EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS (Tables)

12 Months Ended

May 29, 2022

EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS

Schedule of funded status and amounts recognized in our Condensed Combined and Consolidated Balance Sheets

	For the Fiscal Years Ended May
	2022				2021
(in millions)	Pension Plans		Post-Retirement Plan		Pension Plans		Post-Retirement Plan
Change in benefit obligation
Benefit obligation at beginning of year	$	41.5	$	6.5	$	37.3	$	6.5
Service cost		2.1		—		3.0		—
Interest cost		1.3		0.1		1.2		0.1
Participant contributions		—		0.3		—		0.3
Plan amendments		0.1		—		—		—
Benefits paid		(0.4)		(0.3)		(0.5)		(0.2)
Actuarial (gain) loss		(8.5)		(1.1)		0.5		(0.2)
Benefit obligation at fiscal year end	$	36.1	$	5.5	$	41.5	$	6.5
Accumulated benefit obligation portion of above	$	36.1			$	41.5
Change in fair value of plan assets
Fair value of plan assets at beginning of year	$	28.1	$	—	$	27.2	$	—
Actual return on plan assets		(4.6)		—		(2.0)		—
Company contributions		2.0		—		3.4		—
Participant contributions		—		0.3		—		0.3
Benefits paid		(0.4)		(0.3)		(0.5)		(0.2)
Other		—		—		—		(0.1)
Fair value of plan assets at end of year	$	25.1	$	—	$	28.1	$	—
Underfunded status	$	(11.0)	$	(5.5)	$	(13.4)	$	(6.5)
Amounts recognized on Consolidated Balance Sheets
Accrued liabilities	$	—	$	(0.3)	$	—	$	(0.3)
Other noncurrent liabilities		(11.0)		(5.2)		(13.4)		(6.2)
Accrued obligation recognized	$	(11.0)	$	(5.5)	$	(13.4)	$	(6.5)
Amounts recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax)
Actuarial (gain) loss	$	4.6	$	(0.4)	$	7.7	$	0.7
Prior service benefit		0.1		—		—		—
Total	$	4.7	$	(0.4)	$	7.7	$	0.7

Schedule of components of net periodic benefit cost for our pension and postretirement benefit plans

	For the Fiscal Years Ended May
	2022				2021				2020
	Pension		Post-Retirement		Pension		Post-Retirement		Pension		Post-Retirement
(in millions)	Plans		Plan		Plans		Plan		Plans		Plan
Service cost	$	2.1	$	—	$	3.0	$	—	$	3.1	$	—
Interest cost		1.3		0.1		1.2		0.1		1.1		0.2
Expected return on plan assets		(1.2)		—		(0.8)		—		(0.9)		—
Net amortization of unrecognized amounts
Actuarial loss		0.4		—		0.1		0.2		0.2		0.6
Net periodic benefit cost (a)	$	2.6	$	0.1	$	3.5	$	0.3	$	3.5	$	0.8
Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss
Prior service cost	$	0.1	$	—	$	—	$	—	$	—	$	—
Actuarial (gain) loss		(2.7)		(1.1)		3.4		(0.2)		0.6		(1.0)
Amortization of actuarial loss (b)		(0.4)		—		(0.1)		(0.2)		(0.2)		(0.6)
Total recognized in other comprehensive loss (income)	$	(3.0)	$	(1.1)	$	3.3	$	(0.4)	$	0.4	$	(1.6)
Total recognized in net periodic benefit cost and other comprehensive loss (income) (pre-tax)	$	(0.4)	$	(1.0)	$	6.8	$	(0.1)	$	3.9	$	(0.8)

(a) Pension service costs are allocated to operations and reflected in “Cost of sales” and expected returns on pension assets and interest costs are reflected in “Selling, general and administrative expenses” in the Consolidated Statements of Earnings.

The decrease in fiscal 2022 net periodic benefit cost, compared with fiscal 2021 and 2020, reflects amendments to the pension plans so that no future benefits accrue after certain dates. We did not recognize a curtailment gain or loss with any of the amendments.

(b) Accumulated losses in excess of 10% of the greater of the projected benefit obligation or the market-related value of assets will be recognized on a straight-line basis over the average remaining service period of active employees in our plans (which is between six to ten years for our pension plans and approximately two years for our post-retirement benefit plan), to the extent that losses are not offset by gains in subsequent years.

Schedule of actuarial assumptions used in determining the benefit obligations and net periodic pension cost for our defined benefit and postretirement plans

	For the Fiscal Years Ended May
	2022				2021			2020
	Pension Plans		Post-Retirement Plan		Pension Plans	Post-Retirement Plan		Pension Plans	Post-Retirement Plan
Weighted-average assumptions used to determine benefit obligations:
Discount rate		4.42%		4.41%	3.11%		2.82%	3.14%		2.85%
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate		3.11%		2.82%	3.14%		2.85%	4.01%		3.81%
Expected return on plan assets		4.00%		N/A	2.90%		N/A	5.12%		N/A

Schedule of health care cost trend rate assumption

	2022		2021		2020
Health care cost trend rate assumed for next year (Pre65)		7.00%		6.19%		6.75%
Ultimate health care cost trend rate		4.50%		4.50%		4.50%
Year that the rate reaches the ultimate trend rate		2033		2024		2024

Schedule of fair Value measurements of plan assets

	Fair Value Measurements at May 29, 2022
	Quoted Market Prices in Active Markets for Identical Assets		Significant Observable Market-Based Inputs		Significant Unobservable Inputs
(in millions)	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	0.1	$	—	$	—	$	0.1
Equity securities:
U.S. equity securities (a)		—		4.2		—		4.2
International equity securities (a)		—		3.6		—		3.6
Fixed income securities:
Government securities (b)		17.2		—		—		17.2
Total assets	$	17.3	$	7.8	$	—	$	25.1

	Fair Value Measurements at May 30, 2021
	Quoted Market Prices in Active Markets for Identical Assets		Significant Observable Market-Based Inputs		Significant Unobservable Inputs
(in millions)	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	0.4	$	—	$	—	$	0.4
Equity securities:
U.S. equity securities (a)		—		4.7		—		4.7
International equity securities (a)		—		3.7		—		3.7
Fixed income securities:
Government securities (b)		19.3		—		—		19.3
Total assets	$	19.7	$	8.4	$	—	$	28.1

(a) Includes investments in common/collective trust funds that are valued using net asset values (“NAV”) provided by the administrator of the funds. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of units outstanding. While the underlying assets are actively traded on an exchange, the funds are not. There are currently no redemption restrictions or unfunded commitments on these investments. There are certain funds with thirty-day redeemable notice requirements.

(b) Includes investments in exchange-traded funds based on quoted prices in active markets.

Schedule of Expected Benefit Payments

(in millions)	Pension Plans		Post-Retirement Plan
2023	$	0.7	$	0.3
2024		0.9		0.3
2025		1.1		0.4
2026		1.3		0.4
2027		1.5		0.4
2028-2032		9.9		2.0