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DIVESTITURES AND ASSETS HELD FOR SALE | 3 Months Ended
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Aug. 30, 2020
Discontinued Operations And Disposal Groups [Abstract] |
DIVESTITURES AND ASSETS HELD FOR SALE | 2. DIVESTITURES AND ASSETS HELD FOR SALE Divestitures During the third quarter of fiscal 2020, we completed the sale of our Lender's® bagel business for net proceeds of $33.3 million, including working capital adjustments. The business results were previously reported primarily in our Refrigerated & Frozen segment, and to a lesser extent within our Foodservice segment. During the second quarter of fiscal 2020, we completed the sale of our Direct Store Delivery ("DSD") Snacks business for net proceeds of $137.5 million, including working capital adjustments. The business results were previously reported in our Grocery & Snacks segment. In connection with the 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. 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 $24.8 million, subject to final working capital adjustments. 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. Th is charge ha s been included in restructuring activities. Other Assets Held for Sale During the first quarter of fiscal 2021, we initiated a plan to sell our H.K. Anderson® business, which is reflected primarily within our Grocery & Snacks segment, and to a lesser extent within our Foodservice segment. These assets have been reclassified as assets held for sale within our Condensed Consolidated Balance Sheets for all period presented. Subsequent to the end of the first quarter of fiscal 2021, on September 28, 2020, we entered into a definitive agreement to sell this business. The purchase price under the agreement is $8.5 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 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 30, 2020 |  |  | May 31, 2020 |
Current assets |  | $ | 1.1 |  |  | $ | 1.3 |
Noncurrent assets (including goodwill of $2.4 million) |  |  | 5.7 |  |  |  | 5.7 |

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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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