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Fair Value Measurements (Tables)

6 Months Ended

Dec. 03, 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)			December 3, 2022						May 28, 2022
Carrying value			$	1,481.3					$	1,427.9
Fair value			$	1,380.9					$	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 December 3, 2022 and May 28, 2022.

(In millions)			December 3, 2022																		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			$	33.5					$	—											$	31.8					$	—
Foreign currency forward contracts			—						5.3												—						0.4
Deferred compensation plan			—						16.4												—						15.0
Total			$	33.5					$	21.7											$	31.8					$	15.4
Financial Liabilities
Foreign currency forward contracts			—						2.0												—						1.0
Total			$	—					$	2.0											$	—					$	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 December 3, 2022 and May 28, 2022.

(In millions)						December 3, 2022						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			$	60.4					$	31.9
Total						$	60.4					$	31.9
Financial Liabilities
Interest rate swap agreement			Other liabilities			$	—					$	—
Total						$	—					$	—

Schedule of Interest Rate Derivatives

(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 Rate 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 six months ended:

			Three Months Ended												Six Months Ended
(In millions)			December 3, 2022						November 27, 2021						December 3, 2022						November 27, 2021
Gain recognized in Other comprehensive loss (effective portion)			$	7.2					$	4.0					$	21.5					$	3.0
Gain (Loss) reclassified from Accumulated other comprehensive loss into earnings			$	2.4					$	(1.2)					$	2.0					$	(1.9)

Schedule of Redeemable Noncontrolling Interest

Changes in the Company's redeemable noncontrolling interest in HAY for the six months ended December 3, 2022 and November 27, 2021 are as follows:

(In millions)			December 3, 2022						November 27, 2021
Beginning Balance			$	106.9					$	77.0
Net income attributable to redeemable noncontrolling interests			3.1						3.9
Dividend attributable to redeemable noncontrolling interests			(1.6)						(3.8)
Cumulative translation adjustments attributable to redeemable noncontrolling interests			—						(2.0)
Foreign currency translation adjustments			(1.8)						(5.7)
Ending Balance			$	106.6					$	69.4

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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).

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Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity.

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