v3.26.1
RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS (Tables)
12 Months Ended
May 31, 2026
Retirement Benefits [Abstract]  
Schedule of Health Care Cost Trend Rates Assumed health care cost trends are as follows:
Fiscal Year
2026
2025
Health care cost trend rate for next year
7.7% and 7.7%
7.9% and 7.9%
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
2034
Schedule of Financial Information About Defined Benefit Pension, Other Postretirement Benefit, and Postemployment Benefit Plans Summarized financial information about defined benefit pension, other postretirement benefit, and postemployment benefit plans is
presented below:
Defined Benefit Pension
Plans
Other Postretirement
Benefit Plans
Postemployment
Benefit Plans
Fiscal Year
Fiscal Year
Fiscal Year
In Millions
2026
2025
2026
2025
2026
2025
Change in Plan Assets:
Fair value at beginning of year
$5,317.2
$5,439.7
$458.0
$463.2
Actual return on assets
383.4
188.6
61.5
35.7
Employer contributions
31.6
30.7
0.1
0.1
Plan participant contributions
3.6
2.4
6.6
6.6
Benefits payments
(359.6)
(349.5)
(44.5)
(47.6)
Foreign currency
0.2
5.3
Fair value at end of year (a)
$5,376.4
$5,317.2
$481.7
$458.0
Change in Projected Benefit Obligation:
Benefit obligation at beginning of year
$5,627.5
$5,801.7
$337.4
$403.0
$123.1
$129.0
Service cost
42.2
51.8
2.3
4.3
6.9
7.0
Interest cost
291.5
306.9
16.4
21.1
3.5
4.0
Plan amendment
2.2
0.4
3.1
Curtailment/other
(0.5)
7.0
8.1
Plan participant contributions
3.6
2.4
6.6
6.6
Actuarial loss (gain)
50.0
(191.4)
4.4
(48.1)
(5.4)
(2.1)
Benefits payments
(359.6)
(349.5)
(49.8)
(49.0)
(17.3)
(22.9)
Reclassified to liabilities held for sale (b)
(4.3)
Foreign currency
1.7
5.2
(0.5)
Projected benefit obligation at end of year (a)
$5,659.1
$5,627.5
$315.6
$337.4
$117.8
$123.1
Plan assets (less) more than benefit obligation as of
  fiscal year end
$(282.7)
$(310.3)
$166.1
$120.6
$(117.8)
$(123.1)
(a)  Plan assets and obligations are measured as of May 31, 2026, and May 31, 2025.
(b)  Relates to our held for sale business in Brazil. Please see Note 3 for additional information on other postretirement benefit plan liabilities
classified as held for sale as of May 31, 2026.
Schedule of Amounts Recognized in AOCI Amounts recognized in AOCI as of May 31, 2026, and May 25, 2025, are as follows:
Defined Benefit
Pension Plans
Other
Postretirement
Benefit Plans
Postemployment
Benefit Plans
Total
Fiscal Year
Fiscal Year
Fiscal Year
Fiscal Year
In Millions
2026
2025
2026
2025
2026
2025
2026
2025
Net actuarial (loss) gain
$(1,911.3)
$(1,935.4)
$212.1
$212.7
$0.9
$(4.1)
$(1,698.3)
$(1,726.8)
Prior service (costs) credits
(6.3)
(7.5)
48.0
67.4
5.1
6.0
46.8
65.9
Amounts recorded in accumulated
  other comprehensive loss
$(1,917.6)
$(1,942.9)
$260.1
$280.1
$6.0
$1.9
$(1,651.5)
$(1,660.9)
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets Plans with accumulated benefit obligations in excess of plan assets as of May 31, 2026, and May 25, 2025, are as follows:
Defined Benefit Pension Plans
Fiscal Year
In Millions
2026
2025
Projected benefit obligation
$453.4
$449.7
Accumulated benefit obligation
446.4
440.1
Plan assets at fair value
$20.7
$16.3
Schedule of Components of Net Periodic Benefit Expense Components of net periodic benefit expense are as follows:
Defined Benefit Pension Plans
Other Postretirement Benefit
Plans
Postemployment Benefit Plans
Fiscal Year
Fiscal Year
Fiscal Year
In Millions
2026
2025
2024
2026
2025
2024
2026
2025
2024
Service cost
$42.2
$51.8
$56.8
$2.3
$4.3
$4.7
$6.9
$7.0
$7.4
Interest cost
291.5
306.9
296.5
16.4
21.1
21.3
3.5
4.0
4.0
Expected return on
  plan assets
(405.3)
(420.1)
(417.7)
(33.6)
(35.9)
(34.7)
Amortization of losses
  (gains)
108.7
100.4
86.5
(25.9)
(20.5)
(20.4)
0.3
0.5
0.1
Amortization of prior
  service costs
  (credits)
1.2
1.4
1.8
(21.2)
(22.1)
(21.8)
(1.1)
(1.6)
0.3
Other adjustments
7.7
11.5
8.3
Settlement or
  curtailment loss (gain)
6.7
(4.0)
(0.5)
Net expense (income)
$45.0
$40.4
$19.9
$(62.5)
$(53.1)
$(50.9)
$17.3
$21.4
$20.1
Schedule of Weighted-Average Assumptions Weighted-average assumptions used to determine fiscal year-end benefit obligations are as follows:
Defined Benefit Pension Plans
Other Postretirement Benefit
Plans
Postemployment Benefit Plans
Fiscal Year
Fiscal Year
Fiscal Year
2026
2025
2026
2025
2026
2025
Discount rate
5.72%
5.79%
5.54%
5.67%
4.97%
5.04%
Rate of salary increases
3.87
3.88
4.12
4.13
Weighted-average assumptions used to determine fiscal year net periodic benefit expense are as follows:
Defined Benefit Pension Plans
Other Postretirement Benefit
Plans
Postemployment Benefit Plans
Fiscal Year
Fiscal Year
Fiscal Year
2026
2025
2024
2026
2025
2024
2026
2025
2024
Discount rate
5.79%
5.52%
5.18%
5.67%
5.52%
5.19%
5.04%
5.05%
4.55%
Service cost
  effective rate
6.02
5.58
5.27
6.11
5.58
5.15
5.42
5.37
5.00
Interest cost
  effective rate
5.32
5.40
5.06
5.34
5.38
4.96
4.91
5.05
4.61
Rate of
  salary increases
3.88
4.23
4.20
4.13
4.46
4.46
Expected long-term
  rate of return on
  plan assets
7.52
7.63
7.13
7.35
7.79
7.34
Schedule of Weighted-Average Allocation The fair values of our pension and postretirement benefit plans’ assets and their respective levels in the fair value hierarchy by asset
category were as follows:
May 31, 2026
May 31, 2025
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)
$200.3
$375.9
$
$576.2
$200.6
$383.8
$
$584.4
Fixed income (b)
1,476.4
2,268.0
3,744.4
1,529.7
2,019.2
3,548.9
Real asset investments (c)
55.6
55.6
59.7
59.7
Other investments (d)
0.1
0.1
0.1
0.1
Cash and accruals
96.6
0.1
96.7
137.2
0.1
137.3
Fair value measurement of pension
  plan assets
$1,828.9
$2,644.0
$0.1
$4,473.0
$1,927.2
$2,403.1
$0.1
$4,330.4
Assets measured at net asset value (e)
903.4
986.8
Total pension plan assets
$5,376.4
$5,317.2
Fair value measurement of
  postretirement benefit plan assets:
Fixed income (b)
$87.1
$
$
$87.1
$90.5
$
$
$90.5
Cash and accruals
40.0
40.0
33.7
33.7
Fair value measurement of
  postretirement benefit
  plan assets
$127.1
$
$
$127.1
$124.2
$
$
$124.2
Assets measured at net asset value (e)
354.6
333.8
Total postretirement benefit
  plan assets
$481.7
$458.0
(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, mutual funds, 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.
(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 derivatives 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.
Weighted-average asset allocations for our defined benefit pension and other postretirement benefit plans are as follows:
Defined Benefit Pension Plans
Other Postretirement Benefit
Plans
Fiscal Year
Fiscal Year
2026
2025
2026
2025
Asset category:
United States equities
6.4%
6.4%
24.3%
26.0%
International equities
4.0
4.4
12.6
14.9
Private equities
7.9
9.3
7.2
9.1
Fixed income
73.6
70.9
55.9
50.0
Real assets
8.1
9.0
Total
100.0%
100.0%
100.0%
100.0%
Schedule of Estimated Benefit Payments Estimated benefit
payments, which reflect expected future service, as appropriate, are expected to be paid from fiscal 2027 to fiscal 2036 as follows:
In Millions
Defined Benefit
Pension Plans
Other
Postretirement
Benefit Plans
Gross Payments
Postemployment
Benefit Plans
Fiscal 2027
$372.6
$30.9
$21.6
Fiscal 2028
377.2
30.0
18.1
Fiscal 2029
381.6
29.2
16.2
Fiscal 2030
385.4
28.6
14.7
Fiscal 2031
389.2
27.4
13.6
Fiscal 2032 - 2036
1,969.5
125.3
58.5