DISCONTINUED OPERATIONS AND OTHER DIVESTITURES (Tables)

6 Months Ended

Nov. 27, 2016

Discontinued Operations and Disposal Groups [Abstract]

Financial Data Included Within Discontinued Operations

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

	Thirteen weeks ended						Twenty-six weeks ended
	November 27, 2016			November 29, 2015			November 27, 2016			November 29, 2015
Net sales	$	(0.9	)	$	958.9		$	(0.9	)	$	1,850.7
Gain (loss) on sale of businesses	$	(0.5	)	$	—		$	1.0		$	—
Goodwill and long-lived asset impairment charges	—			(86.3		)	—			(1,898.6		)
Income (loss) from operations of discontinued operations before income taxes and equity method investment earnings	(0.6		)	85.3			(1.3		)	105.7
Loss before income taxes	(1.1		)	(1.0		)	(0.3		)	(1,792.9		)
Income tax expense (benefit)	(0.2		)	5.7			(0.9		)	(466.4		)
Income (loss) from discontinued operations, net of tax	$	(0.9	)	$	(6.7	)	$	0.6		$	(1,326.5	)

The assets and liabilities classified as assets and liabilities of discontinued operations reflected in our Condensed Consolidated Balance Sheets related to the Lamb Weston business were as follows:

	May 29, 2016
Cash and cash equivalents	$	36.4
Receivables, less allowance for doubtful accounts of $0.5	186.5
Inventories	498.9
Prepaid expenses and other current assets	57.9
Total current assets of discontinued operations	$	779.7
Property, plant and equipment, net	$	1,004.1
Goodwill	133.9
Brands, trademarks and other intangibles, net	39.6
Other assets	161.7
Total noncurrent assets of discontinued operations	$	1,339.3
Notes payable	$	24.9
Current installments of long-term debt	12.0
Accounts payable	238.7
Accrued payroll	50.3
Other accrued liabilities	83.3
Total current liabilities of discontinued operations	$	409.2
Senior long-term debt, excluding current installments	$	36.4
Other noncurrent liabilities	268.4
Total noncurrent liabilities of discontinued operations	$	304.8

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

	May 29, 2016
Spicetec:
Current assets	$	43.3
Noncurrent assets (including goodwill of $104.7 million)	148.3
Current liabilities	10.3
Noncurrent liabilities	1.2
JM Swank:
Current assets	$	73.7
Noncurrent assets (including goodwill of $53.8 million)	74.3
Current liabilities	44.3
Noncurrent liabilities	0.4

The summary comparative financial results of the Lamb Weston business through the date of the Spinoff, included within discontinued operations, were as follows:

	Thirteen weeks ended				Twenty-six weeks ended
	November 27, 2016		November 29, 2015		November 27, 2016		November 29, 2015
Net sales	$	636.0	$	735.2	$	1,407.9	$	1,477.1
Income from discontinued operations before income taxes and equity method investment earnings	$	46.3	$	118.4	$	175.1	$	215.5
Income before income taxes and equity method investment earnings	46.3		118.4		175.1		215.5
Income tax expense	39.1		40.3		88.6		76.0
Equity method investment earnings	5.3		7.8		15.9		20.2
Income from discontinued operations, net of tax	12.5		85.9		102.4		159.7
Less: Net income attributable to noncontrolling interests	3.2		3.7		6.8		5.2
Net income from discontinued operations attributable to CAG	$	9.3	$	82.2	$	95.6	$	154.5