FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Aug. 27, 2017

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


	As of August 27, 2017
	Level 1		Level 2		Level 3		Total
Assets:
Pension plan assets (a)	$	4.0	$	—	$	—	$	4.0
Deferred compensation assets		0.6		—		—		0.6
Derivative assets (b)		—		1.4		—		1.4
Total assets		4.6		1.4		—		6.0
Liabilities:
Derivative liabilities (b)		—		0.1		—		0.1
Deferred compensation liabilities (c)		—		10.3		—		10.3
Total liabilities	$	—	$	10.4	$	—	$	10.4


	As of May 28, 2017
	Level 1		Level 2		Level 3		Total
Assets:
Pension plan assets (a)	$	4.5	$	—	$	—	$	4.5
Deferred compensation assets		0.6		—		—		0.6
Total assets		5.1		—		—		5.1
Liabilities:
Derivative liabilities (b)		—		2.4		—		2.4
Deferred compensation liabilities (c)		—		8.8		—		8.8
Total liabilities	$	—	$	11.2	$	—	$	11.2

(a)

The fair values of our Level 1 pension plan assets were determined using unadjusted quoted prices in active markets for identical assets.

(b)

The fair values of our Level 2 derivative liabilities 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 option contracts.

(c)

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.