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DIVESTITURES AND ASSETS HELD FOR SALE | 9 Months Ended
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Feb. 23, 2020
Discontinued Operations And Disposal Groups [Abstract] |
DIVESTITURES AND ASSETS HELD FOR SALE | 3. DIVESTITURES AND ASSETS HELD FOR SALE Lender's® Bagel Business During the third quarter of fiscal 2020, we completed the sale of our Lender's® bagel business for net proceeds of $33.2 million, subject to final working capital adjustments. The business results were previously reported primarily in our Refrigerated & Frozen segment, and to a lesser extent within our Foodservice segment. In connection with the pending sale of our Lender's® bagel business, we recognized an impairment charge of $27.6 million within selling, general and administrative ("SG&A") expenses in the second quarter of fiscal 2020. The assets and liabilities classified as held for sale reflected in our Condensed Consolidated Balance Sheets related to the Lender's® bagel business were as follows:
|  | May 26, 2019 |
Current assets |  | $ | 5.4 |
Noncurrent assets (including goodwill of $19.3 million) |  |  | 62.3 |
Current liabilities |  |  | 0.5 |
DSD Snacks Business During the second quarter of fiscal 2020, we completed the sale of our Direct Store Delivery ("DSD") Snacks business for net proceeds of $139.0 million, subject to final working capital adjustments. The business results were previously reported in our Grocery & Snacks segment. In connection with the pending sale of our DSD Snacks business, we recognized an impairment charge of $31.4 million within 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 Sheet related to the DSD Snacks business were as follows:
|  | May 26, 2019 |
Current assets |  | $ | 21.4 |
Noncurrent assets (including goodwill of $34.6 million) |  |  | 156.2 |
Current liabilities |  |  | 4.6 |
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 $80.1 million, including 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 our 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 During the third quarter of fiscal 2020, we completed the sale of our peanut butter manufacturing facility in Streator, Illinois. The sale was part of a broader initiative to optimize the Company's peanut butter business, which also included the decision to exit the manufacture and sale of private label peanut butter. The business results were previously reported primarily in our Grocery & Snacks segment, and to a lesser extent within our Foodservice segment. We received net proceeds of $20.1 million, with additional expected proceeds of approximately $4.7 million by the end of fiscal 2020, subject to final working capital adjustments. 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 impairment charge s of $23.0 million within SG&A expenses in the first half of fiscal 2020. Th ese charges have 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 periods prior to the disposal of these individual asset groups. The assets classified as held for sale reflected in our Condensed Consolidated Balance Sheets were as follows:
|  | February 23, 2020 |  |  | May 26, 2019 |
Current assets |  | $ | 4.7 |  |  | $ | 9.9 |
Noncurrent assets (including goodwill of $10.3 million at May 26, 2019) |  |  | 3.1 |  |  |  | 43.9 |

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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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