Set the Standard

A N N U A L R E P O R T
 develop new capabilities, including
ones designed to create the next
generation of industry leaders.

We also continued to reshape our

portfolio toward category-leading,
growth-oriented brands. The single
biggest driver was the acquisition of
Sovos Brands, Inc., which added one of
the fastest growing brands in all of food:
Rao’s! This acquisition is a milestone
in Campbell’s 155-year history as it
accelerates our successful strategy and
provides a substantial runway for sustained
profitable growth.

Just after the end of our fiscal year, we

transferred our stock exchange listing
to Nasdaq—another key moment in
Campbell’s history. While we are grateful
for the partnership with the New York Stock

CHAIR’S
Exchange over many decades, we are excited
about joining some of the most successful and
innovative companies in the world on Nasdaq.

MESSAGE
Campbell’s transformation over the last five
years has been remarkable. The company is well-
positioned to drive sustainable, profitable growth
with our portfolio of leadership brands in Meals
& Beverages and Snacks. That is why it is the
right time to elevate our performance with a new
strategy, mission and name. As part of our evolution
and transformed portfolio, at our annual meeting in
November, we are asking shareholders to approve a
change of our name to The Campbell’s Company.

In closing, on behalf of the Board of Directors, I would

like to thank the entire Campbell’s team for their hard
work and commitment to winning the right way. Our
President and Chief Executive Officer Mark Clouse
and our management team have consistently led with
focus, accountability and integrity. Thank you to our
customers and suppliers as well.

Finally, I would like to extend our gratitude to our

shareholders. We have a long and rich history that dates
to 1869. More than ever, I am confident that our best
Fiscal 2024 proved to be notable for our company, days are ahead of us as The Campbell’s Company sets the
with solid results and significant strides toward standard for performance in the food industry.
our strategic objectives despite a dynamic Sincerely,
macroeconomic landscape.

Our success starts with our management team and

all the talented employees who make, market and
sell delicious food that offers tremendous value
to our consumers. We have built an engaged and
aligned culture that is passionate about winning and
consistently delivers financial results. We continued Keith R. McLoughlin
to invest in our people, culture and business, with Chair of the Board
a major renovation of our Camden headquarters,
capital investments in our plants and programs to
2
SET THE
STANDARD

Dear shareholders,
For the last five years, we have been on a transformative journey to redefine
our company. Our focused strategy has positioned us well and helped to
solidify a foundation that has delivered consistent and dependable results.
With this success, we are now ready to enter a new chapter.

Our company was built by entrepreneurs and disruptors who were not
satisfied with the status quo.

Dr. John T. Dorrance invented Campbell’s

condensed soup to bring quality, value and safety to
the masses.

Margaret Rudkin elevated the quality of baked

goods with Pepperidge Farm.

Frank Pellegrino, Sr. changed how we think about

jarred pasta sauce with Rao’s.

These visionaries and others built the foundation of what our company is
today. We will proudly continue that tradition as we Set the Standard for
performance in the food industry.

With our history as inspiration and confidence from a track record

of strong execution, we will elevate our performance by building
on our portfolio of leadership brands, our strong team and culture
with the goal to be the best, most dependable and most capable
company in food.
Fiscal 2024 Results
Fiscal 2024 was a dynamic year where we advanced our
strategic plan and continued to deliver our commitments
$9.6 Billion Net
sales

while successfully navigating the evolving consumer

landscape. (1)% Organic net sales1
With positive trajectory in food continuing to improve, we
saw important sequential volume/mix improvements in both
divisions in the back half of the year. We expect this trend to
continue as we navigate the ongoing consumer recovery.
+6% $1.2 B Adjusted
EBIT1
Cash
flow

$3.08 +3%
Our results reflect the hard work of our team, and their 1
commitment to finding ways to consistently deliver. It’s also Adjusted
a tribute to the resilience of our supply chain, which is now a EPS1
competitive advantage for our company.

Meals & Beverages

Soup and broth continue to play essential roles for
8 Leadership Brands Representing consumers providing versatility for lunch, dinner and

85%
in-between meals. Our soup brands provide a quick and
delicious ready-to-serve meal or act as a key ingredient in
a recipe. With robust innovation, great tasting food and
compelling marketing, we are poised to create the next
of Total M&B Sales generation of soup and broth fanatics.

In sauces, we have overdelivered on our goal to build a

$1 billion portfolio, and we are not done yet. With the
steady growth of Prego, Pace, the launch of Late July salsa
and most significantly, the addition of the best growth story
in food, Rao’s, there is so much more potential.

Rao’s has redefined Italian sauce and has clear potential

for growth in other categories. Since 2019 the brand has
grown revenue dollars 400%3, increased distribution over
Our Meals & Beverages portfolio is better positioned now 100%4 and nearly tripled5 household penetration. Even with
to meet consumers’ needs. Consumers continue to focus on its monumental success, the brand has significant room to
quality, convenience and value, reinforcing the importance grow.
of the center of the store. Meals prepared and eaten at
home continue to increase, up three points over the past As we enter our next chapter, we expect to deliver margin
three years to 83%2. expansion through a combination of acquisition synergies
and our previously announced network optimization plans,
In fiscal 2024, we completed a game-changing acquisition with the Meals & Beverages division providing dependable
of Sovos Brands, Inc., which elevates and strengthens and profitable growth over the long term.
our advantaged portfolio. The integration is ahead of our
¹ These amounts are adjusted for certain items not considered to be part of the
expectations, and with its continued strong performance, ongoing businesses. For a reconciliation of non-GAAP financial measures, see pages
we expect it to have a transformative impact on growth for 7 and 8. Percent changes are versus prior year
² Circana National Eating Trends, sourced from home/retail, 3 months ending July
the division. 2024 vs. 3 years ago (up 3% pts vs 3 years ago)
3
Total Rao’s Brand (inclusive of Sauce, Frozen, Dry Pasta and RTS Soup) Calendar
Year 2019 – 2023
Our Meals & Beverages division operates in attractive 4
Circana Total Rao’s Brand (inclusive of Sauce, Frozen, Dry Pasta and RTS Soup),
categories that are large, growing and highly relevant with MULO Calendar Year 2019 – 2023, growth comparisons benchmark Calendar Year
eight leadership brands that hold leading share positions in 2019 week ending 1/5/20
5
Circana Total Rao’s Brand (inclusive of Sauce, Frozen, Dry Pasta and RTS Soup),
their respective categories. MULO, 52 weeks ending 12/31/2023 vs. 52 weeks ending 01/05/20
4
 Now it’s time for a new strategy and mission—Set the
Snacks Standard—to drive our next era of accelerated growth.

New Long-Term Algorithm

8 Leadership Brands Representing
+2-3%
83% Net Sales (Organic)7
of Total Snacks Sales
+4-6% +7-9%
Adjusted EBIT7 Adjusted EPS7

To reflect our new path, we will be asking shareholders, at

our upcoming annual meeting, to approve a change of our
company’s name to The Campbell’s Company. This subtle
In Snacks, we are a category leader with an elevated
yet important change allows us to retain the iconic name
portfolio of leadership brands that are differentiated
recognition, reputation and equity we have built over 155
from the competition. We operate in large, advantaged
years while reflecting the full breadth of our portfolio. The
categories across salty snacks, cookies, bakery and crackers
Campbell’s soup brand in the iconic red-and-white cans
with premium offerings that consumers love.
that consumers love will always be on shelves. Today, as a
company, we are also so much more. We look forward to
In fiscal 2024, we saw temporary headwinds on the
officially making this change following approval at our annual
business following years of significant growth. The
meeting of shareholders in November.
economic environment and impact of inflation put pressure
on the larger snack categories. Consumption is stabilizing
As we enter fiscal 2025, we have never been more confident
and rebounding in key segments, suggesting a recovery in
in Campbell’s strength and long-term trajectory, supported
snacking that supports our strategic positioning.
by a fully engaged team and fueled by the best portfolio in
food. We are uniquely positioned to deliver sustained and
The health of our leadership brands remained strong with
dependable growth. It’s time to raise the bar and Set the
dollar consumption up 14%6 on a two-year basis, despite
Standard for performance in the food industry.
the shorter-term pressure. Many of our brands hold the
number one or number two market share in their respective
category or segments, and with 83% of our sales reflected in
these brands, it gives us a powerful foundation.

We also continued to make progress on our plans to

improve margins in the division. Despite the volatile Mark Clouse
environment, we were able to reach approximately 15% President and Chief Executive Officer
operating margin for the full year. This reflects 170 basis
points of expansion over the last two years. We remain
s f o r m e d portfolio
extremely confident in our stated longer-term goal of 17% Tra n
dation
operating margin for Snacks by fiscal 2027.
fixed foun
mitments
Moving forward, our focus in Snacks remains on
v e r e d c o m
deli
continuously innovating to meet evolving consumer needs
while refining our portfolio to align with anticipated long-

o
it’s time tandard
term market trends.

Set the Standard set the st

We have transformed our portfolio, rebuilt the foundation 6
Circana Total US MULO $ Consumption Fiscal Year 2022 to 2024. Total Snacks
and delivered on our commitments. We’ve built an engaged Leadership Brands
culture, invested in critical capabilities, and delivered
7
A non-GAAP reconciliation is not provided for long-term targets as the company is
unable to reasonably estimate the financial impact of items such as actuarial gains or
consistent and reliable performance, while making a positive losses on pension and postretirement plans because these impacts are dependent on
impact on the world and the communities we call home. future changes in market conditions. The inability to predict the amount and timing of
these future items makes a detailed reconciliation of these forward-looking financial
5 measures impracticable.
OUR
STRATEGY
Our mission is to Set the Standard for performance in the food
industry. Our strategy is built around five areas that position us to
achieve best-in-class performance.

Top Team
Best in class capabilities, leadership and culture

Leadership An engaging, Best-in-industry Accountable and

development inclusive and diverse capabilities committed to
powerhouse culture winning

Best Portfolio
Advantaged brands and categories fueling faster growth

Transformative Fastest growing with Building and adding Highest quality

category leader an innovation mindset distinctive brands standards

Top-Tier Performance
Sustainable and predictable growth, accelerating earnings and
expanding margins

Predictable, Expanding margins, Best-in-class

Leading marketing and supply chain and
sustainable and earnings and cash
product innovation productivity
dependable growth flow

Winning Execution
Technology and capabilities to win in market

Most impactful Route to market and Rapid digitization and new

retailer partner omnichannel excellence technology adoption

Lasting Impact
Tangible improvement in community and planet

Most trusted food Meaningful community Measurable sustainability

company improvement progress
Financial highlights
(dollars in millions, except per share amounts) 2024 2023
Results of Operations
Net sales $9,636 $9,357
Gross profit $2,971 $2,917
Percent of net sales 30.8% 31.2%
Earnings before interest and taxes $1,000 $1,312
Net earnings attributable to Campbell Soup Company $567 $858
Per share — diluted $1.89 $2.85

Other Information
Net cash provided by operating activities $1,185 $1,143
Capital expenditures $517 $370
Dividends per share $1.48 $1.48

In 2024, Net earnings attributable to Campbell Soup Company were impacted by the following: costs associated with cost savings and optimization initiatives
of $109 million ($83 million after tax, or $.28 per share); costs associated with the acquisition of Sovos Brands, Inc. (Sovos Brands) of $128 million ($109
million after tax, or $.36 per share); losses of $22 million ($16 million after tax, or $.05 per share) associated with unrealized mark-to-market adjustments on
outstanding undesignated commodity hedges; accelerated amortization expense of $27 million ($20 million after tax, or $.07 per share) related to customer
relationship intangible assets due to the loss of certain contract manufacturing customers; actuarial losses on pension and postretirement plans of $33 million
($25 million after tax, or $.08 per share); impairment charges of $129 million ($98 million after tax, or $.33 per share) related to the Pop Secret and Allied brands
trademarks; certain litigation expenses of $5 million ($5 million after tax, or $.02 per share); and expenses of $3 million ($2 million after tax, or $.01 per share)
related to a cybersecurity incident that was identified in the fourth quarter of fiscal 2023.

In 2023, Net earnings attributable to Campbell Soup Company were impacted by the following: costs associated with cost savings and optimization initiatives
of $66 million ($50 million after tax, or $.17 per share); costs associated with the acquisition of Sovos Brands of $5 million ($4 million after tax, or $.01 per share);
gains of $21 million ($16 million after tax, or $.05 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity
hedges; accelerated amortization expense of $7 million ($5 million after tax, or $.02 per share) related to customer relationship intangible assets due to the loss
of certain contract manufacturing customers; actuarial gains on pension and postretirement plans of $15 million ($11 million after tax, or $.04 per share); and a
pre- and after-tax loss of $13 million ($.04 per share) on the sale of the Emerald nuts business.

Reconciliation of GAAP and Non-GAAP financial measures

The following information is provided to reconcile certain non-GAAP financial measures disclosed in the preceding pages to reported sales and earnings
results. These non-GAAP financial measures are measures of performance not defined by accounting principles generally accepted in the United States and
should be considered in addition to, not in lieu of, GAAP reported measures. We believe that presenting certain non-GAAP financial measures facilitates
comparison of our historical operating results and trends in our underlying operating results, and provides transparency on how we evaluate our business. For
instance, we believe that organic net sales, which exclude the impact of currency, acquisitions and divestitures, are a better indicator of our ongoing business
performance. We also believe that financial information excluding certain transactions not considered to reflect the ongoing operating results improves
the comparability of year-to-year earnings results. Consequently, we believe that investors may be able to better understand our earnings results if these
transactions are excluded from the results.

2024 2023 % Change

As Impact of Impact of Organic Impact of Organic Net Sales, Organic
(dollars in millions) Reported Currency Acquisition Net Sales As Reported Divestiture Net Sales As Reported Net Sales
Net sales $9,636 $3 $(423) $9,216 $9,357 $(51) $9,306 3% (1)%

(reconciliations continued on opposite page)

10
 2024

Costs Associated Costs

with Cost Savings Associated Commodity Pension and Certain Cybersecurity
As and Optimization with Mark-to-Market Accelerated Postretirement Impairment Litigation Incident
(dollars in millions) Reported Initiatives Acquisition Losses Amortization Actuarial Losses Charges Expenses Costs Adjusted
Net earnings attributable to $567 $83 $109 $16 $20 $25 $98 $5 $2 $925
Campbell Soup Company
Add: Net earnings (loss) attributable - - - - - - - - - -
to noncontrolling interests
Add: Taxes on earnings 190 26 19 6 7 8 31 - 1 288
Add: Interest, net 243 - (2) - - - - - - 241
Earnings before interest and taxes (EBIT) $1,000 $109 $126 $22 $27 $33 $129 $5 $3 $1,454

2023

Costs Associated Costs

with Cost Savings Associated Commodity Pension and Charges
As and Optimization with Mark-to-Market Accelerated Postretirement Associated with
(dollars in millions) Reported Initiatives Acquisition Gains Amortization Actuarial Gains Divestiture Adjusted
Net earnings attributable to
$858 $50 $4 $(16) $5 $(11) $13 $903
Campbell Soup Company
Add: Net earnings (loss) attributable
to noncontrolling interests
- - - - - - - -

Add: Taxes on earnings 270 16 1 (5) 2 (4) - 280

Add: Interest, net 184 - - - - - - 184
Earnings before interest and taxes $1,312 $66 $5 $(21) $7 $(15) $13 $1,367
Adjusted EBIT percent change 2024/2023 6%

2024 2023 EPS % Change

Diluted EPS Diluted EPS

Impact Impact 2024/2023
Net earnings attributable to $1.89 $2.85
Campbell Soup Company, as reported
Costs associated with cost savings and .17
.28
optimization initiatives
Costs associated with acquisition .36 .01
Commodity mark-to-market losses (gains) .05 (.05)
Accelerated amortization .07 .02

Pension and postretirement actuarial losses (gains) .08 (.04)

Impairment charges .33 -
Certain litigation expenses .02 -
Cybersecurity incident costs .01 -
Charges associated with divestiture - .04

Adjusted Net earnings attributable to Campbell Soup Company* $3.08 $3.00 3%

*The sum of per share amounts may not add due to rounding.

8
Board of Directors Operating Commitee
(as of October 2024) (as of October 2024)

Keith R. McLoughlin Mark A. Clouse

Chair of the Board of Campbell Soup Company President and Chief Executive Officer
Former Chief Executive Officer of AB Electrolux
Carrie L. Anderson
Mark A. Clouse Executive Vice President and Chief
President and Chief Executive Officer Financial Officer
of Campbell Soup Company
Mick J. Beekhuizen
Fabiola R. Arredondo Executive Vice President and President,
Managing Partner of Siempre Holdings Meals & Beverages

Howard M. Averill Charles A. Brawley, III

Former Executive Vice President and Executive Vice President, General Counsel
Chief Financial Officer of Time Warner Inc. and Corporate Secretary

Bennett Dorrance, Jr. Christopher D. Foley

Managing Director for the DFE Trust Company Executive Vice President and President,
Snacks
Maria Teresa (Tessa) Hilado
Former Executive Vice President and Diane Johnson May
Chief Financial Officer of Allergan plc Executive Vice President and Chief People
and Culture Officer
Grant H. Hill
Co-owner and Vice Chairman Daniel L. Poland
of the Atlanta Hawks Executive Vice President and Chief Supply
Chain Officer
Sarah Hofstetter
President of Profitero, Ltd. Anthony J. Sanzio
Executive Vice President and Chief
Marc B. Lautenbach Communications Officer
Former President and Chief Executive Officer
of Pitney Bowes Inc.

Mary Alice D. Malone

President of Iron Spring Farm, Inc.

Kurt T. Schmidt
Former President and Chief Executive Officer
of Cronos Group Inc.

Archbold D. van Beuren

Retired Senior Vice President
of Campbell Soup Company

9
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There were 298,105,916 shares of capital stock outstanding as of September 11,

2024.

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Incorporated
Documents ?4@CA@C2E65
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by Reference
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Portions of the Registrant's Proxy Statement for the 2024 Annual Meeting of Shareholders are incorporated by reference into Part III.
 +#
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TABLE OF CONTENTS
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PART
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Item 1.
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Business 
4
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Item 1A.
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Risk Factors 
7
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Item 1B.
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Unresolved Staff Comments 
15
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Item 1C.
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Cybersecurity 
15
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Item 2.
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Properties 
17
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Item 3.
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Legal Proceedings 
17
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Item 4.
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Mine Safety Disclosures 
17
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Information about our Executive Officers 
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PART II
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Related Shareholder Matters and Issuer Purchases of
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Equity Securities 
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Item 6.
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Reserved 
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Management's Discussion and Analysis of Financial Condition and Results of Operations 

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Quantitative and Qualitative Disclosure about Market Risk 
37
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Item 8.
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Financial Statements and Supplementary Data 8K8

38
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Item 9.
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Changes in and Disagreements @J:CFJLI<

with Accountants on Accounting and Financial Disclosure 

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Item 9A.
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Controls and Procedures 
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Item 9B.
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Other Information 
83
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Item 9C.
Disclosure
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Regarding Foreign Jurisdictions that Prevent Inspections 
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PART III
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Item 10.
Directors,
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Executive Officers and Corporate Governance 
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Executive Compensation 
84
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Item 12.
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Security Ownership of Certain Beneficial Owners and Management and Related Shareholder
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Matters 
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Item 13.
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Certain Relationships and Related Transactions,
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and Director Independence 

84
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Item 14.
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Principal Accountant Fees and Services 
84
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PART IV
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Item 15.
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Exhibits and Financial Statement Schedules 
84
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Item 16.
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Form 10-K '
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Summary 
85
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Index to Exhibits 
86
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Signatures 
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3
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Report contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995.

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Item Business
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(Sovos Brands) for total purchase consideration of
 
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within each reporting segment are described in Item 2.
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fresh bakery and frozen products,
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including Goldfish
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crackers*,
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of
4,
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and other snacking products in retail in the U.S. We refer to
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which
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was sold on August 26,

2024.

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and Results of Operations" for additional information regarding our reportable segments.
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Ingredients and Packaging
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and
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experienced moderately
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other inputs necessary for the production and distribution of our products.
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many of these items are subject to price
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fluctuations from a number of factors,
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including but not limited to climate change,
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energy
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currency =CL:KL8K@FEJ
fluctuations,
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government-sponsored
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government
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import and export requirements (including tariffs),
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drought and excessive rain,
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temperature extremes and other adverse weather



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events, water scarcity,
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pandemics or other local or global
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environmental and other sustainability regulations and other factors that may be beyond our
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control. To help reduce some of this price volatility,
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we use a combination of purchase orders,
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management
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ingredients and G8:B8>@E>

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late =8CC
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winter
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ingredients of suitable quality are available in sufficient quantities only during certain seasons,
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we make commitments for the
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of such ingredients @E
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respective
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the
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impact of FLI
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source these
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ingredients and packaging materials in the future,
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and certain supply pressures may continue throughout 2025.
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cost @E=C8K@FE
in
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to
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at
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as
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see @DGIFM<D<EK
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improvement across certain @E>I<;@<EKJ
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ingredients and
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packaging materials; however,
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we could experience unexpectedly high input cost inflation in various categories.
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most
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conducted through our FNE
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own sales 8E;FI
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brokers and distribution partners.
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mass discounters,

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mass merchandisers,
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club stores,
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convenience stores,
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drug stores,
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dollar stores,
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and other retail,
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commercial and
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establishments.
non-commercial <JK89C@J?D<EKJ
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Snacks J<>D<EK
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direct-store-delivery
segment has ;@I<:K JKFI< ;<C@M<IP
distribution
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model
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uses
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independent
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:FEKI8:KFI
;@JKI@9LKFIJ
contractor distributors.

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Our five largest customers accounted for approximately 47% of our consolidated net sales in 2024,
 2023,
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and 2022.
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customer,
largest :LJKFD<I
Wal-Mart
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accounted
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for approximately 
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sales in

2023,
2024, 
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2022.

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of
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reportable
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sold
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to
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Wal-Mart
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or
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its
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other
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customer accounted for 10% or more of our consolidated net sales.
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Trademarks and Technology
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of
As F=
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September 
11,
2024,

we
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owned
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over
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3,000
 
trademark
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registrations
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and
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applications
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in
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countries.
over 150 :FLEKI@<J
We
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believe our trademarks are of material importance to our business.
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M8IP
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Although the laws vary by jurisdiction,
KI8;<D8IBJ
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trademarks generally
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remain valid and can be renewed indefmitely as long as they are in use and/or their registrations are properly maintained,
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and
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they have not become generic.
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We believe that our principal brands,
@E:CL;@E>
'25(+118
including Campbell's,
'5+
4*
Cape Cod,
.:30>
Chunky,
41*,/8.
Goldfish,
+991+

Kettle
7'3*
'3)+
Brand, Lance,
'9+
:1>
Late July,
/1'34
Milano,
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Pace,
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44*8
Pacific Foods,
+55+7/*-+
'72
Pepperidge Farm,
7+-4
Prego,
Rao's, Snack Factory,
!3>*+78
4,
'34;+7
'48
!3')0
')947> Snyder's of Hanover,

!5'-.+99/48
Spaghettios,
!<'3843
Swanson,
8E;
$
and V8,
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are protected by trademark law in the major markets where they are used.
CK?FL>?
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8
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Although we own a number of valuable patents,
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we do not regard any segment of our business as being dependent upon
8EP
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any single patent or group of related patents.
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In addition,
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we own copyrights,
9FK?
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both registered and unregistered,
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proprietary trade
J<:I<KJ
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secrets, technology,
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know-how, processes and other intellectual property rights that are not registered.
@>[Link]@?
Competition
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We operate in a highly competitive industry and experience competition in all of our categories.
0?@J
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This competition arises
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8:IFJJ
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from numerous competitors of varying sizes across multiple food and beverage categories,
8E;
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GIF;L:<IJ
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and includes producers of private
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products,
label GIF;L:KJ
as
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well
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as
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other
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branded
9I8E;<;
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beverage
food and 9<M<I8><
manufacturers.
D8EL=8:KLI<IJ
Private
,I@M8K<
label
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products
GIF;L:KJ
are
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generally
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sold
JFC;
at
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CFN<I

lower
GI@:<J
K?8E
9I8E;<;
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prices than branded products.
FDG<K@KFIJ
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I<K8@C<IJ
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< :FDD<I:<
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Competitors market and sell their products through traditional retailers and e-commerce. All of
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competitors
these :FDG<K@KFIJ
vie
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KI8;<
merchandising
for trade D<I:?8E;@J@E>
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support and consumer ;FCC8IJ
dollars.
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of
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:8EEFK
be
competitors cannot 9<
reliably
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GI@E:@G8C
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:FDG<K@K@FE
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9I8E;
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estimated. Our principal areas of competition are brand recognition,
K8JK<taste,
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nutritional value,
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price,
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promotion,
@EEFM8K@FE
innovation,
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shelf
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8E;
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space and customer service.
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Capital Expenditures
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During 2024,
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<OG<E;@KLI<J
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our aggregate capital expenditures were $517 million
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8GGIFO@D8K<CP

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We expect to spend approximately $530 million for
:8G@K8C
GIFA<:KJ
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capital projects in 2025.
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:8G@K8C
GIFA<:KJ
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@E:CL;<
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Major capital projects based on planned spend in 2025 include network optimization for our Meals &
<M<I8><J
business,
Beverages 9LJ@E<JJ
=@E8C@Q8K@FE
F=
capacity
finalization of :8G8:@KP
projects
GIFA<:KJ
=FI
FLI
/E8:BJ

for our 9LJ@E<JJ
enhancements
Snacks business, <E?8E:<D<EKJ
to KF
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our headquarters 8D;<E

in Camden,
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Jersey,
New &<IJ<P
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implementation F=
of FLI
<O@JK@E>
SAP
our existing /,
<EK<IGI@J< I<JFLI:<
planning
enterprise-resource GC8EE@E>
system
JPJK<D
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for /FMFJ
I8E;J
and
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network
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N8JK<N8K<I
@E@K@8K@M<J
wastewater initiatives.
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8GGIFO@D8K<CP

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F=
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Item 1A.
Risk
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future volatility or disruption in the capital and credit markets could negatively impact our liquidity or increase costs of
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this Item 1A.
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financial condition,
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Our intellectual property rights are valuable,
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and any inability to protect them could reduce the value of our products
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and brands.
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misuses of our intellectual property in traditional retail and digital
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including in response to developing artificial
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or any change in law that lessens or removes the current legal protections of our intellectual property
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launch and sale of certain products.
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Any of these occurrences may harm our business and fmancial results.
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Our results may be adversely impacted if consumers do not maintain their favorable perception of our brands.
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including consumer perception that we have acted in an irresponsible manner,
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we do not fully realize the expected cost savings and/or operating efficiencies associated with our strategic initiatives,

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our profitability could suffer.
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accounting for approximately 22% of our consolidated net sales.
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which could adversely affect our fmancial results and net worth.

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We may be adversely impacted by increased liabilities and costs related to our defined benefit pension plans.
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mortality rates may affect the funded status of our defined benefit pension plans and cause volatility in the net periodic benefit
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or net periodic benefit costs could have a material adverse effect on our fmancial
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on whom we
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rely for access to capital and as counterparties to our derivative contracts.
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We may be adversely impacted by our substantial indebtedness.
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we maintained approximately $7.184
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and this level of indebtedness may have
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increasing the possibility of a downgrade in our credit rating;
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increasing our exposure to fluctuations in interest rates;
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subjecting us to new fmancial and other covenants;
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changes in our business and the industry in which we operate,

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including undertaking significant capital projects;
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restricting us from pursuing certain business opportunities,
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the amounts and on the terms that might be available if our credit ratings were maintained.
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for additional information
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regarding our indebtedness.
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Limitations on
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a reduction in our liquidity or an increase in our borrowing costs may adversely affect
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our business and financial results.
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Legal and Regulatory Risks
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We may be adversely impacted by legal and regulatory proceedings or claims.
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We are a party to a variety of legal and regulatory proceedings and claims arising out of the normal course of business.
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other risk factors discussed in this Item 1A.

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Item 1B.
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311*287
Unresolved Staff Comments
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None.
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Item 1C.
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the
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information technology strategy,
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standards,
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architecture,
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and processes.
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Our CISO,
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0%+
who reports to the CTIO,
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oversees
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dedicated
the ;<;@:8K<;
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information J<:LI@KP
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which
security team, N?@:?
works
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partnership
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with
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company's
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and
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audit
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department as well as consultants as part of an overall internal controls process to monitor cybersecurity threats and prevent,

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detect,
mitigate
D@K@>8K<
and
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remediate :P9<IJ<:LI@KP

cybersecurity @E:@;<EKJ
incidents.
The
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CTIO
0%+
has
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over
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35

years
P<8IJ
of
F=
information
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technology
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<OG<I@<E:<
experience,



16
@E:CL;@E>
J<IM@E>

including @E
JKI8K<>@:

serving in GC8EE@E>
oversight
strategic planning, FM<IJ@>?K
and
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of
global operation F=
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and
information systems 8E;
technology
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functions
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for
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companies in the food and beverage industries.
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The CISO has over 25 years of information technology experience,
@E:CL;@E>

including
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execution,
strategy, <O<:LK@FE
and
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operations
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of
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enterprise-wide
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including
security programs, @E:CL;@E>
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and
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global
@E=FID8K@FE
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GIF>I8DJ
information technology infrastructure programs.
E6>
2.
634*68.*7
Item Properties
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F==@:<J
8I<
:FDG8EP
Our FNE<;
8E;
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principal executive offices are company-owned and located in Camden,
*<N
&<IJ<P
New Jersey.
0?<
=FCCFN@E>
K89C<
J<KJ
=FIK?
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The following table sets forth our
GI@E:@G8C
D8EL=8:KLI@E>
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J<>D<EK
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principal manufacturing facilities and the reportable segment that primarily uses each of the facilities:
27.)*
8-*
#!
Inside the U.S.
6.>32&
Arizona &77&(-97*887
Massachusetts *227=0:&2.&
Pennsylvania
#FF;P<8I
/
Goodyear (S) $P8EE@J
/
Hyannis (S) <EM<I
/
Denver (S)
&0.+362.&
California 368-
&630.2&
North Carolina FNE@E>KFNE
/
Downingtown (S)
@OFE
)
Dixon (MB) ?8ICFKK<
/
Charlotte (S) $8EFM<I
/
Hanover (S)
/KF:BKFE
)
Stockton (MB) )8OKFE
)
Maxton (MB) "*<&7
Texas
3036&)3
Colorado -.3
Ohio LJK@E
)
Austin (MB)
<CCML<
)
Bellvue (MB) J?C8E;
/
Ashland (S) ,8I@J
)
Paris (MB)
322*(8.(98
Connecticut *8GFC<FE
)
Napoleon (MB) #8&-
Utah
CFFD=@<C;
/
Bloomfield (S) 3@CC8I;
/
Willard (S) .@:?DFE;
/
Richmond (S)
036.)&
Florida 6*,32
Oregon %.7(327.2
Wisconsin
(8B<C8E;
/
Lakeland (S) /8C<D
/
Salem (5) <CF@K
/
Beloit (5)
00.23.7
Illinois 0L8C8K@E
)
Tualatin (MB) "I8EBC@E
/
Franklin (5)
FNE<IJ
#IFM<
/
Downers Grove (5) )@CN8LB<<
)
Milwaukee (MB)
2).&2&
Indiana
&<==<IJFEM@CC<
/
Jeffersonville (5)
777777777777777777777777777777

)
-
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MB Meals & Beverages
/
-
/E8:BJ
S Snacks
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of the D8EL=8:KLI@E>
facilities
foregoing manufacturing =8:@C@K@<J
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except
is company-owned, <O:<GK
the
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Tualatin,
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Oregon;
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Austin,
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8E;

Texas; and
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Colorado
Bellvue, FCFI8;F
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facilities,
which
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are
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leased.
We
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also
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maintain
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principal
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business
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unit
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offices
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Florida;
in Doral, "CFI@;8
Hanover,
$8EFM<I

,<EEJPCM8E@8
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Pennsylvania; Portland,
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Oregon; and Mississauga,
8E8;8Canada.

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We also own and lease distribution centers across the U.S. /
3<
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We believe that our manufacturing and processing plants and
;@JKI@9LK@FE
centers
distribution :<EK<IJ
are
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well
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maintained
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and,
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together
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with
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facilities
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operated
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by
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our
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contract
:FEKI8:K
manufacturers,
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are
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generally
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8;<HL8K<
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9LJ@E<JJ<J
adequate to support the current operations of the businesses.
E6>

Item 3.
*,&0
63(**).2,7
Legal Proceedings
%E=FID8K@FE
I<>8I;@E>
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C<>8C
GIF:<<;@E>J
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KF
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FEJFC@;8K<;
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Information regarding reportable legal proceedings is contained in Note 18 to the Consolidated Financial Statements and
@E:FIGFI8K<;
?<I<@E
9P
I<=<I<E:<
incorporated herein by reference.

E6>

Item 4.
.2*
!&+*8=
.7(03796*7
Mine Safety Disclosures
*FK
8GGC@:89C<
Not applicable.



17
 ?7@C>2E:@?
23@FE
@FC
I64FE:G6
&77:46CD

Information about our Executive Officers
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J<:K@FE
9<CFN
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<O<:LK@M<
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8J
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/<GK<D9<I

The section below provides information regarding our executive officers as of September 11,

2024:

062C
:CDE
Year First
AA@:?E65
Appointed
I64FE:G6
Executive
%2>6
'C6D6?E
+:E=6

FD:?6DD
IA6C:6?46
Name, Present Title & Business Experience 86
Age &77:46C
Officer

8II@<
(
Carrie L.
E;<IJFE
Anderson,
!O<:LK@M<
2@:<
,I<J@;<EK
8E;
?@<=
"@E8E:@8C
+==@:<I
Executive Vice President and Chief Financial Officer.
!O<:LK@M<
2@:<
,I<J@;<EK
8E;

Executive Vice President and
?@<=
"@E8E:@8C
+==@:<I
Chief Financial Officer,
%EK<>I8
(@=</:@<E:<J
$FC;@E>J
FIGFI8K@FE
 
2@:<
,I<J@;<EK
8E;

Integra LifeSciences Holdings Corporation (2019-2023). Vice President and 
55 
2023
FEKIFCC<I
Dover
Controller, FM<I
FIGFI8K@FE
 

Corporation (2017-2019).

)@:B
&J.
<<B?L@Q<E
Mick Beekhuizen,
!O<:LK@M<
2@:<
,I<J@;<EK
8E;
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Executive Vice President and President,
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<M<I8><J
Meals & Beverages.
!O<:LK@M<
2@:<

Executive Vice
,I<J@;<EK
8E;
?@<=
"@E8E:@8C
+==@:<I

President 
!O<:LK@M<
2@:<
,I<J@;<EK
8E;
?@<=
"@E8E:@8C
+==@:<I
and Chief Financial Officer (2020-2023). Executive Vice President and Chief Financial Officer,

48 
2020
?F98E@
((

Chobani 

LLC (2016-2019).

?8IC<J

Charles A.
I8NC<P
Brawley,
%%%
III,
!O<:LK@M<
2@:<
,I<J@;<EK
Executive Vice President,
#<E<I8C
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/<:I<K8IP
General Counsel and Corporate Secretary.
3<
?8M<

We have

59 
2023
<DGCFP<;
)I
employed Mr.
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<O<:LK@M<
FI
D8E8><I@8C
:8G8:@KP
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Brawley in an executive or managerial capacity for at least five years.

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Mark A.
CFLJ<
Clouse,
,I<J@;<EK
8E;
?@<=
!O<:LK@M<
+==@:<I
President and Chief Executive Officer.
3<
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<DGCFP<;
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We have employed Mr.
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8E
<O<:LK@M<
FI

Clouse in an executive or

56 
2019
D8E8><I@8C
:8G8:@KP
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8K
C<8JK
=@M<
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managerial capacity for at least five years.

?I@JKFG?<I
D.
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Christopher Foley,
!O<:LK@M<
2@:<
,I<J@;<EK
8E;
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Executive Vice President and President,
/E8:BJ
Snacks.
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We have employed Mr.
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@E

Foley in

52 
2019
8E
<O<:LK@M<
FI
D8E8><I@8C
:8G8:@KP
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C<8JK
=@M<
P<8IJ
an executive or managerial capacity for at least five years.
@8E<
&F?EJFE
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Diane Johnson May,
!O<:LK@M<
2@:<
,I<J@;<EK
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?@<=
,<FGC<
8E;
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+==@:<I
Executive Vice President and Chief People and Culture Officer.
/<E@FI
2@:<

Senior Vice
,I<J@;<EK
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8E;
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President, People and Culture,
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#IFLG
 
!O<:LK@M<
2@:<
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Manpower Group (2020-2021). Executive Vice President,
?@<=
$LD8E

Chief Human 
66 
2022
.<JFLI:<J
+==@:<I
Resources Officer,
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/<E@FI
(@M@E>
 
)8E8>@E>
2@:<
,I<J@;<EK
Brookdale Senior Living (2019-2020). Managing Vice President,
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<C@
/FLI:<
The Deli Source,
%E:
Inc.

 

(2017-2019).
8E@<C
(
Daniel L.
,FC8E;
Poland,
!O<:LK@M<
2@:<
,I<J@;<EK
8E;
?@<=
/LGGCP
?8@E
+==@:<I
Executive Vice President and Chief Supply Chain Officer.
?@<=
+G<I8K@E>
+==@:<I
Chief Operating Officer,

'%*
/E8:BJ

KIND 
!O<:LK@M<
2@:<
,I<J@;<EK
8E;
?@<=
/LGGCP
?8@E
+==@:<I
Snacks (2019-2021). Executive Vice President and Chief Supply Chain Officer,
,@EE8:C<
"FF;J
Pinnacle Foods,

61 
2022
%E:

Inc. 
?@<=
/LGGCP
?8@E
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(2018-2019). Chief Supply Chain Officer -
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North American Operations,
Danone
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(2016-2017).

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&J.
/8EQ@F
Anthony Sanzio,
!O<:LK@M<
2@:<
,I<J@;<EK
8E;
?@<=
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+==@:<I
Executive Vice President and Chief Communications Officer.
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?8M<
<DGCFP<;
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We have employed Mr.

57 
2022
/8EQ@F
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<O<:LK@M<
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D8E8><I@8C
:8G8:@KP
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8K
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Sanzio in an executive or managerial capacity for at least five years.


18
 ')+
II
PART
E6>

&6/*8
+36

Item *,.786&28?7
&4.8&0
!83(/

5. Market for Registrant's *0&8*)
!-&6*-30)*6
&88*67
&2)
779*6
96(-&7*7
3+
59.8=
!*(96.8.*7

Capital Stock, Related Shareholder Matters and Issuer Purchases of Equity Securities
$2C<6E
7@C
)68:DEC2?END
2A:E2=
*E@4<

Market for Registrant's Capital Stock
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:8G@K8C
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*8J;8H
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((
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,
Our capital stock is traded on The Nasdaq Stock Market LLC under the symbol "CPB."
+E
/<GK<D9<I

On September 11,

2024,
K?<I<
N<I<

there were
  
?FC;<IJ
F=
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:8G@K8C
JKF:B
298,105,916 holders of record of our capital stock.

Return to Shareholders*
'6C7@C>2?46
C2A9

)6EFC?
E@
*92C69@=56CD Performance Graph
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The information contained in this Return to Shareholders Performance Graph section shall not be deemed to be "soliciting
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material" or "filed" or incorporated by reference in future filings with the Securities and Exchange Commission,
FI
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or subject to
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F=
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the liabilities of Section 18 of the Securities Exchange Act of 1934,
8J
8D<E;<;
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!O:?8E><
:K
as amended (the Exchange Act),
<O:<GK
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except to the extent we
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specifically @E:FIGFI8K<
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by
incorporate it 9P
reference
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into a8
document
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filed
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under
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the
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Exchange
!O:?8E><
Act
:K
of
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as
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(the
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Securities Act),
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or the Exchange Act.

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0/.
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The following graph compares the cumulative total shareholder return (TSR) on our stock with the cumulative total return
F=
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/K8E;8I;

,FFIYJ

/KF:B
%E;<O
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/,

8E;
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/K8E;8I;

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/,
,8:B8><;

of the Standard & Poor's 500 Stock Index (the S&P 500) and the Standard & Poor's Packaged Foods Index (the S&P Packaged
"FF;J
#IFLG
Foods Group).
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8JJLD<J
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The graph assumes that $100 was invested on July 26,
 2019,
@E
<8:?
F=
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JKF:B
in each of our stock,
K?<
/,

8E;
K?<
/,

the S&P 500 and the S&P
,8:B8><;
Foods
Packaged "FF;J
#IFLG
Group,
and
8E;
that
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all
8CC
dividends
;@M@;<E;J
were
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reinvested.
The
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total
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:LDLC8K@M<

cumulative ;FCC8I

dollar I<KLIEJ
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on
returns shown FE
the
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graph
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I<GI<J<EK
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&LCP

represent the value that such investments would have had on July 28,
 2024.

 1
250


225


200


175


+((./





 -
75


50 -

 -
25

0

2019 
2020 
2021 
2022 
2023 
2024

8DG9<CC
--Campbell —.— /,

S&P 500 /,
,8:B8><;
"FF;J
#IFLG
—A— S&P Packaged Foods Group

*
/KF:B
8GGI<:@8K@FE
GCLJ
;@M@;<E;
I<@EM<JKD<EK
Stock appreciation plus dividend reinvestment.

 
2019  
2020  
2021  
2022  
2023  
2024
8DG9<CC
Campbell 
100 
125 
113 
132 
128 
133
/,

S&P 500 
100 
110 
150 
143 
162 
196
/,
,8:B8><;
"FF;J
#IFLG
S&P Packaged Foods Group 
100 
108 
117 
132 
138 
124


19
 DDF6C
'FC492D6D
@7
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*[Link]
Issuer Purchases of Equity Securities
AAC@I:>2E6
Approximate
@==2C
-2=F6
@7
Dollar Value of
+@E2=
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@7
Total Number of *92C6D
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Shares that may yet
*92C6D
'FC492D65
Shares Purchased 36
'FC492D65
be Purchased
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Total Number G6C286
Average 2D
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@7
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as Part of Publicly ,?56C
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Under the Plans or
@7
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of Shares 'C:46
'2:5
Price Paid ??@F?465
'=2?D
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Announced Plans or 'C@8C2>D
Programs
   
'6C:@5
Period 'FC492D65

Purchased (1) '6C
*92C6

Per Share (2) 'C@8C2>D
(3)
Programs 
:?
$:==:@?D

($ in Millions) (3)
  
-

4/29/24  
5/31/24
V
$

V
V
$



359
  
-
6/28/24
6/3/24  
 

480,404 

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43.66
 

480,404 $


338
  
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7/26/24
7/1/24  
V


$ V
V
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338
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480,404 

$  

43.66
 

480,404 $


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promote private label brands that compete with branded products,
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especially on price.
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navigate
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cost
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volatility, labor market issues,
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economic uncertainties regarding the 2024 presidential election,
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impacts of a potential change in
8;D@E@JKI8K@FE
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administration and other global macroeconomic challenges.
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Throughout 2024,
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we have experienced some moderation in input
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and we expect input cost inflation in 2025 to remain at similar levels as 2024,
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as we continue to see improvement
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anticipate
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continued
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and expect such benefits to offset incremental costs
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in 2025.
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We will continue to evaluate the evolving macroeconomic environment to take action to mitigate the impact on our
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business, consolidated results of operations and fmancial condition.
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/;+89/9:7+
Business Acquisition & Divestiture
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On March 12,

2024,
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we completed the acquisition of Sovos Brands for total purchase consideration of $2.899 billion.
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For
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additional information on the Sovos Brands acquisition,
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see Note 3 to the Consolidated Financial Statements.
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All references to
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the acquisition below refer to the Sovos Brands acquisition.
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August
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2024,

we
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completed
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the
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sale
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of
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our
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business.
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divestiture, see Note 21 to the Consolidated Financial Statements.
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Stock Exchange Listing
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On August 19,

2024,
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our capital stock,
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par value $0.0375 per share (the Capital Stock),
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began trading on The Nasdaq Stock
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following
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market
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close
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on
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August 16,

2024.
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Our Capital Stock continues to trade under the stock symbol "CPB." X
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3+

Summary *79087

of Results
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This Summary of Results provides significant highlights from the discussion and analysis that follows.

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There were 52 weeks in 2024,

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2023 and 2022.
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There will be 53 weeks in 2025.
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sales
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in
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2024

to
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billion
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Sovos
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Brands and favorable net price realization,
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partially offset by unfavorable volume/mix.



21
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Gross profit,
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as a percent of sales,
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decreased to 30.8% in 2024 from 31.2% 
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a year ago.
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The decrease was primarily due
KF
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to higher cost inflation and other supply chain costs,
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the impact of the acquisition and mark-to-market adjustments on
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outstanding undesignated ?<;><J
partially
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improvements and favorable net price realization.
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Earnings per share were $1.89
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in 2024,
:FDG8I<;
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8
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compared to $2.85 a year ago.
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The current year included expenses of $1.19 per
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share and the prior year included expenses of $.15 per share from items impacting comparability as discussed below.

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83
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Net Earnings attributable to Campbell Soup Company - 2024
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;.8-

Compared with 2023
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The following items impacted the comparability of net earnings and net earnings per share:
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We implemented several cost savings initiatives in recent years.
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 In 2024,
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we recorded Restructuring charges of $17
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and
million 8E;
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implementation costs:FJKJ
and
8E;
other
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related
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costs
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of 
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in
$54 million @E
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expenses,
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$26

million
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in
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of
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products
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sold,

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in
$4 million @E
Marketing
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and
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and
selling expenses 8E;

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$3 million .<J<8I:?
and
in Research 8E;
;<M<CFGD<EK

development
<OG<EJ<J
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expenses related to these initiatives.
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.<JKIL:KLI@E>
:?8I><J
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we recorded Restructuring charges of $16 million and implementation
:FJKJ
and
costs 8E;
other
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related
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costs of D@CC@FE
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$24 million @E
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expenses,

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$18 million in FJK
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products
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sold,


$5
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.<J<8I:?
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million in Marketing and selling expenses and $3 million in Research and development expenses (aggregate impact of

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$50 million after tax,
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or $.17 per share) related to these initiatives.

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In the second quarter of 2024,
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we began implementation of a new optimization initiative to improve the effectiveness
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of /E8:BJ
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our Snacks JKFI< ;<C@M<IP
route-to-market
direct-store-delivery IFLK< KF D8IB<K
network.
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we
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recognized
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$5

million
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and
in Marketing 8E;

J<CC@E>
<OG<EJ<J
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selling expenses related to this initiative.
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2024,
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the
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total
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aggregate
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impact
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optimization
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initiatives was D@CC@FE
($83
$109 million 

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million after tax,
FI
 
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or $.28 per share).
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See Note 8 to the Consolidated Financial Statements and "Restructuring Charges,

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Cost Savings Initiatives and Other Optimization Initiatives" for additional information;
T• %E

In 2024,
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8:KL8I@8C
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we recognized actuarial losses on our pension and postretirement plans in Other expenses / (income) of $33
D@CC@FE

D@CC@FE
8=K<I
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million ($25 million after tax,
FI
 
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or $.08 per share).
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In 2023,
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we recognized actuarial gains in Other expenses / (income)
F=

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D@CC@FE
8=K<I
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of $15 million ($11 million after tax,
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or $.04 per share);
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we
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recognized
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losses @E
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in Cost GIF;L:KJ
sold
of products JFC;
of
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$22

million
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($16

million
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after
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tax,
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or
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$.05

per
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share)
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associated KF D8IB<K
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with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges.
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 In 2023,
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we
I<:F>E@Q<;
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recognized gains FJK
of
in Cost F=
products
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sold
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of
F=

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($16
$21 million 
million
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after
8=K<I
tax,
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or
FI
$.05

per
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share)
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associated
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with
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FE
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LE;<J@>E8K<;
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unrealized mark-to-market adjustments on outstanding undesignated commodity hedges;
T• %E
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HL8IK<I
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In the first quarter of 2024,
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8EEFLE:<;
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KF
8:HL@I<
/FMFJ
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FE
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we announced our intent to acquire Sovos Brands and on March 12,

K?<
8:HL@J@K@FE

2024 the acquisition
:CFJ<;
closed.
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In 2024,
N<
@E:LII<;

D@CC@FE
F=
:FJKJ
8JJF:@8K<;
N@K?
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8:HL@J@K@FE
we incurred $126 million of costs associated with the acquisition,
F=
N?@:?

D@CC@FE
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I<:FI;<;

of which $21 million was recorded
@E
.<JKIL:KLI@E>
:?8I><J
in Restructuring charges,

D@CC@FE
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;D@E@JKI8K@M<
<OG<EJ<J
$47 million in Administrative expenses,

D@CC@FE
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+K?<I
<OG<EJ<J

@E:FD<
$35 million in Other expenses / (income),

D@CC@FE

$3 million
@E
)8IB<K@E>
and
in Marketing 8E;
J<CC@E>
<OG<EJ<J


selling expenses, D@CC@FE
in
$2 million @E
Research
.<J<8I:?
and
8E;
;<M<CFGD<EK
<OG<EJ<J
and
development expenses 8E;

D@CC@FE
in
$18 million @E
Cost
FJK
of
F=

GIF;L:KJ
JFC;
products sold,
F=
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D@CC@FE
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8JJF:@8K<;
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8:HL@J@K@FE
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=8@I
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of which $17 million was associated with the acquisition date fair value adjustment for inventory.
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We
8CJF
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also :FJKJ
of
recorded costs F=

D@CC@FE
@E

$2 million %EK<I<JK
expense
in Interest <OG<EJ<
related
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to
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costs
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associated
8JJF:@8K<;
with
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the
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Delayed
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Draw
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(F8E

Term Loan
I<;@K
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Credit Agreement (the 2024 DDTL 0(
I<;@K
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KF
=LE;
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8:HL@J@K@FE
Credit Agreement) used to fund the acquisition.
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N8J


The aggregate impact was $128
D@CC@FE

D@CC@FE
8=K<I
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million, $109 million after tax,
FI
 
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or $.36 per share.
%E

In 2023,
N<
@E:LII<;
:FJKJ
8JJF:@8K<;
N@K?
K?<
8:HL@J@K@FE
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we incurred costs associated with the acquisition in Other
<OG<EJ<

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F=

D@CC@FE

D@CC@FE
8=K<I
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expense / (income) of $5 million ($4 million after tax,
FI
 
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J?8I<
or $.01 per share);
T• %E

In 2024,
N<
I<:FI;<;
8::<C<I8K<;
8DFIK@Q8K@FE
<OG<EJ<
@E
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<OG<EJ<J

@E:FD<
F=

D@CC@FE

D@CC@FE
8=K<I

we recorded accelerated amortization expense in Other expenses / (income) of $27 million ($20 million after
K8O
or
tax, FI
$.07
 
per
G<I
share)
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related
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to
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customer I<C8K@FEJ?@G

relationship @EK8E>@9C<
8JJ<KJ
due
intangible assets ;L<
to
KF
the
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CFJJ

loss F=

of :<IK8@E
:FEKI8:K

certain contract
D8EL=8:KLI@E>
:LJKFD<IJ
manufacturing customers,
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9<>8E
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HL8IK<I
F=

which began in the fourth quarter of 2023.
%E

In 2023,
N<
I<:FI;<;
8::<C<I8K<;
8DFIK@Q8K@FE

we recorded accelerated amortization
<OG<EJ<
@E
+K?<I
<OG<EJ<J

@E:FD<
F=

D@CC@FE

D@CC@FE
8=K<I
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expense in Other expenses / (income) of $7 million ($5 million after tax,
FI
 

or $.02);
•L %E
K?<
=FLIK?

In the HL8IK<I
of
fourth quarter F=
2024,

we
N<
recognized
I<:F>E@Q<;
an
8E
@DG8@ID<EK

impairment :?8I><
F=


charge of D@CC@FE
in
$53 million @E
Other
+K?<I
expenses
<OG<EJ<J

@E:FD<
on
/ (income) FE

:<IK8@E
J8CKP
JE8:BJ
8E;
:FFB@<
KI8;<D8IBJ
N@K?@E
FLI
/E8:BJ
J<>D<EK
certain salty snacks and cookie trademarks within our Snacks segment,
@E:CL;@E>
"428
including Tom's,
'>8Jays,
7:3).+78
Kruncher's,
+40+
0-Ke-Doke,

!9+11'
474
8E;
7).<'>
Stella D'oro and Archway,
:FCC<:K@M<CP
I<=<II<;
KF
8J
FLI
CC@<;
9I8E;J
collectively referred to as our "Allied brands."
%E

In 2024,
J8C<J
8E;
FG<I8K@E>
G<I=FID8E:<

sales and operating performance
N<I<
9<CFN
<OG<:K8K@FEJ
;L<
@E
G8IK
KF
:FDG<K@K@M<
GI<JJLI<
8E;
I<;L:<;
D8I>@EJ
were below expectations due in part to competitive pressure and reduced margins.
%E
K?<
=FLIK?
HL8IK<I
F=

In the fourth quarter of 2024,
98J<;

based
on recent performance and reevaluation of the position of the Allied brands within our portfolio,
N<
CFN<I<;
FLI
E<8I
FE
I<:<EK
G<I=FID8E:<
8E;
I<<M8CL8K@FE
F=
K?<
GFJ@K@FE
F=
K?<
CC@<;
9I8E;J
N@K?@E
FLI
GFIK=FC@F we lowered our near-
K<ID
8E;
CFE>
term K<ID
FLKCFFB
=FI
=LKLI<
J8C<J
8E;
FG<I8K@E>
G<I=FID8E:<
and long-term outlook for future sales and operating performance.
%E
the
In K?<
=FLIK?
HL8IK<I
F=

fourth quarter 
we
of 2024, N<
performed
G<I=FID<;
an8E
@DG8@ID<EK
8JJ<JJD<EK
on
impairment assessment FE
the
K?<
assets
8JJ<KJ
@E

in FLI
,FG
/<:I<K

our Pop GFG:FIE

Secret popcorn
9LJ@E<JJ
within
business N@K?@E
our
FLI
Snacks
/E8:BJ
segment
J<>D<EK
as8J
sales
J8C<J
and
8E;
operating
FG<I8K@E>
performance
G<I=FID8E:<
were
N<I<
below
9<CFN
<OG<:K8K@FEJ

expectations due;L<
in
@E
part
G8IK
to
KF

:FDG<K@K@M<
GI<JJLI<
8E;
I<;L:<;
D8I>@EJ
competitive pressure and reduced margins,
8E;
8J
N<
GLIJL<;
;@M<JK@E>
K?<
9LJ@E<JJ
and as we pursued divesting the business.
J
8
I<JLCK
F=
K?<J<
=8:KFIJ
As a result of these factors,
@E
K?<

in the
=FLIK?

fourth HL8IK<I

quarter F=

we
of 2024, N<
lowered
CFN<I<;
our
FLI
long-term
CFE> K<ID
outlook
FLKCFFB
for
=FI
the
K?<
business
9LJ@E<JJ
and
8E;
recognized
I<:F>E@Q<;
an 8E
@DG8@ID<EK
:?8I><
of
impairment charge F=


D@CC@FE
in
$76 million @E
Other
+K?<I
expenses
<OG<EJ<J

@E:FD<
on
/ (income) FE
the
K?<
trademark.
KI8;<D8IB
0?<

The J8C<

sale F=
K?<
business
of the 9LJ@E<JJ
was
N8J
:FDGC<K<;

completed on FE
August
L>LJK
26,



2024.



22
 0?<
KFK8C
8>>I<>8K<
@DG8:K
F=
K?<
@DG8@ID<EK
:?8I><J
N8J

D@CC@FE

D@CC@FE
8=K<I
K8O
The total aggregate impact of the impairment charges was $129 million ($98 million after tax,
FI
 
G<I
J?8I<
or $.33 per share).
/<<

See
I@K@:8C
::FLEK@E>
!JK@D8K<J
=FI
8;;@K@FE8C
@E=FID8K@FE
"Critical Accounting Estimates" for additional information;
•T %E

In 2024,
N<
I<:FI;<;
GI<
we recorded pre-
8E;
8=K<I K8O
C@K@>8K@FE
<OG<EJ<J
@E
;D@E@JKI8K@M<
<OG<EJ<J
F=

D@CC@FE

and after-tax litigation expenses in Administrative expenses of $5 million ($.02 
G<I
J?8I<

per share)
I<C8K<;
KF
the
related to K?<
Plum
,CLD
baby
989P
=FF;
8E;
JE8:BJ

food and 9LJ@E<JJ
(Plum),
snacks business ,CLD
which
N?@:?
was
N8J
divested
;@M<JK<;
on
FE
May
)8P
3,

2021,

and
8E;
:<IK8@E
FK?<I

certain other
C@K@>8K@FE
D8KK<IJ
litigation matters;
T• %E

In 2024,
N<
I<:FI;<;
:FJKJ
F=

D@CC@FE
@E
FJK
F=
GIF;L:KJ
JFC;
8E;

D@CC@FE
@E
;D@E@JKI8K@M<
<OG<EJ<J
8>>I<>8K<

we recorded costs of $2 million in Cost of products sold and $1 million in Administrative expenses (aggregate
@DG8:K
F=

D@CC@FE
8=K<I
K8O
impact of $2 million after tax,
FI
 
G<I
J?8I<
I<C8K<;
KF
8
:P9<IJ<:LI@KP
@E:@;<EK
K?8K
N8J
@;<EK@=@<;
@E
K?<
=FLIK?

or $.01 per share) related to a cybersecurity incident that was identified in the fourth
HL8IK<I
F=

8E;
quarter of 2023; and
T• %E

In 2023,
N<
I<:FI;<;
8
GI<
we recorded a pre-
8E;
8=K<I K8O
CFJJ
@E
+K?<I
<OG<EJ<J

@E:FD<
F=

D@CC@FE

and after-tax 
G<I
J?8I<
FE
K?<
J8C<

loss in Other expenses / (income) of $13 million ($.04 per share) on the sale
F=
FLI
!D<I8C;
ELKJ
9LJ@E<JJ
of our Emerald nuts business,
N?@:?
N8J
JFC;
FE
)8P

which was sold on May 30,

2023.
0?<
@K<DJ
@DG8:K@E>
:FDG8I89@C@KP
8I<
JLDD8I@Q<;
9<CFN
The items impacting comparability are summarized below:
 
2024  
2023
2C?:?8D
Earnings '*
EPS 2C?:?8D
Earnings '*
EPS
$:==:@?D
6I46AE
A6C
D92C6
2>@F?ED
(Millions, except per share amounts) >A24E
Impact >A24E
Impact >A24E
Impact >A24E
Impact
*<K
<8IE@E>J
8KKI@9LK89C<
KF
8DG9<CC
/FLG
FDG8EP
Net earnings attributable to Campbell Soup Company 

$ 

567 $
 


1.89 $ 
$

858  

2.85

FJKJ
8JJF:@8K<;
N@K?
:FJK
J8M@E>J
8E;
FGK@D@Q8K@FE
@E@K@8K@M<J
Costs associated with cost savings and optimization initiatives 

$ 

(83) 

$  

(.28) 

$ 

(50) $
 

(.17)
,<EJ@FE
8E;
GFJKI<K@I<D<EK
8:KL8I@8C
>8@EJ
CFJJ<J
Pension and postretirement actuarial gains (losses)


(25)
 

(.08)


11


.04
FDDF;@KP
D8IB
Commodity KF D8IB<K
>8@EJ
CFJJ<J
mark-to-market gains (losses)


(16)
 

(.05)


16


.05
FJKJ
8JJF:@8K<;
N@K?
8:HL@J@K@FE
Costs associated with acquisition
 

(109)
 

(.36)


(4)
 

(.01)
::<C<I8K<;
8DFIK@Q8K@FE
Accelerated amortization
 

(20)
 

(.07)


(5)
 

(.02)
%DG8@ID<EK
:?8I><J
Impairment charges



(98)  


(.33) V

V

<IK8@E
C@K@>8K@FE
<OG<EJ<J
Certain litigation expenses


(5)
 


(.02) V

V

P9<IJ<:LI@KP
@E:@;<EK
:FJKJ
Cybersecurity incident costs


(2)
 


(.01) V

V

?8I><J
8JJF:@8K<;
N@K?
;@M<JK@KLI<
Charges associated with divestiture
M

M




(13)  

(.04)

%DG8:K
F=
@K<DJ
FE
*<K
<8IE@E>J
Impact of items on Net earnings(1) 

$ 

(358) 
(1.19)
$  


$ 
$

(45)  

(.15)
777777777777777777777777777777777777777777

(1) /LD
F=
K?<
@E;@M@;L8C
8DFLEKJ
D8P
EFK
8;;
;L<
KF
IFLE;@E>
Sum of the individual amounts may not add due to rounding.
*<K
<8IE@E>J

Net 8KKI@9LK89C<
to
earnings attributable KF
8DG9<CC

Campbell /FLG
FDG8EP
were
Soup Company N<I<

D@CC@FE
($1.89
$567 million  
per
G<I
J?8I<

share) @E

compared
in 2024, :FDG8I<;
to
KF
$858


D@CC@FE
($2.85
million  
per
G<I
share)
J?8I<
@E

After
in 2023. =K<I
adjusting
8;ALJK@E>
=FI

for @K<DJ
@DG8:K@E>
comparability,
items impacting :FDG8I89@C@KP
<8IE@E>J

earnings @E:I<8J<;
I<=C<:K@E>
@DGIFM<;

increased reflecting improved
>IFJJ
GIF=@K
gross profit,
G8IK@8CCP
F==J<K
9P
?@>?<I
@EK<I<JK
<OG<EJ<
partially offset by higher interest expense,
?@>?<I
D8IB<K@E>
8E;
J<CC@E>
<OG<EJ<J
higher marketing and selling expenses,
?@>?<I
FK?<I
<OG<EJ<J
8E;
?@>?<I

higher other expenses and higher
I<J<8I:?
and
research 8E;
;<M<CFGD<EK
<OG<EJ<J
Earnings
development expenses. !8IE@E>J
per
G<I
share
J?8I<
benefited
9<E<=@K<;
from
=IFD
a8
reduction
I<;L:K@FE
@E
K?<
weighted
in the N<@>?K<;
average
8M<I8><
;@CLK<;
J?8I<J

diluted shares
FLKJK8E;@E>

outstanding.
*8
&62.2,7
&886.'98&'0*
83
&14'*00
!394
314&2=


Net Earnings attributable to Campbell Soup Company - 2023
314&6*)
;.8-

Compared with 2022
%E
8;;@K@FE
KF
K?<

@K<DJ
K?8K
@DG8:K<;
:FDG8I89@C@KP
F=
*<K
<8IE@E>J
;@J:LJJ<;
89FM<
In addition to the 2023 items that impacted comparability of Net earnings discussed above,
K?<
=FCCFN@E>
@K<DJ
@DG8:K<;

the following items impacted
K?<
:FDG8I89@C@KP
F=
E<K
<8IE@E>J
8E;
E<K
<8IE@E>J
G<I
J?8I<
the comparability of net earnings and net earnings per share:
•T %E

In 2022,
N<
I<:FI;<;
.<JKIL:KLI@E>
:?8I><J
F=

D@CC@FE
8E;
@DGC<D<EK8K@FE
8E;
FK?<I
I<C8K<;
:FJKJ
F=

D@CC@FE
@E

we recorded Restructuring charges of $5 million and implementation and other related costs of $20 million in
;D@E@JKI8K@M<
<OG<EJ<J
Administrative expenses,

D@CC@FE
in
$5 million @E
Cost
FJK
F=
GIF;L:KJ
sold
of products JFC;
and
8E;
$1

million
D@CC@FE
@E
)8IB<K@E>
and
in Marketing 8E;
selling
J<CC@E>
expenses
<OG<EJ<J

8>>I<>8K<
@DG8:K
F=

D@CC@FE
8=K<I
K8O
(aggregate impact of $24 million after tax,
FI
 
G<I
J?8I<
I<C8K<;
KF
K?<
:FJK
J8M@E>J
@E@K@8K@M<J
;@J:LJJ<;
89FM<
or $.08 per share) related to the cost savings initiatives discussed above.
/<<

See
*FK<
8
Note 
to
KF
the
K?<
Consolidated
FEJFC@;8K<;
Financial
"@E8E:@8C
/K8K<D<EKJ
8E;
"Restructuring
Statements and .<JKIL:KLI@E>
Charges,
?8I><J
FJK

Cost /8M@E>J

Savings %E@K@8K@M<J
8E;
Other
Initiatives and +K?<I

+GK@D@Q8K@FE
%E@K@8K@M<J
=FI
8;;@K@FE8C
@E=FID8K@FE
Optimization Initiatives" for additional information;
•T %E

In 2022,
N<
I<:F>E@Q<;
8:KL8I@8C
CFJJ<J
FE
FLI
G<EJ@FE
8E;
GFJKI<K@I<D<EK
GC8EJ
@E
+K?<I
<OG<EJ<J

@E:FD<
F=


we recognized actuarial losses on our pension and postretirement plans in Other expenses / (income) of $44
D@CC@FE

D@CC@FE
8=K<I
K8O
million ($33 million after tax,
FI
 
G<I
J?8I<

or $.11 per share);
•T %E
2022,
In 
we
N<
recognized
I<:F>E@Q<;
CFJJ<J

losses @E
FJK
F=

in Cost GIF;L:KJ
sold
of products JFC;
of
F=
$59

million
D@CC@FE
($44

million
D@CC@FE
after
8=K<I
tax,
K8O
or
FI
$.15

per
G<I
J?8I<

share)
8JJF:@8K<;
N@K?
LEI<8C@Q<;
D8IB
associated KF D8IB<K
8;ALJKD<EKJ
FE
FLKJK8E;@E>
LE;<J@>E8K<;
:FDDF;@KP
?<;><J
8E;
with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges; and
•T %E
2022,
In 
we
N<
recorded
I<:FI;<;
a8
CFJJ

loss @E
%EK<I<JK
expense
in Interest <OG<EJ<
of
F=

D@CC@FE
($3
$4 million 
million
D@CC@FE
after
8=K<I
tax,
K8O
or
FI
$.01
 
per
G<I
J?8I<
FE
the
share) on K?<

<OK@E>L@J?D<EK
F=
;<9K
extinguishment of debt.


23
 0?<
@K<DJ
@DG8:K@E>
:FDG8I89@C@KP
8I<
JLDD8I@Q<;
9<CFN
The items impacting comparability are summarized below:
 
2023  
2022
2C?:?8D
Earnings '*
EPS 2C?:?8D
Earnings '*
EPS
$:==:@?D
6I46AE
A6C
D92C6
2>@F?ED
(Millions, except per share amounts) >A24E
Impact >A24E
Impact >A24E
Impact >A24E
Impact
*<K
<8IE@E>J
8KKI@9LK89C<
KF
8DG9<CC
/FLG
FDG8EP
Net earnings attributable to Campbell Soup Company 

$ 


858 $  


2.85 $ 

757 $
 

2.51

FJKJ
8JJF:@8K<;
N@K?
:FJK
J8M@E>J
8E;
FGK@D@Q8K@FE
@E@K@8K@M<J
Costs associated with cost savings and optimization initiatives 

$ 

(50) 

$  

(.17) 

$ 

(24) $
 

(.08)
,<EJ@FE
8E;
GFJKI<K@I<D<EK
8:KL8I@8C
>8@EJ
CFJJ<J
Pension and postretirement actuarial gains (losses)


11


.04


(33)
 

(.11)
FDDF;@KP
D8IB
Commodity KF D8IB<K
>8@EJ
CFJJ<J
mark-to-market gains (losses)


16


.05


(44)
 

(.15)
FJKJ
8JJF:@8K<;
N@K?
8:HL@J@K@FE
Costs associated with acquisition


(4)
 

(.01)
V

V

::<C<I8K<;
8DFIK@Q8K@FE
Accelerated amortization


(5)
 

(.02)
V

V

?8I><J
8JJF:@8K<;
N@K?
;@M<JK@KLI<
Charges associated with divestiture


(13)
 

(.04)
V

V

(FJJ
FE
;<9K
<OK@E>L@J?D<EK
Loss on debt extinguishment
V

V



(3)
 

(.01)

%DG8:K
F=
@K<DJ
FE
*<K
<8IE@E>J
Impact of items on Net earnings(1) 

$ 

(45) 

$  

(.15) 

$ 

(104) $
 

(.34)
777777777777777777777777777777777777777777

(1) /LD
F=
K?<
@E;@M@;L8C
8DFLEKJ
D8P
EFK
8;;
;L<
KF
IFLE;@E>
Sum of the individual amounts may not add due to rounding.
*<K
<8IE@E>J

Net 8KKI@9LK89C<
to
earnings attributable KF
8DG9<CC

Campbell /FLG
FDG8EP
were
Soup Company N<I<

D@CC@FE
($2.85
$858 million  
per
G<I
J?8I<

share) @E

compared
in 2023, :FDG8I<;
to
KF
$757


D@CC@FE

million 
G<I
J?8I<
@E

($2.51 per share) in 2022.
=K<I
8;ALJK@E>
=FI
@K<DJ
@DG8:K@E>
:FDG8I89@C@KP
After adjusting for items impacting comparability,
<8IE@E>J
@E:I<8J<;
I<=C<:K@E>
8E
@DGIFM<;

earnings increased reflecting an improved
>IFJJ
GIF=@K
gross profit,
G8IK@8CCP
F==J<K
9P
?@>?<I
D8IB<K@E>
8E;
J<CC@E>
<OG<EJ<J
partially offset by higher marketing and selling expenses,
?@>?<I
FK?<I
<OG<EJ<J
higher other expenses,
?@>?<I
8;D@E@JKI8K@M<
<OG<EJ<J

higher administrative expenses
8E;
a8
higher
and ?@>?<I
<==<:K@M<
K8O
rate.
effective tax I8K<
Earnings
!8IE@E>J
per
G<I
share
J?8I<
benefited
9<E<=@K<;
=IFD

from a8
I<;L:K@FE

reduction @E
K?<
weighted
in the N<@>?K<;
average
8M<I8><
;@CLK<;
J?8I<J

diluted shares
FLKJK8E;@E>
*<K
G<I@F;@:
G<EJ@FE
8E;
GFJKI<K@I<D<EK
9<E<=@K
@E:FD<
<O:CL;@E>
8EP
8:KL8I@8C
>8@EJ
FI
CFJJ<J
N8J

D@CC@FE
outstanding. Net periodic pension and postretirement benefit income excluding any actuarial gains or losses was $44 million

D@CC@FE
8=K<I
K8O
($33 million after tax,
FI
 
G<I
J?8I<
CFN<I
@E

or $.11 per share) lower in 2023.
 *,** &%
%
%#0*
DISCUSSION *
AND ANALYSIS
!&0*7
Sales
E
8E8CPJ@J
F=
E<K
J8C<J
9P
I<GFIK89C<
J<>D<EK
=FCCFNJ
An analysis of net sales by reportable segment follows:


92?86
% Change
$:==:@?D
(Millions)  
2024  
2023  
2022    
2024/2023    
2023/2022
)<8CJ

<M<I8><J
Meals & Beverages $
 


5,258 $  


4,907 $  

4,607 7 7
/E8:BJ
Snacks
 


4,378  


4,450  

3,955 
(2) 
13
$
 


9,636 $  


9,357 $  

8,562 
3 
9

E
8E8CPJ@J
F=
G<I:<EK
:?8E><
F=
E<K
J8C<J
9P
I<GFIK89C<
J<>D<EK
=FCCFNJ
An analysis of percent change of net sales by reportable segment follows:
$62=D


Meals &
 
G6CDFD

2024 versus 2023 6G6C286D
Beverages *?24<D
Snacks +@E2=
Total
2FCLD<D@O
Volume/mix 
(2)% 
(2)% 
(2)%

*<K
GI@:<
I<8C@Q8K@FE
Net price realization(1) V 
1 1
:HL@J@K@FE
Acquisition 
9 V 5
@M<JK@KLI<
Divestiture V 
( 1) 
(1)

7% 
(2)% 
3%
$62=D


Meals &
 
G6CDFD

2023 versus 2022 6G6C286D
Beverages(2) *?24<D
Snacks +@E2=
Total
2FCLD<D@O
Volume/mix 
(5)% 
(2)% 
(4)%

*<K
GI@:<
I<8C@Q8K@FE
Net price realization(1) 
12 
15 
13
LII<E:P
Currency 
(1) V V
@M<JK@KLI<
Divestiture V V V

7% 
13% 
9%
777777777777777777777777777777777777777777

(1) %E:CL;<J
I<M<EL<
I<;L:K@FEJ
=IFD
KI8;<
GIFDFK@FE
8E;
:FEJLD<I
:FLGFE
I<;<DGK@FE
GIF>I8DJ
Includes revenue reductions from trade promotion and consumer coupon redemption programs.

(2) /LD
F=
K?<
@E;@M@;L8C
8DFLEKJ
;F<J
EFK
8;;
;L<
KF
IFLE;@E>
Sum of the individual amounts does not add due to rounding.


24
 %E

In 2024,
)<8CJ

<M<I8><J
J8C<J
@E:I<8J<;
Meals & Beverages sales increased 7% 
I<=C<:K@E>
8
 GF@EK
9<E<=@K
=IFD
K?<
8:HL@J@K@FE
F=
/FMFJ
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reflecting a 9-point benefit from the acquisition of Sovos Brands.
/8C<J
Sales
N<I<
@DG8:K<;
9P
LE=8MFI89C<
MFCLD<D@O
N@K?
E<LKI8C
E<K
GI@:<
I<8C@Q8K@FE
were impacted by unfavorable volume/mix with neutral net price realization.
!O:CL;@E>
K?<
9<E<=@K
=IFD
K?<
8:HL@J@K@FE
Excluding the benefit from the acquisition,
J8C<J
sales
;<:I<8J<;
primarily
decreased GI@D8I@CP
due
;L<
to
KF
;<:C@E<J

declines @E
1 /
retail
in U.S. I<K8@C
products,
GIF;L:KJ
@E:CL;@E>
9<M<I8><J
and
including beverages 8E;
U.S.
1 /
JFLG
soup,
partially
G8IK@8CCP
offset
F==J<K
by
9P
gains
>8@EJ
@E

in
=FF;J<IM@:<
8E;
8E8;8
foodservice and Canada.
/8C<J
F=
1
Sales of U.S./
JFLG
;<:I<8J<;

GI@D8I@CP
;L<
KF
;<:I<8J<J
@E
I<8;P
soup decreased 2% primarily due to decreases in ready-to-serve KF J<IM<
JFLGJ
8E;
:FE;<EJ<;

soups and condensed
JFLGJ
partially
soups, G8IK@8CCP
offset
F==J<K
by
9P
an
8E
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increase @E
9IFK?
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in broth. +E
a8
two-year
KNF P<8I
CAGR
#.
basis,
98J@J
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sales @E:I<8J<;

increased 
7%,
including
@E:CL;@E>
the
K?<
@DG8:K
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the
impact of K?<

8:HL@J@K@FE
acquisition.
%E

In 2023,
)<8CJ

<M<I8><J
J8C<J
@E:I<8J<;
Meals & Beverages sales increased 7%
GI@D8I@CP
;L<
KF
@E:I<8J<J
@E
1 /
I<K8@C
GIF;L:KJ
primarily due to increases in U.S. retail products,
@E:CL;@E>
1 /
JFLG
8E;

including U.S. soup and
7+-4
G8JK8
J8L:<J
Prego pasta sauces,
8J
N<CC
8J
>8@EJ
@E
=FF;J<IM@:<
as well as gains in foodservice.
"8MFI89C<
E<K
GI@:<
I<8C@Q8K@FE
N8J
G8IK@8CCP
F==J<K
9P
CFN<I
MFCLD<D@O
Favorable net price realization was partially offset by lower volume/mix.

/8C<J
F=
1
Sales /
JFLG
@E:I<8J<;

GI@D8I@CP
;L<
KF
@E:I<8J<J
@E
I<8;P
of U.S. KF J<IM<
JFLGJ
8E;
9IFK?
soup increased 3% primarily due to increases in ready-to-serve soups and broth.
%E
2024,
In 
/E8:BJ

Snacks J8C<J
;<:I<8J<; 2%.
sales decreased 
Excluding
!O:CL;@E>
the
K?<
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=IFD
the
impact from K?<
;@M<JK@KLI<
F=
the
divestiture of K?<
Emerald
!D<I8C;
nuts
ELKJ
business,
9LJ@E<JJ
sales
J8C<J

;<:I<8J<;
as
decreased 8J
declines
;<:C@E<J
in
@E
third-party
K?@I; G8IKP
partner
G8IKE<I
brands
9I8E;J
and
8E;
contract
:FEKI8:K
manufacturing,
D8EL=8:KLI@E>
fresh
=I<J?
bakery
98B<IP
and
8E;
Pop
45
Secret
!+)7+9
popcorn
GFG:FIE
were
N<I<

G8IK@8CCP
F==J<K
9P
J8C<J
F=
FLI
GFN<I
9I8E;J
partially offset by sales of our power brands,
N?@:?
@E:I<8J<;

which increased 2%.
/8C<J
F=
GFN<I
9I8E;J
N<I<
;I@M<E
9P
@E:I<8J<J
@E
41*,/8.
Sales of power brands were driven by increases in Goldfish
:I8:B<IJ
8E;
'3)+
J8E;N@:?
:I8:B<IJ
crackers and Lance sandwich crackers.
2FCLD<D@O
;<:C@E<J
N<I<
G8IK@8CCP
F==J<K
9P
=8MFI89C<
E<K
GI@:<
I<8C@Q8K@FE
Volume/mix declines were partially offset by favorable net price realization.
+E
8
KNF
On a two-
P<8I
#.
98J@J
year CAGR basis,
J8C<J
@E:I<8J<;

sales increased 5%.
%E
2023,
In 
/E8:BJ

Snacks J8C<J

sales @E:I<8J<;  driven
increased 13% ;I@M<E
by
9P
sales
J8C<J
of
F=
our
FLI
power
GFN<I
brands
9I8E;J
which
N?@:?
@E:I<8J<;

Sales
increased 17%. /8C<J
increased
@E:I<8J<;
due
;L<
to
KF

@E:I<8J<J

increases @E
:FFB@<J
and
in cookies 8E;
:I8:B<IJ
crackers,
primarily
GI@D8I@CP
41*,/8.
:I8:B<IJ
and
Goldfish crackers 8E;
Lance
'3)+
sandwich
J8E;N@:?
:I8:B<IJ
crackers,
and
8E;
@E

in J8CKP

salty JE8:BJ
snacks,
primarily
GI@D8I@CP

!3>*+7C8
4,
'34;+7
GI<KQ<CJ
8E;
+991+
7'3*
8E;
'5+
4*
GFK8KF
:?@GJ
Snyder's of Hanover pretzels and Kettle Brand and Cape Cod potato chips.
/8C<J
9<E<=@K<;
=IFD
=8MFI89C<
E<K
GI@:<
I<8C@Q8K@FE
Sales benefited from favorable net price realization.
6377
63+.8
Gross Profit
#IFJJ
GIF=@K
Gross profit,
;<=@E<;
8J
*<K
J8C<J
C<JJ
FJK
F=
GIF;L:KJ
JFC;
defined as Net sales less Cost of products sold,
@E:I<8J<;
9P

D@CC@FE
@E

=IFD

8E;
@E:I<8J<;
9P

increased by $54 million in 2024 from 2023 and increased by

D@CC@FE
@E

=IFD

$290 million in 2023 from 2022.
J
8
G<I:<EK
F=
J8C<J
As a percent of sales,
>IFJJ
GIF=@K
N8J
 
@E

gross profit was 30.8% in 2024,
 
@E

8E;

31.2% 
@E

in 2023 and 30.7% in 2022.

0?<

98J@J
The GF@EK
;<:I<8J<
8E;
K?<

98J@J
40 basis-point GF@EK
@E:I<8J<
@E
>IFJJ
GIF=@K
D8I>@E
@E

8E;

decrease and the 50 basis-point increase in gross profit margin in 2024 and 2023,
I<JG<:K@M<CP
respectively,
N<I<
;L<

were due
KF
K?<
=FCCFN@E>
=8:KFIJ
to the following factors:
$2C8:?
Impact
Margin >A24E
 
2024  
2023

FJK
@E=C8K@FE
Cost inflation,
JLGGCP
:?8@E
:FJKJ
8E;
FK?<I
=8:KFIJ
supply chain costs and other factors(')  
(310)  
(1,040)

%DG8:K
F=
8:HL@J@K@FE
Impact of acquisition(2)  
(40) V
$@>?<I
:FJKJ
8JJF:@8K<;
N@K?
:FJK
J8M@E>J
@E@K@8K@M<J
Higher costs associated with cost savings initiatives  
(10) 
(10)
,IF;L:K@M@KP
@DGIFM<D<EKJ
Productivity improvements 
240 
300
*<K
GI@:<
I<8C@Q8K@FE
Net price realization 
60 
950
2FCLD<D@O
Volume/mix(3) 20 
(150)
 
(40) 
50
777777777777777777777777777777777777777777

(1) 
@E:CL;<J
8E
<JK@D8K<;
GFJ@K@M<
D8I>@E
@DG8:K
F=

98J@J
GF@EKJ
=IFD
K?<
9<E<=@K
F=
:FJK
J8M@E>J
@E@K@8K@M<J
2024 includes an estimated positive margin impact of 20 basis points from the benefit of cost savings initiatives,
N?@:?
N8J
which was
DFI<
than
more K?8E
offset
F==J<K
by
9P
:FJK

cost @E=C8K@FE
8E;
other
inflation and FK?<I
=8:KFIJ
factors,
@E:CL;@E>

including a8
40

basis-point
98J@J GF@EK
negative
E<>8K@M<
impact
@DG8:K
from
=IFD
the
K?<
:?8E><
@E

change in
LEI<8C@Q<;
mark-to-market
unrealized D8IB KF D8IB<K
adjustments
8;ALJKD<EKJ
on
FE
outstanding
FLKJK8E;@E>
undesignated
LE;<J@>E8K<;
commodity
:FDDF;@KP
hedges
?<;><J
and
8E;
a8
10

basis-point
98J@J GF@EK
E<>8K@M<

negative
@DG8:K
=IFD
8
:P9<IJ<:LI@KP
@E:@;<EK
impact from a cybersecurity incident.

@E:CL;<J
8

98J@J
2023 includes a 90 basis-pointGF@EK
GFJ@K@M<
@DG8:K
=IFD
K?<
:?8E><
@E
LEI<8C@Q<;
D8IB
positive impact from the change in unrealized mark-
KF D8IB<K
8;ALJKD<EKJ
FE
FLKJK8E;@E>
LE;<J@>E8K<;
:FDDF;@KP
?<;><J
8E;
8E
<JK@D8K<;
GFJ@K@M<
D8I>@E
@DG8:K
F=

98J@J

to-market adjustments on outstanding undesignated commodity hedges and an estimated positive margin impact of 10 basis
GF@EKJ
=IFD
K?<
9<E<=@K
F=
:FJK
J8M@E>J
@E@K@8K@M<J
points from the benefit of cost savings initiatives,
N?@:?
N<I<
DFI<
K?8E
F==J<K
9P
:FJK
@E=C8K@FE
8E;
FK?<I
=8:KFIJ
which were more than offset by cost inflation and other factors.


%E:CL;<J
a8
negative
(2) Includes E<>8K@M<
margin
D8I>@E
@DG8:K
F=
20
impact of 
basis
98J@J
points
GF@EKJ
=IFD

from a8
/FMFJ
I8E;J
acquisition
Sovos Brands 8:HL@J@K@FE
date
;8K<
fair
=8@I
value
M8CL<
adjustment
8;ALJKD<EK
=FI

for
@EM<EKFIP

inventory.

(3) %E:CL;<J
K?<
@DG8:K
F=
FG<I8K@E>
C<M<I8><
Includes the impact of operating leverage.

&6/*8.2,
&2)
!*00.2,
<4*27*7
Marketing and Selling Expenses
)8IB<K@E>
8E;
J<CC@E>
<OG<EJ<J
8J
8
G<I:<EK
F=
J8C<J
N<I<

Marketing 
@E

and selling expenses as a percent of sales were 8.6% in 2024,
 
@E

8E;

8.7% in 2023 and 8.6%
@E

in 2022.
)8IB<K@E>
8E;

Marketing and
J<CC@E>
expenses
selling <OG<EJ<J
increased
@E:I<8J<; 3%
in
@E
2024

=IFD

0?<

from 2023. @E:I<8J<
was
The increase N8J
primarily
GI@D8I@CP
due
;L<
to
KF
the
K?<
impact
@DG8:K
of
F=
the
K?<
acquisition
8:HL@J@K@FE

8GGIFO@D8K<CP

GF@EKJ
(approximately 4 points),
?@>?<I
J<CC@E>
<OG<EJ<J
8GGIFO@D8K<CP

GF@EK
8E;
?@>?<I
FK?<I
D8IB<K@E>
<OG<EJ<J
8GGIFO@D8K<CP

higher selling expenses (approximately 1 point) and higher other marketing expenses (approximately
1
GF@EK
point),
G8IK@8CCP
F==J<K
9P
CFN<I
8;M<IK@J@E>
8E;
:FEJLD<I
GIFDFK@FE
<OG<EJ<
8GGIFO@D8K<CP

GF@EKJ
partially offset by lower advertising and consumer promotion expense (approximately 3 points),
GI@D8I@CP
@E
)<8CJ


primarily in Meals &
<M<I8><J

Beverages.
)8IB<K@E>
8E;
J<CC@E>
<OG<EJ<J
@E:I<8J<;
Marketing 
@E

=IFD

and selling expenses increased 10% in 2023 from 2022.
0?<
@E:I<8J<
N8J
GI@D8I@CP
;L<
KF
?@>?<I
8;M<IK@J@E>

The increase was primarily due to higher advertising
8E;
consumer
and :FEJLD<I
promotion
GIFDFK@FE
expense
<OG<EJ<
(approximately
8GGIFO@D8K<CP
7

points)
GF@EKJ
and
8E;
higher
?@>?<I
selling
J<CC@E>
expenses
<OG<EJ<J
(approximately
8GGIFO@D8K<CP
6

points),
GF@EKJ
partially
G8IK@8CCP

F==J<K
9P
@E:I<8J<;
9<E<=@KJ
=IFD
:FJK
J8M@E>J
@E@K@8K@M<J
8GGIFO@D8K<CP

GF@EKJ
offset by increased benefits from cost savings initiatives (approximately 3 points).
0?<
@E:I<8J<
@E
8;M<IK@J@E>
8E;

The increase in advertising and :FEJLD<I

consumer
GIFDFK@FE
<OG<EJ<
N8J
;L<
@E
G8IK
KF
DF;<I8K<;
C<M<CJ
@E
K?<
GI@FI
P<8I
=IFD
JLGGCP
:FEJKI8@EKJ
promotion expense was due in part to moderated levels in the prior year from supply constraints.


25
)1.2.786&8.:*
<4*27*7
Administrative Expenses
;D@E@JKI8K@M<
<OG<EJ<J
8J
8
G<I:<EK
F=
J8C<J
N<I<

Administrative expenses as a percent of sales were 7.6% 
@E

in 2024,
 
@E

8E;

7.0% in 2023 and 7.2%
@E

in 2022.
;D@E@JKI8K@M<
<OG<EJ<J

Administrative expenses
@E:I<8J<; 
in
increased 13% @E
2024

=IFD

0?<

from 2023. @E:I<8J<
was
The increase N8J
primarily
GI@D8I@CP
due
;L<
to
KF
costs
:FJKJ
associated
8JJF:@8K<;
with
N@K?
the
K?<
acquisition
8:HL@J@K@FE
(approximately
8GGIFO@D8K<CP


7
GF@EKJ
?@>?<I
:FJKJ
I<C8K<;
KF
:FJK
J8M@E>J
@E@K@8K@M<J
8GGIFO@D8K<CP

GF@EKJ
points), higher costs related to cost savings initiatives (approximately 5 points),
?@>?<I
><E<I8C
8;D@E@JKI8K@M<
:FJKJ
8E;
@E=C8K@FE

higher general administrative costs and inflation
8GGIFO@D8K<CP

GF@EKJ
(approximately 3 points),
K?<
@DG8:K
F=
K?<
8:HL@J@K@FE
8GGIFO@D8K<CP

GF@EKJ
8E;
?@>?<I
9<E<=@K
the impact of the acquisition (approximately 2 points) and higher benefit-related I<C8K<;
:FJKJ
8GGIFO@D8K<CP

costs (approximately
2
points),
GF@EKJ
partially
G8IK@8CCP
F==J<K
9P
@E:I<8J<;

offset by 9<E<=@KJ
=IFD

increased benefits :FJK
savings
from cost J8M@E>J
initiatives
@E@K@8K@M<J
(approximately
8GGIFO@D8K<CP

GF@EKJ
and
5 points) 8E;
lower
CFN<I
incentive
@E:<EK@M<

:FDG<EJ8K@FE
8GGIFO@D8K<CP

GF@EKJ
compensation (approximately 2 points).
;D@E@JKI8K@M<
<OG<EJ<J
@E:I<8J<;
Administrative expenses increased 6% 
@E

=IFD

in 2023 from 2022.
0?<
@E:I<8J<
N8J
GI@D8I@CP
;L<
KF
?@>?<I
><E<I8C
8;D@E@JKI8K@M<

The increase was primarily due to higher general administrative
:FJKJ
and
costs 8E;
inflation
@E=C8K@FE
(approximately
8GGIFO@D8K<CP
8 
points)
GF@EKJ
and
8E;
higher
?@>?<I
@E:<EK@M<
:FDG<EJ8K@FE
(approximately
incentive compensation 8GGIFO@D8K<CP
2
points),
GF@EKJ
partially
G8IK@8CCP
offset
F==J<K
by
9P

CFN<I
expenses
lower <OG<EJ<J
related
I<C8K<;
to
KF
the
K?<
settlement
J<KKC<D<EK
of
F=
certain
:<IK8@E
C<>8C

legal :C8@DJ
8GGIFO@D8K<CP
4
claims (approximately 
points)
GF@EKJ
Administrative
;D@E@JKI8K@M<
<OG<EJ<J

expenses in @E
2023


@E:CL;<;

D@CC@FE
F=
C@K@>8K@FE
<OG<EJ<J
I<C8K<;
KF
K?<
,CLD
989P
=FF;
8E;
JE8:BJ
9LJ@E<JJ
included $14 million of litigation expenses related to the Plum baby food and snacks business,
N?@:?
N<
;@M<JK<;
@E
)8P

which we divested in May 2021.
8-*6
<4*27*7

2(31*
Other Expenses / (Income)
+K?<I
<OG<EJ<J
@E

@E:CL;<;
K?<
=FCCFN@E>

Other expenses in 2024 included the following:
T• $129

D@CC@FE
F=
@DG8@ID<EK
:?8I><J
I<C8K<;
KF
K?<
45
!+)7+9
8E;
CC@<;
9I8E;J
KI8;<D8IBJ
million of impairment charges related to the Pop Secret and Allied brands trademarks;
T• $73

D@CC@FE
F=
8DFIK@Q8K@FE
F=
@EK8E>@9C<
8JJ<KJ
million of amortization of intangible assets,
@E:CL;@E>
8::<C<I8K<;
8DFIK@Q8K@FE
F=

D@CC@FE

including accelerated amortization of $27 million;
T• $35

D@CC@FE
F=
:FJKJ
8JJF:@8K<;
N@K?
K?<
8:HL@J@K@FE
F=
/FMFJ
I8E;J
8E;
million of costs associated with the acquisition of Sovos Brands; and
T• $26

D@CC@FE
F=
E<K
G<I@F;@:
9<E<=@K
<OG<EJ<
million of net periodic benefit expense,
@E:CL;@E>
G<EJ@FE
8E;
GFJKI<K@I<D<EK
8:KL8I@8C
CFJJ<J
F=

D@CC@FE
including pension and postretirement actuarial losses of $33 million
+K?<I
<OG<EJ<J
@E

@E:CL;<;
K?<
=FCCFN@E>
Other expenses in 2023 included the following:
T• $48

D@CC@FE
F=
8DFIK@Q8K@FE
F=
@EK8E>@9C<
8JJ<KJ
million of amortization of intangible assets,
@E:CL;@E>
8::<C<I8K<;
8DFIK@Q8K@FE
F=

D@CC@FE

including accelerated amortization of $7 million;
T• $13

D@CC@FE
CFJJ
FE
K?<
J8C<
F=
K?<
!D<I8C;
ELKJ
9LJ@E<JJ
million loss on the sale of the Emerald nuts business;
T• $5

D@CC@FE
F=
:FJKJ
8JJF:@8K<;
N@K?
K?<
8:HL@J@K@FE
F=
/FMFJ
I8E;J
8E;
million of costs associated with the acquisition of Sovos Brands; and
T• $35

D@CC@FE
F=
E<K
G<I@F;@:
9<E<=@K
@E:FD<
million of net periodic benefit income,
@E:CL;@E>
G<EJ@FE
8E;
GFJKI<K@I<D<EK
8:KL8I@8C
>8@EJ
F=

D@CC@FE
including pension and postretirement actuarial gains of $15 million
+K?<I
@E:FD<
@E

@E:CL;<;
K?<
=FCCFN@E>

Other income in 2022 included the following:
T• $41

D@CC@FE
F=
8DFIK@Q8K@FE
F=
@EK8E>@9C<
8JJ<KJ
8E;
million of amortization of intangible assets; and
T• $23

D@CC@FE
F=
E<K
G<I@F;@:
9<E<=@K
@E:FD<
million of net periodic benefit income,
@E:CL;@E>
G<EJ@FE
8E;
GFJKI<K@I<D<EK
8:KL8I@8C
CFJJ<J
F=

D@CC@FE
including pension and postretirement actuarial losses of $44 million
4*6&8.2,
&62.2,7
Operating Earnings
/<>D<EK
FG<I8K@E>
<8IE@E>J
@E:I<8J<;
Segment 
@E

=IFD

8E;
@E:I<8J<;
operating earnings increased 6% 
@E

=IFD

in 2024 from 2023 and increased 10% in 2023 from 2022.

E
8E8CPJ@J
F=
FG<I8K@E>
<8IE@E>J
9P
J<>D<EK
=FCCFNJ
An analysis of operating earnings by segment follows:

92?86
% Change
$:==:@?D
(Millions)  
2024  
2023  
2022    
2024/2023    
2023/2022
)<8CJ

<M<I8><J
Meals & Beverages 

$ 

974 

$ 

894 

$ 

874 
9 2
/E8:BJ
Snacks


648


640


517 1 
24

1,622
 

 

1,534
1,391
 
6 
10
FIGFI8K<
@E:FD<
<OG<EJ<
Corporate income (expense)


(584)


(206)


(223)

.<JKIL:KLI@E>
:?8I><J
Restructuring charges(1)



(38) 


(16) 

(5)
!8IE@E>J
9<=FI<
@EK<I<JK
8E;
K8O<J
Earnings before interest and taxes 
1,000
$ 


$  


1,312  

$ 1,163
777777777777777777777777777777777777777777

(1) /<<
*FK<

KF
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FEJFC@;8K<;
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/K8K<D<EKJ
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FE
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See Note 8 to the Consolidated Financial Statements for additional information on restructuring charges.
+G<I8K@E>
<8IE@E>J
=IFD
)<8CJ

<M<I8><J
@E:I<8J<;
Operating earnings from Meals & Beverages increased 9%
@E

M<IJLJ

in 2024 versus 2023.
0?<
@E:I<8J<
N8J
GI@D8I@CP
;L<
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9<E<=@K

The increase was primarily due the benefit
F=
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of the acquisition of Sovos Brands and lower marketing and selling expenses,
G8IK@8CCP
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partially offset by lower gross profit.
#IFJJ
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Gross profit
D8I>@E
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KF
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@E=C8K@FE
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:FJKJ
8E;
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;@CLK@M<
@DG8:K
F=
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8:HL@J@K@FE
margin decreased due to higher cost inflation and other supply chain costs and the dilutive impact of the acquisition,
G8IK@8CCP

partially
F==J<K
9P
JLGGCP
:?8@E
GIF;L:K@M@KP
@DGIFM<D<EKJ
offset by supply chain productivity improvements,
=8MFI89C<
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GI@:<
I<8C@Q8K@FE
8E;
=8MFI89C<
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favorable net price realization and favorable volume/mix.
+G<I8K@E>
<8IE@E>J
=IFD
)<8CJ

<M<I8><J
@E:I<8J<;
Operating earnings from Meals & Beverages increased 2% 
@E

M<IJLJ

in 2023 versus 2022.
0?<
@E:I<8J<
N8J
GI@D8I@CP
;L<
KF
?@>?<I

The increase was primarily due to higher
>IFJJ
GIF=@K
partially
gross profit, G8IK@8CCP
F==J<K
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higher
offset by ?@>?<I
marketing
D8IB<K@E>
and
8E;
selling
J<CC@E>
expenses.
<OG<EJ<J
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margin
Gross profit D8I>@E
;<:I<8J<;

decreased ;L<
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unfavorable
due to LE=8MFI89C<

MFCLD<D@O
N@K?
=8MFI89C<
E<K
GI@:<
I<8C@Q8K@FE
8E;
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GIF;L:K@M@KP
@DGIFM<D<EKJ
DFI<
K?8E
F==J<KK@E>
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volume/mix, with favorable net price realization and supply chain productivity improvements more than offsetting higher cost
@E=C8K@FE
8E;
FK?<I
JLGGCP
:?8@E
:FJKJ
inflation and other supply chain costs.


26
 +G<I8K@E>
<8IE@E>J
=IFD
/E8:BJ
@E:I<8J<;

@E

M<IJLJ

Operating earnings from Snacks increased 1% in 2024 versus 2023.
0?<
@E:I<8J<
N8J
GI@D8I@CP
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The increase was primarily due to higher gross profit,

G8IK@8CCP
F==J<K

partially 9P
higher
offset by ?@>?<I
marketing
D8IB<K@E>
and
8E;
selling
J<CC@E>
expenses.
<OG<EJ<J
#IFJJ
GIF=@K
margin
Gross profit D8I>@E
@E:I<8J<;
;L<
to
increased due KF
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:?8@E
productivity
supply chain GIF;L:K@M@KP

@DGIFM<D<EKJ
favorable
improvements, =8MFI89C<
net
E<K
price
GI@:<
realization
I<8C@Q8K@FE
and
8E;
benefits
9<E<=@KJ
=IFD
:FJK
J8M@E>J

from cost savings @E@K@8K@M<J
DFI<
than
initiatives more K?8E
F==J<KK@E>
?@>?<I
:FJK

offsetting higher cost
@E=C8K@FE
8E;
FK?<I
JLGGCP
:?8@E
:FJKJ
inflation and other supply chain costs.

+G<I8K@E>
<8IE@E>J
=IFD
/E8:BJ
@E:I<8J<;

@E

M<IJLJ

Operating earnings from Snacks increased 24% in 2023 versus 2022.
0?<
@E:I<8J<
N8J
GI@D8I@CP
;L<
KF
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GIF=@K
The increase was primarily due to higher gross profit,

G8IK@8CCP
F==J<K
9P
?@>?<I
D8IB<K@E>
8E;
J<CC@E>
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partially offset by higher marketing and selling expenses.
#IFJJ
GIF=@K
D8I>@E
@E:I<8J<;
;L<
KF
=8MFI89C<
E<K
GI@:<
I<8C@Q8K@FE

Gross profit margin increased due to favorable net price realization
8E;
supply
and JLGGCP
:?8@E
GIF;L:K@M@KP
@DGIFM<D<EKJ
chain productivity improvements,
partially
G8IK@8CCP
offset
F==J<K
by
9P
higher
?@>?<I
cost
:FJK
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other
inflation and FK?<I
supply
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:?8@E
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well
costs as N<CC
as
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LE=8MFI89C<
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unfavorable volume/mix.
FIGFI8K<
<OG<EJ<
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=FCCFN@E>
Corporate expense in 2024 included the following:
T• 
D@CC@FE
F=
@DG8@ID<EK
:?8I><J
I<C8K<;
KF
K?<
45
!+)7+9
8E;
CC@<;
9I8E;J
KI8;<D8IBJ
$129 million of impairment charges related to the Pop Secret and Allied brands trademarks;
T• 
D@CC@FE
F=
:FJKJ
8JJF:@8K<;
N@K?
K?<
8:HL@J@K@FE
F=
/FMFJ
I8E;J
$105 million of costs associated with the acquisition of Sovos Brands;
T• :FJKJ
F=

D@CC@FE
I<C8K<;
KF
:FJK
J8M@E>J
8E;
FGK@D@Q8K@FE
@E@K@8K@M<J
costs of $92 million related to cost savings and optimization initiatives;
T• 
D@CC@FE
F=
G<EJ@FE
8E;
GFJKI<K@I<D<EK
8:KL8I@8C
CFJJ<J
$33 million of pension and postretirement actuarial losses;
T• 
D@CC@FE
F=
8::<C<I8K<;
8DFIK@Q8K@FE
<OG<EJ<

$27 million of accelerated amortization expense;
T• 
D@CC@FE
F=
LEI<8C@Q<;
D8IB KF D8IB<K
CFJJ<J
FE
FLKJK8E;@E>
LE;<J@>E8K<;
:FDDF;@KP
?<;><J

$22 million of unrealized mark-to-market losses on outstanding undesignated commodity hedges;
T• 
D@CC@FE
F=
:<IK8@E
C@K@>8K@FE
<OG<EJ<J
$5 million of certain litigation expenses,
@E:CL;@E>
<OG<EJ<J
I<C8K<;
KF
K?<
,CLD
989P
=FF;
8E;
JE8:BJ
9LJ@E<JJ
8E;

including expenses related to the Plum baby food and snacks business; and
T• 
D@CC@FE
F=
:FJKJ
8JJF:@8K<;
N@K?
8
:P9<IJ<:LI@KP
@E:@;<EK
$3 million of costs associated with a cybersecurity incident.
FIGFI8K<
<OG<EJ<
@E

@E:CL;<;
K?<
=FCCFN@E>
Corporate expense in 2023 included the following:
T• :FJKJ
F=

D@CC@FE
I<C8K<;
KF
:FJK
J8M@E>J
@E@K@8K@M<J
costs of $50 million related to cost savings initiatives;
T• 
D@CC@FE
CFJJ
=IFD
K?<
J8C<
F=
K?<
!D<I8C;
ELKJ
9LJ@E<JJ

$13 million loss from the sale of the Emerald nuts business;
T• 
D@CC@FE
F=
8::<C<I8K<;
8DFIK@Q8K@FE
<OG<EJ<

$7 million of accelerated amortization expense;
T• 
D@CC@FE
F=
:FJKJ
8JJF:@8K<;
N@K?
K?<
8:HL@J@K@FE
F=
/FMFJ
I8E;J

$5 million of costs associated with the acquisition of Sovos Brands;
T• 
D@CC@FE
F=
LEI<8C@Q<;
D8IB KF D8IB<K
>8@EJ
FE
FLKJK8E;@E>
LE;<J@>E8K<;
:FDDF;@KP
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8E;
$21 million of unrealized mark-to-market gains on outstanding undesignated commodity hedges; and
T• 
D@CC@FE
F=
G<EJ@FE
8E;
GFJKI<K@I<D<EK
8:KL8I@8C
>8@EJ
$15 million of pension and postretirement actuarial gains.
FIGFI8K<
@E:FD<
@E

@E:CL;<;
K?<
=FCCFN@E>
Corporate income in 2022 included the following:
T• 
D@CC@FE
F=
LEI<8C@Q<;
D8IB KF D8IB<K
CFJJ<J
FE
FLKJK8E;@E>
LE;<J@>E8K<;
:FDDF;@KP
?<;><J
$59 million of unrealized mark-to-market losses on outstanding undesignated commodity hedges;
T• 
D@CC@FE
F=
G<EJ@FE
8E;
GFJKI<K@I<D<EK
8:KL8I@8C
CFJJ<J
8E;
$44 million of pension and postretirement actuarial losses; and
T• :FJKJ
F=

D@CC@FE
I<C8K<;
KF
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:FJK
J8M@E>J
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costs of $26 million related to the cost savings initiatives.
!O:CL;@E>
these
Excluding K?<J<
amounts,
8DFLEKJ
the
K?<
slight
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increase
@E:I<8J<
in
@E
2024

=IFD

was
from 2023 N8J
primarily
GI@D8I@CP
due
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to
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higher
?@>?<I
net
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periodic
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pension
G<EJ@FE
and
8E;

GFJKI<K@I<D<EK
9<E<=@K
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postretirement benefit income in the prior year,
DFJKCP
F==J<K
9P
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8;D@E@JKI8K@M<
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mostly offset by lower general and administrative expenses.
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Excluding these
8DFLEKJ
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amounts, the remaining change in 2023 from 2022 was primarily due to net periodic pension and postretirement benefit income
@E

8E;
?@>?<I
8;D@E@JKI8K@M<
<OG<EJ<J
in 2023 and higher administrative expenses,
@E:CL;@E>
C@K@>8K@FE
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989P
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8E;
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including litigation expenses related to the Plum baby food and snacks business.

28*6*78
<4*27*
Interest Expense
%EK<I<JK

Interest <OG<EJ<

expense @E:I<8J<;

increased toKF

D@CC@FE
in
$249 million @E
2024

from
=IFD

D@CC@FE
@E

$188 million 
The
in 2023. 0?<
increase
@E:I<8J<
@E

in @EK<I<JK

interest <OG<EJ<
N8J

expense was
GI@D8I@CP
;L<
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F=
;<9K
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8M<I8><
@EK<I<JK
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GFIK=FC@F
primarily due to higher levels of debt to fund the acquisition and higher average interest rates on the debt portfolio.
%EK<I<JK

Interest <OG<EJ<

expense ;<:I<8J<;
KF


decreased to D@CC@FE
@E

$188 million 
from
in 2023 =IFD

D@CC@FE
@E

$189 million 
0?<

in 2022. ;<:I<8J<
@E

The decrease in @EK<I<JK

interest <OG<EJ<
N8J

expense was
GI@D8I@CP
;L<
KF
8
CFJJ
FE
<OK@E>L@J?D<EK
F=
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F=

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@E

primarily due to a loss on extinguishment of debt of $4 million in 2022,
G8IK@8CCP
F==J<K
9P
?@>?<I
8M<I8><
@EK<I<JK
I8K<J
FE
K?<

partially offset by higher average interest rates on the
;<9K
GFIK=FC@F
debt portfolio.
"&<*7
32
&62.2,7
Taxes on Earnings
0?<
<==<:K@M<
K8O
I8K<
N8J

The 
@E

effective tax rate was 25.1% in 2024,
 
@E

8E;

23.9% 
@E

in 2023 and 22.4% in 2022.
0?<
@E:I<8J<

The @E
the
increase in K?<
effective
<==<:K@M<
tax
K8O
I8K<
@E
2024
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=IFD

was
from 2023 N8J
primarily
GI@D8I@CP
due
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to EFE;<;L:K@9C<
:FJKJ

KF
nondeductible 8JJF:@8K<;
with
costs associated N@K?
the
K?<

8:HL@J@K@FE
acquisition.
0?<
@E:I<8J<
in
The increase @E
the
K?<
effective
<==<:K@M<
I8K<

rate @E

from
in 2023 =IFD
2022

was
N8J
primarily
GI@D8I@CP
;L<
KF
the
due to K?<
=8MFI89C<

favorable @DG8:K

impact F=
JK8K<
income
of state @E:FD<
tax
K8O
law
C8N

:?8E><J
@E

changes in 2022.



27
 *7869(896.2,
-&6,*7
378
!&:.2,7
2.8.&8.:*7
&2)
8-*6
48.1.>&8.32
2.8.&8.:*7
Restructuring Charges, Cost Savings Initiatives and Other Optimization Initiatives
:19/>+'7
489
!';/3-8
3/9/'9/;+8
'3*
!3>*+78'3)+
3)
Multi-year Cost Savings Initiatives and Snyder's-Lance, Inc.
!3>*+78'3)+
489
"7'38,472'9/43
74-7'2
'3*
39+-7'9/43
(Snyder's-Lance) Cost Transformation Program and Integration
439/3:/3-
5+7'9/438
Continuing Operations
<>@EE@E>
@E

Beginning in 2015,
N<
@DGC<D<EK<;
@E@K@8K@M<J
KF
I<;L:<
:FJKJ
8E;
KF
JKI<8DC@E<
FLI
FI>8E@Q8K@FE8C
JKIL:KLI<
we implemented initiatives to reduce costs and to streamline our organizational structure.

+M<I
K?<
P<8IJ
Over the years,
N<
<OG8E;<;
K?<J<
@E@K@8K@M<J
9P
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KF
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D8EL=8:KLI@E>
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we expanded these initiatives by continuing to optimize our supply chain and manufacturing networks,
8J

as
N<CC
8J
FLI
@E=FID8K@FE
K<:?EFCF>P
@E=I8JKIL:KLI<
well as our information technology infrastructure.
+E
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On March 26,

2018,
N<
:FDGC<K<;
K?<
8:HL@J@K@FE
F=
/EP;<IJ (8E:<
,I@FI
KF
K?<
8:HL@J@K@FE
we completed the acquisition of Snyder's-Lance. Prior to the acquisition,
/EP;<IJ (8E:<
C8LE:?<;
8

Snyder's-Lance launched a
:FJK
transformation
cost KI8EJ=FID8K@FE
program
GIF>I8D
following
=FCCFN@E>
a8
:FDGI<?<EJ@M<

comprehensive I<M@<N

review F=
@KJ
FG<I8K@FEJ

of its N@K?
the
operations with K?<
>F8C
F=
J@>E@=@:8EKCP

goal of significantly @DGIFM@E>
@KJ

improving its
=@E8E:@8C
G<I=FID8E:<
financial performance.
3<
:FEK@EL<;
KF
@DGC<D<EK
K?@J
GIF>I8D
8E;
@;<EK@=@<;
FGGFIKLE@K@<J
=FI
8;;@K@FE8C
:FJK
JPE<I>@<J
8J
N<

We continued to implement this program and identified opportunities for additional cost synergies as we
@EK<>I8K<;
/EP;<IJ (8E:<
integrated Snyder's-Lance.
%E

In 2022,
N<
<OG8E;<;
K?<J<
@E@K@8K@M<J
8J
N<
:FEK@EL<;
KF
GLIJL<
:FJK
J8M@E>J
9P
=LIK?<I
FGK@D@Q@E>
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:?8@E
8E;

we expanded these initiatives as we continued to pursue cost savings by further optimizing our supply chain and
D8EL=8:KLI@E>
network
manufacturing E<KNFIB
and
8E;
through
K?IFL>?
effective
<==<:K@M<
cost
:FJK
management.
D8E8><D<EK
%E
K?<
J<:FE;

In the HL8IK<I
of
second quarter F=
2023,

we
N<
announced
8EEFLE:<;
plans
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consolidate our Snacks offices in Charlotte,
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North Carolina,
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Connecticut,
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into our headquarters in Camden,
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New
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Recognized as of
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2023  
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2024
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Restructuring charges 

$ 

17 

$ 

16 $


5 $


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24



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437
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26


18


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addition, we invested $543 million in capital expenditures as of July 28,
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information technology 8E;
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implementation F=
of FLI

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existing /,

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planning
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implementation costs and other related costs because we
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28
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Costs Incurred to
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(Millions)  
2024 2E6
Date
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Meals & Beverages 

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$ 

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38


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224
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104 

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of
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2024,

we
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substantially completed K?<
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savings @E@K@8K@M<J
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initiatives and /EP;<IJ (8E:<
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cost
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and
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and
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generated
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total
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million Certain phases that have not been fully implemented will be incorporated into the new cost savings initiatives described
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below.
!4;48
7'3*8
39+-7'9/43
3/9/'9/;+8
Sovos Brands Integration Initiatives
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12,
On March 
2024,

we
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completed
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the
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acquisition
8:HL@J@K@FE
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Sovos
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See Note 
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information.
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have
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identified opportunities for cost synergies as we integrate Sovos Brands.
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In 2024,
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we recorded Restructuring charges of $21 million of severance pay and benefits related to initiatives to achieve the
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the initiatives to achieve the synergies will be incorporated into the new cost savings
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initiatives described below.

489
!';/3-8
3/9/'9/;+8
2025 Cost Savings Initiatives
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10,
On September 
2024,

we
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announced
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plans
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implement newE<N
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initiatives beginning 
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in 2025, including
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initiatives to FGK@D@Q<
our
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costs for actions that have been identified to date are approximately $180 million and we expect
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to incur substantially all of the costs through 2028.
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severance pay and benefits; approximately $45 million in asset impairment and accelerated depreciation; and $110 million in
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approximately 80%; Snacks -
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approximately 5% and Corporate -
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approximately 15%.
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generate annual ongoing savings of approximately $250 million by the end of 2028.
9.+7
59/2/?'9/43
3/9/'9/;+8
Other Optimization Initiatives
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we
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to
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improve the F=
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our Snacks
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route-to-market
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network.
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in J<C<:K
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expenses of up to approximately $115 million through 2029.
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 In 2024,
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we incurred $5 million in Marketing and selling expenses
I<C8K<;
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related to this initiative.
# (,  +0
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LIQUIDITY +#
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AND CAPITAL RESOURCES
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We expect foreseeable C@HL@;@KP
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liquidity and I<JFLI:<
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which may include commercial paper; credit facilities; and cash and
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We believe that our sources of financing will be adequate to meet our future requirements.

3<
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We generated cash flows from operations of $1.185
9@CC@FE
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billion in 2024,
:FDG8I<;
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compared to $1.143 billion in 2023.
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The increase in

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2024 was primarily due to changes in working capital.
3<
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We generated cash flows from operations of $1.143
9@CC@FE
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billion in 2023,
:FDG8I<;
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compared to $1.181
9@CC@FE
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billion in 2022.
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The decline in

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2023 was primarily due changes in working capital,
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partially offset by lower cash earnings.

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We had negative working capital of $1.386 
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billion as of July 28,

2024,
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and $161 million as of July 30,

2023.
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Current assets
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were less than current liabilities,
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due to a focus on lowering core working capital
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billion as of July 28,

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and $191 million as of July 30,

2023.


29
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have
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allow participating suppliers to track payment obligations from us,
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sell those payment
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Supplier participation in these agreements is voluntary.
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We have no economic interest in a
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supplier's decision to enter into these agreements and no direct financial relationship with the fmancial institutions.
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$243 million at July 28,

2024,
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and $258 million at July 30,

2023.
8G@K8C
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Capital expenditures were $517 million in 2024,

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$370 million in 2023 and $242 million in 2022.
8G@K8C
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Capital expenditures are
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expected KF
total
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8GGIFO@D8K<CP

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$530 million 
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expenditures
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included
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chip
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and
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cracker :8G8:@KP

capacity
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expansion for our Snacks business,
LG>I8;<J
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upgrades of assets across both segments of the business,
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enhancements to our headquarters
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in Camden,
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New Jersey and network optimization for our Meals & Beverages business.
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and
chip 8E;
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expansion =FI

for FLI

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expenditures @E

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in 2022 included @DGIFM<D<EK

improvement F=
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quality
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of
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the continued implementation of our existing SAP enterprise-resource planning system for Snyder's-
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Lance and cookie and cracker capacity expansion for our Snacks business.
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8
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we have a direct-store-delivery distribution model that uses independent contractor distributors.
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From time to
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including certain routes under our optimization initiatives.
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the routes are reflected in investing activities.

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On March 12,

2024,
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8:HL@J@K@FE
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we completed the acquisition of Sovos Brands.
8J?
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Cash consideration was $2.857 billion.
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The acquisition
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was 0(
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funded through the 2024 DDTL Credit Agreement of $2 billion and cash on hand.
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On May 30,

2023,
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we completed the sale of our Emerald nuts business for $41 million
@M@;<E;
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Dividend payments were $445 million in 2024,

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$447 million in 2023 and $451 million in 2022.
EEL8C
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Annual dividends declared
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were 
per
$1.48 G<I
share
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2023
in 2024, 
and
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2022.

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fourth quarter N8J
$.37
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declaration of
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to
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of
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Board
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on
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various
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fmancial
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and
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decision
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the Board authorized an anti-dilutive share repurchase program of up to $250 million (June 2021 program) to
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the
offset K?<
impact
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of dilution J?8I<J
issued
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our
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compensation programs. &LE<
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program
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has no
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but it may be suspended or discontinued at any time.
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or privately KI8EJ8:K@FEJ
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the
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Board
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approved
8GGIFM<;
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strategic
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share
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repurchase
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program of up to $500 million (September 2021 program).
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but it may be
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under
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the
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/<GK<D9<I

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may
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made
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in open-market or
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privately negotiated transactions.
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In 2024,
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we repurchased 1 6 
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8
:FJK
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D@CC@FE
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million shares at a cost of $67 million pursuant to our June 2021
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program. As of July 28,

2024,
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approximately $37 million remained available under the June 2021 program and approximately

million
$301 D@CC@FE
remained
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under the 
program.
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we
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repurchased
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2 
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7 million 8K
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cost
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of 

$142
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million In 2022,
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I<GLI:?8J<;

we repurchased 3.8 
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8
:FJK
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D@CC@FE
million shares at a cost of $167 million
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In September 2024,
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8LK?FI@Q<;
8
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the Board authorized a new
8EK@ ;@CLK@M<
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I<GLI:?8J<
GIF>I8D
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LG
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/<GK<D9<I

GIF>I8D
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@DG8:K
F=
;@CLK@FE
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anti-dilutive share repurchase program of up to $250 million (September 2024 program) to offset the impact of dilution from
J?8I<J
@JJL<;

shares LE;<I
our
issued under FLI
stock
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:FDG<EJ8K@FE
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compensation programs. /<GK<D9<I
2024
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program
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expiration ;8K<
date,
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it
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may
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Repurchases under the September 2024 program may be made in open-market D8IB<K
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or privately negotiated
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See
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Note
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16

to
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the
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Statements
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and
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Capital
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Shareholder Matters and Issuer Purchases of Equity Securities" for additional information.



30
 +E
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On October 10,

2023,
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<EK<I<;
@EKF
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we entered into the 2024 DDTL 0(
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9@CC@FE
J:?<;LC<;
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D8KLI<
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Credit Agreement totaling up to $2 billion scheduled to mature on
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8,

October 2024.
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Loans under the 2024 DDTL 0(
I<;@K
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9<8I
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Credit Agreement bear interest at the rates specified in the 2024 DDTL 0(
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Credit
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vary
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based
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type
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loan and FK?<I
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certain other conditions.
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DDTL
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Agreement
>I<<D<EK
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contains
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customary representations and warranties,
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including a financial covenant with respect to a
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minimum @EK<I<JK
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consolidated interest I8K@F
of
coverage ratio F=
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consolidated @EK<I<JK

interest <OG<EJ<
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expense (as @J

each is
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defined in the 2024 DDTL 0(
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Credit Agreement) of not less than 3.25:1.00, and events of default for credit facilities of this type.

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The proceeds of the loans under the 2024 DDTL 0(
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Credit Agreement could only be used in connection with the acquisition of
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and
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the
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payment
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fees and expenses @E:LII<;

incurred @E

in :FEE<:K@FE
K?<I<N@K?
On
connection therewith. +E
March
)8I:?
12,

2024,

we
N<
borrowed
9FIIFN<;


9@CC@FE
under
$2 billion LE;<I
the
K?<
2024

DDTL0(
Credit
I<;@K
Agreement
>I<<D<EK
and8E;
used
LJ<;
the
K?<
proceeds
GIF:<<;J
@E
FI;<I
to
in order KF
=LE;
K?<
acquisition
fund the 8:HL@J@K@FE
of
F=
Sovos
/FMFJ
Brands,
I8E;J

8CFE>
N@K?
K?<
=<<J
8E;
<OG<EJ<J
@E:LII<;
@E
:FEE<:K@FE
K?<I<N@K?
along with the fees and expenses incurred in connection therewith.
%E
L>LJK
2023,
In August 
we
N<
=@C<;

filed a8
registration
I<>@JKI8K@FE
statement
JK8K<D<EK
with
N@K?
the
K?<
/<:LI@K@<J
8E;
!O:?8E><

Securities and FDD@JJ@FE
that
Exchange Commission K?8K
I<>@JK<I<;

registered an8E

@E;<K<ID@E8K<
8DFLEK
of
indeterminate amount F=
debt
;<9K
J<:LI@K@<J
securities.
Under
1E;<I
the
K?<
registration
I<>@JKI8K@FE
statement
JK8K<D<EK
we
N<
may
D8P
issue
@JJL<
debt
;<9K
J<:LI@K@<J

securities =IFD
K@D<
to
from time KF
time,
K@D<

;<G<E;@E>
FE
D8IB<K
:FE;@K@FEJ
depending on market conditions.
+E
)8I:?

On March 19,
2024,
GLIJL8EK
KF
K?<
I<>@JKI8K@FE
JK8K<D<EK
pursuant to the registration statement,
N<
@JJL<;
J<E@FI
LEJ<:LI<;
EFK<J

we issued senior unsecured notes
F=
 
9@CC@FE
of $2.5 billion,
:FEJ@JK@E>
F=
consisting of:
T• 
D@CC@FE
aggregate
$400 million 8>>I<>8K<
principal
GI@E:@G8C
amount
8DFLEK
of
F=
notes
EFK<J
bearing
9<8I@E>
@EK<I<JK
8K
a8
fixed
interest at =@O<;
I8K<

rate F=

of 5.30%

per
G<I
annum,
8EELD
;L<

due
)8I:?
20,
March 
2026,

with
N@K?
interest
@EK<I<JK
payable
G8P89C<
semi-annually
J<D@ 8EEL8CCP
on
FE
each
<8:?
of
F=
March
)8I:?
20 
and
8E;
/<GK<D9<I

commencing
September 20 :FDD<E:@E>

/<GK<D9<I

September 20,

2024;
T• 
D@CC@FE
aggregate
$500 million 8>>I<>8K<
principal
GI@E:@G8C
amount
8DFLEK
of
F=
notes
EFK<J
bearing
9<8I@E>
@EK<I<JK
8K
a8
fixed
interest at =@O<;
I8K<

rate F=

of 5.20%

per
G<I
annum,
8EELD
;L<

due
)8I:?
19,
March 
2027,

with
N@K?
interest
@EK<I<JK
payable
G8P89C<
semi-annually
J<D@ 8EEL8CCP
on
FE
each
<8:?
of
F=
March
)8I:?
19 
and
8E;
/<GK<D9<I

commencing
September 19 :FDD<E:@E>

/<GK<D9<I

September 19,

2024;
T• 
D@CC@FE
aggregate
$600 million 8>>I<>8K<
principal
GI@E:@G8C
amount
8DFLEK
of
F=
notes
EFK<J
bearing
9<8I@E>
@EK<I<JK
8K
a8
fixed
interest at =@O<;
I8K<

rate F=

of 5.20%

per
G<I
annum,
8EELD
;L<

due
)8I:?
21,
March 
2029,

with
N@K?
interest
@EK<I<JK
payable
G8P89C<
semi-annually
J<D@ 8EEL8CCP
on
FE
each
<8:?
of
F=
March
)8I:?
21 
and
8E;
/<GK<D9<I

commencing
September 21 :FDD<E:@E>

/<GK<D9<I

September 21,

8E;

2024; and
T• 
9@CC@FE
aggregate
$1 billion 8>>I<>8K<
principal
GI@E:@G8C
amount
8DFLEK
of
F=
notes
EFK<J
bearing
9<8I@E>
@EK<I<JK
8K
a8
fixed
interest at =@O<;
rate
I8K<
of
F=
5.40%

per
G<I
annum,
8EELD
;L<

due
)8I:?
21,
March 
2034,

with
N@K?
interest
@EK<I<JK
payable
G8P89C<
semi-annually
J<D@ 8EEL8CCP
on
FE
each
<8:?
of
F=
March
)8I:?
21 
and
8E;
/<GK<D9<I

September 21
commencing
:FDD<E:@E>

/<GK<D9<I

September 21,

2024.
0?<
EFK<J
:FEK8@E
:LJKFD8IP
:FM<E8EKJ
8E;
<M<EKJ
F=
;<=8LCK
The notes contain customary covenants and events of default.
%=
8
:?8E><
F=
:FEKIFC
KI@>><I@E>
<M<EK
F::LIJ
If a change of control triggering event occurs,
N<
N@CC
9<
I<HL@I<;

we will be required
KF
F==<I
KF
GLI:?8J<
K?<
EFK<J
8K
8
GLI:?8J<
GI@:<
<HL8C
KF

F=
K?<
GI@E:@G8C
8DFLEK
GCLJ
8::IL<;
8E;
LEG8@;
@EK<I<JK
to offer to purchase the notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest,
@=
8EP if any,

KF
the
to K?<
purchase
GLI:?8J<
date. 3<
used
;8K<
We LJ<;
the
K?<
net
E<K
proceeds
GIF:<<;J
from
=IFD
the
K?<
sale
J8C<
F=
K?<
notes
of the EFK<J
to
KF
repay
I<G8P
the
K?<
$2

billion
9@CC@FE
of
F=
outstanding
FLKJK8E;@E>
borrowings
9FIIFN@E>J

LE;<I
K?<


under the 2024 DDTL 0(
I<;@K
>I<<D<EK
LJ<;
KF
=LE;
K?<
/FMFJ
I8E;J
8:HL@J@K@FE
Credit Agreement used to fund the Sovos Brands acquisition,
@E:CL;@E>
=<<J
8E;
<OG<EJ<J
@E
:FEE<:K@FE

including fees and expenses in connection
K?<I<N@K?
8E;
K?<
I<D8@E;<I
F=
K?<
E<K
GIF:<<;J
KF
I<G8P
:FDD<I:@8C
G8G<I
therewith, and the remainder of the net proceeds to repay commercial paper.
+E
*FM<D9<I

On November 15,
 2022,
N<
<EK<I<;
@EKF
8
;<C8P<;
;I8N
K<ID
CF8E
:I<;@K
8>I<<D<EK
K?<


we entered into a delayed draw term loan credit agreement (the 2022 DDTL 0(
I<;@K
>I<<D<EK

Credit Agreement)
KFK8C@E>
LG
KF

D@CC@FE
J:?<;LC<;
KF
D8KLI<
FE
*FM<D9<I

totaling up to $500 million scheduled to mature on November 15,
 2025.
(F8EJ
LE;<I
K?<


Loans under the 2022 DDTL 0(
I<;@K
>I<<D<EK
9<8I

Credit Agreement bear
@EK<I<JK
at
interest 8K
the
K?<
I8K<J
JG<:@=@<;
@E

rates specified K?<
2022
in the 
DDTL 0(
Credit
I<;@K
Agreement,
>I<<D<EK
whichN?@:?
vary
M8IP
based
98J<;
FE
K?<
type
on the KPG<
of
F=
CF8E
8E;
certain
loan and :<IK8@E
other
FK?<I

:FE;@K@FEJ
0?<

conditions. 
DDTL
The 2022 0(
Credit
I<;@K
Agreement
>I<<D<EK
contains
:FEK8@EJ
customary
:LJKFD8IP
I<GI<J<EK8K@FEJ
8E;
warranties,
representations and N8II8EK@<J
affirmative
8==@ID8K@M<
and
8E;
negative
E<>8K@M<

:FM<E8EKJ
@E:CL;@E>

covenants, including a8
=@E8E:@8C
:FM<E8EK
with
fmancial covenant N@K?
I<JG<:K

respect to KF
a8
minimum
D@E@DLD
consolidated
:FEJFC@;8K<;
@EK<I<JK
:FM<I8><
ratio
interest coverage I8K@F
of
F=
consolidated
:FEJFC@;8K<;

8;ALJK<;
!%0
adjusted EBITDA 
KF
:FEJFC@;8K<;
@EK<I<JK
<OG<EJ<
8J
<8:?
@J
;<=@E<;
@E
K?<


to consolidated interest expense (as each is defined in the 2022 DDTL 0(
I<;@K
>I<<D<EK
F=
EFK
C<JJ
K?8E

Credit Agreement) of not less than
  
and
3.25:1.00, 8E;
events
<M<EKJ
of
F=
;<=8LCK

default for=FI
credit
:I<;@K
=8:@C@K@<J
F=
this
facilities of K?@J
type.
KPG<
We
3<
borrowed
9FIIFN<;

D@CC@FE
LE;<I

$500 million K?<
2022
under the 
DDTL 0(
Credit
I<;@K

>I<<D<EK
FE
)8I:?

Agreement on March 13,

2023,
8E;
LJ<;
K?<
GIF:<<;J
8E;
:8J?
FE
?8E;
KF
I<G8P
K?<

and used the proceeds and cash on hand to repay the 3.65% 

D@CC@FE
*FK<J
K?8K
D8KLI<;
FE

$566 million Notes that matured on
)8I:?
15,
March 
2023.

On
+E
April
GI@C
5,
2024,

we
N<
repaid
I<G8@;

D@CC@FE
of
$100 million F=
the
K?<

D@CC@FE
outstanding
$500 million FLKJK8E;@E>
under
LE;<I
the
K?<
2022

DDTL 0(
Credit
I<;@K

>I<<D<EK
Agreement.
+E
GI@C
16,
On April 
2024,

we
N<
terminated
K<ID@E8K<;
our
FLI
existing
<O@JK@E>
I<MFCM@E>

revolving :I<;@K

credit =8:@C@KP
;8K<;
/<GK<D9<I

facility dated September 27, 
2021

(as
8J
amended
8D<E;<;
onFE

GI@C
4,
April 
2023).

On
+E
April
GI@C
16,

2024,

we
N<
entered
<EK<I<;
into
@EKF
a8
Five-Year
"@M< 5<8I
Credit
I<;@K
Agreement
>I<<D<EK
=FI
8E
unsecured,
for an LEJ<:LI<;
J<E@FI
I<MFCM@E>
:I<;@K

senior revolving credit
=8:@C@KP
K?<

.<MFCM@E>
I<;@K
"8:@C@KP
>I<<D<EK
@E
8E
8>>I<>8K<
GI@E:@G8C
8DFLEK
<HL8C
KF

facility (the 2024 Revolving Credit Facility Agreement) in an aggregate principal amount equal to $1.85 
9@CC@FE
N@K?
8
D8KLI@KP

billion with a maturity
;8K<
of
date F=
April
GI@C
16,

2029,

or
FI
such
JL:?
later
C8K<I
;8K<
8J
<OK<E;<;

date as GLIJL8EK
to
extended pursuant KF
the
K?<
terms
K<IDJ
set
J<K
=FIK?
@E
the
forth in K?<
2024

Revolving
.<MFCM@E>
Credit
I<;@K
Facility
"8:@C@KP

>I<<D<EK
0?<

.<MFCM@E>
I<;@K
"8:@C@KP
>I<<D<EK
I<D8@E<;
LELJ<;
8K
&LCP

Agreement. The 2024 Revolving Credit Facility Agreement remained unused at July 28,
 2024,
<O:<GK
=FI

D@CC@FE
F=
JK8E;9P

except for $1 million of standby
C<KK<IJ
F=
:I<;@K
K?8K
N<
@JJL<;
LE;<I
@K
letters of credit that we issued under it.
3<
D8P
@E:I<8J<
K?<

.<MFCM@E>
I<;@K
"8:@C@KP
>I<<D<EK
:FDD@KD<EKJ
LG
KF
8E

We may increase the 2024 Revolving Credit Facility Agreement commitments up to an
8;;@K@FE8C


additional D@CC@FE
JL9A<:K

$500 million, subject toKF
the
K?<
satisfaction
J8K@J=8:K@FE
ofF=
:<IK8@E

certain :FE;@K@FEJ
conditions.
Loans
(F8EJ
under
LE;<I
the
K?<
2024

Revolving
.<MFCM@E>
Credit
I<;@K
Facility
"8:@C@KP

>I<<D<EK
N@CC
9<8I
@EK<I<JK
8K
K?<
I8K<J
JG<:@=@<;
@E
K?<

.<MFCM@E>
I<;@K
"8:@C@KP
>I<<D<EK
Agreement will bear interest at the rates specified in the 2024 Revolving Credit Facility Agreement,
N?@:?
M8IP
98J<;
FE
K?<

which vary based on the
KPG<
F=
CF8E
8E;
:<IK8@E
FK?<I
:FE;@K@FEJ
type of loan and certain other conditions.
0?<

.<MFCM@E>
I<;@K
"8:@C@KP
>I<<D<EK
=8:@C@KP
:FEK8@EJ
:LJKFD8IP
:FM<E8EKJ
The 2024 Revolving Credit Facility Agreement facility contains customary covenants,

@E:CL;@E>
a8
=@E8E:@8C

including :FM<E8EK
with
financial covenant N@K?
respect
I<JG<:K
to
KF
a8
minimum
D@E@DLD
consolidated
:FEJFC@;8K<;
@EK<I<JK

interest :FM<I8><
I8K@F
F=

coverage ratio of :FEJFC@;8K<;
8;ALJK<;

consolidated adjusted
!%0 
KF
:FEJFC@;8K<;
@EK<I<JK
<OG<EJ<
F=
EFK
C<JJ
K?8E

EBITDA to consolidated interest expense of not less than 3.25:1.00  
8E;
:LJKFD8IP
<M<EKJ
F=
;<=8LCK
=FI
:I<;@K
=8:@C@K@<J
F=
K?@J

and customary events of default for credit facilities of this
KPG<
The
type. 0?<
facility
=8:@C@KP
supports
JLGGFIKJ
our
FLI
commercial
:FDD<I:@8C
paper
G8G<I
program
GIF>I8D
and
8E;
other
FK?<I
><E<I8C

general :FIGFI8K<
GLIGFJ<J
We
corporate purposes. 3<
<OG<:K

expect toKF
:FEK@EL<
KF

continue to
8::<JJ
the
access K?<
:FDD<I:@8C
G8G<I
markets,
commercial paper D8IB<KJ
bank
98EB
:I<;@K

credit C@E<J
8E;
utilize
lines and LK@C@Q<
cash
:8J?
flows
=CFNJ
=IFD
FG<I8K@FEJ
to
from operations KF
JLGGFIK
FLI
short-term
support our J?FIK K<ID

C@HL@;@KP
I<HL@I<D<EKJ
liquidity requirements.



31
 J
of
As F=
July
&LCP
28,

2024,

we
N<
had
?8;
 
billion
$1.423 9@CC@FE
F=

of J?FIK K<ID
borrowings
short-term 9FIIFN@E>J
due
;L<
within
N@K?@E
one
FE<
year,
P<8I
of
F=
which
N?@:?

D@CC@FE
was
$250 million N8J

:FDGI@J<;
F=
:FDD<I:@8C
G8G<I
9FIIFN@E>J
comprised of commercial paper borrowings.
J
F=
&LCP

As of July 28,

2024,
N<
@JJL<;

D@CC@FE
F=
JK8E;9P
C<KK<IJ
F=
:I<;@K
we issued $28 million of standby letters of credit.
3<
8I<
@E
:FDGC@8E:<
N@K?
K?<
:FM<E8EKJ
:FEK8@E<;
@E
FLI
:I<;@K
=8:@C@K@<J
8E;
;<9K
J<:LI@K@<J
We are in compliance with the covenants contained in our credit facilities and debt securities.
&%+)+,#
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CONTRACTUAL + &%*
%
&+)
&$$
OBLIGATIONS +$%+*
AND OTHER COMMITMENTS
3286&(89&0
'0.,&8.327
Contractual Obligations
3<
have
We ?8M<
J?FIK
short-
and
8E;
long-term
CFE> K<ID
material
D8K<I@8C
:8J?
I<HL@I<D<EKJ
related
cash requirements I<C8K<;
to
KF
FLI

our :FEKI8:KL8C
F9C@>8K@FEJ
that
contractual obligations K?8K
arise
8I@J<
@E
K?<
normal
in the EFID8C

:FLIJ<
F=
business.
course of 9LJ@E<JJ
%E
8;;@K@FE
to
In addition KF
principal
GI@E:@G8C
and
8E;
@EK<I<JK
G8PD<EKJ
FE

interest payments FLI
FLKJK8E;@E>

on our outstanding ;<9K
F9C@>8K@FEJ
FLI

debt obligations, our :FEKI8:KL8C

contractual
F9C@>8K@FEJ
GI@D8I@CP
:FEJ@JK
F=
GLI:?8J<
:FDD@KD<EKJ
obligations primarily consist of purchase commitments,
C<8J<
G8PD<EKJ
8E;
G<EJ@FE
8E;
GFJKI<K@I<D<EK
9<E<=@KJ
lease payments and pension and postretirement benefits.
/<<
*FK<

KF
K?<
FEJFC@;8K<;
"@E8E:@8C
/K8K<D<EKJ
=FI
8
JLDD8IP
F=
FLI
GI@E:@G8C
G8PD<EKJ
=FI
J?FIK
See Note 13 to the Consolidated Financial Statements for a summary of our principal payments for short-term K<ID
9FIIFN@E>J

borrowings
8E;
CFE>
and K<ID
;<9K
F9C@>8K@FEJ
8J
F=
&LCP

long-term debt obligations as of July 28,

2024.
%EK<I<JK
G8PD<EKJ
GI@D8I@CP
=FI
J?FIK K<ID
9FIIFN@E>J
8E;
CFE>
Interest payments primarily for short-term K<ID
;<9K
8J

borrowings and long-term debt as
F=
&LCP

of July 28,

8I<
8GGIFO@D8K<CP
8J
=FCCFNJ

D@CC@FE
@E


D@CC@FE
@E

K?IFL>?


D@CC@FE
@E


2024 are approximately as follows: $319 million in 2025; $476 million in 2026 through 2027; $348 million in 2028
K?IFL>?

8E;

through 
9@CC@FE
=IFD

K?IFL>?
D8KLI@KP
2029; and $1.336 billion from 2030 through maturity.
%EK<I<JK
G8PD<EKJ
8I<
98J<;
FE
GI@E:@G8C
8DFLEKJ
8E;
:FLGFEJ
FI

Interest payments are based on principal amounts and coupons or
:FEKI8:KL8C
I8K<J
8K
=@J:8C
P<8I
<E;
contractual rates at fiscal year end.
,LI:?8J<
commitments
Purchase :FDD@KD<EKJ
I<GI<J<EK
GLI:?8J<
FI;<IJ

represent purchase 8E;
CFE>
orders and K<ID
purchase
long-term GLI:?8J<
arrangements
8II8E><D<EKJ
related
I<C8K<;
to
KF
the
K?<
procurement
GIF:LI<D<EK
of F=

@E>I<;@<EKJ
ingredients,
JLGGC@<J
supplies,
D8:?@E<IP
machinery,
<HL@GD<EK
equipment,
:FEKI8:K
D8EL=8:KLI@E>
8E;
J<IM@:<J
contract manufacturing and services.
J
F=
&LCP

As of July 28,

2024,
GLI:?8J<
:FDD@KD<EKJ

purchase commitments
KFK8C<;
approximately
totaled 8GGIFO@D8K<CP
$1.879
 
billion.
9@CC@FE
Approximately
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ordinary course of business in the next 12 months and the balance of $576 million from 2026 through 2031.
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See Note 11 to the Consolidated Financial Statements for a summary of our lease obligations as of July 28,

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we have a pension liability of $103 million and a postretirement benefit obligation of $145 million.
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we also have a pension asset of $143 million based on the funded status of certain plans.
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Consolidated Financial Statements and "Critical Accounting Estimates" for further discussion of our pension and postretirement
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benefit obligations.
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Off-Balance Sheet Arrangements and Other Commitments
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borrowings, which may include commercial paper; credit facilities; and cash and cash equivalents.
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of financing will be adequate to meet our future requirements.
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commodity prices.
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we are exposed to equity price changes related to certain deferred compensation obligations.
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foreign
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for periods N@K?
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arrangements in connection with the purchase of raw materials,
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including certain commodities and agricultural products.
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also enter into commodity futures,
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options and swap contracts to reduce the volatility of price fluctuations of wheat,
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soybean oil,
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natural >8J
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for speculative
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purposes and do not use leveraged instruments.

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The information below summarizes our market risks associated with significant financial instruments as of July 28,
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Fair values included herein have been determined based on quoted market prices or pricing models using current market rates.

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Notes
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to hedge these exposures.
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The notional amounts of the contracts as of July 28,

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and July 30,

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were $297 million and

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respectively.
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The aggregate fair value of all contracts was a gain of $2 million as of July 28,
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and a loss of



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$1 million as of July 30,

2023.

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foreign exchange contracts by approximately $16 million as of July 28,

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and $17 million as of July 30,

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debt of $650 million with an average interest rate of 6.20%. 
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As of
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July 
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debt of $6.584 

billion with a weighted average interest rate of 4.38%.
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debt of $4.041 
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billion with a weighted average interest rate of 3.79%. The
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fair value of fixed-rate 
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debt was $6.216 billion as of July 28,

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2024 and $3.615 billion as of July 30,

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As of July 28,

2024,

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and July 30,

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increase in interest rates would decrease the fair value of our fixed-rate debt
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by approximately $312 million and $221 million,
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while a hypothetical 100-basis-point decrease in interest rates
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would I8K<
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increase the fair value of our fixed-rate debt by approximately $348 million and $256 million,
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respectively.
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The impact
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of market interest rate fluctuations on our long-term debt does not affect our results of operations or financial position.
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We manage our exposure to changes in interest rates by optimizing the use of variable-rate I8K<
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time,
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rate
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swaps @E
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our variable-to-total debt I8K@F
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our
manage FLI
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to
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interest
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volatility
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on
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future debt 9P
entering
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into =FIN8I;
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or
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treasury lock contracts to hedge the rate on the interest payments related to the anticipated debt issuance.
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starting @EK<I<JK
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or treasury :FEKI8:KJ
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as
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2024

and
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July
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30,

2023.

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=FIN8I;

settled forward
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starting interest rate swaps with a notional value of $1.1
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8
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billion in March 2024 at a loss of $11 million
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The $11 million loss on
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these instruments was recorded in other comprehensive income (loss) and will be recognized as additional interest expense over
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the P<8I
5-year,
10-year, P<8I
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and 3-year lives of the debt issued in March 2024.
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Subsequent to July 28,
 2024,
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would impact the fair value of our outstanding commodity contracts by approximately $24 million as of July 28,
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ESTIMATES
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reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses
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during the periods presented.
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Actual results could differ from those estimates and assumptions.
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See Note 1 to the Consolidated
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Financial Statements for a discussion of significant accounting policies.
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estimates and assumptions:
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Trade and consumer promotion programs -We offer various sales incentive programs to customers and consumers,
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performance were to vary from estimates.
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As of July 28,

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the carrying value of goodwill was $5.077 
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which included $1.116 
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billion from the acquisition
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outlook for the business and recognized an impairment charge of $76 million on the trademark.
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trademarks was $3.882 billion as detailed below:
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'48
Rao's $
 

1,470
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4,
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Snyder's of Hanover


620
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Lance


350
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7'3*
Kettle Brand


318
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Pacific Foods


280
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Cape Cod


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Various other Snacks(1)


365
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3,882
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with the acquisition of Snyder's-Lance and includes the Pop Secret and Allied brands trademarks.


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value. Holding all other assumptions used in the acquisition valuation measurement constant,
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changes in the assumptions below
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would reduce the fair value of this trademark and result in impairment charges of approximately:
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1% reduction in revenue growth $


95

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1% decrease in royalty rate $


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the Rao's trademark and the Pop Secret trademark,
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which was sold on August 26,
 2024,
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as of the 2024 annual
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Snyder's of Hanover, Pace, Pacific Foods and certain
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in the
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assumptions below would reduce fair value of trademarks and result in impairment charges of approximately:
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Various
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Snyder's of &(.+.(

Pacific @E96C

other
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Hanover &(*
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1% reduction in revenue growth $
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1% decrease in royalty rate $


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our
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potential impairment charges could result.

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perform the required calculations to determine
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expense. Actuarial gains and losses are recognized immediately in Other expenses / (income) in the Consolidated Statements of
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plans. We use a full yield curve approach to estimate service cost and interest cost by applying the specific spot rates along the
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we have a pension liability of $103 million and a postretirement benefit obligation of $145 million.
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of July 28,

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we also have a pension asset of $143 million based on the funded status of certain plans.
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39 


$ (22) $ 

(7)
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Actuarial losses (gains) 

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33 


$ (15) $ 

44


35
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partially offset by increases in
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Pension
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 5.46%
  
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Discount rate for obligations 5.23%
 5.47%
  
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Based on benefit obligations and plan assets as of July 28,

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estimated sensitivities to 2025 annual net periodic pension
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and postretirement cost are as follows:
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an immediate actuarial gain recognition of approximately $43 million;
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immediate actuarial loss recognition of approximately $47 million; and
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50-basis-point reduction in the estimated return on assets assumption would result in expense of approximately $6
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2023 and 2022 and are not expected to be material in 2025.
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also
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Note
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to
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the
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Consolidated
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Financial
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Significant judgment is required in determining the effective tax rate and in evaluating tax positions.
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Income taxes are recorded
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liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are
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See also Notes 1 and 12 to the Consolidated Financial Statements for further discussion on income taxes.

)%+
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RECENT %
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ACCOUNTING PRONOUNCEMENTS
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See Note 2 to the Consolidated Financial Statements for information on recent accounting pronouncements.
,+ &%)0
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CAUTIONARY FACTORS THAT MAY AFFECT FUTURE RESULTS
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Report contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of

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1995. CFFB@E>
statements
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reflect our current expectations regarding our future results of F=
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economic
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performance, financial :FE;@K@FE
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and estimates which could be inaccurate and which are inherently subject to risks and uncertainties.
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We wish to caution the reader that the following important factors and those important factors described in Part 1,
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Item 1A
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and elsewhere in this Report,
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or in our other Securities and Exchange Commission filings,
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could affect our actual results and
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cause such results to vary materially from those expressed in any forward-looking statements made by,
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or on behalf of,

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the risk that the cost savings and any other synergies from the Sovos Brands transaction may not be fully realized or
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including that the Sovos Brands transaction may not be
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accretive within the expected timeframe or the extent anticipated;


36
 •T K?<
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the risks related to the availability of,
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and cost inflation in,
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supply chain inputs,
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including labor,
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raw materials,

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commodities,
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packaging and transportation;
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our ability to execute on and realize the expected benefits from our strategy,
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including growing sales in snacks and
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growing/maintaining our market share position in soup;
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the impact of strong competitive responses to our efforts to leverage brand power with product innovation,

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the risks associated with trade and consumer acceptance of product improvements,
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new products
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our ability to realize projected cost savings and benefits from cost savings initiatives and the integration of recent
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disruptions in or inefficiencies to our supply chain and/or operations,
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including reliance on key contract manufacturer
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and supplier relationships;
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risks related to the effectiveness of our hedging activities and our ability to respond to volatility in commodity prices;
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our ability to manage changes to our organizational structure and/or business processes,
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manufacturing and information management systems or processes;
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changes in consumer demand for our products and favorable perception of our brands;
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changing inventory management practices by certain of our key customers;
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changing customer landscape,
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while certain of
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D8@EK8@E
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our key customers maintain significance to our business;
•T GIF;L:K
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8E;
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@JJL<J
product quality and safety issues,
@E:CL;@E>
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including recalls and product liabilities;
•T K?<
GFJJ@9C<
;@JILGK@FE
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;@JKI@9LK@FE
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the possible disruption to the independent contractor distribution models used by certain of our businesses,
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including
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as a result of litigation or regulatory actions affecting their independent contractor classification;
•T K?<
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the uncertainties of litigation and regulatory actions against us;
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the costs,
;@JILGK@FE
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;@M<IJ@FE
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8JJF:@8K<;
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8:K@M@JK
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disruption and diversion of management's attention associated with activist investors;
•T a8
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disruption,
=8@CLI<
FI
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9I<8:?
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FI
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@E=FID8K@FE
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failure or security breach of our or our vendors' information technology systems,
@E:CL;@E>
I8EJFDN8I<

including ransomware
8KK8:BJ

attacks;
•T @DG8@ID<EK
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8JJ<KJ

impairment to goodwill or other intangible assets;
•T FLI
89@C@KP
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GIFK<:K
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our ability to protect our intellectual property rights;
•T @E:I<8J<;
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8E;
:FJKJ
I<C8K<;
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;<=@E<;
9<E<=@K
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increased liabilities and costs related to our defined benefit pension plans;
•T FLI
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our ability to attract and retain key talent;
•T >F8CJ
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goals and initiatives related to,
8E;
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and the impacts of,
:C@D8K<
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climate change,
@E:CL;@E>
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<M<EKJ
including from weather-related events;
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negative changes and volatility in financial and credit markets,
;<K<I@FI8K@E>
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:FE;@K@FEJ
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deteriorating economic conditions and other external
=8:KFIJ
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:?8E><J
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factors, including changes in laws and regulations;
•T FLI
@E;<9K<;E<JJ
8E;
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G8P
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our indebtedness and ability to pay such indebtedness; and
T• LE=FI<J<<E
9LJ@E<JJ
;@JILGK@FEJ
FI
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unforeseen business disruptions or other impacts due to political instability,
:@M@C
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civil disobedience,
><FGFC@K@:8C
:FE=C@:KJ
geopolitical conflicts,

<OKI<D<
N<8K?<I
:FE;@K@FEJ
extreme weather conditions,
E8KLI8C
;@J8JK<IJ
natural disasters,
G8E;<D@:J
FI
FK?<I
FLK9I<8BJ
F=
;@J<8J<
FI
FK?<I
:8C8D@K@<J
pandemics or other outbreaks of disease or other calamities.
0?@J
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LE:<IK8@EK@<J
@J
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EF
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9LK
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@DGFIK8EK
=8:KFIJ
K?8K
D8P
@DG8:K

This discussion of uncertainties is by no means exhaustive but is designed to highlight important factors that may impact
FLI

our FLKCFFB
outlook.
We
3<
disclaim
;@J:C8@D
any
8EP
obligation
F9C@>8K@FE
or
FI
@EK<EK
KF
update
intent to LG;8K<
=FIN8I; CFFB@E>
statements
forward-looking JK8K<D<EKJ
made
D8;<
by
9P
us
LJ
@E

in FI;<I
KF
reflect
order to I<=C<:K
new
E<N

@E=FID8K@FE
information,
<M<EKJ
FI
:@I:LDJK8E:<J
8=K<I
K?<
;8K<
K?<P
8I<
D8;<
events or circumstances after the date they are made.
E6>

Item 7A.
9&28.8&8.:*
&2)
9&0.8&8.:*
.7(03796*
'398
&6/*8
.7/
Quantitative and Qualitative Disclosure About Market Risk
0?<

The @E=FID8K@FE
GI<J<EK<;
@E

information presented K?<
J<:K@FE

in the section <EK@KC<;
)8E8><D<EKYJ
Discussion
entitled "Management's @J:LJJ@FE
and
8E;
Analysis
E8CPJ@J
of
F=
Financial
"@E8E:@8C
Condition
FE;@K@FE
and
8E;

.<JLCKJ
F=
+G<I8K@FEJ
V
)8IB<K
.@JB
/<EJ@K@M@KP
@J
@E:FIGFI8K<;
?<I<@E
9P
I<=<I<E:<
Results of Operations — Market Risk Sensitivity" is incorporated herein by reference.



37
 E6>

Item 8.
.2&2(.&0
!8&8*1*287
&2)
!9440*1*28&6=
&8&
Financial Statements and Supplementary Data

%/
+&
&%*&#
INDEX +

TO CONSOLIDATED %% #
*++$%+*
FINANCIAL STATEMENTS

FEJFC@;8K<;
/K8K<D<EKJ
F=
!8IE@E>J
Consolidated Statements of Earnings 
39
FEJFC@;8K<;
/K8K<D<EKJ
F=
FDGI<?<EJ@M<
%E:FD<
Consolidated Statements of Comprehensive Income 
40
FEJFC@;8K<;
8C8E:<
/?<<KJ
Consolidated Balance Sheets 
41
FEJFC@;8K<;
/K8K<D<EKJ
F=
8J?
"CFNJ
Consolidated Statements of Cash Flows 
42
FEJFC@;8K<;
/K8K<D<EKJ
F=
!HL@KP
Consolidated Statements of Equity 
43
*FK<J
KF
FEJFC@;8K<;
"@E8E:@8C
/K8K<D<EKJ
Notes to Consolidated Financial Statements
*FK<

Note 1.
/LDD8IP
F=
/@>E@=@:8EK
::FLEK@E>
,FC@:@<J
Summary of Significant Accounting Policies 
44
*FK<

Note 2.
.<:<EK
::FLEK@E>
,IFEFLE:<D<EKJ
Recent Accounting Pronouncements 
46
*FK<

Note 3.
:HL@J@K@FE
Acquisition 
47
*FK<

Note 4.
Divestiture
@M<JK@KLI< 
48
*FK<
5.
::LDLC8K<;
+K?<I
FDGI<?<EJ@M<
%E:FD<
(FJJ
Note Accumulated Other Comprehensive Income (Loss) 
49
*FK<

Note 6.
#FF;N@CC
8E;
%EK8E>@9C<
JJ<KJ
Goodwill and Intangible Assets 
50
*FK<
7.
/<>D<EK
%E=FID8K@FE
Note Segment Information 
51
*FK<

Note 8.
.<JKIL:KLI@E>
?8I><J
Restructuring Charges,
FJK
/8M@E>J
%E@K@8K@M<J
8E;
+K?<I
+GK@D@Q8K@FE
%E@K@8K@M<J
Cost Savings Initiatives and Other Optimization Initiatives 
53
*FK<

Note 9.
!8IE@E>J
G<I
/?8I<
Earnings per Share 
55
*FK<

Note 10.
,<EJ@FE
8E;
,FJKI<K@I<D<EK
<E<=@KJ
Pension and Postretirement Benefits 
55
*FK<

Note 11.
(<8J<J
Leases 
61
*FK<

Note 12.
08O<J
FE
!8IE@E>J
Taxes on Earnings 
62
*FK<

Note 13.
/?FIK K<ID
FIIFN@E>J
8E;
(FE>
Short-term K<ID
Debt
Borrowings and Long-term <9K 
64
*FK<

Note 14.
"@E8E:@8C
%EJKILD<EKJ
Financial Instruments 
66
*FK<

Note 15.
"8@I
28CL<
)<8JLI<D<EKJ
Fair Value Measurements 
69
*FK<

Note 16.
/?8I<?FC;<IJ
!HL@KP
Shareholders' Equity 
71
*FK<

Note 17.
/KF:B 98J<;
FDG<EJ8K@FE
Stock-based Compensation 
71
*FK<

Note 18.
FDD@KD<EKJ
8E;
FEK@E><E:@<J
Commitments and Contingencies 
74
*FK<

Note 19.
/LGGC@<I
"@E8E:<
,IF>I8D
+9C@>8K@FEJ
Supplier Finance Program Obligations 
75
*FK<

Note 20.
/LGGC<D<EK8C
"@E8E:@8C
/K8K<D<EK
8K8
Supplemental Financial Statement Data 
75
*FK<

Note 21.
/L9J<HL<EK
!M<EK
Subsequent Event 
78
)8E8><D<EKYJ
.<GFIK
FE
%EK<IE8C
FEKIFC
+M<I
"@E8E:@8C
.<GFIK@E>
Management's Report on Internal Control Over Financial Reporting 
79
.<GFIK
F=
%E;<G<E;<EK
.<>@JK<I<;
,L9C@:
::FLEK@E>
"@ID
Report of Independent Registered Public Accounting Firm 
80



 $'##
*&,'
&$'%0
CAMPBELL SOUP COMPANY
@?D@=:52E65
*E2E6>6?ED
@7
2C?:?8D
Consolidated Statements of Earnings
>:==:@?D
6I46AE
A6C
D92C6
2>@F?ED
(millions, except per share amounts)

 
2024  
2023  
2022
%6E
D2=6D
Net sales $
9,636



$  


9,357 $  

8,562
FJKJ
8E;
<OG<EJ<J
Costs and expenses
FJK
F=
GIF;L:KJ
JFC;
Cost of products sold
 

6,665
 

6,440
5,935


)8IB<K@E>
8E;
J<CC@E>
<OG<EJ<J
Marketing and selling expenses


833


811


734
;D@E@JKI8K@M<
<OG<EJ<J
Administrative expenses


737


654


617
.<J<8I:?
8E;
;<M<CFGD<EK
<OG<EJ<J
Research and development expenses
 

102


92


87
+K?<I
<OG<EJ<J

@E:FD<
Other expenses / (income)


261


32


21
.<JKIL:KLI@E>
:?8I><J
Restructuring charges


38


16


5
0FK8C
:FJKJ
8E;
<OG<EJ<J
Total costs and expenses
8,636


 

8,045
 

7,399
2C?:?8D
367@C6
:?E6C6DE
2?5
E2I6D
Earnings before interest and taxes

1,000

 

1,312
 

1,163
%EK<I<JK
<OG<EJ<
Interest expense


249


188


189
%EK<I<JK
@E:FD<
Interest income


6
4

1

!8IE@E>J
9<=FI<
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Earnings before taxes


757
 

1,128


975
08O<J
FE
<8IE@E>J
Taxes on earnings


190


270


218
%6E
62C?:?8D
Net earnings


567


858


757
(<JJ
*<K
<8IE@E>J
CFJJ
8KKI@9LK89C<
KF
EFE:FEKIFCC@E>
@EK<I<JKJ
Less: Net earnings (loss) attributable to noncontrolling interests
M

V

V

%6E
62C?:?8D
2EEC:3FE23=6
E@
2>A36==
*@FA
@>A2?J
Net earnings attributable to Campbell Soup Company $


567 

$ 

858 

$ 

757
'6C
*92C6
M
2D:4
Per Share — Basic
%6E
62C?:?8D
2EEC:3FE23=6
E@
2>A36==
*@FA
@>A2?J
Net earnings attributable to Campbell Soup Company $
 


1.90 $  


2.87 $  

2.51
3<@>?K<;
8M<I8><
J?8I<J
FLKJK8E;@E>
V
98J@:
Weighted average shares outstanding — basic


298



299 

301
'6C
*92C6
M
DDF>:?8
:=FE:@?
Per Share — Assuming Dilution
%6E
62C?:?8D
2EEC:3FE23=6
E@
2>A36==
*@FA
@>A2?J
Net earnings attributable to Campbell Soup Company $
 


1.89 $  


2.85 $  

2.51
3<@>?K<;
8M<I8><
J?8I<J
FLKJK8E;@E>
V
8JJLD@E>
;@CLK@FE
Weighted average shares outstanding — assuming dilution



300 


301 

302

/<<
8::FDG8EP@E>
*FK<J
KF
FEJFC@;8K<;
"@E8E:@8C
/K8K<D<EKJ
See accompanying Notes to Consolidated Financial Statements.


39
 $'##
*&,'
&$'%0
CAMPBELL SOUP COMPANY
@?D@=:52E65
*E2E6>6?ED
@7
@>AC696?D:G6

Consolidated ?4@>6
Statements of Comprehensive Income
>:==:@?D
(millions)
 
2024  
2023  
2022
+2I

Tax +2I

Tax +2I

Tax
'C6 E2I

Pre-tax 36?67:E

benefit 7E6C E2I

After-tax 'C6 E2I

Pre-tax 36?67:E

benefit 7E6C E2I

After-tax 'C6 E2I

Pre-tax 36?67:E

benefit 7E6C E2I

After-tax
2>@F?E
amount 6IA6?D6
(expense) 2>@F?E
amount 2>@F?E
amount 6IA6?D6
(expense) 2>@F?E
amount 2>@F?E
amount 6IA6?D6
(expense) 2>@F?E
amount
%6E
62C?:?8D
Net earnings $


567 

$ 

858 

$ 

757
&E96C
4@>AC696?D:G6
:?4@>6
=@DD
Other comprehensive income (loss):
@C6:8?
4FCC6?4J
EC2?D=2E:@?
Foreign currency translation:
"FI<@>E
:LII<E:P
KI8EJC8K@FE

Foreign currency translation
8;ALJKD<EKJ
adjustments 

$ 
$

(9) M




(9) $ 


(1) $ V




(1) $ 


(6) $ V



(6)
2D9 7=@H
96586D
Cash-flow hedges:
1EI<8C@Q<;
>8@EJ
CFJJ<J
8I@J@E>

Unrealized gains (losses) arising
;LI@E>
K?<
G<I@F;
during the period



(5) 1




(4) 


5 


(1) 

4



17 


(3) 

14
.<:C8JJ@=@:8K@FE
8;ALJKD<EK
=FI

Reclassification adjustment for
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>8@EJ
@E:CL;<;
@E
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losses (gains) included in net
<8IE@E>J
earnings



(1) M




(1) 


(10) 


2 


(8) 


(12) 


2 

(10)
'6?D:@?
2?5
@E96C
A@DEC6E:C6>6?E

Pension and other postretirement
36?67:ED
benefits:
.<:C8JJ@=@:8K@FE
F=
GI@FI
J<IM@:<

Reclassification of prior service
:I<;@K
@E:CL;<;
@E
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<8IE@E>J
credit included in net earnings
M

M

M

V

V

V




(1) V



(1)
&E96C
4@>AC696?D:G6
:?4@>6
=@DD

Other comprehensive income (loss) $
(15)



$ 

1



(14) $ 


(6) $ 


1 


(5) $ 


(2) $ 


(1) 

(3)
+@E2=
4@>AC696?D:G6
:?4@>6
=@DD
Total comprehensive income (loss) 

$ 

553 

$ 

853 

$ 

754
0FK8C
:FDGI<?<EJ@M<
@E:FD<
CFJJ

Total comprehensive income (loss)
8KKI@9LK89C<
KF
EFE:FEKIFCC@E>
@EK<I<JKJ
attributable to noncontrolling interests
M

V

V

+@E2=
4@>AC696?D:G6
:?4@>6
=@DD

Total comprehensive income (loss)
2EEC:3FE23=6
E@
2>A36==
*@FA

attributable to Campbell Soup
@>A2?J
Company 

$ 

553 

$ 

853 

$ 

754

/<<
8::FDG8EP@E>
*FK<J
KF
FEJFC@;8K<;
"@E8E:@8C
/K8K<D<EKJ
See accompanying Notes to Consolidated Financial Statements.


40
 $'##
*&,'
&$'%0
CAMPBELL SOUP COMPANY
@?D@=:52E65
2=2?46
*966ED
Consolidated Balance Sheets
>:==:@?D
6I46AE
A6C
D92C6
2>@F?ED
(millions, except per share amounts)

!F=J

July 28,
 
2024 !F=J

July 30,
 
2023
FCC6?E
2DD6ED
Current assets
8J?
8E;
:8J?
<HL@M8C<EKJ
Cash and cash equivalents $
 

108 

$ 

189
::FLEKJ
I<:<@M89C<
Accounts receivable,
E<K
net

630



529
%EM<EKFI@<J
Inventories
 

1,386
 

1,291
+K?<I
:LII<EK
8JJ<KJ
Other current assets


66


52
+@E2=
4FCC6?E
2DD6ED
Total current assets
 

2,190
 

2,061
,C8EK
8JJ<KJ
Plant assets,
E<K
F=
;<GI<:@8K@FE
net of depreciation
 

2,698
 

2,398
#FF;N@CC
Goodwill
 

5,077
 

3,965
+K?<I
@EK8E>@9C<
8JJ<KJ
Other intangible assets,
E<K
F=
8DFIK@Q8K@FE
net of amortization
 

4,716
 

3,142
+K?<I
8JJ<KJ
Other assets


554


492
+@E2=
2DD6ED
Total assets $
 

15,235 

$  

12,058
FCC6?E
=:23:=:E:6D
Current liabilities
/?FIK K<ID
9FIIFN@E>J
Short-term borrowings 

$  

1,423 

$ 

191
::FLEKJ
G8P89C<
Accounts payable
 

1,311
 

1,306
::IL<;
C@89@C@K@<J
Accrued liabilities

720



592
@M@;<E;J
G8P89C<
Dividends payable


115


113
::IL<;
@E:FD<
K8O<J
Accrued income taxes
7



20
+@E2=
4FCC6?E
=:23:=:E:6D
Total current liabilities
 

3,576
 

2,222
(FE> K<ID
;<9K
Long-term debt
 

5,761
 

4,498
<=<II<;
K8O<J
Deferred taxes
 

1,426
 

1,067
+K?<I
C@89@C@K@<J
Other liabilities


676


608
+@E2=
=:23:=:E:6D
Total liabilities
 

11,439
 

8,395
@>>:E>6?ED
2?5
4@?E:?86?4:6D
Commitments and contingencies
2>A36==
*@FA
@>A2?J
D92C69@=56CD
6BF:EJ
Campbell Soup Company shareholders' equity
,I<=<II<;
JKF:B
8LK?FI@Q<;

J?8I<J
EFE<
@JJL<;
Preferred stock; authorized 40 shares; none issued
M

V

8G@K8C
JKF:B
Capital stock,
 
G8I
M8CL<
8LK?FI@Q<;

J?8I<J
@JJL<;

J?8I<J
$.0375 par value; authorized 560 shares; issued 323 shares


12


12
;;@K@FE8C
G8@;
Additional @E
:8G@K8C
paid-in capital


437


420
!8IE@E>J
I<K8@E<;
@E
K?<
9LJ@E<JJ
Earnings retained in the business
 

4,569
 

4,451
8G@K8C
JKF:B
@E
KI<8JLIP
Capital stock in treasury,
8K
:FJK
at cost
  

(1,207)
 

(1,219)
::LDLC8K<;
FK?<I
:FDGI<?<EJ@M<
@E:FD<
CFJJ
Accumulated other comprehensive income (loss)


(17)


(3)
+@E2=
2>A36==
*@FA
@>A2?J
D92C69@=56CD
6BF:EJ
Total Campbell Soup Company shareholders' equity
 

3,794
 

3,661
*FE:FEKIFCC@E>
@EK<I<JKJ
Noncontrolling interests
2



2
+@E2=
6BF:EJ
Total equity
 

3,796
 

3,663
+@E2=
=:23:=:E:6D
2?5
6BF:EJ
Total liabilities and equity $
 

15,235 

$  

12,058

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8::FDG8EP@E>
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See accompanying Notes to Consolidated Financial Statements.


41
 $'##
*&,'
&$'%0
CAMPBELL SOUP COMPANY
@?D@=:52E65
*E2E6>6?ED
@7
2D9
=@HD
Consolidated Statements of Cash Flows
>:==:@?D
(millions)
 
2024  
2023  
2022
2D9
7=@HD
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@A6C2E:?8
24E:G:E:6D
Cash flows from operating activities:
*<K
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Net earnings 

$ 

567 

$ 

858 

$ 

757
;ALJKD<EKJ
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Adjustments to reconcile net earnings to operating cash flow
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Impairment charges



129 V

V

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Restructuring charges



38 

16


5
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Stock-based compensation


99


63


59
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Amortization of inventory fair value adjustment from acquisition



17 V

V

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Pension and postretirement benefit expense (income)



39 


(22) 

(7)
<GI<:@8K@FE
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8DFIK@Q8K@FE
Depreciation and amortization



411 


387 

337
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Deferred income taxes



(47) 


(5) 

21
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FE
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Net loss on sale of business
M




13 V

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Loss on extinguishment of debt
M

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4
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138 


100 

88
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Changes in working capital,
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net of acquisition and divestiture
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Accounts receivable



(16) 


(1) 

48
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Inventories



11 


(64) 

(314)
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Other current assets



4 


13 

25
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Accounts payable and accrued liabilities



(128) 


(164) 

200
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Other



(77) 


(51) 

(42)
%6E
42D9
AC@G:565
3J
@A6C2E:?8
24E:G:E:6D
Net cash provided by operating activities
 


1,185  


1,143  

1,181
2D9
7=@HD
7C@>
:?G6DE:?8
24E:G:E:6D
Cash flows from investing activities:
,LI:?8J<J
F=
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Purchases of plant assets



(517) 


(370) 

(242)
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9LJ@E<JJ<J
Purchases of route businesses



(29) 


(13) 

(1)
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Sales of route businesses



34 

1


2
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Business acquired,
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Sale of business
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41 V

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Other


1


1


11
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24E:G:E:6D
Net cash used in investing activities
 


(3,128) 


(340) 

(230)
2D9
7=@HD
7C@>
7:?2?4:?8
24E:G:E:6D
Cash flows from financing activities:
/?FIK K<ID
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@E:CL;@E>
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G8G<I
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;I8N
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including commercial paper and delayed draw term loan
5,622


 


3,677  

1,173
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Short-term repayments,
@E:CL;@E>
:FDD<I:@8C
G8G<I
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;I8N
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including commercial paper and delayed draw term loan
 


(5,576)  


(3,749) 

(997)
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9FIIFN@E>J
Long-term borrowings
 


2,496 

500
V

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Long-term repayments
 


(100) 


(566) V

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Dividends paid



(445) 


(447) 

(451)
0I<8JLIP
JKF:B
GLI:?8J<J
Treasury stock purchases



(67) 


(142) 

(167)
0I<8JLIP
JKF:B
@JJL8E:<J
Treasury stock issuances
2




22 3

,8PD<EKJ
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Payments 98J<;
:FDG<EJ8K@FE
related to tax withholding for stock-based compensation



(46) 


(19) 

(18)
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Payments related to extinguishment of debt
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V



(453)
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Payments of debt issuance costs



(23) V

V

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Other
M




1 V

%6E
42D9
AC@G:565
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:?
7:?2?4:?8
24E:G:E:6D
Net cash provided by (used in) financing activities
 


1,863 


(723) 

(910)
7764E
@7
6I492?86
C2E6
492?86D
@?
42D9
Effect of exchange rate changes on cash



(1) V



(1)
%6E
492?86
:?
42D9
2?5
42D9
6BF:G2=6?ED
Net change in cash and cash equivalents



(81) 


80 

40
2D9
2?5
42D9
6BF:G2=6?ED
M
368:??:?8
@7
A6C:@5

Cash and cash equivalents — beginning of period



189 


109 

69
2D9
2?5
42D9
6BF:G2=6?ED
M
6?5
@7
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Cash and cash equivalents — end of period 

$  


108 $ 


189 $ 

109

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*FK<J
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See accompanying Notes to Consolidated Financial Statements.


42
 $'##
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&$'%0
CAMPBELL SOUP COMPANY
@?D@=:52E65
*E2E6>6?ED
@7
BF:EJ
Consolidated Statements of Equity
>:==:@?D
6I46AE
A6C
D92C6
2>@F?ED
(millions, except per share amounts)
2>A36==
*@FA
@>A2?J
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Campbell Soup Company Shareholders' Equity
2A:E2=
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Capital Stock
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Earnings 44F>F=2E65

Accumulated
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the @>AC696?D:G6
Comprehensive %@?4@?EC@==:?8
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Shares >@F?E
Amount *92C6D
Shares >@F?E
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Capital FD:?6DD
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#@DD
Income (Loss) ?E6C6DED
Interests BF:EJ
Equity

8C8E:<
8K
L>LJK

Balance at August 1,

2021

$

323 


12 
$
(1,021)
(21)  
$


$
414 
 
$

3,742 
$

5 
$

2  

3,154
*<K
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CFJJ
Net earnings (loss)


757 V



757
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:FDGI<?<EJ@M<
@E:FD<

Other comprehensive income
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(loss) 

(3) V



(3)
@M@;<E;J

Dividends 
G<I
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($1.48 per share)


(451)


(451)
0I<8JLIP
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Treasury stock purchased



(4) 

(167)


(167)
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@JJL<;
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Treasury stock issued under
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stock-based compensation plans



1 


50 


1 

(8)


43

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&LCP

Balance at July 31,

2022



323 


12 

(1,138)
(24)  




415  

4,040 

2 2

 

3,333
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Net earnings (loss)


858 V



858
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@E:FD<

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(loss) 

(5) V



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($1.48 per share)


(447)


(447)
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Treasury stock purchased



(3) 

(142)


(142)
0I<8JLIP
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Treasury stock issued under
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stock-based compensation plans



2 


61 


5 V



66

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8K
&LCP

Balance at July 30,

2023



323 


12 

(1,219)
(25)  




420  

4,451 

(3) 


2  

3,663
%6E
62C?:?8D
=@DD
Net earnings (loss)


567 M



567
&E96C
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:?4@>6

Other comprehensive income
=@DD
(loss) 

(14) M



(14)
:G:56?5D

Dividends 
A6C
D92C6
($1.48 per share)


(449)


(449)
)6A=246>6?E
D92C6
Replacement 32D65

share-based
2H2C5D
:DDF65
:?
4@??64E:@?

awards issued in connection
H:E9
*@G@D
C2?5D
with Sovos Brands,
Inc.
?4


acquisition"
[Link]@?


42


42
+C62DFCJ
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AFC492D65
Treasury stock purchased



(2) 

(67)


(67)
+C62DFCJ
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:DDF65
F?56C

Treasury stock issued under
DE@4< 32D65
4@>A6?D2E:@?
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stock-based compensation plans



2 

79



(25) M



54

2=2?46
2E
!F=J

Balance at July 28,
 
2024

$
323 



12 
$
(25) 
(1,207)
  


$ 


437 $  


4,569 $ 


(17) $ 


2 $  

3,796

(1)
/<<
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=FI
8;;@K@FE8C
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See Note 3 for additional information.
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See accompanying Notes to Consolidated Financial Statements.


43
 %@E6D
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@?D@=:52E65
:?2?4:2=
*E2E6>6?ED
Notes to Consolidated Financial Statements

1. *F>>2CJ
@7
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44@F?E:?8
'@=:4:6D
Summary of Significant Accounting Policies
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In this Report,
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unless otherwise stated,
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the terms "we,"
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"us,"
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"our" and the "company" refer to Campbell Soup Company
8E;
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and its consolidated subsidiaries.

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We HL8C@KP
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are a manufacturer and marketer of high-quality, branded food and beverage products.
'8/8
4,
7+8+39'9/43
V
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Basis of Presentation — The consolidated financial statements include our accounts and entities in which we maintain a
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controlling =@E8E:@8C

fmancial @EK<I<JK
interest.
%EK<I:FDG8EP
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are
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eliminated
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Our
in consolidation. +LI
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fiscal year FE
the
ends on K?<
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Sunday
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nearest July 31.
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There were 52 weeks in 2024,
2023,
8E;

and 2022.
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There will be 53 weeks in 2025.
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Use of Estimates — Generally accepted accounting principles require management to make estimates and assumptions that
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affect assets,
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liabilities,
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revenues and expenses.
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Actual results could differ from those estimates.
+;+3:+
Recognition
Revenue +)4-3/9/43
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— Our revenues primarily consist of the sale of food and beverage products through our own sales
=FI:<
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force and/or third-party brokers and distribution partners.
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Revenues are recognized when our performance obligation has been
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satisfied and control of the product passes to our customers,
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which typically occurs when products are delivered.
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incurred
handling costs @E:LII<;
to
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deliver
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the
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product
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are
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recorded
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within
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of
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products
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sold.
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billed
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and
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due
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from
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customers are classified as Accounts receivable in the Consolidated Balance Sheets and require payment on a short-term K<ID
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basis.

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are
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recognized
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discounts and certain J8C<J
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sales promotion expenses,
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feature
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price
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cooperative advertising programs,
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new product introduction fees and coupon redemption
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costs.
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of
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consideration are8I<
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recognized upon J8C<
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programs
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use
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estimates.
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are
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made
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based
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on historical
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other
experience and FK?<I
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including <OG<:K<;
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expected volume. $@JKFI@:8CCP
the
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difference
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between
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compared to KF

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estimated I<;<DGK@FEJ

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has EFK
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not been KF
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or
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between estimates and actual costs are recognized as a change in estimate in a subsequent period.
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Revenues are presented on a
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net basis for arrangements under which suppliers perform certain additional services.
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See Note 7 for additional information on
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disaggregation of revenue.
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Cash and Cash Equivalents — All highly liquid debt instruments purchased with a maturity of three months FI
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or less are
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classified as cash equivalents.
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Inventories — All inventories are valued at the lower of average cost or net realizable value.
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Property, Plant and Equipment — Property,
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plant and equipment are recorded at historical cost and are depreciated over
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estimated useful lives using the straight-line method.
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;<GI<:@8K<;
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EFK

Buildings and machinery and equipment are depreciated over periods not
<O:<<;@E>

P<8IJ
8E;

P<8IJ
exceeding 45 years and 20 years,
I<JG<:K@M<CP
respectively.
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8I<
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@DG8@ID<EK
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:FE;@K@FEJ
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:8IIP@E>

Assets are evaluated for impairment when conditions indicate that the carrying
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value may not be recoverable.
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Such conditions include significant adverse changes in business climate or a plan of disposal.

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8I<
:?8I><;
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<OG<EJ<
8J
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Repairs and maintenance are charged to expense as incurred.
44*</11
'3*
39'3-/(1+
88+98
V
#FF;N@CC
8E;
@EK8E>@9C<
8JJ<KJ
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8DFIK@Q<;
9LK

Goodwill and Intangible Assets — Goodwill and intangible assets deemed to have indefinite lives are not amortized but
I8K?<I
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tested
rather are K<JK<;
at
8K
least
C<8JK
annually
8EEL8CCP
in
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the
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=FI

fourth quarter for @DG8@ID<EK
impairment,
or
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more
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often
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if
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events
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or
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changes in circumstances
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8DFLEK
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8JJ<K
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indicate that the carrying amount of the asset may be impaired.
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Goodwill @J
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for
is tested =FI
@DG8@ID<EK

impairment at 8K
the
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reporting
I<GFIK@E>
unit
LE@K
C<M<C
level.
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I<GFIK@E>
LE@K
I<GI<J<EKJ

reporting unit represents an 8E
operating
FG<I8K@E>
segment
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or
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a8

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component of F=
an
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operating
FG<I8K@E>
segment.
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Goodwill @J
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=FI

is tested for @DG8@ID<EK

impairment by 9P
<@K?<I
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either performing qualitative <M8CL8K@FE
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a8

evaluation or
HL8EK@K8K@M<
K<JK
quantitative test.
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HL8C@K8K@M<
<M8CL8K@FE
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8E
8JJ<JJD<EK
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;<K<ID@E<
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The qualitative evaluation is an assessment of factors to determine whether it is more likely than not that the
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F=
8
I<GFIK@E>
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fair value of a reporting unit is less than its carrying amount,
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including goodwill.
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HL8C@K8K@M<

We may elect not to perform the qualitative
8JJ<JJD<EK
=FI

assessment for JFD<

some FI
8CC
reporting
or all I<GFIK@E>
units
LE@KJ
and
8E;
perform
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quantitative @DG8@ID<EK
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Fair
impairment test. "8@I
value
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is ;<K<ID@E<;
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on
determined based FE

;@J:FLEK<;
:8J?
=CFN
8E8CPJ<J
discounted cash flow analyses.
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;@J:FLEK<;
<JK@D8K<J
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=LKLI<
:8J?
=CFNJ
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8JJLDGK@FEJ
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The discounted estimates of future cash flows include significant management assumptions such
8J
I<M<EL<
>IFNK?
I8K<J
as revenue growth rates,
FG<I8K@E>
D8I>@EJ
operating margins,
N<@>?K<;
8M<I8><
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=LKLI<
<:FEFD@:
8E;
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:FE;@K@FEJ
weighted average costs of capital and future economic and market conditions.
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If the
:8IIP@E>
M8CL<
F=
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I<GFIK@E>
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=8@I
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carrying value of the reporting unit exceeds fair value,
>FF;N@CC
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:FEJ@;<I<;
@DG8@I<;
goodwill is considered impaired.
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@DG8@ID<EK
:?8I><
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=FI

An impairment charge is recognized for
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amount
the 8DFLEK
by
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which
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the
K?<
:8IIP@E>
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of
carrying value F=
the
K?<
reporting
I<GFIK@E>
unit
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exceeds
<O:<<;J
=8@I
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C@D@K<;

fair value, limited toKF
the
K?<
amount
8DFLEK
of
F=
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goodwill @E
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in the
I<GFIK@E>
LE@K
reporting unit.
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@EK8E>@9C<
8JJ<KJ
8I<
K<JK<;
=FI
@DG8@ID<EK
9P
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=8@I
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8JJ<K
KF
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:8IIP@E>
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Indefinite-lived intangible assets are tested for impairment by comparing the fair value of the asset to the carrying value.

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value
Fair M8CL<
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;<K<ID@E<;
using
is determined LJ@E>
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relief
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from royalty D<K?F;
based
valuation method 98J<;
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on ;@J:FLEK<;

discounted :8J?

cash =CFN
8E8CPJ<J
that
flow analyses K?8K
include
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D8E8><D<EK
8JJLDGK@FEJ
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I<M<EL<
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significant management assumptions such as revenue growth rates,
N<@>?K<;
8M<I8><
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F=
:8G@K8C
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8JJLD<;
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weighted average costs of capital and assumed royalty rates.

%=
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:8IIP@E>
M8CL<
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=8@I
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If the carrying value exceeds fair value,
8E
@DG8@ID<EK
:?8I><
N@CC
9<
I<:FI;<;
KF
I<;L:<
K?<
8JJ<K
KF
=8@I
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an impairment charge will be recorded to reduce the asset to fair value.
%EK8E>@9C<
assets
Intangible 8JJ<KJ
with
N@K?
definite
;<=@E@K<
lives
C@M<J
are
8I<
amortized
8DFIK@Q<;
over
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their
K?<@I
<JK@D8K<;

estimated LJ<=LC
C@M<J
and
useful lives 8E;
are
8I<
I<M@<N<;

reviewed =FI

for @DG8@ID<EK
8J

impairment as
<M<EKJ
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:?8E><J
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:@I:LDJK8E:<J
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:8IIP@E>
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events or changes in circumstances occur indicating that the carrying value of the asset may not be recoverable.
1E;@J:FLEK<;
Undiscounted
:8J?
=CFN
8E8CPJ<J
8I<
LJ<;
KF
;<K<ID@E<
@=
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:8IIP@E>
8DFLEK
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cash flow analyses are used to determine if the carrying amount of the asset is recoverable.
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@DG8@ID<EK
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<O@JK
If impairment is determined to exist,

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:?8I><
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the charge is calculated based on estimated fair value.



44
 /<<
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=FI
DFI<
@E=FID8K@FE
See Note 6 for more information.
+'8+8
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;<K<ID@E<
@=
8E
8>I<<D<EK
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8
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8K
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9P
<M8CL8K@E>
@=
8E
@;<EK@=@<;
8JJ<K
<O@JKJ
K?8K
N<

Leases — We determine if an agreement is or contains a lease at inception by evaluating if an identified asset exists that we
:FEKIFC
=FI
8
G<I@F;
F=
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control for a period of time.
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8
C<8J<
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When a lease exists,
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8
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.+1
8JJ<K
8E;
8
:FII<JGFE;@E>
C<8J<
C@89@C@KP
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we record a right-of-use (ROU) asset and a corresponding lease liability on
FLI
Consolidated
our FEJFC@;8K<;
Balance
8C8E:<
/?<<KJ
Sheets.
ROU
.+1
assets
8JJ<KJ
I<GI<J<EK
FLI
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represent our KF
use
right to LJ<
an
8E
underlying
LE;<ICP@E>
asset
8JJ<K
=FI
K?<
lease
for the C<8J<
term
K<ID
and
8E;
the
K?<

:FII<JGFE;@E>
C@89@C@K@<J
I<GI<J<EK
8E
F9C@>8K@FE
KF
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C<8J<
G8PD<EKJ
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K<ID
corresponding liabilities represent an obligation to make lease payments during the term.
3<
?8M<
<C<:K<;
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KF
I<:FI;
C<8J<J

We have elected not to record leases
N@K?
8
K<ID
F=

DFEK?J
FI
C<JJ
FE
FLI
FEJFC@;8K<;
8C8E:<
/?<<KJ
with a term of 12 months or less on our Consolidated Balance Sheets.
.+1
8JJ<KJ
8I<
I<:FI;<;
FE
FLI
FEJFC@;8K<;
8C8E:<
/?<<KJ
8K
C<8J<
:FDD<E:<D<EK
98J<;
FE
K?<
GI<J<EK
M8CL<
F=
K?<

ROU assets are recorded on our Consolidated Balance Sheets at lease commencement based on the present value of the
:FII<JGFE;@E>

corresponding C@89@C@K@<J
8E;
are
liabilities and 8I<
adjusted
8;ALJK<;
=FI
8EP
prepayments,
for any GI<G8PD<EKJ
lease
C<8J<
incentives
@E:<EK@M<J
received,
I<:<@M<;
orFI
@E@K@8C

initial ;@I<:K
:FJKJ
@E:LII<;
direct costs incurred.
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To
:8C:LC8K<
K?<
GI<J<EK
M8CL<
F=
FLI
C<8J<
C@89@C@K@<J
calculate the present value of our lease liabilities,
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LJ<
8
:FLEKIP JG<:@=@:
:FCC8K<I8C@Q<;
@E:I<D<EK8C
9FIIFN@E>
I8K<
98J<;
FE

we use a country-specific collateralized incremental borrowing rate based on
K?<
C<8J<

the K<ID
at
lease term 8K
:FDD<E:<D<EK
commencement.
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of
The measurement F=
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.+1
assets
our ROU 8JJ<KJ
and
8E;
C@89@C@K@<J

liabilities @E:CL;<J
8CC
fixed
includes all =@O<;
payments
G8PD<EKJ
and
8E;
any
8EP

M8I@89C<
G8PD<EKJ
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FE
8E
@E;<O
FI
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variable payments based on an index or rate.
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C<8J<J
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@E:CL;<
FGK@FEJ
KF
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K<ID@E8K<
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F=
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LE;<ICP@E>
8JJ<KJ
Our leases generally include options to extend or terminate use of the underlying assets.
0?<J<
FGK@FEJ
8I<
@E:CL;<;
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K?<

These options are included in the
C<8J<
K<ID
LJ<;
KF
;<K<ID@E<
.+1
8JJ<KJ
8E;
:FII<JGFE;@E>
C@89@C@K@<J
N?<E
N<
8I<
I<8JFE89CP
:<IK8@E
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N@CC
<O<I:@J<
lease term used to determine ROU assets and corresponding liabilities when we are reasonably certain we will exercise.
+LI
C<8J<
8II8E><D<EKJ
KPG@:8CCP
@E:CL;<
EFE
Our C<8J<
:FDGFE<EKJ
lease arrangements typically include non-lease components,
JL:?
8J
:FDDFE
8I<8
D8@EK<E8E:<
8E;
C89FI
such as common area maintenance and labor.
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8::FLEK
We account
=FI
<8:?

for C<8J<
and
each lease 8E;
any
8EP
non-lease
EFE C<8J<
components
:FDGFE<EKJ
associated
8JJF:@8K<;
with
N@K?
that
K?8K
lease
C<8J<
as
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a8
J@E>C<

single C<8J<
:FDGFE<EK
for
lease component =FI
all
8CC
underlying
LE;<ICP@E>
asset
8JJ<K

:C8JJ<J
N@K?
K?<
<O:<GK@FE
F=
:<IK8@E
GIF;L:K@FE
8JJ<KJ
classes with the exception of certain production assets.
::FI;@E>CP
Accordingly,
8CC
:FJKJ
8JJF:@8K<;
N@K?
8
C<8J<
:FEKI8:K
8I<
;@J:CFJ<;
8J

all costs associated with a lease contract are disclosed as
C<8J<
costs.
lease :FJKJ
0?@J
@E:CL;<J
any
This includes 8EP
variable
M8I@89C<
payments
G8PD<EKJ
that
K?8K
are
8I<
not
EFK
;<G<E;<EK

dependent on FE
an8E
@E;<O
FI
a8
I8K<

index or 8E;
which
rate and N?@:?
are8I<
expensed
<OG<EJ<;
as
8J

@E:LII<;
incurred.
+G<I8K@E>
C<8J<J
<OG<EJ<
@J
I<:F>E@Q<;
FE
8
JKI8@>?K
Operating C@E<
98J@J
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K?<
C<8J<
K<ID
N@K?
K?<
<OG<EJ<
I<:FI;<;
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FJK
F=

leases expense is recognized on a straight-line basis over the lease term with the expense recorded in Cost of
GIF;L:KJ
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products sold,
)8IB<K@E>
8E;
J<CC@E>
<OG<EJ<J
Marketing and selling expenses,
FI
;D@E@JKI8K@M<
<OG<EJ<J
;<G<E;@E>
FE
K?<
E8KLI<
F=
K?<
C<8J<;
@K<D
or Administrative expenses depending on the nature of the leased item.
"FI
=@E8E:<

For C<8J<J
the
finance leases, K?<
amortization
8DFIK@Q8K@FE
of
F=
ROU
.+1
C<8J<
8JJ<KJ
@J

lease assets I<:F>E@Q<;
on
is recognized FE
a8
JKI8@>?K C@E<
basis
straight-line 98J@J
FM<I
K?<
J?FIK<I

over the shorter F=
K?<

of the
<JK@D8K<;
useful
estimated LJ<=LC
C@=<
F=
the
life of K?<
underlying
LE;<ICP@E>
asset
8JJ<K
FI
K?<
lease
or the C<8J<
term
K<ID
in
@E
Cost
FJK
of
F=
products
GIF;L:KJ
sold,
JFC;
Marketing
)8IB<K@E>
and
8E;
selling
J<CC@E>
expenses,
<OG<EJ<J
or
FI

;D@E@JKI8K@M<
<OG<EJ<J
;<G<E;@E>
FE
K?<
E8KLI<
F=
K?<
C<8J<;
@K<D
Administrative expenses depending on the nature of the leased item.
%EK<I<JK
<OG<EJ<
FE
=@E8E:<
C<8J<
F9C@>8K@FEJ
@J
I<:FI;<;

Interest expense on fmance lease obligations is recorded
LJ@E>
K?<
<==<:K@M<
@EK<I<JK
D<K?F;
FM<I
K?<
C<8J<
K<ID
8E;
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I<:FI;<;
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%EK<I<JK
<OG<EJ<
using the effective interest method over the lease term and is recorded in Interest expense.
CC
FG<I8K@E>

All operating C<8J<

lease :8J?
G8PD<EKJ
and
cash payments 8E;
interest
@EK<I<JK
on
FE
finance
=@E8E:<
C<8J<J
8I<
recorded
leases are I<:FI;<;
within
N@K?@E
Net
*<K
:8J?
GIFM@;<;
by
cash provided 9P
operating
FG<I8K@E>

8:K@M@K@<J
8E;
8CC
=@E8E:<
C<8J<
GI@E:@G8C
G8PD<EKJ
8I<
I<:FI;<;
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LJ<;
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=@E8E:@E>
8:K@M@K@<J
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FEJFC@;8K<;

activities and all finance lease principal payments are recorded within Net cash used in financing activities in our Consolidated
/K8K<D<EKJ
F=
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"CFNJ
Statements of Cash Flows.
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@E=FID8K@FE
See Note 11 for more information.
+7/;'9/;+
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3897:2+398
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;<I@M8K@M<
=@E8E:@8C
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GLIGFJ<J
F=
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<OGFJLI<J

Derivative Financial Instruments — We use derivative fmancial instruments primarily for purposes of hedging exposures
KF
=CL:KL8K@FEJ
@E
=FI<@>E
:LII<E:P
<O:?8E><
I8K<J
to fluctuations in foreign currency exchange rates,
@EK<I<JK
I8K<J
interest rates,
:FDDF;@K@<J
8E;
<HL@KP
commodities and equity-linkedC@EB<;
<DGCFP<<
9<E<=@K
F9C@>8K@FEJ
employee benefit obligations.

3<
<EK<I
@EKF
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;<I@M8K@M<
:FEKI8:KJ
=FI
G<I@F;J
:FEJ@JK<EK
N@K?
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I<C8K<;
LE;<ICP@E>
<OGFJLI<J
We enter into these derivative contracts for periods consistent with the related underlying exposures,
8E;
K?<
:FEKI8:KJ
;F
EFK

and the contracts do not
:FEJK@KLK<
GFJ@K@FEJ
@E;<G<E;<EK
F=
K?FJ<
<OGFJLI<J
constitute positions independent of those exposures.
3<
;F
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@EKF
;<I@M8K@M<
:FEKI8:KJ
=FI
JG<:LC8K@M<
GLIGFJ<J
8E;
;F

We do not enter into derivative contracts for speculative purposes and do
EFK
use
not LJ<
leveraged
C<M<I8><;
@EJKILD<EKJ
instruments.
Our
+LI
;<I@M8K@M<
GIF>I8DJ
include
derivative programs @E:CL;<
strategies
JKI8K<>@<J
that
K?8K
HL8C@=P
8E;
JKI8K<>@<J

qualify and K?8K
do
strategies that ;F
not
EFK
qualify
HL8C@=P
=FI

for
?<;><
8::FLEK@E>
KI<8KD<EK
hedge accounting treatment.
0F
HL8C@=P
=FI
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8::FLEK@E>
To qualify for hedge accounting,
K?<
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I<C8K@FEJ?@G
the hedging relationship,
9FK?
8K
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45
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2.


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Recent Accounting Pronouncements
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Recently Adopted
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2019,
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improves consistent application of accounting by clarifying or amending existing guidance.
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which is effective for fiscal years beginning after
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with the exception of
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Accounting Pronouncements Not Yet Adopted
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improve reportable ;@J:CFJLI<J
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and interim periods within fiscal years beginning after
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the FASB issued guidance to improve income tax disclosures by requiring disaggregated information
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for <:<D9<I

annual periods beginning after December 15,

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will have on our consolidated financial statements.



46


Acquisition
3. [Link]@?
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On August 7,

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we entered into a merger agreement to acquire Sovos Brands,
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(Sovos Brands) for $23.00 per share.

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G8JK8
J8L:<J
Sovos Brands' portfolio includes a variety of pasta sauces,
;IP
G8JK8
dry pasta,
JFLGJ
soups,

=IFQ<E
entrées,
frozen <EKIR<J
=IFQ<E
G@QQ8
and
frozen pizza 8E;
yogurts,
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all
8CC
of
F=
which
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are
8I<
sold
JFC;
in
@E
North
*FIK?
America
D<I@:8
LE;<I
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brand
under the 9I8E;
names
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Rao
'4C8

's, /).'+1

Michael
3-+14C8
8E;
3448'
Angelo 's and noosa.
0FK8C
GLI:?8J<
:FEJ@;<I8K@FE
N8J

Total purchase consideration was $2.899 
9@CC@FE
billion,
N?@:?
N8J
;<K<ID@E<;
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=FCCFNJ
which was determined as follows:
$:==:@?D
(Millions)

8J?
:FEJ@;<I8K@FE
G8@;
KF
/FMFJ
I8E;J
J?8I<?FC;<IJ
Cash consideration paid to Sovos Brands shareholders(') $
 

2,307

8J?
G8@;
=FI
J?8I<
Cash 98J<;
8N8I;J
paid for share-based awards(2) 

32
2D9
4@?D:56C2E:@?
A2:5
5:C64E=J
E@
D92C69@=56CD
Cash consideration paid directly to shareholders $
2,339


8J?
G8@;
=FI
KI8EJ8:K@FE
:FJKJ
F=
/FMFJ
I8E;J

Cash paid for transaction costs of Sovos Brands 

32
.<G8PD<EK
F=
/FMFJ
I8E;J
<O@JK@E>
@E;<9K<;E<JJ
8E;
8::IL<;
@EK<I<JK
Repayment of Sovos Brands existing indebtedness and accrued interest


486
+@E2=
42D9
4@?D:56C2E:@?
Total cash consideration $
2,857



"8@I
M8CL<
F=
I<GC8:<D<EK
J?8I<
Fair 98J<;
8N8I;J
value of replacement share-based awards(3) 

42
+@E2=
4@?D:56C2E:@?
Total consideration $
2,899


7777777777777777777777777777777777777777777


FEJ@;<I8K@FE
G8@;
KF
/FMFJ
I8E;J
J?8I<?FC;<IJ
N?@:?
I<=C<:KJ

Consideration paid to Sovos Brands shareholders which reflects $23.00 
G<I
J?8I<
per share.


.<GI<J<EKJ
:8J?
G8@;
KF
<HL@KP
8N8I;
?FC;<IJ
F=
/FMFJ
I8E;J
I<JKI@:K<;
JKF:B
8E;
I<JKI@:K<;
JKF:B
LE@K
8N8I;J
8KKI@9LK89C<

Represents cash paid to equity award holders of Sovos Brands restricted stock and restricted stock unit awards attributable
KF
GI<
to :FD9@E8K@FE
J<IM@:<
pre-combination service.
0?@J
<O:CL;<J

D@CC@FE
F=
:8J?
G8@;
K?8K
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I<:F>E@Q<;
8J
<OG<EJ<
This excludes $3 million of cash paid that was recognized as expense.

(3) 3<
@JJL<;
I<GC8:<D<EK
<HL@KP
8N8I;J
@E
J<KKC<D<EK
F=
:<IK8@E
/FMFJ
I8E;J
<HL@KP
8N8I;J
K?8K
;@;
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9<:FD<
M<JK<;
@E

We issued replacement equity awards in settlement of certain Sovos Brands equity awards that did not become vested in
:FEE<:K@FE
N@K?
K?<
8:HL@J@K@FE
connection with the acquisition.
0?<
GFIK@FE
F=
=8@I
M8CL<
F=
K?<
I<GC8:<D<EK
8N8I;J
8KKI@9LK89C<
KF
GI< :FD9@E8K@FE
J<IM@:<

The portion of fair value of the replacement awards attributable to pre-combination service
N8J

D@CC@FE
8E;
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@E:CL;<;
@E
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GLI:?8J<
:FEJ@;<I8K@FE
was $42 million and is included in the purchase consideration.
3<
I<:F>E@Q<;

D@CC@FE
F=
<OG<EJ<
I<C8K<;
KF
8::<C<I8K<;

We recognized $26 million of expense related to accelerated
M<JK@E>
F=
:<IK8@E
I<GC8:<D<EK
8N8I;J
vesting of certain replacement awards.
0?<
:8J?
GFIK@FE
F=
K?<
8:HL@J@K@FE
N8J
=LE;<;
K?IFL>?
8

The <C8P<;
Draw
cash portion of the acquisition was funded through a Delayed I8N
0<ID
(F8E
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>I<<D<EK
K?<

0(

Term Loan Credit Agreement (the 2024 DDTL
I<;@K
>I<<D<EK
F=

9@CC@FE
Credit 8E;
:8J?
FE
?8E;
Agreement) of $2 billion and cash on hand.
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=FI
8;;@K@FE8C
@E=FID8K@FE
See Note 13 for additional information.

0?<
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9<CFN
GI<J<EKJ
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=8@I
M8CL<
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8CCF:8K<;
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8:HL@I<;
8JJ<KJ
8E;
8JJLD<;
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The table below presents the fair value that was allocated to acquired assets and assumed liabilities:

DE:>2E65
2:C

Estimated Fair
$:==:@?D
(Millions) -2=F6
Value
8J?
Cash $


240
::FLEKJ
I<:<@M89C<
Accounts receivable 

96
%EM<EKFI@<J
Inventories


130
+K?<I
:LII<EK
8JJ<KJ
Other current assets 

5
,C8EK
8JJ<KJ
Plant assets


100
+K?<I
@EK8E>@9C<
8JJ<KJ
Other intangible assets
 

1,776
+K?<I
8JJ<KJ
Other assets 

16
+@E2=
2DD6ED
24BF:C65
Total assets acquired $
2,363


::FLEKJ
G8P89C<
Accounts payable $


96
::IL<;
C@89@C@K@<J
Accrued liabilities 

56
::IL<;
@E:FD<
K8O<J
Accrued income taxes 1

(FE> K<ID
;<9K
Long-term debt 

9
<=<II<;
K8O<J
Deferred taxes


407
+K?<I
C@89@C@K@<J
Other liabilities 

11
+@E2=
=:23:=:E:6D
2DDF>65
Total liabilities assumed $
580


*<K
8JJ<KJ
8:HL@I<;
Net assets acquired $
 

1,783
#FF;N@CC
Goodwill
 

1,116
+@E2=
4@?D:56C2E:@?
Total consideration $
2,899


0?<
<O:<JJ
F=
K?<
GLI:?8J<
GI@:<
FM<I
K?<
<JK@D8K<;
=8@I
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F=
@;<EK@=@89C<
E<K
8JJ<KJ
N8J
I<:FI;<;
8J

The excess of the purchase price over the estimated fair values of identifiable net assets was recorded as $1.116 
9@CC@FE
F=

billion of
>FF;N@CC
0?<

goodwill. >FF;N@CC
is
The goodwill @J
not
EFK
deductible
;<;L:K@9C<
for
=FI
tax
K8O
purposes.
GLIGFJ<J
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>FF;N@CC
was
The goodwill N8J
primarily
GI@D8I@CP
attributable
8KKI@9LK89C<
to
KF
future
=LKLI<
>IFNK?

growth
FGGFIKLE@K@<J
8EK@:@G8K<;
JPE<I>@<J
opportunities, anticipated synergies,
8E;
@EK8E>@9C<
8JJ<KJ
K?8K
;@;
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HL8C@=P
=FI
J<G8I8K<
I<:F>E@K@FE
and intangible assets that did not qualify for separate recognition.
0?<
>FF;N@CC
@J
@E:CL;<;

The goodwill is included
@E
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)<8CJ

<M<I8><J
J<>D<EK
in the Meals & Beverages segment.


47
 0?<
GLI:?8J<
GI@:<
8CCF:8K@FE
F=
/FMFJ
I8E;J
@J
GI<C@D@E8IP
8E;
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JL9A<:K
KF
K?<
=@E8C@Q8K@FE
F=
:<IK8@E
@K<DJ
The purchase price allocation of Sovos Brands is preliminary and is subject to the fmalization of certain items,
@E:CL;@E>

including
M8CL8K@FEJ
8E;
K8O
98C8E:<J
valuations and tax balances,
N?@:?
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9<
:FDGC<K<;
N@K?@E
K?<
8CCFN89C<
D<8JLI<D<EK
G<I@F;
which will be completed within the allowable measurement period.
0?<
@;<EK@=@89C<
@EK8E>@9C<
8JJ<KJ
F=
/FMFJ
I8E;J
:FEJ@JK
F=
The identifiable intangible assets of Sovos Brands consist of:

$:==:@?D
(Millions) +JA6
Type
#:76
:?
062CD
Life in Years -2=F6
Value
0I8;<D8IBJ
Trademarks *FE 8DFIK@Q89C<
Non-amortizable %E;<=@E@K<
Indefmite 

$  

1,470
0I8;<D8IBJ
Trademarks DFIK@Q89C<
Amortizable 
20 

76
LJKFD<I
I<C8K@FEJ?@GJ
Customer relationships DFIK@Q89C<
Amortizable 
20 KF
to 
30


230
0FK8C
@;<EK@=@89C<
@EK8E>@9C<
8JJ<KJ
Total identifiable intangible assets 

$  

1,776

0?<
fair
The =8@I
value
M8CL<
F=
KI8;<D8IBJ
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of trademarks ;<K<ID@E<;
using
is determined LJ@E>
a8
relief
I<C@<=
=IFD
IFP8CKP
valuation
from royalty M8CL8K@FE
method
D<K?F;
based
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on
FE
discounted
;@J:FLEK<;
cash
:8J?
=CFN

flow
8E8CPJ<J
K?8K
@E:CL;<
J@>E@=@:8EK
D8E8><D<EK
8JJLDGK@FEJ
JL:?
8J
I<M<EL<
>IFNK?
I8K<J
analyses that include significant management assumptions such as revenue growth rates,
N<@>?K<;
8M<I8><
:FJKJ
F=
:8G@K8C
8E;

weighted average costs of capital and
8JJLD<;
IFP8CKP

assumed I8K<J
As
royalty rates. J
of
F=
July
&LCP
28,

2024,

/FMFJ
I8E;J
amortizable
Sovos Brands 8DFIK@Q89C<
@EK8E>@9C<
8JJ<KJ
had
intangible assets ?8;
a8
weighted-average
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remaining
I<D8@E@E>

LJ<=LC
C@=<
F=

P<8IJ
useful life of 27 years.
3<
@E:LII<;
KI8EJ8:K@FE
:FJKJ
8E;
@EK<>I8K@FE
:FJKJ
We incurred transaction costs and integration costs,
@E:CL;@E>
:FJKJ
KF
8:?@<M<
JPE<I>@<J
including costs to achieve synergies,
F=

D@CC@FE
8JJF:@8K<;
N@K?

of $128 million associated with
K?<
/FMFJ

the I8E;J
acquisition
Sovos Brands 8:HL@J@K@FE
@E

Approximately
in 2024. GGIFO@D8K<CP
$35

million
D@CC@FE
represented
I<GI<J<EK<;
transaction
KI8EJ8:K@FE
costs,
:FJKJ
including
@E:CL;@E>
outside
FLKJ@;<
advisory
8;M@JFIP

:FJKJ
costs,
I<:FI;<;
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@E:FD<
recorded in Other expenses / (income). %E
8;;@K@FE
In addition,
N<
I<:F>E@Q<;

D@CC@FE
@E
%EK<I<JK
<OG<EJ<
I<C8K<;
KF
=@E8E:@E>
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we recognized $2 million in Interest expense related to financing fees
8JJF:@8K<;
N@K?
K?<


associated with the 2024 DDTL 0(
I<;@K
>I<<D<EK
Credit Agreement.
%EK<>I8K@FE
:FJKJ
@E:CL;<;
<OG<EJ<J
8JJF:@8K<;
N@K?
8::<C<I8K<;
M<JK@E>
F=

Integration costs included expenses associated with accelerated vesting of
I<GC8:<D<EK
8N8I;J
replacement awards,
J<M<I8E:<
8E;
I<K<EK@FE
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severance and retention bonuses,
8DFIK@Q8K@FE
F=
K?<
8:HL@J@K@FE
;8K<
=8@I
M8CL<
8;ALJKD<EK
KF
@EM<EKFI@<J

amortization of the acquisition date fair value adjustment to inventories
8E;
FK?<I
:FJKJ
and other costs.
%EK<>I8K@FE
:FJKJ
I<:F>E@Q<;
@E

@E:CL;<;
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=FCCFN@E>
Integration costs recognized in 2024 included the following:
•T 
D@CC@FE
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F=
GIF;L:KJ
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$18 million in Costs of products sold,

D@CC@FE
F=
N?@:?
I<C8K<;
KF
K?<
8DFIK@Q8K@FE
F=
K?<
8:HL@J@K@FE
;8K<
=8@I
M8CL<

$17 million of which related to the amortization of the acquisition date fair value
8;ALJKD<EK
KF
@EM<EKFI@<J
adjustment to inventories;
•T 
D@CC@FE
F=
)8IB<K@E>
8E;
J<CC@E>
<OG<EJ<J
$3 million of Marketing and selling expenses;
•T 
D@CC@FE F=
;D@E@JKI8K@M<
<OG<EJ<J
$47 million of Administrative expenses;
•T 
D@CC@FE F=
.<J<8I:?
8E;
;<M<CFGD<EK
<OG<EJ<J
8E;
$2 million of Research and development expenses; and
@• 
D@CC@FE
F=
.<JKIL:KLI@E>
:?8I><J
KF
8:?@<M<
JPE<I>@<J
$21 million of Restructuring charges to achieve synergies.
/<<
*FK<

=FI
8;;@K@FE8C
@E=FID8K@FE
See Note 8 for additional information.
"FI
K?<
G<I@F;
)8I:?

For the period March 12,

K?IFL>?
&LCP

2024 through July 28,

2024,
K?<
/FMFJ
I8E;J
8:HL@J@K@FE
:FEKI@9LK<;

D@CC@FE
KF
*<K
J8C<J

the Sovos Brands acquisition contributed $423 million to Net sales
8E;
8
CFJJ
F=

D@CC@FE
KF
*<K
<8IE@E>J
and a loss of $84 million to Net earnings,
@E:CL;@E>
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<==<:K
F=
KI8EJ8:K@FE
8E;
@EK<>I8K@FE
:FJKJ
8E;
@EK<I<JK
<OG<EJ<
FE
K?<

including the effect of transaction and integration costs and interest expense on the
;<9K
KF
=@E8E:<
K?<
8:HL@J@K@FE
debt to finance the acquisition.
0?<
=FCCFN@E>
unaudited
The following LE8L;@K<;
summary
JLDD8IP
information
@E=FID8K@FE
@J
GI<J<EK<;
on
is presented FE
a8
consolidated
:FEJFC@;8K<;
pro
GIF
=FID8
98J@J
as
forma basis 8J
@=
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/FMFJ

if the I8E;J

Sovos Brands
8:HL@J@K@FE
?8;
F::LII<;
FE
L>LJK

acquisition had occurred on August 1,

2022:

$:==:@?D
(Millions)  
2024  
2023
*<K
J8C<J
Net sales 
10,354
$  

 

$ 10,316
*<K
<8IE@E>J
8KKI@9LK89C<
KF
8DG9<CC
/FLG
FDG8EP
Net earnings attributable to Campbell Soup Company 

$ 

592 

$ 

677

0?<
pro
The GIF
=FID8
I<JLCKJ
are
forma results 8I<
not
EFK
necessarily
E<:<JJ8I@CP
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F=
the
indicative of K?<
:FD9@E<;
I<JLCKJ
?8;

combined results K?<
/FMFJ

had the I8E;J
acquisition
Sovos Brands 8:HL@J@K@FE
been
9<<E

:FDGC<K<;
FE
L>LJK

completed on August 1,

2022,
EFI
8I<
K?<P
@E;@:8K@M<
F=
=LKLI<
:FD9@E<;
I<JLCKJ
nor are they indicative of future combined results.
0?<
GIF
=FID8
8DFLEKJ
@E:CL;<
8;ALJKD<EKJ
KF

The pro forma amounts include adjustments to
@EK<I<JK
<OG<EJ<
=FI
=@E8E:@E>
K?<
8:HL@J@K@FE
interest expense for fmancing the acquisition,
KF
8DFIK@Q8K@FE
8E;
;<GI<:@8K@FE
<OG<EJ<
98J<;
FE
K?<
<JK@D8K<;
=8@I
M8CL<
8E;

to amortization and depreciation expense based on the estimated fair value and
LJ<=LC
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F=
@EK8E>@9C<
8JJ<KJ
8E;
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8JJ<KJ
useful lives of intangible assets and plant assets,
8E;
I<C8K<;
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<==<:KJ
and related tax effects.
0?<
GIF
=FID8
I<JLCKJ
@E:CL;<
8;ALJKD<EKJ
KF
I<=C<:K

The pro forma results include adjustments to reflect
8DFIK@Q8K@FE
F=
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8:HL@J@K@FE
;8K<
=8@I
M8CL<
8;ALJKD<EK
KF
@EM<EKFI@<J
amortization of the acquisition date fair value adjustment to inventories,
<OG<EJ<J
I<C8K<;
KF
8::<C<I8K<;
M<JK@E>
F=
I<GC8:<D<EK

expenses related to accelerated vesting of replacement
8N8I;J
8E;
J<M<I8E:<
8E;
I<K<EK@FE
9FELJ<J
8J
F=
L>LJK

awards and severance and retention bonuses as of August 1,
 2022.




:G6DE:EFC6
4. Divestiture
+E
)8P

On May 30,

2023,
N<
:FDGC<K<;
K?<
J8C<
F=
FLI
!D<I8C;
ELKJ
9LJ@E<JJ
=FI

D@CC@FE
we completed the sale of our Emerald nuts business for $41 million
3<
I<:F>E@Q<;
8
GI<
We recognized a pre-
8E;
8=K<I K8O

and after-tax
CFJJ
FE
K?<
J8C<
F=

D@CC@FE
loss on the sale of $13 million
%E
:FEE<:K@FE
N@K?
K?<
J8C<
In connection with the sale,
N<
GIFM@;<;
:<IK8@E
KI8EJ@K@FE
J<IM@:<J
KF
JLGGFIK
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9LJ@E<JJ
we provided certain transition services to support the business.
0?<

The
9LJ@E<JJ
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F=

D@CC@FE
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8E;

D@CC@FE
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business had net sales of $51 million in 2023 and $66 million in 2022.
!8IE@E>J
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G<I@F;J
Earnings were not material in the periods.
0?<
I<JLCKJ
F=

The results of
K?<
9LJ@E<JJ
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;8K<
F=
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I<GFIK89C<
J<>D<EK
the business through the date of sale were reflected within the Snacks reportable segment.


48



44F>F=2E65
&E96C
@>AC696?D:G6

5. ?4@>6
#@DD
Accumulated Other Comprehensive Income (Loss)
0?<
:FDGFE<EKJ
F=
::LDLC8K<;
FK?<I
:FDGI<?<EJ@M<
@E:FD<
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:FEJ@JK<;
F=
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=FCCFN@E>
The components of Accumulated other comprehensive income (loss) consisted of the following:
@C6:8?

Foreign '6?D:@?
2?5

Pension and +@E2=

Total
FCC6?4J

Currency '@DEC6E:C6>6?E

Postretirement 44F>F=2E65

Accumulated
+C2?D=2E:@?

Translation 2D9 =@H

Cash-Flow 6?67:E
'=2?

Benefit Plan @>AC696?D:G6

Comprehensive
$:==:@?D
(Millions) 5;FDE>6?ED
Adjustments(1) 6586D
Hedges(2) 5;FDE>6?ED
Adjustments(3) ?4@>6
#@DD
Income (Loss)
8C8E:<
8K
L>LJK

Balance at August 1,

2021 

$ 


6 $ 
$

(4) 


3 $ 

5
+K?<I
:FDGI<?<EJ@M<
@E:FD<
CFJJ
9<=FI<

Other comprehensive income (loss) before
I<:C8JJ@=@:8K@FEJ
reclassifications



(6) 


14 V


8
(FJJ<J
>8@EJ
I<:C8JJ@=@<;
=IFD
8::LDLC8K<;
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Losses (gains) reclassified from accumulated other
:FDGI<?<EJ@M<
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comprehensive income (loss)
V




(10) 


(1) 

(11)
*<K
:LII<EK
Net G<I@F;
FK?<I
:FDGI<?<EJ@M<
@E:FD<
CFJJ
current-period other comprehensive income (loss)


(6) 


4 


(1) 

(3)
8C8E:<
8K
&LCP

Balance at July 31,

2022 

$ — 

V
$ V


— $ 


2 $ 

2
+K?<I
:FDGI<?<EJ@M<
@E:FD<
CFJJ
9<=FI<

Other comprehensive income (loss) before
I<:C8JJ@=@:8K@FEJ
reclassifications


(1) 


4 V


3
(FJJ<J
>8@EJ
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=IFD
8::LDLC8K<;
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Losses (gains) reclassified from accumulated other
:FDGI<?<EJ@M<
@E:FD<
CFJJ
comprehensive income (loss)
V




(8) V



(8)
*<K
:LII<EK
Net G<I@F;
FK?<I
:FDGI<?<EJ@M<
@E:FD<
CFJJ
current-period other comprehensive income (loss)



(1) 


(4) V



(5)
8C8E:<
8K
&LCP

Balance at July 30,

2023 

$ 


(1) $ 
$

(4) 


2 $ 

(3)
&E96C
4@>AC696?D:G6
:?4@>6
=@DD
367@C6

Other comprehensive income (loss) before
C64=[Link]@?D
reclassifications



(9) 


(4) M



(13)
#@DD6D
82:?D
C64=[Link]
7C@>
244F>F=2E65
@E96C

Losses (gains) reclassified from accumulated other
4@>AC696?D:G6
:?4@>6
=@DD
comprehensive income (loss)
M




(1) M



(1)
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4FCC6?E
Net A6C:@5
@E96C
4@>AC696?D:G6
:?4@>6

current-period other comprehensive income
=@DD
(loss)



(9) 


(5) M



(14)
2=2?46
2E
!F=J

Balance at July 28,
 
2024 

$  


(10) $ 
$

(9) 

2 $


(17)
7777777777777777777777777777777777777

%E:CL;<;
EF
K8O
8J
F=
&LCP

Included no tax as of July 28,

2024,
&LCP

July 30,

2023,
&LCP

July 31,

2022,
8E;
L>LJK

and August 1,

2021.

%E:CL;<;
8
K8O
9<E<=@K
F=

D@CC@FE
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Included a tax benefit of $2 million as of July 28,

2024,
8E;
and 
D@CC@FE
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F=
&LCP

$1 million as of July 30,
 EF
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F=
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2023, no tax as of July 31,

2022,
8E;

and
a8
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9<E<=@K
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D@CC@FE
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F=
L>LJK

tax benefit of $1 million as of August 1,

2021.

%E:CL;<;
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F=

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Included 8J
F=
&LCP

tax expense of $1 million as of July 28,

2024,
&LCP

July 30,
 &LCP

2023, July 31,

2022,
8E;
L>LJK

and August 1,

2021.
DFLEKJ
I<C8K<;
KF
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@EK<I<JKJ
N<I<
EFK
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Amounts related to noncontrolling interests were not material.
0?<
8DFLEKJ
I<:C8JJ@=@<;
=IFD
::LDLC8K<;
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@E:FD<
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=FCCFN@E>
The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following:
#@42E:@?
@7
#@DD
2:?

Location of Loss (Gain)
$:==:@?D
(Millions)  
2024  
2023  
2022 )64@8?:K65
:?
2C?:?8D
Recognized in Earnings
(FJJ<J
>8@EJ
FE
:8J?
Losses =CFN
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(gains) on cash-flow hedges:
FDDF;@KP
:FEKI8:KJ
Commodity contracts 

$ M

— 

$ 

(3) 

$ 
Cost
(14) FJK
F=
GIF;L:KJ
JFC;
of products sold
"FI<@>E
<O:?8E><
:FEKI8:KJ
Foreign exchange contracts


(3)


(8)
1
Cost
FJK
F=
GIF;L:KJ
JFC;
of products sold
"FIN8I;
JK8IK@E>
@EK<I<JK
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JN8GJ
Forward starting interest rate swaps
2



1
1
Interest
%EK<I<JK
<OG<EJ<
expense
0FK8C
9<=FI<
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Total before tax


(1)


(10)


(12)
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9<E<=@K
Tax expense (benefit)
M



2
2

(FJJ
>8@E
Loss (gain),
E<K
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net of tax $ 

(1) 

$ 

(8) 

$ 

(10)

,<EJ@FE
8E;
GFJKI<K@I<D<EK
9<E<=@K
8;ALJKD<EKJ
Pension and postretirement benefit adjustments:
,I@FI
J<IM@:<
:I<;@K
Prior service credit 

$ M


$ V


$ 
Other
(1) +K?<I
<OG<EJ<J

@E:FD<
expenses / (income)
08O
<OG<EJ<
9<E<=@K
Tax expense (benefit)
M

V

V

(FJJ
>8@E
Loss (gain),
E<K
F=
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net of tax $ M


$ V


$ 

(1)


49



@@5H:==
2?5

6. ?E2?8:3=6
DD6ED
Goodwill and Intangible Assets
33);.00
Goodwill
0?<
=FCCFN@E>
K89C<
J?FNJ
K?<
:?8E><J
@E
K?<
:8IIP@E>
8DFLEK
F=
>FF;N@CC
The following table shows the changes in the carrying amount of goodwill:
$62=D


Meals &
$:==:@?D
(Millions) 6G6C286D
Beverages *?24<D
Snacks +@E2=
Total
*<K
98C8E:<
8K
&LCP

Net balance at July 31,

2022 


993 $
 

2,986 

$  

3,979

@M<JK@KLI<
Divestiture(1)
V



(11)


(11)
"FI<@>E
:LII<E:P
KI8EJC8K@FE
8;ALJKD<EK
Foreign currency translation adjustment


(3)
V



(3)
%6E
32=2?46
2E
!F=J

Net balance at July 30,
2023
 

$ 

990 

$  

2,975 

$  

3,965

[Link]@?
Acquisition(2)
 

1,116
V

 

1,116
@C6:8?
4FCC6?4J
EC2?D=2E:@?
25;FDE>6?E
Foreign currency translation adjustment


(4)
M



(4)
%6E
32=2?46
2E
!F=J

Net balance at July 28,
2024
 $
2,102
 


$  

2,975 

$  

5,077
7777777777777777777777777777777777777

(1) /<<
*FK<

=FI
8;;@K@FE8C
@E=FID8K@FE
FE
K?<
J8C<
F=
K?<
!D<I8C;
ELKJ
9LJ@E<JJ
See Note 4 for additional information on the sale of the Emerald nuts business.

(2) /<<
*FK<

=FI
8;;@K@FE8C
@E=FID8K@FE
FE
K?<
8:HL@J@K@FE
F=
/FMFJ
I8E;J
See Note 3 for additional information on the acquisition of Sovos Brands.
28&2,.'0*
77*87
Intangible Assets
0?<
=FCCFN@E>
K89C<
JLDD8I@Q<J
98C8E:<
J?<<K
@E=FID8K@FE
=FI
@EK8E>@9C<
8JJ<KJ
The following table summarizes balance sheet information for intangible assets,
<O:CL;@E>
>FF;N@CC

excluding goodwill:
 
2024  
2023
44F>F=2E65

Accumulated 44F>F=2E65

Accumulated
$:==:@?D
(Millions) @DE
Cost >@CE:K2E:@?
Amortization %6E
Net @DE
Cost >@CE:K2E:@?
Amortization %6E
Net
DFIK@Q89C<
@EK8E>@9C<
8JJ<KJ
Amortizable intangible assets

LJKFD<I
I<C8K@FEJ?@GJ
Customer relationships(1) 

$  

1,060 

$  

(300) 

$ 
760


$ 

830 $


(229) $


601

<=@E@K< C@M<;
KI8;<D8IBJ
Defmite-lived trademarks(1)


76


(2)


74
V

V

V

0FK8C
8DFIK@Q89C<
@EK8E>@9C<
8JJ<KJ
Total amortizable intangible assets 

$  

1,136 

$  

(302) 

$ 

834 

$ 

830 $


(229) $


601
%E;<=@E@K< C@M<;
KI8;<D8IBJ
Indefinite-lived trademarks
'48
Rao's(1) 

$  

1,470 

$ V

!3>*+78
4,
'34;+7
Snyder's of Hanover


620


620
'3)+
Lance


350


350
+991+
7'3*
Kettle Brand


318


318
')+
Pace


292


292
')/,/)
44*8
Pacific Foods

280



280
'5+
4*
Cape Cod


187


187

28I@FLJ
FK?<I
/E8:BJ
Various other Snacks(2)


365


494
0FK8C
@E;<=@E@K<
Total C@M<;
KI8;<D8IBJ
indefinite-lived trademarks 

$  

3,882 

$  

2,541
0FK8C
E<K
@EK8E>@9C<
8JJ<KJ
Total net intangible assets 

$ 4,716



$  

3,142
7777777777777777777777777777777777777

(1) J
part
As G8IK
of
F=
the
K?<
/FMFJ
I8E;J
acquisition,
Sovos Brands 8:HL@J@K@FE
we
N<
acquired
8:HL@I<;
the
K?<
Rao's
'48
@E;<=@E@K< C@M<;
trademark
indefinite-lived KI8;<D8IB
of
F=
 
billion,
$1.47 9@CC@FE
customer
:LJKFD<I

I<C8K@FEJ?@GJ
F=

D@CC@FE
8E;
;<=@E@K< C@M<;
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relationships of $230 million and defmite-lived trademarks of $76 million
/<<
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=FI
8;;@K@FE8C
@E=FID8K@FE
See Note 3 for additional information.

(2) JJF:@8K<;
with
Associated N@K?
the
K?<
acquisition
8:HL@J@K@FE
of
F=
/EP;<IJ (8E:<
%E:
Snyder's-Lance, Inc.
(Snyder's-Lance)
/EP;<IJ (8E:<
and
8E;
@E:CL;<J
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45

includes the !+)7+9
and
Pop Secret 8E;
Allied
CC@<;
brands
9I8E;J

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trademarks.
DFIK@Q8K@FE
<OG<EJ<
N8J

D@CC@FE
=FI

Amortization expense was $73 million for 2024,

D@CC@FE
=FI

8E;

D@CC@FE
=FI

$48 million for 2023 and $41 million for 2022.
DFIK@Q8K@FE
<OG<EJ<
@E

Amortization expense in

8E;

@E:CL;<;
8::<C<I8K<;
8DFIK@Q8K@FE
<OG<EJ<
F=

D@CC@FE
8E;

D@CC@FE
2024 and 2023 included accelerated amortization expense of $27 million and $7 million,
I<JG<:K@M<CP respectively,
FE
:LJKFD<I
I<C8K@FEJ?@GJ

on customer relationships
N?@:?
began
which 9<>8E
@E
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fourth
in the =FLIK?
HL8IK<I
F=
2023
quarter of 
;L<
KF
the
due to K?<
CFJJ
F=
:<IK8@E

loss of :FEKI8:K
manufacturing
certain contract D8EL=8:KLI@E>
:LJKFD<IJ
customers.
As
J
of
F=
July
&LCP
28,

2024,


8DFIK@Q89C<
@EK8E>@9C<
8JJ<KJ
?8;
8
N<@>?K<;
amortizable 8M<I8><
I<D8@E@E>
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F=

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intangible assets had a weighted-average remaining useful life of 19 years.
DFIK@Q8K@FE
<OG<EJ<
@J
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KF
9<

Amortization expense is estimated to be
8GGIFO@D8K<CP

D@CC@FE
@E

8E;

D@CC@FE
G<I
P<8I
=FI
K?<
=FCCFN@E>
=FLI
P<8IJ
approximately $71 million in 2025 and $46 million per year for the following four years.
%E
the
In K?<
=FLIK?

fourth HL8IK<I

quarter F=

we
of 2024, N<
recognized
I<:F>E@Q<;
an
8E
impairment
@DG8@ID<EK
charge
:?8I><
of
F=

D@CC@FE
on
$53 million FE
:<IK8@E
J8CKP
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certain salty 8E;
:FFB@<

snacks and cookie
KI8;<D8IBJ
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FLI
/E8:BJ
J<>D<EK
trademarks within our Snacks segment,
@E:CL;@E>
"42C8
including Tom's,
'>8
Jays,
7:3).+7C8
ICruncher's,
+40+
0-Ke-Doke,
!9+11'
C474
8E;
7).<'>
Stella D'oro and Archway, :FCC<:K@M<CP

collectively
I<=<II<;
KF
8J
FLI
CC@<;
9I8E;J
referred to as our "Allied brands."
%E

In 2024,
J8C<J
8E;
FG<I8K@E>
G<I=FID8E:<
N<I<
9<CFN
<OG<:K8K@FEJ
;L<
@E
G8IK
KF
:FDG<K@K@M<

sales and operating performance were below expectations due in part to competitive
GI<JJLI<
8E;
I<;L:<;
D8I>@EJ
pressure and reduced margins.
%E
K?<
=FLIK?
HL8IK<I
F=

In the fourth quarter of 2024,
98J<;
FE
I<:<EK
G<I=FID8E:<
based on recent performance,
N<
I<<M8CL8K<;
K?<
GFJ@K@FE
F=
K?<

we reevaluated the position of the


50
 CC@<;
9I8E;J
N@K?@E
FLI
GFIK=FC@F
8E;
CFN<I<;
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E<8I
Allied K<ID
8E;
CFE>
brands within our portfolio and lowered our near-term K<ID
FLKCFFB
=FI
=LKLI<
J8C<J
8E;
FG<I8K@E>
G<I=FID8E:<
and long-term outlook for future sales and operating performance.

J
F=
&LCP

As of July 28,

2024,
K?<
:8IIP@E>
M8CL<
F=
K?<
CC@<;
9I8E;J
KI8;<D8IB
N8J

D@CC@FE
the carrying value of the Allied brands trademark was $43 million
%E
K?<
=FLIK?

In the HL8IK<I
of
fourth quarter F=
2024,

we
N<
performed
G<I=FID<;
an
8E
assessment
8JJ<JJD<EK
FE
K?<
assets
on the 8JJ<KJ
@E
FLI
Pop
in our ,FG
/<:I<K
GFG:FIE
business
Secret popcorn 9LJ@E<JJ
within
N@K?@E
our
FLI

/E8:BJ
J<>D<EK
8J
J8C<J
8E;
FG<I8K@E>
G<I=FID8E:<
N<I<
9<CFN
<OG<:K8K@FEJ
;L<
@E
G8IK
KF
:FDG<K@K@M<
GI<JJLI<
8E;
I<;L:<;

Snacks segment as sales and operating performance were below expectations due in part to competitive pressure and reduced
D8I>@EJ
8E;
8J
N<
GLIJL<;
;@M<JK@E>
K?<
9LJ@E<JJ
margins, and as we pursued divesting the business.
J
8
I<JLCK
F=
K?<J<
=8:KFIJ
As a result of these factors,
@E
K?<
=FLIK?
HL8IK<I
F=

in the fourth quarter of 2024,
N<
I<;L:<;
FLI

we reduced our
CFE> K<ID
FLKCFFB
=FI
K?<
9LJ@E<JJ
8E;
I<:F>E@Q<;
8E
@DG8@ID<EK
:?8I><
F=

D@CC@FE
FE
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KI8;<D8IB
long-term outlook for the business and recognized an impairment charge of $76 million on the trademark.
J
F=
&LCP
As of July 28,

2024,

K?<
:8IIP@E>
M8CL<
F=
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KI8;<D8IB
N8J

D@CC@FE
the carrying value of the trademark was $28 million
0?<
J8C<
F=
K?<
9LJ@E<JJ
N8J
:FDGC<K<;
FE
L>LJK

The sale of the business was completed on August 26,
 2024.

0?<
@DG8@ID<EK
:?8I><J
N<I<
I<:FI;<;
@E
+K?<I
<OG<EJ<J

@E:FD<
@E
K?<
FEJFC@;8K<;
/K8K<D<EK
F=
!8IE@E>J
The impairment charges were recorded in Other expenses / (income) in the Consolidated Statement of Earnings.
0?<
 
billion
The $1.47 9@CC@FE
:8IIP@E>
M8CL<
of
carrying value F=
the
K?<
Rao's
'48
trademark
KI8;<D8IB
associated
8JJF:@8K<;
with
N@K?
the
K?<
Sovos
/FMFJ
Brands
I8E;J
acquisition
8:HL@J@K@FE
approximates
8GGIFO@D8K<J
=8@I

fair
M8CL<
!O:CL;@E>
K?<
:8IIP@E>
M8CL<
F=
K?<

value. Excluding the carrying value of the Rao's '48
KI8;<D8IB
8E;
K?<
45
!+)7+9
KI8;<D8IB
trademark and the Pop Secret trademark,
8J
F=
K?<

8EEL8C
@DG8@ID<EK

as of the 2024 annual impairment
K<JK@E>
@E;<=@E@K<
testing, C@M<;
KI8;<D8IBJ
N@K?
8GGIFO@D8K<CP

FI
C<JJ
F=
<O:<JJ
:FM<I8><
F=
=8@I
M8CL<
FM<I
:8IIP@E>
M8CL<
?8;
8E

indefinite-lived trademarks with approximately 10% or less of excess coverage of fair value over carrying value had an
8>>I<>8K<
:8IIP@E>
M8CL<
F=

aggregate 
9@CC@FE
8E;
@E:CL;<;
carrying value of $1.293 billion and included the K?<
!3>*+78
4,
'34;+7
Snyder's of Hanover,
')+
Pace,
')/,/)
44*8
8E;
:<IK8@E
FK?<I
/E8:BJ

Pacific Foods and certain other Snacks
KI8;<D8IBJ

trademarks.
0?<
<JK@D8K<J
F=
=LKLI<
:8J?
=CFNJ
LJ<;
@E
;<K<ID@E@E>
K?<
=8@I
M8CL<
F=
>FF;N@CC
8E;
@EK8E>@9C<
8JJ<KJ
@EMFCM<
J@>E@=@:8EK

The estimates of future cash flows used in determining the fair value of goodwill and intangible assets involve significant
D8E8><D<EK
judgment
management AL;>D<EK
8E;
8I<
98J<;
LGFE
8JJLDGK@FEJ
89FLK
<OG<:K<;
=LKLI<
FG<I8K@E>
G<I=FID8E:<
and are based upon assumptions about expected future operating performance,
8JJLD<;
IFP8CKP
I8K<J
assumed royalty rates,

<:FEFD@:

economic :FE;@K@FEJ
conditions,
market
D8IB<K
conditions
:FE;@K@FEJ
and
8E;
cost
:FJK
F=

of :8G@K8C
capital.
%E?<I<EK

Inherent @E

in <JK@D8K@E>
K?<
=LKLI<

estimating the :8J?
=CFNJ

future cash 8I<
uncertainties
flows are LE:<IK8@EK@<J

9<PFE;
our
beyond FLI
:FEKIFC
control,
JL:?
8J
:?8E><J

such as @E
:8G@K8C

changes in D8IB<KJ
The
capital markets. 0?<
actual
8:KL8C
:8J?

cash =CFNJ

flows :FLC;
;@==<I
materially
could differ D8K<I@8CCP
=IFD
D8E8><D<EKYJ

from management's
<JK@D8K<J
;L<
KF
:?8E><J
@E
9LJ@E<JJ
:FE;@K@FEJ
estimates due to changes in business conditions,
FG<I8K@E>
G<I=FID8E:<
8E;
<:FEFD@:
:FE;@K@FEJ
operating performance and economic conditions.
7.


*68>6?E
?7@C>2E:@?
Segment Information
+LI
I<GFIK89C<
J<>D<EKJ
8I<
8J
=FCCFNJ
Our reportable segments are as follows:
T• )<8CJ

<M<I8><J
Meals & Beverages,
N?@:?
:FEJ@JKJ
F=
FLI
JFLG
which consists of our soup,
J@DGC<
D<8CJ
8E;
9<M<I8><J
GIF;L:KJ
@E
I<K8@C
8E;
=FF;J<IM@:<
@E
K?<

simple meals and beverages products in retail and foodservice in the
1 /
and
U.S. 8E;
8E8;8
Canada.
0?<
J<>D<EK
includes
The segment @E:CL;<J
the
K?<
=FCCFN@E>
GIF;L:KJ
'25(+11C8

following products: :FE;<EJ<;
and
Campbell's condensed 8E;
ready-to-serve
I<8;P KF J<IM<
soups;
JFLGJ

!<'3843
9IFK?
and
Swanson broth 8E;
stocks;
JKF:BJ
Pacific
')/,/)
Foods
44*8
broth,
9IFK?
soups
JFLGJ
and
8E;
non-dairy
EFE ;8@IP
beverages;
9<M<I8><J
7+-4
G8JK8
J8L:<J

Prego pasta ')+
Mexican
sauces; Pace )<O@:8E

J8L:<J

sauces; '25(+11C8

Campbell's >I8M@<J
gravies,
pasta,
G8JK8
beans
9<8EJ
and
8E;
;@EE<I

dinner J8L:<J
!<'3843
:8EE<;

sauces; Swanson GFLCKIP
$

canned poultry; AL@:<J
and
V8 juices 8E;
beverages;
9<M<I8><J

'25(+11C8
KFD8KF
juice;
Campbell's tomato AL@:<
and
8E;
as
8J
of
F=
March
)8I:?
12,

2024,

Rao's
'48
pasta
G8JK8
sauces,
J8L:<J
;IP
G8JK8
=IFQ<E

dry pasta, frozen <EKIR<J
entrées,
=IFQ<E
G@QQ8
and
frozen pizza 8E;

JFLGJ

soups; /).'+1
3-+148
frozen
Michael Angelo's =IFQ<E
<EKIR<J
8E;
pasta
entrées and G8JK8
sauces;
J8L:<J
and
8E;
noosa
3448'
yogurts.
PF>LIKJ
The
0?<
segment
J<>D<EK
also
8CJF
@E:CL;<J
JE8:B@E>

includes snacking
GIF;L:KJ
@E
=FF;J<IM@:<
8E;
8E8;8
8E;
products in foodservice and Canada; and
T• /E8:BJ
Snacks,
N?@:?
:FEJ@JKJ
F=
,<GG<I@;><
"8ID
:FFB@<J
which consists of Pepperidge Farm cookies*,
:I8:B<IJcrackers,
=I<J?
98B<IP
8E;
=IFQ<E
GIF;L:KJ
fresh bakery and frozen products,
@E:CL;@E>
41*,/8.
including Goldfish
:I8:B<IJ
crackers*,
Snyder's
!3>*+7C8
of
4,
Hanover
'34;+7
pretzels*,
GI<KQ<CJ
Lance
'3)+
sandwich
J8E;N@:?
crackers*,
:I8:B<IJ
'5+

Cape 4*
GFK8KF
chips*,
Cod potato :?@GJ
Kettle
+991+
Brand
7'3*
potato
GFK8KF

:?@GJ
chips*,
'9+
:1>
JE8:BJ
Late July snacks*,
!3')0
')947>
GI<KQ<C
:I@JGJ
Snack Factory pretzel crisps*,
8E;
FK?<I
JE8:B@E>
GIF;L:KJ
@E
I<K8@C
@E
K?<
1
and other snacking products in retail in the U.S. /
3<
I<=<I
KF

We refer to
K?<
*
brands
the 9I8E;J
as
8J
our
FLI
"power
GFN<I
brands."
9I8E;J 
0?<

The J<>D<EK
8CJF
@E:CL;<J

segment also K?<
retail
includes the I<K8@C
business
9LJ@E<JJ
@E
(8K@E
America.
in Latin D<I@:8
0?<
J<>D<EK

The segment
@E:CL;<;
K?<
results
included the I<JLCKJ
F=

of FLI
!D<I8C;
nuts
our Emerald ELKJ
business,
9LJ@E<JJ
which
N?@:?
was sold FE

N8J
JFC;
)8P
30,
on May 
2023,

and
8E;
our
FLI
Pop
,FG
Secret
/<:I<K
popcorn
GFG:FIE

9LJ@E<JJ
N?@:?
N8J
JFC;
FE
L>LJK

business, which was sold on August 26,
 2024.
3<
<M8CL8K<
J<>D<EK
G<I=FID8E:<
9<=FI<
@EK<I<JK
We evaluate segment performance before interest,
K8O<J
8E;
:FJKJ
8JJF:@8K<;
N@K?
I<JKIL:KLI@E>
8:K@M@K@<J
taxes and costs associated with restructuring activities,
:FJK
J8M@E>J
8E;

cost savings and
FGK@D@Q8K@FE
@E@K@8K@M<J
optimization initiatives,
@DG8@ID<EK
:?8I><J
8E;
:FIGFI8K<
<OG<EJ<J
impairment charges and corporate expenses.
1EI<8C@Q<;
>8@EJ
8E;
CFJJ<J
FE
FLKJK8E;@E>
LE;<J@>E8K<;

Unrealized gains and losses on outstanding undesignated
:FDDF;@KP
hedging
commodity ?<;>@E>
activities
8:K@M@K@<J
8I<
<O:CL;<;
=IFD

are excluded J<>D<EK
operating
from segment FG<I8K@E>
earnings
<8IE@E>J
and
8E;
are
8I<
recorded
I<:FI;<;
@E
FIGFI8K<
as
in Corporate 8J
these
K?<J<
open
FG<E

GFJ@K@FEJ
I<GI<J<EK
?<;><J
F=
=LKLI<
GLI:?8J<J
positions represent hedges of future purchases.
1GFE
:CFJ@E>
F=
K?<
:FEKI8:KJ
Upon closing of the contracts,
K?<
I<8C@Q<;
>8@E
FI
CFJJ
@J
KI8EJ=<II<;
KF
J<>D<EK

the realized gain or loss is transferred to segment
FG<I8K@E>
<8IE@E>J
operating earnings,
which
N?@:?
allows
8CCFNJ
the
K?<
segments
J<>D<EKJ
to
KF
reflect
I<=C<:K
the
K?<
economic
<:FEFD@:
effects
<==<:KJ
of
F=
the
K?<
hedge
?<;><
without
N@K?FLK
<OGFJLI<

exposure to KF
HL8IK<ICP

quarterly
MFC8K@C@KP
F=
LEI<8C@Q<;
>8@EJ
8E;
CFJJ<J
volatility of unrealized gains and losses.
+ECP
K?<
J<IM@:<
:FJK
:FDGFE<EK
F=
G<EJ@FE
8E;
GFJKI<K@I<D<EK
<OG<EJ<
@J
8CCF:8K<;
KF

Only the service cost component of pension and postretirement expense is allocated to
J<>D<EKJ
All
segments. CC
other
FK?<I
components
:FDGFE<EKJ
F=
<OG<EJ<
@E:CL;@E>

of expense, including @EK<I<JK
:FJK
<OG<:K<;

interest cost, expected I<KLIE

return onFE
assets,
8JJ<KJ
amortization
8DFIK@Q8K@FE
of
F=
prior
GI@FI
service
J<IM@:<

:I<;@KJ
8E;
I<:F>E@Q<;
8:KL8I@8C
>8@EJ
8E;
CFJJ<J
8I<
I<=C<:K<;
@E
FIGFI8K<
8E;
EFK
@E:CL;<;
@E
J<>D<EK
FG<I8K@E>
I<JLCKJ
credits and recognized actuarial gains and losses are reflected in Corporate and not included in segment operating results.
JJ<K
Asset
@E=FID8K@FE
9P
J<>D<EK
@J
EFK
;@J:I<K<CP
D8@EK8@E<;
=FI
@EK<IE8C
I<GFIK@E>
FI
LJ<;
@E
<M8CL8K@E>
G<I=FID8E:<
information by segment is not discretely maintained for internal reporting or used in evaluating performance.

+LI
C8I><JK
:LJKFD<I
Our largest customer,
38C )8IK
/KFI<J
Wal-Mart Stores,
%E:
Inc.
8E;
@KJ
8==@C@8K<J
and its affiliates,
8::FLEK<;
=FI
8GGIFO@D8K<CP

F=
:FEJFC@;8K<;
E<K
J8C<J
@E

accounted for approximately 22% of consolidated net sales in


2024, 2023,
8E;

and 2022.
FK?
F=
FLI
I<GFIK89C<
J<>D<EKJ
JFC;
GIF;L:KJ
KF
38C
Both of our reportable segments sold products to Wal-Mart)8IK
/KFI<J
Stores,
%E:
Inc.
FI
@KJ
8==@C@8K<J
or its affiliates.

$:==:@?D
(Millions)  
2024  
2023  
2022
*<K
J8C<J
Net sales
)<8CJ

<M<I8><J
Meals & Beverages 

$ 5,258



$  

4,907 

$  

4,607
/E8:BJ
Snacks
4,378


 

4,450
 

3,955
0FK8C
Total 

$ 9,636



$  

9,357 

$  

8,562


51
$:==:@?D
(Millions)  
2024  
2023  
2022
!8IE@E>J
9<=FI<
@EK<I<JK
8E;
K8O<J
Earnings before interest and taxes
)<8CJ

<M<I8><J
Meals & Beverages 

$ 

974 

$ 

894 

$ 

874
/E8:BJ
Snacks


648


640


517

FIGFI8K<
@E:FD<
<OG<EJ<
Corporate income (expense)(')


(584)


(206)


(223)

.<JKIL:KLI@E>
:?8I><J
Restructuring charges(2)


(38)


(16)


(5)
0FK8C
Total 

$ 
1,000


$  

1,312 

$  

1,163
$:==:@?D
(Millions)  
2024  
2023  
2022
<GI<:@8K@FE
8E;
8DFIK@Q8K@FE
Depreciation and amortization
)<8CJ

<M<I8><J
Meals & Beverages 

$ 


163 $ 

151 

$ 

131
/E8:BJ
Snacks


228


211


185
FIGFI8K<
Corporate)
20



25


21
0FK8C
Total 

$ 

411 
$ 

387 

$ 

337
$:==:@?D
(Millions)  
2024  
2023  
2022
8G@K8C
<OG<E;@KLI<J
Capital expenditures
)<8CJ

<M<I8><J
Meals & Beverages 

$ 

147 

$ 

129 

$ 

76
/E8:BJ
Snacks


279


199


120
FIGFI8K<
Corporate)


91


42


46
0FK8C
Total 

$ 

517 

$ 

370 

$ 

242
777777777777777777777777777777777777777

(1) .<GI<J<EKJ
LE8CCF:8K<;
@K<DJ
Represents unallocated items.
,<EJ@FE
8E;
GFJKI<K@I<D<EK
8:KL8I@8C
>8@EJ
8E;
CFJJ<J
8I<
@E:CL;<;
@E
FIGFI8K<
Pension and postretirement actuarial gains and losses are included in Corporate.
0?<I<
N<I<
There were
8:KL8I@8C
CFJJ<J
F=

D@CC@FE
@E

actuarial losses of $33 million in 2024,
>8@EJ
F=

D@CC@FE
@E

gains of $15 million in 2023,
8E;
CFJJ<J
F=

D@CC@FE
@E

and losses of $44 million in 2022.
FJKJ
I<C8K<;
KF
K?<

Costs related to the
:FJK
J8M@E>J
and
cost savings 8E;
optimization
FGK@D@Q8K@FE
@E@K@8K@M<J
N<I<
$92
initiatives were 
million,
D@CC@FE
$50

million
D@CC@FE
and
8E;

D@CC@FE
@E

$26 million 
2023
in 2024, 
and
8E;
2022,


I<JG<:K@M<CP
respectively.
1EI<8C@Q<;
D8IB KF D8IB<K
8;ALJKD<EKJ
FE
FLKJK8E;@E>
LE;<J@>E8K<;
:FDDF;@KP
?<;><J
N<I<
CFJJ<J
F=


Unrealized mark-to-market adjustments on outstanding undesignated commodity hedges were losses of $22
D@CC@FE
@E

million in 2024,
>8@EJ
F=

D@CC@FE
@E

gains of $21 million in 2023,
8E;
CFJJ<J
F=

D@CC@FE
@E

and losses of $59 million in 2022.
::<C<I8K<;
8DFIK@Q8K@FE
<OG<EJ<
I<C8K<;

Accelerated amortization expense related
KF
:LJKFD<I
I<C8K@FEJ?@G
@EK8E>@9C<
8JJ<KJ
N8J
to customer relationship intangible assets was 
D@CC@FE
8E;

D@CC@FE
$27 million and $7 million @E

8E;

in 2024 and 2023,
I<JG<:K@M<CP
respectively.
FJKJ
8JJF:@8K<;

Costs associated
N@K?
the
with K?<
acquisition
8:HL@J@K@FE
of
F=
/FMFJ
I8E;J
were
Sovos Brands N<I<

D@CC@FE
and
$105 million 8E;

D@CC@FE
in
$5 million @E
2024

and8E;
2023,

respectively.
I<JG<:K@M<CP
%EK8E>@9C<
8JJ<K

Intangible asset
@DG8@ID<EK
:?8I><J
were
impairment charges N<I<

D@CC@FE
@E

$129 million 
Costs
in 2024. FJKJ
of
F=

D@CC@FE
related
$3 million I<C8K<;
to
KF
a8
cybersecurity
:P9<IJ<:LI@KP
@E:@;<EK
N<I<
included
incident were @E:CL;<;
in
@E


(@K@>8K@FE
<OG<EJ<J
I<C8K<;
KF
K?<
,CLD
989P
=FF;
8E;
JE8:BJ
9LJ@E<JJ
2024. Litigation expenses related to the Plum baby food and snacks business,
N?@:?
N8J
;@M<JK<;
FE
)8P
which was divested on May,
 3,

2021,
8E;

and
:<IK8@E
FK?<I
C@K@>8K@FE
D8KK<IJ
N<I<

D@CC@FE
8E;
N<I<
@E:CL;<;
@E

certain other litigation matters were $5 million and were included in 2024.

CFJJ
F=

D@CC@FE
FE
K?<
J8C<
F=
FLI
!D<I8C;

A loss of $13 million on the sale of our Emerald
ELKJ
9LJ@E<JJ
N8J
@E:CL;<;
@E

nuts business was included in 2023.

(2) /<<
*FK<

=FI
8;;@K@FE8C
@E=FID8K@FE
See Note 8 for additional information.

(3) .<GI<J<EKJ
GI@D8I@CP
:FIGFI8K<
F==@:<J
8E;
<EK<IGI@J<
Represents N@;<
@E=FID8K@FE
K<:?EFCF>P
JPJK<DJ
primarily corporate offices and enterprise-wide information technology systems.
+LI
E<K
J8C<J
98J<;
FE
GIF;L:K
:8K<>FI@<J
8I<
8J
=FCCFNJ
Our net sales based on product categories are as follows:
$:==:@?D
(Millions)  
2024  
2023  
2022
*<K
J8C<J
Net sales
/FLG
Soup 

$ 2,709
 


$  

2,740 

$  

2,615
/E8:BJ
Snacks
4,597


 

4,643
 

4,103
+K?<I
J@DGC<
D<8CJ
Other simple meals
 

1,618
 

1,205
 

1,091
<M<I8><J
Beverages


712


769


753
0FK8C
Total 

$ 9,636



$  

9,357 

$  

8,562

/FLG

Soup @E:CL;<J

includes M8I@FLJ
JFLG
broths
various soup, 9IFK?J
and
8E;
stock
JKF:B
products.
GIF;L:KJ
/E8:BJ

Snacks @E:CL;<
:FFB@<J
pretzels,
include cookies, GI<KQ<CJ
crackers,
:I8:B<IJ
popcorn,
GFG:FIE
potato
GFK8KF
chips,
:?@GJ

KFIK@CC8
:?@GJ

tortilla 8E;
other
chips and FK?<I
salty
J8CKP
snacks
JE8:BJ
and
8E;
baked
98B<;
products.
GIF;L:KJ
Other
+K?<I
simple
J@DGC<
meals
D<8CJ
include
@E:CL;<
sauces,
J8L:<J
yogurts,
PF>LIKJ
pasta,
G8JK8
=IFQ<E

frozen <EKIR<J
entrées,

:8EE<;
GFLCKIP
frozen
canned poultry, =IFQ<E
pizza,
G@QQ8
gravies
>I8M@<J
and
8E;
beans.
9<8EJ
Beverages
<M<I8><J
@E:CL;<

include $
AL@:<J
and
V8 juices 8E;
beverages,
9<M<I8><J
'25(+11C8
KFD8KF
juice
Campbell's tomato AL@:<
and
8E;

')/,/)
44*8
EFE
Pacific Foods non-dairy;8@IP
9<M<I8><J
beverages.
3<
are
We 8I<
a8
North
*FIK?
American
D<I@:8E
focused
=F:LJ<;
:FDG8EP
N@K?
over
company with FM<I
90%

F=
FLI
net
of our E<K
sales
J8C<J
and
8E;
long-lived
CFE> C@M<;
assets
8JJ<KJ
related
I<C8K<;
to
KF
our
FLI
U.S.
1/

FG<I8K@FEJ
operations.


52



)6DECF4EFC:?8
92C86D
8. Restructuring Charges,
@DE
*2G:?8D
?:E:2E:G6D
2?5
&E96C
&AE:>:K2E:@?

Cost Savings Initiatives ?:E:2E:G6D
and Other Optimization Initiatives
:19/>+'7
489
!';/3-8
3/9/'9/;+8
'3*
!3>*+78'3)+
489
"7'38,472'9/43
74-7'2
'3*
39+-7'9/43
Multi-year Cost Savings Initiatives and Snyder's-Lance Cost Transformation Program and Integration
439/3:/3-
5+7'9/438
Continuing Operations
<>@EE@E>
@E

Beginning in 2015,
N<
@DGC<D<EK<;
@E@K@8K@M<J
KF
I<;L:<
:FJKJ
8E;
KF
JKI<8DC@E<
FLI
FI>8E@Q8K@FE8C
JKIL:KLI<
we implemented initiatives to reduce costs and to streamline our organizational structure.

+M<I
K?<
P<8IJ
Over the years,
N<
<OG8E;<;
K?<J<
@E@K@8K@M<J
9P
:FEK@EL@E>
KF
FGK@D@Q<
FLI
JLGGCP
:?8@E
8E;
D8EL=8:KLI@E>
E<KNFIBJ
we expanded these initiatives by continuing to optimize our supply chain and manufacturing networks,
8J

as
N<CC
8J
FLI
@E=FID8K@FE
K<:?EFCF>P
@E=I8JKIL:KLI<
well as our information technology infrastructure.
+E
)8I:?

On March 26,

2018,
N<
:FDGC<K<;
K?<
8:HL@J@K@FE
F=
/EP;<IJ (8E:<
,I@FI
KF
K?<
8:HL@J@K@FE
we completed the acquisition of Snyder's-Lance. Prior to the acquisition,
/EP;<IJ (8E:<
C8LE:?<;
8

Snyder's-Lance launched a
:FJK
transformation
cost KI8EJ=FID8K@FE
program
GIF>I8D
=FCCFN@E>

following a8
:FDGI<?<EJ@M<
I<M@<N
of
comprehensive review F=
its
@KJ
FG<I8K@FEJ
N@K?
the
operations with K?<
>F8C
F=
significantly
goal of J@>E@=@:8EKCP
improving
@DGIFM@E>
its
@KJ

=@E8E:@8C
G<I=FID8E:<
financial performance.
3<
:FEK@EL<;
KF
@DGC<D<EK
K?@J
GIF>I8D
8E;
@;<EK@=@<;
FGGFIKLE@K@<J
=FI
8;;@K@FE8C
:FJK
JPE<I>@<J
8J
N<

We continued to implement this program and identified opportunities for additional cost synergies as we
@EK<>I8K<;
/EP;<IJ (8E:<
integrated Snyder's-Lance.
%E

In 2022,
N<
<OG8E;<;
K?<J<
@E@K@8K@M<J
8J
N<
:FEK@EL<;
KF
GLIJL<
:FJK
J8M@E>J
9P
=LIK?<I
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:?8@E
8E;

we expanded these initiatives as we continued to pursue cost savings by further optimizing our supply chain and
D8EL=8:KLI@E>
network
manufacturing E<KNFIB
and
8E;
through
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effective
<==<:K@M<
cost
:FJK
management.
D8E8><D<EK
%E
K?<
J<:FE;

In the HL8IK<I
of
second quarter F=
2023,

we
N<
announced
8EEFLE:<;
plans
GC8EJ
to
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:FEJFC@;8K<
FLI
/E8:BJ
F==@:<J
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?8ICFKK<
consolidate our Snacks offices in Charlotte,
*FIK?
8IFC@E8
North Carolina,
8E;
*FIN8CB
and Norwalk,
FEE<:K@:LK
Connecticut,
@EKF
FLI
?<8;HL8IK<IJ
@E
8D;<E
into our headquarters in Camden,
*<N

New
&<IJ<P
Jersey.

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F=
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@E@K@8K@M<J
@J
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summary of the pre-tax charges recorded in the Consolidated Statements of Earnings related to these initiatives is as
=FCCFNJ
follows:
)64@8?:K65
2D
@7

Recognized as of
$:==:@?D
(Millions)  
2024  
2023  
2022 !F=J

July 28,
 
2024
.<JKIL:KLI@E>
:?8I><J
Restructuring charges $


17 

$ 

16 

$ 

5 

$ 

297
;D@E@JKI8K@M<
<OG<EJ<J
Administrative expenses


54


24



20 

437
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F=
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JFC;
Cost of products sold


26


18


5


128
)8IB<K@E>
8E;
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<OG<EJ<J
Marketing and selling expenses


4


5
1



23
.<J<8I:?
8E;
;<M<CFGD<EK
<OG<EJ<J
Research and development expenses



3 


3 V



10
0FK8C
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:?8I><J
Total pre-tax charges $
 


104 $ 


66 $ 


31 $ 

895


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8JJF:@8K<;
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summary of the pre-tax costs associated with these initiatives is as follows:

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2D
@7
Recognized as of
$:==:@?D
(Millions) !F=J

July 28,
 
2024
/<M<I8E:<
G8P
8E;
9<E<=@KJ
Severance pay and benefits 

$ 

253
JJ<K
@DG8@ID<EK8::<C<I8K<;
;<GI<:@8K@FE
Asset impairment/accelerated depreciation


134
%DGC<D<EK8K@FE
:FJKJ
8E;
FK?<I
I<C8K<;
:FJKJ
Implementation costs and other related costs


508
0FK8C
Total 

$ 

895

+=
the
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aggregate
8>>I<>8K<

D@CC@FE pre-tax
$895 million GI< K8O
:FJKJ
@E:LII<;
to
costs incurred KF
;8K<
date,
approximately
8GGIFO@D8K<CP

D@CC@FE were
$720 million N<I<
cash
:8J?
expenditures.
<OG<E;@KLI<J
%E

In
8;;@K@FE
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@EM<JK<;

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8J
F=
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0?<
:8G@K8C
<OG<E;@KLI<J
GI@D8I@CP
I<C8K<;
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8

addition, we invested $543 million in capital expenditures as of July 28, 2024. The capital expenditures primarily related to a
1 /
warehouse
U.S. N8I<?FLJ<
optimization
FGK@D@Q8K@FE
project,
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improvement
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of F=
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quality,
safety
J8=<KP
and
8E;
cost
:FJK
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the
structure across K?<
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Snyder's-Lance
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E<KNFIB
FGK@D@Q8K@FE
F=
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)<8CJ

<M<I8><J
D8EL=8:KLI@E>
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manufacturing network, optimization of production within our Meals & Beverages manufacturing network, optimization of
FGK@D@Q8K@FE
F=

@E=FID8K@FE
K<:?EFCF>P
@E=I8JKIL:KLI<
8E;
8GGC@:8K@FEJ
@DGC<D<EK8K@FE
F=
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/,
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information technology infrastructure and applications, implementation of our existing SAP enterprise-resource planning I<JFLI:<
GC8EE@E>

JPJK<D
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/EP;<IJ
system (8E:<
<E?8E:<D<EKJ
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for Snyder's-Lance, enhancements to our headquarters in Camden,
*<N
&<IJ<P
New Jersey,
8E;
FGK@D@Q8K@FE
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/EP;<IYJ (8E:<

and optimization of the Snyder's-Lance
N8I<?FLJ<
8E;
;@JKI@9LK@FE
E<KNFIB
warehouse and distribution network.


53
 
JLDD8IP
F=
K?<
I<JKIL:KLI@E>
8:K@M@KP
8E;
I<C8K<;
I<J<IM<J
8K
&LCP

A summary of the restructuring activity and related reserves at July 28,

2024,
@J
8J
=FCCFNJ
is as follows:
>A=6>6?E2E:@?

Implementation DD6E

Asset &E96C

Other
*6G6C2?46

Severance @DED
2?5

Costs and >A2:C>6?E
Impairment! %@? 2D9

Non-Cash
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2?5

Pay and &E96C
)6=2E65

Other Related 446=6C2E65

Accelerated I:E

Exit +@E2=

Total
$:==:@?D
(Millions) 6?67:ED
Benefits @DED Depreciation
Costs(3) 6[Link]@? @DED Charges
Costs(4) 92C86D
::IL<;
98C8E:<
8K
&LCP

Accrued balance at July 31,

2022 

$ 

7

:?8I><J
2023 charges



13 


26 


24 


3 $ 

66

:8J?
G8PD<EKJ
2023 cash payments


(7)

::IL<;
98C8E:<
8K
&LCP

Accrued balance at July 30,

2023(1) 


 
492C86D
2024 charges




41


28



22 $  

104
 
42D9
A2J>6?ED
2024 cash payments



Accrued balance at July 28,
2024(2)
44CF65
32=2?46
2E
!F=J
 

$ 

18
777777777777777777777777777777777777777

(1) %E:CL;<J

D@CC@FE
F=
J<M<I8E:<
G8P
8E;
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Includes $7 million of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet.

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F=
J<M<I8E:<
G8P
8E;
9<E<=@KJ
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/?<<K
(2) Includes $7 million of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet.

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(3) Includes other costs recognized as incurred that are not reflected in the restructuring reserves in the Consolidated Balance
/?<<KJ
The
Sheets. 0?<
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costs are included @E
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<OG<EJ<J
in Administrative expenses,
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of
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products
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sold,
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and
8E;
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selling <OG<EJ<J
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expenses and
.<J<8I:?
8E;
;<M<CFGD<EK
<OG<EJ<J
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!8IE@E>J
Research and development expenses in the Consolidated Statements of Earnings.

(4) %E:CL;<J
EFE
Includes :8J?
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I<J<IM<J
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K?<
FEJFC@;8K<;
8C8E:<
/?<<KJ
non-cash costs that are not reflected in the restructuring reserves in the Consolidated Balance Sheets.
/<>D<EK
FG<I8K@E>
I<JLCKJ
;F
EFK
@E:CL;<
I<JKIL:KLI@E>
:?8I><J
Segment operating results do not include restructuring charges,
@DGC<D<EK8K@FE
:FJKJ
8E;
FK?<I
I<C8K<;
:FJKJ
9<:8LJ<
N<

implementation costs and other related costs because we
<M8CL8K<
J<>D<EK
G<I=FID8E:<
<O:CL;@E>
JL:?
:?8I><J
evaluate segment performance excluding such charges.

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F=
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GI< K8O
:FJKJ
8JJF:@8K<;
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J<>D<EKJ
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=FCCFNJ
A summary of the pre-tax costs associated with segments is as follows:
@DED
?4FCC65
E@

Costs Incurred to
$:==:@?D
(Millions)  
2024 2E6
Date
)<8CJ

<M<I8><J
Meals & Beverages 

$ 

37 

$ 

288
/E8:BJ
Snacks 

38


383
FIGFI8K<
Corporate 

29


224
0FK8C
Total 

$ 

104 

$ 

895

J
of
As F=
July
&LCP
28,

2024,

we
N<
have
?8M<
JL9JK8EK@8CCP
:FDGC<K<;
the
substantially completed K?<
multi-year
DLCK@ P<8I
:FJK

cost J8M@E>

saving @E@K@8K@M<J
8E;
Snyder's-Lance
initiatives and /EP;<IJ (8E:<
cost
:FJK

KI8EJ=FID8K@FE
GIF>I8D
8E;
@EK<>I8K@FE
transformation program and integration.
<IK8@E
G?8J<J
K?8K
?8M<
EFK
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=LCCP
@DGC<D<EK<;
N@CC
9<
@E:FIGFI8K<;
@EKF
K?<
E<N

Certain phases that have not been fully implemented will be incorporated into the new
:FJK
J8M@E>J
@E@K@8K@M<J
;<J:I@9<;
9<CFN
cost savings initiatives described below.
!4;48
7'3*8
39+-7'9/43
3/9/'9/;+8

Sovos Brands Integration Initiatives
+E
March
On )8I:?
12,

2024,

we
N<
completed
:FDGC<K<;
the
K?<
acquisition
8:HL@J@K@FE
of
F=
/FMFJ
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/<<

Sovos Brands. *FK<
3
See Note 
=FI
8;;@K@FE8C
information.
for additional @E=FID8K@FE
We
3<
have
?8M<

@;<EK@=@<;
FGGFIKLE@K@<J
=FI
:FJK
JPE<I>@<J
8J
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@EK<>I8K<
/FMFJ
I8E;J
identified opportunities for cost synergies as we integrate Sovos Brands.

%E
2024,
In 
we
N<
recorded
I<:FI;<;
Restructuring
.<JKIL:KLI@E>
:?8I><J

charges F=

million
of $21 D@CC@FE
related
I<C8K<;
to
KF
@E@K@8K@M<J
KF
achieve
initiatives to 8:?@<M<
the
K?<
synergies.
JPE<I>@<J
0?<

The :?8I><J

charges
@E:LII<;
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N<I<
8JJF:@8K<;
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)<8CJ

<M<I8><J
J<>D<EK
incurred in 2024 were associated with the Meals & Beverages segment.


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F=
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I<JKIL:KLI@E>
8:K@M@KP
8E;
I<C8K<;
I<J<IM<J
8JJF:@8K<;
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/FMFJ
I8E;J
@EK<>I8K@FE
8K
&LCP

A summary of the restructuring activity and related reserves associated with the Sovos Brands integration at July 28,

2024,

@J
8J
=FCCFNJ
is as follows:

*6G6C2?46
'2J
2?5

Severance Pay and
$:==:@?D
(Millions) 6?67:ED
Benefits
2024

492C86D
charges 

$ 

21
2024

42D9
A2J>6?ED
cash payments 

(3)
44CF65
32=2?46
2E
!F=J

Accrued balance at July 28,
 

2024(1) 

$ 

18

7777777777777777777777777777777777

(1) %E:CL;<J

D@CC@FE
F=
J<M<I8E:<
G8P
8E;
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/?<<K
Includes $5 million of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet.
<>@EE@E>
@E

Beginning in 2025,
K?<
@E@K@8K@M<J
KF
8:?@<M<
JPE<I>@<J
N@CC
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@E:FIGFI8K<;
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:FJK
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@E@K@8K@M<J
;<J:I@9<;

the initiatives to achieve synergies will be incorporated into the new cost savings initiatives described
9<CFN
below.


54
 
489
!';/3-8
3/9/'9/;+8
2025 Cost Savings Initiatives
+E
/<GK<D9<I
10,
On September 
2024,

we
N<
announced
8EEFLE:<;
plans
GC8EJ
to
KF
@DGC<D<EK

implement newE<N
cost
:FJK
savings
J8M@E>J
@E@K@8K@M<J
9<>@EE@E>
@E

initiatives beginning 
@E:CL;@E>

in 2025, including
@E@K@8K@M<J
to
initiatives KF
=LIK?<I
FGK@D@Q<
our
further optimize FLI
supply
JLGGCP
chain
:?8@E
and
8E;
manufacturing
D8EL=8:KLI@E>
network,
E<KNFIB
optimization
FGK@D@Q8K@FE
ofF=
our
FLI
information
@E=FID8K@FE
technology
K<:?EFCF>P

@E=I8JKIL:KLI<
and
infrastructure 8E;
targeted
K8I><K<;
cost
:FJK
management.
D8E8><D<EK
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also
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identified
@;<EK@=@<;
additional
8;;@K@FE8C
FGGFIKLE@K@<J

opportunities =FI
:FJK
synergies
for cost JPE<I>@<J
as8J
we
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integrate
@EK<>I8K<

/FMFJ
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Sovos Brands.
J
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As mentioned above,
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JL9JK8EK@8CCP
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we substantially completed our existing multi-year P<8I
:FJK
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@E@K@8K@M<J
8E;
/EP;<IJ
cost savings initiatives and Snyder's-
(8E:<
:FJK
KI8EJ=FID8K@FE
GIF>I8D
8E;
@EK<>I8K@FE
Lance cost transformation program and integration.
<IK8@E
@E@K@8K@M<J
=IFD
K?8K
GIF>I8D
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9<<E
@E:FIGFI8K<;
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Certain initiatives from that program have been incorporated into our new
:FJK
J8M@E>J

cost savings @E@K@8K@M<J
initiatives.
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estimates =FI
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new
for these E<N
@E@K@8K@M<J
initiatives,
as
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well
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as
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timing
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for
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certain
:<IK8@E
activities,
8:K@M@K@<J
are
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continuing
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to
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be
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developed.
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costs for actions that have been identified to date are approximately $180 million and we expect
KF
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JL9JK8EK@8CCP
8CC
F=
K?<
:FJKJ
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to incur substantially all of the costs through 2028.
0?<J<
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LG;8K<;
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These estimates will be updated as the detailed plans are developed.
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<OG<:K
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costs
expect the :FJKJ
for
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the
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actions
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that
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have
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been
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identified
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to
KF
;8K<
KF
:FEJ@JK

date to F=
the
consist of K?<
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8GGIFO@D8K<CP
$25
following: approximately 
million
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in
@E

J<M<I8E:<
G8P
and
severance pay 8E;
benefits;
9<E<=@KJ
approximately
8GGIFO@D8K<CP

D@CC@FE
in
$45 million @E
asset
8JJ<K
@DG8@ID<EK

impairment and8E;
accelerated
8::<C<I8K<;
depreciation;
;<GI<:@8K@FE
and
8E;
approximately
8GGIFO@D8K<CP


D@CC@FE
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@DGC<D<EK8K@FE
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8E;
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$110 million in implementation costs and other related costs.
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<OG<:K
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We expect these pre-tax K8O
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costs to be associated with our segments
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<M<I8><J

as follows: Meals & Beverages -
8GGIFO@D8K<CP

/E8:BJ

approximately 80%; Snacks -
8GGIFO@D8K<CP

8E;
FIGFI8K<

approximately 5% and Corporate -
8GGIFO@D8K<CP

approximately 15%.
+=
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Of the
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D@CC@FE
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aggregate $180 million of pre-tax K8O
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costs identified to date,
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<OG<:K
8GGIFO@D8K<CP

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<OG<E;@KLI<J
we expect approximately $135 million will be cash expenditures.
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In
8;;@K@FE
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<OG<:K
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8GGIFO@D8K<CP

D@CC@FE
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<OG<E;@KLI<J
addition, we expect to invest approximately $235 million in capital expenditures.
9.+7
59/2/?'9/43
3/9/'9/;+8
Other Optimization Initiatives
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K?<
second
In the J<:FE;
quarter
HL8IK<I
of
F=
2024,

we
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began
9<>8E
@DGC<D<EK8K@FE

implementation of F=
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new
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initiative
@E@K@8K@M<
to
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<==<:K@M<E<JJ

improve the F=
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effectiveness of /E8:BJ

our Snacks
;@I<:K JKFI< ;<C@M<IP
route-to-market
direct-store-delivery IFLK< KF D8IB<K
network.
E<KNFIB
Pursuant
,LIJL8EK
toKF
this
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@E@K@8K@M<
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will
initiative we N@CC
purchase
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certain
:<IK8@E
Pepperidge
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Farm
"8ID
and
8E;

/EP;<IJ (8E:<
routes
Snyder's-Lance IFLK<J
where
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there
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are
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to
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unlock
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greater
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scale
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in J<C<:K
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combine
select markets, :FD9@E<
them
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and
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sell
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the
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combined routes to independent contractor distributors.
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expenses of up to approximately $115 million through 2029.
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we incurred $5 million in Marketing and selling expenses
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related to this initiative.
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dilution vary in that the weighted average shares outstanding assuming dilution include the incremental effect of stock options
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for 2022 excludes approximately 1 million stock options that would have been antidilutive.



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10. Pension and Postretirement Benefits
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Pension Benefits — We sponsor a number of noncontributory defmed benefit pension plans to provide retirement benefits
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compensation levels.
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Benefits are paid from funds previously provided to trustees or are paid directly by us from general funds.

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we implemented significant amendments to certain U.S. /
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pension plans.
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retirement benefits are
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determined based on percentages of annual pay and age.
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service and
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earnings credit continued to accrue for fifteen years for certain active employees participating in the plans under the old formula
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prior to the amendments
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Employees will receive the benefit from either the new or old formula,
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whichever is higher.
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Effective
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as of January 1,

2011,
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our U.S. pension plans were amended so that employees hired or rehired on or after that date and who are
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not covered by collective bargaining agreements will not be eligible to participate in the plans.
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All collective bargaining units
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adopted <:<D9<I

this amendment by December 31,

2011.
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2023,
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we
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settled 
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of
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our
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pension
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benefit
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with
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approximately
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6,000
 
retired
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participants that were receiving benefits within our U.S. /
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defmed benefit pension plans.

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A group annuity contract was purchased
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on behalf of these participants with a third-party insurance provider and funded directly by $241 million from the assets of our
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pension plans,
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resulting in an actuarial gain of $4 million

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Postretirement Benefits — We provide postretirement benefits,
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including health care and life insurance to eligible retired
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U.S. employees,
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and where applicable,
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their dependents.
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employees
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and
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retiree
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medical
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accounts
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intended
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to
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provide
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reimbursement =FI
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health
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care
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expenses on a tax-favored basis for retirees who satisfy certain eligibility requirements.
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Effective as of January 1,

2019,
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we no
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longer sponsor our own retiree medical coverage for substantially all retired U.S. /
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employees that are Medicare eligible.
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these
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health :8I<
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health
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reimbursement account to subsidize benefits for a select group of such retirees.
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all /
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eligible U.S. employees who retired prior to January 1,
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as well as certain eligible retired employees covered by one of
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our collective bargaining agreements who retired prior to January 1,
 2023.



55
 <K<ID@E@E>
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Determining net periodic benefit expense (income) is dependent on various actuarial assumptions,
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including discount rates,

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expected return on plan assets,
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compensation increases,
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turnover rates and health care trend rates.
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Actuarial gains and losses are
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recognized immediately in Other expenses / (income) in the Consolidated Statements of Earnings as of the measurement date,

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which is our fiscal year end,
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or more frequently if an interim remeasurement is required.
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We use the fair value of plan assets to
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calculate the expected return on plan assets.
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Components of net periodic benefit expense (income) were as follows:
'6?D:@?
Pension '@DEC6E:C6>6?E
Postretirement
$:==:@?D
(Millions)  
2024  
2023  
2022  
2024  
2023  
2022
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:FJK
Service cost 

$ 

13 

$ 

13 $


16 

$ M


$ V


$ V

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Interest cost


65


73


49


8


7


3
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Expected return on plan assets
 

(80)


(100)


(118)
M

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M

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Amortization of prior service credit
M

1

V

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Actuarial losses (gains)


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(6)


80
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Net periodic benefit expense (income) $



31 

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(19) $


27 

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(3) 

$ 

(34)

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expenses / (income) in the Consolidated Statements of Earnings.
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The pension actuarial losses recognized in 2024 were primarily due ;L<
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to decreases in discount rates used to determine the
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benefit obligation and plan experience,
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partially offset by gains on plan assets.
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The pension actuarial gains recognized in 2023
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settlement, partially offset by losses on plan assets and plan experience.
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The pension actuarial losses recognized in 2022 were
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primarily due to losses on plan assets,
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partially offset by increases in discount rates used to determine the benefit obligation.
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The postretirement actuarial gains recognized in 2023 and 2022 were primarily due to increases in discount rates used to
;<K<ID@E<
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determine the benefit obligation.
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Change in benefit obligation:
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Pension '@DEC6E:C6>6?E
Postretirement
$:==:@?D
(Millions)  
2024  
2023  
2024  
2023
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Obligation at beginning of year 

$  

1,257 

$  

1,737 

$ 

153 $


172
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:FJK
Service cost


13


13
M

V

%EK<I<JK
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Interest cost


65


73


8


7
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Actuarial losses (gains)


38


(108)
M



(9)
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Benefits paid
 

(101)


(104)


(16)


(17)
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Settlements
M



(352)
M

V

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Other


(1)
V

M

V

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8;ALJKD<EK
Foreign currency adjustment


(4)


(2)
M

V

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F=
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Benefit obligation at end of year $

 

1,267 

$  

1,257 

$ 

145 $


153
-&2,*
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8-*
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:&09*
3+
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40&2
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Change in the fair value of pension plan assets:
$:==:@?D
(Millions)  
2024  
2023
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M8CL<
8K
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Fair value at beginning of year 

$  

1,316 

$  

1,763
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FE
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8JJ<KJ
Actual return on plan assets


86


(1)
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Employer contributions


1
1

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Benefits paid


(91)


(91)
/<KKC<D<EKJ
Settlements
M



(352)
"FI<@>E
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8;ALJKD<EK
Foreign currency adjustment



(5) 

(4)
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Fair value at end of year $

 
1,307


$  

1,316


56
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&139287
6*(3,2.>*)
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&0&2(*
!-**87
Net amounts recognized in the Consolidated Balance Sheets:
'6?D:@?
Pension '@DEC6E:C6>6?E
Postretirement
$:==:@?D
(Millions)  
2024  
2023  
2024  
2023
+K?<I
8JJ<KJ
Other assets 

$ 

143 

$ 

164 

$ M


$ V

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C@89@C@K@<J
Accrued liabilities


10


10


17


18
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Other liabilities


93


95


128


135
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Net amounts recognized asset / (liability) 

$ 

40 

$ 

59 

$ 

(145) 

$ 

(153)

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:FEJ@JK
F=
Amounts recognized in Accumulated other comprehensive income (loss) consist of:
'@DEC6E:C6>6?E
Postretirement
$:==:@?D
(Millions)  
2024  
2023
,I@FI
J<IM@:<
:I<;@K
:FJK
Prior service credit (cost) $



3 $ 

3

0?<
=FCCFN@E>
K89C<
GIFM@;<J
@E=FID8K@FE
=FI
G<EJ@FE
GC8EJ
N@K?
GIFA<:K<;
9<E<=@K
F9C@>8K@FEJ
@E
<O:<JJ
F=
GC8E
8JJ<KJ
8E;

The following table provides information for pension plans with projected benefit obligations in excess of plan assets and
8::LDLC8K<;
9<E<=@K
F9C@>8K@FEJ
@E
<O:<JJ
F=
GC8E
8JJ<KJ
accumulated benefit obligations in excess of plan assets:
$:==:@?D
(Millions)  
2024  
2023
,IFA<:K<;
9<E<=@K
F9C@>8K@FE
Projected benefit obligation $
 

103 

$ 

105
::LDLC8K<;
9<E<=@K
F9C@>8K@FE
Accumulated benefit obligation $
 

102 

$ 

104
"8@I
M8CL<
F=
GC8E
8JJ<KJ
Fair value of plan assets $
M

— 

$ V

0?<
8::LDLC8K<;
9<E<=@K
F9C@>8K@FE
=FI
8CC
G<EJ@FE
GC8EJ
N8J

The 
9@CC@FE
8K
&LCP

accumulated benefit obligation for all pension plans was $1.247 billion at July 28,

2024,
8E;
 
9@CC@FE
8K
&LCP

and $1.24 billion at July 30,



2023.
%*.,-8*)&:*6&,*
&779148.327
97*)
83
)*8*61.2*
'*2*+.8
3'0.,&8.327
&8
8-*
*2)
3+
8-*
=*&6

Weighted-average assumptions used to determine benefit obligations at the end of the year:
'6?D:@?
Pension '@DEC6E:C6>6?E
Postretirement
 
2024  
2023  
2024  
2023
@J:FLEK
I8K<
Discount rate  
5.28% 5.46%
  
5.23% 5.47%

.8K<
F=
:FDG<EJ8K@FE
@E:I<8J<
Rate of compensation increase  
3.23%  
3.23%  
3.25%  
3.25%
%EK<I<JK
:I<;@K@E>
I8K<
Interest crediting rate  
4.00%  
4.00% *FK
8GGC@:89C<
Not applicable

%*.,-8*)&:*6&,*
&779148.327
97*)
83
)*8*61.2*
2*8
4*6.3).(
'*2*+.8
(378
+36
8-*
=*&67
*2)*)

Weighted-average assumptions used to determine net periodic benefit cost for the years ended:
'6?D:@?
Pension
 
2024  
2023  
2022
@J:FLEK
I8K<
Discount rate 5.46%
 5.03%
  
3.13%
!OG<:K<;
I<KLIE
FE
GC8E
8JJ<KJ
Expected return on plan assets 6.38%
  
6.40% 5.82%

.8K<
F=
:FDG<EJ8K@FE
@E:I<8J<
Rate of compensation increase  
3.23%  
3.23%  
3.23%
%EK<I<JK
:I<;@K@E>
I8K<
Interest crediting rate 4.00%
  
4.00%  
4.00%

0?<
;@J:FLEK
I8K<
@J
<JK89C@J?<;
8J
F=
K?<
D<8JLI<D<EK
;8K<
The discount rate is established as of the measurement date.
%E
<JK89C@J?@E>
K?<
;@J:FLEK
I8K<
In establishing the discount rate,
N<
I<M@<N
GL9C@J?<;
D8IB<K

we review published market
@E;@:<J
of
indices F=
high-quality
?@>? HL8C@KP
debt
;<9K
J<:LI@K@<J
securities,
adjusted
8;ALJK<;
as
8J
appropriate
8GGIFGI@8K<
=FI
;LI8K@FE
%E

for duration. 8;;@K@FE
independent
In addition, @E;<G<E;<EK
actuaries
8:KL8I@<J
apply
8GGCP
high-
?@>?
HL8C@KP
bond
quality 9FE;
yield
P@<C;
curves
:LIM<J
to
KF
K?<

the <OG<:K<;
9<E<=@K
payments
expected benefit G8PD<EKJ
of
F=
the
K?<
plans.
GC8EJ
The
0?<
expected
<OG<:K<;
return
I<KLIE
on
FE
plan
GC8E
assets
8JJ<KJ
@J

is 8

a CFE> K<ID

long-term
8JJLDGK@FE
based
assumption 98J<;
LGFE
?@JKFI@:8C
<OG<I@<E:<

upon historical 8E;
<OG<:K<;

experience and expected =LKLI<
G<I=FID8E:<
considering
future performance, :FEJ@;<I@E>
our
FLI
:LII<EK
8E;
projected
current and GIFA<:K<;

@EM<JKD<EK
D@O
investment mix.
0?@J
<JK@D8K<
@J
98J<;
FE
8E
<JK@D8K<
F=
=LKLI<
@E=C8K@FE
This estimate is based on an estimate of future inflation,
CFE> K<ID
GIFA<:K<;
I<8C
I<KLIEJ
=FI
<8:?
8JJ<K
:C8JJ

long-term projected real returns for each asset class
8E;
8
GI<D@LD
=FI
8:K@M<
D8E8><D<EK
and a premium for active management.

0?<
;@J:FLEK
I8K<
LJ<;
KF
;<K<ID@E<
E<K
G<I@F;@:
GFJKI<K@I<D<EK
<OG<EJ<
N8J

The 
@E

discount rate used to determine net periodic postretirement expense was 5.47% in 2024,
 
@E

4.48% in 2023,
8E;
 
@E

and 2.37% in

2022.
7791*)
-*&08-
(&6*
(378
86*2)
6&8*7
&8
8-*
*2)
3+
8-*
=*&6

Assumed health care cost trend rates at the end of the year:
 
2024  
2023
$<8CK?
:8I<
:FJK
KI<E;
I8K<
8JJLD<;
=FI
E<OK
P<8I
Health care cost trend rate assumed for next year  
6.50%  
6.50%
.8K<
KF
N?@:?
K?<
:FJK
KI<E;
I8K<
@J
8JJLD<;
KF
;<:C@E<
LCK@D8K<
KI<E;
I8K<
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)  
5.00% 5.00%

5<8I
K?8K
K?<
I8K<
I<8:?<J
K?<
LCK@D8K<
KI<E;
I8K<
Year that the rate reaches the ultimate trend rate 2030
 
2030


57
 *27.32
0&2
77*87

Pension Plan Assets
0?<
=LE;8D<EK8C
>F8C
LE;<ICP@E>
K?<
@EM<JKD<EK
GFC@:P
@J
KF
<EJLI<
K?8K
K?<
8JJ<KJ
F=
K?<
GC8EJ
8I<
@EM<JK<;
@E
8
GIL;<EK

The fundamental goal underlying the investment policy is to ensure that the assets of the plans are invested in a prudent
D8EE<I
to
manner KF
earn
<8IE
a8
rate
I8K<
of
F=
return
I<KLIE
FM<I
K@D<
to
over time KF
meet
D<<K
the
K?<
F9C@>8K@FEJ

obligations ofF=
the
K?<
plans
GC8EJ
as
8J
these
K?<J<
F9C@>8K@FEJ
:FD<
;L<
obligations come due.
The
0?<
primary
GI@D8IP

@EM<JKD<EK
F9A<:K@M<J
@E:CL;<

investment objectives GIFM@;@E>
a8
total
include providing KFK8C
return
I<KLIE
which
N?@:?
will
N@CC
promote
GIFDFK<
theK?<
>F8C
F=
benefit
goal of 9<E<=@K
security
J<:LI@KP
by
9P
attaining
8KK8@E@E>
an
8E

8GGIFGI@8K<
ratio
appropriate I8K@F
of
F=
plan
GC8E
assets
8JJ<KJ
to
KF
plan
GC8E
obligations,
F9C@>8K@FEJ
to
KF
provide
GIFM@;<
=FI
I<8C
asset
for real 8JJ<K
>IFNK?
N?@C<
also
growth while 8CJF
tracking
KI8:B@E>
plan
GC8E
obligations,
F9C@>8K@FEJ
to
KF

;@M<IJ@=P
@EM<JKD<EKJ
8:IFJJ
8E;
N@K?@E
8JJ<K
:C8JJ<J
diversify investments across and within asset classes,
KF
I<;L:<
MFC8K@C@KP
F=
G<EJ@FE
8JJ<KJ
I<C8K@M<
KF
G<EJ@FE
C@89@C@K@<J
to reduce volatility of pension assets relative to pension liabilities,
8E;
KF

and to
=FCCFN
@EM<JKD<EK
GI8:K@:<J
K?8K
:FDGCP
N@K?
8GGC@:89C<
C8NJ
8E;
I<>LC8K@FEJ
follow investment practices that comply with applicable laws and regulations.

0?<
GI@D8IP
policy
The primary GFC@:P
objectives
F9A<:K@M<J
will
N@CC
be
9<
D<K
9P
investing
met by @EM<JK@E>
assets
8JJ<KJ
to
KF
achieve
8:?@<M<
a8
reasonable
I<8JFE89C<
tradeoff
KI8;<F==
between
9<KN<<E
return
I<KLIE
and
8E;
I@JB

risk
I<C8K@M<
KF
plan
relative to GC8E
obligations,
F9C@>8K@FEJ
@E:CL;@E>

including @EM<JK@E>

investing a8
portion
GFIK@FE
of
F=
the
K?<
assets
8JJ<KJ
@E
=LE;J
J<C<:K<;

in funds selected @E
G8IK
to
in part KF
hedge
?<;><
the
K?<
@EK<I<JK
I8K<

interest rate
J<EJ@K@M@KP
KF
GC8E
F9C@>8K@FEJ
sensitivity to plan obligations.

0?<
GFIK=FC@F
@E:CL;<J
@EM<JKD<EKJ
@E
K?<
=FCCFN@E>
8JJ<K
:C8JJ<J
=@O<;
@E:FD<
The portfolio includes investments in the following asset classes: fixed income,
<HL@KP
equity,
I<8C
<JK8K<
8E;
8CK<IE8K@M<J
real estate and alternatives.
"@O<;

Fixed
@E:FD<
@EM<JKD<EKJ
GIFM@;<
8
DF;<I8K<
<OG<:K<;
I<KLIE
8E;
?<;><
K?<
<OGFJLI<
KF
@EK<I<JK
I8K<
I@JB
F=
K?<
GC8EJY
F9C@>8K@FEJ
income investments provide a moderate expected return and hedge the exposure to interest rate risk of the plans' obligations.

!HL@K@<J
8I<
LJ<;
=FI
K?<@I
?@>?
<OG<:K<;
I<KLIE
Equities are used for their high expected return.
;;@K@FE8C
8JJ<K
:C8JJ<J
8I<
LJ<;
KF
GIFM@;<
;@M<IJ@=@:8K@FE
Additional asset classes are used to provide diversification.

JJ<K
allocation
Asset 8CCF:8K@FE
is
@J
monitored
DFE@KFI<;
on
FE
an
8E
FE>F@E>
98J@J
I<C8K@M<

ongoing basis KF
the
relative to K?<
established
<JK89C@J?<;
asset
8JJ<K
:C8JJ
K8I><KJ
0?<

class targets. @EK<I8:K@FE
between
The interaction 9<KN<<E

GC8E
8JJ<KJ
8E;
9<E<=@K
F9C@>8K@FEJ
@J
G<I@F;@:8CCP
JKL;@<;
KF
8JJ@JK
@E
K?<
<JK89C@J?D<EK
F=
JKI8K<>@:
8JJ<K
8CCF:8K@FE
K8I><KJ
plan assets and benefit obligations is periodically studied to assist in the establishment of strategic asset allocation targets.

A
B<P
<C<D<EK
F=
FLI
@EM<JKD<EK
JKI8K<>P
@J
KF
I<;L:<
FLI
=LE;<;
JK8KLJ
I@JB
@E
G8IK
K?IFL>?
8GGIFGI@8K<
8JJ<K
8CCF:8K@FE
N@K?@E
FLI

key element of our investment strategy is to reduce our funded status risk in part through appropriate asset allocation within our
GC8E
8JJ<KJ
plan assets.
0?<
@EM<JKD<EK
GFC@:P
G<ID@KJ
M8I@8E:<J
=IFD
K?<
K8I><KJ
N@K?@E
:<IK8@E
G8I8D<K<IJ
The investment policy permits variances from the targets within certain parameters.
JJ<K
I<98C8E:@E>
F::LIJ
N?<E

Asset rebalancing occurs when
K?<
LE;<ICP@E>
8JJ<K
:C8JJ
8CCF:8K@FEJ
DFM<
FLKJ@;<
K?<J<
G8I8D<K<IJ
the underlying asset class allocations move outside these parameters,
8K
N?@:?
K@D<
K?<
8JJ<K
8CCF:8K@FE
@J
I<98C8E:<;
98:B
KF
K?<

at which time the asset allocation is rebalanced back to the
GFC@:P
K8I><K
N<@>?K
policy target weight.

+LI
P<8I <E;
G<EJ@FE
GC8E
N<@>?K<;
Our year-end 8M<I8><
8JJ<K
8CCF:8K@FEJ
9P
:8K<>FIP
N<I<
pension plan weighted-average asset allocations by category were:
*EC2E68:4

Strategic
+2C86E
Target  
2024  
2023
!HL@KP
J<:LI@K@<J
Equity securities 
20%  
20% 
27%
<9K
J<:LI@K@<J
Debt securities 
74% 
73% 
66%
.<8C
<JK8K<
8E;
FK?<I
Real estate and other 
6% 
7% 
7%
0FK8C
Total 
100%  
100% 
100%

,<EJ@FE
GC8E
8JJ<KJ
8I<
:8K<>FI@Q<;
98J<;
FE
K?<
=FCCFN@E>
=8@I
M8CL<
?@<I8I:?P

Pension plan assets are categorized based on the following fair value hierarchy:
•T (<M<C

+9J<IM89C<
@EGLKJ
K?8K
I<=C<:K
HLFK<;
GI@:<J
LE8;ALJK<;
=FI
@;<EK@:8C
8JJ<KJ
FI
C@89@C@K@<J
@E
8:K@M<
D8IB<KJ
Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
•T (<M<C
2:
Level 
%EGLKJ
FK?<I
than
Inputs other K?8E
HLFK<;
GI@:<J
@E:CL;<;

quoted prices included @E
(<M<C
1
that
in Level K?8K
are
8I<
observable
F9J<IM89C<
for
=FI
the
K?<
asset
8JJ<K
or
FI
C@89@C@KP
K?IFL>?

liability through
:FIIF9FI8K@FE
N@K?
F9J<IM89C<
D8IB<K
;8K8
corroboration with observable market data.
•T (<M<C

1EF9J<IM89C<
@EGLKJ
Level 3: Unobservable inputs,
N?@:?
8I<
M8CL<;
98J<;
FE
FLI
<JK@D8K<J
F=
8JJLDGK@FEJ
K?8K
D8IB<K
G8IK@:@G8EKJ
NFLC;

which are valued based on our estimates of assumptions that market participants would
LJ<
@E
GI@:@E>
K?<
8JJ<K
FI
C@89@C@KP
use in pricing the asset or liability.


58
 0?<
=FCCFN@E>
K89C<
GI<J<EKJ
FLI
G<EJ@FE
GC8E
8JJ<KJ
9P
8JJ<K
:8K<>FIP
8K
&LCP

The following table presents our pension plan assets by asset category at July 28,

2024,
8E;
&LCP

and July 30,

2023:
2:C

Fair 2:C
-2=F6
$62DFC6>6?ED
2E
Fair Value Measurements at 2:C

Fair 2:C
-2=F6
$62DFC6>6?ED
2E
Fair Value Measurements at
-2=F6
Value !F=J

July 28,
 
,D:?8
2024 Using -2=F6
Value !F=J

July 30,
 
,D:?8
2023 Using
2D
@7
as of 2:C
-2=F6
:6C2C49J
Fair Value Hierarchy 2D
@7
as of 2:C
-2=F6
:6C2C49J
Fair Value Hierarchy
!F=J

July 28,
!F=J

July 30,

$:==:@?D
(Millions)  
2024 #6G6=

Level 1 #6G6=

Level 2 #6G6=

Level 3  
2023 #6G6=

Level 1 #6G6=

Level 2 #6G6=

Level 3
/?FIK K<ID
@EM<JKD<EKJ
Short-term investments 

$ 
$
3 

$
1 
2
$

M


— $ 


7 $ 


3 $ 
$

4 V

—
!HL@K@<J
Equities:
1/
U.S.
1

M

1

M



53


51
2

V

*FE 1 /
Non-U.S.
M

M

M

M




116 


115 1

V

FIGFI8K<
9FE;J
Corporate bonds:
1/
U.S.


416
M



416
M




448 V




448 V

*FE 1 /
Non-U.S.



85 M




85 M



87
V




87 V

#FM<IED<EK
8E;
8><E:P
9FE;J
Government and agency bonds:
1/
U.S.



326 M




326 M



183
V



183
V

*FE 1 /
Non-U.S.



16 M




16 M



14
V



14
V

)LE@:@G8C
9FE;J
Municipal bonds


4
M



4
M



15
V



15
V

)FIK>8><
8E;
8JJ<K
98:B<;
J<:LI@K@<J
Mortgage and asset backed securities
M

M

M

M



19
V



19
V

.<8C
<JK8K<
Real estate



1 M

M



1
2



1
V

1

$<;><
=LE;J
Hedge funds



7 M

M



7


8
V

V

8

<I@M8K@M<
8JJ<KJ
Derivative assets



1 M




1 M

4

V



4
V

<I@M8K@M<
C@89@C@K@<J
Derivative liabilities



(1) M




(1) M



(3)
V



(3)
V

0FK8C
8JJ<KJ
8K
=8@I
M8CL<
Total assets at fair value 

$ 
$
859 
1


$ 
$
850 
8


$ 

953 

$ 

170 

$ 

774 $
9

%EM<JKD<EKJ
D<8JLI<;
8K
E<K
8JJ<K

Investments measured at net asset
M8CL<
value:
/?FIK K<ID
@EM<JKD<EKJ
Short-term investments 

$ 

46 

$ 

69
FDD@E>C<;
<HL@KP
=LE;J
Commingled equity funds


259


158
FDD@E>C<;
=@O<;
@E:FD<
=LE;J
Commingled fixed income funds


77


79
.<8C
<JK8K<
Real estate


65


73
$<;><
=LE;J
Hedge funds
M

2

0FK8C
@EM<JKD<EKJ
D<8JLI<;
8K
E<K

Total investments measured at net
8JJ<K
M8CL<
asset value: 


$ 447 

$ 381

+K?<I
@K<DJ
KF
I<:FE:@C<
KF
=8@I
M8CL<
Other items to reconcile to fair value


1


(18)
0FK8C
G<EJ@FE
GC8E
8JJ<KJ
8K
=8@I
M8CL<
Total pension plan assets at fair value 
1,307
$   

 

$ 1,316

!.4799+72
/3;+892+398

Short-term investments B
— %EM<JKD<EKJ

Investments @E:CL;<
:8J?
and
include cash 8E;
cash
:8J?
equivalents,
<HL@M8C<EKJ
and
8E;
various
M8I@FLJ
J?FIK K<ID
;<9K

short-term debt @EJKILD<EKJ
8E;

instruments and
J?FIK K<ID
@EM<JKD<EK
=LE;J
%EJK@KLK@FE8C
J?FIK K<ID
@EM<JKD<EK
M<?@:C<J
M8CL<;
;8@CP
8I<
:C8JJ@=@<;
8J
(<M<C

8K
:FJK
N?@:?

short-term investment funds. Institutional short-term investment vehicles valued daily are classified as Level 1 at cost which
8GGIFO@D8K<J
D8IB<K
M8CL<
approximates market value.
/?FIK K<ID
;<9K
@EJKILD<EKJ
8I<
:C8JJ@=@<;
8K
(<M<C

8E;
8I<
M8CL<;
98J<;
FE
9@;
HLFK8K@FEJ
8E;

Short-term debt instruments are classified at Level 2 and are valued based on bid quotations and
I<:<EK
KI8;<
;8K8
=FI
@;<EK@:8C
FI
J@D@C8I
F9C@>8K@FEJ
Other
recent trade data for identical or similar obligations. +K?<I
investments
@EM<JKD<EKJ
valued
M8CL<;
based
98J<;
upon
LGFE
net
E<K
asset
8JJ<K
value
M8CL<
are
8I<
included
@E:CL;<;
as
8J
a8

I<:FE:@C@E>
@K<D
KF
K?<
=8@I
M8CL<
K89C<
reconciling item to the fair value table.
6:/9/+8
B
#<E<I8CCP
:FDDFE
JKF:BJ
8E;
GI<=<II<;
JKF:BJ
8I<
:C8JJ@=@<;
8J
(<M<C

8E;
8I<
M8CL<;
LJ@E>
HLFK<;
D8IB<K

Equities — Generally common stocks and preferred stocks are classified as Level 1 and are valued using quoted market
GI@:<J
@E
8:K@M<
D8IB<KJ
prices in active markets.

47547'9+
(43*8
B
0?<J<
@EM<JKD<EKJ
8I<
M8CL<;
98J<;
FE
HLFK<;
D8IB<K
GI@:<J
Corporate bonds — These investments are valued based on quoted market prices,
P@<C;
:LIM<J
8E;
GI@:@E>
DF;<CJ
LJ@E>

yield curves and pricing models using
:LII<EK
D8IB<K
I8K<J
current market rates.

4;+732+39
'3*
'-+3)>
(43*8
B
0?<J<
@EM<JKD<EKJ
8I<
><E<I8CCP
M8CL<;
98J<;
FE
9@;
HLFK8K@FEJ
8E;
I<:<EK
KI8;<
;8K8
=FI

Government and agency bonds — These investments are generally valued based on bid quotations and recent trade data for
@;<EK@:8C
FI
J@D@C8I
F9C@>8K@FEJ
identical or similar obligations.

:3/)/5'1
(43*8
B
0?<J<
@EM<JKD<EKJ
8I<
M8CL<;
98J<;
FE
HLFK<;
D8IB<K
GI@:<J
Municipal bonds — These investments are valued based on quoted market prices,
P@<C;
:LIM<J
8E;
GI@:@E>
DF;<CJ
LJ@E>

yield curves and pricing models using
:LII<EK
D8IB<K
I8K<J
current market rates.

479-'-+
'3*
'88+9
(')0+*
8+):7/9/+8
B
0?<J<
@EM<JKD<EKJ
8I<
M8CL<;
98J<;
FE
GI@:<J
F9K8@E<;
=IFD
K?@I;
G8IKP
GI@:@E>

Mortgage and asset backed securities — These investments are valued based on prices obtained from third party pricing
JFLI:<J
0?<
GI@:<J
=IFD
K?@I;
G8IKP
GI@:@E>
JFLI:<J
D8P
9<
98J<;
FE
9@;
HLFK<J
=IFD
;<8C<IJ
8E;
I<:<EK
KI8;<
;8K8
sources. The prices from third party pricing sources may be based on bid quotes from dealers and recent trade data.
)FIK>8><

Mortgage
98:B<;
J<:LI@K@<J
8I<
KI8;<;
@E
K?<
FM<I
backed K?< :FLEK<I
D8IB<K
securities are traded in the over-the-counter market.


59
 +'1
+89'9+
B
.<8C
<JK8K<
@EM<JKD<EKJ
:FEJ@JK
F=
I<8C
<JK8K<
@EM<JKD<EK
KILJKJ
Real estate — Real estate investments consist of real estate investment trusts,
GIFG<IKP
=LE;J
8E;
C@D@K<;
G8IKE<IJ?@GJ
property funds and limited partnerships.
.<8C

Real
<JK8K<
@EM<JKD<EK
KILJKJ
8I<
:C8JJ@=@<;
8J
(<M<C

8E;
8I<
M8CL<;
98J<;
FE
HLFK<;
D8IB<K
GI@:<J
estate investment trusts are classified as Level 1 and are valued based on quoted market prices.
,IFG<IKP
=LE;J
8I<
:C8JJ@=@<;
8J

Property funds are classified as
<@K?<I
(<M<C
2
either Level 
FI
(<M<C
3
or Level 
;<G<E;@E>
LGFE
whether
depending upon N?<K?<I
C@HL@;@KP

liquidity is@J
C@D@K<;

limited FI
K?<I<
are
or there 8I<
=<N
F9J<IM89C<
market
few observable D8IB<K
participant
G8IK@:@G8EK

KI8EJ8:K@FEJ
,IFG<IKP
=LE;J
8I<
M8CL<;
98J<;
FE
K?@I;
G8IKP
8GGI8@J8CJ
transactions. Property funds are valued based on third party appraisals.
(@D@K<;
G8IKE<IJ?@GJ
8I<
M8CL<;
98J<;
LGFE
M8CL8K@FEJ

Limited partnerships are valued based upon valuations
GIFM@;<;
by
provided 9P
the
K?<
><E<I8C
G8IKE<IJ
of
general partners F=
the
K?<
=LE;J
funds.
0?<
M8CL<J
F=

The values C@D@K<;
partnerships
of limited G8IKE<IJ?@GJ
are
8I<
based
98J<;
upon
LGFE
an
8E
assessment
8JJ<JJD<EK
F=
<8:?

of each
LE;<ICP@E>
@EM<JKD<EK
@E:FIGFI8K@E>

underlying investment, M8CL8K@FEJ
that
incorporating valuations K?8K
consider
:FEJ@;<I
the
K?<
<M8CL8K@FE

evaluation F=

of =@E8E:@E>
8E;
J8C<J

financing and KI8EJ8:K@FEJ
with
sales transactions N@K?
third
K?@I;

G8IK@<J
expected
parties, <OG<:K<;
:8J?

cash =CFNJ
8E;
market-based
flows and D8IB<K 98J<;
information,
@E=FID8K@FE
@E:CL;@E>
:FDG8I89C<
transactions
including comparable KI8EJ8:K@FEJ
and
8E;
performance
G<I=FID8E:<
multiples
DLCK@GC<J

8DFE>
other
among FK?<I
factors.
=8:KFIJ
0?<
@EM<JKD<EKJ
are
The investments 8I<
:C8JJ@=@<;
8J
Level
classified as (<M<C
3

since
J@E:<
the
K?<
valuation
M8CL8K@FE
is
@J
;<K<ID@E<;
LJ@E>
unobservable
determined using LEF9J<IM89C<
inputs.
@EGLKJ

.<8C
<JK8K<
@EM<JKD<EKJ
M8CL<;
8K
E<K
8JJ<K
M8CL<
8I<
@E:CL;<;
8J
8
I<:FE:@C@E>
@K<D
KF
K?<
=8@I
M8CL<
K89C<
Real estate investments valued at net asset value are included as a reconciling item to the fair value table.
+*-+
funds
Hedge ,:3*8
B
$<;><
=LE;

— Hedge @EM<JKD<EKJ
include
fund investments @E:CL;<
?<;><

hedge =LE;J
M8CL<;
based
funds valued 98J<;
upon
LGFE
a8
net
E<K
asset
8JJ<K
value
M8CL<
;<I@M<;
=IFD
the
derived from K?<
=8@I

fair
M8CL<

value F=
LE;<ICP@E>
securities.
of underlying J<:LI@K@<J
Hedge
$<;><
=LE;

fund @EM<JKD<EKJ
K?8K
are
investments that 8I<
JL9A<:K
KF
C@HL@;@KP

subject to liquidity I<JKI@:K@FEJ

restrictions FI
K?8K
are
or that 8I<
based
98J<;
on
FE

LEF9J<IM89C<
@EGLKJ
8I<
:C8JJ@=@<;
8J
(<M<C

unobservable inputs are classified as Level 3.
$<;><
=LE;
@EM<JKD<EKJ
D8P
@E:CL;<
CFE>
8E;
J?FIK
GFJ@K@FEJ
@E
<HL@KP
8E;
=@O<;

Hedge fund investments may include long and short positions in equity and fixed
@E:FD<
J<:LI@K@<J
income securities,
;<I@M8K@M<
@EJKILD<EKJ
JL:?
8J
=LKLI<J
8E;
FGK@FEJ
derivative instruments such as futures and options,
:FDDF;@K@<J
8E;
FK?<I
KPG<J
F=
J<:LI@K@<J
commodities and other types of securities.
$<;><
=LE;

Hedge fund
@EM<JKD<EKJ
M8CL<;
8K
E<K
8JJ<K
M8CL<
8I<
@E:CL;<;
8J
8
I<:FE:@C@E>
@K<D
KF
K?<
=8@I
M8CL<
K89C<
investments valued at net asset value are included as a reconciling item to the fair value table.
+7/;'9/;+8
B

Derivatives <I@M8K@M<
=@E8E:@8C

— Derivative financial @EJKILD<EKJ
@E:CL;<
forward
instruments include =FIN8I;
:LII<E:P

currency :FEKI8:KJ
contracts,
=LKLI<J
:FEKI8:KJ
options
futures contracts, FGK@FEJ
contracts,
:FEKI8:KJ

@EK<I<JK
I8K<
JN8GJ
8E;
:I<;@K
;<=8LCK
JN8GJ
interest rate swaps and credit default swaps.
Derivative
<I@M8K@M<
=@E8E:@8C
@EJKILD<EKJ
8I<
:C8JJ@=@<;
8J
(<M<C

8E;
8I<
M8CL<;
98J<;
FE

fmancial instruments are classified as Level 2 and are valued based on
F9J<IM89C<
D8IB<K
KI8EJ8:K@FEJ
FI
GI@:<J
observable market transactions or prices.
422/3-1+*
,:3*8
B

Commingled funds — %EM<JKD<EKJ
@E
commingled
Investments in :FDD@E>C<;
funds
=LE;J
are
8I<
not
EFK
traded
KI8;<;
in
@E
active
8:K@M<
markets.
D8IB<KJ
Commingled
FDD@E>C<;
funds
=LE;J
are
8I<
valued
M8CL<;

98J<;
FE
K?<
E<K
8JJ<K
M8CL<J
F=
JL:?
=LE;J
8E;
8I<
@E:CL;<;
8J
8
I<:FE:@C@E>
@K<D
KF
K?<
=8@I
M8CL<
K89C<
based on the net asset values of such funds and are included as a reconciling item to the fair value table.
+K?<I
@K<DJ
KF
I<:FE:@C<
KF
=8@I
M8CL<
F=
GC8E
8JJ<KJ
@E:CL;<;
8DFLEKJ
;L<
=FI
J<:LI@K@<J
JFC;
Other items to reconcile to fair value of plan assets included amounts due for securities sold,
8DFLEKJ
G8P89C<
=FI
J<:LI@K@<J

amounts payable for securities
GLI:?8J<;
8E;
FK?<I
G8P89C<J
purchased and other payables.

0?<
=FCCFN@E>
K89C<
JLDD8I@Q<J
K?<
:?8E><J
@E
=8@I
M8CL<
F=
(<M<C

@EM<JKD<EKJ
=FI
K?<
P<8IJ
<E;<;
&LCP

The following table summarizes the changes in fair value of Level 3 investments for the years ended July 28,

2024,
8E;

and
&LCP

July 30,

2023:
$:==:@?D
(Millions) )62=
DE2E6
Real Estate 6586
F?5D
Hedge Funds +@E2=
Total
"8@I
M8CL<
8K
&LCP

Fair value at July 30,

2023 $
1


$ 

8 

$ 

9
4EF2=
C6EFC?
@?
A=2?
2DD6ED
Actual return on plan assets
M



(1)


(1)
'FC492D6D
D2=6D
2?5
D6EE=6>6?ED
Purchases, sales and settlements,
?6E
net
M

M

M

+C2?D76CD
@FE
@7
#6G6=

Transfers out of Level 3
M

M

M

2:C
G2=F6
2E
!F=J

Fair value at July 28,
2024
 $
1


$ 

7 

$ 

8
$:==:@?D
(Millions) )62=
DE2E6
Real Estate 6586
F?5D
Hedge Funds +@E2=
Total
"8@I
M8CL<
8K
&LCP

Fair value at July 31,

2022 $


2 

$ 

11 

$ 

13
:KL8C
I<KLIE
FE
GC8E
8JJ<KJ
Actual return on plan assets
V



(1)


(1)
,LI:?8J<J
J8C<J
8E;
J<KKC<D<EKJ
Purchases, sales and settlements,
E<K
net


(1)


(2)


(3)
0I8EJ=<IJ
FLK
F=
(<M<C

Transfers out of Level 3
V

V

V

"8@I
M8CL<
8K
&LCP

Fair value at July 30,

2023 $


1 

$ 

8 

$ 

9

78.1&8*)
+9896*
'*2*+.8
4&=1*287
&6*
&7
+3003;7
Estimated future benefit payments are as follows:
$:==:@?D
(Millions) '6?D:@?
Pension '@DEC6E:C6>6?E
Postretirement

2025 $


130 $


17

2026 $


121 $


16

2027 $


115 $


15

2028 $


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14

2029 $


105 $


13
 
2030-2034 $


484 $


56
0?<
<JK@D8K<;
=LKLI<
9<E<=@K
G8PD<EKJ
@E:CL;<
G8PD<EKJ
=IFD
=LE;<;
8E;
LE=LE;<;
GC8EJ
The estimated future benefit payments include payments from funded and unfunded plans.

3<
;F
EFK
<OG<:K
:FEKI@9LK@FEJ
KF
G<EJ@FE
GC8EJ
KF
9<
D8K<I@8C
@E

We do not expect contributions to pension plans to be material in 2025.
+,/3+*
4397/(:9/43

Defined 1'38
B

Contribution Plans — We3<
sponsor
JGFEJFI
a8
401(k)
B
Retirement
.<K@I<D<EK
Plan
,C8E
that
K?8K
:FM<IJ
JL9JK8EK@8CCP
all
covers substantially 8CC
U.S.
1 /
<DGCFP<<J
8E;

employees and
GIFM@;<
a8
matching
provide D8K:?@E>
contribution
:FEKI@9LK@FE
of
F=
100%

of
F=
<DGCFP<<

employee :FEKI@9LK@FEJ
LG
to
contributions up KF
4%

of
F=
<C@>@9C<

eligible :FDG<EJ8K@FE
compensation.
%E
8;;@K@FE
for
In addition, =FI

<DGCFP<<J
EFK
<C@>@9C<
KF
G8IK@:@G8K<
@E
;<=@E<;
9<E<=@K
GC8EJ
K?8K
N<
JGFEJFI
employees not eligible to participate in defined benefit plans that we sponsor,
N<
GIFM@;<
8
:FEKI@9LK@FE
<HL8C
KF

F=
<C@>@9C<

we provide a contribution equal to 3% of eligible


60
 :FDG<EJ8K@FE
I<>8I;C<JJ
F=
K?<@I
G8IK@:@G8K@FE
@E
K?<
B
.<K@I<D<EK
,C8E
compensation regardless of their participation in the 401(k) Retirement Plan.
DFLEKJ
:?8I><;
KF
FJKJ
8E;
<OG<EJ<J
N<I<


Amounts charged to Costs and expenses were $73
D@CC@FE
@E
9FK?

8E;
million 
8E;

D@CC@FE
@E

in both 2024 and 2023, and $69 million in 2022.


#62D6D
11. Leases
3<

We C<8J<
N8I<?FLJ<
and
lease warehouse 8E;
distribution
;@JKI@9LK@FE
=8:@C@K@<J
facilities,
office
F==@:<
space,
JG8:<
manufacturing
D8EL=8:KLI@E>
=8:@C@K@<J
facilities,
equipment
<HL@GD<EK
and
8E;
vehicles,
M<?@:C<J
primarily
GI@D8I@CP

K?IFL>?
FG<I8K@E>
C<8J<J
through operating leases.
(<8J<J
I<:FI;<;
FE
FLI
FEJFC@;8K<;
8C8E:<
/?<<K
?8M<
I<D8@E@E>
K<IDJ
GI@D8I@CP
=IFD

KF

P<8IJ
Leases recorded on our Consolidated Balance Sheet have remaining terms primarily from 1 to 11 years.
+LI
=C<<K
C<8J<J
><E<I8CCP
@E:CL;<
I<J@;L8C
M8CL<
>L8I8EK<<J
K?8K
8I<
8JJ<JJ<;
8K
C<8J<
@E:<GK@FE
@E
;<K<ID@E@E>
.+1
8JJ<KJ

Our fleet leases generally include residual value guarantees that are assessed at lease inception in determining ROU assets
8E;
:FII<JGFE;@E>
C@89@C@K@<J
and corresponding liabilities.
*F
FK?<I
J@>E@=@:8EK
I<JKI@:K@FEJ
FI
:FM<E8EKJ
8I<
@E:CL;<;
@E
FLI
C<8J<J
No other significant restrictions or covenants are included in our leases.
0?<
:FDGFE<EKJ
F=
C<8J<
:FJKJ
N<I<
8J
=FCCFNJ
The components of lease costs were as follows:

$:==:@?D
(Millions)  
2024  
2023  
2022

+G<I8K@E>
C<8J<
:FJK
Operating lease cost(1) 

$  

101 $


86 

$ 

79
"@E8E:<
C<8J<

Finance lease -
8DFIK@Q8K@FE
F=
.+1
8JJ<KJ
amortization of ROU assets


22


16


17
"@E8E:<
C<8J<

Finance lease -
@EK<I<JK
FE
C<8J<
C@89@C@K@<J
interest on lease liabilities
2

V

V

/?FIK K<ID
C<8J<
:FJK
Short-term lease cost


66


64


56
28I@89C<
C<8J<
:FJK
Variable lease cost


217


207


202
0FK8C
Total 

$  


408 $ 


373 $ 

354
777777777777777777777777777777777777777777

(1) 
<O:CL;<J
:FJKJ
8JJF:@8K<;
N@K?
K?<
:FJK
J8M@E>J
@E@K@8K@M<J
;<J:I@9<;
@E
*FK<

2024 excludes costs associated with the cost savings initiatives described in Note 8.
0?<
=FCCFN@E>
K89C<
JLDD8I@Q<J
K?<
C<8J<
8DFLEKJ
I<:FI;<;
@E
K?<
FEJFC@;8K<;
8C8E:<
/?<<KJ
The following table summarizes the lease amounts recorded in the Consolidated Balance Sheets:
&A6C2E:?8
#62D6D
Operating Leases
$:==:@?D
(Millions) 2=2?46
*966E
=[Link]@?
Balance Sheet Classification  
2024  
2023
.+1
8JJ<KJ
ROU assets,
E<K
net +K?<I
8JJ<KJ
Other assets 

$ 

333 

$ 

275
(<8J<
C@89@C@K@<J
:LII<EK
Lease liabilities (current) ::IL<;
C@89@C@K@<J
Accrued liabilities 

$ 90


$ 

70
(<8J<
C@89@C@K@<J
EFE:LII<EK
Lease liabilities (noncurrent) +K?<I
C@89@C@K@<J
Other liabilities 

$ 

268 

$ 

208

:?2?4:?8
#62D6D
Financing Leases
$:==:@?D
(Millions) 2=2?46
*966E
=[Link]@?
Balance Sheet Classification  
2024  
2023
.+1
8JJ<KJ
ROU assets,
E<K
net ,C8EK
8JJ<KJ
Plant assets,
E<K
F=
;<GI<:@8K@FE
net of depreciation 

$ 

72 

$ 

27
(<8J<
C@89@C@K@<J
:LII<EK
Lease liabilities (current) /?FIK K<ID
9FIIFN@E>J
Short-term borrowings 

$ 

25 

$ 

13
(<8J<
C@89@C@K@<J
EFE:LII<EK
Lease liabilities (noncurrent) (FE> K<ID
;<9K
Long-term debt 

$ 

46 

$ 

15

3<@>?K<; 8M<I8><
C<8J<
K<IDJ
8E;
;@J:FLEK
I8K<J
N<I<
8J
=FCCFNJ

Weighted-average lease terms and discount rates were as follows:
 
2024  
2023
&A6C2E:?8
Operating :?2?46
Finance &A6C2E:?8
Operating :?2?46
Finance
3<@>?K<; 8M<I8><
I<D8@E@E>
K<ID
@E
P<8IJ
Weighted-average remaining term in years 4.8
 
8.2 5.1 
2.6
3<@>?K<; 8M<I8><
;@J:FLEK
I8K<
Weighted-average discount rate
4.2
%


%
5.0 
 
%
3.2 
 
%
2.8 


61
 "LKLI<
D@E@DLD
C<8J<
G8PD<EKJ
8I<
8J
=FCCFNJ
Future minimum lease payments are as follows:
$:==:@?D
(Millions) &A6C2E:?8
Operating :?2?46
Finance

2025 $



104 $ 

28

2026


88


24

2027


71


8

2028


51


5

2029



43 

4
0?<I<8=K<I
Thereafter



41 

18
0FK8C
=LKLI<
LE;@J:FLEK<;
C<8J<
G8PD<EKJ
Total future undiscounted lease payments



398 

87
(<JJ
@DGLK<;
@EK<I<JK
Less imputed interest



40 

16
0FK8C
I<GFIK<;
C<8J<
C@89@C@KP
Total reported lease liability $



358 $ 

71

0?<
=FCCFN@E>
K89C<
JLDD8I@Q<J
:8J?
=CFN
8E;
FK?<I
@E=FID8K@FE
I<C8K<;
KF
C<8J<J
The following table summarizes cash flow and other information related to leases:
$:==:@?D
(Millions)  
2024  
2023
8J?
G8@;
=FI
8DFLEKJ
@E:CL;<;
@E
K?<
D<8JLI<D<EK
F=
C<8J<
C@89@C@K@<J
Cash paid for amounts included in the measurement of lease liabilities:
+G<I8K@E>
:8J?
=CFNJ
=IFD
FG<I8K@E>
C<8J<J
Operating cash flows from operating leases 

$ 

95 
$ 

84
+G<I8K@E>
:8J?
=CFNJ
=IFD
=@E8E:<
C<8J<J
Operating cash flows from fmance leases 

$ 

2 

$ V

"@E8E:@E>
:8J?
=CFNJ
=IFD
=@E8E:<
C<8J<J
Financing cash flows from fmance leases 

$ 20


$ 

17

.+1
8JJ<KJ
F9K8@E<;
@E
<O:?8E><
=FI
C<8J<
F9C@>8K@FEJ
ROU assets obtained in exchange for lease obligations:
+G<I8K@E>
C<8J<J
Operating leases $



153 $ 

117
"@E8E:<
C<8J<J
Finance leases $


55 

$ 

17

.+1
8JJ<KJ
F9K8@E<;
N@K?
9LJ@E<JJ
8:HL@I<;
ROU assets obtained with business acquired:
+G<I8K@E>
C<8J<J
Operating leases 

$ 


15 $ V

"@E8E:<
C<8J<J
Finance leases 

$ 


13 $ V


Taxes
12. +2I6D
@?
2C?:?8D
on Earnings
0?<
GIFM@J@FE
=FI
@E:FD<
K8O<J
FE
<8IE@E>J
:FEJ@JKJ
F=
K?<
=FCCFN@E>
The provision for income taxes on earnings consists of the following:
$:==:@?D
(Millions)  
2024  
2023  
2022
%E:FD<
K8O<J
Income taxes:
LII<EKCP
G8P89C<
Currently payable:
"<;<I8C
Federal 

$ 


190 $ 

229 

$ 

160
/K8K<
State


41


39


22
*FE 1 /

Non-U.S.


6


7


15



237


275


197
<=<II<;
Deferred:
"<;<I8C
Federal


(37)



(8) 

29
/K8K<
State


(9)



2 

(6)
*FE 1 /

Non-U.S.


(1)


1


(2)



(47)



(5) 

21
$


190 

$ 


270 $ 

218


62
 $:==:@?D
(Millions)  
2024  
2023  
2022
!8IE@E>J
9<=FI<
@E:FD<
K8O<J
Earnings before income taxes:
1E@K<;
/K8K<J
United States 

$ 

735 

$  


1,105 $ 

948
*FE 1 /

Non-U.S.


22



23 

27


$ 

757 

$  


1,128 $ 

975

0?<
=FCCFN@E>
@J
8
I<:FE:@C@8K@FE
F=
K?<
<==<:K@M<
@E:FD<
K8O
I8K<
KF
K?<
1
The /
=<;<I8C
JK8KLKFIP
@E:FD<
K8O
I8K<
following is a reconciliation of the effective income tax rate to the U.S. federal statutory income tax rate:
 
2024  
2023  
2022
"<;<I8C
JK8KLKFIP
@E:FD<
K8O
I8K<
Federal statutory income tax rate


21.0 %
 

21.0 %
 

21.0 %
/K8K<
@E:FD<
K8O<J
E<K
F=
=<;<I8C
K8O
9<E<=@K
State income taxes (net of federal tax benefit)
 

3.2
 

2.9
 

2.2
08O
<==<:K
F=
@EK<IE8K@FE8C
@K<DJ
Tax effect of international items
 

(0.1)
V

 

0.7
/K8K<
@E:FD<
K8O
C8N
:?8E><J
State income tax law changes
 

(0.1)
 

0.1
 

(1.0)

*FE;<;L:K@9C<
<O<:LK@M<
:FDG<EJ8K@FE
Nondeductible executive compensation(1)
 

1.5
 

0.4
 

0.5
+K?<I
Other
 

(0.4)
 

(0.5)
 

(1.0)
!==<:K@M<
@E:FD<
K8O
I8K<
Effective income tax rate
 

25.1 %
 

23.9 %
 

22.4 %
777777777777777777777777777777777777777777

(1) 0?<
@E:I<8J<
@E

@J
8JJF:@8K<;
N@K?
K?<
8:HL@J@K@FE
F=
/FMFJ
I8E;J
The increase in 2024 is associated with the acquisition of Sovos Brands.
+E
L>LJK

On August 16,

2022,
K?<
%E=C8K@FE
.<;L:K@FE
:K
%.
N8J
J@>E<;
@EKF
C8N
the Inflation Reduction Act (IRA) was signed into law.
0?<
%.
@EKIF;L:<J
8
:FIGFI8K<
8CK<IE8K@M<

The IRA introduces a corporate alternative
D@E@DLD
K8O
9<>@EE@E>
@E

minimum tax beginning in 2024,
8

<O:@J<
K8O
FE
J?8I<
I<GLI:?8J<J
@E
<O:<JJ
F=
@JJL8E:<J
8=K<I
&8EL8IP

a 1% excise tax on share repurchases in excess of issuances after January 1,

2023,
8E;
J<M<I8C

and several
K8O
@E:<EK@M<J
KF
GIFDFK<
:C<8E
<E<I>P
tax incentives to promote clean energy.
EP
<O:@J<
K8O
@E:LII<;
@J
I<:F>E@Q<;
8J
G8IK
F=
K?<
:FJK
98J@J
F=
K?<
J?8I<J
8:HL@I<;
@E

Any excise tax incurred is recognized as part of the cost basis of the shares acquired in
K?<
FEJFC@;8K<;
/K8K<D<EKJ
F=
!HL@KP
the Consolidated Statements of Equity.
0?<
GIFM@J@FEJ
F=
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%.
;@;
EFK
?8M<
8
D8K<I@8C
@DG8:K
FE
FLI
:FEJFC@;8K<;
=@E8E:@8C

The provisions of the IRA did not have a material impact on our consolidated fmancial
JK8K<D<EKJ
statements.
<=<II<;
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C@89@C@K@<J
8E;
8JJ<KJ
8I<
:FDGI@J<;
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=FCCFN@E>
Deferred tax liabilities and assets are comprised of the following:
$:==:@?D
(Millions)  
2024  
2023
<GI<:@8K@FE
Depreciation $


353 

$ 

340
DFIK@Q8K@FE
Amortization
 

1,260


881
+G<I8K@E>
C<8J<
.+1
8JJ<KJ
Operating lease ROU assets


86


69
,<EJ@FE
Pension


34


39
+K?<I
Other


10


8
<=<II<;
K8O
C@89@C@K@<J
Deferred tax liabilities
 

1,743
 

1,337
<E<=@KJ
8E;
:FDG<EJ8K@FE
Benefits and compensation


113


112
,<EJ@FE
9<E<=@KJ
Pension benefits


24


25
08O
CFJJ
:8IIP=FIN8I;J
Tax loss carryforwards


7


10
8G@K8C
CFJJ
:8IIP=FIN8I;J
Capital loss carryforwards


24


114
+G<I8K@E>
C<8J<
C@89@C@K@<J
Operating lease liabilities


91


69
8G@K8C@Q<;
I<J<8I:?
8E;
;<M<CFGD<EK
Capitalized research and development


34


15
+K?<I
Other


55


56
#IFJJ
;<=<II<;
K8O
8JJ<KJ
Gross deferred tax assets


348


401
<=<II<;
K8O
8JJ<K
M8CL8K@FE
8CCFN8E:<
Deferred tax asset valuation allowance


(29)


(129)
<=<II<;
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8JJ<KJ
Deferred tax assets,
E<K
F=
M8CL8K@FE
8CCFN8E:<
net of valuation allowance


319


272
*<K
;<=<II<;
K8O
C@89@C@KP
Net deferred tax liability $
 

1,424 

$  

1,065

K
&LCP

At July 28,

2024,
FLI
1 /
8E;
EFE
our U.S. 1 /
JL9J@;@8I@<J
?8;
K8O
CFJJ
:8IIP=FIN8I;J
F=
8GGIFO@D8K<CP

D@CC@FE
and non-U.S. subsidiaries had tax loss carryforwards of approximately $145 million
+=
K?<J<
Of these
:8IIP=FIN8I;J
carryforwards,

D@CC@FE
may
$13 million D8P
be
9<
carried
:8II@<;
forward
=FIN8I;
@E;<=@E@K<CP
indefinitely,
and
8E;

D@CC@FE
<OG@I<

$132 million 9<KN<<E
2025
expire between 
and
8E;
2045,

with
N@K?
the
K?<

D8AFI@KP
<OG@I@E>

majority 8=K<I
2028.
expiring after 
At
K
July
&LCP
28,

2024,

deferred
;<=<II<;
tax
K8O
asset
8JJ<K
valuation
M8CL8K@FE
allowances
8CCFN8E:<J
have
?8M<
been
9<<E
established
<JK89C@J?<;
to
KF
offset
F==J<K
$41


D@CC@FE
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K?<J<
K8O
CFJJ
:8IIP=FIN8I;J
million of these tax loss carryforwards.
;;@K@FE8CCP
Additionally,
8J
F=
&LCP

as of July 28,

2024,
FLI
1
our U.S./
8E;
EFE 1 /
JL9J@;@8I@<J
?8;
:8G@K8C
CFJJ

and non-U.S. subsidiaries had capital loss
:8IIP=FIN8I;J
F=

carryforwards 8GGIFO@D8K<CP
$123
of approximately 
million,
D@CC@FE
all
8CC
of
F=
which
N?@:?
were
N<I<
F==J<K
9P
M8CL8K@FE

offset by 8CCFN8E:<J
Of
valuation allowances. +=
these
K?<J<
capital
:8G@K8C
CFJJ

loss
:8IIP=FIN8I;J

D@CC@FE
<OG@I<
@E

carryforwards, $77 million expire in 2026,
8E;

D@CC@FE
D8P
9<
:8II@<;
=FIN8I;
@E;<=@E@K<CP
and $46 million may be carried forward indefinitely.


63
 0?<
E<K
:?8E><
@E
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;<=<II<;
K8O
8JJ<K
M8CL8K@FE
8CCFN8E:<
@E

N8J
8
;<:I<8J<
F=

D@CC@FE
The net change in the deferred tax asset valuation allowance in 2024 was a decrease of $100 million
0?<
;<:I<8J<
N8J
The decrease was
GI@D8I@CP
due
primarily ;L<
to
KF
K?<
<OG@I8K@FE
of
the expiration F=
capital
:8G@K8C
loss
CFJJ
:8IIP=FIN8I;J

carryforwards in @E
2024.

0?<

The E<K
:?8E><
in
net change @E
the
K?<
deferred
;<=<II<;
tax
K8O
asset
8JJ<K
valuation
M8CL8K@FE

8CCFN8E:<
@E

N8J
8
;<:I<8J<
F=

D@CC@FE
allowance in 2023 was a decrease of $2 million
0?<
;<:I<8J<
N8J
GI@D8I@CP
;L<
KF
JK8K<
K8O
CFJJ
:8IIP=FIN8I;J
The decrease was primarily due to state tax loss carryforwards.
0?<
E<K
:?8E><

The net change
@E
the
in K?<
deferred
;<=<II<;
tax
K8O
asset
8JJ<K
valuation
M8CL8K@FE
allowance
8CCFN8E:<
@E

was
in 2022 N8J
a8
;<:I<8J<
F=


decrease of D@CC@FE
0?<

$11 million The ;<:I<8J<
N8J
primarily
decrease was GI@D8I@CP
due
;L<
to
KF
the
K?<

C@HL@;8K@FE
F=
8E
@E8:K@M<
JL9J@;@8IP
liquidation of an inactive subsidiary.
J
F=
&LCP

As of July 30,

2023,
FK?<I
;<=<II<;
K8O
8JJ<KJ
@E:CL;<;

D@CC@FE
F=
JK8K<
K8O
:I<;@K
:8IIP=FIN8I;J
other deferred tax assets included $12 million of state tax credit carryforwards.
J
F=
&LCP

As of July 30,

2023,

;<=<II<;
K8O
8JJ<K
M8CL8K@FE
8CCFN8E:<J
?8;
9<<E
<JK89C@J?<;
KF
F==J<K
K?<
JK8K<
K8O
:I<;@K
:8IIP=FIN8I;J
deferred tax asset valuation allowances had been established to offset the state tax credit carryforwards.
J
F=
&LCP

As of July 28,

2024,
K?<

the
JK8K<
K8O
:I<;@K
:8IIP=FIN8I;J
?8M<
<OG@I<;
state tax credit carryforwards have expired.
J
F=
&LCP

As of July 28,

2024,
N<
?8;
8GGIFO@D8K<CP

D@CC@FE
F=
LE;@JKI@9LK<;
<8IE@E>J
F=
=FI<@>E
JL9J@;@8I@<J
N?@:?
8I<
;<<D<;

we had approximately $11 million of undistributed earnings of foreign subsidiaries which are deemed
KF
9<
G<ID8E<EKCP
I<@EM<JK<;
8E;
=FI
N?@:?
N<
?8M<
EFK
I<:F>E@Q<;
8
;<=<II<;
K8O
C@89@C@KP
to be permanently reinvested and for which we have not recognized a deferred tax liability.
3<
<JK@D8K<
K?8K
K?<
K8O
C@89@C@KP

We estimate that the tax liability
K?8K
D@>?K
9<
@E:LII<;
@=
G<ID8E<EKCP
I<@EM<JK<;
<8IE@E>J
N<I<
I<D@KK<;
KF
K?<
1
that might be incurred if permanently reinvested earnings were remitted to the U.S. /
NFLC;
EFK
9<
D8K<I@8C
would not be material.
"FI<@>E
JL9J@;@8IP

Foreign subsidiary
<8IE@E>J

earnings in@E
2021

and
8E;
thereafter
K?<I<8=K<I
are
8I<
EFK

not :FEJ@;<I<;
G<ID8E<EKCP
I<@EM<JK<;

considered permanently 8E;
we
reinvested and N<
have
?8M<
therefore
K?<I<=FI<
recognized
I<:F>E@Q<;
a8
deferred
;<=<II<;
tax
K8O

C@89@C@KP
8E;
<OG<EJ<
liability and expense.

I<:FE:@C@8K@FE
F=
K?<
8:K@M@KP
I<C8K<;
KF
LEI<:F>E@Q<;
K8O
9<E<=@KJ
=FCCFNJ
A reconciliation of the activity related to unrecognized tax benefits follows:
$:==:@?D
(Millions)  
2024  
2023  
2022
8C8E:<
8K
9<>@EE@E>
F=
P<8I
Balance at beginning of year $



15 $ 


14 $ 

22
%E:I<8J<J
I<C8K<;
KF
GI@FI P<8I
K8O
GFJ@K@FEJ
Increases related to prior-year tax positions


2
V



4
<:I<8J<J
I<C8K<;
KF
GI@FI
Decreases P<8I
K8O
GFJ@K@FEJ
related to prior-year tax positions
M

V



(10)
%E:I<8J<J
I<C8K<;
KF
:LII<EK P<8I
K8O
GFJ@K@FEJ
Increases related to current-year tax positions


2


2
1

/<KKC<D<EKJ
Settlements
M

V



(2)
(8GJ<
F=
JK8KLK<
Lapse of statute



(2) 

(1)


(1)
8C8E:<
8K
<E;
F=
P<8I
Balance at end of year 

$ 


17 $ 

15 

$ 

14

0?<
8DFLEK
F=
LEI<:F>E@Q<;
K8O
9<E<=@KJ
K?8K
The amount of unrecognized tax benefits that,
@=
I<:F>E@Q<;
if recognized,
NFLC;
@DG8:K
K?<
8EEL8C
<==<:K@M<
K8O
I8K<
N8J

D@CC@FE
8J

would impact the annual effective tax rate was $14 million as
F=
&LCP

of July 28,

2024,
8E;

D@CC@FE
8J
F=
&LCP

and $12 million as of July 30,
 8E;
&LCP

2023, and July 31,

2022.
0?<
KFK8C
8DFLEK
F=
LEI<:F>E@Q<;
K8O
9<E<=@KJ
:8E

The total amount of unrecognized tax benefits can
:?8E><
due
change ;L<
to
KF
audit
8L;@K
J<KKC<D<EKJ
settlements,
tax
K8O
examination
<O8D@E8K@FE
activities,
8:K@M@K@<J
statute
JK8KLK<
expirations
<OG@I8K@FEJ
and
8E;
the
K?<
recognition
I<:F>E@K@FE
and
8E;
measurement
D<8JLI<D<EK
:I@K<I@8

criteria
LE;<I
8::FLEK@E>
=FI
LE:<IK8@EKP
@E
@E:FD<
K8O<J
under accounting for uncertainty in income taxes.
+LI
accounting
Our 8::FLEK@E>
policy
GFC@:P
for
=FI
@EK<I<JK
8E;
penalties
interest and G<E8CK@<J
attributable
8KKI@9LK89C<
to
KF
@E:FD<
K8O<J
@J

income taxes KF
reflect
is to I<=C<:K
any
8EP
expense
<OG<EJ<
or
FI
benefit
9<E<=@K
as
8J
a8

:FDGFE<EK
F=
FLI
@E:FD<
K8O
GIFM@J@FE
component of our income tax provision.
0?<
KFK8C
8DFLEK
F=
@EK<I<JK
8E;
G<E8CK@<J
I<:F>E@Q<;
@E
K?<
FEJFC@;8K<;
/K8K<D<EKJ
F=

The total amount of interest and penalties recognized in the Consolidated Statements of
!8IE@E>J
N8J
EFK
D8K<I@8C
@E

Earnings was not material in 2024,

2023,
8E;

and 2022.
0?<
KFK8C
8DFLEK
F=
@EK<I<JK
8E;
G<E8CK@<J
I<:F>E@Q<;
@E
K?<
FEJFC@;8K<;

The total amount of interest and penalties recognized in the Consolidated
8C8E:<
/?<<KJ
@E
+K?<I
C@89@C@K@<J
N8J

D@CC@FE
8J
F=
&LCP

Balance Sheets in Other liabilities was $6 million as of July 28,

2024,
8E;

D@CC@FE
8J
F=
&LCP

and $5 million as of July 30,

2023.
3<
=@C<
@E:FD<
K8O
I<KLIEJ
@E
K?<
1
We /
=<;<I8C
ALI@J;@:K@FE
8E;
M8I@FLJ
JK8K<
8E;
EFE
file income tax returns in the U.S. federal jurisdiction and various state and non-U.S.1 /
ALI@J;@:K@FEJ
jurisdictions.
%E
K?<
EFID8C
:FLIJ<

In the normal course
F=
9LJ@E<JJ
of business,
N<
8I<
JL9A<:K
KF
<O8D@E8K@FE
9P
K8O@E>
8LK?FI@K@<J
we are subject to examination by taxing authorities,
@E:CL;@E>
K?<
1
including the U.S./
8E;
8E8;8
and Canada.
3@K?
C@D@K<;
<O:<GK@FEJ
With limited exceptions,
N<
we
?8M<
9<<E
audited
have been 8L;@K<;
for
=FI
@E:FD<
K8O
purposes
income tax GLIGFJ<J
@E
K?<
U.S.
in the 1 /
through
K?IFL>?
2021

and
8E;
@E
8E8;8
through
in Canada K?IFL>?
2016.

%E
8;;@K@FE
several
In addition, J<M<I8C
state
JK8K<

@E:FD<
K8O
<O8D@E8K@FEJ
8I<
@E
GIF>I<JJ
=FI
K?<
P<8IJ

KF

income tax examinations are in progress for the years 2015 to 2023.


13.

*9@CE E6C>
@CC@H:?8D
2?5
#@?8
Short-term E6C>
63E
Borrowings and Long-term Debt
/?FIK K<ID
9FIIFN@E>J
:FEJ@JK
F=
K?<
=FCCFN@E>

Short-term borrowings consist of the following:
$:==:@?D
(Millions)  
2024  
2023
FDD<I:@8C
G8G<I
Commercial paper 

$ 
250


$ 

178
*FK<J
Notes
 

1,150 V

"@E8E:<
C<8J<J
Finance leases 

25 

13
+K?<I
Other(1) 

(2) V

0FK8C
J?FIK
Total K<ID
9FIIFN@E>J
short-term borrowings 

$  


1,423 $ 

191
777777777777777777777777777777777777777

(1) %E:CL;<J
LE8DFIK@Q<;
E<K
;@J:FLEKGI<D@LD
FE
;<9K
@JJL8E:<J
8E;
;<9K
@JJL8E:<
:FJKJ
Includes unamortized net discount/premium on debt issuances and debt issuance costs.
0?<
weighted-average
The N<@>?K<; 8M<I8><
interest
@EK<I<JK
I8K<
F=
:FDD<I:@8C

rate of G8G<I
which
commercial paper, N?@:?
:FEJ@JK<;
F=
U.S.
consisted of 1 /
borrowings,
9FIIFN@E>J
was
N8J
5.60%

as
8J
of
F=

&LCP

July 28,

2024,
8E;
 
8J
F=
&LCP

and 5.43% as of July 30,

2023.
J
F=
&LCP

As of July 28,

2024,
N<
@JJL<;

D@CC@FE
F=
JK8E;9P
C<KK<IJ
F=
:I<;@K
we issued $28 million of standby letters of credit.
+E
GI@C
16,
On April 
2024,

we
N<
terminated
K<ID@E8K<;
our
FLI
existing
<O@JK@E>
I<MFCM@E>

revolving :I<;@K

credit =8:@C@KP
;8K<;
/<GK<D9<I

facility dated 
2021
September 27, 
(as
8J
amended
8D<E;<;
onFE

GI@C
4,
April 
2023).

On
+E
April
GI@C
16,

2024,

we
N<
entered
<EK<I<;
into
@EKF
a8
Five-Year
"@M< 5<8I
Credit
I<;@K
Agreement
>I<<D<EK
=FI
8E
unsecured,
for an LEJ<:LI<;
J<E@FI
I<MFCM@E>
:I<;@K

senior revolving credit


64
=8:@C@KP
K?<

.<MFCM@E>
I<;@K
"8:@C@KP
>I<<D<EK
@E
8E
8>>I<>8K<
GI@E:@G8C
8DFLEK
<HL8C
KF

facility (the 2024 Revolving Credit Facility Agreement) in an aggregate principal amount equal to $1.85 
9@CC@FE
N@K?
8
D8KLI@KP

billion with a maturity
;8K<
of
date F=
April
GI@C
16,

2029,

or
FI
such
JL:?
later
C8K<I
;8K<
8J
<OK<E;<;

date as GLIJL8EK
to
extended pursuant KF
the
K?<
terms
K<IDJ
set
J<K
=FIK?
@E
the
forth in K?<
2024

Revolving
.<MFCM@E>
Credit
I<;@K
Facility
"8:@C@KP

>I<<D<EK
0?<

.<MFCM@E>
I<;@K
"8:@C@KP
>I<<D<EK
I<D8@E<;
LELJ<;
8K
&LCP

Agreement. The 2024 Revolving Credit Facility Agreement remained unused at July 28,
 2024,
<O:<GK
=FI

D@CC@FE
F=
JK8E;9P

except for $1 million of standby
C<KK<IJ
F=
:I<;@K
K?8K
N<
@JJL<;
LE;<I
@K
letters of credit that we issued under it.
3<
D8P
@E:I<8J<
K?<

.<MFCM@E>
I<;@K
"8:@C@KP
>I<<D<EK
:FDD@KD<EKJ
LG
KF
8E

We may increase the 2024 Revolving Credit Facility Agreement commitments up to an
8;;@K@FE8C


additional D@CC@FE
JL9A<:K

$500 million, subject toKF
the
K?<
satisfaction
J8K@J=8:K@FE
ofF=
:<IK8@E

certain :FE;@K@FEJ
conditions.
Loans
(F8EJ
under
LE;<I
the
K?<
2024

Revolving
.<MFCM@E>
Credit
I<;@K
Facility
"8:@C@KP

>I<<D<EK
N@CC
9<8I
@EK<I<JK
8K
K?<
I8K<J
JG<:@=@<;
@E
K?<

.<MFCM@E>
I<;@K
"8:@C@KP
>I<<D<EK
Agreement will bear interest at the rates specified in the 2024 Revolving Credit Facility Agreement,
N?@:?
M8IP
98J<;
FE
K?<

which vary based on the
KPG<
F=
CF8E
8E;
:<IK8@E
FK?<I
:FE;@K@FEJ
type of loan and certain other conditions.
0?<

.<MFCM@E>
I<;@K
"8:@C@KP
>I<<D<EK
=8:@C@KP
:FEK8@EJ
:LJKFD8IP
:FM<E8EKJ
The 2024 Revolving Credit Facility Agreement facility contains customary covenants,

@E:CL;@E>
a8
=@E8E:@8C

including :FM<E8EK
with
financial covenant N@K?
respect
I<JG<:K
to
KF
a8
minimum
D@E@DLD
consolidated
:FEJFC@;8K<;
@EK<I<JK

interest :FM<I8><

coverage ratioI8K@F
F=

of :FEJFC@;8K<;
8;ALJK<;

consolidated adjusted
!%0 
KF
:FEJFC@;8K<;
@EK<I<JK
<OG<EJ<
F=
EFK
C<JJ
K?8E

EBITDA to consolidated interest expense of not less than 3.25:1.00,  
8E;
:LJKFD8IP
<M<EKJ
F=
;<=8LCK
=FI
:I<;@K
=8:@C@K@<J
F=
K?@J

and customary events of default for credit facilities of this
KPG<
0?<
=8:@C@KP
JLGGFIKJ
FLI
:FDD<I:@8C
G8G<I
GIF>I8D
8E;
FK?<I
><E<I8C
:FIGFI8K<
GLIGFJ<J
type. The facility supports our commercial paper program and other general corporate purposes.
3<
?8M<

We have $1.15 
9@CC@FE
8>>I<>8K<
GI@E:@G8C
8DFLEK
F=
J<E@FI
EFK<J
D8KLI@E>
@E
)8I:?

K?8K
N<
<OG<:K
KF
I<G8P
8E;FI

billion aggregate principal amount of senior notes maturing in March 2025 that we expect to repay and/or
I<=@E8E:<
using
refmance LJ@E>
available
8M8@C89C<
JFLI:<J
sources,
which
N?@:?
may
D8P
include
@E:CL;<
cash
:8J?
FE
?8E;
accessing
on hand, 8::<JJ@E>
the
K?<
capital
:8G@K8C
markets,
D8IB<KJ
:FDD<I:@8C
G8G<I
and/or
commercial paper 8E;FI

I<MFCM@E>
:I<;@K
=8:@C@KP
revolving credit facility.
(FE> K<ID
;<9K
:FEJ@JKJ
F=
K?<
=FCCFN@E>

Long-term debt consists of the following:

$:==:@?D
(Millions)  
2024  
2023
 
*FK<J
;L<
)8I:?

3.95% Notes due March 15,

2025 

$ 

850 

$ 

850
 
*FK<J
;L<
)8I:?

3.30% Notes due March 19,

2025


300


300
28I@89C< I8K<
K<ID
CF8E
;L<
*FM<D9<I

Variable-rate term loan due November 15,

2025


400


500
5.30%

*FK<J
;L<
)8I:?

Notes due March 20,

2026


400 V

5.20%

*FK<J
;L<
)8I:?

Notes due March 19,

2027


500 V

 
*FK<J
;L<
)8I:?

4.15% Notes due March 15,

2028

1,000

 

1,000
5.20%

*FK<J
;L<
)8I:?

Notes due March 21,

2029


600 V

 
*FK<J
;L<
GI@C

2.375% Notes due April 24,

2030


500


500
5.40%

*FK<J
;L<
)8I:?

Notes due March 21,

2034

1,000
V

 
*FK<J
;L<
L>LJK

3.80% Notes due August 2,

2042


163


163
 
*FK<J
;L<
)8I:?

4.80% Notes due March 15,

2048


700


700
 
*FK<J
;L<
GI@C

3.125% Notes due April 24,

2050


500


500
"@E8E:<
C<8J<J
Finance leases 

46 

15
+K?<I
Other(1)


(48)


(30)
0FK8C
Total 

$  

6,911 

$  

4,498
(<JJ
:LII<EK
GFIK@FE
Less current portion
 

1,150 V

0FK8C
CFE> K<ID
;<9K
Total long-term debt 

$ 5,761



$  

4,498
777777777777777777777777777777777777777

(1) %E:CL;<J
LE8DFIK@Q<;
E<K
;@J:FLEKGI<D@LD
FE
;<9K
@JJL8E:<J
8E;
;<9K
@JJL8E:<
:FJKJ
Includes unamortized net discount/premium on debt issuances and debt issuance costs.
,I@E:@G8C
8DFLEKJ
F=
CFE>
Principal K<ID
;<9K
amounts of long-term debt,
@E:CL;@E>
=@E8E:<
C<8J<
F9C@>8K@FEJ
including finance lease obligations,
D8KLI@E>
FM<I
K?<
E<OK
=@M<
P<8IJ
8I<
8J
=FCCFNJ
maturing over the next five years are as follows:
$:==:@?D
(Millions)

2025 

$  

1,175

2026 

$ 

819

2027 

$ 

506

2028 

$  

1,004

2029 

$ 

603
0?<I<8=K<I
Thereafter 

$  

2,877

+E
+:KF9<I

On October 10,

2023,
N<
<EK<I<;
@EKF
K?<


we entered into the 2024 DDTL 0(
I<;@K
>I<<D<EK
KFK8C@E>
LG
KF

9@CC@FE
J:?<;LC<;
KF
D8KLI<
FE

Credit Agreement totaling up to $2 billion scheduled to mature on
+:KF9<I
8,

October 2024.
(F8EJ
LE;<I
K?<


Loans under the 2024 DDTL 0(
I<;@K
>I<<D<EK
9<8I
@EK<I<JK
8K
K?<
I8K<J
JG<:@=@<;
@E
K?<


Credit Agreement bear interest at the rates specified in the 2024 DDTL 0(
I<;@K

Credit
>I<<D<EK
which
Agreement, N?@:?
vary
M8IP
based
98J<;
FE
K?<
type
on the KPG<
of
F=
CF8E
8E;
:<IK8@E

loan and FK?<I
:FE;@K@FEJ
certain other conditions.
0?<

DDTL
The 2024 0(
Credit
I<;@K
Agreement
>I<<D<EK
:FEK8@EJ

contains
:LJKFD8IP
I<GI<J<EK8K@FEJ
8E;
N8II8EK@<J
customary representations and warranties,
8==@ID8K@M<
8E;
E<>8K@M<
:FM<E8EKJ
affirmative and negative covenants,
@E:CL;@E>
8
=@E8E:@8C
:FM<E8EK
N@K?
I<JG<:K
KF
8

including a financial covenant with respect to a
D@E@DLD
:FEJFC@;8K<;

minimum @EK<I<JK
:FM<I8><

consolidated interest I8K@F
of
coverage ratio F=
:FEJFC@;8K<;
8;ALJK<;
EBITDA
consolidated adjusted !%0 
to KF
:FEJFC@;8K<;

consolidated @EK<I<JK

interest <OG<EJ<
8J
<8:?

expense (as @J

each is
;<=@E<;
@E
K?<


defined in the 2024 DDTL 0(
I<;@K
>I<<D<EK
F=
EFK
C<JJ
K?8E
  
8E;
<M<EKJ
F=
;<=8LCK
=FI
:I<;@K
=8:@C@K@<J
F=
K?@J
KPG<
Credit Agreement) of not less than 3.25:1.00, and events of default for credit facilities of this type.

0?<
GIF:<<;J
F=
K?<
CF8EJ
LE;<I
K?<


The proceeds of the loans under the 2024 DDTL 0(
I<;@K
>I<<D<EK
:FLC;
FECP
9<
LJ<;
@E
:FEE<:K@FE
N@K?
K?<
8:HL@J@K@FE
F=

Credit Agreement could only be used in connection with the acquisition of


65
 /FMFJ
Brands
Sovos I8E;J
and
8E;
the
K?<
payment
G8PD<EK
of
F=
=<<J
8E;
<OG<EJ<J

fees and expenses @E:LII<;

incurred @E
:FEE<:K@FE
therewith.
in connection K?<I<N@K?
On
+E
March
)8I:?
12,

2024,

we
N<
borrowed
9FIIFN<;


billion
$2 9@CC@FE
under
LE;<I
the
K?<
2024

DDTL
0(
Credit
I<;@K
Agreement
>I<<D<EK
and
8E;
used
LJ<;
the
K?<
proceeds
GIF:<<;J
@E
FI;<I
to
in order KF
=LE;
K?<
acquisition
fund the 8:HL@J@K@FE
of
F=
/FMFJ
I8E;J

Sovos Brands,
8CFE>
N@K?
K?<
=<<J
8E;
<OG<EJ<J
@E:LII<;
@E
:FEE<:K@FE
K?<I<N@K?
along with the fees and expenses incurred in connection therewith.
%E
L>LJK
2023,
In August 
we
N<
=@C<;

filed a8
registration
I<>@JKI8K@FE
statement
JK8K<D<EK
with
N@K?
the
K?<
/<:LI@K@<J
8E;
!O:?8E><

Securities and FDD@JJ@FE
that
Exchange Commission K?8K
I<>@JK<I<;

registered an8E

@E;<K<ID@E8K<
amount
indeterminate 8DFLEK
of
F=
debt
;<9K
J<:LI@K@<J
securities.
Under
1E;<I
the
K?<
registration
I<>@JKI8K@FE
statement
JK8K<D<EK
we
N<
may
D8P
issue
@JJL<
debt
;<9K
J<:LI@K@<J

securities =IFD
K@D<
to
from time KF
time,
K@D<

;<G<E;@E>
FE
D8IB<K
:FE;@K@FEJ
depending on market conditions.
+E
)8I:?

On March 19,
2024,
GLIJL8EK
KF
K?<
I<>@JKI8K@FE
JK8K<D<EK
pursuant to the registration statement,
N<
@JJL<;
J<E@FI
LEJ<:LI<;
EFK<J

we issued senior unsecured notes
F=

of 
9@CC@FE
$2.5 billion,
:FEJ@JK@E>
F=
consisting of:
T• 
D@CC@FE
aggregate
$400 million 8>>I<>8K<
principal
GI@E:@G8C
amount
8DFLEK
of
F=
notes
EFK<J
bearing
9<8I@E>
@EK<I<JK
8K
a8
fixed
interest at =@O<;
I8K<

rate F=

of 5.30%

per
G<I
annum,
8EELD
;L<

due
)8I:?
20,
March 
2026,

with
N@K?
interest
@EK<I<JK
payable
G8P89C<
semi-annually
J<D@ 8EEL8CCP
on
FE
each
<8:?
of
F=
March
)8I:?
20 
and
8E;
/<GK<D9<I

commencing
September 20 :FDD<E:@E>

/<GK<D9<I

September 20,

2024;
T• 
D@CC@FE
aggregate
$500 million 8>>I<>8K<
principal
GI@E:@G8C
amount
8DFLEK
of
F=
notes
EFK<J
bearing
9<8I@E>
@EK<I<JK
8K
a8
fixed
interest at =@O<;
I8K<

rate F=

of 5.20%

per
G<I
annum,
8EELD
;L<

due
)8I:?
19,
March 
2027,

with
N@K?
interest
@EK<I<JK
payable
G8P89C<
semi-annually
J<D@ 8EEL8CCP
on
FE
each
<8:?
of
F=
March
)8I:?
19 
and
8E;
/<GK<D9<I

commencing
September 19 :FDD<E:@E>

/<GK<D9<I

September 19,

2024;
T• 
D@CC@FE
aggregate
$600 million 8>>I<>8K<
principal
GI@E:@G8C
amount
8DFLEK
of
F=
notes
EFK<J
bearing
9<8I@E>
@EK<I<JK
8K
a8
fixed
interest at =@O<;
I8K<

rate F=

of 5.20%

per
G<I
annum,
8EELD
;L<

due
)8I:?
21,
March 
2029,

with
N@K?
interest
@EK<I<JK
payable
G8P89C<
semi-annually
J<D@ 8EEL8CCP
on
FE
each
<8:?
of
F=
March
)8I:?
21 
and
8E;
/<GK<D9<I

commencing
September 21 :FDD<E:@E>

/<GK<D9<I

September 21,

8E;

2024; and
T• 
9@CC@FE
aggregate
$1 billion 8>>I<>8K<
principal
GI@E:@G8C
amount
8DFLEK
of
F=
notes
EFK<J
bearing
9<8I@E>
@EK<I<JK
8K
a8
fixed
interest at =@O<;
rate
I8K<
of
F=
5.40%

per
G<I
annum,
8EELD
;L<

due
)8I:?
21,
March 
2034,

with
N@K?
interest
@EK<I<JK
payable
G8P89C<
semi-annually
J<D@ 8EEL8CCP
on
FE
each
<8:?
of
F=
March
)8I:?
21 
and
8E;
/<GK<D9<I

September 21
commencing
:FDD<E:@E>

/<GK<D9<I

September 21,

2024.
0?<
EFK<J
:FEK8@E
:LJKFD8IP
:FM<E8EKJ
8E;
<M<EKJ
F=
;<=8LCK
The notes contain customary covenants and events of default.
%=
8
:?8E><
F=
:FEKIFC
KI@>><I@E>
<M<EK
F::LIJ
If a change of control triggering event occurs,
N<
N@CC
9<
I<HL@I<;

we will be required
KF
F==<I
KF
GLI:?8J<
K?<
EFK<J
8K
8
GLI:?8J<
GI@:<
<HL8C
KF

F=
K?<
GI@E:@G8C
8DFLEK
GCLJ
8::IL<;
8E;
LEG8@;
@EK<I<JK
to offer to purchase the notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest,
@=
8EP if any,

KF
the
to K?<
purchase
GLI:?8J<
date. 3<
used
;8K<
We LJ<;
the
K?<
net
E<K
proceeds
GIF:<<;J
from
=IFD
the
K?<
sale
J8C<
F=
K?<
notes
of the EFK<J
to
KF
repay
I<G8P
the
K?<
$2

billion
9@CC@FE
of
F=
outstanding
FLKJK8E;@E>
borrowings
9FIIFN@E>J

LE;<I
K?<


under the 2024 DDTL 0(
I<;@K
>I<<D<EK
LJ<;
KF
=LE;
K?<
/FMFJ
I8E;J
8:HL@J@K@FE
Credit Agreement used to fund the Sovos Brands acquisition,
@E:CL;@E>
=<<J
8E;
<OG<EJ<J
@E
:FEE<:K@FE

including fees and expenses in connection
K?<I<N@K?
8E;
K?<
I<D8@E;<I
F=
K?<
E<K
GIF:<<;J
KF
I<G8P
:FDD<I:@8C
G8G<I
therewith, and the remainder of the net proceeds to repay commercial paper.
+E
*FM<D9<I

On November 15,
 2022,
N<
<EK<I<;
@EKF
8
;<C8P<;
;I8N
K<ID
CF8E
:I<;@K
8>I<<D<EK
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we entered into a delayed draw term loan credit agreement (the 2022 DDTL 0(
I<;@K
>I<<D<EK

Credit Agreement)
KFK8C@E>
LG
KF

D@CC@FE
J:?<;LC<;
KF
D8KLI<
FE
*FM<D9<I

totaling up to $500 million scheduled to mature on November 15,
 2025.
(F8EJ
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K?<


Loans under the 2022 DDTL 0(
I<;@K
>I<<D<EK
9<8I

Credit Agreement bear
@EK<I<JK
at
interest 8K
the
K?<
I8K<J
JG<:@=@<;
@E

rates specified K?<
2022
in the 
DDTL 0(
Credit
I<;@K
Agreement,
>I<<D<EK
whichN?@:?
vary
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based
98J<;
FE
K?<
type
on the KPG<
of
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certain
loan and :<IK8@E
other
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:FE;@K@FEJ
0?<

conditions. 
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The 2022 0(
Credit
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Agreement
>I<<D<EK
contains
:FEK8@EJ
customary
:LJKFD8IP
I<GI<J<EK8K@FEJ
8E;
warranties,
representations and N8II8EK@<J
affirmative
8==@ID8K@M<
and
8E;
negative
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:FM<E8EKJ
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covenants, including a8
=@E8E:@8C
:FM<E8EK
with
fmancial covenant N@K?
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respect to KF
a8
minimum
D@E@DLD
consolidated
:FEJFC@;8K<;
@EK<I<JK
:FM<I8><
ratio
interest coverage I8K@F
of
F=
consolidated
:FEJFC@;8K<;

8;ALJK<;
!%0
adjusted EBITDA 
KF
:FEJFC@;8K<;
@EK<I<JK
<OG<EJ<
8J
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to consolidated interest expense (as each is defined in the 2022 DDTL 0(
I<;@K
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F=
EFK
C<JJ
K?8E

Credit Agreement) of not less than
  
and
3.25:1.00, 8E;
events
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of
F=
;<=8LCK

default for=FI
credit
:I<;@K
=8:@C@K@<J
F=
this
facilities of K?@J
type.
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We
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borrowed
9FIIFN<;

D@CC@FE
LE;<I

$500 million K?<
2022
under the 
DDTL 0(
Credit
I<;@K

>I<<D<EK
FE
)8I:?

Agreement on March 13,

2023,
8E;
LJ<;
K?<
GIF:<<;J
8E;
:8J?
FE
?8E;
KF
I<G8P
K?<

and used the proceeds and cash on hand to repay the 3.65% 

D@CC@FE
*FK<J
K?8K
D8KLI<;
FE

$566 million Notes that matured on
)8I:?
15,
March 
2023.

On
+E
April
GI@C
5,
2024,

we
N<
repaid
I<G8@;

D@CC@FE
of
$100 million F=
the
K?<

D@CC@FE
outstanding
$500 million FLKJK8E;@E>
under
LE;<I
the
K?<
2022

DDTL 0(
Credit
I<;@K

>I<<D<EK
Agreement.
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)8I:?

On March 4,

2022,
N<
:FDGC<K<;
K?<
I<;<DGK@FE
F=
8CC

D@CC@FE
FLKJK8E;@E>
8>>I<>8K<
GI@E:@G8C
8DFLEK
F=
FLI

we completed the redemption of all $450 million outstanding aggregate principal amount of our 2.50% 

/<E@FI
*FK<J
;L<
L>LJK

Senior Notes due August 2,
 2022.
0?<
:FEJ@;<I8K@FE
=FI
K?<
I<;<DGK@FE
N8J

D@CC@FE
The consideration for the redemption was $453 million,
@E:CL;@E>

D@CC@FE
F=
GI<D@LD
including $3 million of premium.

3<

We I<:F>E@Q<;

recognized 8
CFJJ
of
a loss F=
$4

million
D@CC@FE
(including
@E:CL;@E>
the
K?<
$3

million
D@CC@FE
of
F=
premium
GI<D@LD
and
8E;
FK?<I

other :FJKJ
costs),
which
N?@:?
was
N8J
recorded
I<:FI;<;
in
@E
%EK<I<JK

Interest
<OG<EJ<

expense @E
K?<
Consolidated
in the FEJFC@;8K<;
/K8K<D<EK

Statement ofF=
Earnings.
!8IE@E>J
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8;;@K@FE
we
In addition, N<
paid
G8@;
accrued
8::IL<;
and
8E;
unpaid
LEG8@;
@EK<I<JK
FE
the
interest on K?<
redeemed
I<;<<D<;
notes
EFK<J

K?IFL>?
K?<
;8K<
F=
J<KKC<D<EK
through the date of settlement.
3<
LJ<;
8
:FD9@E8K@FE
F=
:8J?
FE
?8E;
8E;
J?FIK
We used a combination of cash on hand and short-term K<ID
;<9K
KF
=LE;
K?<
I<;<DGK@FE
debt to fund the redemption.


:?2?4:2=

14. ?DECF>6?ED
Financial Instruments
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GI@E:@G8C
market
The principal D8IB<K
risks
I@JBJ
to
KF
which
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we
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are
8I<
<OGFJ<;
8I<
:?8E><J

exposed are @E
=FI<@>E

changes in foreign :LII<E:P

currency <O:?8E><
I8K<J
@EK<I<JK

exchange rates, I8K<J
and
interest rates 8E;

:FDDF;@KP
GI@:<J
commodity prices.
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8;;@K@FE
In addition,
N<
8I<
<OGFJ<;
KF
<HL@KP
GI@:<
:?8E><J
I<C8K<;
KF
:<IK8@E
;<=<II<;
:FDG<EJ8K@FE
F9C@>8K@FEJ
we are exposed to equity price changes related to certain deferred compensation obligations.
%E
In
FI;<I
KF
manage
order to D8E8><
these
K?<J<
exposures,
<OGFJLI<J
weN<
=FCCFN

follow <JK89C@J?<;
I@JB
management
established risk D8E8><D<EK
policies
GFC@:@<J
and
8E;
procedures,
GIF:<;LI<J
@E:CL;@E>

including theK?<
use
LJ<
of
F=

;<I@M8K@M<
:FEKI8:KJ
JL:?

derivative contracts 8J
swaps,
such as JN8GJ
rate
I8K<
CF:BJ
locks,
options,
FGK@FEJ
forwards
=FIN8I;J
and
8E;
:FDDF;@KP

commodity =LKLI<J
futures.
3<

We <EK<I

enter @EKF
K?<J<
;<I@M8K@M<

into these derivative
:FEKI8:KJ
=FI
G<I@F;J
:FEJ@JK<EK
N@K?
K?<
I<C8K<;
LE;<ICP@E>
<OGFJLI<J
contracts for periods consistent with the related underlying exposures,
8E;
K?<
:FEKI8:KJ
;F
EFK
:FEJK@KLK<
GFJ@K@FEJ
@E;<G<E;<EK

and the contracts do not constitute positions independent
F=
K?FJ<
<OGFJLI<J
of those exposures.
3<
;F
EFK
<EK<I
@EKF
;<I@M8K@M<
:FEKI8:KJ
=FI
JG<:LC8K@M<
GLIGFJ<J
8E;
;F
EFK
LJ<
C<M<I8><;
@EJKILD<EKJ
We do not enter into derivative contracts for speculative purposes and do not use leveraged instruments.

+LI
;<I@M8K@M<
programs
Our derivative GIF>I8DJ
@E:CL;<

include @EJKILD<EKJ
K?8K
qualify
instruments that HL8C@=P
for
=FI
?<;><
8::FLEK@E>
treatment
hedge accounting KI<8KD<EK
and
8E;
instruments
@EJKILD<EKJ
that
K?8K
are
8I<
not
EFK

;<J@>E8K<;
8J
8::FLEK@E>
?<;><J
designated as accounting hedges.
32(*286&8.32
3+
6*).8
.7/
Concentration of Credit Risk
3<
8I<
exposed
We are <OGFJ<;
to
KF
the
K?<
I@JB
K?8K
:FLEK<IG8IK@<J

risk that KF
;<I@M8K@M<

counterparties to :FEKI8:KJ
will
derivative contracts N@CC
=8@C
KF
meet
fail to D<<K
their
K?<@I
:FEKI8:KL8C
F9C@>8K@FEJ
0F

contractual obligations. To
D@K@>8K<
:FLEK<IG8IKP

mitigate counterparty :I<;@K
I@JB
we
credit risk, N<
enter
<EK<I
into
@EKF
:FEKI8:KJ
FECP
with
contracts only N@K?
:8I<=LCCP
J<C<:K<;
leading,
carefully selected, C<8;@E>
:I<;@K NFIK?P
=@E8E:@8C

credit-worthy fmancial
@EJK@KLK@FEJ
institutions,
8E;
;@JKI@9LK<
:FEKI8:KJ
8DFE>
J<M<I8C
=@E8E:@8C
@EJK@KLK@FEJ
KF
I<;L:<
K?<
:FE:<EKI8K@FE
F=
:I<;@K
I@JB
and distribute contracts among several financial institutions to reduce the concentration of credit risk.
3<
;@;
EFK
We did not
?8M<
:I<;@K
I@JB I<C8K<;
:FEK@E><EK
=<8KLI<J
@E
FLI
;<I@M8K@M<
@EJKILD<EKJ
8J
F=
&LCP

have credit risk-related contingent features in our derivative instruments as of July 28,
 2024,
FI
&LCP

or July 30,

2023.



66
 3<
are
We 8I<
also
8CJF
exposed
<OGFJ<;
to
KF
credit
:I<;@K
risk
I@JB
=IFD

from FLI
:LJKFD<IJ
During
our customers. LI@E>
2024,

our
FLI
C8I><JK
:LJKFD<I
accounted
largest customer 8::FLEK<;
=FI
8GGIFO@D8K<CP

for approximately

F=

22% :FEJFC@;8K<;
net
of consolidated E<K
J8C<J
sales.
Our
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five
=@M<
C8I><JK

largest :LJKFD<IJ
8::FLEK<;
=FI

customers accounted 8GGIFO@D8K<CP
47%
for approximately 
of
F=
FLI

our :FEJFC@;8K<;
E<K
J8C<J

consolidated net @E

sales in

2024.
3<
:CFJ<CP
DFE@KFI
:I<;@K
I@JB
8JJF:@8K<;
N@K?
:FLEK<IG8IK@<J
8E;
:LJKFD<IJ
We closely monitor credit risk associated with counterparties and customers.
36*.,2
966*2(=
<(-&2,*
.7/
Foreign Currency Exchange Risk
3<
are
We 8I<
<OGFJ<;

exposed toKF
=FI<@>E
:LII<E:P
<O:?8E><

foreign currency exchange I@JB
risk,
primarily
GI@D8I@CP
the
K?<
Canadian
8E8;@8E
dollar
;FCC8I
and
8E;
Euro,
!LIF
related
I<C8K<;
to
KF
intercompany
@EK<I:FDG8EP

KI8EJ8:K@FEJ
8E;
K?@I;
transactions G8IKP
KI8EJ8:K@FEJ
and third-party transactions.
3<
LK@C@Q<
=FI<@>E
<O:?8E><
=FIN8I;
GLI:?8J<
8E;
J8C<
:FEKI8:KJ
8E;
FGK@FE
:FEKI8:KJ

We utilize foreign exchange forward purchase and sale contracts and option contracts
KF
?<;><
K?<J<
<OGFJLI<J
to hedge these exposures.
0?<
:FEKI8:KJ
8I<
<@K?<I
;<J@>E8K<;
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:8J?
The contracts are either designated as cash-flow =CFN
?<;>@E>
@EJKILD<EKJ
FI
8I<
LE;<J@>E8K<;
hedging instruments or are undesignated.
3<
?<;><
We hedge
GFIK@FEJ
F=
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=FI<:8JK<;
=FI<@>E
:LII<E:P
KI8EJ8:K@FE
<OGFJLI<
N@K?
=FI<@>E
<O:?8E><
=FIN8I;
:FEKI8:KJ
=FI
G<I@F;J
KPG@:8CCP

portions of our forecasted foreign currency transaction exposure with foreign exchange forward contracts for periods typically
LG
to
up KF
18

months.
DFEK?J
The
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notional
EFK@FE8C
amount
8DFLEK
F=
=FI<@>E
<O:?8E><

of foreign exchange =FIN8I;

forward :FEKI8:KJ
8::FLEK<;
=FI

contracts accounted 8J
cash-flow
for as :8J? =CFN
hedges
?<;><J
was
N8J


$108
D@CC@FE
8J
F=
&LCP

million as of July 28,

2024,
8E;

D@CC@FE
8J
F=
&LCP

and $125 million as of July 30,
 2023.
?8E><J
@E
K?<
=8@I
M8CL<
FE
K?<
GFIK@FE
F=
K?<
;<I@M8K@M<

Changes in the fair value on the portion of the derivative
@E:CL;<;
@E
K?<
8JJ<JJD<EK
F=
?<;><
<==<:K@M<E<JJ
F=
:8J?
included in the assessment of hedge effectiveness of cash-flow =CFN
?<;><J
8I<
I<:FI;<;
@E
FK?<I
:FDGI<?<EJ@M<
@E:FD<
CFJJ
hedges are recorded in other comprehensive income (loss),
LEK@C
until
<8IE@E>J
8I<
8==<:K<;
9P
K?<
M8I@89@C@KP
F=
:8J?
=CFNJ
earnings are affected by the variability of cash flows.
"FI
;<I@M8K@M<J
K?8K
8I<
;<J@>E8K<;
8E;
HL8C@=P
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?<;>@E>
@EJKILD<EKJ
For derivatives that are designated and qualify as hedging instruments,
K?<
the
@E@K@8C

initial =8@I
M8CL<
F=

fair value ?<;><
:FDGFE<EKJ

of hedge components <O:CL;<;
=IFD
the
excluded from K?<
assessment
8JJ<JJD<EK
of
F=
<==<:K@M<E<JJ

effectiveness is@J
recognized
I<:F>E@Q<;
@E
in <8IE@E>J
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a8

earnings under
JPJK<D8K@:
8E;
I8K@FE8C
D<K?F;
FM<I
K?<
C@=<
F=
K?<
?<;>@E>
@EJKILD<EK
8E;
@J
GI<J<EK<;
@E
K?<
J8D<
JK8K<D<EK
F=
<8IE@E>J
C@E<

systematic and rational method over the life of the hedging instrument and is presented in the same statement of earnings line
@K<D
8J
K?<
<8IE@E>J
<==<:K
F=
K?<
?<;><;
@K<D
item as the earnings effect of the hedged item.
EP
;@==<I<E:<
9<KN<<E
K?<
:?8E><
@E
K?<
=8@I
M8CL<
F=
K?<
?<;><
:FDGFE<EKJ

Any difference between the change in the fair value of the hedge components
<O:CL;<;
=IFD
the
excluded from K?<
assessment
8JJ<JJD<EK
ofF=
<==<:K@M<E<JJ
8E;
the
effectiveness and K?<
amounts
8DFLEKJ
I<:F>E@Q<;

recognized @E
<8IE@E>J
@J

in earnings I<:FI;<;
as
is recorded 8J
a8
component
:FDGFE<EK
ofF=
other
FK?<I

:FDGI<?<EJ@M<

comprehensive @E:FD<
CFJJ
0?<

income (loss). EFK@FE8C
amount
The notional 8DFLEK
of
F=
=FI<@>E
<O:?8E><
forward
foreign exchange =FIN8I;
contracts
:FEKI8:KJ
and
8E;
FGK@FE
:FEKI8:KJ
that
option contracts K?8K
are
8I<
not
EFK

;<J@>E8K<;
8J
8::FLEK@E>
?<;><J
N8J

D@CC@FE
8J
F=
&LCP

designated as accounting hedges was $189 million as of July 28,
 2024,
8E;

D@CC@FE
8J
F=
&LCP

and $15 million as of July 30,
 2023.
28*6*78
Rate
Interest &8*
Risk
.7/
3<
D8E8><
FLI
<OGFJLI<
KF
:?8E><J
@E
@EK<I<JK
I8K<J
9P
FGK@D@Q@E>
K?<
LJ<
F=
M8I@89C<
We manage our exposure to changes in interest rates by optimizing the use of variable-rate I8K<
8E;
=@O<; I8K<
;<9K
and fixed-rate debt.
"IFD
K@D<

From time
KF
time,
to K@D<
we
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may
D8P
LJ<
@EK<I<JK
rate
use interest I8K<
JN8GJ

swaps @E
FI;<I
to
in order KF
maintain
D8@EK8@E
ourFLI
variable-to-total
M8I@89C< KF KFK8C
;<9K

debt I8K@F
N@K?@E
targeted
ratio within K8I><K<;
guidelines.
>L@;<C@E<J
We
3<

D8E8><
our
manage FLI
exposure
<OGFJLI<
to
KF
interest
@EK<I<JK
volatility
MFC8K@C@KP
on
FE
=LKLI<
;<9K
@JJL8E:<J

future debt issuances by 9P
entering
<EK<I@E>
@EKF

into =FIN8I;
JK8IK@E>
interest
forward starting @EK<I<JK
I8K<
JN8GJ
or
rate swaps FI

KI<8JLIP
CF:B
:FEKI8:KJ
KF
?<;><
K?<
I8K<
FE
K?<
@EK<I<JK
G8PD<EKJ
I<C8K<;
KF
K?<
8EK@:@G8K<;
;<9K
@JJL8E:<
treasury lock contracts to hedge the rate on the interest payments related to the anticipated debt issuance.
0?<
=FIN8I;
JK8IK@E>
The forward starting
@EK<I<JK
rate
interest I8K<
swaps
JN8GJ
or
FI
treasury
KI<8JLIP
lock
CF:B
contracts
:FEKI8:KJ
are
8I<
either
<@K?<I
designated
;<J@>E8K<;
as8J
:8J? =CFN
hedging
cash-flow ?<;>@E>
@EJKILD<EKJ

instruments or FI
are
8I<
undesignated.
LE;<J@>E8K<;

?8E><J
@E
K?<
=8@I
M8CL<
FE
K?<
GFIK@FE
F=
K?<
;<I@M8K@M<
@E:CL;<;
@E
K?<
8JJ<JJD<EK
F=
?<;><
<==<:K@M<E<JJ
F=
:8J?
Changes in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of cash-flow =CFN
?<;><J

hedges
8I<
I<:FI;<;
@E
FK?<I
:FDGI<?<EJ@M<
@E:FD<
CFJJ
are recorded in other comprehensive income (loss),
8E;
I<:C8JJ@=@<;
@EKF
%EK<I<JK
<OG<EJ<
FM<I
K?<
C@=<
F=
K?<
;<9K
@JJL<;
and reclassified into Interest expense over the life of the debt issued.
0?<
The
:?8E><
@E
=8@I
M8CL<
FE
LE;<J@>E8K<;
@EJKILD<EKJ
@J
I<:FI;<;
@E
%EK<I<JK
<OG<EJ<
change in fair value on undesignated instruments is recorded in Interest expense.
3<
J<KKC<;
=FIN8I;
JK8IK@E>
@EK<I<JK
I8K<
JN8GJ

We settled forward starting interest rate swaps
N@K?
a8
notional
with EFK@FE8C
M8CL<

value F=

of $1.1
billion
9@CC@FE
@E
)8I:?
2024
in March 
at8K
a8
loss
CFJJ
of
F=

D@CC@FE
0?<

$11 million The 
D@CC@FE
loss
$11 million CFJJ
on
FE
these
K?<J<
instruments
@EJKILD<EKJ
was
N8J

I<:FI;<;
@E
FK?<I
:FDGI<?<EJ@M<
@E:FD<
CFJJ
8E;
N@CC
9<
I<:F>E@Q<;
8J
8;;@K@FE8C
@EK<I<JK
<OG<EJ<
FM<I
K?<

recorded in other comprehensive income (loss) and will be recognized as additional interest expense over the 10-year, P<8I
5-year,
P<8I

8E;

and P<8I
C@M<J
F=
K?<
;<9K
@JJL<;
@E
)8I:?

3-year lives of the debt issued in March 2024.
0?<I<
N<I<
EF
=FIN8I;
JK8IK@E>
@EK<I<JK
I8K<
JN8GJ
FI
KI<8JLIP
CF:B
:FEKI8:KJ

There were no forward starting interest rate swaps or treasury lock contracts
FLKJK8E;@E>
8J
F=
&LCP

outstanding as of July 28,

8E;
&LCP

2024 and July 30,
 2023.
/L9J<HL<EK
KF
&LCP

Subsequent to July 28,
 2024,
N<
<EK<I<;
@EKF
=FIN8I;
JK8IK@E>
@EK<I<JK
I8K<

we entered into forward starting interest rate
JN8GJ
accounted
swaps 8::FLEK<;
=FI
8J
:8J?
for as =CFN
hedges
cash-flow ?<;><J
with
N@K?
a8
notional
EFK@FE8C
value
M8CL<
of
F=
$450

million
D@CC@FE
I<C8K<;
KF
an
related to 8E
anticipated
8EK@:@G8K<;
debt
;<9K
issuance.
@JJL8E:<
0?<

The
=FIN8I;
JK8IK@E>
@EK<I<JK
I8K<
JN8GJ
D8KLI<
@E
&8EL8IP

forward starting interest rate swaps mature in January 2025.
3113).8=
6.(*
.7/
Commodity Price Risk
3<
GI@E:@G8CCP
LJ<
8
:FD9@E8K@FE
F=
GLI:?8J<
FI;<IJ
8E;
M8I@FLJ
J?FIK
We principally use a combination of purchase orders and various short-
8E;
CFE> K<ID
JLGGCP
8II8E><D<EKJ
@E
:FEE<:K@FE

and long-term supply arrangements in connection
N@K?
the
with K?<
purchase
GLI:?8J<
of
F=
I8N
D8K<I@8CJ
including
raw materials, @E:CL;@E>
certain
:<IK8@E
commodities
:FDDF;@K@<J
and
8E;
agricultural
8>I@:LCKLI8C
products.
GIF;L:KJ
We
3<
also
8CJF
<EK<I
@EKF
:FDDF;@KP

enter into commodity
=LKLI<J
FGK@FEJ
8E;
JN8G
:FEKI8:KJ
KF
I<;L:<
K?<
MFC8K@C@KP
F=
GI@:<
=CL:KL8K@FEJ
F=
N?<8K
futures, options and swap contracts to reduce the volatility of price fluctuations of wheat,
;@<J<C
=L<C
diesel fuel,
JFP9<8E
F@C
soybean oil,
E8KLI8C
>8J
natural gas,

:F:F8
8CLD@ELD
cocoa, aluminum,
:FIE
8E;
JFP9<8E
D<8C
corn and soybean meal.
FDDF;@KP
=LKLI<J
Commodity futures,
FGK@FEJ
8E;
JN8G
:FEKI8:KJ
8I<
<@K?<I
;<J@>E8K<;
8J
:8J?
options and swap contracts are either designated as cash-flow =CFN

?<;>@E>
@EJKILD<EKJ
FI
8I<
LE;<J@>E8K<;
hedging instruments or are undesignated.
3<
?<;><
8
GFIK@FE
F=
:FDDF;@KP
I<HL@I<D<EKJ
=FI
G<I@F;J
KPG@:8CCP
LG
KF

DFEK?J
We hedge a portion of commodity requirements for periods typically up to 18 months.

0?<I<
N<I<
EF
:FDDF;@KP
:FEKI8:KJ
;<J@>E8K<;
8J
:8J?
There were no commodity contracts designated as cash-flow =CFN
?<;><J
8J
F=
&LCP

hedges as of July 28,

FI
&LCP

2024 or July 30,

2023.
0?<
EFK@FE8C
8DFLEK

The notional amount
F=

of :FDDF;@KP
:FEKI8:KJ
not
commodity contracts EFK
;<J@>E8K<;

designated as8J
accounting
8::FLEK@E>
hedges
?<;><J
was
N8J

D@CC@FE
as
$200 million 8J
F=
&LCP
28,
of July 
2024,

and
8E;

D@CC@FE
as
$194 million 8J
F=

of
&LCP

July 30,

2023.
0?<
:?8E><
@E
=8@I
M8CL<
FE
LE;<J@>E8K<;
@EJKILD<EKJ
@J
I<:FI;<;
@E
FJK
F=
GIF;L:KJ
JFC;
The change in fair value on undesignated instruments is recorded in Cost of products sold.
3<

We ?8M<

have a8
supply
JLGGCP
contract
:FEKI8:K
under
LE;<I
which
N?@:?
prices
GI@:<J
for
=FI
certain
:<IK8@E
I8N
D8K<I@8CJ
are
raw materials 8I<
established
<JK89C@J?<;
based
98J<;
on
FE
anticipated
8EK@:@G8K<;
volume
MFCLD<

I<HL@I<D<EKJ
FM<I
8
KN<CM<
requirements over a twelve-monthDFEK?
G<I@F;
period.
<IK8@E
GI@:<J
LE;<I
K?<
:FEKI8:K
8I<
98J<;
@E
G8IK
FE
:<IK8@E
:FDGFE<EK
G8IKJ
F=
K?<

Certain prices under the contract are based in part on certain component parts of the
I8N
D8K<I@8CJ
that
raw materials K?8K
are
8I<
@E

in <O:<JJ
F=
our
excess of FLI
needs
E<<;J
or
FI
not
EFK
required
I<HL@I<;
for FLI
operations,
=FI
our FG<I8K@FEJ
thereby
K?<I<9P
:I<8K@E>
8E
embedded
creating an <D9<;;<;
;<I@M8K@M<

derivative
I<HL@I@E>
bifurcation.
requiring 9@=LI:8K@FE
We
3<
net
E<K
settle
J<KKC<
amounts
8DFLEKJ
;L<
LE;<I
the
due under K?<
contract
:FEKI8:K
with
N@K?
our
FLI
:FLEK<IG8IKP
counterparty.
0?<
EFK@FE8C
amount
The notional 8DFLEK
was
N8J

8GGIFO@D8K<CP

D@CC@FE
8J
F=
&LCP

approximately $48 million as of July 28,
 2024,
8E;

D@CC@FE
8J
F=
&LCP

and $47 million as of July 30,
2023.
0?<
:?8E><
@E
=8@I
M8CL<
FE
K?<
<D9<;;<;

The change in fair value on the embedded
;<I@M8K@M<
@J
I<:FI;<;
@E
FJK
F=
GIF;L:KJ
JFC;
derivative is recorded in Cost of products sold.
*+*66*)
314*27&8.32
'0.,&8.32
6.(*

Deferred .7/
Compensation Obligation Price Risk
3<
enter
We <EK<I
@EKF

into JN8G

swap :FEKI8:KJ
N?@:?
hedge
contracts which ?<;><
a8
portion
GFIK@FE
of
F=
exposures
<OGFJLI<J
relating
I<C8K@E>
to
KF
the
K?<
total
KFK8C
I<KLIE
F=
certain
return of :<IK8@E
deferred
;<=<II<;

:FDG<EJ8K@FE
F9C@>8K@FEJ
compensation obligations.
0?<J<
:FEKI8:KJ
8I<
EFK
;<J@>E8K<;
8J
?<;><J
=FI
8::FLEK@E>
GLIGFJ<J
These contracts are not designated as hedges for accounting purposes.
1EI<8C@Q<;
>8@EJ
CFJJ<J
8E;

Unrealized gains (losses) and
J<KKC<D<EKJ
8I<
@E:CL;<;
@E
;D@E@JKI8K@M<
<OG<EJ<J
@E
K?<
FEJFC@;8K<;
/K8K<D<EKJ
F=
!8IE@E>J
settlements are included in Administrative expenses in the Consolidated Statements of Earnings.
3<
<EK<I
@EKF
K?<J<
:FEKI8:KJ

We enter into these contracts
=FI
G<I@F;J
KPG@:8CCP
EFK
<O:<<;@E>

DFEK?J
for periods typically not exceeding 12 months.
0?<
EFK@FE8C
8DFLEKJ
F=
K?<
:FEKI8:KJ
8J
F=
&LCP

The notional amounts of the contracts as of July 28,
 2024,
8E;
&LCP

and July 30,

2023,

N<I<

D@CC@FE
8E;

D@CC@FE
were $71 million and $42 million,
I<JG<:K@M<CP
respectively.



67
 0?<
=FCCFN@E>
K89C<J
JLDD8I@Q<
K?<
=8@I
M8CL<
F=
;<I@M8K@M<
@EJKILD<EKJ
FE
8
>IFJJ
98J@J
8J
I<:FI;<;
@E
K?<
FEJFC@;8K<;

The following tables summarize the fair value of derivative instruments on a gross basis as recorded in the Consolidated
8C8E:<
/?<<KJ
8J
F=
&LCP

Balance Sheets as of July 28,

2024,
8E;
&LCP

and July 30,

2023:
$:==:@?D
(Millions) 2=2?46
*966E
=[Link]@?
Balance Sheet Classification  
2024  
2023
DD6E
6C:G2E:G6D
Asset Derivatives
<I@M8K@M<J
;<J@>E8K<;
8J
?<;><J
Derivatives designated as hedges:
"FI<@>E
<O:?8E><
:FEKI8:KJ
Foreign exchange contracts +K?<I
:LII<EK
8JJ<KJ
Other current assets 

$ 2


$ V

0FK8C
;<I@M8K@M<J
;<J@>E8K<;
8J
?<;><J
Total derivatives designated as hedges 

$ 2


$ V

<I@M8K@M<J
EFK
;<J@>E8K<;
8J
?<;><J
Derivatives not designated as hedges:
FDDF;@KP
:FEKI8:KJ
Commodity contracts +K?<I
:LII<EK
8JJ<KJ
Other current assets 

$ 6


$ 

15
<=<II<;
:FDG<EJ8K@FE
:FEKI8:KJ
Deferred compensation contracts +K?<I
:LII<EK
8JJ<KJ
Other current assets
3



4
FDDF;@KP
:FEKI8:KJ
Commodity contracts +K?<I
8JJ<KJ
Other assets
M



1
0FK8C
;<I@M8K@M<J
EFK
;<J@>E8K<;
8J
?<;><J
Total derivatives not designated as hedges 

$ 

9 

$ 

20
0FK8C
8JJ<K
;<I@M8K@M<J
Total asset derivatives 

$ 

11 

$ 

20

$:==:@?D
(Millions) 2=2?46
*966E
=[Link]@?
Balance Sheet Classification  
2024  
2023
#:23:=:EJ
6C:G2E:G6D
Liability Derivatives
<I@M8K@M<J
;<J@>E8K<;
8J
?<;><J
Derivatives designated as hedges:
"FI<@>E
<O:?8E><
:FEKI8:KJ
Foreign exchange contracts ::IL<;
C@89@C@K@<J
Accrued liabilities 

$ M


$ 1

0FK8C
;<I@M8K@M<J
;<J@>E8K<;
8J
?<;><J
Total derivatives designated as hedges 

$ M


— $ 1

<I@M8K@M<J
EFK
;<J@>E8K<;
8J
?<;><J
Derivatives not designated as hedges:
FDDF;@KP
:FEKI8:KJ
Commodity contracts ::IL<;
C@89@C@K@<J
Accrued liabilities 

$ 

16 

$ 

0FK8C
;<I@M8K@M<J
EFK
;<J@>E8K<;
8J
?<;><J
Total derivatives not designated as hedges 

$ 

16 

$ 

5
0FK8C
C@89@C@KP
;<I@M8K@M<J
Total liability derivatives 

$ 

16 

$ 

6

3<
;F
EFK
F==J<K
K?<
=8@I
M8CL<J
F=
;<I@M8K@M<
8JJ<KJ
8E;
C@89@C@K@<J
<O<:LK<;
N@K?
K?<
J8D<
:FLEK<IG8IKP
K?8K
8I<
><E<I8CCP

We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally
JL9A<:K
to
subject KF
<E=FI:<89C<
E<KK@E>
agreements.
enforceable netting 8>I<<D<EKJ
However,
$FN<M<I
@=
N<
were
if we N<I<
to
KF
offset
F==J<K
and
8E;
record
I<:FI;
the
K?<
asset
8JJ<K
and
8E;
C@89@C@KP
98C8E:<J
of
liability balances F=

;<I@M8K@M<J
FE
8
E<K
98J@J
derivatives on a net basis,
K?<
8DFLEKJ
GI<J<EK<;
@E
K?<
FEJFC@;8K<;
8C8E:<
/?<<KJ
8J
F=
&LCP

the amounts presented in the Consolidated Balance Sheets as of July 28,
 2024,
8E;
&LCP

and July 30,

2023,

NFLC;
9<
8;ALJK<;
8J
;<K8@C<;
@E
K?<
=FCCFN@E>
K89C<
would be adjusted as detailed in the following table:

 
2024  
2023
C@DD
>@F?ED

Gross Amounts C@DD
>@F?ED

Gross Amounts
%@E
&77D6E
:?

Not Offset in %@E
&77D6E
:?

Not Offset in
E96

the E96

the
C@DD
>@F?ED

Gross Amounts @?D@=:52E65

Consolidated C@DD
>@F?ED

Gross Amounts @?D@=:52E65

Consolidated
'C6D6?E65
:?

Presented in 2=2?46
*966E

Balance Sheet 'C6D6?E65
:?

Presented in 2=2?46
*966E

Balance Sheet
E96

the *F3;64E
E@

Subject to E96

the *F3;64E
E@

Subject to
@?D@=:52E65

Consolidated %6EE:?8

Netting @?D@=:52E65

Consolidated %6EE:?8

Netting
$:==:@?D
(Millions) 2=2?46
*966E
Balance Sheet 8C66>6?ED
Agreements %6E
>@F?E
Net Amount 2=2?46
*966E
Balance Sheet 8C66>6?ED
Agreements %6E
>@F?E
Net Amount
0FK8C
8JJ<K
;<I@M8K@M<J
Total asset derivatives 

$ 
$
11 



(1) $ 


10 $ 


20 $ 

(5) 

$ 

15
0FK8C
C@89@C@KP
;<I@M8K@M<J
Total liability derivatives 

$ 
$
16 



(1) $ 


15 $ 


6 $ 

(5) 

$ 1

3<
8I<

We are I<HL@I<;
KF
maintain
required to D8@EK8@E
cash
:8J?
margin
D8I>@E
accounts
8::FLEKJ
in
@E
:FEE<:K@FE
N@K?
=LE;@E>

connection with K?<
J<KKC<D<EK

funding the settlement of F=
open
FG<E
positions
GFJ@K@FEJ
=FI

for
<O:?8E>< KI8;<;
commodity
exchange-traded :FDDF;@KP
derivative
;<I@M8K@M<
@EJKILD<EKJ
instruments.
Cash
8J?
margin
D8I>@E
asset
8JJ<K
balances
98C8E:<J
of
F=
$2

million
D@CC@FE
at
8K
July
&LCP
28,

2024

and
8E;
July
&LCP
30,



N<I<
@E:CL;<;
@E
+K?<I
:LII<EK
8JJ<KJ
@E
K?<
FEJFC@;8K<;
8C8E:<
/?<<KJ
2023 were included in Other current assets in the Consolidated Balance Sheets.


68
 0?<
following
The =FCCFN@E>
tables
K89C<J
J?FN
K?<
<==<:K

show the effect F=
FLI
derivative
of our ;<I@M8K@M<
@EJKILD<EKJ
;<J@>E8K<;
as
instruments designated 8J
cash-flow
:8J? =CFN
hedges
?<;><J
for
=FI
the
K?<
years
P<8IJ
ended
<E;<;

&LCP

July 28,

2024,
&LCP

July 30,

2023,
8E;
&LCP

and July 31,

@E
FK?<I
:FDGI<?<EJ@M<
@E:FD<
CFJJ
+%
8E;
K?<
FEJFC@;8K<;
/K8K<D<EKJ
F=

2022 in other comprehensive income (loss) (OCI) and the Consolidated Statements of
!8IE@E>J
Earnings:
+@E2=
2D9
Total =@H
6586
Cash-Flow Hedge
&
OCT
4E:G:EJ
Activity
$:==:@?D
(Millions)  
2024  
2023  
2022
+%
;<I@M8K@M<
>8@E
CFJJ
8K
9<>@EE@E>
F=
P<8I
OCI derivative gain (loss) at beginning of year $



(5) $ V


$ 

(5)
!==<:K@M<
GFIK@FE
F=
:?8E><J
@E
=8@I
M8CL<
I<:F>E@Q<;
@E
+%
Effective portion of changes in fair value recognized in OCI:
FDDF;@KP
:FEKI8:KJ
Commodity contracts
M

V



13
"FI<@>E
<O:?8E><
:FEKI8:KJ
Foreign exchange contracts



6 

5


4
"FIN8I;
JK8IK@E>
@EK<I<JK
I8K<
JN8GJ
Forward starting interest rate swaps



(11) V

V

DFLEK
F=
CFJJ
>8@E
I<:C8JJ@=@<;
=IFD
+%
KF
<8IE@E>J
Amount of loss (gain) reclassified from OCI to earnings: #@42E:@?
:?
2C?:?8D
Location in Earnings
FDDF;@KP
:FEKI8:KJ
Commodity contracts FJK
F=
GIF;L:KJ
JFC;
Cost of products sold
M



(3)


(14)
"FI<@>E
<O:?8E><
:FEKI8:KJ
Foreign exchange contracts FJK
F=
GIF;L:KJ
JFC;
Cost of products sold


(3)


(8)
1

"FIN8I;
JK8IK@E>
@EK<I<JK
I8K<
JN8GJ
Forward starting interest rate swaps %EK<I<JK
<OG<EJ<
Interest expense


2


1


1
+%
;<I@M8K@M<
>8@E
CFJJ
8K
<E;
F=
P<8I
OCI derivative gain (loss) at end of year 

$ 

(11) 

$ 

(5) $
V

—

8J<;
FE
:LII<EK
M8CL8K@FEJ
Based on current valuations,
K?<
8DFLEK
<OG<:K<;
KF
9<
I<:C8JJ@=@<;
=IFD
+%
@EKF
<8IE@E>J
N@K?@E
K?<
E<OK

DFEK?J
@J
8

the amount expected to be reclassified from OCI into earnings within the next 12 months is a
CFJJ
F=
C<JJ
K?8E
loss of less than 
D@CC@FE
$1 million
0?<
following
The =FCCFN@E>
table
K89C<
shows
J?FNJ
the
K?<
total
KFK8C
amounts
8DFLEKJ
of
F=
C@E<
@K<DJ
presented
line items GI<J<EK<;
in
@E
the
K?<
Consolidated
FEJFC@;8K<;
/K8K<D<EKJ
F=
Earnings
Statements of !8IE@E>J
=FI
K?<

for the
P<8IJ
<E;<;

years ended 2024,

2023,
8E;

@E
N?@:?
K?<
<==<:KJ
F=
;<I@M8K@M<
@EJKILD<EKJ
;<J@>E8K<;
8J
:8J?
and 2022 in which the effects of derivative instruments designated as cash-flow =CFN
?<;><J
8I<
I<:FI;<;

hedges are recorded
8E;
K?<
KFK8C
<==<:K
F=
?<;><
8:K@M@KP
FE
K?<J<
C@E<
@K<DJ
8I<
8J
=FCCFNJ
and the total effect of hedge activity on these line items are as follows:
 
2024  
2023  
2022

@DE
@7

Cost of @DE
@7

Cost of @DE
@7

Cost of
AC@5F4ED

products ?E6C6DE

Interest AC@5F4ED

products ?E6C6DE

Interest AC@5F4ED

products ?E6C6DE

Interest
$:==:@?D
(Millions) D@=5
sold 6IA6?D6
expense D@=5
sold 6IA6?D6
expense D@=5
sold 6IA6?D6
expense
FEJFC@;8K<;
/K8K<D<EKJ
F=
!8IE@E>J
Consolidated Statements of Earnings: 
 
$

$ 6,665 

249 
 


$ 6,440 $ 
$
5,935
188 


$ 

189

(FJJ
>8@E
FE
:8J?
Loss =CFN
?<;><J
(gain) on cash-flow hedges:
DFLEK
F=
CFJJ
>8@E
I<:C8JJ@=@<;
=IFD
+%
KF
<8IE@E>J
Amount of loss (gain) reclassified from OCI to earnings 

$ 
$

(3) 

2 

$ 


(11) $ 1
$



(13) $ 1

0?<
8DFLEK
<O:CL;<;
=IFD
<==<:K@M<E<JJ
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market prices to measure the fair value and classify such items as Level 1.
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Assets *(966.2,
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and Liabilities Measured at Fair Value on a Recurring Basis
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The following tables present our financial assets and liabilities that are measured at fair value on a recurring basis as of
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July 28,

2024,
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and July 30,

2023,
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consistent with the fair value hierarchy:
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Fair Value Measurements at 2:C
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Fair Value Measurements at
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Fair Value Hierarchy 2D
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Fair Value Hierarchy
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July 30,

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Level 3  
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Level 3
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Assets
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contracts(') 

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derivative
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Fair Value Hierarchy
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July 28,
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M
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1
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16 1




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fair value 

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management's own assumptions within an internally developed model.

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(4) Based on the fair value of the participants' investments.
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The following table summarizes the changes in fair value of Level 3 assets for the years ended July 28,

2024,
8E;
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and July 30,


2023:
$:==:@?D
(Millions)  
2024  
2023
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$ 2


$ 

4
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Gains (losses)


13


3
/<KKC<D<EKJ
Settlements
 

(10)


(5)
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$ 

2


70
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32
&
326*(966.2,
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Items Measured at Fair Value on a Nonrecurring Basis
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addition
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to
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assets
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and
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are
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measured
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fair value on a8
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are
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also
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measure
required to D<8JLI<

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certain items at fair value on a nonrecurring basis.

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In the fourth quarter of 2024,
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we recognized impairment charges on certain trademarks in our Snacks segment.
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See also
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Note 6 for additional information on the impairment charges.
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Fair value was determined based on unobservable Level 3 inputs.
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The fair value of trademarks was determined based on
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discounted =CFN
analysis
cash flow 8E8CPJ@J
that
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management
involves significant D8E8><D<EK
assumptions
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as
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growth
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rates,

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royalty rates and weighted-average costs of capital.

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The following table presents fair value measurements of the trademarks:

 
2024
>A2:C>6?E

Impairment
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(Millions) 92C86D
Charges 2:C
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Fair Value
45
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Pop Secret 

$ 

76 $


28
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Allied brands 

$ 

53 $


43

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278691*287
Fair Value of Financial Instruments
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The carrying values of cash and cash equivalents,
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accounts receivable and accounts payable approximate fair value.

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There were $25 million of cash equivalents at July 28,
 2024,
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and none at July 30,
 2023.
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as
value 8J
these
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highly liquid investments ?8M<
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original
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maturity
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is
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based on Level 2 inputs.

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The fair value of short-
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and long-termK<ID
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debt was $6.866 billion at July 28,

2024,
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and $4.293 billion at July 30,

2023.
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The
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value
carrying M8CL<
was
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billion
$7.184 9@CC@FE
at
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July
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28,

2024,

and
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billion
$4.689 9@CC@FE
at
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July
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30,

2023.

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is
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principally estimated using Level 2 inputs based on quoted market prices or pricing models using current market rates.


*92C69@=56CD
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16. Shareholders' Equity
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We 
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have authorized 560 million shares of Capital stock with $.0375 par value and 40 million shares of Preferred stock,

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issuable in one or more classes, with or without par as may be authorized by the Board of Directors. No Preferred stock has
9<<E
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been issued.
!-&6*
Repurchase
Share *496(-&7*
63,6&17
Programs
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In June 2021,
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the Board authorized an anti-dilutive share repurchase program of up to $250 million (June 2021 program) to
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impact
offset the @DG8:K
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of ;@CLK@FE

dilution =IFD
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compensation programs. &LE<
2021
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program
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has
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no
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expiration date,
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but it may be suspended or discontinued at any time.
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Repurchases under the June 2021 program may be made
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in open-market or privately negotiated transactions.
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2021,
In September 
the
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Board
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approved
8GGIFM<;
a8
strategic
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share
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repurchase
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program
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up
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to
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(September
$500 million /<GK<D9<I
2021


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program). /<GK<D9<I
2021
The September 
program
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has noEF
expiration
<OG@I8K@FE
date,
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but
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be
it may 9<
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suspended or FI
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any
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Repurchases under the September 2021 program may be made in open-market D8IB<K
FI
GI@M8K<CP
E<>FK@8K<;
KI8EJ8:K@FEJ
or privately negotiated transactions.

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we
In 2024, N<
repurchased
I<GLI:?8J<;
1.56
 
million
D@CC@FE
shares
J?8I<J
at
8K
a8
cost
:FJK
of
F=

D@CC@FE
pursuant
$67 million GLIJL8EK
to
KF
FLI
&LE<
2021
our June 
program.
GIF>I8D
As
J
of
F=

&LCP


8GGIFO@D8K<CP

D@CC@FE
I<D8@E<;
8M8@C89C<

July 28, 2024, approximately $37 million remained available LE;<I

under K?<

the &LE<

June 

2021 GIF>I8D

program 8E;

and 8GGIFO@D8K<CP

approximately 

$301 D@CC@FE
million
I<D8@E<;
LE;<I
K?<
/<GK<D9<I

GIF>I8D
remained under the September 2021 program.
%E
 In 2023,
N<
I<GLI:?8J<;

we repurchased 2.698 
D@CC@FE
J?8I<J
8K
8
:FJK
F=

D@CC@FE
million shares at a cost of $142 million
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In 2022,

N<
I<GLI:?8J<;
8GGIFO@D8K<CP
 
D@CC@FE
J?8I<J
8K
8
:FJK
F=

D@CC@FE
we repurchased approximately 3.8 million shares at a cost of $167 million
%E
/<GK<D9<I

In September 2024,
K?<
F8I;
8LK?FI@Q<;
8
E<N
8EK@ ;@CLK@M<
J?8I<
I<GLI:?8J<
GIF>I8D
F=
LG
KF

D@CC@FE
/<GK<D9<I

the Board authorized a new anti-dilutive share repurchase program of up to $250 million (September

GIF>I8D
KF
F==J<K
K?<
@DG8:K
F=
;@CLK@FE
=IFD
J?8I<J
@JJL<;
LE;<I
FLI
JKF:B
:FDG<EJ8K@FE
GIF>I8DJ
2024 program) to offset the impact of dilution from shares issued under our stock compensation programs.
0?<
/<GK<D9<I


The September 2024
GIF>I8D
?8J
EF
<OG@I8K@FE
;8K<
program has no expiration date,
9LK
@K
D8P
9<
;@J:FEK@EL<;
8K
8EP
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but it may be discontinued at any time.
.<GLI:?8J<J
LE;<I
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GIF>I8D
D8P

Repurchases under the September 2024 program may
9<
D8;<
@E
FG<E
be D8IB<K
FI
GI@M8K<CP
E<>FK@8K<;
KI8EJ8:K@FEJ
made in open-market or privately negotiated transactions.


*E@4<
17. 32D65
@>A6?D2E:@?
Stock-based Compensation
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In 2005,
J?8I<?FC;<IJ
8GGIFM<;
K?<

(FE>
shareholders approved the 2005 Long-Term 0<ID
%E:<EK@M<
,C8E
Incentive Plan,
N?@:?
8LK?FI@Q<;
K?<
@JJL8E:<
F=

D@CC@FE
J?8I<J
KF

which authorized the issuance of 6 million shares to
J8K@J=P
8N8I;J
of
satisfy awards F=
stock
JKF:B
options,
FGK@FEJ
JKF:B
8GGI<:@8K@FE
rights,
stock appreciation I@>?KJ
unrestricted
LEI<JKI@:K<;
JKF:B
stock,
I<JKI@:K<;
JKF:BLE@KJ
(including
restricted stock/units @E:CL;@E>
performance
G<I=FID8E:<

I<JKI@:K<;
JKF:B
8E;
G<I=FID8E:<
LE@KJ
restricted stock) and performance units.
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In 2008,
J?8I<?FC;<IJ
8GGIFM<;
8E
8D<E;D<EK
KF
K?<

(FE>
shareholders approved an amendment to the 2005 Long-Term 0<ID
%E:<EK@M<
,C8E

Incentive Plan
KF
@E:I<8J<
K?<
ELD9<I
F=
8LK?FI@Q<;
J?8I<J
KF

to increase the number of authorized shares to 10 
D@CC@FE
8E;
@E

5 million and in 2010,
J?8I<?FC;<IJ
8GGIFM<;
8EFK?<I
8D<E;D<EK
KF
K?<


shareholders approved another amendment to the 2005
(FE> 0<ID
%E:<EK@M<
,C8E
KF
@E:I<8J<
K?<
ELD9<I
F=
8LK?FI@Q<;
J?8I<J
KF

Long-Term Incentive Plan to increase the number of authorized shares to 17.5 
D@CC@FE
million.
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In 2015,
J?8I<?FC;<IJ
8GGIFM<;
K?<


shareholders approved the 2015
(FE> 0<ID
%E:<EK@M<
,C8E
Long-Term Incentive Plan,
N?@:?
8LK?FI@Q<;
K?<
@JJL8E:<
F=

D@CC@FE
J?8I<J
which authorized the issuance of 13 million shares.
GGIFO@D8K<CP

D@CC@FE
F=
K?<J<
J?8I<J
N<I<

Approximately 6 million of these shares were
J?8I<J
K?8K
were
shares that N<I<
currently
:LII<EKCP
available
8M8@C89C<
under
LE;<I
the
K?<
2005

plan
GC8E
and
8E;
were
N<I<
incorporated
@E:FIGFI8K<;
@EKF
K?<
2015
into the 
Plan
,C8E
upon
LGFE
approval
8GGIFM8C
by
9P


71
J?8I<?FC;<IJ
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shareholders. In 2022,
J?8I<?FC;<IJ
8GGIFM<;
K?<

(FE>
shareholders approved the 2022 Long-Term 0<ID
%E:<EK@M<
,C8E
Incentive Plan,
N?@:?
8LK?FI@Q<;
K?<
@JJL8E:<
F=

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which authorized the issuance of 12 million
J?8I<J
to
shares KF
satisfy
J8K@J=P
awards
8N8I;J
F=
JKF:B
FGK@FEJ
of stock options,
stock
JKF:B
appreciation
8GGI<:@8K@FE
I@>?KJ
rights,
unrestricted
LEI<JKI@:K<;
JKF:B
stock,
I<JKI@:K<;
JKF:BLE@KJ
(including
restricted stock/units @E:CL;@E>

G<I=FID8E:<
restricted
performance I<JKI@:K<;
JKF:B
8E;
performance
stock) and G<I=FID8E:<
units.
LE@KJ
The
0?<
2022

Long-Term
(FE> 0<ID
%E:<EK@M<
,C8E
replaced
Incentive Plan I<GC8:<;
the
K?<
2015

Long-Term
(FE> 0<ID

%E:<EK@M<
,C8E
8E;
EF
E<N
8N8I;J
:8E
9<
>I8EK<;
LE;<I
K?<

(FE>
Incentive Plan and no new awards can be granted under the 2015 Long-Term 0<ID
%E:<EK@M<
,C8E
8E;
EFE<
F=
K?<
J?8I<J
K?8K
I<D8@E

Incentive Plan and none of the shares that remain
8M8@C89C<
LE;<I
K?<

(FE>
available under the 2015 Long-Term0<ID
%E:<EK@M<
,C8E
8I<
8M8@C89C<
=FI
@JJL8E:<
LE;<I
K?<

(FE>
Incentive Plan are available for issuance under the 2022 Long-Term 0<ID
%E:<EK@M<
,C8E
Incentive Plan.

N8I;J
under
Awards LE;<I
Long-Term
(FE> 0<ID
Incentive
%E:<EK@M<
Plans
,C8EJ
may
D8P
be
9<
granted
>I8EK<;
toKF
<DGCFP<<J

employees and 8E;
directors.
;@I<:KFIJ
Pursuant
,LIJL8EK
toKF
the
K?<
Long-Term
(FE> 0<ID

%E:<EK@M<
,C8E
Incentive Plan,
N<
8;FGK<;
8
CFE>
we adopted a long-termK<ID
@E:<EK@M<
:FDG<EJ8K@FE
GIF>I8D
N?@:?
GIFM@;<J
=FI
>I8EKJ
F=
KFK8C
J?8I<?FC;<I
I<KLIE

incentive compensation program which provides for grants of total shareholder return
0/.
G<I=FID8E:<
I<JKI@:K<;
JKF:BLE@KJ
(TSR) performance restricted stock/units,
!,/
G<I=FID8E:<
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JKF:BLE@KJ
EPS performance restricted stock/units,
JKI8K<>@:
G<I=FID8E:<
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strategic performance restricted stock/units,

K@D< C8GJ<
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time-lapse restricted stock/units,
JG<:@8C
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special performance restricted stock/units,
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=CFN
""
G<I=FID8E:<
I<JKI@:K<;
JKF:B
free cash flow (FCF) performance restricted stock/
LE@KJ
8E;
LEI<JKI@:K<;
JKF:B
units and unrestricted stock.
1E;<I
K?<
GIF>I8D
Under the program,
8N8I;J
F=
0/.
G<I=FID8E:<
I<JKI@:K<;
JKF:BLE@KJ
N@CC
9<
<8IE<;
9P
:FDG8I@E>

awards of TSR performance restricted stock/units will be earned by comparing
FLI
KFK8C
J?8I<?FC;<I
I<KLIE
;LI@E>
8
K?I<<
our total shareholder return during a three-year P<8I
G<I@F;
KF
K?<
I<JG<:K@M<
KFK8C
J?8I<?FC;<I
I<KLIEJ
F=
:FDG8E@<J
@E
8
G<I=FID8E:<

period to the respective total shareholder returns of companies in a performance
G<<I
>IFLG
peer group.
8J<;
LGFE
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I8EB@E>
@E
K?<
G<I=FID8E:<
G<<I
>IFLG
8=K<I
K?<
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Based upon our ranking in the performance peer group after the relevant three-year P<8I
G<I=FID8E:<
G<I@F;
performance period,
8
I<:@G@<EK

a recipient
F=
0/.
G<I=FID8E:<
I<JKI@:K<;
JKF:BLE@KJ
D8P
<8IE
8
KFK8C
8N8I;
I8E>@E>
=IFD

KF

F=
K?<
@E@K@8C
>I8EK
of TSR performance restricted stock/units may earn a total award ranging from 0% to 200% of the initial grant.
N8I;J
F=
!,/
Awards of EPS
G<I=FID8E:<
restricted
performance I<JKI@:K<;
stock/units
JKF:BLE@KJ
granted
>I8EK<;
beginning
9<>@EE@E>
in @E
2022

will
N@CC
be
9<
<8IE<;
LGFE
the
earned upon K?<
achievement
8:?@<M<D<EK
of F=
our
FLI
adjusted
8;ALJK<;
EPS!,/

:FDGFLE;
8EEL8C
>IFNK?

compound annual I8K<
>F8C

growth rate !,/
CAGR
goal (EPS #.
performance
G<I=FID8E:<
restricted
I<JKI@:K<;
JKF:BLE@KJ
stock/units),
measured
D<8JLI<;
FM<I

over a8
three-year
K?I<< P<8I
period.
G<I@F;
A


I<:@G@<EK
F=
!,/
#.
G<I=FID8E:<
I<JKI@:K<;
JKF:BLE@KJ
D8P
<8IE
8
KFK8C
8N8I;
I8E>@E>
=IFD

KF

F=
K?<
@E@K@8C
>I8EK
recipient of EPS CAGR performance restricted stock/units may earn a total award ranging from 0% to 200% of the initial grant.

N8I;J
of
Awards F=
EPS
!,/
performance
G<I=FID8E:<
restricted
I<JKI@:K<;
stock/units
JKF:BLE@KJ
granted
>I8EK<;
prior
GI@FI
to
KF
2022

were
N<I<
<8IE<;
98J<;
upon
earned based LGFE
FLI
8:?@<M<D<EK
of
our achievement F=
annual
8EEL8C

<8IE@E>J
G<I
J?8I<
>F8CJ
8E;
M<JK<;
FM<I
K?<
I<C<M8EK
K?I<<
earnings per share goals and vested over the relevant three-year P<8I
G<I@F;
period.
During
LI@E>
K?<
K?I<< P<8I
M<JK@E>
G<I@F;
the three-year vesting period,
8
I<:@G@<EK
F=
!,/

a recipient of EPS
G<I=FID8E:<
restricted
performance I<JKI@:K<;
stock/units
JKF:BLE@KJ
<8IE<;

earned a8
total
KFK8C
award
8N8I;
of
F=
<@K?<I

either 

0% or FI
100%

ofF=
the
K?<
initial
@E@K@8C
grant.
>I8EK
Awards
N8I;J
ofF=
the
K?<
strategic
JKI8K<>@:

G<I=FID8E:<
restricted
performance I<JKI@:K<;
JKF:B
LE@KJ
were
stock units N<I<
<8IE<;
98J<;
upon
earned based LGFE
the
K?<
achievement
8:?@<M<D<EK
of F=
two
KNF
key
B<P
metrics,
D<KI@:J
E<K

net J8C<J
8E;
EPS
sales and !,/
>IFNK?
growth,

:FDG8I<;

compared to KF
JKI8K<>@:
GC8E
objectives
strategic plan F9A<:K@M<J
during
;LI@E>
a8
three-year
K?I<< P<8I
period.
G<I@F;
A

recipient
I<:@G@<EK
of
F=
strategic
JKI8K<>@:
performance
G<I=FID8E:<
restricted
I<JKI@:K<;
stock
JKF:B
units
LE@KJ

<8IE<;

earned a8
total
KFK8C
award
8N8I;
ranging
I8E>@E>
=IFD

from 0%
to
KF
200%

ofF=
the
K?<
initial
@E@K@8C
grant.
>I8EK
Awards
N8I;J
ofF=
FCF
""
performance
G<I=FID8E:<
restricted
I<JKI@:K<;
stock
JKF:B
units
LE@KJ
were
N<I<

<8IE<;
98J<;
upon
earned based LGFE
K?<
8:?@<M<D<EK
of
the achievement F=
free
=I<<
cash
:8J?
=CFN
;<=@E<;
as
flow (defined 8J
Net
*<K
:8J?
GIFM@;<;
by
cash provided 9P
operating
FG<I8K@E>
activities
8:K@M@K@<J
C<JJ
:8G@K8C

less capital
<OG<E;@KLI<J

expenditures and 8E;
:<IK8@E

certain @EM<JK@E>
8E;
=@E8E:@E>

investing and 8:K@M@K@<J
:FDG8I<;

fmancing activities) compared to KF
annual
8EEL8C
operating
FG<I8K@E>
plan
GC8E
F9A<:K@M<J
FM<I
a8
three-year
objectives over K?I<< P<8I

G<I@F;
E
8EEL8C
F9A<:K@M<
N8J
<JK89C@J?<;
<8:?
=@J:8C
P<8I
=FI
K?I<<
:FEJ<:LK@M<
P<8IJ
period. An annual objective was established each fiscal year for three consecutive years.
,<I=FID8E:<
8>8@EJK
K?<J<
F9A<:K@M<J

Performance against these objectives
N8J
8M<I8><;
8K
K?<
<E;
F=
K?<
K?I<<
was averaged at the end of the three-year P<8I
G<I@F;
KF
;<K<ID@E<
K?<
ELD9<I
F=
LE;<ICP@E>
LE@KJ
K?8K
M<JK<;
8K
K?<
<E;
F=
K?<
K?I<<

period to determine the number of underlying units that vested at the end of the three
P<8IJ

I<:@G@<EK
F=
""
G<I=FID8E:<
I<JKI@:K<;
JKF:B
LE@KJ
<8IE<;
8
KFK8C
8N8I;
I8E>@E>
=IFD

KF

F=
K?<
@E@K@8C
>I8EK
years. A recipient of FCF performance restricted stock units earned a total award ranging from 0% to 200% of the initial grant.

N8I;J
F=
K@D<
Awards C8GJ<
I<JKI@:K<;
JKF:BLE@KJ
N@CC
M<JK
I8K89CP
FM<I
K?<
K?I<<
of time-lapse restricted stock/units will vest ratably over the three-year P<8I
G<I@F;
period.
%E
8;;@K@FE
In addition,
N<
D8P
@JJL<
JG<:@8C
>I8EKJ

we may issue special grants
F=
I<JKI@:K<;
JKF:BLE@KJ
KF
8KKI8:K
8E;
I<K8@E
<O<:LK@M<J
N?@:?
M<JK
FM<I
M8I@FLJ
G<I@F;J
of restricted stock/units to attract and retain executives which vest over various periods.
N8I;J
8I<
><E<I8CCP
>I8EK<;
8EEL8CCP

Awards are generally granted annually
@E
+:KF9<I
in October.

/KF:B
FGK@FEJ
8I<
>I8EK<;
FE
8
J<C<:K@M<
98J@J
LE;<I
K?<
(FE>
Stock 0<ID
%E:<EK@M<
,C8EJ
options are granted on a selective basis under the Long-Term Incentive Plans.
0?<
K<ID
F=
8
JKF:B
FGK@FE
>I8EK<;

The term of a stock option granted
LE;<I
K?<J<
GC8EJ
D8P
EFK
<O:<<;
K<E
P<8IJ
=IFD
K?<
;8K<
F=
>I8EK
under these plans may not exceed ten years from the date of grant.
0?<
FGK@FE
GI@:<
D8P
EFK
9<
C<JJ
K?8E
K?<
=8@I
D8IB<K
M8CL<

The option price may not be less than the fair market value
F=
8
J?8I<
F=
:FDDFE
JKF:B
FE
K?<
;8K<
F=
K?<
>I8EK
of a share of common stock on the date of the grant.
+GK@FEJ
>I8EK<;
LE;<I
K?<J<
GC8EJ
><E<I8CCP
M<JK
I8K89CP
FM<I
8
K?I<< P<8I

Options granted under these plans generally vest ratably over a three-year
G<I@F;
%E

period. In 2019,
N<
8CJF
>I8EK<;
:<IK8@E
FGK@FEJ
K?8K
M<JK
8K
K?<
<E;
F=
8
K?I<< P<8I
G<I@F;
we also granted certain options that vest at the end of a three-year period.
3<
C8JK
@JJL<;
JKF:B
FGK@FEJ
@E

We last issued stock options in 2019.
%E
2024,
In 
we
N<
@JJL<;
K@D< C8GJ<
I<JKI@:K<;

issued time-lapse JKF:B
units,
restricted stock LE@KJ
unrestricted
LEI<JKI@:K<;
stock,
JKF:B
0/.
G<I=FID8E:<
I<JKI@:K<;

TSR performance JKF:B
units
restricted stock LE@KJ
and
8E;
EPS
!,/

#.
performance
CAGR G<I=FID8E:<
I<JKI@:K<;

restricted JKF:B

stock LE@KJ
units.
We
3<
C8JK

last @JJL<;
""
performance
issued FCF G<I=FID8E:<
restricted
I<JKI@:K<;
stock
JKF:B
units
LE@KJ
in
@E
2019,

EPS
!,/
performance
G<I=FID8E:<

I<JKI@:K<;
JKF:B
LE@KJ
@E

restricted stock units in 2018,
JKI8K<>@:
G<I=FID8E:<
I<JKI@:K<;
JKF:B
LE@KJ
@E

8E;
JG<:@8C
G<I=FID8E:<
I<JKI@:K<;
LE@KJ
@E

strategic performance restricted stock units in 2014 and special performance restricted units in

2015.
%E
:FEE<:K@FE
N@K?
K?<
/FMFJ
I8E;J
8:HL@J@K@FE
In connection with the Sovos Brands acquisition,
N<
@JJL<;
 
D@CC@FE
K@D<
we issued 1.721 C8GJ<
I<JKI@:K<;
JKF:B
LE@KJ
.<GC8:<D<EK

million time-lapse restricted stock units (Replacement
LE@KJ
@E
<O:?8E><
=FI
:<IK8@E
/FMFJ
I8E;J
I<JKI@:K<;
JKF:B
LE@KJ
8E;
G<I=FID8E:<
I<JKI@:K<;
JKF:B
LE@KJ
units) in exchange for certain Sovos Brands restricted stock units and performance restricted stock units.
0?<
.<GC8:<D<EK
LE@KJ

The Replacement units
8I<
JL9A<:K
KF
K?<
J8D<
K<IDJ
8E;
:FE;@K@FEJ
F=
K?<
FI@>@E8C
/FMFJ
I8E;J
I<JKI@:K<;
JKF:B
LE@KJ
8E;
G<I=FID8E:<
I<JKI@:K<;
JKF:B

are subject to the same terms and conditions of the original Sovos Brands restricted stock units and performance restricted stock
LE@KJ
Certain
units. <IK8@E
Replacement
.<GC8:<D<EK
units
LE@KJ
were
N<I<
subject
JL9A<:K
to
KF
accelerated
8::<C<I8K<;
vesting.
M<JK@E>
0?<
.<GC8:<D<EK
units
The Replacement LE@KJ
have
?8M<
a8
total
KFK8C
=8@I
M8CL<
of
fair value F=
$74


D@CC@FE
based
million 98J<;
on
FE
the
K?<
HLFK<;
GI@:<
F=

quoted price FLI
stock
of our JKF:B
on
FE
the 8:HL@J@K@FE
;8K<
K?<
acquisition date.
0?<
GFIK@FE
of
The portion F=
Replacement
.<GC8:<D<EK
units
LE@KJ
attributed
8KKI@9LK<;
to
KF
pre-
GI<
:FD9@E8K@FE
J<IM@:<

combination N8J


service was D@CC@FE
which
$42 million, N?@:?
was
N8J
accounted
8::FLEK<;
=FI
8J
part
for as G8IK
of
F=
:FEJ@;<I8K@FE
KI8EJ=<II<;
and
consideration transferred 8E;
was
N8J
recorded
I<:FI;<;
in@E

;;@K@FE8C
,8@;
Additional @E
8G@K8C
@E
FLI
FEJFC@;8K<;
/K8K<D<EKJ
F=
!HL@KP
Paid-in Capital in our Consolidated Statements of Equity.
/<<
*FK<

=FI
8;;@K@FE8C
@E=FID8K@FE
See Note 3 for additional information.
0?<
GFIK@FE
F=
K?<

The portion of the
.<GC8:<D<EK
LE@KJ
8KKI@9LK89C<
KF
GFJK
Replacement :FD9@E8K@FE
J<IM@:<
N@CC
9<
I<:F>E@Q<;
8J
JKF:B
units attributable to post-combination service will be recognized as stock-based98J<;
:FDG<EJ8K@FE
<OG<EJ<
FM<I
K?<

compensation expense over the
I<D8@E@E>
M<JK@E>
G<I@F;
remaining vesting period.
CJF
@E
:FEE<:K@FE
N@K?
K?<
/FMFJ
I8E;J
8:HL@J@K@FE
@E

Also in connection with the Sovos Brands acquisition in 2024,
FLI
8;ALJK<;
!,/
:FDGFLE;
8EEL8C

our adjusted EPS compound annual
>IFNK?
rate
growth I8K<
goals
>F8CJ
=FI
K?<
EPS
for the !,/
CAGR
#.
performance
G<I=FID8E:<
I<JKI@:K<;
JKF:B
units
restricted stock LE@KJ
>I8EK<;
@E
2024,
granted in 
2023

and
8E;
2022

were
N<I<
I<M@J<;

revised toKF

<HL@K89CP
8;ALJK
=FI
K?<
@DG8:K
F=
:FDGC<K<;
8:HL@J@K@FEJ
8E;
;@M<JK@KLI<J
K?8K
N<I<
EFK
:FEK<DGC8K<;
8K
K?<
K@D<
F=
8GGIFM8C
F=

equitably adjust for the impact of completed acquisitions and divestitures that were not contemplated at the time of approval of
K?<
FI@>@E8C
K8I><KJ
the original targets.



72
 %E
determining
In ;<K<ID@E@E>
stock-based
JKF:B 98J<;
compensation
:FDG<EJ8K@FE
expense,
<OG<EJ<
we
N<
estimate
<JK@D8K<
=FI=<@KLI<J
<OG<:K<;
to
forfeitures expected KF
occur.
F::LI 0FK8C
GI< K8O
stock-based
Total pre-tax JKF:B 98J<;

:FDG<EJ8K@FE
<OG<EJ<
8E;
K8O I<C8K<;
9<E<=@KJ
I<:F>E@Q<;
@E
K?<
FEJFC@;8K<;
/K8K<D<EKJ
F=
!8IE@E>J
N<I<
8J
=FCCFNJ
compensation expense and tax-related benefits recognized in the Consolidated Statements of Earnings were as follows:
$:==:@?D
(Millions)  
2024  
2023  
2022

0FK8C
GI<
Total K8O
JKF:B
pre-tax 98J<;
:FDG<EJ8K@FE
<OG<EJ<
stock-based compensation expense(1) 

$ 


99 $ 


63 $ 

59
08O I<C8K<;
9<E<=@KJ
Tax-related benefits 

$ 


13 $ 


12 $ 

10
777777777777777777777777777777777777777

(1) %E:CL;<J

D@CC@FE
F=
<OG<EJ<
I<C8K<;
KF
8::<C<I8K<;
M<JK@E>
F=
:<IK8@E
.<GC8:<D<EK
LE@KJ
@E

Includes $26 million of expense related to accelerated vesting of certain Replacement units in 2024.
0?<
=FCCFN@E>
K89C<
JLDD8I@Q<J
JKF:B
FGK@FE
8:K@M@KP
8J
F=
&LCP

The following table summarizes stock option activity as of July 28,

2024:
.6:89E65
Weighted-
.6:89E65
Weighted- G6C286
Average
G6C286
Average )6>2:?:?8
Remaining 88C682E6
Aggregate
I6C4:D6
Exercise @?EC24EF2=
Contractual ?EC:?D:4
Intrinsic
&AE:@?D
Options 'C:46
Price #:76
Life -2=F6
Value
 ?
E9@FD2?5D
(In thousands)  ?
J62CD
(In years) $:==:@?D
(Millions)
+LKJK8E;@E>
8K
&LCP

Outstanding at July 30,

2023



833 $  

44.77
#I8EK<;
Granted V


— $ V

!O<I:@J<;
Exercised



(54) $  

36.60
0<ID@E8K<;
Terminated V


— $ V

+LKJK8E;@E>
8K
&LCP

Outstanding at July 28,

2024


779 
$  

45.33   $

3.2 

4
!O<I:@J89C<
8K
&LCP

Exercisable at July 28,

2024


779 
$  

45.33   $

3.2 

4

0?<
total
The KFK8C
intrinsic
@EKI@EJ@:
value
M8CL<
F=
FGK@FEJ
<O<I:@J<;

of options ;LI@E>
2024,
exercised during 
2023

and
8E;
2022

was
N8J
$1

million,
D@CC@FE

D@CC@FE
and
$3 million 8E;

D@CC@FE

$1 million,
I<JG<:K@M<CP
respectively.
3<
D<8JLI<;
K?<
=8@I
M8CL<
F=
JKF:B
FGK@FEJ
LJ@E>
K?<
C8:B
We measured the fair value of stock options using the Black-Scholes/:?FC<J
FGK@FE
GI@:@E>
DF;<C
option pricing model.
3<
<OG<EJ<;
JKF:B
FGK@FEJ
FE
8
JKI8@>?K
We C@E<
98J@J
FM<I
K?<
M<JK@E>
G<I@F;
expensed stock options on a straight-line basis over the vesting period,
<O:<GK
=FI
8N8I;J
@JJL<;
KF
I<K@I<D<EK
<C@>@9C<

except for awards issued to retirement eligible
G8IK@:@G8EKJ
N?@:?
N<
<OG<EJ<;
FE
8E
8::<C<I8K<;
98J@J
participants, which we expensed on an accelerated basis.
J
F=
&8EL8IP

As of January 2022,
:FDG<EJ8K@FE
I<C8K<;
KF
JKF:B
FGK@FEJ
N8J
=LCCP

compensation related to stock options was fully
<OG<EJ<;
expensed.
0?<
=FCCFN@E>
K89C<
JLDD8I@Q<J
K@D<
The C8GJ<
I<JKI@:K<;
JKF:B
LE@KJ
8E;
!,/
#.
G<I=FID8E:<
I<JKI@:K<;
JKF:B
LE@KJ
8J
F=

following table summarizes time-lapse restricted stock units and EPS CAGR performance restricted stock units as of
&LCP

July 28,

2024:
.6:89E65
Weighted-
G6C286
Average
C2?E 2E6
Grant-Date
,?:ED
Units 2:C
-2=F6
Fair Value
 ?
E9@FD2?5D
(In thousands)
*FEM<JK<;
8K
&LCP

Nonvested at July 30,

2023
 

2,274 $
 

45.39
#I8EK<;
Granted
 

1,790 $
 

41.57
.<GC8:<D<EK
LE@KJ
>I8EK<;
@E
:FEE<:K@FE
N@K?
/FMFJ
I8E;J
8:HL@J@K@FE
Replacement units granted in connection with Sovos Brands acquisition
 

1,721 $
 

43.01
2<JK<;
Vested
 

(2,275) $
 

43.89
"FI=<@K<;
Forfeited 

(210) $
 

43.19
*FEM<JK<;
8K
&LCP

Nonvested at July 28,

2024
 

3,300 $
 

43.24

3<
;<K<ID@E<
K?<
=8@I
M8CL<
F=
K@D<
We C8GJ<
I<JKI@:K<;
JKF:B
LE@KJ
determine the fair value of time-lapse restricted stock units,
!,/
#.
G<I=FID8E:<
I<JKI@:K<;
JKF:B
LE@KJ
8E;
""

EPS CAGR performance restricted stock units and FCF
G<I=FID8E:<
I<JKI@:K<;
JKF:B
LE@KJ
98J<;
FE
K?<
HLFK<;
GI@:<
F=
FLI
JKF:B
8K
K?<
;8K<
F=
>I8EK
performance restricted stock units based on the quoted price of our stock at the date of grant.
3<
<OG<EJ<
K@D< C8GJ<
I<JKI@:K<;

We expense time-lapse restricted
JKF:B
LE@KJ
8E;
!,/
#.
G<I=FID8E:<
I<JKI@:K<;
JKF:B
LE@KJ
FE
8
JKI8@>?K
stock units and EPS CAGR performance restricted stock units on a straight-line C@E<
98J@J
FM<I
K?<
M<JK@E>
G<I@F;
basis over the vesting period,
<O:<GK
=FI
8N8I;J

except for awards
@JJL<;
KF
I<K@I<D<EK
issued <C@>@9C<
G8IK@:@G8EKJ
8E;
:<IK8@E
.<GC8:<D<EK
LE@KJ
to retirement-eligible participants and certain Replacement units,
N?@:?
N<
<OG<EJ<
FE
8E
8::<C<I8K<;
98J@J
which we expense on an accelerated basis.
0?<I<
N<I<

There were

K?FLJ8E;
!,/
#.
G<I=FID8E:<
K8I><K
>I8EKJ
FLKJK8E;@E>
8K
&LCP

873 thousand EPS CAGR performance target grants outstanding at July 28,
 2024,
N@K?
8
N<@>?K<; 8M<I8><
>I8EK
with a weighted-average ;8K<
=8@I
M8CL<

grant-date fair value
F=
$42.99.
of  
We
3<
expensed
<OG<EJ<;
FCF
""
performance
G<I=FID8E:<
restricted
I<JKI@:K<;
JKF:B

stock LE@KJ
FM<I
the
units over K?<
requisite
I<HL@J@K<
J<IM@:<
G<I@F;
of
service period F=
each
<8:?
F9A<:K@M<
objective.
As
J
of
F=

+:KF9<I

October 31,

2021,
K?<I<
N<I<
EF
""
G<I=FID8E:<
K8I><K
>I8EKJ
FLKJK8E;@E>
there were no FCF performance target grants outstanding.
0?<
8:KL8C
ELD9<I
F=
!,/
#.
G<I=FID8E:<

The actual number of EPS CAGR performance
I<JKI@:K<;
stock
restricted JKF:B
units
LE@KJ
and
8E;
FCF
""
performance
G<I=FID8E:<
I<JKI@:K<;
JKF:B
LE@KJ

restricted stock K?8K
M<JK

units that N@CC
depend
vest will ;<G<E;
on
FE
actual
8:KL8C
performance
G<I=FID8E:<
achieved.
8:?@<M<;
3<

We
<JK@D8K<
<OG<EJ<
98J<;
FE
K?<
ELD9<I
F=
8N8I;J
<OG<:K<;
KF
M<JK
estimate expense based on the number of awards expected to vest.

J
F=
&LCP

As of July 28,

2024,
KFK8C
I<D8@E@E>
LE<8IE<;
:FDG<EJ8K@FE
I<C8K<;
KF
EFEM<JK<;
K@D<
total remaining unearned compensation related to nonvested time-lapse C8GJ<
I<JKI@:K<;
JKF:B
LE@KJ
8E;
!,/

restricted stock units and EPS
#.
performance
CAGR G<I=FID8E:<
restricted
I<JKI@:K<;
units
LE@KJ
was
N8J
$55

million,
D@CC@FE
which
N?@:?
will
N@CC
be
9<
amortized
8DFIK@Q<;
over
FM<I
the
K?<
weighted-average
N<@>?K<; 8M<I8><
remaining
I<D8@E@E>
J<IM@:<

service
G<I@F;
F=

period 
P<8IJ
of 1.7 years.
%E
K?<
=@IJK
HL8IK<I
F=

In the first quarter of 2022,
I<:@G@<EKJ
F=
""
G<I=FID8E:<
I<JKI@:K<;
JKF:B
LE@KJ
<8IE<;

F=
K?<
@E@K@8C

recipients of FCF performance restricted stock units earned 167% of the initial
>I8EKJ
98J<;
LGFE
K?<
8M<I8><
F=
8:KL8C
G<I=FID8E:<
8:?@<M<;
;LI@E>
8
K?I<<
grants based upon the average of actual performance achieved during a three-year P<8I
G<I@F;
<E;<;
L>LJK

period ended August 1,
 2021.
J
8
I<JLCK
As a result,


73
 8GGIFO@D8K<CP

K?FLJ8E;
8;;@K@FE8C
J?8I<J
N<I<
8N8I;<;
approximately 158 thousand additional shares were awarded.
0?<
=8@I
M8CL<
F=
I<JKI@:K<;
JKF:B
LE@KJ
M<JK<;
;LI@E>

The fair value of restricted stock units vested during 2024,

2023
8E;
2022
and 
was
N8J

D@CC@FE


$97 million, D@CC@FE
and
$37 million 8E;

D@CC@FE
respectively.
$50 million, I<JG<:K@M<CP
0?<
N<@>?K<; 8M<I8><
grant-date
The weighted-average >I8EK ;8K<
=8@I
M8CL<
of
fair value F=
the
K?<

I<JKI@:K<;
JKF:B
LE@KJ
>I8EK<;
;LI@E>

8E;

N8J

restricted stock units granted during 2023 and 2022 was $47.65 
8E;
 
I<JG<:K@M<CP
and $41.96, respectively.
0?<
=FCCFN@E>
K89C<
JLDD8I@Q<J
0/.
G<I=FID8E:<
I<JKI@:K<;
JKF:B
LE@KJ
8J
F=
&LCP

The following table summarizes TSR performance restricted stock units as of July 28,

2024:
.6:89E65
Weighted-
G6C286
Average
C2?E 2E6
Grant-Date
,?:ED
Units 2:C
-2=F6
Fair Value
 ?
E9@FD2?5D
(In thousands)
*FEM<JK<;
8K
&LCP

Nonvested at July 30,

2023 

948 $
 

51.81
#I8EK<;
Granted 

387 $
 

44.18
2<JK<;
Vested


(289) $
 

54.93
"FI=<@K<;
Forfeited


(173) $
 

51.78
*FEM<JK<;
8K
&LCP

Nonvested at July 28,

2024 

873 $
 

47.40

3<
<JK@D8K<;
K?<
=8@I
M8CL<
F=
0/.
G<I=FID8E:<
I<JKI@:K<;
JKF:B
LE@KJ
8K
K?<
>I8EK
;8K<
LJ@E>
8
)FEK<
8ICF
J@DLC8K@FE
We estimated the fair value of TSR performance restricted stock units at the grant date using a Monte Carlo simulation.

3<@>?K<; 8M<I8><
8JJLDGK@FEJ
LJ<;
@E
K?<
)FEK<
8ICF
J@DLC8K@FE
N<I<
8J
=FCCFNJ
Weighted-average assumptions used in the Monte Carlo simulation were as follows:

 
2024  
2023  
2022
.@JB =I<<
@EK<I<JK
I8K<
Risk-free interest rate 4.84%
  
4.29% 0.46%

!OG<:K<;
;@M@;<E;
P@<C;
Expected dividend yield  
3.54%  
3.09%  
3.50%
!OG<:K<;
MFC8K@C@KP
Expected volatility  
22.16%  
26.40%  
27.42%
!OG<:K<;
K<ID
Expected term 3
J62CD
years 
P<8IJ
3 years 
P<8IJ
3 years

3<
I<:F>E@Q<
:FDG<EJ8K@FE
<OG<EJ<
FE
8
JKI8@>?K
We recognize compensation expense on a straight-line C@E<
98J@J
FM<I
K?<
J<IM@:<
G<I@F;
basis over the service period,
<O:<GK
=FI
8N8I;J
@JJL<;
KF
I<K@I<D<EK

except for awards issued to retirement
<C@>@9C<
G8IK@:@G8EKJ
eligible participants,
N?@:?
N<
<OG<EJ<
FE
8E
8::<C<I8K<;
98J@J
which we expense on an accelerated basis.
J
F=
&LCP

As of July 28,

2024,
KFK8C
I<D8@E@E>
LE<8IE<;
:FDG<EJ8K@FE

total remaining unearned compensation
I<C8K<;
to
related KF
TSR
0/.
performance
G<I=FID8E:<
restricted
I<JKI@:K<;
stock
JKF:B
units
LE@KJ
was
N8J
$12

million,
D@CC@FE
which
N?@:?
will
N@CC
be
9<
amortized
8DFIK@Q<;
over
FM<I
the
K?<
weighted-average
N<@>?K<; 8M<I8><

I<D8@E@E>
J<IM@:<
G<I@F;
F=

remaining service period of 1.6 
P<8IJ
years.
%E
K?<
=@IJK
HL8IK<I
F=

In the first quarter of 2024,
I<:@G@<EKJ
F=
0/.
G<I=FID8E:<
I<JKI@:K<;
JKF:B
LE@KJ
<8IE<;

recipients of TSR performance restricted stock units earned

of
75% F=
the
K?<
@E@K@8C
>I8EKJ
based
initial grants 98J<;
upon
LGFE
our
FLI
TSR
0/.
ranking
I8EB@E>
@E

in a8
performance
G<I=FID8E:<
peer
G<<I
>IFLG
;LI@E>
a8
three-year
group during K?I<< P<8I
period
G<I@F;
ended
<E;<;

&LCP

July 28,

2023.
%E
K?<
=@IJK
HL8IK<I
F=

In the first quarter of 2023,
I<:@G@<EKJ
F=
0/.
G<I=FID8E:<
I<JKI@:K<;
JKF:B
LE@KJ
<8IE<;

F=
K?<
@E@K@8C
>I8EKJ

recipients of TSR performance restricted stock units earned 100% of the initial grants
98J<;
LGFE
FLI
0/.
I8EB@E>
@E
8
G<I=FID8E:<
G<<I
>IFLG
;LI@E>
8
K?I<<
based upon our TSR ranking in a performance peer group during a three-year P<8I
G<I@F;
<E;<;
&LCP

period ended July 29,
 2022.
%E
K?<
=@IJK
HL8IK<I
F=

In the first quarter of

I<:@G@<EKJ
F=
0/.
G<I=FID8E:<
I<JKI@:K<;
JKF:B
LE@KJ
<8IE<;

F=
K?<
@E@K@8C
>I8EKJ
98J<;
LGFE
FLI
0/.
I8EB@E>
@E
8

2022, recipients of TSR performance restricted stock units earned 75% of the initial grants based upon our TSR ranking in a
G<I=FID8E:<
peer
performance G<<I
group
>IFLG
;LI@E>

during a8
three-year
K?I<< P<8I
period
G<I@F;
<E;<;
&LCP
30,
ended July 
2021.

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of
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TSR
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performance
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restricted
I<JKI@:K<;
stock
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during
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2024,

2023,

and
8E;
2022

was
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$21
$12 million, 
million
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and
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$8 million, I<JG<:K@M<CP
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weighted-average
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=8@I

grant-date M8CL<
of
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the
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2023
granted during 
and
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and
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I<JG<:K@M<CP
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8

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recipients of TSR performance restricted stock units will receive a 175% payout based
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8
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upon our TSR ranking in a performance peer group during a three-year P<8I
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period ended July 26,
2024.
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benefits
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FE
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<O<I:@J<

on the F=
stock
exercise of JKF:B
options
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2023
in 2024, 
and
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2022

were
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Cash
not material. 8J?
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received =IFD
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from the
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exercise of stock options was $2 million,

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$22 million and $3 million for 2024,
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8E;

and 2022,
I<JG<:K@M<CP
respectively,
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and is reflected in
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"CFNJ
cash flows from fmancing activities in the Consolidated Statements of Cash Flows.


@>>:E>6?ED
2?5
@?E:?86?4:6D
18. Commitments and Contingencies
+-:1'947>
'3*
/9/-'9/43
'99+78
Regulatory and Litigation Matters
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We are involved in various pending or threatened legal or regulatory proceedings,
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8:K@FEJ
including purported class actions,
8I@J@E>
arising
=IFD

from theK?<
conduct
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both
of business 9FK?
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ordinary
in the FI;@E8IP
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course and8E;
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otherwise.
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pleading
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practice
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in @E
the
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permits
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considerable variation in the assertion of monetary damages or other relief.
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Jurisdictions may permit claimants not to specify
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damages
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or
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invoke
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trial
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addition,
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jurisdictions
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may
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to
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monetary
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damages in @E
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possible
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verdicts
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jurisdiction
in the ALI@J;@:K@FE
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matters.
for similar D8KK<IJ
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in
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with
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actual experiences in litigating or resolving through settlement numerous claims over an extended period of time,
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demonstrates
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in a8
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lawsuit or 9<8IJ
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relevance toKF
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or
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disposition
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value.
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the outcome of a litigation matter and the amount or range of potential loss at
G8IK@:LC8I
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particular points in time is normally difficult to ascertain.
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Uncertainties can include how fact finders will evaluate documentary
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evidence and the credibility and effectiveness of witness testimony,
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and how trial and appellate courts will apply the law in the
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context of the pleadings or evidence presented,
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whether by motion practice,
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or at trial or on appeal.
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valuations are


74
 8CJF
JL9A<:K

also KF
the
subject to K?<
uncertainty
LE:<IK8@EKP
of
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how
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and
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their
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themselves
counsel will K?<DJ<CM<J
view
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the
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relevant <M@;<E:<
8E;

evidence and
8GGC@:89C<
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applicable law.
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)8I:?
20,
On March 
2024,

the
K?<
United
1E@K<;
States
/K8K<J
Department
<G8IKD<EK
of
F=
Justice
&LJK@:<
(DOJ),
 +&
on
FE
behalf
9<?8C=
of
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the
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U.S.
1 /
Environmental
!EM@IFED<EK8C
Protection
,IFK<:K@FE

><E:P
8E;
*8K@FE8C
!;L:8K@FE
(8N
<EK<I
Agency, and National Education Law Center,
FE
9<?8C=
F=
!EM@IFED<EK
D<I@:8
8E;
(8B<
!I@<
38K<IB<<G<I
on behalf of Environment America and Lake Erie Waterkeeper,
=@C<;
C8NJL@KJ
@E

filed lawsuits in
K?<
1E@K<;
/K8K<J

the @JKI@:K
FLIK
=FI
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*FIK?<IE

United States District @JKI@:K
F=
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Court for the Northern District of Ohio -
3<JK<IE
@M@J@FE
:FE:<IE@E>
8CC<><;
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C<8E

Western Division concerning alleged violations of the Clean
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Water Act relating to alleged contaminant discharges from our Napoleon,
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Ohio wastewater treatment facility in excess of the
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facility's Clean Water Act permit limits.
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We have and are continuing to take actions to remediate the exceedances and are in
J<KKC<D<EK
;@J:LJJ@FEJ
N@K?
K?<

settlement discussions with the DOJ +&
8E;
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GI@M8K<
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and the private environmental groups.
3?@C<
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8DFLEK

While we cannot predict with certainty the amount
F=
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FI
K?<
K@D@E>
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of any civil penalty or the timing of the resolution of this matter,
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we do not expect that the ultimate costs to resolve this matter
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8
D8K<I@8C
8;M<IJ<
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=@E8E:@8C
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will have a material adverse effect on our fmancial condition,
I<JLCKJ
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results of operations,
FI
:8J?
=CFNJ
or cash flows.
3<
<JK89C@J?
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We establish liabilities for litigation and regulatory loss contingencies when information related to the loss contingencies
J?FNJ
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shows both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated.
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It is possible
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that some matters could require us to pay damages or make other expenditures or establish accruals in amounts that could not
9<
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be reasonably <JK@D8K<;

estimated as8J
of
F=
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2024.
July 28, 
While
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the
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potential
GFK<EK@8C
future
=LKLI<
:?8I><J

charges :FLC;
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material
could be D8K<I@8C
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in a8
particular
G8IK@:LC8I
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quarter or
8EEL8C
G<I@F;
annual period,
98J<;
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@E=FID8K@FE
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9P
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based on information currently known by us,
N<
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9<C@<M<
8EP
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:?8I><J
8I<
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KF
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8
D8K<I@8C

we do not believe any such charges are likely to have a material
8;M<IJ<
<==<:K
FE
FLI
:FEJFC@;8K<;
I<JLCKJ
F=
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adverse effect on our consolidated results of operations or financial condition.
9.+7
439/3-+3)/+8
Other Contingencies
3<
>L8I8EK<<

We 8GGIFO@D8K<CP
4,700
guarantee approximately  
bank
98EB
CF8EJ
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to
loans made KF
@E;<G<E;<EK
:FEKI8:KFI
distributors
independent contractor ;@JKI@9LKFIJ
by
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third-party
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financial
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@EJK@KLK@FEJ
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institutions K?<
purchase
for the GLI:?8J<
F=
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IFLK<J
of distribution routes.
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D8O@DLD
potential
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amount
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future
of the =LKLI<
payments
G8PD<EKJ
under
LE;<I
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existing
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we
guarantees N<
could
:FLC;
be
9<
I<HL@I<;
KF
make
required to D8B<
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million
is $522 D@CC@FE as
8J
of
F=
July
&LCP
28,

2024.

Our
+LI
guarantees
>L8I8EK<<J
are
8I<
indirectly
@E;@I<:KCP
J<:LI<;
9P
the
secured by K?<

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distribution routes.
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8
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We do not expect that we will be required to make material guarantee payments as a result of defaults on the
98EB
CF8EJ
>L8I8EK<<;
bank loans guaranteed.
0?<
8DFLEKJ
I<:F>E@Q<;
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&LCP

The amounts recognized as of July 28,
 2024,
8E;
&LCP

and July 30,

2023,
N<I<
EFK
D8K<I@8C
were not material.

3<
have
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provided
GIFM@;<;
certain
:<IK8@E
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:FEE<:K@FE

indemnifications in N@K?
divestitures,
connection with ;@M<JK@KLI<J
contracts
:FEKI8:KJ
and
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other
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transactions.
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Certain
<IK8@E

@E;<DE@=@:8K@FEJ
?8M<
=@E@K<
<OG@I8K@FE
;8K<J
indemnifications have finite expiration dates.
(@89@C@K@<J
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BEFNE
<OGFJLI<J
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Liabilities recognized based on known exposures related to such matters were not
D8K<I@8C
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&LCP

material at July 28,

2024,
8E;
&LCP

and July 30,

2023.


*FAA=:6C
:?2?46
'C@8C2>
&3=:82E:@?D
19. Supplier Finance Program Obligations
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To manage our cash flow and related liquidity,
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we work with our suppliers to optimize our terms and conditions,
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including
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<OK<EJ@FE
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K<IDJ
the extension of payment terms.
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G8PD<EK
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Our current payment terms with our suppliers,
N?@:?
N<
;<<D
KF
9<
:FDD<I:@8CCP
I<8JFE89C<
which we deem to be commercially reasonable,

><E<I8CCP
I8E><

generally range =IFD

from 0
to
KF
120

;8PJ
days.
We
3<
also
8CJF
maintain
D8@EK8@E
agreements
8>I<<D<EKJ
with
N@K?
third-party
K?@I; G8IKP
administrators
8;D@E@JKI8KFIJ
that
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allow
8CCFN
participating
G8IK@:@G8K@E>

JLGGC@<IJ
to
suppliers KF
track
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payment
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obligations
F9C@>8K@FEJ
=IFD
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and,
from us, 8E;
at
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the
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sole
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discretion
;@J:I<K@FE
of
F=
the
K?<
JLGGC@<I
supplier,
sell
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those
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payment
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obligations
F9C@>8K@FEJ
to
KF

G8IK@:@G8K@E>
=@E8E:@8C
@EJK@KLK@FEJ
participating financial institutions.
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F9C@>8K@FEJ
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Our obligations to our suppliers,
@E:CL;@E>
8DFLEKJ
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8E;
J:?<;LC<;
G8PD<EK
K<IDJ
including amounts due and scheduled payment terms,
8I<
are
EFK
@DG8:K<;
not impacted.
/LGGC@<I
G8IK@:@G8K@FE
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8>I<<D<EKJ
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Supplier participation in these agreements is voluntary.
3<
?8M<
EF
<:FEFD@:
@EK<I<JK
@E
8
JLGGC@<IYJ
;<:@J@FE
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We have no economic interest in a supplier's decision to
<EK<I
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8>I<<D<EKJ
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;@I<:K
=@E8E:@8C
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=@E8E:@8C
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enter into these agreements and no direct fmancial relationship with the financial institutions.
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We have not pledged assets as
J<:LI@KP
or
security FI
provided
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any
8EP
guarantees
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in :FEE<:K@FE
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these
connection with K?<J<
arrangements.
8II8E><D<EKJ
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G8PD<EK
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The payment K?<J<
obligations
of these F9C@>8K@FEJ
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is @E:CL;<;
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included in
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provided
cash GIFM@;<;
by 9P
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in
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the
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Statements of F=
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Flows.
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Amounts
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outstanding
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under
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these
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@E:CL;<;
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::FLEKJ
G8P89C<
FE
K?<
FEJFC@;8K<;
8C8E:<
/?<<KJ
programs, which are included in Accounts payable on the Consolidated Balance Sheets,
N<I< were 
D@CC@FE
8K
&LCP

$243 million at July 28,
 2024,
8E;

and

D@CC@FE
$258 million at8K
&LCP

July 30,

2023.

Supplemental
20. *FAA=6>6?E2=
:?2?4:2=
*E2E6>6?E
2E2
Financial Statement Data
&0&2(*
!-**87
Balance Sheets
$:==:@?D
(Millions)  
2024  
2023
::FLEKJ
I<:<@M89C<
Accounts receivable
LJKFD<I
8::FLEKJ
I<:<@M89C<
Customer accounts receivable 

$  

602 $


513
CCFN8E:<J
Allowances


(15)


(19)
/L9KFK8C
Subtotal 

$ 

587 

$ 

494
+K?<I
Other 

43 

35


$ 

630 

$ 

529

$:==:@?D
(Millions)  
2024  
2023
%EM<EKFI@<J
Inventories
.8N
D8K<I@8CJ
Raw materials,
:FEK8@E<IJ
8E;
JLGGC@<J
containers and supplies 

$ 
$

376 

372
"@E@J?<;
GIF;L:KJ
Finished products
 


1,010 

919


$  


1,386 $  

1,291


75
$:==:@?D
(Millions)  
2024  
2023
,C8EK
8JJ<KJ
Plant assets
(8E;
Land 

$ 

74 

$ 

74
L@C;@E>J
Buildings
  

1,702
 

1,547
)8:?@E<IP
8E;
<HL@GD<EK
Machinery and equipment
 

4,328
 

4,004
,IFA<:KJ
@E
GIF>I<JJ
Projects in progress


314


291
0FK8C
:FJK
Total cost 

$  

6,418 

$ 5,916



::LDLC8K<;
;<GI<:@8K@FE
Accumulated depreciation(1)
  

(3,720)
 

(3,518)


$ 2,698



$  

2,398
777777777777777777777777777777777777

(1) <GI<:@8K@FE
<OG<EJ<
N8J

D@CC@FE
@E

Depreciation expense was $338 million in 2024,

D@CC@FE
@E

8E;

D@CC@FE
@E

$339 million in 2023 and $296 million in 2022.
L@C;@E>J
8I<
;<GI<:@8K<;

Buildings are depreciated
FM<I
G<I@F;J
I8E>@E>
=IFD

KF

P<8IJ
)8:?@E<IP
8E;
<HL@GD<EK
8I<
;<GI<:@8K<;
FM<I
G<I@F;J
><E<I8CCP
I8E>@E>
=IFD

over periods ranging from 7 to 45 years. Machinery and equipment are depreciated over periods generally ranging from 1
KF

P<8IJ
to 20 years.
$:==:@?D
(Millions)  
2024  
2023
+K?<I
8JJ<KJ
Other assets
+G<I8K@E>
C<8J<
.+1
8JJ<KJ
Operating lease ROU assets,
E<K
F=
8DFIK@Q8K@FE
net of amortization 

$ 


333 $ 

275
,<EJ@FE
Pension



143 

164
+K?<I
Other 

78 

53


$ 


554 $ 

492

$:==:@?D
(Millions)  
2024  
2023
::IL<;
C@89@C@K@<J
Accrued liabilities
::IL<;
:FDG<EJ8K@FE
8E;
9<E<=@KJ
Accrued compensation and benefits 

$ 

212 

$ 

222
"8@I
M8CL<
F=
;<I@M8K@M<J
Fair value of derivatives 

16 

6
::IL<;
KI8;<
8E;
:FEJLD<I
GIFDFK@FE
GIF>I8DJ
Accrued trade and consumer promotion programs



186 

156
::IL<;
@EK<I<JK
Accrued interest
 

103 

57
.<JKIL:KLI@E>
Restructuring 

24 

6
+G<I8K@E>
C<8J<
C@89@C@K@<J
Operating lease liabilities 

90 

70
+K?<I
Other 

89 

75


$ 


720 $ 

592

$:==:@?D
(Millions)  
2024  
2023
+K?<I
C@89@C@K@<J
Other liabilities
,<EJ@FE
9<E<=@KJ
Pension benefits 

$ 

93 

$ 

95
,FJKI<K@I<D<EK
9<E<=@KJ
Postretirement benefits


128


135
+G<I8K@E>
C<8J<
C@89@C@K@<J
Operating lease liabilities


268


208
<=<II<;
:FDG<EJ8K@FE
Deferred compensation 

92 

80
1EI<:F>E@Q<;
K8O
9<E<=@KJ
Unrecognized tax benefits 

17 

11
.<JKIL:KLI@E>
Restructuring 

12 

7
+K?<I
Other 

66 

72


$ 

676 

$ 

608


76
!8&8*1*287
3+
&62.2,7
Statements of Earnings
$:==:@?D
(Millions)  
2024  
2023  
2022
+K?<I
<OG<EJ<J

@E:FD<
Other expenses / (income)

DFIK@Q8K@FE
F=
@EK8E>@9C<
8JJ<KJ
Amortization of intangible assets(') 

$ 

73 

$ 


48 $ 

41
*<K
G<I@F;@:
9<E<=@K
<OG<EJ<
@E:FD<
FK?<I
K?8E
K?<
J<IM@:<
:FJK
Net periodic benefit expense (income) other than the service cost



26 


(35) 

(23)

%DG8@ID<EK
F=
@EK8E>@9C<
8JJ<KJ
Impairment of intangible assets(2)



129 V

V


(FJJ
FE
J8C<
F=
9LJ@E<JJ
Loss on sale of business(3)
M



13
V


FJKJ
8JJF:@8K<;
N@K?
8:HL@J@K@FE
Costs associated with acquisition(4)


35


5
V

0I8EJ@K@FE
J<IM@:<J
=<<J
Transition services fees


(2)


(1)
V

+K?<I
Other
M

2



3


$ 

261 

$ 

32 

$ 

21


;M<IK@J@E>
8E;
:FEJLD<I
GIFDFK@FE
<OG<EJ<
Advertising and consumer promotion expense) 

$ 
$

350 


365 $ 

314


%EK<I<JK
<OG<EJ<
Interest expense)
%EK<I<JK
<OG<EJ<
Interest expense 

$ 
$

259 


192 $ 

191
(<JJ
%EK<I<JK
:8G@K8C@Q<;
Less: Interest capitalized



10 

4


2


$ 


249 $ 


188 $ 

189
777777777777777777777777777777777777

%E:CL;<J
8::<C<I8K<;
8DFIK@Q8K@FE
<OG<EJ<
I<C8K<;
KF
:LJKFD<I
I<C8K@FEJ?@G
@EK8E>@9C<
8JJ<KJ
F=

D@CC@FE
8E;

D@CC@FE
Includes accelerated amortization expense related to customer relationship intangible assets of $27 million and $7 million
@E

8E;

in 2024 and 2023,
I<JG<:K@M<CP
respectively.

/<<
*FK<

=FI
8;;@K@FE8C
@E=FID8K@FE
See Note 6 for additional information.

%E
2023,
In 
we
N<
recognized
I<:F>E@Q<;
a8
CFJJ
F= 

loss of D@CC@FE
on
$13 million FE
the
K?<
sale
J8C<
F=
FLI
Emerald
of our !D<I8C;
nuts
ELKJ
business.
9LJ@E<JJ
/<<
*FK<
4
See Note 
=FI
8;;@K@FE8C

for additional
@E=FID8K@FE
information.

.<C8K<;
KF
K?<
8:HL@J@K@FE
F=
/FMFJ
I8E;J
Related to the acquisition of Sovos Brands.
/<<
*FK<

=FI
8;;@K@FE8C
@E=FID8K@FE
See Note 3 for additional information.

%E:CL;<;
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)8IB<K@E>
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J<CC@E>
<OG<EJ<J
Included in Marketing and selling expenses.

%E

In 2022,
N<
I<:F>E@Q<;
8
CFJJ
F=

D@CC@FE
@E:CL;@E>

D@CC@FE
F=
GI<D@LD
8E;
FK?<I
:FJKJ
FE
K?<
<OK@E>L@J?D<EK
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we recognized a loss of $4 million (including $3 million of premium and other costs) on the extinguishment of
;<9K
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=FI
8;;@K@FE8C
@E=FID8K@FE
debt. See Note 13 for additional information.


77
 !8&8*1*287
3+
&7-
03;7
Statements of Cash Flows
$:==:@?D
(Millions)  
2024  
2023  
2022
2D9
=@HD
7C@>
&A6C2E:?8
4E:G:E:6D
Cash Flows from Operating Activities
+K?<I
EFE
Other :8J?
:?8I><J
KF
E<K
<8IE@E>J
non-cash charges to net earnings
+G<I8K@E>
C<8J<
.+1
8JJ<K
<OG<EJ<
Operating lease ROU asset expense $
90


$ 

80 

$ 

74
DFIK@Q8K@FE
F=
;<9K
@JJL8E:<
:FJKJ;<9K
;@J:FLEK
Amortization of debt issuance costs/debt discount


8
4



5
<E<=@K
I<C8K<;
<OG<EJ<
Benefit related expense


12
4



3
+K?<I
Other


28


12


6
$


138 

$ 

100 

$ 

88

+K?<I
Other
<E<=@K
I<C8K<;
G8PD<EKJ
Benefit related payments 

$  


(40) $ 


(47) $ 

(45)
+K?<I
Other



(37) 


(4) 

3


$ 


(77) $ 


(51) $ 

(42)

+K?<I
8J?
"CFN
%E=FID8K@FE
Other Cash Flow Information
%EK<I<JK
G8@;
Interest paid 

$ 


194 $ 


193 $ 

188
%EK<I<JK
I<:<@M<;
Interest received 

$ 


6 $ 


4 $ 

1
%E:FD<
K8O<J
G8@;
Income taxes paid 

$ 


252 $ 


268 $ 

196

%@? 42D9
Investing
Non-cash ?G6DE:?8
4E:G:E:6D
Activities
::IL<;
8E;
LEG8@;
:8G@K8C
<OG<E;@KLI<J
Accrued and unpaid capital expenditures $
 


109 $ 


122 $ 

95



*F3D6BF6?E
G6?E
21. Subsequent Event
+E
L>LJK

On August 26,

2024,
N<
JFC;
FLI
,FG
/<:I<K
GFG:FIE
9LJ@E<JJ
=FI

D@CC@FE
we sold our Pop Secret popcorn business for $75 million,
JL9A<:K
KF
:<IK8@E
GFJK :CFJ@E>
8;ALJKD<EKJ
subject to certain post-closing adjustments.

3<
<OG<:K
KF
I<:F>E@Q<
8
GI<
We K8O
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FE
K?<
J8C<
F=
8GGIFO@D8K<CP
expect to recognize a pre-tax 
D@CC@FE
8J
K?<
:8IIP@E>
M8CL<
F=
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;@JGFJ8C
>IFLG
N@CC

loss on the sale of approximately $25 million as the carrying value of the disposal group will
@E:CL;<
8CCF:8K<;
>FF;N@CC
include allocated goodwill.
%E
:FEE<:K@FE
N@K?
K?<
J8C<
In connection with the sale,
N<
N@CC
GIFM@;<
:<IK8@E
KI8EJ@K@FE
J<IM@:<J
KF
JLGGFIK
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9LJ@E<JJ
we will provide certain transition services to support the business.

0?<
business
The 9LJ@E<JJ
had
?8;
net
E<K
sales
J8C<J
of
F=

D@CC@FE
@E

$119 million 


in 2024, D@CC@FE
@E

$133 million 
and
in 2023 8E;
$125

million
D@CC@FE
in
@E
2022.

Earnings
!8IE@E>J
were
N<I<
not
EFK

D8K<I@8C
@E
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G<I@F;J
material in the periods.
0?<
I<JLCKJ
F=
K?<
9LJ@E<JJ
N<I<
I<=C<:K<;
N@K?@E
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/E8:BJ
I<GFIK89C<
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The results of the business were reflected within the Snacks reportable segment.


78
 $2?286>6?END
)6A@CE
@?

Management's ?E6C?2=
@?EC@=
&G6C
:?2?4:2=
)6A@CE:?8
Report on Internal Control Over Financial Reporting

0?<
management
The D8E8><D<EK
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of 8DG9<CC

Campbell /FLG
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(the
Soup Company K?<
Company)
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is responsible for <JK89C@J?@E>
8E;
maintaining
establishing and D8@EK8@E@E>
adequate
8;<HL8K<

@EK<IE8C
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internal control over fmancial reporting (as such term is defined in Rule 13a-15(e) <
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under the Securities Exchange Act of 1934,

8J
amended).
as 8D<E;<;
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=@E8E:@8C

control over financial I<GFIK@E>

reporting @J

is a8
process
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designed
;<J@>E<;
to
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provide
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reasonable
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assurance
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regarding
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the
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8E;
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reliability of fmancial reporting and the preparation of fmancial statements for external purposes in accordance with generally
8::<GK<;
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1E@K<;
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accepted accounting principles in the United States of America.

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The Company's internal control over fmancial reporting includes those policies and procedures that:
•T G<IK8@E
to
pertain KF
the
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maintenance
D8@EK<E8E:<
of
F=
records
I<:FI;J
that,
K?8K
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;<K8@C
in reasonable detail,
accurately
8::LI8K<CP
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reflect
and fairly I<=C<:K
the
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transactions
KI8EJ8:K@FEJ
and
8E;

;@JGFJ@K@FEJ
F=
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8JJ<KJ
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FDG8EP
dispositions of the assets of the Company;
T• GIFM@;<
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8JJLI8E:<
K?8K
KI8EJ8:K@FEJ
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provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements
@E
8::FI;8E:<
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8::<GK<;
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in accordance with generally accepted accounting principles,
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<OG<E;@KLI<J
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FDG8EP
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and that receipts and expenditures of the Company are
9<@E>
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8LK?FI@Q8K@FEJ
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being @I<:KFIJ
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made only in accordance with authorizations of management and Directors of the Company; and
T• GIFM@;<
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8JJLI8E:<
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GI<M<EK@FE
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K@D<CP
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provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
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use,
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;@JGFJ@K@FE

or disposition
F=
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8
D8K<I@8C
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=@E8E:@8C
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of the Company's assets that could have a material effect on the fmancial statements.
<:8LJ<
F=
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@E?<I<EK
C@D@K8K@FEJ
Because of its inherent limitations,
8EP
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F=
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=@E8E:@8C
I<GFIK@E>
any system of internal control over financial reporting,
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no matter how well defined,
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may
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not prevent or detect misstatements.
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Also,
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projections of any evaluation of effectiveness to future periods are subject to the risk
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9<:8LJ<
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that controls may become inadequate because of changes in conditions,
FI
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or that the degree of compliance with the policies or
GIF:<;LI<J
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procedures may deteriorate.

)8E8><D<EK
has
Management ?8J
excluded
<O:CL;<;
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Inc.
Sovos Brands, %E:
(Sovos
/FMFJ
Brands)
I8E;J
=IFD

from @KJ
8JJ<JJD<EK
of
its assessment F=
internal
@EK<IE8C
control
:FEKIFC
over
FM<I
=@E8E:@8C

fmancial
I<GFIK@E>
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reporting as of July 28,

9<:8LJ<
@K
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8:HL@I<;
9P
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8
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9LJ@E<JJ
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;LI@E>

2024 because it was acquired by the Company in a purchase business combination during 2024.
0FK8C
Total
8JJ<KJ
8E;
KFK8C
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I<GFIK@E>

assets and total net sales of Sovos Brands excluded from management's assessment of internal control over fmancial reporting
I<GI<J<EK
8GGIFO@D8K<CP

8E;

represent approximately 2% and 4%,
I<JG<:K@M<CP
respectively,
F=
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I<C8K<;
:FEJFC@;8K<;
=@E8E:@8C
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8DFLEKJ
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of the related consolidated financial statement amounts as of and for the year
<E;<;
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28,
ended July 
2024.

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This <O:CLJ@FE

exclusion @J

is @E
8::FI;8E:<
with
in accordance N@K?
the
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guidelines
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established
<JK89C@J?<;
by
9P
the
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/<:LI@K@<J
8E;
Exchange
Securities and !O:?8E><

FDD@JJ@FE
Commission.
!O:<GK
as
Except 8J
noted
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above,
89FM<
the
K?<
Company's
FDG8EPYJ
management
D8E8><D<EK
assessed
8JJ<JJ<;
the
K?<
<==<:K@M<E<JJ
F=
the
effectiveness of K?<
Company's
FDG8EPYJ
@EK<IE8C
:FEKIFC
over
internal control FM<I

=@E8E:@8C
I<GFIK@E>
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F=
&LCP

financial reporting as of July 28,

2024.
%E
D8B@E>
K?@J
8JJ<JJD<EK
In making this assessment,
D8E8><D<EK
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:I@K<I@8
J<K
=FIK?

management used the criteria set forth by 9P
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FDD@KK<<

the Committee
F=
/GFEJFI@E>
Organizations
of Sponsoring +I>8E@Q8K@FEJ
of
F=
the
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Treadway
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in Internal Control B
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which appears on the
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/s/ Mark A.
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Mark A.
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President and Chief Executive Officer

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Carrie L.
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Anderson
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Executive Vice President and Chief Financial Officer

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Stanley Polomski
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Senior Vice President and Controller
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(Principal Accounting Officer)

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September 19,

2024


79
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of Independent Registered Public Accounting Firm

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the Board of Directors and Shareholders of Campbell Soup Company
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have
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position of the Company as of July 28,

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federal securities
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laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
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assessment and our audit of internal control over financial reporting represent approximately 2% and 4%,
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of the
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related consolidated fmancial statement amounts as of and for the year ended July 28,
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Definition *4368.2,
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statements @E
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billion
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all
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external market and industry data; and (iii) whether the assumption was consistent with evidence obtained in other areas of the
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relief from royalty valuation method and the reasonableness of the weighted average costs of capital and assumed royalty rate
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assumptions.
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Acquisition '4C8
"7'*+2'70
of Sovos Brands — Valuation of the Rao 's Trademark
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As described in Note 3 to the consolidated fmancial statements,
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on March 12,
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purchase
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consideration
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billion.
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's trademark
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acquired K?<
acquisition
in the 8:HL@J@K@FE
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specialized skill and knowledge.



81
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including controls over management's valuation of the Rao's '48
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external market and industry data; and (iii) whether these assumptions were consistent with evidence obtained in other areas of
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relief from royalty valuation method and the reasonableness of the weighted average cost of capital and assumed royalty rate
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assumptions.

J PricewaterhouseCoopers
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Philadelphia, Pennsylvania

/<GK<D9<I

September 19,

2024

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We have served as the Company's auditor since 1954.



82
 E6>

Item 9.
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Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
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None.
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Item 9A.
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63(*)96*7
Controls and Procedures
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We,
under
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the
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supervision
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participation
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President
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controls and procedures (as such term is defined in Rule 13a-15(e) <
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under the Exchange Act) as of July 28,

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2024 (the Evaluation
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as of the Evaluation Date,8K<
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our disclosure controls and procedures are effective.

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and 8K8
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Supplementary Data" on page 79.
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our independent registered public
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Supplementary Data" 
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There were no changes in our internal control over financial reporting that materially affected,
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or were likely to materially
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affect, such internal control over fmancial reporting during the quarter ended July 28,

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reporting as of July 28,

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2024 because it was acquired by the company in a purchase business combination during 2024.
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assets and total net sales of Sovos Brands excluded from management's assessment of internal control over fmancial reporting
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represent approximately 2% and 4%,
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of the related consolidated financial statement amounts as of and for the year
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Commission.
E6>

Item 9B.
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2+361&8.32
Other Information
LI@E>
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During the quarter ended July 28,

2024,
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none of our directors or officers (as defined in Rule 16a-1(f)=
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under the Exchange
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Act) adopted or terminated any contract,
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instruction or written plan for the purchase or sale of our securities that was intended
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to K?<
affirmative
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in accordance
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with Item 408 of Regulation S-K '
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of the Securities Act.

E6>

Item 9C.
.7(03796*
*,&6).2,
36*.,2
96.7).(8.327
8-&8
6*:*28
274*(8.327
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
*FK
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Not applicable.
')+

PART III
E6>

Item 10.
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++.(*67
&2)
36436&8*
3:*62&2(*
Directors, Executive Officers and Corporate Governance
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sections entitled "Item 1 — Election of Directors" and "Voting Securities and Principal Shareholders — Ownership of
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Directors and Executive Officers" in our Proxy Statement for the 2024 Annual Meeting of Shareholders (the 2024 Proxy) are
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by
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reference.
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presented
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entitled "Corporate ,FC@:@<J
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Practices — Board Meetings and Committees — Board Committee Structure" in the 2024 Proxy relating to the members of our
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Audit Committee and the Audit Committee's financial experts is incorporated herein by reference.
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The information presented in
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the section <EK@KC<;
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Program? — Trading Campbell's Securities" in the 2024 Proxy relating to the company's Insider Trading Policy is incorporated
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herein by reference.
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Certain F=
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relating to our <O<:LK@M<

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"Information about our Executive Officers" in this Report.
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Executive Officer,
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Controller and members of the Chief Financial Officer's financial leadership team.

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is posted K?<
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[Link] (under the "About Us—Investors—Governance Governance Documents" F:LD<EKJ
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caption).

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for the Chief Executive Officer and Senior Financial Officers by posting such information on our website.

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our officers
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and all of our employees. The Code of Business Conduct and Ethics is posted on the Investor portion of%EM<JKFI
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[Link] (under the "About Us—Investors—Governance Governance Documents" caption).
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Corporate Governance Standards and the charters of our four standing committees of the Board of Directors can also be found
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at this website.
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Printed copies of the foregoing are available to any shareholder requesting a copy by:
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writing to Investor Relations,
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Campbell Soup Company,

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1 Campbell Place,
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Camden,
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NJ 08103-1799;
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calling  
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856-342-6081; or



83
 •T < D8@C@E>
FLI
%EM<JKFI
.<C8K@FEJ

e-mailing <G8IKD<EK
8K
%.:8DG9<CCJ
our Investor Relations Department :FD
at IR@[Link].
E6>

Item 11.
<*(98.:*
314*27&8.32
Executive Compensation
0?<
@E=FID8K@FE

The GI<J<EK<;
@E

information presented K?<
J<:K@FEJ

in the sections <EK@KC<;
FDG<EJ8K@FE
Discussion
entitled "Compensation @J:LJJ@FE
and
8E;
Analysis,"
E8CPJ@J 
"Executive
!O<:LK@M<
Compensation
FDG<EJ8K@FE

089C<J
Tables,"
"Corporate
FIGFI8K<
#FM<IE8E:<
,FC@:@<J
and
Governance Policies 8E;
Practices
,I8:K@:<J
—
V
Compensation
FDG<EJ8K@FE
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@I<:KFIJ 
"Corporate
of Directors," FIGFI8K<
Governance
#FM<IE8E:<
Policies
,FC@:@<J
and
8E;

,I8:K@:<J
V
F8I;
)<<K@E>J
8E;
FDD@KK<<J
V
F8I;
FDD@KK<<
/KIL:KLI<
V
FDG<EJ8K@FE
8E;
+I>8E@Q8K@FE
FDD@KK<<

Practices — Board Meetings and Committees — Board Committee Structure — Compensation and Organization Committee
%EK<ICF:BJ
8E;
%EJ@;<I

Interlocks and ,8IK@:@G8K@FE
and
Insider Participation" 8E;
"Compensation
FDG<EJ8K@FE
Discussion
@J:LJJ@FE
and
8E;
Analysis
E8CPJ@J
—V
Compensation
FDG<EJ8K@FE
and8E;
Organization
+I>8E@Q8K@FE

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.<GFIK
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,IFOP
@J
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?<I<@E
9P
I<=<I<E:<
Committee Report" in the 2024 Proxy is incorporated herein by reference.
E6>

Item 12.
!*(96.8=
;2*67-.4
3+
*68&.2
*2*+.(.&0
;2*67
&2)
&2&,*1*28
&2)
*0&8*)
!-&6*-30)*6
&88*67
Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters
0?<
@E=FID8K@FE
GI<J<EK<;
@E
K?<
J<:K@FEJ
<EK@KC<;
2FK@E>
/<:LI@K@<J
8E;
,I@E:@G8C
/?8I<?FC;<IJ
V
+NE<IJ?@G
F=

The information presented in the sections entitled "Voting Securities and Principal Shareholders — Ownership of Directors @I<:KFIJ

8E;
Executive
and !O<:LK@M<
+==@:<IJ
8E;
"Voting
Officers" and 2FK@E>
/<:LI@K@<J
8E;
Principal
Securities and ,I@E:@G8C
/?8I<?FC;<IJ

Shareholders —V
,I@E:@G8C

Principal /?8I<?FC;<IJ

Shareholders" @E
K?<
2024
in the 
Proxy
,IFOP
@J

is
@E:FIGFI8K<;
?<I<@E
9P
I<=<I<E:<
incorporated herein by reference.

*[Link]
FE9@C:K65
7@C
DDF2?46
,?56C
BF:EJ
@>A6?D2E:@?
'=2?D
Securities Authorized for Issuance Under Equity Compensation Plans
0?<
=FCCFN@E>
K89C<
GIFM@;<J
@E=FID8K@FE
89FLK
K?<
JKF:B
K?8K
:FLC;
?8M<
9<<E
@JJL<;
LE;<I
FLI
<HL@KP
:FDG<EJ8K@FE
GC8EJ

The following table provides information about the stock that could have been issued under our equity compensation plans
8J
F=
&LCP

as of July 28,

2024:
%F>36C
@7
*[Link]
Number of Securities
)6>2:?:?8
G2:=23=6
Remaining Available
%F>36C
@7
Number of .6:89E65
Weighted- @C
For
*[Link]
E@
36
Securities to be G6C286
Average FEFC6
Issuance
Future DDF2?46
,?56C
Under
DDF65
,A@?
Issued Upon I6C4:D6
'C:46
@7
Exercise Price of BF:EJ
@>A6?D2E:@?
Equity Compensation
I6C4:D6
@7
Exercise of &FEDE2?5:?8
Outstanding '=2?D
Plans
&FEDE2?5:?8
Outstanding &AE:@?D
Options, I4=F5:?8
*[Link]
(Excluding Securities
&AE:@?D
.2CC2?ED

Options, Warrants .2CC2?ED
2?5

Warrants and )67=64E65
:?
E96
:CDE

Reflected in the First
'=2?
2E68@CJ
Plan Category 2?5
):89ED
2
and Rights (a) ):89ED
3
Rights (b) @=F>?
4
Column) (c)

!HL@KP
FDG<EJ8K@FE
,C8EJ
GGIFM<;
9P
/<:LI@KP
$FC;<IJ

Equity Compensation Plans Approved by Security Holders (1)
  


6,697,103 $  


45.33   

10,123,366
!HL@KP
FDG<EJ8K@FE
,C8EJ
*FK
GGIFM<;
9P
/<:LI@KP
$FC;<IJ
Equity Compensation Plans Not Approved by Security Holders *
N/A *
N/A *
N/A
0FK8C
Total
6,697,103
 


$  


45.33   

10,123,366

77777777777777777777777777777777777


(1)
FCLDE
8
I<GI<J<EKJ
JKF:B
FGK@FEJ
8E;
I<JKI@:K<;
JKF:B
LE@KJ
FLKJK8E;@E>
LE;<I
K?<

(FE>
Column (a) represents stock options and restricted stock units outstanding under the 2022 Long-Term 0<ID
%E:<EK@M<
,C8E
Incentive Plan,
K?<

the

Long-Term
2015 (FE> 0<ID
%E:<EK@M<
,C8E
the
Incentive Plan, K?<
2005

Long-Term
(FE> 0<ID
%E:<EK@M<
,C8E
and
Incentive Plan 8E;
I<GC8:<D<EK

replacement <HL@KP
8N8I;J
@E

equity awards J<KKC<D<EK
of
in settlement F=

:<IK8@E
/FMFJ

certain I8E;J
<HL@KP

Sovos Brands 8N8I;J
previously
equity awards GI<M@FLJCP
@JJL<;
GLIJL8EK
to
issued pursuant KF
the
K?<
/FMFJ
I8E;J
%E:
Sovos Brands, Inc.
2021

Equity
!HL@KP
Incentive
%E:<EK@M<
Plan,
,C8E

N?@:?
K?<
:FDG8EP
8JJLD<;
@E
:FEE<:K@FE
N@K?
K?<
8:HL@J@K@FE
F=
/FMFJ
I8E;J
FE
)8I:?

which the company assumed in connection with the acquisition of Sovos Brands on March 12,
 2024.
FCLDE
8
@E:CL;<J

Column (a) includes
  
0/.

3,490,304 G<I=FID8E:<
restricted
TSR performance I<JKI@:K<;
stock
JKF:B
units
LE@KJ
and
8E;
EPS
!,/
performance
G<I=FID8E:<
I<JKI@:K<;
JKF:B
units
restricted stock LE@KJ
based
98J<;
on
FE
the
K?<
maximum
D8O@DLD

ELD9<I
F=

number J?8I<J
potentially
of shares GFK<EK@8CCP
issuable
@JJL89C<
under
LE;<I
the
K?<
awards,
8N8I;J
and
8E;
the
K?<
number
ELD9<I
ofF=
J?8I<J
shares,
if
@=
any,
8EP
to
KF
be
9<
@JJL<;
GLIJL8EK
to
issued pursuant KF
such
JL:?

8N8I;J
will
awards N@CC
be
9<
;<K<ID@E<;
98J<;
upon
determined based LGFE
performance
G<I=FID8E:<
;LI@E>
K?<
applicable
during the 8GGC@:89C<
three-year
K?I<< P<8I
performance
G<I=FID8E:<
period.
G<I@F;
No
*F
additional
8;;@K@FE8C

8N8I;J
:8E
9<
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LE;<I
<@K?<I
F=
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(FE>
awards can be made under either of the 2005 Long-Term 0<ID
%E:<EK@M<
,C8E
FI

(FE>
Incentive Plan or 2015 Long-Term 0<ID
%E:<EK@M<
,C8E
Incentive Plan.
"LKLI<
<HL@KP

Future equity
8N8I;J
LE;<I
K?<

(FE>
awards under the 2022 Long-Term 0<ID
%E:<EK@M<
,C8E
D8P
K8B<
K?<
=FID
F=
@E:<EK@M<
JKF:B
FGK@FEJ
Incentive Plan may take the form of incentive stock options,
EFEHL8C@=@<;
JKF:B
FGK@FEJ
nonqualified stock options,

JKF:B
appreciation
stock 8GGI<:@8K@FE
rights
I@>?KJ
(SARs),
/.J
restricted
I<JKI@:K<;
JKF:B
stock,
I<JKI@:K<;
G<I=FID8E:<
JKF:B
restricted performance stock,
LEI<JKI@:K<;

unrestricted 8DG9<CC
JKF:B
I<JKI@:K<;

Campbell stock, restricted
JKF:B
units
stock LE@KJ
and
8E;
performance
G<I=FID8E:<
units.
LE@KJ
Column
FCLDE
(b)9
I<GI<J<EKJ
K?<
weighted-average
represents the N<@>?K<; 8M<I8><
exercise
<O<I:@J<
price
GI@:<
of
F=
the
K?<
outstanding
FLKJK8E;@E>
JKF:B

stock
FGK@FEJ
FECP
K?<
FLKJK8E;@E>
I<JKI@:K<;
JKF:B
LE@KJ
8I<
EFK
@E:CL;<;
@E
K?@J
:8C:LC8K@FE
options only; the outstanding restricted stock units are not included in this calculation.
FCLDE
:
I<GI<J<EKJ
K?<
D8O@DLD

Column (c) represents the maximum
ELD9<I
F=
=LKLI<
<HL@KP
8N8I;J
K?8K
:8E
9<
D8;<
LE;<I
K?<

(FE>
number of future equity awards that can be made under the 2022 Long-Term 0<ID
%E:<EK@M<
,C8E
8J
F=
&LCP

Incentive Plan as of July 28,
 2024.
E6>

Item 13.
*68&.2
*0&8.327-.47
&2)

Certain Relationships *0&8*)
"6&27&(8.327
&2)
.6*(836
2)*4*2)*2(*
and Related Transactions, and Director Independence
0?<
@E=FID8K@FE

The GI<J<EK<;
@E

information presented K?<
J<:K@FEJ

in the <EK@KC<;
"Corporate
sections entitled FIGFI8K<
Governance
#FM<IE8E:<
Policies
,FC@:@<J
and
8E;
Practices
,I8:K@:<J
—
V
0I8EJ8:K@FEJ
N@K?

Transactions with
.<C8K<;
,<IJFEJ
Related Persons,"
%K<D

V
!C<:K@FE
F=
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FIGFI8K<
#FM<IE8E:<
,FC@:@<J
8E;
,I8:K@:<J
V

"Item 1 — Election of Directors," @I<:KFI
%E;<G<E;<E:<

"Corporate Governance Policies and Practices — Director Independence"
8E;
FIGFI8K<
#FM<IE8E:<
,FC@:@<J
8E;
,I8:K@:<J
V
F8I;
)<<K@E>J
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FDD@KK<<J
V
F8I;
FDD@KK<<
/KIL:KLI<
@E
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and "Corporate Governance Policies and Practices — Board Meetings and Committees — Board Committee Structure" in the

,IFOP
@J
@E:FIGFI8K<;
?<I<@E
9P
I<=<I<E:<
2024 Proxy is incorporated herein by reference.
E6>

Item 14.
6.2(.4&0
((3928&28
**7
&2)
!*6:.(*7
Principal Accountant Fees and Services
0?<
@E=FID8K@FE
GI<J<EK<;
@E
K?<
J<:K@FEJ
<EK@KC<;
%K<D

V
.8K@=@:8K@FE
F=
GGF@EKD<EK
F=
%E;<G<E;<EK
.<>@JK<I<;
,L9C@:

The information presented in the sections entitled "Item 2 — Ratification of Appointment of Independent Registered Public
::FLEK@E>
Firm
Accounting "@ID
—
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Audit
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"@ID
"<<J
and
Firm Fees 8E;
/<IM@:<J
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"Item
Services" and %K<D
2

—
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Ratification
.8K@=@:8K@FE
F=
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of
of Appointment F=
%E;<G<E;<EK
.<>@JK<I<;

Independent Registered
,L9C@:
::FLEK@E>
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V
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Public GGIFM8C
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,IFOP
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9P
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Accounting Firm — Audit Committee Pre-Approval Policy" in the 2024 Proxy is incorporated herein by reference.
')+
IV
PART -
E6>

Item 15.
<-.'.87
&2)
.2&2(.&0
!8&8*1*28
!(-*)90*7
Exhibits and Financial Statement Schedules
8
0?<
=FCCFN@E>
;F:LD<EKJ
8I<
=@C<;
8J
G8IK
F=
K?@J
.<GFIK

(a) The following documents are filed as part of this Report:
1.

.2&2(.&0
!8&8*1*287
Financial Statements


84
 FEJFC@;8K<;
/K8K<D<EKJ
F=
!8IE@E>J
=FI

Consolidated Statements of Earnings for 2024,

8E;

2023 and 2022
FEJFC@;8K<;
/K8K<D<EKJ
F=
FDGI<?<EJ@M<
%E:FD<
=FI

Consolidated Statements of Comprehensive Income for 2024,

8E;

2023 and 2022
FEJFC@;8K<;
8C8E:<
/?<<KJ
8J
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&LCP

Consolidated Balance Sheets as of July 28,

8E;
&LCP

2024 and July 30,

2023
FEJFC@;8K<;
/K8K<D<EKJ
F=
8J?
"CFNJ
=FI

Consolidated Statements of Cash Flows for 2024,

8E;

2023 and 2022
FEJFC@;8K<;
/K8K<D<EKJ
F=
!HL@KP
=FI

Consolidated Statements of Equity for 2024,

8E;

2023 and 2022
*FK<J
KF
FEJFC@;8K<;
"@E8E:@8C
/K8K<D<EKJ
Notes to Consolidated Financial Statements
)8E8><D<EKJ
.<GFIK
FE
%EK<IE8C
FEKIFC
+M<I
"@E8E:@8C
.<GFIK@E>
Management's Report on Internal Control Over Financial Reporting
.<GFIK
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.<>@JK<I<;
,L9C@:
::FLEK@E>
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,+
%
Report of Independent Registered Public Accounting Firm (PCAOB ID

238)
2.

.2&2(.&0
!8&8*1*28
!(-*)90*
Financial Statement Schedule
%%
-
28CL8K@FE
8E;
-L8C@=P@E>
::FLEKJ
=FI

II Valuation and Qualifying Accounts for 2024,

8E;

2023 and 2022
3.

<-.'.87

Exhibits
.<=<I<E:<
@J
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KF
%K<D
9
9<CFN
Reference is made to Item 15(b) below.
9
=./(/98
(b) Exhibits.
0?<
!O?@9@K
%E;<O
The Exhibit Index,
N?@:?
@DD<;@8K<CP
GI<:<;<J
K?<
J@>E8KLI<
G8><
which immediately precedes the signature page,
@J
@E:FIGFI8K<;
9P
I<=<I<E:<
@EKF
K?@J
.<GFIK
is incorporated by reference into this Report.
:
/3'3)/'1
!9'9+2+39
!).+*:1+8
(c) Financial Statement Schedules.
.<=<I<E:<
@J
D8;<
KF
%K<D
8
89FM<
Reference is made to Item 15(a)(2) above.
E6>

Item 16.
361

!911&6=
Form 10% Summary
*FE<
None.



85
 %* !4
0+
!4$%%0/
INDEX TO EXHIBITS

2 >I<<D<EK
and
Agreement 8E;
Plan
,C8E
of
F=
Merger,
)<I><I
dated
;8K<;
August
L>LJK
7,
2023,

by9P
and
8E;
among
8DFE>
/FMFJ
I8E;J
%E:
Sovos Brands, Inc.,
Campbell
8DG9<CC
/FLG

Soup
FDG8EP
and
Company 8E;
Premium
,I<D@LD
Products
,IF;L:KJ
Merger
)<I><I
/L9
Sub,
%E:
Inc.,
@J

is @E:FIGFI8K<;
9P
I<=<I<E:<

incorporated by KF
Exhibit
reference to !O?@9@K
2.1
 
to
KF
Campbell's
8DG9<CCYJ

"FID

Form '
/!
=@C<
ELD9<I

8-K 
=@C<;
N@K?
K?<
/!
FE
L>LJK

(SEC file number 1-3822) filed with the SEC on August 7,
 2023.
8
3(a) 8DG9<CCYJ
Restated
Campbell's .<JK8K<;
Certificate
<IK@=@:8K<
of
F=
%E:FIGFI8K@FE
Incorporation,
as
8J
amended
8D<E;<;
through
K?IFL>?
February
"<9IL8IP
24,

1997,

is
@J
@E:FIGFI8K<;
9P

incorporated by
I<=<I<E:<
KF
!O?@9@K
@
KF
8DG9<CCYJ
"FID

reference to Exhibit 3(i) to Campbell's Form 10-K '
/!
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ELD9<I
 
=FI
K?<
=@J:8C
P<8I
<E;<;
&LCP

(SEC file number 1-3822) for the fiscal year ended July 28,


2002.
9
3(b) P (8NJ
F=
8DG9<CC
/FLG
FDG8EP
By-Laws of Campbell Soup Company,
8D<E;<;
8E;
I<JK8K<;
<==<:K@M<
)8P

amended and restated effective May 23,

2023,
8I<
@E:FIGFI8K<;
9P

are incorporated by
I<=<I<E:<
KF
!O?@9@K

reference 
KF
8DG9<CCYJ
"FID

to Exhibit 3.1 '
/!
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ELD9<I

to Campbell's Form 8-K 
=@C<;
N@K?
K?<
/!
FE
)8P

(SEC file number 1-3822) filed with the SEC on May 24,

2023.

8
4(a) %E;<EKLI<
;8K<;

Indenture, *FM<D9<I
24,
dated November 
2008,

between
9<KN<<E
Campbell
8DG9<CC
and
8E;
0?<
8EB
F=

The Bank *<N
York
of New 5FIB
Mellon,
)<CCFE
as
8J
0ILJK<<
Trustee,
is
@J

@E:FIGFI8K<;
by
incorporated 9P
I<=<I<E:<
KF
Exhibit
reference to !O?@9@K
4(a)
8
to
KF
Campbell's
8DG9<CCYJ
Registration
.<>@JKI8K@FE
Statement
/K8K<D<EK
FE
"FID
/
on Form S-3
(SEC
/!
=@C<

file
ELD9<I

number 
=@C<;
N@K?
K?<
/!
FE
*FM<D9<I

333-155626) filed with the SEC on November 24,

2008.
9
4(b) "FID
F=
"@IJK
/LGGC<D<EK8C
%E;<EKLI<
Form of First Supplemental Indenture,
;8K<;
L>LJK

dated August 2,

2012,
8DFE>
8DG9<CC
among Campbell,
0?<
8EB
F=
*<N
5FIB
)<CCFE

The Bank of New York Mellon
8E;
Wells
and 3<CCJ
Fargo
"8I>F
Bank,
8EB
National
*8K@FE8C
Association,
JJF:@8K@FE
as
8J
Series
/<I@<J
0ILJK<<
Trustee,
to
KF
%E;<EKLI<
;8K<;
November
Indenture dated *FM<D9<I
24,

2008,

is
@J

@E:FIGFI8K<;
9P
I<=<I<E:<
KF
!O?@9@K

incorporated by reference to Exhibit 4.1
KF
8DG9<CCJ
"FID

to Campbell's Form 8-K '
/!
=@C<
ELD9<I
 
=@C<;
N@K?
K?<
/!
FE

(SEC file number 1-3822) filed with the SEC on
L>LJK

August 2,

2012.
:
4(c) "FID
F=
/L9FI;@E8K<;
%E;<EKLI<
9<KN<<E
8DG9<CC
8E;
3<CCJ
"8I>F
8EB
Form of Subordinated Indenture between Campbell and Wells Fargo Bank,
*8K@FE8C
JJF:@8K@FE
National Association,
8J
0ILJK<<
as Trustee,
@J

is
@E:FIGFI8K<;
by
incorporated 9P
reference
I<=<I<E:<
to
KF
Exhibit
!O?@9@K
4.2
 
to
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file 
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number 1-3822) for the fiscal quarter ended October 30,

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for the fiscal
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is incorporated by reference to Exhibit 10.1
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to Campbell's Form 10-Q 
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effective September 1,


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(SEC file number 1-3822) for the fiscal
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Campbell Soup Company Executive Severance Pay Plan is incorporated by reference to Exhibit 10 to Campbell's
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effective September 1,

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(SEC file number 1-3822) for the fiscal
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year ended July 30,

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dated August 7,

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by and among certain funds associated with Advent International
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is incorporated by reference to Exhibit 10.1
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to Campbell's Form 8-K
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file number 1-3822) filed with the SEC on August 7,

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the Eligible
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is incorporated by reference to Exhibit 10 to Campbell's Current Report on Form 8-K '

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file number 1-3822) filed with the SEC on April 16,

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19 %EJ@;<I
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21 /L9J@;@8IP
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Certification of Mark A.
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Certification of Mark A.
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Anderson pursuant to 18 U.S.C. Section 1350.

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88
 * %+,)*

SIGNATURES
,LIJL8EK
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FI
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Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934,
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as amended,
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Campbell has
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duly caused this Report to be signed on its behalf by the undersigned,
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thereunto duly authorized.

/<GK<D9<I

September 19,

2024
$'##
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CAMPBELL SOUP COMPANY

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By: J
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/s/ Carrie L.
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Carrie L.
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Anderson
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Executive Vice President and Chief Financial Officer
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(Principal Financial Officer)

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this Report has been signed below by
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the following persons on behalf of Campbell and in the capacities indicated on September 19,

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/s/ Mark A.
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Mark A.
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Maria Teresa Hilado
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Director
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Sarah Hofstetter
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Keith R.
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Marc B.
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Mary Alice D.
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89
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Schedule II

$'##
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CAMPBELL SOUP COMPANY
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2?5
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Valuation and Qualifying Accounts

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For the Fiscal Years ended July 28,
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2023, and July 31,
 
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19 

$ 

113 

$ 

(117) 

$ 

15

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Fiscal year ended July 30,

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$ 

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19

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Fiscal year ended July 31,

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Total Accounts receivable allowances $


12 

$ 

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(137) $


12
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$109 million 


in 2024, $105
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million in 2023,
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and $110 million in 2022,
FI
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or less than 2% of Net sales.


90
   

EXHIBIT 31(a)

  

CERTIFICATION PURSUANT


TO RULE

13a-14(a)



I, 0)

*-31$
"$02(%7
2'
Mark 2
A. Clouse, certify that:

1.

' 4$
0$4($5$#
2'(1
,,3
I have reviewed this Annual*
$.-02
-,
-0+

-%

Report on Form 10-K +.!$**
-3.
-+.
of Campbell ,7
Soup Company;

2.
 1$#
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+7
),-5*$#&$
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0$.-02
#-$1
,-2
"-,2
Based on my knowledge, this report does not contain (,
any
,7
3,203$
12 2$+$,2
-%

untrue statement of a
+ 2$0( *
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material "2
-0
-+(2
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+
or omit to state 2$0( *
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the statements #$
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made, ,"$1
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in light of the circumstances 2$+$,21
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not misleading
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with respect to the period covered by this report;

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on my knowledge, the fmancial 2$+$,21
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information (0*7
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included in this report, fairly present in
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flows of the registrant ,#
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of, and for, the periods
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presented in this report;

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other certifying officer(s) and 0$
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I are !*(1'(,&
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have:

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procedures, or caused such disclosure controls and,#
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procedures to be designed
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under our supervision, to ensure that2
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relating ,2
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control over fmancial reporting that2
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occurred during the
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registrant's most recent fiscal*
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in the case ,
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over fmancial ,291
auditors
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board of directors (or persons
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performing *$,2
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the equivalent functions):

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all
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significant ,#
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reporting which are 0$
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to record, process, summarize 0(8$
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any
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significant role in the
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registrant's internal*
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control over financial reporting.

 2$
$.2$+!$0

Date: 
2024
September 19, 

7 1

By: 0)

*-31$
/s/ Mark A. Clouse
 +$ Mark
Name:  0)

*-31$
A. Clouse
(2*$ 0$1(#$,2
and
Title: President ,#
'($%
6$"32(4$
%%("$0
Chief Executive Officer
   

EXHIBIT 31(b)

  

CERTIFICATION PURSUANT


TO RULE

13a-14(a)


!11)%

-$%12.-
#%13)&8
3(!3
I, Carrie L. Anderson, certify that:

1.

(!5%
1%5)%6%$
3()2
--4!+
%/.13
.-
.1,

.&
!,/"%++
.4/
.,/!-8
I have reviewed this Annual Report on Form 10-K of Campbell Soup Company;

2.
!2%$
.-
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3()2
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3.
23!3%
!
,!3%1)!+
&!#3

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
-%#%22!18
3.
,!*%
3(%
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,!$%
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necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
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with respect to the period covered by this report;

3.
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Based on my knowledge, the fmancial statements, and other financial information included in this report, fairly present in
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all material respects the fmancial condition, results of operations and cash flows of the registrant as of, and for, the periods
/1%2%-3%$
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presented in this report;

4.
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The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
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procedures ! %
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and 15d-15(e)) and internal control over fmancial reporting (as defined
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in Exchange Act Rules 13a-15(f) $ &
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a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed
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under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is
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made known to us by others within those entities, particularly during the period in which this report is being prepared;

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preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

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c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our
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conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report
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based on such evaluation; and

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d) disclosed in this report any change in the registrant's internal control over fmancial reporting that occurred during the
1%')231!-3:2
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registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially
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affected, or is reasonably likely to materially affect, the registrant's internal control over fmancial reporting; and

5.
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over fmancial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons
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performing the equivalent functions):

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a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial
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reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report
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financial information; and

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b) any fraud, whether or not material, that involves management or other employees who have a significant role in the
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registrant's internal control over financial reporting.

!3%
%/3%,"%1

Date: 
2024
September 19, 

8 /s/
By: 2
!11)%

-$%12.-
Carrie L. Anderson
!,% Carrie
Name: !11)%

-$%12.-
L. Anderson
)3+%
Title: 7%#43)5%
Vice
Executive )#%
1%2)$%-3
!-$
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President and Chief Financial
&&)#%1
Officer
  

EXHIBIT 32(a)

 

CERTIFICATION PURSUANT

TO


18 U.S.C.
 

SECTION 
1350

0
&100(&6,10
9,6+
6+(
007$.

In (2146
1)
$/2%(..
!172
1/2$0;
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connection with the Annual Report of Campbell Soup Company (the "Company") on Form 10-K 
)14
6+(
),5&$.
;($4
(0'('

for the fiscal year ended
7.;
28,
July 
2024

6+(
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$0'
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1)
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1/2$0;
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(the "Report"), I, Mark A. Clouse, President and Chief Executive Officer of the Company, hereby certify,
27457$06
61

pursuant 
#!
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to 18 
$5
$'126('
27457$06
61
!(&6,10

1)
6+(
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1)

U.S.C. Section 1350,  
6+$6
61
/;

as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my
-019.('*(
knowledge:

 
"+(

(1) (2146
)7..;
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9,6+
6+(
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1)
!(&6,10

The Report $
14

fully complies with the requirements of Section 13(a) '
1)
6+(
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President and Chief Executive Officer

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EXHIBIT 32(b)

 

CERTIFICATION PURSUANT

TO


18 U.S.C.
 

SECTION 
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connection with the Annual Report of Campbell Soup Company (the "Company") on Form 10-K 
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(the "Report"), I, Carrie L. Anderson, Executive Vice President and Chief Financial Officer of the Company,
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hereby certify, pursuant to 18 U.S.C. Section 1350,
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as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that,
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Date: 
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by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
Shareholder Information
Headquarters
1 Campbell Place, Camden, NJ 08103-1799
(856) 342-4800 • (856) 342-3878 (Fax)

Stock Exchange Listing The papers utilized in the production of this Annual Report are all
The Nasdaq Stock Market LLC certified for Forest Stewardship Council (FSC®) standards, which
Ticker Symbol: CPB promote environmentally appropriate, socially beneficial and
economically viable management of the world’s forests. This annual
Transfer Agent and Registrar report was printed at a landfill-free, Sustainable Green Printing
Computershare Trust Company, N.A. partnership (SGP)-certified facility.
P.O. Box 43006
Providence, RI 02940-3006
1-800-780-3203

Independent Accountants
PricewaterhouseCoopers LLP
Two Commerce Square
Suite 1800
2001 Market Street On the Web. Visit us at: [Link] for company news
Philadelphia, PA 19103-7042 and information.

Dividends
We have paid dividends since the company became public in
1954. Dividends are normally paid quarterly, near the end of
January, April, July and October. Careers. To explore career opportunities, visit us at:
[Link].
A dividend reinvestment plan is available to shareholders. For
information about dividends or the dividend reinvestment plan,
write to Dividend Reinvestment Plan Agent, Campbell Soup
Company, P.O. Box 43006, Providence, RI 02940-3006.
Or call: (781) 575-2723 or 1-800-780-3203. Impact. To read our Corporate Responsibility Report and learn more
about our sustainability strategy, go to
Publications [Link]/our-impact.
For copies of the Annual Report or the SEC Form 10-K or other
financial information, visit [Link].

For copies of Campbell’s Corporate Responsibility Report, write

to Stewart Lindsay, Chief Sustainability Officer at Instagram. Follow us: @CampbellSoupCo for stories about our
csr_feedback@[Link]. company, programs and brands.

Information Sources
Inquiries regarding our products may be addressed to Campbell’s
Consumer Response Center at the Headquarters address or call
1-800-257-8443.
LinkedIn. For stories about our company and brands, follow us at:
[Link]/company/campbell-soup-company
Investors and financial analysts may contact Rebecca Gardy,
Senior Vice President, Chief Investor Relations Officer, at the
Headquarters address or call (856) 342-6081.

Media and public relations inquiries should be directed to

James Regan, Director of External Communications, at the
Headquarters address or call (856) 219-6409.

Communications concerning share transfer, lost certificates,

dividends and change of address, should be directed to
Computershare Trust Company, N.A., 1-800-780-3203.

Shareholder Information Service

For the latest quarterly business results or other information
requests such as dividend dates, shareholder programs or product
news, visit [Link].

Campbell’s Brands
Product trademarks owned or licensed by Campbell Soup
Company and/or its subsidiaries appearing in the narrative text of
this report are italicized.
1 Campbell Place, Camden, NJ 08103-1799