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PRE-TAX INCOME AND INCOME TAXES (Tables)
 12 Months Ended
May 25, 2014
Income Tax Disclosure [Abstract]  
Pre-tax income from continuing operations (including equity method investment earnings)
Pre-tax income from continuing operations (including equity method investment earnings) consisted of the following:
 
2014
 
2013
 
2012
United States
$
475.3

 
$
1,071.7

 
$
482.1

Canada
57.2

 
49.2

 
38.4

Foreign - other
76.7

 
66.6

 
139.1

 
$
609.2

 
$
1,187.5

 
$
659.6
Provision for income taxes from continuing operations
The provision for income taxes included the following:
 
2014
 
2013
 
2012
Current
 
 
 
 
 
Federal
$
376.1

 
$
184.7

 
$
160.2

State
38.8

 
29.0

 
23.3

Canada
11.4

 
11.4

 
10.7

Foreign - other
14.4

 
13.0

 
16.8

 
440.7

 
238.1

 
211.0

Deferred
 
 
 
 
 
Federal
(75.4
)
 
158.4

 
(13.4
)
State
(56.5
)
 
3.9

 
(5.2
)
Canada
3.3

 
1.6

 
0.1

Foreign - other
(13.9
)
 
(1.3
)
 
(0.8
)
 
(142.5
)
 
162.6

 
(19.3
)
 
$
298.2

 
$
400.7

 
$
191.7
Income tax reconciliation
Income taxes computed by applying the U.S. Federal statutory rates to income from continuing operations before income taxes are reconciled to the provision for income taxes set forth in the Consolidated Statements of Earnings as follows:
 
2014
 
2013
 
2012
Computed U.S. Federal income taxes
$
213.2

 
$
415.6

 
$
230.9

State income taxes, net of U.S. Federal tax impact
25.6

 
20.1

 
11.5

Tax credits and domestic manufacturing deduction
(28.9
)
 
(23.9
)
 
(21.1
)
Audit adjustments and settlements
(19.1
)
 
0.5

 
0.8

Effect of taxes booked on foreign operations
(23.0
)
 
(17.1
)
 
(15.7
)
Non-taxable gain from investment in ATFL
—

 
—

 
(20.5
)
Goodwill and intangible impairments
185.2

 
—

 
—

Change in legal structure and other state elections
(23.5
)
 
—

 
—

Change in estimate related to tax methods used for certain international sales
(20.9
)
 
—

 
—

Other
(10.4
)
 
5.5

 
5.8

 
$
298.2

 
$
400.7

 
$
191.7
Tax effect of temporary differences and carryforwards
The tax effect of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities consisted of the following:
 
May 25, 2014
 
May 26, 2013
 
Assets
 
Liabilities
 
Assets
 
Liabilities
Property, plant and equipment
$
—

 
$
585.9

 
$
—

 
$
672.5

Goodwill, trademarks and other intangible assets
—

 
1,348.4

 
—

 
1,403.6

Accrued expenses
34.8

 
—

 
42.3

 
—

Compensation related liabilities
70.2

 
—

 
108.2

 
—

Pension and other postretirement benefits
279.2

 
—

 
291.4

 
—

Derivative cash flow hedge
—

 
0.8

 
38.0

 
—

Other liabilities that will give rise to future tax deductions
150.7

 
—

 
140.2

 
—

Net operating loss carryforwards
56.0

 
—

 
92.9

 
—

Other
86.7

 
27.3

 
72.6

 
27.9

 
677.6

 
1,962.4

 
785.6

 
2,104.0

Less: Valuation allowance
(43.3
)
 
—

 
(44.8
)
 
—

Net deferred taxes
$
634.3

 
$
1,962.4

 
$
740.8

 
$
2,104.0
Change in the unrecognized tax benefits
The change in the unrecognized tax benefits for the year ended May 25, 2014 was:
Beginning balance on May 26, 2013
$
100.0

Increases from positions established during prior periods
15.4

Decreases from positions established during prior periods
(17.0
)
Increases from positions established during the current period
5.8

Decreases relating to settlements with taxing authorities
(11.3
)
Reductions resulting from lapse of applicable statute of limitation
(7.6
)
Other adjustments to liability
(0.4
)
Ending balance on May 25, 2014
$
84.9