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Revenue from Contracts with Customers (Tables)

9 Months Ended

Mar. 02, 2019

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

Schedule of Legacy GAAP Reconciliation

In accordance with the modified retrospective adoption rules per ASC 606, the Company has disclosed in the tables 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.

	Three Months Ended March 2, 2019
(In millions)	As reported				Performance Obligation Change				Gross vs. Net Change				Legacy GAAP
Statement of Comprehensive Income
Net sales	$	619.0			$	7.4			$	(9.6	)		$	616.8
Cost of sales	398.0				4.1				(9.6		)		392.5
Gross margin	221.0				3.3								224.3
Total operating expenses	173.2				0.1								173.3
Operating earnings	47.8				3.2								51.0
Income tax expense	7.3				0.5								7.8
Net earnings	39.3				2.7								42.0

	Nine Months Ended March 2, 2019
(In millions)	As reported				Performance Obligation Change				Gross vs. Net Change				Legacy GAAP
Statement of Comprehensive Income
Net sales	$	1,896.2			$	(10.8	)		$	(28.1	)		$	1,857.3
Cost of sales	1,214.5				(6.0		)		(28.1		)		1,180.4
Gross margin	681.7				(4.8		)						676.9
Total operating expenses	534.8				—								534.8
Operating earnings	146.9				(4.8		)						142.1
Income tax expense	27.3				(1.1		)						26.2
Net earnings	114.6				(3.7		)						110.9

	As of March 2, 2019
(In millions)	As reported				Performance Obligation Change				Gross vs. Net Change		Legacy GAAP
Balance Sheet
Assets:
Unbilled accounts receivable	$	25.5			$	(21.9	)				$	3.6
Inventories, net	191.9				12.8						204.7
Liabilities:
Accrued compensation and benefits	73.9				(0.3		)				73.6
Other accrued liabilities	80.4				(3.1		)				77.3
Equity:
Retained earnings	678.3				(5.6		)				672.7

Disaggregation of Revenue

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

	Three Months Ended				Nine Months Ended
(In millions)	March 2, 2019				March 2, 2019
Net Sales:
Single performance obligation
Product revenue	$	524.5			$	1,599.0
Multiple performance obligations
Product revenue	89.0				281.7
Service revenue	2.8				8.7
Other	2.7				6.8
Total	$	619.0			$	1,896.2

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

	Three Months Ended				Nine Months Ended
(In millions)	March 2, 2019				March 2, 2019
North American Furniture Solutions:
Systems	$	127.5			$	415.7
Seating	93.2				289.8
Freestanding and storage	73.5				226.8
Other	26.7				85.5
Total North American Furniture Solutions	$	320.9			$	1,017.8
ELA Furniture Solutions:
Systems	$	26.8			$	78.0
Seating	71.8				202.7
Freestanding and storage	14.5				38.7
Other	12.9				40.5
Total ELA Furniture Solutions	$	126.0			$	359.9
Specialty:
Systems	$	1.2			$	4.5
Seating	29.5				85.4
Freestanding and storage	17.9				55.5
Textiles	26.5				84.8
Other	1.0				4.8
Total Specialty	$	76.1			$	235.0
Consumer:
Seating	$	59.2			$	171.0
Freestanding and storage	15.2				49.2
Other	21.6				63.3
Total Consumer	$	96.0			$	283.5
Total	$	619.0			$	1,896.2

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