3. Assets and Liabilities Held for Sale

Sunflower Business

On October 11, 2022, the Company completed the sale of 100% of the assets and liabilities of its sunflower business and related roasted snacks operations, for cash consideration of $16.0 million, subject to closing debt and working capital adjustments. The sunflower business operates from three processing facilities located in Minnesota and North Dakota and is reported in the Company's Plant-Based Foods and Beverages operating segment.

As at October 1, 2022, the Company recognized a pre-tax loss of $23.2 million on the classification of the sunflower business as held for sale, including $22.3 million to write down the carrying value of the net assets sold to the fair value of the net proceeds received, and $0.9 million for accrued costs to sell. The loss on classification as held for sale is recorded in other expense, net, on the consolidated statements of operations for the quarter and three quarters ended October 1, 2022. The assets and liabilities of the sunflower business have been reclassified and reported as held for sale on the consolidated balance sheet as at October 1, 2022, as follows:

	October 1, 2022
	$
Accounts receivable	9,377
Inventories	14,247
Other current assets	109
Property, plant and equipment, net	10,328
Operating lease right-of-use assets	1,834
Intangible assets, net	2,512
Write-down on classification as held for sale	(22,256	)
Total assets held for sale	16,151

Accounts payable and accrued liabilities	4,591
Operating lease liabilities	2,414
Total liabilities held for sale	7,005

The disposal of the sunflower business does not have a major effect on the Company’s operations or financial results and, therefore, does not qualify for presentation as discontinued operations on a standalone basis. Revenues and earnings (loss) before income taxes of the sunflower business for the periods ended October 1, 2022 and October 2, 2021 were as follows:

	Quarter ended				Three quarters ended
	October 1, 2022		October 2, 2021		October 1, 2022	October 2, 2021
	$		$		$	$
Revenues	17,309		16,102		55,774	48,510
Earnings (loss) before income taxes⁽¹⁾	(514	)	(20	)	1,025	1,230

(1) For the quarter and three quarters ended October 1, 2022, excludes the loss on classification as held for sale. In addition, for all periods presented, excludes the allocation of corporate costs.