Income Taxes (Tables)

12 Months Ended

May 29, 2016

INCOME TAXES [Abstract]

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		2016		2015		2014
Earnings before income taxes and after-tax earnings from joint ventures:
United States	$	1,941.4	$	1,338.6	$	2,181.4
Foreign		462.2		423.3		473.6
Total earnings before income taxes and after-tax earnings from joint ventures	$	2,403.6	$	1,761.9	$	2,655.0
Income taxes:
Currently payable:
Federal	$	489.8	$	392.7	$	526.7
State and local		30.8		29.3		37.8
Foreign		114.0		139.5		146.3
Total current		634.6		561.5		710.8
Deferred:
Federal		123.0		70.3		159.1
State and local		(6.9)		(8.7)		21.3
Foreign		4.5		(36.3)		(7.9)
Total deferred		120.6		25.3		172.5
Total income taxes	$	755.2	$	586.8	$	883.3

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

	Fiscal Year
	2016		2015		2014
United States statutory rate	35.0	%	35.0	%	35.0	%
State and local income taxes, net of federal tax benefits	0.7		0.7		1.4
Foreign rate differences	(2.2)		(3.1)		(0.1)
Repatriation of foreign earnings	-		4.5		-
Non-deductible goodwill	2.6		-		-
Domestic manufacturing deduction	(2.0)		(2.9)		(2.3)
Other, net (a)	(2.7)		(0.9)		(0.7)
Effective income tax rate	31.4	%	33.3	%	33.3	%

(a) Fiscal 2016 includes 0.6 percent tax benefit related to the divestiture of our business in Venezuela. See Note 3

for additional information.

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

In Millions		May 29, 2016		May 31, 2015
Accrued liabilities	$	89.9	$	98.0
Compensation and employee benefits		491.5		536.2
Unrealized hedges		-		0.8
Pension		322.0		169.0
Tax credit carryforwards		4.5		5.6
Stock, partnership, and miscellaneous investments		353.6		384.1
Capital losses		14.5		6.1
Net operating losses		97.9		89.3
Other		84.1		74.5
Gross deferred tax assets		1,458.0		1,363.6
Valuation allowance		227.0		215.4
Net deferred tax assets		1,231.0		1,148.2
Brands		1,311.7		1,346.3
Fixed assets		476.3		446.5
Intangible assets		221.8		208.4
Tax lease transactions		48.0		50.8
Inventories		53.0		59.7
Stock, partnership, and miscellaneous investments		476.0		472.5
Unrealized hedges		22.6		-
Other		21.2		14.2
Gross deferred tax liabilities		2,630.6		2,598.4
Net deferred tax liability	$	1,399.6	$	1,450.2

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

	Fiscal Year
In Millions		2016		2015
Balance, beginning of year	$	161.1	$	150.9
Tax positions related to current year:
Additions		31.6		34.8
Tax positions related to prior years:
Additions		23.9		17.4
Reductions		(25.7)		(21.8)
Settlements		(4.0)		(12.0)
Lapses in statutes of limitations		(10.4)		(8.2)
Balance, end of year	$	176.5	$	161.1