MillerKnoll Files 10-Q for Nov 30, 2024

Ticker: MLKN · Form: 10-Q · Filed: Jan 6, 2025 · CIK: 66382

Sentiment: neutral

Topics: 10-Q, financials, disclosure

TL;DR

MillerKnoll's 10-Q is in for Nov 30, 2024. Check financials.

AI Summary

MillerKnoll, Inc. filed its 10-Q for the period ending November 30, 2024. The company reported its financial performance and position, including details on its business segments and financial obligations. Key financial data and disclosures relevant to investors are presented in this filing.

Why It Matters

This filing provides investors with a detailed look at MillerKnoll's financial health and operational performance during the specified period, crucial for investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures, but the specific financial details within can reveal risks related to the company's performance and market conditions.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is November 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on January 6, 2025.

What is the company's primary industry classification?

The company's Standard Industrial Classification is OFFICE FURNITURE [2520].

What is the company's state of incorporation?

The company's state of incorporation is MI (Michigan).

What was the former name of MillerKnoll, Inc. prior to 2019?

Prior to November 19, 2019, the company was formerly known as HERMAN MILLER INC.

Filing Stats: 4,752 words · 19 min read · ~16 pages · Grade level 7.5 · Accepted 2025-01-06 16:07:09

Key Financial Figures

Filing Documents

— Financial Information

Part I — Financial Information

Financial Statements (Unaudited)

Item 1 Financial Statements (Unaudited) Condensed Consolidated Statements of Comprehensive Income (Loss) — Three and Six Months Ended November 30, 2024 and December 2, 2023 3 Condensed Consolidated Balance Sheets — November 30, 2024 and June 1, 2024 4 Condensed Consolidated Statements of Cash Flows — Six Months Ended November 30, 2024 and December 2, 2023 5 Condensed Consolidated Statements of Stockholders' Equity — Six Months Ended November 30, 2024 and December 2, 2023 6 Notes to Condensed Consolidated Financial Statements Note 1 - Description of Business and Basis of Presentation 8 Note 2 - Recently Issued Accounting Standards 9 Note 3 - Revenue from Contracts with Customers 9 Note 4 - Inventories, net 10 Note 5 - Goodwill and Indefinite-Lived Intangibles 11 Note 6 - Employee Benefit Plans 12 Note 7 - Earnings Per Share 13 Note 8 - Stock-Based Compensation 13 Note 9 - Income Taxes 13 Note 10 - Fair Value Measurements 14 Note 11 - Commitments and Contingencies 17 Note 12 - Short-Term Borrowings and Long-Term Debt 18 Note 13 - Accumulated Other Comprehensive Loss 19 Note 14 - Operating Segments 19 Note 15 - Restructuring and Integration Expense 20 Note 16 - Variable Interest Entities 22

Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures about Market Risk 40

Item 3 Quantitative and Qualitative Disclosures about Market Risk 40

Controls and Procedures 41

Item 4 Controls and Procedures 41

— Other Information

Part II — Other Information

Legal Proceedings 42

Item 1 Legal Proceedings 42

Risk Factors 42

Item 1A Risk Factors 42

Unregistered Sales of Equity Securities and Use of Proceeds 42

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 42

Other Information 42

Item 5 Other Information 42

Exhibits 42

Item 6 Exhibits 42 Signatures 44

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

: Financial Statements

Item 1: Financial Statements MillerKnoll, Inc. Condensed Consolidated Statements of Comprehensive Income (Loss) (Dollars in millions, except share data) Three Months Ended Six Months Ended (Unaudited) November 30, 2024 December 2, 2023 November 30, 2024 December 2, 2023 Net sales $ 970.4 $ 949.5 $ 1,831.9 $ 1,867.2 Cost of sales 593.4 577.5 1,118.6 1,137.1 Gross margin 377.0 372.0 713.3 730.1 Operating expenses: Selling, general and administrative 289.9 287.6 588.3 578.1 Restructuring expense — 1.8 — 7.0 Design and research 24.6 22.2 47.3 44.3 Total operating expenses 314.5 311.6 635.6 629.4 Operating earnings 62.5 60.4 77.7 100.7 Interest expense 20.4 19.8 40.3 39.0 Interest and other investment (income) expense ( 1.5 ) ( 1.3 ) ( 3.1 ) ( 3.5 ) Other (income) expense, net ( 1.3 ) ( 2.4 ) ( 2.7 ) ( 0.2 ) Earnings before income taxes and equity income 44.9 44.3 43.2 65.4 Income tax expense 9.8 9.5 8.7 14.6 Equity income (loss) from nonconsolidated affiliates, net of tax 0.1 ( 0.4 ) 0.2 ( 0.3 ) Net earnings 35.2 34.4 34.7 50.5 Net earnings attributable to redeemable noncontrolling interests 1.1 0.9 1.8 0.3 Net earnings attributable to MillerKnoll, Inc. $ 34.1 $ 33.5 $ 32.9 $ 50.2 Earnings per share - basic $ 0.49 $ 0.45 $ 0.47 $ 0.67 Earnings per share - diluted $ 0.49 $ 0.45 $ 0.47 $ 0.67 Other comprehensive (loss) income, net of tax Foreign currency translation adjustments $ ( 36.2 ) $ 7.3 $ ( 20.8 ) $ 11.2 Pension and post-retirement liability adjustments 2.8 — 2.9 ( 0.1 ) Unrealized gain (loss) on interest rate swap agreement 3.6 ( 7.9 ) ( 17.7 ) ( 0.1 ) Other comprehensive (loss) income, net of tax $ ( 29.8 ) $ ( 0.6 ) $ ( 35.6 ) $ 11.0 Comprehensive income (loss) 5.4 33.8 ( 0.9 ) 61.5 Comprehensive income attributable to redeemable noncontrolling interests 1.1 0.9 1.8 0.3 Comprehensive income (loss) attributable to MillerKnoll, Inc. $ 4.3 $ 32.9 $ ( 2.7 ) $ 61.2 See accompanying notes to Condensed Consolidated Financial St

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