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Subsequent Events | 12 Months Ended
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May 31, 2014
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Amendment and Restatement of Credit Facility On July 21, 2014, the company entered into an amendment and restatement of an existing unsecured credit facility (the “Agreement”). The Agreement, which expires on July 21, 2019, provides the company with up to $250 million in revolving variable interest borrowing capacity. In addition, the Agreement includes an “accordion feature” allowing the company to increase, at its option and subject to the approval of the participating banks, the aggregate borrowing capacity of the facility by up to $125 million. Amounts borrowed under the Agreement are subject to variable rates of interest tied to a base rate (either Prime, LIBOR or U.S. Federal Funds) depending on the form of borrowing selected by the company. Acquisition of Design Within Reach On July 28, 2014, the company acquired the majority of the outstanding equity of Design Within Reach, Inc. ("DWR”), a Stamford, Connecticut-based, leading North American marketer and seller of modern furniture, lighting and accessories primarily serving consumers and design trade professionals. The Company acquired an ownership interest in DWR equal to approximately 83 percent, for $155 million in cash. An additional payment will be made to DWR public shareholders following their election to tender their shares in exchange for cash. The final cash purchase price will be subject to post-closing adjustments to be determined within 60 days of closing. As a result of the transaction, the Company estimates it will receive future tax benefits with a present value of approximately $10 million. The results of DWR will be included within a newly created "Consumer" reportable segment. This new segment will be comprised of DWR and the company's existing North American consumer business. The company financed the acquisition of DWR using a combination of existing cash and $127 million of borrowings on its available unsecured credit facility. The amount borrowed is subject to an initial rate of interest equal to 3.25% per annum. Immediately following this acquisition, the unused borrowing capacity available to the company under the unsecured credit facility totaled $112.4 million.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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