Fair Value Measurements (Tables)

6 Months Ended

Dec. 02, 2023

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, 2023		June 3, 2023
Carrying value	$	1,331.1	$	1,414.4
Fair value	$	1,369.4	$	1,378.2

Schedule of 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 December 2, 2023 and June 3, 2023.

(In millions)	December 2, 2023				June 3, 2023
Financial Assets	NAV		Quoted Prices with Other Observable Inputs (Level 2)		NAV		Quoted Prices with Other Observable Inputs (Level 2)
Cash equivalents:
Money market funds	$	7.3	$	—	$	17.3	$	—
Foreign currency forward contracts	—		1.6		—		1.3
Deferred compensation plan	—		18.6		—		16.3
Total	$	7.3	$	20.2	$	17.3	$	17.6
Financial Liabilities
Foreign currency forward contracts	—		0.5		—		1.8
Total	$	—	$	0.5	$	—	$	1.8

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 December 2, 2023 and June 3, 2023.

(In millions)		December 2, 2023		June 3, 2023
Financial Assets	Balance Sheet Location	Quoted Prices with Other Observable Inputs (Level 2)		Quoted Prices with Other Observable Inputs (Level 2)
Interest rate swap agreement	Other noncurrent assets	$	57.5	$	59.9
Total		$	57.5	$	59.9
Financial Liabilities
Interest rate swap agreement	Other liabilities	$	0.8	$	3.0
Total		$	0.8	$	3.0

Schedule of Interest Rate Derivatives

(In millions)	Notional Amount		Forward Start Date	Amendment Effective Date	Termination Date	Effective Fixed Interest Rate
September 2016 Interest Rate Swap	$	150.0	January 3, 2018	February 3, 2023	January 3, 2028	1.910	%
June 2017 Interest Rate Swap	$	75.0	January 3, 2018	February 3, 2023	January 3, 2028	2.348	%
January 2022 Interest Rate Swap	$	575.0	January 31, 2022	January 31, 2023	January 29, 2027	1.650	%
March 2023 Interest Rate Swap	$	150.0	March 3, 2023	none	January 3, 2029	3.950	%

The following table summarizes the effects of the interest rate swap agreements for the three and six months ended:

	Three Months Ended				Six Months Ended
(In millions)	December 2, 2023		December 3, 2022		December 2, 2023		December 3, 2022
(Loss) Gain recognized in Other comprehensive loss (effective portion)	$	(7.9)	$	7.2	$	(0.1)	$	21.5
Gain reclassified from Accumulated other comprehensive loss into earnings	$	7.7	$	2.4	$	15.1	$	2.0

Schedule of Redeemable Noncontrolling Interest

Changes in the Company's redeemable noncontrolling interest in HAY for the six months ended December 2, 2023 and December 3, 2022 are as follows:

(In millions)	December 2, 2023		December 3, 2022
Beginning Balance	$	107.6	$	106.9
Net income attributable to redeemable noncontrolling interests	0.4		3.1
Dividend attributable to redeemable noncontrolling interests	—		(1.6)
Foreign currency translation adjustments	1.6		(1.8)
Ending Balance	$	109.6	$	106.6