Stockholders' Equity

3 Months Ended

Aug. 24, 2014

Stockholders' Equity Note [Abstract]

Accumulated Other Comprehensive Income (Loss)

Share Repurchase Program

In July 2014, as part of the previously authorized share repurchase program, we entered into accelerated share repurchase (ASR) agreements with Goldman, Sachs & Co. and Wells Fargo Bank, National Association (Dealers), which were amended and restated in September 2014 solely to address non-substantive technical clarifications. The ASR program provides for the repurchase of an aggregate of $500.0 million of our common stock.  Under the ASR agreements, we paid an aggregate of $500.0 million to the Dealers in August 2014 and will receive an initial delivery of approximately 8.6 million shares in October 2014, which represents approximately 80.0 percent of the total shares that will be repurchased under the ASR transactions based on current share prices. After consideration of the provisions of Accounting Standards Codification (ASC) Topic 815, Derivatives and Hedging, and ASC Topic 480, Distinguishing Liabilities from Equity, we concluded that the transaction qualifies for permanent equity classification. Accordingly, the $500.0 million payment was recorded as a reduction to shareholders’ equity and is reflected in common stock and surplus on our consolidated balance sheet as of August 24, 2014. The total number of shares we ultimately purchase in ASR transactions will be determined based on the average of the daily volume-weighted average share price of our common stock over the duration of the ASR transactions, less an agreed discount, and is subject to certain adjustments under the agreements. The agreements contemplate that final settlement is expected to occur in, or prior to, December 2014, although the completion date may be accelerated or, under certain circumstances, extended.  At settlement, we may be entitled to receive additional shares of our common stock from a Dealer or, under certain circumstances, may be required to deliver shares or make a cash payment (at our option) to a Dealer. As of August 24, 2014, no shares repurchased under this program have been delivered and there was no impact on our weighted average number of common shares outstanding for the quarter ended August 24, 2014.

Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss), net of tax, for the quarters ended August 24, 2014 and August 25, 2013 are as follows:

(in millions)	Foreign Currency Translation Adjustment			Unrealized Gains (Losses) on Marketable Securities			Unrealized Gains (Losses) on Derivatives			Benefit Plan Funding Position			Accumulated Other Comprehensive Income (Loss)
Balance at May 25, 2014	$	(4.7	)	$	0.1		$	(50.4	)	$	(73.1	)	$	(128.1	)
Gain (loss)	(1.2		)	(0.1		)	(2.0		)	—			(3.3		)
Reclassification realized in net earnings	2.7			—			25.9			0.3			28.9
Balance at August 24, 2014	$	(3.2	)	$	—		$	(26.5	)	$	(72.8	)	$	(102.5	)
Balance at May 26, 2013	$	(1.8	)	$	0.2		$	(53.8	)	$	(77.4	)	$	(132.8	)
Gain (loss)	(1.0		)	(0.1		)	(4.4		)	—			(5.5		)
Reclassification realized in net earnings	—			—			2.3			1.6			3.9
Balance at August 25, 2013	$	(2.8	)	$	0.1		$	(55.9	)	$	(75.8	)	$	(134.4	)

The following table presents the amounts and line items in our consolidated statements of earnings where adjustments reclassified from AOCI into net earnings were recorded:

		Amount Reclassified from AOCI into Net Earnings
		Three Months Ended
(in millions) AOCI Components	Location of Gain (Loss) Recognized in Earnings	August 24, 2014			August 25, 2013
Derivatives
Commodity contracts	(1)	$	—		$	(0.2	)
Equity contracts	(2)	(0.9		)	(0.7		)
Interest rate contracts	Interest, net	(40.5		)	(2.6		)
Foreign currency contracts	(2)	—			0.1
	Total before tax	$	(41.4	)	$	(3.4	)
	Tax benefit	15.5			1.1
	Net of tax	$	(25.9	)	$	(2.3	)
Benefit plan funding position
Recognized net actuarial loss - pension/postretirement plans	(3)	$	(0.6	)	$	(2.3	)
Recognized net actuarial loss - other plans	(4)	(0.2		)	(0.3		)
	Total before tax	$	(0.8	)	$	(2.6	)
	Tax benefit	0.5			1.0
	Net of tax	$	(0.3	)	$	(1.6	)

(1) Primarily included in cost of sales. See Note 9 for additional details.

(2) Primarily included in cost of sales and selling, general and administrative expenses. See Note 9 for additional details.

(3) Included in the computation of net periodic benefit costs - pension and postretirement plans, which is a component of restaurant labor expenses and selling, general and administrative expenses. See Note 8 for additional details.

(4) Included in the computation of net periodic benefit costs - other plans, which is a component of selling, general and administrative expenses.