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LONG-TERM DEBT (Tables) | 12 Months Ended
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May. 31, 2015
Debt Disclosure [Abstract] |
Schedule of long-term debt instruments | Our senior unsecured notes in an aggregate principal amount of $716.0 million consist of the following:
4.95% senior notes due August 2020 (2.92% effective interest rate) | $ | 282.7 |
6.625% senior notes due August 2039 (4.86% effective interest rate) | 433.3 |
| May 31, 2015 |  | May 25, 2014
4.65% senior debt due January 2043 | $ | 737.0 |  |  | $ | 937.0 |
6.625% senior debt due August 2039 (including Ralcorp senior notes) | 450.0 |  |  | 450.0 |
8.25% senior debt due September 2030 | 300.0 |  |  | 300.0 |
7.0% senior debt due October 2028 | 382.2 |  |  | 382.2 |
6.7% senior debt due August 2027 | 9.2 |  |  | 9.2 |
7.125% senior debt due October 2026 | 372.4 |  |  | 372.4 |
3.2% senior debt due January 2023 | 1,000.0 |  |  | 1,225.0 |
3.25% senior debt due September 2022 | 250.0 |  |  | 250.0 |
9.75% subordinated debt due March 2021 | 195.9 |  |  | 195.9 |
4.95% senior debt due August 2020 (including Ralcorp senior notes) | 300.0 |  |  | 300.0 |
7.0% senior debt due April 2019 | 475.0 |  |  | 500.0 |
2.1% senior debt due March 2018 | 225.0 |  |  | 250.0 |
1.9% senior debt due January 2018 | 1,000.0 |  |  | 1,000.0 |
LIBOR plus 1.75% term loans due January 2018 | — |  |  | 900.0 |
5.819% senior debt due June 2017 | 475.0 |  |  | 500.0 |
LIBOR plus 0.37% term loans due July 2016 | 550.0 |  |  | — |
1.3% senior debt due January 2016 | 750.0 |  |  | 750.0 |
1.35% senior debt due September 2015 | 250.0 |  |  | 250.0 |
2.00% to 9.59% lease financing obligations due on various dates through 2040 | 68.7 |  |  | 78.7 |
Other indebtedness | 10.9 |  |  | 86.4 |
Total face value of debt | 7,801.3 |  |  | 8,736.8 |
Unamortized fair value adjustment of senior debt in connection with Ralcorp | 146.7 |  |  | 154.5 |
Unamortized discounts/premiums | (32.8 | ) |  | (46.5 | )
Unamortized debt issuance costs | (30.1 | ) |  | (46.9 | )
Adjustment due to hedging activity | 11.8 |  |  | 6.7 |
Less current installments | (1,008.0 | ) |  | (84.1 | )
Total long-term debt | $ | 6,888.9 |  |  | $ | 8,720.5 |
Schedule of aggregate minimum principal maturities of the long-term debt for each of the five fiscal year | The aggregate minimum principal maturities of the long-term debt for each of the five fiscal years following May 31, 2015, are as follows:
2016 | $ | 1,009.0 |
2017 | 568.4 |
2018 | 1,706.3 |
2019 | 479.7 |
2020 | 4.0 |
Net interest expense | Net interest expense consists of:
| 2015 |  | 2014 |  | 2013
Long-term debt | $ | 336.9 |  |  | $ | 393.8 |  |  | $ | 284.0 |
Short-term debt | 2.8 |  |  | 1.5 |  |  | 0.6 |
Interest income | (1.2 | ) |  | (2.3 | ) |  | (2.9 | )
Interest capitalized | (6.6 | ) |  | (13.6 | ) |  | (5.5 | )
| $ | 331.9 |  |  | $ | 379.4 |  |  | $ | 276.2 |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 + Details
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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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