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Acquisitions (Tables) | 9 Months Ended
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Feb. 27, 2016
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition | DWR acquisition-related expenses were $2.2 million during fiscal 2015. These expenses included legal and professional services fees. The following table summarizes the fair values of the assets acquired and the liabilities assumed from the acquisition.
Assets Acquired and Liabilities Assumed on July 28, 2014 |
(In millions) | Fair Value
Purchase price | $ | 155.2 |
Fair value of the assets acquired: |
Cash | 1.2 |
Accounts receivable | 2.2 |
Inventory | 47.4 |
Current deferred tax asset | 1.5 |
Other current assets | 5.5 |
Goodwill | 75.6 |
Other intangible assets | 68.5 |
Property | 32.0 |
Other long term assets | 2.4 |
Total assets acquired | 236.3 |
Fair value of liabilities assumed: |
Accounts payable | 20.8 |
Accrued compensation and benefits | 1.6 |
Other accrued liabilities | 12.3 |
Long term deferred tax liability | 14.5 |
Other long term liabilities | 0.4 |
Total liabilities assumed | 49.6 |
Redeemable noncontrolling interests | 25.7 |
Noncontrolling interests | 5.8 |
Net assets acquired | $ | 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 |  |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1486-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463 + Details
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