MILLERKNOLL INC
For the period ended Dec 2, 2023. Filed Jan 10, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 2, 2023 · Filed Jan 10, 2024
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Revenue from Contracts with Customers
- Revenue from Contracts with Customers
Disaggregated Revenue
Revenue disaggregated by contract type is provided in the table below:
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| (In millions) | December 2, 2023 | December 3, 2022 | December 2, 2023 | December 3, 2022 |
| Net Sales: | ||||
| Single performance obligation | ||||
| Product revenue | $871.3 | $996.6 | $1,716.8 | $2,004.3 |
| Multiple performance obligations | ||||
| Product revenue | 74.9 | 66.3 | 143.6 | 132.8 |
| Service revenue | 1.0 | 0.6 | 2.0 | 1.8 |
| Other | 2.3 | 3.4 | 4.8 | 6.8 |
| Total | $949.5 | $1,066.9 | $1,867.2 | $2,145.7 |
The Company internally reports and evaluates products based on the categories Workplace, Performance Seating, Lifestyle and Other. A description of these categories is included below.
The Workplace category includes products centered on creating highly functional and productive settings for both groups and individuals. This category focuses on the development of products, beyond seating, that define boundaries, support work and enable productivity.
The Performance Seating category includes products centered on seating ergonomics, productivity and function across an evolving and diverse range of settings. This category focuses on the development of ergonomic seating solutions for specific use cases requiring more than basic utility.
The Lifestyle category includes products focused on bringing spaces to life through beautiful yet functional products. This category focuses on the development of products that support a way of living, in thoughtful yet elevated ways. The products in this category help create emotive and visually appealing spaces via a portfolio that offers diversity in aesthetics, price and performance.
The Other category primarily consists of textiles, uncategorized product sales, and service sales.
Revenue disaggregated by product type and reportable segment is provided in the table below:
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| (In millions) | December 2, 2023 | December 3, 2022 | December 2, 2023 | December 3, 2022 |
| Americas Contract: | ||||
| Workplace | $311.3 | $342.1 | $635.5 | $680.8 |
| Performance Seating | 103.8 | 115.0 | 207.1 | 233.9 |
| Lifestyle | 56.0 | 68.4 | 116.6 | 139.5 |
| Other | 5.0 | 4.2 | 7.3 | 12.9 |
| Total Americas Contract | $476.1 | $529.7 | $966.5 | $1,067.1 |
| International Contract & Specialty: | ||||
| Workplace | $36.5 | $49.5 | $75.2 | $93.8 |
| Performance Seating | 64.3 | 65.7 | 116.9 | 134.7 |
| Lifestyle | 88.9 | 99.6 | 177.3 | 206.6 |
| Other | 51.5 | 50.1 | 100.1 | 102.3 |
| Total International Contract & Specialty | $241.2 | $264.9 | $469.5 | $537.4 |
| Global Retail: | ||||
| Workplace | $3.3 | $21.9 | $7.5 | $49.4 |
| Performance Seating | 55.6 | 50.9 | 97.7 | 102.1 |
| Lifestyle | 172.9 | 198.8 | 325.4 | 388.6 |
| Other | 0.4 | 0.7 | 0.6 | 1.1 |
| Total Global Retail | $232.2 | $272.3 | $431.2 | $541.2 |
| Total | $949.5 | $1,066.9 | $1,867.2 | $2,145.7 |
In the current year, certain products were reclassified within the Performance Seating, Lifestyle, and Other categories based on management's internal reporting of the performance of these product lines. The prior year has been restated to reflect these changes.
Refer to Note 15 of the Condensed Consolidated Financial Statements for further information related to our reportable segments.
Contract Balances
Customers may make payments before the satisfaction of the Company's performance obligation and recognition of revenue. These payments represent contract liabilities and are included within the caption “Customer deposits” in the Condensed Consolidated Balance Sheets. During the three and six months ended December 2, 2023, the Company recognized Net sales of $24.4 million and $71.9 million respectively, related to customer deposits that were included in the balance sheet as of June 3, 2023.
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