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Acquisitions and Divestitures (Tables) | 12 Months Ended
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May 29, 2021
Business Combination and Asset Acquisition [Abstract] |
Schedule of Allocation of Purchase Price Related to Acquired Tangible Assets | The allocation of the purchase price was finalized during the first quarter of fiscal 2021. The following table presents the allocation of purchase price related to acquired tangible assets:
(In millions) |
Cash | $ | 12.1 |
Working capital, net of cash and inventory step-up | 12.3 |
Net property and equipment | 0.9 |
Other assets | 3.9 |
Other liabilities | (3.1) |
Net assets acquired | $ | 26.1 |
The following table presents the allocation of purchase price related to acquired tangible assets:
(In millions) |
Cash | $ | 5.1 |
Working capital, net of cash and inventory step-up | 1.3 |
Net property and equipment | 0.8 |
Net assets acquired | $ | 7.2 |
Summary of Valuation Method Employed, Useful Lives and Fair Value of Intangible Assets Acquired | The following table summarizes the acquired identified intangible assets, valuation method employed, useful lives and fair value, as determined by the Company at the HAY Acquisition Date:
(In millions) | Valuation Method |  | Useful Life (years) |  |  | Fair Value |
Inventory Step-up | Comparative Sales Approach |  | 0.8 |  |  | $ | 3.4 |  |
Backlog | Multi-Period Excess Earnings |  | 0.3 |  |  | 1.7 |  |
Deferred Revenue | Adjusted Fulfillment Cost Method |  | 0.1 |  |  | (2.2) |  |
Tradename | Relief from Royalty |  | Indefinite |  |  | 60.0 |  |
Product Development | Relief from Royalty |  | 8.0 |  |  | 22.0 |  |
Customer Relationships | Multi-Period Excess Earnings |  | 9.0 |  |  | 34.0 |  |
Total |  |  |  |  |  | $ | 118.9 |  |
The following table summarizes the acquired identified intangible assets, valuation method employed, useful lives and fair value, as determined by the Company at the naughtone Acquisition Date:
(In millions) | Valuation Method |  | Useful Life (years) |  | Fair Value
Inventory Step-up | Comparative Sales Approach |  | 0.3 |  | $ | 0.2 |
Backlog | Multi-Period Excess Earnings |  | 0.3 |  | 0.8 |
Tradename | Relief from Royalty |  | Indefinite |  | 8.5 |
Customer Relationships | Multi-Period Excess Earnings |  | 9.0 |  | 29.4 |
Total |  |  |  |  | $ | 38.9 |
Schedule of Pro Forma Results of Operations | Accordingly, such amounts are not necessarily indicative of the results that would have occurred if the acquisition had occurred on the dates indicated or that may result in the future.
| Year Ended
(In millions) | May 30, 2020 |  | June 1, 2019
Net sales | $ | 2,580.6 |  |  | $ | 2,757.3 |
Net (loss) earnings attributable to Herman Miller, Inc. | $ | (46.3) |  |  | $ | 163.7 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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