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v3.22.1

Employee Benefit Plans (Tables) | 12 Months Ended
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May 29, 2021
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) |  |  | 2021 |  |  |  | 2020 |  |  |  |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  |  | $ | 126.5 |  |  |  |  | $ | 109.1 |  |  |  |  |
Interest cost |  |  | 2.2 |  |  |  |  | 2.4 |  |  |  |  |
Plan Amendments |  |  | — |  |  |  |  | — |  |  |  |  |
Foreign exchange impact |  |  | 18.6 |  |  |  |  | (2.9) |  |  |  |  |
Actuarial (gain) loss (1) |  |  | (2.9) |  |  |  |  | 21.0 |  |  |  |  |
Benefits paid |  |  | (3.5) |  |  |  |  | (3.1) |  |  |  |  |
Benefit obligation at end of year |  |  | $ | 140.9 |  |  |  |  | $ | 126.5 |  |  |  |  |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | $ | 88.1 |  |  |  |  | $ | 88.2 |  |  |  |  |
Actual return on plan assets |  |  | 6.6 |  |  |  |  | 4.7 |  |  |  |  |
Foreign exchange impact |  |  | 13.7 |  |  |  |  | (2.0) |  |  |  |  |
Employer contributions |  |  | 5.0 |  |  |  |  | 0.3 |  |  |  |  |
Benefits paid |  |  | (3.5) |  |  |  |  | (3.1) |  |  |  |  |
Fair value of plan assets at end of year |  |  | $ | 109.9 |  |  |  |  | $ | 88.1 |  |  |  |  |
Funded status: |  |  |  |  |  |  |  |  |  |  |
Under funded status at end of year |  |  | $ | (31.0) |  |  |  |  | $ | (38.4) |  |  |  |  |
Components of the amounts recognized in the Consolidated Balance Sheets: |  |  |  |
Current liabilities |  |  | $ | — |  |  |  |  | $ | — |  |  |  |  |
Non-current liabilities |  |  | $ | (30.9) |  |  |  |  | $ | (38.3) |  |  |  |  |
Components of the amounts recognized in Accumulated other comprehensive loss before the effect of income taxes:
Prior service cost |  |  | $ | 0.7 |  |  |  |  | $ | 0.7 |  |  |  |  |
Unrecognized net actuarial loss (gain) |  |  | $ | 61.8 |  |  |  |  | $ | 63.2 |  |  |  |  |
Accumulated other comprehensive loss |  |  | $ | 62.5 |  |  |  |  | $ | 63.9 |  |  |  |  |
(1) In fiscal 2021 and 2020, the net actuarial (gain) loss includes amounts resulting from changes in actuarial assumptions utilized to calculate our benefit plan obligations such as the weighted-average discount rate.
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) | 2021 |  | 2020 |  | 2019 |  |  |  |  |  |
Interest cost | $ | 2.2 |  |  | $ | 2.4 |  |  | $ | 2.7 |  |  |  |  |  |  |
Expected return on plan assets | (4.6) |  |  | (4.4) |  |  | (4.5) |  |  |  |  |  |  |
Amortization of prior service costs | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  |  |  |  |  |
Amortization of net (gain)/loss | 5.3 |  |  | 3.2 |  |  | 2.7 |  |  |  |  |  |  |
Net periodic benefit cost | $ | 3.0 |  |  | $ | 1.3 |  |  | $ | 1.0 |  |  |  |  |  |  |
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) | 2021 |  | 2020 |  |  |  |
Net actuarial (gain) loss | $ | (4.9) |  |  | $ | 20.6 |  |  |  |  |
Net amortization | 3.5 |  |  | (4.8) |  |  |  |  |
Total recognized in other comprehensive loss | $ | (1.4) |  |  | $ | 15.8 |  |  |  |  |
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) |  |  | 2021 |  |  |  | 2020 |  |  |  | 2019
Discount rate |  |  | 1.66 |  |  |  |  | 2.39 |  |  |  |  | 2.87 |
Compensation increase rate |  |  | 2.75 |  |  |  |  | 3.20 |  |  |  |  | 3.10 |
Expected return on plan assets |  |  | 4.80 |  |  |  |  | 4.80 |  |  |  |  | 4.80 |
Weighted-average assumptions used in the determination of the projected benefit obligations:
Discount rate |  |  | 1.99 |  |  |  |  | 1.66 |  |  |  |  | 2.39 |
Compensation increase rate |  |  | 3.20 |  |  |  |  | 2.75 |  |  |  |  | 3.20 |
Schedule of Fair Value and Allocation of Plan Assets | The target asset allocation at the end of fiscal 2021 and asset categories for the Company's pension plan for fiscal 2021 and 2020 are as follows:
Asset Category | Targeted Asset Allocation Percentage |  | Percentage of Plan Assets at Year End
2021 |  | 2020 |  | 2021 |  | 2020
Fixed income | 31% |  | 35% |  | 32% |  | 37%
Common collective trusts | 69% |  | 65% |  | 68% |  | 63%
Total |  |  |  |  | 100% |  | 100%
(In millions) |  |  | May 29, 2021
Asset Category |  |  | Level 1 |  | Level 2 |  | Total
Cash and cash equivalents |  |  | 0.7 |  |  | — |  |  | 0.7 |
Foreign government obligations |  |  | — |  |  | 34.2 |  |  | 34.2 |
Common collective trusts-balanced |  |  | — |  |  | 75.0 |  |  | 75.0 |
Total |  |  | $ | 0.7 |  |  | $ | 109.2 |  |  | $ | 109.9 |
(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 |
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 May 29, 2021.
(In millions) |  |  | Pension Benefits |  |
2022 |  |  | $ | 3.9 |  |  |
2023 |  |  | $ | 3.9 |  |  |
2024 |  |  | $ | 4.0 |  |  |
2025 |  |  | $ | 4.0 |  |  |
2026 |  |  | $ | 4.1 |  |  |
2027-2031 |  |  | $ | 21.3 |  |  |

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