FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Nov. 24, 2019

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


	As of November 24, 2019
	Level 1		Level 2		Level 3		Total
Assets:
Deferred compensation assets	$	0.5	$	—	$	—	$	0.5
Derivative assets (a)		—		2.4		—		2.4
Total assets	$	0.5	$	2.4	$	—	$	2.9
Liabilities:
Deferred compensation liabilities (b)	$	—	$	19.3	$	—	$	19.3
Total liabilities	$	—	$	19.3	$	—	$	19.3


	As of May 26, 2019
	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)	$	—	$	3.8	$	—	$	3.8
Deferred compensation liabilities (b)		—		15.1		—		15.1
Total liabilities	$	—	$	18.9	$	—	$	18.9

(a)

Derivative assets and liabilities included in Level 2 primarily represent commodity swap and option contracts. 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 commodities.

(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.