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DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS
 3 Months Ended
Aug. 25, 2013
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS
Lightlife® Operations
Subsequent to the end of the first quarter of fiscal 2014, we completed the sale of the assets of the Lightlife® business for $54.7 million in cash. This business produces and sells 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 expect to recognize an estimated pre-tax and after-tax gain of $32.0 million and $15.3 million, respectively, which will be classified as discontinued operations in the second quarter of fiscal 2014.
The summary comparative financial results of discontinued operations were as follows:
 
Thirteen weeks ended
 
August 25, 2013
 
August 26, 2012
Net sales
$
9.2

 
$
9.6

Income (loss) from operations of discontinued operations before income taxes
1.7

 
(0.7
)
Income tax expense (benefit)
0.6

 
(0.3
)
Income (loss) from discontinued operations, net of tax
$
1.1

 
$
(0.4
)

The assets and liabilities classified as held for sale reflected in our condensed consolidated balance sheets were as follows:
 
August 25, 2013
 
May 26, 2013
Inventories
$
3.5

 
$
3.8

     Current assets held for sale
$
3.5

 
$
3.8

Property, plant and equipment, net
$
8.7

 
$
8.8

Goodwill
6.6

 
6.6

Brands, trademarks and other intangibles, net
3.9

 
4.0

     Noncurrent assets held for sale
$
19.2

 
$
19.4