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SENIOR LONG-TERM DEBT (Tables)
 12 Months Ended
May 26, 2013
Debt Disclosure [Abstract]  
Schedule of long-term debt instruments
 
May 26, 2013
 
May 27, 2012
  4.65% senior debt due January 2043
$
1,000.0

 
$
—

  6.625% senior debt due August 2039 (including Ralcorp senior notes)
450.0

 
—

  8.25% senior debt due September 2030
300.0

 
300.0

  7.0% senior debt due October 2028
382.2

 
382.2

  6.7% senior debt due August 2027
9.2

 
9.2

  7.125% senior debt due October 2026
372.4

 
372.4

  3.2% senior debt due January 2023
1,225.0

 
—

  3.25% senior debt due September 2022
250.0

 
—

  9.75% subordinated debt due March 2021
195.9

 
195.9

  4.95% senior debt due August 2020 (including Ralcorp senior notes)
300.0

 
—

  7.0% senior debt due April 2019
500.0

 
500.0

  1.9% senior debt due January 2018
1,000.0

 
—

  LIBOR plus 1.75% term loans due January 2018
900.0

 
—

  2.1% senior debt due March 2018
250.0

 
—

  5.819% senior debt due June 2017
500.0

 
500.0

  1.3% senior debt due January 2016
750.0

 
—

  1.35% senior debt due September 2015
250.0

 
—

  5.875% senior debt due April 2014
500.0

 
500.0

  2.00% to 9.59% lease financing obligations due on various dates through 2029
77.4

 
106.0

  Other indebtedness
80.1

 
73.1

    Total face value of debt
9,292.2

 
2,938.8

    Unamortized fair value adjustment of senior debt in connection with Ralcorp
161.6

 
—

    Unamortized discounts/premiums
(57.5
)
 
(59.8
)
    Adjustment due to hedging activity
8.5

 
17.7

    Less current installments
(517.9
)
 
(38.1
)
      Total long-term debt
$
8,886.9

 
$
2,858.6

Our new senior unsecured notes in an aggregate principal amount of $716.0 million consist of the following:
4.95% senior notes due August 2020 (2.92% effective interest rate)
$
282.7

6.625% senior notes due August 2039 (4.86% effective interest rate)
433.3
Schedule of aggregate minimum principal maturities of the long-term debt for each of the five fiscal year
The aggregate minimum principal maturities of the long-term debt for each of the five fiscal years following May 26, 2013, are as follows:
2014
$
509.4

2015
85.3

2016
1,007.3

2017
16.2

2018
2,655.1
Net interest expense
Net interest expense consists of:
 
2013
 
2012
 
2011
Long-term debt
$
284.0

 
$
213.2

 
$
231.1

Short-term debt
0.7

 
0.3

 
0.2

Interest income
(3.0
)
 
(4.0
)
 
(42.2
)
Interest capitalized
(6.1
)
 
(5.5
)
 
(11.6
)
 
$
275.6

 
$
204.0

 
$
177.5