Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Feb. 25, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional and Fair Values of Derivative Contracts

The notional and fair values of our derivative contracts were 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)
	February 25, 2024				February 25, 2024		May 28, 2023		February 25, 2024		May 28, 2023
Equity forwards:
Designated	0.2	$142.67	$	32.7	$	1.6	$	2.2	$	—	$	—
Not designated	0.5	131.79	70.6		3.8		5.1		—		—
Total equity forwards (2)					$	5.4	$	7.3	$	—	$	—
Commodity contracts:
Designated	N/A	N/A	$	17.4	$	—	$	—	$	1.7	$	5.6
Not designated	N/A	N/A	—		—		—		—		—
Total commodity contracts (3)					$	—	$	—	$	1.7	$	5.6
Interest rate related
Designated - Fair Value Hedge	N/A	N/A	$	300.0	$	—	$	—	$	48.7	$	45.4
Not designated	N/A	N/A			—		—		—		—
Total interest rate related					$	—	$	—	$	48.7	$	45.4
Total derivative contracts					$	5.4	$	7.3	$	50.4	$	51.0

 

(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 fiscal July 2028.

(3)Commodity contracts extend through fiscal March 2025.

Schedule of 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 were 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)	February 25, 2024		February 26, 2023		February 25, 2024		February 26, 2023
Equity (1)	$	2.2	$	(2.0)	$	—	$	—
Commodity (2)	(1.9)		(7.6)		(2.5)		(2.3)
Interest rate (3)	—		—		0.9		—
Total	$	0.3	$	(9.6)	$	(1.6)	$	(2.3)
	Amount of Gain (Loss) Recognized in AOCI				Amount of Gain (Loss) Reclassified from AOCI to Earnings
	Nine Months Ended				Nine Months Ended
(in millions)	February 25, 2024		February 26, 2023		February 25, 2024		February 26, 2023
Equity (1)	$	(0.9)	$	4.8	$	1.3	$	(0.8)
Commodity (2)	(1.8)		(6.6)		(5.6)		(1.5)
Interest rate (3)	34.9		—		1.3		(0.1)
Total	$	32.2	$	(1.8)	$	(3.0)	$	(2.4)

(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 statement of earnings were 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)	February 25, 2024		February 26, 2023		February 25, 2024		February 26, 2023
Interest rate (1)(2)	$	4.3	$	(5.2)	$	(4.3)	$	5.2
	Amount of Gain (Loss) Recognized in Earnings on Derivatives				Amount of Gain (Loss) Recognized in Earnings on Related Hedged Item
	Nine Months Ended				Nine Months Ended
(in millions)	February 25, 2024		February 26, 2023		February 25, 2024		February 26, 2023
Interest rate (1)(2)	$	(3.3)	$	(21.2)	$	3.3	$	21.2

 (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 were as follows:

	Amount of Gain (Loss) Recognized in Earnings
(in millions)	Three Months Ended				Nine Months Ended
Location of Gain (Loss) Recognized in Earnings on Derivatives	February 25, 2024		February 26, 2023		February 25, 2024		February 26, 2023
General and administrative expenses	$	7.8	$	(1.1)	$	8.3	$	8.6