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Fair Value (Tables)

12 Months Ended

Jun. 03, 2023

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)						June 3, 2023						May 28, 2022
Carrying value						$	1,414.4					$	1,427.9
Fair value						$	1,378.2					$	1,364.7

Schedule of 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 June 3, 2023 and May 28, 2022:

(In millions)			June 3, 2023												May 28, 2022
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			$	17.3					$	—											$	31.8					$	—
Foreign currency forward contracts			—						1.3												—						0.4
Deferred compensation plan			—						16.3												—						15.0
Total			$	17.3					$	17.6											$	31.8					$	15.4
Financial Liabilities
Foreign currency forward contracts			$	—					$	1.8											$	—					$	1.0
Total			$	—					$	1.8											$	—					$	1.0

Schedule of 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 June 3, 2023 and May 28, 2022.

(In millions)						June 3, 2023						May 28, 2022
Financial Assets			Balance Sheet Location			Quoted Prices with Other Observable Inputs (Level 2)						Quoted Prices with Other Observable Inputs (Level 2)
Interest rate swap agreement			Other noncurrent assets			$	59.9					$	31.9
Total						$	59.9					$	31.9
Financial Liabilities
Interest rate swap agreement			Other liabilities			$	3.0					$	—
Total						$	3.0					$	—

Schedule of Interest Rate Derivatives

(In millions)			Notional Amount						Forward Start Date						Amendment Effective Date						Termination Date						Effective Fixed Interest Rate
September 2016 Interest Rate Swap			$	150.0					January 3, 2018						February 3, 2023						January 3, 2028						1.910		%
June 2017 Interest Rate Swap			$	75.0					January 3, 2018						February 3, 2023						January 3, 2028						2.348		%
January 2022 Interest Rate Swap			$	575.0					January 31, 2022						January 31, 2023						January 29, 2027						1.650		%
March 2023 Interest Rate Swap			$	150.0					March 3, 2023						none						January 3, 2029						3.950		%

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 2023 and 2022 (amounts presented exclude any income tax effects ):

(In millions)			Balance Sheet Location						June 3, 2023						May 28, 2022
Non-designated derivatives: (1)
Foreign currency forward contracts			Current assets: Other current assets						$	1.3					$	0.4
Foreign currency forward contracts			Current liabilities: Other accrued liabilities						$	1.8					$	1.0
(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 Location						June 3, 2023						May 28, 2022						May 29, 2021
Loss recognized on foreign currency forward contracts			Other expense (income), net						$	4.8					$	3.3					$	0.8

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)			June 3, 2023						May 28, 2022						May 29, 2021
Interest rate swap			$	4.7					$	41.4					$	12.6

Schedule of Redeemable Noncontrolling Interest

Changes in the Company's redeemable noncontrolling interest in HAY for the year ended June 3, 2023 are as follows:

(In millions)			June 3, 2023
Beginning Balance			$	106.9
Dividend attributable to redeemable noncontrolling interests			(4.9)
Redemption value adjustment			1.9
Net income attributable to redeemable noncontrolling interests			4.0
Foreign currency translation adjustments			(0.3)
Ending Balance			$	107.6

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