XML 47 R36.htm IDEA: XBRL DOCUMENT
v3.25.1

Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
--- | ---
Feb. 23, 2025
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 23, 2025 |  | February 23, 2025 |  | May 26, 2024 |  | February 23, 2025 |  | May 26, 2024
Equity forwards: |  |  |  |  |  |  |  |  |  |  |  |  |
Designated | 0.2 |  | $144.58 |  | $ | 28.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 1.8 |  |  | $ | 0.8 |
Not designated | 0.4 |  | 138.14 |  | 57.1 |  |  | — |  |  | — |  |  | 3.8 |  |  | 2.4 |
Total equity forwards (2) | $ | — |  |  | $ | — |  |  | $ | 5.6 |  |  | $ | 3.2 |
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
Designated | N/A |  | N/A |  | $ | 13.6 |  |  | $ | 0.8 |  |  | $ | 0.1 |  |  | $ | 0.6 |  |  | $ | 0.7 |
Not designated | N/A |  | N/A |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total commodity contracts (3) |  | $ | 0.8 |  |  | $ | 0.1 |  |  | $ | 0.6 |  |  | $ | 0.7 |
Interest rate related |  |  |  |  |  |  |  |  |  |  |  |  |
Designated - Fair Value Hedge | N/A |  | N/A |  | $ | 300.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 44.8 |  |  | $ | 51.8 |
Not designated | N/A |  | N/A |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total interest rate related |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 44.8 |  |  | $ | 51.8 |
Total derivative contracts |  | $ | 0.8 |  |  | $ | 0.1 |  |  | $ | 51.0 |  |  | $ | 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 March 2026.
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 23, 2025 |  | February 25, 2024 |  | February 23, 2025 |  | February 25, 2024 |  |  |  |
Equity (1) |  | $ | 3.8 |  |  | $ | 2.2 |  |  | $ | 0.1 |  |  | $ | — |  |  |  |  |
Commodity (2) |  | 1.0 |  |  | (1.9) |  |  | (0.6) |  |  | (2.5) |  |  |  |  |
Interest rate (3) |  | — |  |  | — |  | 0.9 |  | 0.9 |  |  |  |
Total |  | $ | 4.8 |  |  | $ | 0.3 |  |  | $ | 0.4 |  |  | $ | (1.6) |  |  |  |  |
|  | 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 23, 2025 |  | February 25, 2024 |  | February 23, 2025 |  | February 25, 2024 |  |  |  |
Equity (1) |  | $ | 8.5 |  |  | $ | (0.9) |  |  | $ | — |  |  | $ | 1.3 |  |  |  |  |
Commodity (2) |  | (0.8) |  |  | (1.8) |  |  | (1.7) |  |  | (5.6) |  |  |  |  |
Interest rate (3) |  | — |  |  | 34.9 |  |  | 2.6 |  |  | 1.3 |  |  |  |  |
Total |  | $ | 7.7 |  |  | $ | 32.2 |  |  | $ | 0.9 |  |  | $ | (3.0) |  |  |  |  |
(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 23, 2025 |  | February 25, 2024 |  | February 23, 2025 |  | February 25, 2024 |  |  |  |
Interest rate (1)(2) |  | $ | 0.4 |  |  | $ | 4.3 |  |  | $ | (0.4) |  |  | $ | (4.3) |  |  |  |  |
|  | 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 23, 2025 |  | February 25, 2024 |  | February 23, 2025 |  | February 25, 2024 |  |  |  |
Interest rate (1)(2) |  | $ | 7.1 |  |  | $ | (3.3) |  |  | $ | (7.1) |  |  | $ | 3.3 |  |  |  |  |
(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 23, 2025 |  | February 25, 2024 |  | February 23, 2025 |  | February 25, 2024
General and administrative expenses |  | 10.7 |  |  | 7.8 |  |  | 18.3 |  |  | 8.3 |
Total |  | $ | 10.7 |  |  | $ | 7.8 |  |  | $ | 18.3 |  |  | $ | 8.3 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration