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Significant Accounting and Reporting Policies (Tables)

12 Months Ended

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, are 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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