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PENSION AND POSTRETIREMENT BENEFITS | 6 Months Ended
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Nov. 24, 2019
Compensation And Retirement Disclosure [Abstract] |
PENSION AND POSTRETIREMENT BENEFITS | 14. PENSION AND POSTRETIREMENT BENEFITS We have defined benefit retirement plans ("plans") for eligible salaried and hourly employees. Benefits are based on years of credited service and average compensation or stated amounts for each year of service. We also sponsor postretirement plans which provide certain medical and dental benefits ("other postretirement benefits") to qualifying U.S. employees. In connection with the acquisition of Pinnacle, we now include the components of pension and postretirement expense associated with the Pinnacle pension plans and post-employment benefit plan in our Condensed Consolidated Statements of Earnings from the date of the completion of the acquisition. These plans are frozen for future benefits. The tabular disclosures presented below are inclusive of the Pinnacle plans. As a result of the anticipated exit of certain facilities, during the first quarter of fiscal 2020, we remeasured the Company's hourly pension plan as of August 25, 2019 and recorded a pension curtailment loss of $0.6 million previously within other comprehensive income (loss). In connection with the remeasurement, we updated the effective discount rate assumption for the impacted pension plan obligation from 3.90% to 3.13%. The curtailment loss and related remeasurement increased the underfunded status of the pension plan by $12.3 million with a corresponding loss within other comprehensive income (loss). Components of pension benefit and other postretirement benefit costs are:
|  | Pension Benefits |
|  | Thirteen weeks ended |  |  | Twenty-six weeks ended |
|  | November 24, 2019 |  |  | November 25, 2018 |  |  | November 24, 2019 |  |  | November 25, 2018 |
Service cost |  | $ | 2.8 |  |  | $ | 2.8 |  |  | $ | 5.6 |  |  | $ | 5.5 |
Interest cost |  |  | 30.7 |  |  |  | 32.7 |  |  |  | 62.0 |  |  |  | 64.7 |
Expected return on plan assets |  |  | (41.6 | ) |  |  | (43.2 | ) |  |  | (82.7 | ) |  |  | (85.5 | )
Amortization of prior service cost |  |  | 0.6 |  |  |  | 0.7 |  |  |  | 1.3 |  |  |  | 1.4 |
Curtailment loss |  |  | — |  |  |  | — |  |  |  | 0.6 |  |  |  | — |
Benefit cost (benefit) — Company plans |  |  | (7.5 | ) |  |  | (7.0 | ) |  |  | (13.2 | ) |  |  | (13.9 | )
Pension benefit cost — multi-employer plans |  |  | 2.0 |  |  |  | 1.8 |  |  |  | 3.5 |  |  |  | 3.5 |
Total benefit cost (benefit) |  | $ | (5.5 | ) |  | $ | (5.2 | ) |  | $ | (9.7 | ) |  | $ | (10.4 | )
|  | Postretirement Benefits |
|  | Thirteen weeks ended |  |  | Twenty-six weeks ended |
|  | November 24, 2019 |  |  | November 25, 2018 |  |  | November 24, 2019 |  |  | November 25, 2018 |
Service cost |  | $ | 0.1 |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.1 |
Interest cost |  |  | 0.6 |  |  |  | 1.0 |  |  |  | 1.3 |  |  |  | 1.9 |
Amortization of prior service benefit |  |  | (0.5 | ) |  |  | (0.5 | ) |  |  | (1.0 | ) |  |  | (1.0 | )
Recognized net actuarial gain |  |  | (1.1 | ) |  |  | (0.4 | ) |  |  | (2.3 | ) |  |  | (0.8 | )
Curtailment gain |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.6 | )
Total cost (benefit) |  | $ | (0.9 | ) |  | $ | 0.1 |  |  | $ | (1.9 | ) |  | $ | (0.4 | )
The Company uses a split discount rate (spot-rate approach) for the U.S. plans and certain foreign plans. The spot-rate approach applies separate discount rates for each projected benefit payment in the calculation of pension service and interest cost. The weighted-average discount rates for service and interest costs under the spot-rate approach used for pension benefit cost from May 27, 2019 through August 25, 2019 were 4.04% and 3.51%, respectively. The weighted-average discount rates for service and interest costs subsequent to August 25, 2019 are 3.47% and 2.94%, respectively. During the second quarter and first half of fiscal 2020, we contributed $4.0 million and $7.4 million, respectively, to our pension plans and contributed $0.8 million and $2.0 million, respectively, to our other postretirement plans. Based upon the current funded status of the plans and the current interest rate environment, we anticipate making further contributions of approximately $6.8 million to our pension plans for the remainder of fiscal 2020. We anticipate making further contributions of approximately $8.8 million to our other postretirement plans during the remainder of fiscal 2020. These estimates are based on ERISA guidelines, current tax laws, plan asset performance, and liability assumptions, which are subject to change. During the second quarter of fiscal 2020, the company provided a voluntary lump-sum settlement offer to certain terminated vested participants in the salaried pension plan in order to reduce a portion of the pension obligation. Subsequent to the end of the second quarter of fiscal 2020, approximately $155 million was distributed from pension plan assets in connection with this offer.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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