DISCONTINUED OPERATIONS AND OTHER DIVESTITURES (Tables)

12 Months Ended

May 28, 2017

Discontinued Operations and Disposal Groups [Abstract]

Summary of Comparative Financial Results

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

	2015
Net sales	$	16.2
Loss from operations of discontinued operations before income taxes	(9.2		)
Net gain on sale of businesses	627.3
Income before income taxes and equity method investment earnings	618.1
Income tax expense	251.1
Income from discontinued operations, net of tax	$	367.0

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

	2017		2016		2015
Net sales	$	1,407.9	$	2,975.0	$	2,899.0
Income from discontinued operations before income taxes and equity method investment earnings	$	172.3	$	474.8	$	415.6
Income before income taxes and equity method investment earnings	172.3		474.8		415.6
Income tax expense	87.5		178.9		149.3
Equity method investment earnings	15.9		71.7		42.7
Income from discontinued operations, net of tax	100.7		367.6		309.0
Less: Net income attributable to noncontrolling interests	6.8		9.2		9.3
Net income from discontinued operations attributable to Conagra Brands, Inc.	$	93.9	$	358.4	$	299.7

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

	2017			2016			2015
Net sales	$	—		$	2,490.6		$	3,895.4
Loss on sale of business	$	(1.6	)	$	—		$	—
Long-lived asset impairment charges	—			(1,923.0		)	(1,564.6		)
Income from operations of discontinued operations before income taxes	3.9			168.0			68.8
Income (loss) before income taxes and equity method investment earnings	2.3			(1,755.0		)	(1,495.8		)
Income tax benefit	(0.3		)	(593.1		)	(128.1		)
Income (loss) from discontinued operations, net of tax	$	2.6		$	(1,161.9	)	$	(1,367.7	)

Schedule of Assets and Liabilities Classified as Held for Sale

The assets classified as held for sale reflected in our Consolidated Balance Sheets related to the Wesson^® oil business were as follows:

	May 28, 2017		May 29, 2016
Current assets	$	35.5	$	39.1
Noncurrent assets (including goodwill of $77.3 million)	94.7		95.0

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
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 assets and liabilities classified as assets and liabilities of discontinued operations in our 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