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Acquisitions (Tables) | 3 Months Ended
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Sep. 02, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Business Acquisitions by Acquisition, Fair Value of Consideration Transferred | The acquisition date fair value of the consideration transferred for Knoll was $1,887.3 million, which consisted of the following (in millions, except share amounts): Knoll SharesHerman Miller, Inc (now MillerKnoll, Inc.) Shares ExchangedFair ValueCash Consideration:Shares of Knoll Common Stock issued and outstanding at July 19, 202149,444,825 $543.9 Knoll equivalent shares for outstanding option awards, outstanding awards of restricted common stock held by non-employee directors and outstanding awards of performance units held by individuals who are former employees of Knoll and remain eligible to vest at July 19, 2021184,857 1.4 Total number of Knoll shares for cash consideration49,629,682 Shares of Knoll Preferred Stock issued and outstanding at July 19, 2021169,165 254.4 Consideration for payment to settle Knoll's outstanding debt376.9 Share Consideration:Shares of Knoll Common Stock issued and outstanding at July 19, 202149,444,825 Knoll equivalent shares for outstanding awards of restricted common stock held by non-employee directors and outstanding awards of performance units held by individuals who are former employees of Knoll and remain eligible to vest at July 19, 202174,857 Total number of Knoll shares for share consideration49,519,682 15,843,921 688.3 Replacement Share-Based Awards:Outstanding awards of Knoll Restricted Stock and Performance units relating to Knoll Common Stock at July 19, 202122.4 Total acquisition date fair value of consideration transferred$1,887.3
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of assets acquired and liabilities assumed as of the date of acquisition:(In millions)Fair ValueCash$88.0 Accounts receivable82.3 Inventories219.9 Other current assets29.2 Property and equipment296.5 Right-of-use assets202.7 Intangible assets756.6 Goodwill903.5 Other noncurrent assets25.1 Total assets acquired2,603.8 Accounts payable144.0 Other current liabilities153.1 Lease liabilities177.8 Other liabilities241.6 Total liabilities assumed716.5 Net Assets Acquired$1,887.3
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The following table summarizes the acquired identified intangible assets, valuation method employed, useful lives and fair value, as determined by the Company as of the acquisition date:(In millions)Valuation MethodUseful Life (years)Fair ValueBacklogMulti-Period Excess EarningsLess than 1 Year$27.6 Trade name - indefinite livedRelief from RoyaltyIndefinite418.0 Trade name - amortizingRelief from Royalty5-10 Years14.0 DesignsRelief from Royalty9-15 years40.0 Customer RelationshipsMulti-Period Excess Earnings2-15 years257.0 Total$756.6

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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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- Definition Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments. + References No definition available. + Details
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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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