Financial Analysis

Acquisition On August 7, 2023, we entered into a merger agreement to acquire Sovos Brands, Inc. (Sovos Brands) for $23.00 per share. On March 12, 2024, we completed the acquisition. Sovos Brands' portfolio included a variety of pasta sauces, dry pasta, soups, frozen entrees, frozen pizza and yogurts sold in North America under the brand names Raos, Michael Angelos and noosa . See Note 4 for additional information on the noosa yoghurt business, which was sold on February 24, 2025. Total purchase consideration was $2.899 billion, which was determined as follows: (Millions) Cash consideration paid to Sovos Brands shareholders (1) $ 2,307 Cash paid for share-based awards (2) 32 Cash consideration paid directly to shareholders $ 2,339 Cash paid for transaction costs of Sovos Brands 32 Repayment of Sovos Brands existing indebtedness and accrued interest 486 Total cash consideration $ 2,857 Fair value of replacement share-based awards (3) 42 Total consideration $ 2,899 ______________________________________ (1) Consideration paid to Sovos Brands shareholders which reflects $23.00 per share. (2) Represents cash paid to equity award holders of Sovos Brands restricted stock and restricted stock unit awards attributable to pre-combination service. This excludes $3 million of cash paid that was recognized as expense. (3) We issued replacement equity awards in settlement of certain Sovos Brands equity awards that did not become vested in connection with the acquisition. The portion of fai …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Regulatory and Litigation Matters We are involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising from the conduct of business both in the ordinary course and otherwise. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with our actual experiences in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to us that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value. Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time is normally difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Short-term Borrowings and Long-term Debt Short-term borrowings consist of the following: (Millions) 2025 2024 Commercial paper $ 332 $ 250 Notes 400 1,150 Finance leases 32 25 Other (1) (2) (2) Total short-term borrowings $ 762 $ 1,423 ______________________________________ (1) Includes unamortized net discount/premium on debt issuances and debt issuance costs. The weighted-average interest rate of commercial paper, which consisted of U.S. borrowings, was 4.69% as of August 3, 2025, and 5.60% as of July 28, 2024. As of August 3, 2025, we issued $27 million of standby letters of credit. On April 16, 2024, we terminated our existing revolving credit facility dated September 27, 2021 (as amended on April 4, 2023). On April 16, 2024, we entered into a Five-Year Credit Agreement for an unsecured, senior revolving credit facility (the 2024 Revolving Credit Facility Agreement) in an aggregate principal amount equal to $1.85 billion with a maturity date of April 16, 2029, or such later date as extended pursuant to the terms set forth in the 2024 Revolving Credit Facility Agreement. On August 5, 2025, we entered into an Extension Agreement to extend the maturity date of the 2024 Revolving Credit Facility Agreement by one year from April 16, 2029 to April 16, 2030. The 2024 Revolving Credit Facility Agreement remained unused at August 3, 2025, except for $1 million of standby letters of credit that we issued under it. We may increase the 2024 Revolving Credit Facility Agreement commitm …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Stock-based Compensation In 2005, shareholders approved the 2005 Long-Term Incentive Plan, which authorized the issuance of 6 million shares to satisfy awards of stock options, stock appreciation rights, unrestricted stock, restricted stock/units (including performance restricted stock) and performance units. In 2008, shareholders approved an amendment to the 2005 Long-Term Incentive Plan to increase the number of authorized shares to 10.5 million and in 2010, shareholders approved another amendment to the 2005 Long-Term Incentive Plan to increase the number of authorized shares to 17.5 million. In 2015, shareholders approved the 2015 Long-Term Incentive Plan, which authorized the issuance of 13 million shares. Approximately 6 million of these shares were shares that were currently available under the 2005 plan and were incorporated into the 2015 Plan upon approval by shareholders. In 2022, shareholders approved the 2022 Long-Term Incentive Plan, which authorized the issuance of 12 million shares to satisfy awards of stock options, stock appreciation rights, unrestricted stock, restricted stock/units (including performance restricted stock) and performance units. The 2022 Long-Term Incentive Plan replaced the 2015 Long-Term Incentive Plan and no new awards can be granted under the 2015 Long-Term Incentive Plan and none of the shares that remain available under the 2015 Long-Term Incentive Plan are available for issuance under the 2022 Long-Term Incentive Plan. Awards under Lo …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements We categorize financial assets and liabilities based on the following fair value hierarchy: Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data. Level 3: Unobservable inputs, which are valued based on our estimates of assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. When available, we use unadjusted quoted market prices to measure the fair value and classify such items as Level 1. If quoted market prices are not available, we base fair value upon internally developed models that use current market-based or independently sourced market parameters such as interest rates and currency rates. Included in the fair value of derivative instruments is an adjustment for credit and nonperformance risk. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present our financial assets and liabilities that are measured at fair value on a recurring basis consistent with the fair value hierarchy: Fair Value as of August 3, 2025 Fair Value Measurements at August 3, 2025 Usi …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"Goodwill and Intangible Assets Goodwill The following table shows the changes in the carrying amount of goodwill: (Millions) Meals & Beverages Snacks Total Net balance at July 30, 2023 $ 990 $ 2,975 $ 3,965 Acquisition (1) 1,116 1,116 Foreign currency translation adjustment (4) (4) Net balance at July 28, 2024 $ 2,102 $ 2,975 $ 5,077 Divestitures (2) (65) (21) (86) Foreign currency translation adjustment Net balance at August 3, 2025 $ 2,037 $ 2,954 $ 4,991 ______________________________________ (1) See Note 3 for additional information on the acquisition of Sovos Brands. (2) See Note 4 for additional information on divestitures. Intangible Assets The following table summarizes balance sheet information for intangible assets, excluding goodwill: 2025 2024 (Millions) Cost Accumulated Amortization Divestiture (1) Net Cost Accumulated Amortization Net Amortizable intangible assets Customer relationships $ 1,060 $ (367) $ (17) $ 676 $ 1,060 $ (300) $ 760 Definite-lived trademarks 76 (2) (72) 2 76 (2) 74 Total amortizable intangible assets $ 1,136 $ (369) $ (89) $ 678 $ 1,136 $ (302) $ 834 Indefinite-lived trademarks Rao's $ 1,470 $ 1,470 Snyder's of Hanover 470 620 Lance 350 350 Kettle Brand 318 318 Pace 292 292 Pacific Foods 280 280 Cape Cod 187 187 Various other Snacks (2) (3) 311 365 Total indefinite-lived trademarks $ 3,678 $ 3,882 Total net intangible assets $ 4,356 $ 4,716 ______________________________________ (1) See Note 4 for additional information on the divestitu …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Taxes on Earnings The provision for income taxes on earnings consists of the following: (Millions) 2025 2024 2023 Income taxes: Currently payable: Federal $ 202 $ 190 $ 229 State 42 41 39 Non-U.S. 4 6 7 248 237 275 Deferred: Federal (40) (37) (8) State (14) (9) 2 Non-U.S. (1) 1 (54) (47) (5) $ 194 $ 190 $ 270 (Millions) 2025 2024 2023 Earnings before income taxes: United States $ 784 $ 735 $ 1,105 Non-U.S. 12 22 23 $ 796 $ 757 $ 1,128 The following is a reconciliation of the effective income tax rate to the U.S. federal statutory income tax rate: 2025 2024 2023 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % State income taxes (net of federal tax benefit) 2.8 3.2 2.9 Tax effect of international items (0.1) State income tax law changes (0.4) (0.1) 0.1 Divestitures 1.8 0.2 Nondeductible executive compensation (1) 0.4 1.5 0.4 Other (1.2) (0.4) (0.7) Effective income tax rate 24.4 % 25.1 % 23.9 % __________________________________________ (1) The increase in 2024 is associated with the acquisition of Sovos Brands. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law. The OBBBA makes certain provisions of the Tax Cuts and Jobs Act of 2017 permanent and makes changes to some U.S. corporate tax provisions, many of which have different effective dates. The provisions of the OBBBA did not have a material impact on our consolidated financial statements in 2025. We do not expect the OBBBA to have a material impact on our effective tax rate. However, we do a …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Pension and Postretirement Benefits Pension Benefits We sponsor a number of noncontributory defined benefit pension plans to provide retirement benefits to eligible U.S. and non-U.S. employees. The benefits provided under these plans are based primarily on years of service and compensation levels. Benefits are paid from funds previously provided to trustees or are paid directly by us from general funds. In 1999, we implemented significant amendments to certain U.S. pension plans. Under a new formula, retirement benefits are determined based on percentages of annual pay and age. To minimize the impact of converting to the new formula, service and earnings credit continued to accrue for fifteen years for certain active employees participating in the plans under the old formula prior to the amendments. Employees will receive the benefit from either the new or old formula, whichever is higher. Effective as of January 1, 2011, our U.S. pension plans were amended so that employees hired or rehired on or after that date and who are not covered by collective bargaining agreements will not be eligible to participate in the plans. All collective bargaining units adopted this amendment by December 31, 2011. In June 2023, we settled $245 million of our pension benefit obligations associated with approximately 6,000 retired participants that were receiving benefits within our U.S. defined benefit pension plans. A group annuity contract was purchased on behalf of these participants with a …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Restructuring Charges, Cost Savings Initiatives and Other Optimization Initiatives Multi-year Cost Savings Initiatives and Snyder's-Lance, Inc. (Snyder's-Lance) Cost Transformation Program and Integration Continuing Operations Beginning in 2015, we implemented initiatives to reduce costs and to streamline our organizational structure. Over the years, we expanded these initiatives by continuing to optimize our supply chain and manufacturing networks, as well as our information technology infrastructure. On March 26, 2018, we completed the acquisition of Snyder's-Lance. Prior to the acquisition, Snyder's-Lance launched a cost transformation program following a comprehensive review of its operations with the goal of significantly improving its financial performance. We continued to implement this program and identified opportunities for additional cost synergies as we integrated Snyder's-Lance. In 2022, we expanded these initiatives as we continued to pursue cost savings by further optimizing our supply chain and manufacturing network and through effective cost management. In the second quarter of 2023, we announced plans to consolidate our Snacks offices in Charlotte, North Carolina, and Norwalk, Connecticut, into our headquarters in Camden, New Jersey. A summary of the pre-tax charges recorded in the Consolidated Statements of Earnings related to these initiatives is as follows: (Millions) 2024 2023 Total Program Restructuring charges $ 17 $ 16 $ 297 Administrative expenses 54 …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

"Segment Information Our operating segments, which are also our reportable segments, are as follows: Meals & Beverages, which consists of soup, simple meals and beverage s products in retail and foodservice in the U.S. and Canada. The segment includes the following products: Campbells condensed and ready-to-serve soups; Swanson broth and stocks; Pacific Foods broth, soups and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; SpaghettiOs pasta; Campbells gravies, beans and dinner sauces; Swanson canned poultry; V8 juices and beverages; Campbell's tomato juice; and as of March 12, 2024, Rao's pasta sauces, dry pasta, frozen entrees, frozen pizza and soup s; Michael Angelos frozen entrees and pasta sauces; and noosa yogurts. The noosa yoghurt business was sold on February 24, 2025. The segment also includes snacking products in foodservice and Canada; and Snacks, which consists of Pepperidge Farm cookies, crackers, fresh bakery and frozen products, including Goldfish crackers, Snyders of Hanover pretzels, Lance sandwich crackers, Cape Cod potato chips, Kettle Brand potato chips, Late July snacks, Snack Factory pretzel crisps, and other snacking products in retail in the U.S. The segment also includes the snacking and meals and beverages retail business in Latin America. The segment also included the results of our Pop Secret popcorn business, which was sold on August 26, 2024 and our Emerald nuts business, which was sold on May 30, 2023. Beginning in 2026, the sn …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Shareholders' Equity We have authorized 560 million shares of Capital stock with $.0375 par value and 40 million shares of Preferred stock, issuable in one or more classes, with or without par as may be authorized by the Board of Directors. No Preferred stock has been issued. Share Repurchase Programs In September 2021, the Board approved a strategic share repurchase program of up to $500 million (September 2021 program). The September 2021 program has no expiration date, but it may be suspended or discontinued at any time. Repurchases under the September 2021 program may be made in open-market or privately negotiated transactions. In September 2024, the Board authorized a new anti-dilutive share repurchase program of up to $250 million (September 2024 program) to offset the impact of dilution from shares issued under our stock compensation programs. The September 2024 program has no expiration date, but it may be discontinued at any time. Repurchases under the September 2024 program may be made in open-market or privately negotiated transactions. The September 2024 program replaced an anti-dilutive share repurchase program of up to $250 million that was approved by the Board in June 2021 and has been terminated. In 2025, we repurchased 1.303 million shares at a cost of $62 million pursuant to our anti-dilutive share repurchase program. In 2024 and 2023, we repurchased 1.56 million shares at a cost of $67 million and 2.698 million shares at a cost of $142 million, respectivel …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Acquisition On December 8, 2025, we entered into purchase agreements to acquire 49% of the issued and outstanding equity interests of La Regina di San Marzano di Antonio Romano S.p.A. (La Regina SPA) and La Regina Atlantica, LLC (La Regina Atlantica, and together with La Regina SPA, La Regina). La Regina currently produces all of our Rao's tomato-based pasta sauces. Subsequent to the end of the third quarter, we acquired the 49% interests in La Regina on May 4, 2026. The aggregate consideration for the transaction is $286 million to be paid in two tranches: (i) $146 million was paid in cash at the closing, and (ii) $140 million will be payable at our sole discretion in either cash or unregistered shares of our capital stock (not to exceed 19.9% of our outstanding capital stock and voting power prior to issuance) on the first anniversary of the closing. The remaining 51% of the outstanding equity interests of La Regina are subject to a call option granted to us and a put option granted to La Regina. The call option may be exercised from the first anniversary of the closing until the later of the tenth anniversary of the closing and the date of cessation of the material commercial agreements between the parties. Under the call option, we may, during specified exercise periods, acquire additional equity interests in increments of not less than 2% from La Regina equity holders at a price based on an implied total equity value of approximately $584 million, subject to the payment …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Regulatory and Litigation Matters We are involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising from the conduct of business both in the ordinary course and otherwise. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with our actual experiences in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to us that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value. Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time is normally difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Short-term Borrowings and Long-term Debt In August 2023, we filed a registration statement with the Securities and Exchange Commission that registered an indeterminate amount of debt securities. Under the registration statement we may issue debt securities from time to time, depending on market conditions. On December 15, 2025, pursuant to the registration statement, we completed the issuance of senior unsecured notes, consisting of $550 million aggregate principal amount of notes bearing interest at a fixed rate of 4.55% per annum, due March 21, 2031, with interest payable semi-annually on each of March 21 and September 21 commencing March 21, 2026. The notes contain customary covenants and events of default. If a change of control triggering event occurs, we will be required to offer to purchase the notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest, if any, to the purchase date. W e used a portion of the net proceeds from the issuance of the notes to repay a portion of our outstanding commercial paper and used the remaining proceeds to repay existing indebtedness and for general corporate purposes. In March 2026, we used a portion of the net proceeds from the issuance of the notes along with cash on hand and the issuance of commercial paper to repay $400 million aggregate principal amount of senior notes that matured in March 2026. In the second quarter of 2026, we entered into fixed-to-floating interest rate swaps with a notio …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Stock-based Compensation We provide compensation benefits by issuing stock options, unrestricted stock, and restricted stock units (including time-lapse restricted stock units, performance restricted stock units subject to a relative total shareholder return (TSR) modifier, performance restricted stock units and TSR performance restricted stock units). In 2026, we issued time-lapse restricted stock units, unrestricted stock, and performance restricted stock units subject to a TSR modifier. We last issued TSR performance restricted stock units and performance restricted stock units in 2025 and stock options in 2019. In connection with the Sovos Brands acquisition, in the third quarter of 2024, we issued time-lapse restricted stock units (Replacement units) in exchange for certain Sovos Brands restricted stock units and performance restricted stock units. The Replacement units were subject to the same terms and conditions of the original Sovos Brands restricted stock units and performance restricted stock units. Certain Replacement units were subject to accelerated vesting. In determining stock-based compensation expense, we estimate forfeitures expected to occur. Total pre-tax stock-based compensation expense and tax-related benefits recognized in the Consolidated Statements of Earnings were as follows: Three Months Ended Nine Months Ended (Millions) May 3, 2026 April 27, 2025 May 3, 2026 April 27, 2025 Total pre-tax stock-based compensation expense $ 15 $ 16 $ 48 $ 52 Tax-rel …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements We categorize financial assets and liabilities based on the following fair value hierarchy: Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data. Level 3: Unobservable inputs, which are valued based on our estimates of assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. When available, we use unadjusted quoted market prices to measure the fair value and classify such items as Level 1. If quoted market prices are not available, we base fair value upon internally developed models that use current market-based or independently sourced market parameters such as interest rates and currency rates. Included in the fair value of derivative instruments is an adjustment for credit and nonperformance risk. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present our financial assets and liabilities that are measured at fair value on a recurring basis consistent with the fair value hierarchy: Fair Value as of May 3, 2026 Fair Value Measurements at May 3, 2026 Using Fai …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"Goodwill and Intangible Assets Goodwill The following table shows the changes in the carrying amount of goodwill: (Millions) Meals & Beverages Snacks Total Net balance at August 3, 2025 $ 2,037 $ 2,954 $ 4,991 Foreign currency translation adjustment 2 2 Net balance at May 3, 2026 $ 2,039 $ 2,954 $ 4,993 Intangible Assets The following table summarizes balance sheet information for intangible assets, excluding goodwill: May 3, 2026 August 3, 2025 (Millions) Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets Customer relationships $ 1,042 $ (397) $ 645 $ 1,042 $ (366) $ 676 Definite-lived trademarks 2 2 2 2 Total amortizable intangible assets $ 1,044 $ (397) $ 647 $ 1,044 $ (366) $ 678 Indefinite-lived trademarks Rao's $ 1,470 $ 1,470 Snyder's of Hanover 470 470 Lance 350 350 Kettle Brand 318 318 Pace 292 292 Pacific Foods 280 280 Cape Cod 187 187 Various other Snacks (1) 311 311 Total indefinite-lived trademarks $ 3,678 $ 3,678 Total net intangible assets $ 4,325 $ 4,356 ____________________________________ (1) Includes the Late July trademark and certain salty snacks and cookie trademarks within our Snacks segment, including Tom's , Jays , Kruncher's , O-Ke-Doke , Stella D'oro and Archway , collectively referred to as our ""Allied brands."" Amortization expense was $10 million and $31 million for the three- and nine-month periods ended May 3, 2026, and $19 million and $58 million for the three- and nine-month periods ended A …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Pension and Postretirement Benefits Components of net periodic benefit expense (income) were as follows: Three Months Ended Nine Months Ended Pension Postretirement Pension Postretirement (Millions) May 3, 2026 April 27, 2025 May 3, 2026 April 27, 2025 May 3, 2026 April 27, 2025 May 3, 2026 April 27, 2025 Service cost $ 3 $ 4 $ $ $ 9 $ 10 $ $ Interest cost 14 15 1 2 42 46 4 5 Expected return on plan assets (20) (20) (59) (60) Amortization of prior service credit (1) (1) Special termination benefits 38 38 Curtailment losses (gains) (5) (5) Actuarial losses (gains) (25) (25) 2 Net periodic benefit expense (income) $ 5 $ (1) $ 1 $ 1 $ $ (4) $ 4 $ 6 The special termination pension benefits for the three- and nine-month periods ended May 3, 2026 related to a voluntary early retirement program offered under our cost savings initiatives. See also Note 8. The curtailment gains for three- and nine-month periods ended May 3, 2026 primarily related to plan amendments of certain pension plans to freeze future benefit accruals (other than interest credits on already accrued benefits), effective as of August 1, 2028, for certain salaried employees. The actuarial gains for the three- and nine-month periods ended May 3, 2026 resulted from the remeasurement of certain pension plans in the third quarter due to plan amendments and activity under our cost savings initiatives. The actuarial gains were primarily due to gains on plan assets that exceeded the expected return, partially offset by dec …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Restructuring Charges, Cost Savings Initiatives and Other Optimization Initiatives 2025 Cost Savings Initiatives On September 10, 2024, we announced plans to implement cost savings initiatives beginning in 2025, including initiatives to further optimize our supply chain and manufacturing network, optimization of our information technology infrastructure and targeted cost management. We also identified additional opportunities for cost synergies as we integrated Sovos Brands. As of July 28, 2024, we substantially completed our previous multi-year cost savings initiatives and Snyder's-Lance, Inc. cost transformation program and integration and had identified initial opportunities for cost synergies as we integrated Sovos Brands. Certain initiatives from those programs have been incorporated into our 2025 cost savings initiatives. In the third quarter of 2026, we commenced a voluntary early retirement program as part of our cost savings initiatives. The program was available to certain salaried employees who met age and length-of-service criteria. The eligible employees were entitled to receive severance pay and benefits, including enhanced pension benefits for certain employees. Substantially all electing employees will depart the company by December 2026. Cost estimates for the 2025 initiatives, as well as timing for certain activities, are continuing to be developed. A summary of the pre-tax charges recorded in the Consolidated Statements of Earnings related to these initiati …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

"Segment Information Our two operating segments, which are also our reportable segments, are as follows: Meals & Beverages, which consists of soup, simple meals and beverages products in retail and foodservice in the U.S. and Canada. The segment includes the following products: Campbells condensed and ready-to-serve soups; Swanson broth and stocks; Pacific Foods broth, soups and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; SpaghettiOs pasta; Campbells gravies, beans and dinner sauces; Swanson canned poultry; V8 juices and beverages; Campbell's tomato juice; and as of March 12, 2024, Rao's pasta sauces, dry pasta, frozen entrees, frozen pizza and soups; Michael Angelos frozen entrees and pasta sauces; and noosa yogurts. The noosa yoghurt business was sold on February 24, 2025. The segment also includes snacking products in foodservice and Canada, and beginning in 2026, the snacking and meals and beverages retail business in Latin America; and Snacks, which consists of Pepperidge Farm cookies, crackers, fresh bakery and frozen products, including Goldfish crackers, Snyders of Hanover pretzels, Lance sandwich crackers, Cape Cod potato chips, Kettle Brand potato chips, Late July snacks, Snack Factory pretzel crisps, and other snacking products in retail in the U.S. The segment also included the results of our Pop Secret popcorn business, which was sold on August 26, 2024. Through the fourth quarter of 2025, the snacking and meals and beverages retail business …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing