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Fair Value (Tables)

12 Months Ended

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

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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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