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Discontinued Operations
9 Months Ended
Apr. 27, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
Discontinued Operations
On October 28, 2013, the company completed the sale of its European simple meals business to Soppa Investments S.à r.l., an affiliate of CVC Capital Partners, for approximately €400, or $548. The purchase price was subject to certain post-closing adjustments, which resulted in a $14 reduction of proceeds. The company recognized a pre-tax gain of $141 ($72 after tax or $.23 per share) in the nine-month period ended April 27, 2014. The European business included the Erasco and Heisse Tasse soups in Germany; Liebig and Royco soups in France; Devos Lemmens mayonnaise and cold sauces and Royco soups in Belgium; and Blå Band and Isomitta soups and sauces in Sweden. The company used the proceeds from the sale to pay taxes on the sale, reduce debt and for other general corporate purposes.
The company has reflected the results of the European simple meals business as discontinued operations in the Consolidated Statements of Earnings for all periods presented. The business was historically included in the International Simple Meals and Beverages segment.
Results of discontinued operations were as follows:
 
Three Months Ended
 
Nine Months Ended
 
April 27, 2014
 
April 28, 2013
 
April 27, 2014
 
April 28, 2013
Net sales
$

 
$
132

 
$
137

 
$
434

 
 
 
 
 
 
 
 
Earnings before taxes
$

 
$
15

 
$
14

 
$
56

Taxes on earnings

 
3

 
5

 
12

Gain on sale

 

 
141

 

Tax impact of gain on sale

 

 
69

 

Earnings from discontinued operations
$

 
$
12

 
$
81

 
$
44


The assets and liabilities of the business have been reflected in assets and liabilities held for sale in the Consolidated Balance Sheet as of July 28, 2013, and are comprised of the following:
 
 
July 28,
 2013
Cash
 
$
68

Accounts receivable
 
54

Inventories
 
68

Prepaid expenses
 
3

Current assets
 
$
193

 
 
 
Plant assets
 
$
98

Goodwill
 
110

Intangible assets
 
150

Other assets
 
35

Non-current assets
 
$
393

 
 
 
Accounts payable
 
$
60

Accrued liabilities
 
54

Current liabilities
 
$
114

 
 
 
Non-current pension obligation
 
$
11

Other liabilities
 
11

Non-current liabilities
 
$
22