SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

May 26, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of allowance for doubtful accounts

	Balance at		Additions Charged
	Beginning of		to Costs and		Deductions from	Balance at Close
	Period		Expenses	Other1	Reserves2	of Period
Year ended May 26, 2024	$	2.7	0.6	0.2	0.5	$	3.0
Year ended May 28, 20233	$	2.8	0.1	(0.1)	0.1	$	2.7
Year ended May 29, 20223	$	2.0	1.4	—	0.6	$	2.8

¹ Primarily relates to translation.

² Bad debts charged off and adjustments to previous reserves, less recoveries.

³ Prior year amounts have been adjusted to remove the activity of a business held for sale.

Schedule of estimated useful lives

	Years
Land improvements		1 - 40
Buildings		15 - 40
Machinery and equipment		3 - 20
Furniture, fixtures, office equipment and other		5 - 15

Schedule of Accumulated balances for each component

	2024		2023		2022
Currency translation losses, net of reclassification adjustments	$	(89.2)	$	(99.7)	$	(95.1)
Derivative adjustments, net of reclassification adjustments		29.2		29.2		29.8
Pension and postretirement benefit obligations, net of reclassification adjustments		24.5		26.1		54.1
Accumulated other comprehensive loss	$	(35.5)	$	(44.4)	$	(11.2)

Schedule of reclassifications from AOCI

							Affected Line Item in the Consolidated Statement
	2024		2023		2022		of Earnings1
Net derivative adjustments:
Cash flow hedges	$	(3.5)	$	(3.3)	$	(3.1)	Interest expense, net
Cash flow hedges		(4.7)		(1.6)		1.8	Equity method investment earnings
		(8.2)		(4.9)		(1.3)	Total before tax
		2.0		1.2		0.4	Income tax expense
	$	(6.2)	$	(3.7)	$	(0.9)	Net of tax
Amortization of pension and postretirement benefit obligations:
Net prior service cost (benefit)	$	(0.1)	$	(0.1)	$	0.1	Pension and postretirement non-service income
Net actuarial gain		(4.7)		(4.4)		(3.6)	Pension and postretirement non-service income
Pension settlement		1.1		—		—	Pension and postretirement non-service income
		(3.7)		(4.5)		(3.5)	Total before tax
		0.9		1.3		1.0	Income tax expense
	$	(2.8)	$	(3.2)	$	(2.5)	Net of tax

¹ Amounts in parentheses indicate income recognized in the Consolidated Statements of Earnings.