SUBSEQUENT EVENTS

12 Months Ended

May. 31, 2015

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Subsequent to fiscal 2015, on June 30, 2015, we announced our plan to sell substantially all of the Private Brand operations. The planned sale did not meet the criteria specified in applicable accounting guidance in order for the related assets and liabilities to be classified as held-for-sale for the fiscal year ended May 31, 2015, therefore, the results of operations of that business are included in our results of continuing operations. When, and if, the criteria of the applicable accounting guidance are met, we will reclassify the assets and liabilities expected to be included in the sale to assets and liabilities held for sale, and we will report the results of operations of the Private Brands business as discontinued operations for all periods presented in our financial statements. In the event that the estimated sales price from the planned sale of the Private Brands business is less than the carrying amount of our investment in that business, we may recognize a material impairment loss within results of discontinued operations.

Subsequent to fiscal 2015, on June 1, 2015, we entered into an agreement with a third party wherein we have rights to the use of certain intellectual property designed to assist the Company in improving the operating efficiency of its manufacturing operations.  Also included in the contract is the right to receive certain services from a consulting group to assist in implementing improvement processes at the Company’s manufacturing facilities. In connection with this agreement, the Company is required to make annual payments ranging from $15 million to $20 million to the third party for a total of $130 million. This agreement requires such contractual payments to occur each year from fiscal 2016 through fiscal 2022.