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Significant Accounting and Reporting Policies (Tables)

12 Months Ended

May 28, 2022

Accounting Policies [Abstract]

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						Global Retail						Knoll						Total
Balance as of May 30, 2020
Goodwill						$	193.2					$	31.6					$	79.0					$	—					$	303.8
Acquisition of HAY and naughtone						35.0						53.6						80.0						—						168.6
Foreign currency translation adjustments						—						(0.7)						(0.2)						—						(0.9)
Impairment loss						(36.7)						—						(88.8)						—						(125.5)
Net goodwill as of May 30, 2020						$	191.5					$	84.5					$	70.0					$	—					$	346.0
Balance as of May 29, 2021
Goodwill						$	228.2					$	84.5					$	158.8					$	—					$	471.5
Foreign currency translation adjustments						5.7						6.8						5.7						—						18.2
Accumulated impairment losses						(36.7)						—						(88.8)						—						(125.5)
Net goodwill as of May 29, 2021						$	197.2					$	91.3					$	75.7					$	—					$	364.2
Balance as of May 28, 2022
Goodwill						$	233.9					$	91.3					$	164.5					$	—					$	489.7
Sale of owned dealer						(0.3)						—						—						—						(0.3)
Acquisition of Knoll						—						—						—						903.5						903.5
Foreign currency translation adjustments						(5.2)						(8.8)						(7.3)						(19.9)						(41.2)
Accumulated impairment losses						(36.7)						—						(88.8)						—						(125.5)
Balance as of May 28, 2022						$	191.7					$	82.5					$	68.4					$	883.6					$	1,226.2

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

(In millions)												Indefinite-lived Intangible Assets
Balance at May 30, 2020												$	92.8
Foreign currency translation adjustments												4.8
Balance at May 29, 2021												$	97.6
Foreign currency translation adjustments												(14.6)
Acquisition of Knoll												418.0
Balance at May 28, 2022												$	501.0

Schedule of Indefinite-Lived Trade Names

The table below summarizes the carrying values as of May 28, 2022, for each of the Company’s indefinite-lived trade names:

(In millions)
Trade name			Carrying Value
Maharam			$	16.5
DWR			31.5
HAY			38.0
naughtone			5.8
Knoll Product			173.0
Knoll Channel			99.0
Muuto			88.2
Holly Hunt			26.0
Spinneybeck			23.0
Total			$	501.0

Schedule of Property and Equipment

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

(In millions)			May 28, 2022						May 29, 2021
Land and improvements			$	54.4					$	25.2
Buildings and improvements			377.2						286.1
Machinery and equipment			1,027.0						820.8
Construction in progress			51.1						27.6
Accumulated depreciation			(928.2)						(832.5)
Property and equipment, net			$	581.5					$	327.2

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 28, 2022
(In millions)			Patent and Trademarks						Customer Relationships						Designs and Patterns						Backlog												Other						Total
Gross carrying value			$	57.9					$	355.8					$	42.0					$	29.8											$	11.6					$	497.1
Accumulated amortization			24.7						66.0						5.9						29.8												8.3						134.7
Net			$	33.2					$	289.8					$	36.1					$	—											$	3.3					$	362.4
			May 29, 2021
			Patent and Trademarks						Customer Relationships						Designs and Patterns						Backlog												Other						Total
Gross carrying value			$	45.5					$	113.0					$	3.10					$	2.80											$	9.4					$	173.8
Accumulated amortization			18.9						39.6						3.10						2.80												4.2						68.6
Net			$	26.6					$	73.4					$	—					$	—											$	5.2					$	105.2

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated amortization expense on existing amortizable intangible assets as of May 28, 2022, for each of the succeeding five fiscal years, is as follows:

(In millions)
2023			$	39.7
2024			38.6
2025			38.4
2026			38.4
2027			38.2

Schedule of Self Insurance Retention Levels

The Company's retention levels designated within significant insurance arrangements as of May 28, 2022, are as follows:

(In millions)			Retention Level (per occurrence)
General liability			$	1.00
Auto liability			$	1.00
Workers' compensation			$	0.75
Health benefit			$	0.50

Recently Issued Standards Not Yet Adopted and Effects Of Change In Accounting Principle

The Company is currently evaluating the impact of adopting the following relevant standards issued by the FASB:

Standard

Description

Effective Date

2021-10

Government Assistance

This update requires disclosures to increase the transparency of transactions with governments accounted for by applying a grant or contribution accounting model by analogy, including the (1) types of transactions, (2) the accounting for those transactions, and (3) the effect of those transactions on an entity's financial statements. Early adoption is permitted. We are currently evaluating the effect the adoption of this ASU may have on our disclosures.

May 29, 2022

All other issued and not yet effective accounting standards are not relevant to the Company.

Consolidated Statements of Comprehensive Income for the years ended May 28, 2022, May 29, 2021 and May 30, 2020 were adjusted as follows:

(In millions, except per share data)			May 28, 2022
			If Reported using LIFO						Impact of change to FIFO						As Reported using FIFO
Cost of sales			$	2,603.9					$	(10.6)					$	2,593.3
(Loss) earnings before income taxes			(19.2)						10.6						(8.6)
Income tax expense			8.9						2.2						11.1
Net (loss) earnings			(28.1)						8.4						(19.7)
Net (loss) earnings attributable to MillerKnoll, Inc.			(35.5)						8.4						(27.1)
(Loss) earnings per share - basic			(0.49)						0.12						(0.37)
(Loss) earnings per share - diluted			(0.49)						0.12						(0.37)

(In millions, except per share data)			May 29, 2021																		May 30, 2020
			As Reported						Impact of change to FIFO						As Adjusted						As Reported						Impact of change to FIFO						As Adjusted
Cost of sales			$	1,515.9					$	(1.9)					$	1,514.0					$	1,575.9					$	(0.5)					$	1,575.4
Earnings (loss) before income taxes			226.4						1.9						228.3						(13.4)						0.5						(12.9)
Income tax expense			47.9						0.4						48.3						6.0						0.1						6.1
Net earnings (loss)			178.8						1.5						180.3						(14.4)						0.4						(14.0)
Net earnings (loss) attributable to MillerKnoll, Inc.			173.1						1.5						174.6						(9.1)						0.4						(8.7)
Earnings (loss) per share - basic			2.94						0.02						2.96						(0.15)						—						(0.15)
Earnings (loss) per share - diluted			2.92						0.02						2.94						(0.15)						—						(0.15)

The Consolidated Balance Sheets as of May 28, 2022 and May 29, 2021 were adjusted as follows:

(In millions)			May 28, 2022																		May 29, 2021
			If Reported using LIFO						Impact of change to FIFO						As Reported using FIFO						As Reported						Impact of change to FIFO						As Adjusted
Inventories, net			$	561.7					$	25.6					$	587.3					$	213.6					$	15.0					$	228.6
Other liabilities			293.9						6.3						300.2						128.2						4.1						132.3
Retained earnings			674.0						19.3						693.3						808.4						10.9						819.3

The Consolidated Statements of Cash Flows for the years ended May 28, 2022, May 29, 2021 and May 30, 2020 were adjusted as follows:

(In millions)			May 28, 2022
			If Reported using LIFO						Impact of change to FIFO						As Reported using FIFO
Net (loss) earnings			$	(28.1)					$	8.4					$	(19.7)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Deferred taxes			(23.9)						2.2						(21.7)
Changes in current assets and liabilities:
(Decrease) increase in inventories			(177.0)						10.6						(166.4)

(In millions)			May 29, 2021																		May 30, 2020
			As Reported						Impact of change to FIFO						As Adjusted						As Reported						Impact of change to FIFO						As Adjusted
Net earnings (loss)			$	178.8					$	1.5					$	180.3					$	(14.4)					$	0.4					$	(14.0)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Deferred taxes			6.7						0.4						7.1						(25.2)						0.1						(25.1)
Changes in current assets and liabilities:
(Decrease) increase in inventories			(8.5)						(1.9)						(10.4)						6.0						(0.5)						5.5

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