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Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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Nov. 24, 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)
| November 24, 2024 |  | November 24, 2024 |  | May 26, 2024 |  | November 24, 2024 |  | May 26, 2024
Equity forwards: |  |  |  |  |  |  |  |  |  |  |  |  |
Designated | 0.2 |  | $143.83 |  | $ | 33.0 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.8 |
Not designated | 0.4 |  | 135.67 |  | 52.4 |  |  | 0.4 |  |  | — |  |  | — |  |  | 2.4 |
Total equity forwards (2) | $ | 0.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 3.2 |
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
Designated | N/A |  | N/A |  | $ | 11.7 |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 1.3 |  |  | $ | 0.7 |
Not designated | N/A |  | N/A |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total commodity contracts (3) |  | $ | — |  |  | $ | 0.1 |  |  | $ | 1.3 |  |  | $ | 0.7 |
Interest rate related |  |  |  |  |  |  |  |  |  |  |  |  |
Designated - Fair Value Hedge | N/A |  | N/A |  | $ | 300.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 45.1 |  |  | 51.8 |
Not designated | N/A |  | N/A |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total interest rate related |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 45.1 |  |  | $ | 51.8 |
Total derivative contracts |  | $ | 0.6 |  |  | $ | 0.1 |  |  | $ | 46.4 |  |  | $ | 55.7 |
(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 2028. (3)Commodity contracts extend through June 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) |  | November 24, 2024 |  | November 26, 2023 |  | November 24, 2024 |  | November 26, 2023 |  |  |  |
Equity (1) |  | $ | 3.0 |  |  | $ | (0.9) |  |  | $ | — |  |  | $ | — |  |  |  |  |
Commodity (2) |  | (0.4) |  |  | (1.6) |  |  | (0.7) |  |  | (1.2) |  |  |  |  |
Interest rate (3) |  | 0.3 |  |  | 17.0 |  | 0.8 |  | 0.4 |  |  |  |
Total |  | $ | 2.9 |  |  | $ | 14.5 |  |  | $ | 0.1 |  |  | $ | (0.8) |  |  |  |  |
|  | Amount of Gain (Loss) Recognized in AOCI |  | Amount of Gain (Loss) Reclassified from AOCI to Earnings |  |
|  | Six Months Ended |  | Six Months Ended |  |
(in millions) |  | November 24, 2024 |  | November 26, 2023 |  | November 24, 2024 |  | November 26, 2023 |  |  |  |
Equity (1) |  | $ | 4.7 |  |  | $ | (3.1) |  |  | $ | (0.1) |  |  | $ | 1.3 |  |  |  |  |
Commodity (2) |  | (1.8) |  |  | 0.1 |  |  | (1.1) |  |  | (3.1) |  |  |  |  |
Interest rate (3) |  | — |  |  | 34.9 |  |  | 1.7 |  |  | 0.4 |  |  |  |  |
Total |  | $ | 2.9 |  |  | $ | 31.9 |  |  | $ | 0.5 |  |  | $ | (1.4) |  |  |  |  |
(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) |  | November 24, 2024 |  | November 26, 2023 |  | November 24, 2024 |  | November 26, 2023 |  |  |  |
Interest rate (1)(2) |  | $ | (7.9) |  |  | $ | (0.7) |  |  | $ | 7.9 |  |  | $ | 0.7 |  |  |  |  |
|  | Amount of Gain (Loss) Recognized in Earnings on Derivatives |  | Amount of Gain (Loss) Recognized in Earnings on Related Hedged Item |  |
|  | Six Months Ended |  | Six Months Ended |  |
(in millions) |  | November 24, 2024 |  | November 26, 2023 |  | November 24, 2024 |  | November 26, 2023 |  |  |  |
Interest rate (1)(2) |  | $ | 6.7 |  |  | $ | (7.6) |  |  | $ | (6.7) |  |  | $ | 7.6 |  |  |  |  |
(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 |  | Six Months Ended
Location of Gain (Loss) Recognized in Earnings on Derivatives | November 24, 2024 |  | November 26, 2023 |  | November 24, 2024 |  | November 26, 2023
General and administrative expenses |  | 5.1 |  |  | 0.6 |  |  | 7.6 |  |  | 0.5 |

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