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Income Taxes (Tables)

12 Months Ended

May 30, 2020

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of (loss) earnings before income taxes are as follows:

(In millions)	2020				2019				2018
Domestic	$	(75.6	)		$	136.2			$	121.6
Foreign	62.2				58.9				46.5
Total	$	(13.4	)		$	195.1			$	168.1

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes consists of the following:

(In millions)	2020				2019				2018
Current: Domestic - Federal	$	12.0			$	19.0			$	30.2
Domestic - State	5.7				6.4				4.3
Foreign	13.3				12.9				10.7
	31.0				38.3				45.2
Deferred: Domestic - Federal	(16.8		)		1.0				(4.1		)
Domestic - State	(3.9		)		(0.2		)		0.1
Foreign	(4.3		)		0.5				1.2
	(25.0		)		1.3				(2.8		)
Total income tax provision	$	6.0			$	39.6			$	42.4

Effective Income Tax Rate Reconciliation

The following table represents a reconciliation of income taxes at the United States statutory rate of 21% for 2020 and 2019, and 29.1% for 2018 with the effective tax rate as follows:

(In millions)	2020				2019				2018
Income taxes computed at the United States Statutory rate	$	(2.8	)		$	41.0			$	49.0
Increase (decrease) in taxes resulting from:
State and local income taxes, net of federal income tax benefit	1.4				4.9				3.3
Non-deductible goodwill impairment	17.1				—				—
Gain on consolidation of equity method investments	(5.5		)		—				—
Remeasurement of U.S. deferred tax assets and liabilities due to the Tax Act	—				(0.2		)		(8.9		)
U.S. tax liability on undistributed foreign earnings due to the Tax Act	—				(2.6		)		9.0
Foreign-derived intangible income	(1.4		)		(3.1		)		—
Global intangible low-taxed income	5.9				6.9				—
Foreign statutory rate differences	0.7				1.9				(4.0		)
Manufacturing deduction under the American Jobs Creation Act of 2004	—				—				(2.7		)
Research and development credit	(4.4		)		(5.3		)		(4.2		)
Foreign offshore income claim	(1.7		)		(0.7		)		—
Foreign tax credit	(5.8		)		(5.7		)		(2.4		)
Foreign withholding taxes and other miscellaneous foreign taxes	2.7				0.8				1.9
Other, net	(0.2		)		1.7				1.4
Income tax expense	$	6.0			$	39.6			$	42.4
Effective tax rate	(44.9		)%		20.3		%		25.2		%

Schedule of Deferred Tax Assets and Liabilities

The tax effects and types of temporary differences that give rise to significant components of the deferred tax assets and liabilities at May 30, 2020 and June 1, 2019, are as follows:

(In millions)	2020				2019
Deferred tax assets:
Compensation-related accruals	$	14.2			$	13.1
Accrued pension and post-retirement benefit obligations	9.6				7.2
Deferred revenue	3.7				6.1
Inventory related	3.9				1.2
Other reserves and accruals	7.9				8.1
Warranty	14.0				12.3
State and local tax net operating loss carryforwards and credits	2.5				2.5
Federal net operating loss carryforward	1.2				1.4
Foreign tax net operating loss carryforwards and credits	8.4				9.1
Accrued step rent and tenant reimbursements	0.7				4.2
Interest rate swap	6.1				0.3
Lease liability	52.5				—
Other	6.9				4.7
Subtotal	131.6				70.2
Valuation allowance	(10.6		)		(10.4		)
Total	$	121.0			$	59.8
Deferred tax liabilities:
Book basis in property in excess of tax basis	$	32.0			$	26.6
Intangible assets	43.6				34.6
Right of use lease assets	44.7				—
Other	3.4				2.4
Total	$	123.7			$	63.6

Schedule of Unrecognized Tax Benefits

The components of the Company's unrecognized tax benefits are as follows:

(In millions)
Balance at June 2, 2018	$	3.2
Increases related to current year income tax positions	0.4
Increases related to prior year income tax positions	0.1
Decreases related to prior year income tax positions	(0.4		)
Decreases related to lapse of applicable statute of limitations	(0.3		)
Decreases related to settlements	(1.1		)
Balance at June 1, 2019	$	1.9
Increases related to current year income tax positions	0.3
Decreases related to prior year income tax positions	(0.1		)
Decreases related to lapse of applicable statute of limitations	(0.2		)
Balance at May 30, 2020	$	1.9

Schedule of Unrecognized Tax Benefits, Interest, Penalties and Related Liability

Interest and penalties and the related liability, which are excluded from the table above, were as follows for the periods indicated:

(In millions)	May 30, 2020				June 1, 2019				June 2, 2018
Interest and penalty expense (income)	$	0.1			$	(0.3	)		$	0.1
Liability for interest and penalties	$	0.8			$	0.7

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