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Acquisitions and Divestitures (Tables)

12 Months Ended

May 28, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions by Acquisition, Fair Value of Consideration Transferred

The acquisition date fair value of the consideration transferred for Knoll was approximately $1,887.3 million, which consisted of the following (in millions, except share amounts):

			Knoll Shares						Herman Miller, Inc (now MillerKnoll, Inc.) Shares Exchanged						Fair Value
Cash Consideration:
Shares of Knoll Common Stock issued and outstanding at July 19, 2021			49,444,825												$	543.9
Knoll equivalent shares for outstanding option awards, outstanding awards of restricted common stock held by non-employee directors and outstanding awards of performance units held by individuals who are former employees of Knoll and remain eligible to vest at July 19, 2021			184,857												1.4
Total number of Knoll shares for cash consideration			49,629,682
Shares of Knoll Preferred Stock issued and outstanding at July 19, 2021			169,165												254.4
Consideration for payment to settle Knoll's outstanding debt															376.9
Share Consideration:
Shares of Knoll Common Stock issued and outstanding at July 19, 2021			49,444,825
Knoll equivalent shares for outstanding awards of restricted common stock held by non-employee directors and outstanding awards of performance units held by individuals who are former employees of Knoll and remain eligible to vest at July 19, 2021			74,857
Total number of Knoll shares for share consideration			49,519,682						15,843,921						688.3
Replacement Share-Based Awards:
Outstanding awards of Knoll Restricted Stock and Performance units relating to Knoll Common Stock at July 19, 2021															22.4
Total acquisition date fair value of consideration transferred															$	1,887.3

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of assets acquired and liabilities assumed as of the date of acquisition:

(In millions)			Fair Value
Cash			$	88.0
Accounts receivable			82.3
Inventories			219.9
Other current assets			29.2
Property and equipment			296.5
Right-of-use assets			202.7
Intangible assets			756.6
Goodwill			903.5
Other noncurrent assets			25.1
Total assets acquired			$	2,603.8
Accounts payable			144.0
Other current liabilities			153.1
Lease liabilities			177.8
Other liabilities			241.6
Total liabilities assumed			716.5
Net Assets Acquired			$	1,887.3

The following table presents the allocation of purchase price related to acquired tangible assets:

(In millions)
Cash			$	5.1
Working capital, net of cash and inventory step-up			1.3
Net property and equipment			0.8
Net assets acquired			$	7.2

The following table presents the allocation of purchase price related to acquired tangible assets:

(In millions)
Cash			$	12.1
Working capital, net of cash and inventory step-up			12.3
Net property and equipment			0.9
Other assets			3.9
Other liabilities			(3.1)
Net assets acquired			$	26.1

Summary of Valuation Method Employed, Useful Lives and Fair Value of Intangible Assets Acquired

The following table summarizes the acquired identified intangible assets, valuation method employed, useful lives and fair value, as determined by the Company as of the acquisition date:

(In millions)

Valuation Method

Useful Life (years)

Fair Value

Backlog

Multi-Period Excess Earnings

Less than 1 Year

$

27.6

Trade name - indefinite lived

Relief from Royalty

Indefinite

418.0

Trade name - amortizing

Relief from Royalty

5-10 Years

14.0

Designs

Relief from Royalty

9-15 years

40.0

Customer Relationships

Multi-Period Excess Earnings

2-15 years

257.0

Total

$

756.6

The following table summarizes the acquired identified intangible assets, valuation method employed, useful lives and fair value, as determined by the Company at the naughtone Acquisition Date:

(In millions)			Valuation Method						Useful Life (years)						Fair Value
Inventory Step-up			Comparative Sales Approach						0.3						$	0.2
Backlog			Multi-Period Excess Earnings						0.3						0.8
Tradename			Relief from Royalty						Indefinite						8.5
Customer Relationships			Multi-Period Excess Earnings						9.0						29.4
Total															$	38.9

The following table summarizes the acquired identified intangible assets, valuation method employed, useful lives and fair value, as determined by the Company at the HAY Acquisition Date:

(In millions)			Valuation Method						Useful Life (years)									Fair Value
Inventory Step-up			Comparative Sales Approach						0.8									$	3.4
Backlog			Multi-Period Excess Earnings						0.3									1.7
Deferred Revenue			Adjusted Fulfillment Cost Method						0.1									(2.2)
Tradename			Relief from Royalty						Indefinite									60.0
Product Development			Relief from Royalty						8.0									22.0
Customer Relationships			Multi-Period Excess Earnings						9.0									34.0
Total																		$	118.9

Schedule of Condensed Statement of Comprehensive Income

Revenue and Net Loss of Knoll included in the Company's Consolidated Statements of Comprehensive Income (Loss) from the acquisition date of July 19, 2021 through May 28, 2022 are as follows (in millions):

Total Revenue			$	1,188.5
Net Loss			$	(53.5)

Schedule of Pro Forma Results of Operations

									Twelve Months Ended
(In millions)									May 28, 2022			May 29, 2021
Net sales									$	4,100.2		$	3,586.6
Net earnings attributable to MillerKnoll, Inc.									$	12.9		$	115.8

X

- Definition

Tabular disclosure of condensed statement of comprehensive income (loss) including, but not limited to, statements of comprehensive income (loss) of consolidated entities and consolidation eliminations.

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