Financial Instruments, Risk Management Activities, and Fair Values (Tables)

6 Months Ended

Nov. 23, 2014

Financial Instruments, Risk Management Activities, and Fair Values [Abstract]

Schedule of marketable debt and equity securities [Table Text Block]

	Cost				Market Value				Gross Gains				Gross Losses
In Millions		Nov. 23, 2014		May 25, 2014		Nov. 23, 2014		May 25, 2014		Nov. 23, 2014		May 25, 2014		Nov. 23, 2014		May 25, 2014
Available-for-sale:
Debt securities	$	247.6	$	318.6	$	247.8	$	318.8	$	0.2	$	0.2	$	-	$	-
Equity securities		1.8		1.8		7.6		7.2		5.8		5.4		-		-
Total	$	249.4	$	320.4	$	255.4	$	326.0	$	6.0	$	5.6	$	-	$	-

Schedule of maturities of marketable securities [Table Text Block]

		Available-for-Sale
In Millions		Cost		Market Value
Under 1 year (current)	$	247.0	$	247.2
From 1 to 3 years		0.6		0.6
From 4 to 7 years		0.0		0.0
Equity securities		1.8		7.6
Total	$	249.4	$	255.4

Schedule of unallocated corporate items [Table Text Block]

	Quarter Ended				Six-Month Period Ended
In Millions		Nov. 23, 2014		Nov. 24, 2013		Nov. 23, 2014		Nov. 24, 2013
Net loss on certain mark-to-market valuation of commodity positions	$	(40.2)	$	(3.7)	$	(81.6)	$	(16.0)
Net loss on commodity positions reclassified from unallocated corporate items to segment operating profit		32.8		18.7		28.0		34.5
Net mark-to-market revaluation of certain grain inventories		2.3		6.0		(0.7)		1.7
Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items	$	(5.1)	$	21.0	$	(54.3)	$	20.2

Schedule of pre-tax amounts of cash-settled interest rate hedges in AOCI [Table Text Block]

In Millions		Gain/(Loss)
5.2% notes due March 17, 2015	$	(0.1)
5.7% notes due February 15, 2017		(4.9)
5.65% notes due February 15, 2019		2.1
3.15% notes due December 15, 2021		(69.9)
3.65% notes due February 15, 2024		16.4
5.4% notes due June 15, 2040		(14.3)
4.15% notes due February 15, 2043		11.1
Net pre-tax hedge loss in AOCI	$	(59.6)

Schedule of interest rate swaps [Table Text Block]

In Millions		Nov. 23, 2014			May 25, 2014
Pay-floating swaps - notional amount	$	1,250.0		$	250.0
Average receive rate		1.6	%		0.9	%
Average pay rate		0.6	%		0.5	%

Schedule of swap contract maturities [Table Text Block]

In Millions		Pay Floating
2016	$	250.0
2017		-
2018		500.0
2019		-
2020		500.0
Total	$	1,250.0

Reconciliation of net fair values of assets and liabilities subject to offsetting arrangements [Table Text Block]

	Nov. 23, 2014
			Assets						Liabilities
				Gross Amounts Not Offset in the Balance Sheet (e)						Gross Amounts Not Offset in the Balance Sheet (e)
In Millions	Gross Amounts of Recognized Assets	Gross Liabilities Offset in the Balance Sheet (a)	Net Amounts of Assets (b)	Financial Instruments	Cash Collateral Received	Net Amount (c)	Gross Amounts of Recognized Liabilities	Gross Assets Offset in the Balance Sheet (a)	Net Amounts of Liabilities (b)	Financial Instruments	Cash Collateral Received	Net Amount (d)
Commodity contracts	$ 0.7	$ -	$ 0.7	$ (0.3)	$ -	$ 0.4	$ (21.1)	$ -	$ (21.1)	$ 0.3	$ -	$ (20.8)
Interest rate contracts	0.5	-	0.5	-	-	0.5	(2.5)	-	(2.5)	-	-	(2.5)
Foreign exchange contracts	14.1	-	14.1	(8.6)	-	5.5	(13.3)	-	(13.3)	8.6	-	(4.7)
Total	$ 15.3	$ -	$ 15.3	$ (8.9)	$ -	$ 6.4	$ (36.9)	$ -	$ (36.9)	$ 8.9	$ -	$ (28.0)

(a) Includes related collateral offset in the Consolidated Balance Sheets.

(b) Net fair value as recorded in the Consolidated Balance Sheets.

(c) Fair value of assets that could be reported net in the Consolidated Balance Sheets.

(d) Fair value of liabilities that could be reported net in the Consolidated Balance Sheets.

(e) Fair value of assets and liabilities reported on a gross basis in the Consolidated Balance Sheets.

	May 25, 2014
			Assets						Liabilities
				Gross Amounts Not Offset in the Balance Sheet (e)						Gross Amounts Not Offset in the Balance Sheet (e)
In Millions	Gross Amounts of Recognized Assets	Gross Liabilities Offset in the Balance Sheet (a)	Net Amounts of Assets (b)	Financial Instruments	Cash Collateral Received	Net Amount (c)	Gross Amounts of Recognized Liabilities	Gross Assets Offset in the Balance Sheet (a)	Net Amounts of Liabilities (b)	Financial Instruments	Cash Collateral Received	Net Amount (d)
Commodity contracts	$ 19.1	$ -	$ 19.1	$ (3.4)	$ -	$ 15.7	$ (4.0)	$ -	$ (4.0)	$ 3.4	$ -	$ (0.6)
Interest rate contracts	0.7	-	0.7	-	-	0.7	-	-	-	-	-	-
Foreign exchange contracts	10.5	-	10.5	(8.0)	-	2.5	(19.1)	-	(19.1)	8.0	-	(11.1)
Total	$ 30.3	$ -	$ 30.3	$ (11.4)	$ -	$ 18.9	$ (23.1)	$ -	$ (23.1)	$ 11.4	$ -	$ (11.7)

(a) Includes related collateral offset in the Consolidated Balance Sheets.

(b) Net fair value as recorded in the Consolidated Balance Sheets.

(c) Fair value of assets that could be reported net in the Consolidated Balance Sheets.

(d) Fair value of liabilities that could be reported net in the Consolidated Balance Sheets.

(e) Fair value of assets and liabilities reported on a gross basis in the Consolidated Balance Sheets.

Schedule of fair value measurement inputs [Table Text Block]

	Nov. 23, 2014
	Fair Values of Assets								Fair Values of Liabilities
In Millions		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Derivatives designated as hedging instruments:
Interest rate contracts (a) (b)	$	-	$	0.5	$	-	$	0.5	$	-	$	(2.5)	$	-	$	(2.5)
Foreign exchange contracts (c) (d)		-		12.6		-		12.6		-		(8.4)		-		(8.4)
Total		-		13.1		-		13.1		-		(10.9)		-		(10.9)
Derivatives not designated as hedging instruments:
Foreign exchange contracts (c) (d)		-		1.5		-		1.5		-		(4.9)		-		(4.9)
Equity contracts (a) (e)		-		-		-		-		-		(0.5)		-		(0.5)
Commodity contracts (c) (e)		0.3		0.4		-		0.7		-		(21.1)		-		(21.1)
Grain contracts (c) (e)		-		5.5		-		5.5		-		(6.8)		-		(6.8)
Long-lived assets (f)		-		11.5		-		11.5		-		-		-		-
Total		0.3		18.9		-		19.2		-		(33.3)		-		(33.3)
Other assets and liabilities reported at fair value:
Marketable investments (a) (g)		7.6		247.8		-		255.4		-		-		-		-
Total		7.6		247.8		-		255.4		-		-		-		-
Total assets, liabilities, and derivative positions recorded at fair value	$	7.9	$	279.8	$	-	$	287.7	$	-	$	(44.2)	$	-	$	(44.2)

(a)These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents.

(b)       Based on LIBOR and swap rates.

(c)       These contracts are recorded as prepaid expenses and other current assets or as other current liabilities, as appropriate, based on whether in a gain or loss position.

(d)       Based on observable market transactions of spot currency rates and forward currency prices.

(e)       Based on prices of futures exchanges and recently reported transactions in the marketplace.

(f)We recorded a $15.2 million non-cash impairment charge in the second quarter to write down certain long-lived assets to their fair valueof $11.5 million.Fair value was based on recently reported transactions for similar assets in the marketplace. These assets had a book value of $26.7 million and were associated with the restructuring actions described in Note 3.

(g)       Based on prices of common stock and bond matrix pricing.

	May 25, 2014
	Fair Values of Assets								Fair Values of Liabilities
In Millions		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Derivatives designated as hedging instruments:
Interest rate contracts (a) (b)	$	-	$	0.7	$	-	$	0.7	$	-	$	-	$	-	$	-
Foreign exchange contracts (c) (d)		-		9.9		-		9.9		-		(12.6)		-		(12.6)
Total		-		10.6		-		10.6		-		(12.6)		-		(12.6)
Derivatives not designated as hedging instruments:
Foreign exchange contracts (c) (d)		-		0.6		-		0.6		-		(6.5)		-		(6.5)
Commodity contracts (c) (e)		11.1		8.0		-		19.1		-		(4.0)		-		(4.0)
Grain contracts (c) (e)		-		7.5		-		7.5		-		(4.9)		-		(4.9)
Total		11.1		16.1		-		27.2		-		(15.4)		-		(15.4)
Other assets and liabilities reported at fair value:
Marketable investments (a) (f)		7.2		318.8		-		326.0		-		-		-		-
Total		7.2		318.8		-		326.0		-		-		-		-
Total assets, liabilities, and derivative positions recorded at fair value	$	18.3	$	345.5	$	-	$	363.8	$	-	$	(28.0)	$	-	$	(28.0)

(a)These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents.

(b)Based on LIBOR and swap rates.

(c)These contracts are recorded as prepaid expenses and other current assets or as other current liabilities, as appropriate, based on whether in a gain or loss position.

(d)Based on observable market transactions of spot currency rates and forward currency prices.

(e)Based on prices of futures exchanges and recently reported transactions in the marketplace.

(f)Based on prices of common stock and bond matrix pricing.

Schedule of gains and losses on hedges [Table Text Block]

		Interest Rate Contracts				Foreign Exchange Contracts				Equity Contracts				Commodity Contracts				Total
		Quarter Ended				Quarter Ended				Quarter Ended				Quarter Ended				Quarter Ended
In Millions	Nov. 23, 2014		Nov. 24, 2013		Nov. 23, 2014		Nov. 24, 2013		Nov. 23, 2014		Nov. 24, 2013		Nov. 23, 2014		Nov. 24, 2013		Nov. 23, 2014		Nov. 24, 2013
Derivatives in Cash Flow Hedging Relationships:
Amount of gain (loss) recognized in other comprehensive income (OCI) (a)	$	-	$	(3.7)	$	7.3	$	(6.5)	$	-	$	-	$	-	$	-	$	7.3	$	(10.2)
Amount of gain (loss) reclassified from AOCI into earnings (a) (b)		(2.6)		(3.1)		0.2		4.4		-		-		-		-		(2.4)		1.3
Amount of gain recognized in earnings (c)		-		-		0.1		-		-		-		-		-		0.1		-
Derivatives in Fair Value Hedging Relationships:
Amount of net gain recognized in earnings (d)		1.2		1.5		-		-		-		-		-		-		1.2		1.5
Derivatives Not Designated as Hedging Instruments:
Amount of gain (loss) recognized in earnings (d)		-		-		2.3		(6.0)		1.1		5.1		(40.2)		(3.7)		(36.8)		(4.6)

(a)       Effective portion.

(b)Gain (loss) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and selling, general, and administrative (SG&A) expenses for foreign exchange contracts.

(c)Loss recognized in earnings is related to the ineffective portion of the hedging relationship, including SG&A expenses for foreign exchange contracts and interest, net for interest rate contracts. No amounts were reported as a result of being excluded from the assessment of hedge effectiveness.

(d)Gain (loss) recognized in earnings is reported in interest, net for interest rate contracts, in cost of sales for commodity contracts, and in SG&A expenses for equity contracts and foreign exchange contracts.

		Interest Rate Contracts				Foreign Exchange Contracts				Equity Contracts				Commodity Contracts				Total
		Six-Month Period Ended				Six-Month Period Ended				Six-Month Period Ended				Six-Month Period Ended				Six-Month Period Ended
In Millions		Nov. 23, 2014		Nov. 24, 2013		Nov. 23, 2014		Nov. 24, 2013		Nov. 23, 2014		Nov. 24, 2013		Nov. 23, 2014		Nov. 24, 2013		Nov. 23, 2014		Nov. 24, 2013
Derivatives in Cash Flow Hedging Relationships:
Amount of gain (loss) recognized in other comprehensive income (OCI) (a)	$	-	$	10.7	$	5.8	$	(2.8)	$	-	$	-	$	-	$	-	$	5.8	$	7.9
Amount of gain (loss) reclassified from AOCI into earnings (a) (b)		(5.2)		(6.1)		(1.5)		9.5		-		-		-		-		(6.7)		3.4
Amount of gain (loss) recognized in earnings (c)		-		-		0.1		(0.2)		-		-		-		-		0.1		(0.2)
Derivatives in Fair Value Hedging Relationships:
Amount of net gain recognized in earnings (d)		0.9		0.3		-		-		-		-		-		-		0.9		0.3
Derivatives Not Designated as Hedging Instruments:
Amount of gain (loss) recognized in earnings (d)		-		-		0.9		(11.1)		5.2		5.6		(81.6)		(16.0)		(75.5)		(21.5)

(a)       Effective portion.

(b)Gain (loss) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts.

(c)       Loss recognized in earnings is related to the ineffective portion of the hedging relationship, including SG&A expenses for foreign exchange contracts. No amounts were reported as a result of being excluded from the assessment of hedge effectiveness.

(d)Gain (loss) recognized in earnings is reported in interest, net for interest rate contracts, in cost of sales for commodity contracts, and in SG&A expenses for equity contracts and foreign exchange contracts.

Schedule of after-tax amounts of cash flow hedges in AOCI [Table Text Block]

In Millions		After-Tax Gain/(Loss)+
Unrealized losses from interest rate cash flow hedges	$	(36.1)+
Unrealized gains from foreign currency cash flow hedges		6.8+
After-tax loss in AOCI related to hedge derivatives	$	(29.3)+