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Acquisitions and Divestitures (Tables)

12 Months Ended

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

X

- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
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- Definition

Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination.

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
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