CAMPBELL'S Co — Annual Report 1994

Jan 20, 1994

=============================================================================== 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 =============================================================================== This Form 11-K contains 14 pages including exhibits. An index to exhibits is on page 13. 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 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)

The accompanying notes are an integral part of these financial statements. 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)

The accompanying notes are an integral part of these financial statements. 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)

The accompanying notes are an integral part of these financial statements. 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)

The accompanying notes are an integral part of these financial statements. 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. 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. 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 ====== ==== 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)

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. EXHIBIT 1 CAMPBELL SOUP COMPANY SAVINGS AND STOCK BONUS PLAN Item 27a Form 5500 SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES ----------------------------------------------- July 31, 1993

(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. EXHIBIT 2 CAMPBELL SOUP COMPANY SAVINGS AND STOCK BONUS PLAN Item 27d Form 5500 SCHEDULE OF REPORTABLE TRANSACTIONS* ----------------------------------- Year ended July 31, 1993

• 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. 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