DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Feb. 26, 2017

Schedule of derivative assets and liabilities


	February 26,		May 29,
	2017		2016
Prepaid expenses and other current assets	$	—	$	2.1
Accrued liabilities	$	2.5	$	0.2

Schedule of derivative assets and liabilities - Gross basis

The following table presents our derivative assets and liabilities, at February 26, 2017, on a gross basis (dollars in millions):


	Derivative Assets			Derivative Liabilities
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Prepaid expenses and other current assets	$	—	Accrued liabilities	$	2.5

The following table presents our derivative assets and liabilities, at May 29, 2016, on a gross basis, prior to the setoff of $0.1 million where legal right of setoff existed (dollars in millions):


	Derivative Assets			Derivative Liabilities
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Prepaid expenses and other current assets	$	1.5	Accrued liabilities	$	0.2
Foreign exchange contracts	Prepaid expenses and other current assets		0.6	Accrued liabilities		—
		$	2.1		$	0.2

Schedule of location and amount of gains (losses) from derivatives not designated as hedging instruments


		Amount of Gain (Loss)
		Recognized on Derivatives in
		Combined Statement of Earnings
	Location in Consolidated	for the Thirteen Weeks Ended
Derivatives Not Designated as Hedging	Statement of Earnings of Gain	February 26,		February 28,
Instruments	(Loss) Recognized on Derivatives	2017		2016
Commodity contracts	Cost of sales	$	(1.9)	$	(2.2)
Foreign exchange contracts	Selling, general and administrative expenses		—		0.4
Total loss from derivative instruments not designed as hedging instruments		$	(1.9)	$	(1.8)


		Amount of Gain (Loss)
		Recognized on Derivatives in
		Combined Statement of Earnings
	Location in Consolidated	for the Thirty-Nine Weeks Ended
Derivatives Not Designated as Hedging	Statement of Earnings of Gain	February 26,		February 28,
Instruments	(Loss) Recognized on Derivatives	2017		2016
Commodity contracts	Cost of sales	$	(2.0)	$	(7.4)
Foreign exchange contracts	Selling, general and administrative expenses		(0.1)		0.4
Total loss from derivative instruments not designed as hedging instruments		$	(2.1)	$	(7.0)