Discontinued Operations (Tables)

3 Months Ended

Mar. 02, 2025

Discontinued Operations and Disposal Groups [Abstract]

Assets and Liabilities Held for Sale

The following table presents the assets and liabilities held for sale:

	March 2, 2025		December 1, 2024
	(Dollars in millions)
Current Assets:
Inventories	$	107.7	$	108.1
Total current assets held for sale	107.7		108.1
Property, plant and equipment, net	10.8		11.3
Operating lease right-of-use assets, net	25.1		23.6
Total non-current assets held for sale	35.9		34.9
Total assets held for sale	$	143.6	$	143.0
Current Liabilities:
Short-term operating lease liabilities	$	6.0	$	5.9
Total current liabilities held for sale	6.0		5.9
Long-term operating lease liabilities	18.2		17.5
Total long-term liabilities held for sale	18.2		17.5
Total liabilities held for sale	$	24.2	$	23.4

The following table presents the results of discontinued operations:

	Three Months Ended
	March 2, 2025		February 25, 2024
	(Dollars in millions)
Net revenues	$	67.4	$	77.4
Cost of goods sold	31.0		40.7
Gross profit	36.4		36.7
Selling, general and administrative expenses	41.5		34.6
Restructuring charges, net(1)	1.8		3.1
Net loss from discontinued operations before income taxes	(6.9)		(1.0)
Income tax benefit	(1.7)		(0.2)
Net loss from discontinued operations, net of taxes	$	(5.2)	$	(0.8)

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(1)Restructuring charges, net previously attributable to corporate expenses were reported as discontinued operations for the three months ended February 25, 2024.

Results of Discontinued Operations

The following table presents the assets and liabilities held for sale:

	March 2, 2025		December 1, 2024
	(Dollars in millions)
Current Assets:
Inventories	$	107.7	$	108.1
Total current assets held for sale	107.7		108.1
Property, plant and equipment, net	10.8		11.3
Operating lease right-of-use assets, net	25.1		23.6
Total non-current assets held for sale	35.9		34.9
Total assets held for sale	$	143.6	$	143.0
Current Liabilities:
Short-term operating lease liabilities	$	6.0	$	5.9
Total current liabilities held for sale	6.0		5.9
Long-term operating lease liabilities	18.2		17.5
Total long-term liabilities held for sale	18.2		17.5
Total liabilities held for sale	$	24.2	$	23.4

The following table presents the results of discontinued operations:

	Three Months Ended
	March 2, 2025		February 25, 2024
	(Dollars in millions)
Net revenues	$	67.4	$	77.4
Cost of goods sold	31.0		40.7
Gross profit	36.4		36.7
Selling, general and administrative expenses	41.5		34.6
Restructuring charges, net(1)	1.8		3.1
Net loss from discontinued operations before income taxes	(6.9)		(1.0)
Income tax benefit	(1.7)		(0.2)
Net loss from discontinued operations, net of taxes	$	(5.2)	$	(0.8)

____________

(1)Restructuring charges, net previously attributable to corporate expenses were reported as discontinued operations for the three months ended February 25, 2024.