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Retirement Plans (Tables)
 12 Months Ended
May 27, 2018
Retirement Benefits [Abstract]  
Funding Of Defined Benefit Pension Plans And Postretirement Benefit Plans
Fundings related to the defined benefit pension plans and postretirement benefit plan, which are funded on a pay-as-you-go basis, were as follows:
 
Fiscal Year
(in millions)
2018

2017

2016
Defined benefit pension plans funding (1)
$
60.8

 
$
0.4

 
$
25.4

Postretirement benefit plan funding
1.2

 
1.2

 
1.1


(1)
Fundings for fiscal 2018 and 2016 include voluntary funding contributions of $60.4 million and $25.0 million, respectively.
Change In Benefit Obligation
The following provides a reconciliation of the changes in the plan benefit obligation, fair value of plan assets and the funded status of the plans as of May 27, 2018 and May 28, 2017:
 
Defined Benefit Plans
 
Postretirement Benefit Plan
(in millions)
2018
 
2017
 
2018
 
2017
Change in Benefit Obligation:
 
 
 
 
 
 
 
Benefit obligation at beginning of period
$
252.3

 
$
298.5

 
$
20.8

 
$
19.9

Service cost
—

 
—

 
0.1

 
0.2

Interest cost
8.6

 
10.1

 
0.7

 
0.6

Plan settlements
—

 
(44.2
)
 
—

 
—

Benefits paid
(15.6
)
 
(10.0
)
 
(1.2
)
 
(1.2
)
Actuarial (gain) loss
(8.1
)
 
(2.1
)
 
(0.5
)
 
1.3

Benefit obligation at end of period
$
237.2

 
$
252.3

 
$
19.9

 
$
20.8
Change In Plan Assets
Change in Plan Assets:
 
 
 
 
 
 
 
Fair value at beginning of period
$
207.7

 
$
242.0

 
$
—

 
$
—

Actual return on plan assets
0.9

 
19.5

 
—

 
—

Employer contributions
60.8

 
0.4

 
1.2

 
1.2

Plan settlements
—

 
(44.2
)
 
—

 
—

Benefits paid
(15.6
)
 
(10.0
)
 
(1.2
)
 
(1.2
)
Fair value at end of period
$
253.8

 
$
207.7

 
$
—

 
$
—
Reconciliation Of The Plan's Funded Status
Funded (unfunded) status at end of period
$
16.6

 
$
(44.6
)
 
$
(19.9
)
 
$
(20.8
)
Funded Status And Amounts Recognized In Accumulated Other Comprehensive Income (Loss)
The following is a detail of the balance sheet components of each of our plans and a reconciliation of the amounts included in accumulated other comprehensive income (loss):
 
Defined Benefit Plans
 
Postretirement Benefit Plan
(in millions)
May 27,
2018

May 28,
2017
 
May 27,
2018

May 28,
2017
Components of the Consolidated Balance Sheets:
 
 
 
 
 
 
 
Current liabilities
$
—

 
$
—

 
$
1.4

 
$
1.3

Noncurrent (assets) liabilities
(16.6
)
 
44.6

 
18.5

 
19.5

Net amounts recognized
$
(16.6
)
 
$
44.6

 
$
19.9

 
$
20.8

Amounts Recognized in Accumulated Other Comprehensive Income (Loss), net of tax:
 
 
 
 
 
 
 
Prior service credit
$
—

 
$
—

 
$
7.4

 
$
9.0

Net actuarial gain (loss)
(85.4
)
 
(70.1
)
 
(9.6
)
 
(9.3
)
Net amounts recognized
$
(85.4
)
 
$
(70.1
)
 
$
(2.2
)
 
$
(0.3
)
Accumulated Benefit Obligations In Excess Of Plan Assets
The following is a summary of our accumulated and projected benefit obligations for our defined benefit plans:
(in millions)
May 27, 2018

 
May 28, 2017

Accumulated benefit obligation for all defined benefit plans
$
237.2

 
$
252.3

Pension plans with accumulated benefit obligations in excess of plan assets:
 
 
 
Accumulated benefit obligation
—

 
252.3

Fair value of plan assets
—

 
207.7

Projected benefit obligations for all plans with projected benefit obligations in excess of plan assets
—

 
252.3
Weighted-Average Assumptions Used
The following table presents the weighted-average assumptions used to determine benefit obligations and net expense:
  
Defined Benefit Plans
 
Postretirement Benefit Plan
 
2018
 
2017
 
2018
 
2017
Weighted-average assumptions used to determine benefit obligations at May 27 and May 28 (1)
 
 
 
 
 
 
 
Discount rate
4.32
%
 
4.06
%
 
4.28
%
 
3.98
%
Rate of future compensation increases
N/A

 
N/A

 
N/A

 
N/A

Weighted-average assumptions used to determine net expense for fiscal years ended May 27 and May 28 (2)
 
 
 
 
 
 
 
Discount rate
4.06
%
 
4.18
%
 
3.98
%
 
4.00
%
Expected long-term rate of return on plan assets
5.75
%
 
6.50
%
 
N/A

 
N/A

Rate of future compensation increases
N/A

 
N/A

 
N/A

 
N/A

(1)
Determined as of the end of fiscal year.
(2)
Determined as of the beginning of fiscal year.
Components Of Net Periodic Benefit Cost
Components of net periodic benefit cost included in earnings are as follows:
 
Defined Benefit Plans
 
Postretirement Benefit Plan
(in millions)
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Service cost
$
—

 
$
—

 
$
—

 
$
0.1

 
$
0.2

 
$
0.2

Interest cost
8.6

 
10.1

 
10.6

 
0.7

 
0.6

 
0.8

Expected return on plan assets
(12.0
)
 
(16.0
)
 
(14.5
)
 
—

 
—

 
—

Amortization of unrecognized prior service cost
—

 
—

 
—

 
(4.8
)
 
(4.8
)
 
(4.8
)
Recognized net actuarial loss
2.8

 
3.3

 
2.8

 
1.7

 
1.7

 
1.2

Settlement loss recognized
—

 
19.9

 
—

 
—

 
—

 
—

Net pension and postretirement cost (benefit)
$
(0.6
)
 
$
17.3

 
$
(1.1
)
 
$
(2.3
)
 
$
(2.3
)
 
$
(2.6
)
Fair Values Of Defined Benefit Pension Plans Assets
The fair values of the defined benefit pension plans assets at their measurement dates of May 27, 2018 and May 28, 2017, are as follows:
 
 
 
Items Measured at Fair Value at May 27, 2018
(in millions)
 
 
Fair Value
of Assets
(Liabilities)
  
Quoted Prices
in Active
Market for
Identical Assets
(Liabilities)
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Fixed-Income:
 
 
 
 
 
 
 
 
 
Global Fixed-Income Commingled Funds
(1)
 
$
253.5

 
$
—

 
$
253.5

 
$
—

Cash and Accruals
 
 
0.3

 
0.3

 
—

 
—

Total
 
 
$
253.8

 
$
0.3

 
$
253.5

 
$
—

(1)
Global fixed-income commingled funds are comprised of investments in U.S. and non-U.S. government fixed-income securities. Investments are valued using a unit price or net asset value (NAV) based on the fair value of the underlying investments of the fund. There are no redemption restrictions associated with this fund.

 
 
 
Items Measured at Fair Value at May 28, 2017
(in millions)
 
 
Fair Value
of Assets
(Liabilities)
 
Quoted Prices
in Active
Market for
Identical Assets
(Liabilities)
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Equity:
 
 
 
 
 
 
 
 
 
U.S. Commingled Funds
(1)
 
$
63.7

 
$
—

 
$
63.7

 
$
—

International Commingled Fund
(2)
 
22.8

 
—

 
22.8

 
—

Emerging Market Commingled Fund
(3)
 
6.0

 
—

 
6.0

 
—

Emerging Market Mutual Fund
(4)
 
5.7

 
5.7

 
—

 
—

Real Estate Commingled Fund
(5)
 
6.0

 
—

 
6.0

 
—

Fixed-Income:
 
 
 
 
 
 
 
 
 
Global Fixed-Income Commingled Fund
(6)
 
20.6

 
—

 
20.6

 
—

U.S. Fixed-Income Commingled Funds
(7)
 
82.4

 
—

 
82.4

 
—

Cash and Accruals
 
 
0.5

 
0.5

 
—

 
—

Total
 
 
$
207.7

 
$
6.2

 
$
201.5

 
$
—

(1)
U.S. commingled funds are comprised of investments in funds that purchase publicly traded U.S. common stock for total return purposes. Investments are valued using a unit price or NAV based on the fair value of the underlying investments of the funds. There are no redemption restrictions associated with these funds.
(2)
International commingled fund is comprised of investments in funds that purchase publicly traded non-U.S. common stock for total return purposes. Investments are valued using a unit price or NAV based on the fair value of the underlying investments of the fund. There are no redemption restrictions associated with this fund.
(3)
Emerging market commingled fund and developed market securities are comprised of investments in funds that purchase publicly traded common stock of non-U.S. companies in emerging economies for total return purposes. Funds are valued using a unit price or NAV based on the fair value of the underlying investments of the funds. There are no redemption restrictions associated with these funds.
(4)
Emerging market mutual fund is comprised of securities associated with emerging markets and frontier markets. Fund is valued using quoted market prices from national exchanges.
(5)
Real estate commingled fund is comprised of investments in funds that purchase publicly traded common stock of real estate companies for purposes of total return. These investments are valued using a unit price or NAV based on the fair value of the underlying investments of the fund. There are no redemption restrictions associated with this fund.
(6)
Global fixed-income commingled fund is comprised of investments in U.S. and non-U.S. government fixed-income securities. Investments are valued using a unit price or NAV based on the fair value of the underlying investments of the fund. There are no redemption restrictions associated with this fund.
(7)
U.S. fixed-income commingled funds are comprised of a diversified portfolio of U.S. investment-grade corporate and government securities. Investments are valued using a unit price or NAV based on the fair value of the underlying investments of the funds. There are no redemption restrictions associated with these funds
Expected Benefit Payments
The following benefit payments are expected to be paid between fiscal 2019 and fiscal 2028:
(in millions)
 
Defined Benefit Plans
 
Postretirement Benefit Plan
2019
 
$
12.7

 
$
1.4

2020
 
12.8

 
1.4

2021
 
13.1

 
1.4

2022
 
13.2

 
1.4

2023
 
13.5

 
1.3

2024-2028
 
71.9

 
6.6