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v3.23.2

Income Taxes (Tables) | 12 Months Ended
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Jun. 03, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The components of (loss) earnings before income taxes are as follows:
(In millions) | 2023 |  | 2022 |  | 2021
Domestic | $ | (90.3) |  |  | $ | (142.4) |  |  | $ | 135.1 |
Foreign | 141.7 |  |  | 133.8 |  |  | 93.2 |
Total | $ | 51.4 |  |  | $ | (8.6) |  |  | $ | 228.3 |
Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes consists of the following:
(In millions) | 2023 |  | 2022 |  | 2021
Current: | Domestic - Federal | $ | 4.2 |  |  | $ | (3.8) |  |  | $ | 13.2 |
| Domestic - State | 2.2 |  |  | 0.2 |  |  | 5.2 |
| Foreign | 42.3 |  |  | 38.1 |  |  | 22.8 |
|  | 48.7 |  |  | 34.5 |  |  | 41.2 |
Deferred: | Domestic - Federal | (32.5) |  |  | (12.2) |  |  | 10.4 |
| Domestic - State | (4.4) |  |  | (5.0) |  |  | 1.4 |
| Foreign | (7.3) |  |  | (6.2) |  |  | (4.7) |
|  | (44.2) |  |  | (23.4) |  |  | 7.1 |
Total income tax provision | $ | 4.5 |  |  | $ | 11.1 |  |  | $ | 48.3 |
Schedule of Effective Income Tax Rate Reconciliation | The following table represents a reconciliation of income taxes at the United States statutory rate of 21% with the effective tax rate as follows:
(In millions) | 2023 |  | 2022 |  | 2021
Income taxes computed at the United States Statutory rate | $ | 10.8 |  |  | $ | (1.8) |  |  | $ | 47.9 |
Increase (decrease) in taxes resulting from: |  |  |  |  |
State and local income taxes, net of federal income tax benefit | (1.0) |  |  | (4.0) |  |  | 5.6 |
Non-deductible officers' compensation | 0.9 |  |  | 5.3 |  |  | 0.5 |
Foreign-derived intangible income | (1.7) |  |  | — |  |  | (2.1) |
Foreign-based company income | 5.1 |  |  | 3.1 |  |  | 2.1 |
Global intangible low-taxed income | 9.4 |  |  | 15.2 |  |  | 7.9 |
Foreign statutory rate differences | 2.3 |  |  | 4.1 |  |  | 2.6 |
Research and development incentives | (4.0) |  |  | (4.8) |  |  | (3.2) |
Federal return to provision adjustments | (4.1) |  |  | (0.6) |  |  | (0.4) |
Foreign tax credit | (15.6) |  |  | (8.8) |  |  | (10.3) |
Foreign withholding taxes and other miscellaneous foreign taxes | 1.2 |  |  | 2.4 |  |  | 1.0 |
Change in valuation allowance against deferred tax assets | 1.3 |  |  | 0.4 |  |  | (2.1) |
Other, net | (0.1) |  |  | 0.6 |  |  | (1.2) |
Income tax expense | $ | 4.5 |  |  | $ | 11.1 |  |  | $ | 48.3 |
Effective tax rate | 8.8 | % |  | (130.1) | % |  | 21.2 | %
Schedule of Deferred Tax Assets and Liabilities | The tax effects and types of temporary differences that give rise to significant components of the deferred tax assets and liabilities at June 3, 2023 and May 28, 2022, are as follows:
(In millions) | 2023 |  | 2022
Deferred tax assets: |  |  |
Compensation-related accruals | $ | 15.2 |  |  | $ | 15.3 |
Capitalized research and experimental costs | 17.6 |  |  | — |
Accrued pension and post-retirement benefit obligations | 0.4 |  |  | 7.1 |
Deferred revenue | 5.6 |  |  | 6.9 |
Inventory related | 16.1 |  |  | 10.0 |
Other reserves and accruals | 10.9 |  |  | 12.3 |
Warranty | 18.0 |  |  | 17.8 |
State and local tax net operating loss carryforwards and credits | 4.7 |  |  | 7.2 |
Federal net operating loss carryforward | 5.2 |  |  | 3.6 |
Federal and state nondeductible interest expense carryforward | 7.9 |  |  | 1.0 |
Foreign tax net operating loss carryforwards and credits | 14.2 |  |  | 15.9 |
Accrued step rent and tenant reimbursements | 0.7 |  |  | 1.0 |
Lease liability | 109.6 |  |  | 109.0 |
Other | 5.1 |  |  | 6.0 |
Subtotal | 231.2 |  |  | 213.1 |
Valuation allowance | (12.7) |  |  | (11.7) |
Total | $ | 218.5 |  |  | $ | 201.4 |
Deferred tax liabilities: |  |  |
Book basis in property in excess of tax basis | $ | 64.0 |  |  | $ | 72.3 |
Intangible assets | 196.3 |  |  | 206.8 |
Interest rate swap | 14.1 |  |  | 8.0 |
Right of use lease assets | 99.1 |  |  | 100.5 |
Withholding taxes on planned repatriation of foreign earnings | 5.8 |  |  | 8.3 |
Other | 2.3 |  |  | 2.8 |
Total | $ | 381.6 |  |  | $ | 398.7 |
Schedule of Unrecognized Tax Benefits | The components of the Company's unrecognized tax benefits are as follows:
(In millions) |
Balance at May 29, 2021 | $ | 2.1 |
Increases related to prior year income tax positions | 0.5 |
Decreases related to lapse of applicable statute of limitations | (0.3) |
Balance at May 28, 2022 | $ | 2.3 |
Increases related to current year income tax positions | 0.1 |
Decreases related to lapse of applicable statute of limitations | (0.6) |
Decreases related to settlements | (0.2) |
Balance at June 3, 2023 | $ | 1.6 |
Schedule of Unrecognized Tax Benefits, Interest, Penalties and Related Liability | Interest and penalties and the related liability, which are excluded from the table above, were as follows for the periods indicated:
(In millions) | June 3, 2023 |  | May 28, 2022 |  | May 29, 2021 |  |
Interest and penalty (income) expense | $ | (0.2) |  |  | $ | — |  |  | $ | 0.1 |  |  |
Liability for interest and penalties | $ | 0.7 |  |  | $ | 0.9 |  |  | $ | 0.9 |  |  |

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