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Fair Value Measurements (Tables)

9 Months Ended

Feb. 29, 2020

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)	February 29, 2020				June 1, 2019
Carrying value	$	277.5			$	285.0
Fair value	$	279.8			$	287.8

Assets and Liabilities Measured at Fair Value and Recorded in Net Earnings

The following table sets forth financial assets and liabilities measured at fair value and recorded in net earnings and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy as of February 29, 2020 and June 1, 2019.

(In millions)	February 29, 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	$	14.7			$	—			$	69.5			$	—
Mutual funds - equity	—				0.9				—				0.9
Deferred compensation plan	—				12.6				—				12.5
Total	$	14.7			$	13.5			$	69.5			$	13.4
Financial Liabilities
Foreign currency forward contracts	$	—			$	0.3			$	—			$	1.4
Total	$	—			$	0.3			$	—			$	1.4

Assets and Liabilities Measured at Fair Value and Recorded in Other Comprehensive Income

The following table sets forth financial assets and liabilities measured at fair value and recorded in other comprehensive income and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy as of February 29, 2020 and June 1, 2019.

(In millions)	February 29, 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	$	8.0			$	7.9
Interest rate swap agreement	—				1.0
Total	$	8.0			$	8.9
Financial Liabilities
Interest rate swap agreement	$	17.3			$	2.2
Total	$	17.3			$	2.2

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:

	February 29, 2020												June 1, 2019
(In millions)	Cost				Unrealized Gain/(Loss)				Market Value				Cost				Unrealized Gain/(Loss)				Market Value
Mutual funds - fixed income	$	8.0			$	—			$	8.0			$	7.9			$	—			$	7.9
Mutual funds - equity	0.7				0.2				0.9				0.8				0.1				0.9
Total	$	8.7			$	0.2			$	8.9			$	8.7			$	0.1			$	8.8

Redeemable Noncontrolling Interest

Changes in the Company's redeemable noncontrolling interest in HMCH for the nine months ended February 29, 2020 and March 2, 2019 are as follows:

(In millions)	February 29, 2020				March 2, 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
Net income attributable to redeemable noncontrolling interests	—				0.1
Ending Balance	$	—			$	20.7

X

- 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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-Section 50
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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.

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