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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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May 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Assets and Liabilities and Amounts Representing Right to Reclaim or Obligation to Return Cash Collateral | Derivative assets and liabilities and amounts representing a right to reclaim cash collateral or obligation to return cash collateral were reflected in our Consolidated Balance Sheets as follows:
|  | May 31, 2020 |  |  | May 26, 2019 |
Prepaid expenses and other current assets |  | $ | 8.0 |  |  | $ | 5.9 |
Other accrued liabilities |  |  | 0.4 |  |  |  | 1.4 |
Schedule of Derivative Assets and Liabilities on a Gross Basis | The following table presents our derivative assets and liabilities at May 31, 2020, on a gross basis, prior to the setoff of $0.4 million to total derivative assets and $1.5 million to total derivative liabilities where legal right of setoff existed:
|  | Derivative Assets |  |  | Derivative Liabilities |
|  | Balance Sheet Location |  | Fair Value |  |  | Balance Sheet Location |  | Fair Value |
Commodity contracts |  | Prepaid expenses and other current assets |  | $ | 3.3 |  |  | Other accrued liabilities |  | $ | 1.9 |
Foreign exchange contracts |  | Prepaid expenses and other current assets |  |  | 5.1 |  |  | Other accrued liabilities |  |  | 0.0 |
Total derivatives not designated as hedging instruments |  |  |  | $ | 8.4 |  |  |  |  | $ | 1.9 |
The following table presents our derivative assets and liabilities, at May 26, 2019, on a gross basis, prior to the setoff of $0.5 million to total derivative assets and $0.4 million to total derivative liabilities where legal right of setoff existed:
|  | Derivative Assets |  |  | Derivative Liabilities |
|  | Balance Sheet Location |  | Fair Value |  |  | Balance Sheet Location |  | Fair Value |
Commodity contracts |  | Prepaid expenses and other current assets |  | $ | 4.9 |  |  | Other accrued liabilities |  | $ | 0.9 |
Foreign exchange contracts |  | Prepaid expenses and other current assets |  |  | 1.4 |  |  | Other accrued liabilities |  |  | 0.9 |
Other |  | Prepaid expenses and other current assets |  |  | 0.1 |  |  | Other accrued liabilities |  |  | — |
Total derivatives not designated as hedging instruments |  |  |  | $ | 6.4 |  |  |  |  | $ | 1.8 |
Schedule of Location and Amount of Gains (Losses) from Derivatives Not Designated as Hedging Instruments | The location and amount of gains (losses) from derivatives not designated as hedging instruments in our Consolidated Statements of Earnings were as follows:
|  | For the Fiscal Year Ended May 31, 2020 |
Derivatives Not Designated as Hedging Instruments |  | Location in Consolidated Statement of Earnings of Gains (Losses) Recognized on Derivatives |  | Amount of Gains (Losses) Recognized on Derivatives in Consolidated Statement of Earnings |
Commodity contracts |  | Cost of goods sold |  | $ | (18.4 | )
Foreign exchange contracts |  | Cost of goods sold |  |  | 5.5 |
Total losses from derivative instruments not designated as hedging instruments |  |  |  | $ | (12.9 | )
|  | For the Fiscal Year Ended May 26, 2019 |
Derivatives Not Designated as Hedging Instruments |  | Location in Consolidated Statement of Earnings of Gains (Losses) Recognized on Derivatives |  | Amount of Gains (Losses) Recognized on Derivatives in Consolidated Statement of Earnings |
Commodity contracts |  | Cost of goods sold |  | $ | (5.3 | )
Foreign exchange contracts |  | Cost of goods sold |  |  | 1.7 |
Total losses from derivative instruments not designated as hedging instruments |  |  |  | $ | (3.6 | )
|  | For the Fiscal Year Ended May 27, 2018 |
Derivatives Not Designated as Hedging Instruments |  | Location in Consolidated Statement of Earnings of Gains (Losses) Recognized on Derivatives |  | Amount of Gains (Losses) Recognized on Derivatives in Consolidated Statement of Earnings |
Commodity contracts |  | Cost of goods sold |  | $ | 3.0 |
Foreign exchange contracts |  | Cost of goods sold |  |  | (3.9 | )
Foreign exchange contracts |  | Selling, general and administrative expense |  |  | 0.3 |
Total losses from derivative instruments not designated as hedging instruments |  |  |  | $ | (0.6 | )

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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