Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Nov. 27, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional and Fair Values of Derivative Contracts

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 27, 2022				November 27, 2022		May 29, 2022		November 27, 2022		May 29, 2022
Equity forwards:
Designated	0.3	$125.29	$	39.5	$	1.7	$	—	$	—	$	0.1
Not designated	0.5	125.16	57.6		2.4		—		—		0.2
Total equity forwards (2)					$	4.1	$	—	$	—	$	0.3
Commodity contracts:
Designated	N/A	N/A	$	18.6	$	0.8	$	0.6	$	—	$	—
Not designated	N/A	N/A	—		—		—		—		—
Total commodity contracts (3)					$	0.8	$	0.6	$	—	$	—
Interest rate related
Designated	N/A	N/A	$	300.0	$	—	$	—	$	43.9	$	28.0
Not designated	N/A	N/A			—		—		—		—
Total interest rate related					$	—	$	—	$	43.9	$	28.0
Total derivative contracts					$	4.9	$	0.6	$	43.9	$	28.3

 

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

(2)Designated and undesignated equity forwards extend through July 2026 and April 2027, respectively.

(3)Commodity contracts extend through February 2024.

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 27, 2022		November 28, 2021		November 27, 2022		November 28, 2021
Equity (1)	$	7.3	$	(5.4)	$	—	$	0.1
Commodity (2)	(1.6)		0.1		0.7		—
Interest rate (3)	—		—		(0.1)		(0.1)
Total	$	5.7	$	(5.3)	$	0.6	$	—
	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 27, 2022		November 28, 2021		November 27, 2022		November 28, 2021
Equity (1)	$	6.8	$	(2.7)	$	(0.8)	$	0.9
Commodity (2)	1.0		—		0.8		—
Interest rate (3)	—		—		(0.1)		(0.1)
Total	$	7.8	$	(2.7)	$	(0.1)	$	0.8

(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 gain (loss) reclassified from AOCI to earnings is interest, net.

The effects of derivative instruments in fair value hedging relationships in the consolidated statement of earnings are as follows:

	Amount of Gain (Loss) Recognized in Earnings on Derivatives				Amount of Gain (Loss) Recognized in Earnings on Related Hedged Item
	Three Months Ended				Three Months Ended
(in millions)	November 27, 2022		November 28, 2021		November 27, 2022		November 28, 2021
Interest rate (1)(2)	$	(9.7)	$	(5.5)	$	9.7	$	5.5
	Amount of Gain (Loss) Recognized in Earnings on Derivatives				Amount of Gain (Loss) Recognized in Earnings on Related Hedged Item
	Six Months Ended				Six Months Ended
(in millions)	November 27, 2022		November 28, 2021		November 27, 2022		November 28, 2021
Interest rate (1)(2)	$	(16.0)	$	1.2	$	16.0	$	(1.2)

 (1) Location of the gain (loss) recognized in earnings on derivatives and related hedged item is interest, net.

(2) Hedged item in fair value hedge relationship is debt.

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 27, 2022		November 28, 2021		November 27, 2022		November 28, 2021
Food and beverage costs and restaurant expenses	$	—	$	—	$	—	$	0.1
General and administrative expenses	10.8		(3.5)		9.7		1.6
Total	$	10.8	$	(3.5)	$	9.7	$	1.7