XML 63 R31.htm IDEA: XBRL DOCUMENT v3.25.2
Significant Accounting and Reporting Policies (Tables)
 12 Months Ended
May 31, 2025
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The Company’s net cash pool position consisted of the following:
(In millions)May 31, 2025June 1, 2024
Gross cash position$99.4 $26.6 
Less: cash borrowings(98.0)(23.0)
Net cash position$1.4 $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)
North America Contract(1)
International Contract
Global Retail(2)
Total
Balance at June 3, 2023$582.4 $153.1 $486.2 $1,221.7 
Impairment charges— — — — 
Foreign currency translation adjustments1.9 0.9 1.8 4.6 
Balance at June 1, 2024$584.3 $154.0 $488.0 $1,226.3 
Impairment charges— — (92.3)(92.3)
Foreign currency translation adjustments6.5 5.1 6.8 18.4 
Balance at May 31, 2025$590.8 $159.1 $402.5 $1,152.4 
(1) North America Contract segment had accumulated goodwill impairments of $36.7 million as of May 31, 2025, June 1, 2024, and June 3, 2023.
(2) Global Retail segment had accumulated goodwill impairments of $181.1 million as of May 31, 2025, and $88.8 million as of June 1, 2024, and June 3, 2023.
Other indefinite-lived assets included in the Consolidated Balance Sheets consist of the following:
(In millions)Indefinite-lived Intangible Assets
Balance at June 3, 2023$480.7 
Foreign currency translation adjustments1.6 
Impairment Charges(16.8)
Balance at June 1, 2024$465.5 
Foreign currency translation adjustments4.7 
Impairment charges(37.7)
Balance at May 31, 2025$432.5 
Schedule of Property and Equipment
The following table summarizes our property as of the dates indicated:
(In millions)May 31, 2025June 1, 2024
Land and improvements$56.3 $55.0 
Buildings and improvements407.2 403.0 
Machinery and equipment1,107.3 1,069.6 
Construction in progress68.0 55.1 
Accumulated depreciation(1,142.7)(1,090.7)
Property and equipment, net$496.1 $492.0 
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.
May 31, 2025
(In millions)Patent and TrademarksCustomer RelationshipsDesigns and PatternsBacklogOtherTotal
Gross carrying value$65.2 $362.8 $42.6 $28.5 $13.8 $512.9 
Accumulated amortization52.1 157.8 15.9 28.5 11.1 265.4 
Net$13.1 $205.0 $26.7 $— $2.7 $247.5 
June 1, 2024
Patent and TrademarksCustomer RelationshipsDesigns and PatternsBacklogOtherTotal
Gross carrying value$62.6 $356.6 $42.1 $28.3 $13.1 $502.7 
Accumulated amortization46.9 125.4 12.5 28.3 10.3 223.4 
Net$15.7 $231.2 $29.6 $— $2.8 $279.3 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Estimated amortization expense on existing amortizable intangible assets as of May 31, 2025, for each of the succeeding five fiscal years, is as follows:
(In millions)
2026$38.7 
2027$35.4 
2028$29.2 
2029$24.9 
2030$19.7 
Schedule of Impairment Charges
The table below provides information related to the impairments recognized in fiscal 2025 and fiscal 2024. These charges are included in "Selling, general and administrative" within the Consolidated Statements of Comprehensive Income.
(In millions)May 31, 2025June 1, 2024
Property and equipment$— $1.0 
Right of use asset17.4 5.5 
Total$17.4 $6.5 
Schedule of Self Insurance Retention Levels The Company's retention levels designated within significant insurance arrangements as of May 31, 2025, 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