Business Context and Reporting Period
Company: Campbell Soup Company
Filing Type: Form 8-K (Current Report)
Date of Report: December 8, 2021
Purpose: Regulation FD Disclosure providing supplemental information regarding retrospective changes to segment reporting and non-GAAP financial measures effective for fiscal 2022.
Key Financial Metrics
This filing does not report new GAAP financial results, revenue, profit, cash flow, or debt figures. It exclusively addresses the methodology for presenting historical data. The filing states that previously reported consolidated financial statements (GAAP) remain unchanged.
Material Changes Versus Prior Period
- Segment Realignment: Effective fiscal 2022, the foodservice and Canadian business previously reported under the "Snacks" segment has been moved to the "Meals & Beverages" segment.
- Meals & Beverages: Now includes soup, simple meals, beverages, and snacking products in foodservice and Canada.
- Snacks: Now consists of retail snacking products in the U.S. and Latin America (e.g., Pepperidge Farm, Snyder's of Hanover, Kettle Brand).
- Non-GAAP Definition Change: Beginning in fiscal 2022, the definition of "Adjusted Earnings from continuing operations" now excludes unrealized mark-to-market gains and losses on outstanding undesignated commodity hedges. This adjustment aims to reduce volatility and better reflect underlying operating trends.
Guidance, Outlook, and Management Commentary
Management Commentary: The company recast historical quarterly and year-to-date unaudited financial information (provided in Exhibits 99.1 and 99.2) to reflect these changes. The segment realignment only affects the manner in which operating segment results are reported, not the consolidated totals. The change in non-GAAP measures does not affect Organic net sales or Earnings from discontinued operations.
Risks and Contingencies: The filing notes that the supplemental information is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into other filings unless expressly stated.
Investor Verification Checklist
- Review Exhibit 99.1 for recast historical financial data reflecting the new segment structure (Meals & Beverages vs. Snacks).
- Review Exhibit 99.2 for recast non-GAAP financial data excluding unrealized commodity hedge gains/losses.
- Confirm that GAAP consolidated results remain consistent with previously filed reports.
- Verify the composition of the "Meals & Beverages" segment now includes the former foodservice and Canadian snack operations.