FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Feb. 26, 2017

Schedule of financial assets and liabilities measured at fair value on recurring basis


	As of February 26, 2017
	Level 1		Level 2		Level 3		Total
Assets:
Deferred compensation assets	$	0.7	$	—	$	—	$	0.7
Total assets		0.7		—		—		0.7
Liabilities:
Derivative liabilities (a)		—		2.5		—		2.5
Deferred compensation liabilities (b)		—		8.3		—		8.3
Total liabilities	$	—	$	10.8	$	—	$	10.8


	As of May 29, 2016
	Level 1		Level 2		Level 3		Total
Assets:
Derivative assets (a)	$	1.5	$	0.6	$	—	$	2.1
Deferred compensation assets		0.7		—		—		0.7
Total assets		2.2		0.6		—		2.8
Liabilities:
Derivative liabilities (a)		—		0.2		—		0.2
Deferred compensation liabilities (b)		—		6.5		—		6.5
Total liabilities	$	—	$	6.7	$	—	$	6.7

(a)

The fair values of our Level 2 derivative instruments were determined using valuation models that use market observable inputs including interest rate curves and both forward and spot prices for currencies and commodities. Derivative assets and liabilities included in Level 2 primarily represent commodity swap and forward purchase contracts.

(b)

The fair values of our Level 2 deferred compensation liabilities were valued using third-party valuations, which are based on the net asset values of mutual funds in our retirement plans. While the underlying assets are actively traded on an exchange, the funds are not.