Income Taxes (Table)

12 Months Ended

May 31, 2012

Provision For Income Taxes [Table Text Block]

The provision for income taxes for the years ended May 31 consisted of the following:

Schedule Of Effective Income Tax Rate [Table Text Block]

(in millions)		2012		2011		2010
Current:
Federal	$	314.5	$	134.9	$	85.2
State		61.0		52.0		15.8
Non-U.S.		77.0		380.1		194.5
Total current		452.5		567.0		295.5
Deferred:
Federal		7.4		99.2		(6.4)
State		9.0		7.0		6.9
Non-U.S.		242.5		79.6		51.3
Total deferred		258.9		185.8		51.8
Provision for income taxes	$	711.4	$	752.8	$	347.3

The components of earnings from consolidated companies before income taxes, and the effects of significant adjustments to tax computed at the federal statutory rate, were as follows:

(in millions)		2012		2011		2010
United States earnings	$	1,412.7	$	1,477.5	$	598.1
Non-U.S. earnings		1,216.2		1,793.8		591.6
Earnings from consolidated companies before income taxes	$	2,628.9	$	3,271.3	$	1,189.7
Computed tax at the U.S. federal statutory rate of 35%		35.0%		35.0%		35.0%
State and local income taxes, net of federal income tax benefit		1.6%		1.3%		1.3%
Percentage depletion in excess of basis		(6.6%)		(4.5%)		(10.5%)
Impact of offshore earnings		(2.9%)		(7.5%)		(1.1%)
Change in valuation allowance		0.4%		0.5%		4.5%
Other items (none in excess of 5% of computed tax)		(0.4%)		(1.8%)		0.0%
Effective tax rate		27.1%		23.0%		29.2%

Schedule Of Deferred Tax Assets And Liabilities [Table Text Block]

(in millions)				2012		2011
Deferred tax liabilities:
	Depreciation and amortization		$	761.6	$	566.0
	Depletion			465.4		483.9
	Partnership tax bases differences			105.4		94.3
	Undistributed earnings of non-U.S. subsidiaries			215.8		215.8
	Other liabilities			91.9		120.6
	Total deferred tax liabilities		$	1,640.1	$	1,480.6
Deferred tax assets:
	Alternative minimum tax credit carryforwards		$	88.1	$	110.8
	Capital loss carryforwards			7.1		11.8
	Foreign tax credit carryforwards			529.7		527.9
	Net operating loss carryforwards			168.8		195.9
	Postretirement and post-employment benefits			54.2		46.2
	Reclamation and decommissioning accruals			220.2		212.0
	Other assets			190.5		217.2
		Subtotal		1,258.6		1,321.8
	Valuation allowance			180.2		209.2
	Net deferred tax assets			1,078.4		1,112.6
Net deferred tax liabilities			$	(561.7)	$	(368.0)

Summary Of Income Tax Uncertainties [Table Text Block]

			May 31,
(in millions)			2012		2011
Gross unrecognized tax benefits, beginning of year		$	263.5	$	228.8
Gross increases:
	Prior year tax positions		103.1		30.2
	Current year tax positions		146.9		41.8
Gross decreases:
	Prior year tax positions		(34.8)		(48.2)
Currency translation			(1.8)		10.9
Gross unrecognized tax benefits, end of year		$	476.9	$	263.5