Payments of debt issuance costs

  
CAMPBELL SOUP COMPANYConsolidated Statements of Cash Flows(millions)

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | 2022 |  | 2021 |  | 2020 |
|  | 52 weeks |  | 52 weeks |  | 53 weeks |
| Cash flows from operating activities: |  |  |  |  |  |
| Net earnings | $ | 757  |  |  | $ | 1,002  |  |  | $ | 1,628  |  |
| Adjustments to reconcile net earnings to operating cash flow |  |  |  |  |  |
|  |  |  |  |  |  |
| Restructuring charges | 5  |  |  | 21  |  |  | 9  |  |
| Stock-based compensation | 59  |  |  | 64  |  |  | 61  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
| Pension and postretirement benefit expense (income) | (7) |  |  | (267) |  |  | 93  |  |
| Depreciation and amortization | 337  |  |  | 317  |  |  | 328  |  |
| Deferred income taxes | 21  |  |  | 137  |  |  | (6) |  |
| Net loss (gain) on sales of businesses | —  |  |  | 11  |  |  | (975) |  |
| Loss on extinguishment of debt | 4  |  |  | —  |  |  | 75  |  |
| Investment losses | —  |  |  | —  |  |  | 49  |  |
| Other | 88  |  |  | 86  |  |  | 101  |  |
| Changes in working capital, net of divestitures |  |  |  |  |  |
| Accounts receivable | 48  |  |  | (20) |  |  | (30) |  |
| Inventories | (314) |  |  | (77) |  |  | (20) |  |
| Other current assets | 25  |  |  | (28) |  |  | (3) |  |
| Accounts payable and accrued liabilities | 200  |  |  | (164) |  |  | 145  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
| Other | (42) |  |  | (47) |  |  | (59) |  |
| Net cash provided by operating activities | 1,181  |  |  | 1,035  |  |  | 1,396  |  |
| Cash flows from investing activities: |  |  |  |  |  |
| Purchases of plant assets | (242) |  |  | (275) |  |  | (299) |  |
|  |  |  |  |  |  |
| Purchases of route businesses | (1) |  |  | (2) |  |  | (11) |  |
| Sales of route businesses | 2  |  |  | 10  |  |  | 11  |  |
|  |  |  |  |  |  |
| Sales of businesses, net of cash divested | —  |  |  | 101  |  |  | 2,537  |  |
| Proceeds from sale of investment | —  |  |  | —  |  |  | 30  |  |
| Other | 11  |  |  | 8  |  |  | 4  |  |
| Net cash provided by (used in) investing activities | (230) |  |  | (158) |  |  | 2,272  |  |
| Cash flows from financing activities: |  |  |  |  |  |
| Short-term borrowings, including commercial paper and revolving line of credit | 1,173  |  |  | 320  |  |  | 5,617  |  |
| Short-term repayments, including commercial paper and revolving line of credit | (997) |  |  | (580) |  |  | (6,909) |  |
| Long-term borrowings | —  |  |  | —  |  |  | 1,000  |  |
| Long-term repayments | —  |  |  | (921) |  |  | (499) |  |
|  |  |  |  |  |  |
| Dividends paid | (451) |  |  | (439) |  |  | (426) |  |
| Treasury stock purchases | (167) |  |  | (36) |  |  | —  |  |
| Treasury stock issuances | 3  |  |  | 2  |  |  | 23  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
| Payments related to tax withholding for stock-based compensation | (18) |  |  | (15) |  |  | (12) |  |
| Payments related to extinguishment of debt | (453) |  |  | —  |  |  | (1,769) |  |
|  |  |  |  |  |  |
| Payments of debt issuance costs | —  |  |  | —  |  |  | (12) |  |
|  |  |  |  |  |  |
| Net cash used in financing activities | (910) |  |  | (1,669) |  |  | (2,987) |  |
| Effect of exchange rate changes on cash | (1) |  |  | 2  |  |  | (1) |  |
| Net change in cash and cash equivalents | 40  |  |  | (790) |  |  | 680  |  |
| Cash and cash equivalents — beginning of period (including discontinued operations) | 69  |  |  | 859  |  |  | 179  |  |
| Less cash and cash equivalents discontinued operations - end of period | —  |  |  | —  |  |  | —  |  |
| Cash and cash equivalents — end of period | $ | 109  |  |  | $ | 69  |  |  | $ | 859  |  |

See accompanying Notes to Consolidated Financial Statements.  
39 
