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Stock-Based Compensation (Tables) | 12 Months Ended
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Jun. 03, 2023
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) | June 3, 2023 |  | May 28, 2022 |  | May 29, 2021
Employee stock purchase program | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | 0.4 |
Stock options | 5.7 |  |  | 3.6 |  |  | 3.7 |
Restricted stock units | 9.4 |  |  | 15.3 |  |  | 4.1 |
Performance share units | 3.5 |  |  | 2.8 |  |  | 0.8 |
Restricted stock awards | 1.1 |  |  | 9.2 |  |  | — |
Total | $ | 20.2 |  |  | $ | 31.4 |  |  | $ | 9.0 |
Tax benefit | $ | 4.9 |  |  | $ | 7.7 |  |  | $ | 2.0 |
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:
| 2023 |  | 2022 |  | 2021
Valuation Method | Hull-White I(1) | Black-Scholes |  | Black-Scholes |  | Black-Scholes
Risk-free interest rates (2) | 2.91% | 3.01% |  | 0.47% |  | 0.23-0.25%
Hull-White I barrier(3) | 1.36 | N/A |  | N/A |  | N/A
Expected term of options (4) | N/A | 3.4 years |  | 3.3 years |  | 3.8-4.1 years
Expected volatility (5) | 37.09% | 51.58% |  | 49.03% |  | 43-44%
Dividend yield (6) | 2.52 | % | 2.50 | % |  | 1.64 | % |  | 1.99 | %
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 | N/A | $ | 9.43 |  |  | $13.87-$14.36 |  | $ | 6.10 |
Granted with exercise prices greater than the fair market value of the stock on the date of grant | $ | 5.74 |  | N/A |  | N/A |  | $ | 5.62 |
(1) A conservative post-vest cancel rate of 0.00% was applied under the assumption that the options will be exercised. (2) Represents term-matched, zero-coupon risk-free rate from the Treasury Constant Maturity yield curve, continuously compounded. (3) Represents historical average of Section 16 Officers in-the-money exercise ratio from Company’s historical data through May 27, 2022. (4) Represents historical settlement data, using midpoint scenario with 1-year grant date filter assumption for outstanding options. (5) 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. (6) Represents the quarterly dividend divided by the three-month average stock price as of July 7 and 12, 2022, July 9, 2021, and February 28, 2023, for 2022 and 2021, respectively.
Schedule of Stock Option Plan Transactions | The following is a summary of stock option activity during fiscal 2023:
| Shares Under Option |  | Weighted-Average Exercise Prices |  | Aggregate Intrinsic Value (in millions) |  | Weighted-Average Remaining Contractual Term (Years)
Outstanding at May 28, 2022 | 1,716,593 |  |  | $ | 26.83 |  |  | $ | 10.4 |  |  | 7.7
Granted | 544,299 |  |  | 32.25 |  |  |  |  |
Exercised | (49,482) |  |  | 20.44 |  |  |  |  |
Forfeited or expired | (7,210) |  |  | 22.86 |  |  |  |  |
Outstanding at June 3, 2023 | 2,204,200 |  |  | 28.33 |  |  | — |  |  | 7.3
Exercisable at end of period | 1,088,713 |  |  | $ | 26.57 |  |  | $ | — |  |  | 6.5
Schedule of Restricted Stock Unit (RSU) Activity | The following is a summary of restricted stock unit activity during fiscal 2023:
| Share Units |  | Weighted Average Grant-Date Fair Value |  | Aggregate Intrinsic Value (in millions) |  | Weighted-Average Remaining Contractual Term (Years)
Outstanding at May 28, 2022 | 576,382 |  |  | $ | 37.33 |  |  | $ | 17.8 |  |  | 1.1
Granted | 406,720 |  |  | 27.76 |  |  |  |  |
Forfeited | (79,027) |  |  | 33.54 |  |  |  |  |
Released | (219,734) |  |  | 38.46 |  |  |  |  |
Outstanding at June 3, 2023 | 684,341 |  |  | $ | 31.83 |  |  | $ | 9.9 |  |  | 1.0
The following is a summary of restricted stock activity during fiscal 2023:
| Share Units |  | Weighted-Average Grant-Date Fair Value
Outstanding at May 28, 2022 | 219,989 |  | $ | 44.36 |
Granted | — |  |  | — |
Forfeited | (39,839) |  | 44.18 |
Released | (145,407) |  | 44.35 |
Outstanding at June 3, 2023 | 34,743 |  | $ | 44.36 |
Schedule of Performance-based Stock Units (PSU) Activity | The following is a summary of performance stock unit activity during fiscal 2023:
| Share Units |  | Weighted Average Grant-Date Fair Value |  | Aggregate Intrinsic Value (in millions) |  | Weighted-Average Remaining Contractual Term (Years)
Outstanding at May 28, 2022 | 364,087 |  |  | $ | 42.75 |  |  | $ | 11.3 |  |  | 0.9
Granted | 172,645 |  |  | 27.30 |  |  |  |  |
Forfeited | (179,631) |  |  | 44.70 |  |  |  |  |
Released | (6,130) |  |  | 31.23 |  |  |  |  |
Outstanding at June 3, 2023 | 350,971 |  |  | $ | 34.41 |  |  | $ | 5.2 |  |  | 1.2
Schedule of Director Share Based Compensation |
| 2023 |  | 2022 |  | 2021
Shares of common stock | 27,785 |  |  | 23,255 |  |  | 3,013 |
Deferred stock units pursuant to the Director Plan | 25,230 |  |  | 15,664 |  |  |
Stock options | — |  |  | — |  |  | — |

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- 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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- 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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- 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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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