Note 17 - Pension and Postretirement Benefits (Tables)

12 Months Ended

May 29, 2022

Notes Tables

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]

	Pension Plans						Postretirement Plans
	2022			2021			2022			2021
Change in Benefit Obligation
Benefit obligation at beginning of year	$	3,739.2		$	3,872.5		$	81.5		$	89.8
Service cost		8.7			11.6			0.2			0.2
Interest cost		83.3			86.8			1.3			1.5
Amendments		3.7			—			—			—
Actuarial gain		(503.1	)		(37.4	)		(9.5	)		(2.3	)
Plan settlements		—			—			—			(0.3	)
Curtailments		—			—			—			—
Benefits paid		(198.3	)		(196.8	)		(8.2	)		(8.5	)
Currency		(0.9	)		2.5			(0.5	)		1.1
Benefit obligation at end of year	$	3,132.6		$	3,739.2		$	64.8		$	81.5
Change in Plan Assets
Fair value of plan assets at beginning of year	$	3,848.8		$	3,820.4		$	3.3		$	3.4
Actual return on plan assets		(366.1	)		194.6			0.1			0.2
Employer contributions		11.5			27.6			8.2			8.5
Plan settlements		—			—			—			(0.3	)
Benefits paid		(198.4	)		(196.8	)		(8.2	)		(8.5	)
Currency		(1.1	)		3.0			—			—
Fair value of plan assets at end of year	$	3,294.7		$	3,848.8		$	3.4		$	3.3

Schedule of Net Funded Status [Table Text Block]

	Pension Plans						Postretirement Plans
	2022			2021			2022			2021
Funded Status	$	162.1		$	109.6		$	(61.4	)	$	(78.2	)
Amounts Recognized in Consolidated Balance Sheets
Other assets	$	277.0		$	245.0		$	3.2		$	3.0
Other accrued liabilities		(10.2	)		(10.3	)		(8.1	)		(9.0	)
Other noncurrent liabilities		(104.7	)		(125.1	)		(56.5	)		(72.2	)
Net Amount Recognized	$	162.1		$	109.6		$	(61.4	)	$	(78.2	)
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax)
Actuarial net loss (gain)	$	(30.2	)	$	(41.5	)	$	(44.5	)	$	(38.4	)
Net prior service cost (benefit)		8.0			6.2			(11.0	)		(12.9	)
Total	$	(22.2	)	$	(35.3	)	$	(55.5	)	$	(51.3	)
Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 29, 2022 and May 30, 2021
Discount rate		4.48	%		3.04	%		4.24	%		2.51	%
Long-term rate of compensation increase		N/A			N/A			N/A			N/A

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

	2022		2021
Projected benefit obligation	$	114.9	$	135.4
Accumulated benefit obligation		114.9		135.4

	Pension Plans									Postretirement Plans
	2022			2021			2020			2022			2021			2020
Service cost	$	8.7		$	11.6		$	11.5		$	0.2		$	0.2		$	0.1
Interest cost		83.3			86.8			118.4			1.3			1.5			2.6
Expected return on plan assets		(145.4	)		(140.0	)		(170.2	)		—			—			—
Amortization of prior service cost (benefit)		1.9			2.3			2.7			(2.0	)		(2.1	)		(2.1	)
Recognized net actuarial loss (gain)		(2.9	)		0.8			44.8			(3.5	)		(3.5	)		(4.6	)
Settlement gain		—			—			(2.1	)		—			(0.5	)		(0.2	)
Curtailment loss (gain)		—			0.2			0.8			—			—			—
Pension and postretirement cost (benefit) — Company plans		(54.4	)		(38.3	)		5.9			(4.0	)		(4.4	)		(4.2	)
Pension cost (benefit) — multi-employer plans		8.1			7.4			6.5			—			—			—
Total pension and postretirement cost (benefit)	$	(46.3	)	$	(30.9	)	$	12.4		$	(4.0	)	$	(4.4	)	$	(4.2	)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

	Pension Plans						Postretirement Plans
	2022			2021			2022			2021
Net actuarial gain (loss)	$	(8.5	)	$	92.0		$	9.6		$	2.5
Amendments		(3.7	)		—			—			—
Amortization of prior service cost (benefit)		1.9			2.3			(2.0	)		(2.1	)
Settlement and curtailment loss (gain)		—			0.2			—			(0.5	)
Recognized net actuarial loss (gain)		(2.9	)		0.8			(3.5	)		(3.5	)
Currency		0.1			(0.2	)		0.1			(0.2	)
Net amount recognized	$	(13.1	)	$	95.1		$	4.2		$	(3.8	)

Defined Benefit Plan, Assumptions [Table Text Block]

	Pension Plans									Postretirement Plans
	2022			2021			2020			2022			2021			2020
Discount rate - interest cost		2.29	%		2.30	%		3.51	%		1.69	%		1.74	%		3.09	%
Discount rate - service cost		3.50	%		3.35	%		4.04	%		3.55	%		3.03	%		3.47	%
Long-term rate of return on plan assets		3.87	%		3.74	%		4.77	%		N/A			N/A			N/A
Long-term rate of compensation increase		N/A			N/A			N/A			N/A			N/A			N/A

Schedule of Allocation of Plan Assets [Table Text Block]

	Level 1			Level 2		Level 3		Total
Cash and cash equivalents	$	19.8		$	93.2	$	—	$	113.0
Equity securities:
U.S. equity securities		65.6			19.5		—		85.1
International equity securities		34.4			—		—		34.4
Fixed income securities:
Government bonds		—			653.1		—		653.1
Corporate bonds		—			2,179.3		—		2,179.3
Mortgage-backed bonds		—			8.6		—		8.6
Real estate funds		—			—		—		—
Net payables for unsettled transactions		(9.6	)		—		—		(9.6	)
Fair value measurement of pension plan assets in the fair value hierarchy	$	110.2		$	2,953.7	$	—	$	3,063.9
Investments measured at net asset value									230.8
Total pension plan assets								$	3,294.7

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	7.5	$	85.0	$	—	$	92.5
Equity securities:
U.S. equity securities		78.0		94.6		—		172.6
International equity securities		121.9		0.5		—		122.4
Fixed income securities:
Government bonds		—		772.6		—		772.6
Corporate bonds		—		2,407.2		—		2,407.2
Mortgage-backed bonds		—		12.4		—		12.4
Real estate funds		—		—		—		—
Net receivables for unsettled transactions		5.7		—		—		5.7
Fair value measurement of pension plan assets in the fair value hierarchy	$	213.1	$	3,372.3	$	—	$	3,585.4
Investments measured at net asset value								263.4
Total pension plan assets							$	3,848.8

	May 29, 2022			May 30, 2021
Equity securities		4	%		8	%
Debt securities		87	%		83	%
Real estate funds		1	%		1	%
Private equity		4	%		3	%
Other		4	%		5	%
Total		100	%		100	%

Schedule of Health Care Cost Trend Rates [Table Text Block]

Assumed Health Care Cost Trend Rates at:	May 29, 2022			May 30, 2021
Initial health care cost trend rate		6.32	%		6.53	%
Ultimate health care cost trend rate		4.44	%		4.44	%
Year that the rate reaches the ultimate trend rate	2029			2029

Schedule of Expected Benefit Payments [Table Text Block]

	Pension		Postretirement
	Plans		Plans
2023	$	202.6	$	8.1
2024		203.7		7.5
2025		205.5		6.9
2026		206.8		6.3
2027		207.5		5.8
Succeeding 5 years		1,027.7		22.5

Multiemployer Plan [Table Text Block]

Pension Protection Act Zone Status

FIP / RP Status

Contributions by the Company (millions)

Expiration Dates of Collective

Pension Fund

EIN / PN

2021

2020

Pending / Implemented

FY22

FY21

FY20

Surcharge Imposed

Bargaining Agreements

Central States, Southeast and Southwest Areas Pension Fund

36-6044243/ 001

Red, Critical and Declining

Red, Critical and Declining

RP Implemented

2.5

2.2

2.0

No

5/31/2025

Western Conference of Teamsters Pension Plan

91-6145047/ 001

Green

Green

N/A

3.8

3.8

3.2

No

6/30/2022

Other Plans

1.8

1.4

1.3

Total Contributions

$

8.1

$

7.4

$

6.5