Stockholders' Equity

9 Months Ended

Feb. 22, 2015

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). The ASR program provided 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. In 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. Upon receipt, the repurchased shares were retired and restored to authorized but unissued shares of common stock.

Accumulated Other Comprehensive Income (Loss) (AOCI)

The components of accumulated other comprehensive income (loss), net of tax, for the quarters ended February 22, 2015 and February 23, 2014 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 November 23, 2014	$	0.8		$	0.1	$	(23.0	)	$	(57.7	)	$	(79.8	)
Gain (loss)	(2.0		)	—		1.4			—			(0.6		)
Reclassification realized in net earnings	—			—		1.6			1.0			2.6
Balance at February 22, 2015	$	(1.2	)	$	0.1	$	(20.0	)	$	(56.7	)	$	(77.8	)
Balance at November 24, 2013	$	(3.7	)	$	0.1	$	(50.1	)	$	(74.2	)	$	(127.9	)
Gain (loss)	(1.7		)	—		(1.1		)	—			(2.8		)
Reclassification realized in net earnings	—			—		1.1			1.6			2.7
Balance at February 23, 2014	$	(5.4	)	$	0.1	$	(50.1	)	$	(72.6	)	$	(128.0	)

The components of accumulated other comprehensive income (loss), net of tax, for the nine months ended February 22, 2015 and February 23, 2014 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)	(3.8		)	—			2.1			14.6			12.9
Reclassification realized in net earnings	7.3			—			28.3			1.8			37.4
Balance at February 22, 2015	$	(1.2	)	$	0.1		$	(20.0	)	$	(56.7	)	$	(77.8	)
Balance at May 26, 2013	$	(1.8	)	$	0.2		$	(53.8	)	$	(77.4	)	$	(132.8	)
Gain (loss)	(3.6		)	(0.1		)	(1.6		)	—			(5.3		)
Reclassification realized in net earnings	—			—			5.3			4.8			10.1
Balance at February 23, 2014	$	(5.4	)	$	0.1		$	(50.1	)	$	(72.6	)	$	(128.0	)

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						Nine Months Ended
(in millions) AOCI Components	Location of Gain (Loss) Recognized in Earnings	February 22, 2015			February 23, 2014			February 22, 2015			February 23, 2014
Derivatives
Commodity contracts	(1)	$	—		$	0.6		—			(0.1		)
Equity contracts	(2)	—			—			(0.9		)	(0.7		)
Interest rate contracts	Interest, net	(2.5		)	(2.6		)	(44.4		)	(7.8		)
Foreign currency contracts	(2)	—			0.2			—			0.5
Total before tax		$	(2.5	)	$	(1.8	)	$	(45.3	)	$	(8.1	)
Tax benefit		0.9			0.7			17.0			2.8
Net of tax		$	(1.6	)	$	(1.1	)	$	(28.3	)	$	(5.3	)
Benefit plan funding position
Recognized net actuarial loss - pension/postretirement plans	(3)	$	(0.6	)	$	(2.2	)	$	(1.9	)	$	(6.8	)
Recognized net actuarial loss - other plans	(4)	(1.0		)	(0.4		)	(1.3		)	(1.0		)
Total before tax		$	(1.6	)	$	(2.6	)	$	(3.2	)	$	(7.8	)
Tax benefit		0.6			1.0			1.4			3.0
Net of tax		$	(1.0	)	$	(1.6	)	$	(1.8	)	$	(4.8	)

(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.