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v3.23.2

Note 13 - Pre-tax Income and Income Taxes (Tables) | 12 Months Ended
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May 28, 2023
Notes Tables |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] |
|  | 2023 |  |  | 2022 |  |  | 2021 |
United States |  | $ | 803.9 |  |  | $ | 1,106.0 |  |  | $ | 1,426.5 |
Foreign |  |  | 98.0 |  |  |  | 72.7 |  |  |  | 68.2 |
|  | $ | 901.9 |  |  | $ | 1,178.7 |  |  | $ | 1,494.7 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 304.6 |  |  | $ | 186.6 |  |  | $ | 232.6 |
State |  |  | 42.5 |  |  |  | 48.2 |  |  |  | 31.8 |
Foreign |  |  | 25.7 |  |  |  | 18.4 |  |  |  | 15.3 |
|  |  | 372.8 |  |  |  | 253.2 |  |  |  | 279.7 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (135.8 | ) |  |  | 34.7 |  |  |  | (63.5 | )
State |  |  | (14.4 | ) |  |  | 3.9 |  |  |  | (26.1 | )
Foreign |  |  | (3.9 | ) |  |  | (1.3 | ) |  |  | 3.7 |
|  |  | (154.1 | ) |  |  | 37.3 |  |  |  | (85.9 | )
|  | $ | 218.7 |  |  | $ | 290.5 |  |  | $ | 193.8 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Computed U.S. Federal income taxes |  | $ | 189.4 |  |  | $ | 247.5 |  |  | $ | 313.9 |
State income taxes, net of U.S. Federal tax impact |  |  | 28.9 |  |  |  | 37.2 |  |  |  | 37.4 |
Goodwill and intangible impairments |  |  | 27.5 |  |  |  | 6.1 |  |  |  | 13.6 |
Remeasurement of deferred taxes due to legal entity reorganization |  |  | — |  |  |  | — |  |  |  | 35.8 |
Tax elections under review by the IRS on capital loss utilization |  |  | — |  |  |  | 25.0 |  |  |  | — |
Change of valuation allowance on capital loss carryforward |  |  | — |  |  |  | — |  |  |  | (188.5 | )
Change of valuation allowance due to certain tax elections |  |  | (28.1 | ) |  |  | — |  |  |  | — |
Incentive compensation |  |  | 11.1 |  |  |  | 2.4 |  |  |  | 6.1 |
Other |  |  | (10.1 | ) |  |  | (27.7 | ) |  |  | (24.5 | )
|  | $ | 218.7 |  |  | $ | 290.5 |  |  | $ | 193.8 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
|  | May 28, 2023 |  |  | May 29, 2022 |
|  | Assets |  |  | Liabilities |  |  | Assets |  |  | Liabilities |
Property, plant and equipment |  | $ | — |  |  | $ | 306.2 |  |  | $ | — |  |  | $ | 327.2 |
Inventory |  | 20.1 |  |  |  | — |  |  |  | 30.5 |  |  |  | — |
Goodwill, trademarks and other intangible assets |  |  | 437.3 |  |  |  | 941.1 |  |  |  | 405.8 |  |  |  | 1,066.6 |
Right-of-use assets |  |  | — |  |  |  | 47.0 |  |  |  | — |  |  |  | 47.9 |
Accrued expenses |  |  | 16.5 |  |  |  | — |  |  |  | 12.7 |  |  |  | — |
Compensation related liabilities |  |  | 31.9 |  |  |  | — |  |  |  | 29.3 |  |  |  | — |
Pension and other postretirement benefits |  |  | — |  |  |  | 23.7 |  |  |  | — |  |  |  | 25.1 |
Investment in unconsolidated subsidiaries |  |  | — |  |  |  | 19.1 |  |  |  | — |  |  |  | 9.4 |
Lease liabilities |  |  | 54.6 |  |  |  | — |  |  |  | 56.1 |  |  |  | — |
Other liabilities that will give rise to future tax deductions |  |  | 59.6 |  |  |  | — |  |  |  | 73.2 |  |  |  | — |
Net capital and operating loss carryforwards |  |  | 34.7 |  |  |  | — |  |  |  | 46.4 |  |  |  | — |
Research Expenditures |  |  | 20.6 |  |  |  | — |  |  |  | — |  |  |  | — |
Federal credits |  |  | 10.7 |  |  |  | — |  |  |  | 12.0 |  |  |  | — |
Other |  |  | 34.9 |  |  |  | 32.8 |  |  |  | 32.0 |  |  |  | 38.6 |
|  |  | 720.9 |  |  |  | 1,369.9 |  |  |  | 698.0 |  |  |  | 1,514.8 |
Less: Valuation allowance |  |  | (457.6 | ) |  |  | — |  |  |  | (455.5 | ) |  |  | — |
Net deferred taxes |  | $ | 263.3 |  |  | $ | 1,369.9 |  |  | $ | 242.5 |  |  | $ | 1,514.8 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] |
|  |  | May 28, 2023 |  |  |  | May 29, 2022 |
Beginning balance |  | $ | 62.9 |  |  | $ | 33.0 |
Increases from positions established during prior periods |  |  | 0.3 |  |  |  | 13.2 |
Decreases from positions established during prior periods |  |  | (32.3 | ) |  |  | (3.2 | )
Increases from positions established during the current period |  |  | 1.7 |  |  |  | 31.7 |
Reductions resulting from lapse of applicable statute of limitation |  |  | (8.9 | ) |  |  | (3.1 | )
Decrease from audit settlements |  |  | (0.1 | ) |  |  | (8.5 | )
Other adjustments to liability |  |  | 0.1 |  |  |  | (0.2 | )
Ending balance |  | $ | 23.7 |  |  | $ | 62.9 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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