SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

May 31, 2020

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 31, 2020	$	2.2		1.2		0.1	⁽¹⁾		0.9	⁽²⁾	$	2.6
Year ended May 26, 2019	$	1.7		0.6		0.5	⁽¹⁾		0.6	⁽²⁾	$	2.2
Year ended May 27, 2018	$	2.9		0.8		—			2.0	⁽²⁾	$	1.7

⁽¹⁾	^{Primarily relates to the acquisition of Pinnacle and translation.}

⁽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 (Loss), Net of Tax

The following table details the accumulated balances for each component of other comprehensive income, net of tax:

	2020			2019			2018
Currency translation losses, net of reclassification adjustments	$	(125.7	)	$	(90.9	)	$	(94.7	)
Derivative adjustments, net of reclassification adjustments		26.3			34.0			1.0
Unrealized gains on available-for-sale securities		—			—			0.6
Pension and postretirement benefit obligations, net of reclassification adjustments		(10.2	)		(53.4	)		(17.4	)
Accumulated other comprehensive loss ¹	$	(109.6	)	$	(110.3	)	$	(110.5	)

¹Net 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 Earnings¹
	2020			2019			2018
Net derivative adjustments:
Cash flow hedges	$	(3.3	)	$	(1.9	)	$	0.1		Interest expense, net
		(3.3	)		(1.9	)		0.1		Total before tax
		0.9			0.5			—		Income tax expense
	$	(2.4	)	$	(1.4	)	$	0.1		Net of tax
Amortization of pension and postretirement benefit obligations:
Net prior service cost (benefit)	$	0.6		$	0.9		$	(0.4	)	Pension and postretirement non-service income
Net actuarial gain		(4.6	)		(1.4	)		—		Pension and postretirement non-service income
Pension settlement		(2.1	)		—			1.3		Pension and postretirement non-service income
Postretirement healthcare settlement		(0.2	)		(1.0	)		—		Pension and postretirement non-service income
Curtailment		0.8			—			—		Pension and postretirement non-service income
		(5.5	)		(1.5	)		0.9		Total before tax
		1.4			0.4			(0.2	)	Income tax expense
	$	(4.1	)	$	(1.1	)	$	0.7		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

¹Amounts in parentheses indicate income recognized in the Consolidated Statements of Earnings.