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Fair Value Measurements (Tables) | 6 Months Ended
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Nov. 27, 2021
Fair Value Disclosures [Abstract] |
Schedule of Long-term Debt Instruments | 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) | November 27, 2021 |  | May 29, 2021
Carrying value | $ | 1,391.2 |  |  | $ | 277.1 |
Fair value | $ | 1,320.5 |  |  | $ | 284.8 |
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 November 27, 2021 and May 29, 2021.
(In millions) | November 27, 2021 |  |  |  | May 29, 2021
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 | $ | 16.7 |  |  | $ | — |  |  |  |  | $ | 162.2 |  |  | $ | — |  |  |
Mutual funds - equity | — |  |  | 0.7 |  |  |  |  | — |  |  | 0.8 |  |  |
Foreign currency forward contracts | — |  |  | 0.3 |  |  |  |  | — |  |  | 1.6 |  |  |
Deferred compensation plan | — |  |  | 17.7 |  |  |  |  | — |  |  | 16.1 |  |  |
Total | $ | 16.7 |  |  | $ | 18.7 |  |  |  |  | $ | 162.2 |  |  | $ | 18.5 |  |  |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | $ | — |  |  | $ | 2.7 |  |  |  |  | $ | — |  |  | $ | 0.1 |  |  |
Total | $ | — |  |  | $ | 2.7 |  |  |  |  | $ | — |  |  | $ | 0.1 |  |  |
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 November 27, 2021 and May 29, 2021.
(In millions) | November 27, 2021 |  | May 29, 2021
Financial Assets | Quoted Prices with Other Observable Inputs (Level 2) |  | Quoted Prices with Other Observable Inputs (Level 2)
Mutual funds - fixed income | $ | 6.7 |  |  | $ | 6.9 |
Total | $ | 6.7 |  |  | $ | 6.9 |
Financial Liabilities |  |  |
Interest rate swap agreement | $ | 10.4 |  |  | $ | 14.4 |
Total | $ | 10.4 |  |  | $ | 14.4 |
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:
| November 27, 2021 |  | May 29, 2021
(In millions) | Cost |  | Unrealized Gain/(Loss) |  | Market Value |  | Cost |  | Unrealized Gain/(Loss) |  | Market Value
Mutual funds - fixed income | $ | 6.7 |  |  | $ | — |  |  | $ | 6.7 |  |  | $ | 6.9 |  |  | $ | — |  |  | $ | 6.9 |
Mutual funds - equity | 0.4 |  |  | 0.3 |  |  | 0.7 |  |  | 0.5 |  |  | 0.3 |  |  | 0.8 |
Total | $ | 7.1 |  |  | $ | 0.3 |  |  | $ | 7.4 |  |  | $ | 7.4 |  |  | $ | 0.3 |  |  | $ | 7.7 |
Schedule of Interest Rate Derivatives | As of November 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 following table summarizes the effects of the interest rate swap agreements for the three and six months ended:
| Three Months Ended |  | Six Months Ended
(In millions) | November 27, 2021 |  | November 28, 2020 |  | November 27, 2021 |  | November 28, 2020
Gain recognized in Other comprehensive loss (effective portion) | $ | 4.0 |  |  | $ | 0.9 |  |  | $ | 3.0 |  |  | $ | 1.2 |
(Loss) reclassified from Accumulated other comprehensive loss into earnings | $ | (1.2) |  |  | $ | (1.1) |  |  | $ | (1.9) |  |  | $ | (2.2) |
Redeemable Noncontrolling Interest | Changes in the Company's redeemable noncontrolling interest in HAY for the six months ended November 27, 2021 and November 28, 2020 are as follows:
(In millions) | November 27, 2021 |  | November 28, 2020
Beginning Balance | $ | 77.0 |  |  | $ | 50.4 |
Net income attributable to redeemable noncontrolling interests | 3.9 |  |  | 2.0 |
Distributions to redeemable noncontrolling interests | (3.8) |  |  | (2.7) |
Cumulative translation adjustments attributable to redeemable noncontrolling interests | (2.0) |  |  | 2.8 |
Foreign currency translation adjustments | (5.7) |  |  | 4.0 |
Ending Balance | $ | 69.4 |  |  | $ | 56.5 |

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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=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 (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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://www.xbrl.org/2003/role/disclosureRef -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://www.xbrl.org/2003/role/disclosureRef -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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