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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549


FORM 10-Q

[ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
[ _ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For Quarter Ended March 2, 2019
 
Commission File No. 001-15141


HERMAN MILLER, INC.

A Michigan Corporation
 
ID No. 38-0837640
 
 
 
855 East Main Avenue, Zeeland, MI 49464-0302
 
Phone (616) 654 3000


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, and (2) has been subject to such filing requirements for the past 90 days.
Yes [ X ] No [_]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). 
Yes [ X ] No [_]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer [ X ]
 Accelerated filer [_]
Non-accelerated filer [_]
Smaller reporting company [_]
Emerging 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 Exchange Act).
Yes [_] No [ X ]


Common Stock Outstanding at April 8, 2019 - 58,812,564 shares





Herman Miller, Inc. Form 10-Q
Table of Contents

 
 
Page No.
Part I — Financial Information
 
 
Item 1 Financial Statements (Unaudited)
 
 
Condensed Consolidated Statements of Comprehensive Income — Three and Nine Months Ended March 2, 2019 and March 3, 2018
 
Condensed Consolidated Balance Sheets — March 2, 2019 and June 2, 2018
 
Condensed Consolidated Statements of Cash Flows — Nine Months Ended March 2, 2019 and March 3, 2018
 
Condensed Consolidated Statements of Stockholders' Equity — Nine Months Ended March 2, 2019 and March 3, 2018
 
Notes to Condensed Consolidated Financial Statements
 
 
 
 
 
 
 
 
 
 
 
Note 10 - Income Taxes
 
 
 
Note 13 - Debt
 
 
 
 
 
 
 
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 3   Defaults upon Senior Securities
 
Item 4   Mine Safety Disclosures
 
Item 5   Other Information
 
Item 6   Exhibits
 
Signatures
 

2





Herman Miller, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Dollars in millions, except per share data)
(Unaudited)
 
Three Months Ended
 
Nine Months Ended
 
March 2, 2019
 
March 3, 2018
 
March 2, 2019
 
March 3, 2018
Net sales
$
619.0

 
$
578.4

 
$
1,896.2

 
$
1,763.2

Cost of sales
398.0

 
372.6

 
1,214.5

 
1,118.5

Gross margin
221.0

 
205.8

 
681.7

 
644.7

Operating expenses:
 
 
 
 
 
 
 
Selling, general and administrative
153.7

 
149.0

 
476.5

 
449.6

Restructuring and impairment expenses
0.3

 

 
1.7

 
1.9

Design and research
19.2

 
18.1

 
56.6

 
54.6

Total operating expenses
173.2

 
167.1

 
534.8

 
506.1

Operating earnings
47.8

 
38.7

 
146.9

 
138.6

Other expenses:
 
 
 
 
 
 
 
Interest expense
3.0

 
3.2

 
9.1

 
10.6

Other, net
(0.8
)
 
(0.7
)
 
(1.3
)
 
(1.7
)
Earnings before income taxes and equity income
45.6

 
36.2

 
139.1

 
129.7

Income tax expense
7.3

 
6.9

 
27.3

 
35.4

Equity income from nonconsolidated affiliates, net of tax
1.0

 
0.7

 
2.8

 
2.2

Net earnings
39.3

 
30.0

 
114.6

 
96.5

Net earnings attributable to noncontrolling interests
0.1

 
0.2

 
0.1

 
0.2

Net earnings attributable to Herman Miller, Inc.
$
39.2

 
$
29.8

 
$
114.5

 
$
96.3

 
 
 
 
 
 
 
 
Earnings per share — basic
$
0.67

 
$
0.50

 
$
1.94

 
$
1.61

Earnings per share — diluted
$
0.66

 
$
0.49

 
$
1.92

 
$
1.60

 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax
 
 
 
 
 
 
 
Foreign currency translation adjustments
$
8.0

 
$
1.7

 
$
(4.4
)
 
$
6.3

Pension and other post-retirement plans
0.6

 
0.9

 
1.7

 
2.6

Interest rate swaps
(4.4
)
 
5.9

 
(3.9
)
 
6.9

Unrealized holding loss
0.1

 

 

 

Other comprehensive income (loss)
4.3

 
8.5

 
(6.6
)
 
15.8

Comprehensive income
43.6

 
38.5

 
108.0

 
112.3

Comprehensive income attributable to noncontrolling interests
0.1

 
0.2

 
0.1

 
0.2

Comprehensive income attributable to Herman Miller, Inc.
$
43.5

 
$
38.3

 
$
107.9

 
$
112.1


See accompanying notes to condensed consolidated financial statements.


3



Herman Miller, Inc.
Condensed Consolidated Balance Sheets
(Dollars in millions, except per share data)
(Unaudited)
 
March 2, 2019
 
June 2, 2018
ASSETS
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
113.5

 
$
203.9

Short-term investments
8.9

 
8.6

Accounts and notes receivable, net
221.0

 
217.4

Unbilled accounts receivable
25.5

 
1.9

Inventories, net
191.9

 
162.4

Prepaid expenses and other
58.2

 
51.2

Total current assets
619.0

 
645.4

Property and equipment, at cost
1,068.1

 
1,020.8

Less — accumulated depreciation
(729.3
)
 
(689.4
)
Net property and equipment
338.8

 
331.4

Goodwill
304.0

 
304.1

Indefinite-lived intangibles
78.1

 
78.1

Other amortizable intangibles, net
42.6

 
41.3

Other noncurrent assets
146.7

 
79.2

Total Assets
$
1,529.2

 
$
1,479.5

 
 
 
 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS & STOCKHOLDERS' EQUITY
 
 
 
Current Liabilities:
 
 
 
Accounts payable
$
175.7

 
$
171.4

Accrued compensation and benefits
73.9

 
86.3

Accrued warranty
52.5

 
51.5

Customer deposits
36.4

 
27.6

Other accrued liabilities
80.4

 
77.0

Total current liabilities
418.9

 
413.8

Long-term debt
281.9

 
275.0

Pension and post-retirement benefits
13.6

 
15.6

Other liabilities
79.2

 
79.8

Total Liabilities
793.6

 
784.2

Redeemable noncontrolling interests
20.7

 
30.5

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, 58,823,817 and 59,230,974 shares issued and outstanding in 2019 and 2018, respectively)
11.8

 
11.7

Additional paid-in capital
92.0

 
116.6

Retained earnings
678.3

 
598.3

Accumulated other comprehensive loss
(66.5
)
 
(61.3
)
Key executive deferred compensation plans
(0.8
)
 
(0.7
)
Herman Miller, Inc. Stockholders' Equity
714.8

 
664.6

Noncontrolling Interests
0.1

 
0.2

Total Stockholders' Equity
714.9

 
664.8

Total Liabilities, Redeemable Noncontrolling Interests, and Stockholders' Equity
$
1,529.2

 
$
1,479.5


See accompanying notes to condensed consolidated financial statements.

4



Herman Miller, Inc.
Condensed Consolidated Statements of Cash Flows
(Dollars in millions)
(Unaudited)

Nine Months Ended
March 2, 2019

March 3, 2018
Cash Flows from Operating Activities:



Net earnings
$
114.6

 
$
96.5

Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
Depreciation and amortization
55.3

 
49.4

Stock-based compensation
7.2

 
4.8

Pension and post-retirement expenses
0.8

 
1.1

Pension contributions

 
(12.0
)
Earnings from nonconsolidated affiliates net of dividends received
(0.8
)
 
(0.5
)
Deferred taxes

 
(10.3
)
Gain on sales of property and dealers

 
(0.8
)
Restructuring and impairment expenses
1.7

 
1.9

Increase in current assets
(55.3
)
 
(18.1
)
Increase (decrease) in current liabilities
7.5

 
(12.2
)
Increase in non-current liabilities
0.4

 
11.4

Other, net
(0.8
)
 
(0.5
)
Net Cash Provided by Operating Activities
130.6

 
110.7

 
 
 
 
Cash Flows from Investing Activities:
 
 
 
Proceeds from sale of property and dealers

 
2.0

Marketable securities purchases
(1.6
)
 
(0.7
)
Marketable securities sales
1.3

 
0.8

Equity investment in non-controlled entities
(71.6
)
 

Capital expenditures
(63.0
)
 
(51.0
)
Proceeds from life insurance policy

 
8.1

Purchase of HAY licensing agreement
(4.8
)
 

Net advances on notes receivable
(1.0
)
 
(1.1
)
Other, net
(1.7
)
 
(0.6
)
Net Cash Used in Investing Activities
(142.4
)
 
(42.5
)
 
 
 
 
Cash Flows from Financing Activities:
 
 
 
Dividends paid
(34.0
)
 
(31.7
)
Proceeds from issuance of long-term debt

 
340.4

Payments of long-term debt

 
(265.4
)
Common stock issued
11.1

 
15.8

Common stock repurchased and retired
(43.4
)
 
(30.1
)
Purchase of redeemable noncontrolling interests
(10.1
)
 
(1.0
)
Net payments from supplier financing program
(0.3
)
 

Other, net
0.1

 
0.3

Net Cash (Used in) Provided by Financing Activities
(76.6
)
 
28.3

 
 
 
 
Effect of Exchange Rate Changes on Cash and Cash Equivalents
(2.0
)
 
0.3

Net Decrease in Cash and Cash Equivalents
(90.4
)
 
96.8

 
 
 
 
Cash and Cash Equivalents, Beginning of Period
203.9

 
96.2

Cash and Cash Equivalents, End of Period
$
113.5

 
$
193.0


See accompanying notes to condensed consolidated financial statements.

5



Herman Miller, Inc.
Condensed Consolidated Statements of Stockholders' Equity
(Dollars in millions, except share data)
(Unaudited)

 
Nine Months Ended March 2, 2019
 
Preferred Stock
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Key Executive Deferred Compensation
 
Herman Miller, Inc. Stockholders' Equity
 
Noncontrolling Interests
 
Total Stockholders' Equity
 
 
Shares
 
Amount
 
 
 
 
 
 
 
June 2, 2018
$

 
59,230,974

 
$
11.7

 
$
116.6

 
$
598.3

 
$
(61.3
)
 
$
(0.7
)
 
$
664.6

 
$
0.2

 
$
664.8

Net earnings

 

 

 

 
35.8

 

 

 
35.8

 

 
35.8

Other comprehensive loss

 

 

 

 

 
(7.8
)
 

 
(7.8
)
 

 
(7.8
)
Stock-based compensation expense

 

 

 
2.2

 

 

 

 
2.2

 

 
2.2

Exercise of stock options

 
265,739

 
0.2

 
7.9

 

 

 

 
8.1

 

 
8.1

Restricted and performance stock units released

 
335,266

 
0.1

 

 

 

 

 
0.1

 

 
0.1

Employee stock purchase plan issuances

 
16,805

 

 
0.5

 

 

 

 
0.5

 

 
0.5

Repurchase and retirement of common stock

 
(545,866
)
 
(0.1
)
 
(20.7
)
 

 

 

 
(20.8
)
 

 
(20.8
)
Dividends declared ($0.1975 per share)

 

 

 

 
(11.6
)
 

 

 
(11.6
)
 

 
(11.6
)
Cumulative effect of accounting changes

 

 

 

 
2.0

 
(0.1
)
 

 
1.9

 

 
1.9

September 1, 2018
$

 
59,302,918

 
$
11.9

 
$
106.5

 
$
624.5

 
$
(69.2
)
 
$
(0.7
)
 
$
673.0

 
$
0.2

 
$
673.2

Net earnings

 

 

 

 
39.3

 

 

 
39.3

 

 
39.3

Other comprehensive loss

 

 

 

 

 
(3.1
)
 

 
(3.1
)
 

 
(3.1
)
Stock-based compensation expense

 

 

 
2.5

 

 

 

 
2.5

 

 
2.5

Exercise of stock options

 
53,614

 

 
1.3

 

 

 

 
1.3

 

 
1.3

Restricted and performance stock units released

 
7,511

 

 

 

 

 

 

 

 

Employee stock purchase plan issuances

 
14,813

 

 
0.5

 

 

 

 
0.5

 

 
0.5

Repurchase and retirement of common stock

 
(476,854
)
 
(0.1
)
 
(16.5
)
 

 

 

 
(16.6
)
 

 
(16.6
)
Dividends declared ($0.1975 per share)

 

 

 

 
(11.7
)
 

 

 
(11.7
)
 

 
(11.7
)
Cumulative effect of accounting changes

 

 

 

 
(1.5
)
 
1.5

 

 

 

 

December 1, 2018
$

 
58,902,002

 
$
11.8

 
$
94.3

 
$
650.6

 
$
(70.8
)
 
$
(0.7
)
 
$
685.2

 
$
0.2

 
$
685.4

Net earnings

 

 

 

 
39.2

 

 

 
39.2

 
0.1

 
39.3

Other comprehensive income

 

 

 

 

 
4.3

 

 
4.3

 

 
4.3

Stock-based compensation expense

 

 

 
2.8

 

 

 

 
2.8

 
(0.2
)
 
2.6

Exercise of stock options

 
3,197

 

 

 

 

 

 

 

 

Restricted and performance stock units released

 
75,917

 

 
0.1

 

 

 

 
0.1

 

 
0.1

Employee stock purchase plan issuances

 
16,253

 

 
0.5

 

 

 

 
0.5

 

 
0.5

Repurchase and retirement of common stock

 
(183,737
)
 

 
(6.0
)
 

 

 

 
(6.0
)
 

 
(6.0
)
Directors' fees

 
10,185

 

 
0.3

 

 

 

 
0.3

 

 
0.3

Deferred compensation plan

 

 

 

 

 

 
(0.1
)
 
(0.1
)
 

 
(0.1
)
Dividends declared ($0.1975 per share)

 

 

 

 
(11.5
)
 

 

 
(11.5
)
 

 
(11.5
)
March 2, 2019
$

 
58,823,817

 
$
11.8

 
$
92.0

 
$
678.3

 
$
(66.5
)
 
$
(0.8
)
 
$
714.8

 
$
0.1

 
$
714.9


For certain items, the sum of the quarterly information above does not equal the year to date amounts reflected throughout this Form 10-Q due to rounding associated with the calculations on an individual quarter basis. These differences are not material to the Condensed Consolidated Financial Statements.


6



 
Nine Months Ended March 3, 2018
 
Preferred Stock
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Key Executive Deferred Compensation
 
Herman Miller, Inc. Stockholders' Equity
 
Noncontrolling Interests
 
Total Stockholders' Equity
 
 
Shares
 
Amount
 
 
 
 
 
 
 
June 3, 2017
$

 
59,715,824

 
$
11.9

 
$
139.3

 
$
519.5

 
$
(82.2
)
 
$
(1.0
)
 
$
587.5

 
$
0.2

 
$
587.7

Net earnings

 

 

 

 
33.0

 

 

 
33.0

 

 
33.0

Other comprehensive income

 

 

 

 

 
3.7

 

 
3.7

 

 
3.7

Stock-based compensation expense

 

 

 
1.7

 

 

 

 
1.7

 

 
1.7

Exercise of stock options

 
150,556

 
0.1

 
3.8

 

 

 

 
3.9

 

 
3.9

Restricted and performance stock units released

 
220,850

 

 

 

 

 

 

 

 

Employee stock purchase plan issuances

 
18,223

 

 
0.5

 

 

 

 
0.5

 

 
0.5

Repurchase and retirement of common stock

 
(330,963
)
 

 
(11.1
)
 

 

 

 
(11.1
)
 

 
(11.1
)
Dividends declared ($0.1800 per share)

 

 

 

 
(10.8
)
 

 

 
(10.8
)
 

 
(10.8
)
Redemption value adjustment

 

 

 

 
0.2

 

 

 
0.2

 

 
0.2

Cumulative effect of accounting changes

 

 

 
(0.3
)
 
0.2

 

 

 
(0.1
)
 

 
(0.1
)
September 2, 2017
$

 
59,774,490

 
$
12.0

 
$
133.9

 
$
542.1

 
$
(78.5
)
 
$
(1.0
)
 
$
608.5

 
$
0.2

 
$
608.7

Net earnings

 

 

 

 
33.5

 

 

 
33.5

 

 
33.5

Other comprehensive income

 

 

 

 

 
3.6

 

 
3.6

 

 
3.6

Stock-based compensation expense

 

 

 
1.1

 

 

 

 
1.1

 

 
1.1

Exercise of stock options

 
37,469

 

 
0.9

 

 

 

 
0.9

 

 
0.9

Restricted and performance stock units released

 
14,424

 

 

 

 

 

 

 

 

Employee stock purchase plan issuances

 
15,192

 

 
0.6

 

 

 

 
0.6

 

 
0.6

Repurchase and retirement of common stock

 
(177,511
)
 
(0.1
)
 
(6.1
)
 

 

 

 
(6.2
)
 

 
(6.2
)
Dividends declared ($0.1800 per share)

 

 

 

 
(10.8
)
 

 

 
(10.8
)
 

 
(10.8
)
Redemption value adjustment

 

 

 

 
(0.3
)
 

 

 
(0.3
)
 

 
(0.3
)
Cumulative effect of accounting changes

 

 

 

 
(0.1
)
 

 

 
(0.1
)
 

 
(0.1
)
December 2, 2017
$

 
59,664,064

 
$
11.9

 
$
130.4

 
$
564.4

 
$
(74.9
)
 
$
(1.0
)
 
$
630.8

 
$
0.2

 
$
631.0

Net earnings

 

 

 

 
29.8

 

 

 
29.8

 
0.2

 
30.0

Other comprehensive income

 

 

 

 

 
8.5

 

 
8.5

 

 
8.5

Stock-based compensation expense

 

 

 
1.8

 

 

 

 
1.8