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Fair Value Measurements (Tables)
9 Months Ended
Feb. 27, 2021
Fair Value Disclosures [Abstract]  
Schedule of Long-term Debt Instruments :
(In millions)February 27, 2021May 30, 2020
Carrying value$327.0 $591.3 
Fair value$334.6 $594.0 
Assets and Liabilities Measured at Fair Value and Recorded in Net Earnings
The following table sets forth financial assets and liabilities measured at fair value through net income and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy as of February 27, 2021 and May 30, 2020.

(In millions)February 27, 2021May 30, 2020
Financial AssetsNAVQuoted Prices with Other
Observable Inputs (Level 2)
NAVQuoted Prices with Other
Observable Inputs (Level 2)
Cash equivalents:
Money market funds$201.8 $— $283.7 $— 
Mutual funds - equity— 0.7 — 0.7 
Foreign currency forward contracts— 1.2 — 1.1 
Deferred compensation plan— 14.8 — 13.2 
Total$201.8 $16.7 $283.7 $15.0 
Financial Liabilities
Foreign currency forward contracts$— $0.2 $— $0.8 
Total$— $0.2 $— $0.8 
Assets and Liabilities Measured at Fair Value and Recorded in Other Comprehensive Income
The following table sets forth financial assets and liabilities measured at fair value through other comprehensive income and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy as of February 27, 2021 and May 30, 2020.

(In millions)February 27, 2021May 30, 2020
Financial AssetsQuoted Prices with Other Observable Inputs (Level 2)Quoted Prices with Other Observable Inputs (Level 2)
Mutual funds - fixed income$6.8 $6.3 
Total$6.8 $6.3 
Financial Liabilities
Interest rate swap agreement$14.7 $25.0 
Total$14.7 $25.0 
Unrealized Gain (Loss) on Investments
The following is a summary of the carrying and market values of the Company's fixed income mutual funds and equity mutual funds as of the dates indicated:
February 27, 2021May 30, 2020
(In millions)CostUnrealized
Gain/(Loss)
Market
Value
CostUnrealized
Gain/(Loss)
Market
Value
Mutual funds - fixed income$6.7 $0.1 $6.8 $6.2 $0.1 $6.3 
Mutual funds - equity0.5 0.2 0.7 0.6 0.1 0.7 
Total$7.2 $0.3 $7.5 $6.8 $0.2 $7.0 
Schedule of Interest Rate Derivatives
As of February 27, 2021, the Company had the following two outstanding interest rate swap agreements:
(In millions)Notional AmountForward Start DateTermination DateEffective Fixed Interest Rate
September 2016 Interest Rate Swap$150.0 January 3, 2018January 3, 20281.949 %
June 2017 Interest Rate Swap$75.0 January 3, 2018January 3, 20282.387 %
The swaps above effectively converted indebtedness anticipated to be borrowed on the Company's revolving line of credit up to the notional amounts from a LIBOR-based floating interest rate plus applicable margin to an effective fixed interest rate plus applicable margin under the agreements as of the forward start date.

As of February 27, 2021, the fair value of the Company’s two outstanding interest rate swap agreements was a liability of $14.7 million. The liability fair value was recorded within "Other liabilities" in the Condensed Consolidated Balance Sheets.

The following table summarizes the effects of the interest rate swap agreements for the three and nine months ended:
Three Months EndedNine Months Ended
(In millions)February 27, 2021February 29, 2020February 27, 2021February 29, 2020
Gain (loss) recognized in Other comprehensive loss (effective portion)$6.7 $(6.6)$7.8 $(11.9)
(Loss) gain reclassified from Accumulated other comprehensive loss into earnings$(1.1)$0.1 $(3.3)$0.1 
Redeemable Noncontrolling Interest
Changes in the Company's redeemable noncontrolling interest in HAY for the nine months ended February 27, 2021 and February 29, 2020 are as follows:
(In millions)February 27, 2021February 29, 2020
Beginning Balance$50.4 $— 
Increase due to HAY acquisition— 72.1 
Net income attributable to redeemable noncontrolling interests3.8 (0.4)
Distributions to redeemable noncontrolling interests(2.7)— 
Cumulative translation adjustments attributable to redeemable noncontrolling interests3.1 — 
Foreign currency translation adjustments4.5 — 
Ending Balance$59.1 $71.7 
Fair Value Measurements, Nonrecurring
The following table summarizes the valuation of the Company's assets measured at fair value on a non-recurring basis as of May 30, 2020:
(In millions)May 30, 2020
Assets:Level 3
Indefinite-lived intangible assets$92.8 
DWR right-of-use assets110.9