Financial Instruments, Risk Management Activities, and Fair Values (Tables)

12 Months Ended

May 27, 2018

FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, AND FAIR VALUES [Abstract]

Schedule of Marketable Debt and Equity Securities and Maturities [Table Text Block]

	Cost				Fair Value				Gross Gains				Gross Losses
	Fiscal Year				Fiscal Year				Fiscal Year				Fiscal Year
In Millions		2018		2017		2018		2017		2018		2017		2018		2017
Available for sale:
Debt securities	$	25.4	$	265.4	$	25.4	$	265.5	$	-	$	0.1	$	-	$	-
Equity securities		0.3		1.8		3.5		9.9		3.2		8.1		-		-
Total	$	25.7	$	267.2	$	28.9	$	275.4	$	3.2	$	8.2	$	-	$	-

Scheduled maturities of our marketable securities are as follows:

		Available for Sale
In Millions		Cost		FairValue
Under 1 year (current)	$	25.4	$	25.4
Equity securities		0.3		3.5
Total	$	25.7	$	28.9

Schedule of Unallocated Corporate items [Table Text Block]

	Fiscal Year
In Millions		2018		2017		2016
Net gain (loss) on mark-to-market valuation of commodity positions	$	14.3	$	(22.0)	$	(69.1)
Net loss on commodity positions reclassified from unallocated corporate items to segment operating profit		11.3		32.0		127.9
Net mark-to-market revaluation of certain grain inventories		6.5		3.9		4.0
Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items	$	32.1	$	13.9	$	62.8

Schedule of Pre-tax Amounts of Cash-Settled Interest Rate Hedges in AOCI [Table Text Block]

In Millions		Gain/(Loss)
5.65% notes due February 15, 2019	$	0.4
3.15% notes due December 15, 2021		(35.2)
2.6% notes due October 12, 2022		3.2
1.0% notes due April 27, 2023		(1.2)
3.7% notes due October 17, 2023		(1.8)
3.65% notes due February 15, 2024		10.2
4.0% notes due April 17, 2025		(4.0)
3.2% notes due February 10, 2027		14.9
1.5% notes due April 27, 2027		(2.9)
4.2% notes due April 17, 2028		(10.1)
4.55% notes due April 17, 2038		(10.9)
5.4% notes due June 15, 2040		(12.3)
4.15% notes due February 15, 2043		9.7
4.7% notes due April 17, 2048		(14.2)
Net pre-tax hedge loss in AOCI	$	(54.2)

Schedule of Interest Rate Swaps [Table Text Block]

In Millions		May 27, 2018		May 28, 2017
Pay-floating swaps - notional amount	$	500.0	$	1,000.0
Average receive rate		2.2 %		1.8 %
Average pay rate		2.9 %		1.6 %

Schedule of Fair Value Measurement Inputs [Table Text Block]

	May 27, 2018								May 27, 2018
	Fair Values of Assets								Fair Values of Liabilities
In Millions		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Derivatives designated as hedging instruments:
Interest rate contracts (a) (b)	$	-	$	-	$	-	$	-	$	-	$	(6.6)	$	-	$	(6.6)
Foreign exchange contracts (c) (d)		-		9.4		-		9.4		-		(6.4)		-		(6.4)
Total		-		9.4		-		9.4		-		(13.0)		-		(13.0)
Derivatives not designated as hedging instruments:
Foreign exchange contracts (c) (d)		-		2.5		-		2.5		-		(0.8)		-		(0.8)
Commodity contracts (c) (e)		14.7		13.0		-		27.7		(0.5)		(0.6)		-		(1.1)
Grain contracts (c) (e)		-		7.1		-		7.1		-		(1.2)		-		(1.2)
Total		14.7		22.6		-		37.3		(0.5)		(2.6)		-		(3.1)
Other assets and liabilities reported at fair value:
Marketable investments (a) (f)		3.5		25.4		-		28.9		-		-		-		-
Long-lived assets (g)		-		10.0		-		10.0		-		-		-		-
Indefinite-lived intangible assets (h)		-		-		79.0		79.0		-		-		-		-
Total		3.5		35.4		79.0		117.9		-		-		-		-
Total assets, liabilities, and derivative positions recorded at fair value	$	18.2	$	67.4	$	79.0	$	164.6	$	(0.5)	$	(15.6)	$	-	$	(16.1)

(a)These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents.

(b)Based on LIBOR and swap rates.

(c)These contracts are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position.

(d)Based on observable market transactions of spot currency rates and forward currency prices.

(e)Based on prices of futures exchanges and recently reported transactions in the marketplace.

(f)Based on prices of common stock and bond matrix pricing.

(g)We recorded $9.0 million in non-cash impairment charges in fiscal 2018 to write down certain long-lived assets to their fair value. Fair value was based on recently reported transactions for similar assets in the marketplace. These assets had a carrying value of $19.0 million and were associated with the restructuring actions described in Note 4.

(h)See Note 6.

	May 28, 2017								May 28, 2017
	Fair Values of Assets								Fair Values of Liabilities
In Millions		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Derivatives designated as hedging instruments:
Interest rate contracts (a) (b)	$	-	$	0.7	$	-	$	0.7	$	-	$	(0.4)	$	-	$	(0.4)
Foreign exchange contracts (c) (d)		-		16.3		-		16.3		-		(3.6)		-		(3.6)
Total		-		17.0		-		17.0		-		(4.0)		-		(4.0)
Derivatives not designated as hedging instruments:
Foreign exchange contracts (c) (d)		-		0.2		-		0.2		-		(6.6)		-		(6.6)
Commodity contracts (c) (e)		4.1		7.4		-		11.5		(3.4)		(4.8)		-		(8.2)
Grain contracts (c) (e)		-		2.7		-		2.7		-		(5.6)		-		(5.6)
Total		4.1		10.3		-		14.4		(3.4)		(17.0)		-		(20.4)
Other assets and liabilities reported at fair value:
Marketable investments (a) (f)		9.9		265.5		-		275.4		-		-		-		-
Long-lived assets (g)		-		43.7		-		43.7		-		-		-		-
Total		9.9		309.2		-		319.1		-		-		-		-
Total assets, liabilities, and derivative positions recorded at fair value	$	14.0	$	336.5	$	-	$	350.5	$	(3.4)	$	(21.0)	$	-	$	(24.4)

(a)These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents.

(b)Based on LIBOR and swap rates.

(c)These contracts are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position.

(d)Based on observable market transactions of spot currency rates and forward currency prices.

(e)Based on prices of futures exchanges and recently reported transactions in the marketplace.

(f)Based on prices of common stock and bond matrix pricing.

(g)We recorded $47.4 million in non-cash impairment charges in fiscal 2017 to write down certain long-lived assets to their fair value. Fair value was based on recently reported transactions for similar assets in the marketplace. These assets had a carrying value of $91.1 million and were associated with the restructuring actions described in Note 4.

Schedule of Gains and Losses on Hedges [Table Text Block]

		Interest Rate Contracts				Foreign Exchange Contracts				Equity Contracts				Commodity Contracts				Total
		Fiscal Year				Fiscal Year				Fiscal Year				Fiscal Year				Fiscal Year
In Millions		2018		2017		2018		2017		2018		2017		2018		2017		2018		2017
Derivatives in Cash Flow Hedging Relationships:
Amount of gain (loss) recognized in other comprehensive income (OCI) (a)	$	(50.5)	$	24.0	$	(14.6)	$	46.3	$	-	$	-	$	-	$	-	$	(65.1)	$	70.3
Amount of net gain (loss) reclassified from AOCI into earnings (a) (b)		19.3		(5.0)		(4.2)		33.8		-		-		-		-		15.1		28.8
Amount of net gain (loss) recognized in earnings (c)		(2.6)		0.1		(0.3)		0.6		-		-		-		-		(2.9)		0.7
Derivatives in Fair Value Hedging Relationships:
Amount of net gain (loss) recognized in earnings (d)		(3.4)		4.3		-		-		-		-		-		-		(3.4)		4.3
Derivatives Not Designated as Hedging Instruments:
Amount of net gain (loss) recognized in earnings (d)		-		-		(2.8)		7.6		14.3		17.8		26.9		(16.2)		38.4		9.2

(a)Effective portion.

(b)Gain (loss) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts.

(c)Gain (loss) recognized in earnings is related to the ineffective portion of the hedging relationship, including SG&A expenses for foreign exchange contracts and interest, net for interest rate contracts. No amounts were reported as a result of being excluded from the assessment of hedge effectiveness.

(d)Gain (loss) recognized in earnings is reported in interest, net for interest rate contracts, in cost of sales for commodity contracts, and in SG&A expenses for equity contracts and foreign exchange contracts.

Reconciliation of Net Fair Values of Assets Subject to Offsetting Arrangements [Table Text Block]

	May 27, 2018
			Assets						Liabilities
				Gross Amounts Not Offset in the Balance Sheet (e)						Gross Amounts Not Offset in the Balance Sheet (e)
In Millions	Gross Amounts of Recognized Assets	Gross Liabilities Offset in the Balance Sheet (a)	Net Amounts of Assets (b)	Financial Instruments	Cash Collateral Received	Net Amount (c)	Gross Amounts of Recognized Liabilities	Gross Assets Offset in the Balance Sheet (a)	Net Amounts of Liabilities (b)	Financial Instruments	Cash Collateral Pledged	Net Amount (d)
Commodity contracts	$27.7	$-	$27.7	$(1.1)	$-	$26.6	$(1.1)	$-	$(1.1)	$1.1	$-	$-
Interest rate contracts	-	-	-	-	-	-	(6.9)	-	(6.9)	-	-	(6.9)
Foreign exchange contracts	11.8	-	11.8	(5.7)	-	6.1	(7.2)	-	(7.2)	5.7	-	(1.5)
Equity contracts	3.9	-	3.9	(0.4)	-	3.5	(0.4)	-	(0.4)	0.4	-	-
Total	$43.4	$-	$43.4	$(7.2)	$-	$36.2	$(15.6)	$-	$(15.6)	$7.2	$-	$(8.4)

	May 28, 2017
			Assets						Liabilities
				Gross Amounts Not Offset in the Balance Sheet (e)						Gross Amounts Not Offset in the Balance Sheet (e)
In Millions	Gross Amounts of Recognized Assets	Gross Liabilities Offset in the Balance Sheet (a)	Net Amounts of Assets (b)	Financial Instruments	Cash Collateral Received	Net Amount (c)	Gross Amounts of Recognized Liabilities	Gross Assets Offset in the Balance Sheet (a)	Net Amounts of Liabilities (b)	Financial Instruments	Cash Collateral Pledged	Net Amount (d)
Commodity contracts	$11.5	$-	$11.5	$(7.2)	$-	$4.3	$(8.2)	$-	$(8.2)	$7.2	$-	$(1.0)
Interest rate contracts	0.9	-	0.9	(0.5)	-	0.4	(0.5)	-	(0.5)	0.5	-	-
Foreign exchange contracts	16.5	-	16.5	(7.2)	-	9.3	(10.2)	-	(10.2)	7.2	-	(3.0)
Equity contracts	1.9	-	1.9	-	-	1.9	-	-	-	-	-	-
Total	$30.8	$-	$30.8	$(14.9)	$-	$15.9	$(18.9)	$-	$(18.9)	$14.9	$-	$(4.0)

(a) Includes related collateral offset in ourConsolidated Balance Sheets.

(b) Net fair value as recorded in ourConsolidated Balance Sheets.

(c) Fair value of assets that could be reported net in ourConsolidated Balance Sheets.

(d) Fair value of liabilities that could be reported net in our Consolidated Balance Sheets.

(e) Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets.

Reconciliation of Net Fair Values of Liabilities Subject to Offsetting Arrangements [Table Text Block]

	May 27, 2018
			Assets						Liabilities
				Gross Amounts Not Offset in the Balance Sheet (e)						Gross Amounts Not Offset in the Balance Sheet (e)
In Millions	Gross Amounts of Recognized Assets	Gross Liabilities Offset in the Balance Sheet (a)	Net Amounts of Assets (b)	Financial Instruments	Cash Collateral Received	Net Amount (c)	Gross Amounts of Recognized Liabilities	Gross Assets Offset in the Balance Sheet (a)	Net Amounts of Liabilities (b)	Financial Instruments	Cash Collateral Pledged	Net Amount (d)
Commodity contracts	$27.7	$-	$27.7	$(1.1)	$-	$26.6	$(1.1)	$-	$(1.1)	$1.1	$-	$-
Interest rate contracts	-	-	-	-	-	-	(6.9)	-	(6.9)	-	-	(6.9)
Foreign exchange contracts	11.8	-	11.8	(5.7)	-	6.1	(7.2)	-	(7.2)	5.7	-	(1.5)
Equity contracts	3.9	-	3.9	(0.4)	-	3.5	(0.4)	-	(0.4)	0.4	-	-
Total	$43.4	$-	$43.4	$(7.2)	$-	$36.2	$(15.6)	$-	$(15.6)	$7.2	$-	$(8.4)

	May 28, 2017
			Assets						Liabilities
				Gross Amounts Not Offset in the Balance Sheet (e)						Gross Amounts Not Offset in the Balance Sheet (e)
In Millions	Gross Amounts of Recognized Assets	Gross Liabilities Offset in the Balance Sheet (a)	Net Amounts of Assets (b)	Financial Instruments	Cash Collateral Received	Net Amount (c)	Gross Amounts of Recognized Liabilities	Gross Assets Offset in the Balance Sheet (a)	Net Amounts of Liabilities (b)	Financial Instruments	Cash Collateral Pledged	Net Amount (d)
Commodity contracts	$11.5	$-	$11.5	$(7.2)	$-	$4.3	$(8.2)	$-	$(8.2)	$7.2	$-	$(1.0)
Interest rate contracts	0.9	-	0.9	(0.5)	-	0.4	(0.5)	-	(0.5)	0.5	-	-
Foreign exchange contracts	16.5	-	16.5	(7.2)	-	9.3	(10.2)	-	(10.2)	7.2	-	(3.0)
Equity contracts	1.9	-	1.9	-	-	1.9	-	-	-	-	-	-
Total	$30.8	$-	$30.8	$(14.9)	$-	$15.9	$(18.9)	$-	$(18.9)	$14.9	$-	$(4.0)

(a) Includes related collateral offset in ourConsolidated Balance Sheets.

(b) Net fair value as recorded in ourConsolidated Balance Sheets.

(c) Fair value of assets that could be reported net in ourConsolidated Balance Sheets.

(d) Fair value of liabilities that could be reported net in our Consolidated Balance Sheets.

(e) Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets.

Schedule of After-tax Amounts of Cash Flow Hedges in AOCI [Table Text Block]

In Millions		After-Tax Gain/(Loss)
Unrealized losses from interest rate cash flow hedges	$	(39.6)
Unrealized gains from foreign currency cash flow hedges		7.5
After-tax loss in AOCI related to hedge derivatives	$	(32.1)

Customer Concentractions [Table Text Block]

During fiscal 2018, customer concentration was as follows:

Percent of total		Consolidated	North America Retail	Convenience Stores & Foodservice	Europe & Australia	Asia & Latin America
Walmart (a):
	Net sales	21%	30%	7%	1%	4%
	Accounts receivable		23%	7%	1%	5%
Five largest customers:
	Net sales		54%	44%	27%	12%
(a) Includes Walmart Inc. and its affiliates.