PRE-TAX INCOME AND INCOME TAXES (Tables)

12 Months Ended

May 26, 2024

PRE-TAX INCOME AND INCOME TAXES

Schedule of Income before Income Tax, Domestic and Foreign

	2024		2023		2022
United States	$	538.4	$	803.9	$	1,106.0
Foreign		71.8		98.0		72.7
	$	610.2	$	901.9	$	1,178.7

Schedule of Components of Income Tax Expense

	2024		2023		2022
Current
Federal	$	281.2	$	304.6	$	186.6
State		46.1		42.5		48.2
Foreign		28.3		25.7		18.4
		355.6		372.8		253.2
Deferred
Federal		(66.7)		(135.8)		34.7
State		(17.6)		(14.4)		3.9
Foreign		(8.8)		(3.9)		(1.3)
		(93.1)		(154.1)		37.3
	$	262.5	$	218.7	$	290.5

Schedule of Effective Income Tax Rate Reconciliation

	2024		2023		2022
Computed U.S. Federal income taxes	$	128.1	$	189.4	$	247.5
State income taxes, net of U.S. Federal tax impact		25.8		28.9		37.2
Goodwill and intangible impairments		107.6		27.5		6.1
Tax elections under review by the IRS on capital loss utilization		—		—		25.0
Change of valuation allowance due to certain tax elections		—		(28.1)		—
Incentive compensation		1.8		11.1		2.4
Tax Credits		(9.8)		(7.5)		(7.7)
Tax on unremitted foreign earnings		10.6		4.7		1.7
Other		(1.6)		(7.3)		(21.7)
	$	262.5	$	218.7	$	290.5

Schedule of Deferred Tax Assets and Liabilities

	May 26, 2024					May 28, 2023
	Assets		Liabilities		Assets		Liabilities
Property, plant and equipment	$	—	$	305.5	$	—	$	306.2
Inventory		20.8		—		20.1		—
Goodwill, trademarks and other intangible assets		436.2		842.7		437.3		941.1
Right-of-use assets		—		42.0		—		47.0
Accrued expenses		17.7		—		16.5		—
Compensation related liabilities		31.3		—		31.9		—
Pension and other postretirement benefits		—		28.5		—		23.7
Investment in unconsolidated subsidiaries		—		21.3		—		19.1
Lease liabilities		50.7		—		54.6		—
Other liabilities that will give rise to future tax deductions		67.4		—		59.6		—
Net capital and operating loss carryforwards		36.0		—		34.7		—
Research Expenditures		34.5		—		20.6		—
Federal credits		9.4		—		10.7		—
Other		30.1		49.5		34.9		32.8
		734.1		1,289.5		720.9		1,369.9
Less: Valuation allowance		(457.2)		—		(457.6)		—
Net deferred taxes	$	276.9	$	1,289.5	$	263.3	$	1,369.9

Schedule of Unrecognized Tax Benefits Roll Forward

	May 26, 2024		May 28, 2023
Beginning balance	$	23.7	$	62.9
Increases from positions established during prior periods		0.3		0.3
Decreases from positions established during prior periods		—		(32.3)
Increases from positions established during the current period		1.9		1.7
Reductions resulting from lapse of applicable statute of limitation		(4.3)		(8.9)
Decrease from audit settlements		—		(0.1)
Other adjustments to liability		0.1		0.1
Ending balance	$	21.7	$	23.7