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DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS
 6 Months Ended
Nov. 24, 2013
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS
Lightlife® Operations
In the second quarter of fiscal 2014, we completed the sale of the assets of the Lightlife® business for $54.7 million in cash. This business produced and sold vegetarian-based burgers, hot dogs, and other meatless frozen and refrigerated items. The results of this business were previously reflected in the Consumer Foods segment. We reflected the results of these operations as discontinued operations for all periods presented. We recognized a pre-tax gain of $32.1 million ($19.8 million after-tax) on the sale of this business, which is classified as discontinued operations in the second quarter of fiscal 2014. The assets of the discontinued Lightlife business have been reclassified as assets held for sale within our condensed consolidated balance sheets for all periods presented prior to divestiture.
The summary comparative financial results of discontinued operations were as follows:
 
Thirteen weeks ended
 
Twenty-six weeks ended
 
November 24, 2013
 
November 25, 2012
 
November 24, 2013
 
November 25, 2012
Net sales
$
2.0

 
$
8.2

 
$
11.2

 
$
17.8

Income (loss) from operations of discontinued operations before income taxes
32.7

 
(1.6
)
 
34.4

 
(2.3
)
Income tax expense (benefit)
14.3

 
(0.6
)
 
14.9

 
(0.9
)
Income (loss) from discontinued operations, net of tax
$
18.4

 
$
(1.0
)
 
$
19.5

 
$
(1.4
)

The assets classified as held for sale reflected in our condensed consolidated balance sheets were as follows:
 
 
May 26, 2013
Inventories
 
$
3.8

     Current assets held for sale
 
$
3.8

Property, plant and equipment, net
 
$
8.8

Goodwill
 
6.6

Brands, trademarks and other intangibles, net
 
4.0

     Noncurrent assets held for sale
 
$
19.4