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Income Taxes (Tables)

12 Months Ended

May 30, 2021

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		2021		2020		2019
Earnings before income taxes and after-tax earnings from joint ventures:
United States	$	2,567.1	$	2,402.1	$	1,788.2
Foreign		290.3		198.1		293.8
Total earnings before income taxes and after-tax earnings from joint ventures	$	2,857.4	$	2,600.2	$	2,082.0
Income taxes:
Currently payable:
Federal	$	369.8	$	381.0	$	151.9
State and local		47.5		55.3		35.3
Foreign		93.0		73.8		84.6
Total current		510.3		510.1		271.8
Deferred:
Federal		117.9		67.8		86.7
State and local		13.6		(56.6)		21.6
Foreign		(12.7)		(40.8)		(12.3)
Total deferred		118.8		(29.6)		96.0
Total income taxes	$	629.1	$	480.5	$	367.8

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

	Fiscal Year
	2021		2020		2019
United States statutory rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal tax benefits	1.7		2.0		2.5
Foreign rate differences	0.3		(0.8)		-
Provisional net tax benefit	-		-		(0.4)
Stock based compensation	(0.4)		(1.1)		(1.2)
Subsidiary reorganization (a)	-		(2.0)		-
Capital loss (b)	-		-		(3.7)
Other, net	(0.6)		(0.6)		(0.5)
Effective income tax rate	22.0	%	18.5	%	17.7	%

(a)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.

(b)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 30, 2021		May 31, 2020
Accrued liabilities	$	58.5	$	61.8
Compensation and employee benefits		198.7		171.4
Unrealized hedges		16.3		-
Pension		61.4		148.2
Tax credit carryforwards		22.7		12.5
Stock, partnership, and miscellaneous investments		46.3		80.2
Capital losses		67.3		65.9
Net operating losses		160.5		146.6
Other		93.4		87.0
Gross deferred tax assets		725.1		773.6
Valuation allowance		229.2		214.2
Net deferred tax assets		495.9		559.4
Brands		1,413.8		1,415.0
Fixed assets		412.7		378.3
Intangible assets		256.2		246.8
Tax lease transactions		18.8		21.5
Inventories		36.2		33.0
Stock, partnership, and miscellaneous investments		364.0		338.1
Unrealized hedges		-		22.4
Other		112.6		51.4
Gross deferred tax liabilities		2,614.3		2,506.5
Net deferred tax liability	$	2,118.4	$	1,947.1

In Millions		May 30, 2021
Pillsbury acquisition losses	$	107.9
State and foreign loss carryforwards		29.1
Capital loss carryforwards		67.3
Other		24.9
Total	$	229.2

In Millions		May 30, 2021
Foreign loss carryforwards	$	162.9
State operating loss carryforwards		8.2
Total tax loss carryforwards	$	171.1

In Millions		May 30, 2021
Expire in fiscal 2022 and 2023	$	2.2
Expire in fiscal 2024 and beyond		20.7
Do not expire		140.0
Total foreign loss carryforwards	$	162.9

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

	Fiscal Year
In Millions		2021			2020
Balance, beginning of year	$	147.9		$	139.1
Tax positions related to current year:
Additions		20.1			18.7
Tax positions related to prior years:
Additions		6.3			2.3
Reductions		(7.2)			(6.0)
Settlements		(2.1)			(2.9)
Lapses in statutes of limitations		(19.7)			(3.3)
Balance, end of year	$	145.3		$	147.9

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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