v3.26.1
FAIR VALUE MEASUREMENTS
 12 Months Ended
May 31, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
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 May 31, 2026
(in millions)Level 1Level 2Level 3Fair Value
of Assets
(Liabilities)
Derivative assets (a)— 25.3 — 25.3 
Derivative liabilities (a)— (4.1)— (4.1)
Deferred compensation liabilities (b)— (25.5)— (25.5)
Fair value, net$— $(4.3)$— $(4.3)
As of May 25, 2025
(in millions)Level 1Level 2Level 3Fair Value
of Assets
(Liabilities)
Pension plan assets (c)$23.4 $— $— $23.4 
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$23.4 $(23.8)$— $(0.4)
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(a)Derivative assets and liabilities included in Level 2 primarily represent commodity swaps, option contracts, and currency contracts. The fair values of our Level 2 derivative assets were determined using valuation models that use market observable inputs including both forward and spot prices for commodities and foreign currencies. 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.
(c)As of May 31, 2026, the Pension Plan assets have been fully liquidated. See “Pension and Post-Retirement Benefits” section of Note 1 for further discussion of the impact of our Pension Plan termination.
The fair values of cash equivalents, receivables, accounts payable and short-term debt approximate their carrying amounts due to their short duration.
Non-financial assets such as property, plant and equipment, and intangible assets are recorded at fair value only if an impairment is recognized. Equity investments are measured at fair value on a non-recurring basis.
At May 31, 2026, we had approximately $2,935 million of fixed-rate and approximately $989 million of variable-rate debt outstanding. Based on current market rates, the fair value of our fixed-rate debt at May 31, 2026 was estimated to be $2,846 million. 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. We estimated the fair value of our fixed-rate debt using quoted market prices (Level 2 inputs) within the fair value hierarchy that is described above with an exception being the Term A-4 and Term A-5 Loan Facility, which is quoted at face value (Level 1 inputs). The fair value of our variable-rate term debt approximates the carrying amount as our cost of borrowing is variable and approximates current market prices.