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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
May 26, 2019
Accounting Policies [Abstract]  
Balances of Allowance for Doubtful Accounts and Changes Therein
The following table details the balances of our allowance for doubtful accounts and changes therein:
 
 
Balance at
Beginning
of Period
 
Additions
Charged
to Costs and
Expenses
 
Other
 
Deductions
from
Reserves
 
Balance at
Close of
Period
Year ended May 26, 2019
 
$
1.7

 
0.6

 
1.6

(1) 
0.6

(2) 
$
3.3

Year ended May 27, 2018
 
$
2.9

 
0.8

 
—

 
2.0

(2) 
$
1.7

Year ended May 28, 2017
 
$
3.0

 
1.0

 
—


1.1

(2) 
$
2.9

(1) 
Primarily relates to the acquisition of Pinnacle.
(2) 
Bad debts charged off and adjustments to previous reserves, less recoveries.
Schedule of Estimated Useful Lives of Property, Plant and Equipment
Depreciation has been calculated using the straight-line method over the estimated useful lives of the respective classes of assets as follows:
 
 
 
Land improvements
  
1 - 40 years 
Buildings
  
15 - 40 years
Machinery and equipment
  
3 - 20 years 
Furniture, fixtures, office equipment and other
  
5 - 15 years 
Schedule of Accumulated Balances for Each Component of Other Comprehensive Income, Net of Tax
The following table details the accumulated balances for each component of other comprehensive income, net of tax:
 
2019
 
2018
 
2017
Currency translation losses, net of reclassification adjustments
$
(90.9
)
 
$
(94.7
)
 
$
(98.6
)
Derivative adjustments, net of reclassification adjustments
34.0

 
1.0

 
(1.1
)
Unrealized gains (losses) on available-for-sale securities
—

 
0.6

 
(0.3
)
Pension and post-employment benefit obligations, net of reclassification adjustments
(53.4
)
 
(17.4
)
 
(112.9
)
Accumulated other comprehensive loss 1
$
(110.3
)
 
$
(110.5
)
 
$
(212.9
)

1 Net of unrealized gains on available-for-sale securities reclassified to retained earnings as a result of the adoption of ASU 2016-01 in fiscal 2019 and net of stranded tax effects from change in tax rate as a result of the early adoption of ASU 2018-02 in fiscal 2018 in the amount of $0.6 million and $17.4 million, respectively.
Summary of Reclassifications from Accumulated Other Comprehensive Loss into Income
The following table summarizes the reclassifications from accumulated other comprehensive loss into income:
 
 
 
 
 
 
 
Affected Line Item in the Consolidated Statement of Operations1
 
2019
 
2018
 
2017
 
 
Net derivative adjustment, net of tax:
 
 
 
 
 
 
 
     Cash flow hedges
$
(1.9
)
 
$
0.1

 
$
(0.2
)
 
Interest expense, net
 
(1.9
)
 
0.1

 
(0.2
)
 
Total before tax
 
0.5

 
—

 
0.1

 
Income tax expense
 
$
(1.4
)
 
$
0.1

 
$
(0.1
)
 
Net of tax
Amortization of pension and postretirement healthcare liabilities:
 
 
 
 
 
 
 
    Net prior service cost (benefit)
$
0.9

 
$
(0.4
)
 
$
(3.9
)
 
Pension and postretirement non-service income
    Pension settlement
—

 
1.3

 
13.8

 
Pension and postretirement non-service income
    Postretirement healthcare settlement
(1.0
)
 
—

 
—

 
Pension and postretirement non-service income
    Net actuarial loss (gain)
(1.4
)
 
—

 
0.5

 
Pension and postretirement non-service income
 
(1.5
)
 
0.9

 
10.4

 
Total before tax
 
0.4

 
(0.2
)
 
(4.0
)
 
Income tax expense
 
$
(1.1
)
 
$
0.7

 
$
6.4

 
Net of tax
Currency translation losses
$
10.4

 
$
—

 
$
—

 
Selling, general and administrative expenses
 
10.4

 
—

 
—

 
Total before tax
 
—

 
—

 
—

 
Income tax expense
 
$
10.4

 
$
—

 
$
—

 
Net of tax

1 Amounts in parentheses indicate income recognized in the Consolidated Statements of Operations.
Effect of New Accounting Pronouncement on Financial Statements
The effect of the changes made to our Consolidated Balance Sheet as of May 26, 2019 for the adoption of Topic 606 was as follows:
 
As Reported
 
Adjustments
 
Balances without Adoption of Topic 606
Current assets
 
 
 
 
 
  Receivables, less allowance for doubtful accounts
$
831.7
 
 
$
8.7
 
 
$
840.4
 
  Inventories
1,571.7
 
 
(3.1
)
 
1,568.6
 
  Prepaid expenses and other current assets
93.8
 
 
(16.6
)
 
77.2
 
Current liabilities
 
 
 
 
 
  Other accrued liabilities
691.6
 
 
(1.1
)
 
690.5
 
Other noncurrent liabilities
1,951.8
 
 
(2.5
)
 
1,949.3
 
The effect of the changes made to our Consolidated Statement of Earnings for the adoption of Topic 606 was as follows:
 
Fiscal 2019
 
As Reported
 
Adjustments
 
Balances without Adoption of Topic 606
Net sales
$
9,538.4
 
 
$
15.5
 
 
$
9,553.9
 
Cost of goods sold
6,885.4
 
 
24.5
 
 
6,909.9
 
Income from continuing operations before income taxes and equity method investment earnings
823.3
 
 
(9.0
)
 
814.3
 
As a result, the following amounts were reclassified in fiscal 2018 and 2017 to correspond to the current year presentation:
 
2018
 
2017
Reclassified from Cost of goods sold
$
—
 
 
$
1.7
 
Reclassified from Selling, general and administrative expense
80.4
 
 
53.5
 
Reclassified to Pension and postretirement non-service income
$
80.4
 
 
$
55.2