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v3.23.2

Significant Accounting and Reporting Policies (Tables) | 12 Months Ended
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Jun. 03, 2023
Accounting Policies [Abstract] |
Schedule of Goodwill and Indefinite-lived Intangibles | The changes in the carrying amount of goodwill, by reporting segment, are as follows:
(In millions) |  | Americas Contract |  | International Contract & Specialty |  | Global Retail |  |  | Total
Balance at May 29, 2021 |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 194.1 |  |  | $ | 103.0 |  |  | $ | 174.3 |  |  |  | $ | 471.4 |
Foreign currency translation adjustments |  | 3.3 |  |  | 8.2 |  |  | 6.8 |  |  |  | 18.3 |
Accumulated impairment losses |  | (36.7) |  |  | — |  |  | (88.8) |  |  |  | (125.5) |
Net goodwill as of May 29, 2021 |  | $ | 160.7 |  |  | $ | 111.2 |  |  | $ | 92.3 |  |  |  | $ | 364.2 |
Balance at May 28, 2022 |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 197.4 |  |  | $ | 111.2 |  |  | $ | 181.1 |  |  |  | $ | 489.7 |
Sale of owned dealer |  | (0.3) |  |  | — |  |  | — |  |  |  | (0.3) |
Acquisition of Knoll |  | 346.0 |  |  | 226.8 |  |  | 330.7 |  |  |  | 903.5 |
Foreign currency translation adjustments |  | 23.7 |  |  | (33.7) |  |  | (31.2) |  |  |  | (41.2) |
Accumulated impairment losses |  | (36.7) |  |  | — |  |  | (88.8) |  |  |  | (125.5) |
Net goodwill as of May 28, 2022 |  | $ | 530.1 |  |  | $ | 304.3 |  |  | $ | 391.8 |  |  |  | $ | 1,226.2 |
Balance at June 3, 2023 |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 566.8 |  |  | $ | 304.3 |  |  | $ | 480.6 |  |  |  | $ | 1,351.7 |
Foreign currency translation adjustments |  | (1.7) |  |  | (1.3) |  |  | (1.5) |  |  |  | (4.5) |
Accumulated impairment losses |  | (36.7) |  |  | — |  |  | (88.8) |  |  |  | (125.5) |
Net goodwill balance as of June 3, 2023 |  | $ | 528.4 |  |  | $ | 303.0 |  |  | $ | 390.3 |  |  |  | $ | 1,221.7 |
Other indefinite-lived assets included in the Consolidated Balance Sheets consist of the following:
(In millions) |  |  |  | Indefinite-lived Intangible Assets |
Balance at May 29, 2021 |  |  |  | $ | 97.6 |  |
Foreign currency translation adjustments |  |  |  | (14.6) |  |
Acquisition of Knoll |  |  |  | $ | 418.0 |  |
Balance at May 28, 2022 |  |  |  | $ | 501.0 |  |
Foreign currency translation adjustments |  |  |  | (0.6) |  |
Impairment charges |  |  |  | (19.7) |  |
Balance at June 3, 2023 |  |  |  | $ | 480.7 |  |
Schedule of Property and Equipment | The following table summarizes our property as of the dates indicated:
(In millions) | June 3, 2023 |  | May 28, 2022
Land and improvements | $ | 55.1 |  |  | $ | 54.4 |
Buildings and improvements | 393.5 |  |  | 377.2 |
Machinery and equipment | 1,066.6 |  |  | 1,027.0 |
Construction in progress | 55.5 |  |  | 51.1 |
Accumulated depreciation | (1,034.4) |  |  | (928.2) |
Property and equipment, net | $ | 536.3 |  |  | $ | 581.5 |
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.
| June 3, 2023
(In millions) | Patent and Trademarks |  | Customer Relationships |  | Designs and Patterns |  | Backlog |  |  |  | Other |  | Total
Gross carrying value | $ | 60.1 |  |  | $ | 355.1 |  |  | $ | 42.0 |  |  | $ | 28.4 |  |  |  |  | $ | 12.7 |  |  | $ | 498.3 |
Accumulated amortization | 30.8 |  |  | 95.8 |  |  | 9.2 |  |  | 28.4 |  |  |  |  | 9.4 |  |  | 173.6 |
Impairment | 11.6 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 11.6 |
Net | $ | 17.7 |  |  | $ | 259.3 |  |  | $ | 32.8 |  |  | $ | — |  |  |  |  | $ | 3.3 |  |  | $ | 313.1 |
| May 28, 2022
| Patent and Trademarks |  | Customer Relationships |  | Designs and Patterns |  | Backlog |  |  |  | Other |  | Total
Gross carrying value | $ | 57.9 |  |  | $ | 355.8 |  |  | $ | 42.0 |  |  | $ | 29.8 |  |  |  |  | $ | 11.6 |  |  | $ | 497.1 |
Accumulated amortization | 24.7 |  |  | 66.0 |  |  | 5.9 |  |  | 29.8 |  |  |  |  | 8.3 |  |  | 134.7 |
Net | $ | 33.2 |  |  | $ | 289.8 |  |  | $ | 36.1 |  |  | $ | — |  |  |  |  | $ | 3.3 |  |  | $ | 362.4 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated amortization expense on existing amortizable intangible assets as of June 3, 2023, for each of the succeeding five fiscal years, is as follows:
(In millions) |
2024 | $ | 36.6 |
2025 | 36.4 |
2026 | 35.8 |
2027 | 33.2 |
2028 | 29.0 |
Schedule of Impairment Charges | The table below provides information related to the impairments recognized during the third quarter of fiscal 2023. These charges are included in "Impairment charges" and "Cost of sales" within the Consolidated Statements of Comprehensive Income.
(In millions) | Impairment Charge
Property and equipment | 3.8 |
Right of use asset | 6.1 |
Trade name | 11.6 |
Total | $ | 21.5 |
Schedule of Self Insurance Retention Levels | The Company's retention levels designated within significant insurance arrangements as of June 3, 2023, 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 |

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