Edgar Filing: CAMPBELL SOUP CO

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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 December 31, 2003


[ ]		Transition Report Pursuant to Section 15(d) of
		the Securities Exchange Act of 1934
		For the transition period from to

Commission File Number 1-3822

A. Full title of the Plan:

Campbell Soup Company Savings Plus Plan
For Salaried Employees

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 17 pages including exhibits. An index of exhibits is on page 16.

Campbell Soup Company
Savings Plus Plan for Salaried Employees
Index to Financial Statements and Additional Information


	Page(s)
Report of Independent Registered Public Accounting Firm		3
Financial Statements
Statements of Net Assets Available for Benefits at December 31, 2003 and 2002		4
Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 2003 and 2002		5
Notes to Financial Statements		6 - 13
Additional Information*
Schedule of Assets (Held at End of Year)		14
CONSENT OF INDEPENDENT REG. PUBLIC ACCOUNTING FIRM

The additional information included is presented for purposes of additional analysis and is not a required part of the basic financial statements but is required by the Employee Retirement Income Security Act of 1974 (“ERISA”). Other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable.

Report of Independent Registered Public Accounting Firm

To the Participants and Administrative Committee of the
Campbell Soup Company Savings Plus Plan
for Salaried Employees

In our opinion, the accompanying statements of net assets available for benefits and the related statements of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of Campbell Soup Company Savings Plus Plan for Salaried Employees (the “Plan”) at December 31, 2003 and 2002, and the changes in net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plan’s management. 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 the standards of the Public Company Accounting Oversight Board (United States). Those standards 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 our opinion.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets (held at end of year) is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audits 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.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
June 23, 2004

Campbell Soup Company
Savings Plus Plan for Salaried Employees

Statements of Net Assets Available for Benefits
December 31, 2003 and 2002
(in thousands)


	2003		2002
Interest in Master Trust, at fair value	$	412,029	$	336,435

Net Assets Available for Benefits	$	412,029	$	336,435

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

Campbell Soup Company
Savings Plus Plan for Salaried Employees

Statements of Changes in Net Assets Available for Benefits
for the Years Ended December 31, 2003 and 2002
(in thousands)


	2003			2002
Additions:
Additions in net assets attributed to:
Plan’s share of investment income/(losses) of Master Trust	$	72,203		$	(76,701	)

		72,203			(76,701	)

Contributions:
Employer		6,838			6,620
Participants		25,305			25,664
Transfers in and other additions		94			156

		32,237			32,440

Total additions		104,440			(44,261	)

Deductions:
Deductions for net assets attributed to:
Benefits paid to participants		(28,819	)		(32,200	)
Administrative fees and other deductions		(27	)		(34	)

Total deductions		(28,846	)		(32,234	)

Net increase/(decrease)		75,594			(76,495	)
Net Assets Available for Benefits:
Beginning of year		336,435			412,930

End of year	$	412,029		$	336,435

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

Campbell Soup Company
Savings Plus Plan for Salaried Employees

Notes to Financial Statements
December 31, 2003 and 2002

1.		Description of the Plan

		The following description of the Savings Plus Plan for Salaried Employees (“the Plan”) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

		General

		The Plan is a defined contribution plan covering salaried employees at substantially all domestic locations of Campbell Soup Company (“Company” or “Campbell Soup”) and its subsidiaries and certain other former employees. The Plan participates in the Campbell Soup Company Savings and 401(k) Plans’ Master Trust (the “Master Trust”). Assets are maintained in the Master Trust in the custody of Fidelity Management Trust Company (the “Trustee”). The Master Trust consists of the assets of the Plan and of the other defined contribution plan of the Company within the United States called the Savings Plus Plan for Hourly-Paid Employees.

		The Plan is administered by the Administrative Committee appointed by the Board of Directors of the Company. The Plan is subject to the Employee Retirement Income Security Act of 1974 (“ERISA”).

		Employee Contributions

		Participants authorize payroll deductions that are contributed to the Plan and credited to their individual accounts. Monthly contributions are limited to a 15% pre-tax maximum of a participant’s earnings, as defined by the Internal Revenue Code (“IRC”), with respect to a highly compensated employee or 50% of a participant’s earnings, as defined by the IRC, with respect to a non-highly compensated employee.

		In addition, the total post-tax contribution, when combined with the pre-tax contribution, cannot exceed 15% of a participant’s earnings, as defined by the IRC, with respect to a highly compensated employee or 50% of a participant’s earnings, as defined by the IRC, with respect to a non-highly compensated employee. However, in accordance with the IRC, the amount of a participant’s pre-tax contribution for calendar years 2003 and 2002 was limited to $12,000 and $11,000, respectively. Participants may also rollover distributions from other qualified defined benefit or defined contribution plans into the Plan.

		Employer Contributions

		The Company makes matching contributions in the amount of 50% of all participant contributions up to 5% of the participant’s earnings, as defined by the IRC, beginning after one full year of service. All Company contributions to the Plan are initially invested in the Campbell Soup Company Stock Fund (“Campbell Stock Fund”). Prior to January 1, 2003, these non-participant directed contributions to the Campbell Stock Fund and the related investment earnings could not be transferred to any of the Plan’s other investment funds until the participant’s attainment of age 55 and 10 years of service. Effective January 1, 2003, the Plan was amended to permit participants to transfer all or any portion