XML 82 R40.htm IDEA: XBRL DOCUMENT v3.21.2

Fair Value (Tables)

12 Months Ended

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

X

- 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

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611

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=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_RedeemableNoncontrollingInterestTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of unrealized gains and losses on investments.

+ References

No definition available.

+ Details

Name:	us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration