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Retirement Plans (Tables)
 12 Months Ended
May 25, 2014
Compensation and Retirement Disclosure [Abstract]  
Funding Of Defined Benefit Pension Plans And Postretirement Benefit Plans
Fundings related to the defined benefit pension plans and postretirement benefit plans, which are funded on a pay-as-you-go basis, were as follows:

(in millions)
Fiscal Year
 
2014

2013

2012
Defined benefit pension plans funding
$
0.4

 
$
2.4

 
$
22.2

Postretirement benefit plan funding
0.9

 
0.8

 
0.5
Change In Benefit Obligation
The following provides a reconciliation of the changes in the plan benefit obligation, fair value of plan assets and the funded status of the plans as of May 25, 2014 and May 26, 2013:
(in millions)
Defined Benefit Plans
 
Postretirement Benefit Plan
 
2014
 
2013
 
2014
 
2013
Change in Benefit Obligation:
 
 
 
 
 
 
 
Benefit obligation at beginning of period
$
276.8

 
$
274.4

 
$
29.9

 
$
29.6

Service cost
4.4

 
4.7

 
0.7

 
0.8

Interest cost
10.2

 
9.9

 
1.4

 
1.3

Plan amendments
(0.6
)
 
—

 
—

 
—

Plan curtailments
(6.4
)
 
—

 
(4.8
)
 
—

Participant contributions
—

 
—

 
0.5

 
0.4

Benefits paid
(13.3
)
 
(11.2
)
 
(1.4
)
 
(1.2
)
Actuarial loss (gain)
12.8

 
(1.0
)
 
12.2

 
(1.0
)
Benefit obligation at end of period
$
283.9

 
$
276.8

 
$
38.5

 
$
29.9
Change In Plan Assets
Change in Plan Assets:
 
 
 
 
 
 
 
Fair value at beginning of period
$
234.1

 
$
203.5

 
$
—

 
$
—

Actual return on plan assets
22.7

 
39.4

 
—

 
—

Employer contributions
0.4

 
2.4

 
0.9

 
0.8

Participant contributions
—

 
—

 
0.5

 
0.4

Benefits paid
(13.3
)
 
(11.2
)
 
(1.4
)
 
(1.2
)
Fair value at end of period
$
243.9

 
$
234.1

 
$
—

 
$
—
Reconciliation Of The Plan's Funded Status
Reconciliation of the Plans’ Funded Status:
 
 
 
 

 

Unfunded status at end of period
$
(40.0
)
 
$
(42.7
)
 
$
(38.5
)
 
$
(29.9
)
Funded Status And Amounts Recognized In Accumulated Other Comprehensive Income (Loss)
The following is a detail of the balance sheet components of each of our plans and a reconciliation of the amounts included in accumulated other comprehensive income (loss):
(in millions)
Defined Benefit Plans
 
Postretirement Benefit Plan
  
May 25,
2014

May 26,
2013
 
May 25,
2014

May 26,
2013
Components of the Consolidated Balance Sheets:
 
 
 
 
 
 
 
Current liabilities
$
—

 
$
—

 
$
1.1

 
$
—

Non-current liabilities
40.0

 
42.7

 
37.4

 
29.9

Net amounts recognized
$
40.0

 
$
42.7

 
$
38.5

 
$
29.9

Amounts Recognized in Accumulated Other Comprehensive Income (Loss), net of tax:
 
 
 
 
 
 
 
Prior service (cost) credit
$
—

 
$
(0.2
)
 
$
—

 
$
0.1

Net actuarial loss
(64.0
)
 
(69.0
)
 
(5.8
)
 
(1.3
)
Net amounts recognized
$
(64.0
)
 
$
(69.2
)
 
$
(5.8
)
 
$
(1.2
)
Accumulated Benefit Obligations In Excess Of Plan Assets
The following is a summary of our accumulated and projected benefit obligations:
(in millions)
May 25, 2014

 
May 26, 2013

Accumulated benefit obligation for all pension plans
$
283.3

 
$
267.6

Pension plans with accumulated benefit obligations in excess of plan assets:
 
 
 
Accumulated benefit obligation
283.3

 
267.6

Fair value of plan assets
243.9

 
234.1

Projected benefit obligations for all plans with projected benefit obligations in excess of plan assets
283.9

 
276.8
Weighted-Average Assumptions Used
The following table presents the weighted-average assumptions used to determine benefit obligations and net expense:
  
Defined Benefit Plans
 
Postretirement Benefit Plan
 
2014
 
2013
 
2014
 
2013
Weighted-average assumptions used to determine benefit obligations at May 25 and May 26 (1)
 
 
 
 
 
 
 
Discount rate
4.41
%
 
4.60
%
 
4.45
%
 
4.74
%
Rate of future compensation increases
3.86
%
 
4.04
%
 
N/A

 
N/A

Weighted-average assumptions used to determine net expense for fiscal years ended May 25 and May 26 (2)
 
 
 
 
 
 
 
Discount rate
4.60
%
 
4.35
%
 
4.74
%
 
4.52
%
Expected long-term rate of return on plan assets
8.00
%
 
9.00
%
 
N/A

 
N/A

Rate of future compensation increases
4.04
%
 
4.22
%
 
N/A

 
N/A

(1)  Determined as of the end of fiscal year.
(2)  Determined as of the beginning of fiscal year.
Components Of Net Periodic Benefit Cost
Components of net periodic benefit cost included in continuing operations are as follows:
(in millions)
Defined Benefit Plans
 
Postretirement Benefit Plan
  
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Service cost
$
4.4

 
$
4.7

 
$
5.1

 
$
0.7

 
$
0.8

 
$
0.8

Interest cost
10.2

 
9.9

 
9.6

 
1.4

 
1.3

 
1.5

Expected return on plan assets
(17.1
)
 
(19.4
)
 
(17.8
)
 
—

 
—

 
—

Amortization of unrecognized prior service cost
0.1

 
0.1

 
0.1

 
(0.1
)
 
(0.1
)
 
(0.1
)
Recognized net actuarial loss
9.0

 
8.8

 
8.2

 
—

 
—

 
—

Curtailment gain recognized
(0.5
)
 
—

 
—

 
—

 
—

 
—

Net pension and postretirement cost (benefit)
$
6.1

 
$
4.1

 
$
5.2

 
$
2.0

 
$
2.0

 
$
2.2
Fair Values Of Defined Benefit Pension Plans Assets
The fair values of the defined benefit pension plans assets at their measurement dates of May 25, 2014 and May 26, 2013, are as follows:
 
 
 
Items Measured at Fair Value at May 25, 2014
(in millions)
 
 
Fair Value
of Assets
(Liabilities)
  
Quoted Prices
in Active
Market for
Identical Assets
(Liabilities)
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Equity:
 
 
 
 
 
 
 
 
 
U.S. Commingled Funds
(1)
 
$
87.5

 
$
—

 
$
87.5

 
$
—

International Commingled Funds
(2)
 
31.2

 
—

 
31.2

 
—

Emerging Market Commingled Funds
(3)
 
13.3

 
—

 
13.3

 
—

Real Estate Commingled Funds
(4)
 
10.5

 
—

 
10.5

 
—

Fixed-Income:
 
 
 
 
 
 
 
 
 
U.S. Treasuries
(5)
 
27.6

 
27.6

 
—

 
—

U.S. Corporate Securities
(5)
 
48.0

 
—

 
48.0

 
—

International Securities
(5)
 
10.0

 
—

 
10.0

 
—

Public Sector Utility Securities
(5)
 
13.1

 
—

 
13.1

 
—

Cash & Accruals
 
 
2.7

 
2.7

 
—

 
—

Total
 
 
$
243.9

 
$
30.3

 
$
213.6

 
$
—




 
 
 
Items Measured at Fair Value at May 26, 2013
(in millions)
 
 
Fair Value
of Assets
(Liabilities)
 
Quoted Prices
in Active
Market for
Identical Assets
(Liabilities)
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Equity:
 
 
 
 
 
 
 
 
 
U.S. Commingled Funds
(1)
 
$
97.2

 
$
—

 
$
97.2

 
$
—

International Commingled Funds
(2)
 
33.4

 
—

 
33.4

 
—

Emerging Market Commingled Funds
(3)
 
13.8

 
—

 
13.8

 
—

Real Estate Commingled Funds
(4)
 
11.6

 
—

 
11.6

 
—

Fixed-Income:
 
 
 
 
 
 
 
 
 
U.S. Treasuries
(5)
 
16.3

 
16.3

 
—

 
—

U.S. Corporate Securities
(5)
 
42.5

 
—

 
42.5

 
—

International Securities
(5)
 
8.2

 
—

 
8.2

 
—

Public Sector Utility Securities
(5)
 
9.4

 
—

 
9.4

 
—

Cash & Accruals
 
 
1.7

 
1.7

 
—

 
—

Total
 
 
$
234.1

 
$
18.0

 
$
216.1

 
$
—

 
(1)
U.S. commingled funds are comprised of investments in funds that purchase publicly traded U.S. common stock for total return purposes. Investments are valued at unit values provided by the investment managers which are based on the fair value of the underlying investments. There are no redemption restrictions associated with these funds.
(2)
International commingled funds are comprised of investments in funds that purchase publicly traded non-U.S. common stock for total return purposes. Investments are valued at unit values provided by the investment managers which are based on the fair value of the underlying investments. There are no redemption restrictions associated with these funds.
(3)
Emerging market commingled funds and developed market securities are comprised of investments in funds that purchase publicly traded common stock of non-U.S. companies for total return purposes. Funds are valued at unit values provided by the investment managers which are based on the fair value of the underlying investments. There are no redemption restrictions associated with these funds.
(4)
Real estate commingled funds are comprised of investments in funds that purchase publicly traded common stock of real estate securities for purposes of total return. These investments are valued at unit values provided by the investment managers which are based on the fair value of the underlying investments. There are no redemption restrictions associated with these funds.
(5)
Fixed-income securities are comprised of investments in government and corporate debt securities. These securities are valued by the trustee at closing prices from national exchanges or pricing vendors on the valuation date.
Expected Benefit Payments
The following benefit payments are expected to be paid between fiscal 2015 and fiscal 2025:
(in millions)
 
Defined Benefit Plans
 
Postretirement Benefit Plan
2015
 
$
21.2

 
$
1.1

2016
 
10.2

 
1.2

2017
 
10.6

 
1.2

2018
 
11.1

 
1.3

2019
 
11.5

 
1.4

2020-2025
 
68.7

 
8.5