PENSION AND POSTRETIREMENT BENEFITS (Tables)

12 Months Ended

May 26, 2024

PENSION AND POSTRETIREMENT BENEFITS

Schedule Of Changes in Projected Benefit Obligations

	Pension Plans				Postretirement Plans
	2024		2023		2024		2023
Change in Benefit Obligation
Benefit obligation at beginning of year	$	2,800.2	$	3,132.6	$	53.2	$	64.8
Service cost		5.8		6.5		0.1		0.1
Interest cost		144.7		124.0		2.5		2.3
Amendments		0.3		3.0		—		—
Actuarial gain		(31.2)		(265.5)		(0.8)		(6.3)
Plan settlements		(70.8)		—		—		—
Benefits paid		(274.3)		(199.3)		(6.9)		(7.3)
Currency		—		(1.1)		—		(0.4)
Benefit obligation at end of year	$	2,574.7	$	2,800.2	$	48.1	$	53.2
Change in Plan Assets
Fair value of plan assets at beginning of year	$	2,948.5	$	3,294.7	$	3.5	$	3.4
Actual return on plan assets		118.4		(158.1)		0.2		0.1
Employer contributions		12.2		12.5		6.9		7.3
Plan settlements		(65.9)		—		—		—
Benefits paid		(274.3)		(199.3)		(6.9)		(7.3)
Currency		—		(1.3)		—		—
Fair value of plan assets at end of year	$	2,738.9	$	2,948.5	$	3.7	$	3.5

Schedule of Net Funded Status

	Pension Plans				Postretirement Plans
	2024		2023		2024		2023
Funded Status	$	164.2	$	148.3	$	(44.4)	$	(49.7)
Amounts Recognized in Consolidated Balance Sheets
Other assets	$	260.1	$	249.9	$	3.5	$	3.3
Other accrued liabilities		(9.3)		(9.7)		(6.5)		(7.2)
Other noncurrent liabilities		(86.6)		(91.9)		(41.4)		(45.8)
Net Amount Recognized	$	164.2	$	148.3	$	(44.4)	$	(49.7)
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax)
Actuarial net loss (gain)	$	8.3	$	8.1	$	(42.7)	$	(46.5)
Net prior service cost (benefit)		6.2		9.6		(7.5)		(9.2)
Total	$	14.5	$	17.7	$	(50.2)	$	(55.7)
Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 26, 2024 and May 28, 2023
Discount rate		5.58%		5.50%		5.41%		5.37%
Long-term rate of compensation increase		N/A		N/A		N/A		N/A

Schedule of Defined Benefit Plans Disclosures

	2024		2023
Projected benefit obligation	$	95.9	$	101.6
Accumulated benefit obligation		95.9		101.6

	Pension Plans						Postretirement Plans
	2024		2023		2022		2024		2023		2022
Service cost	$	5.8	$	6.5	$	8.7	$	0.1	$	0.1	$	0.2
Interest cost		144.7		124.0		83.3		2.5		2.3		1.3
Expected return on plan assets		(141.3)		(145.9)		(145.4)		—		—		—
Amortization of prior service cost (benefit)		1.6		1.4		1.9		(1.7)		(1.7)		(2.0)
Recognized net actuarial loss (gain)		(12.5)		0.1		(2.9)		(4.7)		(4.4)		(3.5)
Settlement loss		1.1		—		—		—		—		—
Pension and postretirement cost (benefit) — Company plans		(0.6)		(13.9)		(54.4)		(3.8)		(3.7)		(4.0)
Pension cost (benefit) — multi-employer plans		9.0		9.2		8.1		—		—		—
Total pension and postretirement cost (benefit)	$	8.4	$	(4.7)	$	(46.3)	$	(3.8)	$	(3.7)	$	(4.0)

Schedule of Amounts Recognized in Other Comprehensive Income

	Pension Plans				Postretirement Plans
	2024		2023		2024		2023
Net actuarial gain (loss)	$	13.3	$	(38.4)	$	0.9	$	6.3
Amendments		(0.3)		(3.0)		—		—
Amortization of prior service cost (benefit)		1.6		1.4		(1.7)		(1.7)
Settlement loss		1.1		—		—		—
Recognized net actuarial gain		(12.5)		—		(4.7)		(4.4)
Currency		—		0.1		—		—
Net amount recognized	$	3.2	$	(39.9)	$	(5.5)	$	0.2

Schedule of Allocation of Plan Assets

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	2.2	$	75.3	$	—	$	77.5
Equity securities:
U.S. equity securities		71.0		24.0		—		95.0
International equity securities		34.8		—		—		34.8
Fixed income securities:
Government bonds		—		508.1		—		508.1
Corporate bonds		—		1,797.6		—		1,797.6
Mortgage-backed bonds		—		53.3		—		53.3
Net receivables for unsettled transactions		(20.6)		—		—		(20.6)
Fair value measurement of pension plan assets in the fair value hierarchy	$	87.4	$	2,458.3	$	—	$	2,545.7
Investments measured at net asset value								193.2
Total pension plan assets							$	2,738.9

	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 payables 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

	May 26, 2024		May 28, 2023
Equity securities		5%	4%
Debt securities		86%	84%
Real estate funds		1%	1%
Private equity		4%	4%
Other		4%	7%
Total		100%	100%

Schedule of Defined Benefit Plan

	Pension Plans						Postretirement Plans
	2024		2023		2022		2024		2023		2022
Discount rate - interest cost		5.41%		4.09%		2.29%		5.36%		3.83%		1.69%
Discount rate - service cost		5.60%		4.74%		3.50%		5.31%		4.60%		3.55%
Long-term rate of return on plan assets		5.00%		4.56%		3.87%		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 Health Care Cost Trend Rates

Assumed Health Care Cost Trend Rates at:	May 26, 2024	May 28, 2023
Initial health care cost trend rate	6.67%	6.92%
Ultimate health care cost trend rate	4.42%	4.43%
Year that the rate reaches the ultimate trend rate	2033	2034

Schedule of Expected Benefit Payments

	Pension		Postretirement
	Plans		Plans
2025	$	199.2	$	6.6
2026		198.9		6.1
2027		199.4		5.6
2028		199.2		5.1
2029		198.6		4.7
Succeeding 5 years		965.6		18.1

Schedule of Multiemployer Plan

Expiration

Pension Protection

FIP /

Contributions by the

Dates of

Act Zone Status

RP Status

Company (millions)

Collective

Pending /

Surcharge

Bargaining

Pension Fund

EIN / PN

2023

2022

Implemented

FY24

FY23

FY22

Imposed

Agreements

Central States, Southeast and Southwest Areas Pension Fund

36-6044243/ 001

Red, Critical and Declining

Red, Critical and Declining

RP Implemented

2.4

2.6

2.5

No

5/31/2025

Western Conference of Teamsters Pension Plan

91-6145047/ 001

Green

Green

N/A

4.3

4.4

3.8

No

4/30/2025

Other Plans

2.3

2.2

1.8

Total Contributions

$

9.0

$

9.2

$

8.1