Financial Instruments, Risk Management Activities, and Fair Values (Schedule of fair value measurement inputs) (Details) - USD ($) $ in Millions | 12 Months Ended |
May 27, 2018 | May 28, 2017 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | | $ 43.4 | | $ 30.8 | |
Other Assets, Fair Value Disclosure | | 117.9 | | 319.1 | |
Total Assets, Fair Value Disclosure | | 164.6 | | 350.5 | |
Derivative Liability, Fair Value | | (15.6) | | (18.9) | |
Other Liabilities, Fair Value Disclosure | | 0 | | 0 | |
Total Liabilities, Fair Value Disclosure | | (16.1) | | (24.4) | |
Book value of long-lived assets | | 4,047.2 | | 3,687.7 | |
Long-Lived Assets [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Other Assets, Fair Value Disclosure | | 10 | [1] | 43.7 | [2] |
Other Liabilities, Fair Value Disclosure | | 0 | [1] | 0 | [2] |
Non-cash impairment charge of long-lived assets | | 9 | | 47.4 | |
Book value of long-lived assets | | 19 | | 91.1 | |
Indefinite-lived Intangible Assets [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Other Assets, Fair Value Disclosure | [3] | 79 | | | |
Other Liabilities, Fair Value Disclosure | [3] | 0 | | | |
Designated as Hedging Instrument [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | | 9.4 | | 17 | |
Derivative Liability, Fair Value | | (13) | | (4) | |
Not Designated as Hedging [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | | 37.3 | | 14.4 | |
Derivative Liability, Fair Value | | (3.1) | | (20.4) | |
Level 1 [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Other Assets, Fair Value Disclosure | | 3.5 | | 9.9 | |
Total Assets, Fair Value Disclosure | | 18.2 | | 14 | |
Other Liabilities, Fair Value Disclosure | | 0 | | 0 | |
Total Liabilities, Fair Value Disclosure | | (0.5) | | (3.4) | |
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] | Indefinite-lived Intangible Assets [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Other Assets, Fair Value Disclosure | [3] | 0 | | | |
Other Liabilities, Fair Value Disclosure | [3] | 0 | | | |
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 | | 14.7 | | 4.1 | |
Derivative Liability, Fair Value | | (0.5) | | (3.4) | |
Level 2 [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Other Assets, Fair Value Disclosure | | 35.4 | | 309.2 | |
Total Assets, Fair Value Disclosure | | 67.4 | | 336.5 | |
Other Liabilities, Fair Value Disclosure | | 0 | | 0 | |
Total Liabilities, Fair Value Disclosure | | (15.6) | | (21) | |
Level 2 [Member] | Long-Lived Assets [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Other Assets, Fair Value Disclosure | | 10 | [1] | 43.7 | [2] |
Other Liabilities, Fair Value Disclosure | | 0 | [1] | 0 | [2] |
Level 2 [Member] | Indefinite-lived Intangible Assets [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Other Assets, Fair Value Disclosure | [3] | 0 | | | |
Other Liabilities, Fair Value Disclosure | [3] | 0 | | | |
Level 2 [Member] | Designated as Hedging Instrument [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | | 9.4 | | 17 | |
Derivative Liability, Fair Value | | (13) | | (4) | |
Level 2 [Member] | Not Designated as Hedging [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | | 22.6 | | 10.3 | |
Derivative Liability, Fair Value | | (2.6) | | (17) | |
Level 3 [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Other Assets, Fair Value Disclosure | | 79 | | 0 | |
Total Assets, Fair Value Disclosure | | 79 | | 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] | Indefinite-lived Intangible Assets [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Other Assets, Fair Value Disclosure | [3] | 79 | | | |
Other Liabilities, Fair Value Disclosure | [3] | 0 | | | |
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 | [4],[5] | 28.9 | | 275.4 | |
Other Liabilities, Fair Value Disclosure | [4],[5] | 0 | | 0 | |
Marketable Investments [Member] | Level 1 [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Other Assets, Fair Value Disclosure | [4],[5] | 3.5 | | 9.9 | |
Other Liabilities, Fair Value Disclosure | [4],[5] | 0 | | 0 | |
Marketable Investments [Member] | Level 2 [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Other Assets, Fair Value Disclosure | [4],[5] | 25.4 | | 265.5 | |
Other Liabilities, Fair Value Disclosure | [4],[5] | 0 | | 0 | |
Marketable Investments [Member] | Level 3 [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Other Assets, Fair Value Disclosure | [4],[5] | 0 | | 0 | |
Other Liabilities, Fair Value Disclosure | [4],[5] | 0 | | 0 | |
Interest Rate Contracts [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | | 0 | | 0.9 | |
Derivative Liability, Fair Value | | (6.9) | | (0.5) | |
Interest Rate Contracts [Member] | Designated as Hedging Instrument [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [5],[6] | 0 | | 0.7 | |
Derivative Liability, Fair Value | [5],[6] | (6.6) | | (0.4) | |
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 | [5],[6] | 0 | | 0 | |
Derivative Liability, Fair Value | [5],[6] | 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 | [5],[6] | 0 | | 0.7 | |
Derivative Liability, Fair Value | [5],[6] | (6.6) | | (0.4) | |
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 | [5],[6] | 0 | | 0 | |
Derivative Liability, Fair Value | [5],[6] | 0 | | 0 | |
Foreign Exchange Contracts [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | | 11.8 | | 16.5 | |
Derivative Liability, Fair Value | | (7.2) | | (10.2) | |
Foreign Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [7],[8] | 9.4 | | 16.3 | |
Derivative Liability, Fair Value | [7],[8] | (6.4) | | (3.6) | |
Foreign Exchange Contracts [Member] | Not Designated as Hedging [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [7],[8] | 2.5 | | 0.2 | |
Derivative Liability, Fair Value | [7],[8] | (0.8) | | (6.6) | |
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 | [7],[8] | 0 | | 0 | |
Derivative Liability, Fair Value | [7],[8] | 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 | [7],[8] | 0 | | 0 | |
Derivative Liability, Fair Value | [7],[8] | 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 | [7],[8] | 9.4 | | 16.3 | |
Derivative Liability, Fair Value | [7],[8] | (6.4) | | (3.6) | |
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 | [7],[8] | 2.5 | | 0.2 | |
Derivative Liability, Fair Value | [7],[8] | (0.8) | | (6.6) | |
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 | [7],[8] | 0 | | 0 | |
Derivative Liability, Fair Value | [7],[8] | 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 | [7],[8] | 0 | | 0 | |
Derivative Liability, Fair Value | [7],[8] | 0 | | 0 | |
Commodity Contracts [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | | 27.7 | | 11.5 | |
Derivative Liability, Fair Value | | (1.1) | | (8.2) | |
Commodity Contracts [Member] | Not Designated as Hedging [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [8],[9] | 27.7 | | 11.5 | |
Derivative Liability, Fair Value | [8],[9] | (1.1) | | (8.2) | |
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 | [8],[9] | 14.7 | | 4.1 | |
Derivative Liability, Fair Value | [8],[9] | (0.5) | | (3.4) | |
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 | [8],[9] | 13 | | 7.4 | |
Derivative Liability, Fair Value | [8],[9] | (0.6) | | (4.8) | |
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 | [8],[9] | 0 | | 0 | |
Derivative Liability, Fair Value | [8],[9] | 0 | | 0 | |
Grain Contracts [Member] | Not Designated as Hedging [Member] | | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | | |
Derivative Asset, Fair Value | [8],[9] | 7.1 | | 2.7 | |
Derivative Liability, Fair Value | [8],[9] | (1.2) | | (5.6) | |
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 | [8],[9] | 0 | | 0 | |
Derivative Liability, Fair Value | [8],[9] | 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 | [8],[9] | 7.1 | | 2.7 | |
Derivative Liability, Fair Value | [8],[9] | (1.2) | | (5.6) | |
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 | [8],[9] | 0 | | 0 | |
Derivative Liability, Fair Value | [8],[9] | $ 0 | | $ 0 | |
| |
[1] | 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 . | |
[2] | 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. | |
[3] | See Note 6 . | |
[4] | Based on prices of common stock and bond matrix pricing. | |
[5] | 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. | |
[6] | Based on LIBOR and swap rates. | |
[7] | Based on observable market transactions of spot currency rates and forward currency prices. | |
[8] | 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. | |
[9] | Based on prices of futures exchanges and recently reported transactions in the marketplace. | |