2. DIVESTITURES AND ASSETS HELD FOR SALE

Chef Boyardee^® Business

During the first quarter of fiscal 2026, we completed the sale of our Chef Boyardee^® business for net proceeds of $607.0 million, including working capital adjustments. The business results were previously reported in our Grocery & Snacks, International, and Foodservice segments. We recognized a gain on the sale of $42.8 million within Gain on divestitures in the first quarter of fiscal 2026.

Frozen Fish Business

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During the first quarter of fiscal 2026, we completed the sale of our frozen fish business, which includes our Van De Kamp’s^® and Mrs. Paul’s^® brands for net proceeds of $41.9 million, including working capital adjustments. The business results were previously reported primarily in our Refrigerated & Frozen segment. We recognized a loss on the sale of $0.4 million within Gain on divestitures in the first quarter of fiscal 2026.

Other Assets Held for Sale

We actively market certain other assets from time to time. These assets have also been reclassified as assets held for sale within our Condensed Consolidated Balance Sheets for periods prior to the disposal of the individual asset groups.

The related assets classified as held for sale reflected in our Condensed Consolidated Balance Sheets were $13.3 million within Current assets held for sale and $13.0 million within Noncurrent assets held for sale as of August 30, 2026 and May 31, 2026, respectively.