What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2026-07-20 compared with 2025-07-21 · 430 added, 493 removed, 1152 unchanged (44% of the section changed)

2 unchanged sentences

Consolidated Statements of Comprehensive Income

(In millions, except per share data) May 31, 2025 June 1, 2024 June 3, 2023

(In millions, except per share data)

May 30, 2026 May 31, 2025 June 1, 2024

Net sales $ 3,841.7 $ 3,669.9 $ 3,628.4

11 unchanged sentences

69.9 76.7 76.2

Interest and other investment (income) expense ( 5.4 ) ( 6.1 ) ( 2.8 )

Interest and other investment income ( 4.1 ) ( 5.4 ) ( 6.1 )

Other expense (income), net 4.3 1.1 ( 2.6 )

(Loss) earnings before income taxes and equity income ( 21.9 ) 99.7 51.4

Earnings (loss) before income taxes and equity income 128.2 ( 21.9 ) 99.7

Income tax expense 32.4 11.6 14.7

Equity earnings (loss) from nonconsolidated affiliate, net of tax 0.3 ( 0.4 ) ( 0.8 )

Net (loss) earnings ( 33.2 ) 84.6 46.1

Equity (loss) earnings from nonconsolidated affiliate, net of tax ( 0.1 ) 0.3 ( 0.4 )

Net earnings (loss) 95.7 ( 33.2 ) 84.6

Net earnings attributable to redeemable noncontrolling interests 4.2 3.7 2.3

Net (loss) earnings attributable to MillerKnoll, Inc.

Net earnings (loss) attributable to MillerKnoll, Inc.

$ 91.5 $ ( 36.9 ) $ 82.3

(Loss) earnings per share - basic $ ( 0.54 ) $ 1.12 $ 0.56

(Loss) earnings per share - diluted ( 0.54 ) 1.11 0.55

Earnings (loss) per share - basic $ 1.33 $ ( 0.54 ) $ 1.12

Earnings (loss) per share - diluted 1.32 ( 0.54 ) 1.11

Other comprehensive income, net of tax

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Other comprehensive income, net of tax 12.7 10.7 2.4

Comprehensive (loss) income ( 22.5 ) 87.0 58.1

Comprehensive income (loss) 108.4 ( 22.5 ) 87.0

Comprehensive income attributable to redeemable noncontrolling interests 4.2 3.7 2.3

Comprehensive (loss) income attributable to MillerKnoll, Inc.

Comprehensive income (loss) attributable to MillerKnoll, Inc.

$ 104.2 $ ( 26.2 ) $ 84.7

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Consolidated Balance Sheets

(In millions, except share and per share data) May 31, 2025 June 1, 2024

(In millions, except share and per share data)

May 30, 2026 May 31, 2025

Current Assets:

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Prepaid expenses 88.7 74.6

Assets held for sale — 3.5

Other current assets

20 unchanged sentences

Lease liabilities 433.8 413.4

Accrued warranty 52.6 52.8

Other liabilities

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Consolidated Statements of Stockholders' Equity

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

Additional Paid-in Capital

Retained Earnings

Accumulated Other Comprehensive (Loss) Income

MillerKnoll, Inc.

Stockholders' Equity

(In millions, except share and per share data) Shares Amount

May 28, 2022 75,824,241 $ 15.2 $ 825.7 $ 693.3 $ ( 107.1 ) $ — $ 1,427.1

(In millions, except share and per share data)

June 3, 2023 75,698,670 $ 15.1 $ 836.5 $ 676.1 $ ( 95.1 ) $ 1,432.6

Net earnings — — — 82.3 — 82.3

5 unchanged sentences

Repurchase and retirement of common stock ( 6,022,646 ) ( 1.2 ) ( 138.2 ) — — ( 139.4 )

Deferred stock unit — — 0.6 — — — 0.6

Director's fees 31,379 — 0.8 — — 0.8

4 unchanged sentences

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

Net earnings — — — 82.3 — — 82.3

Net (loss) — — — ( 36.9 ) — ( 36.9 )

Other comprehensive income, net of tax — — — — 10.7 10.7

4 unchanged sentences

Repurchase and retirement of common stock ( 3,291,176 ) ( 0.7 ) ( 84.9 ) — — ( 85.6 )

Deferred stock unit 508 — — — — —

Director's fees 48,387 — 1.1 — — 1.1

3 unchanged sentences

Other — — ( 0.4 ) ( 0.5 ) — ( 0.9 )

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

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

Net earnings — — — 91.5 — 91.5

5 unchanged sentences

Repurchase and retirement of common stock, including excise tax ( 965,907 ) ( 0.2 ) ( 16.1 ) — — ( 16.3 )

Deferred stock unit 508 — — — — — —

Director's fees 53,324 — 1.0 — — 1.0

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Consolidated Statements of Cash Flows

(In millions) May 31, 2025 June 1, 2024 June 3, 2023

(In millions)

Cash Flows from Operating Activities:

Net (loss) earnings $ ( 33.2 ) $ 84.6 $ 46.1

Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:

Net earnings (loss)

Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:

Depreciation expense

Amortization expense

Loss on sale of equity method investment — 0.4 —

Deferred taxes

Pension contributions

Loss on extinguishment of debt

Impairment charges

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Amortization of deferred financing costs

Bad debt expense

Operating leases

Decrease (increase) in long-term assets 2.0 2.4 ( 4.7 )

(Increase) decrease in long-term assets

Changes in current assets and liabilities:

(Increase) decrease in accounts receivable & unbilled accounts receivable ( 41.9 ) 35.2 15.6

Decrease (increase) in accounts receivable & unbilled accounts receivable

(Increase) decrease in inventories

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Increase (decrease) in accounts payable

Increase (decrease) in accrued liabilities 1.0 ( 7.5 ) ( 124.8 )

Other, net 4.4 ( 1.6 ) 0.6

(Decrease) increase in accrued liabilities

Net Cash Provided by Operating Activities

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Capital expenditures

Proceeds from sales of property and dealers 6.5 — 0.3

Proceeds from life insurance policy — — 13.5

Proceeds from sale of property

Proceeds from the sale of equity method investment

Other, net ( 3.3 ) 0.5 ( 1.9 )

Net Cash Used in Investing Activities

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Repayments of credit facility

Proceeds from securitization facility

Repayments to securitization facility

Dividends paid

Common stock issued

Common stock repurchased and retired ( 84.9 ) ( 138.2 ) ( 16.0 )

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

Distribution to noncontrolling interest

Other, net ( 0.7 ) ( 0.1 ) ( 1.7 )

Net Cash Used in Financing Activities

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Cash and Cash Equivalents, End of Year

Other Cash Flow Information

Interest paid $ 69.1 $ 70.6 $ 70.6

Income taxes paid, net of cash received $ 51.3 $ 28.1 $ 34.8

Notes to the Consolidated Financial Statements

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Note 2 Revenue from Contracts with Customers

Note 3 Cash and Cash Equivalents

Note 4 Inventories

Note 4 Investments in Nonconsolidated Affiliates

Note 5 Short-Term Borrowings and Long-Term Debt

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

A global leader in design, 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®.

A global leader in design, MillerKnoll includes Herman Miller® and Knoll®, as well as Colebrook Bosson Saunders, Design Within Reach®, Edelman®, FilzFelt®, Geiger®, HAY®, Holly Hunt®, KnollTextiles®, Maharam®, Muuto®, NaughtOne®, and Spinneybeck®.

Combined, MillerKnoll represents over 100 years of design research and exploration in service of humanity.

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The Company's fiscal year ends on the Saturday closest to May 31.

The fiscal year ended May 31, 2025, and the fiscal year ended June 1, 2024, both contained 52 weeks;

and the fiscal year ended June 3, 2023, contained 53 weeks.

The fiscal year ended May 30, 2026, the fiscal year ended May 31, 2025, and the fiscal year ended June 1, 2024 all contained 52 weeks.

Foreign Currency Translation

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The cumulative effects of translating the balance sheet accounts from the functional currency into the United States dollar using fiscal year-end exchange rates and translating revenue and expense accounts using average exchange rates for the period are reflected as a component of Accumulated other comprehensive loss in the Consolidated Balance Sheets.

The financial statement impact of gains and losses resulting from remeasuring foreign currency transactions into the appropriate functional currency resulted in a net loss of $ 6.1 million, $ 3.0 million, and $ 4.8 million for the fiscal years ended May 31, 2025, June 1, 2024, and June 3, 2023, respectively.

The financial statement impact of gains and losses resulting from remeasuring foreign currency transactions into the appropriate functional currency resulted in a net loss of $ 0.9 million, $ 6.1 million, and $ 3.0 million for the fiscal years ended May 30, 2026, May 31, 2025, and June 1, 2024, respectively.

These amounts are included in Other expense (income), net in the Consolidated Statements of Comprehensive Income.

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) May 31, 2025 June 1, 2024

Gross cash position $ 99.4 $ 26.6

cash borrowings ( 98.0 ) ( 23.0 )

Net cash position $ 1.4 $ 3.6

The Company holds cash equivalents as part of its cash management function.

Cash equivalents include money market funds and time deposit investments with original maturities of less than three months.

The carrying value of cash equivalents, which approximates fair value, totaled $ 34.0 million an d $ 55.9 million as of May 31, 2025 and June 1, 2024 , respectively.

All cash equivalents are high-credit quality financial instruments and the amount of credit exposure to any one financial institution or instrument is limited.

Allowances for Credit Losses

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The Company monitors and manages the credit risk associated with individual dealers and direct customers where applicable.

Dealers are responsible for assessing and assuming credit risk of their customers and may require their customers to provide deposits, letters of credit or other credit enhancement measures.

Dealers are responsible for assessing and assuming credit risk of their customers and may require their customers to

provide deposits, letters of credit or other credit enhancement measures.

Some sales contracts are structured such that the customer payment or obligation is direct to the Company.

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The reserve required to record inventory at lower of cost or net realizable value may be adjusted in response to changing conditions, however inventory cannot be subsequently written back up, since the reserve establishes a new (lower) cost basis.

The Company recorded inventory reserves reducing finished goods, raw materials, and work in process of $ 55.2 million and $ 49.6 million as of May 30, 2026 and May 31, 2025, respectively, to adjust for excess and obsolete inventory.

Inventory cost is primarily determined using the first in, first out (FIFO) method.

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The changes in the carrying amount of goodwill, by reporting segment, are as follows:

(In millions) North America Contract (1)

(In millions)

North America Contract (1)

International Contract Global Retail (2)

Balance at June 1, 2024

$ 584.3 $ 154.0 $ 488.0 $ 1,226.3

Impairment charges — — ( 92.3 ) ( 92.3 )

Foreign currency translation adjustments 6.5 5.1 6.8 18.4

Balance at June 1, 2024 $ 584.3 $ 154.0 $ 488.0 $ 1,226.3

Impairment charges — — ( 92.3 ) ( 92.3 )

Balance at May 31, 2025

$ 590.8 $ 159.1 $ 402.5 $ 1,152.4

Foreign currency translation adjustments 4.3 1.3 3.3 8.9

Balance at May 30, 2026

(1) North America Contract segment had accumulated goodwill impairments of $ 36.7 million as of May 31, 2025, June 1, 2024, and June 3, 2023.

(2) Global Retail segment had accumulated goodwill impairments of $ 181.1 million as of May 31, 2025, and $ 88.8 million as of June 1, 2024, and June 3, 2023 .

$ 595.1 $ 160.4 $ 405.8 $ 1,161.3

(1) North America Contract segment had accumulated goodwill impairments of $ 36.7 million as of May 30, 2026, May 31, 2025, and June 1, 2024.

(2) Global Retail segment had accumulated goodwill impairments of $ 181.1 million as of May 30, 2026, and May 31, 2025, and $ 88.8 million as of June 1, 2024.

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

(In millions) Indefinite-lived Intangible Assets

(In millions)

Indefinite-lived Intangible Assets

Balance at June 1, 2024

Foreign currency translation adjustments 1.6

Impairment charges ( 37.7 )

Balance at June 1, 2024 $ 465.5

Foreign currency translation adjustments 4.7

Impairment charges ( 37.7 )

Balance at May 31, 2025

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.

Foreign currency translation adjustments 2.8

Balance at May 30, 2026

Goodwill is tested for impairment at the reporting unit level annually on March 31, 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.

When testing goodwill for impairment, the Company may first assess qualitative factors.

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

During the third quarter of fiscal year 2025, the Company identified 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 a qualitative assessment each interim reporting period to determine whether there are indicators of a triggering event in the quarter.

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 quarter.

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.

During the fourth quarter of the current year, the Company performed its annual impairment assessment.

For the current year, the Company elected to take a quantitative valuation approach for all four reporting units.

The Company used a weighting of the income and market approaches to estimate the fair value of our reporting units.

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

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The test for impairment requires the Company to make several estimates about fair value, most of which are based on projected future cash flows and market valuation multiples.

We estimated the fair value of each reporting unit using a discounted cash flow analysis.

The discounted cash flow analysis used the present value of projected cash flows and a residual value.

The Company employed a market-based approach in selecting the discount rate used in our analysis.

The discount rate selected represents the market rate of return equal to what the Company believes a reasonable investor would expect to achieve on investments of similar size to each reporting unit.

The Company believes the discount rates selected in the quantitative assessment is appropriate in that it exceeds the estimated weighted average cost of capital for our business as a whole.

As a result of the third quarter fiscal year 2025 goodwill impairment test, the Company recognized a total non-cash impairment charge of $ 30.1 million and $ 62.2 million in its Global Retail and Holly Hunt reporting units, respectively.

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 third quarter fiscal year 2025 segment re-organization, the Global Retail and Holly Hunt reporting units had remaining goodwill of $ 357.0 million and $ 33.0 million, respectively.

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.

Generally, changes in estimates of expected future cash flows would have a similar effect on the estimated fair value of the reporting unit.

For example, a 1.0% decrease in estimated annual future cash flows would decrease the estimated fair value of the reporting unit by approximately 1.0%.

The estimated long-term growth rate can have a significant impact on the estimated future cash flows, and therefore, the fair value of each reporting unit.

Of the other key assumptions that impact the estimated fair values, most reporting units have the greatest sensitivity to changes in the estimated discount rate.

In completing the goodwill impairment test, the respective fair values were estimated using discount rates ranging from 12.0 % to 15.0 % and long-term growth rates ranging from 2.5 % to 3.0 %.

The Company evaluated the sensitivity of changes in projected growth rates, discount rates and long-term growth rates for the reporting units with goodwill remaining as of March 1, 2025.

• A decrease in the forecasted sales by 500 basis points in all years or an increase in the discount rate of 100 basis points, leaving all other assumptions static, would not result in impairment for the Americas Contract, International Contract or Coverings reporting units.

• A decrease in the operating margin of 100 basis points in all years, leaving all other assumptions static, would not result in impairment for the Americas Contract or International Contract reporting units.

For the Coverings reporting unit it would result in impairment of $ 3.0 million.

• A reduction in the projected sales growth rate, decline in operating margins, an increase in the discount rate or a decline in the long-term sales growth rate for the Holly Hunt or Global Retail reporting units may result in the need to record an additional impairment charge.

Additionally, in the third quarter of fiscal year 2025 the Company implemented an organizational change that resulted in a change in the reportable segments and reporting units.

As a result, the Company performed the required impairment assessments directly before and immediately after the change in reporting units.

As a result of this change, $ 26.1 million of goodwill was reassigned from the Americas Contract reporting unit to the International Contract reporting unit, based on the relative fair value approach.

Additionally, the $ 33.0 million of remaining goodwill for the Holly Hunt reporting unit was moved to the Global Retail reporting unit.

Subsequent to this change the Company has four reporting units, North America Contract, International Contract, Global Retail, and Coverings.

Each of the reporting units was reviewed for impairment using a qualitative assessment as of March 31, 2025.

The Company elected to test each reporting unit qualitatively, as is permitted under ASU 2011-08, Intangibles-Goodwill and Other (Topic 350):

Testing Goodwill for Impairment.

Through the performance of this qualitative assessment we determined that there were no indicators of impairment.

The discount rate selected represents the market rate of return equal to what the Company believes a market participant would expect to achieve on investments of similar size to each reporting unit.

In completing the goodwill impairment test, the respective fair values were estimated using discount rates ranging from 13.5 % to 16.5 % and a long-term growth rate of 2.5 %.

While no impairment was recognized in the current year, the International Contract, Global Retail and Coverings reporting units remain sensitive to changes in key assumptions, including projected revenue growth, operating margins, and discount rates.

Management will continue to monitor these reporting units, as adverse changes in market conditions or operating performance could result in future impairment charges.

We performed our annual quantitative impairment test as of March 31, 2026.

Subsequently, we performed a qualitative assessment from April 1, 2026 to May 30, 2026 to determine if any triggering events occurred.

No such events were identified.

During the third quarter of fiscal 2025, management identified impairment triggering events resulting from lower-than-expected operating performance and, accordingly, performed a quantitative goodwill impairment assessment for each reporting unit.

As a result, the Company recognized non-cash goodwill impairment charges of $ 30.1 million and $ 62.2 million related to the Global Retail and Holly Hunt reporting units, respectively.

This impairment was driven primarily by reduced sales and profitability projections, as well as higher discount rates.

Additionally, in connection with a third-quarter organizational realignment that modified the Company's reportable segments and reporting units, goodwill was reassigned using a relative fair value approach.

This resulted in the transfer of $ 26.1 million from the Americas Contract reporting unit to International Contract and the reassignment of the remaining $ 33.0 million of Holly Hunt goodwill to the Global Retail reporting unit.

Following this reorganization, the Company's reporting units consisted of North America Contract, International Contract, Global Retail, and Coverings.

Indefinite-lived Intangible Assets

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An impairment charge is recorded if the carrying amount of an indefinite-lived intangible asset exceeds the estimated fair value on the measurement date.

During the third quarter of fiscal year 2025 the Company identified indicators that impairment was more likely than not for certain of the indefinite-lived intangible assets.

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

This quantitative assessment resulted in the recognition of $ 37.7 million in non-cash impairment charges related to the Knoll and Muuto trade names.

The other indefinite-lived intangible assets were determined to have no impairment.

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

During the fourth quarter of fiscal year 2026 the Company performed its annual test of the indefinite-lived intangible assets.

The Company performed qualitative tests over all of the indefinite-lived intangible assets, with the exception of the Knoll, Muuto, and Holly Hunt trade name assets.

The Company elected to perform quantitative tests over these assets due to the history of recent impairments and corresponding expectation that there was little cushion between the fair values and carrying values of these assets.

As a result of the qualitative and quantitative test over indefinite-lived intangible assets, we concluded there were no impairments in the current year.

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

• actual and forecasted revenue growth rates,

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• a market participant discount rate based on a weighted-average cost of capital.

In completing the third quarter fiscal year 2025 assessment of indefinite-lived trade name impairment, the respective fair values were estimated using discount rates ranging from 12.8 % to 17.3 %, royalty rates ranging from 1.0 % to 3.0 % and long-term growth rates ranging from 2.5 % to 3.0 %.

In the current year assessment, the respective fair values were estimated using discount rates ranging from 12.7 % to 13.0 %, royalty rates ranging from 2.0 % to 4.5 % and long-term growth rates ranging from 2.5 % to 3.0 %.

The Company’s estimates of the fair value of its indefinite-lived intangible assets are sensitive to changes in the key assumptions above as well as projected financial performance.

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.

For the Knoll trade name, keeping all other assumptions constant, a 10 % decrease in forecasted sales would have resulted in $ 12.0 million of additional pre-tax impairment charges;

a decrease in the royalty rate of 25 basis points would have resulted in an additional $ 15.0 million of impairment charges ;

and a 100 basis point increase in the discount rate would have resulted in an additional $ 11.0 million of impairment charges.

For the Muuto trade name, keeping all other assumptions constant, a 10 % decrease in forecasted sales would have resulted in $ 7.0 million of additional pre-tax impairment charges;

a decrease in the royalty rate of 25 basis points would have resulted in an additional $ 4.0 million of impairment charges ;

and a 100 basis point increase in the discount rate would have resulted in an additional $ 6.0 million of impairment charges.

Each of the indefinite-lived intangible assets was reviewed for impairment using a qualitative assessment as of March 31, 2025.

The Company elected to test each asset qualitatively, as is permitted under ASU 2011-08, Intangibles-Goodwill and Other (Topic 350).

Through the performance of this qualitative assessment we determined that there were no indicators of impairment.

In fiscal 2024, the Company performed quantitative assessments in testing the Knoll product brand and Muuto brand indefinite-lived intangible assets for impairment, which resulted in the carrying values of the trade names exceeding their fair values by $ 8.9 million and $ 7.9 million, respectively.

Accordingly, impairment charges of $ 16.8 million in total were recognized.

During fiscal 2023, the Company determined through a qualitative assessment that the Knoll trade name carrying value was more than likely above its fair value.

As a result, the Company performed a quantitative assessment to determine the fair value and as a result recognized a $ 19.7 million non-cash impairment charge to the indefinite-lived trade name.

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.

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 impairment charges.

In fiscal 2025, the Company performed quantitative assessments in testing the Knoll product brand and Muuto brand indefinite-lived intangible assets for impairment, which resulted in the carrying values of the trade names exceeding their fair values by $ 37.7 million, resulting in impairment charges.

We performed our annual quantitative impairment test as of March 31, 2026.

Subsequently, we performed a qualitative assessment from April 1, 2026 to May 30, 2026 to determine if any triggering events occurred.

No such events were identified.

Property, Equipment and Depreciation

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The following table summarizes our property as of the dates indicated:

(In millions) May 31, 2025 June 1, 2024

(In millions)

May 30, 2026 May 31, 2025

Land and improvements $ 56.6 $ 56.3

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Refer to the following table for the combined gross carrying value and accumulated amortization for these amortizable intangibles.

(In millions) Patent and Trademarks Customer Relationships Designs and Patterns Backlog Other Total

(In millions)

Patent and Trademarks Customer Relationships Designs and Patterns Backlog Other Total

Gross carrying value $ 67.7 $ 366.3 $ 42.9 $ 28.6 $ 12.6 $ 518.1

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In the first quarter of fiscal 2025, the decision was made to cease the use of certain leased locations resulting in impairment charges of $ 17.4 million related to the right of use assets associated with these locations.

In the fourth quarter of fiscal 2024, the decision was made to cease the use of certain leased locations resulting in impairment charges of $ 5.5 million recognized for the right of use assets associated with these locations.

Additionally, in the second quarter of fiscal 2024 a manufacturing facility located in Wisconsin met the criteria to be classified as an asset held for sale.

The decision to sell this facility was made as a result of facility integration activities performed in connection with the integration of Knoll.

As of June 1, 2024, the carrying amount of these assets held for sale was $ 3.5 million and classified as current assets within "Assets held for sale" in the Condensed Consolidated Balance Sheets.

The sale of the manufacturing facility was completed in the third quarter of fiscal 2025, resulting in a gain of approximately $ 2.8 million included within Operating expenses in the Consolidated Statements of Comprehensive Income.

In the third quarter of fiscal 2023, the decision was made to cease operating Fully as a stand-alone brand and sales channel and instead sell certain Fully products through other channels of the Global Retail business.

As a result of this decision, the Company recorded asset Impairment charges related to Other Long-Lived Assets of $ 21.5 million in the third quarter of fiscal 2023.

Of this amount, $ 11.6 million of the impairment related to the Fully trade name.

The table below provides information related to the impairments recognized in fiscal 2026 and fiscal 2025.

These charges are included in "Selling, general and administrative" within the Consolidated Statements of Comprehensive Income.

(In millions) May 31, 2025 June 1, 2024

(In millions) May 30, 2026 May 31, 2025

Property and equipment $ — $ —

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The Company's retention levels designated within significant insurance arrangements as of May 30, 2026 , ar e as follows:

(In millions) Retention Level (per occurrence)

(In millions)

Retention Level (per occurrence)

General liability $ 1.00

Auto liability $ 1.00

Automobile liability $ 1.00

Workers' compensation $ 0.75

Health benefit $ 0.70

The Company accrues for its self-insurance arrangements related to general liability, workers' compensation, auto liability, and health benefit exposures based on actuarial estimates, which are recorded in Other liabilities in the Consolidated Balance Sheets.

The value of the liability as of May 31, 2025, and June 1, 2024, was $ 13.1 million and $ 12.0 million, respectively.

The Company maintains self-insurance programs for certain general liability, automobile liability, workers' compensation, and health benefit exposures.

Liabilities associated with these programs are estimated using actuarial methods and are included in Other liabilities in the Consolidated Balance Sheets.

As of May 30, 2026, and May 31, 2025, the related accrued liabilities were $ 13.0 million and $ 13.1 million, respectively.

The Company recognized employee health benefit expense of $ 59.3 million, $ 54.0 million, and $ 52.8 million for the years ended May 30, 2026, May 31, 2025, and June 1, 2024, respectively.

Workers' compensation expense totaled $ 1.6 million, $ 3.4 million, and $ 2.5 million for the years ended May 30, 2026, and May 31, 2025, and June 1, 2024.

The actuarial valuations are based on historical information along with certain assumptions about future events.

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They are included in Design and research expense in the accompanying Consolidated Statements of Comprehensive Income .

Customer Payments and Incentives

We offer various sales incentive programs to our customers, such as rebates and discounts.

Programs such as rebates and discounts are adjustments to the selling price and are therefore characterized as a reduction to net sales.

Revenue Recognition

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Revenue for services is recognized over time as the services are provided.

The method of revenue recognition may vary, depending on the type of contract with the customer, as noted in the section "Disaggregated Revenue" in Note 2 of the Consolidated Financial Statements.

The Company's contracts with customers include master agreements and certain other forms of contracts, which do not reach the level of a performance obligation until a purchase order is received from a customer.

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Variable consideration exists within certain contracts that the Company has with customers.

When variable consideration is present in a contract with a customer, the Company estimates the amount that should be included in the transaction price utilizing either the expected value method or the most likely amount method, depending on the nature of the variable consideration.

These estimates are primarily related to rebate programs which involve estimating future sales amounts and rebate percentages to use in the determination of transaction price.

Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not

We offer various sales incentive programs to our customers, such as rebates and discounts.

These programs are adjustments to the selling price and are therefore characterized as variable consideration and recorded as a reduction to net sales.

When variable consideration is present, we estimate the transaction price utilizing either the expected value method or the most likely amount method, depending on the nature of the variable consideration.

These estimates require estimating future customer sales volumes and rebate percentages.

Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur.

Adjustments to net sales from changes in variable consideration related to performance obligations completed in previous periods are not material to the Company's financial statements.

Also, the Company has no contracts with significant financing components.

The Company accounts for shipping and handling activities as fulfillment activities and these costs are accrued within Cost of sales at the same time revenue is recognized.

The Company does not record revenue for sales tax, value added tax or other taxes that are collected on behalf of government entities.

The Company’s revenue is recorded net of these taxes as they are passed through to the relevant government entities.

The Company does not record Net sales and Cost of sales for sales tax, value added tax or other taxes that are collected on behalf of government entities.

The Company’s revenue is recorded net of these

taxes as they are passed through to the relevant government entities.

The Company has recognized incremental costs to obtain a contract as an expense when incurred as the amortization period is less than one year.

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Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases.

Deferred tax assets and

liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse.

Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse.

The Company's annual effective tax rate is based on income, statutory tax rates and tax planning strategies available in the various jurisdictions the Company operates.

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and (3) routine profits.

Based on the safe harbor calculations using both the simplified effective tax rate and de minimis rules, management does not currently expect Pillar Two regulations to have a material impact on the Company’s financial results in fiscal year 2026 and beyond.

Based on the safe harbor calculations using both the simplified effective tax rate and de minimis rules, Pillar Two regulations did not have a material impact on our effective tax rate in fiscal 2026.

We continue to monitor developments and administrative guidance related to these regulations to evaluate the potential impact in future periods.

Stock-Based Compensation

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The Company utilizes derivatives to manage exposures to foreign currency exchange rates and interest rate risk.

The fair values of all derivatives are recognized as assets or liabilities at the balance sheet date.

The fair values of all

derivatives are recognized as assets or liabilities at the balance sheet date.

Changes in the fair value of these instruments are reported within Other expense (income), net in the Consolidated Statements of Comprehensive Income, or Accumulated other comprehensive loss within the Consolidated Balance Sheets, depending on the use of the derivative and whether it qualifies for hedge accounting treatment.

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Recently Adopted Accounting Standards

ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures.

In November 2023, the FASB issued this ASU to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance.

The Company adopted ASU 2023-07 for the fiscal year ended May 31, 2025.

We adopted this guidance on a retrospective basis, which modified our annual disclosures in fiscal 2025 but did not have a material effect on the Company's financial position, results of operations, or cash flows.

Refer to Note 13 Operating Segments in the accompanying notes to the consolidated statements for further detail.

Recently Issued Accounting Standards Not Yet Adopted

ASU 2023-09, Income Taxes (Topic 740):

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and foreign jurisdictions.

The update will be effective for annual periods beginning after December 15, 2024.

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 adopted ASU 2023-09 for the fiscal year ended May 30, 2026.

The modified disclosure requirements of this ASU were applied on a prospective basis and are reflected in Note 10 Income Taxes in the accompanying notes to the consolidated statements.

Recently Issued Accounting Standards Not Yet Adopted

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

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Disaggregated Revenue

The Company’s revenue is comprised primarily of sales of products and installation services.

Depending on the type of contract, the method of accounting and timing of revenue recognition may differ.

Below, descriptions have been provided that summarize the Company’s different types of contracts and how revenue is recognized for each.

• Single Performance Obligations - these contracts are transacted with customers and include only the product performance obligation.

Most commonly, these contracts represent master agreements with independent third party dealers in which a purchase order represents the customer contract, point of sale transactions through the Global Retail segment, as well as customer purchase orders within the North America Contract and International Contract segments.

For contracts that

include a single performance obligation, the Company records revenue at the point in time when control has transferred to the customer.

• Multiple Performance Obligations - these contracts are transacted with customers and include more than one performance obligation;

products, which are shipped to the customer by the Company, and installation and other services, which are primarily fulfilled by independent third-party dealers.

For contracts that include multiple performance obligations, the Company records revenue for the product performance obligation at the point in time when control transfers, generally upon transfer of title and risk of loss to the customer.

In most cases, the Company has concluded that it is the agent for the installation services performance obligation and as such, the revenue and costs of these services are recorded net within Net sales in the Company’s Consolidated Statements of Comprehensive Income.

In certain instances, entities owned by the Company, rather than independent third-party dealers, perform installation and other services.

In these cases, Service revenue is generated by the Company’s entities that provide installation services, and is recognized by the Company over time as the services are provided.

For contracts with multiple performance obligations, the Company allocates the transaction price to each performance obligation based on relative standalone selling prices.

• Other - these contracts are comprised mainly of alliance fee arrangements, whereby the Company earns revenue for allowing other furniture sellers access to its dealer distribution channel, as well as other miscellaneous selling arrangements.

Revenue from alliance contracts are recorded at the point in time in which the sale is made by other furniture sellers through the Company’s sales channel.

Revenue disaggregated by contract type has been provided in the table below:

(In millions) May 31, 2025 June 1, 2024

Single performance obligation

Product revenue $ 3,377.3 $ 3,362.6

Multiple performance obligations

Product revenue 277.9 251.9

Service revenue 4.3 3.6

Other 10.4 10.3

Total $ 3,669.9 $ 3,628.4

The Company internally reports and evaluates products based on the categories Workplace, Performance Seating, Lifestyle, and Other.

The Company internally reports and evaluates performance based on product categories.

These categories include Workplace, Performance Seating, Lifestyle, and Other.

A description of these categories is included below.

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The products in this category help create emotive and visually appealing spaces via a portfolio that offers diversity in aesthetics, price, and performance.

Revenue disaggregated by product type and segment has been provided in the table below:

(In millions) May 31, 2025 June 1, 2024

The Other category primarily consists of textiles and uncategorized product sales, and service sales.

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

(In millions)

May 30, 2026 May 31, 2025 June 1, 2024

North America Contract:

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Lifestyle 212.1 218.5 218.2

Other 188.9 186.6 190.1

Total North America Contract $ 2,061.2 $ 1,965.2 $ 1,922.3

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Lifestyle 174.5 164.8 168.0

Other 27.5 28.4 25.3

Total International Contract $ 674.0 $ 660.0 $ 645.6

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Lifestyle 877.4 830.4 854.1

Other 2.1 1.5 1.4

Total Global Retail $ 1,106.5 $ 1,044.7 $ 1,060.5

Total $ 3,841.7 $ 3,669.9 $ 3,628.4

(1) "Other" primarily consists of uncategorized product sales and service sales.

MillerKnoll, Inc.:

Workplace $ 1,510.2 $ 1,428.5 $ 1,391.8

Performance Seating 849.0 811.2 779.5

Lifestyle 1,264.0 1,213.7 1,240.3

Other 218.5 216.5 216.8

Total MillerKnoll, Inc.

$ 3,841.7 $ 3,669.9 $ 3,628.4

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 13 of the Consolidated Financial Statements for further information related to our segments.

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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.

(In millions) May 31, 2025 June 1, 2024 June 3, 2023

(In millions)

May 30, 2026 May 31, 2025 June 1, 2024

United States $ 2,751.8 $ 2,608.4 $ 2,570.0

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Total $ 3,841.7 $ 3,669.9 $ 3,628.4

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

Concentration of Customers

No single dealer accounted for more than 2% of the Company's net sales in the fiscal year ended May 30, 2026.

The Company estimates that the largest single end-user customer accounted for $ 196.8 million, $ 197.4 million and $ 180.3 million of the Company's net sales in fiscal 2026, 2025 and 2024, respectively.

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The Company records contract assets and contract liabilities related to its revenue generating activities.

Contract assets include certain receivables from customers that are unconditional as all performance obligations with respect to the contract with the customer have been completed.

These amounts represent trade receivables and they are recorded within Accounts receivable, net in the Consolidated Balance Sheets.

Contract assets represent the Company's rights to consideration in exchange for goods or services transferred to customers when those rights are conditioned on something other than the passage of time.

Contract liabilities represent the Company's obligation to transfer goods or services to customers for which consideration has been received or is due from the customer.

Receivables are recognized separately when the Company's right to consideration becomes unconditional and only the passage of time is required before payment is due.

Such amounts are recorded within Accounts receivable, net in the Consolidated Balance Sheets.

Contract assets also include amounts that are conditional because certain performance obligations in contracts with customers are incomplete as of the balance sheet date.

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These customer deposits are included within Customer deposits in the Consolidated Balance Sheets.

During the twelve months ended May 30, 2026, the Company recognized net sales of $ 89.4 million related to customer deposits that were included in the balance sheet as of May 31, 2025.

During the twelve months ended May 31, 2025, the Company recognized net sales of $ 87.9 million related to customer deposits that were included in the balance sheet as of June 1, 2024.

During the twelve months ended June 1, 2024, the Company recognized net sales of $ 82.2 million related to customer deposits that were included in the balance sheet as of June 3, 2023.

(In millions) May 31, 2025 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)

May 30, 2026 May 31, 2025

Gross cash position $ 131.9 $ 99.4

cash borrowings ( 131.2 ) ( 98.0 )

Net cash position $ 0.7 $ 1.4

The Company holds cash equivalents as part of its cash management function.

Cash equivalents include money market funds and time deposit investments with original maturities of less than three months.

The carrying value of cash equivalents, which approximates fair value, totaled $ 31.5 million an d $ 34.0 million as of May 30, 2026 and May 31, 2025 , respectively.

All cash equivalents are high-credit quality financial instruments and the amount of credit exposure to any one financial institution or instrument is limited.

(In millions)

May 30, 2026 May 31, 2025

Finished goods and work in process $ 373.5 $ 329.5

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Total $ 488.4 $ 447.5

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

Investments in Nonconsolidated Affiliates

The Company has an investment in an entity that is accounted for using the equity method (“nonconsolidated affiliate”).

The investment is included in Other noncurrent assets in the Consolidated Balance Sheets and the equity earnings are included in Equity earnings (loss) from nonconsolidated affiliate, net of tax in the Consolidated Statements of Comprehensive Income.

Refer to the tables below for the investment balance that is included in the Consolidated Balance Sheets and for the equity earnings that are included in the Consolidated Statements of Comprehensive Income.

(In millions) May 31, 2025 June 1, 2024

Investments in nonconsolidated affiliate $ 2.5 $ 2.2

(In millions) May 31, 2025 June 1, 2024 June 3, 2023

Equity earnings (loss) from nonconsolidated affiliate, net of tax $ 0.3 $ ( 0.4 ) $ ( 0.8 )

The Company had an ownership interest in one nonconsolidated affiliate at May 31, 2025.

Refer to the Company's ownership percentages shown below:

Ownership Interest May 31, 2025 June 1, 2024

Kvadrat Maharam Pty Limited 50.0 % 50.0 %

Kvadrat Maharam

The Kvadrat Maharam Pty Limited nonconsolidated affiliate is a distribution entity engaged in selling decorative upholstery, drapery and wall covering products.

On August 31, 2018, the Company acquired 48.2 % of the outstanding equity of Global Holdings Netherlands B.V., which owns 100 % of Maars Holding B.V.

("Maars”), a Harderwijk, Netherlands-based worldwide leader in the design and manufacturing of interior wall solutions.

The Company acquired its 48.2 % ownership interest in Maars for approximately $ 6.1 million in cash.

The entity was accounted for using the equity method of accounting as the Company had significant influence, but not control, over the entity.

On October 30, 2023, the Company sold its 48.2 % investment in Global Holdings Netherlands B.V.

for total purchase consideration of $ 5.9 million.

As part of this transaction, we received cash proceeds of $ 3.5 million at closing, a $ 1.4 million receivable under a vendor loan, and $ 0.9 million of cash held in an escrow account to secure the representations and warranties made to the purchaser.

As a result of the sale, a loss of $ 0.4 million was recorded in Equity (loss) earnings from nonconsolidated affiliates, net of tax during the twelve months ended June 1, 2024.

Transactions with Nonconsolidated Affiliates

Sales to and purchases from nonconsolidated affiliates were as follows for the periods presented below:

(In millions) May 31, 2025 June 1, 2024 June 3, 2023

Sales to nonconsolidated affiliates $ 2.1 $ 2.1 $ 2.8

Purchases from nonconsolidated affiliates $ 0.3 $ — $ —

Balances due to or due from nonconsolidated affiliates were as follows for the periods presented below:

(In millions) May 31, 2025 June 1, 2024

Receivables from nonconsolidated affiliates $ 0.3 $ 0.3

Payables to nonconsolidated affiliates $ — $ —

Short-Term Borrowings and Long-Term Debt

Long-term debt consisted of the following obligations:

(In millions) May 31, 2025 June 1, 2024

(In millions) May 30, 2026 May 31, 2025

Syndicated revolving line of credit, due April 2030

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Term Loan A, 5.3703 %, due April 2030

Term Loan B, 6.4413 %, due July 2028

Term Loan B, 5.6203 %, due August 2032

Accounts Receivable Securitization Facility, 4.6950 % due September 2028

Supplier financing program 1.8 2.0

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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 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.

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.

dollar borrowings.

SOFR is the recommended risk-free reference rate of the Federal Reserve Board and Alternative Reference Rates Committee, as defined within the credit agreement.

The indebtedness incurred under the revolving line of credit and term loans is secured by substantially all of the Company’s tangible and intangible assets, including, without limitation, the Company’s intellectual property.

The Company’s

direct and indirect wholly-owned domestic subsidiaries have also guaranteed the obligations of the Company and the foreign borrowers under the revolving line of credit and term loans and pledged substantially all of their tangible and intangible assets as security for their obligations under such guarantee.

The Revolver provided the Company with up to $ 725.0 million in revolving variable interest borrowing capacity.

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.

In April 2025, the Company entered into an amendment to the Credit Agreement.

Amended terms for the Revolver and Term Loan A include extending the maturity to April 2030, a new amortization schedule of required quarterly principal payments for Term Loan A, and a higher maximum first lien secured net leverage ratio with no step downs.

The Company also increased liquidity by raising the amount borrowed on Term Loan A to $ 400.0 million and applying excess cash to reduce the outstanding Revolver balance.

Amended terms for the Revolver and Term Loan A included extending the maturity to April 2030, a new amortization schedule of required quarterly principal payments for Term Loan A, and a higher maximum first lien secured net leverage ratio with no step down.

At the time of the amendment, the outstanding principal balance of Term Loan A had been reduced below its original principal amount of $ 400.0 million through scheduled repayments.

In connection with the amendment, the Company increased borrowings under Term Loan A to $400.0 million and used the additional proceeds to reduce the outstanding Revolver balance.

The Revolver continues to be a $ 725.0 million facility.

In connection with the execution of the amendment, the accounting treatment of Term Loan A and the Revolver 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.

The Company made principal payments on Term Loans A and B during the year ended May 31, 2025, in the amount of $ 35.0 million and $ 6.3 million, respectively, and during the year ended June 1, 2024, in the amount of $ 25.0 million and $ 6.3 million, respectively.

In August 2025, the Company entered into an amendment to the Credit Agreement.

Amended terms for Term Loan B include extending the maturity to August 2032, a new amortization schedule of required quarterly principal payments for Term Loan B, and the elimination of the credit spread adjustment for Term Loan B that was added to accommodate the LIBOR to SOFR benchmark transition.

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 and recorded within Other expense (income), net on the Consolidated Statements of Comprehensive Income.

Debt issuance costs and discounts are deferred and amortized to interest expense over the term of the related debt using the effective interest method.

These costs are presented as a direct deduction from the carrying amount of the related debt liability on the Consolidated Balance Sheets.

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.

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 Consolidated Statements of Comprehensive Income.

The Company’s direct and indirect wholly-owned domestic subsidiaries have also guaranteed the obligations of the Company and the foreign borrowers under the revolving line of credit and term loans and pledged substantially all of their tangible and intangible assets as security for their obligations under such guarantee.

Excluding cash flows related to the refinancing of debt that occurred during the year ended May 30, 2026, the Company made aggregate principal payments of $ 7.5 million and $ 4.3 million on Term Loan A and B, respectively.

During the year ended May 31, 2025, the Company made aggregate principal payments of $ 35.0 million and $ 6.3 million on Term Loan A and B, respectively.

The Company made interest payments of $ 62.9 million, $ 69.1 million, and $ 70.6 million for the years ended May 30, 2026, May 31, 2025, and June 1, 2024, respectively.

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

(In millions) May 31, 2025 June 1, 2024

(In millions)

May 30, 2026 May 31, 2025

Syndicated revolving line of credit borrowing capacity $ 725.0 $ 725.0

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At May 30, 2026 the Company was in compliance with these restrictions and performance ratios.

Annual maturities of debt for the five fiscal years subsequent to May 31, 2025 are as shown in the table below.

At May 30, 2026, aggregate annual maturities and scheduled payments of long-term debt are as follows:

(In millions)

Thereafter 519.8

Total $ 1,294.6

Accounts Receivable Securitization Facility

In September 2025, the Company entered into a three-year accounts receivable securitization facility (the "Facility"), scheduled to terminate September 2028, in the aggregate amount of up to $ 90.0 million.

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 the Consolidated Financial Statements and therefore the accounts receivable owned by it are included in our 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 May 30, 2026, the SPE held $ 42.9 million of accounts receivable.

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

The outstanding balance as of May 30, 2026 is reported in Long-term debt in the Consolidated Balance Sheets.

Supplier Financing Program

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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 Consolidated Balance Sheets as the amounts have been accounted for by the Company as a current debt, within "Short-term borrowings and current portion of long-term debt".

The liability related to the supplier financing program was $ 2.0 million as of May 31, 2025 and June 1, 2024.

The liability related to the supplier financing program was $ 1.8 million as of May 30, 2026 and $ 2.0 million as of May 31, 2025.

The Company has leases for retail stores, showrooms, manufacturing facilities, warehouses and vehicles, which expire at various dates through 2042.

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Year Ended Year Ended

(In millions) May 31, 2025 June 1, 2024

(In millions)

May 30, 2026 May 31, 2025

Operating lease costs $ 96.3 $ 90.7

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Total $ 117.4 $ 112.6

The Company has financing lease agreements that expire in fiscal 2026 to fiscal 2030.

The leases have initial lease terms that range from 3 to 6 years with some containing renewal options.

The Company has financing lease agreements that expire from fiscal 2027 to fiscal 2030.

As of May 30, 2026, the Company had financing lease liabilities of $ 0.9 million.

The leases have initial lease terms that range from 3 to 6 years, with certain agreements containing renewal options.

The undiscounted annual future minimum lease payments related to the Company's right-of-use assets are summarized by fiscal year in the following table:

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Year Ended Year Ended

May 31, 2025 June 1, 2024

May 30, 2026 May 31, 2025

Weighted-average remaining lease term (in years)

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The Company recognized a pension plan termination gain of $ 1.5 million during the twelve months ended May 31, 2025, which represents the acceleration of unamortized net actuarial losses previously included within accumulated other comprehensive income.

The gain was recorded in Other (income) expense, net within our Condensed Consolidated Statements of Comprehensive Income.

The gain was recorded in Other (income) expense, net within our Consolidated Statements of Comprehensive Income.

Benefit Obligations and Funded Status

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(In millions)

Domestic International Domestic International

International Domestic International

Change in benefit obligation:

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Funded status:

Over (under) funded status at end of year $ — $ 9.4 $ ( 2.8 ) $ 8.1

Over funded status at end of year $ 11.9 $ — $ 9.4

Components of the amounts recognized in the Consolidated Balance Sheets:

Current assets $ — $ — $ — $ —

Non-current assets $ 11.9 $ — $ 9.4

Current liabilities $ — $ — $ — $ —

Non-current liabilities $ — $ — $ 2.8 $ —

Components of the amounts recognized in Accumulated other comprehensive loss before the effect of income taxes:

Prior service cost $ 0.2 $ — $ 0.3

Unrecognized net actuarial loss (gain) — 31.1 3.5 29.2

Accumulated other comprehensive loss (gain) $ — $ 31.4 $ 3.5 $ 29.6

Unrecognized net actuarial loss 31.3 — 31.1

Accumulated other comprehensive loss $ 31.5 $ — $ 31.4

(1) In fiscal 2026 and 2025, the net actuarial loss (gain) includes amounts resulting from changes in actuarial assumptions utilized to calculate our benefit plan obligations such as the weighted-average discount rate.

The accumulated benefit obligation for the Company's pension plans totaled $ 76.8 million and $ 75.3 million as of the end of fiscal 2026 and fiscal 2025, respectively.

The following table is a summary of the annual cost (income) related to the Company's pension plans:

The following table is a summary of the annual (income) cost related to the Company's pension plans:

Components of Net Periodic Benefit Costs and Other Changes Recognized in Other Comprehensive Income (Loss):

(In millions)

Domestic International Domestic International Domestic International

2026 2025 2024

International Domestic International Domestic International

Service cost $ — $ 0.9 $ — $ — $ —

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Expected administrative expenses — — — 0.7 —

Settlement related expenses — — — — ( 0.6 ) —

Amortization of prior service cost 0.1 — 0.1 — 0.1

Amortization of net (gain) loss — 0.6 ( 0.1 ) — ( 0.1 ) 2.2

Net periodic benefit (income) cost $ 0.1 $ ( 0.7 ) $ ( 2.4 ) $ ( 0.8 ) $ ( 2.3 ) $ 0.7

Amortization of net loss (gain) 0.5 — 0.6 ( 0.1 ) —

Net periodic (income) benefit cost $ ( 1.4 ) $ 0.1 $ ( 0.7 ) $ ( 2.4 ) $ ( 0.8 )

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss):

(In millions)

Domestic International Domestic International

International Domestic International

Net actuarial loss (gain) $ 0.5 $ ( 4.1 ) $ 0.9

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Pension plan termination gain — 1.5 —

Effect of exchange rates — — — 0.7

Total recognized in other comprehensive loss $ ( 0.1 ) $ ( 2.6 ) $ 0.2

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(Percentages) 2026 2025 2024

Domestic International Domestic International Domestic International

International Domestic International Domestic International

Discount rate 5.82 5.10 5.18 5.17 5.34

5.10 5.18 5.17 5.34 varies 3.33

Compensation increase rate N/A 3.15 N/A 3.00 N/A 4.45

Compensation increase rate 2.80 N/A 3.15 N/A 3.00

Expected return on plan assets 5.95 4.46 5.40 6.80 4.80

(1) Due to settlement activity during FYE 2023 in the domestic plan, there were two remeasurements as of 3/4/2023 and 6/3/2023.

The discount rate for beginning of period in fiscal 2023 is 4.40 % and 5.18 %, respectively.

Weighted-average assumptions used in the determination of the projected benefit obligations:

Discount rate 5.94 N/A 5.82 5.10 5.18

Compensation increase rate N/A 2.80 N/A 3.15 N/A 3.00

Compensation increase rate 2.95 N/A 2.00 N/A 3.15

For the international plan, the Company uses a full yield curve approach to estimate the benefit obligation discount rate and the interest component of net periodic benefit cost for pension benefits.

This method applies the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows.

The same process was used for the domestic plan until year end of fiscal 2024.

In fiscal 2024 for the domestic plan, the discount rate was derived from a combination of the rates from annuity providers for the annuity purchase portion of the benefit obligation and November 2023 IRS lump sum segment rates for the lump sum portion of the benefit obligation.

Plan Assets and Investment Strategies

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Asset Category 2026 2025

Domestic International Domestic International

International International

Fixed income 74 % 74 %

Cash — % 1 % 39 % 1 %

Common collective trusts 25 % 25 %

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Percentage of Plan Assets at Year End

Domestic International Domestic International

International International

Fixed income 61 % 63 %

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Total 100 % 100 %

(In millions) Domestic

Asset Category Level 1 Level 2 Total

Cash and cash equivalents $ — $ — $ —

government securities — — —

Corporate bonds — — —

Common collective trusts-balanced — — —

Total $ — $ — $ —

(In millions) International

(In millions)

International

Asset Category Level 1 Level 2 Total

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Total $ 12.3 $ 79.1 $ 91.4

(In millions) Domestic

Asset Category Level 1 Level 2 Total

Cash and cash equivalents $ 47.5 $ — $ 47.5

government securities — 10.0 10.0

Corporate bonds — 65.6 65.6

Common collective trusts-balanced — — —

Total $ 47.5 $ 75.6 $ 123.1

(In millions) International

(In millions)

International

Asset Category Level 1 Level 2 Total

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These expected benefits were estimated based on the same actuarial valuation assumptions used to determine benefit obligations at May 30, 2026.

(In millions) Pension Benefits

(In millions)

Pension Benefits

2032 - 2036 $ 27.8

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Common Stock and Per Share Information

The following table reconciles the numerators and denominators used in the calculations of basic and diluted EPS for each of the last three fiscal years:

The following table details the inputs used in the calculations of basic and diluted EPS for each of the last three fiscal years:

(In millions, except shares)

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

2026 2025 2024

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

$ 91.5 $ ( 36.9 ) $ 82.3

Denominator for basic EPS, weighted-average common shares outstanding 68,736,117 68,977,267 73,291,939

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Denominator for diluted EPS 69,321,661 68,977,267 73,954,756

Equity awar ds of 2,773,092 shares, 2,198,708 shares and 2,119,223 shares of common stock were excluded from the denominator for the computation of diluted earnings per share for the fiscal years ended May 31, 2025, June 1, 2024, and June 3, 2023, respectively, because they were anti-dilutive.

Earnings (loss) per share - basic $ 1.33 $ ( 0.54 ) $ 1.12

Earnings (loss) per share - diluted $ 1.32 $ ( 0.54 ) $ 1.11

Equity awar ds of 4,093,505 shares, 2,773,092 shares and 2,198,708 shares of common stock were excluded from the denominator for the computation of diluted earnings per share for the fiscal years ended May 30, 2026, May 31, 2025, and June 1, 2024, respectively, because they were anti-dilutive.

On January 16, 2019, the Company announced a share repurchase plan authorized by the Board of Directors providing for a share repurchase authorization of $ 250.0 million with no specified expiration date.

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The Company utilizes stock-based compensation incentives as a component of its employee and non-employee director and officer compensation philosophy.

A c ommittee of the Board of Directors determines the terms of the awards granted and may grant various forms of equity-based incentive compensation.

A committee of the Board of Directors determines the terms of the awards granted and may grant various forms of equity-based incentive compensation.

Currently, these incentives consist principally of stock options, restricted stock units, performance stock units, deferred stock units, and restricted shares.

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This compensation expense is recognized over the requisite service period, which includes any applicable performance period.

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

Certain Company stock-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.

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Excluding fully vested and non-forfeitable deferred stock units described under "Director Fees and Director Deferred Compensation Plan" below, pre-tax compensation expense and the related income tax benefit for all types of stock-based programs were as follows for the periods indicated:

(In millions) May 31, 2025 June 1, 2024 June 3, 2023

(In millions)

May 30, 2026 May 31, 2025 June 1, 2024

Employee stock purchase program $ 0.5 $ 0.5 $ 0.5

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Most options are subject to graded vesting, and the related compensation expense is based on the fair value of the stock options on the date of grant using the Black-Scholes model and is recognized on a straight-line basis over the requisite service period.

No stock options were granted during fiscal 2026;

accordingly, no valuation assumptions are presented for that period.

In fiscal 2025, there was one stock option valuation date.

In fiscal 2024, there were two stock option valuation dates.

In fiscal 2023, there was one stock option valuation date, but two valuations.

Therefore, the table below has been presented with the assumptions relevant to each valuation date.

The Company generally estimated the fair value of stock options on the date of grant using the Black-Scholes model;

however, in fiscal 2023 the Hull-White I lattice model was used where historical expected term data for the option conditions was not prevalent.

The Company estimated the fair value of stock options on the date of grant using the Black-Scholes model.

In determining these values, the following weighted-average assumptions were used for the options granted during the fiscal years indicated:

2025 2024 2023

Valuation Method Black-Scholes Black-Scholes Hull-White I (1)

Black-Scholes

Valuation Method Black-Scholes Black-Scholes

Risk-free interest rates (1)

3.76 % to 3.94 %

2.91 % 3.01 %

Hull-White I barrier (3)

N/A N/A 1.36 N/A

Expected term of options (2)

5.3 years 4.9 years N/A 3.4 years

5.3 years 4.9 years

Expected volatility (3)

49.33 % to 50.26 %

37.09 % 51.58 %

Dividend yield (4)

2.90 % to 4.79 %

2.52 % 2.50 %

Weighted-average grant-date fair value of stock options:

Granted with exercise prices equal to the fair market value of the stock on the date of grant $ 8.48 $ 9.61 N/A $ 9.43

Granted with exercise prices greater than the fair market value of the stock on the date of grant N/A $ 4.94 $ 5.74 N/A

(1) A conservative post-vest cancel rate of 0.00 % was applied under the assumption that the options will be exercised.

Granted with exercise prices equal to the fair market value of the stock on the date of grant $ 8.48 $ 9.61

Granted with exercise prices greater than the fair market value of the stock on the date of grant N/A $ 4.94

(1) Represents term-matched, zero-coupon risk-free rate from the Treasury Constant Maturity yield curve, continuously compounded.

(3) Represents historical average of Section 16 Officers in-the-money exercise ratio from Company’s historical data through May 27, 2022.

(2) Represents historical settlement data, using midpoint scenario with 1-year grant date filter assumption for outstanding options.

(3) The blended volatility approach was used.

90 % term-matched historical volatility from daily stock prices and 10 % weighted average implied volatility from the 30 days preceding the grant date for fiscal 2025 and the 90 days preceding the grant date for fiscal 2024 and 2023.

(6) Represents the quarterly dividend divided by the three-month average stock price as of January 13, 2025, July 14, 2023, January 12, 2024 and July 7 and 12, 2022, for 2025 , 2024 , and 2023 , respectively.

(4) Represents the quarterly dividend divided by the three-month average stock price as of January 13, 2025, July 14, 2023, and January 12, 2024 for 2025, and 2024, respectively.

The following is a summary of stock option activity during fiscal 2026:

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Weighted-Average Remaining Contractual Term (Years)

Outstanding at June 1, 2024 4,409,392 $ 24.06 $ 23.0 7.8

Granted 9,905 21.90

Outstanding at May 31, 2025 4,256,929 $ 24.19 $ — 6.5

Exercised ( 23,453 ) 20.00

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The weighted-average remaining recognition period of the outstanding stock options at May 30, 2026, was 0.13 years.

The total pre-tax intrinsic value of options exercised during fiscal 2025, 2024, and 2023 was $ 0.7 million, $ 0.4 million, and $ 0.4 million, respectively.

The total pre-tax intrinsic value of options exercised was $ 0.1 million, $ 0.7 million, and $ 0.4 million in fiscal 2026, fiscal 2025, and fiscal 2024, respectively.

The aggregate intrinsic value in the preceding table represents the total pre-tax intrinsic value.

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Compensation expense is based on the grant-date fair value and recognized on a straight-line basis over the requisite service period.

reinvestment units are credited on the dividend payable date and vest with the underlying shares.

Dividend reinvestment units are credited on the dividend payable date and vest with the underlying shares.

The units do not entitle participants to the rights of holders of common stock, such as voting rights, until shares are issued after vesting.

In conjunction with the acquisition of Knoll, Inc.

on July 19, 2021, outstanding restricted stock unit awards previously granted under a Knoll stock compensation plan were automatically converted into MillerKnoll awards at the identified equity award exchange ratio, with each converted unit representing one equivalent share of the Company's common stock to be issued, free of restrictions, after the vesting period.

The awards generally cliff-vest after a three-year service period from the original date of grant.

The converted units do not entitle participants to the rights of holders of common stock, such as voting rights, until shares are issued after vesting.

Restricted stock units awarded under a Knoll stock compensation plan are entitled to dividend rights, and dividend equivalents are accrued on the dividend record date.

Upon vesting of the underlying shares, accrued dividend equivalents are paid in cash.

As of the end of fiscal 2024, the restricted stock unit awards previously granted under the Knoll stock compensation plan and converted into MillerKnoll awards were fully vested and released.

The following is a summary of restricted stock unit activity during fiscal 2026:

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Remaining Contractual

Outstanding at June 1, 2024 930,647 $ 21.92 $ 25.9 1.2

Outstanding at May 31, 2025 1,571,198 $ 25.22 $ 26.7 0.7

Granted 1,202,060 19.59

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The number of shares of Company common stock ultimately issued in connection with these performance stock units will be determined based on attainment of the pre-established metrics over a defined three-year service period.

For members of the executive leadership team, this calculation is adjusted by a relative total shareholder return modifier on their performance-based equity awards granted in fiscal year 2023.

For fiscal 2024 and fiscal 2025, this calculation is adjusted by a relative total shareholder return modifier on all performance-based awards granted.

For fiscal 2024, fiscal 2025 and fiscal 2026, this calculation is adjusted by a relative total shareholder return modifier on all performance-based awards granted.

Compensation expense is recognized over the requisite service period on a straight-line basis and based on the grant-date fair value.

For certain awards incorporating a market condition, grant-date fair value is determined using a Monte Carlo simulation.

For certain awards

incorporating a market condition, grant-date fair value is determined using a Monte Carlo simulation.

For each tranche, fair value is determined on the date performance metrics are approved.

Performance stock units awarded under the LTIP do not have dividend rights.

In conjunction with the acquisition of Knoll, Inc.

on July 19, 2021, outstanding performance stock unit awards previously granted under a Knoll stock compensation plan were automatically converted into MillerKnoll awards with each converted unit representing one equivalent share of the Company's common stock.

The number of common shares ultimately issued in connection with these performance stock units will be determined based on the attainment of a pre-established financial metric over a five-year service period ending December 31, 2023.

The converted units do not entitle participants to the rights of holders of common stock, such as voting rights, until shares are issued after vesting.

Performance stock units awarded under Knoll stock compensation plans are entitled to dividend rights, and dividend equivalents are accrued on the dividend record date.

Upon vesting of the underlying shares, accrued dividend equivalents are paid in cash.

As of the end of fiscal 2024, the performance stock unit awards previously granted under the Knoll stock compensation plan and converted into MillerKnoll awards were fully vested and released.

The following is a summary of performance stock unit activity during fiscal 2026:

Units Weighted Average Grant-Date Fair Value Aggregate Intrinsic Value (in millions) Weighted-Average Remaining Contractual Term (Years)

Outstanding at June 1, 2024 442,353 $ 23.91 $ 12.2 1.0

Outstanding at May 31, 2025 627,912 $ 25.29 $ 10.6 0.9

Granted 378,039 18.83

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Outstanding at May 30, 2026 627,683 $ 23.09 $ 10.2 1.0

The weighted-average remaining recognition period of the outstanding performance stock units at May 31, 2025, was 0.37 years.

The total market value for shares vested in a prior fiscal year but deferred that were released during the twelve months ended May 31, 2025, was $ 15.2 thousand;

The weighted-average remaining recognition period of the outstanding performance stock units at May 30, 2026, was 1.0 year.

The total market value for shares vested in a prior fiscal year but deferred that were released during the twelve months ended May 30, 2026, was $ 0.01 million;

the fair value for shares vested during the twelve months ended May 30, 2026, was $ 2.2 million.

The weighted-average grant-date fair value of performance stock units granted during fiscal 2026, 2025, and 2024 was $ 18.83 , $ 28.04 , and $ 18.39 , respectively.

Restricted Stock Awards

In conjunction with the acquisition of Knoll, Inc.

on July 19, 2021, outstanding restricted stock awards previously granted under a Knoll stock compensation plan were automatically converted into MillerKnoll awards at the identified equity award exchange ratio with each converted unit then representing one equivalent share of the Company's common stock to be issued, free of restrictions, after the vesting period.

The awards generally cliff-vest after a three-year service period from the original date of grant.

The restricted stock awards do not entitle the employee to rights of holders of common stock, such as voting rights, until restrictions are released after vesting.

The Company recognizes the related compensation expense on a straight-line basis over the requisite service period.

Restricted stock awards granted under Knoll's stock compensation plans are entitled to dividend rights, and dividend equivalents are accrued on the dividend record date.

Upon vesting of the underlying shares, accrued dividend equivalents are paid in cash.

As of the end of fiscal 2024, the restricted stock awards previously granted under the Knoll stock compensation plan and converted into MillerKnoll awards were fully vested and released.

There were no restricted stock awards granted in fiscal 2025, 2024, or 2023.

Executive Deferred Compensation Plan

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Investments in securities other than the Company's common stock are included within the Other assets line item, while the remaining investments in the Company's stock are included in the line item Deferred compensation plan in the Company's Consolidated Balance Sheets.

A liability of the same amount is recorded on the Consolidated Balance Sheets within the Other liabilities line item.

The Company records a liability equal to the value of the related Rabbi trust assets, which is included in Other liabilities in the Company's Consolidated Balance Sheets.

The recorded liability was $ 22.8 million and $ 18.0 million as of May 30, 2026 and May 31, 2025, respectively.

Realized and unrealized gains and losses for investment assets other than Company common stock are recognized within the Company's Consolidated Statements of Comprehensive Income in the Interest and other investment income line item.

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Director Fees and Director Deferred Compensation Plan

The Company's non-employee directors may elect to receive their director fees in one or more of the following forms:

The Director Plan allows the Company's non-employee directors to elect to receive their director fees in one or more of the following forms:

cash, deferred cash, unrestricted Company shares at the market value at the date of grant, stock options, or shares of common stock to be received on a deferred basis, as described below.

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Stock options — 9,905 8,377

The components of (loss) earnings before income taxes are as follows:

The components of earnings (loss) before income taxes are as follows:

(In millions)

2026 2025 2024

Domestic $ 16.2 $ ( 132.8 ) $ ( 24.8 )

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(In millions)

2026 2025 2024

Domestic - Federal $ 1.2 $ 15.8 $ 10.8

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Total income tax provision $ 32.4 $ 11.6 $ 14.7

During fiscal 2025, the Company incurred net operation losses of $ 8.7 million in various foreign jurisdictions, the majority of which were in the United Kingdom and Mexico, resulting in a deferred tax asset of $ 2.3 million related to the current-year build of foreign NOL carryforwards.

During fiscal 2026, the Company incurred net operation losses ("NOL") of $ 13.8 million in certain foreign jurisdictions, the majority of which were in the United Kingdom and Mexico, resulting in a deferred tax asset of $ 3.7 million related to the current-year build of foreign NOL carryforwards.

This amount is included in the deferred tax benefit above.

The Company expects to utilize these carryforwards in future periods based on projected taxable income and has not recorded a valuation allowance against this asset.

In addition, the current federal income tax expense above includes a benefit of approximately $ 2.2 million related to the utilization of net operating loss carryforwards.

The following table represents a reconciliation of income taxes at the United States statutory rate of 21 % with the effective tax rate as follows:

The following table represents a reconciliation of the U.S.

federal statutory rate of 21.0 % to the Company's effective rate for fiscal 2026, in accordance with our adoption of ASU 2023-09:

(In millions)

Federal Statutory Tax Rate $ 26.9 21.0 %

United States

State and Local Income Taxes **

Domestic Federal

Effect of Cross-Border Tax Laws

Foreign Derived Intangible Income ( 1.9 ) ( 1.5 ) %

Global Intangible Low-Taxed Income 1.6 1.2 %

Other 0.1 0.1 %

R&D Credit ( 4.7 ) ( 3.7 ) %

Other ( 0.9 ) ( 0.7 ) %

Changes in Valuation Allowances 1.0 0.8 %

Nontaxable or Nondeductible Items

Officers Compensation Limitation 3.0 2.3 %

Meals and Entertainment 1.4 1.1 %

Other 0.4 0.3 %

Other Adjustments ( 0.1 ) ( 0.1 ) %

Foreign Tax Effects

Withholding Taxes 1.4 1.1 %

Other 0.9 0.7 %

Other Foreign Jurisdictions 0.8 0.6 %

Changes in Unrecognized Tax Benefits — — %

Income Tax Expense $ 32.4 25.3 %

** California and Texas comprise the majority (greater than 50%) of the tax effect in this category

The following table represents a reconciliation of the U.S.

federal statutory rate of 21.0 % to the Company's effective rate for income taxes for fiscal 2025 and fiscal 2024, prior to the adoption of ASU 2023-09:

(In millions)

Income taxes computed at the United States Statutory rate $ ( 4.6 ) $ 20.9

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Non-deductible goodwill impairment 19.5 —

Gain on consolidation of equity method investments — —

Non-deductible officers' compensation 2.8 1.1

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Effective tax rate ( 53.1 ) % 14.8 %

The tax effects and types of temporary differences that give rise to significant components of the deferred tax assets and liabilities at May 31, 2025, and June 1, 2024, are as follows:

The tax effects and types of temporary differences that give rise to significant components of the deferred tax assets and liabilities at May 30, 2026, and May 31, 2025, are as follows:

(In millions)

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Capitalized research and experimental costs 41.8 40.5

Accrued pension and post-retirement benefit obligations 0.3 1.3

Deferred revenue 7.4 8.2

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State and local tax net operating loss carryforwards and credits 4.6 4.3

Federal net operating loss carryforward 0.9 3.0

Federal and state nondeductible interest expense carryforward 24.8 26.0

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Total $ 323.4 $ 332.1

The future tax benefits of net operating loss (NOL) carry-forwards and foreign tax credits are recognized to the extent that realization of these benefits is considered more likely than not.

The future tax benefits of NOL carry-forwards and foreign tax credits are recognized to the extent that realization of these benefits is considered more likely than not.

The Company bases this determination on the expectation that related operations will be sufficiently profitable or various tax planning strategies will enable the Company to utilize the NOL carry-forwards and/or foreign tax credits.

To the extent that available evidence about the future raises doubt about the realization of these tax benefits, a valuation allowance is established.

At May 31, 2025, the Company had state and local tax NOL carry-forwards of $ 62.8 million, the state tax benefit of which is $ 3.6 million, which have expiration periods from 1 year to an unlimited term The Company also had state credits with a state tax benefit of $ 0.7 million, which expire in 1 to 5 years.

At May 30, 2026, the Company had state and local tax NOL carry-forwards of $ 69.9 million, the state tax benefit of which is $ 3.9 million, which have expiration periods from 1 year to an unlimited term.

The Company also had state credits with a state tax benefit of $ 0.7 million, which expire in 1 to 5 years.

For financial statement purposes, the NOL carry-forwards and state tax credits have been recognized as deferred tax assets, subject to a valuation allowance of $ 1.7 million.

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For financial statement purposes, the NOL carry-forwards have been recognized as deferred tax assets.

At May 31, 2025, the Company had federal deferred assets of $ 1.2 million, the tax benefit of which is $ 0.2 million, which is related to an investment in a foreign joint venture.

For financial statement purposes, the assets have been recognized as deferred tax assets, subject to a valuation allowance of $ 0.2 million.

At May 30, 2026, the Company had foreign net operating loss carry-forwards of $ 75.0 million, the tax benefit of which is $ 19.5 million, which have expiration periods from 2 years to an unlimited term.

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For financial statement purposes, the NOL carry-forwards and foreign tax credits have been recognized as deferred tax assets, subject to a valuation allowance of $ 9.6 million.

At May 31, 2025, the Company had foreign deferred assets of $ 3.6 million, the tax benefit of which is $ 0.9 million, which is related to various deferred taxes in Canada, Belgium and Ireland as well as buildings in the United Kingdom.

At May 30, 2026, the Company had foreign deferred assets of $ 4.0 million, the tax benefit of which is $ 1.0 million, which is related to various deferred taxes in Canada, Ireland, and buildings in the United Kingdom.

For financial statement purposes, the assets have been recognized as deferred tax assets, subject to a valuation allowance of $ 1.0 million.

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The Company intends to remain indefinitely reinvested in the remaining undistributed earnings outside the U.S, which was $ 377.8 million on May 30, 2026.

Determination of the total amount of unrecognized deferred income tax on the remaining undistributed earnings of foreign subsidiaries is not practicable.

Determination

of the total amount of unrecognized deferred income tax on the remaining undistributed earnings of foreign subsidiaries is not practicable.

The components of the Company's unrecognized tax benefits are as follows:

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Balance at June 1, 2024 $ 1.5

Increases related to prior year income tax positions 0.2

Decreases related to lapse of applicable statute of limitations ( 0.3 )

Balance at June 1, 2024 $ 1.5

Increases related to current year income tax positions 0.7

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Balance at May 31, 2025 $ 1.6

Increases related to current year income tax positions 0.2

Decreases related to lapse of applicable statute of limitations ( 0.2 )

Balance at May 30, 2026 $ 1.6

The Company's effective tax rate would have been affected by the total amount of unrecognized tax benefits had this amount been recognized as a reduction to income tax expense.

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Interest and penalties and the related liability, which are excluded from the table above, were as follows for the periods indicated:

(In millions) May 31, 2025 June 1, 2024 June 3, 2023

(In millions)

May 30, 2026 May 31, 2025 June 1, 2024

Interest and penalty (income) expense $ — $ ( 0.1 ) $ 0.1

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Currently, the Company is undergoing routine periodic audits in both domestic and foreign tax jurisdictions.

It is reasonably possible that the amounts of unrecognized tax benefits could change in the next 12 months as a result of new positions that may be taken on income tax returns, settlement of tax positions and the closing of statutes of limitation.

It is not expected that any of the changes will be material to the Company's Consolidated Statements of Comprehensive Income.

The Company has received full acceptance from the Internal Revenue Service for the audits of fiscal year 2022 and fiscal year 2023 under the Compliance Assurance Process (CAP).

The Company’s fiscal year 2024 federal consolidated return is currently under audit with the Internal Revenue Service as well as Knoll’s federal consolidated returns related to calendar years 2019, 2020, and short period 2021.

The Company has received full acceptance from the Internal Revenue Service for the audits of fiscal year 2024 and earlier under the Compliance Assurance Process (CAP).

Knoll’s federal consolidated returns related to calendar years 2019, 2020, and the July 2021 period were accepted as filed by the Internal Revenue Service, however awaiting Joint Committee review due to size of refunds.

The Company’s fiscal year 2025 federal consolidated return is currently under audit with the Internal Revenue Service.

For the majority of the remaining tax jurisdictions, the Company is no longer subject to state and local, or non-U.S.

income tax examinations by tax authorities for fiscal years before 2020.

On July 4, 2025, the United States enacted H.R.

1 "A bill to provide for reconciliation pursuant to Title II of H.

14", commonly referred to as the One Big Beautiful Bill Act (OBBBA).

1 includes changes to U.S.

These changes include provisions allowing accelerated tax deductions for qualified property and research expenditures.

We are in the process of evaluating the impact of the Act.

Cash paid for income taxes by jurisdiction, net of refunds received, in accordance with our adoption of ASU 2023-09 was as follows:

(In millions)

Federal $ 9.6

State and Local 7.4

Singapore 4.0

Other Jurisdictions 11.5

Cash Paid for Income Taxes, net of refunds received $ 53.7

Cash paid for income taxes in fiscal 2025 and fiscal 2024 was $ 51.3 million and $ 28.1 million, respectively.

Fair Value Measurements

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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) May 31, 2025 June 1, 2024

(In millions)

May 30, 2026 May 31, 2025

Carrying value $ 1,294.6 $ 1,337.0

Fair value (1)

$ 1,294.7 $ 1,330.7

(1) The fair value was estimated based on a discounted cash flow method (Level 2).

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:

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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 May 31, 2025, and June 1, 2024:

(In millions) May 31, 2025 June 1, 2024

(In millions)

May 30, 2026 May 31, 2025

Financial Assets NAV Quoted Prices With Other Observable Inputs (Level 2) NAV Quoted Prices With Other Observable Inputs (Level 2)

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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 May 31, 2025 and June 1, 2024.

(In millions) May 31, 2025 June 1, 2024

(In millions)

May 30, 2026 May 31, 2025

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

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The effects of non-designated derivatives on the consolidated financial statements were as follows for the fiscal years ended 2026 and 2025 (amounts presented exclude any income tax effects):

(In millions) Balance Sheet Location May 31, 2025 June 1, 2024

(In millions)

Balance Sheet Location May 30, 2026 May 31, 2025

Foreign currency forward contracts Current assets:

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Total net fair value of foreign currency forward contracts (1)

(1) The notional amounts of the outstanding forward contracts were $ 102.2 million and $ 54.0 million, as of May 31, 2025 and June 1, 2024, respectively.

(In millions) Statement of Comprehensive Income Location May 31, 2025 June 1, 2024 June 3, 2023

$ ( 0.2 ) $ 0.6

(1) The notional amounts of the outstanding forward contracts were $ 57.0 million and $ 102.2 million, as of May 30, 2026 and May 31, 2025, respectively.

(In millions)

Statement of Comprehensive Income Location May 30, 2026 May 31, 2025 June 1, 2024

Loss recognized on foreign currency forward contracts Other expense (income), net $ 0.9 $ 6.1 $ 3.0

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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 3.950 % 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 cash flow hedges at inception and the facts and circumstances of the hedged relationship remains consistent with the initial quantitative effectiveness assessment in that the hedged instruments remain an effective accounting hedge as of May 30, 2026.

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

As of May 31, 2025, 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.

February 2026 Interest Rate Swap $ 200.0 January 29, 2027 January 31, 2030 3.380 %

As of May 30, 2026, the swaps above have effectively converted, or are expected to convert upon their respective effective dates, 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 the Credit Agreement.

The February 2026 interest rate swap is forward-starting and will become effective on January 29, 2027.

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.

1 unchanged sentence

The gain/(loss) recorded, net of income taxes, in Other comprehensive loss for the effective portion of designated derivatives was as follows for the periods presented below:

(In millions) May 31, 2025 June 1, 2024 June 3, 2023

(In millions)

May 30, 2026 May 31, 2025 June 1, 2024

Interest rate swap $ ( 25.1 ) $ ( 52.2 ) $ ( 27.1 )

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Beginning Balance $ 59.3

Dividend attributable to redeemable noncontrolling interests ( 4.7 )

Redemption value adjustment ( 16.4 )

Net income attributable to redeemable noncontrolling interests 4.2

Dividend attributable to redeemable noncontrolling interests ( 3.1 )

Foreign currency translation adjustments 2.0

Redemption value adjustment 0.9

Ending Balance $ 63.3

For further information on the fair value assessment of intangible assets and impairment charge recorded in the year ended May 31, 2025, refer to "Goodwill and Indefinite-lived Intangible Assets" within Note 1 to the Consolidated Financial Statements .

For further information on the fair value assessment of intangible assets, refer to "Goodwill and Indefinite-lived Intangible Assets" within Note 1 to the Consolidated Financial Statements.

Commitments and Contingencies

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

(In millions) May 31, 2025 June 1, 2024 June 3, 2023

(In millions)

May 30, 2026 May 31, 2025 June 1, 2024

Accrual Balance — beginning $ 69.7 $ 70.4 $ 73.9

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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 h as been recorded in respect to these bonds as of either May 31, 2025, or June 1, 2024.

Accordingly, no liability h as been recorded in respect to these bonds as of either May 30, 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.

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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 as of May 31, 2025, and June 1, 2024.

Accordingly, no liability has been recorded as of May 30, 2026, and May 31, 2025.

Contingencies

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As of the end of fiscal 2026, outstanding commitments for future purchase obligations approximated $ 61.4 million.

IEEPA Tariff Refund Claims

During 2025, certain tariffs were imposed pursuant to actions taken under the International Emergency Economic Powers Act ("IEEPA").

Subsequent legal proceedings challenged the validity of those tariffs, and court rulings issued during fiscal 2026 created the potential for importers to seek refunds of previously paid IEEPA tariffs.

The Company has submitted, and/or intends to submit, claims for refunds on substantially all IEEPA tariffs paid that may be eligible for recovery.

The Company has evaluated its potential refund claims in accordance with the gain contingency guidance in ASC 450, Contingencies .

As of May 30, 2026, uncertainty remained regarding the ultimate resolution of the legal proceedings, including the U.S.

government's appeal of the court ruling related to the IEEPA tariffs.

Accordingly, the Company concluded that it had not yet established that any refund amounts were realizable without the expectation of repayment and therefore had not recognized any asset or gain associated with tariff refunds as of May 30, 2026.

The Company will continue to monitor developments related to the ongoing legal and administrative proceedings and will recognize any resulting refund claims when the applicable recognition criteria under U.S.

GAAP have been satisfied.

The ultimate amount and timing of any refunds that may be realized by the Company remain uncertain.

Operating Segments

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The Company has restated historical results to reflect this change.

As more fully described in Note 1 of the Condensed Consolidated Financial Statements, under our new reportable segments, there are three reportable segments consisting of North America Contract, International Contract and Global Retail.

Under our new reportable segments, there are three reportable segments consisting of North America Contract, International Contract and Global Retail.

The North America Contract segment includes the operations associated with the design, sourcing, manufacture and sale of furniture products directly or indirectly through an independent dealership network for office, healthcare, and educational environments throughout the United States and Canada as well as the global operations of the Spinneybeck, FilzFelt, Maharam, Edelman, and Knoll Textile brands.

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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, impairment charges, and significant non-recurring or infrequent items that may not be indicative of ongoing operations.

Segment Adjusted Operating Earnings (Loss) represents reported Operating Earnings (Loss) adjusted for restructuring charges, integration charges, amortization of Knoll purchased intangibles, impairment charges, 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.

Accordingly, the Company does not present assets by segment.

The accounting policies for each of the operating segments are the same as those of the Company described in Note 1 .

The accounting policies for each of the operating segments are the same as those of the Company.

Additionally, the Company employs a methodology for allocating corporate costs with the underlying objective of this methodology being to allocate corporate costs according to the relative usage of the underlying resources.

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However, certain corporate costs generally considered the result of isolated business decisions, are not subject to allocation and are evaluated separately from the rest of regular ongoing business operations.

(In millions) May 31, 2025 June 1, 2024 June 3, 2023

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

(In millions)

May 30, 2026 May 31, 2025 June 1, 2024

North America Contract $ 2,061.2 $ 1,965.2 $ 1,922.3

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Refer to Note 2 of the Consolidated Financial Statements for further disaggregation of revenue by operating segment.

(In millions) May 31, 2025 June 1, 2024 June 3, 2023

(In millions)

May 30, 2026 May 31, 2025 June 1, 2024

Adjusted cost of sales (1) :

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Global Retail 613.8 565.2 $ 571.9

Total $ 2,246.8 $ 2,208.9 $ 2,641.8

(1) Adjusted cost of sales is defined as cost of sales excluding, when they occur, the impacts of restructuring charges and integration charges, that may not be indicative of ongoing operations.

(In millions) May 31, 2025 June 1, 2024 June 3, 2023

(In millions)

May 30, 2026 May 31, 2025 June 1, 2024

Adjusted operating expenses (1) :

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Global Retail 460.0 427.6 424.0

Total Reportable Segment Adjusted operating expenses 1,106.7 1,105.3 1,134.0

Corporate 65.7 67.7 52.0

Total $ 1,174.4 $ 1,157.3 $ 1,188.8

(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, impairment charges, and significant non-recurring or infrequent items that may not be indicative of ongoing operations.

(In millions) May 31, 2025 June 1, 2024 June 3, 2023

(In millions)

May 30, 2026 May 31, 2025 June 1, 2024

Adjusted operating earnings:

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Total Segment adjusted operating earnings $ 304.1 $ 316.4 $ 314.2

(In millions) May 31, 2025 June 1, 2024 June 3, 2023

(In millions)

May 30, 2026 May 31, 2025 June 1, 2024

Reconciliation to net earnings:

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Net earnings attributable to redeemable noncontrolling interests 4.2 3.7 2.3

Net (loss) earnings from:

Net earnings (loss) from:

Equity (loss) earnings from nonconsolidated affiliate, net of tax ( 0.1 ) 0.3 ( 0.4 )

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Other expense (income), net 4.3 1.1 ( 2.6 )

Interest and other investment (income) expense ( 5.4 ) ( 6.1 ) ( 2.8 )

Interest and other investment (income) ( 4.1 ) ( 5.4 ) ( 6.1 )

Interest expense 69.9 76.7 76.2

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Knoll pension plan termination charges — 1.0 —

Net (loss) earnings attributable to MillerKnoll, Inc.

CEO transition costs 2.6 — —

Net earnings (loss) attributable to MillerKnoll, Inc.

$ 91.5 $ ( 36.9 ) $ 82.3

(In millions) Year Ended

(In millions)

Depreciation and amortization:

May 31, 2025 June 1, 2024 June 3, 2023

May 30, 2026 May 31, 2025 June 1, 2024

North America Contract $ 87.9 $ 83.3 $ 96.9

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Total $ 122.3 $ 107.6 $ 78.4

North America Contract $ 590.8 $ 584.3 $ 582.4

International Contract 159.1 154.0 153.1

Global Retail 402.5 $ 488.0 486.2

Total $ 1,152.4 $ 1,226.3 $ 1,221.7

Reportable geographic information is as follows:

(In millions) May 31, 2025 June 1, 2024 June 3, 2023

(In millions)

May 30, 2026 May 31, 2025 June 1, 2024

Long-lived assets (1) :

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The following table provides an analysis of the changes in accumulated other comprehensive loss for the years indicated:

(In millions) May 31, 2025 June 1, 2024 June 3, 2023

(In millions)

May 30, 2026 May 31, 2025 June 1, 2024

Cumulative translation adjustments at beginning of period $ ( 70.6 ) $ ( 105.7 ) $ ( 114.0 )

Other comprehensive income (loss) 35.1 8.3 ( 20.1 )

Other comprehensive income 19.6 35.1 8.3

Balance at end of period ( 51.0 ) ( 70.6 ) ( 105.7 )

Pension and other post-retirement benefit plans at beginning of period ( 30.9 ) ( 33.3 ) ( 23.8 )

Other comprehensive (loss) income before reclassifications (net of tax of $ 0.2 , $ 1.6 , and ($ 3.5 ))

Other comprehensive loss before reclassifications (net of tax of $ 0.1 , $ .2 , and $ 1.6 )

( 0.2 ) ( 0.6 ) ( 9.1 )

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Tax expense ( 0.1 ) ( 1.0 ) ( 0.1 )

Net reclassifications 3.0 ( 0.4 ) ( 1.7 )

Net current period other comprehensive income (loss) 0.2 2.4 ( 9.5 )

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Interest rate swap agreement at beginning of period 19.5 46.3 42.7

Other comprehensive (loss) income before reclassifications (net of tax of $ 8.8 , ($ 1.2 ), and ($ 6.2 ))

Other comprehensive loss before reclassifications (net of tax of $ 2.7 , $ 8.8 , and ($ 1.2 ))

( 25.1 ) ( 52.2 ) ( 27.1 )

Reclassification from accumulated other comprehensive income - Other, net 18.0 25.4 30.7

Net reclassifications 25.4 30.7 14.3

Net current period other comprehensive (loss) income ( 7.1 ) ( 26.8 ) 3.6

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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, fixed asset impairment charges, and accelerated depreciation of fixed assets.

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

The Company also incurred expenses that are an integral component of, and directly attribute to, our restructuring and integration activities, which do not qualify as exit and disposal costs under U.S.

These include integration implementation costs that relate primarily to professional fees and non-cash losses incurred on debt extinguishment.

The expense associated with integration initiatives are included in Selling, General, and Administrative and the expense associated with restructuring activities are included in Restructuring expense in the Consolidated Statements of Comprehensive Income.

The Company also incurred expenses that are an integral component of, and directly attributable to, our restructuring and integration activities, which do not qualify as exit and disposal costs under U.S.

These include integration implementation costs that relate primarily to professional fees and 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 expense associated with restructuring activities are included in Cost of sales or Restructuring expense in the Consolidated Statements of Comprehensive Income.

Restructuring expense recorded within Cost of sales totaled $ 1.6 million for the twelve months ended May 30, 2026.

Amounts recorded within Restructuring expense, which is a component of Operating expenses totaled $ 11.9 million for the twelve months ended May 30, 2026.

There were no restructuring expenses recorded within Cost of sales for the twelve months ended May 31, 2025.

Amounts recorded within Restructuring expense, which is a component of Operating expenses totaled $ 14.8 million for the twelve months ended May 31, 2025.

Knoll Integration

Following the acquisition of Knoll, the Company announced a multi-year program (the "Knoll Integration") designed to reduce costs and integrate and optimize the combined organization.

To date, the Company has recorded a total of $ 144.4 million in pre-tax integration expense related to this plan.

The Company recorded a total of $ 144.4 million in pre-tax integration expense related to this plan from fiscal 2021 through fiscal 2025.

No future costs related to this plan are expected.

The integration expenses incurred by the Company included expenses within the following categories:

• Severance and employee benefit costs associated with plans to integrate the Company's operating structure, resulting in workforce reductions.

These costs will primarily include:

• Severance and employee benefit costs associated with plans to integrate our operating structure, resulting in workforce reductions.

These costs primarily include:

severance and employee benefits (cash severance, non-cash severance, including accelerated stock-compensation award expense and other termination benefits).

• Exit and disposal activities include those incurred as a direct result of integration activities, primarily including the reorganization and consolidation of facilities as well as asset impairment charges.

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

For the year ended May 31, 2025, the Company 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.

For the year ended June 1, 2024, the Company incurred $ 23.5 million of costs related to the Knoll Integration which was comprised of $ 19.4 million of exit and disposal costs related to the consolidation of facilities, and $ 4.1 million of other integration costs.

For the year ended June 3, 2023, the Company incurred $ 18.0 million of costs related to the Knoll Integration including:

$ 3.6 million of severance and employee benefit costs, $ 5.9 million of exit and disposal costs related to the consolidation of facilities, and $ 8.5 million of other integration costs.

The following table provides an analysis of the changes in liability balance for Knoll Integration costs 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 fiscal year ended May 31, 2025:

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

June 1, 2024 $ — $ 0.7 $ 0.7

Integration Costs — 25.8 25.8

Amounts Paid — ( 7.5 ) ( 7.5 )

Non-cash Costs — ( 19.0 ) ( 19.0 )

May 31, 2025 $ — $ — $ —

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

Twelve Months Ended

(In millions) May 31, 2025 June 1, 2024

• 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 year ended May 30, 2026, there were no costs incurred related to the Knoll Integration.

For the year ended May 31, 2025, the Company incurred $ 28.3 million of costs related to the Knoll Integration which was composed of $ 25.8 million of exit and disposal costs related to the consolidation of facilities, and $ 2.5 million of other integration costs.

Integration expenses by segment included the following for the fiscal year ended May 31, 2025:

(In millions)

North America Contract $ 24.8

1 unchanged sentence

Global Retail 0.3

Corporate — 0.1

Total $ 28.3 $ 23.5

In the second quarter of fiscal 2024 a manufacturing facility located in Wisconsin met the criteria to be classified as an asset held for sale.

The decision to sell this facility was made as a result of facility integration activities performed in connection with the integration of Knoll.

As of June 1, 2024, the carrying amount of these assets held for sale was $ 3.5 million and classified as current assets within "Assets held for sale" in the Condensed Consolidated Balance Sheets.

For the year ended June 1, 2024, the Company incurred $ 23.5 million of costs related to the Knoll Integration which was composed of $ 19.4 million of exit and disposal costs related to the consolidation of facilities, and $ 4.1 million of other integration costs.

No liability balance remains as of May 30, 2026 for Knoll Integration costs that qualify as exit and disposal costs under U.S.

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 create operational efficiencies.

This restructuring activity included involuntary workforce reductions and costs associated with a facilities consolidation plan.

As a result, the Company shortened the estimated useful lives of certain fixed assets, resulting in increased depreciation expense.

For the year ended May 30, 2026, the Company incurred $ 13.5 million of restructuring charges related to the 2026 restructuring plan.

Included in this amount was accelerated depreciation expense of $ 4.7 million.

During the third quarter of fiscal year 2025, the Company announced an action related to the 2025 restructuring plan ("2025 restructuring plan") to reduce expenses.

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For the year ended May 31, 2025, the Company incurred $ 14.8 million of restructuring charges related to the 2025 restructuring plan.

The restructuring plan was complete in fiscal 2025 and no future costs related to this plan are expected.

During fiscal year 2024, the Company announced an action related to the 2024 restructuring plan ("2024 restructuring plan") to reduce expenses.

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The restructuring plan was complete in fiscal 2024 and no future expenses related to this plan are expected.

During fiscal year 2023, the Company announced a series of actions that relate to the 2023 restructuring plan ("2023 restructuring plan") to reduce expenses.

These restructuring activities included voluntary and involuntary reductions in workforces and charges incurred in connection with the Fully decision.

The Company incurred $ 34.0 million of costs related to the 2023 restructuring plan comprised of $ 27.9 million of severance and employee benefit costs and $ 6.1 million of non-impairment charges related to the closure of the Fully business.

The restructuring plan was complete in fiscal 2023 and no future costs related to this plan are expected.

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 fiscal year ended May 31, 2025:

GAAP (i.e., severance and employee benefit costs and exit and disposal activities), as well as other restructuring costs for the 2026 restructuring plan for the fiscal year ended May 30, 2026:

2026 Restructuring Plan

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

June 1, 2024 $ — $ — $ —

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

May 31, 2025 $ — $ — $ — $ —

Restructuring Costs 6.5 0.4 6.6 13.5

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

June 1, 2024 $ 10.0 $ — $ 10.0

Restructuring Costs — — —

May 31, 2025 $ 7.0 $ — $ 7.0

Amounts Paid ( 7.0 ) — ( 7.0 )

Non-cash Costs — — —

May 30, 2026 $ — $ — $ —

The Company expects that remaining liability for the 2024 restructuring plan as of May 31, 2025, will be paid in fiscal 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 fiscal year ended May 30, 2026:

2024 Restructuring Plan

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

May 31, 2025 $ 1.0 $ — $ 1.0

Amounts Paid ( 1.0 ) — ( 1.0 )

May 30, 2026 $ — $ — $ —

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

(In millions) May 31, 2025 June 1, 2024

(In millions) May 30, 2026 May 31, 2025

North America Contract $ 12.1 $ 9.8

5 unchanged sentences

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 long-term notes receivable was $ 13.5 million and $ 17.9 million as of May 31, 2025 and June 1, 2024 respectively and represents the Company’s maximum exposure to loss.

The carrying value of these notes receivable was $ 6.9 million and $ 13.5 million as of May 30, 2026 and May 31, 2025 respectively and represents the Company’s maximum exposure to loss.

These notes receivable are classified within Other current assets and Other noncurrent assets on the Consolidated Balance Sheets.

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

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Further, because of changes in conditions, effectiveness of internal control over financial reporting may vary over time.

Under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, we conducted an assessment of the effectiveness of our internal control over financial reporting as of May 31, 2025, based on the original framework in Internal Control — Integrated Framework (2013 Framework) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Under the supervision and with the participation of management, including our Interim Chief Executive Officer and Chief Financial Officer, we conducted an assessment of the effectiveness of our internal control over financial reporting as of May 30, 2026, based on the framework in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on this assessment, our management believes the Company's internal control over financial reporting was effective as of May 30, 2026.

KPMG LLP has issued an attestation report on the effectiveness of our internal control over financial reporting, which is included herein.

/s/ Andrea R.

Chief Executive Officer

/s/ Jeffrey M.

Interim Chief Executive Officer

Chief Financial Officer

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We have audited the accompanying consolidated balance sheets of MillerKnoll, Inc.

and subsidiaries (the Company) as of May 31, 2025 and June 1, 2024, the related consolidated statements of comprehensive income, stockholders’ equity, and cash flows for each of the years in the three-year period ended May 31, 2025, and the related notes and financial statement schedule II - Valuation and Qualifying Accounts (collectively, the consolidated financial statements).

and subsidiaries (the Company) as of May 30, 2026 and May 31, 2025, the related consolidated statements of comprehensive income, stockholders’ equity, and cash flows for each of the years in the three-year period ended May 30, 2026, and the related notes and financial statement schedule II - Valuation and Qualifying Accounts (collectively, the consolidated financial statements).

We also have audited the Company’s internal control over financial reporting as of May 30, 2026, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of May 31, 2025 and June 1, 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended May 31, 2025, in conformity with U.S.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of May 30, 2026 and May 31, 2025, and the results of its operations and its cash flows for each of the years in the three-year period ended May 30, 2026, in conformity with U.S.

generally accepted accounting principles.

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Goodwill impairment assessment

As discussed in Note 1 to the consolidated financial statements, the Company’s consolidated goodwill balance was $1,152.4 million as of May 31, 2025, of which $402.5 million was related to the Global Retail reporting unit.

During the third quarter of the year ended May 31, 2025, the Company recorded an impairment loss of $30.1 million related to the Global Retail reporting unit.

As discussed in Note 1 to the consolidated financial statements, the Company’s consolidated goodwill balance was $1,161.3 million as of May 30, 2026, a portion of which was related to the Global Retail and International Contract reporting units.

Goodwill is tested for impairment annually in the fourth quarter of each fiscal year, or more frequently, when events or changes in circumstances indicate that the fair value of a reporting unit has declined below its carrying value.

To estimate the fair value of the Global Retail reporting unit, the Company utilized a weighting of the income approach and the market approach that used observable comparable company information.

We identified the evaluation of goodwill for impairment for the Global Retail reporting unit as a critical audit matter.

Subjective and challenging auditor judgment was required to evaluate the selection of forecasted revenue growth rates, operating margins, and the discount rate used in the income approach.

Additionally, the audit effort associated with the evaluation of the Company’s discount rate involved the use of valuation professionals with specialized skills and knowledge.

To estimate the fair value of the Global Retail and International Contract reporting units, the Company utilized a weighting of the income approach and the market approach that used observable comparable company information.

We identified the evaluation of goodwill for impairment for the Global Retail and International Contract reporting units as a critical audit matter.

Subjective and challenging auditor judgment was required to evaluate the selection of forecasted revenue growth rates, operating margins, and the discount rates used in the income approach.

Additionally, the audit effort associated with the evaluation of the Company’s discount rates involved the use of valuation professionals with specialized skills and knowledge.

The following are the primary procedures we performed to address this critical audit matter.

We evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s determination of the fair value of the Global Retail reporting unit, including controls over the selection of forecasted revenue growth rates, operating margins, and the discount rate.

We evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s determination of the fair value of the Global Retail and International Contract reporting units, including controls over the selection of forecasted revenue growth rates, operating margins, and the discount rates.

We evaluated the reasonableness of management’s forecasted revenue growth rates and operating margins by comparing the forecasts to historical revenue growth rates and operating margins, considering industry conditions and growth plans.

We performed sensitivity analyses to assess the impact of reasonably possible changes to the forecasted revenue growth rates, operating margins, and discount rate assumptions on the reporting unit fair values.

In addition, we involved valuation professionals with specialized skills and knowledge, who assisted in evaluating the Company’s discount rate by comparing the Company’s inputs to the discount rate to publicly available data for comparable entities and assessing the resulting discount rate.

Knoll and Muuto tradenames impairment assessment

As discussed in Note 1 to the consolidated financial statements, the indefinite-lived intangible asset balance as of May 31, 2025 was $119.4 million and $70.9 million related to the Knoll and Muuto tradenames, respectively.

During the third quarter of the year ended May 31, 2025, the Company recorded an impairment loss of $37.7 million related to the Knoll and Muuto tradenames.

Indefinite-lived intangible assets are tested for impairment annually in the fourth quarter, or more frequently, when events or changes in circumstances indicate that the fair value of an indefinite-lived intangible asset has declined below its carrying value.

To estimate the fair value of the indefinite-lived intangible assets, the Company utilizes the relief from royalty method.

We identified the evaluation of the Knoll and Muuto tradenames for impairment as a critical audit matter.

Subjective and challenging auditor judgment was required to evaluate the selection of forecasted revenue growth rates, discount rates, and royalty rates used to estimate the fair value of the Knoll and Muuto tradenames.

Additionally, the audit

effort associated with the evaluation of the Company’s discount rates and royalty rates required the use of valuation professionals with specialized skills and knowledge.

The following are the primary procedures we performed to address this critical audit matter.

We evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s determination of the fair value of the Knoll and Muuto tradenames, including controls over the selection of forecasted revenue growth rates, discount rates, and royalty rates.

We evaluated the reasonableness of management’s forecasted revenue growth rates by comparing the forecasts to historical revenue growth rates, considering industry conditions and growth plans.

We performed sensitivity analyses to assess the impact of reasonably possible changes to the forecasted revenue growth rates, discount rates, and royalty rates on the fair value of the tradenames.

In addition, we involved valuation professionals with specialized skills and knowledge, who assisted in:

• evaluating the Company’s discount rates by comparing the Company’s inputs to the discount rates to publicly available data for comparable entities and assessing the overall discount rates;

• evaluating the Company’s royalty rates by comparing the selected royalty rates to the royalty rates selected at the acquisition date and publicly available data for comparable licensing agreements in assessing the overall royalty rates.

We performed sensitivity analyses to assess the impact of reasonably possible changes to the forecasted revenue growth rates, operating margins, and discount rates assumptions on the reporting units fair values.

In addition, we involved valuation professionals with specialized skills and knowledge, who assisted in evaluating the Company’s discount rates by comparing the Company’s inputs to the discount rates to publicly available data for comparable entities and assessing the resulting discount rates.

We have served as the Company’s auditor since 2019.

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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 8. Financial Statements and Supplementary Data