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Fair Value of Financial Instruments
 12 Months Ended
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