XML 62 R44.htm IDEA: XBRL DOCUMENT v3.25.2
PRE-TAX INCOME AND INCOME TAXES (Tables)
12 Months Ended
May 25, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign

​

​

​

​

​

​

​

​

​

​

​

​

    

2025

    

2024

    

2023

United States

​

$

1,047.1

​

$

538.4

​

$

803.9

Foreign

​

​

109.1

​

​

71.8

​

​

98.0

​

​

$

1,156.2

​

$

610.2

​

$

901.9

Schedule of Components of Income Tax Expense

​

​

​

​

​

​

​

​

​

​

​

​

    

2025

    

2024

    

2023

Current

​

​

​

​

​

​

​

​

​

Federal

​

$

171.7

​

$

281.2

​

$

304.6

State

​

​

28.1

​

​

46.1

​

​

42.5

Foreign

​

​

28.0

​

​

28.3

​

​

25.7

​

​

​

227.8

​

​

355.6

​

​

372.8

Deferred

​

​

​

​

​

​

​

​

​

Federal

​

​

(207.5)

​

​

(66.7)

​

​

(135.8)

State

​

​

(14.7)

​

​

(17.6)

​

​

(14.4)

Foreign

​

​

(1.9)

​

​

(8.8)

​

​

(3.9)

​

​

​

(224.1)

​

​

(93.1)

​

​

(154.1)

​

​

$

3.7

​

$

262.5

​

$

218.7

Schedule of Effective Income Tax Rate Reconciliation

​

​

​

​

​

​

​

​

​

​

​

​

    

2025

    

2024

    

2023

Computed U.S. Federal income taxes

​

$

242.8

​

$

128.1

​

$

189.4

State income taxes, net of U.S. Federal tax impact

​

​

36.7

​

​

25.8

​

​

28.9

Goodwill and intangible impairments

​

​

1.8

​

​

107.6

​

​

27.5

Federal audit settlements

​

​

(225.8)

​

​

—

​

​

—

Change of valuation allowance due to certain tax elections

​

​

(27.7)

​

​

—

​

​

(28.1)

Incentive compensation

​

​

1.0

​

​

1.8

​

​

11.1

Tax credits

​

​

(27.9)

​

​

(9.8)

​

​

(7.5)

Tax on unremitted foreign earnings

​

​

1.9

​

​

10.6

​

​

4.7

Other

​

​

0.9

​

​

(1.6)

​

​

(7.3)

​

​

$

3.7

​

$

262.5

​

$

218.7

Schedule of Deferred Tax Assets and Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

May 25, 2025

​

​

May 26, 2024

​

    

Assets

    

Liabilities

    

Assets

    

Liabilities

Property, plant and equipment

​

$

—

​

$

275.1

​

$

—

​

$

305.5

Inventory

​

​

14.2

​

​

—

​

​

20.8

​

​

—

Goodwill, trademarks and other intangible assets

​

​

378.0

​

​

842.8

​

​

436.2

​

​

842.7

Right-of-use assets

​

​

—

​

​

51.1

​

​

—

​

​

42.0

Accrued expenses

​

​

19.1

​

​

—

​

​

17.7

​

​

—

Compensation related liabilities

​

​

29.7

​

​

—

​

​

31.3

​

​

—

Pension and other postretirement benefits

​

​

—

​

​

49.0

​

​

—

​

​

28.5

Investment in unconsolidated subsidiaries

​

​

—

​

​

28.6

​

​

—

​

​

21.3

Lease liabilities

​

​

59.4

​

​

—

​

​

50.7

​

​

—

Other liabilities that will give rise to future tax deductions

​

​

65.2

​

​

—

​

​

67.4

​

​

—

Net capital and operating loss carryforwards

​

​

29.0

​

​

—

​

​

36.0

​

​

—

Research expenditures

​

​

45.1

​

​

—

​

​

34.5

​

​

—

Federal credits

​

​

23.8

​

​

—

​

​

9.4

​

​

—

Other

​

​

28.7

​

​

33.4

​

​

30.1

​

​

49.5

​

​

​

692.2

​

​

1,280.0

​

​

734.1

​

​

1,289.5

Less: Valuation allowance

​

​

(209.4)

​

​

—

​

​

(457.2)

​

​

—

Net deferred taxes

​

$

482.8

​

$

1,280.0

​

$

276.9

​

$

1,289.5

Schedule of Unrecognized Tax Benefits Roll Forward

​

​

​

​

​

​

​

​

​

    

May 25, 2025

    

May 26, 2024

Beginning balance

​

$

21.7

​

$

23.7

Increases from positions established during prior periods

​

​

0.9

​

​

0.3

Decreases from positions established during prior periods

​

​

(0.8)

​

​

—

Increases from positions established during the current period

​

​

0.8

​

​

1.9

Reductions resulting from lapse of applicable statute of limitation

​

​

(2.0)

​

​

(4.3)

Decrease from audit settlements

​

​

(9.3)

​

​

—

Other adjustments to liability

​

​

(0.3)

​

​

0.1

Ending balance

​

$

11.0

​

$

21.7