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Retirement Plans (Tables)
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12 Months Ended |
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May 26, 2013
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| Compensation and Retirement Disclosure [Abstract] |
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| Funding Of Defined Benefit Pension Plans And Postretirement Benefit Plans |
Fundings related to the defined benefit pension plans and postretirement benefit plans, which are funded on a pay-as-you-go basis, were as follows:
| | | | | | | | | | | | | (in millions) | Fiscal Year | | 2013 |
| 2012 |
| 2011 | Defined benefit pension plans funding | $ | 2.4 |
| | $ | 22.2 |
| | $ | 12.9 |
| Postretirement benefit plan funding | 0.8 |
| | 0.5 |
| | 0.3 |
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| Change In Benefit Obligation |
The following provides a reconciliation of the changes in the plan benefit obligation, fair value of plan assets and the funded status of the plans as of May 26, 2013 and May 27, 2012: | | | | | | | | | | | | | | | | | (in millions) | Defined Benefit Plans | | Postretirement Benefit Plan | | 2013 | | 2012 | | 2013 | | 2012 | Change in Benefit Obligation: | | | | | | | | Benefit obligation at beginning of period | $ | 274.4 |
| | $ | 215.8 |
| | $ | 29.6 |
| | $ | 27.0 |
| Service cost | 4.7 |
| | 5.1 |
| | 0.8 |
| | 0.8 |
| Interest cost | 9.9 |
| | 9.6 |
| | 1.3 |
| | 1.5 |
| Participant contributions | — |
| | — |
| | 0.4 |
| | 0.3 |
| Benefits paid | (11.2 | ) | | (9.8 | ) | | (1.2 | ) | | (0.8 | ) | Actuarial loss (gain) | (1.0 | ) | | 53.7 |
| | (1.0 | ) | | 0.8 |
| Benefit obligation at end of period | $ | 276.8 |
| | $ | 274.4 |
| | $ | 29.9 |
| | $ | 29.6 |
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| Change In Plan Assets |
| | | | | | | | | | | | | | | | | Change in Plan Assets: | | | | | | | | Fair value at beginning of period | $ | 203.5 |
| | $ | 187.4 |
| | $ | — |
| | $ | — |
| Actual return on plan assets | 39.4 |
| | 3.7 |
| | — |
| | — |
| Employer contributions | 2.4 |
| | 22.2 |
| | 0.8 |
| | 0.5 |
| Participant contributions | — |
| | — |
| | 0.4 |
| | 0.3 |
| Benefits paid | (11.2 | ) | | (9.8 | ) | | (1.2 | ) | | (0.8 | ) | Fair value at end of period | $ | 234.1 |
| | $ | 203.5 |
| | $ | — |
| | $ | — |
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| Reconciliation Of The Plan's Funded Status |
| | | | | | | | | | | | | | | | | Reconciliation of the Plans’ Funded Status: | | | | |
| |
| Unfunded status at end of period | $ | (42.7 | ) | | $ | (70.9 | ) | | $ | (29.9 | ) | | $ | (29.6 | ) |
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| Funded Status And Amounts Recognized In Accumulated Other Comprehensive Income (Loss) |
The following is a detail of the balance sheet components of each of our plans and a reconciliation of the amounts included in accumulated other comprehensive income (loss): | | | | | | | | | | | | | | | | | (in millions) | Defined Benefit Plans | | Postretirement Benefit Plan | | May 26,
2013 |
| May 27,
2012 | | May 26,
2013 |
| May 27,
2012 | Components of the Consolidated Balance Sheets: | | | | | | | | Non-current liabilities | 42.7 |
| | 70.9 |
| | 29.9 |
| | 29.6 |
| Net amounts recognized | $ | 42.7 |
| | $ | 70.9 |
| | $ | 29.9 |
| | $ | 29.6 |
| Amounts Recognized in Accumulated Other Comprehensive Income (Loss), net of tax: | | | | | | | | Prior service (cost) credit | $ | (0.2 | ) | | $ | (0.2 | ) | | $ | 0.1 |
| | $ | 0.1 |
| Net actuarial loss | (69.0 | ) | | (87.4 | ) | | (1.3 | ) | | (1.9 | ) | Net amounts recognized | $ | (69.2 | ) | | $ | (87.6 | ) | | $ | (1.2 | ) | | $ | (1.8 | ) |
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| Accumulated Benefit Obligations In Excess Of Plan Assets |
The following is a summary of our accumulated and projected benefit obligations: | | | | | | | | | (in millions) | May 26, 2013 |
| | May 27, 2012 |
| Accumulated benefit obligation for all pension plans | $ | 267.6 |
| | $ | 265.0 |
| Pension plans with accumulated benefit obligations in excess of plan assets: | | | | Accumulated benefit obligation | 267.6 |
| | 265.0 |
| Fair value of plan assets | 234.1 |
| | 203.5 |
| Projected benefit obligations for all plans with projected benefit obligations in excess of plan assets | 276.8 |
| | 274.4 |
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| Weighted-Average Assumptions Used |
The following table presents the weighted-average assumptions used to determine benefit obligations and net expense: | | | | | | | | | | | | | | Defined Benefit Plans | | Postretirement Benefit Plan | | 2013 | | 2012 | | 2013 | | 2012 | Weighted-average assumptions used to determine benefit obligations at May 26 and May 27 (1) | | | | | | | | Discount rate | 4.60 | % | | 4.35 | % | | 4.74 | % | | 4.52 | % | Rate of future compensation increases | 4.04 | % | | 4.22 | % | | N/A |
| | N/A |
| Weighted-average assumptions used to determine net expense for fiscal years ended May 26 and May 27 (2) | | | | | | | | Discount rate | 4.35 | % | | 5.37 | % | | 4.52 | % | | 5.46 | % | Expected long-term rate of return on plan assets | 9.00 | % | | 9.00 | % | | N/A |
| | N/A |
| Rate of future compensation increases | 4.22 | % | | 3.75 | % | | N/A |
| | N/A |
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(1) Determined as of the end of fiscal year. (2) Determined as of the beginning of fiscal year. |
| Components Of Net Periodic Benefit Cost |
Components of net periodic benefit cost included in continuing operations are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | Defined Benefit Plans | | Postretirement Benefit Plan | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | Service cost | $ | 4.7 |
| | $ | 5.1 |
| | $ | 5.9 |
| | $ | 0.8 |
| | $ | 0.8 |
| | $ | 0.9 |
| Interest cost | 9.9 |
| | 9.6 |
| | 9.5 |
| | 1.3 |
| | 1.5 |
| | 2.3 |
| Expected return on plan assets | (19.4 | ) | | (17.8 | ) | | (16.6 | ) | | — |
| | — |
| | — |
| Amortization of unrecognized prior service cost | 0.1 |
| | 0.1 |
| | 0.1 |
| | (0.1 | ) | | (0.1 | ) | | — |
| Recognized net actuarial loss | 8.8 |
| | 8.2 |
| | 4.5 |
| | — |
| | — |
| | 1.3 |
| Net pension and postretirement cost (benefit) | $ | 4.1 |
| | $ | 5.2 |
| | $ | 3.4 |
| | $ | 2.0 |
| | $ | 2.2 |
| | $ | 4.5 |
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| Fair Values Of Defined Benefit Pension Plans Assets |
The fair values of the defined benefit pension plans assets at their measurement dates of May 26, 2013 and May 27, 2012, are as follows: | | | | | | | | | | | | | | | | | | | | | | Items Measured at Fair Value at May 26, 2013 | (in millions) | | | Fair Value of Assets (Liabilities) | | Quoted Prices in Active Market for Identical Assets (Liabilities) (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Equity: | | | | | | | | | | U.S. Commingled Funds | (1) | | $ | 97.2 |
| | $ | — |
| | $ | 97.2 |
| | $ | — |
| International Commingled Funds | (2) | | 33.4 |
| | — |
| | 33.4 |
| | — |
| Emerging Market Commingled Funds | (3) | | 13.8 |
| | — |
| | 13.8 |
| | — |
| Real Estate Commingled Funds | (4) | | 11.6 |
| | — |
| | 11.6 |
| | — |
| Fixed-Income: | | | | | | | | | | U.S. Treasuries | (5) | | 16.3 |
| | 16.3 |
| | — |
| | — |
| U.S. Corporate Securities | (5) | | 42.5 |
| | — |
| | 42.5 |
| | — |
| International Securities | (5) | | 8.2 |
| | — |
| | 8.2 |
| | — |
| Public Sector Utility Securities | (5) | | 9.4 |
| | — |
| | 9.4 |
| | — |
| Cash & Accruals | | | 1.7 |
| | 1.7 |
| | — |
| | — |
| Total | | | $ | 234.1 |
| | $ | 18.0 |
| | $ | 216.1 |
| | $ | — |
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| | | | | | | | | | | | | | | | | | | | | | Items Measured at Fair Value at May 27, 2012 | (in millions) | | | Fair Value of Assets (Liabilities) | | Quoted Prices in Active Market for Identical Assets (Liabilities) (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Equity: | | | | | | | | | | U.S. Commingled Funds | (1) | | $ | 80.5 |
| | $ | — |
| | $ | 80.5 |
| | $ | — |
| International Commingled Funds | (2) | | 26.8 |
| | — |
| | 26.8 |
| | — |
| Emerging Market Commingled Funds | (3) | | 11.3 |
| | — |
| | 11.3 |
| | — |
| Real Estate Commingled Funds | (4) | | 10.0 |
| | — |
| | 10.0 |
| | — |
| Fixed-Income: | | | | | | | | | | U.S. Treasuries | (5) | | 20.0 |
| | 20.0 |
| | — |
| | — |
| U.S. Corporate Securities | (5) | | 37.7 |
| | — |
| | 37.7 |
| | — |
| International Securities | (5) | | 2.7 |
| | — |
| | 2.7 |
| | — |
| Public Sector Utility Securities | (5) | | 10.4 |
| | — |
| | 10.4 |
| | — |
| Cash & Accruals | | | 4.1 |
| | 4.1 |
| | — |
| | — |
| Total | | | $ | 203.5 |
| | $ | 24.1 |
| | $ | 179.4 |
| | $ | — |
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| | (1) | U.S. commingled funds are comprised of investments in funds that purchase publicly traded U.S. common stock for total return purposes. Investments are valued at unit values provided by the investment managers which are based on the fair value of the underlying investments. There are no redemption restrictions associated with these funds. |
| | (2) | International commingled funds are comprised of investments in funds that purchase publicly traded non-U.S. common stock for total return purposes. Investments are valued at unit values provided by the investment managers which are based on the fair value of the underlying investments. There are no redemption restrictions associated with these funds. |
| | (3) | Emerging market commingled funds and developed market securities are comprised of investments in funds that purchase publicly traded common stock of non-U.S. companies for total return purposes. Funds are valued at unit values provided by the investment managers which are based on the fair value of the underlying investments. There are no redemption restrictions associated with these funds. |
| | (4) | Real estate commingled funds are comprised of investments in funds that purchase publicly traded common stock of real estate securities for purposes of total return. These investments are valued at unit values provided by the investment managers which are based on the fair value of the underlying investments. There are no redemption restrictions associated with these funds. |
| | (5) | Fixed-income securities are comprised of investments in government and corporate debt securities. These securities are valued by the trustee at closing prices from national exchanges or pricing vendors on the valuation date. |
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| Changes In Level 3 Investments For Defined Benefit Pension Plans |
| | | | | | | | | | | | | | | | | | | | | | The following table presents the changes in Level 3 investments for the defined benefit pension plans at May 27, 2012: | | | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | (in millions) | | Private Equity Partnerships | | Private Equity Securities | | Energy & Real Estate Public Sector | | Real Asset Private Funds | | Total | Beginning balance at May 29, 2011 | | $ | 25.6 |
| | $ | — |
| | $ | 4.3 |
| | $ | 10.8 |
| | $ | 40.7 |
| Actual return on plan assets: | |
| |
| |
| |
| | | Relating to assets still held at the reporting date | | — |
| | — |
| | — |
| | — |
| | — |
| Relating to assets sold during the period | | 0.3 |
| | — |
| | — |
| | — |
| | 0.3 |
| Purchases, sales, and settlements | | (25.9 | ) | | — |
| | (4.3 | ) | | (10.8 | ) | | (41.0 | ) | Transfers in and/or out of Level 3 | | — |
| | — |
| | — |
| | — |
| | — |
| Ending balance at May 27, 2012 | | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
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| Expected Benefit Payments |
The following benefit payments are expected to be paid between fiscal 2014 and fiscal 2023: | | | | | | | | | | (in millions) | | Defined Benefit Plans | | Postretirement Benefit Plan | 2014 | | $ | 11.1 |
| | $ | 0.7 |
| 2015 | | 11.3 |
| | 0.8 |
| 2016 | | 11.8 |
| | 0.9 |
| 2017 | | 12.6 |
| | 0.9 |
| 2018 | | 13.5 |
| | 1.0 |
| 2018-2023 | | 79.4 |
| | 6.5 |
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