DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Aug. 29, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets and Liabilities and Amounts Representing Right to Reclaim or Obligation to Return Cash Collateral

Derivative assets and liabilities and amounts representing a right to reclaim cash collateral or an obligation to return cash collateral were reflected in our Condensed Consolidated Balance Sheets as follows:

	August 29, 2021		May 30, 2021
Prepaid expenses and other current assets	$	12.3	$	15.5
Other accrued liabilities		0.7		6.9

Schedule of Derivative Assets and Liabilities on a Gross Basis

The following table presents our derivative assets and liabilities, at August 29, 2021, on a gross basis, prior to the setoff of $4.0 million to total derivative assets and $2.4 million to total derivative liabilities where legal right of setoff existed:

	Derivative Assets			Derivative Liabilities
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Prepaid expenses and other current assets	$	14.9	Other accrued liabilities	$	2.4
Foreign exchange contracts	Prepaid expenses and other current assets		1.4	Other accrued liabilities		0.7
Total derivatives not designated as hedging instruments		$	16.3		$	3.1

The following table presents our derivative assets and liabilities at May 30, 2021, on a gross basis, prior to the setoff of $7.4 million to total derivative assets and $5.4 million to total derivative liabilities where legal right of setoff existed:

	Derivative Assets			Derivative Liabilities
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Prepaid expenses and other current assets	$	22.9	Other accrued liabilities	$	5.4
Foreign exchange contracts	Prepaid expenses and other current assets		—	Other accrued liabilities		6.9
Total derivatives not designated as hedging instruments		$	22.9		$	12.3

Schedule of Location and Amount of Gains (Losses) from Derivatives Not Designated as Hedging Instruments

The location and amount of gains (losses) from derivatives not designated as hedging instruments in our Condensed Consolidated Statements of Earnings were as follows:

	Location in Condensed Consolidated	Gains (Losses) Recognized on Derivatives in Condensed Consolidated Statements of Earnings for the Thirteen Weeks Ended
Derivatives Not Designated as Hedging Instruments	Statements of Earnings of Gains (Losses) Recognized on Derivatives	August 29, 2021		August 30, 2020
Commodity contracts	Cost of goods sold	$	4.2	$	1.2
Foreign exchange contracts	Cost of goods sold		6.0		(5.2	)
Total gains (losses) from derivative instruments not designated as hedging instruments		$	10.2	$	(4.0	)