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Significant Accounting and Reporting Policies (Tables)

12 Months Ended

Jun. 01, 2024

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

The Company’s net cash pool position consisted of the following:

(In millions)			June 1, 2024
Gross cash position			$	26.6
Less: cash borrowings			(23.0)
Net cash position			$	3.6

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 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 as of June 3, 2023						$	528.4					$	303.0					$	390.3								$	1,221.7
Balance at June 1, 2024
Goodwill						$	565.1					$	303.0					$	479.1								$	1,347.2
Foreign currency translation adjustments						1.7						1.4						1.5									4.6
Accumulated impairment losses						(36.7)						—						(88.8)									(125.5)
Net goodwill balance as of June 1, 2024						$	530.1					$	304.4					$	391.8								$	1,226.3

Other indefinite-lived assets included in the Consolidated Balance Sheets consist of the following:

(In millions)												Indefinite-lived Intangible Assets
Balance at May 28, 2022												$	501.0
Foreign currency translation adjustments												(0.6)
Acquisition of Knoll												(19.7)
Balance at June 3, 2023												$	480.7
Foreign currency translation adjustments												1.6
Impairment charges												(16.8)
Balance at June 1, 2024												$	465.5

Schedule of Property and Equipment

The following table summarizes our property as of the dates indicated:

(In millions)			June 1, 2024						June 3, 2023
Land and improvements			$	55.0					$	55.1
Buildings and improvements			403.0						393.5
Machinery and equipment			1,069.6						1,066.6
Construction in progress			55.1						55.5
Accumulated depreciation			(1,090.7)						(1,034.4)
Property and equipment, net			$	492.0					$	536.3

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 1, 2024
(In millions)			Patent and Trademarks						Customer Relationships						Designs and Patterns						Backlog												Other						Total
Gross carrying value			$	62.6					$	356.6					$	42.1					$	28.3											$	13.1					$	502.7
Accumulated amortization			46.9						125.4						12.5						28.3												10.3						223.4
Net			$	15.7					$	231.2					$	29.6					$	—											$	2.8					$	279.3
			June 3, 2023
			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

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated amortization expense on existing amortizable intangible assets as of June 1, 2024, for each of the succeeding five fiscal years, is as follows:

(In millions)
2025			37.2
2026			36.6
2027			33.5
2028			29.1
2029			24.6

Schedule of Impairment Charges

The table below provides information related to the impairments recognized in fiscal 2024 and fiscal 2023. These charges are included in "Impairment charges" and "Cost of sales" within the Consolidated Statements of Comprehensive Income.

(In millions)			June 1, 2024						June 3, 2023
Property and equipment			$	1.0					$	3.8
Right of use asset			5.5						6.1
Trade name			—						11.6
Total			$	6.5					$	21.5

Schedule of Self Insurance Retention Levels

The Company's retention levels designated within significant insurance arrangements as of June 1, 2024, are as follows:

(In millions)			Retention Level (per occurrence)
General liability			$	1.00
Auto liability			$	1.00
Workers' compensation			$	0.75
Health benefit			$	0.70

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