STOCKHOLDERS' EQUITY

12 Months Ended

May 28, 2023

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Share Repurchase Program

All of the shares purchased during the fiscal year ended May 28, 2023 were purchased as part of our repurchase program authorized by our Board of Directors. On June 22, 2022, our Board of Directors authorized a share repurchase program under which we may repurchase up to $1.0 billion of our outstanding common stock. This repurchase program does not have an expiration and replaces the existing share repurchase authorization.

Share Retirements

As of May 28, 2023, of the 207.7 million cumulative shares repurchased under the current and previous authorizations, 196.4 million shares were retired and restored to authorized but unissued shares of common stock and there are no remaining treasury shares. 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 Derivatives		Benefit Plan Funding Position		Accumulated Other Comprehensive Income (Loss)
Balances at May 30, 2021	$	5.2	$	7.9	$	(8.9)	$	4.2
Gain (loss)	(0.4)		(6.1)		2.4		(4.1)
Reclassification realized in net earnings	—		(2.2)		0.2		(2.0)
Balances at May 29, 2022	$	4.8	$	(0.4)	$	(6.3)	$	(1.9)
Gain (loss)	(0.3)		1.1		0.7		1.5
Reclassification realized in net earnings	—		3.2		0.4		3.6
Balances at May 28, 2023	$	4.5	$	3.9	$	(5.2)	$	3.2

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 Ended
(in millions) AOCI Components	Location of Gain (Loss) Recognized in Earnings	May 28, 2023		May 29, 2022
Derivatives
Commodity contracts	(1)	$	(3.1)	$	1.9
Equity contracts	(2)	(0.8)		0.8
Interest rate contracts	(3)	(0.1)		(0.1)
	Total before tax	$	(4.0)	$	2.6
	Tax benefit (expense)	0.8		(0.4)
	Net of tax	$	(3.2)	$	2.2

		Fiscal Year Ended
(in millions) AOCI Components	Location of Gain (Loss) Recognized in Earnings	May 28, 2023		May 29, 2022
Benefit plan funding position
Pension/postretirement plans- actuarial losses	(4)	$	(0.1)	$	(0.5)
Recognized net actuarial gain - other plans	(5)	(0.7)		(0.6)
	Total before tax	$	(0.8)	$	(1.1)
	Tax benefit (expense)	0.4		0.9
	Net of tax	$	(0.4)	$	(0.2)

(1)Primarily included in food and beverage costs and restaurant expenses. See Note 7 for additional details.

(2)Included in general and administrative expenses. See Note 7 for additional details.

(3)Included in interest, net, on our consolidated statements of earnings.

(4)Included in the computation of net periodic benefit costs - pension and postretirement plans, which is a component of other (income) expense, net, restaurant labor expenses and general and administrative expenses. See Note 13 for additional details.

(5)Included in the computation of net periodic benefit costs - other plans, which is a component of restaurant labor, and general and administrative expenses.