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DISCONTINUED OPERATIONS AND OTHER DIVESTITURES (Tables) | 9 Months Ended
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Feb. 26, 2017
Discontinued Operations and Disposal Groups [Abstract] |
Summary of Comparative Financial Results | The assets and liabilities classified as assets and liabilities of discontinued operations 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 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 |  | Thirty-nine weeks ended
| February 26, 2017 |  | February 28, 2016 |  | February 26, 2017 |  | February 28, 2016
Net sales | $ | — |  |  | $ | 723.8 |  |  | $ | 1,407.9 |  |  | $ | 2,200.9 |
Income (loss) from discontinued operations before income taxes and equity method investment earnings | $ | (0.8 | ) |  | $ | 137.5 |  |  | $ | 174.3 |  |  | $ | 353.0 |
Income (loss) before income taxes and equity method investment earnings | (0.8 | ) |  | 137.5 |  |  | 174.3 |  |  | 353.0 |
Income tax expense (benefit) | (0.6 | ) |  | 57.3 |  |  | 88.0 |  |  | 133.3 |
Equity method investment earnings | — |  |  | 36.1 |  |  | 15.9 |  |  | 56.3 |
Income (loss) from discontinued operations, net of tax | (0.2 | ) |  | 116.3 |  |  | 102.2 |  |  | 276.0 |
Less: Net income attributable to noncontrolling interests | — |  |  | 1.3 |  |  | 6.8 |  |  | 6.5 |
Net income (loss) from discontinued operations attributable to Conagra Brands, Inc. | $ | (0.2 | ) |  | $ | 115.0 |  |  | $ | 95.4 |  |  | $ | 269.5 |
The summary comparative financial results of the Private Brands business, included within discontinued operations, were as follows:
| Thirteen weeks ended |  | Thirty-nine weeks ended
| February 26, 2017 |  | February 28, 2016 |  | February 26, 2017 |  | February 28, 2016
Net sales | $ | — |  |  | $ | 634.0 |  |  | $ | (0.9 | ) |  | $ | 2,484.7 |
Loss on sale of businesses | $ | (4.1 | ) |  | $ | — |  |  | $ | (3.1 | ) |  | $ | — |
Goodwill and long-lived asset impairment charges | — |  |  | (22.5 | ) |  | — |  |  | (1,921.1 | )
Income from operations of discontinued operations before income taxes and equity method investment earnings | 3.0 |  |  | 61.9 |  |  | 1.7 |  |  | 167.6 |
Income (loss) before income taxes | (1.1 | ) |  | 39.4 |  |  | (1.4 | ) |  | (1,753.5 | )
Income tax expense (benefit) | (2.0 | ) |  | 20.8 |  |  | (2.9 | ) |  | (445.6 | )
Income (loss) from discontinued operations, net of tax | $ | 0.9 |  |  | $ | 18.6 |  |  | $ | 1.5 |  |  | $ | (1,307.9 | )
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 |

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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=65878427&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=64827811&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=64827811&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=64827811&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=64827811&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=64862545&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=64827811&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=64827811&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=64862545&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=64827811&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=64827811&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=64827811&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=64827811&loc=SL51721677-107760 + Details
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