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PRE-TAX INCOME AND INCOME TAXES (Tables) | 12 Months Ended
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May 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Pre-Tax Income from Continuing Operations | Pre-tax income from continuing operations (including equity method investment earnings) consisted of the following:
|  | 2020 |  |  | 2019 |  |  | 2018 |
United States |  | $ | 978.3 |  |  | $ | 826.6 |  |  | $ | 902.5 |
Foreign |  |  | 64.8 |  |  |  | 72.5 |  |  |  | 69.6 |
|  | $ | 1,043.1 |  |  | $ | 899.1 |  |  | $ | 972.1 |
Schedule of the Provision for Income Taxes | The provision for income taxes included the following:
|  | 2020 |  |  | 2019 |  |  | 2018 |
Current |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 188.2 |  |  | $ | 125.4 |  |  | $ | 153.1 |
State |  |  | 25.5 |  |  |  | 22.6 |  |  |  | 17.8 |
Foreign |  |  | 9.5 |  |  |  | 21.6 |  |  |  | 32.5 |
|  |  | 223.2 |  |  |  | 169.6 |  |  |  | 203.4 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 37.6 |  |  |  | 40.1 |  |  |  | (43.7 | )
State |  |  | (62.3 | ) |  |  | 19.0 |  |  |  | 17.4 |
Foreign |  |  | 2.8 |  |  |  | (9.9 | ) |  |  | (2.5 | )
|  |  | (21.9 | ) |  |  | 49.2 |  |  |  | (28.8 | )
|  | $ | 201.3 |  |  | $ | 218.8 |  |  | $ | 174.6 |
Reconciliation of Income Taxes to the Provision for Income Taxes | Income taxes computed by applying the U.S. Federal statutory rates to income from continuing operations before income taxes are reconciled to the provision for income taxes set forth in the Consolidated Statements of Earnings as follows:
|  | 2020 |  |  | 2019 |  |  | 2018 |
Computed U.S. Federal income taxes |  | $ | 219.0 |  |  | $ | 188.8 |  |  | $ | 285.3 |
State income taxes, net of U.S. Federal tax impact |  |  | 29.6 |  |  |  | 34.1 |  |  |  | 18.0 |
Remeasurement of deferred taxes due to U.S. tax legislation |  |  | — |  |  |  | — |  |  |  | (241.6 | )
Transition tax on foreign earnings |  |  | — |  |  |  | (4.6 | ) |  |  | 19.8 |
Tax credits and domestic manufacturing deduction |  |  | (9.7 | ) |  |  | (5.6 | ) |  |  | (20.6 | )
Federal rate differential on legal reserve |  |  | — |  |  |  | — |  |  |  | 12.6 |
Goodwill and intangible impairments |  |  | 11.2 |  |  |  | 12.5 |  |  |  | — |
Remeasurement of deferred taxes due to legal entity reorganization |  |  | (40.9 | ) |  |  | 16.9 |  |  |  | — |
State tax impact of combining Pinnacle business |  |  | — |  |  |  | (12.0 | ) |  |  | — |
Change of valuation allowance on capital loss carryforward |  |  | — |  |  |  | (32.2 | ) |  |  | 78.6 |
Other |  |  | (7.9 | ) |  |  | 20.9 |  |  |  | 22.5 |
|  | $ | 201.3 |  |  | $ | 218.8 |  |  | $ | 174.6 |
Schedule of the Tax Effect of Temporary Differences and Carryforwards | The tax effect of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities consisted of the following:
|  | May 31, 2020 |  |  | May 26, 2019 |
|  | Assets |  |  | Liabilities |  |  | Assets |  |  | Liabilities |
Property, plant and equipment |  | $ | — |  |  | $ | 258.4 |  |  | $ | — |  |  | $ | 240.7 |
Inventory |  |  | 19.5 |  |  |  | — |  |  |  | 15.2 |  |  |  | — |
Goodwill, trademarks and other intangible assets |  |  | — |  |  |  | 1,108.4 |  |  |  | — |  |  |  | 1,187.0 |
Right-of-use assets |  |  | — |  |  |  | 51.0 |  |  |  | — |  |  |  | — |
Accrued expenses |  |  | 13.4 |  |  |  | — |  |  |  | 11.8 |  |  |  | — |
Compensation related liabilities |  |  | 36.3 |  |  |  | — |  |  |  | 35.9 |  |  |  | — |
Pension and other postretirement benefits |  |  | 35.2 |  |  |  | — |  |  |  | 54.6 |  |  |  | — |
Investment in unconsolidated subsidiaries |  |  | — |  |  |  | 196.2 |  |  |  | — |  |  |  | 185.4 |
Lease liabilities |  |  | 61.3 |  |  |  | — |  |  |  | — |  |  |  | — |
Other liabilities that will give rise to future tax deductions |  |  | 88.1 |  |  |  | — |  |  |  | 123.5 |  |  |  | — |
Net capital and operating loss carryforwards |  |  | 753.4 |  |  |  | — |  |  |  | 766.5 |  |  |  | — |
Federal credits |  |  | 17.5 |  |  |  | — |  |  |  | 18.0 |  |  |  | — |
Other |  |  | 52.7 |  |  |  | 31.8 |  |  |  | 37.6 |  |  |  | 24.0 |
|  |  | 1,077.4 |  |  |  | 1,645.8 |  |  |  | 1,063.1 |  |  |  | 1,637.1 |
Less: Valuation allowance |  |  | (728.3 | ) |  |  | — |  |  |  | (738.1 | ) |  |  | — |
Net deferred taxes |  | $ | 349.1 |  |  | $ | 1,645.8 |  |  | $ | 325.0 |  |  | $ | 1,637.1 |
Schedule of Change in Unrecognized Tax Benefits | The change in the unrecognized tax benefits for the year ended May 31, 2020 was:
Beginning balance on May 26, 2019 |  | $ | 44.1 |
Increases from positions established during prior periods |  |  | 2.7 |
Decreases from positions established during prior periods |  |  | (0.3 | )
Increases from positions established during the current period |  |  | 3.7 |
Decreases relating to settlements with taxing authorities |  |  | (6.4 | )
Reductions resulting from lapse of applicable statute of limitation |  |  | (7.7 | )
Other adjustments to liability |  |  | (0.3 | )
Ending balance on May 31, 2020 |  | $ | 35.8 |

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