Note 17 - Pension and Postretirement Benefits (Tables)

12 Months Ended

May 28, 2023

Notes Tables

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

	Pension Plans						Postretirement Plans
	2023			2022			2023			2022
Change in Benefit Obligation
Benefit obligation at beginning of year	$	3,132.6		$	3,739.2		$	64.8		$	81.5
Service cost		6.5			8.7			0.1			0.2
Interest cost		124.0			83.3			2.3			1.3
Amendments		3.0			3.7			—			—
Actuarial gain		(265.5	)		(503.1	)		(6.3	)		(9.5	)
Benefits paid		(199.3	)		(198.3	)		(7.3	)		(8.2	)
Currency		(1.1	)		(0.9	)		(0.4	)		(0.5	)
Benefit obligation at end of year	$	2,800.2		$	3,132.6		$	53.2		$	64.8
Change in Plan Assets
Fair value of plan assets at beginning of year	$	3,294.7		$	3,848.8		$	3.4		$	3.3
Actual return on plan assets		(158.1	)		(366.1	)		0.1			0.1
Employer contributions		12.5			11.5			7.3			8.2
Benefits paid		(199.3	)		(198.4	)		(7.3	)		(8.2	)
Currency		(1.3	)		(1.1	)		—			—
Fair value of plan assets at end of year	$	2,948.5		$	3,294.7		$	3.5		$	3.4

Schedule of Net Funded Status [Table Text Block]

	Pension Plans						Postretirement Plans
	2023			2022			2023			2022
Funded Status	$	148.3		$	162.1		$	(49.7	)	$	(61.4	)
Amounts Recognized in Consolidated Balance Sheets
Other assets	$	249.9		$	277.0		$	3.3		$	3.2
Other accrued liabilities		(9.7	)		(10.2	)		(7.2	)		(8.1	)
Other noncurrent liabilities		(91.9	)		(104.7	)		(45.8	)		(56.5	)
Net Amount Recognized	$	148.3		$	162.1		$	(49.7	)	$	(61.4	)
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax)
Actuarial net loss (gain)	$	8.1		$	(30.2	)	$	(46.5	)	$	(44.5	)
Net prior service cost (benefit)		9.6			8.0			(9.2	)		(11.0	)
Total	$	17.7		$	(22.2	)	$	(55.7	)	$	(55.5	)
Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 28, 2023 and May 29, 2022
Discount rate		5.50	%		4.48	%		5.37	%		4.24	%
Long-term rate of compensation increase		N/A			N/A			N/A			N/A

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

	2023		2022
Projected benefit obligation	$	101.6	$	114.9
Accumulated benefit obligation		101.6		114.9

	Pension Plans									Postretirement Plans
	2023			2022			2021			2023			2022			2021
Service cost	$	6.5		$	8.7		$	11.6		$	0.1		$	0.2		$	0.2
Interest cost		124.0			83.3			86.8			2.3			1.3			1.5
Expected return on plan assets		(145.9	)		(145.4	)		(140.0	)		—			—			—
Amortization of prior service cost (benefit)		1.4			1.9			2.3			(1.7	)		(2.0	)		(2.1	)
Recognized net actuarial loss (gain)		0.1			(2.9	)		0.8			(4.4	)		(3.5	)		(3.5	)
Settlement gain		—			—			—			—			—			(0.5	)
Curtailment loss		—			—			0.2			—			—			—
Pension and postretirement cost (benefit) — Company plans		(13.9	)		(54.4	)		(38.3	)		(3.7	)		(4.0	)		(4.4	)
Pension cost (benefit) — multi-employer plans		9.2			8.1			7.4			—			—			—
Total pension and postretirement cost (benefit)	$	(4.7	)	$	(46.3	)	$	(30.9	)	$	(3.7	)	$	(4.0	)	$	(4.4	)

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

	Pension Plans						Postretirement Plans
	2023			2022			2023			2022
Net actuarial gain (loss)	$	(38.4	)	$	(8.5	)	$	6.3		$	9.6
Amendments		(3.0	)		(3.7	)		—			—
Amortization of prior service cost (benefit)		1.4			1.9			(1.7	)		(2.0	)
Recognized net actuarial gain		—			(2.9	)		(4.4	)		(3.5	)
Currency		0.1			0.1			—			0.1
Net amount recognized	$	(39.9	)	$	(13.1	)	$	0.2		$	4.2

Defined Benefit Plan, Assumptions [Table Text Block]

	Pension Plans									Postretirement Plans
	2023			2022			2021			2023			2022			2021
Discount rate - interest cost		4.09	%		2.29	%		2.30	%		3.83	%		1.69	%		1.74	%
Discount rate - service cost		4.74	%		3.50	%		3.35	%		4.60	%		3.55	%		3.03	%
Long-term rate of return on plan assets		4.56	%		3.87	%		3.74	%		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	$	5.7	$	152.6	$	—	$	158.3
Equity securities:
U.S. equity securities		59.0		19.5		—		78.5
International equity securities		34.4		—		—		34.4
Fixed income securities:
Government bonds		—		562.2		—		562.2
Corporate bonds		—		1,878.1		—		1,878.1
Mortgage-backed bonds		—		22.0		—		22.0
Net receivables for unsettled transactions		2.6		—		—		2.6
Fair value measurement of pension plan assets in the fair value hierarchy	$	101.7	$	2,634.4	$	—	$	2,736.1
Investments measured at net asset value								212.4
Total pension plan assets							$	2,948.5

	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
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

	May 28, 2023			May 29, 2022
Equity securities		4	%		4	%
Debt securities		84	%		87	%
Real estate funds		1	%		1	%
Private equity		4	%		4	%
Other		7	%		4	%
Total		100	%		100	%

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

Assumed Health Care Cost Trend Rates at:	May 28, 2023			May 29, 2022
Initial health care cost trend rate		6.92	%		6.32	%
Ultimate health care cost trend rate		4.43	%		4.44	%
Year that the rate reaches the ultimate trend rate	2034			2029

Schedule of Expected Benefit Payments [Table Text Block]

	Pension		Postretirement
	Plans		Plans
2024	$	204.0	$	7.2
2025		203.1		6.7
2026		204.7		6.2
2027		205.7		5.7
2028		206.4		5.2
Succeeding 5 years		1,022.0		20.2

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

2022

2021

Pending / Implemented

FY23

FY22

FY21

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

2.6

2.5

2.2

No

5/31/2025

Western Conference of Teamsters Pension Plan

91-6145047/ 001

Green

Green

N/A

4.4

3.8

3.8

No

4/30/2025

Other Plans

2.2

1.8

1.4

Total Contributions

$

9.2

$

8.1

$

7.4