DISCONTINUED OPERATIONS AND THE FORMATION OF ARDENT MILLS (Tables)

9 Months Ended

Feb. 28, 2016

Discontinued Operations and Disposal Groups [Abstract]

Summary of comparative financial results of discontinued operations

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

	Thirteen weeks ended						Thirty-nine weeks ended
	February 28, 2016			February 22, 2015			February 28, 2016			February 22, 2015
Net sales	$	634.0		$	969.5		$	2,484.7		$	2,932.5
Net gain on sale of businesses	$	—		$	—		$	—		$	627.3
Goodwill and long-lived asset impairment charges	(22.5		)	(1,284.1		)	(1,921.1		)	(1,524.8		)
Income from operations of discontinued operations before income taxes and equity method investment earnings	62.1			21.9			167.6			55.7
Income (loss) before income taxes	39.6			(1,262.2		)	(1,753.5		)	(841.8		)
Income tax expense (benefit)	20.9			(97.2		)	(445.6		)	136.3
Income (loss) from discontinued operations, net of tax	$	18.7		$	(1,165.0	)	$	(1,307.9	)	$	(978.1	)

Schedule of 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:

	February 28, 2016		May 31, 2015
Cash and cash equivalents	$	—	$	18.4
Receivables, less allowance for doubtful accounts of $0.0 and $0.5	—		199.3
Inventories	4.2		489.3
Prepaid expenses and other current assets	—		37.3
Current assets held for sale	$	4.2	$	744.3
Property, plant and equipment, net	$	—	$	920.4
Goodwill	—		1,600.8
Brands, trademarks and other intangibles, net	—		1,716.6
Other assets	—		9.1
Noncurrent assets held for sale	$	—	$	4,246.9
Accounts payable	$	—	$	219.5
Accrued payroll	—		7.1
Other accrued liabilities	—		67.4
Current liabilities held for sale	$	—	$	294.0
Other noncurrent liabilities	$	0.6	$	711.0
Noncurrent liabilities held for sale	$	0.6	$	711.0