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Income Taxes (Tables)

12 Months Ended

May 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of earnings (loss) before income taxes are as follows:

(In millions)	2014				2013				2012
Domestic	$	(45.1	)		$	89.9			$	107.6
Foreign	1.7				7.3				11.9
Total	$	(43.4	)		$	97.2			$	119.5

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes consists of the following:

(In millions)	2014				2013				2012
Current: Domestic - Federal	$	22.2			$	36.4			$	21.8
Domestic - State	4.6				5.2				2.0
Foreign	4.8				3.9				6.0
	31.6				45.5				29.8
Deferred: Domestic - Federal	(43.6		)		(14.9		)		11.2
Domestic - State	(5.6		)		(1.4		)		1.4
Foreign	(3.6		)		(0.3		)		1.9
	(52.8		)		(16.6		)		14.5
Total income tax provision	$	(21.2	)		$	28.9			$	44.3

Effective Income Tax Rate Reconciliation

The following table represents a reconciliation of income taxes at the United States statutory rate with the effective tax rate as follows:

(In millions)		2014				2013				2012
Income taxes computed at the United States Statutory rate of 35%		$	(15.2	)		$	34.0			$	41.8
Increase (decrease) in taxes resulting from:
Change in unrecognized tax benefits		0.4				0.1				(0.3		)
Foreign statutory rate differences		(0.9		)		(1.9		)		(1.2		)
Meals and entertainment		1.0				0.8				0.8
Manufacturing deduction under the American Jobs Creation Act of 2004		(3.9		)		(4.0		)		(2.9		)
State taxes		(0.9		)		2.5				3.0
Repatriated earnings and related foreign tax credits		(0.3		)		(0.6		)		(0.2		)
Other, net		(1.4		)		(2.0		)		3.3
Income tax expense (benefit)		$	(21.2	)		$	28.9			$	44.3
Effective tax rate		48.9		%		29.8		%		37.1		%

Schedule of Deferred Tax Assets and Liabilities

The tax effects and types of temporary differences that give rise to significant components of the deferred tax assets and liabilities at May 31, 2014 and June 1, 2013, are as follows:

(In millions)		2014				2013
Deferred tax assets:
Compensation-related accruals		$	19.5			$	17.7
Accrued pension and post-retirement benefit obligations		9.7				19.4
Inventory related		3.7				2.7
Reserves for uncollectible accounts and notes receivable		1.5				1.8
Other reserves and accruals		4.6				3.9
Warranty		8.5				8.2
State and local tax net operating loss carryforwards		3.2				3.0
Federal net operating loss carryforward		0.1				0.2
State credits		0.2				0.6
Foreign tax net operating loss carryforwards		9.9				9.2
Foreign tax credits		0.1				0.1
Foreign capital loss carryforward		0.1				0.1
Financing costs		1.2				2.1
Other		3.4				3.6
Subtotal		65.7				72.6
Valuation allowance		(8.5		)		(9.9		)
Total		$	57.2			$	62.7
Deferred tax liabilities:
Book basis in property in excess of tax basis		$	(14.7	)		$	(16.5	)
Intangible assets		(18.1		)		(20.5		)
Other		(2.4		)		(2.9		)
Total		$	(35.2	)		$	(39.9	)

Schedule of Unrecognized Tax Benefits

The components of the company's unrecognized tax benefits are as follows:

(In millions)
Balance at June 2, 2012		$	1.3
Increases related to current year income tax positions		0.4
Increases related to prior year income tax positions		—
Decreases related to prior year income tax positions		(0.1		)
Decreases related to lapse of applicable statute of limitations		(0.2		)
Decreases related to settlements		—
Balance at June 1, 2013		1.4
Increases related to current year income tax positions		0.5
Increases related to prior year income tax positions		—
Decreases related to prior year income tax positions		—
Decreases related to lapse of applicable statute of limitations		(0.1		)
Decreases related to settlements		—
Balance at May 31, 2014		$	1.8

Schedule of Unrecognized Tax Benefits, Interest, Penalties and Related Liability

Interest and penalties and the related liability were as follows for the periods indicated:

(In millions)	May 31, 2014				June 1, 2013				June 2, 2012
Interest and penalty expense	$	0.2			$	—			$	—
Liability for interest and penalties	$	0.6			$	0.4

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