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Acquisitions and Divestitures (Tables) | 12 Months Ended
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May 31, 2014
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the fair values of the assets acquired and the liabilities assumed from Maharam on April 29, 2013:
Assets Acquired and Liabilities Assumed on April 29, 2013
(In millions) | Fair Value
Purchase price | $ | 155.8 |
Fair value of the assets acquired |
Accounts receivable | 11.1 |
Inventory | 14.1 |
Other current assets | 4.4 |
Investments in nonconsolidated affiliates | 4.3 |
Other intangible assets | 42.4 |
Goodwill | 80.7 |
Property | 12.1 |
Long term deferred tax asset | 1.6 |
Other assets | 0.2 |
Total assets acquired | 170.9 |
Fair value of liabilities assumed |
Accounts payable | 6.5 |
Current deferred tax liabilities | 1.6 |
Accrued compensation and benefits | 4.7 |
Other accrued liabilities | 1.0 |
Other long term liabilities | 1.3 |
Total liabilities assumed | 15.1 |
Net assets acquired | $ | 155.8 |
Business Combination, Segment Allocation | The goodwill amounts allocated to the reportable segments were as follows:
Goodwill Segment Allocation as of April 29, 2013
(In millions) | Fair Value
North American Furniture Solutions | $ | 31.9 |
Specialty and Consumer | 48.8 |
Total Goodwill | $ | 80.7 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | Intangible assets acquired as a result of the April 29, 2013 acquisition of Maharam were valued at $42.4 million. These amounts are reflected in the values presented in the table below:
Intangible Assets Acquired on April 29, 2013 |
(In millions) | Fair Value | Useful Life
Trade name | $ | 23.0 |  | Indefinite
Designs and patterns | 3.1 |  | 5
Specifier and customer relationships | 16.0 |  | 15
Non-compete agreements | 0.3 |  | 2
Total Intangibles Acquired | $ | 42.4 |  |

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- Definition Tabular disclosure of goodwill in a business combination. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6927-128479 + Details
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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1486-128463 + Details
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