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Fair Value Measurements (Tables)

9 Months Ended

Feb. 26, 2022

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)			February 26, 2022						May 29, 2021
Carrying value			$	1,434.0					$	277.1
Fair value			$	1,308.5					$	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 February 26, 2022 and May 29, 2021.

(In millions)			February 26, 2022																		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			$	28.0					$	—											$	162.2					$	—
Mutual funds - equity			—						—												—						0.8
Foreign currency forward contracts			—						0.5												—						1.6
Deferred compensation plan			—						16.2												—						16.1
Total			$	28.0					$	16.7											$	162.2					$	18.5
Financial Liabilities
Foreign currency forward contracts			$	—					$	0.4											$	—					$	0.1
Total			$	—					$	0.4											$	—					$	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 balance sheet locations and pricing levels to which the fair value measurements are classified within the fair value hierarchy as of February 26, 2022 and May 29, 2021.

(In millions)												February 26, 2022						May 29, 2021
Financial Assets						Balance Sheet Location						Quoted Prices with Other Observable Inputs (Level 2)						Quoted Prices with Other Observable Inputs (Level 2)
Mutual funds - fixed income						Short-term investments						$	—					$	6.9
Interest rate swap agreement						Other noncurrent assets						5.3						—
Total												$	5.3					$	6.9
Financial Liabilities
Interest rate swap agreement						Other liabilities						$	2.3					$	14.4
Total												$	2.3					$	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:

			February 26, 2022																		May 29, 2021
(In millions)			Cost						Unrealized Gain/(Loss)						Market Value						Cost						Unrealized Gain/(Loss)						Market Value
Mutual funds - fixed income			$	—					$	—					$	—					$	6.9					$	—					$	6.9
Mutual funds - equity			—						—						—						0.5						0.3						0.8
Total			$	—					$	—					$	—					$	7.4					$	0.3					$	7.7

Schedule of Interest Rate Derivatives

As of February 26, 2022, the Company had the following three 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		%
January 2022 Interest Rates Swap			$	575.0					January 31, 2022						January 29, 2027						1.689		%

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 26, 2022						February 27, 2021						February 26, 2022						February 27, 2021
Gain recognized in Other comprehensive loss (effective portion)			$	10.2					$	6.7					$	13.2					$	7.8
(Loss) reclassified from Accumulated other comprehensive loss into earnings			$	(1.1)					$	(1.1)					$	(3.1)					$	(3.3)

Redeemable Noncontrolling Interest

Changes in the Company's redeemable noncontrolling interest in HAY for the nine months ended February 26, 2022 and February 27, 2021 are as follows:

(In millions)			February 26, 2022						February 27, 2021
Beginning Balance			$	77.0					$	50.4
Net income attributable to redeemable noncontrolling interests			5.7						3.8
Distributions to redeemable noncontrolling interests			(6.6)						(2.7)
Cumulative translation adjustments attributable to redeemable noncontrolling interests			(2.0)						3.1
Foreign currency translation adjustments			(6.0)						4.5
Ending Balance			$	68.1					$	59.1

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