Income Taxes (Tables)

12 Months Ended

May 31, 2020

INCOME TAXES [Abstract]

Components of earnings before income taxes and after-tax earnings from joint ventures and the corresponding income taxes thereon [Table Text Block]

		Fiscal Year
In Millions		2020		2019		2018
Earnings before income taxes and after-tax earnings from joint ventures:
United States	$	2,402.1	$	1,788.2	$	1,884.0
Foreign		198.1		293.8		251.6
Total earnings before income taxes and after-tax earnings from joint ventures	$	2,600.2	$	2,082.0	$	2,135.6
Income taxes:
Currently payable:
Federal	$	381.0	$	151.9	$	441.2
State and local		55.3		35.3		35.2
Foreign		73.8		84.6		85.2
Total current		510.1		271.8		561.6
Deferred:
Federal		67.8		86.7		(478.5)
State and local		(56.6)		21.6		15.7
Foreign		(40.8)		(12.3)		(41.5)
Total deferred		(29.6)		96.0		(504.3)
Total income taxes	$	480.5	$	367.8	$	57.3

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Fiscal Year
	2020		2019		2018
United States statutory rate	21.0	%	21.0	%	29.4	%
State and local income taxes, net of federal tax benefits	2.0		2.5		1.7
Foreign rate differences	(0.8)		-		(2.0)
Provisional net tax benefit	-		(0.4)		(24.5)
Stock based compensation	(1.1)		(1.2)		(1.2)
Subsidiary reorganization (a)	(2.0)		-		-
Capital loss (b)	-		(3.7)		-
Prior period tax adjustment	-		-		1.9
Domestic manufacturing deduction	-		-		(1.9)
Other, net	(0.6)		(0.5)		(0.7)
Effective income tax rate	18.5	%	17.7	%	2.7	%

During fiscal 2020, we recorded a $53.1 million decrease to our deferred income tax liabilities associated with the reorganization of certain wholly owned subsidiaries.During fiscal 2019, we recorded a discrete benefit related to a capital loss carryback of $72.9 million.

Tax effects of temporary differences that give rise to deferred tax assets and liabilities [Table Text Block]

In Millions		May 31, 2020		May 26, 2019
Accrued liabilities	$	61.8	$	50.9
Compensation and employee benefits		171.4		196.6
Pension		148.2		103.2
Tax credit carryforwards		12.5		7.3
Stock, partnership, and miscellaneous investments		80.2		104.2
Capital losses		65.9		73.1
Net operating losses		146.6		141.7
Other		87.0		71.3
Gross deferred tax assets		773.6		748.3
Valuation allowance		214.2		213.7
Net deferred tax assets		559.4		534.6
Brands		1,415.0		1,472.6
Fixed assets		378.3		377.8
Intangible assets		246.8		259.7
Tax lease transactions		21.5		23.9
Inventories		33.0		39.0
Stock, partnership, and miscellaneous investments		338.1		330.0
Unrealized hedges		22.4		27.9
Other		51.4		34.7
Gross deferred tax liabilities		2,506.5		2,565.6
Net deferred tax liability	$	1,947.1	$	2,031.0

In Millions		May 31, 2020
Pillsbury acquisition losses	$	108.3
State and foreign loss carryforwards		28.2
Capital loss carryforwards		65.8
Other		11.9
Total	$	214.2

In Millions		May 31, 2020
Foreign loss carryforwards	$	143.5
State operating loss carryforwards		12.1
Total tax loss carryforwards	$	155.6

In Millions		May 31, 2020
Expire in fiscal 2021 and 2022	$	3.7
Expire in fiscal 2023 and beyond		20.8
Do not expire		119.0
Total foreign loss carryforwards	$	143.5

Schedule of Changes in Total Gross Unrecognized Tax Benefit Liabilities [Table Text Block]

	Fiscal Year
In Millions		2020		2019
Balance, beginning of year	$	139.1	$	196.3
Tax positions related to current year:
Additions		18.7		19.5
Reductions		-		(0.1)
Tax positions related to prior years:
Additions		2.3		3.8
Reductions		(6.0)		(13.2)
Settlements		(2.9)		(41.0)
Lapses in statutes of limitations		(3.3)		(26.2)
Balance, end of year	$	147.9	$	139.1