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Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Jun. 01, 2019
Fair Value Disclosures [Abstract] |
Schedule of Fair Value by Balance Sheet Grouping | 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) |  | June 1, 2019 |  | June 2, 2018
Carrying value |  | $ | 285.0 |  |  | $ | 285.8 |
Fair value |  | $ | 287.8 |  |  | $ | 288.6 |
Schedule of Fair Value Assets and Liabilities Measured on a Recurring and Nonrecurring Basis | The following table sets forth financial assets and liabilities measured at fair value through net income and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy as of June 1, 2019 and June 2, 2018:
| Fair Value Measurements
| June 1, 2019 |  | June 2, 2018
(In millions) Financial Assets | NAV | Quoted Prices With Other Observable Inputs (Level 2) | Management Estimates (Level 3) |  | NAV | Quoted Prices With Other Observable Inputs (Level 2) | Management Estimates (Level 3)
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 69.5 |  | $ | — |  | $ | — |  |  | $ | 121.0 |  | $ | — |  | $ | — |
Mutual funds - equity | — |  | 0.9 |  | — |  |  | — |  | 0.9 |  | — |
Foreign currency forward contracts | — |  | — |  | — |  |  | — |  | 0.4 |  | — |
Deferred compensation plan | — |  | 12.5 |  | — |  |  | — |  | 15.1 |  | — |
Total | $ | 69.5 |  | $ | 13.4 |  | $ | — |  |  | $ | 121.0 |  | $ | 16.4 |  | $ | — |
Financial Liabilities |  |  |  |  |  |  |
Foreign currency forward contracts | $ | — |  | $ | 1.4 |  | $ | — |  |  | $ | — |  | $ | 0.3 |  | $ | — |
Contingent consideration | — |  | — |  | 0.2 |  |  | — |  | — |  | 0.5 |
Total | $ | — |  | $ | 1.4 |  | $ | 0.2 |  |  | $ | — |  | $ | 0.3 |  | $ | 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 | June 1, 2019 |  | June 2, 2018
Beginning balance | $ | 0.5 |  |  | $ | 0.5 |
Net realized (gains) losses | (0.2 | ) |  | 0.1 |
Settlements | (0.1 | ) |  | (0.1 | )
Ending balance | $ | 0.2 |  |  | $ | 0.5 |
Schedule of Unrealized Gain (Loss) on Investments | The following is a summary of the carrying and market values of the Company's fixed income mutual funds and equity mutual funds as of the dates indicated:
| June 1, 2019 |  | June 2, 2018
(In millions) | Cost |  | Unrealized Gain/(Loss) |  | Market Value |  | Cost |  | Unrealized Gain/(Loss) |  | Market Value
Mutual funds - fixed income | $ | 7.9 |  |  | $ | — |  |  | $ | 7.9 |  |  | $ | 7.8 |  |  | $ | (0.1 | ) |  | $ | 7.7 |
Mutual funds - equity | 0.8 |  |  | 0.1 |  |  | 0.9 |  |  | 0.7 |  |  | 0.2 |  |  | 0.9 |
Total | $ | 8.7 |  |  | $ | 0.1 |  |  | $ | 8.8 |  |  | $ | 8.5 |  |  | $ | 0.1 |  |  | $ | 8.6 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The effects of derivatives on the consolidated financial statements were as follows for the fiscal years ended 2019 and 2018 (amounts presented exclude any income tax effects):
(In millions) | Balance Sheet Location |  | June 1, 2019 |  | June 2, 2018
Designated derivatives: |  |  |  |  |
Interest rate swap | Long-term assets: Other assets |  | $ | 1.0 |  |  | $ | 15.0 |
Interest rate swap | Long-term liabilities: Other liabilities |  | $ | 2.2 |  |  | $ | — |
Non-designated derivatives: |  |  |  |  |
Foreign currency forward contracts | Current assets: Other |  | $ | — |  |  | $ | 0.4 |
Foreign currency forward contracts | Current liabilities: Other accrued liabilities |  | $ | 1.4 |  |  | $ | 0.3 |
|  |  | Fiscal Year
(In millions) | Statement of Comprehensive Income Location |  | June 1, 2019 |  | June 2, 2018 |  | June 3, 2017
Gain (loss) recognized on foreign currency forward contracts | Other expenses (income): Other, net |  | $ | 0.3 |  |  | $ | 0.4 |  |  | $ | (1.2 | )
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The gain/(loss) recorded, net of income taxes, in Other comprehensive loss for the effective portion of designated derivatives was as follows for the periods presented below:
| Fiscal Year
(In millions) | June 1, 2019 |  | June 2, 2018 |  | June 3, 2017
Interest rate swap | $ | (12.8 | ) |  | $ | 7.5 |  |  | $ | 2.1 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=99377789&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19279-110258 + Details
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