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Income Taxes (Tables)
 12 Months Ended
May 28, 2023
Income Taxes [Abstract]  
Components Of Earnings Before Income Taxes And After-Tax Earnings From Joint Ventures And The Corresponding Income Taxes Thereon
Fiscal Year
In Millions
2023
2022
2021
Earnings before income taxes and after-tax earnings
 
from joint ventures:
United States
$
2,740.5
$
2,652.3
$
2,567.1
Foreign
400.0
557.3
290.3
Total earnings
 
before income taxes and after-tax earnings from joint ventures
$
3,140.5
$
3,209.6
$
2,857.4
Income taxes:
Currently payable:
Federal
$
487.1
$
384.2
$
369.8
State and local
82.2
60.8
47.5
Foreign
65.1
79.1
93.0
Total current
634.4
524.1
510.3
Deferred:
Federal
9.6
75.0
117.9
State and local
(8.1)
18.3
13.6
Foreign
(23.7)
(31.1)
(12.7)
Total deferred
(22.2)
62.2
118.8
Total income
 
taxes
$
612.2
$
586.3
$
629.1
Schedule of Effective Income Tax Rate Reconciliation
Fiscal Year
2023
2022
2021
United States statutory rate
21.0
%
21.0
%
21.0
%
State and local income taxes, net of federal tax benefits
1.5
2.1
1.7
Foreign rate differences
(1.0)
(1.1)
0.3
Stock based compensation
(1.0)
(0.6)
(0.4)
Capital loss (a)
-
(1.7)
-
Divestitures, net
(0.8)
(1.2)
-
Other, net
(0.2)
(0.2)
(0.6)
Effective income tax rate
19.5
%
18.3
%
22.0
%
(a)
 
During fiscal
 
2022, we
 
released a
 
$
50.7
 
million valuation
 
allowance associated
 
with our capital
 
loss carryforward
 
expected to
 
be
used against divestiture gains.
Tax Effects Of Temporary Differences That Give Rise To Deferred Tax Assets And Liabilities
In Millions
May 28, 2023
May 29, 2022
Accrued liabilities
$
51.2
$
46.2
Compensation and employee benefits
143.7
146.7
Pension
43.7
1.5
Tax credit carryforwards
38.7
34.9
Stock, partnership, and miscellaneous investments
2.4
17.9
Capitalized research and development
83.7
-
Capital losses
76.2
61.9
Net operating losses
221.3
178.0
Other
99.4
96.3
Gross deferred tax assets
760.3
583.4
Valuation
 
allowance
259.2
185.1
Net deferred tax assets
501.1
398.3
Brands
1,417.2
1,415.2
Fixed assets
402.7
392.6
Intangible assets
213.1
201.0
Tax lease transactions
8.5
14.9
Inventories
47.1
27.1
Stock, partnership, and miscellaneous investments
369.0
357.7
Unrealized hedges
34.3
98.7
Other
120.1
109.4
Gross deferred tax liabilities
2,612.0
2,616.6
Net deferred tax liability
$
2,110.9
$
2,218.3
In Millions
May 28, 2023
Pillsbury acquisition losses
$
106.2
State and foreign loss carryforwards
27.1
Capital loss carryforwards
75.7
Other
50.2
Total
$
259.2
In Millions
May 28, 2023
Foreign loss carryforwards
$
202.0
Federal operating loss carryforwards
10.2
State operating loss carryforwards
9.0
Total tax loss carryforwards
$
221.2
In Millions
May 28, 2023
Expire in fiscal 2024 and 2025
$
0.5
Expire in fiscal 2026 and beyond
15.0
Do not expire (a)
186.5
Total foreign loss carryforwards
$
202.0
(a)
 
Approximately
 
$
172
 
million
 
of
 
our
 
foreign
 
loss
 
carryforwards
 
are
 
held
 
in
 
Brazil
 
for
 
which
 
we
 
have
 
not
 
recorded
 
a
 
valuation
allowance.
Operating Loss carryforward
Fiscal Year
In Millions
2023
2022
Balance, beginning of year
$
160.9
$
145.3
Tax positions related
 
to current year:
Additions
29.9
21.6
Tax positions related
 
to prior years:
Additions
2.9
10.4
Reductions
(0.9)
(5.5)
Settlements
(4.7)
(2.4)
Lapses in statutes of limitations
(6.9)
(8.5)
Balance, end of year
$
181.2
$
160.9