v3.25.2
Retirement Benefits and Postemployment Benefits (Tables)
 12 Months Ended
May 25, 2025
Retirement Benefits and Postemployment Benefits [Abstract]  
Health Care Cost Trend Rates
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year
2025
2024
Health care cost trend rate for next year
7.9
% and
7.9
%
7.3
% and
7.3
%
Rate to which the cost trend rate is assumed to decline (ultimate rate)
4.5
%
4.5
%
Year
 
that the rate reaches the ultimate trend rate
2034
2033
Summarized Financial Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined Benefit Pension
Plans
Other
Postretirement
Benefit Plans
Postemployment
Benefit Plans
Fiscal Year
Fiscal Year
Fiscal Year
In Millions
2025
2024
2025
2024
2025
2024
Change in Plan Assets:
Fair value at beginning of year
$
5,439.7
$
5,778.6
$
463.2
$
456.0
Actual return on assets
188.6
(23.2)
35.7
45.6
Employer contributions
30.7
30.0
0.1
0.1
Plan participant contributions
2.4
2.0
6.6
6.4
Benefits payments
(349.5)
(349.5)
(47.6)
(44.9)
Foreign currency
5.3
1.8
-
-
Fair value at end of year (a)
$
5,317.2
$
5,439.7
$
458.0
$
463.2
Change in Projected Benefit Obligation:
Benefit obligation at beginning of year
$
5,801.7
$
5,970.7
$
403.0
$
430.6
$
129.0
$
131.0
Service cost
51.8
56.8
4.3
4.7
7.0
7.4
Interest cost
306.9
296.5
21.1
21.3
4.0
4.0
Plan amendment
0.4
1.2
-
-
-
(9.6)
Curtailment/other
-
(13.9)
-
-
8.1
10.2
Plan participant contributions
2.4
2.0
6.6
6.4
-
-
Actuarial (gain) loss
(191.4)
(174.4)
(48.1)
(14.1)
(2.1)
10.3
Benefits payments
(349.5)
(339.1)
(49.0)
(45.7)
(22.9)
(24.3)
Foreign currency
5.2
1.9
(0.5)
(0.2)
-
-
Projected benefit obligation at end of year (a)
$
5,627.5
$
5,801.7
$
337.4
$
403.0
$
123.1
$
129.0
Plan assets (less) more than benefit obligation as of
 
fiscal year end (b)
$
(310.3)
$
(362.0)
$
120.6
$
60.2
$
(123.1)
$
(129.0)
(a)
 
Plan assets and obligations are measured as of
May 31, 2025
, and
May 31, 2024
.
Amounts Recognized in AOCI
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined Benefit Pension
Plans
Other Postretirement
Benefit Plans
Postemployment
Benefit Plans
Total
Fiscal Year
Fiscal Year
Fiscal Year
Fiscal Year
In Millions
2025
2024
2025
2024
2025
2024
2025
2024
Net actuarial (loss) gain
$
(1,935.4)
$
(1,991.1)
$
212.7
$
190.4
$
(4.1)
$
(5.6)
$
(1,726.8)
$
(1,806.3)
Prior service (costs) credits
(7.5)
(9.8)
67.4
84.7
6.0
6.8
65.9
81.7
Amounts recorded in accumulated
 
other comprehensive loss
$
(1,942.9)
$
(2,000.9)
$
280.1
$
275.1
$
1.9
$
1.2
$
(1,660.9)
$
(1,724.6)
Accumulated Benefit Obligations in Excess of Plan Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined Benefit Pension Plans
Fiscal Year
In Millions
2025
2024
Projected benefit obligation
$
449.7
$
449.4
Accumulated benefit obligation
440.1
438.8
Plan assets at fair value
16.3
12.0
Components of Net Periodic Benefit Expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined Benefit Pension Plans
Other Postretirement Benefit
Plans
Postemployment Benefit Plans
Fiscal Year
Fiscal Year
Fiscal Year
In Millions
2025
2024
2023
2025
2024
2023
2025
2024
2023
Service cost
$
51.8
$
56.8
$
70.3
$
4.3
$
4.7
$
5.1
$
7.0
$
7.4
$
8.4
Interest cost
306.9
296.5
258.5
21.1
21.3
17.9
4.0
4.0
3.1
Expected return on
 
plan assets
(420.1)
(417.7)
(420.5)
(35.9)
(34.7)
(31.1)
-
-
-
Amortization of losses
 
(gains)
100.4
86.5
113.2
(20.5)
(20.4)
(19.3)
0.5
0.1
0.4
Amortization of prior
 
service costs
 
(credits)
1.4
1.8
1.5
(22.1)
(21.8)
(23.2)
(1.6)
0.3
0.3
Other adjustments
-
-
-
-
-
-
11.5
8.3
10.4
Settlement or
 
curtailment gains
-
(4.0)
(0.7)
-
-
-
-
-
-
Net expense (income)
$
40.4
$
19.9
$
22.3
$
(53.1)
$
(50.9)
$
(50.6)
$
21.4
$
20.1
$
22.6
Weighted-Average Assumptions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined Benefit Pension
Plans
Other Postretirement
Benefit Plans
Postemployment Benefit
Plans
Fiscal Year
Fiscal Year
Fiscal Year
2025
2024
2025
2024
2025
2024
Discount rate
5.79
%
5.52
%
5.67
%
5.52
%
5.04
%
5.05
%
Rate of salary increases
3.88
4.23
-
-
4.13
4.46
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined Benefit Pension Plans
Other Postretirement Benefit
Plans
Postemployment Benefit Plans
Fiscal Year
Fiscal Year
Fiscal Year
2025
2024
2023
2025
2024
2023
2025
2024
2023
Discount rate
5.52
%
5.18
%
4.39
%
5.52
%
5.19
%
4.36
%
5.05
%
4.55
%
3.62
%
Service cost
 
effective rate
5.58
5.27
4.57
5.58
5.15
4.41
5.37
5.00
3.69
Interest cost
 
effective rate
5.40
5.06
4.03
5.38
4.96
3.80
5.05
4.61
3.35
Rate of
 
salary increases
4.23
4.20
4.18
-
-
-
4.46
4.46
4.46
Expected long-term
 
rate of return on
 
plan assets
7.63
7.13
6.70
7.79
7.34
6.76
-
-
-
Schedule of Allocation of Plan Assets, Including Fair Value Hierarchy Levels and Weighted-Average Target Asset Allocations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
May 31, 2025
May 31, 2024
In Millions
Level 1
Level 2
Level 3
Total
Assets
Level 1
Level 2
Level 3
Total
Assets
Fair value measurement of pension
 
plan assets:
Equity (a)
$
200.6
$
383.8
$
-
$
584.4
$
225.9
$
391.4
$
-
$
617.3
Fixed income (b)
1,529.7
2,019.2
-
3,548.9
1,497.0
2,014.4
-
3,511.4
Real asset investments (c)
59.7
-
-
59.7
82.6
-
-
82.6
Other investments (d)
-
-
0.1
0.1
-
-
0.1
0.1
Cash and accruals
137.2
0.1
-
137.3
158.3
0.1
-
158.4
Fair value measurement of pension
 
plan assets
$
1,927.2
$
2,403.1
$
0.1
$
4,330.4
$
1,963.8
$
2,405.9
$
0.1
$
4,369.8
Assets measured at net asset value (e)
986.8
1,069.9
Total pension plan
 
assets
$
5,317.2
$
5,439.7
Fair value measurement of
 
postretirement benefit plan assets:
Fixed income (b)
$
90.5
$
-
$
-
$
90.5
$
95.1
$
-
$
-
$
95.1
Cash and accruals
33.7
-
-
33.7
24.9
-
-
24.9
Fair value measurement of
 
postretirement benefit
 
plan assets
$
124.2
$
-
$
-
$
124.2
$
120.0
$
-
$
-
$
120.0
Assets measured at net asset value (e)
333.8
343.2
Total postretirement
 
benefit
 
plan assets
$
458.0
$
463.2
(a)
 
Primarily
 
publicly
 
traded
 
common
 
stock
 
for
 
purposes
 
of
 
total
 
return
 
and
 
to
 
maintain
 
equity
 
exposure
 
consistent
 
with
 
policy
allocations.
 
Investments
 
include:
 
United
 
States
 
and
 
international
 
public
 
equity
 
securities,
 
and
 
equity
 
futures
 
valued
 
at
 
closing
prices
 
from
 
national
 
exchanges,
 
commingled
 
funds
 
valued
 
at
 
fair
 
value
 
using
 
the
 
unit
 
values
 
provided
 
by
 
the
 
investment
managers,
 
and certain
 
private equity
 
securities valued
 
using
 
a matrix
 
of pricing
 
inputs reflecting
 
assumptions
 
based on
 
the best
information available.
(b)
 
Primarily government
 
and corporate
 
debt securities
 
and futures
 
for purposes
 
of total
 
return, managing
 
fixed income
 
exposure to
policy allocations, and
 
duration targets. Investments
 
include: fixed income
 
securities and bond
 
futures generally valued
 
at closing
prices from
 
national exchanges,
 
fixed income
 
pricing models,
 
and independent
 
financial analysts;
 
and fixed
 
income commingled
funds valued at unit values provided by the investment managers, which
 
are based on the fair value of the underlying investments.
(c)
 
Publicly traded common stocks in
 
energy,
 
real estate, and infrastructure for
 
the purpose of total return, which
 
are generally valued
at closing prices from national exchanges.
(d)
 
Insurance and
 
annuity contracts
 
to provide
 
a stable
 
stream of
 
income for
 
pension retirees.
 
Fair values
 
are based
 
on the
 
fair value
of the underlying investments and contract fair values established by the providers.
(e)
 
Primarily limited
 
partnerships, trust-owned
 
life insurance,
 
common collective
 
trusts, and
 
certain private
 
equity securities
 
that are
measured at fair value using
 
the net asset value per
 
share (or its equivalent) practical
 
expedient and have not been
 
classified in the
fair value hierarchy.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined Benefit Pension Plans
Other Postretirement Benefit Plans
Fiscal Year
Fiscal Year
2025
2024
2025
2024
Asset category:
United States equities
6.4
%
7.2
%
26.0
%
27.8
%
International equities
4.4
4.1
14.9
14.4
Private equities
9.3
10.2
9.1
11.2
Fixed income
70.9
68.3
50.0
46.6
Real assets
9.0
10.2
-
-
Total
100.0
%
100.0
%
100.0
%
100.0
%
Estimated Benefit Payments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Defined Benefit
Pension Plans
Other
Postretirement
Benefit Plans
Gross Payments
Postemployment
Benefit Plans
Fiscal 2026
$
360.9
$
30.9
$
22.8
Fiscal 2027
367.0
28.6
19.2
Fiscal 2028
372.7
28.0
17.6
Fiscal 2029
378.1
27.4
15.5
Fiscal 2030
382.9
26.7
13.9
Fiscal 2031-2035
1,965.2
121.2
56.9