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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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May 26, 2019
Accounting Policies [Abstract] |
Balances of Allowance for Doubtful Accounts and Changes Therein | The following table details the balances of our allowance for doubtful accounts and changes therein:
|  | Balance at Beginning of Period |  | Additions Charged to Costs and Expenses |  | Other |  | Deductions from Reserves |  | Balance at Close of Period
Year ended May 26, 2019 |  | $ | 1.7 |  |  | 0.6 |  |  | 1.6 |  | (1) | 0.6 |  | (2) | $ | 3.3 |
Year ended May 27, 2018 |  | $ | 2.9 |  |  | 0.8 |  |  | — |  |  | 2.0 |  | (2) | $ | 1.7 |
Year ended May 28, 2017 |  | $ | 3.0 |  |  | 1.0 |  |  | — |  |  | 1.1 |  | (2) | $ | 2.9 |
(1) | Primarily relates to the acquisition of Pinnacle.
(2) | Bad debts charged off and adjustments to previous reserves, less recoveries.
Schedule of Estimated Useful Lives of Property, Plant and Equipment | Depreciation has been calculated using the straight-line method over the estimated useful lives of the respective classes of assets as follows:
Land improvements |  | 1 - 40 years
Buildings |  | 15 - 40 years
Machinery and equipment |  | 3 - 20 years
Furniture, fixtures, office equipment and other |  | 5 - 15 years
Schedule of Accumulated Balances for Each Component of Other Comprehensive Income, Net of Tax | The following table details the accumulated balances for each component of other comprehensive income, net of tax:
| 2019 |  | 2018 |  | 2017
Currency translation losses, net of reclassification adjustments | $ | (90.9 | ) |  | $ | (94.7 | ) |  | $ | (98.6 | )
Derivative adjustments, net of reclassification adjustments | 34.0 |  |  | 1.0 |  |  | (1.1 | )
Unrealized gains (losses) on available-for-sale securities | — |  |  | 0.6 |  |  | (0.3 | )
Pension and post-employment benefit obligations, net of reclassification adjustments | (53.4 | ) |  | (17.4 | ) |  | (112.9 | )
Accumulated other comprehensive loss 1 | $ | (110.3 | ) |  | $ | (110.5 | ) |  | $ | (212.9 | )
1 Net of unrealized gains on available-for-sale securities reclassified to retained earnings as a result of the adoption of ASU 2016-01 in fiscal 2019 and net of stranded tax effects from change in tax rate as a result of the early adoption of ASU 2018-02 in fiscal 2018 in the amount of $0.6 million and $17.4 million, respectively.
Summary of Reclassifications from Accumulated Other Comprehensive Loss into Income | The following table summarizes the reclassifications from accumulated other comprehensive loss into income:
|  |  |  |  |  |  | Affected Line Item in the Consolidated Statement of Operations 1
| 2019 |  | 2018 |  | 2017 |  |
Net derivative adjustment, net of tax: |  |  |  |  |  |  |
Cash flow hedges | $ | (1.9 | ) |  | $ | 0.1 |  |  | $ | (0.2 | ) |  | Interest expense, net
| (1.9 | ) |  | 0.1 |  |  | (0.2 | ) |  | Total before tax
| 0.5 |  |  | — |  |  | 0.1 |  |  | Income tax expense
| $ | (1.4 | ) |  | $ | 0.1 |  |  | $ | (0.1 | ) |  | Net of tax
Amortization of pension and postretirement healthcare liabilities: |  |  |  |  |  |  |
Net prior service cost (benefit) | $ | 0.9 |  |  | $ | (0.4 | ) |  | $ | (3.9 | ) |  | Pension and postretirement non-service income
Pension settlement | — |  |  | 1.3 |  |  | 13.8 |  |  | Pension and postretirement non-service income
Postretirement healthcare settlement | (1.0 | ) |  | — |  |  | — |  |  | Pension and postretirement non-service income
Net actuarial loss (gain) | (1.4 | ) |  | — |  |  | 0.5 |  |  | Pension and postretirement non-service income
| (1.5 | ) |  | 0.9 |  |  | 10.4 |  |  | Total before tax
| 0.4 |  |  | (0.2 | ) |  | (4.0 | ) |  | Income tax expense
| $ | (1.1 | ) |  | $ | 0.7 |  |  | $ | 6.4 |  |  | Net of tax
Currency translation losses | $ | 10.4 |  |  | $ | — |  |  | $ | — |  |  | Selling, general and administrative expenses
| 10.4 |  |  | — |  |  | — |  |  | Total before tax
| — |  |  | — |  |  | — |  |  | Income tax expense
| $ | 10.4 |  |  | $ | — |  |  | $ | — |  |  | Net of tax
1 Amounts in parentheses indicate income recognized in the Consolidated Statements of Operations.
Effect of New Accounting Pronouncement on Financial Statements | The effect of the changes made to our Consolidated Balance Sheet as of May 26, 2019 for the adoption of Topic 606 was as follows:
| As Reported |  | Adjustments |  | Balances without Adoption of Topic 606
Current assets |  |  |  |  |
Receivables, less allowance for doubtful accounts | $ | 831.7 |  |  | $ | 8.7 |  |  | $ | 840.4 |
Inventories | 1,571.7 |  |  | (3.1 | ) |  | 1,568.6 |
Prepaid expenses and other current assets | 93.8 |  |  | (16.6 | ) |  | 77.2 |
Current liabilities |  |  |  |  |
Other accrued liabilities | 691.6 |  |  | (1.1 | ) |  | 690.5 |
Other noncurrent liabilities | 1,951.8 |  |  | (2.5 | ) |  | 1,949.3 |
The effect of the changes made to our Consolidated Statement of Earnings for the adoption of Topic 606 was as follows:
| Fiscal 2019
| As Reported |  | Adjustments |  | Balances without Adoption of Topic 606
Net sales | $ | 9,538.4 |  |  | $ | 15.5 |  |  | $ | 9,553.9 |
Cost of goods sold | 6,885.4 |  |  | 24.5 |  |  | 6,909.9 |
Income from continuing operations before income taxes and equity method investment earnings | 823.3 |  |  | (9.0 | ) |  | 814.3 |
As a result, the following amounts were reclassified in fiscal 2018 and 2017 to correspond to the current year presentation:
| 2018 |  | 2017
Reclassified from Cost of goods sold | $ | — |  |  | $ | 1.7 |
Reclassified from Selling, general and administrative expense | 80.4 |  |  | 53.5 |
Reclassified to Pension and postretirement non-service income | $ | 80.4 |  |  | $ | 55.2 |

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