Pre-Tax Income and Income Taxes (Tables)

12 Months Ended

May 27, 2012

Pre-Tax Income and Income Taxes [Abstract]

Pre-tax income from continuing operations (including equity method investment earnings)

	2012		2011		2010
United States	$	492.6	$	1,177.7	$	856.0
Foreign		177.5		74.8		66.6
	$	670.1	$	1,252.5	$	922.6

Provision for income taxes from continuing operations

	2012			2011		2010
Current
Federal	$	163.9		$	157.3	$	259.0
State		23.7			21.0		27.5
Foreign		27.5			11.9		14.4
		215.1			190.2		300.9
Deferred
Federal		(13.4	)		219.2		(8.5	)
State		(5.2	)		9.8		(6.5	)
Foreign		(0.7	)		2.4		6.4
		(19.3	)		231.4		(8.6	)
	$	195.8		$	421.6	$	292.3

Income tax reconciliation

	2012			2011			2010
Computed U.S. Federal income taxes	$	232.2		$	438.3		$	322.9
State income taxes, net of U.S. Federal tax impact		12.0			20.0			15.7
Tax credits and domestic manufacturing deduction		(20.5	)		(27.5	)		(27.3	)
Foreign tax credits and related items, net		(0.6	)		(0.2	)		(4.3	)
IRS audit adjustments and settlement		0.8			0.5			(17.4	)
Non-taxable gain from investment in ATFL		(20.5	)		—			—
Change in valuation allowance		(7.1	)		2.1			(4.6	)
Other		(0.5	)		(11.6	)		7.3
	$	195.8		$	421.6		$	292.3

Tax effect of temporary differences and carryforwards

	2012					2011
	Assets			Liabilities		Assets			Liabilities
Property, plant and equipment	$	—		$	488.1	$	—		$	452.3
Goodwill, trademarks and other intangible assets		—			681.3		—			642.7
Accrued expenses		25.4			—		15.9			—
Compensation related liabilities		74.7			—		66.2			—
Pension and other postretirement benefits		310.7			—		230.9			—
Derivative cash flow hedge		57.2			—		4.4			—
Other liabilities that will give rise to future tax deductions		115.2			—		121.5			—
Net operating loss carryforwards		42.7			—		52.1			—
Other		67.4			31.4		46.4			24.1
		693.3			1,200.8		537.4			1,119.1
Less: Valuation allowance		(43.7	)		—		(50.8	)		—
Net deferred taxes	$	649.6		$	1,200.8	$	486.6		$	1,119.1

Change in the unrecognized tax benefits

	2012
Beginning balance on May 29, 2011	$	56.5
Increases from positions established during prior periods		1.2
Decreases from positions established during prior periods		(0.4	)
Increases from positions established during the current period		4.3
Decreases relating to settlements with taxing authorities		(6.7	)
Reductions resulting from lapse of applicable statute of limitation		(6.1	)
Other adjustments to liability		(0.1	)
Ending balance on May 27, 2012	$	48.7