XML 99 R35.htm IDEA: XBRL DOCUMENT
v3.23.2

Employee Benefit Plans (Tables) | 12 Months Ended
--- | ---
Jun. 03, 2023
Retirement Benefits [Abstract] |
Schedule of Funded Status and Amounts Recognized in the Balance Sheet | The following table presents, for the fiscal years noted, a summary of the changes in the projected benefit obligation, plan assets and funded status of the Company's pension plans:
|  |  | Pension Benefits |  |
(In millions) |  |  | 2023 |  |  |  | 2022 |  |  |  |
|  |  | Domestic | International |  |  |  | Domestic | International |  |  |  |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  |  | $ | 152.6 |  | $ | 104.5 |  |  |  |  | $ | — |  | $ | 140.9 |  |  |  |  |
Acquisition of Knoll |  |  | — |  | — |  |  |  |  | 189.8 |  | — |  |  |  |  |
Interest cost |  |  | 6.1 |  | 3.1 |  |  |  |  | 3.9 |  | 2.4 |  |  |  |  |
Expected Administrative Expenses |  |  | 0.6 |  | — |  |  |  |  | 0.5 |  | — |  |  |  |  |
Loss related to settlement |  |  | 4.7 |  | — |  |  |  |  | 1.0 |  | — |  |  |  |  |
Foreign exchange impact |  |  | — |  | (2.5) |  |  |  |  | — |  | (14.1) |  |  |  |  |
Actuarial (gain) loss (1) |  |  | (18.2) |  | (26.2) |  |  |  |  | (28.0) |  | (21.9) |  |  |  |  |
Administrative expenses paid |  |  | (0.7) |  | — |  |  |  |  | (0.5) |  | — |  |  |  |  |
Benefits paid |  |  | (7.2) |  | (2.9) |  |  |  |  | (4.2) |  | (2.8) |  |  |  |  |
Benefits paid related to settlement |  |  | (14.1) |  | — |  |  |  |  | (9.9) |  | — |  |  |  |  |
Benefit obligation at end of year |  |  | $ | 123.8 |  | $ | 76.0 |  |  |  |  | $ | 152.6 |  | $ | 104.5 |  |  |  |  |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | $ | 144.0 |  | $ | 93.5 |  |  |  |  | $ | — |  | $ | 109.9 |  |  |  |  |
Acquisition of Knoll |  |  | — |  | — |  |  |  |  | 175.4 |  | — |  |  |  |  |
Actual return on plan assets |  |  | (2.9) |  | (9.1) |  |  |  |  | (16.8) |  | (6.9) |  |  |  |  |
Foreign exchange impact |  |  |  | (1.6) |  |  |  |  | — |  | (11.8) |  |  |  |  |
Employer contributions |  |  | 7.2 |  | 4.5 |  |  |  |  | — |  | 5.0 |  |  |  |  |
Actual expenses paid |  |  | (0.7) |  | — |  |  |  |  | (0.5) |  | — |  |  |  |  |
Benefits paid |  |  | (21.3) |  | (2.9) |  |  |  |  | (14.1) |  | (2.7) |  |  |  |  |
Fair value of plan assets at end of year |  |  | $ | 126.3 |  | $ | 84.4 |  |  |  |  | $ | 144.0 |  | $ | 93.5 |  |  |  |  |
Funded status: |  |  |  |  |  |  |  |  |  |  |  |  |
Over (under) funded status at end of year |  |  | $ | 2.5 |  | $ | 8.4 |  |  |  |  | $ | (8.6) |  | $ | (11.0) |  |  |  |  |
Components of the amounts recognized in the Consolidated Balance Sheets: |  |  |  |
Current assets |  |  | $ | — |  | $ | — |  |  |  |  | $ | — |  | $ | — |  |  |  |  |
Non-current assets |  |  | $ | 2.5 |  | $ | 8.4 |  |  |  |  | $ | — |  | $ | — |  |  |  |  |
Current liabilities |  |  | $ | — |  | $ | — |  |  |  |  | $ | — |  | $ | — |  |  |  |  |
Non-current liabilities |  |  | $ | — |  | $ | — |  |  |  |  | $ | 8.6 |  | $ | 10.9 |  |  |  |  |
Components of the amounts recognized in Accumulated other comprehensive loss before the effect of income taxes:
Prior service cost |  |  | $ | — |  | $ | 0.4 |  |  |  |  | $ | — |  | $ | 0.5 |  |  |  |  |
Unrecognized net actuarial (gain) loss |  |  | (4.4) |  | 25.7 |  |  |  |  | (2.8) |  | 41.4 |  |  |  |  |
Accumulated other comprehensive (gain) loss |  |  | $ | (4.4) |  | $ | 26.1 |  |  |  |  | $ | (2.8) |  | $ | 41.9 |  |  |  |  |
(1) In fiscal 2023 and 2022, the net actuarial (gain) loss includes amounts resulting from changes in actuarial assumptions utilized to calculate our benefit plan obligations such as the weighted-average discount rate.
Schedule of Net Benefit Costs | The following table is a summary of the annual cost of the Company's pension plans:
Components of Net Periodic Benefit Costs and Other Changes Recognized in Other Comprehensive Income (Loss): |  |  |  |  |  |
(In millions) | 2023 |  | 2022 |  | 2021 |  |  |  |  |  |
| Domestic | International |  | Domestic | International |  | Domestic | International |  |  |  |  |  |
Interest cost | $ | 6.1 |  | $ | 3.1 |  |  | $ | 3.9 |  | $ | 2.4 |  |  | $ | — |  | $ | 2.2 |  |  |  |  |  |  |
Expected return on plan assets | (8.3) |  | (4.7) |  |  | (7.3) |  | (5.1) |  |  | — |  | (4.6) |  |  |  |  |  |  |
Amortization of prior service costs | (0.1) |  | 0.1 |  |  | — |  | 0.1 |  |  | — |  | 0.1 |  |  |  |  |  |  |
Expected administrative expenses | 0.6 |  | — |  |  | 0.5 |  | — |  |  | — |  | — |  |  |  |  |  |  |
Settlement related expenses | (0.6) |  | — |  |  | (0.1) |  | — |  |  | — |  | — |  |  |  |  |  |  |
Amortization of net loss/(gain) | — |  | 2.2 |  |  | — |  | 4.5 |  |  | — |  | 5.3 |  |  |  |  |  |  |
Net periodic benefit (income) cost | $ | (2.3) |  | $ | 0.7 |  |  | $ | (3.0) |  | $ | 1.9 |  |  | $ | — |  | $ | 3.0 |  |  |  |  |  |  |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss): |  |  |  |
(In millions) | 2023 |  | 2022 |  |  |  |
| Domestic | International |  | Domestic | International |  |  |  |
Net actuarial (gain) loss | $ | (2.2) |  | $ | (12.4) |  |  | $ | (2.9) |  | $ | (10.0) |  |  |  |  |
Net amortization | 0.1 |  | (3.4) |  |  | 0.1 |  | (10.6) |  |  |  |  |
Settlement charge | 0.6 |  | — |  |  | — |  | — |  |  |  |  |
Total recognized in other comprehensive loss | $ | (1.5) |  | $ | (15.8) |  |  | $ | (2.8) |  | $ | (20.6) |  |  |  |  |
Schedule of Assumptions Used | The weighted-average actuarial assumptions used to determine the benefit obligation amounts and the net periodic benefit cost for the Company's pension plans are as follows:
Weighted-average assumptions used in the determination of net periodic benefit cost:
(Percentages) |  |  | 2023 |  |  |  | 2022 |  |  |  | 2021
|  |  | Domestic | International |  |  |  | Domestic | International |  |  |  | Domestic | International
Discount rate(1) |  |  | varies | 3.33 |  |  |  |  | varies | 1.99 |  |  |  |  | — |  | 1.66 |
Compensation increase rate |  |  | N/A | 4.45 |  |  |  |  | N/A | 3.20 |  |  |  |  | — |  | 2.75 |
Expected return on plan assets |  |  | 6.80 |  | 4.80 |  |  |  |  | 5.10 |  | 4.80 |  |  |  |  | — |  | 4.80 |
(1) Due to settlement activity during FYE 2023 in the domestic plan, there were two remeasurements as of 3/4/2023 and 6/3/2023. The discount rate for beginning of period is 4.40% and 5.18%, respectively. Due to settlement activity during fiscal year 2022, there were four remeasurements as of 8/28/2021, 11/27/2021, 2/26/2022, and 5/28/2022. The discount rate for beginning of period in fiscal 2022 is 2.90%, 2.89%, 3.00%, and 3.52% respectively.
Weighted-average assumptions used in the determination of the projected benefit obligations:
Discount rate |  |  | 5.17 |  | 5.34 |  |  |  |  | 4.40 |  | 3.33 |  |  |  |  | — |  | 1.99 |
Compensation increase rate |  |  | N/A | 3.00 |  |  |  |  | N/A | 4.45 |  |  |  |  | — |  | 3.20 |
Schedule of Fair Value and Allocation of Plan Assets | The target asset allocation at the end of fiscal 2023 and asset categories for the Company's pension plans for fiscal 2023 and 2022 are as follows:
| Targeted Asset Allocation Percentage
Asset Category | 2023 |  | 2022
Domestic |  | International |  | Domestic |  | International
Fixed income | 70% |  | 33% |  | 46% |  | 33%
Common collective trusts | 30% |  | 67% |  | 54% |  | 67%
Total | 100% |  | 100% |  | 100% |  | 100%
| Percentage of Plan Assets at Year End
| 2023 |  | 2022
| Domestic |  | International |  | Domestic |  | International
Fixed income | 70% |  | 38% |  | 45% |  | 36%
Common collective trusts | 30% |  | 62% |  | 55% |  | 64%
Total | 100% |  | 100% |  | 100% |  | 100%
|  |  | Domestic
(In millions) |  |  | June 3, 2023
Asset Category |  |  | Level 1 |  | Level 2 |  | Total
Cash and cash equivalents |  |  | $ | 2.1 |  |  | $ | — |  |  | $ | 2.1 |
U.S. government securities |  |  | — |  |  | 17.5 |  |  | 17.5 |
Corporate bonds |  |  | — |  |  | 68.8 |  |  | 68.8 |
Common collective trusts-balanced |  |  | — |  |  | 37.9 |  |  | 37.9 |
Total |  |  | $ | 2.1 |  |  | $ | 124.2 |  |  | $ | 126.3 |
|  |  | International
(In millions) |  |  | June 3, 2023
Asset Category |  |  | Level 1 |  | Level 2 |  | Total
Cash and cash equivalents |  |  | $ | 5.6 |  |  | $ | — |  |  | $ | 5.6 |
Foreign government obligations |  |  | — |  |  | 26.1 |  |  | 26.1 |
Common collective trusts-balanced |  |  | — |  |  | 52.7 |  |  | 52.7 |
Total |  |  | $ | 5.6 |  |  | $ | 78.8 |  |  | $ | 84.4 |
|  |  | May 28, 2022
(In millions) |  |  | Domestic
Asset Category |  |  | Level 1 |  | Level 2 |  | Total
Cash and cash equivalents |  |  | $ | 2.4 |  |  | $ | — |  |  | $ | 2.4 |
U.S. government securities |  |  | — |  |  | 10.3 |  |  | 10.3 |
Foreign government obligations |  |  | — |  |  | 51.8 |  |  | 51.8 |
Common collective trusts-balanced |  |  | — |  |  | 79.5 |  |  | 79.5 |
Total |  |  | $ | 2.4 |  |  | $ | 141.6 |  |  | $ | 144.0 |
|  |  | May 28, 2022
(In millions) |  |  | International
Asset Category |  |  | Level 1 |  | Level 2 |  | Total
Cash and cash equivalents |  |  | $ | 4.5 |  |  | $ | — |  |  | $ | 4.5 |
Foreign government obligations |  |  | — |  |  | 29.3 |  |  | 29.3 |
Common collective trusts-balanced |  |  | — |  |  | 59.7 |  |  | 59.7 |
Total |  |  | $ | 4.5 |  |  | $ | 89.0 |  |  | $ | 93.5 |
Schedule of Expected Benefit Payments | The following represents a summary of the benefits expected to be paid by the plans in future fiscal years. These expected benefits were estimated based on the same actuarial valuation assumptions used to determine benefit obligations at June 3, 2023.
(In millions) |  |  | Pension Benefits |  |
|  |  | Domestic | International |  |
2024 |  |  | $ | 8.4 |  | $ | 2.8 |  |  |
2025 |  |  | $ | 9.5 |  | $ | 3.2 |  |  |
2026 |  |  | $ | 9.8 |  | $ | 3.1 |  |  |
2027 |  |  | $ | 9.8 |  | $ | 5.1 |  |  |
2028 |  |  | $ | 9.6 |  | $ | 3.9 |  |  |
2029-2033 |  |  | $ | 45.1 |  | $ | 24.8 |  |  |

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration