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DIVESTITURES AND ASSETS HELD FOR SALE | 3 Months Ended
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Aug. 25, 2019
Discontinued Operations And Disposal Groups [Abstract] |
DIVESTITURES AND ASSETS HELD FOR SALE | 3. DIVESTITURES AND ASSETS HELD FOR SALE DSD Snacks Business On September 11, 2019, subsequent to the end of the first quarter of fiscal 2020, we entered into a definitive agreement to sell our direct store delivery (“DSD”) snacks business, which is part of our Grocery & Snacks segment. The purchase price under the agreement is $140.0 million in expected cash proceeds, subject to final working capital adjustments. The transaction is subject to customary closing conditions and is expected to be completed before the end of the calendar year. In connection with the pending sale of our DSD snacks business, we recognized an impairment charge of $31.4 million within selling, general and administrative (“SG&A”) expenses in the first quarter of fiscal 2020. The assets and liabilities classified as held for sale reflected in our Condensed Consolidated Balance Sheets related to the DSD snacks business were as follows:
|  | August 25, 2019 |  |  | May 26, 2019 |
Current assets |  | $ | 21.4 |  |  | $ | 21.4 |
Noncurrent assets (including goodwill of $3.2 million and $34.6 million, respectively) |  |  | 131.2 |  |  |  | 156.2 |
Current liabilities |  |  | 7.0 |  |  |  | 4.6 |
Noncurrent liabilities |  |  | 5.6 |  |  |  | — |
Other Divestitures During the fourth quarter of fiscal 2019, we completed the sale of our Italian-based frozen pasta business, Gelit, for proceeds net of cash divested of $77.5 million, subject to final working capital adjustments. The business results were previously reported in our Refrigerated & Frozen segment. During the fourth quarter of fiscal 2019, we completed the sale of our Wesson® oil business for net proceeds of $168.3 million, including working capital adjustments. The business results were previously reported primarily in our Grocery & Snacks segment, and to a lesser extent within the Foodservice and International segments. During the first quarter of fiscal 2019, we completed the sale of our Del Monte® processed fruit and vegetable business in Canada, which was previously reported in our International segment, for combined proceeds of $32.2 million. We recognized a gain on the sale of $13.2 million, included within SG&A expenses. Other Assets Held for Sale In August 2019, we initiated a plan to sell a production facility and certain equipment within our Grocery & Snacks segment. These assets have been reclassified as assets held for sale within our Condensed Consolidated Balance Sheets for all periods presented. In connection with this planned divestiture, we recognized an impairment charge of $11.9 million within SG&A expenses in the first quarter of fiscal 2020. This expense has been included in restructuring activities. 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 assets classified as held for sale reflected in our Condensed Consolidated Balance Sheets were as follows:
|  | August 25, 2019 |  |  | May 26, 2019 |
Current assets |  | $ | 1.2 |  |  | $ | 0.9 |
Noncurrent assets (including goodwill of $4.9 million at May 26, 2019) |  |  | 19.8 |  |  |  | 32.4 |

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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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