mlkn-20220226
0000066382false2022Q3May 2800000663822021-05-302022-02-2600000663822022-04-01xbrli:shares00000663822021-11-282022-02-26iso4217:USD00000663822020-11-292021-02-2700000663822020-05-312021-02-27iso4217:USDxbrli:shares00000663822022-02-2600000663822021-05-2900000663822020-05-3000000663822021-02-270000066382us-gaap:CommonStockMember2021-05-290000066382us-gaap:AdditionalPaidInCapitalMember2021-05-290000066382us-gaap:RetainedEarningsMember2021-05-290000066382us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-05-290000066382us-gaap:DeferredCompensationShareBasedPaymentsMember2021-05-290000066382us-gaap:ParentMember2021-05-290000066382us-gaap:RetainedEarningsMember2021-05-302021-08-280000066382us-gaap:ParentMember2021-05-302021-08-280000066382us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-05-302021-08-280000066382us-gaap:AdditionalPaidInCapitalMember2021-05-302021-08-280000066382us-gaap:CommonStockMember2021-05-302021-08-2800000663822021-05-302021-08-280000066382us-gaap:CommonStockMember2021-08-280000066382us-gaap:AdditionalPaidInCapitalMember2021-08-280000066382us-gaap:RetainedEarningsMember2021-08-280000066382us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-08-280000066382us-gaap:DeferredCompensationShareBasedPaymentsMember2021-08-280000066382us-gaap:ParentMember2021-08-280000066382us-gaap:RetainedEarningsMember2021-08-292021-11-270000066382us-gaap:ParentMember2021-08-292021-11-270000066382us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-08-292021-11-270000066382us-gaap:AdditionalPaidInCapitalMember2021-08-292021-11-270000066382us-gaap:CommonStockMember2021-08-292021-11-2700000663822021-08-292021-11-270000066382us-gaap:CommonStockMember2021-11-270000066382us-gaap:AdditionalPaidInCapitalMember2021-11-270000066382us-gaap:RetainedEarningsMember2021-11-270000066382us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-11-270000066382us-gaap:DeferredCompensationShareBasedPaymentsMember2021-11-270000066382us-gaap:ParentMember2021-11-270000066382us-gaap:RetainedEarningsMember2021-11-282022-02-260000066382us-gaap:ParentMember2021-11-282022-02-260000066382us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-11-282022-02-260000066382us-gaap:AdditionalPaidInCapitalMember2021-11-282022-02-260000066382us-gaap:CommonStockMember2021-11-282022-02-260000066382us-gaap:DeferredCompensationShareBasedPaymentsMember2021-11-282022-02-260000066382us-gaap:CommonStockMember2022-02-260000066382us-gaap:AdditionalPaidInCapitalMember2022-02-260000066382us-gaap:RetainedEarningsMember2022-02-260000066382us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-02-260000066382us-gaap:DeferredCompensationShareBasedPaymentsMember2022-02-260000066382us-gaap:ParentMember2022-02-260000066382us-gaap:CommonStockMember2020-05-300000066382us-gaap:AdditionalPaidInCapitalMember2020-05-300000066382us-gaap:RetainedEarningsMember2020-05-300000066382us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-05-300000066382us-gaap:DeferredCompensationShareBasedPaymentsMember2020-05-300000066382us-gaap:ParentMember2020-05-300000066382us-gaap:RetainedEarningsMember2020-05-312020-08-290000066382us-gaap:ParentMember2020-05-312020-08-290000066382us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-05-312020-08-290000066382us-gaap:AdditionalPaidInCapitalMember2020-05-312020-08-290000066382us-gaap:CommonStockMember2020-05-312020-08-290000066382us-gaap:CommonStockMember2020-08-290000066382us-gaap:AdditionalPaidInCapitalMember2020-08-290000066382us-gaap:RetainedEarningsMember2020-08-290000066382us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-08-290000066382us-gaap:DeferredCompensationShareBasedPaymentsMember2020-08-290000066382us-gaap:ParentMember2020-08-290000066382us-gaap:RetainedEarningsMember2020-08-302020-11-280000066382us-gaap:ParentMember2020-08-302020-11-280000066382us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-08-302020-11-280000066382us-gaap:AdditionalPaidInCapitalMember2020-08-302020-11-280000066382us-gaap:CommonStockMember2020-08-302020-11-2800000663822020-05-312020-11-280000066382us-gaap:CommonStockMember2020-11-280000066382us-gaap:AdditionalPaidInCapitalMember2020-11-280000066382us-gaap:RetainedEarningsMember2020-11-280000066382us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-11-280000066382us-gaap:DeferredCompensationShareBasedPaymentsMember2020-11-280000066382us-gaap:ParentMember2020-11-280000066382us-gaap:RetainedEarningsMember2020-11-292021-02-270000066382us-gaap:ParentMember2020-11-292021-02-270000066382us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-11-292021-02-270000066382us-gaap:AdditionalPaidInCapitalMember2020-11-292021-02-270000066382us-gaap:CommonStockMember2020-11-292021-02-270000066382us-gaap:DeferredCompensationShareBasedPaymentsMember2020-11-292021-02-270000066382us-gaap:CommonStockMember2021-02-270000066382us-gaap:AdditionalPaidInCapitalMember2021-02-270000066382us-gaap:RetainedEarningsMember2021-02-270000066382us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-02-270000066382us-gaap:DeferredCompensationShareBasedPaymentsMember2021-02-270000066382us-gaap:ParentMember2021-02-270000066382srt:RevisionOfPriorPeriodReclassificationAdjustmentMember2021-05-290000066382us-gaap:ProductMembermlkn:SinglePerformanceObligationMember2021-11-282022-02-260000066382us-gaap:ProductMembermlkn:SinglePerformanceObligationMember2020-11-292021-02-270000066382us-gaap:ProductMembermlkn:SinglePerformanceObligationMember2021-05-302022-02-260000066382us-gaap:ProductMembermlkn:SinglePerformanceObligationMember2020-05-312021-02-270000066382us-gaap:ProductMembermlkn:MultiplePerformanceObligationsMember2021-11-282022-02-260000066382us-gaap:ProductMembermlkn:MultiplePerformanceObligationsMember2020-11-292021-02-270000066382us-gaap:ProductMembermlkn:MultiplePerformanceObligationsMember2021-05-302022-02-260000066382us-gaap:ProductMembermlkn:MultiplePerformanceObligationsMember2020-05-312021-02-270000066382mlkn:MultiplePerformanceObligationsMemberus-gaap:ServiceMember2021-11-282022-02-260000066382mlkn:MultiplePerformanceObligationsMemberus-gaap:ServiceMember2020-11-292021-02-270000066382mlkn:MultiplePerformanceObligationsMemberus-gaap:ServiceMember2021-05-302022-02-260000066382mlkn:MultiplePerformanceObligationsMemberus-gaap:ServiceMember2020-05-312021-02-270000066382mlkn:OtherMember2021-11-282022-02-260000066382mlkn:OtherMember2020-11-292021-02-270000066382mlkn:OtherMember2021-05-302022-02-260000066382mlkn:OtherMember2020-05-312021-02-270000066382mlkn:AmericasContractMemberus-gaap:OperatingSegmentsMembermlkn:WorkplaceMember2021-11-282022-02-260000066382mlkn:AmericasContractMemberus-gaap:OperatingSegmentsMembermlkn:WorkplaceMember2020-11-292021-02-270000066382mlkn:AmericasContractMemberus-gaap:OperatingSegmentsMembermlkn:WorkplaceMember2021-05-302022-02-260000066382mlkn:AmericasContractMemberus-gaap:OperatingSegmentsMembermlkn:WorkplaceMember2020-05-312021-02-270000066382mlkn:PerformanceSeatingMembermlkn:AmericasContractMemberus-gaap:OperatingSegmentsMember2021-11-282022-02-260000066382mlkn:PerformanceSeatingMembermlkn:AmericasContractMemberus-gaap:OperatingSegmentsMember2020-11-292021-02-270000066382mlkn:PerformanceSeatingMembermlkn:AmericasContractMemberus-gaap:OperatingSegmentsMember2021-05-302022-02-260000066382mlkn:PerformanceSeatingMembermlkn:AmericasContractMemberus-gaap:OperatingSegmentsMember2020-05-312021-02-270000066382mlkn:AmericasContractMembermlkn:LifestyleMemberus-gaap:OperatingSegmentsMember2021-11-282022-02-260000066382mlkn:AmericasContractMembermlkn:LifestyleMemberus-gaap:OperatingSegmentsMember2020-11-292021-02-270000066382mlkn:AmericasContractMembermlkn:LifestyleMemberus-gaap:OperatingSegmentsMember2021-05-302022-02-260000066382mlkn:AmericasContractMembermlkn:LifestyleMemberus-gaap:OperatingSegmentsMember2020-05-312021-02-270000066382mlkn:AmericasContractMembermlkn:OtherProductsMemberus-gaap:OperatingSegmentsMember2021-11-282022-02-260000066382mlkn:AmericasContractMembermlkn:OtherProductsMemberus-gaap:OperatingSegmentsMember2020-11-292021-02-270000066382mlkn:AmericasContractMembermlkn:OtherProductsMemberus-gaap:OperatingSegmentsMember2021-05-302022-02-260000066382mlkn:AmericasContractMembermlkn:OtherProductsMemberus-gaap:OperatingSegmentsMember2020-05-312021-02-270000066382mlkn:AmericasContractMemberus-gaap:OperatingSegmentsMember2021-11-282022-02-260000066382mlkn:AmericasContractMemberus-gaap:OperatingSegmentsMember2020-11-292021-02-270000066382mlkn:AmericasContractMemberus-gaap:OperatingSegmentsMember2021-05-302022-02-260000066382mlkn:AmericasContractMemberus-gaap:OperatingSegmentsMember2020-05-312021-02-270000066382mlkn:InternationalContractMemberus-gaap:OperatingSegmentsMembermlkn:WorkplaceMember2021-11-282022-02-260000066382mlkn:InternationalContractMemberus-gaap:OperatingSegmentsMembermlkn:WorkplaceMember2020-11-292021-02-270000066382mlkn:InternationalContractMemberus-gaap:OperatingSegmentsMembermlkn:WorkplaceMember2021-05-302022-02-260000066382mlkn:InternationalContractMemberus-gaap:OperatingSegmentsMembermlkn:WorkplaceMember2020-05-312021-02-270000066382mlkn:PerformanceSeatingMembermlkn:InternationalContractMemberus-gaap:OperatingSegmentsMember2021-11-282022-02-260000066382mlkn:PerformanceSeatingMembermlkn:InternationalContractMemberus-gaap:OperatingSegmentsMember2020-11-292021-02-270000066382mlkn:PerformanceSeatingMembermlkn:InternationalContractMemberus-gaap:OperatingSegmentsMember2021-05-302022-02-260000066382mlkn:PerformanceSeatingMembermlkn:InternationalContractMemberus-gaap:OperatingSegmentsMember2020-05-312021-02-270000066382mlkn:InternationalContractMembermlkn:LifestyleMemberus-gaap:OperatingSegmentsMember2021-11-282022-02-260000066382mlkn:InternationalContractMembermlkn:LifestyleMemberus-gaap:OperatingSegmentsMember2020-11-292021-02-270000066382mlkn:InternationalContractMembermlkn:LifestyleMemberus-gaap:OperatingSegmentsMember2021-05-302022-02-260000066382mlkn:InternationalContractMembermlkn:LifestyleMemberus-gaap:OperatingSegmentsMember2020-05-312021-02-270000066382mlkn:InternationalContractMembermlkn:OtherProductsMemberus-gaap:OperatingSegmentsMember2021-11-282022-02-260000066382mlkn:InternationalContractMembermlkn:OtherProductsMemberus-gaap:OperatingSegmentsMember2020-11-292021-02-270000066382mlkn:InternationalContractMembermlkn:OtherProductsMemberus-gaap:OperatingSegmentsMember2021-05-302022-02-260000066382mlkn:InternationalContractMembermlkn:OtherProductsMemberus-gaap:OperatingSegmentsMember2020-05-312021-02-270000066382mlkn:InternationalContractMemberus-gaap:OperatingSegmentsMember2021-11-282022-02-260000066382mlkn:InternationalContractMemberus-gaap:OperatingSegmentsMember2020-11-292021-02-270000066382mlkn:InternationalContractMemberus-gaap:OperatingSegmentsMember2021-05-302022-02-260000066382mlkn:InternationalContractMemberus-gaap:OperatingSegmentsMember2020-05-312021-02-270000066382mlkn:RetailSegmentMemberus-gaap:OperatingSegmentsMembermlkn:WorkplaceMember2021-11-282022-02-260000066382mlkn:RetailSegmentMemberus-gaap:OperatingSegmentsMembermlkn:WorkplaceMember2020-11-292021-02-270000066382mlkn:RetailSegmentMemberus-gaap:OperatingSegmentsMembermlkn:WorkplaceMember2021-05-302022-02-260000066382mlkn:RetailSegmentMemberus-gaap:OperatingSegmentsMembermlkn:WorkplaceMember2020-05-312021-02-270000066382mlkn:PerformanceSeatingMembermlkn:RetailSegmentMemberus-gaap:OperatingSegmentsMember2021-11-282022-02-260000066382mlkn:PerformanceSeatingMembermlkn:RetailSegmentMemberus-gaap:OperatingSegmentsMember2020-11-292021-02-270000066382mlkn:PerformanceSeatingMembermlkn:RetailSegmentMemberus-gaap:OperatingSegmentsMember2021-05-302022-02-260000066382mlkn:PerformanceSeatingMembermlkn:RetailSegmentMemberus-gaap:OperatingSegmentsMember2020-05-312021-02-270000066382mlkn:LifestyleMembermlkn:RetailSegmentMemberus-gaap:OperatingSegmentsMember2021-11-282022-02-260000066382mlkn:LifestyleMembermlkn:RetailSegmentMemberus-gaap:OperatingSegmentsMember2020-11-292021-02-270000066382mlkn:LifestyleMembermlkn:RetailSegmentMemberus-gaap:OperatingSegmentsMember2021-05-302022-02-260000066382mlkn:LifestyleMembermlkn:RetailSegmentMemberus-gaap:OperatingSegmentsMember2020-05-312021-02-270000066382mlkn:RetailSegmentMembermlkn:OtherProductsMemberus-gaap:OperatingSegmentsMember2021-11-282022-02-260000066382mlkn:RetailSegmentMembermlkn:OtherProductsMemberus-gaap:OperatingSegmentsMember2020-11-292021-02-270000066382mlkn:RetailSegmentMembermlkn:OtherProductsMemberus-gaap:OperatingSegmentsMember2021-05-302022-02-260000066382mlkn:RetailSegmentMembermlkn:OtherProductsMemberus-gaap:OperatingSegmentsMember2020-05-312021-02-270000066382mlkn:RetailSegmentMemberus-gaap:OperatingSegmentsMember2021-11-282022-02-260000066382mlkn:RetailSegmentMemberus-gaap:OperatingSegmentsMember2020-11-292021-02-270000066382mlkn:RetailSegmentMemberus-gaap:OperatingSegmentsMember2021-05-302022-02-260000066382mlkn:RetailSegmentMemberus-gaap:OperatingSegmentsMember2020-05-312021-02-270000066382us-gaap:OperatingSegmentsMembermlkn:KnollMembermlkn:WorkplaceMember2021-11-282022-02-260000066382us-gaap:OperatingSegmentsMembermlkn:KnollMembermlkn:WorkplaceMember2020-11-292021-02-270000066382us-gaap:OperatingSegmentsMembermlkn:KnollMembermlkn:WorkplaceMember2021-05-302022-02-260000066382us-gaap:OperatingSegmentsMembermlkn:KnollMembermlkn:WorkplaceMember2020-05-312021-02-270000066382mlkn:PerformanceSeatingMemberus-gaap:OperatingSegmentsMembermlkn:KnollMember2021-11-282022-02-260000066382mlkn:PerformanceSeatingMemberus-gaap:OperatingSegmentsMembermlkn:KnollMember2020-11-292021-02-270000066382mlkn:PerformanceSeatingMemberus-gaap:OperatingSegmentsMembermlkn:KnollMember2021-05-302022-02-260000066382mlkn:PerformanceSeatingMemberus-gaap:OperatingSegmentsMembermlkn:KnollMember2020-05-312021-02-270000066382mlkn:LifestyleMemberus-gaap:OperatingSegmentsMembermlkn:KnollMember2021-11-282022-02-260000066382mlkn:LifestyleMemberus-gaap:OperatingSegmentsMembermlkn:KnollMember2020-11-292021-02-270000066382mlkn:LifestyleMemberus-gaap:OperatingSegmentsMembermlkn:KnollMember2021-05-302022-02-260000066382mlkn:LifestyleMemberus-gaap:OperatingSegmentsMembermlkn:KnollMember2020-05-312021-02-270000066382mlkn:OtherProductsMemberus-gaap:OperatingSegmentsMembermlkn:KnollMember2021-11-282022-02-260000066382mlkn:OtherProductsMemberus-gaap:OperatingSegmentsMembermlkn:KnollMember2020-11-292021-02-270000066382mlkn:OtherProductsMemberus-gaap:OperatingSegmentsMembermlkn:KnollMember2021-05-302022-02-260000066382mlkn:OtherProductsMemberus-gaap:OperatingSegmentsMembermlkn:KnollMember2020-05-312021-02-270000066382us-gaap:OperatingSegmentsMembermlkn:KnollMember2021-11-282022-02-260000066382us-gaap:OperatingSegmentsMembermlkn:KnollMember2020-11-292021-02-270000066382us-gaap:OperatingSegmentsMembermlkn:KnollMember2021-05-302022-02-260000066382us-gaap:OperatingSegmentsMembermlkn:KnollMember2020-05-312021-02-270000066382us-gaap:IntersegmentEliminationMember2021-11-282022-02-260000066382us-gaap:IntersegmentEliminationMember2020-11-292021-02-270000066382us-gaap:IntersegmentEliminationMember2021-05-302022-02-260000066382us-gaap:IntersegmentEliminationMember2020-05-312021-02-2700000663822021-07-192021-07-19xbrli:pure0000066382mlkn:KnollMember2021-11-282022-02-260000066382mlkn:KnollMember2021-05-302022-02-260000066382mlkn:KnollMember2021-07-190000066382mlkn:KnollMember2021-07-192021-07-190000066382mlkn:KnollMember2021-07-190000066382mlkn:KnollMemberus-gaap:RestrictedStockMember2021-07-190000066382mlkn:KnollMembermlkn:KnollMember2021-07-190000066382mlkn:KnollMembermlkn:KnollMember2021-11-282022-02-260000066382mlkn:KnollMemberus-gaap:OrderOrProductionBacklogMember2021-07-192021-07-190000066382mlkn:KnollMemberus-gaap:TradeNamesMember2021-07-192021-07-190000066382mlkn:KnollMemberus-gaap:TradeNamesMembersrt:MinimumMember2021-07-192021-07-190000066382mlkn:KnollMemberus-gaap:TradeNamesMembersrt:MaximumMember2021-07-192021-07-190000066382mlkn:KnollMemberus-gaap:TradeNamesMember2021-07-192021-07-190000066382mlkn:DesignsMembermlkn:KnollMembersrt:MinimumMember2021-07-192021-07-190000066382mlkn:DesignsMembermlkn:KnollMembersrt:MaximumMember2021-07-192021-07-190000066382mlkn:DesignsMembermlkn:KnollMember2021-07-192021-07-190000066382us-gaap:CustomerRelationshipsMembermlkn:KnollMembersrt:MinimumMember2021-07-192021-07-190000066382us-gaap:CustomerRelationshipsMembermlkn:KnollMembersrt:MaximumMember2021-07-192021-07-190000066382us-gaap:CustomerRelationshipsMembermlkn:KnollMember2021-07-192021-07-190000066382mlkn:KnollMember2021-07-192022-02-260000066382mlkn:WhollyOwnedContractFurnitureDealershipMembercountry:CA2022-01-312022-01-310000066382mlkn:WhollyOwnedContractFurnitureDealershipMembercountry:CA2020-05-312021-02-270000066382srt:ProFormaMember2022-02-260000066382srt:ProFormaMember2021-05-290000066382us-gaap:TradeNamesMember2021-03-310000066382us-gaap:TradeNamesMember2022-02-260000066382country:USus-gaap:PensionPlansDefinedBenefitMember2021-11-282022-02-260000066382us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2021-11-282022-02-260000066382country:USus-gaap:PensionPlansDefinedBenefitMember2020-11-292021-02-270000066382us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2020-11-292021-02-270000066382country:USus-gaap:PensionPlansDefinedBenefitMember2021-05-302022-02-260000066382us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2021-05-302022-02-260000066382country:USus-gaap:PensionPlansDefinedBenefitMember2020-05-312021-02-270000066382us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2020-05-312021-02-270000066382us-gaap:PensionPlansDefinedBenefitMember2021-05-302022-02-260000066382us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-02-260000066382us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-05-290000066382us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-02-260000066382us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-05-290000066382us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-02-260000066382us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-02-260000066382us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-05-290000066382us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-05-290000066382us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMember2022-02-260000066382us-gaap:FairValueInputsLevel2Memberus-gaap:EquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-02-260000066382us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMember2021-05-290000066382us-gaap:FairValueInputsLevel2Memberus-gaap:EquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-05-290000066382us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueMeasurementsRecurringMember2022-02-260000066382us-gaap:OtherCurrentAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueMeasurementsRecurringMember2022-02-260000066382us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueMeasurementsRecurringMember2021-05-290000066382us-gaap:OtherCurrentAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueMeasurementsRecurringMember2021-05-290000066382us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-02-260000066382us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-05-290000066382us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueMeasurementsRecurringMember2022-02-260000066382us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueMeasurementsRecurringMember2021-05-290000066382us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-02-260000066382us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-05-290000066382us-gaap:FairValueInputsLevel2Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2022-02-260000066382us-gaap:FairValueInputsLevel2Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2021-05-290000066382us-gaap:FairValueInputsLevel2Memberus-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2022-02-260000066382us-gaap:FairValueInputsLevel2Memberus-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2021-05-290000066382us-gaap:FairValueInputsLevel2Memberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2022-02-260000066382us-gaap:FairValueInputsLevel2Memberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2021-05-290000066382us-gaap:FairValueInputsLevel2Memberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-02-260000066382us-gaap:FairValueInputsLevel2Memberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-05-290000066382us-gaap:FixedIncomeSecuritiesMember2022-02-260000066382us-gaap:FixedIncomeSecuritiesMember2021-05-290000066382us-gaap:EquityFundsMember2022-02-260000066382us-gaap:EquityFundsMember2021-05-290000066382us-gaap:InterestRateSwapMember2022-01-31mlkn:derivative_instrument0000066382mlkn:September2016InterestRateSwapMember2022-02-260000066382mlkn:September2016InterestRateSwapMember2021-05-302022-02-260000066382mlkn:June2017InterestRateSwapMember2022-02-260000066382mlkn:June2017InterestRateSwapMember2021-05-302022-02-260000066382mlkn:January2022InterestRatesSwapMember2022-02-260000066382mlkn:January2022InterestRatesSwapMember2021-05-302022-02-260000066382mlkn:HAYASMember2021-05-290000066382mlkn:HAYASMember2020-05-300000066382mlkn:HAYASMember2021-05-302022-02-260000066382mlkn:HAYASMember2020-05-312021-02-270000066382mlkn:HAYASMember2022-02-260000066382mlkn:HAYASMember2021-02-2700000663822021-11-2700000663822020-11-280000066382srt:RestatementAdjustmentMember2021-11-270000066382srt:RestatementAdjustmentMember2020-11-280000066382srt:RestatementAdjustmentMember2021-05-290000066382srt:RestatementAdjustmentMember2020-05-300000066382us-gaap:PerformanceGuaranteeMembersrt:MinimumMember2021-05-302022-02-260000066382us-gaap:PerformanceGuaranteeMembersrt:MaximumMember2021-05-302022-02-260000066382us-gaap:PerformanceGuaranteeMember2022-02-260000066382us-gaap:PerformanceGuaranteeMember2021-05-290000066382us-gaap:FinancialStandbyLetterOfCreditMember2022-02-260000066382us-gaap:FinancialStandbyLetterOfCreditMember2021-05-290000066382mlkn:Notesdue2030Member2022-02-260000066382mlkn:Notesdue2030Member2021-05-290000066382mlkn:SyndicatedRevolvingLineOfCreditDueAugust2024Memberus-gaap:DomesticLineOfCreditMember2022-02-260000066382mlkn:SyndicatedRevolvingLineOfCreditDueAugust2024Memberus-gaap:DomesticLineOfCreditMember2021-05-290000066382us-gaap:DomesticLineOfCreditMembermlkn:SyndicatedRevolvingLineOfCreditDueJuly2026Member2022-02-260000066382us-gaap:DomesticLineOfCreditMembermlkn:SyndicatedRevolvingLineOfCreditDueJuly2026Member2021-05-290000066382mlkn:TermLoanADueJuly2026Member2022-02-260000066382mlkn:TermLoanADueJuly2026Member2021-05-290000066382mlkn:TermLoanBDueJuly2028Member2022-02-260000066382mlkn:TermLoanBDueJuly2028Member2021-05-290000066382us-gaap:DomesticLineOfCreditMember2021-05-290000066382us-gaap:NotesPayableOtherPayablesMembermlkn:PrivatePlacementNotesMember2021-07-31mlkn:loan0000066382us-gaap:DomesticLineOfCreditMember2021-07-310000066382us-gaap:DomesticLineOfCreditMember2021-06-300000066382mlkn:TermLoanADueJuly2026Memberus-gaap:SecuredDebtMember2021-07-012021-07-310000066382mlkn:TermLoanADueJuly2026Memberus-gaap:SecuredDebtMember2021-07-310000066382mlkn:TermLoanBDueJuly2028Memberus-gaap:SecuredDebtMember2021-07-012021-07-310000066382mlkn:TermLoanBDueJuly2028Memberus-gaap:SecuredDebtMember2021-07-310000066382us-gaap:NotesPayableOtherPayablesMembermlkn:PrivatePlacementNotesMember2021-07-012021-07-310000066382us-gaap:NotesPayableOtherPayablesMembermlkn:PrivatePlacementNotesMember2021-05-302022-02-260000066382mlkn:TermLoanADueJuly2026Member2022-02-260000066382mlkn:TermLoanBDueJuly2028Member2022-02-260000066382us-gaap:AccumulatedTranslationAdjustmentMember2021-05-290000066382us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-05-290000066382us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-05-290000066382us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-05-290000066382us-gaap:AccumulatedTranslationAdjustmentMember2021-05-302022-02-260000066382us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-05-302022-02-260000066382us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-05-302022-02-260000066382us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-05-302022-02-260000066382us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-05-302022-02-260000066382us-gaap:AccumulatedTranslationAdjustmentMember2022-02-260000066382us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-02-260000066382us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-02-260000066382us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-02-260000066382us-gaap:AccumulatedTranslationAdjustmentMember2020-05-300000066382us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-05-300000066382us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-05-300000066382us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-05-300000066382us-gaap:AccumulatedTranslationAdjustmentMember2020-05-312021-02-270000066382us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-05-312021-02-270000066382us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-05-312021-02-270000066382us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-05-312021-02-270000066382us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-05-312021-02-270000066382us-gaap:AccumulatedTranslationAdjustmentMember2021-02-270000066382us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-02-270000066382us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-02-270000066382us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-02-270000066382mlkn:AmericasContractMember2021-11-282022-02-260000066382mlkn:AmericasContractMember2020-11-292021-02-270000066382mlkn:AmericasContractMember2021-05-302022-02-260000066382mlkn:AmericasContractMember2020-05-312021-02-270000066382mlkn:InternationalContractMember2021-11-282022-02-260000066382mlkn:InternationalContractMember2020-11-292021-02-270000066382mlkn:InternationalContractMember2021-05-302022-02-260000066382mlkn:InternationalContractMember2020-05-312021-02-270000066382mlkn:RetailSegmentMember2021-11-282022-02-260000066382mlkn:RetailSegmentMember2020-11-292021-02-270000066382mlkn:RetailSegmentMember2021-05-302022-02-260000066382mlkn:RetailSegmentMember2020-05-312021-02-270000066382mlkn:KnollMember2021-11-282022-02-260000066382mlkn:KnollMember2020-11-292021-02-270000066382mlkn:KnollMember2021-05-302022-02-260000066382mlkn:KnollMember2020-05-312021-02-270000066382us-gaap:CorporateMember2021-11-282022-02-260000066382us-gaap:CorporateMember2020-11-292021-02-270000066382us-gaap:CorporateMember2021-05-302022-02-260000066382us-gaap:CorporateMember2020-05-312021-02-270000066382mlkn:KnollIntegrationMembersrt:MinimumMembermlkn:KnollMember2022-02-260000066382mlkn:KnollIntegrationMembersrt:MaximumMembermlkn:KnollMember2022-02-260000066382mlkn:KnollIntegrationMember2021-05-302022-02-260000066382mlkn:KnollIntegrationMemberus-gaap:EmployeeSeveranceMember2021-05-302022-02-260000066382mlkn:KnollIntegrationMemberus-gaap:FacilityClosingMember2021-05-302022-02-260000066382mlkn:KnollIntegrationMembermlkn:NonCashDebtExtinguishmentMemberMember2021-05-302022-02-260000066382mlkn:KnollIntegrationMemberus-gaap:OtherRestructuringMember2021-05-302022-02-260000066382mlkn:KnollIntegrationMemberus-gaap:EmployeeSeveranceMember2021-05-290000066382mlkn:KnollIntegrationMemberus-gaap:FacilityClosingMember2021-05-290000066382mlkn:KnollIntegrationMembermlkn:SeveranceAndEmployeeBenefitsAndExitAndDisposalActivitiesMember2021-05-290000066382mlkn:KnollIntegrationMembermlkn:SeveranceAndEmployeeBenefitsAndExitAndDisposalActivitiesMember2021-05-302022-02-260000066382mlkn:KnollIntegrationMemberus-gaap:EmployeeSeveranceMember2022-02-260000066382mlkn:KnollIntegrationMemberus-gaap:FacilityClosingMember2022-02-260000066382mlkn:KnollIntegrationMembermlkn:SeveranceAndEmployeeBenefitsAndExitAndDisposalActivitiesMember2022-02-260000066382mlkn:AmericasContractMembermlkn:KnollIntegrationMember2021-11-282022-02-260000066382mlkn:AmericasContractMembermlkn:KnollIntegrationMember2020-11-292021-02-270000066382mlkn:AmericasContractMembermlkn:KnollIntegrationMember2021-05-302022-02-260000066382mlkn:AmericasContractMembermlkn:KnollIntegrationMember2020-05-312021-02-270000066382mlkn:InternationalContractMembermlkn:KnollIntegrationMember2021-11-282022-02-260000066382mlkn:InternationalContractMembermlkn:KnollIntegrationMember2020-11-292021-02-270000066382mlkn:InternationalContractMembermlkn:KnollIntegrationMember2021-05-302022-02-260000066382mlkn:InternationalContractMembermlkn:KnollIntegrationMember2020-05-312021-02-270000066382mlkn:KnollIntegrationMembermlkn:RetailSegmentMember2021-11-282022-02-260000066382mlkn:KnollIntegrationMembermlkn:RetailSegmentMember2020-11-292021-02-270000066382mlkn:KnollIntegrationMembermlkn:RetailSegmentMember2021-05-302022-02-260000066382mlkn:KnollIntegrationMembermlkn:RetailSegmentMember2020-05-312021-02-270000066382mlkn:KnollIntegrationMembermlkn:KnollMember2021-11-282022-02-260000066382mlkn:KnollIntegrationMembermlkn:KnollMember2020-11-292021-02-270000066382mlkn:KnollIntegrationMembermlkn:KnollMember2021-05-302022-02-260000066382mlkn:KnollIntegrationMembermlkn:KnollMember2020-05-312021-02-270000066382mlkn:KnollIntegrationMemberus-gaap:CorporateMember2021-11-282022-02-260000066382mlkn:KnollIntegrationMemberus-gaap:CorporateMember2020-11-292021-02-270000066382mlkn:KnollIntegrationMemberus-gaap:CorporateMember2021-05-302022-02-260000066382mlkn:KnollIntegrationMemberus-gaap:CorporateMember2020-05-312021-02-270000066382mlkn:KnollIntegrationMember2021-11-282022-02-260000066382mlkn:KnollIntegrationMember2020-11-292021-02-270000066382mlkn:KnollIntegrationMember2020-05-312021-02-270000066382mlkn:InternationalContractMembermlkn:FacilitiesConsolidationPlanMemberus-gaap:FacilityClosingMember2021-05-302022-02-260000066382mlkn:InternationalContractMembermlkn:FacilitiesConsolidationPlanMemberus-gaap:FacilityClosingMember2017-06-042022-02-260000066382mlkn:InternationalContractMembermlkn:FacilitiesConsolidationPlanMemberus-gaap:FacilityClosingMember2020-05-312021-05-290000066382mlkn:InternationalContractMembermlkn:FacilitiesConsolidationPlanMemberus-gaap:FacilityClosingMember2022-02-260000066382mlkn:AmericasContractMembermlkn:NemschoffPlanMember2022-02-260000066382mlkn:AmericasContractMembermlkn:NemschoffPlanMember2019-09-012022-02-260000066382mlkn:NorthAmericanSalesandGlobalProductTeamsPlanMembermlkn:RetailSegmentMember2019-09-012022-02-260000066382mlkn:NorthAmericanSalesandGlobalProductTeamsPlanMembermlkn:AmericasContractMember2022-02-260000066382us-gaap:EmployeeSeveranceMembermlkn:OtherRestructuringPlansMember2021-05-290000066382us-gaap:FacilityClosingMembermlkn:OtherRestructuringPlansMember2021-05-290000066382mlkn:OtherRestructuringPlansMember2021-05-290000066382us-gaap:EmployeeSeveranceMembermlkn:OtherRestructuringPlansMember2021-05-302022-02-260000066382us-gaap:FacilityClosingMembermlkn:OtherRestructuringPlansMember2021-05-302022-02-260000066382mlkn:OtherRestructuringPlansMember2021-05-302022-02-260000066382us-gaap:EmployeeSeveranceMembermlkn:OtherRestructuringPlansMember2022-02-260000066382us-gaap:FacilityClosingMembermlkn:OtherRestructuringPlansMember2022-02-260000066382mlkn:OtherRestructuringPlansMember2022-02-260000066382us-gaap:EmployeeSeveranceMembermlkn:May2020RestructuringPlanMember2022-02-26mlkn:position0000066382us-gaap:EmployeeSeveranceMembermlkn:May2020RestructuringPlanMember2021-05-302022-02-260000066382us-gaap:EmployeeSeveranceMembermlkn:May2020RestructuringPlanMember2020-03-012022-02-260000066382us-gaap:EmployeeSeveranceMembermlkn:May2020RestructuringPlanMember2021-05-290000066382us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:OtherNoncurrentAssetsMember2022-02-260000066382us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:OtherNoncurrentAssetsMember2021-05-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended February 26, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 001-15141
__________________________________________
MillerKnoll, Inc.
(Exact name of registrant as specified in its charter)
__________________________________________
Michigan38-0837640
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
855 East Main Avenue
Zeeland, MI 49464
(Address of principal executive offices and zip code)
(616) 654-3000
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.20 per shareMLKNNasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit such files).    Yes  x    No  o 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated fileroNon-accelerated filer  oSmaller reporting companyEmerging growth company
                
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes  ☐  No  

As of April 1, 2022, MillerKnoll, Inc. had 75,792,770 shares of common stock outstanding.






MillerKnoll, Inc.
Form 10-Q
Table of Contents
 Page No.
Part I — Financial Information 
Item 1 Financial Statements (Unaudited) 
Condensed Consolidated Statements of Comprehensive Income (Loss) — Three and Nine Months Ended February 26, 2022 and February 27, 2021
Condensed Consolidated Balance Sheets — February 26, 2022 and May 29, 2021
Condensed Consolidated Statements of Cash Flows — Nine Months Ended February 26, 2022 and February 27, 2021
Condensed Consolidated Statements of Stockholders' Equity — Nine Months Ended February 26, 2022 and February 27, 2021
Notes to Condensed Consolidated Financial Statements
Note 4 - Leases
Note 11 - Income Taxes
Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 Quantitative and Qualitative Disclosures about Market Risk
Item 4 Controls and Procedures
Part II — Other Information
Item 1   Legal Proceedings
Item 1A Risk Factors
Item 2   Unregistered Sales of Equity Securities and Use of Proceeds
Item 6   Exhibits
Signatures
 



PART I - FINANCIAL INFORMATION
Item 1: Financial Statements
MillerKnoll, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Dollars in millions, except share data) Three Months EndedNine Months Ended
(Unaudited) February 26, 2022February 27, 2021February 26, 2022February 27, 2021
Net sales$1,029.5 $590.5 $2,845.5 $1,843.6 
Cost of sales692.7 359.6 1,880.6 1,118.4 
Gross margin336.8 230.9 964.9 725.2 
Operating expenses:
Selling, general and administrative282.3 157.4 907.8 450.2 
Restructuring expense, net 0.3  1.5 
Design and research28.0 18.1 79.6 52.0 
Total operating expenses310.3 175.8 987.4 503.7 
Operating earnings (loss) 26.5 55.1 (22.5)221.5 
Interest expense10.2 3.6 24.9 10.8 
Interest and other investment income0.6 0.5 1.2 1.3 
Other (income) expense, net(0.2)(4.6)11.9 (7.3)
Earnings (loss) before income taxes and equity income17.1 56.6 (58.1)219.3 
Income tax expense (benefit)2.7 13.0 (11.5)49.9 
Equity (loss) income from nonconsolidated affiliates, net of tax (0.3) 0.1 
Net earnings (loss)14.4 43.3 (46.6)169.5 
Net earnings attributable to redeemable noncontrolling interests1.8 1.8 5.7 3.8 
Net earnings (loss) attributable to MillerKnoll, Inc.$12.6 $41.5 $(52.3)$165.7 
Earnings (loss) per share — basic$0.17 $0.70 $(0.72)$2.81 
Earnings (loss) per share — diluted$0.16 $0.70 $(0.72)$2.80 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments$5.4 $10.8 $(48.7)$45.9 
Pension and post-retirement liability adjustments1.5 1.1 5.6 3.7 
Unrealized gains on interest rate swap agreement10.2 6.7 13.2 7.8 
Unrealized holding loss on available for sale securities   (0.1)
Other comprehensive income (loss), net of tax17.1 18.6 (29.9)57.3 
Comprehensive income (loss)31.5 61.9 (76.5)226.8 
Comprehensive income (loss) attributable to redeemable noncontrolling interests1.8 2.1 3.7 6.9 
Comprehensive income (loss) attributable to MillerKnoll, Inc.$29.7 $59.8 $(80.2)$219.9 
See accompanying notes to Condensed Consolidated Financial Statements.
MillerKnoll, Inc. and Subsidiaries 3


MillerKnoll, Inc.
Condensed Consolidated Balance Sheets
(Dollars in millions, except share data)
(Unaudited) February 26, 2022May 29, 2021
ASSETS
Current Assets:
Cash and cash equivalents$245.9 $396.4 
Short-term investments 7.7 
Accounts receivable, net of allowances of $8 and $5.5
313.8 204.7 
Unbilled accounts receivable42.1 16.4 
Inventories520.8 213.6 
Prepaid expenses139.9 45.1 
Other current assets8.6 7.6 
Total current assets1,271.1 891.5 
Property and equipment, at cost1,488.9 1,159.7 
Less — accumulated depreciation(904.6)(832.5)
Net property and equipment584.3 327.2 
Right-of-use assets418.6 214.7 
Goodwill1,282.7 364.2 
Indefinite-lived intangibles503.8 97.6 
Other amortizable intangibles, net of accumulated amortization of $120.7 and $68.6
378.1 105.2 
Other noncurrent assets79.1 61.5 
Total Assets$4,517.7 $2,061.9 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS & STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable$340.8 $178.4 
Short-term borrowings and current portion of long-term debt28.8 2.2 
Accrued compensation and benefits102.1 90.2 
Short-term lease liability78.7 44.8 
Accrued warranty19.9 14.5 
Customer deposits126.9 43.1 
Other accrued liabilities136.4 103.4 
Total current liabilities833.6 476.6 
Long-term debt1,384.9 274.9 
Pension and post-retirement benefits37.9 34.5 
Lease liabilities392.4 221.1 
Other liabilities344.9 128.2 
Total Liabilities2,993.7 1,135.3 
Redeemable noncontrolling interests68.1 77.0 
Stockholders' Equity:
Preferred stock, no par value (10,000,000 shares authorized, none issued)
  
Common stock, $0.20 par value (240,000,000 shares authorized, 75,798,552 and 59,029,165 shares issued and outstanding in fiscal 2022 and 2021, respectively)
15.2 11.8 
Additional paid-in capital820.6 94.7 
Retained earnings713.1 808.4 
Accumulated other comprehensive loss(93.0)(65.1)
Deferred compensation plan (0.2)
Total Stockholders' Equity 1,455.9 849.6 
Total Liabilities, Redeemable Noncontrolling Interests, and Stockholders' Equity$4,517.7 $2,061.9 
See accompanying notes to Condensed Consolidated Financial Statements.
4 Form 10-Q


MillerKnoll, Inc.
Condensed Consolidated Statements of Cash Flows
(Dollars in millions) Nine Months Ended
(Unaudited) February 26, 2022February 27, 2021
Cash Flows from Operating Activities:
Net (loss) earnings$(46.6)$169.5 
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Depreciation and amortization150.3 64.8 
Stock-based compensation27.0 6.1 
Pension and post-retirement expenses(6.2)2.3 
Deferred taxes(16.4)4.1 
(Gain) loss on sales of property and dealers(2.0)0.2 
Loss on impairment15.5  
Loss on extinguishment of debt13.4  
(Increase) in current assets(219.6)(6.4)
Increase in current liabilities33.5 9.7 
(Decrease) increase in non-current liabilities(8.6)11.0 
Other, net1.8 (1.2)
Net Cash (Used in) Provided by Operating Activities(57.9)260.1 
Cash Flows from Investing Activities:
Proceeds from sale of subsidiary 11.5 
Proceeds from sale of property and dealers2.8  
Capital expenditures(65.8)(42.8)
Acquisitions, net of cash received(1,088.5) 
Proceeds from the sale of investments7.7  
Other, net(1.2)(11.6)
Net Cash Used for Investing Activities(1,145.0)(42.9)
Cash Flows from Financing Activities:
Repayments of long-term debt(56.6) 
Proceeds from issuance of debt, net of discounts1,007.0  
Payments of deferred financing costs(9.3) 
Proceeds from credit facility815.7  
Repayments of credit facility(627.7)(265.0)
Payment of make whole premium on debt(13.4) 
Dividends paid(39.8)(23.4)
Common stock issued6.8 3.9 
Common stock repurchased and retired(16.0)(0.9)
Other, net(5.3)(1.9)
Net Cash Provided by (Used in) Financing Activities1,061.4 (287.3)
Effect of Exchange Rate Changes on Cash and Cash Equivalents(9.0)13.5 
Net Decrease in Cash and Cash Equivalents(150.5)(56.6)
Cash and Cash Equivalents, Beginning of Period396.4 454.0 
Cash and Cash Equivalents, End of Period$245.9 $397.4 
See accompanying notes to Condensed Consolidated Financial Statements.
MillerKnoll, Inc. and Subsidiaries 5


MillerKnoll, Inc.
Condensed Consolidated Statements of Stockholders' Equity
Nine Months Ended February 26, 2022
(Dollars in millions, except share data)Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossDeferred Compensation PlanMillerKnoll, Inc. Stockholders' Equity
(Unaudited)SharesAmount
May 29, 202159,029,165 $11.8 $94.7 $808.4 $(65.1)$(0.2)$849.6 
Net earnings— — — (61.5)— — (61.5)
Other comprehensive income, net of tax— — — — (15.2)— (15.2)
Stock-based compensation expense— — 15.1 — — — 15.1 
Exercise of stock options49,584 — 1.3 — — — 1.3 
Restricted and performance stock units released358,016 — — — — —  
Employee stock purchase plan issuances19,020 — 0.7 — — — 0.7 
Repurchase and retirement of common stock(267,522)— (11.0)— — — (11.0)
Shares issued for the acquisition of Knoll 15,843,921 3.2 685.1 — — — 688.3 
Pre-combination expense from Knoll rollover751,907 0.2 22.4 — — — 22.6 
Dividends declared $0.1875 per share)
— — — (14.3)— — (14.3)
August 28, 202175,784,091 $15.2 $808.3 $732.6 $(80.3)$(0.2)$1,475.6 
Net earnings— — — (3.4)— — (3.4)
Other comprehensive income, net of tax— — — — (27.8)— (27.8)
Stock-based compensation expense— — 7.0 — — — 7.0 
Exercise of stock options52,697 — 1.5 — — — 1.5 
Restricted and performance stock units released91,443 — 0.2 — — — 0.2 
Employee stock purchase plan issuances18,813 — 0.6 — — — 0.6 
Repurchase and retirement of common stock(76,246)— (3.3)— — — (3.3)
Forfeiture of shares(130,410)(0.1)— — — — (0.1)
NCI Adjustment— — 0.5 — — — 0.5 
Dividends declared ($0.1875 per share)
— — — (14.4)— — (14.4)
November 27, 202175,740,388 $15.1 $814.8 $714.8 $(108.1)$(0.2)$1,436.4 
Net earnings— — 12.6 — — 12.6 
Other comprehensive income, net of tax— — — — 15.1 — 15.1 
Stock-based compensation expense— — 4.9 — — — 4.9 
Exercise of stock options11,053 — 0.3 — — — 0.3 
Restricted and performance stock units released45,417 — — — — —  
Employee stock purchase plan issuances20,437 — 0.7 — — — 0.7 
Directors Fees23,255 0.1 1.5 1.6 
Deferred compensation plan— — — — — 0.2 0.2 
Repurchase and retirement of common stock(41,346)— (1.6)— — — (1.6)
Forfeiture of shares(652)— — — — —  
Dividends declared ($0.1875 per share)
— — — (14.3)— — (14.3)
February 26, 202275,798,552 $15.2 $820.6 $713.1 $(93.0)$ $1,455.9 
6 Form 10-Q


Nine Months Ended February 27, 2021
(Dollars in millions, except share data) Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossDeferred Compensation PlanMillerKnoll, Inc. Stockholders' Equity
(Unaudited) SharesAmount
May 30, 202058,793,275 $11.8 $81.6 $683.9 $(134.0)$(0.3)$643.0 
Net earnings— — — 73.0 — — 73.0 
Other comprehensive income, net of tax— — — — 28.9 — 28.9 
Stock-based compensation expense— — 1.5 — — — 1.5 
Exercise of stock options8,133 — 0.2 — — — 0.2 
Restricted and performance stock units released106,607 — — — — —  
Employee stock purchase plan issuances25,116 — 0.6 — — — 0.6 
Repurchase and retirement of common stock(36,644)— (0.9)— — — (0.9)
Directors' fees3,013 — 0.1 — — — 0.1 
August 29, 202058,899,500 $11.8 $83.1 $756.9 $(105.1)$(0.3)$746.4 
Net earnings— — — 51.3 — — 51.3 
Other comprehensive income, net of tax— — — — 7.0 — 7.0 
Stock-base compensation expense— — 2.4 — — — 2.4 
Exercise of stock options54,771 — 1.9 — — — 1.9 
Restricted and performance stock units released3,688 — — — — —  
Employee stock purchase plan issuances14,880 — 0.4 — — — 0.4 
Repurchase and retirement of common stock(1,198)— — — — —  
Dividends declared ($0.1875 per share)
— — $— (11.1)— — (11.1)
November 28, 202058,971,641 $11.8 $87.8 $797.1 $(98.1)$(0.3)$798.3 
Net earnings— $— — 41.5 — — 41.5 
Other comprehensive income, net of tax— — — — 18.3 — 18.3 
Stock-based compensation expense— — 2.2 — — — 2.2 
Exercise of stock options10,628 — 0.1 — — — 0.1 
Restricted and performance stock units released1,736 — 0.1 — — — 0.1 
Employee stock purchase plan issuances17,709 — 0.6 — — — 0.6 
Repurchase and retirement of common stock(579)— — — — —  
Deferred compensation plan— — — — — 0.1 0.1 
Dividends declared ($0.1875 per share)
— — — (11.1)— — (11.1)
February 27, 202159,001,135 $11.8 $90.8 $827.5 $(79.8)$(0.2)$850.1