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Fair Value Measurements (Tables)

9 Months Ended

Mar. 02, 2019

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 2, 2019				June 2, 2018
Carrying value	$	285.4			$	285.8
Fair value	$	288.1			$	288.6

Fair Value, Assets and Liabilities Measured on Recurring 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 March 2, 2019 and June 2, 2018.

(In millions)	March 2, 2019												June 2, 2018
Financial Assets	NAV				Quoted Prices with Other Observable Inputs (Level 2)				Management Estimate (Level 3)				NAV				Quoted Prices with Other Observable Inputs (Level 2)				Management Estimate (Level 3)
Cash equivalents:
Money market funds	$	31.0			$	—			$	—			$	121.0			$	—			$	—
Mutual funds - equity	—				0.9				—				—				0.9				—
Foreign currency forward contracts	—				0.7				—				—				0.4				—
Deferred compensation plan	—				15.9				—				—				15.1				—
Total	$	31.0			$	17.5			$	—			$	121.0			$	16.4			$	—
Financial Liabilities
Foreign currency forward contracts	$	—			$	0.3			$	—			$	—			$	0.3			$	—
Contingent consideration	—				—				0.4				—				—				0.5
Total	$	—			$	0.3			$	0.4			$	—			$	0.3			$	0.5

Fair Value, Assets Measured on Recurring Basis

The following table sets forth financial assets measured at fair value through other comprehensive income and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy as of March 2, 2019 and June 2, 2018.

(In millions)	March 2, 2019								June 2, 2018
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)
Mutual funds - fixed income	$	8.0			$	—			$	7.7			$	—
Interest rate swap agreement	10.0				—				15.0				—
Total	$	18.0			$	—			$	22.7			$	—

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) for the nine months ended (in millions).

Contingent Consideration	March 2, 2019				March 3, 2018
Beginning balance	$	0.5			$	0.5
Net realized losses (gains)	—				—
Payments	(0.1		)		(0.1		)
Ending balance	$	0.4			$	0.4

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 respective dates:

	March 2, 2019												June 2, 2018
(In millions)	Cost				Unrealized Gain/(Loss)				Market Value				Cost				Unrealized Gain/(Loss)				Market Value
Mutual funds - fixed income	$	8.0			$	—			$	8.0			$	7.8			$	(0.1	)		$	7.7
Mutual funds - equity	0.9				—				0.9				0.7				0.2				0.9
Total	$	8.9			$	—			$	8.9			$	8.5			$	0.1			$	8.6

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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