PRE-TAX INCOME AND INCOME TAXES (Tables)

12 Months Ended

May 30, 2021

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:

	2021		2020		2019
United States	$	1,426.5	$	978.3	$	826.6
Foreign		68.2		64.8		72.5
	$	1,494.7	$	1,043.1	$	899.1

Schedule of the Provision for Income Taxes

The provision for income taxes included the following:

	2021			2020			2019
Current
Federal	$	232.6		$	188.2		$	125.4
State		31.8			25.5			22.6
Foreign		15.3			9.5			21.6
		279.7			223.2			169.6
Deferred
Federal		(63.5	)		37.6			40.1
State		(26.1	)		(62.3	)		19.0
Foreign		3.7			2.8			(9.9	)
		(85.9	)		(21.9	)		49.2
	$	193.8		$	201.3		$	218.8

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 Earnings as follows:

	2021			2020			2019
Computed U.S. Federal income taxes	$	313.9		$	219.0		$	188.8
State income taxes, net of U.S. Federal tax impact		37.4			29.6			34.1
Goodwill and intangible impairments		13.6			11.2			12.5
Remeasurement of deferred taxes due to legal entity reorganization		35.8			(40.9	)		16.9
State tax impact of combining Pinnacle business		—			—			(12.0	)
Change of valuation allowance on capital loss carryforward		(188.5	)		—			(32.2	)
Other		(18.4	)		(17.6	)		10.7
	$	193.8		$	201.3		$	218.8

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 30, 2021					May 31, 2020
	Assets			Liabilities		Assets			Liabilities
Property, plant and equipment	$	—		$	281.7	$	—		$	258.4
Inventory		19.5			—		19.5			—
Goodwill, trademarks and other intangible assets		—			1,118.4		—			1,108.4
Right-of-use assets		—			45.5		—			51.0
Accrued expenses		12.0			—		13.4			—
Compensation related liabilities		36.5			—		36.3			—
Pension and other postretirement benefits		—			9.8		35.2			—
Investment in unconsolidated subsidiaries		—			2.6		—			196.2
Lease liabilities		54.4			—		61.3			—
Other liabilities that will give rise to future tax deductions		96.2			—		88.1			—
Net capital and operating loss carryforwards		53.8			—		753.4			—
Federal credits		16.1			—		17.5			—
Other		33.9			33.1		52.7			31.8
		322.4			1,491.1		1,077.4			1,645.8
Less: Valuation allowance		(67.5	)		—		(728.3	)		—
Net deferred taxes	$	254.9		$	1,491.1	$	349.1		$	1,645.8

Schedule of Change in Unrecognized Tax Benefits

The change in the unrecognized tax benefits for the year ended May 30, 2021 was:

Beginning balance on May 31, 2020	$	35.8
Increases from positions established during prior periods		0.8
Decreases from positions established during prior periods		(2.6	)
Increases from positions established during the current period		2.6
Reductions resulting from lapse of applicable statute of limitation		(4.3	)
Other adjustments to liability		0.7
Ending balance on May 30, 2021	$	33.0