Discontinued Operations

Now Planting and Food Export

During the fourth quarter of fiscal year 2019, the Company discontinued its Now Planting business. During the fourth quarter of fiscal year 2018, the Company discontinued its Food Export business. As a result, the Company met the requirements of ASC 205-20 to report the results of Now Planting and Food Export as discontinued operations and to classify any assets and liabilities as held for abandonment. The operating results for the Now Planting soup business and Food Export business have therefore been reclassified as a discontinued operation.

The carrying amounts of the major classes of assets and liabilities of Now Planting and Food Export business segment included in assets and liabilities of discontinued operations are as follows (in thousands):



	Year Ended
	May 26, 2019		May 27, 2018
Current and other assets, discontinued operations:
Cash and cash equivalents	$	—	$	(8	)
Accounts receivable	—		518
Inventory	—		—
Other assets	—		—
Total assets, discontinued operations	$	—	$	510
Other current liabilities, discontinued operations:
Accounts payable	$	51	$	230
Accrued expenses and other current liabilities	14		228
Total other current liabilities, discontinued operations	$	65	$	458

Once Now Planting and Food Export businesses were discontinued, the operations associated with these businesses qualified for reporting as discontinued operations. Accordingly, the operating results, net of tax, from discontinued operations are presented separately in the Company’s consolidated statements of income and the notes to the consolidated financial statements have been adjusted to exclude Now Planting in fiscal year 2019 and Food Export in fiscal years 2018 and 2017. Components of amounts reflected in (loss) income from discontinued operations, net of tax are as follows (in thousands):



	Year Ended
	May 26, 2019			May 27, 2018			May 28, 2017
Revenues	$	548		$	29,222		$	62,481
Cost of sales	(1,649		)	(27,619		)	(58,507		)
Research and development	(102		)	—			—
Selling, general and administrative	(1,035		)	(2,522		)	(3,137		)
Other	—			(269		)	—
(Loss) income from discontinued operations before taxes	(2,238		)	(1,188		)	837
Income tax benefit (expense)	527			350			(295		)
(Loss) income from discontinued operations, net of tax	$	(1,711	)	$	(838	)	$	542

Cash provided by (used in) operating activities by the Now Planting business totaled $(1.3) million, $0, and $0 for the fiscal years ended May 26, 2019, May 27, 2018, and May 28, 2017, respectively. Cash provided by (used in) operating activities by the Food Export business totaled $0, $0.6 million, and $(0.5) million for the fiscal years ended May 26, 2019, May 27, 2018, and May 28, 2017, respectively.