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Fair Value Measurements (Tables) | 3 Months Ended
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Aug. 29, 2020
Fair Value Disclosures [Abstract] |
Schedule of Long-term Debt Instruments | :
(In millions) | August 29, 2020 |  | May 30, 2020
Carrying value | $ | 327.3 |  |  | $ | 591.4 |
Fair value | $ | 332.1 |  |  | $ | 594.0 |
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 through net income and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy as of August 29, 2020 and May 30, 2020.
(In millions) | August 29, 2020 |  |  |  |  |  | May 30, 2020 |  |  |  |
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 | $ | 100.9 |  |  | $ | — |  |  |  |  | $ | 283.7 |  |  | $ | — |  |  |
Mutual funds - equity | — |  |  | 0.7 |  |  |  |  | — |  |  | 0.7 |  |  |
Foreign currency forward contracts | — |  |  | 1.0 |  |  |  |  | — |  |  | 1.1 |  |  |
Deferred compensation plan | — |  |  | 15.2 |  |  |  |  | — |  |  | 13.2 |  |  |
Total | $ | 100.9 |  |  | $ | 16.9 |  |  |  |  | $ | 283.7 |  |  | $ | 15.0 |  |  |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | $ | — |  |  | $ | 0.2 |  |  |  |  | $ | — |  |  | $ | 0.8 |  |  |
Total | $ | — |  |  | $ | 0.2 |  |  |  |  | $ | — |  |  | $ | 0.8 |  |  |
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 through other comprehensive income and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy as of August 29, 2020 and May 30, 2020.
(In millions) | August 29, 2020 |  | May 30, 2020
Financial Assets | Quoted Prices with Other Observable Inputs (Level 2) |  | Quoted Prices with Other Observable Inputs (Level 2)
Mutual funds - fixed income | $ | 6.3 |  |  | $ | 6.3 |
Total | $ | 6.3 |  |  | $ | 6.3 |
Financial Liabilities |  |  |
Interest rate swap agreement | $ | 24.6 |  |  | $ | 25.0 |
Total | $ | 24.6 |  |  | $ | 25.0 |
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:
| August 29, 2020 |  |  |  |  |  | May 30, 2020 |  |  |  |
(In millions) | Cost |  | Unrealized Gain/(Loss) |  | Market Value |  | Cost |  | Unrealized Gain/(Loss) |  | Market Value
Mutual funds - fixed income | $ | 6.3 |  |  | $ | — |  |  | $ | 6.3 |  |  | $ | 6.2 |  |  | $ | 0.1 |  |  | $ | 6.3 |
Mutual funds - equity | 0.6 |  |  | 0.1 |  |  | 0.7 |  |  | 0.6 |  |  | 0.1 |  |  | 0.7 |
Total | $ | 6.9 |  |  | $ | 0.1 |  |  | $ | 7.0 |  |  | $ | 6.8 |  |  | $ | 0.2 |  |  | $ | 7.0 |
Schedule of Interest Rate Derivatives | As of August 29, 2020, the Company had the following two outstanding interest rate swap agreements:
(In millions) | Notional Amount |  | Forward Start Date |  | Termination Date |  | Effective Fixed Interest Rate
September 2016 Interest Rate Swap | $ | 150.0 |  |  | January 3, 2018 |  | January 3, 2028 |  | 1.949 | %
June 2017 Interest Rate Swap | $ | 75.0 |  |  | January 3, 2018 |  | January 3, 2028 |  | 2.387 | %
The swaps above effectively converted indebtedness anticipated to be borrowed on the Company's revolving line of credit up to the notional amounts from a LIBOR-based floating interest rate plus applicable margin to an effective fixed interest rate plus applicable margin under the agreements as of the forward start date. As of August 29, 2020, the fair value of the Company’s two outstanding interest rate swap agreements was a liability of $24.6 million. The liability fair value was recorded within "Other liabilities" within the Condensed Consolidated Balance Sheets. Recorded within Other comprehensive loss, net of tax, for the effective portion of the Company's designated cash flow hedges was a net unrealized gain of $0.3 million and net unrealized loss of $8.8 million for the three months ended August 29, 2020 and August 31, 2019, respectively. The following table summarizes the effects of the interest rate swap agreements for the three months ended:
(In millions) | August 29, 2020 |  | August 31, 2019
Gain (loss) recognized in Other comprehensive loss (effective portion) | $ | 0.3 |  |  | $ | (8.8) |
(Loss) gain reclassified from Accumulated other comprehensive loss into earnings | $ | (1.1) |  |  | $ | 0.2 |
Redeemable Noncontrolling Interest | Changes in the Company's redeemable noncontrolling interest in HAY for the three months ended August 29, 2020 are as follows:
(In millions) | August 29, 2020 |  |
Beginning Balance | $ | 50.4 |  |  |
Net income attributable to redeemable noncontrolling interests | 0.4 |  |  |
Cumulative translation adjustments attributable to redeemable noncontrolling interests | 2.6 |  |  |
Foreign currency translation adjustments | 3.8 |  |  |
Ending Balance | $ | 57.2 |  |  |
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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- 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
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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). + 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 (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- 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
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -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://www.xbrl.org/2003/role/disclosureRef -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
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