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Stockholders' Equity
 6 Months Ended
Nov. 23, 2014
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
Stockholders' Equity
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 received an initial delivery of approximately 8.6 million shares on October 1, 2014. Upon receipt, the repurchased shares were retired and restored to authorized but unissued shares of common stock. 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. Subsequent to our second fiscal quarter, in early December 2014, the ASR program was completed and we received the final delivery of approximately 1.3 million shares. The total number of shares we purchased in connection with the ASR transactions was based on a combined discounted volume-weighted average price (VWAP) of $50.12 per share which was determined based on the average of the daily VWAP of our common stock over the duration of the program, less an agreed discount.


Accumulated Other Comprehensive Income (Loss) (AOCI)
The components of accumulated other comprehensive income (loss), net of tax, for the quarters ended November 23, 2014 and November 24, 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 August 24, 2014
$
(3.2
)
 
$
—

 
$
(26.5
)
 
$
(72.8
)
 
$
(102.5
)
Gain
(0.5
)
 
0.1

 
2.7

 
14.6

 
16.9

Reclassification realized in net earnings
4.5

 
—

 
0.8

 
0.5

 
5.8

Balance at November 23, 2014
$
0.8

 
$
0.1

 
$
(23.0
)
 
$
(57.7
)
 
$
(79.8
)
 
 
 
 
 
 
 
 
 
 
Balance at August 25, 2013
$
(2.8
)
 
$
0.1

 
$
(55.9
)
 
$
(75.8
)
 
$
(134.4
)
Gain (loss)
(0.9
)
 
—

 
4.0

 
—

 
3.1

Reclassification realized in net earnings
—

 
—

 
1.8

 
1.6

 
3.4

Balance at November 24, 2013
$
(3.7
)
 
$
0.1

 
$
(50.1
)
 
$
(74.2
)
 
$
(127.9
)

The components of accumulated other comprehensive income (loss), net of tax, for the six months ended November 23, 2014 and November 24, 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
(1.8
)
 
—

 
0.7

 
14.6

 
13.5

Reclassification realized in net earnings
7.3

 
—

 
26.7

 
0.8

 
34.8

Balance at November 23, 2014
$
0.8

 
$
0.1

 
$
(23.0
)
 
$
(57.7
)
 
$
(79.8
)
 
 
 
 
 
 
 
 
 
 
Balance at May 26, 2013
$
(1.8
)
 
$
0.2

 
$
(53.8
)
 
$
(77.4
)
 
$
(132.8
)
Gain (loss)
(1.9
)
 
(0.1
)
 
(0.5
)
 
—

 
(2.5
)
Reclassification realized in net earnings
—

 
—

 
4.2

 
3.2

 
7.4

Balance at November 24, 2013
$
(3.7
)
 
$
0.1

 
$
(50.1
)
 
$
(74.2
)
 
$
(127.9
)

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
 
Six Months Ended
(in millions)
AOCI Components
Location of Gain (Loss) Recognized in Earnings
 
November 23,
2014
 
November 24,
2013
 
November 23,
2014
 
November 24,
2013
Derivatives
 
 
 
 
 
 
 
 
 
Commodity contracts
(1)
 
$
—

 
$
(0.5
)
 
—

 
(0.7
)
Equity contracts
(2)
 
—

 
—

 
(0.9
)
 
(0.7
)
Interest rate contracts
Interest, net
 
(1.4
)
 
(2.6
)
 
(41.9
)
 
(5.2
)
Foreign currency contracts
(2)
 
—

 
0.2

 
—

 
0.3

 
Total before tax
 
$
(1.4
)
 
$
(2.9
)
 
$
(42.8
)
 
$
(6.3
)
 
Tax benefit
 
0.6

 
1.1

 
16.1

 
2.1

 
Net of tax
 
$
(0.8
)
 
$
(1.8
)
 
$
(26.7
)
 
$
(4.2
)
 
 
 
 
 
 
 
 
 
 
Benefit plan funding position
 
 
 
 
 
 
 
 
 
Recognized net actuarial loss - pension/postretirement plans
(3)
 
$
(0.7
)
 
$
(2.3
)
 
$
(1.3
)
 
$
(4.6
)
Recognized net actuarial loss - other plans
(4)
 
(0.1
)
 
(0.3
)
 
(0.3
)
 
(0.6
)
 
Total before tax
 
$
(0.8
)
 
$
(2.6
)
 
$
(1.6
)
 
$
(5.2
)
 
Tax benefit
 
0.3

 
1.0

 
0.8

 
2.0

 
Net of tax
 
$
(0.5
)
 
$
(1.6
)
 
$
(0.8
)
 
$
(3.2
)
(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.