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DIVESTITURES AND ASSETS HELD FOR SALE | 9 Months Ended
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Feb. 27, 2022
Discontinued Operations And Disposal Groups [Abstract] |
DIVESTITURES AND ASSETS HELD FOR SALE | 2. DIVESTITURES AND ASSETS HELD FOR SALE Divestitures During the fourth quarter of fiscal 2021, we completed the sale of our Egg Beaters® business for net proceeds of $50.7 million. The business results were previously reported primarily within our Refrigerated & Frozen segment, and to a lesser extent within our International and Foodservice segments. During the third quarter of fiscal 2021, we completed the sale of our Peter Pan® peanut butter business for net proceeds of $101.5 million. The business results were previously reported primarily within our Grocery & Snacks segment, and to a lesser extent within our International and Foodservice segments. We recognized a gain on the sale of $49.7 million in the third quarter of fiscal 2021, included within selling, general and administrative ("SG&A") expenses. During the second quarter of fiscal 2021, we completed the sale of our H.K. Anderson® business for net proceeds of $8.7 million and recognized a gain on the sale of $5.3 million, included within SG&A expenses. The business results were previously reported primarily within our Grocery & Snacks segment, and to a lesser extent within our Foodservice segment. Other Assets Held for Sale During the second quarter of fiscal 2022, we initiated a plan to sell businesses with operating results included within our Grocery & Snacks, Refrigerated & Frozen, and Foodservice segments. The assets and liabilities have been reclassified as assets and liabilities held for sale within our Condensed Consolidated Balance Sheets for all periods presented and are expected to be sold within twelve months of initiating our plan. In connection with this activity, we recognized an impairment charge of $39.2 million within SG&A expenses in the second quarter of fiscal 2022. During the third quarter of fiscal 2022, we recognized a further impairment charge of $30.9 million within SG&A expenses. In addition, we actively market certain other assets from time to time. These assets have been reclassified as assets held for sale within our Condensed Consolidated Balance Sheets for periods prior to the disposal of the individual asset groups. The assets and liabilities classified as held for sale reflected in our Condensed Consolidated Balance Sheets were as follows:
|  | February 27, 2022 |  |  | May 30, 2021 |
Current assets |  | $ | 24.4 |  |  | $ | 24.3 |
Noncurrent assets (including goodwill of $34.6 million at May 30, 2021) |  |  | 32.0 |  |  |  | 113.3 |
Current liabilities |  |  | 1.7 |  |  |  | 1.6 |
Noncurrent liabilities |  |  | 2.4 |  |  |  | 3.2 |

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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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