Financial Instruments, Risk Management Activities, and Fair Values (Schedule of fair value measurement inputs) (Details) - USD ($) $ in Millions | 12 Months Ended |
May 26, 2019 | May 27, 2018 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | |
Derivative Asset, Fair Value | | $ 22.6 | | $ 43.4 |
Other Assets, Fair Value Disclosure | | 401.8 | | 117.9 |
Total Assets, Fair Value Disclosure | | 430.4 | | 164.6 |
Derivative Liability, Fair Value | | (21.1) | | (15.6) |
Other Liabilities, Fair Value Disclosure | | 0 | | 0 |
Total Liabilities, Fair Value Disclosure | | (17.3) | | (16.1) |
Book value of long-lived assets | | 3,787.2 | | 4,047.2 |
Long-Lived Assets [Member] | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | |
Other Assets, Fair Value Disclosure | | 19 | [1] | 10 |
Other Liabilities, Fair Value Disclosure | | 0 | [1] | 0 |
Non-cash impairment charge of long-lived assets | | 61.2 | | 9 |
Book value of long-lived assets | | 80.2 | | 19 |
Indefinite-lived Intangible Assets [Member] | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | |
Other Assets, Fair Value Disclosure | [2] | 330 | | |
Other Liabilities, Fair Value Disclosure | [2] | 0 | | |
Designated as Hedging Instrument [Member] | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | |
Derivative Asset, Fair Value | | 12.9 | | 9.4 |
Derivative Liability, Fair Value | | (5.2) | | (13) |
Not Designated as Hedging [Member] | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | |
Derivative Asset, Fair Value | | 15.7 | | 37.3 |
Derivative Liability, Fair Value | | (12.1) | | (3.1) |
Level 1 [Member] | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | |
Other Assets, Fair Value Disclosure | | 18.5 | | 3.5 |
Total Assets, Fair Value Disclosure | | 19.9 | | 18.2 |
Other Liabilities, Fair Value Disclosure | | 0 | | 0 |
Total Liabilities, Fair Value Disclosure | | (4.4) | | (0.5) |
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 |
Other Liabilities, Fair Value Disclosure | | 0 | [1] | 0 |
Level 1 [Member] | Indefinite-lived Intangible Assets [Member] | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | |
Other Assets, Fair Value Disclosure | [2] | 0 | | |
Other Liabilities, Fair Value Disclosure | [2] | 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 | | 1.4 | | 14.7 |
Derivative Liability, Fair Value | | (4.4) | | (0.5) |
Level 2 [Member] | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | |
Other Assets, Fair Value Disclosure | | 53.3 | | 35.4 |
Total Assets, Fair Value Disclosure | | 80.5 | | 67.4 |
Other Liabilities, Fair Value Disclosure | | 0 | | 0 |
Total Liabilities, Fair Value Disclosure | | (12.9) | | (15.6) |
Level 2 [Member] | Long-Lived Assets [Member] | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | |
Other Assets, Fair Value Disclosure | | 19 | [1] | 10 |
Other Liabilities, Fair Value Disclosure | | 0 | [1] | 0 |
Level 2 [Member] | Indefinite-lived Intangible Assets [Member] | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | |
Other Assets, Fair Value Disclosure | [2] | 0 | | |
Other Liabilities, Fair Value Disclosure | [2] | 0 | | |
Level 2 [Member] | Designated as Hedging Instrument [Member] | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | |
Derivative Asset, Fair Value | | 12.9 | | 9.4 |
Derivative Liability, Fair Value | | (5.2) | | (13) |
Level 2 [Member] | Not Designated as Hedging [Member] | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | |
Derivative Asset, Fair Value | | 14.3 | | 22.6 |
Derivative Liability, Fair Value | | (7.7) | | (2.6) |
Level 3 [Member] | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | |
Other Assets, Fair Value Disclosure | | 330 | | 79 |
Total Assets, Fair Value Disclosure | | 330 | | 79 |
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 |
Other Liabilities, Fair Value Disclosure | | 0 | [1] | 0 |
Level 3 [Member] | Indefinite-lived Intangible Assets [Member] | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | |
Other Assets, Fair Value Disclosure | [2] | 330 | | |
Other Liabilities, Fair Value Disclosure | [2] | 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 | [3],[4] | 52.8 | | 28.9 |
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] | 18.5 | | 3.5 |
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] | 34.3 | | 25.4 |
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 | | 0 |
Derivative Liability, Fair Value | | (2.2) | | (6.9) |
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 | | 0 |
Derivative Liability, Fair Value | [4],[5] | (1.9) | | (6.6) |
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 | | 0 |
Derivative Liability, Fair Value | [4],[5] | (1.9) | | (6.6) |
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 | | 15.3 | | 11.8 |
Derivative Liability, Fair Value | | (5.2) | | (7.2) |
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] | 12.9 | | 9.4 |
Derivative Liability, Fair Value | [6],[7] | (3.3) | | (6.4) |
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] | 2.4 | | 2.5 |
Derivative Liability, Fair Value | [6],[7] | (1.9) | | (0.8) |
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] | 12.9 | | 9.4 |
Derivative Liability, Fair Value | [6],[7] | (3.3) | | (6.4) |
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] | 2.4 | | 2.5 |
Derivative Liability, Fair Value | [6],[7] | (1.9) | | (0.8) |
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 | | 6.6 | | 27.7 |
Derivative Liability, Fair Value | | (7.9) | | (1.1) |
Commodity Contracts [Member] | Not Designated as Hedging [Member] | | | | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | | | | |
Derivative Asset, Fair Value | [7],[8] | 6.6 | | 27.7 |
Derivative Liability, Fair Value | [7],[8] | (7.9) | | (1.1) |
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] | 1.4 | | 14.7 |
Derivative Liability, Fair Value | [7],[8] | (4.4) | | (0.5) |
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] | 5.2 | | 13 |
Derivative Liability, Fair Value | [7],[8] | (3.5) | | (0.6) |
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] | 6.7 | | 7.1 |
Derivative Liability, Fair Value | [7],[8] | (2.3) | | (1.2) |
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] | 6.7 | | 7.1 |
Derivative Liability, Fair Value | [7],[8] | (2.3) | | (1.2) |
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 $61 . 2 m illion in non-cash impairment charges in fiscal 2019 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 $ 80 . 2 million and were associated with the restructuring actions described in Note 4 . | |
[2] | See Note 6 . | |
[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. | |