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Fair Value Measurements (Tables) | 9 Months Ended
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Feb. 27, 2021
Fair Value Disclosures [Abstract] |
Schedule of Long-term Debt Instruments | :
(In millions) | February 27, 2021 |  | May 30, 2020
Carrying value | $ | 327.0 |  |  | $ | 591.3 |
Fair value | $ | 334.6 |  |  | $ | 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 February 27, 2021 and May 30, 2020.
(In millions) | February 27, 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 | $ | 201.8 |  |  | $ | — |  |  |  |  | $ | 283.7 |  |  | $ | — |  |  |
Mutual funds - equity | — |  |  | 0.7 |  |  |  |  | — |  |  | 0.7 |  |  |
Foreign currency forward contracts | — |  |  | 1.2 |  |  |  |  | — |  |  | 1.1 |  |  |
Deferred compensation plan | — |  |  | 14.8 |  |  |  |  | — |  |  | 13.2 |  |  |
Total | $ | 201.8 |  |  | $ | 16.7 |  |  |  |  | $ | 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 February 27, 2021 and May 30, 2020.
(In millions) | February 27, 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 | $ | 6.8 |  |  | $ | 6.3 |
Total | $ | 6.8 |  |  | $ | 6.3 |
Financial Liabilities |  |  |
Interest rate swap agreement | $ | 14.7 |  |  | $ | 25.0 |
Total | $ | 14.7 |  |  | $ | 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:
| February 27, 2021 |  | May 30, 2020
(In millions) | Cost |  | Unrealized Gain/(Loss) |  | Market Value |  | Cost |  | Unrealized Gain/(Loss) |  | Market Value
Mutual funds - fixed income | $ | 6.7 |  |  | $ | 0.1 |  |  | $ | 6.8 |  |  | $ | 6.2 |  |  | $ | 0.1 |  |  | $ | 6.3 |
Mutual funds - equity | 0.5 |  |  | 0.2 |  |  | 0.7 |  |  | 0.6 |  |  | 0.1 |  |  | 0.7 |
Total | $ | 7.2 |  |  | $ | 0.3 |  |  | $ | 7.5 |  |  | $ | 6.8 |  |  | $ | 0.2 |  |  | $ | 7.0 |
Schedule of Interest Rate Derivatives | As of February 27, 2021, 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 February 27, 2021, the fair value of the Company’s two outstanding interest rate swap agreements was a liability of $14.7 million. The liability fair value was recorded within "Other liabilities" in the Condensed Consolidated Balance Sheets. The following table summarizes the effects of the interest rate swap agreements for the three and nine months ended:
| Three Months Ended |  | Nine Months Ended
(In millions) | February 27, 2021 |  | February 29, 2020 |  | February 27, 2021 |  | February 29, 2020
Gain (loss) recognized in Other comprehensive loss (effective portion) | $ | 6.7 |  |  | $ | (6.6) |  |  | $ | 7.8 |  |  | $ | (11.9) |
(Loss) gain reclassified from Accumulated other comprehensive loss into earnings | $ | (1.1) |  |  | $ | 0.1 |  |  | $ | (3.3) |  |  | $ | 0.1 |
Redeemable Noncontrolling Interest | Changes in the Company's redeemable noncontrolling interest in HAY for the nine months ended February 27, 2021 and February 29, 2020 are as follows:
(In millions) | February 27, 2021 |  | February 29, 2020
Beginning Balance | $ | 50.4 |  |  | $ | — |
Increase due to HAY acquisition | — |  |  | 72.1 |
Net income attributable to redeemable noncontrolling interests | 3.8 |  |  | (0.4) |
Distributions to redeemable noncontrolling interests | (2.7) |  |  | — |
Cumulative translation adjustments attributable to redeemable noncontrolling interests | 3.1 |  |  | — |
Foreign currency translation adjustments | 4.5 |  |  | — |
Ending Balance | $ | 59.1 |  |  | $ | 71.7 |
Fair Value Measurements, Nonrecurring | The following table summarizes the valuation of the Company's 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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