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FAIR VALUE MEASUREMENTS | 9 Months Ended
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Feb. 24, 2019
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS FASB guidance establishes a three-level fair value hierarchy based upon the assumptions (inputs) used to price assets or liabilities. The three levels of inputs used to measure fair value are as follows: Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities, Level 2 — Observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets, and Level 3 — Unobservable inputs reflecting our own assumptions and best estimate of what inputs market participants would use in pricing the asset or liability. The fair values of our Level 2 derivative instruments were determined using valuation models that use market observable inputs including interest rate curves and both forward and spot prices for currencies and commodities. Derivative assets and liabilities included in Level 2 primarily represent commodity and foreign currency option and forward contracts. 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 24, 2019:
| Level 1 |  | Level 2 |  | Level 3 |  | Net Value
Assets: |  |  |  |  |  |  |
Derivative assets | $ | 3.1 |  |  | $ | 2.5 |  |  | $ | — |  |  | $ | 5.6 |
Equity securities | 5.3 |  |  | — |  |  | — |  |  | 5.3 |
Deferred compensation assets | 11.1 |  |  | — |  |  | — |  |  | 11.1 |
Total assets | $ | 19.5 |  |  | $ | 2.5 |  |  | $ | — |  |  | $ | 22.0 |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities | $ | — |  |  | $ | 2.7 |  |  | $ | — |  |  | $ | 2.7 |
Deferred compensation liabilities | 68.9 |  |  | — |  |  | — |  |  | 68.9 |
Total liabilities | $ | 68.9 |  |  | $ | 2.7 |  |  | $ | — |  |  | $ | 71.6 |
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 27, 2018:
| Level 1 |  | Level 2 |  | Level 3 |  | Net Value
Assets: |  |  |  |  |  |  |
Derivative assets | $ | 1.7 |  |  | $ | 2.7 |  |  | $ | — |  |  | $ | 4.4 |
Equity securities | 4.8 |  |  | — |  |  | — |  |  | 4.8 |
Total assets | $ | 6.5 |  |  | $ | 2.7 |  |  | $ | — |  |  | $ | 9.2 |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities | $ | — |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 0.1 |
Deferred compensation liabilities | 51.6 |  |  | — |  |  | — |  |  | 51.6 |
Total liabilities | $ | 51.6 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 51.7 |
Certain assets and liabilities, including long-lived assets, goodwill, and equity investments, are measured at fair value on a nonrecurring basis. We recognized charges of $0.3 million and $1.6 million in the third quarter and first three quarters of fiscal 2019, respectively, and $4.7 million for the first three quarters of fiscal 2018, for the impairments of certain long-lived assets. The impairments were measured based upon the estimated sales prices of the assets. The carrying amount of long-term debt (including current installments) was $11.13 billion and $3.54 billion as of February 24, 2019 and May 27, 2018, respectively. Based on current market rates, the fair value of this debt (level 2 liabilities) at February 24, 2019 and May 27, 2018, was estimated at $11.24 billion and $3.76 billion, respectively.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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