MILLERKNOLL INC
For the period ended Aug 31, 2024. Filed Oct 9, 2024.
View on SEC.govAbout this filing
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.
Aug 31, 2024 · Filed Oct 9, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Employee Benefit Plans
- Employee Benefit Plans
One of the Company's wholly owned foreign subsidiaries has a defined-benefit pension plan based upon an average final pay benefit calculation. The measurement date for this plan is the last day of the fiscal year and the plan is frozen to new participants.
The Knoll subsidiary has one domestic defined-benefit pension plan covering eligible U.S. nonunion employees. The measurement date for this plan is the last day of the fiscal year and the plan is frozen to new participants. During the fourth quarter of the year ended June 1, 2024, the Company began the process of terminating the defined-benefit pension plan held by the Knoll subsidiary. The plan participants have been notified of the Company's intention to terminate the plan and settle plan liabilities through either lump sum distributions to plan participants or annuity contracts that cover vested benefits. The plan liabilities as of June 1, 2024, were calculated using assumptions used to value the expected cost of the plan termination. The Company currently expects to complete the settlement of plan liabilities in fiscal 2025.
The following table summarizes the components of net periodic benefit cost for the Company's defined benefit pension plans:
| Pension Benefits | ||||
|---|---|---|---|---|
| Three Months Ended August 31, 2024 | Three Months Ended September 2, 2023 | |||
| (In millions) | Domestic | International | Domestic | International |
| Service cost | $0.4 | $— | $0.2 | $— |
| Interest cost | 1.6 | 1.0 | 1.5 | 1.0 |
| Expected return on plan assets(1) | (1.5) | (1.4) | (2.3) | (1.3) |
| Net amortization loss | — | 0.2 | — | — |
| Net periodic benefit cost (income) | $0.5 | $(0.2) | $(0.6) | $(0.3) |
(1)The weighted-average expected long-term rate of return on plan assets is 6.0%.
All of the amounts in the tables above for pension benefit cost (income), other than Service cost, were included in Other (income) expense, net within our Condensed Consolidated Statements of Comprehensive Income.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.