Related Party Transactions

12 Months Ended

May 31, 2013

Related Party Transactions [Abstract]

Related Party Transactions

22. RELATED PARTY TRANSACTIONS

On May 25, 2011, Cargill, our former majority stockholder, exchanged its 64% stake in our company with certain Cargill stockholders and debt holders. For further discussion of these exchanges as part of the Cargill Transaction, see Note 2 of the Notes to Consolidated Financial Statements. Until these exchanges, Cargill was considered a related party due to its ownership interest in us.

We engage in various transactions, arrangements and agreements with Cargill. While Cargill was considered a related party, a Cargill transactions subcommittee of the corporate governance and nominating committee of our board of directors, comprised solely of independent directors, was responsible for reviewing and approving these transactions, arrangements and agreements. Our related person transactions approval policy provided for the delegation of approval authority for certain transactions with Cargill, other than those of the type described in such related person transactions approval policy, to an internal committee comprised of senior managers. The internal management committee was required to report its activities to the Cargill transactions subcommittee on a periodic basis.

Cargill made equity contributions of $18.5 million to us in fiscal 2011.

In summary, the Consolidated Statements of Earnings included the following transactions with Cargill, while Cargill was considered a related party:

			Year ended May 31,
(in millions)			2011
Transactions with Cargill included in net sales		$	238.1
Transactions with Cargill included in cost of goods sold			146.8
Transactions with Cargill included in selling, general
	and administrative expenses		6.1
Interest income received from Cargill			0.2

We have also entered into transactions and agreements with certain of our non-consolidated companies. As of May 31, 2013 and 2012, the net amount due from our non-consolidated companies totaled $145.8 million and $134.8 million, respectively.

The Consolidated Statements of Earnings included the following transactions with our non-consolidated companies:

			Years ended May 31,
(in millions)			2013		2012		2011
Transactions with non-consolidated companies
	included in net sales	$	1,263.9	$	1,321.2	$	1,015.7
Transactions with non-consolidated companies
	included in cost of goods sold		632.0		557.3		511.3