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Acquisitions and Divestitures (Tables) | 6 Months Ended
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Nov. 29, 2014
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The final determination of the fair values may result in further adjustments to the values presented below:
Valuation as of July 28, 2014 |  |
(In millions) | At acquisition date - reported as of August 30, 2014 | Measurement Period Adjustments | At acquisition date - reported as of November 29, 2014
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 |
Other current assets | 5.5 |  | — |  | 5.5 |
Long term deferred tax asset | 3.7 |  | — |  | 3.7 |
Goodwill | 74.4 |  | 1.8 |  | 76.2 |
Other intangible assets | 69.6 |  | (0.3 | ) | 69.3 |
Property | 32.0 |  | — |  | 32.0 |
Other long term assets | 2.4 |  | — |  | 2.4 |
Total assets acquired | 238.6 |  | 1.3 |  | 239.9 |
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 |  | 1.1 |  | 17.5 |
Other long term liabilities | 0.4 |  | — |  | 0.4 |
Total liabilities assumed | 52.1 |  | 1.1 |  | 53.2 |
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 Design Within Reach were preliminarily valued at $69.3 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 | 12.8 |  | 10 - 16 years
Product Development Designs | 1.2 |  | 7 years
Total Intangible Assets Acquired | $ | 69.3 |  |
Business Combinations Results of Operations of Acquiree | 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 |  |
|  | Three Months Ended | Six Months Ended
(In millions) | July 28, 2014 - August 30, 2014 | November 29, 2014 | November 29, 2014
DWR Net sales | $ | 21.6 |  | $ | 66.8 |  | $ | 88.4 |
Intercompany sales elimination | (1.6 | ) | (5.8 | ) | (7.4 | )
Net sales impact to Herman Miller, Inc. | $ | 20.0 |  | $ | 61.0 |  | $ | 81.0 |
Net loss | $ | (1.6 | ) | $ | (2.2 | ) | $ | (3.8 | )

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