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Retirement and Postemployment Benefits (Tables)
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12 Months Ended |
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May 29, 2011
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May 30, 2010
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| Notes To Consolidated Financial Statements |
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| Health Care Cost Trend Rates |
| | Fiscal Year | | | 2011 | | 2010 | | Health care cost trend rate for next year | 8.5% | | 9.0% | | Rate to which the cost trend rate is assumed to decline (ultimate rate) | 5.2% | | 5.2% | | Year that the rate reaches the ultimate trend rate | 2019 | | 2019 |
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| Effect of One Percentage Point Change in Health Care Cost Trend Rate |
| In Millions | | One
Percentage
Point
Increase | | One
Percentage
Point
Decrease | | Effect on the aggregate of the service and interest cost components in fiscal 2012 | $ | 6.2 | $ | (5.4) | | Effect on the other postretirement accumulated benefit obligation as of May 29, 2011 | | 82.4 | | (73.6) |
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| Changes In Fair Value Of Plan Assets And Projected Benefit Obligations |
| | | Defined Benefit
Pension Plans | | | Other
Postretirement
Benefit Plans | | | Postemployment
Benefit Plans | | | | Fiscal Year | | | Fiscal Year | | | Fiscal Year | | In Millions | | 2011 | | | 2010 | | | 2011 | | | 2010 | | | 2011 | | | 2010 | | Change in Plan Assets: | | | | | | | | | | | | | | | | | | | Fair value at beginning of year | $ | 3,529.8 | | $ | 3,157.8 | | $ | 284.3 | | $ | 235.6 | | | | | | | | Actual return on assets | | 688.9 | | | 535.9 | | | 60.7 | | | 41.0 | | | | | | | | Employer contributions | | 220.7 | | | 17.1 | | | 0.1 | | | 0.1 | | | | | | | | Plan participant contributions | | 4.1 | | | 3.5 | | | 11.8 | | | 11.3 | | | | | | | | Benefits payments | | (188.2) | | | (182.6) | | | (3.1) | | | (3.7) | | | | | | | | Foreign currency | | 8.7 | | | (1.9) | | | - | | | - | | | | | | | | Fair value at end of year | $ | 4,264.0 | | $ | 3,529.8 | | $ | 353.8 | | $ | 284.3 | | | | | | | | Change in Projected Benefit Obligation: | | | | | | | | | | | | | | | | | | | Benefit obligation at beginning of year | $ | 4,030.0 | | $ | 3,167.3 | | $ | 1,060.6 | | $ | 852.0 | | $ | 130.3 | | $ | 112.5 | | Service cost | | 101.4 | | | 70.9 | | | 18.7 | | | 12.9 | | | 8.0 | | | 7.2 | | Interest cost | | 230.9 | | | 230.3 | | | 60.1 | | | 61.6 | | | 5.1 | | | 5.6 | | Plan amendment | | - | | | 25.8 | | | (35.3) | | | 7.5 | | | - | | | - | | Curtailment/other | | - | | | - | | | - | | | - | | | 4.2 | | | 10.6 | | Plan participant contributions | | 4.1 | | | 3.5 | | | 11.8 | | | 11.3 | | | - | | | - | | Medicare Part D reimbursements | | - | | | - | | | 4.5 | | | 4.7 | | | - | | | - | | Actuarial loss (gain) | | 271.2 | | | 716.4 | | | 2.0 | | | 168.1 | | | (0.5) | | | 11.8 | | Benefits payments | | (188.2) | | | (182.6) | | | (56.9) | | | (57.5) | | | (16.1) | | | (17.6) | | Foreign currency | | 9.0 | | | (1.6) | | | 0.3 | | | - | | | 0.3 | | | 0.2 | | Projected benefit obligation at end of year | $ | 4,458.4 | | $ | 4,030.0 | | $ | 1,065.8 | | $ | 1,060.6 | | $ | 131.3 | | $ | 130.3 | | Plan assets less than benefit
obligation as of fiscal year end | $ | (194.4) | | $ | (500.2) | | $ | (712.0) | | $ | (776.3) | | $ | (131.3) | | $ | (130.3) |
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| Benefit Obligations In Excess Of Fair Value Of Plan Assets |
| | | | Defined Benefit
Pension Plans | | | Other Postretirement
Benefit Plans | | | Postemployment
Benefit Plans | | | | | Fiscal Year | | | Fiscal Year | | | Fiscal Year | | In Millions | | | 2011 | | | 2010 | | | 2011 | | | 2010 | | | 2011 | | | 2010 | | Projected benefit obligation | | $ | 335.1 | | $ | 299.6 | | $ | - | | $ | - | | $ | - | | $ | - | | Accumulated benefit obligation | | | 280.6 | | | 252.5 | | | 1,065.8 | | | 1,060.6 | | | 131.3 | | | 130.3 | | Plan assets at fair value | | | 9.0 | | | 17.3 | | | 353.8 | | | 284.3 | | | - | | | - |
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| Net Benefit Costs |
| | | Defined Benefit
Pension Plans | | Other Postretirement Benefit Plans | | Postemployment
Benefit Plans | | | | Fiscal Year | | Fiscal Year | | Fiscal Year | | In Millions | | 2011 | | 2010 | | 2009 | | 2011 | | 2010 | | 2009 | | 2011 | | 2010 | | 2009 | | Service cost | $ | 101.4 | $ | 70.9 | $ | 76.5 | $ | 18.7 | $ | 12.9 | $ | 14.2 | $ | 8.0 | $ | 7.2 | $ | 6.5 | | Interest cost | | 230.9 | | 230.3 | | 215.4 | | 60.1 | | 61.6 | | 61.2 | | 5.1 | | 5.7 | | 4.9 | | Expected return on plan assets | | (408.5) | | (400.1) | | (385.8) | | (33.2) | | (29.2) | | (30.0) | | - | | - | | - | | Amortization of losses | | 81.4 | | 8.4 | | 7.8 | | 14.4 | | 2.0 | | 7.2 | | 2.1 | | 1.0 | | 1.0 | | Amortization of prior service
costs (credits) | | 9.0 | | 6.9 | | 7.4 | | (0.6) | | (1.6) | | (1.4) | | 2.4 | | 2.4 | | 2.2 | | Other adjustments | | - | | - | | - | | - | | - | | - | | 4.2 | | 10.6 | | 8.4 | | Net expense (income) | $ | 14.2 | $ | (83.6) | $ | (78.7) | $ | 59.4 | $ | 45.7 | $ | 51.2 | $ | 21.8 | $ | 26.9 | $ | 23.0 |
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| Amounts In Accumulated Other Comprehensive Income Loss To Be Recognized Over Next Fiscal Year |
| | | | Defined Benefit
Pension Plans | | | Other Postretirement
Benefit Plans | | | Postemployment
Benefit Plans | | | Total | | | | | Fiscal Year | | Fiscal Year | | Fiscal Year | | Fiscal Year | | In Millions | | | 2011 | | | 2010 | | | 2011 | | | 2010 | | | 2011 | | | 2010 | | | 2011 | | | 2010 | | Net actuarial loss | | $ | (1,313.9) | | $ | (1,369.9) | | $ | (181.3) | | $ | (225.2) | | $ | (14.3) | | $ | (15.9) | | $ | (1,509.5) | | $ | (1,611.0) | | Prior service (costs) credits | | | (35.8) | | | (41.3) | | | 20.7 | | | 1.0 | | | (5.6) | | | (7.2) | | | (20.7) | | | (47.5) | | Amounts recorded in
accumulated other
comprehensive loss | | $ | (1,349.7) | | $ | (1,411.2) | | $ | (160.6) | | $ | (224.2) | | $ | (19.9) | | $ | (23.1) | | $ | (1,530.2) | | $ | (1,658.5) |
| In Millions | | | Defined Benefit
Pension Plans | | | Other
Postretirement
Benefit Plans | | | Postemployment
Benefit Plans | | Amortization of losses | | | $ 108.2 | | | $ 14.4 | | | $ 1.8 | | Amortization of prior service costs (credits) | | | 8.6 | | | (3.4) | | | 2.1 |
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| Assumptions Used Benefit Obligation |
| | Defined Benefit
Pension Plans | | Other Postretirement
Benefit Plans | | Postemployment
Benefit Plans | | | Fiscal Year | | Fiscal Year | | Fiscal Year | | | 2011 | | 2010 | | | 2011 | | 2010 | | | 2011 | | 2010 | | | Discount rate | 5.45 | % | 5.85 | % | | 5.35 | % | 5.80 | % | | 4.77 | % | 5.12 | % | | Rate of salary increases | 4.92 | | 4.93 | | | - | | - | | | 4.92 | | 4.93 | |
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| Assumptions Used Net Benefit Cost |
| | Defined Benefit
Pension Plans | | | Other Postretirement
Benefit Plans | | Postemployment
Benefit Plans | | | Fiscal Year | | | Fiscal Year | | Fiscal Year | | | 2011 | | 2010 | | 2009 | | | 2011 | | 2010 | | 2009 | | | 2011 | | 2010 | | 2009 | | | Discount rate | 5.85 | % | 7.49 | % | 6.88 | % | | 5.80 | % | 7.45 | % | 6.90 | % | | 5.12 | % | 7.06 | % | 6.64 | % | | Rate of salary increases | 4.93 | | 4.92 | | 4.93 | | | - | | - | | - | | | 4.93 | | 4.93 | | 4.93 | | | Expected long-term rate of
return on plan assets | 9.53 | | 9.55 | | 9.55 | | | 9.33 | | 9.33 | | 9.35 | | | - | | - | | - | |
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| Fair Value Of Plan Assets |
| | May 29, 2011 | | In Millions | | Level 1 | | Level 2 | | Level 3 | | Total
Assets | | Fair value measurement of pension plan assets: | | | | | | | | | | Equity (a) | $ | 1,052.5 | $ | 900.2 | $ | 568.5 | $ | 2,521.2 | | Fixed income (b) | | 794.7 | | 174.4 | | 0.2 | | 969.3 | | Real asset investments (c) | | 113.0 | | 95.2 | | 356.9 | | 565.1 | | Other investments (d) | | - | | 52.2 | | 0.3 | | 52.5 | | Cash and accruals | | 155.9 | | - | | - | | 155.9 | | Total fair value measurement of pension plan assets | $ | 2,116.1 | $ | 1,222.0 | $ | 925.9 | $ | 4,264.0 | | | | | | | | | | | | Fair value measurement of postretirement benefit plan assets: | | | | | | | | | | Equity (a) | $ | 13.5 | $ | 131.0 | $ | 26.3 | $ | 170.8 | | Fixed income (b) | | 1.8 | | 55.9 | | 0.2 | | 57.9 | | Real asset investments (c) | | - | | 7.2 | | 13.6 | | 20.8 | | Other investments (d) | | - | | 83.9 | | - | | 83.9 | | Cash and accruals | | 20.4 | | - | | - | | 20.4 | | Fair value measurement of postretirement benefit plan assets | $ | 35.7 | $ | 278.0 | $ | 40.1 | $ | 353.8 |
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| | May 30, 2010 | | In Millions | | Level 1 | | Level 2 | | Level 3 | | Total
Assets | | Fair value measurement of pension plan assets: | | | | | | | | | | Equity (a) | $ | 744.5 | | 716.6 | | 512.8 | $ | 1,973.9 | | Fixed income (b) | | 700.0 | | 206.0 | | 3.9 | | 909.9 | | Real asset investments (c) | | 72.4 | | 75.8 | | 298.7 | | 446.9 | | Other investments (d) | | - | | 39.9 | | 0.3 | | 40.2 | | Cash and accruals | | 158.9 | | - | | - | | 158.9 | | Total fair value measurement of pension plan assets | $ | 1,675.8 | $ | 1,038.3 | $ | 815.7 | $ | 3,529.8 | | | | | | | | | | | | Fair value measurement of postretirement benefit plan assets: | | | | | | | | | | Equity (a) | $ | 10.1 | | 81.4 | | 25.7 | | 117.2 | | Fixed income (b) | | 1.1 | | 46.1 | | 1.7 | | 48.9 | | Real asset investments (c) | | 0.1 | | 3.7 | | 14.6 | | 18.4 | | Other investments (d) | | - | | 71.4 | | - | | 71.4 | | Cash and accruals | | 28.4 | | - | | - | | 28.4 | | Fair value measurement of postretirement benefit plan assets | $ | 39.7 | $ | 202.6 | $ | 42.0 | $ | 284.3 |
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| Effect Of Significant Unobservable Inputs Changes In Plan Assets |
| | Fiscal 2011 | | In Millions | | Balance as of
May 30, 2010 | | Transfers
In/(Out) | | Purchases, Sales
Issuances, and
Settlements (Net) | | Net
Gain | | Balance as of
May 29, 2011 | | Pension benefit plan assets: | | | | | | | | | | | | Equity | $ | 512.8 | $ | 2.4 | $ | (48.1) | $ | 101.4 | $ | 568.5 | | Fixed income | | 3.9 | | (0.9) | | (4.3) | | 1.5 | | 0.2 | | Real asset investments | | 298.7 | | - | | 16.0 | | 42.2 | | 356.9 | | Other investments | | 0.3 | | - | | - | | - | | 0.3 | | Fair value activity of
pension level 3 plan assets | $ | 815.7 | $ | 1.5 | $ | (36.4) | $ | 145.1 | $ | 925.9 | | | | | | | | | | | | | | Postretirement benefit plan assets: | | | | | | | | | | | | Equity | $ | 25.7 | $ | - | $ | (3.7) | $ | 4.3 | $ | 26.3 | | Fixed income | | 1.7 | | - | | (1.5) | | - | | 0.2 | | Real asset investments | | 14.6 | | - | | (2.2) | | 1.2 | | 13.6 | | Fair value activity of postretirement
benefit level 3 plan assets: | $ | 42.0 | $ | - | $ | (7.4) | $ | 5.5 | $ | 40.1 |
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| Allocation Of Plan Assets |
| | Defined Benefit
Pension Plans | | | Other Postretirement
Benefit Plans | | | Fiscal Year | | | Fiscal Year | | | 2011 | | 2010 | | | 2011 | | 2010 | | | Asset category: | | | | | | | | | | | United States equities | 30.1 | % | 32.6 | % | | 37.6 | % | 37.3 | % | | International equities | 18.9 | | 17.1 | | | 18.7 | | 18.3 | | | Private equities | 13.5 | | 14.7 | | | 7.3 | | 9.9 | | | Fixed income | 23.9 | | 22.4 | | | 30.1 | | 28.1 | | | Real assets | 13.6 | | 13.2 | | | 6.3 | | 6.4 | | | Total | 100.0 | % | 100.0 | % | | 100.0 | % | 100.0 | % |
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| Expected Benefit Payments |
| In Millions | | | Defined
Benefit
Pension
Plans | | | Other
Postretirement
Benefit Plans
Gross Payments | | | Medicare
Subsidy
Receipts | | | Postemployment
Benefit
Plans | | 2012 | | $ | 204.8 | | $ | 58.6 | | $ | 5.0 | | $ | 18.4 | | 2013 | | | 213.8 | | | 62.6 | | | 5.5 | | | 17.3 | | 2014 | | | 223.3 | | | 64.6 | | | 6.0 | | | 16.3 | | 2015 | | | 233.2 | | | 66.6 | | | 6.5 | | | 15.1 | | 2016 | | | 243.8 | | | 39.6 | | | 7.1 | | | 14.4 | | 2017-2021 | | | 1,402.3 | | | 387.7 | | | 38.9 | | | 66.6 |
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