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Fair Value Measurements (Tables) | 6 Months Ended
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Dec. 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) |  | December 3, 2016 |  | May 28, 2016
Carrying value |  | $ | 219.6 |  |  | $ | 221.9 |
Fair value |  | $ | 235.2 |  |  | $ | 241.7 |
Long-term debt as of December 3, 2016 and May 28, 2016 consisted of the following obligations:
(In millions) | December 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 September 2021 | 19.7 |  |  | 22.0 |
Total | $ | 219.6 |  |  | $ | 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 December 3, 2016 and May 28, 2016.
(In millions) | Fair Value Measurements
| December 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 |  | $ | — |
Mutual funds - fixed income | 7.0 |  | — |  |  | 6.4 |  | — |
Mutual funds - equity | 0.8 |  | — |  |  | 0.7 |  | — |
Foreign currency forward contracts | 1.0 |  | — |  |  | 0.5 |  | — |
Interest rate swap agreement | 6.4 |  | — |  |  | — |  | — |
Deferred compensation plan | 8.9 |  | — |  |  | 7.9 |  | — |
Total | $ | 24.1 |  | $ | — |  |  | $ | 15.9 |  | $ | — |
Financial Liabilities |  |  |  |  |
Foreign currency forward contracts | $ | 1.1 |  | $ | — |  |  | $ | 0.8 |  | $ | — |
Contingent consideration | — |  | 1.7 |  |  | — |  | 2.7 |
Total | $ | 1.1 |  | $ | 1.7 |  |  | $ | 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 | December 3, 2016 |  | May 28, 2016
Beginning balance | $ | 2.7 |  |  | $ | 2.6 |
Foreign currency translation adjustments | — |  |  | (0.1 | )
Settlements | (1.0 | ) |  | (2.5 | )
Purchases or additions | — |  |  | 2.7 |
Ending balance | $ | 1.7 |  |  | $ | 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.
| December 3, 2016 |  | May 28, 2016
(In millions) | Cost |  | Unrealized Gain |  | Unrealized Loss |  | Market Value |  | Cost |  | Unrealized Gain |  | Unrealized Loss |  | Market Value
Government obligations | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.4 |
Mutual funds - fixed income | 7.0 |  |  | — |  |  | — |  |  | 7.0 |  |  | 6.4 |  |  | — |  |  | — |  |  | 6.4 |
Mutual funds - equity | 0.8 |  |  | $ | — |  |  | — |  |  | 0.8 |  |  | 0.7 |  |  | — |  |  | — |  |  | 0.7 |
Total | $ | 7.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 7.8 |  |  | $ | 7.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 7.5 |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a,b,bb) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=36462937&loc=SL7498348-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 + Details
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