v3.26.1
Acquisition (Tables)
 6 Months Ended
Jun. 26, 2026
Business Combination [Abstract]  
Schedule of pro forma information
The following unaudited pro forma combined financial information presents our results including Del Monte Foods as if the business combination had occurred at the beginning of fiscal year 2025. The unaudited pro forma information is not necessarily indicative of the results that we would have achieved had the Acquisition actually occurred at the beginning of fiscal year 2025, nor does such information purport to be indicative of future financial operating results.

Quarter endedSix months ended
June 26,
2026		June 27,
2025		June 26,
2026		June 27,
2025
Net sales$1,219.1 $1,384.0 $2,432.1 $2,700.4 
Net income (loss)27.2 (28.8)7.9 (55.0)
Net income (loss) attributable to Del Monte Corporation$26.9 $(29.4)$6.9 $(56.4)
Business Combination
The following table provides a reconciliation of cash, cash equivalents, and restricted cash in our Consolidated Balance Sheets, which reconcile to the amounts shown on the Consolidated Statements of Cash Flows:

June 26, 2026December 26, 2025
Cash and cash equivalents$36.1 $35.7 
Restricted cash included in:
Prepaid expenses and other current assets3.5 28.5 
Total cash, cash equivalents and restricted cash$39.6 $64.2 
Business Combination, Recognized Asset Acquired and Liability Assumed
The following table summarizes the fair values of the net assets acquired and liabilities assumed on the Closing Date, inclusive of measurement period adjustments. During the quarter ended June 26, 2026, we recorded measurement period adjustments primarily related to reductions in deferred tax assets of Del Monte Foods Mexico of $5.7 million, recognition of income taxes and other taxes payable based on adjustments to transfer pricing from 2023 through 2025 of $7.3 million, reduction in the retirement benefits obligations of $3.8 million, a $4.6 million reduction in the fair value of property, plant and equipment based on physical counts performed and economic obsolescence identified, and an $14.7 million increase in the fair value of trade names based on revisions of the royalty savings method calculation. These adjustments are based on facts and circumstances which existed, but were not known, as of the acquisition date. We are still finalizing our review of the estimated fair values of the assets acquired and liabilities assumed within the permissible one year measurement period. Accordingly, further measurement period adjustment may be recorded as the valuation procedures are finalized which may result in a change to our fair value allocation.
At March 19, 2026
Assets acquired:
Cash and cash equivalents$1.5 
Trade accounts receivable4.1 
Other accounts receivable14.4 
Inventories(1)
168.0 
Assets held for sale2.5 
Prepaid expenses and other current assets8.6 
Property, plant and equipment (2)
115.5 
Operating lease right-of-use assets4.7 
Deferred income taxes0.1 
Other noncurrent assets0.3 
Trade names74.8 
Liabilities assumed:
Accounts payable and accrued expenses13.2 
Current maturities of debt and finance leases5.4 
Current maturities of operating leases3.3 
Income taxes and other taxes payable13.1 
Long-term debt and finance leases10.7 
Retirement benefits5.5 
Operating leases, less current maturities1.4 
Net assets acquired$341.9 

(1) Includes an inventory valuation step-up of $6.3 million. The preliminary fair value was determined based on level 3 inputs which included the estimated selling price of the inventory, less the remaining estimated costs to sell such inventory at estimated normal profit margin.

(2) Includes $16.1 million of right‑of‑use assets related to the bubble tea business operated under the Joyba® trademark. Based on our decision to discontinue production of Joyba® after the Closing Date, we recorded an impairment of these right-of-use assets during the six months ended June 26, 2026. See Note 5, "Asset Impairment and Other Charges, Net".