XML 83 R40.htm IDEA: XBRL DOCUMENT
v3.20.2

Fair Value (Tables) | 12 Months Ended
--- | ---
May 30, 2020
Fair Value Disclosures [Abstract] |
Schedule of Fair Value by Balance Sheet Grouping |
(In millions) |  | May 30, 2020 |  | June 1, 2019
Carrying value |  | $ | 591.3 |  |  | $ | 285.0 |
Fair value |  | $ | 594.0 |  |  | $ | 287.8 |
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 other comprehensive income and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy as of May 30, 2020 and June 1, 2019.
(In millions) | May 30, 2020 |  | June 1, 2019
Financial Assets | Quoted Prices with Other Observable Inputs (Level 2) |  | Quoted Prices with Other Observable Inputs (Level 2)
Mutual funds - fixed income | $ | 6.3 |  |  | $ | 7.9 |
Interest rate swap agreement | — |  |  | 1.0 |
Total | $ | 6.3 |  |  | $ | 8.9 |
Financial Liabilities |  |  |
Interest rate swap agreement | $ | 25.0 |  |  | $ | 2.2 |
Total | $ | 25.0 |  |  | $ | 2.2 |
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 May 30, 2020 and June 1, 2019:
(In millions) | May 30, 2020 |  | June 1, 2019
Financial Assets | NAV |  | Quoted Prices With Other Observable Inputs (Level 2) |  | NAV |  | Quoted Prices With Other Observable Inputs (Level 2)
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds | $ | 283.7 |  |  | $ | — |  |  | $ | 69.5 |  |  | $ | — |
Mutual funds - equity | — |  |  | 0.7 |  |  | — |  |  | 0.9 |
Foreign currency forward contracts | — |  |  | 1.1 |  |  | — |  |  | — |
Deferred compensation plan | — |  |  | 13.2 |  |  | — |  |  | 12.5 |
Total | $ | 283.7 |  |  | $ | 15.0 |  |  | $ | 69.5 |  |  | $ | 13.4 |
Financial Liabilities |  |  |  |  |  |  |
Foreign currency forward contracts | $ | — |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | 1.4 |
Total | $ | — |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | 1.4 |
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:
| May 30, 2020 |  | June 1, 2019
(In millions) | Cost |  | Unrealized Gain/(Loss) |  | Market Value |  | Cost |  | Unrealized Gain/(Loss) |  | Market Value
Mutual funds - fixed income | $ | 6.2 |  |  | $ | 0.1 |  |  | $ | 6.3 |  |  | $ | 7.9 |  |  | $ | — |  |  | $ | 7.9 |
Mutual funds - equity | 0.6 |  |  | 0.1 |  |  | 0.7 |  |  | 0.8 |  |  | 0.1 |  |  | 0.9 |
Total | $ | 6.8 |  |  | $ | 0.2 |  |  | $ | 7.0 |  |  | $ | 8.7 |  |  | $ | 0.1 |  |  | $ | 8.8 |
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 2020 and 2019 (amounts presented exclude any income tax effects):
(In millions) | Balance Sheet Location |  | May 30, 2020 |  | June 1, 2019
Designated derivatives: |  |  |  |  |
Interest rate swap | Long-term assets: Other noncurrent assets |  | $ | — |  |  | $ | 1.0 |
Interest rate swap | Long-term liabilities: Other liabilities |  | $ | 25.0 |  |  | $ | 2.2 |
Non-designated derivatives: |  |  |  |  |
Foreign currency forward contracts | Current assets: Other current assets |  | $ | 1.1 |  |  | $ | — |
Foreign currency forward contracts | Current liabilities: Other accrued liabilities |  | $ | 0.8 |  |  | $ | 1.4 |
|  |  | Fiscal Year
(In millions) | Statement of Comprehensive Income Location |  | May 30, 2020 |  | June 1, 2019 |  | June 2, 2018
(Loss) gain recognized on foreign currency forward contracts | Other expense (income), net |  | $ | (1.1 | ) |  | $ | 0.3 |  |  | $ | 0.4 |
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) | May 30, 2020 |  | June 1, 2019 |  | June 2, 2018
Interest rate swap | $ | (17.2 | ) |  | $ | (12.8 | ) |  | $ | 7.5 |
Redeemable Noncontrolling Interest | Changes in the Company's redeemable noncontrolling interest in HAY for the year ended May 30, 2020 are as follows:
(In millions) | May 30, 2020
Beginning Balance | $ | — |
Increase due to HAY acquisition | 72.4 |
Redemption value adjustment | (17.6 | )
Net income attributable to redeemable noncontrolling interests | (5.1 | )
Foreign currency translation adjustments | $ | 0.7 |
Ending Balance | $ | 50.4 |
Changes in the Company's redeemable noncontrolling interest in HMCH for the years ended May 30, 2020 and June 1, 2019 are as follows:
(In millions) | May 30, 2020 |  | June 1, 2019
Beginning Balance | $ | 20.6 |  |  | $ | 30.5 |
Purchase of HMCH redeemable noncontrolling interests | (20.4 | ) |  | (10.1 | )
Redemption value adjustment | (0.2 | ) |  | — |
Exercised options | — |  |  | 0.2 |
Ending Balance | $ | — |  |  | $ | 20.6 |
Fair Value Measurements, Nonrecurring | The following table summarizes the valuation of our assets measured at fair value on a non-recurring basis as of May 30, 2020:
(In millions) | May 30, 2020
Assets: | Level 3
Indefinite-lived intangible assets | $ | 92.8 |
DWR right of use assets | 110.9 |

X
- 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=117815213&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=117815213&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=117815213&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 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 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 (bb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + 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=117815213&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 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: 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=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611 Reference 2: 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=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity. + References No definition available. + Details
Name: | us-gaap_RedeemableNoncontrollingInterestTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsEffectOnOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959 + Details
Name: | us-gaap_ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of unrealized gains and losses on investments. + References No definition available. + Details
Name: | us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration