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Revenue from Contracts with Customers (Tables)

12 Months Ended

Jun. 01, 2019

Revenue from Contracts with Customers [Abstract]

Schedule of Cumulative Impact, Revenue

The cumulative impact to our 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

Schedule of Legacy GAAP Reconciliation

In accordance with the modified retrospective adoption rules per ASC 606, the Company has disclosed in the table below the differences in our financial statements due to the adoption of the standard. The “As reported” column represents the financial statement values recorded in accordance with ASC 606, while the “Legacy GAAP” column represents what the financial statement values would have been under ASC 605, had the new standard not been adopted.

	Year Ended June 1, 2019
(In millions)	As reported				Performance Obligation Change				Gross vs. Net Change				Legacy GAAP
Statement of Comprehensive Income
Net sales	$	2,567.2			$	(21.5	)		$	(38.0	)		$	2,507.7
Cost of sales	1,637.3				(12.8		)		(38.0		)		1,586.5
Gross margin	929.9				(8.7		)						921.2
Total operating expenses	726.4				(0.1		)						726.3
Operating earnings	203.5				(8.6		)						194.9
Income tax expense	39.6				(1.5		)						38.1
Net earnings	160.5				(7.1		)						153.4

	As of June 1, 2019
(In millions)	As reported				Performance Obligation Change				Gross vs. Net Change		Legacy GAAP
Balance Sheet
Assets:
Unbilled accounts receivable	$	34.3			$	(32.6	)				$	1.7
Inventories, net	184.2				17.6						201.8
Liabilities:
Accrued compensation and benefits	85.5				(0.4		)				85.1
Other accrued liabilities	99.1				(5.6		)				93.5
Equity:
Retained earnings	712.7				(8.9		)				703.8

Disaggregation of Revenue

Revenue disaggregated by contract type has been provided in the table below:

	Year Ended
(In millions)	June 1, 2019
Net Sales:
Single performance obligation
Product revenue	$	2,155.0
Multiple performance obligations
Product revenue	390.0
Service revenue	12.6
Other	9.6
Total	$	2,567.2

Revenue disaggregated by product type and reportable segment has been provided in the table below:

	Year Ended
(In millions)	June 1, 2019
North America Contract:
Systems	$	564.4
Seating	501.8
Freestanding and storage	384.9
Textiles	113.8
Other	121.6
Total North America Contract	$	1,686.5
International Contract:
Systems	$	103.6
Seating	276.1
Freestanding and storage	53.0
Other	59.5
Total International Contract	$	492.2
Retail:
Seating	$	235.6
Freestanding and storage	67.5
Other	85.4
Total Retail	$	388.5
Total	$	2,567.2

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