UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
__________________________________________
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of principal executive offices and zip code)
(616 ) 654-3000
(Registrant's telephone number, including area code)
__________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
Item 2.02 Results of Operations and Financial Condition
The information set forth under Item 7.01 is incorporated into this Item 2.02 by reference.
All information in this Form 8-K, including the attached Exhibits, shall not be deemed filed for purposes of Section 18 of the Securities Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure
As previously disclosed in our Annual Report on Form 10-K for the year ended May 28, 2022 filed with the Securities and Exchange Commission on July 26, 2022, MillerKnoll, Inc. (the "Company") has changed reporting segments in accordance with changes in the organizational structure effective May 29, 2022, the first day of fiscal year 2023. The Company has aligned internal management reporting to correspond to this new structure, resulting in the following changes to reporting segments.
•The reportable segments now consist of three segments: Americas Contract, International Contract & Specialty, and Global Retail.
•The activities related to the manufacture and sale of furniture products direct to consumers and third-party retailers for the Knoll, Muuto and Fully brands that were previously reported within the Knoll segment have been moved to the Global Retail segment.
•The activities related to the manufacture and sale of furniture products in the Americas for the Knoll, Muuto and Datesweiser brands that were previously reported within the Knoll segment have been moved to the Americas Contract segment.
•The activities related to the manufacture and sale of furniture products in geographies other than the Americas for the Knoll and Muuto brands have been moved to the International Contract & Specialty segment.
•The activities related to manufacture and sale of products for the Maharam brand have been moved from the Americas Contract segment to the International Contract & Specialty segment, along with the activities of Holly Hunt, Spinneybeck, Knoll Textiles, and Edelman, which were previously reported within the Knoll segment.
The Company is filing this Current Report on Form 8-K to reflect selected historical quarterly and annual operating segment information for the new reporting segments to help investors and analysts better understand the historical financial and operating results of the current reporting segments.
A summary of each reporting segment is as follows:
The Americas Contract ("Americas") segment includes the operations associated with the design, manufacture and sale of furniture products directly or indirectly through an independent dealership network for office, healthcare, and educational environments throughout North and South America.
The International Contract and Specialty ("International & Specialty") segment includes the operations associated with the design, manufacture and sale of furniture products, indirectly or directly through an independent dealership network in Europe, the Middle East, Africa and Asia-Pacific as well as the global operations of the Specialty brands, which include Holly Hunt, Spinneybeck, Maharam, Edelman, and Knoll Textiles.
The Global Retail ("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.
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 reviews results of the Company.
As a result of these changes to segment reporting, the Company has updated its historical segment data for the quarterly periods within each of the fiscal years ended May 29, 2021 and May 28, 2022. The updates relate solely to the presentation of operating
segment-specific information as described above and neither represents a restatement of previously issued financial statements nor affect our previously reported consolidated financial condition, results of operation or cash flows. The updated information should be read in conjunction with our previously filed reports.
This information will be made available through the "Investors" section on the Company's website at www.millerknoll.com. A copy of the supplemental financial data of the revised segment data for the quarterly periods within each of the fiscal years ended May 29, 2021 and May 28, 2022 is also attached to this Form 8-K as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
Exhibit 99.1 Supplemental quarterly and annual segment financial and operational information for the years ended May 29, 2021 and May 28, 2022.
Non-GAAP Financial Measures and Other Supplemental Data
Exhibit 99.1 contains certain non-GAAP financial measures that are not in accordance with, nor an alternative to, generally accepted accounting principles (GAAP) and may be different from non-GAAP measures presented by other companies. Please see the related disclaimers and reconciliations to the most directly comparable GAAP financial measures on Exhibit 99.1.
(d) Exhibits.
Number Description
104 Cover Page Interactive Data File (embedded within the Inline XBRL Document)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Dated: | September 8, 2022 | MillerKnoll, Inc. | |||||||||
| (Registrant) | |||||||||||
| By: | /s/ Jeffrey M. Stutz Jeffrey M. Stutz | ||||||||||
| Chief Financial Officer (Duly Authorized Signatory for Registrant) | |||||||||||
Exhibit 99.1
MillerKnoll, Inc. Supplemental Financial Data
Revised Quarterly Segment Data for the quarterly periods within each of the fiscal years ended May 29, 2021 and May 28, 2022
(Unaudited) ($ in millions)
I.Segment Information
The tables below summarize, for the periods indicated, the revised reportable segments and the other supplemental data of MillerKnoll, Inc.
A.Quarterly Segment Data for Fiscal 2022
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| August 28, 2021 | November 27, 2021 | February 26, 2022 | May 28, 2022 | May 28, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Americas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales (1) | $ | 381.3 | 100.0 | % | $ | 499.3 | 100.0 | % | $ | 509.4 | 100.0 | % | $ | 539.2 | 100.0 | % | $ | 1,929.1 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
Gross Margin | 106.2 | 27.9 | % | 128.4 | 25.7 | % | 120.9 | 23.7 | % | 137.6 | 25.5 | % | 493.1 | 25.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses (1) | 116.8 | 30.6 | % | 139.3 | 27.9 | % | 129.5 | 25.4 | % | 131.6 | 24.4 | % | 517.1 | 26.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating (Loss) Earnings (1) | $ | (10.6) | (2.8) | % | $ | (10.9) | (2.2) | % | $ | (8.6) | (1.7) | % | $ | 6.0 | 1.1 | % | $ | (24.0) | (1.2) | % | |||||||||||||||||||||||||||||||||||||||
| International & Specialty | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales (1) | $ | 167.1 | 100.0 | % | $ | 247.0 | 100.0 | % | $ | 241.0 | 100.0 | % | $ | 273.3 | 100.0 | % | $ | 928.5 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
| Gross Margin | 67.2 | 40.2 | % | 98.5 | 39.9 | % | 93.9 | 39.0 | % | 113.0 | 41.3 | % | 372.6 | 40.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses (1) | 60.6 | 36.3 | % | 83.7 | 33.9 | % | 76.9 | 31.9 | % | 81.4 | 29.8 | % | 302.7 | 32.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Earnings (1) | $ | 6.6 | 3.9 | % | $ | 14.8 | 6.0 | % | $ | 17.0 | 7.1 | % | $ | 31.6 | 11.6 | % | $ | 69.9 | 7.5 | % | |||||||||||||||||||||||||||||||||||||||
| Retail | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Sales | $ | 241.3 | 100.0 | % | $ | 280.0 | 100.0 | % | $ | 279.1 | 100.0 | % | $ | 288.0 | 100.0 | % | $ | 1,088.4 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
Gross Margin | 104.3 | 43.2 | % | 126.1 | 45.0 | % | 124.7 | 44.7 | % | 131.9 | 45.8 | % | 487.0 | 44.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses | 77.9 | 32.3 | % | 91.7 | 32.8 | % | 88.4 | 31.7 | % | 94.5 | 32.8 | % | 352.5 | 32.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Earnings | $ | 26.4 | 10.9 | % | $ | 34.4 | 12.3 | % | $ | 36.3 | 13.0 | % | $ | 37.4 | 13.0 | % | $ | 134.5 | 12.4 | % | |||||||||||||||||||||||||||||||||||||||
| Corporate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses | $ | 75.0 | — | % | $ | 32.1 | — | % | $ | 15.5 | — | % | $ | 18.0 | — | % | $ | 140.6 | — | % | |||||||||||||||||||||||||||||||||||||||
Operating (Loss) | $ | (75.0) | — | % | $ | (32.1) | — | % | $ | (15.5) | — | % | $ | (18.0) | — | % | $ | (140.6) | — | % | |||||||||||||||||||||||||||||||||||||||
| MillerKnoll, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Sales | $ | 789.7 | 100.0 | % | $ | 1,026.3 | 100.0 | % | $ | 1,029.5 | 100.0 | % | $ | 1,100.5 | 100.0 | % | $ | 3,946.0 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
Gross Margin | 277.7 | 35.2 | % | 353.0 | 34.4 | % | 339.5 | 33.0 | % | 382.5 | 34.8 | % | 1,352.7 | 34.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses | 330.3 | 41.8 | % | 346.8 | 33.8 | % | 310.3 | 30.1 | % | 325.5 | 29.6 | % | 1,312.9 | 33.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating (Loss) Earnings | $ | (52.6) | (6.7) | % | $ | 6.2 | 0.6 | % | $ | 29.2 | 2.8 | % | $ | 57.0 | 5.2 | % | $ | 39.8 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||
(1) The sum of the quarters does not equal the annual balance reflected in the fiscal 2022 issued Consolidated Statements of Comprehensive Income due to rounding associated with the calculations on an individual quarter basis.
B. Quarterly Segment Data for Fiscal 2021
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| August 29, 2020 | November 28, 2020 | February 27, 2021 | May 29, 2021 | May 29, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Americas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales (1) | $ | 352.3 | 100.0 | % | $ | 330.5 | 100.0 | % | $ | 275.6 | 100.0 | % | $ | 276.3 | 100.0 | % | $ | 1,234.6 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
| Gross Margin | 128.8 | 36.6 | % | 114.1 | 34.5 | % | 90.8 | 32.9 | % | 76.2 | 27.6 | % | 409.9 | 33.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses (1) | 71.5 | 20.3 | % | 74.8 | 22.6 | % | 73.1 | 26.5 | % | 93.1 | 33.7 | % | 312.7 | 25.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating (Loss) Earnings (1) | $ | 57.3 | 16.3 | % | $ | 39.3 | 11.9 | % | $ | 17.7 | 6.4 | % | $ | (16.9) | (6.1) | % | $ | 97.2 | 7.9 | % | |||||||||||||||||||||||||||||||||||||||
| International & Specialty | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales (1) | $ | 114.9 | 100.0 | % | $ | 121.4 | 100.0 | % | $ | 116.3 | 100.0 | % | $ | 126.9 | 100.0 | % | $ | 479.6 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
Gross Margin (1) | 45.2 | 39.3 | % | 46.9 | 38.6 | % | 44.2 | 38.0 | % | 46.2 | 36.4 | % | 182.6 | 38.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses | 27.3 | 23.8 | % | 32.7 | 26.9 | % | 35.0 | 30.1 | % | 38.2 | 30.1 | % | 133.2 | 27.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Earnings (1) | $ | 17.9 | 15.6 | % | $ | 14.2 | 11.7 | % | $ | 9.2 | 7.9 | % | $ | 8.0 | 6.3 | % | $ | 49.4 | 10.3 | % | |||||||||||||||||||||||||||||||||||||||
| Retail | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Sales | $ | 159.6 | 100.0 | % | $ | 174.4 | 100.0 | % | $ | 198.6 | 100.0 | % | $ | 218.3 | 100.0 | % | $ | 750.9 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
Gross Margin (1) | 75.8 | 47.5 | % | 83.4 | 47.8 | % | 95.8 | 48.2 | % | 103.7 | 47.5 | % | 358.6 | 47.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses | 45.7 | 28.6 | % | 55.4 | 31.8 | % | 57.3 | 28.9 | % | 62.0 | 28.4 | % | 220.4 | 29.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Earnings (1) | $ | 30.1 | 18.9 | % | $ | 28.0 | 16.1 | % | $ | 38.5 | 19.4 | % | $ | 41.7 | 19.1 | % | $ | 138.2 | 18.4 | % | |||||||||||||||||||||||||||||||||||||||
| Corporate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses | $ | 10.1 | — | % | $ | 10.3 | — | % | $ | 10.4 | — | % | $ | 21.5 | — | % | $ | 52.3 | — | % | |||||||||||||||||||||||||||||||||||||||
Operating (Loss) | $ | (10.1) | — | % | $ | (10.3) | — | % | $ | (10.4) | — | % | $ | (21.5) | — | % | $ | (52.3) | — | % | |||||||||||||||||||||||||||||||||||||||
| MillerKnoll, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Sales | $ | 626.8 | 100.0 | % | $ | 626.3 | 100.0 | % | $ | 590.5 | 100.0 | % | $ | 621.5 | 100.0 | % | $ | 2,465.1 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
| Gross Margin | 249.8 | 39.9 | % | 244.4 | 39.0 | % | 230.8 | 39.1 | % | 226.1 | 36.4 | % | 951.1 | 38.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses (1) | 154.6 | 24.7 | % | 173.2 | 27.7 | % | 175.8 | 29.8 | % | 214.8 | 34.6 | % | 718.6 | 29.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Earnings (1) | $ | 95.2 | 15.2 | % | $ | 71.2 | 11.4 | % | $ | 55.0 | 9.3 | % | $ | 11.3 | 1.8 | % | $ | 232.5 | 9.4 | % | |||||||||||||||||||||||||||||||||||||||
(1) The sum of the quarters does not equal the annual balance reflected in the fiscal 2021 issued Consolidated Statements of Comprehensive Income due to rounding associated with the calculations on an individual quarter basis.
II. Non-GAAP Financial Measures
This presentation contains non-GAAP financial measures that are not in accordance with, nor an alternative to, generally accepted accounting principles (GAAP) and may be different from non-GAAP measures presented by other companies. These non-GAAP financial measures are not measurements of our financial performance under GAAP and should not be considered an alternative to the related GAAP measurement. These non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Our presentation of non-GAAP measures should not be construed as an indication that our future results will be unaffected by unusual or infrequent items. We compensate for these limitations by providing equal prominence of our GAAP results. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included within this presentation. The Company believes these non-GAAP measures are useful for investors as they provide financial information on a more comparative basis for the periods presented.
The non-GAAP financial measures referenced within this presentation include: Adjusted Operating Earnings (Loss) and Organic Growth (Decline).
Adjusted Operating Earnings (Loss) represents reported operating earnings plus acquisition and integration charges, amortization of purchased intangibles, restructuring expenses and other special charges. These adjustments are described further as follows:
Acquisition and integration charges: Costs related directly to the Knoll acquisition including legal, accounting and other professional fees as well as integration-related costs. Integration-related costs include severance, accelerated stock-based compensation expenses, asset impairment charges, and other cost reduction efforts or reorganization initiatives.
Amortization of purchased intangibles: Includes expenses associated with the amortization of inventory step-up and amortization of acquisition related intangibles acquired as part of the Knoll acquisition. The revenue generated by the associated intangible assets has not been excluded from the related non-GAAP financial measure. We exclude the impact of the amortization of purchased intangibles, including the fair value adjustment to inventory, as such non-cash amounts were significantly impacted by the size of the Knoll acquisition. Furthermore, we believe that this adjustment enables better comparison of our results as Amortization of Purchased Intangibles will not recur in future periods once such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets. Although we exclude the Amortization of Purchased Intangibles in these non-GAAP measures, we believe that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.
Gain on sale of dealer: Includes the gain recorded on the divestiture of an owned dealership.
Restructuring expenses: Include actions involving facilities consolidation and optimization, targeted workforce reductions, and costs associated with an early retirement program.
Special charges: Special charges include certain costs arising as a direct result of the COVID-19 pandemic, and retroactive payments related to reinstated employee benefits made in the prior year. Retroactive payments related to reinstated employee benefits were an adjustment to Operating Earnings in the fourth quarter of fiscal 2021, but not for the full year.
Organic Growth (Decline) represents the change in sales and orders, excluding currency translation effects and the impact of acquisitions and divestitures.
A.Reconciliation of Operating (Loss) Earnings to Adjusted Operating Earnings by Segment for Fiscal 2022
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| August 28, 2021 | November 27, 2021 | February 26, 2022 | May 28, 2022 | May 28, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Americas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales(1) | $ | 381.3 | 100.0 | % | $ | 499.3 | 100.0 | % | $ | 509.4 | 100.0 | % | $ | 539.2 | 100.0 | % | $ | 1,929.1 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
| Gross Margin | 106.2 | 27.9 | % | 128.4 | 25.7 | % | 120.9 | 23.7 | % | 137.6 | 25.5 | % | 493.1 | 25.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses (1) | 116.8 | 30.6 | % | 139.3 | 27.9 | % | 129.5 | 25.4 | % | 131.6 | 24.4 | % | 517.1 | 26.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating (Loss) Earnings (1) | (10.6) | (2.8) | % | (10.9) | (2.2) | % | (8.6) | (1.7) | % | 6.0 | 1.1 | % | (24.0) | (1.2) | % | ||||||||||||||||||||||||||||||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition and Integration Charges | 4.7 | 1.2 | % | 19.1 | 3.8 | % | 2.4 | 0.5 | % | 3.7 | 0.7 | % | 29.9 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of Purchased Intangibles | 18.3 | 4.8 | % | 4.3 | 0.9 | % | 3.0 | 0.6 | % | 3.1 | 0.6 | % | 28.7 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Gain on Sale of Dealer | — | — | % | — | — | % | (2.0) | (0.4) | % | — | — | % | (2.0) | (0.1) | % | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted Operating Earnings (Loss)(1) | $ | 12.4 | 3.3 | % | $ | 12.5 | 2.5 | % | $ | (5.2) | (1.0) | % | $ | 12.8 | 2.4 | % | $ | 32.6 | 1.7 | % | |||||||||||||||||||||||||||||||||||||||
| International & Specialty | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales (1) | $ | 167.1 | 100.0 | % | $ | 247.0 | 100.0 | % | $ | 241.0 | 100.0 | % | $ | 273.3 | 100.0 | % | $ | 928.5 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
| Gross Margin | 67.2 | 40.2 | % | 98.5 | 39.9 | % | 93.9 | 39.0 | % | 113.0 | 41.3 | % | 372.6 | 40.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses (1) | 60.6 | 36.3 | % | 83.7 | 33.9 | % | 76.9 | 31.9 | % | 81.4 | 29.8 | % | 302.7 | 32.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Earnings (1) | 6.6 | 3.9 | % | 14.8 | 6.0 | % | 17.0 | 7.1 | % | 31.6 | 11.6 | % | 69.9 | 7.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition and Integration Charges | — | — | % | 0.8 | 0.3 | % | 0.3 | 0.1 | % | 0.1 | — | % | 1.2 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of Purchased Intangibles (1) | 10.9 | 6.5 | % | 9.8 | 4.0 | % | 3.8 | 1.6 | % | 2.3 | 0.8 | % | 26.9 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Adjusted Operating Earnings | $ | 17.5 | 10.5 | % | $ | 25.4 | 10.3 | % | $ | 21.1 | 8.8 | % | $ | 34.0 | 12.4 | % | $ | 98.0 | 10.6 | % | |||||||||||||||||||||||||||||||||||||||
| Retail | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 241.3 | 100.0 | % | $ | 280.0 | 100.0 | % | $ | 279.1 | 100.0 | % | $ | 288.0 | 100.0 | % | $ | 1,088.4 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
Gross Margin | 104.3 | 43.2 | % | 126.1 | 45.0 | % | 124.7 | 44.7 | % | 131.9 | 45.8 | % | 487.0 | 44.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses | 77.9 | 32.3 | % | 91.7 | 32.8 | % | 88.4 | 31.7 | % | 94.5 | 32.8 | % | 352.5 | 32.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Earnings | 26.4 | 10.9 | % | 34.4 | 12.3 | % | 36.3 | 13.0 | % | 37.4 | 13.0 | % | 134.5 | 12.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisition and Integration Charges | (0.2) | (0.1) | % | 0.5 | 0.2 | % | — | — | % | — | — | % | 0.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||
| Amortization of Purchased Intangibles | 3.3 | 1.4 | % | 2.0 | 0.7 | % | 1.2 | 0.4 | % | 1.3 | 0.5 | % | 7.8 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted Operating Earnings | $ | 29.5 | 12.2 | % | $ | 36.9 | 13.2 | % | $ | 37.5 | 13.4 | % | $ | 38.7 | 13.4 | % | $ | 142.6 | 13.1 | % | |||||||||||||||||||||||||||||||||||||||
| Corporate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses | $ | 75.0 | — | % | $ | 32.1 | — | % | $ | 15.5 | — | % | $ | 18.0 | — | % | $ | 140.6 | — | % | |||||||||||||||||||||||||||||||||||||||
| Operating (Loss) | (75.0) | — | % | (32.1) | — | % | (15.5) | — | % | (18.0) | — | % | (140.6) | — | % | ||||||||||||||||||||||||||||||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition and Integration Charges(1) | $ | 64.4 | — | % | $ | 20.7 | — | % | $ | 4.4 | — | % | $ | 3.7 | — | % | $ | 93.1 | — | % | |||||||||||||||||||||||||||||||||||||||
Adjusted Operating (Loss)(1) | $ | (10.6) | — | % | $ | (11.4) | — | % | $ | (11.1) | — | % | $ | (14.3) | — | % | $ | (47.5) | — | % | |||||||||||||||||||||||||||||||||||||||
| MillerKnoll, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Sales | $ | 789.7 | 100.0 | % | $ | 1,026.3 | 100.0 | % | $ | 1,029.5 | 100.0 | % | $ | 1,100.5 | 100.0 | % | $ | 3,946.0 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
Gross Margin | 277.7 | 35.2 | % | 353.0 | 34.4 | % | 339.5 | 33.0 | % | 382.5 | 34.8 | % | 1,352.7 | 34.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses | 330.3 | 41.8 | % | 346.8 | 33.8 | % | 310.3 | 30.1 | % | 325.5 | 29.6 | % | 1,312.9 | 33.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating (Loss) Earnings | (52.6) | (6.7) | % | 6.2 | 0.6 | % | 29.2 | 2.8 | % | 57.0 | 5.2 | % | 39.8 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition and Integration Charges (1) | 68.9 | 8.7 | % | 41.1 | 4.0 | % | 7.1 | 0.7 | % | 7.5 | 0.7 | % | 124.5 | 3.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of Purchased Intangibles (1) | 32.5 | 4.1 | % | 16.1 | 1.6 | % | 8.0 | 0.8 | % | 6.7 | 0.6 | % | 63.4 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Gain on Sale of Dealer | — | — | % | — | — | % | (2.0) | (0.2) | % | — | — | % | (2.0) | (0.1) | % | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted Operating Earnings | $ | 48.8 | 6.2 | % | $ | 63.4 | 6.2 | % | $ | 42.3 | 4.1 | % | $ | 71.2 | 6.5 | % | $ | 225.7 | 5.7 | % | |||||||||||||||||||||||||||||||||||||||
(1) The sum of the quarters does not equal the annual balance reflected in the fiscal 2022 issued Consolidated Statements of Comprehensive Income due to rounding associated with the calculations on an individual quarter basis.
B. Reconciliation of Operating Earnings (Loss) to Adjusted Operating Earnings by Segment for Fiscal 2021
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| August 29, 2020 | November 28, 2020 | February 27, 2021 | May 29, 2021 | May 29, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Americas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales (1) | $ | 352.3 | 100.0 | % | $ | 330.5 | 100.0 | % | $ | 275.6 | 100.0 | % | $ | 276.3 | 100.0 | % | $ | 1,234.6 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
| Gross Margin | 128.8 | 36.6 | % | 114.1 | 34.5 | % | 90.8 | 32.9 | % | 76.2 | 27.6 | % | 409.9 | 33.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses (1) | 71.5 | 20.3 | % | 74.8 | 22.6 | % | 73.1 | 26.5 | % | 93.1 | 33.7 | % | 312.7 | 25.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Earnings (Loss) (1) | 57.3 | 16.3 | % | 39.3 | 11.9 | % | 17.7 | 6.4 | % | (16.9) | (6.1) | % | 97.2 | 7.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Charges (1) (2) | 0.2 | 0.1 | % | 0.1 | — | % | — | — | % | 21.1 | 7.6 | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Restructuring (1) | 1.5 | 0.4 | % | 1.2 | 0.4 | % | 0.2 | 0.1 | % | 1.2 | 0.4 | % | 4.0 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted Operating Earnings (1) (2) | $ | 59.0 | 16.7 | % | $ | 40.6 | 12.3 | % | $ | 17.9 | 6.5 | % | $ | 5.4 | 2.0 | % | $ | 101.2 | 8.2 | % | |||||||||||||||||||||||||||||||||||||||
| International & Specialty | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales (1) | $ | 114.9 | 100.0 | % | $ | 121.4 | 100.0 | % | $ | 116.3 | 100.0 | % | $ | 126.9 | 100.0 | % | $ | 479.6 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
Gross Margin (1) | 45.2 | 39.3 | % | 46.9 | 38.6 | % | 44.2 | 38.0 | % | 46.2 | 36.4 | % | 182.6 | 38.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses | 27.3 | 23.8 | % | 32.7 | 26.9 | % | 35.0 | 30.1 | % | 38.2 | 30.1 | % | 133.2 | 27.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Earnings (1) | 17.9 | 15.6 | % | 14.2 | 11.7 | % | 9.2 | 7.9 | % | 8.0 | 6.3 | % | 49.4 | 10.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Charges(1) | 1.1 | 1.0 | % | (0.3) | (0.2) | % | — | — | % | 0.5 | 0.4 | % | 1.2 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Restructuring (1) | (2.7) | (2.3) | % | 1.2 | 1.0 | % | 0.1 | 0.1 | % | — | — | % | (1.3) | (0.3) | % | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted Operating Earnings(1) | $ | 16.3 | 14.2 | % | $ | 15.1 | 12.4 | % | $ | 9.3 | 8.0 | % | $ | 8.5 | 6.7 | % | $ | 49.3 | 10.3 | % | |||||||||||||||||||||||||||||||||||||||
| Retail | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Sales | $ | 159.6 | 100.0 | % | $ | 174.4 | 100.0 | % | $ | 198.6 | 100.0 | % | $ | 218.3 | 100.0 | % | $ | 750.9 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
Gross Margin (1) | 75.8 | 47.5 | % | 83.4 | 47.8 | % | 95.8 | 48.2 | % | 103.7 | 47.5 | % | 358.6 | 47.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses (1) | 45.7 | 28.6 | % | 55.4 | 31.8 | % | 57.3 | 28.9 | % | 62.0 | 28.4 | % | 220.4 | 29.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Earnings(1) | 30.1 | 18.9 | % | 28.0 | 16.1 | % | 38.5 | 19.4 | % | 41.7 | 19.1 | % | 138.2 | 18.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Charges(1) (2) | 0.1 | 0.1 | % | — | — | % | — | — | % | 0.5 | 0.2 | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted Operating Earnings (1)(2) | $ | 30.2 | 18.9 | % | $ | 28.0 | 16.1 | % | $ | 38.5 | 19.4 | % | $ | 42.2 | 19.3 | % | $ | 138.2 | 18.4 | % | |||||||||||||||||||||||||||||||||||||||
| Corporate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses | 10.1 | — | % | 10.3 | — | % | 10.4 | — | % | 21.5 | — | % | 52.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||
| Operating (Loss) | (10.1) | — | % | (10.3) | — | % | (10.4) | — | % | (21.5) | — | % | (52.3) | — | % | ||||||||||||||||||||||||||||||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and Integration | — | — | % | — | — | % | — | — | % | 11.0 | — | % | 11.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted Operating (Loss) | $ | (10.1) | — | % | $ | (10.3) | — | % | $ | (10.4) | — | % | $ | (10.5) | — | % | $ | (41.3) | — | % | |||||||||||||||||||||||||||||||||||||||
| MillerKnoll, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 626.8 | 100.0 | % | $ | 626.3 | 100.0 | % | $ | 590.5 | 100.0 | % | $ | 621.5 | 100.0 | % | $ | 2,465.1 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
| Gross Margin | 249.8 | 39.9 | % | 244.4 | 39.0 | % | 230.8 | 39.1 | % | 226.1 | 36.4 | % | 951.1 | 38.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses (1) | 154.6 | 24.7 | % | 173.2 | 27.7 | % | 175.8 | 29.8 | % | 214.8 | 34.6 | % | 718.6 | 29.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Earnings (1) | 95.2 | 15.2 | % | 71.2 | 11.4 | % | 55.0 | 9.3 | % | 11.3 | 1.8 | % | 232.5 | 9.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Charges (1)(2)) | $ | 1.4 | 0.2 | % | $ | (0.2) | — | % | $ | — | — | % | $ | 22.1 | 3.6 | % | $ | 1.2 | — | % | |||||||||||||||||||||||||||||||||||||||
| Acquisition and Integration | — | — | % | — | — | % | — | — | % | 11.0 | 1.8 | % | 11.0 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Restructuring | (1.2) | (0.2) | % | 2.4 | 0.4 | % | 0.3 | 0.1 | % | 1.2 | 0.2 | % | 2.7 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted Operating Earnings (1) (2) | $ | 95.4 | 15.2 | % | $ | 73.4 | 11.7 | % | $ | 55.3 | 9.4 | % | $ | 45.6 | 7.3 | % | $ | 247.4 | 10.0 | % | |||||||||||||||||||||||||||||||||||||||
(1) The sum of the quarters does not equal the annual balance reflected in the fiscal 2021 issued Consolidated Statements of Comprehensive Income due to rounding associated with the calculations on an individual quarter basis.
(2) Retroactive payments related employee benefits that were suspended for a portion of fiscal year 2021, then reinstated in the fourth quarter were an adjustment to Operating Earnings in the fourth quarter of fiscal 2021, but not an adjusting item for the full year.
C. Organic Sales Growth (Decline) by Segment
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
| August 28, 2021 | November 27, 2021 | February 26, 2022 | May 28, 2022 | May 28, 2022 | |||||||||||||||||||||||||
| Americas | |||||||||||||||||||||||||||||
Net Sales, as reported (1) | $ | 381.3 | $ | 499.3 | $ | 509.4 | $ | 539.2 | $ | 1,929.1 | |||||||||||||||||||
| % change from prior year | 8.2 | % | 51.1 | % | 84.8 | % | 95.2 | % | 56.3 | % | |||||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||
| Acquisitions | (73.7) | (156.3) | (163.7) | (170.7) | (564.4) | ||||||||||||||||||||||||
| Currency Translation Effects | (0.8) | (0.9) | 0.3 | 0.5 | (1.0) | ||||||||||||||||||||||||
Net Sales, organic (1) | $ | 306.8 | $ | 342.1 | $ | 346.0 | $ | 369.0 | $ | 1,363.7 | |||||||||||||||||||
| % change from prior year | (12.9) | % | 3.5 | % | 25.7 | % | 34.3 | % | 10.6 | % | |||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
| August 29, 2020 | November 28, 2020 | February 27, 2021 | May 29, 2021 | May 29, 2021 | |||||||||||||||||||||||||
Net Sales, as reported (1) | $ | 352.3 | $ | 330.5 | $ | 275.6 | $ | 276.3 | $ | 1,234.6 | |||||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||
| Dealer Divestitures | — | — | (0.4) | (1.5) | (1.9) | ||||||||||||||||||||||||
Net Sales, organic (1) | $ | 352.3 | $ | 330.5 | $ | 275.2 | $ | 274.8 | $ | 1,232.7 | |||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
| August 28, 2021 | November 27, 2021 | February 26, 2022 | May 28, 2022 | May 28, 2022 | |||||||||||||||||||||||||
| International & Specialty | |||||||||||||||||||||||||||||
Net Sales, as reported (1) | $ | 167.1 | $ | 247.0 | $ | 241.0 | $ | 273.3 | $ | 928.5 | |||||||||||||||||||
| % change from prior year | 45.4 | % | 103.5 | % | 107.2 | % | 115.4 | % | 93.6 | % | |||||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||
| Acquisitions | (46.6) | (100.0) | (95.2) | (110.1) | (351.9) | ||||||||||||||||||||||||
| Currency Translation Effects | (4.7) | (0.1) | 4.1 | 9.2 | 8.4 | ||||||||||||||||||||||||
Net Sales, organic (1) | $ | 115.8 | $ | 146.9 | $ | 149.9 | $ | 172.4 | $ | 585.0 | |||||||||||||||||||
| % change from prior year | 0.8 | % | 21.0 | % | 28.9 | % | 35.9 | % | 22.0 | % | |||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
| August 29, 2020 | November 28, 2020 | February 27, 2021 | May 29, 2021 | May 29, 2021 | |||||||||||||||||||||||||
Net Sales, as reported (1) | $ | 114.9 | $ | 121.4 | $ | 116.3 | $ | 126.9 | $ | 479.6 | |||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
| August 28, 2021 | November 27, 2021 | February 26, 2022 | May 28, 2022 | May 28, 2022 | |||||||||||||||||||||||||
| Retail | |||||||||||||||||||||||||||||
| Net Sales, as reported | $ | 241.3 | $ | 280.0 | $ | 279.1 | $ | 288.0 | $ | 1,088.4 | |||||||||||||||||||
| % change from prior year | 51.2 | % | 60.6 | % | 40.5 | % | 31.9 | % | 44.9 | % | |||||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||
| Acquisitions | (32.5) | (73.4) | (69.3) | (69.6) | (244.8) | ||||||||||||||||||||||||
| Currency Translation Effects | (1.8) | 0.1 | 4.0 | 4.7 | 7.0 | ||||||||||||||||||||||||
| Net Sales, organic | $ | 207.0 | $ | 206.7 | $ | 213.8 | $ | 223.1 | $ | 850.6 | |||||||||||||||||||
| % change from prior year | 29.7 | % | 18.5 | % | 7.7 | % | 2.2 | % | 13.3 | % | |||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
| August 29, 2020 | November 28, 2020 | February 27, 2021 | May 29, 2021 | May 29, 2021 | |||||||||||||||||||||||||
| Net Sales, as reported | $ | 159.6 | $ | 174.4 | $ | 198.6 | $ | 218.3 | $ | 750.9 | |||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
| August 28, 2021 | November 27, 2021 | February 26, 2022 | May 28, 2022 | May 28, 2022 | |||||||||||||||||||||||||
| MillerKnoll, Inc. | |||||||||||||||||||||||||||||
| Net Sales, as reported | $ | 789.7 | $ | 1,026.3 | $ | 1,029.5 | $ | 1,100.5 | $ | 3,946.0 | |||||||||||||||||||
| % change from prior year | 26.0 | % | 63.9 | % | 74.3 | % | 77.1 | % | 60.1 | % | |||||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||
Acquisitions(1) | (152.8) | (329.7) | (328.2) | (350.4) | (1,161.1) | ||||||||||||||||||||||||
Currency Translation Effects(1) | (7.3) | (0.9) | 8.4 | 14.4 | 14.4 | ||||||||||||||||||||||||
Net Sales, organic(1) | $ | 629.6 | $ | 695.7 | $ | 709.7 | $ | 764.5 | $ | 2,799.3 | |||||||||||||||||||
| % change from prior year | 0.4 | % | 11.1 | % | 20.3 | % | 23.3 | % | 13.6 | % | |||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
| August 29, 2020 | November 28, 2020 | February 27, 2021 | May 29, 2021 | May 29, 2021 | |||||||||||||||||||||||||
| Net Sales, as reported | $ | 626.8 | $ | 626.3 | $ | 590.5 | $ | 621.5 | $ | 2,465.1 | |||||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||
| Dealer Divestitures | — | — | (0.4) | (1.5) | (1.9) | ||||||||||||||||||||||||
Net Sales, organic (1) | $ | 626.8 | $ | 626.3 | $ | 590.1 | $ | 620.0 | $ | 2,463.2 | |||||||||||||||||||
(1) The sum of the quarters does not equal the annual balances due to rounding associated with the calculation on an individual quarter basis.
D. Organic Orders Growth (Decline) by Segment
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
| August 28, 2021 | November 27, 2021 | February 26, 2022 | May 28, 2022 | May 28, 2022 | |||||||||||||||||||||||||
| Americas | |||||||||||||||||||||||||||||
| Orders, as reported | $ | 495.4 | $ | 573.1 | $ | 528.0 | $ | 495.0 | $ | 2,091.6 | |||||||||||||||||||
| % change from prior year | 72.9 | % | 91.7 | % | 105.0 | % | 56.0 | % | 80.3 | % | |||||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||
| Acquisitions | (79.0) | (184.7) | (180.0) | (142.9) | (586.4) | ||||||||||||||||||||||||
| Currency Translation Effects | (1.0) | (1.2) | 0.4 | 0.3 | (1.5) | ||||||||||||||||||||||||
| Orders, organic | $ | 415.4 | $ | 387.2 | $ | 348.4 | $ | 352.4 | $ | 1,503.7 | |||||||||||||||||||
| % change from prior year | 44.9 | % | 29.5 | % | 35.8 | % | 12.3 | % | 30.1 | % | |||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
| August 29, 2020 | November 28, 2020 | February 27, 2021 | May 29, 2021 | May 29, 2021 | |||||||||||||||||||||||||
| Orders, as reported | $ | 286.6 | $ | 298.9 | $ | 257.5 | $ | 317.4 | $ | 1,160.3 | |||||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||
| Dealer Divestitures | — | — | (1.0) | (3.6) | (4.6) | ||||||||||||||||||||||||
| Orders, organic | $ | 286.6 | $ | 298.9 | $ | 256.5 | $ | 313.8 | $ | 1,155.7 | |||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
| August 28, 2021 | November 27, 2021 | February 26, 2022 | May 28, 2022 | May 28, 2022 | |||||||||||||||||||||||||
| International & Specialty | |||||||||||||||||||||||||||||
| Orders, as reported | $ | 193.0 | $ | 261.1 | $ | 288.7 | $ | 241.9 | $ | 984.6 | |||||||||||||||||||
| % change from prior year | 76.4 | % | 103.2 | % | 159.6 | % | 80.3 | % | 103.7 | % | |||||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||
| Acquisitions | (50.3) | (97.3) | (105.0) | (101.0) | (353.6) | ||||||||||||||||||||||||
| Currency Translation Effects | (4.3) | (0.4) | 3.8 | 6.7 | 5.8 | ||||||||||||||||||||||||
| Orders, organic | $ | 138.4 | $ | 163.4 | $ | 187.5 | $ | 147.6 | $ | 636.8 | |||||||||||||||||||
| % change from prior year | 26.5 | % | 27.2 | % | 68.6 | % | 10.0 | % | 31.8 | % | |||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
| August 29, 2020 | November 28, 2020 | February 27, 2021 | May 29, 2021 | May 29, 2021 | |||||||||||||||||||||||||
| Orders, as reported | $ | 109.4 | $ | 128.5 | $ | 111.2 | $ | 134.2 | $ | 483.3 | |||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
| August 28, 2021 | November 27, 2021 | February 26, 2022 | May 28, 2022 | May 28, 2022 | |||||||||||||||||||||||||
| Retail | |||||||||||||||||||||||||||||
| Orders, as reported | $ | 228.1 | $ | 323.7 | $ | 279.2 | $ | 276.4 | $ | 1,107.3 | |||||||||||||||||||
| % change from prior year | 42.5 | % | 60.0 | % | 41.4 | % | 16.2 | % | 38.8 | % | |||||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||
| Acquisitions | (32.2) | (78.8) | (75.9) | (66.0) | (252.9) | ||||||||||||||||||||||||
| Currency Translation Effects | (1.8) | 0.1 | 3.7 | 4.3 | 6.4 | ||||||||||||||||||||||||
| Orders, organic | $ | 194.1 | $ | 245.0 | $ | 207.0 | $ | 214.7 | $ | 860.8 | |||||||||||||||||||
| % change from prior year | 21.2 | % | 21.1 | % | 4.9 | % | (9.7) | % | 7.9 | % | |||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
| August 29, 2020 | November 28, 2020 | February 27, 2021 | May 29, 2021 | May 29, 2021 | |||||||||||||||||||||||||
| Orders, as reported | $ | 160.1 | $ | 202.3 | $ | 197.4 | $ | 237.8 | $ | 797.6 | |||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
| August 28, 2021 | November 27, 2021 | February 26, 2022 | May 28, 2022 | May 28, 2022 | |||||||||||||||||||||||||
| MillerKnoll, Inc. | |||||||||||||||||||||||||||||
| Orders, as reported | $ | 916.5 | $ | 1,157.9 | $ | 1,095.9 | $ | 1,013.3 | $ | 4,183.5 | |||||||||||||||||||
| % change from prior year | 64.8 | % | 83.9 | % | 93.6 | % | 47.0 | % | 71.4 | % | |||||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||
| Acquisitions | (161.5) | (360.8) | (360.9) | (309.9) | (1,192.9) | ||||||||||||||||||||||||
Currency Translation Effects (1) | (7.1) | (1.5) | 7.9 | 11.3 | 10.7 | ||||||||||||||||||||||||
| Orders, organic | $ | 747.9 | $ | 795.6 | $ | 742.9 | $ | 714.7 | $ | 3,001.3 | |||||||||||||||||||
| % change from prior year | 34.5 | % | 26.3 | % | 31.5 | % | 4.2 | % | 23.2 | % | |||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
| August 29, 2020 | November 28, 2020 | February 27, 2021 | May 29, 2021 | May 29, 2021 | |||||||||||||||||||||||||
| Orders, as reported | $ | 556.1 | $ | 629.7 | $ | 566.1 | $ | 689.4 | $ | 2,441.2 | |||||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||
| Dealer Divestitures | — | — | (1.0) | (3.6) | (4.6) | ||||||||||||||||||||||||
| Orders, organic | $ | 556.1 | $ | 629.7 | $ | 565.1 | $ | 685.8 | $ | 2,436.6 | |||||||||||||||||||
(1) The sum of the quarters does not equal the annual balances due to rounding associated with the calculation on an individual quarter basis.