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Retirement Plans (Tables)
 12 Months Ended
May 31, 2020
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 Ended
(in millions)
May 31, 2020


May 26, 2019


May 27, 2018

Defined benefit pension plans funding (1)
$
13.2

 
$
0.4

 
$
60.8

Postretirement benefit plan funding
1.3

 
1.3

 
1.2


(1)
Fundings for fiscal 2018 include voluntary funding contributions of $60.4 million.
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 31, 2020 and May 26, 2019:
 
Defined Benefit Plans
 
Postretirement Benefit Plan
(in millions)
May 31, 2020

 
May 26, 2019

 
May 31, 2020

 
May 26, 2019

Change in Benefit Obligation:
 
 
 
 
 
 
 
Benefit obligation at beginning of period
$
252.0

 
$
237.2

 
$
19.8

 
$
19.9

Service cost
—

 
—

 
0.1

 
0.1

Interest cost
3.3

 
9.3

 
0.7

 
0.8

Benefits paid (1)
(272.2
)
 
(17.8
)
 
(1.3
)
 
(1.3
)
Actuarial (gain) loss
21.9

 
23.3

 
1.6

 
0.3

Benefit obligation at end of period (2)
$
5.0

 
$
252.0

 
$
20.9

 
$
19.8
Change In Plan Assets
Change in Plan Assets:
 
 
 
 
 
 
 
Fair value at beginning of period
$
248.5

 
$
253.8

 
$
—

 
$
—

Actual return on plan assets
10.5

 
12.1

 
—

 
—

Employer contributions
13.2

 
0.4

 
1.3

 
1.3

Benefits paid (1)
(272.2
)
 
(17.8
)
 
(1.3
)
 
(1.3
)
Fair value at end of period
$
—

 
$
248.5

 
$
—

 
$
—
Reconciliation Of The Plan's Funded Status
Funded (unfunded) status at end of period
$
(5.0
)
 
$
(3.5
)
 
$
(20.9
)
 
$
(19.8
)
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 31, 2020


May 26, 2019

 
May 31, 2020


May 26, 2019

Components of the Consolidated Balance Sheets:
 
 
 
 
 
 
 
Current liabilities
$
—

 
$
—

 
$
1.3

 
$
1.4

Noncurrent (assets) liabilities
5.0

 
3.5

 
19.6

 
18.4

Net amounts recognized
$
5.0

 
$
3.5

 
$
20.9

 
$
19.8

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

 
$
—

 
$
0.2

 
$
3.8

Net actuarial gain (loss)
(1.6
)
 
(100.4
)
 
(8.8
)
 
(8.7
)
Net amounts recognized
$
(1.6
)
 
$
(100.4
)
 
$
(8.6
)
 
$
(4.9
)
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 31, 2020

 
May 26, 2019

Accumulated benefit obligation for all defined benefit plans
$
5.0

 
$
252.0

Pension plans with accumulated benefit obligations in excess of plan assets:
 
 
 
Accumulated benefit obligation
5.0

 
252.0

Fair value of plan assets
—

 
248.5

Projected benefit obligations for all plans with projected benefit obligations in excess of plan assets
5.0

 
252.0
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
 
May 31, 2020

 
May 26, 2019

 
May 31, 2020

 
May 26, 2019

Weighted-average assumptions used to determine benefit obligations at May 31 and May 26 (1)
 
 
 
 
 
 
 
Discount rate
2.58
%
 
2.66
%
 
2.98
%
 
3.95
%
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 31 and May 26 (2)
 
 
 
 
 
 
 
Discount rate
3.70
%
 
4.32
%
 
3.95
%
 
4.28
%
Expected long-term rate of return on plan assets
—
%
 
4.25
%
 
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
 
Fiscal Year Ended
 
Fiscal Year Ended
(in millions)
May 31, 2020
 
May 26, 2019
 
May 27, 2018
 
May 31, 2020
 
May 26, 2019
 
May 27, 2018
Service cost
$
—

 
$
—

 
$
—

 
$
0.1

 
$
0.1

 
$
0.1

Interest cost
3.3

 
9.3

 
8.6

 
0.7

 
0.8

 
0.7

Expected return on plan assets
(4.0
)
 
(11.2
)
 
(12.0
)
 
—

 
—

 
—

Amortization of unrecognized prior service cost
—

 
—

 
—

 
(4.8
)
 
(4.8
)
 
(4.8
)
Recognized net actuarial loss
1.8

 
2.5

 
2.8

 
1.5

 
1.5

 
1.7

Settlement loss recognized
145.5

 
—

 
—

 
—

 
—

 
—

Net pension and postretirement cost (benefit)
$
146.6

 
$
0.6

 
$
(0.6
)
 
$
(2.5
)
 
$
(2.4
)
 
$
(2.3
)
Fair Values Of Defined Benefit Pension Plans Assets
The fair values of the defined benefit pension plans assets at their measurement date of May 26, 2019, are as follows:
 
 
 
Items Measured at Fair Value at May 26, 2019
(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)
 
$
163.8

 
$
—

 
$
163.8

 
$
—

Cash and Accruals
 
 
84.7

 
84.7

 
—

 
—

Total
 
 
$
248.5

 
$
84.7

 
$
163.8

 
$
—

(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.
Expected Benefit Payments
The following benefit payments are expected to be paid between fiscal 2021 and fiscal 2030:
(in millions)
 
Defined Benefit Plan
 
Postretirement Benefit Plan
2021
 
$
0.4

 
$
1.3

2022
 
0.4

 
1.3

2023
 
0.4

 
1.3

2024
 
0.4

 
1.3

2025
 
0.4

 
1.3

2026-2030
 
1.7

 
6.2