Discontinued Operations

9 Months Ended

May 03, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

On October 28, 2013, we completed the sale of our European simple meals business to Soppa Investments S.à r.l., an affiliate of CVC Capital Partners. The all-cash preliminary sale price was €400, or $548, and was subject to certain post-closing adjustments, which resulted in a $14 reduction of proceeds. We recognized a pre-tax gain of $141 ($72 after tax or $.23 per share) in 2014. We used the proceeds from the sale to pay taxes on the sale, to reduce debt and for other general corporate purposes.

We have reflected the results of the European simple meals business as discontinued operations in the Consolidated Statements of Earnings.

Results of discontinued operations were as follows:

	Nine Months Ended
	April 27, 2014
Net sales	$	137
Gain on sale of the European simple meals business	$	141
Earnings from operations, before taxes	14
Earnings before taxes	$	155
Taxes on earnings	(74		)
Earnings from discontinued operations	$	81