Income Taxes (Tables)

12 Months Ended

May 26, 2013

Components of earnings before income taxes and after-tax earnings from joint ventures and the corresponding income taxes thereon [Table Text Block]

		Fiscal Year
In Millions		2013		2012		2011
Earnings before income taxes and after-tax earnings from joint ventures:
United States	$	2,051.2	$	1,816.5	$	2,144.8
Foreign		483.7		394.0		283.4
Total earnings before income taxes and after-tax earnings from joint ventures	$	2,534.9	$	2,210.5	$	2,428.2
Income taxes:
Currently payable:
Federal	$	493.4	$	399.1	$	370.0
State and local		39.5		52.0		76.9
Foreign		126.5		109.1		68.9
Total current		659.4		560.2		515.8
Deferred:
Federal		68.8		167.9		178.9
State and local		19.2		(1.3)		30.8
Foreign		(6.2)		(17.2)		(4.4)
Total deferred		81.8		149.4		205.3
Total income taxes	$	741.2	$	709.6	$	721.1

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

	Fiscal Year
	2013		2012		2011
United States statutory rate	35.0	%	35.0	%	35.0	%
State and local income taxes, net of federal tax benefits	1.3		1.4		2.7
Foreign rate differences	(0.6)		(2.0)		(2.0)
Deferred taxes for Medicare subsidies	(1.3)		-		-
GMC subsidiary restructure	(2.5)		-		-
Court decisions and audit settlements	-		-		(3.7)
Domestic manufacturing deduction	(2.1)		(1.8)		(1.6)
Other, net	(0.6)		(0.5)		(0.7)
Effective income tax rate	29.2	%	32.1	%	29.7	%

Tax effects of temporary differences that give rise to deferred tax assets and liabilities [Table Text Block]

In Millions		May 26, 2013		May 27, 2012
Accrued liabilities	$	154.6	$	86.9
Compensation and employee benefits		619.2		635.4
Unrealized hedge losses		6.9		26.4
Pension liability		112.5		240.1
Tax credit carryforwards		78.0		86.5
Stock, partnership, and miscellaneous investments		461.1		534.3
Capital losses		13.6		90.7
Net operating losses		65.1		130.6
Other		138.8		151.9
Gross deferred tax assets		1,649.8		1,982.8
Valuation allowance		232.8		384.4
Net deferred tax assets		1,417.0		1,598.4
Brands		1,380.4		1,292.8
Fixed assets		537.4		500.1
Intangible assets		168.3		289.1
Tax lease transactions		55.1		56.5
Inventories		52.0		55.9
Stock, partnership, and miscellaneous investments		456.7		468.2
Unrealized hedges		-		-
Other		28.2		47.5
Gross deferred tax liabilities		2,678.1		2,710.1
Net deferred tax liability	$	1,261.1	$	1,111.7

Summary of Income Tax Contingencies [Table Text Block]

	Fiscal Year
In Millions		2013		2012
Balance, beginning of year	$	231.3	$	226.2
Tax positions related to current year:
Additions		38.5		23.8
Tax positions related to prior years:
Additions		69.6		24.3
Reductions		(74.0)		(13.4)
Settlements		(39.0)		(6.6)
Lapses in statutes of limitations		(10.2)		(23.0)
Balance, end of year	$	216.2	$	231.3

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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