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Fair Value Measurements (Tables)
3 Months Ended
Sep. 02, 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)September 2, 2023June 3, 2023Carrying value$1,350.1 $1,414.4 Fair value$1,364.0 $1,378.2 
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 September 2, 2023 and June 3, 2023. (In millions)September 2, 2023June 3, 2023Financial AssetsNAVQuoted Prices with OtherObservable Inputs (Level 2)NAVQuoted Prices with Other Observable Inputs (Level 2)Cash equivalents:Money market funds$4.2 $— $17.3 $— Foreign currency forward contracts— 0.6 — 1.3 Deferred compensation plan— 18.0 — 16.3 Total$4.2 $18.6 $17.3 $17.6 Financial LiabilitiesForeign currency forward contracts— 1.3 — 1.8 Total$— $1.3 $— $1.8 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 September 2, 2023 and June 3, 2023. (In millions)September 2, 2023June 3, 2023Financial AssetsBalance Sheet LocationQuoted Prices with Other Observable Inputs (Level 2)Quoted Prices with Other Observable Inputs (Level 2)Interest rate swap agreementOther noncurrent assets$67.2 $59.9 Total$67.2 $59.9 Financial LiabilitiesInterest rate swap agreementOther liabilities$— $3.0 Total$— $3.0 
Schedule of Interest Rate Derivatives (In millions)Notional AmountForward Start DateAmendment Effective DateTermination DateEffective Fixed Interest RateSeptember 2016 Interest Rate Swap$150.0 January 3, 2018February 3, 2023January 3, 20281.910 %June 2017 Interest Rate Swap$75.0 January 3, 2018February 3, 2023January 3, 20282.348 %January 2022 Interest Rate Swap$575.0 January 31, 2022January 31, 2023January 29, 20271.650 %March 2023 Interest Rate Swap$150.0 March 3, 2023noneJanuary 3, 20293.950 %The following table summarizes the effects of the interest rate swap agreements for the three months ended:Three Months Ended(In millions)September 2, 2023September 3, 2022Gain recognized in Other comprehensive loss (effective portion)$7.8 $14.3 Gain (Loss) reclassified from Accumulated other comprehensive loss into earnings$7.4 $(0.4)
Schedule of Redeemable Noncontrolling Interest Changes in the Company's redeemable noncontrolling interest in HAY for the three months ended September 2, 2023 and September 3, 2022 are as follows:(In millions)September 2, 2023September 3, 2022Beginning Balance$107.6 $106.9 Net income attributable to redeemable noncontrolling interests(0.6)1.6 Dividend attributable to redeemable noncontrolling interests— — Cumulative translation adjustments attributable to redeemable noncontrolling interests— 0.1 Foreign currency translation adjustments0.6 (7.9)Ending Balance$107.6 $100.7