v3.25.2
Financial Instruments, Risk Management Activities, and Fair Values (Tables)
 12 Months Ended
May 25, 2025
Derivative [Line Items]  
Schedule of Marketable Debt and Equity Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost
Fair Value
Gross Unrealized Gains
Gross Unrealized Losses
Fiscal Year
Fiscal Year
Fiscal Year
Fiscal Year
In Millions
2025
2024
2025
2024
2025
2024
2025
2024
Available for
 
sale
 
debt securities
$
2.3
$
2.3
$
2.3
$
2.3
$
-
$
-
$
-
$
-
Equity securities
0.3
0.3
4.9
4.6
4.6
4.3
-
-
Total
$
2.6
$
2.6
$
7.2
$
6.9
$
4.6
$
4.3
$
-
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Marketable Securities
In Millions
Cost
Fair Value
Under 1 year (current)
$
2.3
$
2.3
Equity securities
0.3
4.9
Total
$
2.6
$
7.2
Schedule of Unallocated Corporate items
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year
In Millions
2025
2024
2023
Net loss on mark-to-market valuation of commodity positions
$
(37.4)
$
(15.4)
$
(154.4)
Net loss (gain) on commodity positions reclassified from unallocated corporate
 
items to segment operating profit
52.8
40.0
(89.5)
Net mark-to-market revaluation of certain grain inventories
0.3
14.5
(48.0)
Net mark-to-market valuation of certain commodity positions recognized
 
in
 
unallocated corporate items
$
15.7
$
39.1
$
(291.9)
Schedule of Pre-tax Amounts of Cash-Settled Interest Rate Hedges in AOCI
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Gain (Loss)
3.2
% notes due
February 10, 2027
$
2.9
1.5
% notes due
April 27, 2027
(0.6)
4.2
% notes due
April 17, 2028
(3.0)
3.907
% notes due
April 13, 2029
(3.4)
2.25
% notes due
October 14, 2031
12.6
4.95
% notes due
March 29, 2033
(1.1)
5.25
% notes due
January 30, 2035
0.1
4.55
% notes due
April 17, 2038
(7.0)
5.4
% notes due
June 15, 2040
(8.4)
4.15
% notes due
February 15, 2043
7.0
4.7
% notes due
April 17, 2048
(10.9)
Net pre-tax hedge loss in AOCI
$
(11.8)
Schedule of Interest Rate Swaps
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions, Except Average
 
Rate Data
May 25, 2025
May 26, 2024
Pay-floating swaps - notional amount
$
2,283.9
$
1,150.8
Average
 
receive rate
3.1
%
2.5
%
Average pay rate
4.0
%
4.9
%
Schedule of Fair Value Measurement Inputs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
May 25, 2025
May 25, 2025
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)
$
-
$
5.0
$
-
$
5.0
$
-
$
(11.4)
$
-
$
(11.4)
Foreign exchange contracts (a) (c)
-
4.1
-
4.1
-
(13.5)
-
(13.5)
Total
-
9.1
-
9.1
-
(24.9)
-
(24.9)
Derivatives not designated as hedging
 
instruments:
Foreign exchange contracts (a) (c)
-
0.2
-
0.2
-
(1.3)
-
(1.3)
Commodity contracts (a) (d)
0.6
0.9
-
1.5
(0.2)
(7.4)
-
(7.6)
Grain contracts (a) (d)
-
2.2
-
2.2
-
(4.0)
-
(4.0)
Total
0.6
3.3
-
3.9
(0.2)
(12.7)
-
(12.9)
Other assets and liabilities reported at fair value:
Marketable investments (a) (e)
4.9
2.3
-
7.2
-
-
-
-
Long-lived assets (f)
-
2.0
-
2.0
-
-
-
-
Total
4.9
4.3
-
9.2
-
-
-
-
Total assets, liabilities, and
 
derivative positions
 
recorded at fair value
$
5.5
$
16.7
$
-
$
22.2
$
(0.2)
$
(37.6)
$
-
$
(37.8)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
May 26, 2024
May 26, 2024
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)
$
-
$
-
$
-
$
-
$
-
$
(39.8)
$
-
$
(39.8)
Foreign exchange contracts (a) (c)
-
5.7
-
5.7
-
(5.1)
-
(5.1)
Total
-
5.7
-
5.7
-
(44.9)
-
(44.9)
Derivatives not designated as hedging
 
instruments:
Foreign exchange contracts (a) (c)
-
-
-
-
-
(5.2)
-
(5.2)
Commodity contracts (a) (d)
2.1
1.1
-
3.2
-
(12.1)
-
(12.1)
Grain contracts (a) (d)
-
7.9
-
7.9
-
(6.5)
-
(6.5)
Total
2.1
9.0
-
11.1
-
(23.8)
-
(23.8)
Other assets and liabilities reported at fair value:
Marketable investments (a) (e)
4.6
2.3
-
6.9
-
-
-
-
Indefinite-lived intangible assets (f)
-
-
25.0
25.0
-
-
-
-
Total
4.6
2.3
25.0
31.9
-
-
-
-
Total assets, liabilities, and
 
derivative positions
 
recorded at fair value
$
6.7
$
17.0
$
25.0
$
48.7
$
-
$
(68.7)
$
-
$
(68.7)
(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
 
EURIBOR,
 
SOFR, and
 
swap rates.
 
As of
 
May 25, 2025,
 
the carrying
 
amount of
 
hedged debt
 
designated as
 
the hedged
item in a fair
 
value hedge was $
2,280.6
 
million, of which
 
$
675.6
 
million and $
1,605.0
 
million was classified
 
on the Consolidated
Balance
 
Sheets
 
within
 
current
 
portion
 
of
 
long-term
 
debt
 
and
 
long-term
 
debt,
 
respectively.
 
As of
 
May 25,
 
2025,
 
the
 
cumulative
amount of fair value hedging basis adjustments was $
3.2
 
million.
(c)
 
Based on observable market transactions of spot currency rates and forward
 
currency prices.
(d)
 
Based on prices of futures exchanges and recently reported transactions in the
 
marketplace.
(e)
 
Based on prices of common stock, mutual fund net asset values, and bond matrix
 
pricing.
(f)
 
We
 
recorded immaterial
 
non-cash impairment
 
charges in
 
fiscal 2025
 
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
 
were
 
associated
 
with
previously announced restructuring actions described in Note 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
 
EURIBOR,
 
SOFR, and
 
swap rates.
 
As of
 
May 26, 2024,
 
the carrying
 
amount of
 
hedged debt
 
designated as
 
the hedged
item in a
 
fair value hedge
 
was $
1,116.6
 
million and was
 
classified on the
 
Consolidated Balance Sheets
 
within long-term
 
debt. As
of May 26, 2024, the cumulative amount of fair value hedging basis adjustments
 
was $
34.2
 
million.
(c)
 
Based on observable market transactions of spot currency rates and forward
 
currency prices.
(d)
 
Based on prices of futures exchanges and recently reported transactions in the
 
marketplace.
(e)
 
Based on prices of common stock, mutual fund net asset values, and bond matrix pricing.
(f)
 
See Note 6.
Schedule of Gains And Losses on Hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate
Contracts
Foreign
Exchange
Contracts
Equity
Contracts
Commodity
Contracts
Total
Fiscal Year
Fiscal Year
Fiscal Year
Fiscal Year
Fiscal Year
In Millions
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Derivatives in Cash Flow Hedging
 
Relationships:
Amount of gain (loss) recognized in
 
other comprehensive income (OCI)
$
0.1
$
-
$
(8.1)
$
(4.3)
$
-
$
-
$
-
$
-
$
(8.0)
$
(4.3)
Amount of net (loss) gain reclassified
 
from AOCI into earnings (a)
(0.2)
0.9
2.5
3.2
-
-
-
-
2.3
4.1
Amount of net gain recognized in
 
earnings (b)
-
0.3
-
-
-
-
-
-
-
0.3
Derivatives in Fair Value
 
Hedging
 
Relationships:
Amount of net gain (loss) recognized
 
in earnings (b)
3.0
(0.2)
-
-
-
-
-
-
3.0
(0.2)
Derivatives Not Designated as
 
Hedging Instruments:
Amount of net (loss) gain recognized
 
in earnings (c)
$
-
$
-
$
(16.0)
$
(8.5)
$
6.3
$
21.6
$
(22.0)
$
15.1
$
(31.7)
$
28.2
(a)
 
(Loss) gain 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. For the
 
fiscal year ended May 25,
 
2025, the amount of
 
gain reclassified from AOCI
 
into
cost of sales
 
was $
12.7
 
million and
 
the amount of
 
loss reclassified from
 
AOCI into SG&A
 
was $
10.2
 
million. For
 
the fiscal year
ended
 
May 26,
 
2024,
 
the
 
amount
 
of
 
gain
 
reclassified
 
from
 
AOCI
 
into
 
cost
 
of
 
sales
 
was
 
$
7.0
 
million
 
and
 
the
 
amount
 
of
 
loss
reclassified from AOCI into SG&A was $
3.8
 
million.
(b)
 
Gain (loss) recognized in earnings is reported in interest, net for interest rate
 
contracts.
(c)
 
(Loss) gain recognized in
 
earnings is reported in SG&A
 
and after-tax earnings from
 
joint ventures for foreign
 
exchange contracts,
SG&A for equity contracts, and cost of sales for commodity contracts.
Reconciliation of Net Fair Values of Assets Subject to Offsetting Arrangements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
May 25, 2025
Assets
Liabilities
Gross Amounts Not Offset
in the Balance Sheet (d)
Gross Amounts Not Offset
in the Balance Sheet (d)
In Millions
Gross
Amounts of
Recognized
Assets
Gross
Liabilities
Offset in the
Balance Sheet
Net Amounts
of Assets
 
(a)
Financial
Instruments
Cash
Collateral
Received
Net Amount
(b)
Gross
Amounts of
Recognized
Liabilities
Gross Assets
Offset in the
Balance Sheet
Net Amounts
of Liabilities
(a)
Financial
Instruments
Cash
Collateral
Pledged
Net Amount
(c)
Commodity contracts
$
1.5
$
-
$
1.5
$
(1.0)
$
-
$
0.5
$
(7.6)
$
-
$
(7.6)
$
1.0
$
-
$
(6.6)
Interest rate contracts
4.6
-
4.6
(2.2)
-
2.4
(18.3)
-
(18.3)
2.2
-
(16.1)
Foreign exchange contracts
4.3
-
4.3
(3.8)
-
0.5
(14.8)
-
(14.8)
3.8
-
(11.0)
Equity contracts
3.8
-
3.8
(1.0)
-
2.8
(1.0)
-
(1.0)
1.0
-
-
Total
$
14.2
$
-
$
14.2
$
(8.0)
$
-
$
6.2
$
(41.7)
$
-
$
(41.7)
$
8.0
$
-
$
(33.7)
(a)
 
Net fair value as recorded in our Consolidated Balance Sheets.
 
(b)
 
Fair value of assets that could be reported net in our Consolidated Balance Sheets.
 
(c)
 
Fair value of liabilities that could be reported net in our Consolidated Balance Sheets.
(d)
 
Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
May 26, 2024
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
$
3.2
$
-
$
3.2
$
(3.2)
$
-
$
-
$
(12.1)
$
-
$
(12.1)
$
3.2
$
3.5
$
(5.4)
Interest rate contracts
-
-
-
-
-
-
(49.4)
-
(49.4)
-
26.3
(23.1)
Foreign exchange contracts
5.7
-
5.7
(3.9)
-
1.8
(10.3)
-
(10.3)
3.9
-
(6.4)
Equity contracts
4.4
-
4.4
-
-
4.4
(0.2)
-
(0.2)
-
-
(0.2)
Total
$
13.3
$
-
$
13.3
$
(7.1)
$
-
$
6.2
$
(72.0)
$
-
$
(72.0)
$
7.1
$
29.8
$
(35.1)
(a)
 
Includes related collateral offset in our Consolidated Balance Sheets.
 
(b)
 
Net fair value as recorded in our Consolidated Balance Sheets.
 
(c)
 
Fair value of assets that could be reported net in our Consolidated 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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
May 25, 2025
Assets
Liabilities
Gross Amounts Not Offset
in the Balance Sheet (d)
Gross Amounts Not Offset
in the Balance Sheet (d)
In Millions
Gross
Amounts of
Recognized
Assets
Gross
Liabilities
Offset in the
Balance Sheet
Net Amounts
of Assets
 
(a)
Financial
Instruments
Cash
Collateral
Received
Net Amount
(b)
Gross
Amounts of
Recognized
Liabilities
Gross Assets
Offset in the
Balance Sheet
Net Amounts
of Liabilities
(a)
Financial
Instruments
Cash
Collateral
Pledged
Net Amount
(c)
Commodity contracts
$
1.5
$
-
$
1.5
$
(1.0)
$
-
$
0.5
$
(7.6)
$
-
$
(7.6)
$
1.0
$
-
$
(6.6)
Interest rate contracts
4.6
-
4.6
(2.2)
-
2.4
(18.3)
-
(18.3)
2.2
-
(16.1)
Foreign exchange contracts
4.3
-
4.3
(3.8)
-
0.5
(14.8)
-
(14.8)
3.8
-
(11.0)
Equity contracts
3.8
-
3.8
(1.0)
-
2.8
(1.0)
-
(1.0)
1.0
-
-
Total
$
14.2
$
-
$
14.2
$
(8.0)
$
-
$
6.2
$
(41.7)
$
-
$
(41.7)
$
8.0
$
-
$
(33.7)
(a)
 
Net fair value as recorded in our Consolidated Balance Sheets.
 
(b)
 
Fair value of assets that could be reported net in our Consolidated Balance Sheets.
 
(c)
 
Fair value of liabilities that could be reported net in our Consolidated Balance Sheets.
(d)
 
Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
May 26, 2024
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
$
3.2
$
-
$
3.2
$
(3.2)
$
-
$
-
$
(12.1)
$
-
$
(12.1)
$
3.2
$
3.5
$
(5.4)
Interest rate contracts
-
-
-
-
-
-
(49.4)
-
(49.4)
-
26.3
(23.1)
Foreign exchange contracts
5.7
-
5.7
(3.9)
-
1.8
(10.3)
-
(10.3)
3.9
-
(6.4)
Equity contracts
4.4
-
4.4
-
-
4.4
(0.2)
-
(0.2)
-
-
(0.2)
Total
$
13.3
$
-
$
13.3
$
(7.1)
$
-
$
6.2
$
(72.0)
$
-
$
(72.0)
$
7.1
$
29.8
$
(35.1)
(a)
 
Includes related collateral offset in our Consolidated Balance Sheets.
 
(b)
 
Net fair value as recorded in our Consolidated Balance Sheets.
 
(c)
 
Fair value of assets that could be reported net in our Consolidated 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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
After-Tax
 
Loss
Unrealized loss from interest rate cash flow hedges
$
(7.1)
Unrealized loss from foreign currency cash flow hedges
(0.3)
After-tax loss in AOCI related to hedge derivatives
$
(7.4)
Customer Concentrations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent of total
Consolidated
North America
Retail
North America
Foodservice
International
North America
Pet
Walmart (a):
Net sales
22
%
31
%
10
%
2
%
18
%
Accounts receivable
24
%
8
%
8
%
15
%
Five largest customers:
Net sales
55
%
54
%
27
%
66
%
(a)
 
Includes Walmart Inc.
 
and its affiliates.
Schedule of Accounts Payable to Suppliers that Utilize Third Party Service
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Total
Balance as of May 26, 2024
$
1,404.4
Additions, including foreign currency translation
4,116.8
Payments
(4,093.7)
Balance as of May 25, 2025
$
1,427.5
Interest Rate Contracts [Member]  
Derivative [Line Items]  
Schedule of Swap Contract Maturities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Notional Amount
Fiscal 2026
$
681.7
Fiscal 2030
750.0
Fiscal 2032
852.2
Total
$
2,283.9
Equity Swap [Member]  
Derivative [Line Items]  
Schedule of Swap Contract Maturities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Notional Amount
Fiscal 2026
$
194.5
Fiscal 2027
8.2
Total
$
202.7