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Fair Value Measurements (Tables)

3 Months Ended

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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