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Investments in Nonconsolidated Affiliates | 12 Months Ended
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May 30, 2020
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Nonconsolidated Affiliates | Investments in Nonconsolidated Affiliates The Company has certain investments in entities that are accounted for using the equity method (“nonconsolidated affiliates”). The investments are included in "Other noncurrent assets" in the Consolidated Balance Sheets and the equity earnings are included in "Equity earnings from nonconsolidated affiliates, net of tax" in the Consolidated Statements of Comprehensive Income. Refer to the tables below for the investment balances that are included in the Consolidated Balance Sheets and for the equity earnings that are included in the Consolidated Statements of Comprehensive Income.
(In millions) | May 30, 2020 |  | June 1, 2019
Investments in nonconsolidated affiliates | $ | 12.2 |  |  | $ | 89.0 |
(In millions) | May 30, 2020 |  | June 1, 2019 |  | June 2, 2018
Equity earnings from nonconsolidated affiliates, net of tax | $ | 5.0 |  |  | $ | 5.0 |  |  | $ | 3.0 |
The Company had an ownership interest in five nonconsolidated affiliates at May 30, 2020. Refer to the Company's ownership percentages shown below:
Ownership Interest | May 30, 2020 |  | June 1, 2019
Kvadrat Maharam Arabia DMCC | 50.0% |  | 50.0%
Kvadrat Maharam Pty Limited | 50.0% |  | 50.0%
Kvadrat Maharam Turkey JSC | 50.0% |  | 50.0%
Danskina B.V. | 50.0% |  | 50.0%
Global Holdings Netherlands B.V. | 48.2% |  | 48.2%
Kvadrat Maharam The Kvadrat Maharam nonconsolidated affiliates are distribution entities that are engaged in selling decorative upholstery, drapery and wall covering products. At May 30, 2020 and June 1, 2019, the Company's investment value in Kvadrat Maharam Pty was $1.7 million and $1.8 million more than the Company's proportionate share of the underlying net assets, respectively. This difference was driven by a step-up in fair value of the investment in Kvadrat Maharam Pty, stemming from the Maharam business combination. This amount is considered to be a permanent basis difference. In fiscal 2020 the Company agreed to fully divest its interest in Kvadrat Maharam Arabia DMCC, Kvadrat Maharam Turkey JSC and Danskina B.V for approximately $3 million. The divestitures are expected to be completed by the end of the first half of fiscal 2021. Maars On August 31, 2018, the Company acquired 48.2% of the outstanding equity of Global Holdings Netherlands B.V., which owns 100% of Maars Holding B.V. ("Maars”), a Harderwijk, Netherlands-based worldwide leader in the design and manufacturing of interior wall solutions. The Company acquired its 48.2% ownership interest in Maars for approximately $6.1 million in cash. The entity is accounted for using the equity method of accounting as the Company has significant influence, but not control, over the entity. As of the August 31, 2018 acquisition date, the Company's investment value in Maars was $3.1 million more than the Company's proportionate share of the underlying net assets. This amount represented the difference between the price that the Company paid to acquire 48.2% of the outstanding equity and the carrying value of the net assets of Maars. Of this difference, $2.7 million was being amortized over the remaining useful lives of the assets, while $0.4 million was considered a permanent difference. At May 30, 2020, the Company's investment value in Maars was $2.5 million more than the Company's proportionate share of the underlying net assets, of which $2.1 million was being amortized over the remaining useful lives of the assets, while $0.4 million was considered a permanent basis difference. naughtone & HAY As described in Note 3 to the Consolidated Financial Statements, the Company increased its investment in both naughtone & HAY during the year ended May 30, 2020 and obtained a controlling financial interest over each entity. As a result, these two entities, which were previously accounted for as equity method investments, are now included within the Company's consolidated operations. Transactions with Nonconsolidated Affiliates Sales to and purchases from nonconsolidated affiliates were as follows for the periods presented below:
(In millions) | May 30, 2020 |  | June 1, 2019 |  | June 2, 2018
Sales to nonconsolidated affiliates | $ | 3.6 |  |  | $ | 3.9 |  |  | $ | 4.3 |
Purchases from nonconsolidated affiliates | $ | 5.0 |  |  | $ | 23.0 |  |  | $ | 6.8 |
Balances due to or due from nonconsolidated affiliates were as follows for the periods presented below:
(In millions) | May 30, 2020 |  | June 1, 2019
Receivables from nonconsolidated affiliates | $ | 0.6 |  |  | $ | 0.7 |
Payables to nonconsolidated affiliates | $ | — |  |  | $ | 1.2 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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