SUPPLEMENTAL INFORMATION
 12 Months Ended
May 29, 2011
Notes To Consolidated Financial Statements  
Supplemental Information

NOTE 17. SUPPLEMENTAL INFORMATION

 

The components of certain Consolidated Balance Sheet accounts are as follows:

In Millions May 29, 2011  May 30, 2010
Receivables:     
From customers$ 1,178.6 $ 1,057.4
Less allowance for doubtful accounts  (16.3)   (15.8)
Total$ 1,162.3 $ 1,041.6

In Millions May 29, 2011  May 30, 2010
Inventories:     
Raw materials and packaging$ 286.2 $ 247.5
Finished goods  1,273.6   1,131.4
Grain  218.0   107.4
Excess of FIFO or weighted-average cost over LIFO cost (a)  (168.5)   (142.3)
Total$ 1,609.3 $ 1,344.0

(a)        Inventories of $1,034.1 million as of May 29, 2011, and $958.3 million as of May 30, 2010, were valued at LIFO.

In Millions May 29, 2011  May 30, 2010
Prepaid expenses and other current assets:     
Prepaid expenses$ 161.0 $ 127.5
Accrued interest receivable, including interest rate swaps  29.0   64.9
Derivative receivables, primarily commodity-related  109.1   48.8
Other receivables  104.7   101.4
Grain contracts  57.3   11.4
Miscellaneous  22.4   24.5
Total$ 483.5 $ 378.5

In Millions May 29, 2011  May 30, 2010
Land, buildings, and equipment:     
Land$ 61.2 $ 58.0
Buildings  1,777.7   1,653.8
Buildings under capital lease  25.0   19.6
Equipment  4,719.7   4,405.6
Equipment under capital lease  18.9   25.0
Capitalized software  367.7   318.7
Construction in progress  521.9   469.0
Total land, buildings, and equipment  7,492.1   6,949.7
Less accumulated depreciation  (4,146.2)   (3,822.0)
Total$ 3,345.9 $ 3,127.7

In Millions May 29, 2011  May 30, 2010
Other assets:     
Pension assets$ 128.6 $ 2.2
Investments in and advances to joint ventures  519.1   398.1
Life insurance  87.2   88.2
Derivative receivables  13.3   130.1
Miscellaneous  114.3   144.8
Total$ 862.5 $ 763.4

In Millions May 29, 2011  May 30, 2010
Other current liabilities:     
Accrued payroll$ 303.3 $ 331.4
Accrued interest  114.0   136.5
Accrued trade and consumer promotions  463.0   555.2
Accrued taxes  80.4   440.2
Derivative payable  34.8   18.1
Accrued customer advances  36.4   25.5
Grain contracts  28.7   12.7
Miscellaneous  260.9   242.6
Total$ 1,321.5 $ 1,762.2

In Millions May 29, 2011  May 30, 2010
Other noncurrent liabilities:     
Interest rate swaps$ 22.2 $ 180.2
Accrued compensation and benefits, including obligations for underfunded other postretirement and postemployment benefit plans  1,412.8   1,588.1
Accrued income taxes  233.3   276.3
Miscellaneous  64.9   74.1
Total$ 1,733.2 $ 2,118.7

Certain Consolidated Statements of Earnings amounts are as follows:

  Fiscal Year
In Millions 2011  2010  2009
Depreciation and amortization$ 472.6 $ 457.1 $ 453.6
Research and development expense  235.0   218.3   208.2
Advertising and media expense (including production and communication costs)  843.7   908.5   732.1

The components of interest, net are as follows:

  Fiscal Year
Expense (Income), in Millions 2011  2010  2009
Interest expense$ 360.9 $ 374.5 $ 409.5
Capitalized interest  (7.2)   (6.2)   (5.1)
Interest income  (7.4)   (6.8)   (21.6)
Loss on debt repurchase  -   40.1   -
Interest, net$ 346.3 $ 401.6 $ 382.8

Certain Consolidated Statements of Cash Flows amounts are as follows:

 Fiscal Year
In Millions 2011  2010 2009
Cash interest payments$ 333.1 $ 384.1$ 292.8
Cash paid for income taxes  699.3   672.5  395.3

In fiscal 2009, we acquired Humm Foods by issuing 1.8 million shares of our common stock to its shareholders, with a value of $55.0 million, as consideration. This acquisition is treated as a non-cash transaction in our Consolidated Statement of Cash Flows.