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Fair Value Measurements (Tables)
 3 Months Ended
Sep. 03, 2016
Fair Value Disclosures [Abstract]  
Schedule of Long-term Debt Instruments
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)
 
September 3, 2016
 
May 28, 2016
Carrying value
 
$
233.9

 
$
221.9

Fair value
 
$
248.7

 
$
241.7

Long-term debt as of September 3, 2016 and May 28, 2016 consisted of the following obligations:
(In millions)
September 3, 2016
 
May 28, 2016
Series B senior notes, due January 3, 2018
$
149.9

 
$
149.9

Debt securities, due March 1, 2021
50.0

 
50.0

Syndicated revolving line of credit, due July 2019
34.0

 
22.0

Total
$
233.9

 
$
221.9
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
The following tables set forth financial assets and liabilities measured at fair value in the Condensed Consolidated Balance Sheets and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy as of September 3, 2016 and May 28, 2016.
(In millions)
Fair Value Measurements
 
September 3, 2016
 
May 28, 2016


Financial Assets
Quoted Prices with
Other Observable Inputs (Level 2)
Management Estimate (Level 3)
 
Quoted Prices with
Other Observable Inputs (Level 2)
Management Estimate (Level 3)
Available-for-sale marketable securities:
 
 
 
 
 
Government obligations
$
0.4

$
—

 
$
0.4

$
—

Mutual funds - fixed income
6.6

—

 
6.4

—

Mutual funds - equity
0.7

—

 
0.7

—

Foreign currency forward contracts
0.4

—

 
0.5

—

Deferred compensation plan
8.8

—

 
7.9

—

Total
$
16.9

$
—

 
$
15.9

$
—

 
 
 
 
 
 
Financial Liabilities
 
 
 
 
 
Foreign currency forward contracts
$
0.5

$
—

 
$
0.8

$
—

Contingent consideration
—

2.7

 
—

2.7

Total
$
0.5

$
2.7

 
$
0.8

$
2.7
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The table below presents a reconciliation for liabilities measured at fair value using significant unobservable inputs (Level 3) (in millions).
Contingent Consideration
September 3, 2016
 
May 28, 2016
Beginning balance
$
2.7

 
$
2.6

Foreign currency translation adjustments
—

 
(0.1
)
Settlements
—

 
(2.5
)
Purchases or additions
—

 
2.7

Ending balance
$
2.7

 
$
2.7
Unrealized Gain (Loss) on Investments
The following is a summary of the carrying and market values of the company's marketable securities as of the respective dates.
 
September 3, 2016
(In millions)
Cost
 
Unrealized
Gain
 
Unrealized
Loss
 
Market
Value
Government obligations
0.4

 
—

 
—

 
0.4

Mutual funds - fixed income
6.6

 
—

 
—

 
6.6

Mutual funds - equity
0.6

 
$
0.1

 
$
—

 
$
0.7

Total
$
7.6

 
$
0.1

 
$
—

 
$
7.7

 
 
 
 
 
 
 
 
 
May 28, 2016
(In millions)
Cost
 
Unrealized
Gain
 
Unrealized
Loss
 
Market
Value
Government obligations
0.4

 
—

 
—

 
0.4

Mutual funds - fixed income
6.4

 
—

 
—

 
6.4

Mutual funds - equity
0.7

 
—

 
—

 
0.7

Total
$
7.5

 
$
—

 
$
—

 
$
7.5
Investments Classified by Contractual Maturity Date
Maturities of debt securities included in marketable securities as of September 3, 2016, are as follows:
(In millions)
Cost
 
Fair Value
Due within one year
$
0.4

 
$
0.4

Total
$
0.4

 
$
0.4