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Stock-Based Compensation (Tables)

12 Months Ended

Jun. 01, 2024

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 "Director Fees and Director 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 1, 2024						June 3, 2023						May 28, 2022
Employee stock purchase program			$	0.5					$	0.5					$	0.5
Stock options			7.7						5.7						3.6
Restricted stock units			8.7						9.4						15.3
Performance share units			3.4						3.5						2.8
Restricted stock awards			0.3						1.1						9.2
Total			$	20.6					$	20.2					$	31.4
Tax benefit			$	5.0					$	4.9					$	7.7

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:

						2024						2023									2022
Valuation Method						Black-Scholes						Hull-White I(1)			Black-Scholes						Black-Scholes
Risk-free interest rates (2)						3.76% to 3.94%						2.91%			3.01%						0.47%
Hull-White I barrier(3)						N/A						1.36			N/A						N/A
Expected term of options (4)						4.9 years						N/A			3.4 years						3.3 years
Expected volatility (5)						49.33% to 50.26%						37.09%			51.58%						49.03%
Dividend yield (6)						2.9% to 4.79%						2.52		%	2.50		%				1.64		%
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						$	9.61					N/A			$	9.43					$13.87-$14.36
Granted with exercise prices greater than the fair market value of the stock on the date of grant						$	4.94					$	5.74		N/A						N/A

(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 30 days preceding the grand date for fiscal 2024 and the 90 days preceding the grant date for fiscal 2023 and 2022.

(6) Represents the quarterly dividend divided by the three-month average stock price as of July 14, 2023 and January 12, 2024, July 7 and 12, 2022, and July 9, 2021, for 2024, 2023, and 2022, respectively.

Schedule of Stock Option Plan Transactions

The following is a summary of stock option activity during fiscal 2024:

			Shares Under Option						Weighted-Average Exercise Prices						Aggregate Intrinsic Value (in millions)						Weighted-Average Remaining Contractual Term (Years)
Outstanding at June 3, 2023			2,204,200						$	28.33					$	—					7.3
Granted			2,517,980						20.02
Exercised			(74,096)						22.98
Forfeited or expired			(238,692)						21.24
Outstanding at June 1, 2024			4,409,392						24.06						23.0						7.8
Exercisable at end of period			1,697,879						$	27.03					$	5.6					5.9

Schedule of Restricted Stock Unit (RSU) Activity

The following is a summary of restricted stock unit activity during fiscal 2024:

			Share Units						Weighted Average Grant-Date Fair Value						Aggregate Intrinsic Value (in millions)						Weighted-Average Remaining Contractual Term (Years)
Outstanding at June 3, 2023			684,341						$	31.83					$	9.9					1.0
Granted			719,780						17.30
Forfeited			(145,580)						23.53
Released			(327,894)						31.75
Outstanding at June 1, 2024			930,647						$	21.92					$	25.9					1.2

The following is a summary of restricted stock activity during fiscal 2024:

			Share Units						Weighted-Average Grant-Date Fair Value
Outstanding at June 3, 2023			34,743						$	44.36
Granted			—						—
Forfeited			(983)						44.33
Released			(33,760)						44.36
Outstanding at June 1, 2024			—						$	—

Schedule of Performance-based Stock Units (PSU) Activity

The following is a summary of performance stock unit activity during fiscal 2024:

			Share Units						Weighted Average Grant-Date Fair Value						Aggregate Intrinsic Value (in millions)						Weighted-Average Remaining Contractual Term (Years)
Outstanding at June 3, 2023			350,971						$	34.41					$	5.2					1.2
Granted			253,623						18.39
Forfeited			(41,198)						29.45
Released			(121,043)						40.56
Outstanding at June 1, 2024			442,353						$	23.91					$	12.2					1.0

Schedule of Director Share Based Compensation

			2024						2023						2022
Shares of common stock			31,379						27,785						23,255
Deferred stock units pursuant to the Director Plan			16,490						25,230						15,664
Stock options			8,377						—						—

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

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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.

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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.

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