What changed in this filing

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Item 1. Financial Statements

2026-03-30 compared with 2026-01-05 · 343 added, 226 removed, 542 unchanged (51% of the section changed)

2 unchanged sentences

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Dollars in millions, except share data) Three Months Ended Six Months Ended

(Unaudited) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

Net sales $ 955.2 $ 970.4 $ 1,910.9 $ 1,831.9

(Dollars in millions, except share data)

Three Months Ended

Nine Months Ended

February 28, 2026

March 1, 2025

February 28, 2026

March 1, 2025

Cost of sales

Gross margin 372.2 377.0 740.3 713.3

Operating expenses:

Selling, general and administrative

Impairment charges

Restructuring expense

1 unchanged sentence

Total operating expenses

Operating earnings 48.5 62.5 102.0 77.7

Operating earnings (loss)

Interest expense

Interest and other investment income

Other (income) expense, net ( 1.2 ) ( 1.3 ) 6.3 ( 2.7 )

Earnings before income taxes and equity income 32.5 44.9 61.2 43.2

Income tax expense 7.3 9.8 14.9 8.7

Other expense (income), net

Earnings (loss) before income taxes and equity income

Income tax expense (benefit)

Equity earnings from nonconsolidated affiliates, net of tax

Net earnings 25.2 35.2 46.3 34.7

Net earnings (loss)

Net earnings attributable to redeemable noncontrolling interests

Net earnings attributable to MillerKnoll, Inc.

$ 24.2 $ 34.1 $ 44.4 $ 32.9

Earnings per share - basic $ 0.35 $ 0.49 $ 0.65 $ 0.47

Earnings per share - diluted $ 0.35 $ 0.49 $ 0.64 $ 0.47

Other comprehensive (loss), net of tax

Net earnings (loss) attributable to MillerKnoll, Inc.

Earnings (loss) per share - basic

Earnings (loss) per share - diluted

Other comprehensive income (loss), net of tax

Foreign currency translation adjustments

Pension and post-retirement liability adjustments

Unrealized (loss) gain on interest rate swap agreement ( 3.2 ) 3.6 ( 9.0 ) ( 17.7 )

Other comprehensive (loss), net of tax $ ( 12.9 ) $ ( 29.8 ) $ ( 0.2 ) $ ( 35.6 )

Unrealized loss on interest rate swap agreement

Other comprehensive income (loss), net of tax

Comprehensive income (loss)

1 unchanged sentence

Comprehensive income (loss) attributable to MillerKnoll, Inc.

$ 11.3 $ 4.3 $ 44.2 $ ( 2.7 )

See accompanying notes to Condensed Consolidated Financial Statements.

2 unchanged sentences

(Dollars in millions, except share data)

(Unaudited) November 29, 2025 May 31, 2025

February 28, 2026

Current Assets:

2 unchanged sentences

Unbilled accounts receivable

Inventories 477.8 447.5

Prepaid expenses

1 unchanged sentence

Total current assets

Property and equipment, at cost 1,680.7 1,638.8

Less — accumulated depreciation ( 1,179.2 ) ( 1,142.7 )

Net property and equipment 501.5 496.1

Property and equipment, net of accumulated depreciation of $ 1,201.6 and $ 1,142.7

Right of use assets

Goodwill 1,157.4 1,152.4

Indefinite-lived intangibles

1 unchanged sentence

Other noncurrent assets

Total Assets $ 3,946.4 $ 3,950.2

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS & STOCKHOLDERS' EQUITY

11 unchanged sentences

Lease liabilities

Accrued warranty

Other liabilities

12 unchanged sentences

Condensed Consolidated Statements of Cash Flows

(Dollars in millions) Six Months Ended

(Unaudited) November 29, 2025 November 30, 2024

(Dollars in millions)

Nine Months Ended

February 28, 2026

March 1, 2025

Cash Flows from Operating Activities:

Net earnings $ 46.3 $ 34.7

Adjustments to reconcile net earnings to net cash provided by operating activities:

2 unchanged sentences

Amortization of deferred financing costs

Bad debt expense

Loss on extinguishment of debt

Deferred taxes

Gain on sale of property

Restructuring expense

Impairment expense

Increase in current assets

(Decrease) increase in current liabilities ( 45.5 ) 18.0

Other, net ( 4.3 ) 7.4

Decrease in current liabilities

Net Cash Provided by Operating Activities

Cash Flows from Investing Activities:

Proceeds from sale of property

Advances of notes receivable

1 unchanged sentence

Capital expenditures

Other, net ( 0.3 ) ( 0.8 )

Net Cash Used in Investing Activities

10 unchanged sentences

Common stock repurchases and payments for taxes related to net share settlement of equity awards

Other, net 1.7 0.8

Distribution to noncontrolling interest

Net Cash Used in Financing Activities

6 unchanged sentences

Condensed Consolidated Statements of Stockholders' Equity

Six Months Ended November 29, 2025

(Dollars in millions, except share data) Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss MillerKnoll, Inc.

Nine Months Ended February 28, 2026

(Dollars in millions, except share data)

Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive (Loss) Income MillerKnoll, Inc.

Stockholders' Equity

(Unaudited) Shares Amount

Shares Amount

May 31, 2025 67,804,913 $ 13.6 $ 679.1 $ 665.1 $ ( 82.0 ) $ 1,275.8

Net earnings — — — 20.2 — 20.2

Other comprehensive loss, net of tax — — — — 12.7 12.7

Other comprehensive income, net of tax — — — — 12.7 12.7

Stock-based compensation expense — — 9.3 — — 9.3

8 unchanged sentences

Net earnings — — — 24.2 — 24.2

Other comprehensive income, net of tax — — — — ( 12.9 ) ( 12.9 )

Other comprehensive loss, net of tax — — — — ( 12.9 ) ( 12.9 )

Stock-based compensation expense — — 5.8 — — 5.8

7 unchanged sentences

November 29, 2025 68,249,980 $ 13.7 $ 684.0 $ 684.2 $ ( 82.2 ) $ 1,299.7

Six Months Ended November 30, 2024

(Dollars in millions, except share data) Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss MillerKnoll, Inc.

Net earnings — — — 23.5 — 23.5

Other comprehensive income, net of tax — — — — 17.3 17.3

Stock-based compensation expense — — 5.9 — — 5.9

Exercise of stock options 8,508 — 0.2 — — 0.2

Restricted and performance stock units released 37,954 — 0.6 — — 0.6

Employee stock purchase plan issuances 39,991 — 0.7 — — 0.7

Repurchase and retirement of common stock, including excise tax ( 6,627 ) — ( 0.1 ) — — ( 0.1 )

Directors' fees 53,234 — 1.1 — — 1.1

Dividends declared ($ 0.1875 per share)

— — — ( 13.1 ) — ( 13.1 )

Other — — — ( 0.2 ) — ( 0.2 )

February 28, 2026 68,383,040 $ 13.7 $ 692.4 $ 694.4 $ ( 64.9 ) $ 1,335.6

Nine Months Ended March 1, 2025

(Dollars in millions, except share data)

Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive (Loss) Income MillerKnoll, Inc.

Stockholders' Equity

(Unaudited) Shares Amount

Shares Amount

June 1, 2024 70,377,692 $ 14.1 $ 725.3 $ 738.4 $ ( 92.7 ) $ 1,385.1

Net (loss) — — — ( 1.2 ) — ( 1.2 )

Other comprehensive income, net of tax — — — — ( 5.8 ) ( 5.8 )

Other comprehensive loss, net of tax — — — — ( 5.8 ) ( 5.8 )

Stock-based compensation expense — — 9.1 — — 9.1

7 unchanged sentences

Net earnings — — — 34.1 — 34.1

Other comprehensive income, net of tax — — — — ( 29.8 ) ( 29.8 )

Other comprehensive loss, net of tax — — — — ( 29.8 ) ( 29.8 )

Stock-based compensation expense — — 8.8 — — 8.8

7 unchanged sentences

November 30, 2024 68,434,419 $ 13.7 $ 680.3 $ 745.1 $ ( 128.3 ) $ 1,310.8

Net (loss) — — — ( 12.7 ) — ( 12.7 )

Other comprehensive loss, net of tax — — — — ( 21.2 ) ( 21.2 )

Stock-based compensation expense — — 6.1 — — 6.1

Exercise of stock options 2,735 — 0.1 — — 0.1

Restricted and performance stock units released 508 — 0.7 — — 0.7

Employee stock purchase plan issuances 39,288 — 0.7 — — 0.7

Repurchase and retirement of common stock, including excise tax ( 785,650 ) ( 0.2 ) ( 17.9 ) — — ( 18.1 )

Directors' fees 46,614 — 1.0 — — 1.0

Dividends declared ($ 0.1875 per share)

— — — ( 13.0 ) — ( 13.0 )

Other — — ( 0.5 ) 0.2 — ( 0.3 )

March 1, 2025 67,737,914 $ 13.5 $ 670.5 $ 719.6 $ ( 149.5 ) $ 1,254.1

See accompanying notes to Condensed Consolidated Financial Statements.

19 unchanged sentences

Unless otherwise noted or indicated by the context, all references to "MillerKnoll," "we," "our," "Company" and similar references are to MillerKnoll, Inc., its predecessors, and controlled subsidiaries.

The accompanying unaudited Condensed Consolidated Financial Statements, taken as a whole, contain all adjustments that are of a normal recurring nature necessary to present fairly the financial position of the Company as of November 29, 2025.

Operating results for the three and six months ended November 29, 2025, are not necessarily indicative of the results that may be expected for the year ending May 30, 2026 ("fiscal 2026").

Operating results for the three and nine months ended February 28, 2026, are not necessarily indicative of the results that may be expected for the year ending May 30, 2026 ("fiscal 2026").

These Condensed Consolidated Financial Statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended May 31, 2025 ("fiscal 2025").

3 unchanged sentences

The fiscal year ending May 30, 2026 ("fiscal 2026") and the fiscal year ended May 31, 2025 ("fiscal 2025") both contain 52 weeks.

Cash and Cash Equivalents

Certain of the Company’s subsidiaries participate in a notional cash pooling arrangement to manage global liquidity requirements.

As part of a master netting arrangement, the participants combine their cash balances in pooling accounts at the same financial institution with the ability to offset bank overdrafts of one participant against positive cash account balances held by another participant.

Under the terms of the master netting arrangement, the financial institution has the right, ability, and intent to offset a positive balance in one account against an overdrawn amount in another account.

Amounts in each of the accounts are unencumbered and unrestricted with respect to use.

As such, the net cash balance related to this pooling arrangement is included in Cash and cash equivalents in the accompanying Consolidated Balance Sheets.

The Company’s net cash pool position consisted of the following:

(In millions) November 29, 2025 May 31, 2025

Gross cash position $ 133.3 $ 99.4

cash borrowings ( 125.6 ) ( 98.0 )

Net cash position $ 7.7 $ 1.4

Recently Issued Accounting Standards

7 unchanged sentences

The Company expects the adoption of this guidance will modify our disclosures, but we do not expect it to have a material effect on our financial position, results of operations, or cash flows.

The Company will adopt ASU 2023-09 prospectively in its fiscal year ending May 30, 2026.

ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):

18 unchanged sentences

Revenue disaggregated by product type and reportable segment is provided in the table below:

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

Three Months Ended

Nine Months Ended

(In millions)

February 28, 2026

March 1, 2025

February 28, 2026

March 1, 2025

North America Contract:

Workplace $ 309.9 $ 324.0 $ 637.0 $ 603.0

Performance Seating

Lifestyle 52.9 61.2 109.0 116.8

Other 44.6 43.5 91.9 91.1

Total North America Contract

International Contract

Workplace $ 44.7 $ 51.0 $ 89.2 $ 86.0

Performance Seating

Lifestyle 46.3 44.3 88.2 83.2

Other 7.6 6.2 15.6 11.3

Total International Contract

Global Retail:

Workplace $ 2.1 $ 2.1 $ 4.1 $ 4.7

Performance Seating

Lifestyle 216.9 207.7 423.0 399.9

Other 0.5 0.3 1.1 0.6

Total Global Retail

Total $ 955.2 $ 970.4 $ 1,910.9 $ 1,831.9

MillerKnoll, Inc.:

Workplace $ 356.7 $ 377.1 $ 730.3 $ 693.7

Performance Seating

Lifestyle 316.1 313.2 620.2 599.9

Other 52.7 50.0 108.6 103.0

Total MillerKnoll, Inc.

$ 955.2 $ 970.4 $ 1,910.9 $ 1,831.9

In the current year, certain products were reclassified within the Workplace and Performance Seating categories based on management's internal reporting of the performance of these product lines.

The prior year amounts have been recast to reflect these changes.

Refer to Note 14 of the Condensed Consolidated Financial Statements for further information related to our reportable segments.

2 unchanged sentences

Individual foreign country information is not provided as none of the individual foreign countries in which the Company operates are considered material for separate disclosure based on quantitative and qualitative considerations.

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

Three Months Ended

Nine Months Ended

(In millions)

February 28, 2026

March 1, 2025

February 28, 2026

March 1, 2025

United States

International

Total $ 955.2 $ 970.4 $ 1,910.9 $ 1,831.9

Contract Balances

1 unchanged sentence

These payments represent contract liabilities and are included within the caption Customer deposits in the Condensed Consolidated Balance Sheets.

During the three and six months ended November 29, 2025, the Company recognized net sales of $ 14.2 million and $ 78.8 million, respectively, related to customer deposits that were included in the balance sheet as of May 31, 2025.

During the three and six months ended November 30, 2024, the Company recognized net sales of $ 8.8 million and $ 81.6 million, respectively, related to customer deposits that were included in the balance sheet as of June 1, 2024.

(In millions) November 29, 2025 May 31, 2025

During the three and nine months ended February 28, 2026, the Company recognized net sales of $ 9.4 million and $ 88.2 million, respectively, related to customer deposits that were included in the balance sheet as of May 31, 2025.

During the three and nine months ended March 1, 2025, the Company recognized net sales of $ 3.9 million and $ 85.5 million, respectively, related to customer deposits that were included in the balance sheet as of June 1, 2024.

Cash and Cash Equivalents

Certain of the Company’s subsidiaries participate in a notional cash pooling arrangement to manage global liquidity requirements.

Amounts in each of the accounts are unencumbered and unrestricted with respect to use.

As such, the net cash balance related to this pooling arrangement is included in Cash and cash equivalents in the accompanying Consolidated Balance Sheets.

The Company’s net cash pool position consisted of the following:

(In millions)

February 28, 2026

Gross cash position

cash borrowings

Net cash position

(In millions)

February 28, 2026

Finished goods and work in process

Raw materials

Total $ 477.8 $ 447.5

Inventories are valued primarily using the first-in first-out method.

1 unchanged sentence

Changes in the carrying amount of goodwill, by reportable segment, were as follows:

(In millions) North America Contract (1)

International Contract Global Retail (2)

(In millions)

North America Contract (1)

International Contract

Global Retail (2)

Balance at May 31, 2025

$ 590.8 $ 159.1 $ 402.5 $ 1,152.4

Foreign currency translation adjustments

Balance at November 29, 2025

$ 592.1 $ 160.3 $ 405.0 $ 1,157.4

(1) North America Contract segment had accumulated goodwill impairments of $ 36.7 million as of November 29, 2025, and May 31, 2025.

(2) Global Retail segment had accumulated goodwill impairments of $ 181.1 million as of November 29, 2025, and May 31, 2025.

Balance at February 28, 2026

(1) North America Contract segment had accumulated goodwill impairments of $ 36.7 million as of February 28, 2026, and May 31, 2025.

(2) Global Retail segment had accumulated goodwill impairments of $ 181.1 million as of February 28, 2026, and May 31, 2025.

Other indefinite-lived assets included in the Consolidated Balance Sheets consist of the following:

(In millions) Indefinite-lived Intangible Assets

May 31, 2025 $ 432.5

(In millions)

Indefinite-lived Intangible Assets

Foreign currency translation adjustments

November 29, 2025 $ 434.7

February 28, 2026

Goodwill is tested for impairment at the reporting unit level annually, or more frequently when events or changes in circumstances indicate that the fair value of a reporting unit has more likely than not declined below its carrying value.

3 unchanged sentences

If the quantitative testing indicates that goodwill is impaired, the carrying value of goodwill is written down to fair value.

Although the annual impairment test is performed during the fourth quarter, the assessment of triggering events is performed each interim reporting period.

During the third quarter of fiscal year 2026 there was no impairment triggering event identified.

During the third quarter of fiscal year 2025, the Company performed an assessment to determine whether there were indicators of a triggering event which could indicate the carrying amount of the reporting units may not be supported by the fair value.

Although our annual impairment test is performed during the fourth quarter, we perform this qualitative assessment each interim reporting period.

Through this assessment management identified an impairment triggering event associated with lower-than-expected operating results.

This suggested that the fair value of one or more of our reporting units may have fallen below their carrying amount.

Accordingly, we performed a quantitative valuation of each reporting unit during the third quarter of fiscal year 2025.

During the second quarter of fiscal year 2026 there was no impairment triggering event identified.

The Company used the discounted cash flow method under a weighting of the income and market approach to estimate the fair value of our reporting units.

This suggested that the fair value of one or more of the reporting units may have fallen below their carrying amount.

Accordingly, the Company performed a quantitative valuation of each reporting unit during the third quarter of fiscal year 2025.

As part of the 2025 quantitative valuation, the Company used the discounted cash flow method under a weighting of the income and market approach to estimate the fair value of each reporting unit.

These approaches are based on a discounted cash flow analysis and observable comparable company information that use several inputs, including:

5 unchanged sentences

The goodwill impairment charges were primarily caused by reduced sales and profitability projections as well as an increase in the discount rate.

After these impairment charges and before the changes in reporting units resulting from our segment re-organization, the Global Retail and Holly Hunt reporting units had remaining goodwill of $ 357.0 million and $ 33.0 million, respectively.

After these impairment charges and before the changes in reporting units resulting from the segment re-organization, the Global Retail and Holly Hunt reporting units had remaining goodwill of $ 357.0 million and $ 33.0 million, respectively.

Additionally, the quantitative assessment in the third quarter of fiscal year 2025 resulted in the fair values of the Americas Contract, International Contract and Coverings reporting units exceeding their respective carrying values (the "cushion") by 32 %, 63 % and 10 %, respectively.

20 unchanged sentences

As a result, the Company recognized $ 37.7 million in non-cash impairment charges related to the Knoll and Muuto trade names during the third quarter of fiscal year 2025.

The Company performed quantitative assessments during the third quarter of fiscal year 2025 in testing the indefinite-lived intangible assets which showed indicators that impairment was more likely than not.

In performing this assessment, we estimate the fair value of these intangible assets using the relief-from-royalty method which requires assumptions related to:

5 unchanged sentences

If the estimated cash flows related to the Company's indefinite-lived intangibles were to decline in future periods, the Company may need to record additional impairment charges.

Management has not identified any events or changes in circumstances that may indicate an indefinite-lived intangible is more likely than not to be impaired as of the second quarter of fiscal year 2026.

Management has not identified any events or changes in circumstances that may indicate an indefinite-lived intangible is more likely than not to be impaired as of the third quarter of fiscal year 2026.

Earnings Per Share

3 unchanged sentences

by the weighted-average number of common shares outstanding, including all potentially dilutive common shares.

In periods of loss, there are no potentially dilutive common shares to add to the weighted-average number of common shares outstanding.

In periods of loss, there are no potentially dilutive common shares to add to the weighted-average number of common

shares outstanding.

The table below presents a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share attributable to MillerKnoll, Inc.:

Three Months Ended Six Months Ended

November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

Net earnings attributable to MillerKnoll, Inc.

Three Months Ended

Nine Months Ended

February 28, 2026

March 1, 2025

February 28, 2026

March 1, 2025

Numerator for both basic and diluted EPS, Net earnings (loss) attributable to MillerKnoll, Inc.

- in millions

4 unchanged sentences

Earnings per share attributable to MillerKnoll, Inc.

- basic $ 0.35 $ 0.49 $ 0.65 $ 0.47

Earnings per share attributable to MillerKnoll, Inc.

- diluted $ 0.35 $ 0.49 $ 0.64 $ 0.47

Antidilutive equity awards not included in weighted-average common shares - diluted

Stock-Based Compensation

The following table summarizes the stock-based compensation expense and related income tax effect for the three and six months ended:

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

The following table summarizes the stock-based compensation expense and related income tax effect for the periods indicated:

Three Months Ended

Nine Months Ended

(In millions)

February 28, 2026

March 1, 2025

February 28, 2026

March 1, 2025

Stock-based compensation expense

Related income tax effect

Certain Company equity-based compensation awards contain provisions that allow for continued vesting into retirement.

Certain of the Company's equity-based compensation awards contain provisions that allow for continued vesting into retirement.

Stock-based awards are considered fully vested for expense attribution purposes when the employee's retention of the award is no longer contingent on providing subsequent service.

Stock-based compensation expense is recorded within Selling, general and administrative expenses on the Condensed Consolidated Statements of Comprehensive Income (Loss).

The Company's process for determining the provision for income taxes for the three and six months ended November 29, 2025, involved using an estimated annual effective tax rate which was based on expected annual income and statutory tax rates across the various jurisdictions in which it operates.

The effective tax rates were 22.5 % and 21.8 %, respectively, for the three month periods ended November 29, 2025, and November 30, 2024.

The year over year change in the effective tax rate for the three months ended November 29, 2025, resulted from the prior year quarter reflecting favorable discrete impacts from return to provision true-ups related to the United States research and development credit and the current quarter having no comparable impacts.

For both the three months ended November 29, 2025, and the three months ended November 30, 2024, the effective rate is higher than the United States federal statutory rate due to United States state income taxes and the mix of earnings in tax jurisdictions that had rates that were higher than the United States federal statutory rate.

The effective tax rates were 24.3 % and 20.0 %, respectively, for the six months ended November 29, 2025, and November 30, 2024.

The year over year increase in the effective tax rate for the six months ended November 29, 2025, resulted from the current six months having unfavorable discrete impacts from stock compensation and the prior year period having favorable discrete impacts from return to provision true-ups related to the United States research and development tax credit.

For the six months ended November 29, 2025, the effective tax rate is higher than the United States federal statutory rate due to United States state income taxes, the mix of earnings in tax jurisdictions having rates higher than the United States federal statutory rate and unfavorable discrete impacts from the vesting of stock compensation.

For the six months ended November 30, 2024, the effective tax rate is lower than the United States federal statutory rate due to favorable discrete impacts from stock compensation and return to provision true-ups related to the United States research and development tax credit.

The Company's process for determining the provision for income taxes for the three and nine months ended February 28, 2026, involved using an estimated annual effective tax rate which was based on expected annual income and statutory tax rates across the various jurisdictions in which it operates.

The effective tax rates were 19.2 % and 88.3 %, respectively, for the three month periods ended February 28, 2026, and March 1, 2025.

The year over year change in the effective tax rate for the three months ended February 28, 2026, resulted from the current year quarter reflecting favorable discrete impacts from return to provision true-ups related mainly to the United States research and development credit and the prior quarter having impacts from the impairment of indefinite-lived intangible assets.

For the three months ended February 28, 2026, the effective rate is lower than the United States federal statutory rate due to favorable discrete impacts from return to provision true-ups related mainly to the United States research and development credit.

For the three months ended March 1, 2025, the effective rate is higher than the United States federal statutory rate due to impacts from the impairment of indefinite-lived intangible assets.

The effective tax rates were 22.7 % and 139.4 %, respectively, for the nine months ended February 28, 2026, and March 1, 2025.

The year over year change in the effective tax rate for the nine months ended February 28, 2026 resulted from the prior year nine months having impacts from the impairment of

indefinite-lived intangible assets and the current year nine months having no comparable impacts.

For the nine months ended February 28, 2026, the effective tax rate is higher than the United States federal statutory rate due to United States state income taxes and the mix of earnings in tax jurisdictions having rates higher than the United States federal statutory rate.

For the nine months ended March 1, 2025, the effective tax rate is higher than the United States federal statutory rate due to impacts from the impairment of indefinite-lived intangible assets.

The Company recognizes interest and penalties related to uncertain tax benefits through Income tax expense in its Condensed Consolidated Statements of Comprehensive Income.

Interest and penalties recognized in the Company's Condensed Consolidated Statements of Comprehensive Income were negligible for the three and six months ended November 29, 2025, and November 30, 2024.

Interest and penalties recognized in the Company's Condensed Consolidated Statements of Comprehensive Income were negligible for the three and nine months ended February 28, 2026, and March 1, 2025.

Fair Value Measurements

1 unchanged sentence

The Company's financial instruments, other than long-term debt, are recorded at fair value.

The carrying value and fair value of the Company's long-term debt, including current maturities, is as follows for the periods indicated:

(In millions) November 29, 2025 May 31, 2025

The carrying value and fair value of the Company's total debt is as follows for the periods indicated:

(In millions)

February 28, 2026

Carrying value

Fair value $ 1,295.6 $ 1,330.7

The following describes the methods the Company uses to estimate the fair value of financial assets and liabilities recorded in net earnings, which have not significantly changed in the current period:

4 unchanged sentences

These forward contracts are not designated as hedging instruments.

The following table sets forth financial assets and liabilities measured at fair value through net income and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy as of November 29, 2025, and May 31, 2025.

(In millions) November 29, 2025 May 31, 2025

Financial Assets NAV Quoted prices with other observable inputs (Level 2) NAV Quoted prices with other observable inputs (Level 2)

(In millions)

February 28, 2026

Financial Assets

Quoted prices with other observable inputs (Level 2)

Cash equivalents:

4 unchanged sentences

Deferred compensation plan

Total $ 2.9 $ 27.1 $ 10.8 $ 22.8

Financial Liabilities

1 unchanged sentence

Foreign currency forward contracts

Total $ — $ 1.0 $ — $ 0.2

The following describes the methods the Company uses to estimate the fair value of financial assets and liabilities recorded in other comprehensive income, which have not significantly changed in the current period:

1 unchanged sentence

The interest rate swap agreements are designated as cash flow hedging instruments.

The following table sets forth financial assets and liabilities measured at fair value through other comprehensive income and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy as of November 29, 2025, and May 31, 2025.

(In millions) November 29, 2025 May 31, 2025

Financial Assets Balance Sheet Location Quoted Prices with Other Observable Inputs (Level 2) Quoted Prices with Other Observable Inputs (Level 2)

Interest rate swap agreement Other noncurrent assets $ 17.3 $ 28.1

Total $ 17.3 $ 28.1

(In millions)

February 28, 2026

Financial Assets

Balance Sheet Location

Quoted Prices with Other Observable Inputs (Level 2)

Interest rate swap agreement

Other noncurrent assets

Financial Liabilities

Interest rate swap agreement Other liabilities $ 3.2 $ 2.0

Total $ 3.2 $ 2.0

Interest rate swap agreement

Other liabilities

The cost of securities sold is based on the specific identification method;

30 unchanged sentences

The interest rate swap locked in the Company’s interest rate on the forecasted outstanding borrowings of $ 575.0 million at 1.689 % exclusive of the credit spread on the variable rate debt.

As a result of the transaction, under the terms of the agreement the Company effectively will convert one month Term SOFR floating interest rate plus applicable margin to 1.689 % fixed interest rate plus applicable margin as of the forward start date.

As a result of the transaction, under the terms of the agreement the Company effectively converted one month Term SOFR floating interest rate plus applicable margin to 1.689 % fixed interest rate plus applicable margin as of the forward start date.

The swap agreement was amended in February 2023 for each calculation period beginning on January 31, 2023, and thereafter, to replace the LIBOR-based floating interest rate with a Term SOFR rate, and a 1.650 % modified fixed interest rate.

3 unchanged sentences

The interest rate swap locked in the Company's interest rate on the forecasted outstanding borrowings of $ 150.0 million at 3.950 % exclusive of the credit spread on the variable rate debt.

As a result of the transaction, under the terms of the agreement the Company effectively converted one month Term SOFR floating interest rate plus applicable margin to 3.950 % fixed interest rate plus applicable margin as of the forward start date.

In February 2026, the Company entered into a forward-starting interest rate swap agreement.

The interest rate swap is for an aggregate notional amount of $ 200.0 million, with a forward start date of January 29, 2027, and a termination date of January 31, 2030.

The interest rate swap locked in the Company's interest rate on the forecasted outstanding borrowings of $ 200.0 million at 3.380 % exclusive of the credit spread on the variable rate debt.

As a result of the transaction, under the terms of the agreement the Company effectively will convert one month Term SOFR floating interest rate plus applicable margin to 3.380 % fixed interest rate plus applicable margin as of the forward start date.

The interest rate swaps were designated as cash flow hedges at inception and the facts and circumstances of the hedged relationships remain consistent with the initial quantitative effectiveness assessment in that the hedged instruments remain an effective accounting hedge as of November 29, 2025.

Since a designated derivative meets hedge accounting criteria, the fair value of the hedge is recorded in the Consolidated Statements of Stockholders’ Equity as a component of Accumulated other comprehensive loss, net of tax.

2 unchanged sentences

The impact of derivative instruments on our Condensed Consolidated Statements of Cash Flows is included in Net cash provided by operating activities.

(In millions) Notional Amount Forward Start Date Termination Date Effective Fixed Interest Rate

September 2016 Interest Rate Swap $ 150.0 January 3, 2018 January 3, 2028 1.910 %

June 2017 Interest Rate Swap $ 75.0 January 3, 2018 January 3, 2028 2.348 %

January 2022 Interest Rate Swap $ 575.0 January 31, 2022 January 29, 2027 1.650 %

March 2023 Interest Rate Swap $ 150.0 March 3, 2023 January 3, 2029 3.950 %

(In millions)

Notional Amount

Forward Start Date

Termination Date

Effective Fixed Interest Rate

September 2016 Interest Rate Swap

January 3, 2018

January 3, 2028

June 2017 Interest Rate Swap

January 3, 2018

January 3, 2028

January 2022 Interest Rate Swap

January 31, 2022

January 29, 2027

March 2023 Interest Rate Swap

March 3, 2023

January 3, 2029

February 2026 Interest Rate Swap

January 29, 2027

January 31, 2030

The swaps above effectively converted indebtedness up to the notional amounts from a SOFR-based floating interest rate plus applicable margin to an effective fixed interest rate plus applicable margin under the terms of our Credit Agreement.

Effective fixed interest rates include the rates amended effective January 31, 2023, or February 3, 2023, for the first three swaps included in the chart above.

The following table summarizes the effects of the interest rate swap agreements for the three and six months ended:

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

(Loss) gain recognized in Other comprehensive loss (income) (effective portion) $ ( 3.2 ) $ 3.6 $ ( 9.0 ) $ ( 17.7 )

The following table summarizes the effects of the interest rate swap agreements for the three and nine months ended:

Three Months Ended

Nine Months Ended

(In millions)

February 28, 2026

March 1, 2025

February 28, 2026

March 1, 2025

(Loss) recognized in Other comprehensive income (loss) (effective portion)

Gain reclassified from Accumulated other comprehensive loss into earnings

There were no gains or losses recognized in earnings for hedge ineffectiveness for the three and six month periods ended November 29, 2025, and November 30, 2024.

There were no gains or losses recognized in earnings for hedge ineffectiveness for the three and nine month periods ended February 28, 2026, and March 1, 2025.

The amount of gain expected to be reclassified from Accumulated other comprehensive income into earnings during the next twelve months is $ 11.6 million, net of tax is $ 8.8 million.

Redeemable Noncontrolling Interests

Changes in the Company's redeemable noncontrolling interest in HAY for the six months ended November 29, 2025, and November 30, 2024, are as follows:

(In millions) November 29, 2025 November 30, 2024

Changes in the Company's redeemable noncontrolling interest in HAY for the nine months ended February 28, 2026, and March 1, 2025, are as follows:

(In millions)

February 28, 2026

March 1, 2025

Beginning Balance

Net income attributable to redeemable noncontrolling interests

Dividend attributable to redeemable noncontrolling interests

Cumulative translation adjustments attributable to redeemable noncontrolling interests

11 unchanged sentences

Changes in the warranty reserve for the stated periods were as follows:

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

Three Months Ended

Nine Months Ended

(In millions)

February 28, 2026

March 1, 2025

February 28, 2026

March 1, 2025

Accrual Balance — beginning

7 unchanged sentences

However, the Company is ultimately liable for claims that may occur against them.

As of November 29, 2025, the Company had a maximum financial exposure related to performance bonds totaling approximately $ 12.4 million.

As of February 28, 2026, the Company had a maximum financial exposure related to performance bonds totaling approximately $ 15.2 million.

The Company has no history of claims, nor is it aware of circumstances that would require it to pay, under any of these arrangements.

The Company also believes that the resolution of any claims that might arise in the future, either individually or in the aggregate, would not materially affect the Company's Consolidated Financial Statements.

Accordingly, no liability has been recorded in respect to these bonds as of either November 29, 2025, or May 31, 2025.

Accordingly, no liability has been recorded in respect to these bonds as of either February 28, 2026, or May 31, 2025.

The Company has entered into standby letter of credit arrangements for purposes of protecting various insurance companies and lessors against default on insurance premium and lease payments.

As of November 29, 2025, the Company had a maximum financial exposure from these standby letters of credit totaling approximately $ 12.1 million, all of which is considered usage against the Company's revolving line of credit.

As of February 28, 2026, the Company had a maximum financial exposure from these standby letters of credit totaling approximately $ 12.1 million, all of which is considered usage against the Company's revolving line of credit.

The Company has no history of claims, nor is it aware of circumstances that would require it to perform under any of these arrangements and believes that the resolution of any claims that might arise in the future, either individually or in the aggregate, would not materially affect the Company's Consolidated Financial Statements.

Accordingly, no liability has been recorded with respect to these arrangements as of November 29, 2025, or May 31, 2025.

Accordingly, no liability has been recorded with respect to these arrangements as of February 28, 2026, or May 31, 2025.

Contingencies

2 unchanged sentences

Short-Term Borrowings and Long-Term Debt

Short-term borrowings and long-term debt as of November 29, 2025, and May 31, 2025, consisted of the following:

(In millions) November 29, 2025 May 31, 2025

Short-term borrowings and long-term debt as of February 28, 2026, and May 31, 2025, consisted of the following:

(In millions)

February 28, 2026

Syndicated revolving line of credit, due April 2030

4 unchanged sentences

Finance lease liability

Total debt $ 1,350.2 $ 1,337.0

Unamortized discount and issuance costs

Current debt ( 20.7 ) ( 16.0 )

Long-term debt

In connection with the acquisition of Knoll, in July 2021, the Company entered into a credit agreement that provided for a syndicated revolving line of credit (the "Revolver") and two term loans.

The Revolver provides the Company with up to $ 725.0 million in revolving variable rate interest borrowing capacity that matures in July 2026, replacing the previous $ 500.0 million syndicated revolving line of credit.

The term loans consist of a five-year senior secured Term Loan "A" facility with an aggregate principal amount of $ 400.0 million and a seven-year senior secured Term Loan "B" facility with an aggregate principal amount of $ 625.0 million, the proceeds of which were used to finance a portion of the cash consideration for the acquisition of Knoll, for the repayment of certain debt of Knoll, and to pay fees, costs, and expenses related thereto.

The Revolver provided the Company with up to $ 725.0 million in revolving variable rate interest borrowing capacity that matured in July 2026, replacing the previous $ 500.0 million syndicated revolving line of credit.

The term loans consisted of a five-year senior secured Term Loan " A" facility with an aggregate principal amount of $ 400.0 million and a seven-year senior secured Term Loan "B" facility with an aggregate principal amount of $ 625.0 million, the proceeds of which were used to finance a portion of the cash consideration for the acquisition of Knoll, for the repayment of certain debt of Knoll, and to pay fees, costs, and expenses related thereto.

In January 2023, the Company entered into an Amendment to the credit agreement which transitioned the benchmark rate from LIBOR to the Secured Overnight Financing Rate ("SOFR") for U.S.

12 unchanged sentences

The Company reduced the amount borrowed on Term Loan B to $ 550.0 million.

This amendment was accounted for as a debt extinguishment, and the remaining unamortized debt issuance costs of $ 7.8 million from the original Term Loan B issuance were written off as an expense during the quarter and recorded within Other expense (income), net on the Condensed Consolidated Statements of Comprehensive Income (Loss).

During the six months ended November 29, 2025, the Company made total principal payments on Term Loan A and B in the amounts of $ 2.5 million and $ 1.6 million, respectively.

During the six months ended November 30, 2024, the Company made total principal payments on Term Loan A and B in the amounts of $ 15.0 million and $ 3.1 million, respectively.

This amendment was accounted for as a debt extinguishment, and the remaining unamortized debt issuance costs of $ 7.8 million from the original Term Loan B issuance were written off as an expense and recorded within Other expense (income), net on the Condensed Consolidated Statements of Comprehensive Income (Loss).

In February 2026, the Company entered into an amendment to the Credit Agreement.

The amendment revised the applicable margin which is part of the stated interest rate applicable to borrowings under the Term Loan B facility.

All other material terms remained consistent with those of the Term Loan B Facility executed in August 2025.

In connection with the execution of the amendment, the accounting treatment of Term Loan B was assessed on a lender-by-lender basis in accordance with ASC 470-50.

Based on the specific facts and circumstances applicable to each lender in the syndicate, the amendment was accounted for as a modification, extinguishment, or new loan, as appropriate.

Unamortized debt issuance costs of $ 0.2 million were written off as an expense during the quarter and recorded within Other expense (income), net on the Condensed Consolidated Statements of Comprehensive Income (Loss).

Excluding cash flows related to the refinancing of debt that occurred during the nine months ended February 28, 2026, the Company made aggregate principal payments of $ 5.0 million and $ 2.9 million on Term Loan A and B, respectively.

During the nine months ended March 1, 2025, the Company made aggregate principal payments of $ 25.0 million on Term Loan A and $ 4.7 million on Term Loan B.

Available borrowings under the syndicated revolving line of credit were as follows for the periods indicated:

(In millions) November 29, 2025 May 31, 2025

(In millions)

February 28, 2026

Syndicated revolving line of credit borrowing capacity

2 unchanged sentences

Available borrowings under the syndicated revolving line of credit

$ 367.9 $ 382.2

Accounts Receivable Securitization Facility

1 unchanged sentence

Under the terms of the Facility, the Company sells, on a revolving basis, certain accounts receivables to MillerKnoll Receivables LLC, a direct wholly-owned, bankruptcy-remote special purpose entity (the "SPE") of the Company that, in turn, uses the receivables to secure the borrowings, the proceeds of which will be used for general working capital purposes.

The SPE is included in our Condensed Consolidated Financial Statements and therefore the accounts receivable owned by it are included in our Condensed Consolidated Balance Sheets.

However, the accounts receivable owned by the SPE are separate and distinct from our other assets and are not available to our other creditors should the Company become insolvent.

As of November 29, 2025, the SPE held $ 57.5 million of accounts receivable.

The SPE is included in the Condensed Consolidated Financial Statements and therefore the accounts receivable owned by it are included in our Condensed Consolidated Balance Sheets.

However, the accounts receivable owned by the SPE are separate and distinct from our other assets and are not available to other creditors should the Company become insolvent.

As of February 28, 2026, the SPE held $ 70.2 million of accounts receivable.

The securitization is treated as a secured borrowing for accounting purposes.

The outstanding balance as of November 29, 2025 is reported in Long-term debt in the Condensed Consolidated Balance Sheets.

The outstanding balance as of February 28, 2026 is reported in Long-term debt in the Condensed Consolidated Balance Sheets.

Supplier Financing Program

2 unchanged sentences

The Company has lengthened the payment terms for certain suppliers that have chosen to participate in the program.

As a result, certain amounts due to suppliers have payment terms that are longer than standard industry practice and as such, these amounts have been excluded from “Accounts payable” in the Condensed Consolidated Balance Sheets as the amounts have been accounted for by the Company as current debt, within “Short-term borrowings and current portion of long-term debt.” As of November 29, 2025, and May 31, 2025, the liability related to the supplier financing program was $ 2.4 million and $ 2.0 million, respectively.

As a result, certain amounts due to suppliers have payment terms that are longer than standard industry practice and as such, these amounts have been excluded from Accounts payable in the Condensed Consolidated Balance Sheets as the amounts have been accounted for by the Company as current debt, within Short-term borrowings and current portion of long-term debt.

As of February 28, 2026, and May 31, 2025, the liability related to the supplier financing program was $ 1.8 million and $ 2.0 million, respectively.

Accumulated Other Comprehensive Loss

The following table provides an analysis of the changes in accumulated other comprehensive loss for the six months ended November 29, 2025, and November 30, 2024:

(In millions) Cumulative Translation Adjustments Pension and Other Post-retirement Benefit Plans Interest Rate Swap Agreement Accumulated Other Comprehensive Loss

The following table provides an analysis of the changes in accumulated other comprehensive loss for the nine months ended February 28, 2026, and March 1, 2025:

(In millions)

Cumulative Translation Adjustments

Pension and Other Post-retirement Benefit Plans

Interest Rate Swap Agreement

Accumulated Other Comprehensive Loss

Balance at May 31, 2025

2 unchanged sentences

Net current period other comprehensive income (loss)

Balance at November 29, 2025 $ ( 62.0 ) $ ( 30.7 ) $ 10.5 $ ( 82.2 )

Balance at February 28, 2026

Balance at June 1, 2024

Other comprehensive (loss) income, net of tax before reclassifications ( 20.8 ) — ( 32.2 ) ( 53.0 )

Other comprehensive (loss), net of tax before reclassifications

Reclassification from accumulated other comprehensive loss - Other, net

Net current period other comprehensive (loss) income

Balance at November 30, 2024 $ ( 126.5 ) $ ( 30.4 ) $ 28.6 $ ( 128.3 )

Balance at March 1, 2025

Operating Segments

10 unchanged sentences

The CODM uses Adjusted Operating Earnings (Loss) as the key operating metric to measure segment profit or loss, evaluate the performance of the segments, analyze variances of actual performance to forecasts, and make decisions regarding the allocation of resources.

Segment Adjusted Operating Earnings (Loss) represents reported Operating Earnings adjusted for restructuring charges, integration charges, amortization of Knoll purchased intangibles, and significant non-recurring or infrequent items that may not be indicative of ongoing operations.

Segment Adjusted Operating Earnings (Loss) represents reported Operating Earnings adjusted for

restructuring charges, integration charges, amortization of Knoll purchased intangibles, and significant non-recurring or infrequent items that may not be indicative of ongoing operations.

The Company's CODM does not review assets by segment to assess segment performance or allocate resources, nor is such information provided to the CODM.

5 unchanged sentences

The following is a summary of certain key financial measures for the respective periods indicated:

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

Three Months Ended

Nine Months Ended

(In millions)

February 28, 2026

March 1, 2025

February 28, 2026

March 1, 2025

North America Contract

1 unchanged sentence

Global Retail

Total $ 955.2 $ 970.4 $ 1,910.9 $ 1,831.9

Refer to Note 3 of the Consolidated Financial Statements for further disaggregation of revenue by operating segment.

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

Three Months Ended

Nine Months Ended

(In millions)

February 28, 2026

March 1, 2025

February 28, 2026

March 1, 2025

Adjusted cost of sales (1) :

2 unchanged sentences

Global Retail

Total $ 582.9 $ 593.4 $ 1,170.5 $ 1,118.1

(1) Adjusted cost of sales is defined as cost of sales excluding, when they occur, the impacts of restructuring charges and integration charges.

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

Three Months Ended

Nine Months Ended

(In millions)

February 28, 2026

March 1, 2025

February 28, 2026

March 1, 2025

Adjusted operating expenses (1) :

2 unchanged sentences

Global Retail

Total reportable segment adjusted operating expenses 300.8 290.6 590.5 561.8

Corporate 15.5 17.5 33.8 33.2

Total $ 316.3 $ 308.1 $ 624.3 $ 595.0

(1) Adjusted operating expenses is defined as operating expenses excluding, when they occur, the impacts of restructuring charges, integration charges, amortization of Knoll purchased intangibles and Knoll pension plan termination charges.

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

Three Months Ended

Nine Months Ended

(In millions)

February 28, 2026

March 1, 2025

February 28, 2026

March 1, 2025

Adjusted operating earnings:

3 unchanged sentences

Total segment adjusted operating earnings

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

Three Months Ended

Nine Months Ended

(In millions)

February 28, 2026

March 1, 2025

February 28, 2026

March 1, 2025

Reconciliation to net earnings:

5 unchanged sentences

Equity earnings from nonconsolidated affiliates, net of tax

Income tax expense 7.3 9.8 14.9 8.7

Income tax expense (benefit)

Other (income) expense, net

4 unchanged sentences

Amortization of Knoll purchased intangibles

Impairment charges

Knoll pension plan termination charges

Net earnings attributable to MillerKnoll, Inc.

$ 24.2 $ 34.1 $ 44.4 $ 32.9

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

Net earnings (loss) attributable to MillerKnoll, Inc.

Three Months Ended

Nine Months Ended

(In millions)

February 28, 2026

March 1, 2025

February 28, 2026

March 1, 2025

Depreciation and amortization:

2 unchanged sentences

Global Retail

Total $ 36.6 $ 35.7 $ 72.0 $ 70.3

Capital expenditures:

2 unchanged sentences

Global Retail

Total $ 30.6 $ 22.3 $ 61.3 $ 44.9

Many of the Company's assets, including manufacturing, office and showroom facilities, support multiple segments.

2 unchanged sentences

As part of restructuring and integration activities the Company has incurred expenses that qualify as exit and disposal costs under U.S.

These include severance and employee benefit costs as well as other direct separation benefit costs, right of use asset impairment charges and fixed asset impairment charges.

These include severance and employee benefit costs as well as other direct separation benefit costs, expenses incurred related to the facilities consolidation plan, right of use asset impairment charges and fixed asset impairment charges.

Severance and employee benefit costs primarily relate to cash severance, as well as non-cash severance, including accelerated equity award compensation expense.

1 unchanged sentence

These include integration implementation costs that relate primarily to professional fees, non-cash losses incurred on debt extinguishment, and accelerated depreciation of fixed assets.

The expense associated with integration initiatives are included in Selling, general and administrative and the expenses associated with restructuring activities are included in Restructuring expense in the Condensed Consolidated Statements of Comprehensive Income.

The expense associated with integration initiatives are included in Selling, general and administrative and the expenses associated with restructuring activities are included in Cost of sales or Restructuring expense in the Condensed Consolidated Statements of Comprehensive Income.

Restructuring expenses recorded within Cost of sales totaled $ 0.3 million and $ 0.4 million for the three and nine months ended February 28, 2026.

Restructuring expenses recorded within Restructuring expense totaled $ 1.9 million and $ 3.8 million for the three and nine months ended February 28, 2026.

There were no restructuring expenses recorded within Cost of sales for the three and nine months ended March 1, 2025.

Restructuring expenses recorded within Restructuring expense totaled $ 4.2 million for the three and nine months ended March 1, 2025.

Knoll Integration

8 unchanged sentences

• Other integration costs include professional fees and other incremental third-party expenses, including a loss on extinguishment of debt associated with financing of the Knoll acquisition.

For the three months ended November 29, 2025 and November 30, 2024, and the six months ended November 29, 2025, there were no costs incurred related to the Knoll Integration.

For the six months ended November 30, 2024, we incurred $ 28.3 million of costs related to the Knoll Integration which was comprised of $ 25.8 million of exit and disposal costs related to the consolidation of facilities and $ 2.5 million of other integration costs.

No liability balance remains as of November 29, 2025 for Knoll Integration costs that qualify as exit and disposal costs under U.S.

For the three months ended February 28, 2026 and March 1, 2025, and the nine months ended February 28, 2026, there were no costs incurred related to the Knoll Integration.

For the nine months ended March 1, 2025, we incurred $ 28.3 million of costs related to the Knoll Integration which was comprised of $ 25.8 million of exit and disposal costs related to the consolidation of facilities and $ 2.5 million of other integration costs.

No liability balance remains as of February 28, 2026 for Knoll Integration costs that qualify as exit and disposal costs under U.S.

The following is a summary of integration expenses by segment for the periods indicated:

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

Three Months Ended

Nine Months Ended

(In millions)

February 28, 2026

March 1, 2025

February 28, 2026

March 1, 2025

North America Contract

1 unchanged sentence

Global Retail

Corporate — — — —

Total $ — $ — $ — $ 28.3

Restructuring Activities

During the first quarter of fiscal year 2026, the Company announced an action related to the 2026 restructuring plan ("2026 restructuring plan") to reduce expenses.

During the first quarter of fiscal year 2026, the Company announced an action related to the 2026 restructuring plan ("2026 restructuring plan") to create operational efficiencies.

This restructuring activity included expenses related to a facilities consolidation plan.

As a result, the Company revised the estimated useful lives of certain fixed assets, which increased depreciation expense.

In connection with the 2026 restructuring plan, restructuring charges totaled $ 1.5 million and $ 2.0 million for the three and six months ended November 29, 2025.

In connection with the 2026 restructuring plan, restructuring charges totaled $ 2.2 million and $ 4.2 million for the three and nine months ended February 28, 2026.

Included in these amounts was depreciation expense of $ 1.6 million and $ 3.3 million for the respective periods.

8 unchanged sentences

The following table provides an analysis of the changes in the restructuring cost reserve that qualify as exit and disposal costs under U.S.

GAAP (i.e., severance and employee benefit costs and exit and disposal activities) for the 2026 restructuring plan for the six months ended November 29, 2025:

GAAP (i.e., severance and employee benefit costs and exit and disposal activities) for the 2026 restructuring plan for the nine months ended February 28, 2026:

2026 Restructuring Plan

(In millions) Severance and Employee Related Exit and Disposal Activities Total

May 31, 2025 $ — $ — $ —

(In millions)

Severance and Employee Related

Exit and Disposal Activities

Restructuring Costs

Amounts Paid — ( 0.2 ) ( 0.2 )

Non-Cash Costs

November 29, 2025 $ 0.1 $ — $ 0.1

February 28, 2026

The following table provides an analysis of the changes in the restructuring cost reserve that qualify as exit and disposal costs under U.S.

GAAP (i.e., severance and employee benefit costs and exit and disposal activities) for the 2025 restructuring plan for the six months ended November 29, 2025:

GAAP (i.e., severance and employee benefit costs and exit and disposal activities) for the 2025 restructuring plan for the nine months ended February 28, 2026:

2025 Restructuring Plan

(In millions) Severance and Employee Related Exit and Disposal Activities Total

May 31, 2025 $ 7.0 $ — $ 7.0

(In millions)

Severance and Employee Related

Exit and Disposal Activities

Restructuring Costs

Amounts Paid ( 6.4 ) — ( 6.4 )

Non-Cash Costs

November 29, 2025 $ 0.6 $ — $ 0.6

The Company expects that remaining liability for the 2025 restructuring plan as of November 29, 2025, will be paid in fiscal year 2026.

February 28, 2026

The Company expects that remaining liability for the 2025 restructuring plan as of February 28, 2026, will be paid in the fourth quarter of fiscal year 2026.

The following table provides an analysis of the changes in the restructuring cost reserve that qualify as exit and disposal costs under U.S.

GAAP (i.e., severance and employee benefit costs and exit and disposal activities) for the 2024 restructuring plan for the six months ended November 29, 2025:

GAAP (i.e., severance and employee benefit costs and exit and disposal activities) for the 2024 restructuring plan for the nine months ended February 28, 2026:

2024 Restructuring Plan

(In millions) Severance and Employee Related Exit and Disposal Activities Total

May 31, 2025 $ 1.0 $ — $ 1.0

(In millions)

Severance and Employee Related

Exit and Disposal Activities

Restructuring Costs

Amounts Paid ( 0.7 ) — ( 0.7 )

Non-Cash Costs

November 29, 2025 $ 0.3 $ — $ 0.3

The Company expects that remaining liability for the 2024 restructuring plan as of November 29, 2025, will be paid in fiscal year 2026.

February 28, 2026

The Company expects that remaining liability for the 2024 restructuring plan as of February 28, 2026, will be paid in the fourth quarter of fiscal year 2026.

The following is a summary of restructuring costs by segment for the periods indicated:

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

Three Months Ended

Nine Months Ended

(In millions)

February 28, 2026

March 1, 2025

February 28, 2026

March 1, 2025

North America Contract

1 unchanged sentence

Global Retail

Total $ 1.5 $ — $ 2.0 $ —

Variable Interest Entities

The Company entered into long-term notes receivable with certain independently owned dealers that are deemed to be variable interests in variable interest entities.

The carrying value of these notes receivable was $ 12.2 million and $ 13.5 million as of November 29, 2025, and May 31, 2025, respectively, and represents the Company’s maximum exposure to loss.

The carrying value of these notes receivable was $ 7.2 million and $ 13.5 million as of February 28, 2026, and May 31, 2025, respectively, and represents the Company’s maximum exposure to loss.

The Company is not deemed to be the primary beneficiary for any of these variable interest entities as each independently owned dealer controls the activities that most significantly impact the entity’s economic performance, including sales, marketing, and operations.

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-Q

Item 1. Financial Statements