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Significant Accounting and Reporting Policies (Tables) | 12 Months Ended
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May 29, 2021
Accounting Policies [Abstract] |
Schedule of Goodwill and Indefinite-lived Intangibles | Goodwill and other indefinite-lived assets included in the Consolidated Balance Sheets consist of the following:
(In millions) |  | Goodwill |  | Indefinite-lived Intangible Assets |  | Total Goodwill and Indefinite-lived Intangible Assets
Balance, June 2, 2019 |  | $ | 303.8 |  |  | $ | 78.1 |  |  | $ | 381.9 |
Foreign currency translation adjustments |  | (0.9) |  |  | (0.5) |  |  | (1.4) |
Acquisition of HAY |  | 111.1 |  |  | 60.0 |  |  | 171.1 |
Acquisition of naughtone |  | 57.5 |  |  | 8.5 |  |  | 66.0 |
Impairment charges |  | (125.5) |  |  | (53.3) |  |  | (178.8) |
Balance, May 30, 2020 |  | $ | 346.0 |  |  | $ | 92.8 |  |  | $ | 438.8 |
Foreign currency translation adjustments |  | 18.2 |  |  | 4.8 |  |  | 23.0 |
Balance, May 29, 2021 |  | $ | 364.2 |  |  | $ | 97.6 |  |  | $ | 461.8 |
Schedule of Indefinite-Lived Trade Names | The table below summarizes the carrying values as of May 29, 2021, for each of the Company’s indefinite-lived trade names:
(In millions) |  |  |  |
Trade name | Carrying Value |  |  |
Maharam | $ | 16.5 |  |  |  |
DWR | 31.5 |
HAY | 43.1 |
naughtone | 6.5 |
Total | $ | 97.6 |  |  |  |
Schedule of Property and Equipment | The following table summarizes our property as of the dates indicated:
(In millions) | May 29, 2021 |  | May 30, 2020
Land and improvements | $ | 25.2 |  |  | $ | 23.7 |
Buildings and improvements | 286.1 |  |  | 266.5 |
Machinery and equipment | 820.8 |  |  | 791.9 |
Construction in progress | 27.6 |  |  | 29.2 |
Accumulated depreciation | (832.5) |  |  | (780.5) |
Property and equipment, net | $ | 327.2 |  |  | $ | 330.8 |
Schedule of Finite-Lived Intangible Assets by Major Class | Refer to the following table for the combined gross carrying value and accumulated amortization for these amortizable intangibles.
| May 29, 2021
(In millions) | Patent and Trademarks |  | Customer Relationships |  |  |  | Other |  | Total
Gross carrying value | $ | 45.5 |  |  | $ | 113.0 |  |  |  |  | $ | 15.3 |  |  | $ | 173.8 |
Accumulated amortization | 18.9 |  |  | 39.6 |  |  |  |  | 10.1 |  |  | 68.6 |
Net | $ | 26.6 |  |  | $ | 73.4 |  |  |  |  | $ | 5.2 |  |  | $ | 105.2 |
| May 30, 2020
| Patent and Trademarks |  | Customer Relationships |  |  |  | Other |  | Total
Gross carrying value | $ | 41.7 |  |  | $ | 118.7 |  |  |  |  | $ | 14.7 |  |  | $ | 175.1 |
Accumulated amortization | 14.4 |  |  | 38.3 |  |  |  |  | 10.0 |  |  | 62.7 |
Net | $ | 27.3 |  |  | $ | 80.4 |  |  |  |  | $ | 4.7 |  |  | $ | 112.4 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated amortization expense on existing amortizable intangible assets as of May 29, 2021, for each of the succeeding five fiscal years, is as follows:
(In millions) |
2022 | $ | 15.4 |
2023 | $ | 14.9 |
2024 | $ | 13.7 |
2025 | $ | 13.5 |
2026 | $ | 13.2 |
Schedule of Self Insurance Retention Levels | The Company's retention levels designated within significant insurance arrangements as of May 29, 2021, ar e as follows:
(In millions) | Retention Level (per occurrence)
General liability | $ | 1.00 |
Auto liability | $ | 1.00 |
Workers' compensation | $ | 0.75 |
Health benefit | $ | 0.50 |
Recently Issued Standards Not Yet Adopted | The Company is currently evaluating the impact of adopting the following relevant standards issued by the FASB:
Standard |  | Description |  | Effective Date
2018-14 | Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans |  | This update eliminates, adds and clarifies certain disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans. Early adoption is permitted. The Company does not expect the adoption of this standard to have a material impact on its financial statements. |  | May 30, 2021
2019-12 | Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |  | This update removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. The update also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. Early adoption is permitted. |  | May 30, 2021
All other issued and not yet effective accounting standards are not relevant to the Company.

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