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DISCONTINUED OPERATIONS AND OTHER DIVESTITURES | 6 Months Ended
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Nov. 25, 2018
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS AND OTHER DIVESTITURES | DISCONTINUED OPERATIONS AND OTHER DIVESTITURES Lamb Weston Spinoff On November 9, 2016, we completed the spinoff of our Lamb Weston business (the "Spinoff"). As of such date, we did not beneficially own any equity interest in Lamb Weston and no longer consolidated Lamb Weston into our financial results. In the second quarter and first half of fiscal 2019, we recorded income tax expense of $2.8 million within discontinued operations due to an adjustment of the estimated deductibility of costs related to the Spinoff. In the first half of fiscal 2018, an after-tax loss of $0.2 million ($0.3 million pre-tax loss) related to the Lamb Weston business was included within discontinued operations. We entered into a transition services agreement in connection with the Spinoff and recognized $0.8 million and $2.1 million of income for the performance of services during the second quarter and first half of fiscal 2018, respectively, classified within selling, general and administrative ("SG&A") expenses. Private Brands Operations On February 1, 2016, pursuant to the Stock Purchase Agreement, dated as of November 1, 2015, we completed the disposition of our Private Brands operations to TreeHouse Foods, Inc. In the second quarter and first half of fiscal 2019, we recognized $0.9 million in income within discontinued operations. In the second quarter and first half of fiscal 2018, we recognized income of $0.3 million and $0.2 million, respectively, within discontinued operations. We entered into a transition services agreement with TreeHouse Foods, Inc. and recognized $0.5 million and $2.2 million of income for the performance of services during the second quarter and first half of fiscal 2018, respectively, classified within SG&A expenses. Other Divestitures During the first quarter of fiscal 2019, we completed the sale of our Del Monte® processed fruit and vegetable business in Canada, which is part of our International segment, to Bonduelle Group for combined proceeds of $42.4 million Canadian dollars, which was approximately $32.2 million U.S. dollars at the exchange rates on the date of close and the final settlement of the working capital adjustments. We recognized a gain on the sale of $13.2 million recognized within SG&A expenses. The assets of this business have been reclassified as assets held for sale within our Condensed Consolidated Balance Sheets for periods prior to the divestiture. The assets classified as held for sale reflected in our Condensed Consolidated Balance Sheets related to the Del Monte® processed fruit and vegetable business in Canada were as follows:
| May 27, 2018
Current assets | $ | 6.1 |
Noncurrent assets (including goodwill of $5.8 million) | 11.5 |
On December 18, 2018, subsequent to the end of the second quarter of fiscal 2019, we signed a definitive agreement to sell our Wesson® oil business, which is part of our Grocery & Snacks segment. We expect the transaction to close before the end of fiscal 2019, subject to the satisfaction of customary closing conditions, including the receipt of regulatory approval. We expect to realize net proceeds from the sale of approximately $180.0 million. The assets classified as held for sale reflected in our Condensed Consolidated Balance Sheets related to the Wesson® oil business were as follows:
| November 25, 2018 |  | May 27, 2018
Current assets | $ | 36.6 |  |  | $ | 37.7 |
Noncurrent assets (including goodwill of $74.5 million) | 101.7 |  |  | 101.0 |
In addition, we are actively marketing certain other assets. These assets have been reclassified as assets held for sale within our Condensed Consolidated Balance Sheets for all periods presented. The balance of these assets classified as held for sale was $9.1 million in our Corporate segment at November 25, 2018, and $10.4 million and $14.9 million in our Corporate and Grocery & Snacks segments, respectively, at May 27, 2018.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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