FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Aug. 26, 2018

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

The following table presents our financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of August 26, 2018 and May 27, 2018 (dollars in millions):


	As of August 26, 2018
	Level 1		Level 2		Level 3		Total
Assets:
Deferred compensation assets	$	0.5	$	—	$	—	$	0.5
Derivative assets (a)		—		0.4		—		0.4
Total assets	$	0.5	$	0.4	$	—	$	0.9
Liabilities:
Derivative liabilities (a)	$	—	$	6.0	$	—	$	6.0
Deferred compensation liabilities (b)		—		14.6		—		14.6
Total liabilities	$	—	$	20.6	$	—	$	20.6


	As of May 27, 2018
	Level 1		Level 2		Level 3		Total
Assets:
Deferred compensation assets	$	0.5	$	—	$	—	$	0.5
Derivative assets (a)		—		0.8		—		0.8
Total assets	$	0.5	$	0.8	$	—	$	1.3
Liabilities:
Derivative liabilities (a)	$	—	$	1.4	$	—	$	1.4
Deferred compensation liabilities (b)		—		12.4		—		12.4
Total liabilities	$	—	$	13.8	$	—	$	13.8

(a)

The fair values of our Level 2 derivative assets and 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.

(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.