Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Nov. 29, 2020

Derivative [Line Items]

Fair Value of Derivative Contracts Designated and Not Designated as Hedging Instruments

The notional and fair values of our derivative contracts are as follows: 

					Fair Values
(in millions, except per share data)	Number of Shares Outstanding	Weighted-Average Per Share Forward Rates	Notional Values		Derivative Assets (1)				Derivative Liabilities (1)
	November 29, 2020				November 29, 2020		May 31, 2020		November 29, 2020		May 31, 2020
Equity forwards:
Designated	0.3	$104.56	$	31.2	$	—	$	1.8	$	—	$	—
Not designated	0.5	$103.26	$	52.9	—		4.4		0.1		—
Total equity forwards					$	—	$	6.2	$	0.1	$	—
Commodity contracts:
Designated	N/A	N/A	$	9.3	$	0.5	$	0.3	$	0.6	$	1.8
Not designated	N/A	N/A	$	0.5	—		—		0.1		0.3
Total commodity contracts					$	0.5	$	0.3	$	0.7	$	2.1
Total derivative contracts					$	0.5	$	6.5	$	0.8	$	2.1

 

(1)Derivative assets and liabilities are included in receivables, net and other current liabilities, as applicable, on our consolidated balance sheets.

Notional Values of Derivative Contracts Designated and Not Designated as Hedging Instruments

The notional and fair values of our derivative contracts are as follows: 

					Fair Values
(in millions, except per share data)	Number of Shares Outstanding	Weighted-Average Per Share Forward Rates	Notional Values		Derivative Assets (1)				Derivative Liabilities (1)
	November 29, 2020				November 29, 2020		May 31, 2020		November 29, 2020		May 31, 2020
Equity forwards:
Designated	0.3	$104.56	$	31.2	$	—	$	1.8	$	—	$	—
Not designated	0.5	$103.26	$	52.9	—		4.4		0.1		—
Total equity forwards					$	—	$	6.2	$	0.1	$	—
Commodity contracts:
Designated	N/A	N/A	$	9.3	$	0.5	$	0.3	$	0.6	$	1.8
Not designated	N/A	N/A	$	0.5	—		—		0.1		0.3
Total commodity contracts					$	0.5	$	0.3	$	0.7	$	2.1
Total derivative contracts					$	0.5	$	6.5	$	0.8	$	2.1

 

(1)Derivative assets and liabilities are included in receivables, net and other current liabilities, as applicable, on our consolidated balance sheets.

Cash Flow Hedging

Derivative [Line Items]

Effects of Derivative Instruments in Hedging Relationships

The effects of derivative instruments accounted for as cash flow hedging instruments in the consolidated statements of earnings are as follows:

	Amount of Gain (Loss) Recognized in AOCI				Amount of Gain (Loss) Reclassified from AOCI to Earnings
	Three Months Ended				Three Months Ended
(in millions)	November 29, 2020		November 24, 2019		November 29, 2020		November 24, 2019
Equity (1)	$	5.0	$	(3.3)	$	(0.1)	$	—
Commodity (2)	(0.5)		0.4		(0.4)		(0.2)
Interest rate (3)	—		—		(0.1)		(0.1)
Total	$	4.5	$	(2.9)	$	(0.6)	$	(0.3)
	Amount of Gain (Loss) Recognized in AOCI				Amount of Gain (Loss) Reclassified from AOCI to Earnings
	Six Months Ended				Six Months Ended
(in millions)	November 29, 2020		November 24, 2019		November 29, 2020		November 24, 2019
Equity (1)	$	8.7	$	(4.3)	$	0.3	$	1.0
Commodity (2)	0.4		(1.0)		(0.9)		(0.6)
Interest rate (3)	—		—		(0.1)		(0.1)
Total	$	9.1	$	(5.3)	$	(0.7)	$	0.3

(1)Location of the gain (loss) reclassified from AOCI to earnings is general and administrative expenses.

(2)Location of the gain (loss) reclassified from AOCI to earnings is food and beverage costs and restaurant expenses.

(3)Location of the gain (loss) reclassified from AOCI to earnings is interest, net.

Not Designated as Hedging Instruments

Derivative [Line Items]

Effects of Derivative Instruments in Hedging Relationships

The effects of derivatives not designated as hedging instruments in the consolidated statements of earnings are as follows:

	Amount of Gain (Loss) Recognized in Earnings
(in millions)	Three Months Ended				Six Months Ended
Location of Gain (Loss) Recognized in Earnings on Derivatives	November 29, 2020		November 24, 2019		November 29, 2020		November 24, 2019
Food and beverage costs and restaurant expenses	$	—	$	—	$	0.1	$	0.3
General and administrative expenses	10.6		(1.2)		15.1		(0.6)
Total	$	10.6	$	(1.2)	$	15.2	$	(0.3)