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Commitments and Contingencies
12 Months Ended
May 30, 2021
Commitments and Contingencies [Abstract]  
Commitments and Contingencies

NOTE 16. COMMITMENTS AND CONTINGENCIES

 

As of May 30, 2021, we have issued guarantees and comfort letters of $146.6 million for the debt and other obligations of non-consolidated affiliates, mainly CPW. Off-balance sheet arrangements were not material as of May 30, 2021.

 

During the second quarter of fiscal 2020, we received notice from the tax authorities of the State of São Paulo, Brazil regarding our compliance with its state sales tax requirements. As a result, we have been assessed additional state sales taxes, interest, and penalties. We believe that we have meritorious defenses against this claim and will vigorously defend our position. As of May 30, 2021, we are unable to estimate any possible loss and have not recorded a loss contingency for this matter.