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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Aug. 30, 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 an obligation to return cash collateral were reflected in our Condensed Consolidated Balance Sheets as follows:
|  | August 30, 2020 |  |  | May 31, 2020 |
Prepaid expenses and other current assets |  | $ | 2.6 |  |  | $ | 8.0 |
Other accrued liabilities |  |  | 2.4 |  |  |  | 0.4 |
Schedule of Derivative Assets and Liabilities on a Gross Basis | The following table presents our derivative assets and liabilities, at August 30, 2020, on a gross basis, prior to the setoff of $0.7 million to total derivative assets and $0.1 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 |  | $ | 2.5 |  |  | Other accrued liabilities |  | $ | 0.3 |
Foreign exchange contracts |  | Prepaid expenses and other current assets |  |  | 0.8 |  |  | Other accrued liabilities |  |  | 2.2 |
Total derivatives not designated as hedging instruments |  | $ | 3.3 |  |  |  |  | $ | 2.5 |
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 |  |  | — |
Total derivatives not designated as hedging instruments |  | $ | 8.4 |  |  |  |  | $ | 1.9 |
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 Condensed Consolidated Statements of Earnings were as follows:
|  | Location in Condensed Consolidated |  | Gains (Losses) Recognized on Derivatives in Condensed Consolidated Statements of Earnings for the Thirteen Weeks Ended |
Derivatives Not Designated as Hedging Instruments |  | Statements of Earnings of Gains (Losses) Recognized on Derivatives |  | August 30, 2020 |  |  | August 25, 2019 |
Commodity contracts |  | Cost of goods sold |  | $ | 1.2 |  |  | $ | (6.4 | )
Foreign exchange contracts |  | Cost of goods sold |  |  | (5.2 | ) |  |  | (0.9 | )
Total losses from derivative instruments not designated as hedging instruments |  | $ | (4.0 | ) |  | $ | (7.3 | )

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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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