INCOME TAXES	9 Months Ended
Feb. 23, 2014
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our income tax expense from continuing operations for the third quarter of fiscal 2014 and 2013 was $90.3 million and $77.7 million, respectively. Income tax expense from continuing operations for the first three quarters of fiscal 2014 and 2013 was $240.9 million and $311.2 million, respectively. The effective tax rate (calculated as the ratio of income tax expense to pre-tax income from continuing operations, inclusive of equity method investment earnings) from continuing operations was approximately 26% and 28% for the third quarter and first three quarters of fiscal 2014, respectively, and 39% and 34% for the third quarter and first three quarters of 2013, respectively. The decrease in the fiscal 2014 third quarter and year-to-date effective tax rate is primarily due to a change in estimate related to the tax methods used for certain international sales and the recognition of the income tax benefit from the legal liquidation of an investment in a foreign subsidiary that was sold in a prior year. The higher effective tax rate for the third quarter and first three quarters of fiscal 2013 is due primarily to the impact of the Ralcorp acquisition which resulted in the incurrence of various non-deductible transaction-related expenses, as well as a lower domestic manufacturing deduction. The amount of gross unrecognized tax benefits for uncertain tax positions, including positions impacting only the timing of tax benefits, was $96.0 million as of February 23, 2014 and $100.0 million as of May 26, 2013. Included in the balance was $8.0 million as of both February 23, 2014 and May 26, 2013, for tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, the disallowance of the shorter deductibility period would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority to an earlier period. Any associated interest and penalties imposed would affect the tax rate. The gross unrecognized tax benefits excluded related liabilities for gross interest and penalties of $31.1 million and $30.4 million as of February 23, 2014 and May 26, 2013, respectively. The net amount of unrecognized tax benefits at February 23, 2014 and May 26, 2013 that, if recognized, would impact the Company's effective tax rate was $60.0 million and $61.8 million, respectively. Recognition of these tax benefits would have a favorable impact on the Company's effective tax rate. We estimate that it is reasonably possible that the amount of gross unrecognized tax benefits will decrease by up to $8.0 million over the next twelve months due to various federal, state, and foreign audit settlements and the expiration of statutes of limitations.

INCOME TAXES

Our income tax expense from continuing operations for the third quarter of fiscal 2014 and 2013 was $90.3 million and $77.7 million, respectively. Income tax expense from continuing operations for the first three quarters of fiscal 2014 and 2013 was $240.9 million and $311.2 million, respectively. The effective tax rate (calculated as the ratio of income tax expense to pre-tax income from continuing operations, inclusive of equity method investment earnings) from continuing operations was approximately 26% and 28% for the third quarter and first three quarters of fiscal 2014, respectively, and 39% and 34% for the third quarter and first three quarters of 2013, respectively. The decrease in the fiscal 2014 third quarter and year-to-date effective tax rate is primarily due to a change in estimate related to the tax methods used for certain international sales and the recognition of the income tax benefit from the legal liquidation of an investment in a foreign subsidiary that was sold in a prior year. The higher effective tax rate for the third quarter and first three quarters of fiscal 2013 is due primarily to the impact of the Ralcorp acquisition which resulted in the incurrence of various non-deductible transaction-related expenses, as well as a lower domestic manufacturing deduction.

The amount of gross unrecognized tax benefits for uncertain tax positions, including positions impacting only the timing of tax benefits, was $96.0 million as of February 23, 2014 and $100.0 million as of May 26, 2013. Included in the balance was $8.0 million as of both February 23, 2014 and May 26, 2013, for tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, the disallowance of the shorter deductibility period would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority to an earlier period. Any associated interest and penalties imposed would affect the tax rate. The gross unrecognized tax benefits excluded related liabilities for gross interest and penalties of $31.1 million and $30.4 million as of February 23, 2014 and May 26, 2013, respectively.

The net amount of unrecognized tax benefits at February 23, 2014 and May 26, 2013 that, if recognized, would impact the Company's effective tax rate was $60.0 million and $61.8 million, respectively. Recognition of these tax benefits would have a favorable impact on the Company's effective tax rate.

We estimate that it is reasonably possible that the amount of gross unrecognized tax benefits will decrease by up to $8.0 million over the next twelve months due to various federal, state, and foreign audit settlements and the expiration of statutes of limitations.