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ACQUISITIONS AND DIVESTITURES | 3 Months Ended
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Aug. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
ACQUISITIONS AND DIVESTITURES |
NOTE 13 — ACQUISITIONS AND DIVESTITURES
During the fourth quarter of fiscal 2022, the Company entered into separate definitive agreements to sell its entities in Argentina and Uruguay, as well as its entity in Chile, to third-party distributors. The related assets and liabilities of these entities within the Company’s APLA operating segment were classified as held-for-sale on the Consolidated Balance Sheets within Prepaid expenses and other current assets and Accrued liabilities, respectively, until the transactions closed. CHILE During the first quarter of fiscal 2023, the sale of the Company’s entity in Chile to a third-party distributor was completed. The impacts from the transaction were not material to the Company’s Unaudited Condensed Consolidated Financial Statements. ARGENTINA AND URUGUAY As of August 31, 2022, held-for-sale assets were $99 million, primarily consisting of $38 million of Inventories and $23 million of Accounts receivable, net; held-for-sale liabilities were $33 million. Additionally, the Company has recognized cumulative expected net losses of $389 million within Other (income) expense, net, classified within Corporate, and a corresponding allowance within Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets. A majority of these losses were recognized in fiscal 2020 upon meeting the held-for-sale criteria and are largely due to the anticipated release of the cumulative net foreign currency translation losses. As of May 31, 2022, held-for-sale assets were $100 million, primarily consisting of $37 million of Inventories and $31 million of Accounts receivable, net; held-for-sale liabilities were $37 million. Subsequent to the end of the first quarter of fiscal 2023, the sale of the Company’s entities in Argentina and Uruguay to a third-party distributor was completed. The net loss on the sale of these entities totaled approximately $550 million, $389 million of which was recognized by the Company in prior periods. Upon completion of the sale, the remaining loss, primarily due to the devaluation of the local currency and cash equivalents included in the transfer of assets, will be recognized in the second quarter of fiscal 2023 within Other (income) expense, net, classified within Corporate.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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