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PRE-TAX INCOME AND INCOME TAXES (Tables) | 12 Months Ended
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May 26, 2024
PRE-TAX INCOME AND INCOME TAXES |
Schedule of Income before Income Tax, Domestic and Foreign | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
United States | ​ | $ | 538.4 | ​ | $ | 803.9 | ​ | $ | 1,106.0
Foreign | ​ | ​ | 71.8 | ​ | ​ | 98.0 | ​ | ​ | 72.7
​ | ​ | $ | 610.2 | ​ | $ | 901.9 | ​ | $ | 1,178.7
Schedule of Components of Income Tax Expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 281.2 | ​ | $ | 304.6 | ​ | $ | 186.6
State | ​ | ​ | 46.1 | ​ | ​ | 42.5 | ​ | ​ | 48.2
Foreign | ​ | ​ | 28.3 | ​ | ​ | 25.7 | ​ | ​ | 18.4
​ | ​ | ​ | 355.6 | ​ | ​ | 372.8 | ​ | ​ | 253.2
Deferred | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | ​ | (66.7) | ​ | ​ | (135.8) | ​ | ​ | 34.7
State | ​ | ​ | (17.6) | ​ | ​ | (14.4) | ​ | ​ | 3.9
Foreign | ​ | ​ | (8.8) | ​ | ​ | (3.9) | ​ | ​ | (1.3)
​ | ​ | ​ | (93.1) | ​ | ​ | (154.1) | ​ | ​ | 37.3
​ | ​ | $ | 262.5 | ​ | $ | 218.7 | ​ | $ | 290.5
Schedule of Effective Income Tax Rate Reconciliation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Computed U.S. Federal income taxes | ​ | $ | 128.1 | ​ | $ | 189.4 | ​ | $ | 247.5
State income taxes, net of U.S. Federal tax impact | ​ | ​ | 25.8 | ​ | ​ | 28.9 | ​ | ​ | 37.2
Goodwill and intangible impairments | ​ | ​ | 107.6 | ​ | ​ | 27.5 | ​ | ​ | 6.1
Tax elections under review by the IRS on capital loss utilization | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 25.0
Change of valuation allowance due to certain tax elections | ​ | ​ | — | ​ | ​ | (28.1) | ​ | ​ | —
Incentive compensation | ​ | ​ | 1.8 | ​ | ​ | 11.1 | ​ | ​ | 2.4
Tax Credits | ​ | ​ | (9.8) | ​ | ​ | (7.5) | ​ | ​ | (7.7)
Tax on unremitted foreign earnings | ​ | ​ | 10.6 | ​ | ​ | 4.7 | ​ | ​ | 1.7
Other | ​ | ​ | (1.6) | ​ | ​ | (7.3) | ​ | ​ | (21.7)
​ | ​ | $ | 262.5 | ​ | $ | 218.7 | ​ | $ | 290.5
Schedule of Deferred Tax Assets and Liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | May 26, 2024 | ​ | ​ | May 28, 2023
​ |  | Assets |  | Liabilities |  | Assets |  | Liabilities
Property, plant and equipment | ​ | $ | — | ​ | $ | 305.5 | ​ | $ | — | ​ | $ | 306.2
Inventory | ​ | ​ | 20.8 | ​ | ​ | — | ​ | ​ | 20.1 | ​ | ​ | —
Goodwill, trademarks and other intangible assets | ​ | ​ | 436.2 | ​ | ​ | 842.7 | ​ | ​ | 437.3 | ​ | ​ | 941.1
Right-of-use assets | ​ | ​ | — | ​ | ​ | 42.0 | ​ | ​ | — | ​ | ​ | 47.0
Accrued expenses | ​ | ​ | 17.7 | ​ | ​ | — | ​ | ​ | 16.5 | ​ | ​ | —
Compensation related liabilities | ​ | ​ | 31.3 | ​ | ​ | — | ​ | ​ | 31.9 | ​ | ​ | —
Pension and other postretirement benefits | ​ | ​ | — | ​ | ​ | 28.5 | ​ | ​ | — | ​ | ​ | 23.7
Investment in unconsolidated subsidiaries | ​ | ​ | — | ​ | ​ | 21.3 | ​ | ​ | — | ​ | ​ | 19.1
Lease liabilities | ​ | ​ | 50.7 | ​ | ​ | — | ​ | ​ | 54.6 | ​ | ​ | —
Other liabilities that will give rise to future tax deductions | ​ | ​ | 67.4 | ​ | ​ | — | ​ | ​ | 59.6 | ​ | ​ | —
Net capital and operating loss carryforwards | ​ | ​ | 36.0 | ​ | ​ | — | ​ | ​ | 34.7 | ​ | ​ | —
Research Expenditures | ​ | ​ | 34.5 | ​ | ​ | — | ​ | ​ | 20.6 | ​ | ​ | —
Federal credits | ​ | ​ | 9.4 | ​ | ​ | — | ​ | ​ | 10.7 | ​ | ​ | —
Other | ​ | ​ | 30.1 | ​ | ​ | 49.5 | ​ | ​ | 34.9 | ​ | ​ | 32.8
​ | ​ | ​ | 734.1 | ​ | ​ | 1,289.5 | ​ | ​ | 720.9 | ​ | ​ | 1,369.9
Less: Valuation allowance | ​ | ​ | (457.2) | ​ | ​ | — | ​ | ​ | (457.6) | ​ | ​ | —
Net deferred taxes | ​ | $ | 276.9 | ​ | $ | 1,289.5 | ​ | $ | 263.3 | ​ | $ | 1,369.9
Schedule of Unrecognized Tax Benefits Roll Forward | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | May 26, 2024 |  | May 28, 2023
Beginning balance | ​ | $ | 23.7 | ​ | $ | 62.9
Increases from positions established during prior periods | ​ | ​ | 0.3 | ​ | ​ | 0.3
Decreases from positions established during prior periods | ​ | ​ | — | ​ | ​ | (32.3)
Increases from positions established during the current period | ​ | ​ | 1.9 | ​ | ​ | 1.7
Reductions resulting from lapse of applicable statute of limitation | ​ | ​ | (4.3) | ​ | ​ | (8.9)
Decrease from audit settlements | ​ | ​ | — | ​ | ​ | (0.1)
Other adjustments to liability | ​ | ​ | 0.1 | ​ | ​ | 0.1
Ending balance | ​ | $ | 21.7 | ​ | $ | 23.7

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