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Acquisitions And Dispositions | 12 Months Ended
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May 28, 2022
Acquisitions And Dispositions [Abstract] |
Acquisitions And Dispositions | 3. Acquisitions and Dispositions Acquisitions The Company did not complete any acquisitions during the years ended May 28, 2022 and May 29, 2021. In fiscal 2020, the Company acquired two entities. The first acquisition, completed November 30, 2019, was Expertforce Interim Projects GmbH, LLC (“Expertence”), a leading provider of professional interim management services, based in Munich, Germany. The results of operations and the amount of the acquisition costs included in the Company’s Consolidated Statement of Operations related to the Expertence acquisition were not material to the Company’s consolidated results of operations for the year ended May 30, 2020. The second acquisition, completed on July 31, 2019, was the digital consulting firm Veracity Consulting Group, LLC (“Veracity”), which contributed $18.8 million to consolidated revenue and $4.1 million to income from operations during the year ended May 30, 2020. In addition, the Company recorded $1.3 million in expenses associated with an increase in the fair value of the Veracity contingent consideration liability, and incurred $0.6 million in acquisition costs, both of which were recorded in selling, general and administrative expenses in the Company’s Consolidated Statement of Operations for the year ended May 30, 2020. Dispositions As part of its restructuring effort in Europe which began in fiscal 2021, the Company initiated the wind-down and dissolution of certain entities. During fiscal 2022, the Company completed the dissolution of the following three foreign subsidiaries: RGP France SAS, RGP Denmark A/S, and RGP Italy SRL, as it continued to complete its exit from certain non-core markets in Europe. The Company recognized a total gain on dissolutions of $0.9 million during fiscal 2022. The net gain on the dissolutions of these subsidiaries was primarily related to the recognition of the accumulated translation adjustment associated with the foreign subsidiaries, which was included in selling, general and administrative expenses in the Company’s Consolidated Statement of Operations for the year ended May 28, 2022. See Note 14 – Restructuring Activities for further information on the Company’s restructuring initiatives. In fiscal 2020, the Company engaged in the sale of certain assets and liabilities in Sweden and discontinued operations in Belgium, Luxemburg and Norway. In connection with the exit activities in these markets, the Company recognized a loss on the sale of assets and liabilities in Sweden and $0.7 million of expenses primarily related to employee termination benefits. Such expenses were included in selling, general and administrative expenses in the Consolidated Statement of Operations for the year ended May 30, 2020. None of the markets sold or exited in fiscal 2022 and 2020 are considered strategic components of the Company’s operations.

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