DISCONTINUED OPERATIONS, OTHER ASSETS HELD FOR SALE, AND THE FORMATION OF ARDENT MILLS (Tables)

6 Months Ended

Nov. 23, 2014

Discontinued Operations and Disposal Groups [Abstract]

Schedule of disposal groups, including discontinued operations, income statement, balance sheet and additional disclosures

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

	Thirteen weeks ended					Twenty-six weeks ended
	November 23, 2014			November 24, 2013		November 23, 2014			November 24, 2013
Net sales	$	—		$	493.6	$	16.2		$	984.4
Net gain on sale of businesses	$	0.8		$	32.1	$	627.3		$	32.1
Income (loss) from operations of discontinued operations before income taxes and equity method investment earnings	2.6			36.0		(10.4		)	55.4
Income before income taxes	3.4			68.1		616.9			87.5
Income tax expense	14.1			26.1		254.3			31.8
Equity method investment earnings	—			—		—			0.1
Income (loss) from discontinued operations, net of tax	$	(10.7	)	$	42.0	$	362.6		$	55.8

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 23, 2014		May 25, 2014
Cash and cash equivalents	$	—	$	41.8
Receivables, less allowance for doubtful accounts of $0 and $1.2	—		172.4
Receivable on sale of flour milling assets	—		162.4
Inventories	—		215.6
Prepaid expenses and other current assets	—		39.5
Current assets held for sale	$	—	$	631.7
Property, plant and equipment, net	$	10.9	$	186.8
Goodwill	—		8.0
Brands, trademarks and other intangibles, net	—		0.9
Other assets	—		3.2
Noncurrent assets held for sale	$	10.9	$	198.9
Current installments of long-term debt	$	—	$	0.1
Accounts payable	—		143.1
Accrued payroll	—		2.3
Other accrued liabilities	—		19.3
Current liabilities held for sale	$	—	$	164.8
Senior long-term debt, excluding current installments	$	—	$	0.1
Other noncurrent liabilities	—		1.9
Noncurrent liabilities held for sale	$	—	$	2.0