DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Feb. 23, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Assets and Liabilities and Amounts Representing Right to Reclaim Cash Collateral Were Reflected in Balance Sheets

Derivative assets and liabilities and amounts representing a right to reclaim cash collateral or obligation to return cash collateral were reflected in our Condensed Consolidated Balance Sheets as follows:

	February 23, 2014		May 26, 2013
Prepaid expenses and other current assets	$	87.0	$	78.6
Other accrued liabilities	35.1		137.9

Schedule of Derivative Instruments in Statement of Financial Position, Gross, Fair Value

The following table presents our derivative assets and liabilities, at February 23, 2014, on a gross basis, prior to the setoff of $14.6 million to total derivative assets and $9.3 million to total derivative liabilities where legal right of setoff existed:

	Derivative Assets			Derivative Liabilities
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Interest rate swap contracts	Prepaid expenses and other current assets	$	5.6	Other accrued liabilities	$	—
Total derivatives designated as hedging instruments		$	5.6		$	—
Commodity contracts	Prepaid expenses and other current assets	$	70.1	Other accrued liabilities	$	39.6
Foreign exchange contracts	Prepaid expenses and other current assets	24.8		Other accrued liabilities	4.8
Other	Prepaid expenses and other current assets	1.1		Other accrued liabilities	—
Total derivatives not designated as hedging instruments		$	96.0		$	44.4
Total derivatives		$	101.6		$	44.4

The following table presents our derivative assets and liabilities at May 26, 2013, on a gross basis, prior to the setoff of $12.5 million to total derivative assets and $22.7 million to total derivative liabilities where legal right of setoff existed:

	Derivative Assets			Derivative Liabilities
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Interest rate swap contracts	Prepaid expenses and other current assets	$	—	Other accrued liabilities	$	104.5
Total derivatives designated as hedging instruments		$	—		$	104.5
Commodity contracts	Prepaid expenses and other current assets	$	70.7	Other accrued liabilities	$	53.7
Foreign exchange contracts	Prepaid expenses and other current assets	18.4		Other accrued liabilities	2.4
Other	Prepaid expenses and other current assets	2.0		Other accrued liabilities	—
Total derivatives not designated as hedging instruments		$	91.1		$	56.1
Total derivatives		$	91.1		$	160.6

Location and Amount of Gains (Losses) from Derivatives Not Designated as Hedging Instruments in Condensed Consolidated Statements of Earnings

The location and amount of gains (losses) from derivatives not designated as hedging instruments in our Condensed Consolidated Statements of Earnings were as follows:

Derivatives Not Designated as Hedging Instruments	Location in Condensed Consolidated Statement of Earnings of Gain (Loss) Recognized on Derivatives	Amount of Gain (Loss) Recognized on Derivatives in Condensed Consolidated Statement of Earnings for the Thirteen Weeks Ended
		February 23, 2014			February 24, 2013
Commodity contracts	Net sales	$	(4.6	)	$	(8.8	)
Commodity contracts	Cost of goods sold	66.0			22.1
Foreign exchange contracts	Cost of goods sold	1.6			12.7
Foreign exchange contracts	Selling, general and administrative expense	6.6			5.5
Interest rate contracts	Selling, general and administrative expense	(54.9		)	—
Total gain from derivative instruments not designated as hedging instruments		$	14.7		$	31.5

Derivatives Not Designated as Hedging Instruments	Location in Condensed Consolidated Statement of Earnings of Gain (Loss) Recognized on Derivatives	Amount of Gain (Loss) Recognized on Derivatives in Condensed Consolidated Statement of Earnings for the Thirty-nine Weeks Ended
		February 23, 2014			February 24, 2013
Commodity contracts	Net sales	$	(6.6	)	$	(9.5	)
Commodity contracts	Cost of goods sold	83.4			148.4
Foreign exchange contracts	Cost of goods sold	2.5			14.0
Commodity contracts	Selling, general and administrative expense	—			0.1
Foreign exchange contracts	Selling, general and administrative expense	7.9			(1.0		)
Interest rate contracts	Selling, general and administrative expense	(54.9		)	—
Total gain from derivative instruments not designated as hedging instruments		$	32.3		$	152.0