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Income Taxes (Tables)
 12 Months Ended
May 25, 2014
Income Tax Disclosure [Abstract]  
Allocation Of Total Income Tax Expense
Total income tax expense was allocated as follows:
(in millions)
Fiscal Year
 
2014
 
2013
 
2012
Earnings from continuing operations
$
(8.6
)
 
$
36.7

 
$
75.9

Earnings from discontinued operations
32.3

 
72.7

 
84.9

Total consolidated income tax expense
$
23.7

 
$
109.4

 
$
160.8
Components Of Earnings Before Income Tax And Provision For Income Taxes
The components of earnings from continuing operations before income taxes and the provision for income taxes thereon are as follows:
(in millions)
Fiscal Year
 
2014

2013

2012
Earnings from continuing operations before income taxes:
 
 
 
 
 
U.S.
$
189.2

 
$
278.0

 
$
351.0

Foreign
(14.6
)
 
(4.0
)
 
4.1

Earnings from continuing operations before income taxes
$
174.6

 
$
274.0

 
$
355.1

Income taxes:
 
 
 
 
 
Current:
 
 
 
 
 
Federal
$
39.5

 
$
26.1

 
$
25.5

State and local
5.4

 
7.9

 
11.6

Foreign
3.0

 
3.5

 
2.7

Total current
$
47.9

 
$
37.5

 
$
39.8

Deferred (principally U.S.):
 
 
 
 
 
Federal
(43.7
)
 
6.9

 
37.6

State and local
(12.8
)
 
(7.7
)
 
(1.5
)
Total deferred
$
(56.5
)
 
$
(0.8
)
 
$
36.1

Total income taxes
$
(8.6
)
 
$
36.7

 
$
75.9
Income Taxes Paid
Income taxes paid were as follows:
(in millions)
Fiscal Year
 
2014

2013

2012
Income taxes paid
$
90.0

 
$
98.5

 
$
123.5
Effective Income Tax Rate Reconciliation
The following table is a reconciliation of the U.S. statutory income tax rate to the effective income tax rate from continuing operations included in the accompanying consolidated statements of earnings:
 
Fiscal Year
 
2014

2013

2012
U.S. statutory rate
35.0
 %
 
35.0
 %
 
35.0
 %
State and local income taxes, net of federal tax benefits
(2.7
)
 
—

 
1.8

Benefit of federal income tax credits
(30.3
)
 
(18.1
)
 
(14.4
)
Other, net
(6.9
)
 
(3.5
)
 
(1.0
)
Effective income tax rate
(4.9
)%
 
13.4
 %
 
21.4
 %
Schedule of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits follows:
(in millions)
 
Balances at May 26, 2013
$
29.9

Additions related to current-year tax positions
10.0

Reductions related to prior-year tax positions
(2.1
)
Additions due to settlements with taxing authorities
2.2

Reductions to tax positions due to statute expiration
(1.9
)
Balances at May 25, 2014
$
38.1
Interest Expense On Unrecognized Tax Benefits
Interest expense associated with unrecognized tax benefits, excluding the release of accrued interest related to prior year matters due to settlement or the lapse of the statute of limitations was as follows:
(in millions)
Fiscal Year
 
2014

2013

2012
Interest expense on unrecognized tax benefits
$
0.4

 
$
0.5

 
$
0.4
Tax Effects On Deferred Tax Assets And Liabilities
The tax effects of temporary differences that give rise to deferred tax assets and liabilities are as follows:
(in millions)
May 25, 2014

 
May 26, 2013

Accrued liabilities
$
111.0

 
$
85.5

Compensation and employee benefits
216.3

 
212.9

Deferred rent and interest income
102.2

 
83.3

Net operating loss, credit and charitable contribution carryforwards
57.3

 
50.7

Other
7.9

 
6.8

Gross deferred tax assets
$
494.7

 
$
439.2

Valuation allowance
(16.5
)
 
(15.4
)
Deferred tax assets, net of valuation allowance
$
478.2

 
$
423.8

Trademarks and other acquisition related intangibles
(209.4
)
 
(205.6
)
Buildings and equipment
(396.1
)
 
(403.2
)
Capitalized software and other assets
(26.6
)
 
(19.4
)
Other
(8.2
)
 
(7.4
)
Gross deferred tax liabilities
$
(640.3
)
 
$
(635.6
)
Net deferred tax liabilities
$
(162.1
)
 
$
(211.8
)