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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

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