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Derivative Instruments And Hedging Activities (Tables)
 3 Months Ended
Aug. 28, 2011
Derivative [Line Items]  
Notional Values Of Derivative Contracts Designated And Not Designated As Hedging Instruments
The notional values of derivative contracts designated as hedging instruments and derivative contracts that are not designated as hedging instruments are as follows: 
 
 
Notional Values
(in millions)
 
August 28,

2011
 
May 29,

2011
Derivative contracts designated as hedging instruments
 
 
 
 
Natural gas
 
$
1.0


 
$
3.8


Other commodities
 
12.5


 
—


Foreign currency
 
15.6


 
20.7


Interest rate locks
 
300.0


 
150.0


Interest rate swaps
 
450.0


 
350.0


Equity forwards
 
16.3


 
18.0


Derivative contracts not designated as hedging instruments
 
 
 
 
Natural gas
 
$
7.7


 
$
7.7


Other commodities
 
14.3


 
12.7


Equity forwards
 
21.4


 
24.0
Fair Value Of Derivative Contracts Designated And Not Designated As Hedging Instruments
The fair value of our derivative contracts designated as hedging instruments and derivative contracts that are not designated as hedging instruments are as follows: 
  
 
Balance
Sheet
Location
 
Derivative Assets
 
Derivative Liabilities
(in millions)
 
August 28,

2011
 
May 29,

2011
 
August 28,

2011
 
May 29,

2011
Derivative contracts designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
(1)
 
$
—


 
$
0.1


 
$
(0.4
)
 
$
—


Equity forwards
 
(1)
 
—


 
0.4


 
(1.6
)
 
—


Interest rate related
 
(1)
 
2.9


 
3.6


 
(65.1
)
 
(23.2
)
Foreign currency forwards
 
(1)
 
0.2


 
0.6


 
—


 
—


 
 
 
 
$
3.1


 
$
4.7


 
$
(67.1
)
 
$
(23.2
)
Derivative contracts not designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
(1)
 
$
0.1


 
$
0.6


 
$
(1.4
)
 
$
—


Equity forwards
 
(1)
 
—


 
0.5


 
(1.8
)
 
—


 
 
 
 
$
0.1


 
$
1.1


 
$
(3.2
)
 
$
—


Total derivative contracts
 
$
3.2


 
$
5.8


 
$
(70.3
)
 
$
(23.2
)
 
(1)
Derivative assets and liabilities are included in receivables, net, prepaid expenses and other current assets, other current liabilities, and other liabilities, as applicable, on our consolidated balance sheets.
Not Designated as Hedging Instrument [Member]
  
Derivative [Line Items]  
Effects Of Derivative Instruments In Hedging Relationships
The effects of derivatives not designated as hedging instruments on the consolidated statements of earnings are as follows:
  
 
Location of Gain (Loss)
Recognized
in Earnings on
Derivatives
 
Amount of Gain (Loss) Recognized in Earnings
 
 
Three Months Ended
 
 
August 28, 2011
 
August 29, 2010
(in millions)
 
 
Commodity contracts
 
(1)
 
$
(1.9
)
 
$
(0.1
)
Equity forwards
 
(2)
 
(0.8
)
 
(0.1
)
Equity forwards
 
Selling, General and Administrative
 
(1.3
)
 
—


 
 
 
 
$
(4.0
)
 
$
(0.2
)
 
(1)
Location of the gain (loss) recognized in earnings is food and beverage costs and restaurant expenses, which are components of cost of sales.
(2)
Location of the gain (loss) recognized in earnings is restaurant labor expenses, which is a component of cost of sales.
Cash Flow Hedging [Member]
  
Derivative [Line Items]  
Effects Of Derivative Instruments In Hedging Relationships
The effects of derivative instruments in cash flow hedging relationships on the consolidated statements of earnings are as follows:
 
(in millions)
 
Amount of Gain (Loss)
Recognized in AOCI
(effective portion)
 
Location of
Gain (Loss)
Reclassified
from AOCI to
Earnings
 
Amount of Gain (Loss)
Reclassified from AOCI to
Earnings (effective portion)
 
Location of
Gain (Loss)
Recognized in
Earnings
(ineffective
portion)
 
(1) Amount of Gain (Loss)
Recognized in Earnings
(ineffective portion)
 
 
Three Months Ended
 
 
 
Three Months Ended
 
 
 
Three Months Ended
Type of Derivative
 
August 28,

2011
 
August 29,

2010
 
 
 
August 28,

2011
 
August 29,

2010
 
 
 
August 28,

2011
 
August 29,

2010
Commodity
 
$
(0.4
)
 
$
(0.2
)
 
(2)
 
$
—


 
$
(0.4
)
 
(2)
 
$
—


 
$
—


Equity
 
(3.5
)
 
(0.4
)
 
(3)
 
—


 
—


 
(3)
 
0.1


 
0.1


Interest rate
 
(41.8
)
 
(20.2
)
 
Interest, net
 
0.2


 
0.1


 
Interest, net
 
(0.2
)
 
—


Foreign currency
 
—


 
0.1


 
(4)
 
0.3


 
0.1


 
(4)
 
—


 
—


 
 
$
(45.7
)
 
$
(20.7
)
 
 
 
$
0.5


 
$
(0.2
)
 
 
 
$
(0.1
)
 
$
0.1


 
 
(1)
Generally, all of our derivative instruments designated as cash flow hedges have some level of ineffectiveness, which is recognized currently in earnings. However, as these amounts are generally nominal and our consolidated financial statements are presented “in millions,” these amounts will generally appear as zero in this tabular presentation.
(2)
Location of the gain (loss) reclassified from AOCI to earnings as well as the gain (loss) recognized in earnings for the ineffective portion of the hedge is food and beverage costs and restaurant expenses, which are components of cost of sales.
(3)
Location of the gain (loss) reclassified from AOCI to earnings as well as the gain (loss) recognized in earnings for the ineffective portion of the hedge is restaurant labor expenses, which is a component of cost of sales, and selling, general and administrative expenses.
(4)
Location of the gain (loss) reclassified from AOCI to earnings as well as the gain (loss) recognized in earnings for the ineffective portion of the hedge is food and beverage costs, which is a component of cost of sales, and selling, general and administrative expenses.
Fair Value Hedging [Member]
  
Derivative [Line Items]  
Effects Of Derivative Instruments In Hedging Relationships
The effects of derivative instruments in fair value hedging relationships on the consolidated statements of earnings are as follows:
(in millions)
 
Amount of Gain (Loss)
Recognized in Earnings on
Derivatives
 
Location of
Gain (Loss)
Recognized in
Earnings on
Derivatives
 
Hedged Item in
Fair Value Hedge
Relationship
 
Amount of Gain (Loss)
Recognized in Earnings on
Related Hedged Item
 
Location of
Gain (Loss)
Recognized in
Earnings on
Related
Hedged Item
 
 
Three Months Ended
 
 
 
 
 
Three Months Ended
 
 
 
 
August 28,

2011
 
August 29,

2010
 
 
 
 
 
August 28,

2011
 
August 29,

2010
 
 
Interest rate
 
$
(0.7
)
 
$
1.5


 
Interest, net
 
Fixed-rate debt
 
$
0.7


 
$
(1.5
)
 
Interest, net