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independent contract furniture dealers, direct customer sales, owned and independent retailers, direct-mail catalogs, and the Company’s eCommerce platforms.
−Removed: In July 2021, the Company finalized the acquisition of Knoll, Inc.
−Removed: (“Knoll”) in a cash and stock transaction valued at approximately $1.8 billion.
−Removed: Powering the world's most dynamic design brands, MillerKnoll includes Herman Miller® and Knoll®, as well as Colebrook Bosson Saunders®, DatesWeiser®, Design Within Reach®, Edelman® Leather, Geiger®, HAY®, Holly Hunt®, KnollTextiles®, Maars® Living Walls, Maharam®, Muuto®, NaughtOne®, and Spinneybeck®|FilzFelt®.
−Removed: All of these companies are considered controlled subsidiaries, except for Maars of which the Company owns 48.2% of as of June 3, 2023.
+Added: Powering the world's most dynamic design brands, MillerKnoll includes Herman Miller® and Knoll®, as well as Colebrook Bosson Saunders®, DatesWeiser®, Design Within Reach®, Edelman®, Geiger®, HAY®, Holly Hunt®, KnollTextiles®, Maharam®, Muuto®, NaughtOne®, and Spinneybeck®|FilzFelt®.
+Added: All of these companies are considered controlled subsidiaries.
MillerKnoll's corporate offices are located at 855 East Main Avenue, PO Box 302, Zeeland, Michigan, 49464-0302 and its telephone number is 616 654 3000.
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The Company has three reportable segments:
−Removed: Americas Contract ("Americas"), International Contract & Specialty ("International & Specialty"), and Global Retail ("Retail").
+Added: Americas Contract, International Contract & Specialty, and Global Retail.
The Company also reports a corporate category consisting primarily of unallocated corporate expenses.
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It is estimated that approximately 57.4% of the Company's sales in the fiscal year ended June 1, 2024, were made to or through independent dealers.
−Removed: The remaining sales were made directly to end-users, including federal, state and local governments and several business organizations by the Company's own sales staff, retail channels, or independent retailers.
+Added: The remaining sales were made directly to end-users, including federal, state and local governments and several business organizations by the Company's own sales staff, retail channels, or to independent retailers.
The Company is a recognized leader within its industry for the use, development, and integration of customer-centered technologies that enhance the reliability, speed, and efficiency of our customers' operations.
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The Company considers the following trademarks and any associated stylized depictions of the word marks to be among its most important trademarks for distinguishing the Company, its subsidiaries and its goods from those of others:
−Removed: MillerKnoll TM , Herman Miller®, Herman Miller Circled Symbolic M®, Knoll ®, Maharam®, Geiger®, Design Within Reach®, DWR®, HAY®, NaughtOne®, Nemschoff®, Aeron®, Mirra®, Embody®, Setu®, Sayl®, Cosm®, Caper®, Eames®, Knoll ® , KnollExtra ® , Knoll Luxe ® , KnollStudio ® , KnollTextiles ® , Edelman ® Leather, Spinneybeck ® Leather, Generation by Knoll ® , Regeneration by Knoll ® , MultiGeneration by Knoll ® , Remix ® , Holly Hunt ® , Vladimir Kagan ® , Muuto ®, Barcelona®, and Womb®, as well as trademark registrations for trade dress and common law rights in trade dress for some of the Company’s significant product designs.
−Removed: Working Capital Practices
−Removed: Information concerning the Company's working capital levels relative to its sales volume can be found under Item 7 of this report, “Management's Discussion and Analysis of Financial Condition and Results of Operations.” Beyond this discussion, the Company does not believe that it or the industry in general has any special practices or special conditions affecting working capital items that are significant for understanding the Company's business.
+Added: MillerKnoll TM , Herman Miller®, Herman Miller Circled Symbolic M®, Knoll ®, Maharam®, Geiger®, Design Within Reach®, DWR®, HAY®, NaughtOne®, Nemschoff®, Aeron®, Mirra®, Embody®, Setu®, Sayl®, Cosm®, Caper®, Eames®, Knoll ® , KnollExtra ® , Knoll Luxe ® , KnollStudio ® , KnollTextiles ® , Edelman ® , Spinneybeck ® Leather, Generation by Knoll ® , Regeneration by Knoll ® , MultiGeneration by Knoll ® , Remix ® , Holly Hunt ® , Vladimir Kagan ® , Muuto ®, Barcelona®, and Womb®, as well as trademark registrations for trade dress and common law rights in trade dress for some of the Company’s significant product designs.
Customer Base
−Removed: The Company approximates that no single dealer accounted fo r more than 4% of the Company's net sales in the fiscal year ended June 3, 2023.
+Added: The Company approximates that no single independent dealer accounted fo r more than 3% of the Company's net sales in the fiscal year ended June 1, 2024.
The Company estimates that the largest single end-user customer accounted for $180.3 million, $174.9 million and $114.4 million of the Company's net sales in fiscal 2024, 2023, and 2022, respectively.
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As of June 1, 2024, the Company's backlog of unfilled orders was $683.6 million.
−Removed: At May 28, 2022, the Company's backlog totaled $932.5 million.
+Added: At June 3, 2023, the Company's backlog totaled $698.0 million.
It is expected that substantially all of the orders forming the backlog at June 1, 2024 will be filled during the next fiscal year.
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All aspects of the Company's business are highly competitive.
−Removed: From a furniture perspective, the Company competes largely on design, product and service quality, speed of delivery and product pricing.
+Added: The Company competes largely on design, product and service quality, speed of delivery and product pricing.
Although the Company is one of the largest furniture manufacturers in the world, it competes with manufacturers that have significant resources and sales as well as many smaller companies.
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These competitors include companies such as Crate & Barrel Holdings, Inc., Hive Modern, Restoration Hardware, Room & Board, Inc., Wayfair Inc., and Williams-Sonoma, Inc.
−Removed: Similar to its furniture product offerings, the Company competes primarily on design, product and service quality, speed of delivery and product pricing in this market.
+Added: In this market, the Company competes primarily on design, product and service quality, speed of delivery and product pricing.
Research, Design and Development
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The Company monitors developments related to environmental matters and plans to respond to governmental initiatives in a timely and appropriate manner.
−Removed: The Company’s commitment to the planet is embedded in its corporate strategy and will continue to develop as the Company works to meet sustainability goals by 2030.
−Removed: The Company is focused on operating its global footprint with minimal impact on the environment and designing products with materials and processes that are safe for both people and the planet.
+Added: The Company is focused on operating its global footprint with minimal impact on the environment and designing products with materials and processes that minimize impact on the planet.
Human Resources
−Removed: The Company considers its employees to be another of its major competitive strengths.
−Removed: The Company stresses individual employee participation and incentives, believing that this emphasis has helped attract and retain a competent and motivated workforce.
+Added: The Company considers its employees to be amongst its competitive strengths.
+Added: The Company has a focus on individual employee participation and incentives, believing that this emphasis has helped attract and retain a competent and engaged workforce.
The Company's human resources group provides employee recruitment, education and development, as well as compensation planning and counseling.
There have been no work stoppages or labor disputes in the Company's history.
−Removed: As of June 3, 2023, approxim ately 4% of the Company's employees are covered by collective bargaining agreements, most of whom are employees located in the United States, the United Kingdom, Italy, and Brazil.
+Added: As of June 1, 2024, approxim ately 2% of the Company's employees are covered by collective bargaining agreements, most of whom are employees located in the United Kingdom, Italy, and Brazil.
As of June 1, 2024, the Company had approximately 10,200 employees.
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Diversity, Equity, Inclusion, and Belonging
−Removed: At MillerKnoll, we value and on a daily basis focus on being better together.
+Added: At MillerKnoll, we value being better together.
We believe that our unique differences contribute to our collective success.
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We are committed to diversity, equity, inclusion and belonging ("DEIB") and creating opportunities for all people.
−Removed: This includes but is not limited to those who come from diverse cultural and ethnic backgrounds, from locations around the globe, various gender identities, LGBTQ+, people with differing abilities, those from military backgrounds, as well as those who have long
−Removed: tenure with the Company or may be reentering the workforce for a variety of reasons.
+Added: This includes but is not limited to those who come from diverse cultural and ethnic backgrounds, from locations around the globe, various gender identities, LGBTQ+, people with differing abilities, those from military backgrounds, as well as those who have long tenure with the Company or may be reentering the workforce for a variety of reasons.
We are committed to ensuring we support a culture of belonging to ensure all individuals thrive, and we focus on building diverse leadership across MillerKnoll.
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International Operations
−Removed: The Company's sales in international markets are made primarily to office/institutional customers and residential retail customers.
+Added: The Company's sales in international markets are made primarily to office and institutional customers as well as residential retail customers.
The Company conducts business in the following major international markets:
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Sales are made through wholly owned subsidiaries or branches in Canada, the United Kingdom, Italy, France, Denmark, the Netherlands, Mexico, Australia, Singapore, Japan, China (including Hong Kong), India and Brazil.
−Removed: The Company's products are offered in Canada, Europe, the Middle East, Africa, Latin America and the Asia/Pacific region primarily through dealer and retail channels.
+Added: The Company's products are offered in Canada, Europe, the Middle East, Africa, Latin America and the Asia Pacific region primarily through independent dealer and retail channels.
Additional information with respect to operations by geographic area appears in Note 2 of the Consolidated Financial Statements included in Item 8 of this report.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.