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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
[X] Annual Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
For the Fiscal Year Ended July 31, 1993
OR
[ ] Transition Report Pursuant to Section 15(d) of
the Securities Exchange Act of 1934
For the transition period from to
Commission File Number 33-14009
A. Full title of the Plan:
Campbell Soup Company Employee Savings and Stock Bonus Plan
B. Name of issuer of the securities held pursuant to the Plan and the address
of its principal executive office:
Campbell Soup Company, Campbell Place, Camden, New Jersey 08103-1799
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This Form 11-K contains 14 pages including exhibits. An index to exhibits is
on page 13.
<PAGE>
Report of Independent Accountants
To the Administrative Committee
and Participants of the
Campbell Soup Company Employee
Savings and Stock Bonus Plan
In our opinion, the accompanying statements of net assets available for plan
benefits and the related statements of changes in net assets available for
plan benefits present fairly, in all material respects, the financial position
of Campbell Soup Company Employee Savings and Stock Bonus Plan (the "Plan") at
July 31, 1993 and 1992 and the changes in its financial position for the years
then ended, in conformity with generally accepted accounting principles. These
financial statements are the responsibility of the Administrative Committee of
the Plan; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these statements in
accordance with generally accepted auditing standards which require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for the opinion expressed above.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included as
Exhibits 1 and 2, is presented for the purpose of additional analysis and is
not a required part of the basic financial statements but is additional
information required by ERISA. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements and,
in our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
PRICE WATERHOUSE
Philadelphia, PA 19103
Octover 15, 1993
<PAGE>
CAMPBELL SOUP COMPANY SAVINGS AND STOCK BONUS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
---------------------------------------------------
July 31, 1993
(000's omitted from dollar amounts)
<TABLE>
<CAPTION>
Investment Programs - Notes 1 and 2
-------------------------------------------------------------
Governmment Campbell Mutual Discretionary
Securities Stock Fund Trust Total
-------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments at fair value:
Participating employer
Campbell Soup Company capital stock
(793,637 shares, cost $14,319)..... $28,472 $28,472
Unaffiliated issuers
United States Government
Series EE savings bonds............ $2,766 2,766
Mutual fund......................... $2,707 2,707
Equity fund......................... $26 26
Short-term investment fund.......... 16 9 5 20 50
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2,782 28,481 2,712 46 34,021
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Receivables:
Dividends and interest.............. 197 197
Employee/employer contributions..... 81 722 47 850
Securities sold..................... 149 149
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230 919 47 0 1,196
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Total assets 3,012 29,400 2,759 46 35,217
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Liabilities
Securities purchased.................. 78 78
Assets due to other plans............. 21 21
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Total liabilities........ 78 21 0 0 99
-------------------------------------------------------------
-------------------------------------------------------------
Net assets available for plan
benefits............................ $2,934 $29,379 $2,759 $46 $35,118
=============================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
CAMPBELL SOUP COMPANY SAVINGS AND STOCK BONUS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
---------------------------------------------------
July 31, 1992
(000's omitted from dollar amounts)
<TABLE>
<CAPTION>
Investment Programs - Notes 1 and 2
--------------------------------------------------------------
Government Campbell Mutual Discretionary
Securities Stock Fund Trust Total
--------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments at fair value:
Participating employer
Campbell Soup Company capital stock
(783,691 shares, cost $11,461)............. $29,682 $29,682
Unaffiliated issuers
United States Government
Series EE savings bonds................... $2,697 2,697
Mutual fund................................ $2,516 2,516
Equity fund................................ $24 24
Short-term investment fund................. 22 19 19 60
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2,719 29,701 2,516 43 34,979
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Receivables:
Dividends and interest..................... 152 152
Employee/employer contributions............ 98 874 36 1,008
Securities sold............................ 78 78
--------------------------------------------------------------
176 1,026 36 0 1,238
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Total assets 2,895 30,727 2,552 43 36,217
--------------------------------------------------------------
Liabilities
Securities purchased.......................... 13 13
Assets due to other plans..................... 9 9
--------------------------------------------------------------
Total liabilities............... 13 9 0 0 22
--------------------------------------------------------------
--------------------------------------------------------------
Net assets available for plan
benefits...................................... $2,882 $30,718 $2,552 $43 $36,195
==============================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
CAMPBELL SOUP COMPANY SAVINGS AND STOCK BONUS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
--------------------------------------------------------------
Year ended July 31, 1993
(000's omitted from dollar amounts)
<TABLE>
<CAPTION>
Investment Programs - Notes 1 and 2
-----------------------------------------------------------------------
Government Campbell Mutual Discretionary
Securities Stock Fund Trust Total
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Unrealized appreciation (depreciation)
in fair value of investments (Note 4).... ($1,573) $280 $1 ($1,292)
Net realized gain on sale of investments.. 224 4 228
Interest.................................. $2 8 2 12
Dividends................................. 737 141 878
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2 (604) 425 3 (174)
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Contributions:
Employer.................................. 2,625 2,625
Participants.............................. 831 4,759 473 6,063
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831 7,384 473 0 8,688
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Total additions........................ 833 6,780 898 3 8,514
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Deductions from net assets attributed to:
Benefits paid to participants............. 724 8,087 691 9,502
Transfers................................. 57 32 89
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Total deductions....................... 781 8,119 691 0 9,591
Net increase(decrease).................... 52 (1,339) 207 3 (1,077)
Net assets at beginning of year............. 2,882 30,718 2,552 43 36,195
-------------------------------------------------------------------
Net assets at end of year................... $2,934 $29,379 $2,759 $46 $35,118
===================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
CAMPBELL SOUP COMPANY SAVINGS AND STOCK BONUS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
--------------------------------------------------------------
Year ended July 31, 1992
(000's omitted from dollar amounts)
<TABLE>
<CAPTION>
Investment Programs - Notes 1 and 2
----------------------------------------------------------------
Government Campbell Mutual Discretionary
Securities Stock Fund Trust Total
----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Unrealized appreciation (depreciation)
in fair value of investments (Note 4).. ($1,938) $127 $2 ($1,809)
Net realized gain(loss) on sale of
investments............................ (34) 1 (1) (34)
Interest................................ 9 1 1 11
Dividends............................... 588 267 855
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$0 (1,375) 396 2 (977)
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Contributions:
Employer................................. 2,409 2,409
Participants............................. 854 4,154 488 5,496
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854 6,563 488 0 7,905
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Total additions..................... 854 5,188 884 2 6,928
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Deductions from net assets attributed to:
Benefits paid to participants............ 830 10,489 628 11,947
Transfers................................ 65 16 81
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Total deductions.................... 830 10,554 644 0 12,028
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Net increase (decrease)................... 24 (5,366) 240 2 (5,100)
Net assets at beginning of year........... 2,858 36,084 2,312 41 41,295
---------------------------------------------------------------
Net assets at end of year................. $2,882 $30,718 $2,552 $43 $36,195
===============================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
CAMPBELL SOUP COMPANY SAVINGS AND STOCK BONUS PLAN
NOTES TO FINANCIAL STATEMENTS
July 31, 1993 and 1992
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
The assets of the Campbell Soup Company Savings and
Stock Bonus Plan (the "Plan"), except for the
United States Savings Bonds, are carried at current
value. The current value of the Campbell Soup
Company capital stock is based upon reported market
information. Current value for mutual fund shares is
determined by the net asset value of the shares as
reported by the fund.
Dividend income is recorded on the ex-dividend date
and interest is accrued as earned. Realized gains or
losses on the sale of investments are determined
based on historical average cost. Such gains and losses
are computed on a current value basis for Form 5500.
The difference may result in a differing classification
between realized and unrealized, but the total gain
or loss will be unaffected.
United States Savings Bonds are carried at cost
and the interest income on these bonds is not accrued
since these bonds are distributed to the participants
"in kind" and the income accrues directly to
the participants, not to the Plan.
NOTE 2 - DESCRIPTION OF THE PLAN
The purpose of the Plan is to provide employees of
Campbell Soup Company (the "Company") and its
subsidiaries an opportunity to acquire capital stock
of the Company and to encourage them to save part of
their income on a regular basis. Employees at
certain domestic locations of the Company and its
subsidiaries are eligible for participation in
the Plan after one year of service. Employees who are
members of a collective bargaining agreement are
eligible to participate in the Plan only if the agreement
provides for such participation in the Plan. Participation
in the Plan is on a voluntary basis. The Plan is
supervised, administered, and interpreted by an
Administrative Committee comprising one or more
individuals who are appointed by the Board of
Directors of the Company. The Administrative Committee
has appointed First Fidelity Bank, N.A. Pennsylvania
as trustee to manage the assets of the Plan. All
expenses incident to the operation of the Plan have
been paid by the Company.
<PAGE>
CAMPBELL SOUP COMPANY SAVINGS AND STOCK BONUS PLAN
NOTES TO FINANCIAL STATEMENTS
July 31, 1993 and 1992
Participants authorize post-tax payroll deductions
which are contributed to the Plan and credited to their
individual accounts. Contributions are limited to
a maximum of 10% of a participant's earnings, as defined
in the Plan, but not less than $2.00 per payroll
period. For participants covered by collective bargaining
agreements, the maximum contribution is 5% of
earnings. Participants may direct that their contributions
be invested in either government securities, Campbell
Soup Company capital stock, or mutual fund shares.
All Company contributions are directed to Campbell
Soup Company capital stock.
The Company makes contributions in the amount of 50%
(40% if the employee is covered by a collective
bargaining agreement which so provides) of each
participant's contributions up to 5% of the participant's
earnings, but not in excess of $750 annually per
participant. For participants covered by collective
bargaining agreements which so provide, the Company
makes contributions up to 5% of their earnings,
not in excess of $600 annually per participant.
Company contributions are invested in Campbell Soup
Company capital stock.
Participants will always be 100% vested in their
account, and consequently, their entire account is
nonforfeitable. A participant may make a partial with-
drawal from the portion of his/her account represented
by contributions made at least three years prior to
the date of such withdrawal. Also, a participant may
withdraw all of his/her account, including his/her
respective portion of Company contributions. If a
participant withdraws the total value of his/her account,
such participant may not make a contribution to the
Plan for a period of at least six months following
the valuation date of withdrawal.
<PAGE>
CAMPBELL SOUP COMPANY SAVINGS AND STOCK BONUS PLAN
NOTES TO FINANCIAL STATEMENTS
July 31, 1993 and 1992
In the event of Plan termination, each participant will
be entitled to receive a benefit in the amount of
their interest in the Plan, including that portion
attributable to Company contributions.
At July 31, 1993, there were 5,527 participating
employees. Some of these participants have their
accounts invested in more than one investment
category and the following presents the number of
employees under each program:
Discretionary Trust 1
Government Securities 1,042
Mutual Fund 608
Campbell Stock 5,527
The Discretionary Trust is not an available investment
category for participants' contributions made after
March 31, 1977.
NOTE 3 - BENEFIT OBLIGATIONS
The Plan changed its method of accounting for benefit
obligations to participants during fiscal year 1992 to
comply with guidance for accounting and disclosure
by employment benefit plans. Benefit obligations for
persons who have withdrawn from participation in the
Plan are as follows:
(000's omitted)
July 31, July 31,
1993 1992
-------- --------
Government Securities $ 142 $ 53
Campbell Stock 903 624
Mutual Fund 70 35
------ ----
$1,115 $712
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<PAGE>
CAMPBELL SOUP COMPANY SAVINGS AND STOCK BONUS PLAN
NOTES TO FINANCIAL STATEMENTS
July 31, 1993 and 1992
NOTE 4 - UNREALIZED APPRECIATION (DEPRECIATION) AND
REALIZED GAINS (LOSSES)
<TABLE>
<CAPTION>
Unrealized appreciation (depreciation) of
investments during the years ended July 31, (000's omitted)
1993, and 1992 is as follows:
Campbell Mutual Discretionary
Stock Fund Trust Total
---------------------------------------------------------------------
<S> <C> <C> <C> <C>
July 31, 1991 $25,027 $466 $3 $25,496
Unrealized appreciation (depreciation) of
investments during the year...................... (1,938) 127 2 (1,809)
Less: Unrealized appreciation
included in payments and withdrawals........ 4,868 633 3 5,504
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July 31, 1992 18,221 (40) 2 18,183
Unrealized appreciation (depreciation) of
investments during the year...................... (1,573) 280 1 (1,292)
Less: Unrealized appreciation (depreciation)
included in payments and withdrawals........ 2,495 (5) 0 2,490
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July 31, 1993 $14,153 $245 $3 $14,401
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</TABLE>
There is no unrealized appreciation (depreciation) in
government securities as these securities are carried
at cost.
For the year ended July 31, 1993, the aggregate historical
costs of securities sold for Campbell Stock and
Mutual Fund were $151,148, and $61,442, respectively,
and the aggregate proceeds for those securities
sold were $375,358 and $65,057, respectively.
NOTE 5 - FEDERAL INCOME TAXES
Tax determination letters have been received for the
Plan and Plan amendments indicating it is a qualified
plan under Section 401 of the Internal Revenue Code.
Accordingly, no provision has been made for
federal or state income taxes. The Company has
represented that the Plan has been administered in
accordance with all provisions of the Code and the
Employee Retirement Income Security Act of 1974
("ERISA") and will be amended and/or restated as
necessary to ensure that it remains in compliance with
the current laws.
<PAGE>
EXHIBIT 1
CAMPBELL SOUP COMPANY SAVINGS AND STOCK BONUS PLAN
Item 27a Form 5500
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
-----------------------------------------------
July 31, 1993
<TABLE>
<CAPTION>
(000's omitted)
Principal amount or Market
number of shares / units Cost value(a)
------------------------------------------------------
<S> <C> <C> <C>
CAMPBELL STOCK
Campbell Soup Company Stock, $35.875/sh........ 793,637 shares $14,319 $28,472
Lexicon Cash Management
Short-term Investment fund................ 9,146 units 9 9
----------------------
$14,328 $28,481
======================
MUTUAL FUND
Vanguard Windsor Fund, $ 14.29/sh.............. 189,420 shares $2,462 $2,707
Lexicon Cash Management
Short-term Investment fund................ 5,000 units 5 5
----------------------
$2,467 $2,712
======================
GOVERNMENT SECURITIES
$75 U.S. Savings Bonds......................... 23,718 bonds $890 $890(b)
$100 U.S. Savings Bonds........................ 37,527 bonds 1,876 1,876(b)
Lexicon Cash Management
Short-term Investment fund................ 16,410 units 16 16
----------------------
$2,782 $2,782
======================
DISCRETIONARY TRUST
Lexicon Capital Appreciation
Equity fund............................... 2,345 units $23 $26
Lexicon Cash Management
Short-term Investment fund................ 19,530 units 20 20
----------------------
$43 $46
======================
</TABLE>
(a) Market value of mutual fund shares is equal to the net asset value of the
shares reported by the fund. Market value is determined by the July 31,
1993 closing sales prices or, in the absence of recorded sales, closing bid
prices on the exchange on which the security is primarily traded or, if not
traded on an exchange, on the over-the-counter market.
(b) United States Savings Bonds are carried at cost.
<PAGE>
EXHIBIT 2
CAMPBELL SOUP COMPANY SAVINGS AND STOCK BONUS PLAN
Item 27d Form 5500
SCHEDULE OF REPORTABLE TRANSACTIONS*
-----------------------------------
Year ended July 31, 1993
<TABLE>
<CAPTION>
Party Number of Number of Dollar value Dollar value Cost of Current Value on Gain on
Involved Description purchases sales of purchases of sales Assets Sold Transaction Date disposition
-------- ----------- --------- --------- ------------ ----------- ----------- ---------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
First Fidelity Bank, N.A. Lexicon Cash 210 116 $9,908,458 $9,918,828 $9,918,828 $9,918,828 $0
Management Fund
First Fidelity Bank, N.A. Campbell Stock - 36 3 $4,688,406 $375,358 $329,574 $375,358 $45,784
Common
</TABLE>
* Series of transactions in excess of 5% of the current value of the Plan's
assets as of August 1, 1992 as defined in Section 2520.103-6 of the
Department of Labor Rules and Regulations for Reporting and Disclosure under
ERISA.
<PAGE>
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the Administrative Committee has duly caused this annual report to be
signed on its behalf by the undersigned hereunto duly authorized.
CAMPBELL SOUP COMPANY EMPLOYEE
SAVINGS AND STOCK BONUS PLAN
By /S/ Brenda E. Edgerton
-------------------------
Brenda E. Edgerton,
Member of the
Administrative Committee
Date: January 19, 1994
<PAGE>
<PAGE>
INDEX OF EXHIBITS
Exhibit Page
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I - Consent of Independent Accountants 14
<PAGE>
<PAGE>
Consent of Independent Accountants
We hereby consent to the incorporation by reference in the Prospectus
constituting part of the Registration Statement on Form S-8 (No. 33-14009) of
Campbell Soup Company of our report dated October 15, 1993 appearing on page 2
of this Form 11-K.
PRICE WATERHOUSE
Thirty South Seventeenth Street
Philadelphia, PA 19103
January 10, 1994
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