ASSETS HELD FOR SALE

6 Months Ended

Apr. 24, 2016

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE

NOTE EASSETS HELD FOR SALE

In fiscal year 2015, the Company began actively marketing a portion of Diamond Crystal Brands (DCB).  Through this process, the Company identified the specific assets and liabilities to be sold and allocated goodwill based on the relative fair values of the assets held for sale and the assets that will be retained by the Company.  In April 2016, the Company entered into an agreement for the sale, which completed subsequent to the end of the second quarter.  As a result of the expected sale, the Company reallocated goodwill based on the relative fair values of the assets held for sale and the assets that will be retained for the Company.  An impairment charge of $1.0 million was recorded based on the valuation of these assets as implied by the agreed-upon sales price.  This impairment is recorded on the Company’s Consolidated Statements of Operations on the line item “Goodwill impairment charge.”  DCB is reported within the Company’s Specialty Foods segment.  The portion of the business held for sale is not material to the Company’s annual net sales, net earnings, or earnings per share.

Amounts classified as assets and liabilities held for sale at April 24, 2016 are presented on the Company’s Consolidated Statement of Financial Position within their respective accounts, and include the following:

Assets held for sale (in thousands)
Current assets	$	26,312
Goodwill		50,134
Intangibles		5,389
Property, plant and equipment		32,177
Total assets held for sale	$	114,012
Liabilities held for sale (in thousands)
Total current liabilities held for sale	$		3,507