DISCONTINUED OPERATIONS (Tables)

12 Months Ended

May 29, 2016

Discontinued Operations and Disposal Groups [Abstract]

Comparative financial results of the discontinued operations

The summary comparative financial results of the ConAgra Mills operations, included within discontinued operations, were as follows:

	2015			2014
Net sales	$	16.2		$	1,859.0
Income (loss) from operations of discontinued operations before income taxes	(9.2		)	124.8
Net gain on sale of businesses	627.3			90.3
Income before income taxes and equity method investment earnings	618.1			215.1
Income tax expense	251.1			78.0
Equity method investment earnings	—			0.3
Income from discontinued operations, net of tax	$	367.0		$	137.4

The summary comparative financial results of the Private Brands business, included within discontinued operations, were as follows:

	2016			2015			2014
Net sales	$	2,490.6		$	3,895.4		$	4,005.4
Long-lived asset impairment charges	$	(1,923.0	)	$	(1,564.6	)	$	(596.2	)
Income from operations of discontinued operations before income taxes	168.0			68.8			186.5
Loss before income taxes and equity method investment earnings	(1,755.0		)	(1,495.8		)	(409.7		)
Income tax expense (benefit)	(593.1		)	(128.1		)	41.8
Loss from discontinued operations, net of tax	$	(1,161.9	)	$	(1,367.7	)	$	(451.5	)

Assets and liabilities classified as held for sale

The assets and liabilities classified as held for sale reflected in our Consolidated Balance Sheets related to the Private Brands business were as follows:

	May 31, 2015
Cash and cash equivalents	$	18.4
Receivables, less allowance for doubtful accounts of $0.5	199.3
Inventories	489.3
Prepaids and other current assets	37.3
Current assets held for sale	$	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	7.0
Other accrued liabilities	67.5
Current liabilities held for sale	$	294.0
Other noncurrent liabilities	$	711.0
Noncurrent liabilities held for sale	$	711.0

The assets and liabilities classified as held for sale reflected in our Consolidated Balance Sheets related to the Spicetec and JM Swank businesses were as follows:

	May 29, 2016		May 31, 2015
Spicetec:
Current assets	$	43.3	$	38.0
Noncurrent assets (including goodwill of $102.4 million)	145.9		148.2
Current liabilities	10.3		14.7
Noncurrent liabilities	1.2		1.6
Swank:
Current assets	$	73.7	$	66.6
Noncurrent assets (including goodwill of $52.5 million)	73.0		74.3
Current liabilities	44.3		48.0
Noncurrent liabilities	0.4		0.4