v3.26.1
Employee Benefit Plans (Tables)
 12 Months Ended
May 30, 2026
Retirement Benefits [Abstract]  
Schedule of Funded Status and Amounts Recognized in the Balance Sheet
The following table presents, for the fiscal years noted, a summary of the changes in the projected benefit obligation, plan assets and funded status of the Company's pension plans:
(In millions)
20262025
InternationalDomesticInternational
Change in benefit obligation:  
Benefit obligation at beginning of year$77.9   $125.9 $81.2 
Interest cost4.1  2.7 4.3 
Plan settlements— (123.5)— 
Foreign exchange impact(0.1)— 4.5 
Actuarial loss (gain) (1)
1.4 (1.3)(8.1)
Benefits paid(3.8)(3.8)(4.0)
Benefit obligation at end of year$79.5   $— $77.9 
Change in plan assets:
Fair value of plan assets at beginning of year$87.3  $123.1 $89.3 
Actual return on plan assets6.9 6.0 (3.2)
Foreign exchange impact— — 4.9 
Employer contributions1.0 — 0.3 
Asset reversion— (0.6)— 
Plan settlements— (123.5)— 
Actual expenses paid— (1.2)— 
Benefits paid(3.8)(3.8)(4.0)
Fair value of plan assets at end of year$91.4 $— $87.3 
Funded status:
Over funded status at end of year$11.9 $— $9.4 
Components of the amounts recognized in the Consolidated Balance Sheets:
Non-current assets$11.9 $— $9.4 
Components of the amounts recognized in Accumulated other comprehensive loss before the effect of income taxes:
Prior service cost$0.2 $— $0.3 
Unrecognized net actuarial loss31.3 — 31.1 
Accumulated other comprehensive loss$31.5 $— $31.4 
(1) In fiscal 2026 and 2025, the net actuarial loss (gain) includes amounts resulting from changes in actuarial assumptions utilized to calculate our benefit plan obligations such as the weighted-average discount rate.
Schedule of Net Benefit Costs
The following table is a summary of the annual (income) cost related to the Company's pension plans:
Components of Net Periodic Benefit Costs and Other Changes Recognized in Other Comprehensive Income (Loss):
(In millions)
202620252024
InternationalDomesticInternationalDomesticInternational
Service cost$— $0.9 $— $— $— 
Interest cost4.1 2.7 4.3 6.1 4.1 
Expected return on plan assets(6.1)(2.0)(5.7)(9.1)(5.0)
Pension plan termination gain— (1.5)— — — 
Expected administrative expenses— — — 0.7 — 
Amortization of prior service cost0.1 — 0.1 — 0.1 
Amortization of net loss (gain)0.5 — 0.6 (0.1)— 
Net periodic (income) benefit cost$(1.4)$0.1 $(0.7)$(2.4)$(0.8)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss):
(In millions)
20262025
InternationalDomesticInternational
Net actuarial loss (gain)$0.5 $(4.1)$0.9 
Net amortization(0.6)— (0.7)
Pension plan termination gain— 1.5 — 
Total recognized in other comprehensive loss$(0.1)$(2.6)$0.2 
Schedule of Assumptions Used
The weighted-average actuarial assumptions used to determine the benefit obligation amounts and the net periodic benefit cost for the Company's pension plans are as follows:
Weighted-average assumptions used in the determination of net periodic benefit cost:
(Percentages)202620252024
InternationalDomesticInternationalDomesticInternational
Discount rate 5.82   5.10 5.18   5.17 5.34 
Compensation increase rate2.80 N/A3.15 N/A3.00 
Expected return on plan assets 5.95   4.46 5.40   6.80 4.80 
Weighted-average assumptions used in the determination of the projected benefit obligations:
Discount rate 5.94   N/A5.82   5.10 5.18 
Compensation increase rate 2.95   N/A2.00   N/A3.15 
Schedule of Fair Value and Allocation of Plan Assets The target asset allocation at the end of fiscal 2026 and asset categories for the Company's pension plans for fiscal 2026 and 2025 are as follows:
Targeted Asset Allocation Percentage
Asset Category20262025
InternationalInternational
Fixed income74%74%
Cash1%1%
Common collective trusts25%25%
Total100%100%
Percentage of Plan Assets at Year End
20262025
InternationalInternational
Fixed income61%63%
Cash13%12%
Common collective trusts26%25%
Total100%100%
May 30, 2026
(In millions)
International
Asset CategoryLevel 1Level 2Total
Cash and cash equivalents$12.3 $— $12.3 
Foreign government obligations— 55.5 55.5 
Common collective trusts-balanced— 23.6 23.6 
Total$12.3 $79.1 $91.4 
May 31, 2025
(In millions)
International
Asset CategoryLevel 1Level 2Total
Cash and cash equivalents$10.3 $— $10.3 
Foreign government obligations— 54.8 54.8 
Common collective trusts-balanced— 22.2 22.2 
Total$10.3 $77.0 $87.3 
Schedule of Expected Benefit Payments The following represents a summary of the benefits expected to be paid by the plan in future fiscal years. These expected benefits were estimated based on the same actuarial valuation assumptions used to determine benefit obligations at May 30, 2026.
(In millions)
Pension Benefits
2027$5.5 
2028$4.2 
2029$4.9 
2030$5.4 
2031$5.8 
2032 - 2036$27.8