XML 1044 R20.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stockholders' Equity
 12 Months Ended
May 28, 2017
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
STOCKHOLDERS’ EQUITY

Share Repurchase Program
On September 29, 2016, our Board of Directors authorized a new share repurchase program under which we may repurchase up to $500.0 million of our outstanding common stock. As of May 28, 2017, $469.8 million remains under this authorization. This repurchase program does not have an expiration and replaces all other outstanding share repurchase authorizations.

Share Retirements
As of May 28, 2017, of the 188.6 million cumulative shares repurchased under the current and previous authorizations, 176.0 million shares were retired and restored to authorized but unissued shares of common stock. We expect that all shares of common stock acquired in the future will also be retired and restored to authorized but unissued shares of common stock.

Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss), net of tax, 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)
Balances at May 31, 2015
$
(1.7
)
 
$
0.1

 
$
(19.1
)
 
$
(65.9
)
 
$
(86.6
)
Gain (loss)
0.5

 
—

 
2.0

 
(23.5
)
 
(21.0
)
Reclassification realized in net earnings
—

 
—

 
21.0

 
(0.4
)
 
20.6

Balances at May 29, 2016
$
(1.2
)
 
$
0.1

 
$
3.9

 
$
(89.8
)
 
$
(87.0
)
Gain (loss)
0.5

 
—

 
2.9

 
6.4

 
9.8

Reclassification realized in net earnings
—

 
—

 
1.4

 
12.9

 
14.3

Balances at May 28, 2017
$
(0.7
)
 
$
0.1

 
$
8.2

 
$
(70.5
)
 
$
(62.9
)

The following table presents the amounts and line items in our consolidated statements of earnings where other adjustments reclassified from AOCI into net earnings were recorded:
 
 
 
Fiscal Year
(in millions)
AOCI Components
Location of Gain (Loss) Recognized in Earnings
 
May 28,
2017
 
May 29,
2016
Derivatives
 
 
 
 
 
Equity contracts
(1)
 
$
(1.4
)
 
$
2.1

Interest rate contracts
(2)
 
—

 
(37.4
)
 
Total before tax
 
$
(1.4
)
 
$
(35.3
)
 
Tax benefit
 
—

 
14.3

 
Net of tax
 
$
(1.4
)
 
$
(21.0
)
Benefit plan funding position
 
 
 
 
 
Pension/postretirement plans
 
 
 
 
 
Actuarial losses
(3)
 
$
(3.3
)
 
$
(2.8
)
Settlement loss
(3)
 
(19.9
)
 
—

Total - pension/postretirement plans
 
 
$
(23.2
)
 
$
(2.8
)
Recognized net actuarial gain - other plans
(4)
 
2.3

 
3.4

 
Total before tax
 
$
(20.9
)
 
$
0.6

 
Tax benefit (expense)
 
8.0

 
(0.2
)
 
Net of tax
 
$
(12.9
)
 
$
0.4

(1)
Primarily included in restaurant labor costs and general and administrative expenses. See Note 8 for additional details.
(2)
Included in interest, net, on our consolidated statements of earnings. Reclassifications in fiscal 2016 primarily related to the acceleration of hedge loss amortization resulting from the pay down of the associated 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 14 for additional details.
(4)
Included in the computation of net periodic benefit costs - other plans, which is a component of general and administrative expenses.