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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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May 30, 2021
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 |  |  | Other1 |  |  | Deductions from Reserves2 |  |  | Balance at Close of Period |
Year ended May 30, 2021 |  | $ | 2.6 |  |  |  | 0.6 |  |  |  | 0.7 |  |  |  | 0.7 |  |  | $ | 3.2 |
Year ended May 31, 2020 |  | $ | 2.2 |  |  |  | 1.2 |  |  |  | 0.1 |  |  |  | 0.9 |  |  | $ | 2.6 |
Year ended May 26, 2019 |  | $ | 1.7 |  |  |  | 0.6 |  |  |  | 0.5 |  |  |  | 0.6 |  |  | $ | 2.2 |
1 Primarily relates to translation, the adoption of Accounting Standards Update ("ASU") 2016-13, and the acquisition of Pinnacle Foods Inc. ("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 (Loss), Net of Tax | The following table details the accumulated balances for each component of other comprehensive income (loss), net of tax:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Currency translation losses, net of reclassification adjustments |  | $ | (77.1 | ) |  | $ | (125.7 | ) |  | $ | (90.9 | )
Derivative adjustments, net of reclassification adjustments |  |  | 24.3 |  |  |  | 26.3 |  |  |  | 34.0 |
Pension and postretirement benefit obligations, net of reclassification adjustments |  |  | 58.6 |  |  |  | (10.2 | ) |  |  | (53.4 | )
Accumulated other comprehensive income (loss)1 |  | $ | 5.8 |  |  | $ | (109.6 | ) |  | $ | (110.3 | )
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 in the amount of $0.6 million.
Summary of Reclassifications from Accumulated Other Comprehensive Income (Loss) into Income | The following table summarizes the reclassifications from accumulated other comprehensive income (loss) into income:
|  |  |  |  |  |  |  |  |  |  |  |  |  | Affected Line Item in the Consolidated Statement of Earnings1
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  |
Net derivative adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  | $ | (3.2 | ) |  | $ | (3.3 | ) |  | $ | (1.9 | ) |  | Interest expense, net
Cash flow hedges |  |  | (0.5 | ) |  |  | — |  |  |  | — |  |  | Selling, general and administrative expenses
Cash flow hedges |  |  | 2.1 |  |  |  | — |  |  |  | — |  |  | Equity method investment earnings
|  |  | (1.6 | ) |  |  | (3.3 | ) |  |  | (1.9 | ) |  | Total before tax
|  |  | 1.0 |  |  |  | 0.9 |  |  |  | 0.5 |  |  | Income tax expense
|  | $ | (0.6 | ) |  | $ | (2.4 | ) |  | $ | (1.4 | ) |  | Net of tax
Amortization of pension and postretirement benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net prior service cost |  | $ | 0.2 |  |  | $ | 0.6 |  |  | $ | 0.9 |  |  | Pension and postretirement non-service income
Net actuarial gain |  |  | (3.5 | ) |  |  | (4.6 | ) |  |  | (1.4 | ) |  | Pension and postretirement non-service income
Pension settlement |  |  | — |  |  |  | (2.1 | ) |  |  | — |  |  | Pension and postretirement non-service income
Postretirement healthcare settlement |  |  | (0.5 | ) |  |  | (0.2 | ) |  |  | (1.0 | ) |  | Pension and postretirement non-service income
Curtailment |  |  | 0.2 |  |  |  | 0.8 |  |  |  | — |  |  | Pension and postretirement non-service income
|  |  | (3.6 | ) |  |  | (5.5 | ) |  |  | (1.5 | ) |  | Total before tax
|  |  | 0.9 |  |  |  | 1.4 |  |  |  | 0.4 |  |  | Income tax expense
|  | $ | (2.7 | ) |  | $ | (4.1 | ) |  | $ | (1.1 | ) |  | 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 Earnings.

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