MillerKnoll Files 2024 Annual Report

Ticker: MLKN · Form: 10-K · Filed: Jul 30, 2024 · CIK: 66382

Sentiment: neutral

Topics: annual-report, sec-filing, financials

TL;DR

MLKN filed its 2024 10-K, all good on reporting reqs.

AI Summary

MillerKnoll, Inc. filed its annual report for the fiscal year ended June 1, 2024. The company, registered under commission file number 001-15141, is incorporated in Michigan and trades its common stock under the symbol MLKN on the Nasdaq Global Select Market. The filing indicates that MillerKnoll has met its reporting requirements for the preceding 12 months and the past 90 days.

Why It Matters

This annual report provides investors with a comprehensive overview of MillerKnoll's financial performance and business operations for the fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not contain immediate red flags or significant negative disclosures.

Key Numbers

Key Players & Entities

FAQ

What is the commission file number for MillerKnoll, Inc.?

The commission file number for MillerKnoll, Inc. is 001-15141.

On which exchange does MillerKnoll's common stock trade?

MillerKnoll's common stock trades on the Nasdaq Global Select Market.

What is the par value of MillerKnoll's common stock?

The par value of MillerKnoll's common stock is $0.20 per share.

For what fiscal year is this 10-K report filed?

This 10-K report is filed for the fiscal year ended June 1, 2024.

Has MillerKnoll filed all required reports for the preceding 12 months?

Yes, the filing indicates that MillerKnoll has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Filing Stats: 4,440 words · 18 min read · ~15 pages · Grade level 15.5 · Accepted 2024-07-30 16:08:05

Key Financial Figures

Filing Documents

Risk Factors 6

Item 1A Risk Factors 6

Unresolved Staff Comments 12

Item 1B Unresolved Staff Comments 12

Cybersecurity 12

Item 1C Cybersecurity 12

Properties 14

Item 2 Properties 14

Legal Proceedings 15

Item 3 Legal Proceedings 15 Additional Item: Executive Officers of the Registrant 15

Mine Safety Disclosures 16

Item 4 Mine Safety Disclosures 16 Part II Item 5 Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 17

[Reserved] 19

Item 6 [Reserved] 19

Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures about Market Risk 44

Item 7A Quantitative and Qualitative Disclosures about Market Risk 44

Financial Statements and Supplementary Data 47

Item 8 Financial Statements and Supplementary Data 47

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 98

Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 98

Controls and Procedures 98

Item 9A Controls and Procedures 98

Other Information 98

Item 9B Other Information 98

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 98

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 98 Part III

Directors, Executive Officers, and Corporate Governance 99

Item 10 Directors, Executive Officers, and Corporate Governance 99

Executive Compensation 99

Item 11 Executive Compensation 99

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 99

Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 99

Certain Relationships and Related Transactions, and Director Independence 100

Item 13 Certain Relationships and Related Transactions, and Director Independence 100

Principal Accountant Fees and Services 100

Item 14 Principal Accountant Fees and Services 100 Part IV

Exhibits and Financial Statement Schedule 101

Item 15 Exhibits and Financial Statement Schedule 101 Exhibit Index 102 Schedule II Valuation and Qualifying Accounts 104

Form 10-K Summary 104

Item 16 Form 10-K Summary 104 Signatures 105 PART I

Business

Item 1 Business General Development of Business MillerKnoll is a collective of dynamic brands that comes together to design the world we live in. From the spaces we make that help us live and work better, to how we manufacture our products, to the ways we solve challenges facing our customers and global community, design is our tool for creating positive impact. Our optimism leads us as we redefine modern for the 21st century, shaping a future that's more sustainable, caring, and beautiful for all people and our planet. The Company researches, designs, manufactures and distributes interior furnishings for use in various environments including residential, office, healthcare and educational settings, and provides related services that support organizations and individuals all over the world. The Company's products are sold primarily through the following channels: independent contract furniture dealers, direct customer sales, owned and independent retailers, direct-mail catalogs, and the Company's eCommerce platforms. Powering the world's most dynamic design brands, MillerKnoll includes Herman Miller and Knoll, as well as Colebrook Bosson Saunders, DatesWeiser, Design Within Reach, Edelman, Geiger, HAY, Holly Hunt, KnollTextiles, Maharam, Muuto, NaughtOne, and Spinneybeck|FilzFelt. All of these companies are considered controlled subsidiaries. MillerKnoll's corporate offices are located at 855 East Main Avenue, PO Box 302, Zeeland, Michigan, 49464-0302 and its telephone number is 616 654 3000. Unless otherwise noted or indicated by the context, all references to "MillerKnoll," "we," "our," "Company" and similar references are to MillerKnoll, Inc. and its controlled subsidiaries. Further information relating to principles of consolidation is provided in Note 1 to the Consolidated Financial Statements included in Item 8 of this report. 2 Segments The Company has three reportable segments: Americas Contract, International Contract & Specialty, and Global Retail

Risk Factors

Item 1A Risk Factors The following risk factors and other information included in this report should be carefully considered. The risks and uncertainties described below are not the only ones we face; others, either unforeseen or currently deemed not material, may also have a negative impact on our Company. If any of the following occurs, our business, operating results, cash flows, and financial condition could be materially adversely affected. Business Related Risks We may not be successful in implementing and managing our growth strategy. We have established a growth strategy for the business based on a changing and evolving world. Through this strategy, we are focused on taking advantage of the changing composition of the office floor plate, the greater desire for customization from our customers, new technologies, and trends towards urbanization and working from home. While we have confidence that our strategic plan reflects opportunities that are appropriate and achievable, and that we have anticipated and will manage the associated risks, there is the possibility that the strategy may not deliver the projected results due to inadequate execution, incorrect assumptions, sub-optimal resource allocation, or changing customer requirements. To meet our goals, we believe we will be required to continually invest in the research, design, and development of new products and services, and there is no assurance that such investments will have commercially successful results. Certain growth opportunities may require us to invest in acquisitions, alliances, and the startup of new business ventures. These investments, if available, may not perform according to plan and may involve the assumption of business, operational, or other risks that are new to our business. 6 Future efforts to expand our business may impact our ability to compete for business. It may also put the availability and/or value of our capital investments within these regions at risk. These ex

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