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PRE-TAX INCOME AND INCOME TAXES (Tables)
 12 Months Ended
May 26, 2019
Income Tax Disclosure [Abstract]  
Schedule of Pre-Tax Income from Continuing Operations
Pre-tax income from continuing operations (including equity method investment earnings) consisted of the following:
 
2019
 
2018
 
2017
United States
$
826.6

 
$
902.5

 
$
883.5

Foreign
72.5

 
69.6

 
(82.8
)
 
$
899.1

 
$
972.1

 
$
800.7
Schedule of the Provision for Income Taxes
The provision for income taxes included the following:
 
2019
 
2018
 
2017
Current
 
 
 
 
 
Federal
$
125.4

 
$
153.1

 
$
201.5

State
22.6

 
17.8

 
6.7

Foreign
21.6

 
32.5

 
6.5

 
169.6

 
203.4

 
214.7

Deferred
 
 
 
 
 
Federal
40.1

 
(43.7
)
 
62.1

State
19.0

 
17.4

 
(5.3
)
Foreign
(9.9
)
 
(2.5
)
 
(16.8
)
 
49.2

 
(28.8
)
 
40.0

 
$
218.8

 
$
174.6

 
$
254.7
Reconciliation of Income Taxes to the Provision for Income Taxes
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 Operations as follows:
 
2019
 
2018
 
2017
Computed U.S. Federal income taxes
$
188.8

 
$
285.3

 
$
280.2

State income taxes, net of U.S. Federal tax impact
34.1

 
18.0

 
22.4

Remeasurement of U.S. deferred taxes
—

 
(241.6
)
 
—

Transition tax on foreign earnings
(4.6
)
 
19.8

 
—

Tax credits and domestic manufacturing deduction
(5.6
)
 
(20.6
)
 
(19.8
)
Federal rate differential on legal reserve
—

 
12.6

 
—

Goodwill and intangible impairments
12.5

 
—

 
104.7

Stock compensation
(2.1
)
 
(5.7
)
 
(18.8
)
Legal entity reorganization
16.9

 
—

 
—

State tax impact of combining Pinnacle business
(12.0
)
 
—

 
—

Change of valuation allowance on capital loss carryforward
(32.2
)
 
78.6

 
(84.1
)
Change in estimate related to tax methods used for certain international sales, federal credits, and state credits
—

 
—

 
(8.0
)
Other
23.0

 
28.2

 
(21.9
)
 
$
218.8

 
$
174.6

 
$
254.7
Schedule of the 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 26, 2019
 
May 27, 2018
 
Assets
 
Liabilities
 
Assets
 
Liabilities
Property, plant and equipment
$
—

 
$
240.7

 
$
—

 
$
141.0

Inventory
15.2

 
—

 
2.6

 
—

Goodwill, trademarks and other intangible assets
—

 
1,187.0

 
—

 
406.2

Accrued expenses
11.8

 
—

 
15.5

 
—

Compensation related liabilities
35.9

 
—

 
34.1

 
—

Pension and other postretirement benefits
54.6

 
—

 
45.8

 
—

Investment in unconsolidated subsidiaries
—

 
185.4

 
—

 
165.8

Other liabilities that will give rise to future tax deductions
123.5

 
—

 
109.7

 
—

Net capital and operating loss carryforwards
766.5

 
—

 
762.5

 
—

Federal credits
18.0

 
—

 
3.5

 
—

Other
37.6

 
24.0

 
23.6

 
9.5

 
1,063.1

 
1,637.1

 
997.3

 
722.5

Less: Valuation allowance
(738.1
)
 
—

 
(739.6
)
 
—

Net deferred taxes
$
325.0

 
$
1,637.1

 
$
257.7

 
$
722.5
Schedule of Change in Unrecognized Tax Benefits
The change in the unrecognized tax benefits for the year ended May 26, 2019 was:
Beginning balance on May 27, 2018
$
32.5

Acquired business positions
10.6

Increases from positions established during prior periods
7.7

Decreases from positions established during prior periods
(3.4
)
Increases from positions established during the current period
4.2

Decreases relating to settlements with taxing authorities
(5.2
)
Reductions resulting from lapse of applicable statute of limitation
(3.3
)
Other adjustments to liability
1.0

Ending balance on May 26, 2019
$
44.1