XML 62 R46.htm IDEA: XBRL DOCUMENT v3.24.2
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

​

​

​

​

​

​