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Assets Held for Sale and Discontinued Operations

3 Months Ended

Jan. 31, 2025

Assets Held for Sale and Discontinued Operations

Assets Held for Sale and Discontinued Operations

10.Assets Held for Sale and Discontinued Operations

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In August 2024, we completed the sale of our Fresh Cut business and related real estate for $83 million. The Fresh Cut business represented substantially all the Prepared segment, excluding the retained guacamole business.

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As previously disclosed, the Fresh Cut business was classified as held for sale and discontinued operations in the first quarter of fiscal 2024. In connection with the sale, we recorded a $9.3 million goodwill impairment charge in the quarter ended July 31, 2024, based on the transaction’s sale price.

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The following table summarizes the results of operations of the Fresh Cut business that are being reported as discontinued operations (in thousands):

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​	​	​
​	Three months ended
​	January 31,
​	2024
​	​
Net sales	$	86,413
Cost of sales		85,582
Gross profit		831
Selling, general and administrative		4,496
Operating loss	​	(3,665)
Interest expense	​	(28)
Other income, net		10
Loss from discontinued operations before income taxes and gain on sale	​	(3,683)
Income tax benefit		—
Net loss from discontinued operations	$	(3,683)

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Select cash flow information related to the Fresh Cut business follows (in thousands):

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​	​	​
​	Three months ended
​	January 31,
​	2024
​	​
Net cash used in operating activities	$	(3,028)
Net cash used in investing activities	$	(353)

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- References

No definition available.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/205-20/tableOfContent

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/360/tableOfContent

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