XML 58 R36.htm IDEA: XBRL DOCUMENT v3.19.2

Employee Benefit Plans (Tables)

12 Months Ended

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

X

- References

No definition available.

+ Details

Name:	us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of accumulated benefit obligations and fair values of plan assets of pension plans and/or other employee benefit plans where the accumulated benefit obligation exceeds the fair value of plan assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e2417-114920

+ Details

Name:	us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(5)
-URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (k)
-URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration