Income Taxes (Tables)

12 Months Ended

May 29, 2011

Income Taxes (Tables)

Schedule Of Income Before Income Tax Domestic And Foreign And Components Of Income Tax Expense Benefit [Table Text Block]

		Fiscal Year
In Millions		2011		2010		2009
Earnings before income taxes and after-tax earnings from joint ventures:
United States	$	2,144.8	$	2,060.4	$	1,717.5
Foreign		283.4		144.1		224.7
Total earnings before income taxes and after-tax earnings from joint ventures	$	2,428.2	$	2,204.5	$	1,942.2
Income taxes:
Currently payable:
Federal	$	370.0	$	616.0	$	457.8
State and local		76.9		87.4		37.3
Foreign		68.9		45.5		9.5
Total current		515.8		748.9		504.6
Deferred:
Federal		178.9		38.5		155.7
State and local		30.8		(4.9)		36.3
Foreign		(4.4)		(11.3)		23.8
Total deferred		205.3		22.3		215.8
Total income taxes	$	721.1	$	771.2	$	720.4

Schedule Of Effective Income Tax Rate Reconciliation [Table Text Block]

	Fiscal Year
	2011		2010		2009
United States statutory rate	35.0	%	35.0	%	35.0	%
State and local income taxes, net of federal tax benefits	2.7		2.5		2.9
Foreign rate differences	(2.0)		(1.8)		(2.3)
Enactment date effect of health care reform	-		1.3		-
Court decisions and audit settlements	(3.7)		-		2.7
Domestic manufacturing deduction	(1.6)		(1.8)		(1.1)
Other, net	(0.7)		(0.2)		(0.1)
Effective income tax rate	29.7	%	35.0	%	37.1	%

Schedule Of Deferred Tax Assets And Liabilities [Table Text Block]

In Millions		May 29, 2011		May 30, 2010
Accrued liabilities	$	129.5	$	148.5
Compensation and employee benefits		582.9		584.9
Pension liability		74.1		183.8
Tax credit carryforwards		62.0		-
Stock, partnership, and miscellaneous investments		500.6		474.9
Capital losses		92.1		93.1
Net operating losses		140.9		119.9
Other		123.7		150.7
Gross deferred tax assets		1,705.8		1,755.8
Valuation allowance		404.5		392.0
Net deferred tax assets		1,301.3		1,363.8
Brands		1,289.1		1,279.5
Fixed assets		394.6		307.6
Intangible assets		122.3		107.4
Tax lease transactions		63.0		68.7
Inventories		53.0		55.6
Stock, partnership, and miscellaneous investments		424.5		348.2
Unrealized hedges		34.9		11.4
Other		20.0		17.3
Gross deferred tax liabilities		2,401.4		2,195.7
Net deferred tax liability	$	1,100.1	$	831.9