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Income Taxes (Tables)

12 Months Ended

May 28, 2016

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)	2016				2015				2014
Domestic	$	154.9			$	142.5			$	(45.1	)
Foreign	41.7				2.7				1.7
Total	$	196.6			$	145.2			$	(43.4	)

Schedule of Components of Income Tax Expense (Benefit)

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

(In millions)	2016				2015				2014
Current: Domestic - Federal	$	36.4			$	43.6			$	22.2
Domestic - State	6.4				6.3				4.6
Foreign	6.3				6.1				4.8
	49.1				56.0				31.6
Deferred: Domestic - Federal	7.5				(5.9		)		(43.6		)
Domestic - State	0.2				(0.6		)		(5.6		)
Foreign	2.7				(2.3		)		(3.6		)
	10.4				(8.8		)		(52.8		)
Total income tax provision	$	59.5			$	47.2			$	(21.2	)

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)		2016				2015				2014
Income taxes computed at the United States Statutory rate of 35%		$	68.8			$	50.8			$	(15.2	)
Increase (decrease) in taxes resulting from:
Change in unrecognized tax benefits		0.2				—				0.4
Foreign statutory rate differences		(4.3		)		(1.0		)		(0.9		)
Manufacturing deduction under the American Jobs Creation Act of 2004		(4.8		)		(4.8		)		(3.9		)
State taxes		5.2				4.2				(0.9		)
Tax on undistributed foreign earnings		—				(3.9		)		—
Sale of manufacturing facility in the United Kingdom		(1.6		)		—				—
Other, net		(4.0		)		1.9				(0.7		)
Income tax expense (benefit)		$	59.5			$	47.2			$	(21.2	)
Effective tax rate		30.3		%		32.6		%		48.9		%

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 28, 2016 and May 30, 2015, are as follows:

(In millions)		2016				2015
Deferred tax assets:
Compensation-related accruals		$	23.2			$	21.9
Accrued pension and post-retirement benefit obligations		9.2				11.0
Deferred revenue		5.6				2.9
Inventory related		3.8				6.4
Reserves for uncollectible accounts and notes receivable		1.2				1.4
Other reserves and accruals		3.0				3.6
Warranty		15.7				14.0
State and local tax net operating loss carryforwards and credits		5.7				5.7
Federal net operating loss carryforward		7.1				12.2
Foreign tax net operating loss carryforwards and credits		14.6				10.0
Undistributed foreign earnings		—				4.5
Other		4.7				4.4
Subtotal		93.8				98.0
Valuation allowance		(10.6		)		(11.1		)
Total		$	83.2			$	86.9
Deferred tax liabilities:
Book basis in property in excess of tax basis		$	(24.8	)		$	(16.7	)
Intangible assets		(47.4		)		(44.5		)
Other		(2.2		)		(3.6		)
Total		$	(74.4	)		$	(64.8	)

Schedule of Unrecognized Tax Benefits

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

(In millions)
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
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		(0.1		)
Decreases related to lapse of applicable statute of limitations		(0.1		)
Decreases related to settlements		(0.4		)
Balance at May 28, 2016		$	1.7

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

Interest and penalties and the related liability, which are excluded from the table above, were as follows for the periods indicated:

(In millions)	May 28, 2016				May 30, 2015				May 31, 2014
Interest and penalty expense (income)	$	(0.1	)		$	0.4			$	0.2
Liability for interest and penalties	$	0.7			$	0.9

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