Divestitures and held for sale

6 Months Ended

Jun. 29, 2019

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Divestitures and held for sale

On March 31, 2019, the Company entered into a definitive agreement to sell selected cookies, fruit and fruit-flavored snacks, pie crusts, and ice cream cones businesses to Ferrero International S.A. (Ferrero) for approximately $1.3 billion in cash, subject to a working capital adjustment mechanism.  Both the total assets and net assets of the businesses, including a targeted working capital amount is estimated to be approximately $1.3 billion, and is expected to result in an immaterial pre-tax gain when recognized upon closing.

The net assets and liabilities of these businesses were classified as held for sale during the second quarter of 2019. The following table presents the major classes of assets and liabilities classified as held for sale on the Consolidated Balance Sheet as of June 29, 2019:

(millions)	June 29, 2019
Inventory and other assets	$	112
Total current assets	112
Property and equipment	227
Goodwill and intangible assets	956
Operating lease right-of-use assets	5
Total noncurrent assets	1,188
Total assets	$	1,300
Current operating lease liabilities	$	1
Total current liabilities	1
Operating lease liabilities	4
Total liabilities	$	5