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Fair Value Measurements (Tables)
 9 Months Ended
Mar. 03, 2018
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)
March 3, 2018
 
June 3, 2017
Carrying value
$
278.3

 
$
203.1

Fair value
$
281.9

 
$
213.0

Long-term debt as of March 3, 2018 and June 3, 2017 consisted of the following obligations:
(In millions)
March 3, 2018
 
June 3, 2017
Series B senior notes, due January 3, 2018
$
—

 
$
149.9

Debt securities, due March 1, 2021
50.0

 
50.0

Syndicated revolving line of credit, due September 2021
225.0

 
—

Supplier financing program
3.3

 
$
3.2

Total debt
$
278.3

 
$
203.1

Less: Current debt
(3.3
)
 
(3.2
)
Long-term debt
$
275.0

 
$
199.9
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 March 3, 2018 and June 3, 2017.
(In millions)
March 3, 2018
 
June 3, 2017


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)
Cash and cash equivalents:
 
 
 
 
 
 
 
Money market funds
$
31.4

 
$
—

 
$
—

 
$
—

Commercial paper
70.0

 
—

 
—

 
—

Available-for-sale marketable securities:
 
 
 
 
 
 
 
Mutual funds - fixed income
7.6

 
—

 
7.7

 
—

Mutual funds - equity
0.8

 
—

 
0.9

 
—

Foreign currency forward contracts
0.5

 
—

 
0.5

 
—

Interest rate swap agreement
13.7

 
—

 
3.3

 
—

Deferred compensation plan
11.7

 
—

 
12.8

 
—

Total
$
135.7

 
$
—

 
$
25.2

 
$
—

 
 
 
 
 
 
 
 
Financial Liabilities
 
 
 
 
 
 
 
Foreign currency forward contracts
$
0.6

 
$
—

 
$
0.6

 
$
—

Contingent consideration
—

 
0.4

 
—

 
0.5

Total
$
0.6

 
$
0.4

 
$
0.6

 
$
0.5
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
March 3, 2018
 
June 3, 2017
Beginning balance
$
0.5

 
$
2.7

Net realized losses (gains)
—

 
(0.2
)
Payments
(0.1
)
 
(2.0
)
Ending balance
$
0.4

 
$
0.5
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:
 
March 3, 2018
 
June 3, 2017
(In millions)
Cost
 
Unrealized
Gain/(loss)
 
Market
Value
 
Cost
 
Unrealized
Gain/(Loss)
 
Market
Value
Mutual funds - fixed income
$
7.6

 
$
—

 
$
7.6

 
$
7.6

 
$
0.1

 
$
7.7

Mutual funds - equity
0.7

 
0.1

 
0.8

 
0.9

 
—

 
0.9

Total
$
8.3

 
$
0.1

 
$
8.4

 
$
8.5

 
$
0.1

 
$
8.6