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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Nov. 25, 2018
Accounting Policies [Abstract] |
Schedule of Accumulated Balances for Each Component of Other Comprehensive Income (Loss), Net of Tax | The following table details the accumulated balances for each component of other comprehensive income, net of tax:
| November 25, 2018 |  | May 27, 2018
Currency translation losses, net of reclassification adjustments | $ | (110.2 | ) |  | $ | (94.7 | )
Derivative adjustments, net of reclassification adjustments | 36.8 |  |  | 1.0 |
Unrealized gains on available-for-sale securities | — |  |  | 0.6 |
Pension and post-employment benefit obligations, net of reclassification adjustments | (18.1 | ) |  | (17.4 | )
Accumulated other comprehensive loss 1 | $ | (91.5 | ) |  | $ | (110.5 | )
1 Net of unrealized gains on available-for-sale securities of $0.6 million reclassified to retained earnings as a result of the adoption of ASU 2016-01.
Summary of Reclassifications | The following table summarizes the reclassifications from accumulated other comprehensive loss into income:
|  | Thirteen weeks ended |  | Affected Line Item in the Condensed Consolidated Statement of Earnings 1
|  | November 25, 2018 |  | November 26, 2017 |  |
Net derivative adjustment, net of tax: |  |  |  |  |  |
Cash flow hedges |  | $ | (0.2 | ) |  | $ | 0.1 |  |  | Interest expense, net
|  | (0.2 | ) |  | 0.1 |  |  | Total before tax
|  | — |  |  | — |  |  | Income tax expense
|  | $ | (0.2 | ) |  | $ | 0.1 |  |  | Net of tax
Pension and postretirement liabilities: |  |  |  |  |  |
Net prior service cost (benefit) |  | $ | 0.2 |  |  | $ | (0.2 | ) |  | Pension and postretirement non-service income
Net actuarial gain |  | (0.4 | ) |  | — |  |  | Pension and postretirement non-service income
|  | (0.2 | ) |  | (0.2 | ) |  | Total before tax
|  | — |  |  | 0.1 |  |  | Income tax expense
|  | $ | (0.2 | ) |  | $ | (0.1 | ) |  | Net of tax
|  | Twenty-six weeks ended |  | Affected Line Item in the Condensed Consolidated Statement of Earnings 1
|  | November 25, 2018 |  | November 26, 2017 |  |
Net derivative adjustment, net of tax: |  |  |  |  |  |
Cash flow hedges |  | $ | (0.2 | ) |  | $ | 0.1 |  |  | Interest expense, net
|  | (0.2 | ) |  | 0.1 |  |  | Total before tax
|  | — |  |  | — |  |  | Income tax expense
|  | $ | (0.2 | ) |  | $ | 0.1 |  |  | Net of tax
Pension and postretirement liabilities: |  |  |  |  |  |
Net prior service cost (benefit) |  | $ | 0.4 |  |  | $ | (0.3 | ) |  | Pension and postretirement non-service income
Net actuarial gain |  | (0.8 | ) |  | — |  |  | Pension and postretirement non-service income
|  | (0.4 | ) |  | (0.3 | ) |  | Total before tax
|  | 0.1 |  |  | 0.1 |  |  | Income tax expense
|  | $ | (0.3 | ) |  | $ | (0.2 | ) |  | Net of tax
1 Amounts in parentheses indicate income recognized in the Condensed Consolidated Statements of Earnings.
Schedule of Effects of Changes Resulting From Adoption of New Accounting Pronouncements | The effect of the changes made to our Condensed Consolidated Balance Sheet as of November 25, 2018 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 | $ | 958.1 |  |  | $ | 8.6 |  |  | $ | 966.7 |
Inventories | 1,729.7 |  |  | (3.8 | ) |  | 1,725.9 |
Prepaid expenses and other current assets | 108.7 |  |  | (14.8 | ) |  | 93.9 |
Current liabilities |  |  |  |  |
Other accrued liabilities | 793.3 |  |  | (0.9 | ) |  | 792.4 |
Other noncurrent liabilities | 1,923.6 |  |  | (2.3 | ) |  | 1,921.3 |
The effect of the changes made to our Condensed Consolidated Statement of Earnings for the adoption of Topic 606 was as follows:
| Thirteen weeks ended November 25, 2018
| As Reported |  | Adjustments |  | Balances without Adoption of Topic 606
Net sales | $ | 2,383.7 |  |  | $ | 16.6 |  |  | $ | 2,400.3 |
Cost of goods sold | 1,706.5 |  |  | 6.0 |  |  | 1,712.5 |
Income from continuing operations before income taxes and equity method investment earnings | 119.0 |  |  | 10.6 |  |  | 129.6 |
| Twenty-six weeks ended November 25, 2018
| As Reported |  | Adjustments |  | Balances without Adoption of Topic 606
Net sales | $ | 4,218.1 |  |  | $ | 7.3 |  |  | $ | 4,225.4 |
Cost of goods sold | 3,025.4 |  |  | 12.8 |  |  | 3,038.2 |
Income from continuing operations before income taxes and equity method investment earnings | 338.4 |  |  | (5.5 | ) |  | 332.9 |
As a result, the following amounts were reclassified in the second quarter and first half of fiscal 2018 to correspond to the current year presentation:
| Thirteen weeks ended |  | Twenty-six weeks ended
| November 26, 2017 |  | November 26, 2017
Reclassified from Selling, general and administrative expense | $ | 17.5 |  |  | $ | 38.1 |
Reclassified to Pension and postretirement non-service income | $ | 17.5 |  |  | $ | 38.1 |

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