PROCTER & GAMBLE Co | 2013 | FY | 3


NOTE 13
DISCONTINUED OPERATIONS
In fiscal 2012, the Company completed the divestiture of our global snacks business to The Kellogg Company (Kellogg) for $2.7 billion of cash. Under the terms of the agreement, Kellogg acquired our branded snacks products, our manufacturing facilities in Belgium and the United States and the majority of the employees working on the snacks business. The Company recorded an after-tax gain on the transaction of $1.4 billion, which is included in net earnings from discontinued operations in the Consolidated Statement of Earnings for the year ended June 30, 2012.
The snacks business had historically been part of the Company's Snacks and Pet Care reportable segment. In accordance with the applicable accounting guidance for the disposal of long-lived assets, the results of the snacks business are presented as discontinued operations and, as such, have been excluded from both continuing operations and segment results for all years presented.
Following is selected financial information included in net earnings from discontinued operations for the snacks business:
 
 
Net sales

 
Earnings from discontinued operations

 
Income tax expense

 
Gain on sale of discontinued operations

 
Income tax benefit/(expense) on sale

 
Net earnings from discontinued operations

Snacks
2013
$

 
$

 
$

 
$

 
$

 
$

 
2012
1,440

 
266

 
(96
)
 
1,899

 
(482
)
 
1,587

 
2011
1,455

 
322

 
(93
)
 

 

 
229


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