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Income Taxes (Tables)
 12 Months Ended
May 31, 2020
Income Tax Disclosure [Abstract]  
Allocation Of Total Income Tax Expense
Total income tax expense (benefit) was allocated as follows:
 
Fiscal Year Ended
(in millions)
May 31, 2020
 
May 26, 2019
 
May 27, 2018
Earnings (loss) from continuing operations
$
(111.8
)
 
$
63.7

 
$
1.9

Loss from discontinued operations
(0.9
)
 
(1.8
)
 
(4.8
)
Total consolidated income tax expense (benefit)
$
(112.7
)
 
$
61.9

 
$
(2.9
)
Components Of Earnings Before Income Tax And Provision For Income Taxes
The components of earnings (loss) from continuing operations before income taxes and the provision for income taxes thereon are as follows:
 
Fiscal Year Ended
(in millions)
May 31, 2020

May 26, 2019

May 27, 2018
Earnings (loss) from continuing operations before income taxes:
 
 
 
 
 
U.S.
$
(165.1
)
 
$
780.7

 
$
602.7

Foreign
4.1

 
1.6

 
3.0

Earnings (loss) from continuing operations before income taxes
$
(161.0
)
 
$
782.3

 
$
605.7

Income taxes:
 
 
 
 
 
Current:
 
 
 
 
 
Federal
$
5.8

 
$
(7.2
)
 
$
10.2

State and local
15.9

 
20.3

 
8.9

Foreign
1.0

 
1.4

 
1.8

Total current
$
22.7

 
$
14.5

 
$
20.9

Deferred (principally U.S.):
 
 
 
 
 
Federal
$
(109.0
)
 
$
44.9

 
$
(25.1
)
State and local
(25.5
)
 
4.3

 
6.1

Total deferred
$
(134.5
)
 
$
49.2

 
$
(19.0
)
Total income tax expense (benefit)
$
(111.8
)
 
$
63.7

 
$
1.9
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 Ended
 
May 31, 2020

May 26, 2019

May 27, 2018
U.S. statutory rate
21.0
 %
 
21.0
 %
 
29.4
 %
State and local income taxes, net of federal tax benefits
3.7

 
2.4

 
1.8

Enactment of the Tax Cuts and Jobs Act
—

 
—

 
(13.1
)
Benefit of federal income tax credits
47.3

 
(10.8
)
 
(12.8
)
Stock-based compensation tax benefit
5.0

 
(2.0
)
 
(1.8
)
Nondeductible goodwill impairment
(16.4
)
 
—

 
—

Deferred revaluation (1)
6.3

 
—

 
—

Other, net
2.5

 
(2.5
)
 
(3.2
)
Effective income tax rate (2)
69.4
 %
 
8.1
 %
 
0.3
 %

(1)
In fiscal 2020, we amended tax returns that were subject to a 35.0 percent or 29.4 percent statutory rate. Corresponding deferred tax balances were revalued at 21.0 percent.
(2)
Our effective income tax rate of 69.4 percent for fiscal 2020 represents an income tax benefit as we generated a pre-tax loss from continuing operations in fiscal 2020, whereas our effective income tax rates of 8.1 percent and 0.3 percent for fiscal 2019 and 2018, respectively, represent income tax expense as we generated pre-tax income from continuing operations in fiscal 2019 and 2018.
Schedule of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits follows:
(in millions)
 
Balances at May 26, 2019
$
27.0

Additions related to current-year tax positions
4.1

Net reductions due to settlements with taxing authorities
(7.3
)
Reductions to tax positions due to statute expiration
(2.2
)
Balances at May 31, 2020
$
21.6
Interest Expense On Unrecognized Tax Benefits
Interest recorded on reserves for uncertain tax positions was included in income tax expense in our consolidated statements of earnings as follows:
 
Fiscal Year Ended
(in millions)
May 31, 2020

May 26, 2019

May 27, 2018
Interest recorded on unrecognized tax benefits
$
1.8

 
$
1.5

 
$
0.8
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 31, 2020

 
May 26, 2019

Accrued liabilities
$
81.0

 
$
69.2

Compensation and employee benefits
127.5

 
119.9

Deferred rent and interest income
—

 
91.1

Lease liabilities
1,186.8

 
—

Net operating loss, credit and charitable contribution carryforwards
117.3

 
75.3

Other
11.4

 
5.9

Gross deferred tax assets
$
1,524.0

 
$
361.4

Valuation allowance
(19.3
)
 
(29.7
)
Deferred tax assets, net of valuation allowance
$
1,504.7

 
$
331.7

Trademarks and other acquisition related intangibles
(164.4
)
 
(211.5
)
Buildings and equipment
(263.7
)
 
(247.7
)
Capitalized software and other assets
(25.7
)
 
(24.6
)
Lease assets
(1,098.0
)
 
—

Other
(9.0
)
 
(4.8
)
Gross deferred tax liabilities
$
(1,560.8
)
 
$
(488.6
)
Net deferred tax liabilities
$
(56.1
)
 
$
(156.9
)