Campbell Soup Co. Files 2024 10-K

TL;DR

Campbell Soup's 2024 10-K is in. Full financial details for the year ending July 28, 2024, are now public.

AI Summary

Campbell Soup Company filed its 2024 10-K on September 19, 2024, reporting on its fiscal year ending July 28, 2024. The filing provides a comprehensive overview of the company's financial performance, business operations, and risk factors. Campbell Soup Co. is headquartered in Camden, NJ, and operates within the Food & Kindred Products industry.

Why It Matters

This filing provides investors and stakeholders with crucial information about Campbell Soup Company's financial health and strategic direction for the past fiscal year. It allows for informed decision-making regarding investments and business relationships.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not indicate any immediate or unusual risks.

Key Numbers

• 20240728 — Fiscal Year End (The reporting period covered by the 10-K filing.)
• 20240919 — Filing Date (The date the 10-K was officially submitted to the SEC.)

Key Players & Entities

• CAMPBELL SOUP CO (company) — Filer
• 20240728 (date) — Fiscal Year End
• 20240919 (date) — Filing Date
• Camden, NJ (location) — Headquarters

FAQ

Key Financial Figures

• $2.899 billion — ds) for total purchase consideration of $2.899 billion. For additional information on this acq
• $517 million — our aggregate capital expenditures were $517 million. We expect to spend approximately $530
• $530 million — llion. We expect to spend approximately $530 million for capital projects in 2025. Major cap
• $25 million — iatives. We estimate that approximately $25 million of the capital expenditures anticipated
• $20 million — ewater treatment facility, with another $20 million for other network wastewater initiative
• $15 million — ditures made during 2024, approximately $15 million were for compliance with environmental
• $10 million — y, we anticipate spending approximately $10 million for compliance with U.S. environmental

Filing Documents

• cpb-20240728.htm (10-K) — 2995KB
• cpb-7282024x10xkxexb10ee.htm (EX-10.EE) — 105KB
• cpb-7282024x10xkxexb19.htm (EX-19) — 50KB
• cpb-7282024x10xkxexb21.htm (EX-21) — 32KB
• cpb-7282024x10xkxexb23.htm (EX-23) — 4KB
• cpb-7282024xexb24.htm (EX-24) — 29KB
• cpb-7282024x10xkxexb31a.htm (EX-31.A) — 9KB
• cpb-7282024x10xkxexb31b.htm (EX-31.B) — 10KB
• cpb-7282024x10xkxexb32a.htm (EX-32.A) — 6KB
• cpb-7282024x10xkxexb32b.htm (EX-32.B) — 6KB
• cpb-7282024exbx97.htm (EX-97) — 25KB
• campbelllogoearningsa02.gif (GRAPHIC) — 9KB
• cpb-20240728_g1.jpg (GRAPHIC) — 140KB
• cpb-20240728_g2.jpg (GRAPHIC) — 102KB
• 0000016732-24-000130.txt ( ) — 19291KB
• cpb-20240728.xsd (EX-101.SCH) — 94KB
• cpb-20240728_cal.xml (EX-101.CAL) — 170KB
• cpb-20240728_def.xml (EX-101.DEF) — 771KB
• cpb-20240728_lab.xml (EX-101.LAB) — 1295KB
• cpb-20240728_pre.xml (EX-101.PRE) — 1087KB
• cpb-20240728_htm.xml (XML) — 3538KB

Risk Factors

Item 1A. Risk Factors 7

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 15

Cybersecurity 15

Item 1C. Cybersecurity 15

Properties

Item 2. Properties 17

Legal Proceedings

Item 3. Legal Proceedings 17

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 17 Information about our Executive Officers 18 PART II

Market for Registrant's Capital Stock, Related Shareholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Capital Stock, Related Shareholder Matters and Issuer Purchases of Equity Securities 19

Reserved

Item 6. Reserved 20

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosure about Market Risk

Item 7A. Quantitative and Qualitative Disclosure about Market Risk 37

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 38

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 83

Controls and Procedures

Item 9A. Controls and Procedures 83

Other Information

Item 9B. Other Information 83

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 83 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 83

Executive Compensation

Item 11. Executive Compensation 84

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 84

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 84

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 84 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 84

Form 10-K Summary

Item 16. Form 10-K Summary 85 Index to Exhibits 86

Signatures

Signatures 89 3 PART I This Report contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current expectations regarding our future results of operations, economic performance, financial condition and achievements. These forward-looking statements can be identified by words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "pursue," "strategy," "target," "will" and similar expressions. One can also identify forward-looking statements by the fact that they do not relate strictly to historical or current facts, and may reflect anticipated cost savings or implementation of our strategic plan. These statements reflect our current plans and expectations and are based on information currently available to us. They rely on several assumptions regarding future events and estimates which could be inaccurate and which are inherently subject to risks and uncertainties. Risks and uncertainties include, but are not limited to, those discussed in "Risk Factors" and in the "Cautionary Factors That May Affect Future Results" in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Report. Our consolidated financial statements and the accompanying notes to the consolidated financial statements are presented in "Financial Statements and Supplementary Data" in this Report.

Business

Item 1. Business The Company 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. We organized as a business corporation under the laws of New Jersey on November 23, 1922; however, through predecessor organizations, we trace our heritage in the food business back to 1869. Our principal executive offices are in Camden, New Jersey 08103-1799. On March 12, 2024, we completed the acquisition of Sovos Brands, Inc. (Sovos Brands) for total purchase consideration of $2.899 billion. For additional information on this acquisition, see Note 3 to the Consolidated Financial Statements. On August 26, 2024, we completed the sale of our Pop Secret popcorn business. For additional information on the divestiture, see Note 21 to the Consolidated Financial Statements. Our operations, including reportable segments, are described below. Our locations, including manufacturing facilities, within each reporting segment are described in Item 2. Properties. Reportable Segments Our reportable segments are: Meals & Beverages, which consists of our soup, simple meals and beverages products in retail and foodservice in the U.S. and Canada. The segment includes the following products: Campbell's condensed and ready-to-serve soups; Swanson broth and stocks; Pacific Foods broth, soups and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; Campbell's gravies, pasta, beans and dinner sauces; Swanson canned poultry; V8 juices and beverages; Campbell's tomato juice; and as of March 12, 2024, Rao's pasta sauces, dry pasta, frozen entres, frozen pizza and soups; Michael Angelo's frozen entres and pasta sauces; and noosa yogurts. The segment also includes snacking products in foodservice and Canada; and Snacks, which consists of Pepperidge Farm cookies*, crackers, fresh bakery and frozen products, including Goldfish

Risk Factors

Item 1A. Risk Factors In addition to the factors discussed elsewhere in this Report, the following risks and uncertainties could have a material adverse affect on our business, financial condition and results of operations. Although the risks are organized and described separately, many of the risks are interrelated. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business operations and financial condition. Business and Operational Risks We may not be able to increase prices or sustain price increases to fully offset inflationary pressures on costs, such as raw and packaging materials, labor and distribution costs. As a manufacturer of food and beverage products, we rely on plant labor, distribution resources and raw and packaging materials including tomatoes, tomato paste, grains, beef, poultry, dairy, olive oil, vegetable oil, wheat, potatoes and other vegetables, steel, aluminum, glass, paper and resin. During 2024, we experienced moderately elevated commodity and supply chain costs including the costs of labor, raw materials, energy, fuel, packaging materials and other inputs necessary for the production and distribution of our products. We expect input cost inflation in 2025 to remain at similar levels as 2024, as we continue to see improvement across certain ingredients and packaging materials; however, we could experience unexpectedly high input cost inflation in various categories and in other areas of persistent inflation, such as labor and distribution costs, and we expect modestly elevated levels of inflation to continue into 2025. In addition, many of these items are subject to price fluctuations from a number of factors, including but not limited to changes in crop size, cattle cycles, herd and flock disease, crop disease, crop pests, product scarcity, demand for raw materials, commodity market speculation, energy costs, currency fluctuations, supplier capacities, government-spon

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