Fair Value Measurements (Tables)

6 Months Ended

Dec. 02, 2017

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)	December 2, 2017		June 3, 2017
Carrying value	$	203.7	$	203.1
Fair value	$	209.3	$	213.0

Long-term debt as of December 2, 2017 and June 3, 2017 consisted of the following obligations:

(In millions)	December 2, 2017			June 3, 2017
Series B senior notes, due January 3, 2018	$	150.0		$	149.9
Debt securities, due March 1, 2021	50.0			50.0
Supplier financing program	3.7			$	3.2
Total debt	$	203.7		$	203.1
Less: Current debt	(3.7		)	(3.2		)
Long-term debt	$	200.0		$	199.9

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis

The following tables set forth financial assets and liabilities measured at fair value in the Condensed Consolidated Balance Sheets and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy as of December 2, 2017 and June 3, 2017.

(In millions)	December 2, 2017				June 3, 2017
Financial Assets	Quoted Prices with Other Observable Inputs (Level 2)		Management Estimate (Level 3)		Quoted Prices with Other Observable Inputs (Level 2)		Management Estimate (Level 3)
Available-for-sale marketable securities:
Mutual funds - fixed income	$	7.6	$	—	$	7.7	$	—
Mutual funds - equity	0.9		—		0.9		—
Foreign currency forward contracts	0.4		—		0.5		—
Interest rate swap agreement	5.2		—		3.3		—
Deferred compensation plan	14.3		—		12.8		—
Total	$	28.4	$	—	$	25.2	$	—
Financial Liabilities
Foreign currency forward contracts	$	0.5	$	—	$	0.6	$	—
Interest rate swap agreement	0.4		—		—		—
Contingent consideration	—		0.5		—		0.5
Total	$	0.9	$	0.5	$	0.6	$	0.5

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The table below presents a reconciliation for liabilities measured at fair value using significant unobservable inputs (Level 3) (in millions).

Contingent Consideration	December 2, 2017			June 3, 2017
Beginning balance	$	0.5		$	2.7
Net realized losses (gains)	0.1			(0.2		)
Payments	(0.1		)	(2.0		)
Ending balance	$	0.5		$	0.5

Unrealized Gain (Loss) on Investments

The following is a summary of the carrying and market values of the company's marketable securities as of the respective dates:

	December 2, 2017						June 3, 2017
(In millions)	Cost		Unrealized Gain/(loss)		Market Value		Cost		Unrealized Gain/(Loss)		Market Value
Mutual funds - fixed income	$	7.6	$	—	$	7.6	$	7.6	$	0.1	$	7.7
Mutual funds - equity	0.8		0.1		0.9		0.9		—		0.9
Total	$	8.4	$	0.1	$	8.5	$	8.5	$	0.1	$	8.6