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v3.19.2

Employee Benefit Plans (Tables) | 12 Months Ended
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Jun. 01, 2019
Retirement Benefits [Abstract] |
Schedule of Funded Status and Amounts Recognized in the Balance Sheet | The following table presents, for the fiscal years noted, a summary of the changes in the projected benefit obligation, plan assets and funded status of the Company's domestic and international pension plans and post-retirement plan:
| Pension Benefits |  | Post-Retirement Benefits
| 2019 |  | 2018 |  | 2019 |  | 2018
(In millions) | Domestic |  | International |  | Domestic |  | International |  |  |  |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 1.0 |  |  | $ | 105.9 |  |  | $ | 1.0 |  |  | $ | 113.8 |  |  | $ | 4.0 |  |  | $ | 5.0 |
Interest cost | — |  |  | 2.7 |  |  | 0.1 |  |  | 2.7 |  |  | 0.1 |  |  | 0.1 |
Plan Amendments | — |  |  | 0.9 |  |  | — |  |  | — |  |  | — |  |  | — |
Foreign exchange impact | — |  |  | (6.0 | ) |  | — |  |  | 4.2 |  |  | — |  |  | — |
Actuarial loss (gain) | 0.1 |  |  | 9.7 |  |  | — |  |  | (12.2 | ) |  | (0.3 | ) |  | (0.5 | )
Benefits paid | (0.1 | ) |  | (4.1 | ) |  | (0.1 | ) |  | (2.6 | ) |  | (0.5 | ) |  | (0.6 | )
Benefit obligation at end of year | $ | 1.0 |  |  | $ | 109.1 |  |  | $ | 1.0 |  |  | $ | 105.9 |  |  | $ | 3.3 |  |  | $ | 4.0 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | — |  |  | $ | 94.6 |  |  | $ | — |  |  | $ | 80.5 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | — |  |  | 2.5 |  |  | — |  |  | 1.2 |  |  | — |  |  | — |
Foreign exchange impact | — |  |  | (5.1 | ) |  | — |  |  | 2.8 |  |  | — |  |  | — |
Employer contributions | 0.1 |  |  | 0.3 |  |  | 0.1 |  |  | 12.7 |  |  | 0.5 |  |  | 0.6 |
Benefits paid | (0.1 | ) |  | (4.1 | ) |  | (0.1 | ) |  | (2.6 | ) |  | (0.5 | ) |  | (0.6 | )
Fair value of plan assets at end of year | $ | — |  |  | $ | 88.2 |  |  | $ | — |  |  | $ | 94.6 |  |  | $ | — |  |  | $ | — |
Funded status: |  |  |  |  |  |  |  |  |  |  |
Under funded status at end of year | $ | (1.0 | ) |  | $ | (20.9 | ) |  | $ | (1.0 | ) |  | $ | (11.3 | ) |  | $ | (3.3 | ) |  | $ | (4.0 | )
Components of the amounts recognized in the Consolidated Balance Sheets: |  |  |  |
Current liabilities | $ | (0.1 | ) |  | $ | — |  |  | $ | (0.1 | ) |  | $ | — |  |  | $ | (0.6 | ) |  | $ | (0.6 | )
Non-current liabilities | $ | (0.9 | ) |  | $ | (20.9 | ) |  | $ | (0.9 | ) |  | $ | (11.3 | ) |  | $ | (2.7 | ) |  | $ | (3.4 | )
Components of the amounts recognized in Accumulated other comprehensive loss before the effect of income taxes:
Prior service cost | $ | — |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Unrecognized net actuarial loss (gain) | $ | 0.3 |  |  | $ | 47.3 |  |  | $ | 0.3 |  |  | $ | 40.8 |  |  | $ | (1.3 | ) |  | $ | (1.1 | )
Accumulated other comprehensive loss | $ | 0.3 |  |  | $ | 48.1 |  |  | $ | 0.3 |  |  | $ | 40.8 |  |  | $ | (1.3 | ) |  | $ | (1.1 | )
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The following table summarizes the totals for pension plans with accumulated benefit obligations in excess of plan assets:
Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets
(In millions) | 2019 |  | 2018
Projected benefit obligation | $ | 110.1 |  |  | $ | 106.9 |
Accumulated benefit obligation | $ | 106.4 |  |  | $ | 103.1 |
Fair value of plan assets | $ | 88.2 |  |  | $ | 94.6 |
Schedule of Net Benefit Costs | The following table is a summary of the annual cost of the Company's pension and post-retirement plans:
Components of Net Periodic Benefit Costs and Other Changes Recognized in Other Comprehensive Income (Loss):
| Pension Benefits |  | Post-Retirement Benefits
(In millions) | 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
Domestic: |  |  |  |  |  |  |  |  |  |  |
Interest cost | $ | — |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.2 |
Net periodic benefit cost | $ | — |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.2 |
International: |  |  |  |  |  |  |  |  |  |  |
Interest cost | $ | 2.7 |  |  | $ | 2.7 |  |  | $ | 2.7 |  |  |  |  |  |  |
Expected return on plan assets | (4.5 | ) |  | (5.6 | ) |  | (4.7 | ) |  |  |  |  |  |
Net amortization | 2.8 |  |  | 4.2 |  |  | 2.2 |  |  |  |  |  |  |
Net periodic benefit cost | $ | 1.0 |  |  | $ | 1.3 |  |  | $ | 0.2 |  |  |  |  |  |  |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss):
| Pension Benefits |  | Post-Retirement Benefits
(In millions) | 2019 |  | 2018 |  | 2019 |  | 2018
Domestic: |  |  |  |  |  |  |
Net actuarial gain | $ | 0.1 |  |  | $ | — |  |  | $ | (0.3 | ) |  | $ | (0.5 | )
Total recognized in other comprehensive loss | $ | 0.1 |  |  | $ | — |  |  | $ | (0.3 | ) |  | $ | (0.5 | )
International: |  |  |  |  |  |  |
Net actuarial (gain) loss | $ | 11.7 |  |  | $ | (7.7 | ) |  |  |  |
Net amortization | (2.7 | ) |  | (4.2 | ) |  |  |  |
Total recognized in other comprehensive loss | $ | 9.0 |  |  | $ | (11.9 | ) |  |  |  |
Schedule of Assumptions Used | The weighted-average actuarial assumptions used to determine the benefit obligation amounts and the net periodic benefit cost for the Company's pension and post-retirement plans are as follows:
The weighted-average used in the determination of net periodic benefit cost:
| 2019 |  | 2018 |  | 2017
(Percentages) | Domestic |  | International |  | Domestic |  | International |  | Domestic |  | International
Discount rate | 3.99 |  | 2.87 |  | 3.53 |  | 2.49 |  | 3.51 |  | 3.43
Compensation increase rate | n/a |  | 3.10 |  | n/a |  | 3.25 |  | n/a |  | 2.95
Expected return on plan assets | n/a |  | 4.80 |  | n/a |  | 6.10 |  | n/a |  | 6.10
The weighted-average used in the determination of the projected benefit obligations:
Discount rate | 3.47 |  | 2.39 |  | 3.99 |  | 2.87 |  | 3.53 |  | 2.49
Compensation increase rate | n/a |  | 3.20 |  | n/a |  | 3.10 |  | n/a |  | 3.25
Schedule of Fair Value and Allocation of Plan Assets | The target asset allocation at the end of fiscal 2019 and asset categories for the Company's primary international pension plan for fiscal 2019 and 2018 are as follows:
Asset Category | Targeted Asset Allocation Percentage |  | Percentage of Plan Assets at Year End
2019 |  | 2018 |  | 2019 |  | 2018
Fixed income | 35 |  | 35 |  | 33 |  |  | 36 |
Common collective trusts | 65 |  | 65 |  | 67 |  |  | 64 |
Total |  |  |  |  | 100 |  |  | 100 |
(In millions) |  |  | International Plan as of June 1, 2019
Asset Category |  |  | Level 1 |  | Level 2 |  | Total
Cash and cash equivalents |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign government obligations |  |  | — |  |  | 29.3 |  |  | 29.3 |
Common collective trusts-balanced |  |  | — |  |  | 58.9 |  |  | 58.9 |
Total |  |  | $ | — |  |  | $ | 88.2 |  |  | $ | 88.2 |
(In millions) |  |  | International Plan as of June 2, 2018
Asset Category |  |  | Level 1 |  | Level 2 |  | Total
Cash and cash equivalents |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | 0.2 |
Foreign government obligations |  |  | — |  |  | 33.4 |  |  | 33.4 |
Common collective trusts-balanced |  |  | — |  |  | 61.0 |  |  | 61.0 |
Total |  |  | $ | 0.2 |  |  | $ | 94.4 |  |  | $ | 94.6 |
Schedule of Expected Benefit Payments | The following represents a summary of the benefits expected to be paid by the plans in future fiscal years. These expected benefits were estimated based on the same actuarial valuation assumptions used to determine benefit obligations at June 1, 2019.
(In millions) | Pension Benefits Domestic |  | Pension Benefits International |  | Post-Retirement Benefits
2020 | $ | 0.1 |  |  | $ | 1.8 |  |  | $ | 0.5 |
2021 | $ | 0.1 |  |  | $ | 1.9 |  |  | $ | 0.4 |
2022 | $ | 0.1 |  |  | $ | 2.3 |  |  | $ | 0.4 |
2023 | $ | 0.1 |  |  | $ | 2.1 |  |  | $ | 0.4 |
2024 | $ | 0.1 |  |  | $ | 2.3 |  |  | $ | 0.3 |
2025-2029 | $ | 0.3 |  |  | $ | 16.7 |  |  | $ | 1.1 |

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