Discontinued Operations and Disposal Groups

6 Months Ended

Jan. 26, 2025

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure

Divestitures

On August 26, 2024, we sold our Pop Secret popcorn business for $70 million. We recognized a pre-tax loss on the sale of $25 million, or $19 million after tax. In connection with the sale, we will provide certain transition services to support the business.

The business had net sales of $9 million for the six-month period ended January 26, 2025, and $32 million and $61 million for the three- and six-month periods ended January 28, 2024, respectively. Earnings were not material in the periods. The results of the business were reflected within the Snacks reportable segment.

Subsequent to the end of the second quarter, we completed the sale of our noosa yoghurt business on February 24, 2025, for $188 million, subject to certain customary purchase price adjustments. In connection with the sale, we will provide certain transition services to support the business.

The noosa yoghurt business was purchased as part of the Sovos Brands acquisition. In the second quarter of 2025, we recorded $15 million of deferred tax expense related to the sale of the business. Net sales of the business were $39 million and $83 million for the three- and six-month periods ended January 26, 2025, respectively, and $68 million from March 12, 2024 through July 28, 2024. Earnings were not material in the periods. The results of the business are reflected within the Meals & Beverages segment.

The assets and liabilities of the business have been reflected as current Assets of business held for sale and current Liabilities of business held for sale as of January 26, 2025. The assets and liabilities were as follows:

(Millions)	January 26, 2025
Accounts receivable, net	$	15
Inventories	10
Plant assets, net of depreciation	54
Goodwill	65
Other intangible assets, net of amortization	89
Other assets	2
Assets of business held for sale	$	235
Accounts payable	$	13
Accrued liabilities	11
Long-term debt	9
Deferred taxes	19
Other liabilities	2
Liabilities of business held for sale	$	54