Income Taxes (Tables)

12 Months Ended

May 28, 2017

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		2017		2016		2015
Earnings before income taxes and after-tax earnings from joint ventures:
United States	$	1,941.6	$	1,941.4	$	1,338.6
Foreign		329.7		462.2		423.3
Total earnings before income taxes and after-tax earnings from joint ventures	$	2,271.3	$	2,403.6	$	1,761.9
Income taxes:
Currently payable:
Federal	$	368.5	$	489.8	$	392.7
State and local		21.1		30.8		29.3
Foreign		81.7		114.0		139.5
Total current		471.3		634.6		561.5
Deferred:
Federal		201.3		123.0		70.3
State and local		10.2		(6.9)		(8.7)
Foreign		(27.6)		4.5		(36.3)
Total deferred		183.9		120.6		25.3
Total income taxes	$	655.2	$	755.2	$	586.8

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

	Fiscal Year
	2017		2016		2015
United States statutory rate	35.0	%	35.0	%	35.0	%
State and local income taxes, net of federal tax benefits	0.8		0.7		0.7
Foreign rate differences	(3.5)		(2.2)		(3.1)
Repatriation of foreign earnings	-		-		4.5
Non-deductible goodwill	-		2.6		-
Domestic manufacturing deduction	(2.8)		(2.0)		(2.9)
Other, net (a)	(0.7)		(2.7)		(0.9)
Effective income tax rate	28.8	%	31.4	%	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 28, 2017		May 29, 2016
Accrued liabilities	$	70.0	$	89.9
Compensation and employee benefits		419.2		491.5
Pension		196.3		322.0
Tax credit carryforwards		18.4		4.5
Stock, partnership, and miscellaneous investments		276.4		353.6
Capital losses		29.8		14.5
Net operating losses		109.5		97.9
Other		85.6		84.1
Gross deferred tax assets		1,205.2		1,458.0
Valuation allowance		231.8		227.0
Net deferred tax assets		973.4		1,231.0
Brands		1,310.1		1,311.7
Fixed assets		484.5		476.3
Intangible assets		238.6		221.8
Tax lease transactions		45.8		48.0
Inventories		60.0		53.0
Stock, partnership, and miscellaneous investments		479.4		476.0
Unrealized hedges		45.4		22.6
Other		29.0		21.2
Gross deferred tax liabilities		2,692.8		2,630.6
Net deferred tax liability	$	1,719.4	$	1,399.6

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

	Fiscal Year
In Millions		2017		2016
Balance, beginning of year	$	176.5	$	161.1
Tax positions related to current year:
Additions		27.2		31.6
Tax positions related to prior years:
Additions		0.9		23.9
Reductions		(47.9)		(25.7)
Settlements		(9.6)		(4.0)
Lapses in statutes of limitations		(11.6)		(10.4)
Balance, end of year	$	135.5	$	176.5