v3.26.1
FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, AND FAIR VALUES (Tables)
 12 Months Ended
May 31, 2026
Investments, All Other Investments [Abstract]  
Schedule of Marketable Debt and Equity Securities As of May 31, 2026, and May 25, 2025, a comparison of cost
and market values of our marketable debt and equity securities is as follows:
Cost
Fair Value
Gross Unrealized
Gains
Gross Unrealized
Losses
Fiscal Year
Fiscal Year
Fiscal Year
Fiscal Year
In Millions
2026
2025
2026
2025
2026
2025
2026
2025
Available for sale debt securities
$2.3
$2.3
$2.3
$2.3
$—
$—
$—
$—
Equity securities
0.3
0.3
4.6
4.9
4.3
4.6
—
—
Total
$2.6
$2.6
$6.9
$7.2
$4.3
$4.6
$—
$—
Scheduled maturities of our marketable securities are as follows:
Marketable Securities
In Millions
Cost
Fair Value
Under 1 year (current)
$2.3
$2.3
Equity securities
0.3
4.6
Total
$2.6
$6.9
Schedule of Unallocated Corporate Items Unallocated corporate items for fiscal 2026, 2025, and 2024 included:
Fiscal Year
In Millions
2026
2025
2024
Net gain (loss) on mark-to-market valuation of commodity positions
$62.0
$(37.4)
$(15.4)
Net (gain) loss on commodity positions reclassified from unallocated corporate
items to segment operating profit
(19.2)
52.8
40.0
Net mark-to-market revaluation of certain grain inventories
5.6
0.3
14.5
Net mark-to-market valuation of certain commodity positions recognized in
unallocated corporate items
$48.4
$15.7
$39.1
Schedule of Interest Rate Swaps The notional amounts of our interest rate derivatives, with maturity dates ranging from January 2030 through April 2032, were as
follows:
In Millions
May 31, 2026
May 25, 2025
Pay-floating swaps - notional amount
$1,624.4
$2,283.9
Schedule of Notional Amounts of Outstanding Derivative Positions The net notional value of foreign exchange derivatives were as follows:
In Millions
May 31, 2026
May 25, 2025
Foreign exchange derivatives - notional amount
$1,432.1
$831.3
A portion of these net investments are hedged
with euro-denominated bonds as follows:
In Millions
May 31, 2026
May 25, 2025
Euro-denominated bonds - principal amount
€5,084.5
€4,742.8
The net notional amount of our equity swap contracts, with maturity dates
ranging from November 2026 through April 2027, were as follows:
In Millions
May 31, 2026
May 25, 2025
Equity swap contracts - notional amount
$227.0
$202.7
Schedule of Fair Value Measurement Inputs The fair values of our assets, liabilities, and derivative positions recorded at fair value and their respective levels in the fair value
hierarchy as of May 31, 2026, and May 25, 2025, were as follows:
May 31, 2026
May 25, 2025
In Millions
Fair Value
Hierarchy Levels
Assets
Liabilities
Assets
Liabilities
Derivatives designated as hedging instruments:
Interest rate contracts (a) (b)
2
$0.8
$(21.1)
$5.0
$(11.4)
Foreign exchange contracts (a) (c)
2
4.7
(7.5)
4.1
(13.5)
Total
5.5
(28.6)
9.1
(24.9)
Derivatives not designated as hedging instruments:
Foreign exchange contracts (a) (c)
2
1.6
(6.5)
0.2
(1.3)
Commodity contracts (a) (d) (e)
1, 2
40.3
(1.1)
1.5
(7.6)
Grain contracts (a) (d)
2
5.4
(1.4)
2.2
(4.0)
Total
47.3
(9.0)
3.9
(12.9)
Other assets and liabilities reported at fair value:
Marketable investments (a) (f) (g)
1, 2
40.6
—
7.2
—
Long-lived assets (h)
2
1.5
—
2.0
—
Total
42.1
—
9.2
—
Total assets, liabilities, and derivative positions
recorded at fair value
$94.9
$(37.6)
$22.2
$(37.8)
(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 31, 2026, the carrying amount of hedged debt designated as the hedged item in a fair value
hedge was $1,603.5 million and was classified on the Consolidated Balance Sheets within long-term debt. As of May 31, 2026, the cumulative
amount of fair value hedging basis adjustments was $20.9 million. 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 Sheet 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)Commodity contract assets as of May 31, 2026, include Level 2 assets of $40.3 million. Commodity contract liabilities as of May 31, 2026,
include Level 2 liabilities of $1.1 million. Commodity contract assets as of May 25, 2025, include Level 1 and Level 2 assets of $0.6 million and
$0.9 million, respectively. Commodity contract liabilities as of May 25, 2025, include Level 1 and Level 2 liabilities of $0.2 million and $7.4
million, respectively.
(f)Based on prices of common stock, mutual fund net asset values, and bond matrix pricing.
(g)Marketable investment assets as of May 31, 2026, include Level 1 and Level 2 assets of $4.6 million and $36.0 million, respectively. Marketable
investment assets as of May 25, 2025, include Level 1 and Level 2 assets of $4.9 million and $2.3 million, respectively.
(h)In fiscal 2026 and 2025, we recorded $29.4 million of non-cash impairment charges and immaterial non-cash impairment charges, respectively,
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.
Schedule of Gains and Losses on Hedges Information related to our cash flow hedges, fair value hedges, and other derivatives not designated as hedging instruments for the
fiscal years ended May 31, 2026, and May 25, 2025, follows:
Interest Rate
Contracts
Foreign
Exchange
Contracts
Equity
Contracts
Commodity
Contracts
Total
Fiscal Year
Fiscal Year
Fiscal Year
Fiscal Year
Fiscal Year
In Millions
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
Derivatives in Cash Flow Hedging
  Relationships:
Amount of gain (loss) recognized
    in OCI
$—
$0.1
$6.6
$(8.1)
$—
$—
$—
$—
$6.6
$(8.0)
Amount of net gain (loss) reclassified
from AOCI into earnings (a)
1.4
(0.2)
(3.1)
2.5
—
—
—
—
(1.7)
2.3
Derivatives in Fair Value Hedging
  Relationships:
Amount of net gain recognized in
earnings (b)
3.4
3.0
—
—
—
—
—
—
3.4
3.0
Derivatives Not Designated as
  Hedging Instruments:
Amount of net gain (loss) recognized
in earnings (c)
$—
$—
$8.4
$(16.0)
$38.4
$6.3
$67.9
$(22.0)
$114.7
$(31.7)
(a)Gain (loss) 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 31, 2026, the amount of loss reclassified from AOCI into cost of sales was $4.2
million and the amount of gain reclassified from AOCI into SG&A was $1.1 million. 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.
(b)Gain recognized in earnings is reported in interest, net for interest rate contracts.
(c)Gain (loss) 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.
Schedule of Net Fair Values of Assets Subject to Offsetting Arrangements The following tables reconcile the net fair values of assets and liabilities subject to offsetting arrangements that are recorded in our
Consolidated Balance Sheets to the net fair values that could be reported in our Consolidated Balance Sheets:
May 31, 2026
May 25, 2025
In Millions
Gross
Amount
Gross
Amount
Offset on
Balance
Sheet
Net
Amount (a)
Gross
Amount
Not Offset
on Balance
Sheet (c)
Net
Amount
(b)
Gross
Amount
Gross
Amount
Offset on
Balance
Sheet
Net
Amount (a)
Gross
Amount
Not Offset
on Balance
Sheet (c)
Net
Amount
(b)
Assets:
Commodity
contracts
$40.3
$—
$40.3
$(1.1)
$39.2
$1.5
$—
$1.5
$(1.0)
$0.5
Interest rate
contracts
1.8
—
1.8
—
1.8
4.6
—
4.6
(2.2)
2.4
Foreign exchange
contracts
7.6
—
7.6
(0.5)
7.1
4.3
—
4.3
(3.8)
0.5
Equity contracts
6.4
—
6.4
(6.0)
0.4
3.8
—
3.8
(1.0)
2.8
Total
$56.1
$—
$56.1
$(7.6)
$48.5
$14.2
$—
$14.2
$(8.0)
$6.2
Liabilities:
Commodity
contracts
$(1.1)
$—
$(1.1)
$1.1
$—
$(7.6)
$—
$(7.6)
$1.0
$(6.6)
Interest rate
contracts
(21.2)
—
(21.2)
16.4
(4.8)
(18.3)
—
(18.3)
2.2
(16.1)
Foreign exchange
contracts
(0.5)
—
(0.5)
0.5
—
(14.8)
—
(14.8)
3.8
(11.0)
Equity contracts
(14.0)
—
(14.0)
6.0
(8.0)
(1.0)
—
(1.0)
1.0
—
Total
$(36.8)
$—
$(36.8)
$24.0
$(12.8)
$(41.7)
$—
$(41.7)
$8.0
$(33.7)
(a)  Net fair value as recorded in our Consolidated Balance Sheets.
(b)  Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets.
(c)  Fair value of assets or liabilities that could be reported net in our Consolidated Balance Sheets. As of May 31, 2026, this includes no collateral received and $16.4 million of collateral
pledged related to derivative instruments. As of May 25, 2025, this includes no collateral received or pledged related to derivative instruments.
Schedule of Net Fair Values of Liabilities Subject to Offsetting Arrangements The following tables reconcile the net fair values of assets and liabilities subject to offsetting arrangements that are recorded in our
Consolidated Balance Sheets to the net fair values that could be reported in our Consolidated Balance Sheets:
May 31, 2026
May 25, 2025
In Millions
Gross
Amount
Gross
Amount
Offset on
Balance
Sheet
Net
Amount (a)
Gross
Amount
Not Offset
on Balance
Sheet (c)
Net
Amount
(b)
Gross
Amount
Gross
Amount
Offset on
Balance
Sheet
Net
Amount (a)
Gross
Amount
Not Offset
on Balance
Sheet (c)
Net
Amount
(b)
Assets:
Commodity
contracts
$40.3
$—
$40.3
$(1.1)
$39.2
$1.5
$—
$1.5
$(1.0)
$0.5
Interest rate
contracts
1.8
—
1.8
—
1.8
4.6
—
4.6
(2.2)
2.4
Foreign exchange
contracts
7.6
—
7.6
(0.5)
7.1
4.3
—
4.3
(3.8)
0.5
Equity contracts
6.4
—
6.4
(6.0)
0.4
3.8
—
3.8
(1.0)
2.8
Total
$56.1
$—
$56.1
$(7.6)
$48.5
$14.2
$—
$14.2
$(8.0)
$6.2
Liabilities:
Commodity
contracts
$(1.1)
$—
$(1.1)
$1.1
$—
$(7.6)
$—
$(7.6)
$1.0
$(6.6)
Interest rate
contracts
(21.2)
—
(21.2)
16.4
(4.8)
(18.3)
—
(18.3)
2.2
(16.1)
Foreign exchange
contracts
(0.5)
—
(0.5)
0.5
—
(14.8)
—
(14.8)
3.8
(11.0)
Equity contracts
(14.0)
—
(14.0)
6.0
(8.0)
(1.0)
—
(1.0)
1.0
—
Total
$(36.8)
$—
$(36.8)
$24.0
$(12.8)
$(41.7)
$—
$(41.7)
$8.0
$(33.7)
(a)  Net fair value as recorded in our Consolidated Balance Sheets.
(b)  Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets.
(c)  Fair value of assets or liabilities that could be reported net in our Consolidated Balance Sheets. As of May 31, 2026, this includes no collateral received and $16.4 million of collateral
pledged related to derivative instruments. As of May 25, 2025, this includes no collateral received or pledged related to derivative instruments.
Schedule of After-tax Amounts of Cash Flow Hedges in AOCI As of May 31, 2026, the after-tax amounts of unrealized losses in AOCI related to hedge derivatives follows:
In Millions
After-Tax
(Loss)/Gain
Unrealized loss from interest rate cash flow hedges
$(8.2)
Unrealized gain from foreign currency cash flow hedges
3.4
After-tax loss in AOCI related to hedge derivatives
$(4.8)
Schedule of Customer Concentrations During fiscal 2026, customer concentration was as follows:
Percent of total
Consolidated
North
America
Retail
North
America
Foodservice
International
North
America Pet
Walmart (a):
Net sales
22%
31%
11%
3%
17%
Accounts receivable
19%
8%
12%
19%
Five largest customers:
Net sales
54%
57%
30%
66%
(a)  Includes Walmart Inc. and its affiliates.
Schedule of Supplier Finance Program The roll forward of our obligations payable to suppliers who utilize these third-party services is as follows:
In Millions
2026
2025
Balance as of beginning of fiscal year
$1,427.5
$1,404.4
Additions, including foreign currency translation
4,130.8
4,116.8
Payments
(4,158.7)
(4,093.7)
Balance as of end of fiscal year
$1,399.6
$1,427.5