Discontinued Operations and Disposal Groups

9 Months Ended

Apr. 27, 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 are providing certain transition services to support the business.

The business had net sales of $9 million for the nine-month period ended April 27, 2025, and $30 million and $91 million for the three- and nine-month periods ended April 28, 2024, respectively. Earnings were not material in the periods. The results of the business were reflected within the Snacks reportable segment.

We entered into an agreement to sell our noosa yoghurt business in November 2024. The noosa yoghurt business was purchased as part of the Sovos Brands acquisition. In the second quarter of 2025, we recorded $15 million of tax expense related to the sale of the business. We completed the sale on February 24, 2025, for $188 million, subject to certain customary purchase price adjustments. The after-tax loss recorded on the sale was $15 million, which is subject to the finalization of the purchase price adjustments. In connection with the sale, we are providing certain transition services to support the business.

Net sales of the business were $16 million and $99 million for the three- and nine-month periods ended April 27, 2025, respectively. Net sales of the business were $21 million and $68 million from March 12, 2024 through April 28, 2024 and July 28, 2024, respectively. Earnings were not material in the periods. The results of the business were reflected within the Meals & Beverages segment.