SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

May 30, 2021

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		Other1		Deductions from Reserves2		Balance at Close of Period
Year ended May 30, 2021	$	2.6		0.6		0.7		0.7	$	3.2
Year ended May 31, 2020	$	2.2		1.2		0.1		0.9	$	2.6
Year ended May 26, 2019	$	1.7		0.6		0.5		0.6	$	2.2

¹ Primarily relates to translation, the adoption of Accounting Standards Update ("ASU") 2016-13, and the acquisition of Pinnacle Foods Inc. ("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 (Loss), Net of Tax

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

	2021			2020			2019
Currency translation losses, net of reclassification adjustments	$	(77.1	)	$	(125.7	)	$	(90.9	)
Derivative adjustments, net of reclassification adjustments		24.3			26.3			34.0
Pension and postretirement benefit obligations, net of reclassification adjustments		58.6			(10.2	)		(53.4	)
Accumulated other comprehensive income (loss)1	$	5.8		$	(109.6	)	$	(110.3	)

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 in the amount of $0.6 million.

Summary of Reclassifications from Accumulated Other Comprehensive Income (Loss) into Income

The following table summarizes the reclassifications from accumulated other comprehensive income (loss) into income:

										Affected Line Item in the Consolidated Statement of Earnings1
	2021			2020			2019
Net derivative adjustments:
Cash flow hedges	$	(3.2	)	$	(3.3	)	$	(1.9	)	Interest expense, net
Cash flow hedges		(0.5	)		—			—		Selling, general and administrative expenses
Cash flow hedges		2.1			—			—		Equity method investment earnings
		(1.6	)		(3.3	)		(1.9	)	Total before tax
		1.0			0.9			0.5		Income tax expense
	$	(0.6	)	$	(2.4	)	$	(1.4	)	Net of tax
Amortization of pension and postretirement benefit obligations:
Net prior service cost	$	0.2		$	0.6		$	0.9		Pension and postretirement non-service income
Net actuarial gain		(3.5	)		(4.6	)		(1.4	)	Pension and postretirement non-service income
Pension settlement		—			(2.1	)		—		Pension and postretirement non-service income
Postretirement healthcare settlement		(0.5	)		(0.2	)		(1.0	)	Pension and postretirement non-service income
Curtailment		0.2			0.8			—		Pension and postretirement non-service income
		(3.6	)		(5.5	)		(1.5	)	Total before tax
		0.9			1.4			0.4		Income tax expense
	$	(2.7	)	$	(4.1	)	$	(1.1	)	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 Earnings.