Acquisitions and Divestitures (Tables)

12 Months Ended

May. 30, 2015

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the fair values of the assets acquired and the liabilities assumed from the acquisition.

DWR acquisition-related expenses were $2.2 million during fiscal year 2015. These expenses included legal and professional services fees.



Assets Acquired and Liabilities Assumed on July 28, 2014
(In millions)	At acquisition date - reported as of August 30, 2014		Measurement Period Adjustments			At acquisition date - reported as of May 30, 2015
Purchase price	$	155.0	$	0.2		$	155.2
Fair value of the assets acquired:
Cash	1.2		—			1.2
Accounts receivable	2.4		(0.2		)	2.2
Inventory	47.4		—			47.4
Current deferred tax asset	—		1.5			1.5
Other current assets	5.5		—			5.5
Long term deferred tax asset	3.7		(3.7		)	—
Goodwill	74.4		1.2			75.6
Other intangible assets	69.6		(1.1		)	68.5
Property	32.0		—			32.0
Other long term assets	2.4		—			2.4
Total assets acquired	238.6		(2.3		)	236.3
Fair value of liabilities assumed:
Accounts payable	20.8		—			20.8
Current deferred tax liabilities	0.6		(0.6		)	—
Accrued compensation and benefits	1.6		—			1.6
Other accrued liabilities	12.3		—			12.3
Long term deferred tax liability	16.4		(1.9		)	14.5
Other long term liabilities	0.4		—			0.4
Total liabilities assumed	52.1		(2.5		)	49.6
Redeemable noncontrolling interests	25.7		—			25.7
Noncontrolling interests	5.8		—			5.8
Net assets acquired	$	155.0	$	0.2		$	155.2

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

Other intangible assets acquired as a result of the acquisition of DWR were valued at $68.5 million. These amounts are reflected in the values presented in the following table:



Intangible Assets Acquired from the DWR Acquisition
(In millions)	Fair Value		Useful Life
Trade Names and Trademarks	$	55.1	Indefinite
Exclusive Distribution Agreements	0.2		1.5 years
Customer Relationships	12.0		10 - 16 years
Product Development Designs	1.2		7 years
Total Intangible Assets Acquired	$	68.5

Business Combination Results of Operations of Acquiree [Table Text Block]

The following table provides net sales and results of operations from DWR included in the company’s results since the July 28, 2014 acquisition.



DWR Results of Operations

(In millions)	July 28, 2014 - May 30, 2015
DWR Net sales	$	217.0
Intercompany sales elimination	(22.7		)
Net sales impact to Herman Miller, Inc.	$	194.3