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Income Taxes (Tables) | 12 Months Ended
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May 29, 2021
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) | 2021 |  | 2020 |  | 2019
Domestic | $ | 133.2 |  |  | $ | (75.6) |  |  | $ | 136.2 |
Foreign | 93.2 |  |  | 62.2 |  |  | 58.9 |
Total | $ | 226.4 |  |  | $ | (13.4) |  |  | $ | 195.1 |
Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes consists of the following:
(In millions) | 2021 |  | 2020 |  | 2019
Current: Domestic - Federal | $ | 13.2 |  |  | $ | 12.0 |  |  | $ | 19.0 |
Domestic - State | 5.2 |  |  | 5.7 |  |  | 6.4 |
Foreign | 22.8 |  |  | 13.3 |  |  | 12.9 |
| 41.2 |  |  | 31.0 |  |  | 38.3 |
Deferred: Domestic - Federal | 10.1 |  |  | (16.8) |  |  | 1.0 |
Domestic - State | 1.3 |  |  | (3.9) |  |  | (0.2) |
Foreign | (4.7) |  |  | (4.3) |  |  | 0.5 |
| 6.7 |  |  | (25.0) |  |  | 1.3 |
Total income tax provision | $ | 47.9 |  |  | $ | 6.0 |  |  | $ | 39.6 |
Effective Income Tax Rate Reconciliation | The following table represents a reconciliation of income taxes at the United States statutory rate of 21% with the effective tax rate as follows:
(In millions) | 2021 |  | 2020 |  | 2019
Income taxes computed at the United States Statutory rate | $ | 47.5 |  |  | $ | (2.8) |  |  | $ | 41.0 |
Increase (decrease) in taxes resulting from: |  |  |  |  |
State and local income taxes, net of federal income tax benefit | 5.6 |  |  | 1.4 |  |  | 4.9 |
Non-deductible goodwill impairment | — |  |  | 17.1 |  |  | — |
Gain on consolidation of equity method investments | — |  |  | (5.5) |  |  | — |
U.S. tax liability on undistributed foreign earnings due to the Tax Act | — |  |  | — |  |  | (2.6) |
Foreign-derived intangible income | (2.1) |  |  | (1.4) |  |  | (3.1) |
Global intangible low-taxed income | 7.9 |  |  | 5.9 |  |  | 6.9 |
Foreign statutory rate differences | 2.6 |  |  | 0.7 |  |  | 1.9 |
Research and development incentives | (3.2) |  |  | (4.4) |  |  | (5.3) |
Foreign offshore income claim | (0.7) |  |  | (1.7) |  |  | (0.7) |
Foreign tax credit | (10.3) |  |  | (5.8) |  |  | (5.7) |
Foreign withholding taxes and other miscellaneous foreign taxes | 1.0 |  |  | 2.7 |  |  | 0.8 |
Other, net | (0.4) |  |  | (0.2) |  |  | 1.5 |
Income tax expense | $ | 47.9 |  |  | $ | 6.0 |  |  | $ | 39.6 |
Effective tax rate | 21.2 | % |  | (44.9) | % |  | 20.3 | %
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 29, 2021 and May 30, 2020, are as follows:
(In millions) | 2021 |  | 2020
Deferred tax assets: |  |  |
Compensation-related accruals | $ | 11.1 |  |  | $ | 14.2 |
Accrued pension and post-retirement benefit obligations | 9.2 |  |  | 9.6 |
Deferred revenue | 5.5 |  |  | 3.7 |
Inventory related | 3.7 |  |  | 3.9 |
Other reserves and accruals | 7.5 |  |  | 7.9 |
Warranty | 14.1 |  |  | 14.0 |
State and local tax net operating loss carryforwards and credits | 1.5 |  |  | 2.5 |
Federal net operating loss carryforward | 1.1 |  |  | 1.2 |
Foreign tax net operating loss carryforwards and credits | 8.9 |  |  | 8.4 |
Accrued step rent and tenant reimbursements | 0.6 |  |  | 0.7 |
Interest rate swap | 3.5 |  |  | 6.1 |
Lease liability | 57.0 |  |  | 52.5 |
Other | 6.9 |  |  | 6.9 |
Subtotal | 130.6 |  |  | 131.6 |
Valuation allowance | (8.9) |  |  | (10.6) |
Total | $ | 121.7 |  |  | $ | 121.0 |
Deferred tax liabilities: |  |  |
Book basis in property in excess of tax basis | $ | 38.0 |  |  | $ | 32.0 |
Intangible assets | 46.5 |  |  | 43.6 |
Right of use lease assets | 49.1 |  |  | 44.7 |
Other | 3.6 |  |  | 3.4 |
Total | $ | 137.2 |  |  | $ | 123.7 |
Schedule of Unrecognized Tax Benefits | The components of the Company's unrecognized tax benefits are as follows:
(In millions) |
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 |
Increases related to current year income tax positions | 0.1 |
Increases related to prior year income tax positions | 0.4 |
Decreases related to lapse of applicable statute of limitations | (0.3) |
Balance at May 29, 2021 | $ | 2.1 |
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 29, 2021 |  | May 30, 2020 |  | June 1, 2019 |  |
Interest and penalty expense (income) | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | (0.3) |  |  |
Liability for interest and penalties | $ | 0.9 |  |  | $ | 0.8 |  |  |  |  |

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