DISCONTINUED OPERATIONS AND THE FORMATION OF ARDENT MILLS (Tables)

3 Months Ended

Aug. 30, 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
	August 30, 2015			August 24, 2014
Net sales	$	894.2		$	954.2
Net gain on sale of businesses	$	—		$	626.5
Goodwill and long-lived asset impairment charges	(1,812.3		)	—
Income from operations of discontinued operations before income taxes and equity method investment earnings	20.7			1.4
Income (loss) before income taxes	(1,791.6		)	627.9
Income tax expense (benefit)	(472.0		)	239.6
Income (loss) from discontinued operations, net of tax	$	(1,319.6	)	$	388.3

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:

	August 30, 2015		May 31, 2015
Cash and cash equivalents	$	22.6	$	18.4
Receivables, less allowance for doubtful accounts of $0.4 and $0.5	201.8		200.4
Inventories	511.9		486.0
Prepaid expenses and other current assets	3.8		34.2
Current assets held for sale	$	740.1	$	739.0
Property, plant and equipment, net	$	898.2	$	914.1
Goodwill	991.5		1,600.8
Brands, trademarks and other intangibles, net	525.1		1,716.6
Other assets	3.0		2.6
Noncurrent assets held for sale	$	2,417.8	$	4,234.1
Accounts payable	$	226.9	$	219.5
Other accrued liabilities	56.7		68.4
Current liabilities held for sale	$	283.6	$	287.9
Senior long-term debt, excluding current installments	$	39.9	$	40.0
Other noncurrent liabilities	223.5		709.9
Noncurrent liabilities held for sale	$	263.4	$	749.9