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PRE-TAX INCOME AND INCOME TAXES (Tables)
 12 Months Ended
May 26, 2013
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:
 
2013
 
2012
 
2011
United States
$
1,070.5

 
$
492.6

 
$
1,177.7

Foreign
115.8

 
177.5

 
74.8

 
$
1,186.3

 
$
670.1

 
$
1,252.5
Provision for income taxes from continuing operations
The provision for income taxes included the following:
 
2013
 
2012
 
2011
Current
 
 
 
 
 
Federal
$
184.3

 
$
163.9

 
$
157.3

State
28.9

 
23.7

 
21.0

Foreign
24.4

 
27.5

 
11.9

 
237.6

 
215.1

 
190.2

Deferred
 
 
 
 
 
Federal
158.4

 
(13.4
)
 
219.2

State
3.9

 
(5.2
)
 
9.8

Foreign
0.3

 
(0.7
)
 
2.4

 
162.6

 
(19.3
)
 
231.4

 
$
400.2

 
$
195.8

 
$
421.6
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:
 
2013
 
2012
 
2011
Computed U.S. Federal income taxes
$
415.2

 
$
234.5

 
$
438.3

State income taxes, net of U.S. Federal tax impact
20.1

 
12.0

 
20.0

Tax credits and domestic manufacturing deduction
(22.5
)
 
(20.5
)
 
(27.5
)
Foreign tax credits and related items, net
(1.4
)
 
(0.6
)
 
(0.2
)
IRS audit adjustments and settlement
0.5

 
0.8

 
0.5

Non-taxable gain from investment in ATFL
—

 
(20.5
)
 
—

Change in valuation allowance
1.1

 
(7.1
)
 
2.1

Other
(12.8
)
 
(2.8
)
 
(11.6
)
 
$
400.2

 
$
195.8

 
$
421.6
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:
 
2013
 
2012
 
Assets
 
Liabilities
 
Assets
 
Liabilities
Property, plant and equipment
$
—

 
$
679.4

 
$
—

 
$
488.1

Goodwill, trademarks and other intangible assets
—

 
1,405.2

 
—

 
681.3

Accrued expenses
42.3

 
—

 
25.4

 
—

Compensation related liabilities
108.4

 
—

 
74.7

 
—

Pension and other postretirement benefits
291.4

 
—

 
310.7

 
—

Derivative cash flow hedge
38.0

 
—

 
57.2

 
—

Other liabilities that will give rise to future tax deductions
140.2

 
—

 
115.2

 
—

Net operating loss carryforwards
92.9

 
—

 
42.7

 
—

Other
72.8

 
27.5

 
67.4

 
31.4

 
786.0

 
2,112.1

 
693.3

 
1,200.8

Less: Valuation allowance
(44.8
)
 
—

 
(43.7
)
 
—

Net deferred taxes
$
741.2

 
$
2,112.1

 
$
649.6

 
$
1,200.8
Change in the unrecognized tax benefits
The change in the unrecognized tax benefits for the year ended May 26, 2013 was:
 
2013
Beginning balance on May 27, 2012
$
48.7

Purchase accounting adjustments related to acquisitions
54.9

Increases from positions established during prior periods
4.7

Decreases from positions established during prior periods
(0.3
)
Increases from positions established during the current period
4.9

Decreases relating to settlements with taxing authorities
(7.7
)
Reductions resulting from lapse of applicable statute of limitation
(5.4
)
Other adjustments to liability
0.2

Ending balance on May 26, 2013
$
100.0