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Fair Value of Financial Instruments | 12 Months Ended
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May. 30, 2015
Fair Value Disclosures [Abstract] |
Fair Value Disclosures | Fair Value of Financial Instruments The company's financial instruments consist of cash equivalents, marketable securities, accounts and notes receivable, deferred compensation plan, accounts payable, debt, redeemable noncontrolling interests, and foreign currency exchange contracts. The company's financial instruments, other than long-term debt, are recorded at fair value. The estimated fair value of debt approximates the carrying value as of May 30, 2015 and May 31, 2014. The carrying value and fair value of the company's long-term debt, including current maturities, is as follows for the periods indicated:
(In millions) |  | May 30, 2015 |  | May 31, 2014
Carrying value |  | $ | 290.0 |  |  | $ | 250.0 |
Fair value |  | $ | 315.1 |  |  | $ | 279.2 |
The following describes the methods the company uses to estimate the fair value of financial assets and liabilities, of which there have been no significant changes in the current period: Available-for-sale securities — The company's available-for-sale marketable securities primarily include government obligations and mortgage-backed securities and are valued using quoted prices for similar securities. Foreign currency exchange contracts — The company's foreign currency exchange contracts are valued using an approach based on foreign currency exchange rates obtained from active markets. The estimated fair value of forward currency exchange contracts is based on month-end spot rates as adjusted by current market-based activity. Deferred compensation plan assets — The company's deferred compensation plan assets primarily include domestic equity large cap and lifestyle mutual funds and are valued using quoted prices for similar securities. The following tables set forth financial assets and liabilities measured at fair value in the Consolidated Balance Sheets and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy as of May 30, 2015 and May 31, 2014:
(In millions) | Fair Value Measurements
| May 30, 2015 |  | May 31, 2014
Financial Assets | Quoted Prices With Other Observable Inputs (Level 2) |  | Quoted Prices With Other Observable Inputs (Level 2)
Available-for-sale marketable securities: |  |  |
Asset-backed securities | $ | 0.2 |  |  | $ | 0.4 |
Corporate debt securities | 0.6 |  |  | 1.2 |
Government obligations | 0.5 |  |  | 7.9 |
Mortgage-backed securities | 4.4 |  |  | 1.6 |
Foreign currency forward contracts | 0.7 |  |  | 0.2 |
Deferred compensation plan | 7.9 |  |  | 6.3 |
Total | $ | 14.3 |  |  | $ | 17.6 |
Financial Liabilities |  |  |
Foreign currency forward contracts | $ | 0.2 |  |  | $ | 0.1 |
Total | $ | 0.2 |  |  | $ | 0.1 |
The following is a summary of the carrying and market values of the company's marketable securities as of the dates indicated:
|  | May 30, 2015
(In millions) |  | Cost |  | Unrealized Gain |  | Unrealized Loss |  | Market Value
Asset-backed securities |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.2 |
Corporate debt securities |  | 0.6 |  |  | — |  |  | — |  |  | 0.6 |
Government obligations |  | 0.5 |  |  | — |  |  | — |  |  | 0.5 |
Mortgage-backed securities |  | 4.4 |  |  | — |  |  | — |  |  | 4.4 |
Total |  | $ | 5.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 5.7 |
|  | May 31, 2014
(In millions) |  | Cost |  | Unrealized Gain |  | Unrealized Loss |  | Market Value |
Asset-backed securities |  | $ | 0.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.4 |
Corporate debt securities |  | 1.2 |  |  | — |  |  | — |  |  | 1.2 |
Government obligations |  | 7.9 |  |  | — |  |  | — |  |  | 7.9 |
Mortgage-backed securities |  | 1.6 |  |  | — |  |  | — |  |  | 1.6 |
Total |  | $ | 11.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 11.1 |
Maturities of debt securities included in marketable securities as of May 30, 2015, are as follows:
(In millions) |  | Cost |  | Market Value
Due within one year |  | $ | 3.1 |  |  | $ | 3.1 |
Due after one year through five years |  | 2.5 |  |  | 2.5 |
Due after five years |  | 0.1 |  |  | 0.1 |
Total |  | $ | 5.7 |  |  | $ | 5.7 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611 + Details
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