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Revenue from Contracts with Customers (Tables) | 3 Months Ended
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Sep. 01, 2018
Revenue from Contract with Customer [Abstract] |
Schedule of Cumulative Impact, Revenue | The cumulative impact to our Condensed Consolidated Balance Sheet as of June 3, 2018 was as follows:
| Balance at |  | Adjustments due |  | Balance at
(In millions) | June 2, 2018 |  | to ASC 606 |  | June 3, 2018
Balance Sheet |  |  |  |  |
Assets: |  |  |  |  |
Unbilled accounts receivable | $ | 1.9 |  |  | $ | 11.1 |  |  | $ | 13.0 |
Inventories, net | 162.4 |  |  | (7.1 | ) |  | 155.3 |
Liabilities: |  |  |  |  |
Accrued compensation and benefits | 86.3 |  |  | 0.2 |  |  | 86.5 |
Other accrued liabilities | 77.0 |  |  | 1.9 |  |  | 78.9 |
Equity: |  |  |  |  |
Retained earnings | 598.3 |  |  | 1.9 |  |  | 600.2 |
| For the period ended September 1, 2018
(In millions) | As reported |  | Performance Obligation Change |  | Gross vs. Net Change |  | Legacy GAAP
Statement of Comprehensive Income |  |  |  |  |  |  |
Net sales | $ | 624.6 |  |  | $ | (10.7 | ) |  | $ | (8.5 | ) |  | $ | 605.4 |
Cost of sales | 399.5 |  |  | (5.8 | ) |  | (8.5 | ) |  | 385.2 |
Gross margin | 225.1 |  |  | (4.9 | ) |  |  |  | 220.2 |
Total operating expenses | 179.1 |  |  | (0.1 | ) |  |  |  | 179.0 |
Operating earnings | 46.0 |  |  | (4.8 | ) |  |  |  | 41.2 |
Income tax expense | 8.9 |  |  | (1.1 | ) |  |  |  | 7.8 |
Net earnings | 35.9 |  |  | (3.7 | ) |  |  |  | 32.2 |
| For the period ended September 1, 2018
(In millions) | As reported |  | Performance Obligation Change |  | Gross vs. Net Change |  | Legacy GAAP
Balance Sheet |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Unbilled accounts receivable | $ | 25.4 |  |  | (21.8 | ) |  |  |  | $ | 3.6 |
Inventories, net | 163.8 |  |  | 12.5 |  |  |  |  | 176.3 |
Liabilities: |  |  |  |  |  |  |
Accrued compensation and benefits | 68.8 |  |  | (0.3 | ) |  |  |  | 68.5 |
Other accrued liabilities | 73.0 |  |  | (3.4 | ) |  |  |  | 69.6 |
Equity: |  |  |  |  |  |  |
Retained earnings | 624.5 |  |  | (5.6 | ) |  |  |  | 618.9 |
Disaggregation of Revenue | Revenue disaggregated by contract type has been provided in the table below:
| Three Months Ended
(In millions) | September 1, 2018
Net Sales: |
Single performance obligation |
Product revenue | $ | 535.2 |
Multiple performance obligations |
Product revenue | 84.8 |
Service revenue | 2.7 |
Other | 1.9 |
Total | $ | 624.6 |
Revenue disaggregated by product type and reportable segment has been provided in the table below:
| Three Months Ended
(In millions) | September 1, 2018
North American Furniture Solutions: |
Systems | $ | 144.5 |
Seating | 96.6 |
Freestanding and storage | 74.7 |
Other | 27.9 |
Total North American Furniture Solutions | $ | 343.7 |
ELA Furniture Solutions: |
Systems | $ | 22.8 |
Seating | 68.7 |
Freestanding and storage | 10.4 |
Other | 13.5 |
Total ELA Furniture Solutions | $ | 115.4 |
Specialty: |
Systems | $ | 1.6 |
Seating | 29.0 |
Freestanding and storage | 12.9 |
Textiles | 28.8 |
Other | 5.0 |
Total Specialty | $ | 77.3 |
Consumer: |
Seating | 53.7 |
Freestanding and storage | 17.2 |
Other | 17.3 |
Total Consumer | $ | 88.2 |
Total | $ | 624.6 |

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