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PRE-TAX INCOME AND INCOME TAXES (Tables) | 12 Months Ended
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May 31, 2026
INCOME TAXES |
Schedule of Income before Income Tax, Domestic and Foreign | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
United States | ​ | $ | (1,912.5) | ​ | $ | 1,047.1 | ​ | $ | 538.4
Foreign | ​ | ​ | 88.1 | ​ | ​ | 109.1 | ​ | ​ | 71.8
​ | ​ | $ | (1,824.4) | ​ | $ | 1,156.2 | ​ | $ | 610.2
Schedule of Components of Income Tax Expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
Current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 141.1 | ​ | $ | 171.7 | ​ | $ | 281.2
State | ​ | ​ | 32.3 | ​ | ​ | 28.1 | ​ | ​ | 46.1
Foreign | ​ | ​ | 27.4 | ​ | ​ | 28.0 | ​ | ​ | 28.3
​ | ​ | ​ | 200.8 | ​ | ​ | 227.8 | ​ | ​ | 355.6
Deferred | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | ​ | (61.7) | ​ | ​ | (207.5) | ​ | ​ | (66.7)
State | ​ | ​ | (12.3) | ​ | ​ | (14.7) | ​ | ​ | (17.6)
Foreign | ​ | ​ | (35.0) | ​ | ​ | (1.9) | ​ | ​ | (8.8)
​ | ​ | ​ | (109.0) | ​ | ​ | (224.1) | ​ | ​ | (93.1)
​ | ​ | $ | 91.8 | ​ | $ | 3.7 | ​ | $ | 262.5
Schedule of Effective Income Tax Rate Reconciliation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2026 | ​ | 2025 | ​ | 2024
​ | ​ | Amount | ​ | Percent | ​ | Amount | ​ | Percent | ​ | Amount | ​ | Percent
U.S. federal statutory income tax rate | ​ | $ | (383.1) | ​ | 21.0% | ​ | $ | 242.8 | ​ | 21.0% | ​ | $ | 128.1 | ​ | 21.0%
Domestic federal | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax credits | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign tax credit | ​ | ​ | (1.3) | ​ | 0.1% | ​ | ​ | (16.0) | ​ | (1.4)% | ​ | ​ | (1.2) | ​ | (0.2)%
Other | ​ | ​ | (9.6) | ​ | 0.5% | ​ | ​ | (9.3) | ​ | (0.8)% | ​ | ​ | (5.8) | ​ | (0.9)%
Nontaxable and nondeductible items | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Goodwill impairments | ​ | ​ | 478.6 | ​ | (26.2)% | ​ | ​ | 1.7 | ​ | 0.1% | ​ | ​ | 102.1 | ​ | 16.7%
Other | ​ | ​ | 8.4 | ​ | (0.5)% | ​ | ​ | (1.9) | ​ | (0.2)% | ​ | ​ | 0.8 | ​ | 0.1%
Cross-border tax laws | ​ | ​ | (2.3) | ​ | 0.1% | ​ | ​ | (2.7) | ​ | (0.2)% | ​ | ​ | (3.3) | ​ | (0.5)%
Changes in valuation allowances | ​ | ​ | 5.3 | ​ | (0.3)% | ​ | ​ | (222.8) | ​ | (19.3)% | ​ | ​ | 0.4 | ​ | 0.1%
Other | ​ | ​ | - | ​ | 0.0% | ​ | ​ | 1.7 | ​ | 0.1% | ​ | ​ | 2.1 | ​ | 0.3%
Domestic state and local income taxes, net of federal effect | ​ | ​ | 20.0 | ​ | (1.1)% | ​ | ​ | 11.7 | ​ | 1.0% | ​ | ​ | 24.5 | ​ | 4.0%
Foreign tax effects | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Canada | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Withholding tax | ​ | ​ | 0.5 | ​ | (0.0)% | ​ | ​ | 2.0 | ​ | 0.2% | ​ | ​ | 10.8 | ​ | 1.8%
Other | ​ | ​ | (0.4) | ​ | 0.0% | ​ | ​ | 4.0 | ​ | 0.3% | ​ | ​ | 2.3 | ​ | 0.3%
Mexico | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Statutory income tax rate differential | ​ | ​ | 6.8 | ​ | (0.4)% | ​ | ​ | 7.2 | ​ | 0.6% | ​ | ​ | 7.9 | ​ | 1.3%
Other | ​ | ​ | (7.1) | ​ | 0.4% | ​ | ​ | (4.9) | ​ | (0.4)% | ​ | ​ | (6.2) | ​ | (1.0)%
Puerto Rico | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax election on joint venture income tax return | ​ | ​ | (35.2) | ​ | 1.9% | ​ | ​ | - | ​ | 0.0% | ​ | ​ | - | ​ | 0.0%
Other | ​ | ​ | 0.2 | ​ | (0.0)% | ​ | ​ | 0.2 | ​ | 0.0% | ​ | ​ | 1.1 | ​ | 0.2%
Other foreign jurisdictions | ​ | ​ | 0.4 | ​ | (0.0)% | ​ | ​ | 0.3 | ​ | 0.0% | ​ | ​ | 2.2 | ​ | 0.3%
Worldwide changes in unrecognized tax benefits | ​ | ​ | 10.6 | ​ | (0.5)% | ​ | ​ | (10.3) | ​ | (0.8)% | ​ | ​ | (3.3) | ​ | (0.5)%
Total | ​ | $ | 91.8 | ​ | (5.0)% | ​ | $ | 3.7 | ​ | 0.3% | ​ | $ | 262.5 | ​ | 43.0%
Schedule of income tax paid net | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
US federal | ​ | $ | 112.2 | ​ | $ | 150.3 | ​ | $ | 263.7
US state and local | ​ | ​ | 36.8 | ​ | ​ | 31.2 | ​ | ​ | 46.8
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Canada | ​ | ​ | 4.1 | ​ | ​ | 23.1 | ​ | ​ | *
Mexico | ​ | ​ | 20.0 | ​ | ​ | 22.5 | ​ | ​ | 21.4
Other | ​ | ​ | 0.3 | ​ | ​ | 0.7 | ​ | ​ | 11.4
​ | ​ | ​ | 24.4 | ​ | ​ | 46.3 | ​ | ​ | 32.8
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 173.4 | ​ | $ | 227.8 | ​ | $ | 343.3
Schedule of Deferred Tax Assets and Liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | May 31, 2026 | ​ | May 25, 2025
​ | ​ ​ ​ | Assets | ​ ​ ​ | Liabilities | ​ ​ ​ | Assets | ​ ​ ​ | Liabilities
Property, plant and equipment | ​ | $ | — | ​ | $ | 307.7 | ​ | $ | — | ​ | $ | 275.1
Inventory | ​ | ​ | 14.7 | ​ | ​ | — | ​ | ​ | 14.2 | ​ | ​ | —
Goodwill, trademarks and other intangible assets | ​ | ​ | 341.3 | ​ | ​ | 621.1 | ​ | ​ | 378.0 | ​ | ​ | 842.8
Right-of-use assets | ​ | ​ | — | ​ | ​ | 40.9 | ​ | ​ | — | ​ | ​ | 51.1
Accrued expenses | ​ | ​ | 15.9 | ​ | ​ | — | ​ | ​ | 19.1 | ​ | ​ | —
Compensation related liabilities | ​ | ​ | 30.3 | ​ | ​ | — | ​ | ​ | 29.7 | ​ | ​ | —
Pension and other postretirement benefits | ​ | ​ | — | ​ | ​ | 55.5 | ​ | ​ | — | ​ | ​ | 49.0
Investment in unconsolidated subsidiaries | ​ | ​ | — | ​ | ​ | 8.0 | ​ | ​ | — | ​ | ​ | 28.6
Lease liabilities | ​ | ​ | 49.7 | ​ | ​ | — | ​ | ​ | 59.4 | ​ | ​ | —
Other liabilities that will give rise to future tax deductions | ​ | ​ | 55.8 | ​ | ​ | — | ​ | ​ | 65.2 | ​ | ​ | —
Net capital and operating loss carryforwards | ​ | ​ | 23.3 | ​ | ​ | — | ​ | ​ | 29.0 | ​ | ​ | —
Research expenditures | ​ | ​ | 23.3 | ​ | ​ | — | ​ | ​ | 45.1 | ​ | ​ | —
Federal credits | ​ | ​ | 22.8 | ​ | ​ | — | ​ | ​ | 23.8 | ​ | ​ | —
Other | ​ | ​ | 27.1 | ​ | ​ | 36.3 | ​ | ​ | 28.7 | ​ | ​ | 33.4
​ | ​ | ​ | 604.2 | ​ | ​ | 1,069.5 | ​ | ​ | 692.2 | ​ | ​ | 1,280.0
Less: Valuation allowance | ​ | ​ | (213.5) | ​ | ​ | — | ​ | ​ | (209.4) | ​ | ​ | —
Net deferred taxes | ​ | $ | 390.7 | ​ | $ | 1,069.5 | ​ | $ | 482.8 | ​ | $ | 1,280.0
Schedule of Unrecognized Tax Benefits Roll Forward | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | May 31, 2026 | ​ ​ ​ | May 25, 2025
Beginning balance | ​ | $ | 11.0 | ​ | $ | 21.7
Increases from positions established during prior periods | ​ | ​ | 19.5 | ​ | ​ | 0.9
Decreases from positions established during prior periods | ​ | ​ | (6.6) | ​ | ​ | (0.8)
Increases from positions established during the current period | ​ | ​ | 1.0 | ​ | ​ | 0.8
Reductions resulting from lapse of applicable statute of limitation | ​ | ​ | (3.1) | ​ | ​ | (2.0)
Decrease from audit settlements | ​ | ​ | (1.6) | ​ | ​ | (9.3)
Other adjustments to liability | ​ | ​ | 0.1 | ​ | ​ | (0.3)
Ending balance | ​ | $ | 20.3 | ​ | $ | 11.0

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