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Income Taxes (Tables)

12 Months Ended

May. 30, 2015

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)	2015				2014				2013
Domestic	$	142.5			$	(45.1	)		$	89.9
Foreign	2.7				1.7				7.3
Total	$	145.2			$	(43.4	)		$	97.2

Schedule of Components of Income Tax Expense (Benefit)

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

(In millions)	2015				2014				2013
Current: Domestic - Federal	$	43.6			$	22.2			$	36.4
Domestic - State	6.3				4.6				5.2
Foreign	6.1				4.8				3.9
	56.0				31.6				45.5
Deferred: Domestic - Federal	(5.9		)		(43.6		)		(14.9		)
Domestic - State	(0.6		)		(5.6		)		(1.4		)
Foreign	(2.3		)		(3.6		)		(0.3		)
	(8.8		)		(52.8		)		(16.6		)
Total income tax provision	$	47.2			$	(21.2	)		$	28.9

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)		2015				2014				2013
Income taxes computed at the United States Statutory rate of 35%		$	50.8			$	(15.2	)		$	34.0
Increase (decrease) in taxes resulting from:
Change in unrecognized tax benefits		—				0.4				0.1
Foreign statutory rate differences		(1.0		)		(0.9		)		(1.9		)
Manufacturing deduction under the American Jobs Creation Act of 2004		(4.8		)		(3.9		)		(4.0		)
State taxes		4.2				(0.9		)		2.5
Federal permanent true-ups		(0.9		)		1.6				(2.1		)
Tax on undistributed foreign earnings		(3.9		)		—				(0.2		)
Other, net		2.8				(2.3		)		0.5
Income tax expense (benefit)		$	47.2			$	(21.2	)		$	28.9
Effective tax rate		32.6		%		48.9		%		29.8		%

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 30, 2015 and May 31, 2014, are as follows:

(In millions)		2015				2014
Deferred tax assets:
Compensation-related accruals		$	21.9			$	19.5
Accrued pension and post-retirement benefit obligations		11.0				9.7
Deferred revenue		2.9				3.0
Inventory related		6.4				3.7
Reserves for uncollectible accounts and notes receivable		1.4				1.5
Other reserves and accruals		3.6				3.5
Warranty		9.3				8.5
State and local tax net operating loss carryforwards		5.5				3.2
Federal net operating loss carryforward		12.2				0.1
State credits		0.2				0.2
Foreign tax net operating loss carryforwards		9.9				9.9
Foreign tax credits		0.1				0.1
Foreign capital loss carryforward		—				0.1
Undistributed foreign earnings		4.5				—
Financing costs		0.8				1.2
Other		3.6				1.5
Subtotal		93.3				65.7
Valuation allowance		(11.1		)		(8.5		)
Total		$	82.2			$	57.2
Deferred tax liabilities:
Book basis in property in excess of tax basis		$	(16.7	)		$	(14.7	)
Intangible assets		(44.5		)		(18.1		)
Other		(3.6		)		(2.4		)
Total		$	(64.8	)		$	(35.2	)

Schedule of Unrecognized Tax Benefits

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

(In millions)
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
Increases related to current year income tax positions		0.4
Increases related to prior year income tax positions		0.1
Decreases related to prior year income tax positions		(0.4		)
Decreases related to lapse of applicable statute of limitations		(0.1		)
Decreases related to settlements		—
Balance at May 30, 2015		$	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 30, 2015				May 31, 2014				June 1, 2013
Interest and penalty expense	$	0.4			$	0.2			$	—
Liability for interest and penalties	$	0.9			$	0.6

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