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Fair Value (Tables)
12 Months Ended
May 28, 2022
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 28, 2022May 29, 2021
Carrying value$1,427.9 $277.1 
Fair value$1,364.7 $284.8 
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 28, 2022 and May 29, 2021:
(In millions)May 28, 2022May 29, 2021
Financial AssetsNAVQuoted Prices With Other Observable Inputs (Level 2)NAVQuoted Prices With Other Observable Inputs (Level 2)
Cash equivalents:
Money market funds$31.8 $— $162.2 $— 
Mutual funds - equity— — — 0.8 
Foreign currency forward contracts— 0.4 — 1.6 
Deferred compensation plan— 15.0 — 16.1 
Total$31.8 $15.4 $162.2 $18.5 
Financial Liabilities
Foreign currency forward contracts$— $1.0 $— $0.1 
Total$— $1.0 $— $0.1 
The following table sets forth financial assets and liabilities measured at fair value through other comprehensive income and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy as of May 28, 2022 and May 29, 2021.
(In millions)May 28, 2022May 29, 2021
Financial AssetsBalance Sheet LocationQuoted Prices with Other Observable Inputs (Level 2)Quoted Prices with Other Observable Inputs (Level 2)
Mutual funds - fixed incomeShort-term investments$— $6.9 
Interest rate swap agreementOther noncurrent assets31.9 — 
Total$31.9 $6.9 
Financial Liabilities
Interest rate swap agreementOther liabilities$— $14.4 
Total$— $14.4 
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 May 29, 2021:
May 29, 2021
(In millions)CostUnrealized Gain/(Loss)Market Value
Mutual funds - fixed income$6.9 $— $6.9 
Mutual funds - equity0.5 0.3 0.8 
Total$7.4 $0.3 $7.7 
Schedule of Interest Rate Derivatives
(In millions)Notional AmountForward Start DateTermination DateEffective Fixed Interest Rate
September 2016 Interest Rate Swap$150.0 January 3, 2018January 3, 20281.949 %
June 2017 Interest Rate Swap$75.0 January 3, 2018January 3, 20282.387 %
January 2022 Interest Rate Swap$575.0 January 31, 2022January 29, 20271.689 %
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The effects of non-designated derivatives on the consolidated financial statements were as follows for the fiscal years ended 2022 and 2021 (amounts presented exclude any income tax effects ):
(In millions)Balance Sheet LocationMay 28, 2022May 29, 2021
Non-designated derivatives: (1)
Foreign currency forward contractsCurrent assets: Other current assets$0.4 $1.6 
Foreign currency forward contractsCurrent liabilities: Other accrued liabilities$1.0 $0.1 
(1) Designated derivative and their balance sheet locations are located in above table within financial assets and liabilities measured at fair value.
Fiscal Year
(In millions)Statement of Comprehensive Income LocationMay 28, 2022May 29, 2021May 30, 2020
(Loss) gain recognized on foreign currency forward contractsOther expense (income), net $3.3 $0.8 $(1.1)
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 28, 2022May 29, 2021May 30, 2020
Interest rate swap$41.4 $12.6 $(17.2)
Redeemable Noncontrolling Interest
Changes in the Company's redeemable noncontrolling interest in HAY for the year ended May 28, 2022 are as follows:
(In millions)May 28, 2022
Beginning Balance$77.0 
Dividend attributable to redeemable noncontrolling interests(6.3)
Redemption value adjustment41.6 
Net income attributable to redeemable noncontrolling interests7.4 
Foreign currency translation adjustments(12.8)
Ending Balance$106.9 
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 28, 2022:
(In millions)May 28, 2022
Assets:Level 3
Indefinite-lived intangible assets$501.0