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Income Taxes (Tables)

12 Months Ended

Jun. 01, 2024

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)			2024						2023						2022
Domestic			$	(24.8)					$	(90.3)					$	(142.4)
Foreign			124.5						141.7						133.8
Total			$	99.7					$	51.4					$	(8.6)

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes consists of the following:

(In millions)						2024						2023						2022
Current:			Domestic - Federal			$	10.8					$	4.2					$	(3.8)
			Domestic - State			7.4						2.2						0.2
			Foreign			34.6						42.3						38.1
						52.8						48.7						34.5
Deferred:			Domestic - Federal			(22.2)						(32.5)						(12.2)
			Domestic - State			(6.5)						(4.4)						(5.0)
			Foreign			(9.4)						(7.3)						(6.2)
						(38.1)						(44.2)						(23.4)
Total income tax provision						$	14.7					$	4.5					$	11.1

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)			2024						2023						2022
Income taxes computed at the United States Statutory rate			$	20.9					$	10.8					$	(1.8)
Increase (decrease) in taxes resulting from:
State and local income taxes, net of federal income tax benefit			0.4						(1.0)						(4.0)
Non-deductible officers' compensation			1.1						0.9						5.3
Foreign-derived intangible income			(2.4)						(1.7)						—
Foreign-based company income			3.8						5.1						3.1
Global intangible low-taxed income			8.1						9.4						15.2
Foreign statutory rate differences			3.1						2.3						4.1
Research and development incentives			(7.1)						(4.0)						(4.8)
Federal return to provision adjustments			(1.8)						(4.1)						(0.6)
Foreign return to provision adjustments			(2.5)						1.1						(0.9)
Foreign tax credit			(12.1)						(15.6)						(8.8)
Foreign withholding taxes and other miscellaneous foreign taxes			1.1						1.2						2.4
Change in valuation allowance against deferred tax assets			2.5						1.3						0.4
Other, net			(0.4)						(1.2)						1.5
Income tax expense			$	14.7					$	4.5					$	11.1
Effective tax rate			14.8		%				8.8		%				(130.1)		%

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 1, 2024 and June 3, 2023, are as follows:

(In millions)			2024						2023
Deferred tax assets:
Compensation-related accruals			$	16.5					$	15.2
Capitalized research and experimental costs			32.4						17.6
Accrued pension and post-retirement benefit obligations			1.3						0.4
Deferred revenue			6.1						5.6
Inventory related			13.4						16.1
Other reserves and accruals			9.4						10.9
Warranty			16.8						18.0
State and local tax net operating loss carryforwards and credits			5.7						4.7
Federal net operating loss carryforward			3.0						5.2
Federal and state nondeductible interest expense carryforward			18.7						7.9
Foreign tax net operating loss carryforwards and credits			18.0						14.2
Lease liability			96.6						109.6
Other			6.4						5.8
Subtotal			244.3						231.2
Valuation allowance			(15.4)						(12.7)
Total			$	228.9					$	218.5
Deferred tax liabilities:
Book basis in property in excess of tax basis			$	55.1					$	64.0
Intangible assets			189.7						196.3
Interest rate swap			15.2						14.1
Right of use lease assets			85.3						99.1
Withholding taxes on planned repatriation of foreign earnings			3.7						5.8
Other			4.4						2.3
Total			$	353.4					$	381.6

Schedule of Unrecognized Tax Benefits

The components of the Company's unrecognized tax benefits are as follows:

(In millions)
Balance at May 28, 2022			$	2.3
Increases related to prior 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
Increases related to current year income tax positions			0.2
Decreases related to lapse of applicable statute of limitations			(0.3)
Balance at June 1, 2024			$	1.5

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 1, 2024						June 3, 2023						May 28, 2022
Interest and penalty (income) expense			$	0.1					$	(0.2)					$	—
Liability for interest and penalties			$	0.8					$	0.7					$	0.9

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