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Fair Value Measurements (Tables) | 9 Months Ended
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Mar. 04, 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) | March 4, 2023 |  | May 28, 2022
Carrying value | $ | 1,462.8 |  |  | $ | 1,427.9 |
Fair value | $ | 1,393.0 |  |  | $ | 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 March 4, 2023 and May 28, 2022.
(In millions) | March 4, 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 | $ | 16.4 |  |  | $ | — |  |  |  |  | $ | 31.8 |  |  | $ | — |  |  |
Foreign currency forward contracts | — |  |  | 1.1 |  |  |  |  | — |  |  | 0.4 |  |  |
Deferred compensation plan | — |  |  | 15.4 |  |  |  |  | — |  |  | 15.0 |  |  |
Total | $ | 16.4 |  |  | $ | 16.5 |  |  |  |  | $ | 31.8 |  |  | $ | 15.4 |  |  |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | — |  |  | 0.7 |  |  |  |  | — |  |  | 1.0 |  |  |
Total | $ | — |  |  | $ | 0.7 |  |  |  |  | $ | — |  |  | $ | 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 March 4, 2023 and May 28, 2022.
(In millions) |  | March 4, 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 | $ | 74.4 |  |  | $ | 31.9 |
Total |  | $ | 74.4 |  |  | $ | 31.9 |
Financial Liabilities |  |  |  |
Interest rate swap agreement | Other liabilities | $ | 0.2 |  |  | $ | — |
Total |  | $ | 0.2 |  |  | $ | — |
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 |  | 1.910 | %
June 2017 Interest Rate Swap | $ | 75.0 |  |  | January 3, 2018 |  | January 3, 2028 |  | 2.348 | %
January 2022 Interest Rate Swap | $ | 575.0 |  |  | January 31, 2022 |  | January 29, 2027 |  | 1.650 | %
March 2023 Interest Rate Swap | $ | 150.0 |  |  | March 3, 2023 |  | January 3, 2029 |  | 3.950 | %
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) | March 4, 2023 |  | February 26, 2022 |  | March 4, 2023 |  | February 26, 2022
Gain recognized in Other comprehensive loss (effective portion) | $ | 10.3 |  |  | $ | 10.2 |  |  | $ | 31.8 |  |  | $ | 13.2 |
Gain (Loss) reclassified from Accumulated other comprehensive loss into earnings | $ | 4.9 |  |  | $ | (1.1) |  |  | $ | 6.9 |  |  | $ | (3.1) |
Schedule of Redeemable Noncontrolling Interest | Changes in the Company's redeemable noncontrolling interest in HAY for the nine months ended March 4, 2023 and February 26, 2022 are as follows:
(In millions) | March 4, 2023 |  | February 26, 2022
Beginning Balance | $ | 106.9 |  |  | $ | 77.0 |
Net income attributable to redeemable noncontrolling interests | 3.8 |  |  | 5.7 |
Dividend attributable to redeemable noncontrolling interests | (3.2) |  |  | (6.6) |
Cumulative translation adjustments attributable to redeemable noncontrolling interests | — |  |  | (2.0) |
Foreign currency translation adjustments | (0.9) |  |  | (6.0) |
Ending Balance | $ | 106.6 |  |  | $ | 68.1 |

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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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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