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Fair Value (Tables) | 12 Months Ended
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Jun. 01, 2024
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 1, 2024 |  | June 3, 2023
Carrying value |  | $ | 1,347.8 |  |  | $ | 1,414.4 |
Fair value |  | $ | 1,411.6 |  |  | $ | 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 June 1, 2024 and June 3, 2023:
(In millions) | June 1, 2024 |  | June 3, 2023
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 | $ | 17.5 |  |  | $ | — |  |  |  |  | $ | 17.3 |  |  | $ | — |  |  |
Foreign currency forward contracts | — |  |  | 1.1 |  |  |  |  | — |  |  | 1.3 |  |  |
Deferred compensation plan | — |  |  | 19.1 |  |  |  |  | — |  |  | 16.3 |  |  |
Total | $ | 17.5 |  |  | $ | 20.2 |  |  |  |  | $ | 17.3 |  |  | $ | 17.6 |  |  |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | $ | — |  |  | $ | 0.4 |  |  |  |  | $ | — |  |  | $ | 1.8 |  |  |
Total | $ | — |  |  | $ | 0.4 |  |  |  |  | $ | — |  |  | $ | 1.8 |  |  |
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 1, 2024 and June 3, 2023.
(In millions) |  | June 1, 2024 |  | June 3, 2023
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 | $ | 61.7 |  |  | $ | 59.9 |
Total |  | $ | 61.7 |  |  | $ | 59.9 |
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 2024 and 2023 (amounts presented exclude any income tax effects ):
(In millions) | Balance Sheet Location |  | June 1, 2024 |  | June 3, 2023
Non-designated derivatives: (1) |  |  |  |  |
Foreign currency forward contracts | Current assets: Other current assets |  | $ | 1.1 |  |  | $ | 1.3 |
Foreign currency forward contracts | Current liabilities: Other accrued liabilities |  | $ | 0.4 |  |  | $ | 1.8 |
(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 1, 2024 |  | June 3, 2023 |  | May 28, 2022
Loss recognized on foreign currency forward contracts | Other expense (income), net |  | $ | 3.0 |  |  | $ | 4.8 |  |  | $ | 3.3 |
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 1, 2024 |  | June 3, 2023 |  | May 28, 2022
Interest rate swap | $ | (27.1) |  |  | $ | 4.7 |  |  | $ | 41.4 |
Schedule of Redeemable Noncontrolling Interest | Changes in the Company's redeemable noncontrolling interest in HAY for the year ended June 1, 2024 are as follows:
(In millions) | June 1, 2024 |  |
Beginning Balance | $ | 107.6 |  |  |
Dividend attributable to redeemable noncontrolling interests | (2.8) |  |  |
Redemption value adjustment | (34.5) |  |  |
Net income attributable to redeemable noncontrolling interests | 2.3 |  |  |
Foreign currency translation adjustments | 1.3 |  |  |
Ending Balance | $ | 73.9 |  |  |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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