LONG-TERM DEBT (Tables)

12 Months Ended

May. 31, 2015

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

Our 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

	May 31, 2015			May 25, 2014
4.65% senior debt due January 2043	$	737.0		$	937.0
6.625% senior debt due August 2039 (including Ralcorp senior notes)	450.0			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	1,000.0			1,225.0
3.25% senior debt due September 2022	250.0			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			300.0
7.0% senior debt due April 2019	475.0			500.0
2.1% senior debt due March 2018	225.0			250.0
1.9% senior debt due January 2018	1,000.0			1,000.0
LIBOR plus 1.75% term loans due January 2018	—			900.0
5.819% senior debt due June 2017	475.0			500.0
LIBOR plus 0.37% term loans due July 2016	550.0			—
1.3% senior debt due January 2016	750.0			750.0
1.35% senior debt due September 2015	250.0			250.0
2.00% to 9.59% lease financing obligations due on various dates through 2040	68.7			78.7
Other indebtedness	10.9			86.4
Total face value of debt	7,801.3			8,736.8
Unamortized fair value adjustment of senior debt in connection with Ralcorp	146.7			154.5
Unamortized discounts/premiums	(32.8		)	(46.5		)
Unamortized debt issuance costs	(30.1		)	(46.9		)
Adjustment due to hedging activity	11.8			6.7
Less current installments	(1,008.0		)	(84.1		)
Total long-term debt	$	6,888.9		$	8,720.5

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 31, 2015, are as follows:

2016	$	1,009.0
2017	568.4
2018	1,706.3
2019	479.7
2020	4.0

Net interest expense

Net interest expense consists of:

	2015			2014			2013
Long-term debt	$	336.9		$	393.8		$	284.0
Short-term debt	2.8			1.5			0.6
Interest income	(1.2		)	(2.3		)	(2.9		)
Interest capitalized	(6.6		)	(13.6		)	(5.5		)
	$	331.9		$	379.4		$	276.2