XML 273 R38.htm IDEA: XBRL DOCUMENT v3.22.2

Stock-Based Compensation (Tables)

12 Months Ended

May 28, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Pre-Tax Compensation Expense and Related Tax Benefits

Excluding fully vested and non-forfeitable deferred stock units described under "Deferred Compensation Plan" below, pre-tax compensation expense and the related income tax benefit for all types of stock-based programs were as follows for the periods indicated:

(In millions)			May 28, 2022						May 29, 2021						May 30, 2020
Employee stock purchase program			$	0.5					$	0.4					$	0.3
Stock options			3.6						3.7						0.6
Restricted stock units			15.3						4.1						3.9
Performance share units			2.8						0.8						(2.1)
Restricted stock awards			9.2						—						—
Total			$	31.4					$	9.0					$	2.7
Tax benefit			$	7.7					$	2.0					$	0.5

Schedule of Fair Value of Employee Stock Options

In determining these values, the following weighted-average assumptions were used for the options granted during the fiscal years indicated:

			2022						2021						2020
Risk-free interest rates (1)			0.47%						0.23%-0.25%						N/A
Expected term of options (2)			3.3 years						3.8-4.1 years						N/A
Expected volatility (3)			49.03%						43% - 44%						N/A
Dividend yield (4)			1.64		%				1.99		%				N/A
Weighted-average grant-date fair value of stock options:
Granted with exercise prices equal to the fair market value of the stock on the date of grant			$13.87-$14.36						$	6.10					N/A
Granted with exercise prices greater than the fair market value of the stock on the date of grant			N/A						$	5.62					N/A

(1) Represents term-matched, zero-coupon risk-free rate from the Treasury Constant Maturity yield curve, continuously compounded.

(2) Represents historical settlement data, using midpoint scenario with 1-year grant date filter assumption for outstanding options.

(3) The blended volatility approach was used. 90% term-matched historical volatility from daily stock prices and 10% weighted average implied volatility from the 90 days preceding the grant date.

(4) Represents the quarterly dividend divided by the three-month average stock price as of July 9, 2021 and February 28, 2020, for 2022 and 2021, respectively.

Schedule of Stock Option Plan Transactions

The following is a summary of stock option activity during fiscal 2022:

			Shares Under Option						Weighted-Average Exercise Prices						Aggregate Intrinsic Value (in millions)						Weighted-Average Remaining Contractual Term (Years)
Outstanding at May 29, 2021			1,673,372						$	24.63					$	38.8					8.6
Granted			189,179						45.71
Exercised			(116,178)						26.91
Forfeited or expired			(29,780)						22.94
Outstanding at May 28, 2022			1,716,593						26.83						10.4						7.69
Exercisable at end of period			624,606						$	26.80					$	3.4					6.90

Schedule of Restricted Stock Unit (RSU) Activity

The following is a summary of restricted stock unit activity during fiscal 2022:

			Share Units						Weighted Average Grant-Date Fair Value						Aggregate Intrinsic Value (in millions)						Weighted-Average Remaining Contractual Term (Years)
Outstanding at May 29, 2021			484,011						$	30.84					$	23.1					1.4
Granted			615,867						44.25
Forfeited			(48,862)						37.84
Released			(474,634)						39.72
Outstanding at May 28, 2022			576,382						$	37.33					$	17.8					1.1

The following is a summary of restricted stock activity during fiscal 2022:

			Share Units						Weighted-Average Grant-Date Fair Value
Outstanding at May 29, 2021			—						$	—
Granted			751,907						44.36
Forfeited			(140,455)						44.36
Released			(391,463)						44.36
Outstanding at May 28, 2022			219,989						$	44.36

Schedule of Performance-based Stock Units (PSU) Activity

The following is a summary of performance stock unit activity during fiscal 2022:

			Share Units						Weighted Average Grant-Date Fair Value						Aggregate Intrinsic Value (in millions)						Weighted-Average Remaining Contractual Term (Years)
Outstanding at May 29, 2021			368,059						$	41.54					$	17.6					1.1
Granted			105,555						43.06
Forfeited			(85,941)						36.71
Released			(23,586)						47.13
Outstanding at May 28, 2022			364,087						$	42.75					$	11.3					0.9

Schedule of Director Share Based Compensation

			2022						2021						2020
Shares of common stock			23,255						3,013						7,769
Shares through the prior deferred compensation program			—						—						1,045
Deferred stock units pursuant to the Director Plan			15,664						—						—
Stock options			—						—						—

X

- References

No definition available.

+ Details

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

X

- Definition

Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the changes in outstanding nonvested performance-based units.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock awards granted to nonemployee directors that were outstanding at the beginning and end of the year, and the number of awards that were granted, exercised or converted, forfeited, and expired during the year.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedCompensationNonemployeeDirectorStockAwardPlanActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration