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 1		Level 2		Level 3		Fair 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 1		Level 2		Level 3		Fair 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.