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DIVESTITURES AND ASSETS HELD FOR SALE | 6 Months Ended
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Nov. 29, 2020
Discontinued Operations And Disposal Groups [Abstract] |
DIVESTITURES AND ASSETS HELD FOR SALE | 2. DIVESTITURES AND ASSETS HELD FOR SALE Divestitures During the second quarter of fiscal 2021, we completed the sale of our H.K. Anderson® business for net proceeds of $8.5 million, subject to final working capital adjustments. The business results were previously reported in our Grocery & Snacks segment, and to a lesser extent within our Foodservice segment. We recognized a gain on the sale of $5.3 million, included within selling, general and administrative ("SG&A") expenses. The assets classified as held for sale reflected in our Condensed Consolidated Balance Sheets related to the H.K. Anderson® business were as follows:
|  | May 31, 2020 |
Current assets |  | $ | 1.3 |
Noncurrent assets (including goodwill of $2.4 million) |  |  | 2.6 |
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. In connection with the sale of our Lender's® bagel business, we recognized an impairment charge of $27.6 million within SG&A expenses in the second 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 divestiture, we recognized impairment charges of $11.1 million and $23.0 million within SG&A expenses in the second quarter and first half of fiscal 2020, respectively. These charges have been included in restructuring activities. 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 SG&A expenses in the first quarter of fiscal 2020. Other Assets Held for Sale During the second quarter of fiscal 2021, we initiated a plan to sell our Peter Pan® peanut butter business, which is reflected primarily within our Grocery & Snacks segment, and to a lesser extent within our International and Foodservice segments. On December 7, 2020, subsequent to the end of the second quarter of fiscal 2021, we entered into a definitive agreement to sell this business. The transaction is subject to customary closing conditions and is expected to be completed in the third quarter of fiscal 2021. We expect to realize net proceeds from the sale of $102.0 million, subject to final adjustments for working capital and certain tax benefits. The assets and liabilities classified as held for sale reflected in our Condensed Consolidated Balance Sheets related to the Peter Pan® peanut butter business were as follows:
|  | November 29, 2020 |  |  | May 31, 2020 |
Current assets |  | $ | 1.5 |  |  | $ | 8.8 |
Noncurrent assets (including goodwill of $44.9 million) |  |  | 55.2 |  |  |  | 55.3 |  |
Current liabilities |  |  | 5.4 |  |  |  | 5.4 |

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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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