Financial Instruments, Risk Management Activities, and Fair Values (Schedule of fair value measurement inputs) (Details) - USD ($) $ in Millions | 12 Months Ended |
May 28, 2017 | May 29, 2016 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | | $ 30.8 | | $ 40.7 | |
Other Assets, Fair Value Disclosure | | 319.1 | | 200.2 | |
Total Assets, Fair Value Disclosure | | 350.5 | | 239.4 | |
Derivative Liability, Fair Value | | (18.9) | | (38.9) | |
Other Liabilities, Fair Value Disclosure | | 0 | | 0 | |
Total Liabilities, Fair Value Disclosure | | (24.4) | | (44.4) | |
Book value of long-lived assets | | 3,687.7 | | 3,743.6 | |
Long-Lived Assets [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Other Assets, Fair Value Disclosure | | 43.7 | [1] | 26 | [2] |
Other Liabilities, Fair Value Disclosure | | 0 | [1] | 0 | [2] |
Non-cash impairment charge of long-lived assets | | 47.4 | | 11.4 | |
Book value of long-lived assets | | 91.1 | | 28.2 | |
Designated as Hedging Instrument [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | | 17 | | 19.9 | |
Derivative Liability, Fair Value | | (4) | | (15.2) | |
Not Designated as Hedging [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | | 14.4 | | 19.3 | |
Derivative Liability, Fair Value | | (20.4) | | (29.2) | |
Level 1 [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Other Assets, Fair Value Disclosure | | 9.9 | | 8.4 | |
Total Assets, Fair Value Disclosure | | 14 | | 11 | |
Other Liabilities, Fair Value Disclosure | | 0 | | 0 | |
Total Liabilities, Fair Value Disclosure | | (3.4) | | (0.6) | |
Level 1 [Member] | Long-Lived Assets [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Other Assets, Fair Value Disclosure | | 0 | [1] | 0 | [2] |
Other Liabilities, Fair Value Disclosure | | 0 | [1] | 0 | [2] |
Level 1 [Member] | Designated as Hedging Instrument [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | | 0 | | 0 | |
Derivative Liability, Fair Value | | 0 | | 0 | |
Level 1 [Member] | Not Designated as Hedging [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | | 4.1 | | 2.6 | |
Derivative Liability, Fair Value | | (3.4) | | (0.6) | |
Level 2 [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Other Assets, Fair Value Disclosure | | 309.2 | | 191.8 | |
Total Assets, Fair Value Disclosure | | 336.5 | | 228.4 | |
Other Liabilities, Fair Value Disclosure | | 0 | | 0 | |
Total Liabilities, Fair Value Disclosure | | (21) | | (43.8) | |
Level 2 [Member] | Long-Lived Assets [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Other Assets, Fair Value Disclosure | | 43.7 | [1] | 26 | [2] |
Other Liabilities, Fair Value Disclosure | | 0 | [1] | 0 | [2] |
Level 2 [Member] | Designated as Hedging Instrument [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | | 17 | | 19.9 | |
Derivative Liability, Fair Value | | (4) | | (15.2) | |
Level 2 [Member] | Not Designated as Hedging [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | | 10.3 | | 16.7 | |
Derivative Liability, Fair Value | | (17) | | (28.6) | |
Level 3 [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Other Assets, Fair Value Disclosure | | 0 | | 0 | |
Total Assets, Fair Value Disclosure | | 0 | | 0 | |
Other Liabilities, Fair Value Disclosure | | 0 | | 0 | |
Total Liabilities, Fair Value Disclosure | | 0 | | 0 | |
Level 3 [Member] | Long-Lived Assets [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Other Assets, Fair Value Disclosure | | 0 | [1] | 0 | [2] |
Other Liabilities, Fair Value Disclosure | | 0 | [1] | 0 | [2] |
Level 3 [Member] | Designated as Hedging Instrument [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | | 0 | | 0 | |
Derivative Liability, Fair Value | | 0 | | 0 | |
Level 3 [Member] | Not Designated as Hedging [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | | 0 | | 0 | |
Derivative Liability, Fair Value | | 0 | | 0 | |
Marketable Investments [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Other Assets, Fair Value Disclosure | [3],[4] | 275.4 | | 174.2 | |
Other Liabilities, Fair Value Disclosure | [3],[4] | 0 | | 0 | |
Marketable Investments [Member] | Level 1 [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Other Assets, Fair Value Disclosure | [3],[4] | 9.9 | | 8.4 | |
Other Liabilities, Fair Value Disclosure | [3],[4] | 0 | | 0 | |
Marketable Investments [Member] | Level 2 [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Other Assets, Fair Value Disclosure | [3],[4] | 265.5 | | 165.8 | |
Other Liabilities, Fair Value Disclosure | [3],[4] | 0 | | 0 | |
Marketable Investments [Member] | Level 3 [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Other Assets, Fair Value Disclosure | [3],[4] | 0 | | 0 | |
Other Liabilities, Fair Value Disclosure | [3],[4] | 0 | | 0 | |
Interest Rate Contracts [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | | 0.9 | | 8.5 | |
Derivative Liability, Fair Value | | (0.5) | | (3) | |
Interest Rate Contracts [Member] | Designated as Hedging Instrument [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [4],[5] | 0.7 | | 7.7 | |
Derivative Liability, Fair Value | [4],[5] | (0.4) | | (3) | |
Interest Rate Contracts [Member] | Level 1 [Member] | Designated as Hedging Instrument [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [4],[5] | 0 | | 0 | |
Derivative Liability, Fair Value | [4],[5] | 0 | | 0 | |
Interest Rate Contracts [Member] | Level 2 [Member] | Designated as Hedging Instrument [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [4],[5] | 0.7 | | 7.7 | |
Derivative Liability, Fair Value | [4],[5] | (0.4) | | (3) | |
Interest Rate Contracts [Member] | Level 3 [Member] | Designated as Hedging Instrument [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [4],[5] | 0 | | 0 | |
Derivative Liability, Fair Value | [4],[5] | 0 | | 0 | |
Foreign Exchange Contracts [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | | 16.5 | | 25.4 | |
Derivative Liability, Fair Value | | (10.2) | | (13.7) | |
Foreign Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [6],[7] | 16.3 | | 12.2 | |
Derivative Liability, Fair Value | [6],[7] | (3.6) | | (12.2) | |
Foreign Exchange Contracts [Member] | Not Designated as Hedging [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [6],[7] | 0.2 | | 13.2 | |
Derivative Liability, Fair Value | [6],[7] | (6.6) | | (1.5) | |
Foreign Exchange Contracts [Member] | Level 1 [Member] | Designated as Hedging Instrument [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [6],[7] | 0 | | 0 | |
Derivative Liability, Fair Value | [6],[7] | 0 | | 0 | |
Foreign Exchange Contracts [Member] | Level 1 [Member] | Not Designated as Hedging [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [6],[7] | 0 | | 0 | |
Derivative Liability, Fair Value | [6],[7] | 0 | | 0 | |
Foreign Exchange Contracts [Member] | Level 2 [Member] | Designated as Hedging Instrument [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [6],[7] | 16.3 | | 12.2 | |
Derivative Liability, Fair Value | [6],[7] | (3.6) | | (12.2) | |
Foreign Exchange Contracts [Member] | Level 2 [Member] | Not Designated as Hedging [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [6],[7] | 0.2 | | 13.2 | |
Derivative Liability, Fair Value | [6],[7] | (6.6) | | (1.5) | |
Foreign Exchange Contracts [Member] | Level 3 [Member] | Designated as Hedging Instrument [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [6],[7] | 0 | | 0 | |
Derivative Liability, Fair Value | [6],[7] | 0 | | 0 | |
Foreign Exchange Contracts [Member] | Level 3 [Member] | Not Designated as Hedging [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [6],[7] | 0 | | 0 | |
Derivative Liability, Fair Value | [6],[7] | 0 | | 0 | |
Commodity Contracts [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | | 11.5 | | 4.4 | |
Derivative Liability, Fair Value | | (8.2) | | (22.2) | |
Commodity Contracts [Member] | Not Designated as Hedging [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [7],[8] | 11.5 | | 4.3 | |
Derivative Liability, Fair Value | [7],[8] | (8.2) | | (22.2) | |
Commodity Contracts [Member] | Level 1 [Member] | Not Designated as Hedging [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [7],[8] | 4.1 | | 2.6 | |
Derivative Liability, Fair Value | [7],[8] | (3.4) | | (0.6) | |
Commodity Contracts [Member] | Level 2 [Member] | Not Designated as Hedging [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [7],[8] | 7.4 | | 1.7 | |
Derivative Liability, Fair Value | [7],[8] | (4.8) | | (21.6) | |
Commodity Contracts [Member] | Level 3 [Member] | Not Designated as Hedging [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [7],[8] | 0 | | 0 | |
Derivative Liability, Fair Value | [7],[8] | 0 | | 0 | |
Grain Contracts [Member] | Not Designated as Hedging [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [7],[8] | 2.7 | | 1.8 | |
Derivative Liability, Fair Value | [7],[8] | (5.6) | | (5.5) | |
Grain Contracts [Member] | Level 1 [Member] | Not Designated as Hedging [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [7],[8] | 0 | | 0 | |
Derivative Liability, Fair Value | [7],[8] | 0 | | 0 | |
Grain Contracts [Member] | Level 2 [Member] | Not Designated as Hedging [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [7],[8] | 2.7 | | 1.8 | |
Derivative Liability, Fair Value | [7],[8] | (5.6) | | (5.5) | |
Grain Contracts [Member] | Level 3 [Member] | Not Designated as Hedging [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [7],[8] | 0 | | 0 | |
Derivative Liability, Fair Value | [7],[8] | $ 0 | | $ 0 | |
| |
[1] | 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 asse ts had a carrying value of $91.1 million and were associated with the restructuring actions described in Note 4. | |
[2] | We reco rded $11.4 million in non-cash impairment charges in fiscal 2016 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 $28.2 million and were associated with the restructuring actions described in Note 4. | |
[3] | Based on prices of common stock and bond matrix pricing. | |
[4] | 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. | |
[5] | Based on LIBOR and swap rates. | |
[6] | Based on observable market transactions of spot currency rates and forward currency prices. | |
[7] | 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. | |
[8] | Based on prices of futures exchanges and recently reported transactions in the marketplace. | |