Subsequent Events

12 Months Ended

Dec. 26, 2025

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On January 15, 2026, we were selected as the successful bidder by the United States Bankruptcy Court for the District of New Jersey (the “Court”) to acquire select assets of Del Monte Foods Corporation II Inc. and its affiliates (“Del Monte Foods”) for approximately $285 million plus the assumption of certain liabilities following a court-supervised bankruptcy auction process under Section 363 of the U.S. Bankruptcy Code. The Court subsequently approved the sale order and execution of an Asset Purchase Agreement (“APA”) on February 6, 2026. Under the APA, we will acquire i) the prepared and packaged foods businesses of Del Monte Foods comprising canned vegetable, tomato, and refrigerated fruit business assets operated under the Del Monte®, S&W®, Contadina®, Take Root Organics® trademarks, (ii) the bubble tea business operated under the Joyba® trademarks, (iii) four US facilities, two facilities in Mexico, and one facility in Venezuela and (iv) global ownership of the Del Monte® brand, which is subject to existing licensing arrangements across different regions and categories (the “Acquisition”). The APA also provides for the assumption of customer and supplier contracts as defined in the APA, as well as inventory at closing to help support uninterrupted service to the existing customer base. The Acquisition, which we expect to close during the first quarter of 2026, remains subject to regulatory clearances, including under the Hart-Scott-Rodino Act, and other customary closing conditions.