v3.26.1
FAIR VALUE MEASUREMENTS
 9 Months Ended
Feb. 22, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The fair values of cash equivalents, receivables, accounts payable, and short-term debt approximate their carrying amounts due to their short duration.
The following table presents our financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall:
As of February 22, 2026
(in millions)Level 1Level 2Level 3Fair Value
of Assets
(Liabilities)
Derivative assets (a)$— $8.7 $— $8.7 
Derivative liabilities (a)— (2.0)— (2.0)
Deferred compensation liabilities (b)— (28.0)— (28.0)
Fair value, net$— $(21.3)$— $(21.3)
As of May 25, 2025
(in millions)Level 1Level 2Level 3Fair Value
of Assets
(Liabilities)
Derivative assets (a)$— $10.2 $— $10.2 
Derivative liabilities (a)— (7.0)— (7.0)
Deferred compensation liabilities (b)— (27.0)— (27.0)
Fair value, net$— $(23.8)$— $(23.8)
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(a)Derivative assets and liabilities included in Level 2 primarily represent commodity swaps, option contracts, and currency contracts. The fair value of these derivatives were determined using valuation models that use market observable inputs including both forward and spot prices. Derivative assets are presented within “Prepaid expenses and other current assets” on our Consolidated Balance Sheets and derivative liabilities are presented within “Accrued liabilities” on our Consolidated Balance Sheets.
(b)The fair values of our Level 2 deferred compensation liabilities were valued using third-party valuations, which are based on the net asset values of mutual funds in our retirement plans. While the underlying assets are actively traded on an exchange, the funds are not. Deferred compensation liabilities are primarily presented within “Other noncurrent liabilities” on our Consolidated Balance Sheets.
As of February 22, 2026, we had $2,945.6 million of fixed-rate and $1,056.7 million of variable-rate debt outstanding. Based on current market rates, the fair value of our fixed-rate debt was estimated to be $2,889 million as of February 22, 2026. Any differences between the book value and fair value are due to the difference between the period-end market interest rate and the stated rate of our fixed-rate debt. The fair value of our variable-rate term debt approximates the carrying amount and approximates current market prices.