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HELD FOR SALE AND DISPOSAL OF BUSINESS | 6 Months Ended
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Aug. 18, 2018
HELD FOR SALE AND DISPOSAL OF BUSINESS |
HELD FOR SALE AND DISPOSAL OF BUSINESS | 11.HELD FOR SALE AND DISPOSAL OF BUSINESS During the second quarter of 2018, the Company announced that as a result of a review of its assets, the Company has decided to explore strategic alternatives for its Turkey Hill Dairy business, including a potential sale. At August 18, 2018, certain assets and liabilities, primarily those related to the Company’s Turkey Hill Dairy business, were classified as held for sale in the Consolidated Balance Sheet. The Company expects to complete the sale of these disposal groups within the next year. The business classified as held for sale will not be reported as discontinued operations as the dispositions do not represent a strategic shift that will have a major effect on the Company’s operations and financial results. The following table presents information related to the major classes of assets and liabilities that were classified as assets and liabilities held for sale in the Consolidated Balance Sheet as of August 18, 2018:
|  | August 18,
(In millions) |  | 2018
Assets held for sale: |  |  |
Cash and temporary cash investments |  | $ | 1
Receivables |  |  | 77
FIFO inventory |  |  | 22
LIFO reserve |  |  | (1)
Prepaid and other current assets |  |  | 5
Property, plant and equipment, net |  |  | 74
Goodwill |  |  | 1
Total assets held for sale |  | $ | 179
Liabilities held for sale: |  |  |
Trade accounts payable |  | $ | 34
Accrued salaries and wages |  |  | 7
Other current liabilities |  |  | 19
Total liabilities held for sale |  | $ | 60
Certain assets and liabilities, primarily those related to the Company’s convenience store business unit, were classified as held for sale in the Consolidated Balance Sheets beginning in the third quarter of 2017. On April 20,2018, the Company completed the sale of its convenience store business unit for $2,169. The Company recognized a net gain on this sale for $1,782, $1,360 net of tax in the first two quarters of 2018. The Company used the proceeds from the sale of the convenience store business unit to pay down outstanding commercial paper borrowings and fund an accelerated stock repurchase (“ASR”) program. The Company entered and funded a $1,200 ASR program on April 20, 2018. The final delivery under the ASR program occurred during the second quarter of 2018, which included the settlement of the remaining 2.3 Kroger common shares. In total, the Company invested $1,200 to repurchase 46.3 Kroger common shares at an average price of $25.91 per share.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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