What changed in this filing

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Item 1. Business

2025-07-21 compared with 2024-07-30 · 24 added, 27 removed, 103 unchanged (33% of the section changed)

Item 1 Business

General Development of Business

MillerKnoll is a collective of dynamic brands that comes together to design the world we live in.

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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®.

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:

Americas Contract, International Contract & Specialty, and Global Retail.

North America Contract, International Contract, and Global Retail.

The Company also reports a corporate category consisting primarily of unallocated corporate expenses.

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Independent dealerships concentrate on the sale of MillerKnoll products and some complementary product lines of other manufacturers.

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.

It is estimated that approximately 53.7% of the Company's sales in the fiscal year ended May 31, 2025, were made directly through independent dealers.

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.

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Raw Materials

The Company's manufacturing materials are available from a significant number of sources within North America, South America, Europe and Asia.

The Company's manufacturing materials are available from a number of sources within North America, South America, Europe and Asia.

The costs of certain direct materials used in the Company's manufacturing and assembly operations are sensitive to shifts in commodity market prices.

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The Company has also registered various trademarks, including the name and stylized “Herman Miller” trademark, the “Herman Miller Circled Symbolic M” trademark, and the name and stylized “Knoll” trademark in the United States and many foreign countries, which it considers to be among its most valuable intellectual property rights.

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:

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.

The Company considers the following trademarks and any stylized depictions of its word marks to be among its most important trademarks for distinguishing the Company, its subsidiaries and its goods from those of others:

MillerKnoll, Herman Miller®, Knoll®, Maharam®, Geiger®, Design Within Reach®, DWR®, HAY®, NaughtOne®, Colebrook Bosson Saunders, Nemschoff®, Holly Hunt®, Vladimir Kagan®, Muuto®, FilzFelt®, Edelman®, Spinneybeck®, DatesWeiser, the Herman Miller “Circled Symbolic M” logo, Aeron®, Mirra®, Embody®, Setu®, Sayl®, Cosm®, Caper®, Eames®, KnollExtra®, Knoll Luxe®, KnollStudio®, KnollTextiles®, Remix®, Dividends®, Generation by Knoll®, Regeneration by Knoll®, MultiGeneration by Knoll®, Barcelona®, and Womb®, as well as trademark registrations and common law trade dress rights for the Company’s product designs such as the Eames® Lounge Chair and Ottoman, the Barcelona® lounge chair, the Womb® chair, the Nelson Platform bench, the Aeron® chair, the Embody® chairs, and many o thers.

Customer Base

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.

The Comp any approximates that no single independent dealer accounted fo r more than 3% of the Company's net sales in the fiscal year ended May 31, 2025.

The Company estimates that the largest customer contract accounted for $197.4 million, $180.3 million and $174.9 million of the Company's net sales in fiscal 2025, 2024, and 2023, respectively.

This represents approximately 5% of the Company's net sales in fiscal 2025, 5% in fiscal 2024, and 4% in fiscal 2023.

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Backlog of Unfilled Orders

As of June 1, 2024, the Company's backlog of unfilled orders was $683.6 million.

As of May 31, 2025, the Company's backlog of unfilled orders was $761.3 million.

At June 1, 2024, the Company's backlog totaled $683.6 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.

It is expected that substantially all of the orders forming the backlog at May 31, 2025, will be filled during the next fiscal year.

Many orders received by the Company are reflected in the backlog for only a short period while other orders request extended delivery dates and are carried in the backlog for up to one year.

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The Company also competes in the home furnishings industry, primarily against national, regional and independent home furnishings retailers who market high-craft furniture to end-user customers and the interior design community.

These competitors include companies such as Crate & Barrel Holdings, Inc., Hive Modern, Restoration Hardware, Room & Board, Inc., Wayfair Inc., and Williams-Sonoma, Inc.

These competitors include companies such as Arhaus, Inc., Crate & Barrel Holdings, Inc., RH, Room & Board, Inc., Wayfair Inc., and Williams-Sonoma, Inc.

In this market, the Company competes primarily on design, product and service quality, speed of delivery and product pricing.

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While we cannot predict the precise nature of these initiatives, we expect that they may impact our business both directly and indirectly.

Although the impact would likely vary by world region and/or market, we believe that adoption of new regulations and execution of the Company's sustainability strategy will increase costs for the Company.

Although the impact would likely vary by world region and/or market, we believe that adoption of new regulations and execution of the Company's sustainability strategy have increased, and are expected to continue to increase costs for the Company.

Also, there is a possibility that governmental initiatives, or actual or perceived effects of changes in weather patterns, climate, or water resources could have a direct impact on the operations of the Company in ways which we cannot predict at this time.

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There have been no work stoppages or labor disputes in the Company's history.

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.

As of May 31, 2025, 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 May 31, 2025, the Company had approximately 10,382 employees.

In addition to its employee workforce, the Company uses temporary labor to meet fluctuating demand in its manufacturing operations.

Diversity, Equity, Inclusion, and Belonging

Community and Belonging

At MillerKnoll, we value being better together.

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We also respect that when we come together, we find more attributes that we share in common.

We are committed to diversity, equity, inclusion and belonging ("DEIB") and creating opportunities for all people.

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.

We believe that embracing diverse perspectives contributes to an inclusive workplace and strengthens the communities where we live and work.

We continue to build inclusivity into our everyday practices by focusing on:

We are committed to creating opportunities for all people.

This includes, but is not limited to, those who come from diverse cultural and ethnic backgrounds, from locations around the globe, 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.

We believe that embracing varied perspectives contributes to an inclusive workplace and strengthens the communities where we live and work.

We continue to build belonging into our everyday practices by focusing on:

• An ongoing commitment to educate ourselves and integrate cultural competency across the organization;

• Driving a sense of belonging.

We want every employee to be fully seen, heard, understood and to feel connected to MillerKnoll in meaningful ways that matter to each person;

• Recruiting, developing, retaining, and promoting inclusive and diverse talent through concerted efforts that drive better results;

• Implementing and taking action on appropriate metrics and measures to hold ourselves accountable to our commitments.

We want to honor each individual employee as a valued member of our community, and ensure they feel fully seen, heard, understood and to feel connected to MillerKnoll in meaningful ways that matter to each person;

• Recruiting, developing, retaining, and promoting talent through concerted efforts that drive better results and mirror the global population.

The Company's policy is to competitively compensate all employees for their contributions and to appropriately reward and motivate employees to deliver our business goals.

We do this, in part, by closely monitoring and benchmarking compensation matters and working to ensure that our programs provide our employees with the right features to provide for their families and prepare for retirement.

We provide competitive health and welfare benefits and retirement savings plans (401k).

We provide competitive health and welfare benefits and retirement savings plans.

Retention of our talent is exceedingly important and drives how we design our programs.

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The Company conducts business in the following major international markets:

Europe, the Middle East, Africa, Latin America and the Asia Pacific region.

The Company's products currently sold in international markets are manufactured primarily by controlled subsidiaries in the United States, the United Kingdom, Italy, China, Brazil, Mexico and India.

Canada, Europe, the Middle East, Africa, Latin America and the Asia Pacific region.

The Company's products currently sold in international markets are manufactured primarily by controlled subsidiaries in the United States, the United Kingdom, Italy, Canada, China, Brazil, Mexico and India.

A portion of the Company's products sold internationally are also manufactured by third-party suppliers.

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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.

What changed 10-K

Item 1. Business