The following table presents our derivative assets and liabilities, at May 25, 2014, on a gross basis, prior to the setoff of $17.6 million to total derivative assets and $11.4 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 contracts | Prepaid expenses and other current assets | | $ | 9.1 |
| | Other accrued liabilities | | $ | — |
| Total derivatives designated as hedging instruments | | | $ | 9.1 |
| | | | $ | — |
| Commodity contracts | Prepaid expenses and other current assets | | $ | 75.6 |
| | Other accrued liabilities | | $ | 30.3 |
| Foreign exchange contracts | Prepaid expenses and other current assets | | 13.4 |
| | Other accrued liabilities | | 3.3 |
| Other | Prepaid expenses and other current assets | | 0.7 |
| | Other accrued liabilities | | — |
| Total derivatives not designated as hedging instruments | | | $ | 89.7 |
| | | | $ | 33.6 |
| Total derivatives | | | $ | 98.8 |
| | | | $ | 33.6 |
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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 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 |
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