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Redeemable Noncontrolling Interests (Tables)

12 Months Ended

Jun. 01, 2019

Redeemable Noncontrolling Interests [Abstract]

Redeemable Noncontrolling Interest

Redeemable Noncontrolling Interests

Certain minority shareholders in the Company's subsidiary Herman Miller Consumer Holdings, Inc. have the right, at specified times over a period of time, to require the Company to acquire portions of their ownership interest in those entities at fair value. Their interests in these subsidiaries are classified outside permanent equity in the Consolidated Balance Sheets and are carried at the current estimated redemption amounts.

The redemption amounts are estimated based on the fair value of the subsidiary, which is determined based on a weighting of the discounted cash flow and market methods. The discounted cash flow analysis uses the present value of projected cash flows and a residual value. A market-based approach is used to determine the discount rate for the discounted cash flow method. Market multiples for comparable companies are used for the market method of valuation. The fair value of the subsidiary is sensitive to changes in projected revenues and costs, the discount rate and the forward multiples of the comparable companies.

Changes in the estimated redemption amounts of the noncontrolling interests, subject to put options, are reflected at each reporting period with a corresponding adjustment to Retained earnings. Future reductions in the carrying amounts are subject to a “floor” amount that is equal to the fair value of the redeemable noncontrolling interests at the time they were originally recorded. See Note 16 of the Consolidated Financial Statements for additional information.

Changes in the Company’s Redeemable noncontrolling interests for the years ended June 1, 2019 and June 2, 2018 are as follows:

	Year Ended
(In millions)	June 1, 2019				June 2, 2018
Balance at beginning of period	$	30.5			$	24.6
Purchase of redeemable noncontrolling interests	(10.1		)		(1.0		)
Net income attributable to redeemable noncontrolling interests	—				0.6
Exercised options	0.2				0.1
Redemption value adjustment	—				6.2
Other adjustments	—				—
Balance at end of period	$	20.6			$	30.5

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Redeemable Noncontrolling Interests [Abstract]

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Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity.

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