0 | (105) | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation (Gain) Loss | 11 | (3) | |
Defined Benefit Plan, Benefit Obligation | 2,186 | 2,366 | 2,345 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | 244 | 235 | |
Defined Benefit Plan, Service Cost | 0 | 1 | 1 |
Defined Benefit Plan, Interest Cost | 4 | 6 | 8 |
Defined Benefit Plan, Benefit Obligation, Actuarial Loss (Gain) | (6) | 23 | |
Defined Benefit Plan, Benefits Paid | (20) | (21) | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Other Change | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Divestiture | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation (Gain) Loss | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation | $ 222 | $ 244 | $ 235 |
Pension And Postretirement Be_6
Pension And Postretirement Benefits (Schedule of Change In Fair Value Of Pension Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Aug. 01, 2021 | Aug. 02, 2020 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Plan Assets, Amount | $ 2,120 | |
Defined Benefit Plan, Plan Assets, Amount | 2,220 | $ 2,120 |
Pension Plan, Defined Benefit [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Plan Assets, Amount | 2,120 | 2,153 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 276 | 230 |
Defined Benefit Plan, Plan Assets, Contributions by Employer | (2) | (2) |
Defined Benefit Plan, Plan Assets, Benefits Paid | (138) | (135) |
Defined Benefit Plan, Plan Assets, Payment for Settlement | (53) | (41) |
Defined Benefit Plan, Plan Assets, Divestiture | 0 | (86) |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 13 | (3) |
Defined Benefit Plan, Plan Assets, Amount | $ 2,220 | $ 2,120 |
Pension And Postretirement Be_7
Pension And Postretirement Benefits (Amounts Recognized in Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Aug. 01, 2021 | Aug. 02, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | $ 190 | $ 10 |
Pension Plan, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | 190 | 10 |
Liability, Defined Benefit Plan, Current | 14 | 14 |
Liability, Defined Benefit Plan, Noncurrent | 142 | 242 |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | 34 | (246) |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | (1) | (1) |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | 0 | 0 |
Liability, Defined Benefit Plan, Current | 23 | 24 |
Liability, Defined Benefit Plan, Noncurrent | 199 | 220 |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (222) | (244) |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | $ 5 | $ 10 |
Pension And Postretirement Be_8
Pension And Postretirement Benefits (Schedule Of Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets) (Details) - Pension Plan, Defined Benefit [Member] - USD ($) $ in Millions | Aug. 01, 2021 | Aug. 02, 2020 |
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | $ 156 | $ 1,783 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 154 | 1,763 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | $ 0 | $ 1,527 |
Pension And Postretirement Be_9
Pension And Postretirement Benefits (Weighted-average Assumptions To Determine Benefit Obligations) (Details) | Aug. 01, 2021 | Aug. 02, 2020 |
Pension Plan, Defined Benefit [Member] | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.69% | 2.47% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.23% | 3.23% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 4.00% | 4.00% |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.37% | 2.15% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.25% | 3.25% |
Pension And Postretirement B_10
Pension And Postretirement Benefits (Weighted-Average Assumptions To Determine Net Periodic Benefit Costs) (Details) - Pension Plan, Defined Benefit [Member] | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.47% | 3.46% | 4.15% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.01% | 6.85% | 6.86% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.23% | 3.20% | 3.21% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Weighted-Average Interest Crediting Rate | 4.00% | 4.00% | 3.25% |
Pension And Postretirement B_11
Pension And Postretirement Benefits (Schedule Of Assumed Health Care Cost Trend Rates) (Details) - Other Postretirement Benefit Plan, Defined Benefit [Member] | 12 Months Ended | |
Aug. 01, 2021 | Aug. 02, 2020 | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 6.25% | 6.25% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% |
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate | 2025 | 2024 |
Pension And Postretirement B_12
Pension And Postretirement Benefits (Schedule of Pension Plan Weighted-Average Asset Allocation By Cateogry) (Details) - Pension Plan, Defined Benefit [Member] | Aug. 01, 2021 | Aug. 02, 2020 |
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 36.00% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 36.00% | 38.00% |
Debt Securities [Member] | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 56.00% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 57.00% | 53.00% |
Real Estate [Member] | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 8.00% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 7.00% | 9.00% |
Pension And Postretirement B_13
Pension And Postretirement Benefits (Schedule Of Pension Plan Assets By Category) (Details) - USD ($) $ in Millions | Aug. 01, 2021 | Aug. 02, 2020 |
Defined Benefit Plan, Plan Assets, Amount | $ 2,220 | $ 2,120 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 376 | 547 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 1,143 | 1,037 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 33 | 34 |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 1,552 | 1,618 |
Fair Value Measured at Net Asset Value Per Share | ||
Defined Benefit Plan, Plan Assets, Amount | 702 | 568 |
Short-term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 41 | 42 |
Short-term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 2 | 0 |
Short-term Investments [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 43 | 42 |
Short-term Investments [Member] | Fair Value Measured at Net Asset Value Per Share | ||
Defined Benefit Plan, Plan Assets, Amount | 26 | 22 |
Equity Securities, US [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 100 | 261 |
Equity Securities, US [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 6 | 0 |
Equity Securities, US [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 106 | 261 |
Equity Securities , Non-US [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 233 | 240 |
Equity Securities , Non-US [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 1 | 0 |
Equity Securities , Non-US [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 234 | 240 |
Corporate Bonds, US [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 723 | 749 |
Corporate Bonds, US [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 723 | 749 |
Corporate Bonds, Non-US [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 138 | 130 |
Corporate Bonds, Non-US [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 138 | 130 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 198 | 74 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 198 | 74 |
Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 33 | 24 |
Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 33 | 24 |
Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 29 | 30 |
Municipal Bonds [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 29 | 30 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 10 | 34 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 10 | 34 |
Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 2 | 4 |
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 3 | 3 |
Real Estate [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 5 | 7 |
Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 30 | 31 |
Hedge Funds [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 30 | 31 |
Hedge Funds [Member] | Fair Value Measured at Net Asset Value Per Share | ||
Defined Benefit Plan, Plan Assets, Amount | 34 | 61 |
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 6 | 2 |
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | 6 | 2 |
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | (3) | (6) |
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Defined Benefit Plan, Plan Assets, Amount | (3) | (6) |
Equity Funds [Member] | Fair Value Measured at Net Asset Value Per Share | ||
Defined Benefit Plan, Plan Assets, Amount | 438 | 262 |
Fixed Income Funds [Member] | Fair Value Measured at Net Asset Value Per Share | ||
Defined Benefit Plan, Plan Assets, Amount | 117 | 139 |
Real Estate Funds [Member] | Fair Value Measured at Net Asset Value Per Share | ||
Defined Benefit Plan, Plan Assets, Amount | 87 | 84 |
Other Items To Reconcile To Fair Value Of Plan Assets [Member] | ||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | $ (34) | $ (66) |
Pension And Postretirement B_14
Pension And Postretirement Benefits Pension And Postretirement Benefits (Schedule Of Changes In Fair Value Of Level 3 Investments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Aug. 01, 2021 | Aug. 02, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | $ 2,120 | |
Defined Benefit Plan, Plan Assets, Amount | 2,220 | $ 2,120 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 34 | |
Defined Benefit Plan, Plan Assets, Amount | 33 | 34 |
Fair Value, Inputs, Level 3 [Member] | Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 3 | |
Defined Benefit Plan, Plan Assets, Amount | 3 | 3 |
Fair Value, Inputs, Level 3 [Member] | Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 31 | |
Defined Benefit Plan, Plan Assets, Amount | 30 | 31 |
Pension Plan, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 2,120 | 2,153 |
Defined Benefit Plan, Plan Assets, Amount | 2,220 | 2,120 |
Pension Plan, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 34 | 36 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | 2 | 0 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement | (3) | (2) |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | 0 | 0 |
Defined Benefit Plan, Plan Assets, Amount | 33 | 34 |
Pension Plan, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 3 | 4 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | 0 | 0 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement | 0 | (1) |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | 0 | 0 |
Defined Benefit Plan, Plan Assets, Amount | 3 | 3 |
Pension Plan, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 31 | 32 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | 2 | 0 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement | (3) | (1) |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | 0 | 0 |
Defined Benefit Plan, Plan Assets, Amount | $ 30 | $ 31 |
Pension And Postretirement B_15
Pension And Postretirement Benefits (Schedule of Estimated Future Benefit Payments) (Details) $ in Millions | Aug. 01, 2021USD ($) |
Pension Plan, Defined Benefit [Member] | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 174 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 161 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 153 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 146 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 143 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 644 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 23 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 21 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 20 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 18 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 17 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 69 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | Aug. 01, 2021 |
Minimum [Member] | |
Lessee, Operating Lease, Term of Contract | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Term of Contract | 14 years |
Leases (Costs) (Details)
Leases (Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | ||
Operating Lease, Cost | $ 80 | $ 81 | |
Finance Lease, Right-of-Use Asset, Amortization | 6 | 2 | |
Short-term Lease, Cost | 48 | 39 | |
Variable Lease, Cost | [1] | 201 | 172 |
Sublease Income | (2) | (3) | |
Lease, Cost | [2] | $ 333 | 291 |
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | |||
Lease, Cost | $ 4 | ||
[1] | Includes labor and other overhead included in our service contracts with embedded leases. | ||
[2] | Total lease cost in 2020 included $4 related to discontinued operations |
Leases (Reported in Balance She
Leases (Reported in Balance Sheet) (Details) - USD ($) $ in Millions | Aug. 01, 2021 | Aug. 02, 2020 |
Operating Lease, Right-of-Use Asset | $ 235 | $ 254 |
Other Assets [Member] | ||
Operating Lease, Right-of-Use Asset | 235 | 254 |
Accrued Liabilities [Member] | ||
Operating Lease, Liability, Current | 54 | 67 |
Other Liabilities [Member] | ||
Operating Lease, Liability, Noncurrent | 180 | 184 |
Property, Plant and Equipment [Member] | ||
Finance Lease, Right-of-Use Asset | 29 | 10 |
Short-term Debt [Member] | ||
Finance Lease, Liability, Current | 11 | 3 |
Long-term Debt [Member] | ||
Finance Lease, Liability, Noncurrent | $ 19 | $ 7 |
Leases (Weighted Average Terms
Leases (Weighted Average Terms and Discount Rates) (Details) | Aug. 01, 2021 | Aug. 02, 2020 |
Leases [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 6 years 4 months 24 days | 6 years 8 months 12 days |
Finance Lease, Weighted Average Remaining Lease Term | 3 years 1 month 6 days | 3 years |
Lessee, Operating Lease, Discount Rate | 2.30% | 2.60% |
Lessee, Finance Lease, Discount Rate | 0.80% | 1.80% |
Leases (Maturity of Lease Liabi
Leases (Maturity of Lease Liabilities) (Details) $ in Millions | Aug. 01, 2021USD ($) |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 59 |
Operating Leases, Future Minimum Payments, Due in Two Years | 49 |
Operating Leases, Future Minimum Payments, Due in Three Years | 38 |
Operating Leases, Future Minimum Payments, Due in Four Years | 27 |
Operating Leases, Future Minimum Payments, Due in Five Years | 19 |
Operating Leases, Future Minimum Payments, Due Thereafter | 63 |
Operating Leases, Future Minimum Payments Due | 255 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 21 |
Operating Lease, Liability | 234 |
Finance Lease, Liability, to be Paid, Year One | 11 |
Finance Lease, Liability, to be Paid, Year Two | 9 |
Finance Lease, Liability, to be Paid, Year Three | 5 |
Finance Lease, Liability, to be Paid, Year Four | 2 |
Finance Lease, Liability, to be Paid, Year Five | 3 |
Finance Lease, Liability, to be Paid, after Year Five | 0 |
Finance Lease, Liability, Payment, Due | 30 |
Finance Lease, Liability, Undiscounted Excess Amount | 0 |
Finance Lease, Liability | $ 30 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Aug. 01, 2021 | Aug. 02, 2020 | |
Operating Lease, Payments | $ 79 | $ 79 |
Finance Lease, Principal Payments | 5 | 2 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 59 | 88 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 25 | 10 |
Operating Leases divested with business sold | 0 | 18 |
Finance leases divested with business sold | 0 | 5 |
Accounting Standards Update 2016-02 [Member] | ||
Build-to-suit Lease Commitment Liability Derecognized | $ 0 | $ 20 |
Taxes on Earnings Taxes on Earn
Taxes on Earnings Taxes on Earnings (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2021 | Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Deferred Income Tax Expense (Benefit) | $ 137 | $ (7) | $ 23 | |
Operating Loss Carryforwards | 294 | |||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 20 | (305) | 294 | |
Deferred Tax Assets, Valuation Allowance | 142 | 122 | ||
Undistributed Earnings of Foreign Subsidiaries | 11 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 18 | 18 | $ 17 | |
Snyder's-Lance Cost Transformation Program and Integration | ||||
Deferred Income Tax Expense (Benefit) | $ 19 | 19 | ||
Indefinite Life [Member] | ||||
Operating Loss Carryforwards | 27 | |||
Definite Life [Member] | ||||
Operating Loss Carryforwards | 267 | |||
Gross Amount of Operating Loss Carryforwards with a Full Valuation Allowance [Member] | ||||
Operating Loss Carryforwards | 113 | |||
Other Liabilities [Member] | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 4 | 4 | ||
Capital Loss Carryforward [Member] | ||||
Tax Credit Carryforward, Amount | 477 | |||
Tax Credit Carryforward, Valuation Allowance | $ 477 | |||
Earliest Tax Year [Member] | ||||
Operating Loss Carryforwards, Expiration Date | Aug. 2, 2022 | |||
Latest Tax Year [Member] | ||||
Operating Loss Carryforwards, Expiration Date | Jul. 31, 2038 | |||
State and Local Jurisdiction [Member] | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Other | $ 13 | 13 | ||
Deferred Tax Assets, Valuation Allowance | $ 13 | $ 13 | ||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | ||||
Tax Credit Carryforward, Expiration Date | Aug. 2, 2022 | |||
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | ||||
Tax Credit Carryforward, Expiration Date | Jul. 31, 2031 |
Taxes on Earnings Schedule Of P
Taxes on Earnings Schedule Of Provision Of Income Taxes On Earnings Of Continuing Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Income Tax Disclosure [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ 151 | $ 152 | $ 104 |
Current State and Local Tax Expense (Benefit) | 34 | 26 | 19 |
Current Foreign Tax Expense (Benefit) | 6 | 3 | 5 |
Current Income Tax Expense (Benefit) | 191 | 181 | 128 |
Deferred Federal Income Tax Expense (Benefit) | 102 | (12) | 19 |
Deferred State and Local Income Tax Expense (Benefit) | 33 | 4 | 7 |
Deferred Foreign Income Tax Expense (Benefit) | 2 | 1 | (3) |
Deferred Income Tax Expense (Benefit) | 137 | (7) | 23 |
Income Tax Expense (Benefit) | $ 328 | $ 174 | $ 151 |
Taxes on Earnings Schedule of C
Taxes on Earnings Schedule of Components of Earnings Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 1,308 | $ 737 | $ 624 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 28 | 29 | 1 |
Earnings before taxes | $ 1,336 | $ 766 | $ 625 |
Taxes on Earnings Schedule Of R
Taxes on Earnings Schedule Of Reconciliation Of Effective Income Tax Rate (Details) | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 3.10% | 3.50% | 2.20% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 0.20% | (0.30%) | 0.00% |
Effective Income Tax Rate Reconciliation, Transition Tax On Unremitted Foreign Earnings | 0 | 0 | 0.003 |
Effective Income Tax Rate Reconciliation, Disposition of Business, Percent | (0.90%) | 0.00% | 1.20% |
Effective Income Tax Rate Reconciliation, Legal entity reorganization, Percent | 1.40% | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Capital loss on Disposition of Business, Percent | (1.30%) | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 1.30% | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Disposition of European chips business, Percent | 0.00% | (1.30%) | 0.00% |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | (0.20%) | (0.20%) | (0.50%) |
Effective Income Tax Rate Reconciliation, Percent | 24.60% | 22.70% | 24.20% |
Taxes on Earnings Schedule of D
Taxes on Earnings Schedule of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Millions | Aug. 01, 2021 | Aug. 02, 2020 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Liabilities, Property, Plant and Equipment | $ 352 | $ 319 |
Deferred Tax Liabilities, Goodwill and Intangible Assets | 869 | 856 |
Deferred Tax Liabilities, Leasing Arrangements | 53 | 63 |
Deferred Tax Liabilities, Prepaid Expenses | 45 | 0 |
Deferred Tax Liabilities, Other | 9 | 9 |
Deferred Tax Liabilities, Gross | 1,328 | 1,247 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 127 | 144 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | 38 | 58 |
Deferred Tax Assets, Operating Loss Carryforwards | 24 | 31 |
Deferred Tax Assets, Capital Loss Carryforwards | 117 | 95 |
Deferred Tax Assets, Operating lease liability | 53 | 63 |
Deferred Tax Assets, Other | 61 | 65 |
Deferred Tax Assets, Gross | 420 | 456 |
Deferred Tax Assets, Valuation Allowance | (142) | (122) |
Deferred Tax Assets, Net of Valuation Allowance | 278 | 334 |
Deferred Tax Liabilities, Net | $ 1,050 | $ 913 |
Taxes on Earnings Schedule of A
Taxes on Earnings Schedule of Activity Related to Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits | $ 23 | $ 24 | $ 32 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 0 | 0 | 1 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (1) | (1) | (1) |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 3 | 2 | 2 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 0 | (1) | (9) |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | (3) | (1) | (1) |
Unrecognized Tax Benefits | $ 22 | $ 23 | $ 24 |
Short-term Borrowing and Long-t
Short-term Borrowing and Long-term Debt (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 36 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,850 | ||
Line of Credit Facility, Expiration Date | Nov. 2, 2023 | ||
Line of Credit Facility Utilized Borrowing Capacity | $ 1 | ||
Line of Credit Facility, Covenant Terms | minimum consolidated interest coverage ratio of consolidated adjusted EBITDA to consolidated interest expense (as each is defined in the credit facility) of not less than 3.25:1.00, measured quarterly, and customary events of default for credit facilities of this type | ||
Repayments of Lines of Credit | $ 300 | ||
Proceeds from Lines of Credit | 300 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 1,025 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 5 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1,152 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 3 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 2,863 | ||
Extinguishment of Debt, Amount | 1,200 | ||
Payment for Debt Extinguishment, Net | 1,765 | ||
Gain (Loss) on Extinguishment of Debt | 0 | (75) | $ 0 |
Repayments of Long-term Debt | 921 | 499 | 702 |
Long-term borrowings | $ 0 | 1,000 | $ 0 |
Interest Expense [Member] | |||
Debt Instrument [Line Items] | |||
Gain (Loss) on Extinguishment of Debt | (75) | ||
Gain (Loss) on Extinguishment of Debt, before Write off of Debt Issuance Cost | $ (65) | ||
Commercial Paper [Member] | |||
Debt Instrument [Line Items] | |||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 0.22% | 2.10% | |
4.25% notes, due 2021 | |||
Debt Instrument [Line Items] | |||
Repayments of Debt | $ 500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||
3.30% notes, due 2021 | |||
Debt Instrument [Line Items] | |||
Repayments of Debt | $ 321 | $ 329 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.30% | 3.30% | |
Long-term Debt, Gross | $ 0 | $ 321 | |
3.65% notes, due 2023 | |||
Debt Instrument [Line Items] | |||
Repayments of Debt | $ 634 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | 3.65% | |
Long-term Debt, Gross | $ 566 | $ 566 | |
3.80% notes, due 2043 | |||
Debt Instrument [Line Items] | |||
Repayments of Debt | $ 237 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | 3.80% | |
Long-term Debt, Gross | $ 163 | $ 163 | |
Variable Interest Rate due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Debt | 400 | ||
Long-term Debt, Gross | 0 | 400 | |
8.875% notes, due 2021 | |||
Debt Instrument [Line Items] | |||
Repayments of Debt | $ 200 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.875% | ||
Long-term Debt, Gross | $ 0 | 200 | |
Variable Interest Rate Senior Term Loan due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Long-term Debt | 499 | ||
April 24, 2020 Debt Issuance Proceeds [Member] | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | 1,000 | ||
Issuance of Debt, Amount | $ 300 | ||
2.375% notes, due 2030 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.375% | 2.375% | |
Long-term Debt, Gross | $ 500 | $ 500 | |
Debt Instrument, Redemption Price, Percentage | 101.00% | ||
3.125% notes, due 2050 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.125% | 3.125% | |
Long-term Debt, Gross | $ 500 | $ 500 | |
Debt Instrument, Redemption Price, Percentage | 101.00% |
Short-term Borrowings and Lon_3
Short-term Borrowings and Long-term Debt (Schedule of Short-term Debt) (Details) - USD ($) $ in Millions | Aug. 01, 2021 | Aug. 02, 2020 | |
Short-term Debt [Line Items] | |||
Debt, Current | $ 48 | $ 1,202 | |
Other Current Liabilities | |||
Short-term Debt [Line Items] | |||
Commercial Paper | 37 | 280 | |
Notes Payable, Current | 0 | 721 | |
Debentures, Current | 0 | 200 | |
Capital Lease Obligations, Current | 11 | 3 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | [1] | $ 0 | $ 2 |
[1] | Includes unamortized net discount/premium on debt issuances and debt issuance costs. |
Short-term Borrowings and Lon_4
Short-term Borrowings and Long-term Debt (Schedule of Long-term Debt Instruments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | ||
Debt Instrument [Line Items] | |||
Capital Lease Obligations, Noncurrent | $ 19 | $ 7 | |
Long Term Debt And Finance Lease Obligations Aggregate | 5,010 | 5,915 | |
Long-term Debt, Current Maturities | 0 | 921 | |
Long-term Debt and Lease Obligation | $ 5,010 | 4,994 | |
Variable Interest Rate due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Mar. 15, 2021 | ||
Debt Instrument, Description of Variable Rate Basis | Variable | ||
Long-term Debt, Gross | $ 0 | $ 400 | |
3.30% notes, due 2021 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Mar. 15, 2021 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.30% | 3.30% | |
Long-term Debt, Gross | $ 0 | $ 321 | |
8.875% notes, due 2021 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | May 1, 2021 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.875% | ||
Long-term Debt, Gross | $ 0 | 200 | |
2.50% notes, due 2023 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Aug. 2, 2022 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | ||
Long-term Debt, Gross | $ 450 | $ 450 | |
3.65% notes, due 2023 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Mar. 15, 2023 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | 3.65% | |
Long-term Debt, Gross | $ 566 | $ 566 | |
3.95% notes, due 2025 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Mar. 15, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | ||
Long-term Debt, Gross | $ 850 | 850 | |
3.30% notes, due 2025 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Mar. 19, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.30% | ||
Long-term Debt, Gross | $ 300 | 300 | |
4.15% notes, due 2028 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Mar. 15, 2028 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | ||
Long-term Debt, Gross | $ 1,000 | $ 1,000 | |
2.375% notes, due 2030 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Apr. 24, 2030 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.375% | 2.375% | |
Long-term Debt, Gross | $ 500 | $ 500 | |
3.80% notes, due 2043 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Aug. 2, 2042 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | 3.80% | |
Long-term Debt, Gross | $ 163 | $ 163 | |
4.80% notes, due 2048 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Mar. 15, 2048 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.80% | ||
Long-term Debt, Gross | $ 700 | $ 700 | |
3.125% notes, due 2050 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Apr. 24, 2050 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.125% | 3.125% | |
Long-term Debt, Gross | $ 500 | $ 500 | |
Long-term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | [1] | $ 38 | $ 42 |
[1] | Includes unamortized net discount/premium on debt issuances and debt issuance costs |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 1 | ||
Other Current Assets [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Margin Deposit Assets | $ 8 | ||
Accrued Liabilities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
us-gaap_MarginDepositLiabilities | $ 14 | ||
Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Maximum Remaining Maturity of Foreign Currency Derivatives | 18 months | ||
Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 0 | 0 | |
Treasury Lock [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 0 | 0 | |
Commodity Derivative Contracts [Member] | Maximum [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Remaining Maturity | 18 months | ||
Deferred Compensation Derivative Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Maximum Length of Contract Maturity | 12 months | ||
Derivatives Designated As Hedges [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 134 | 164 | |
Derivatives Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 18 | 0 | |
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 13 | 19 | |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 190 | 137 | |
Derivatives Not Designated As Hedges [Member] | Embedded Derivative Financial Instruments [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 38 | 34 | |
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 29 | $ 22 | |
Wal-Mart Stores, Inc. [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Entity Wide Revenue, Major Customer, Percentage Of Net Sales | 21.00% | 21.00% | 20.00% |
Top Five Customers [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Entity Wide Revenue, Major Customer, Percentage Of Net Sales | 46.00% |
Financial Instruments (Schedule
Financial Instruments (Schedule Of The Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Millions | Aug. 01, 2021 | Aug. 02, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 57 | $ 12 |
Derivative Liability, Fair Value, Gross Liability | 3 | 11 |
Derivatives Designated As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 5 | 1 |
Derivative Liability, Fair Value, Gross Liability | 3 | 2 |
Derivatives Designated As Hedges [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1 | 1 |
Derivatives Designated As Hedges [Member] | Foreign Exchange Contract [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 3 | 2 |
Derivatives Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 4 | 0 |
Derivatives Not Designated As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 52 | 11 |
Derivative Liability, Fair Value, Gross Liability | 0 | 9 |
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 | 49 | 7 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 9 |
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 | $ 3 | $ 4 |
Financial Instruments (Offsetti
Financial Instruments (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Millions | Aug. 01, 2021 | Aug. 02, 2020 |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | $ 57 | $ 12 |
Derivative, Collateral, Obligation to Return Securities or Cash | (1) | (4) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 56 | 8 |
Derivative Liability, Fair Value, Gross Liability | 3 | 11 |
Derivative, Collateral, Right to Reclaim Securities or Cash | (1) | (4) |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 2 | $ 7 |
Financial Instruments (Schedu_2
Financial Instruments (Schedule Of Changes In Cash Flow Hedges In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
OCI before tax accumulated derivative gain (loss) beginning of period | $ 8 | $ 11 | $ 8 |
OCI before tax accumulated derivative gain (loss) end of period | 5 | 8 | 11 |
Commodity Derivative Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
OCI, before Reclassifications, before Tax, Attributable to Parent | 4 | 0 | 0 |
Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
OCI, before Reclassifications, before Tax, Attributable to Parent | (9) | 3 | (3) |
Foreign Exchange Contract [Member] | Cost Of Products Sold [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 6 | (2) | (4) |
Foreign Exchange Contract [Member] | Other Expenses/Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 1 | 0 | 0 |
Foreign Exchange Contract [Member] | Loss from discontinued operations [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 1 | 2 |
Interest Rate Contract [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $ 1 | $ 1 | $ 2 |
Financial Instruments (Schedu_3
Financial Instruments (Schedule of Cash Flow Hedges in Statements of Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
May 02, 2021 | Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Cost of products sold | $ 5,665 | $ 5,692 | $ 5,414 | ||
Other expenses / (income) | (254) | 221 | 140 | ||
Interest expense | [1] | 210 | 345 | 356 | |
Earnings (loss) from discontinued operations | $ (6) | (6) | 1,036 | (263) | |
Cost Of Products Sold [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | 0 | 0 | 0 | ||
Interest Expense [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | 0 | 0 | 0 | ||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | 0 | 0 | 0 | ||
Other Expenses/Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | 0 | ||||
Foreign Exchange Contract [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Cost of products sold | 6 | (2) | (4) | ||
Other expenses / (income) | 1 | 0 | 0 | ||
Earnings (loss) from discontinued operations | 0 | (1) | (2) | ||
Interest Rate Contract [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Interest expense | $ 1 | $ 1 | $ 2 | ||
[1] | In 2020, we recognized a loss of $75 (including $65 of premium, fees and other costs paid with the tender offers and unamortized debt issuance costs). See Note 12 for additional information. |
Financial Instruments (Derivati
Financial Instruments (Derivatives Not Designated As Hedges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | $ (61) | $ 8 | $ 3 |
Foreign Exchange Contract [Member] | Cost Of Products Sold [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | 2 | (1) | 0 |
Foreign Exchange Contract [Member] | Other Expenses/Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | 0 | 2 | 0 |
Commodity Derivative Contracts [Member] | Cost Of Products Sold [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | (55) | 12 | 6 |
Commodity Derivative Contracts [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | 0 | 0 | (1) |
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 | (8) | (2) | (2) |
Treasury Lock [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives | $ 0 | $ (3) | $ 0 |
Variable Interest Entity (Detai
Variable Interest Entity (Details) - USD ($) $ in Millions | May 08, 2020 | Apr. 26, 2020 | Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | Feb. 29, 2016 | |||
LLC ownership percentage | 99.80% | ||||||||
Proceeds from sale of investment | $ 30 | $ 0 | $ 30 | $ 0 | |||||
Investment losses | $ 45 | $ 0 | [1] | $ 49 | [1] | $ 1 | [1] | ||
Investments funded | $ 86 | ||||||||
Total Commitment [Member] | |||||||||
Other Commitment | $ 125 | ||||||||
[1] | 2020 includes a loss of $45 related to Acre. See Note 14 for additional information. |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements Narrative (Details) - USD ($) $ in Millions | Aug. 01, 2021 | Aug. 02, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, at Carrying Value | $ 0 | $ 157 |
Debt, Long-term and Short-term, Combined Amount | 5,058 | 6,196 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, at Carrying Value | 0 | 157 |
Debt, Long-term and Short-term, Combined Fair Value | $ 5,613 | $ 6,995 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurement Of Assets And Liabilities) (Details) - Measured On Recurring Basis [Member] - USD ($) $ in Millions | Aug. 01, 2021 | Aug. 02, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | $ 60 | $ 15 | |
Total liabilities at fair value | 108 | 103 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 24 | 6 | |
Total liabilities at fair value | 105 | 97 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 35 | 7 | |
Total liabilities at fair value | 3 | 6 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 1 | 2 | |
Foreign Exchange Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [1] | 1 | 1 |
Derivatives liabilities at fair value | [1] | 3 | 2 |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [1] | 1 | 1 |
Derivatives liabilities at fair value | [1] | 3 | 2 |
Commodity Derivative Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [2] | 53 | 7 |
Derivatives liabilities at fair value | [2] | 0 | 9 |
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] | 21 | 3 |
Derivatives liabilities at fair value | [2] | 0 | 5 |
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] | 31 | 2 |
Derivatives liabilities at fair value | [2] | 0 | 4 |
Commodity Derivative Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [2] | 1 | 2 |
Deferred Compensation Derivative Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [3] | 3 | 4 |
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] | 3 | 4 |
Deferred Compensation Investment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments at fair value | [4] | 3 | 3 |
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] | 3 | 3 |
Deferred Compensation Obligation [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation obligation | [4] | 105 | 92 |
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] | $ 105 | $ 92 |
[1] | Based on observable market transactions of spot currency rates and forward rates. | ||
[2] | Level 1 and 2 are based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. Level 3 is based on unobservable inputs in which there is little or no market data, which requires management’s own assumptions within an internally developed model. | ||
[3] | Based on LIBOR and equity index swap rates. | ||
[4] | Based on the fair value of the participants’ investments. |
Fair Value Measurements Fair _2
Fair Value Measurements Fair Value Measurements (Assets Measured On Recurring Basis Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Aug. 01, 2021 | Aug. 02, 2020 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Beginning Balance | [1] | $ 2 | $ 76 | |
Fair Value, Level 3 investment Gain (Loss) Included in Earnings | 6 | (45) | [1] | |
Fair Value, Level 3 investment Purchases | 0 | 1 | [1] | |
Fair Value, Level 3 Sales | 0 | (29) | [1] | |
Fair Value, Level 3 Settlements | (7) | (1) | [1] | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Ending Balance | $ 1 | $ 2 | [1] | |
[1] | Primarily represented investments in equity securities that were not readily marketable and were accounted for under the fair value option. The investments were funded by Acre, a limited partnership in which we were the sole limited partner. Fair value was 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, were used in distributing fair value among various equity holders according to rights and preferences. We entered into an agreement to sell our interest in Acre on April 26, 2020, and completed the sale on May 8, 2020. See Note 14 for additional information. |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | Sep. 01, 2021 | |
Statement [Line Items] | ||||
Capital Stock, Shares Authorized | 560 | 560 | ||
Common Stock, Par or Stated Value Per Share | $ 0.0375 | $ 0.0375 | ||
Preferred Stock, Shares Authorized | 40 | 40 | ||
Preferred Stock, Shares Issued | 0 | 0 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 36 | $ 0 | $ 0 | |
March 2017 Program [Member] | ||||
Statement [Line Items] | ||||
Authorized amount for shares repurchase | 1,500 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 1,296 | |||
June 2021 Program | ||||
Statement [Line Items] | ||||
Authorized amount for shares repurchase | 250 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 214 | |||
September 2021 Program | Subsequent Event [Member] | ||||
Statement [Line Items] | ||||
Authorized amount for shares repurchase | $ 500 | |||
Treasury Stock [Member] | ||||
Statement [Line Items] | ||||
Treasury stock purchased, shares | 1 | 0 | 0 | |
Treasury Stock, Value, Acquired, Cost Method | $ 36 | $ 0 | $ 0 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Oct. 31, 2021 | Nov. 01, 2020 | Oct. 27, 2019 | Oct. 28, 2018 | Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Stock-based Compensation | |||||||
Excess Tax Benefit/(Deficiency) from Share-based Compensation, Operating Activities | $ 1 | $ 1 | $ (6) | ||||
Cash received from the exercise of stock options | 2 | 23 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | $ 2 | $ 0 | ||||
EPS Performance Restricted Stock Units [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Strategic Performance Restricted Stock Units [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
FCF Performance Restricted Stock Units [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Nonvested, Units | 239 | ||||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 44.10 | ||||||
Share Based Compensation Arrangements By Share Based Payment Award Equity Instruments Other than Options Issued in Period | 388 | ||||||
Time Lapse Restricted Stock Units [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Share-based Payment Arrangement, Option [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||
Time Lapse, EPS Performance, And FCF Performance Restricted Stock Units [Member] | |||||||
Stock-based Compensation | |||||||
Remaining unearned compensation on nonvested awards | $ 30 | ||||||
Weighted-average remaining service period, years | 1 year 7 months 6 days | ||||||
Nonvested, Units | 1,814 | 1,866 | |||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 45.63 | $ 43.18 | |||||
Fair value of restricted units and shares vested | $ 38 | $ 41 | $ 26 | ||||
Granted, Weighted-Average Grant-Date Fair Value | $ 48.37 | $ 46.82 | $ 36.51 | ||||
TSR Performance Restricted Stock/Units [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Remaining unearned compensation on nonvested awards | $ 25 | ||||||
Weighted-average remaining service period, years | 1 year 7 months 6 days | ||||||
Nonvested, Units | 1,222 | 1,254 | |||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 53.60 | $ 47.83 | |||||
Fair value of restricted units and shares vested | $ 11 | ||||||
Granted, Weighted-Average Grant-Date Fair Value | $ 54.93 | $ 63.06 | $ 31.29 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | 0.00% | 0.00% | ||||
Minimum [Member] | EPS Performance Restricted Stock Units [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | ||||||
Minimum [Member] | Strategic Performance Restricted Stock Units [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | ||||||
Minimum [Member] | FCF Performance Restricted Stock Units [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | ||||||
Minimum [Member] | TSR Performance Restricted Stock/Units [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | ||||||
Maximum [Member] | EPS Performance Restricted Stock Units [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||||||
Maximum [Member] | Strategic Performance Restricted Stock Units [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% | ||||||
Maximum [Member] | FCF Performance Restricted Stock Units [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% | ||||||
Maximum [Member] | Share-based Payment Arrangement, Option [Member] | |||||||
Stock-based Compensation | |||||||
Remaining unearned compensation on nonvested awards | $ 1 | ||||||
Weighted-average remaining service period, years | 1 year | ||||||
Maximum [Member] | TSR Performance Restricted Stock/Units [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% | ||||||
2005 Long Term Incentive Plan [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,000 | ||||||
2005 Long Term Incentive Plan, Total Shares Authorized, as Amended In 2008 [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 10,500 | ||||||
2005 Long Term Incentive Plan, Total Shares Authorized, as Amended in 2010 [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 17,500 | ||||||
2015 Long-Term Incentive Plan [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 13,000 | ||||||
2005 Long-Term Incentive Plan Rolled into the 2015 Long-Term Incentive Plan | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,000 | ||||||
Forecast [Member] | FCF Performance Restricted Stock Units [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 167.00% | ||||||
Forecast [Member] | TSR Performance Restricted Stock/Units [Member] | |||||||
Stock-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 75.00% |
Stock-based Compensation (Summa
Stock-based Compensation (Summary of Stock-based Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total pre-tax stock-based compensation expense | $ 64 | $ 59 | $ 50 |
Tax-related benefits | $ 12 | 11 | 8 |
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total pre-tax stock-based compensation expense | 2 | 8 | |
Tax-related benefits | $ 0 | $ 2 |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule Of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended |
Aug. 01, 2021USD ($)$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |
Beginning of year, Options | shares | 1,423 |
Granted, Options | shares | 0 |
Exercised, Options | shares | (51) |
Terminated, Options | shares | 0 |
End of year, Options | shares | 1,372 |
Exercisable at end of period, Options | shares | 1,079 |
Beginning of period, Weighted-Average Exercise Price | $ / shares | $ 45.42 |
Granted, Weighted-Average Exercise Price | $ / shares | 0 |
Exercised, Weighted-Average Exercise Price | $ / shares | 40.41 |
Terminated, Weighted-Average Exercise Price | $ / shares | 0 |
End of period, Weighted-Average Exercise Price | $ / shares | 45.61 |
Exercisable at end of period, Weighted-Average Exercise Price | $ / shares | $ 48.36 |
Outstanding at end of period, Weighted-Average Remaining Contractual Life (In years) | 5 years 10 months 24 days |
Exercisable at end of period, Weighted-Average Remaining Contractual Life (In years) | 5 years 6 months |
Outstanding at end of period, Aggregate Intrinsic Value | $ | $ 4 |
Exercisable at end of period, Aggregate Intrinsic Value | $ | $ 2 |
Stock-based Compensation (Time-
Stock-based Compensation (Time-Lapse Restricted Stock Units, EPS Performance Restricted Stock Units. FCF Performance Restricted Stock Units, And TSR Performance Restricted Stock Units) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Time Lapse, EPS Performance, And FCF Performance Restricted Stock Units [Member] | |||
Stock-based Compensation | |||
Nonvested at beginning of period, Units | 1,866 | ||
Granted, Units | 905 | ||
Vested, Units | (799) | ||
Forfeited, Units | (158) | ||
Nonvested at end of period, Units | 1,814 | 1,866 | |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $ 43.18 | ||
Granted, Weighted-Average Grant-Date Fair Value | 48.37 | $ 46.82 | $ 36.51 |
Vested, Weighted-Average Grant-Date Fair Value | 42.83 | ||
Forfeited, Weighted Average Grant Date Fair Value | 46.58 | ||
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $ 45.63 | $ 43.18 | |
TSR Performance Restricted Stock/Units [Member] | |||
Stock-based Compensation | |||
Nonvested at beginning of period, Units | 1,254 | ||
Granted, Units | 521 | ||
Vested, Units | (236) | ||
Forfeited, Units | (317) | ||
Nonvested at end of period, Units | 1,222 | 1,254 | |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $ 47.83 | ||
Granted, Weighted-Average Grant-Date Fair Value | 54.93 | $ 63.06 | $ 31.29 |
Vested, Weighted-Average Grant-Date Fair Value | 39.39 | ||
Forfeited, Weighted Average Grant Date Fair Value | 43.53 | ||
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $ 53.60 | $ 47.83 |
Stock-based Compensation (Valua
Stock-based Compensation (Valuation Assumptions) (Details) - $ / shares | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.79% | ||
Expected dividend yield | 3.84% | ||
Expected volatility | 25.28% | ||
Expected term, years | 6 years 1 month 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.27 | ||
TSR Performance Restricted Stock/Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 0.15% | 1.48% | 2.80% |
Expected dividend yield | 2.85% | 2.95% | 3.79% |
Expected volatility | 29.99% | 27.01% | 24.50% |
Expected term, years | 3 years | 3 years | 3 years |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Millions | 12 Months Ended |
Aug. 01, 2021USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Number of bank loans guaranteed related to independent contractor distributors | 4,900 |
Maximum potential amount of future payments | $ 488 |
Supplemental Financial Statem_3
Supplemental Financial Statement Data (Schedule of Balance Sheets) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | ||
Receivables [Abstract] | ||||
Customer accounts receivable | $ 556 | $ 544 | ||
Allowances | (12) | (14) | ||
Accounts receivable, net current | 544 | 530 | ||
Other receivables | 51 | 45 | ||
Accounts receivable, net | 595 | 575 | ||
Inventory, Net [Abstract] | ||||
Inventory, raw materials, containers and supplies | 321 | 297 | ||
Inventory, finished products | 612 | 574 | ||
Inventories | 933 | 871 | ||
Property, Plant and Equipment, Net [Abstract] | ||||
Land | 75 | 75 | ||
Buildings and Improvements, Gross | 1,493 | 1,473 | ||
Machinery and Equipment, Gross | 3,732 | 3,463 | ||
Construction in Progress, Gross | 189 | 274 | ||
Property, Plant and Equipment, Gross | 5,489 | 5,285 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | [1] | (3,119) | (2,917) | |
Plant assets, net of depreciation | 2,370 | 2,368 | $ 2,455 | |
Other Assets, Noncurrent [Abstract] | ||||
Operating Lease, Right-of-Use Asset | 235 | 254 | ||
Pensions | 190 | 10 | ||
Other Assets, Miscellaneous, Noncurrent | 24 | 19 | ||
Other assets | 449 | 283 | ||
Other Liabilities, Current [Abstract] | ||||
Accrued liabilities | 576 | 693 | ||
Other Liabilities, Noncurrent [Abstract] | ||||
Other liabilities | 705 | 820 | ||
Depreciation | 275 | 285 | 389 | |
Accrued Liabilities [Member] | ||||
Other Liabilities, Current [Abstract] | ||||
Employee-related Liabilities, Current | 203 | 252 | ||
Derivative Liability, Current | 3 | 11 | ||
Accrued Marketing Costs, Current | 121 | 156 | ||
Interest Payable, Current | 70 | 79 | ||
Restructuring Reserve, Current | 6 | 12 | ||
Operating Lease, Liability, Current | 54 | 67 | ||
Other Accrued Liabilities, Current | 119 | 116 | ||
Other Liabilities [Member] | ||||
Other Liabilities, Noncurrent [Abstract] | ||||
Liability, Defined Benefit Pension Plan, Noncurrent | 142 | 242 | ||
Liability, Other Retirement Benefits, Noncurrent | 199 | 220 | ||
Operating Lease, Liability, Noncurrent | 180 | 184 | ||
Deferred Compensation Liability, Noncurrent | 92 | 80 | ||
Liability, Uncertain Tax Positions, Noncurrent | 20 | 17 | ||
Other Liabilities, Noncurrent | $ 72 | $ 77 | ||
Discontinued Operations [Member] | ||||
Other Liabilities, Noncurrent [Abstract] | ||||
Depreciation | $ 74 | |||
Building [Member] | Minimum [Member] | ||||
Other Liabilities, Noncurrent [Abstract] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
Building [Member] | Maximum [Member] | ||||
Other Liabilities, Noncurrent [Abstract] | ||||
Property, Plant and Equipment, Useful Life | 45 years | |||
Machinery and Equipment [Member] | Minimum [Member] | ||||
Other Liabilities, Noncurrent [Abstract] | ||||
Property, Plant and Equipment, Useful Life | 2 years | |||
Machinery and Equipment [Member] | Maximum [Member] | ||||
Other Liabilities, Noncurrent [Abstract] | ||||
Property, Plant and Equipment, Useful Life | 20 years | |||
[1] | Depreciation expense was $275 in 2021, $285 in 2020 and $389 in 2019. Depreciation expense associated with discontinued operations was $74 in 2019. Buildings are depreciated over periods ranging from 7 to 45 years. Machinery and equipment are depreciated over periods generally ranging from 2 to 20 years. |
Supplemental Financial Statem_4
Supplemental Financial Statement Data (Schedule of Statement of Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Apr. 26, 2020 | Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |||||
Amortization of Intangible Assets | $ 42 | $ 43 | $ 48 | |||||
Impairment of intangible assets | [1] | 0 | 0 | 16 | ||||
Net periodic benefits expense (income), other than the service cost | (247) | 30 | 43 | |||||
Pension settlement charges | (38) | 43 | 28 | |||||
Investment losses | $ 45 | 0 | [2] | 49 | [2] | 1 | [2] | |
Loss on sales of businesses | 11 | (975) | 32 | |||||
Transition service fees | (27) | (10) | 0 | |||||
Other | 5 | 2 | 4 | |||||
Other expenses / (income) | (254) | 221 | 140 | |||||
Advertising Expense | [3] | 399 | 463 | 347 | ||||
Interest Costs Incurred | 214 | 350 | 359 | |||||
Interest Costs Capitalized Adjustment | (4) | (5) | (3) | |||||
Interest Expense | [4] | 210 | 345 | 356 | ||||
Loss on extinguishment of debt | 0 | 75 | 0 | |||||
Continuing Operations [Member] | ||||||||
Loss on sales of businesses | [5] | $ 0 | ||||||
Interest Expense [Member] | ||||||||
Loss on extinguishment of debt | 75 | |||||||
Loss on Extinguishment of Debt, before Write off of Debt Issuance Cost | 65 | |||||||
Acre Venture Partners [Member] | ||||||||
Investment losses | 45 | |||||||
European Chips Business [Member] | ||||||||
Loss on sales of businesses | [5] | $ 64 | ||||||
Plum Baby | ||||||||
Loss on sales of businesses | [5] | $ 11 | ||||||
[1] | See Note 3 for additional information. | |||||||
[2] | 2020 includes a loss of $45 related to Acre. See Note 14 for additional information. | |||||||
[3] | Included in Marketing and selling expenses. | |||||||
[4] | In 2020, we recognized a loss of $75 (including $65 of premium, fees and other costs paid with the tender offers and unamortized debt issuance costs). See Note 12 for additional information. | |||||||
[5] | In 2021, we recognized a loss of $11 on the sale of the Plum baby food and snacks business. In 2020, we recognized a loss of $64 on the sale of the European chips business. See Note 3 for additional information. |
Supplemental Financial Statem_5
Supplemental Financial Statement Data (Schedule of Statements of Cash Flow) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | |
Operating Lease, Right-of-Use Asset, Amortization Expense | $ 75 | $ 75 | $ 0 |
Amortization of debt issuance costs/debt discount | 6 | 9 | 14 |
Benefit related expense | 12 | 12 | 6 |
Other | (7) | 5 | 4 |
Other Noncash Income (Expense) | 86 | 101 | 24 |
Employee Benefits And Deferred Compensation Payments | (49) | (53) | (60) |
Other Cash Operating Activities, Cash Flow Statement | 2 | (6) | (4) |
Other | (47) | (59) | (64) |
Interest paid | 214 | 287 | 367 |
Interest Received | 1 | 4 | 3 |
Income Taxes Paid, Net | 212 | 222 | 117 |
Build-to-suit lease commitment | $ 0 | $ 0 | $ 20 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Aug. 01, 2021 | Aug. 02, 2020 | Jul. 28, 2019 | ||
Beginning Balance | $ 14 | $ 13 | $ 18 | |
Charged to (Reduction in) Cost and Expense | 137 | 142 | 131 | |
Deductions | (139) | (140) | (136) | |
Divestiture | 0 | (1) | 0 | |
Ending Balance | 12 | 14 | 13 | |
Cash Discounts [Member] | ||||
Beginning Balance | 6 | 6 | 6 | |
Charged to (Reduction in) Cost and Expense | 137 | 139 | 132 | |
Deductions | (137) | (139) | (132) | |
Divestiture | 0 | 0 | 0 | |
Ending Balance | 6 | 6 | 6 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
Beginning Balance | 4 | 3 | 3 | |
Charged to (Reduction in) Cost and Expense | 0 | 2 | 1 | |
Deductions | (2) | 0 | (1) | |
Divestiture | 0 | (1) | 0 | |
Ending Balance | 2 | 4 | 3 | |
Sales Returns and Allowances [Member] | ||||
Beginning Balance | [1] | 4 | 4 | 9 |
Charged to (Reduction in) Cost and Expense | [1] | 0 | 1 | (2) |
Deductions | [1] | 0 | (1) | (3) |
Divestiture | [1] | 0 | 0 | 0 |
Ending Balance | [1] | 4 | 4 | 4 |
Actual Returns | $ 100 | $ 99 | $ 107 | |
Maximum [Member] | Sales Returns and Allowances [Member] | ||||
Percentage Of Actual Returns | 2.00% | 2.00% | 2.00% | |
[1] | The returns reserve is evaluated quarterly and adjusted accordingly. During each period, returns are charged to net sales in the Consolidated Statements of Earnings as incurred. Actual returns were approximately $100 in 2021, $99 in 2020, and $107 in 2019, or less than 2% of net sales |