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Derivative Instruments And Hedging Activities (Tables)
 12 Months Ended
May 25, 2014
Derivative Instruments, Gain (Loss) [Line Items]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The notional values of our derivative contracts are as follows:
(in millions)
May 25, 2014

 
May 26, 2013

Derivative contracts designated as hedging instruments:
 
 
 
Commodities
$
0.9

 
$
18.2

Foreign currency
0.3

 
20.3

Interest rate swaps
200.0

 
100.0

Equity forwards
20.6

 
24.9

Derivative contracts not designated as hedging instruments:
 
 
 
Equity forwards
$
47.4

 
$
49.1

Commodities
—

 
0.6
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:
(in millions)
Balance
Sheet
Location
 
Derivative Assets
 
Derivative Liabilities
 
 
 
May 25, 2014

 
May 26, 2013

 
May 25, 2014

 
May 26, 2013

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

 
$
0.1

 
$
—

 
$
(0.3
)
Equity forwards
(1
)
 
—

 
—

 
(0.5
)
 
(0.6
)
Interest rate related
(1
)
 
1.6

 
1.9

 
—

 
—

Foreign currency forwards
(1
)
 
0.1

 
0.6

 
—

 
—

 
 
 
$
1.7

 
$
2.6

 
$
(0.5
)
 
$
(0.9
)
Derivative contracts not designated
as hedging instruments
 
 
 
 
 
 
 
 
 
Commodity contracts
(1
)
 
$
—

 
$
—

 
$
—

 
$
—

Equity forwards
(1
)
 
—

 
—

 
(1.2
)
 
(1.3
)
 
 
 
$
—

 
$
—

 
$
(1.2
)
 
$
(1.3
)
Total derivative contracts
 
 
$
1.7

 
$
2.6

 
$
(1.7
)
 
$
(2.2
)
(1)
Derivative assets and liabilities are included in receivables, net, prepaid expenses and other current assets, and other current liabilities, as applicable, on our consolidated balance sheets.
Cash Flow Hedges
  
Derivative Instruments, Gain (Loss) [Line Items]  
Effects Of Derivative Instruments In Hedging Relationships
The effects of derivative instruments in cash flow hedging relationships in 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)
  
Fiscal Year
 
 
 
Fiscal Year
 
 
 
Fiscal Year
  
2014

2013

2012
 
 
 
2014

2013

2012
 
 
 
2014
 
2013
 
2012
Commodity
$
0.6

 
$
0.7

 
$
(2.2
)
 
(2)
 
$
0.4

 
$
0.4

 
$
(1.7
)
 
(2)
 
$
—

 
$
—

 
$
—

Equity
(3.5
)
 
(2.8
)
 
(0.7
)
 
(3)
 
(0.8
)
 
0.2

 
—

 
(3)
 
1.4

 
1.1

 
0.6

Interest rate
—

 
(10.1
)
 
(75.2
)
 
Interest, net
 
(10.3
)
 
(8.3
)
 
(2.9
)
 
Interest, net
 
—

 
—

 
(0.7
)
Foreign currency
0.5

 
(0.5
)
 
0.9

 
(4)
 
1.0

 
—

 
0.8

 
(4)
 
—

 
—

 
—

 
$
(2.4
)
 
$
(12.7
)
 
$
(77.2
)
 
 
 
$
(9.7
)
 
$
(7.7
)
 
$
(3.8
)
 
 
 
$
1.4

 
$
1.1

 
$
(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 may 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
  
Derivative Instruments, Gain (Loss) [Line Items]  
Effects Of Derivative Instruments In Hedging Relationships
The effects of derivative instruments in fair value hedging relationships in 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
  
Fiscal Year
 
 
 
 
 
Fiscal Year
 
 
 
2014

2013

2012
 
 
 
 
 
2014

2013

2012
 
 
Interest rate
$
(0.3
)
 
$
(1.3
)
 
$
(0.4
)
 
Interest, net
 
Debt
 
$
0.3

 
$
1.3

 
$
0.4

 
Interest, net
Not Designated As Hedging Instrument
  
Derivative Instruments, Gain (Loss) [Line Items]  
Effects Of Derivative Instruments In Hedging Relationships
The effects of derivatives not designated as hedging instruments in the consolidated statements of earnings are as follows:
 
Location of Gain
(Loss) Recognized
in Earnings
 
Amount of Gain (Loss)
Recognized in Earnings
 
 
Fiscal Year
(in millions)
 
2014
 
2013
 
2012
Commodity contracts
Cost of sales (1)
 
$
—

 
$
(0.1
)
 
$
(7.9
)
Equity forwards
Cost of sales (2)
 
(0.5
)
 
1.6

 
2.3

Equity forwards
Selling, general and
administrative
 
(1.3
)
 
1.4

 
6.0

 
 
 
$
(1.8
)
 
$
2.9

 
$
0.4

(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.