Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Feb. 23, 2020

The notional and fair values of our derivative contracts are as follows:



					Fair Values
(in millions, except per share data)	Number of Shares Outstanding	Weighted-Average Per Share Forward Rates	Notional Values		Derivative Assets (1)				Derivative Liabilities (1)
	February 23, 2020				February 23, 2020		May 26, 2019		February 23, 2020		May 26, 2019
Equity forwards:
Designated	0.3	$103.03	$	29.8	$	0.2	$	—	$	—	$	0.3
Not designated	0.6	$83.61	$	47.4	0.3		—		—		0.5
Total equity forwards					$	0.5	$	—	$	—	$	0.8
Commodity contracts	N/A	N/A	$	15.6	$	—	$	0.1	$	0.7	$	0.1
Total derivative contracts					$	0.5	$	0.1	$	0.7	$	0.9

(1)

Derivative assets and liabilities are included in receivables, net and other current liabilities, as applicable, on our consolidated balance sheets.

The notional and fair values of our derivative contracts are as follows:



					Fair Values
(in millions, except per share data)	Number of Shares Outstanding	Weighted-Average Per Share Forward Rates	Notional Values		Derivative Assets (1)				Derivative Liabilities (1)
	February 23, 2020				February 23, 2020		May 26, 2019		February 23, 2020		May 26, 2019
Equity forwards:
Designated	0.3	$103.03	$	29.8	$	0.2	$	—	$	—	$	0.3
Not designated	0.6	$83.61	$	47.4	0.3		—		—		0.5
Total equity forwards					$	0.5	$	—	$	—	$	0.8
Commodity contracts	N/A	N/A	$	15.6	$	—	$	0.1	$	0.7	$	0.1
Total derivative contracts					$	0.5	$	0.1	$	0.7	$	0.9


(1)	Derivative assets and liabilities are included in receivables, net and other current liabilities, as applicable, on our consolidated balance sheets.

The effects of derivative instruments accounted for as cash flow hedging instruments in the consolidated statements of earnings are as follows:



	Amount of Gain (Loss) Recognized in AOCI						Amount of Gain (Loss) Reclassified from AOCI to Earnings
	Three Months Ended						Three Months Ended
(in millions)	February 23, 2020			February 24, 2019			February 23, 2020			February 24, 2019
Equity (1)(2)	$	0.8		$	(1.4	)	$	—		$	—
Commodity (3)	(0.8		)	(0.1		)	(0.5		)	0.5
Interest rate (4)	—			—			—			—
Total	$	—		$	(1.5	)	$	(0.5	)	$	0.5

	Amount of Gain (Loss) Recognized in AOCI						Amount of Gain (Loss) Reclassified from AOCI to Earnings
	Nine Months Ended						Nine Months Ended
(in millions)	February 23, 2020			February 24, 2019			February 23, 2020			February 24, 2019
Equity (1)(2)	$	(3.5	)	$	9.6		$	1.0		$	4.9
Commodity (3)	(1.8		)	0.4			(1.1		)	0.9
Interest rate (4)	—			—			(0.1		)	(0.1		)
Total	$	(5.3	)	$	10.0		$	(0.2	)	$	5.7


(1)	In fiscal 2020, location of the gain (loss) reclassified from AOCI to earnings is general and administrative expenses.


(2)	In fiscal 2019, location of the gain (loss) reclassified from AOCI to earnings is restaurant labor expenses and general and administrative expenses.


(3)	Location of the gain (loss) reclassified from AOCI to earnings is food and beverage costs and restaurant expenses.

(4)

Location of the gain (loss) reclassified from AOCI to earnings is interest, net.

The effects of derivatives not designated as hedging instruments in the consolidated statements of earnings are as follows:



	Amount of Gain (Loss) Recognized in Earnings
(in millions)	Three Months Ended				Nine Months Ended
Location of Gain (Loss) Recognized in Earnings on Derivatives	February 23, 2020		February 24, 2019		February 23, 2020		February 24, 2019
Food and beverage costs and restaurant expenses	$	—	$	—	$	0.3	$	—
Restaurant labor expenses	—		0.8		—		8.1
General and administrative expenses	2.4		0.7		1.8		10.9
Total	$	2.4	$	1.5	$	2.1	$	19.0