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SUBSEQUENT EVENT | 3 Months Ended
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Jan. 24, 2021
Subsequent Events [Abstract] |
SUBSEQUENT EVENT | SUBSEQUENT EVENT On February 10, 2021, subsequent to the end of the first quarter, the Company announced that it has entered into a definitive agreement to acquire the Planters® snack nuts portfolio from the Kraft Heinz Company. The proposed transaction is expected to close in calendar Q2 2021, subject to regulatory review and approval. The acquisition includes the Planters®, NUT-rition®, Planters® Cheez Balls and Corn Nuts® brands. The purchase price is $3.35 billion, subject to customary adjustments. The transaction is expected to provide a tax benefit valued at approximately $560 million. Planters® is an iconic leading snack brand and this acquisition will allow the Company to significantly expand its presence in the growing snacking space. The Planters® brand will complement the Company’s snacking portfolio and broaden the scope for future acquisitions in this space. The transaction is expected to be funded from the Company’s cash on hand and a combination of long- and short-term debt.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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