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Employee Benefit Plans (Tables)

12 Months Ended

May 30, 2020

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 pension plan:

	Pension Benefit
(In millions)	2020				2019
Change in benefit obligation:
Benefit obligation at beginning of year	$	109.1			$	105.9
Interest cost	2.4				2.7
Plan Amendments	—				0.9
Foreign exchange impact	(2.9		)		(6.0		)
Actuarial loss (gain)	21.0				9.7
Benefits paid	(3.1		)		(4.1		)
Benefit obligation at end of year	$	126.5			$	109.1
Change in plan assets:
Fair value of plan assets at beginning of year	$	88.2			$	94.6
Actual return on plan assets	4.7				2.5
Foreign exchange impact	(2.0		)		(5.1		)
Employer contributions	0.3				0.3
Benefits paid	(3.1		)		(4.1		)
Fair value of plan assets at end of year	$	88.1			$	88.2
Funded status:
Under funded status at end of year	$	(38.4	)		$	(20.9	)
Components of the amounts recognized in the Consolidated Balance Sheets:
Current liabilities	$	—			$	—
Non-current liabilities	$	(38.3	)		$	(20.9	)
Components of the amounts recognized in Accumulated other comprehensive loss before the effect of income taxes:
Prior service cost	$	0.7			$	0.8
Unrecognized net actuarial loss (gain)	$	63.2			$	47.3
Accumulated other comprehensive loss	$	63.9			$	48.1

Schedule of Net Benefit Costs

The following table is a summary of the annual cost of the Company's pension plan:

Components of Net Periodic Benefit Costs and Other Changes Recognized in Other Comprehensive Income (Loss):
(In millions)	2020				2019				2018
Interest cost	$	2.4			$	2.7			$	2.7
Expected return on plan assets	(4.4		)		(4.5		)		(5.6		)
Amortization of prior service costs	0.1				0.1				—
Amortization of net (gain)/loss	3.2				2.7				4.2
Net periodic benefit cost	$	1.3			$	1.0			$	1.3

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss):
(In millions)	2020				2019
Net actuarial (gain) loss	$	20.6			$	11.7
Net amortization	(4.8		)		(2.7		)
Total recognized in other comprehensive loss	$	15.8			$	9.0

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 plan are as follows:

Weighted-average assumptions used in the determination of net periodic benefit cost:
(Percentages)	2020		2019		2018
Discount rate	2.39		2.87		2.49
Compensation increase rate	3.20		3.10		3.25
Expected return on plan assets	4.80		4.80		6.10
Weighted-average assumptions used in the determination of the projected benefit obligations:
Discount rate	1.66		2.39		2.87
Compensation increase rate	2.75		3.20		3.10

Schedule of Fair Value and Allocation of Plan Assets

The target asset allocation at the end of fiscal 2020 and asset categories for the Company's pension plan for fiscal 2020 and 2019 are as follows:

Asset Category	Targeted Asset Allocation Percentage						Percentage of Plan Assets at Year End
	2020		2019				2020				2019
Fixed income	35%		35%				37%				33%
Common collective trusts	65%		65%				63%				67%
Total							100%				100%
(In millions)			May 30, 2020
Asset Category			Level 1				Level 2				Total
Foreign government obligations			—				31.4				31.4
Common collective trusts-balanced			—				56.7				56.7
Total			$	—			$	88.1			$	88.1
(In millions)			June 1, 2019
Asset Category			Level 1				Level 2				Total
Foreign government obligations			—				29.3				29.3
Common collective trusts-balanced			—				58.9				58.9
Total			$	—			$	88.2			$	88.2

Schedule of Expected Benefit Payments

The following represents a summary of the benefits expected to be paid by the plan in future fiscal years. These expected benefits were estimated based on the same actuarial valuation assumptions used to determine benefit obligations at May 30, 2020.

(In millions)	Pension Benefits
2021	$	2.4
2022	$	2.4
2023	$	2.5
2024	$	2.5
2025	$	2.6
2026-2030	$	13.9

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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.

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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.

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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.

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Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

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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.

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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.

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