SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

May 28, 2017

Accounting Policies [Abstract]

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:

	2017			2016			2015
Currency translation losses, net of reclassification adjustments 1	$	(98.6	)	$	(95.2	)	$	(113.9	)
Derivative adjustments, net of reclassification adjustments	(1.1		)	(0.4		)	0.9
Unrealized losses on available-for-sale securities	(0.3		)	(0.6		)	(0.7		)
Pension and post-employment benefit obligations, net of reclassification adjustments 1	(112.9		)	(248.3		)	(215.8		)
Accumulated other comprehensive loss	$	(212.9	)	$	(344.5	)	$	(329.5	)

¹ Includes activity related to the Spinoff of Lamb Weston.

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

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

										Affected Line Item in the Consolidated Statement of Operations1
	2017			2016			2015
Net derivative adjustment, net of tax:
Cash flow hedges	$	(0.2	)	$	(2.1	)	$	(0.5	)	Interest expense, net
	(0.2		)	(2.1		)	(0.5		)	Total before tax
	0.1			0.8			0.2			Income tax expense
	$	(0.1	)	$	(1.3	)	$	(0.3	)	Net of tax
Amortization of pension and postretirement healthcare liabilities:
Net prior service benefit	$	(3.9	)	$	(5.1	)	$	(4.2	)	Selling, general and administrative expenses
Divestiture of Private Brands	—			(4.3		)	—			Income (loss) from discontinued operations, net of tax
Pension settlement of equity method investment	—			(5.2		)	—			Equity method investment earnings
Pension settlement	13.8			—			—			Selling, general and administrative expenses
Net actuarial loss	0.5			0.1			3.5			Selling, general and administrative expenses
Curtailment	—			—			1.5			Cost of goods sold
	10.4			(14.5		)	0.8			Total before tax
	(4.0		)	4.9			(0.3		)	Income tax expense (benefit)
	$	6.4		$	(9.6	)	$	0.5		Net of tax
Currency translation losses	$	—		$	73.4		$	—		Income (loss) from discontinued operations, net of tax
	—			73.4			—			Total before tax
	—			—			—			Income tax expense
	$	—		$	73.4		$	—		Net of tax

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