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DISCONTINUED OPERATIONS (Tables) | 12 Months Ended
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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 |

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- Definition Tabular disclosure of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2941-110230 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760 + Details
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- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1474-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2941-110230 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760 + Details
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