Note 13 - Pre-tax Income and Income Taxes (Tables)

12 Months Ended

May 28, 2023

Notes Tables

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

	2023		2022		2021
United States	$	803.9	$	1,106.0	$	1,426.5
Foreign		98.0		72.7		68.2
	$	901.9	$	1,178.7	$	1,494.7

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	2023			2022			2021
Current
Federal	$	304.6		$	186.6		$	232.6
State		42.5			48.2			31.8
Foreign		25.7			18.4			15.3
		372.8			253.2			279.7
Deferred
Federal		(135.8	)		34.7			(63.5	)
State		(14.4	)		3.9			(26.1	)
Foreign		(3.9	)		(1.3	)		3.7
		(154.1	)		37.3			(85.9	)
	$	218.7		$	290.5		$	193.8

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	2023			2022			2021
Computed U.S. Federal income taxes	$	189.4		$	247.5		$	313.9
State income taxes, net of U.S. Federal tax impact		28.9			37.2			37.4
Goodwill and intangible impairments		27.5			6.1			13.6
Remeasurement of deferred taxes due to legal entity reorganization		—			—			35.8
Tax elections under review by the IRS on capital loss utilization		—			25.0			—
Change of valuation allowance on capital loss carryforward		—			—			(188.5	)
Change of valuation allowance due to certain tax elections		(28.1	)		—			—
Incentive compensation		11.1			2.4			6.1
Other		(10.1	)		(27.7	)		(24.5	)
	$	218.7		$	290.5		$	193.8

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	May 28, 2023					May 29, 2022
	Assets			Liabilities		Assets			Liabilities
Property, plant and equipment	$	—		$	306.2	$	—		$	327.2
Inventory	20.1				—		30.5			—
Goodwill, trademarks and other intangible assets		437.3			941.1		405.8			1,066.6
Right-of-use assets		—			47.0		—			47.9
Accrued expenses		16.5			—		12.7			—
Compensation related liabilities		31.9			—		29.3			—
Pension and other postretirement benefits		—			23.7		—			25.1
Investment in unconsolidated subsidiaries		—			19.1		—			9.4
Lease liabilities		54.6			—		56.1			—
Other liabilities that will give rise to future tax deductions		59.6			—		73.2			—
Net capital and operating loss carryforwards		34.7			—		46.4			—
Research Expenditures		20.6			—		—			—
Federal credits		10.7			—		12.0			—
Other		34.9			32.8		32.0			38.6
		720.9			1,369.9		698.0			1,514.8
Less: Valuation allowance		(457.6	)		—		(455.5	)		—
Net deferred taxes	$	263.3		$	1,369.9	$	242.5		$	1,514.8

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

		May 28, 2023			May 29, 2022
Beginning balance	$	62.9		$	33.0
Increases from positions established during prior periods		0.3			13.2
Decreases from positions established during prior periods		(32.3	)		(3.2	)
Increases from positions established during the current period		1.7			31.7
Reductions resulting from lapse of applicable statute of limitation		(8.9	)		(3.1	)
Decrease from audit settlements		(0.1	)		(8.5	)
Other adjustments to liability		0.1			(0.2	)
Ending balance	$	23.7		$	62.9