DISCONTINUED OPERATIONS AND THE FORMATION OF ARDENT MILLS (Tables)

6 Months Ended

Nov. 29, 2015

Discontinued Operations and Disposal Groups [Abstract]

Summary of comparative financial results of discontinued operations

The summary comparative financial results of discontinued operations were as follows:

	Thirteen weeks ended						Twenty-six weeks ended
	November 29, 2015			November 23, 2014			November 29, 2015			November 23, 2014
Net sales	$	961.4		$	1,013.6		$	1,855.6		$	1,967.8
Net gain on sale of businesses	$	—		$	0.8		$	—		$	627.3
Goodwill and long-lived asset impairment charges	(86.3		)	(240.9		)	(1,898.6		)	(240.9		)
Income from operations of discontinued operations before income taxes and equity method investment earnings	85.6			33.5			106.3			34.9
Income (loss) before income taxes	(0.7		)	(206.6		)	(1,792.3		)	421.3
Income tax expense (benefit)	5.8			(3.8		)	(466.2		)	235.8
Income (loss) from discontinued operations, net of tax	$	(6.5	)	$	(202.8	)	$	(1,326.1	)	$	185.5

Schedule of assets and liabilities classified as held for sale

The assets and liabilities classified as held for sale reflected in our Condensed Consolidated Balance Sheets were as follows:

	November 29, 2015		May 31, 2015
Cash and cash equivalents	$	32.5	$	18.4
Receivables, less allowance for doubtful accounts of $0.5 and $0.5	227.0		199.2
Inventories	501.4		480.1
Prepaid expenses and other current assets	16.9		41.7
Current assets held for sale	$	777.8	$	739.4
Property, plant and equipment, net	$	940.4	$	920.4
Goodwill	913.2		1,600.8
Brands, trademarks and other intangibles, net	522.6		1,716.6
Other assets	3.0		2.6
Noncurrent assets held for sale	$	2,379.2	$	4,240.4
Accounts payable	$	241.1	$	219.5
Accrued payroll	4.7		—
Other accrued liabilities	68.6		75.0
Current liabilities held for sale	$	314.4	$	294.5
Other noncurrent liabilities	$	234.7	$	709.3
Noncurrent liabilities held for sale	$	234.7	$	709.3