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Stockholders' Equity
 6 Months Ended
Nov. 29, 2015
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
Stockholders' Equity

Stockholders’ Rights Plan
In connection with the announced REIT transaction, our Board approved a Rights Agreement dated June 23, 2015, to deter any person from acquiring ownership of more than 9.8 percent of our common stock during the period leading up to the REIT transaction. Under the Rights Agreement, each share of our common stock had associated with it one right to purchase one thousandth of a share of our Series A Junior Participating Cumulative Preferred Stock at a purchase price of $156.26 per share, subject to adjustment under certain circumstances to prevent dilution. On November 10, 2015, the Right expired by their terms following completion of the spin-off of Four Corners. As a result, each share of our common stock is no longer accompanied by a Right. The holders of common stock are not entitled to any payment as a result of the expiration of the Rights Agreement and the Rights issued thereunder.
Accumulated Other Comprehensive Income (Loss) (AOCI)
The components of accumulated other comprehensive income (loss), net of tax, for the quarters ended November 29, 2015 and November 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 August 30, 2015
 
$
(0.9
)
 
$
0.1

 
$
(18.4
)
 
$
(66.0
)
 
$
(85.2
)
Gain (loss)
 
0.1

 
—

 
(2.1
)
 
—

 
(2.0
)
Reclassification realized in net earnings
 
—

 
—

 
22.3

 
(0.1
)
 
22.2

Balance at November 29, 2015
 
$
(0.8
)
 
$
0.1

 
$
1.8

 
$
(66.1
)
 
$
(65.0
)
 
 
 
 
 
 
 
 
 
 
 
Balance at August 24, 2014
 
$
(3.2
)
 
$
—

 
$
(26.5
)
 
$
(72.8
)
 
$
(102.5
)
Gain (loss)
 
(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
)
The components of accumulated other comprehensive income (loss), net of tax, for the six months ended November 29, 2015 and November 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 31, 2015
 
$
(1.7
)
 
$
0.1

 
$
(19.1
)
 
$
(65.9
)
 
$
(86.6
)
Gain (loss)
 
0.9

 
—

 
(0.1
)
 
—

 
0.8

Reclassification realized in net earnings
 
—

 
—

 
21.0

 
(0.2
)
 
20.8

Balance at November 29, 2015
 
$
(0.8
)
 
$
0.1

 
$
1.8

 
$
(66.1
)
 
$
(65.0
)
 
 
 
 
 
 
 
 
 
 
 
Balance at May 25, 2014
 
$
(4.7
)
 
$
0.1

 
$
(50.4
)
 
$
(73.1
)
 
$
(128.1
)
Gain (loss)
 
(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
)

Reclassifications related to foreign currency translation for the quarter and six months ended November 23, 2014, primarily relate to the disposition of Red Lobster and are included in earnings (loss) from discontinued operations, net of tax expense (benefit) in our consolidated statement of earnings. 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 29,
2015
 
November 23,
2014
 
November 29,
2015
 
November 23,
2014
Derivatives
 
 
 
 
 
 
 
 
 
Equity contracts
(1)
 
—

 
—

 
2.1

 
(0.9
)
Interest rate contracts
(2)
 
(36.1
)
 
(1.4
)
 
(37.4
)
 
(41.9
)
Total before tax
 
 
$
(36.1
)
 
$
(1.4
)
 
$
(35.3
)
 
$
(42.8
)
Tax benefit
 
 
13.8

 
0.6

 
14.3

 
16.1

Net of tax
 
 
$
(22.3
)
 
$
(0.8
)
 
$
(21.0
)
 
$
(26.7
)
 
 
 
 
 
 
 
 
 
 
Benefit plan funding position
 
 
 
 
 
 
 
 
 
Recognized net actuarial loss - pension/postretirement plans
(3)
 
$
(0.8
)
 
$
(0.7
)
 
$
(1.4
)
 
$
(1.3
)
Recognized net actuarial gain (loss) - other plans
(4)
 
0.9

 
(0.1
)
 
1.7

 
(0.3
)
Total before tax
 
 
$
0.1

 
$
(0.8
)
 
$
0.3

 
$
(1.6
)
Tax benefit (expense)
 
 
—

 
0.3

 
(0.1
)
 
0.8

Net of tax
 
 
$
0.1

 
$
(0.5
)
 
$
0.2

 
$
(0.8
)


(1)
Primarily included in restaurant labor costs and general and administrative expenses. See Note 9 for additional details.
(2)
Included in interest, net, on our consolidated statements of earnings. Reclassifications for the quarter and six months ended November 29, 2015, and for the six months ended November 23, 2014, primarily related to the acceleration of hedge loss amortization resulting from the pay down of long-term debt.
(3)
Included in the computation of net periodic benefit costs - pension and postretirement plans, which is a component of restaurant labor expenses and 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 general and administrative expenses.