ACQUISITIONS

6 Months Ended

Nov. 27, 2016

Business Combinations [Abstract]

ACQUISITIONS

ACQUISITIONS

In September 2016, we acquired the operating assets of Frontera Foods, Inc. and Red Fork LLC, including the Frontera^®, Red Fork^®, and Salpica^® brands. These businesses make authentic, gourmet Mexican food products and contemporary American cooking sauces. We acquired the businesses for $108.2 million in cash, net of cash acquired, and subject to working capital adjustments. Approximately $38.4 million has been classified as goodwill and $66.7 million has been classified as other intangible assets pending determination of the final purchase price allocation. The amount allocated to goodwill is deductible for tax purposes. These businesses are included in the Grocery & Snacks segment.