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Segment Information | 9 Months Ended
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Apr. 30, 2023
Segment Reporting [Abstract] |
Business and Geographic Segment Information | Segment Information Our reportable segments are as follows: •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; and Campbell’s tomato juice. 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 crackers*, Snyder’s of Hanover pretzels*, Lance sandwich crackers*, Cape Cod potato chips*, Kettle Brand potato chips*, Late July snacks*, Snack Factory pretzel crisps*, Pop Secret popcorn, and other snacking products in retail in the U.S. We refer to the * brands as our "power brands." The segment also includes the retail business in Latin America. The segment included the results of our Emerald nuts business, which was sold on May 30, 2023. We evaluate segment performance before interest, taxes and costs associated with restructuring activities and impairment charges. Unrealized gains and losses on outstanding undesignated commodity hedging activities are excluded from segment operating earnings and are recorded in Corporate as these open positions represent hedges of future purchases. Upon closing of the contracts, the realized gain or loss is transferred to segment operating earnings, which allows the segments to reflect the economic effects of the hedge without exposure to quarterly volatility of unrealized gains and losses. Only the service cost component of pension and postretirement expense is allocated to segments. All other components of expense, including interest cost, expected return on assets, amortization of prior service credits and recognized actuarial gains and losses are reflected in Corporate and not included in segment operating results. Asset information by segment is not discretely maintained for internal reporting or used in evaluating performance.
|  | Three Months Ended |  | Nine Months Ended
(Millions) |  | April 30, 2023 |  | May 1, 2022 |  | April 30, 2023 |  | May 1, 2022
Net sales |  |  |  |  |  |  |  |
Meals & Beverages |  | $ | 1,108 |  |  | $ | 1,131 |  |  | $ | 3,971 |  |  | $ | 3,672 |
Snacks |  | 1,121 |  |  | 999 |  |  | 3,318 |  |  | 2,903 |
Total |  | $ | 2,229 |  |  | $ | 2,130 |  |  | $ | 7,289 |  |  | $ | 6,575 |
|  | Three Months Ended |  | Nine Months Ended
(Millions) |  | April 30, 2023 |  | May 1, 2022 |  | April 30, 2023 |  | May 1, 2022
Earnings before interest and taxes |  |  |  |  |  |  |  |
Meals & Beverages |  | $ | 182 |  |  | $ | 220 |  |  | $ | 762 |  |  | $ | 713 |
Snacks |  | 179 |  |  | 127 |  |  | 482 |  |  | 376 |
Corporate income (expense)(1) |  | (101) |  |  | (53) |  |  | (189) |  |  | (96) |
Restructuring charges(2) |  | (6) |  |  | — |  |  | (15) |  |  | — |
Total |  | $ | 254 |  |  | $ | 294 |  |  | $ | 1,040 |  |  | $ | 993 |
_______________________________________ (1)Represents unallocated items. There were pension actuarial losses of $17 million and $26 million in the three- and nine-month periods ended April 30, 2023, and pension actuarial losses of $16 million and $12 million in the three- and nine-month periods ended May 1, 2022, respectively. Costs related to the cost savings initiatives were $27 million and $35 million in the three- and nine-month periods ended April 30, 2023, and $6 million and $15 million in the three- and nine-month periods ended May 1, 2022, respectively. Unrealized mark-to-market adjustments on outstanding undesignated commodity hedges were losses of $9 million in the three- and nine-month periods ended April 30, 2023, and losses of $5 million and $8 million in the three- and nine-month periods ended May 1, 2022, respectively. (2)See Note 6 for additional information. Our net sales based on product categories are as follows:
|  | Three Months Ended |  | Nine Months Ended
(Millions) |  | April 30, 2023 |  | May 1, 2022 |  | April 30, 2023 |  | May 1, 2022
Net sales |  |  |  |  |  |  |  |
Soup |  | $ | 571 |  |  | $ | 606 |  |  | $ | 2,316 |  |  | $ | 2,187 |
Snacks |  | 1,169 |  |  | 1,039 |  |  | 3,463 |  |  | 3,008 |
Other simple meals |  | 291 |  |  | 287 |  |  | 927 |  |  | 821 |
Beverages |  | 198 |  |  | 198 |  |  | 583 |  |  | 559 |
Total |  | $ | 2,229 |  |  | $ | 2,130 |  |  | $ | 7,289 |  |  | $ | 6,575 |
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, gravies, pasta, beans and canned poultry. Beverages include V8 juices and beverages, Campbell’s tomato juice and Pacific Foods non-dairy beverages.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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