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

9 Months Ended

Feb. 22, 2015

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						Thirty-nine weeks ended
	February 22, 2015			February 23, 2014			February 22, 2015			February 23, 2014
Net sales	$	—		$	459.2		$	16.2		$	1,443.6
Net gain on sale of businesses	$	—		$	—		$	627.3		$	32.1
Long-lived asset impairment charge	—			(25.4		)	—			(25.4		)
Income (loss) from operations of discontinued operations before income taxes and equity method investment earnings	0.3			38.6			(10.1		)	94.0
Income before income taxes	0.3			13.2			617.2			100.7
Income tax expense	0.9			2.5			255.2			34.3
Equity method investment earnings	—			0.1			—			0.2
Income (loss) from discontinued operations, net of tax	$	(0.6	)	$	10.8		$	362.0		$	66.6

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:

	May 25, 2014
Cash and cash equivalents	$	41.8
Receivables, less allowance for doubtful accounts of $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	$	186.8
Goodwill	8.0
Brands, trademarks and other intangibles, net	0.9
Other assets	3.2
Noncurrent assets held for sale	$	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