XML 62 R40.htm IDEA: XBRL DOCUMENT v3.19.2
Fair Value of Financial Instruments (Tables)
 12 Months Ended
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