DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

May 28, 2023

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)
	May 28, 2023					May 28, 2023		May 29, 2022		May 28, 2023		May 29, 2022
Equity Forwards
Designated	0.2	$	125.80	$	29.8	$	2.2	$	—			$	0.1
Not designated	0.5	$	124.96	$	67.4	5.1		—		—		0.2
Total equity forwards (2)						$	7.3	$	—	$	—	$	0.3
Commodity contracts
Designated	N/A	N/A		$	27.0			$	0.6	$	5.6	$	—
Not designated	N/A	N/A		$	—	—		—		—		—
Total commodity contracts (3)						$	—	$	0.6	$	5.6	$	—
Interest rate related
Designated	N/A	N/A		$	300.0	$	—	$	—	$	45.4	$	28.0
Not designated	N/A	N/A				$	—	$	—	$	—	$	—
Total interest rate related						$	—	$	—	$	45.4	$	28.0
Total derivative contracts						$	7.3	$	0.6	$	51.0	$	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 June 2024.

Effects of Derivative Instruments in Hedging Relationships

The effects of derivative instruments in cash flow hedging relationships 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
	Fiscal Year Ended						Fiscal Year Ended
(in millions)	May 28, 2023		May 29, 2022		May 30, 2021		May 28, 2023		May 29, 2022		May 30, 2021
Equity (1)	$	8.0	$	(7.9)	$	16.9	$	(0.8)	$	0.8	$	1.6
Commodity (2)	(9.2)		2.4		0.8		(3.1)		1.9		(0.7)
Interest rate (3)	—		—		—		(0.1)		(0.1)		(0.1)
Total	$	(1.2)	$	(5.5)	$	17.7	$	(4.0)	$	2.6	$	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 the gain (loss) reclassified from AOCI to earnings is interest, net.

The effects of derivative instruments in fair value hedging relationships in the consolidated statements 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
	Fiscal Year Ended						Fiscal Year Ended
(in millions)	May 28, 2023		May 29, 2022		May 30, 2021		May 28, 2023		May 29, 2022		May 30, 2021
Interest rate (1)(2)	$	(17.4)	$	(27.8)	$	(0.2)	$	17.4	$	27.8	$	0.2

(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)	Fiscal Year Ended
Location of Gain (Loss) Recognized in Earnings on Derivatives	May 28, 2023		May 29, 2022		May 30, 2021
Food and beverage costs and restaurant expenses	$	—	$	—	$	0.1
General and administrative expenses	18.3		(3.6)		32.7
Total	$	18.3	$	(3.6)	$	32.8