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Income Taxes (Tables)
 12 Months Ended
May 28, 2017
Income Tax Disclosure [Abstract]  
Allocation Of Total Income Tax Expense
Total income tax expense was allocated as follows:
 
Fiscal Year
(in millions)
2017
 
2016
 
2015
Earnings from continuing operations
$
154.8

 
$
90.0

 
$
(21.1
)
Earnings from discontinued operations
(4.2
)
 
3.4

 
344.8

Total consolidated income tax expense
$
150.6

 
$
93.4

 
$
323.7
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:
 
Fiscal Year
(in millions)
2017

2016

2015
Earnings from continuing operations before income taxes:
 
 
 
 
 
U.S.
$
632.3

 
$
450.6

 
$
179.9

Foreign
5.0

 
(0.9
)
 
(4.6
)
Earnings from continuing operations before income taxes
$
637.3

 
$
449.7

 
$
175.3

Income taxes:
 
 
 
 
 
Current:
 
 
 
 
 
Federal
$
160.5

 
$
89.1

 
$
(12.7
)
State and local
22.2

 
2.7

 
(8.0
)
Foreign
1.3

 
1.9

 
6.9

Total current
$
184.0

 
$
93.7

 
$
(13.8
)
Deferred (principally U.S.):
 
 
 
 
 
Federal
$
(24.1
)
 
$
(2.4
)
 
$
—

State and local
(5.1
)
 
(1.3
)
 
(7.3
)
Total deferred
$
(29.2
)
 
$
(3.7
)
 
$
(7.3
)
Total income taxes
$
154.8

 
$
90.0

 
$
(21.1
)
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
 
2017

2016

2015
U.S. statutory rate
35.0
 %
 
35.0
 %
 
35.0
 %
State and local income taxes, net of federal tax benefits
1.7

 
1.2

 
(6.6
)
Benefit of federal income tax credits
(9.2
)
 
(12.5
)
 
(34.0
)
Other, net
(3.2
)
 
(3.7
)
 
(6.4
)
Effective income tax rate
24.3
 %
 
20.0
 %
 
(12.0
)%
Schedule of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits follows:
(in millions)
 
Balances at May 29, 2016
$
14.3

Additions related to current-year tax positions
4.6

Reductions due to settlements with taxing authorities
(0.2
)
Reductions to tax positions due to statute expiration
(2.3
)
Balances at May 28, 2017
$
16.4
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:
 
Fiscal Year
(in millions)
2017

2016

2015
Interest expense on unrecognized tax benefits
$
0.6

 
$
0.5

 
$
1.1
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 28, 2017

 
May 29, 2016

Accrued liabilities
$
137.1

 
$
109.4

Compensation and employee benefits
174.6

 
176.0

Deferred rent and interest income
110.3

 
97.8

Net operating loss, credit and charitable contribution carryforwards
78.0

 
47.1

Other
6.9

 
5.9

Gross deferred tax assets
$
506.9

 
$
436.2

Valuation allowance
(17.0
)
 
(17.0
)
Deferred tax assets, net of valuation allowance
$
489.9

 
$
419.2

Trademarks and other acquisition related intangibles
(310.7
)
 
(226.4
)
Buildings and equipment
(275.4
)
 
(238.6
)
Capitalized software and other assets
(38.1
)
 
(34.0
)
Other
(11.4
)
 
(12.1
)
Gross deferred tax liabilities
$
(635.6
)
 
$
(511.1
)
Net deferred tax liabilities
$
(145.7
)
 
$
(91.9
)