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Fair Value (Tables) | 12 Months Ended
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May 29, 2021
Fair Value Disclosures [Abstract] |
Schedule of Fair Value by Balance Sheet Grouping | 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) |  | May 29, 2021 |  | May 30, 2020
Carrying value |  | $ | 277.1 |  |  | $ | 591.3 |
Fair value |  | $ | 284.8 |  |  | $ | 594.0 |
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 net income and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy as of May 29, 2021 and May 30, 2020:
(In millions) | May 29, 2021 |  | 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 | $ | 162.2 |  |  | $ | — |  |  |  |  | $ | 283.7 |  |  | $ | — |  |  |
Mutual funds - equity | — |  |  | 0.8 |  |  |  |  | — |  |  | 0.7 |  |  |
Foreign currency forward contracts | — |  |  | 1.6 |  |  |  |  | — |  |  | 1.1 |  |  |
Deferred compensation plan | — |  |  | 16.1 |  |  |  |  | — |  |  | 13.2 |  |  |
Total | $ | 162.2 |  |  | $ | 18.5 |  |  |  |  | $ | 283.7 |  |  | $ | 15.0 |  |  |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | $ | — |  |  | $ | 0.1 |  |  |  |  | $ | — |  |  | $ | 0.8 |  |  |
Total | $ | — |  |  | $ | 0.1 |  |  |  |  | $ | — |  |  | $ | 0.8 |  |  |
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 29, 2021 and May 30, 2020.
(In millions) | May 29, 2021 |  | 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 | $ | 6.9 |  |  | $ | 6.3 |
Interest rate swap agreement | — |  |  | — |
Total | $ | 6.9 |  |  | $ | 6.3 |
Financial Liabilities |  |  |
Interest rate swap agreement | $ | 14.4 |  |  | $ | 25.0 |
Total | $ | 14.4 |  |  | $ | 25.0 |
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 29, 2021 |  | May 30, 2020
(In millions) | Cost |  | Unrealized Gain/(Loss) |  | Market Value |  | Cost |  | Unrealized Gain/(Loss) |  | Market Value
Mutual funds - fixed income | $ | 6.9 |  |  | $ | — |  |  | $ | 6.9 |  |  | $ | 6.2 |  |  | $ | 0.1 |  |  | $ | 6.3 |
Mutual funds - equity | 0.5 |  |  | 0.3 |  |  | 0.8 |  |  | 0.6 |  |  | 0.1 |  |  | 0.7 |
Total | $ | 7.4 |  |  | $ | 0.3 |  |  | $ | 7.7 |  |  | $ | 6.8 |  |  | $ | 0.2 |  |  | $ | 7.0 |
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 2021 and 2020 (amounts presented exclude any income tax effects):
(In millions) | Balance Sheet Location |  | May 29, 2021 |  | May 30, 2020
Designated derivatives: |  |  |  |  |
Interest rate swap | Long-term assets: Other noncurrent assets |  | $ | — |  |  | $ | — |
Interest rate swap | Long-term liabilities: Other liabilities |  | $ | 14.4 |  |  | $ | 25.0 |
Non-designated derivatives: |  |  |  |  |
Foreign currency forward contracts | Current assets: Other current assets |  | $ | 1.6 |  |  | $ | 1.1 |
Foreign currency forward contracts | Current liabilities: Other accrued liabilities |  | $ | 0.1 |  |  | $ | 0.8 |
|  |  | Fiscal Year
(In millions) | Statement of Comprehensive Income Location |  | May 29, 2021 |  | May 30, 2020 |  | June 1, 2019
(Loss) gain recognized on foreign currency forward contracts | Other expense (income), net |  | $ | 0.8 |  |  | $ | (1.1) |  |  | $ | 0.3 |
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 29, 2021 |  | May 30, 2020 |  | June 1, 2019
Interest rate swap | $ | 12.6 |  |  | $ | (17.2) |  |  | $ | (12.8) |
Redeemable Noncontrolling Interest | Changes in the Company's redeemable noncontrolling interest in HMCH for the years ended May 29, 2021 and May 30, 2020 are as follows:
(In millions) | May 29, 2021 |  | May 30, 2020
Beginning Balance | $ | — |  |  | $ | 20.6 |
Purchase of HMCH redeemable noncontrolling interests |  |  | (20.4) |
Redemption value adjustment |  |  | (0.2) |
Exercised options | — |  |  | — |
Ending Balance | $ | — |  |  | $ | — |
Changes in the Company's redeemable noncontrolling interest in HAY for the year ended May 29, 2021 are as follows:
(In millions) | May 29, 2021 |  |
Beginning Balance | $ | 50.4 |  |  |
Dividend attributable to redeemable noncontrolling interests | (2.8) |  |  |
Redemption value adjustment | 15.0 |  |  |
Net income attributable to redeemable noncontrolling interests | 5.7 |  |  |
Foreign currency translation adjustments | 8.7 |  |  |
Ending Balance | $ | 77.0 |  |  |
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 29, 2021:
(In millions) | May 29, 2021 |  |
Assets: | Level 3 |  |
Indefinite-lived intangible assets | $ | 97.6 |  |  |

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- 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=123874694&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=123874694&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=123874694&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=123874694&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=123874694&loc=d3e19207-110258 + Details
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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=123874694&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=123874694&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=123874694&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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