v3.26.1
Income Taxes (Tables)
 12 Months Ended
May 30, 2026
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The components of earnings (loss) before income taxes are as follows:
(In millions)
202620252024
Domestic$16.2  $(132.8) $(24.8)
Foreign112.0  110.9  124.5 
Total$128.2  $(21.9) $99.7 
Schedule of Components of Income Tax Expense (Benefit)
The provision (benefit) for income taxes consists of the following:
(In millions)
202620252024
Current:Domestic - Federal$1.2  $15.8  $10.8 
Domestic - State6.2  5.9  7.4 
Foreign36.6  34.7  34.6 
44.0  56.4  52.8 
Deferred:Domestic - Federal1.6 (28.4)(22.2)
Domestic - State(3.1)(6.1)(6.5)
Foreign(10.1)(10.3)(9.4)
(11.6)(44.8)(38.1)
Total income tax provision$32.4  $11.6  $14.7 
Schedule of Effective Income Tax Rate Reconciliation
The following table represents a reconciliation of the U.S. federal statutory rate of 21.0% to the Company's effective rate for fiscal 2026, in accordance with our adoption of ASU 2023-09:
(In millions)
2026
U.S. Federal Statutory Tax Rate$26.921.0 %
United States
State and Local Income Taxes**
2.5 2.0 %
Domestic Federal
Effect of Cross-Border Tax Laws
Foreign Derived Intangible Income(1.9)(1.5)%
Global Intangible Low-Taxed Income1.6 1.2 %
Other0.1 0.1 %
Tax Credits
R&D Credit(4.7)(3.7)%
Other(0.9)(0.7)%
Changes in Valuation Allowances1.0 0.8 %
Nontaxable or Nondeductible Items
Officers Compensation Limitation3.0 2.3 %
Meals and Entertainment1.4 1.1 %
Other0.4 0.3 %
Other Adjustments(0.1)(0.1)%
Foreign Tax Effects 
China
Withholding Taxes1.4 1.1 %
Other0.9 0.7 %
Other Foreign Jurisdictions0.8 0.6 %
Changes in Unrecognized Tax Benefits— — %
Income Tax Expense$32.4 25.3 %
**California and Texas comprise the majority (greater than 50%) of the tax effect in this category
The following table represents a reconciliation of the U.S. federal statutory rate of 21.0% to the Company's effective rate for income taxes for fiscal 2025 and fiscal 2024, prior to the adoption of ASU 2023-09:
(In millions)
20252024
Income taxes computed at the United States Statutory rate$(4.6) $20.9 
Increase (decrease) in taxes resulting from:
State and local income taxes, net of federal income tax benefit— 0.4 
Non-deductible goodwill impairment19.5 — 
Gain on consolidation of equity method investments— — 
Non-deductible officers' compensation2.8 1.1 
Foreign-derived intangible income(3.1)(2.4)
Foreign-based company income5.1 3.8 
Global intangible low-taxed income8.3 8.1 
Foreign statutory rate differences
2.5 3.1 
Research and development incentives(6.0)(7.1)
Foreign offshore income claim(1.5)(1.0)
Federal return to provision adjustments(1.6)(1.8)
Foreign return to provision adjustments(0.1)(2.5)
Foreign tax credit(12.9)(12.1)
Foreign withholding taxes and other miscellaneous foreign taxes2.9 1.1 
Change in valuation allowance against deferred tax assets1.1 2.5 
Other, net(0.8)0.6 
Income tax expense$11.6  $14.7 
Effective tax rate(53.1)%14.8 %
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 May 30, 2026, and May 31, 2025, are as follows:
(In millions)
20262025
Deferred tax assets:
Compensation-related accruals$20.6 $19.2 
Capitalized research and experimental costs41.8 40.5 
Deferred revenue7.4 8.2 
Inventory related14.5 13.5 
Other reserves and accruals11.3 10.5 
Warranty16.5 16.3 
State and local tax net operating loss carryforwards and credits4.6 4.3 
Federal and state nondeductible interest expense carryforward24.8 26.0 
Foreign tax net operating loss carryforwards and credits22.1 22.5 
Lease liability108.4 107.0 
Other5.1 6.7 
Subtotal277.1 274.7 
Valuation allowance(14.0)(16.9)
Total$263.1 $257.8 
 
Deferred tax liabilities:
Book basis in property in excess of tax basis$43.9 $48.5 
Intangible assets176.4 178.5 
Interest rate swap3.9 6.5 
Right of use lease assets95.3 92.5 
Withholding taxes on planned repatriation of foreign earnings1.4 3.5 
Other2.5 2.6 
Total$323.4 $332.1 
Schedule of Unrecognized Tax Benefits
The components of the Company's unrecognized tax benefits are as follows:
(In millions)
Balance at June 1, 2024$1.5 
Increases related to current year income tax positions0.7 
Increases related to prior year income tax positions0.1 
Decreases related to lapse of applicable statute of limitations(0.4)
Decreases related to settlements(0.3)
Balance at May 31, 2025$1.6 
Increases related to current year income tax positions0.2 
Decreases related to lapse of applicable statute of limitations(0.2)
Balance at May 30, 2026$1.6 
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)
May 30, 2026May 31, 2025June 1, 2024
Interest and penalty (income) expense $— $(0.1)$0.1 
Liability for interest and penalties$0.7 $0.6 $0.8 
Schedule of Cash Paid for Income Taxes by Jurisdiction, Net of Refunds Received
Cash paid for income taxes by jurisdiction, net of refunds received, in accordance with our adoption of ASU 2023-09 was as follows:

(In millions)
May 30, 2026
Federal$9.6 
State and Local7.4 
Foreign36.7 
China4.9 
Denmark12.5 
Mexico3.8 
Singapore4.0 
Other Jurisdictions11.5 
Cash Paid for Income Taxes, net of refunds received$53.7