Stockholders' Equity

6 Months Ended

Nov. 24, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Accumulated Other Comprehensive Income (AOCI)

The components of AOCI, net of tax, for the quarter and six months ended November 24, 2024 were as follows:

(in millions)	Foreign Currency Translation Adjustment		Unrealized Gains (Losses) on Derivatives		Benefit Plan Funding Position		Accumulated Other Comprehensive Income
Balance at August 25, 2024	$	4.6	$	24.7	$	(3.4)	$	25.9
Gain (loss)	—		2.9		—		2.9
Reclassification realized in net earnings	—		(0.2)		0.2		—
Balance at November 24, 2024	$	4.6	$	27.4	$	(3.2)	$	28.8
Balance at May 26, 2024	$	4.6	$	24.5	$	(3.5)	$	25.6
Gain (loss)	—		3.3		—		3.3
Reclassification realized in net earnings	—		(0.4)		0.3		(0.1)
Balance at November 24, 2024	$	4.6	$	27.4	$	(3.2)	$	28.8

The components of AOCI, net of tax, for the quarter and six months ended November 26, 2023 were as follows:

(in millions)	Foreign Currency Translation Adjustment		Unrealized Gains (Losses) on Derivatives		Benefit Plan Funding Position		Accumulated Other Comprehensive Income
Balance at August 27, 2023	$	4.5	$	16.5	$	(5.0)	$	16.0
Gain (loss)	—		10.7		—		10.7
Reclassification realized in net earnings	—		0.6		0.1		0.7
Balance at November 26, 2023	$	4.5	$	27.8	$	(4.9)	$	27.4
Balances at May 28, 2023	$	4.5	$	3.9	$	(5.2)	$	3.2
Gain (loss)	—		23.2		—		23.2
Reclassification realized in net earnings	—		0.7		0.3		1.0
Balance at November 26, 2023	$	4.5	$	27.8	$	(4.9)	$	27.4

The following table presents the amounts and line items in our consolidated statements of earnings where adjustments reclassified from AOCI into net earnings were recorded.

		Amount Reclassified from AOCI into Net Earnings
		Three Months Ended				Six Months Ended
(in millions) AOCI Components	Location of Gain (Loss) Recognized in Earnings	November 24, 2024		November 26, 2023		November 24, 2024		November 26, 2023
Derivatives
Commodity contracts	(1)	$	(0.7)	$	(1.2)	$	(1.1)	$	(3.1)
Equity contracts	(2)	—		—		(0.1)		1.3
Interest rate contracts	(3)	0.8		0.4		1.7		0.4
Total before tax		$	0.1	$	(0.8)	$	0.5	$	(1.4)
Tax (expense) benefit		0.1		0.2		(0.1)		0.7
Net of tax		$	0.2	$	(0.6)	$	0.4	$	(0.7)
Benefit plan funding position
Recognized net actuarial loss - pension/postretirement plans	(4)	$	—	$	(0.1)	$	—	$	(0.1)
Recognized net actuarial gain (loss) - other plans	(4)	(0.2)		(0.1)		(0.4)		(0.3)
Total before tax		$	(0.2)	$	(0.2)	$	(0.4)	$	(0.4)
Tax (expense) benefit		—		0.1		0.1		0.1
Net of tax		$	(0.2)	$	(0.1)	$	(0.3)	$	(0.3)

(1)Primarily included in food and beverage costs and restaurant expenses. See Note 11 for additional details.

(2)Included in general and administrative expenses. See Note 11 for additional details.

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

(4)Included in the computation of net periodic benefit costs, which is a component of general and administrative expenses.