XML 18 R8.htm IDEA: XBRL DOCUMENT v3.21.2
DIVESTITURES AND ASSETS HELD FOR SALE
3 Months Ended
Aug. 29, 2021
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 $50.6 million, subject to final working capital adjustments. 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, including working capital adjustments but subject to final adjustments for certain tax benefits. The business results were previously reported primarily within our Grocery & Snacks segment, and to a lesser extent within our International and Foodservice segments.

During the second quarter of fiscal 2021, we completed the sale of our H.K. Anderson® business for net proceeds of $8.7 million, including working capital adjustments. 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

From time to time, we actively market certain other assets. Balances totaling $4.6 million at both August 29, 2021 and May 30, 2021 have been reclassified as noncurrent assets held for sale within our Condensed Consolidated Balance Sheets.