Discontinued Operations and Assets Held for Sale

12 Months Ended

May 28, 2017

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations and Assets Held for Sale

OPERATIONS AND ASSETS HELD FOR SALE

Discontinued Operations

Earnings (loss) from discontinued operations, net of taxes in our accompanying consolidated statements of earnings is primarily related to the Red Lobster disposition and is comprised of the following:

	Fiscal Year Ended
(in millions)	May 28, 2017			May 29, 2016			May 31, 2015
Sales	$	—		$	—		$	400.4
Costs and expenses:
Restaurant and marketing expenses	1.6			1.8			353.0
Depreciation and amortization	—			—			0.2
Other income and expenses (1)	6.0			(20.5		)	(810.7		)
Earnings (loss) before income taxes	(7.6		)	18.7			857.9
Income tax expense (benefit)	(4.2		)	3.4			344.8
Earnings (loss) from discontinued operations, net of tax	$	(3.4	)	$	15.3		$	513.1

(1) Amounts for fiscal years 2016 and 2015 primarily relate to the gain recognized on the sale of Red Lobster.

Assets Held For Sale

Assets classified as held for sale on our accompanying consolidated balance sheets as of May 28, 2017 and May 29, 2016, consisted of land, buildings and equipment with carrying amounts of $13.2 million and $20.3 million, respectively, primarily related to excess land parcels adjacent to our corporate headquarters.