XML 35 R20.htm IDEA: XBRL DOCUMENT
v3.25.2

Operating Segments | 3 Months Ended
--- | ---
Aug. 30, 2025
Segment Reporting [Abstract] |
Operating Segments | Operating Segments The Company's operations are managed and evaluated around the organization and alignment of internal operations, the nature of our products, and geographical location. Effective on March 1, 2025, the last day of the third quarter of fiscal year 2025, the Company implemented an organizational change that resulted in a change in reportable segments. The Company has restated historical results to reflect this change. Under our new reportable segments, there are three reportable segments consisting of North America Contract, International Contract and Global Retail. The North America Contract segment includes the operations associated with the design, sourcing, manufacture, and sale of furniture products directly or indirectly through an independent dealership network for office, healthcare, and educational environments throughout the United States and Canada as well as the global operations of the Spinneybeck|FilzFelt, Maharam, Edelman, and Knoll Textile brands. The International Contract segment includes the operations associated with the design, sourcing, manufacture, and sale of furniture products directly or indirectly through an independent dealership network in Europe, the Middle East, Africa, Asia-Pacific, and Latin America. The Global Retail segment includes global operations associated with the sale of modern design furnishings and accessories to third party retailers, as well as direct to consumer sales through eCommerce, direct-mail catalogs, and physical retail stores, along with the global operations of the Holly Hunt brand. The Company also reports a “Corporate” category consisting primarily of unallocated expenses related to general corporate functions, including, but not limited to, certain legal, executive, corporate finance, information technology, administrative and acquisition-related costs. Management regularly reviews corporate costs and believes disclosing such information provides more visibility and transparency regarding how the chief operating decision maker ("CODM") reviews results of the Company. The Company's CODM is its Chief Executive Officer, who is regularly provided the operating results of our reportable segments and reviews the actual operating results against forecasted figures for the purposes of monitoring and assessing performance, allocating capital, and making strategic and operational decisions. The CODM uses Adjusted Operating Earnings (Loss) as the key operating metric to measure segment profit or loss, evaluate the performance of the segments, analyze variances of actual performance to forecasts, and make decisions regarding the allocation of resources. Segment Adjusted Operating Earnings (Loss) represents reported Operating Earnings adjusted for restructuring charges, integration charges, amortization of Knoll purchased intangibles, and significant non-recurring or infrequent items that may not be indicative of ongoing operations. The Company's CODM does not review assets by segment to assess segment performance or allocate resources, nor is such information provided to the CODM. Accordingly, the Company does not present assets by segment. The accounting policies for each of the operating segments are the same as those of the Company. Additionally, the Company employs a methodology for allocating corporate costs with the underlying objective of this methodology being to allocate corporate costs according to the relative usage of the underlying resources. The majority of the allocations for corporate expenses are based on relative net sales. However, certain corporate costs generally considered the result of isolated business decisions, are not subject to allocation and are evaluated separately from the rest of regular ongoing business operations. The following is a summary of certain key financial measures for the respective periods indicated:
| Three Months Ended |  |
(In millions) | August 30, 2025 |  | August 31, 2024 |  |  |  |
Net sales: |  |  |  |  |  |  |
North America Contract | $ | 533.9 |  |  | $ | 476.2 |  |  |  |  |
International Contract | 167.5 |  |  | 146.4 |  |  |  |  |
Global Retail | 254.3 |  |  | 238.9 |  |  |  |  |
Total | $ | 955.7 |  |  | $ | 861.5 |  |  |  |  |
Refer to Note 3 of the Consolidated Financial Statements for further disaggregation of revenue by operating segment. |  |  |  |
| Three Months Ended |  |
(In millions) | August 30, 2025 |  | August 31, 2024 |  |  |  |
Adjusted cost of sales(1): |  |  |  |  |  |  |
North America Contract | $ | 337.9 |  |  | $ | 304.0 |  |  |  |  |
International Contract | 108.3 |  |  | 92.5 |  |  |  |  |
Global Retail | 141.4 |  |  | 128.2 |  |  |  |  |
Total | $ | 587.6 |  |  | $ | 524.7 |  |  |  |  |
(1) Adjusted cost of sales is defined as cost of sales excluding, when they occur, the impacts of restructuring charges and integration charges.
| Three Months Ended |  |
(In millions) | August 30, 2025 |  | August 31, 2024 |  |  |  |
Adjusted operating expenses(1): |  |  |  |  |  |  |
North America Contract | $ | 134.9 |  |  | $ | 127.3 |  |  |  |  |
International Contract | 44.9 |  |  | 40.6 |  |  |  |  |
Global Retail | 109.9 |  |  | 103.3 |  |  |  |  |
Total reportable segment adjusted operating expenses | 289.7 |  |  | 271.2 |  |  |  |  |
Corporate | 18.3 |  |  | 15.7 |  |  |  |  |
Total | $ | 308.0 |  |  | $ | 286.9 |  |  |  |  |
(1) Adjusted operating expenses is defined as operating expenses excluding, when they occur, the impacts of restructuring charges, integration charges, amortization of Knoll purchased intangibles and impairment charges.
| Three Months Ended |  |
(In millions) | August 30, 2025 |  | August 31, 2024 |  |  |  |
Adjusted operating earnings: |  |  |  |  |  |  |
North America Contract | $ | 61.1 |  |  | $ | 44.9 |  |  |  |  |
International Contract | 14.3 |  |  | 13.3 |  |  |  |  |
Global Retail | 3.0 |  |  | 7.4 |  |  |  |  |
Total segment adjusted operating earnings | $ | 78.4 |  |  | $ | 65.6 |  |  |  |  |
| Three Months Ended |  |
(In millions) | August 30, 2025 |  | August 31, 2024 |  |  |  |
Reconciliation to net earnings: |  |  |  |  |  |  |
Total segment adjusted operating earnings | $ | 78.4 |  |  | $ | 65.6 |  |  |  |  |
Corporate adjusted operating loss | (18.3) |  |  | (15.7) |  |  |  |  |
Total consolidated adjusted operating earnings | 60.1 |  |  | 49.9 |  |  |  |  |
Net earnings attributable to redeemable noncontrolling interests | 0.9 |  |  | 0.7 |  |  |  |  |
Net earnings (loss) from: |  |  |  |  |  |  |
Equity earnings from nonconsolidated affiliates, net of tax | — |  |  | 0.1 |  |  |  |  |
Income tax expense (benefit) | 7.6 |  |  | (1.1) |  |  |  |  |
Other expense (income), net | 7.5 |  |  | (1.4) |  |  |  |  |
Interest and other investment (income) | (1.1) |  |  | (1.6) |  |  |  |  |
Interest expense | 18.4 |  |  | 19.9 |  |  |  |  |
Restructuring charges | 0.5 |  |  | — |  |  |  |  |
Integration charges | — |  |  | 28.3 |  |  |  |  |
Amortization of Knoll purchased intangibles | 6.1 |  |  | 5.9 |  |  |  |  |
Knoll pension plan termination charges | — |  |  | 0.5 |  |  |  |  |
Net earnings (loss) attributable to MillerKnoll, Inc. | $ | 20.2 |  |  | $ | (1.2) |  |  |  |  |
| Three Months Ended |  |
(In millions) | August 30, 2025 |  | August 31, 2024 |  |  |  |
Depreciation and amortization: |  |  |  |  |  |  |
North America Contract | $ | 20.8 |  |  | $ | 20.6 |  |  |  |  |
International Contract | 5.9 |  |  | 6.7 |  |  |  |  |
Global Retail | 8.7 |  |  | 7.3 |  |  |  |  |
Total | $ | 35.4 |  |  | $ | 34.6 |  |  |  |  |
Capital expenditures: |  |  |  |  |  |  |
North America Contract | $ | 15.8 |  |  | $ | 10.6 |  |  |  |  |
International Contract | 4.5 |  |  | 7.7 |  |  |  |  |
Global Retail | 10.4 |  |  | 4.3 |  |  |  |  |
Total | $ | 30.7 |  |  | $ | 22.6 |  |  |  |  |
Many of the Company's assets, including manufacturing, office and showroom facilities, support multiple segments. For that reason, it is impractical to disclose asset information on a segment basis.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration