Discontinued Operations (Tables)

6 Months Ended

Jun. 01, 2025

Discontinued Operations and Disposal Groups [Abstract]

Assets and Liabilities Held for Sale

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

	June 1, 2025		December 1, 2024
	(Dollars in millions)
Current Assets:
Inventories	$	105.3	$	108.1
Total current assets held for sale	105.3		108.1
Property, plant and equipment, net	8.6		11.3
Operating lease right-of-use assets, net	13.1		23.6
Total non-current assets held for sale	21.7		34.9
Total assets held for sale	$	127.0	$	143.0
Current Liabilities:
Short-term operating lease liabilities	$	3.7	$	5.9
Total current liabilities held for sale	3.7		5.9
Long-term operating lease liabilities	7.3		17.5
Total long-term liabilities held for sale	7.3		17.5
Total liabilities held for sale	$	11.0	$	23.4

The following table presents the results of discontinued operations:

	Three Months Ended				Six Months Ended
	June 1, 2025		May 26, 2024		June 1, 2025		May 26, 2024
	(Dollars in millions)
Net revenues	$	71.8	$	82.4	$	139.2	$	159.8
Cost of goods sold	37.3		43.1		68.3		83.8
Gross profit	34.5		39.3		70.9		76.0
Selling, general and administrative expenses	44.1		38.3		85.6		72.9
Restructuring charges, net(1)	6.5		—		8.3		3.1
Net income (loss) from discontinued operations before income taxes	(16.1)		1.0		(23.0)		—
Income tax expense (benefit)	(3.5)		0.2		(5.2)		—
Net income (loss) from discontinued operations, net of taxes	$	(12.6)	$	0.8	$	(17.8)	$	—

____________

(1)Restructuring charges, net amounts previously attributable to corporate expenses were reported as discontinued operations for the six months ended May 26, 2024.

Results of Discontinued Operations

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

	June 1, 2025		December 1, 2024
	(Dollars in millions)
Current Assets:
Inventories	$	105.3	$	108.1
Total current assets held for sale	105.3		108.1
Property, plant and equipment, net	8.6		11.3
Operating lease right-of-use assets, net	13.1		23.6
Total non-current assets held for sale	21.7		34.9
Total assets held for sale	$	127.0	$	143.0
Current Liabilities:
Short-term operating lease liabilities	$	3.7	$	5.9
Total current liabilities held for sale	3.7		5.9
Long-term operating lease liabilities	7.3		17.5
Total long-term liabilities held for sale	7.3		17.5
Total liabilities held for sale	$	11.0	$	23.4

The following table presents the results of discontinued operations:

	Three Months Ended				Six Months Ended
	June 1, 2025		May 26, 2024		June 1, 2025		May 26, 2024
	(Dollars in millions)
Net revenues	$	71.8	$	82.4	$	139.2	$	159.8
Cost of goods sold	37.3		43.1		68.3		83.8
Gross profit	34.5		39.3		70.9		76.0
Selling, general and administrative expenses	44.1		38.3		85.6		72.9
Restructuring charges, net(1)	6.5		—		8.3		3.1
Net income (loss) from discontinued operations before income taxes	(16.1)		1.0		(23.0)		—
Income tax expense (benefit)	(3.5)		0.2		(5.2)		—
Net income (loss) from discontinued operations, net of taxes	$	(12.6)	$	0.8	$	(17.8)	$	—

____________

(1)Restructuring charges, net amounts previously attributable to corporate expenses were reported as discontinued operations for the six months ended May 26, 2024.