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Income Taxes (Tables)

12 Months Ended

Jun. 03, 2017

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of earnings before income taxes are as follows:

(In millions)	2017				2016				2015
Domestic	$	131.4			$	154.9			$	142.5
Foreign	46.2				41.7				2.7
Total	$	177.6			$	196.6			$	145.2

Schedule of Components of Income Tax Expense (Benefit)

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

(In millions)	2017				2016				2015
Current: Domestic - Federal	$	28.7			$	36.4			$	43.6
Domestic - State	2.3				6.4				6.3
Foreign	11.1				6.3				6.1
	42.1				49.1				56.0
Deferred: Domestic - Federal	9.2				7.5				(5.9		)
Domestic - State	2.8				0.2				(0.6		)
Foreign	1.0				2.7				(2.3		)
	13.0				10.4				(8.8		)
Total income tax provision	$	55.1			$	59.5			$	47.2

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)		2017				2016				2015
Income taxes computed at the United States Statutory rate of 35%		$	62.2			$	68.8			$	50.8
Increase (decrease) in taxes resulting from:
Foreign statutory rate differences		(5.7		)		(4.3		)		(1.0		)
Manufacturing deduction under the American Jobs Creation Act of 2004		(3.4		)		(4.8		)		(4.8		)
State taxes		3.8				5.2				4.2
Tax on undistributed foreign earnings		—				—				(3.9		)
United Kingdom patent box deduction for research and development		(2.6		)		(1.7		)		(0.3		)
Sale of manufacturing facility in the United Kingdom		—				(1.6		)		—
Other, net		0.8				(2.1		)		2.2
Income tax expense		$	55.1			$	59.5			$	47.2
Effective tax rate		31.1		%		30.3		%		32.6		%

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 June 3, 2017 and May 28, 2016, are as follows:

(In millions)		2017				2016
Deferred tax assets:
Compensation-related accruals		$	22.7			$	23.2
Accrued pension and post-retirement benefit obligations		10.9				9.2
Deferred revenue		5.3				5.6
Inventory related		4.1				3.8
Reserves for uncollectible accounts and notes receivable		1.0				1.2
Other reserves and accruals		6.1				3.0
Warranty		17.0				15.7
State and local tax net operating loss carryforwards and credits		2.7				5.7
Federal net operating loss carryforward		5.0				7.1
Foreign tax net operating loss carryforwards and credits		10.0				14.6
Accrued step rent and tenant reimbursements		4.7				1.9
Other		4.2				2.8
Subtotal		93.7				93.8
Valuation allowance		(10.0		)		(10.6		)
Total		$	83.7			$	83.2
Deferred tax liabilities:
Book basis in property in excess of tax basis		$	(37.4	)		$	(24.8	)
Intangible assets		(47.3		)		(47.4		)
Other		(3.2		)		(2.2		)
Total		$	(87.9	)		$	(74.4	)

Schedule of Unrecognized Tax Benefits

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

(In millions)
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
Increases related to current year income tax positions		0.3
Increases related to prior year income tax positions		1.1
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		(0.1		)
Balance at June 3, 2017		$	2.8

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)	June 3, 2017				May 28, 2016				May 30, 2015
Interest and penalty expense (income)	$	0.2			$	(0.1	)		$	0.4
Liability for interest and penalties	$	0.8			$	0.7

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