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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
12 Months Ended
May 28, 2017
DERIVATIVE FINANCIAL INSTRUMENTS  
Schedule of derivative assets and liabilities - Gross basis

The following table presents our derivatives at May 28, 2017 and May 29, 2016 (dollars in millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

May 28, 2017

 

 

 

 

 

 

 

 

Net Amounts

 

 

Gross Amounts

 

Gross Amounts Offset

 

Presented in the

Derivative subject to master netting arrangements

    

Recognized

    

in the Balance Sheet

    

Balance Sheet

Liabilities:

 

 

 

 

 

 

 

 

 

Commodity contracts

 

$

3.8

 

$

1.4

 

$

2.4

Accrued liabilities

 

$

3.8

 

$

1.4

 

$

2.4

 

 

 

 

 

 

 

 

 

 

 

 

 

May 29, 2016

 

 

 

 

 

 

 

 

Net Amounts

 

 

Gross Amounts

 

Gross Amounts Offset

 

Presented in the

Derivative subject to master netting arrangements

    

Recognized

    

in the Balance Sheet

    

Balance Sheet

Assets:

 

 

 

 

 

 

 

 

 

Commodity contracts

 

$

1.5

 

$

0.1

 

$

1.4

Foreign exchange contracts

 

 

0.6

 

 

 —

 

 

0.6

Prepaid expenses and other current assets

 

$

2.1

 

$

0.1

 

$

2.0

Liabilities:

 

 

 

 

 

 

 

 

 

Commodity contracts

 

$

0.2

 

$

0.1

 

$

0.1

Accrued liabilities

 

$

0.2

 

$

0.1

 

$

0.1

 

Schedule of location and amount of gains (losses) from derivatives not designated as hedging instruments

The location and amount of gains (losses) from derivatives in our Combined and Consolidated Statements of Earnings were as follows (dollars in millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount of Gain (Loss)

 

 

 

    

Recognized on Derivatives in

 

 

Location in Consolidated

 

Combined Statement of Earnings

Derivatives Not Designated as Hedging

 

Statement of Earnings of Gain

 

For the Fiscal Years Ended May

Instruments

    

(Loss) Recognized on Derivatives

    

2017

    

2016

    

2015

Commodity contracts

 

Cost of sales

 

$

(2.0)

 

$

(5.4)

 

$

(11.4)

Foreign exchange contracts

 

Selling, general and administrative expenses

 

 

(0.1)

 

 

0.8

 

 

1.1

Total loss from derivative instruments not designed as hedging instruments

 

  

 

$

(2.1)

 

$

(4.6)

 

$

(10.3)