Income Taxes (Tables)

12 Months Ended

May 25, 2014

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		2014		2013		2012
Earnings before income taxes and after-tax earnings from joint ventures:
United States	$	2,181.4	$	2,051.2	$	1,816.5
Foreign		473.6		483.7		394.0
Total earnings before income taxes and after-tax earnings from joint ventures	$	2,655.0	$	2,534.9	$	2,210.5
Income taxes:
Currently payable:
Federal	$	526.7	$	493.4	$	399.1
State and local		37.8		39.5		52.0
Foreign		146.3		126.5		109.1
Total current		710.8		659.4		560.2
Deferred:
Federal		159.1		68.8		167.9
State and local		21.3		19.2		(1.3)
Foreign		(7.9)		(6.2)		(17.2)
Total deferred		172.5		81.8		149.4
Total income taxes	$	883.3	$	741.2	$	709.6

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

	Fiscal Year
	2014		2013		2012
United States statutory rate	35.0	%	35.0	%	35.0	%
State and local income taxes, net of federal tax benefits	1.4		1.3		1.4
Foreign rate differences	(0.1)		(0.6)		(2.0)
Deferred taxes for Medicare subsidies	-		(1.3)		-
GMC subsidiary restructure	-		(2.5)		-
Domestic manufacturing deduction	(2.3)		(2.1)		(1.8)
Other, net	(0.7)		(0.6)		(0.5)
Effective income tax rate	33.3	%	29.2	%	32.1	%

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

In Millions		May 25, 2014		May 26, 2013
Accrued liabilities	$	106.0	$	154.6
Compensation and employee benefits		546.0		619.2
Unrealized hedges		-		6.9
Pension		-		112.5
Tax credit carryforwards		78.9		78.0
Stock, partnership, and miscellaneous investments		427.9		461.1
Capital losses		13.0		13.6
Net operating losses		71.4		65.1
Other		117.7		138.8
Gross deferred tax assets		1,360.9		1,649.8
Valuation allowance		221.6		232.8
Net deferred tax assets		1,139.3		1,417.0
Brands		1,373.4		1,380.4
Fixed assets		499.4		537.4
Pension		2.0		-
Intangible assets		204.2		168.3
Tax lease transactions		53.1		55.1
Inventories		60.6		52.0
Stock, partnership, and miscellaneous investments		470.7		456.7
Unrealized hedges		22.8		-
Other		45.0		28.2
Gross deferred tax liabilities		2,731.2		2,678.1
Net deferred tax liability	$	1,591.9	$	1,261.1

Schedule of Changes in Total Gross Unrecognized Tax Benefit Liabilities [Table Text Block]

	Fiscal Year
In Millions		2014		2013
Balance, beginning of year	$	216.2	$	231.3
Tax positions related to current year:
Additions		26.5		38.5
Tax positions related to prior years:
Additions		15.1		69.6
Reductions		(94.5)		(74.0)
Settlements		(5.4)		(39.0)
Lapses in statutes of limitations		(7.0)		(10.2)
Balance, end of year	$	150.9	$	216.2

- 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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