DIVESTITURES AND ASSETS HELD FOR SALE

12 Months Ended

May 25, 2025

Discontinued Operations and Disposal Groups [Abstract]

DIVESTITURES AND ASSETS HELD FOR SALE

7. DIVESTITURES AND ASSETS HELD FOR SALE

Chef Boyardee^® Business

During the fourth quarter of fiscal 2025, we entered into a definitive agreement to sell our Chef Boyardee^® business, which is reflected in our Grocery & Snacks, International, and Foodservice segments. On June 3, 2025, subsequent to the end of fiscal 2025, we completed the sale of this business for net proceeds of $601.2 million, subject to final working capital adjustments.

In connection with the sale, the Company entered into a transition services agreement (“TSA”) with Hometown Food Company, under which the Company will provide certain services to help facilitate an orderly transition of the businesses following the sale. In return for these services, Hometown Food Company is required to pay certain agreed upon fees that are designed to reimburse the Company for certain costs incurred by the Company in providing such services. The TSA provides for a term of services starting at the sale completion date and continuing for a period of up to 12 months.

The assets and liabilities related to our Chef Boyardee^® business have been reclassified as assets and liabilities held for sale within our Consolidated Balance Sheets for all periods presented. The assets and liabilities related to our Chef Boyardee^® business classified as held for sale reflected in our Consolidated Balance Sheets were as follows:

		May 25, 2025		May 26, 2024
Current assets	$	69.2	$	61.8
Noncurrent assets (including goodwill of $230.4 million)		488.8		490.1
Current liabilities		2.7		2.7
Noncurrent liabilities		0.2		2.9

Frozen Fish Business

On June 5, 2025, subsequent to the end of fiscal 2025, we entered into a definitive agreement to sell our frozen fish business, which includes our Van De Kamp’s^® and Mrs. Paul’s^® brands. This business is reflected primarily in our Refrigerated & Frozen segment. We completed the sale of this business on June 30, 2025 for net proceeds of $42.4 million, subject to final working capital adjustments. In connection with the sale of this business, we recognized an impairment charge of $27.2 million in our Refrigerated & Frozen segment within loss on divestitures during fiscal 2025. The Company entered into a transition services agreement with High Liner Foods for a term of services starting at the sale completion date and continuing for a period of up to 9 months.

The assets related to our frozen fish business have been reclassified as assets held for sale within our Consolidated Balance Sheets for all periods presented. The assets related to our frozen fish business classified as held for sale reflected in our Consolidated Balance Sheets were as follows:  

		May 25, 2025		May 26, 2024
Current assets	$	24.9	$	39.7
Noncurrent assets (including goodwill of $17.1 million and $26.4 million, respectively)		18.6		45.9

Agro Tech Foods Limited Divestiture

During the first quarter of fiscal 2025, we completed the sale of our 51.8% ownership stake in Agro Tech Foods Limited (“ATFL”) for net proceeds of $76.8 million. Prior to the transaction, our majority ownership of ATFL was consolidated within our International segment. We recognized a loss of $2.3 million on the sale within loss on divestitures in the first quarter of fiscal 2025. In connection with this divestiture, we also released $41.8 million and $38.0 million of currency translation losses from accumulated other comprehensive loss and noncontrolling interests, respectively. During fiscal 2024, we recognized impairment charges of $36.4 million within loss on divestitures related to this business.

The assets and liabilities related to ATFL have been reclassified as assets and liabilities held for sale within our Consolidated Balance Sheet for the period presented prior to the divestiture. The assets and liabilities related to ATFL classified as held for sale reflected in our Consolidated Balance Sheet were as follows:

		May 26, 2024
Current assets	$	32.0
Noncurrent assets (including goodwill of $46.4 million)		89.2
Current liabilities		14.8
Noncurrent liabilities		1.9

Other Assets Held for Sale

As a result of management’s decision to exit a certain manufacturing facility and related warehouse in our Refrigerated & Frozen segment in fiscal 2024, we began to actively market these assets during fiscal 2025. We currently anticipate entering into a definitive agreement to sell these assets in the next twelve months. Accordingly, these assets have been reclassified as assets held for sale within our Consolidated Balance Sheets for all periods presented.

In addition, we actively market certain other assets from time to time. These assets have also been reclassified as assets held for sale within our Consolidated Balance Sheets for periods prior to the disposal of the individual asset groups.

The other assets currently classified as noncurrent assets held for sale in our Consolidated Balance Sheets were $25.6 million and $25.8 million as of May 25, 2025 and May 26, 2024, respectively.