XML 55 R41.htm IDEA: XBRL DOCUMENT v3.23.2
RETIREMENT PLANS (Tables)
 12 Months Ended
May 28, 2023
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 28, 2023May 29, 2022May 30, 2021
Defined benefit pension plans funding$0.4 $0.4 $0.4 
Postretirement benefit plan funding1.7 1.8 1.4 
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 28, 2023 and May 29, 2022:
Defined Benefit PlansPostretirement Benefit Plan
(in millions)May 28, 2023May 29, 2022May 28, 2023May 29, 2022
Change in Benefit Obligation:
Benefit obligation at beginning of period$4.1 $4.8 $18.0 $22.4 
Interest cost0.1 0.1 0.7 0.4 
Benefits paid(0.5)(0.4)(1.7)(1.8)
Actuarial (gain) loss— (0.4)(1.6)(3.0)
Benefit obligation at end of period $3.7 $4.1 $15.4 $18.0 
Change in Plan Assets:
Fair value at beginning of period$— $— $— $— 
Employer contributions0.4 0.4 1.7 1.8 
Benefits paid(0.4)(0.4)(1.7)(1.8)
Fair value at end of period$— $— $— $— 
Unfunded status at end of period$(3.7)$(4.1)$(15.4)$(18.0)
Change In Plan Assets
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 28, 2023 and May 29, 2022:
Defined Benefit PlansPostretirement Benefit Plan
(in millions)May 28, 2023May 29, 2022May 28, 2023May 29, 2022
Change in Benefit Obligation:
Benefit obligation at beginning of period$4.1 $4.8 $18.0 $22.4 
Interest cost0.1 0.1 0.7 0.4 
Benefits paid(0.5)(0.4)(1.7)(1.8)
Actuarial (gain) loss— (0.4)(1.6)(3.0)
Benefit obligation at end of period $3.7 $4.1 $15.4 $18.0 
Change in Plan Assets:
Fair value at beginning of period$— $— $— $— 
Employer contributions0.4 0.4 1.7 1.8 
Benefits paid(0.4)(0.4)(1.7)(1.8)
Fair value at end of period$— $— $— $— 
Unfunded status at end of period$(3.7)$(4.1)$(15.4)$(18.0)
Reconciliation Of The Plan's Funded Status
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 28, 2023 and May 29, 2022:
Defined Benefit PlansPostretirement Benefit Plan
(in millions)May 28, 2023May 29, 2022May 28, 2023May 29, 2022
Change in Benefit Obligation:
Benefit obligation at beginning of period$4.1 $4.8 $18.0 $22.4 
Interest cost0.1 0.1 0.7 0.4 
Benefits paid(0.5)(0.4)(1.7)(1.8)
Actuarial (gain) loss— (0.4)(1.6)(3.0)
Benefit obligation at end of period $3.7 $4.1 $15.4 $18.0 
Change in Plan Assets:
Fair value at beginning of period$— $— $— $— 
Employer contributions0.4 0.4 1.7 1.8 
Benefits paid(0.4)(0.4)(1.7)(1.8)
Fair value at end of period$— $— $— $— 
Unfunded status at end of period$(3.7)$(4.1)$(15.4)$(18.0)
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 PlansPostretirement Benefit Plan
(in millions)May 28, 2023May 29, 2022May 28, 2023May 29, 2022
Components of the Consolidated Balance Sheets:
Current liabilities$0.4 $— $1.6 $1.9 
Noncurrent liabilities3.3 4.0 13.8 16.1 
Net amounts recognized$3.7 $4.0 $15.4 $18.0 
Amounts Recognized in Accumulated Other Comprehensive Income (Loss), net of tax:
Net actuarial gain (loss)(1.1)(1.2)— (1.2)
Net amounts recognized$(1.1)$(1.2)$— $(1.2)
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 28, 2023May 29, 2022
Accumulated benefit obligation for all defined benefit plans$3.7 $4.0 
Pension plans with accumulated benefit obligations in excess of plan assets:
Accumulated benefit obligation3.7 4.0 
Projected benefit obligations for all plans with projected benefit obligations in excess of plan assets3.7 4.0 
Weighted-Average Assumptions Used
The following table presents the weighted-average assumptions used to determine benefit obligations and net expense:
  Defined Benefit PlansPostretirement Benefit Plan
May 28, 2023May 29, 2022May 28, 2023May 29, 2022
Weighted-average assumptions used to determine benefit obligations (1)
Discount rate4.87 %4.32 %5.07 %4.51 %
Weighted-average assumptions used to determine net expense (2)
Discount rate4.32 %2.46 %4.51 %2.86 %
(1)Determined as of the end of fiscal year.
(2)Determined as of the beginning of fiscal year.
Components Of Net Periodic Benefit Cost
Components of net periodic benefit cost included in earnings are as follows:
Defined Benefit PlansPostretirement Benefit Plan
Fiscal Year EndedFiscal Year Ended
(in millions)May 28, 2023May 29, 2022May 30, 2021May 28, 2023May 29, 2022May 30, 2021
Service cost$— $— $— $— $— $— 
Interest cost0.1 0.1 0.1 0.7 0.4 0.6 
Amortization of unrecognized prior service cost— — — — — (0.3)
Recognized net actuarial loss0.1 0.1 0.1 — 0.4 1.9 
Net pension and postretirement cost (benefit)$0.2 $0.2 $0.2 $0.7 $0.8 $2.2 
Expected Benefit Payments
The following benefit payments are expected to be paid between fiscal 2024 and fiscal 2033:
(in millions)Defined Benefit PlanPostretirement 
Benefit Plan
2024$0.4 $1.6 
20250.4 1.6 
20260.4 1.5 
20270.4 1.4 
20280.4 1.3 
2029-20331.6 5.4