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

12 Months Ended

May 31, 2020

FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, AND FAIR VALUES [Abstract]

Schedule of Marketable Debt and Equity Securities and Maturities [Table Text Block]

	Cost				Fair Value				Gross Gains				Gross Losses
	Fiscal Year				Fiscal Year				Fiscal Year				Fiscal Year
In Millions		2020		2019		2020		2019		2020		2019		2020		2019
Available for sale debt securities	$	56.7	$	34.3	$	56.7	$	34.3	$	-	$	-	$	-	$	-
Equity securities		0.3		0.6		4.9		18.5		4.6		17.9		-		-
Total	$	57.0	$	34.9	$	61.6	$	52.8	$	4.6	$	17.9	$	-	$	-

Scheduled maturities of our marketable securities are as follows:

		Marketable Securities
In Millions		Cost		Fair Value
Under 1 year (current)	$	56.7	$	56.7
Equity securities		0.3		4.9
Total	$	57.0	$	61.6

Schedule of Unallocated Corporate items [Table Text Block]

	Fiscal Year
In Millions		2020		2019		2018
Net (loss) gain on mark-to-market valuation of commodity positions	$	(63.0)	$	(39.0)	$	14.3
Net loss on commodity positions reclassified from unallocated corporate items to segment operating profit		35.6		10.0		11.3
Net mark-to-market revaluation of certain grain inventories		2.7		(7.0)		6.5
Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items	$	(24.7)	$	(36.0)	$	32.1

Schedule of Pre-tax Amounts of Cash-Settled Interest Rate Hedges in AOCI [Table Text Block]

In Millions		Gain/(Loss)
3.15% notes due December 15, 2021	$	(15.2)
2.6% notes due October 12, 2022		1.7
1.0% notes due April 27, 2023		(0.7)
3.7% notes due October 17, 2023		(1.1)
3.65% notes due February 15, 2024		6.6
4.0% notes due April 17, 2025		(2.8)
3.2% notes due February 10, 2027		11.4
1.5% notes due April 27, 2027		(2.3)
4.2% notes due April 17, 2028		(8.0)
4.55% notes due April 17, 2038		(9.8)
5.4% notes due June 15, 2040		(11.2)
4.15% notes due February 15, 2043		8.9
4.7% notes due April 17, 2048		(13.2)
Net pre-tax hedge loss in AOCI	$	(35.7)

Schedule of Interest Rate Swaps [Table Text Block]

In Millions		May 31, 2020			May 26, 2019
Pay-floating swaps - notional amount	$	666.1		$	500.0
Average receive rate		0.4	%		2.2	%
Average pay rate		0.3	%		3.1	%
Pay-fixed swaps - notional amount	$	500.0		$	-
Average receive rate		1.7	%		-	%
Average pay rate		2.1	%		-	%

Schedule of Fair Value Measurement Inputs [Table Text Block]

	May 31, 2020								May 31, 2020
	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)	$	-	$	5.6	$	-	$	5.6	$	-	$	(7.8)	$	-	$	(7.8)
Foreign exchange contracts (a) (c)		-		19.8		-		19.8		-		(3.8)		-		(3.8)
Total		-		25.4		-		25.4		-		(11.6)		-		(11.6)
Derivatives not designated as hedging instruments:
Foreign exchange contracts (a) (c)		-		18.8		-		18.8		-		(0.2)		-		(0.2)
Commodity contracts (a) (d)		4.6		1.6		-		6.2		(3.4)		(26.7)		-		(30.1)
Grain contracts (a) (d)		-		5.0		-		5.0		-		(1.2)		-		(1.2)
Total		4.6		25.4		-		30.0		(3.4)		(28.1)		-		(31.5)
Other assets and liabilities reported at fair value:
Marketable investments (a) (e)		4.9		56.7		-		61.6		-		-		-		-
Total		4.9		56.7		-		61.6		-		-		-		-
Total assets, liabilities, and derivative positions recorded at fair value	$	9.5	$	107.5	$	-	$	117.0	$	(3.4)	$	(39.7)	$	-	$	(43.1)

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.Based on LIBOR and swap rates. As of May 31, 2020, the carrying amount of hedged debt designated as the hedged item in a fair value hedge was $670.9 million and was classified on the Consolidated Balance Sheet within long-term debt. As of May 31, 2020, the cumulative amount of fair value hedging basis adjustments was $4.8 million.Based on observable market transactions of spot currency rates and forward currency prices.Based on prices of futures exchanges and recently reported transactions in the marketplace.Based on prices of common stock and bond matrix pricing.

	May 26, 2019								May 26, 2019
	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)	$	-	$	-	$	-	$	-	$	-	$	(1.9)	$	-	$	(1.9)
Foreign exchange contracts (a) (c)		-		12.9		-		12.9		-		(3.3)		-		(3.3)
Total		-		12.9		-		12.9		-		(5.2)		-		(5.2)
Derivatives not designated as hedging instruments:
Foreign exchange contracts (a) (c)		-		2.4		-		2.4		-		(1.9)		-		(1.9)
Commodity contracts (a) (d)		1.4		5.2		-		6.6		(4.4)		(3.5)		-		(7.9)
Grain contracts (a) (d)		-		6.7		-		6.7		-		(2.3)		-		(2.3)
Total		1.4		14.3		-		15.7		(4.4)		(7.7)		-		(12.1)
Other assets and liabilities reported at fair value:
Marketable investments (a) (e)		18.5		34.3		-		52.8		-		-		-		-
Long-lived assets (f)		-		19.0		-		19.0		-		-		-		-
Indefinite-lived intangible assets (g)		-		-		330.0		330.0		-		-		-		-
Total		18.5		53.3		330.0		401.8		-		-		-		-
Total assets, liabilities, and derivative positions recorded at fair value	$	19.9	$	80.5	$	330.0	$	430.4	$	(4.4)	$	(12.9)	$	-	$	(17.3)

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. Based on LIBOR and swap rates. As of May 26, 2019, the carrying amount of hedged debt designated as the hedged item in a fair value hedge was $493.3 million and was classified on the Consolidated Balance Sheet within the current portion of long-term debt. As of May 26, 2019, the cumulative amount of fair value hedging basis adjustments was $6.7 million.Based on observable market transactions of spot currency rates and forward currency prices. Based on prices of futures exchanges and recently reported transactions in the marketplace.Based on prices of common stock and bond matrix pricing.We recorded $61.2 million in non-cash impairment charges in fiscal 2019 to write down certain long-lived assets to their fair value. Fair value was based on recently reported transactions for similar assets in the marketplace. These assets had a carrying value of $80.2 million and were associated with the restructuring actions described in Note 4.See Note 6.

We did not significantly change our valuation techniques from prior periods.

Schedule of Gains and Losses on Hedges [Table Text Block]

		Interest Rate Contracts				Foreign Exchange Contracts				Equity Contracts				Commodity Contracts				Total
		Fiscal Year				Fiscal Year				Fiscal Year				Fiscal Year				Fiscal Year
In Millions		2020		2019		2020		2019		2020		2019		2020		2019		2020		2019
Derivatives in Cash Flow Hedging Relationships:
Amount of gain (loss) recognized in other comprehensive income (OCI)	$	(6.9)	$	-	$	11.3	$	15.7	$	-	$	-	$	-	$	-	$	4.4	$	15.7
Amount of net gain (loss) reclassified from AOCI into earnings (a)		(9.5)		(9.0)		4.6		8.4		-		-		-		-		(4.9)		(0.6)
Amount of net gain recognized in earnings (b)		-		-		-		0.5		-		-		-		-		-		0.5
Derivatives in Fair Value Hedging Relationships:
Amount of net gain (loss) recognized in earnings (c)		(4.9)		2.4		-		-		-		-		-		-		(4.9)		2.4
Derivatives Not Designated as Hedging Instruments:
Amount of net gain (loss) recognized in earnings (b)		(1.4)		-		15.7		7.5		8.6		0.7		(55.6)		(33.6)		(32.7)		(25.4)

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. For the fiscal year ended May 31, 2020, the amount of gain reclassified from AOCI into cost of sales was $5.1 million and the amount of loss reclassified from AOCI into SG&A was $0.5 million. For the fiscal year ended May 26, 2019, the amount of gain reclassified from AOCI into cost of sales was $10.5 million and the amount of loss reclassified from AOCI into SG&A was $2.1 million.Gain recognized in earnings is related to the ineffective portion of the hedging relationship, reported in 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.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.

Reconciliation of Net Fair Values of Assets Subject to Offsetting Arrangements [Table Text Block]

	May 31, 2020
	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 Pledged	Net Amount (d)
Commodity contracts	$6.2	$	-	$6.2	$(4.2)	$	-	$2.0	$(30.1)	$	-	$(30.1)	$4.2	$	15.9	$(10.0)
Interest rate contracts	6.0		-	6.0	(0.8)		-	5.2	(8.0)		-	(8.0)	0.8		-	(7.2)
Foreign exchange contracts	38.6		-	38.6	(3.7)		-	34.9	(4.0)		-	(4.0)	3.7		-	(0.3)
Equity contracts	8.6		-	8.6	-		-	8.6	-		-	-	-		-	-
Total	$59.4	$	-	$59.4	$(8.7)	$	-	$50.7	$(42.1)	$	-	$(42.1)	$8.7	$	15.9	$(17.5)

	May 26, 2019
	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 Pledged	Net Amount (d)
Commodity contracts	$6.6	$	-	$6.6	$(4.9)	$	-	$1.7	$(7.9)	$	-	$(7.9)	$4.9	$	-	$(3.0)
Interest rate contracts	-		-	-	-		-	-	(2.2)		-	(2.2)	-		-	(2.2)
Foreign exchange contracts	15.3		-	15.3	(5.1)		-	10.2	(5.2)		-	(5.2)	5.1		-	(0.1)
Equity contracts	0.7		-	0.7	(0.7)		-	-	(5.8)		-	(5.8)	0.7		-	(5.1)
Total	$22.6	$	-	$22.6	$(10.7)	$	-	$11.9	$(21.1)	$	-	$(21.1)	$10.7	$	-	$(10.4)

Includes related collateral offset in our Consolidated Balance Sheets. Net fair value as recorded in our Consolidated Balance Sheets. Fair value of assets that could be reported net in our Consolidated Balance Sheets.Fair value of liabilities that could be reported net in our Consolidated Balance Sheets.Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets.

Reconciliation of Net Fair Values of Liabilities Subject to Offsetting Arrangements [Table Text Block]

	May 31, 2020
	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 Pledged	Net Amount (d)
Commodity contracts	$6.2	$	-	$6.2	$(4.2)	$	-	$2.0	$(30.1)	$	-	$(30.1)	$4.2	$	15.9	$(10.0)
Interest rate contracts	6.0		-	6.0	(0.8)		-	5.2	(8.0)		-	(8.0)	0.8		-	(7.2)
Foreign exchange contracts	38.6		-	38.6	(3.7)		-	34.9	(4.0)		-	(4.0)	3.7		-	(0.3)
Equity contracts	8.6		-	8.6	-		-	8.6	-		-	-	-		-	-
Total	$59.4	$	-	$59.4	$(8.7)	$	-	$50.7	$(42.1)	$	-	$(42.1)	$8.7	$	15.9	$(17.5)

	May 26, 2019
	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 Pledged	Net Amount (d)
Commodity contracts	$6.6	$	-	$6.6	$(4.9)	$	-	$1.7	$(7.9)	$	-	$(7.9)	$4.9	$	-	$(3.0)
Interest rate contracts	-		-	-	-		-	-	(2.2)		-	(2.2)	-		-	(2.2)
Foreign exchange contracts	15.3		-	15.3	(5.1)		-	10.2	(5.2)		-	(5.2)	5.1		-	(0.1)
Equity contracts	0.7		-	0.7	(0.7)		-	-	(5.8)		-	(5.8)	0.7		-	(5.1)
Total	$22.6	$	-	$22.6	$(10.7)	$	-	$11.9	$(21.1)	$	-	$(21.1)	$10.7	$	-	$(10.4)

Includes related collateral offset in our Consolidated Balance Sheets. Net fair value as recorded in our Consolidated Balance Sheets. Fair value of assets that could be reported net in our Consolidated Balance Sheets.Fair value of liabilities that could be reported net in our Consolidated Balance Sheets.Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets.

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	$	(30.8)
Unrealized gains from foreign currency cash flow hedges		18.2
After-tax loss in AOCI related to hedge derivatives	$	(12.6)

Customer Concentractions [Table Text Block]

During fiscal 2020, customer concentration was as follows:

Percent of total	Consolidated	North America Retail	Convenience Stores & Foodservice	Europe & Australia	Asia & Latin America	Pet
Walmart (a):
Net sales	21%	30%	8%	1%	5%	12%
Accounts receivable		22%	6%	1%	7%	9%
Five largest customers:
Net sales		54%	45%	24%	12%	64%
(a) Includes Walmart Inc. and its affiliates.