MILLERKNOLL INC
For the period ended Nov 30, 2024. Filed Jan 6, 2025.
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.
Nov 30, 2024 · Filed Jan 6, 2025
MLKN$21.49-2.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-08-31; filed 2024-10-09.
0000066382-24-000084
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-11-30; filed 2025-01-06.
0000066382-25-000007
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 132 previous paragraphs and 184 current paragraphs.
56 unchanged; 48 reworded; 71 added; 23 removed; 5 previous and 9 current paragraphs rearranged.
Tables are not compared: 10 previous and 12 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (71)
Current report
•Gross margin in the second quarter was 38.8%, a decrease of 40 basis points when compared to the same quarter of the prior year, related primarily to unfavorable channel and product mix.
Current report
•Operating expenses increased by $2.9 million or 0.9% as compared to the same quarter of the prior year. The increase was driven primarily by increased marketing spend, higher variable expense and higher compensation and benefit costs.
Current report
•The effective tax rate was 21.8% compared to 21.4% for the same quarter of the prior year. The change as compared to the prior year resulted primarily by a change in the mix of earnings within various tax jurisdictions.
Current report
•MillerKnoll finished the second quarter of fiscal year 2025 in line with our expectations. Although most of our market segments continue to experience broad-based macroeconomic pressures, several areas of our business are showing signs of growth and the business has maintained the gross margin improvement that occurred in fiscal year 2024.
Current report
Net sales increased $20.9 million or 2.2% in the second quarter of fiscal 2025 compared to the second quarter of fiscal 2024. The following items contributed to the change:
Current report
•Foreign currency translation increased Net sales by approximately $2 million. Offset in part by:
Current report
•Decrease of $5 million related to the closure of the HAY eCommerce channel in North America that occurred in the prior year.
Current report
•Decreased sales volume within the Americas Contract, Global Retail and International Contract & Specialty segments of approximately $24 million, $9 million and $4 million, respectively.
Current report
•Decrease of $10 million related to the closure of the HAY eCommerce channel in North America that occurred in the prior year.
Current report
Gross margin was 38.8% in the second quarter of fiscal 2025 as compared to 39.2% in the second quarter of fiscal 2024. The following factors summarize the major drivers of the year-over-year change in gross margin percentage:
Current report
•Unfavorable product mix negatively impacted margin by approximately 140 basis points. Offset in part by:
Current report
•Reduced freight and product distribution costs, as compared to the same period of the prior year, which increased gross margin by approximately 40 basis points.
Current report
•Leverage on higher sales volumes and increased production levels positively impacted margin by approximately 40 basis points.
Current report
Gross margin was 38.9% in the six months ended November 30, 2024, as compared to 39.1% for the same period in the prior fiscal year. The following factors summarize the major drivers of the year-over-year change in gross margin percentage:
Current report
•Unfavorable channel and product mix negatively impacted margin by approximately 40 basis points. These factors were offset in part by:
Current report
•Reduced freight and product distribution costs, as compared to the same period of the prior year which increased gross margin by approximately 10 basis points.
Current report
•Variable selling and marketing costs increased by approximately $6 million driven by increased net sales as compared to the prior year period;
Current report
•Compensation and benefit costs, which increased approximately $4 million;
Current report
•Foreign currency translation increased Operating expenses by approximately $2 million. Offset in part by:
Current report
Operating expenses increased by $6.2 million or 1.0% in the first six months of fiscal 2025 compared to the first six months of fiscal 2024. The following factors contributed to the change:
Current report
•Foreign currency translation increased Operating expenses by approximately $2 million;
Current report
•Compensation and benefit costs increased approximately $1 million. These increases were offset in part by:
Current report
•Restructuring charges related to reductions in the Company's workforce in the prior year of approximately $7 million that did not occur in the current year.
Current report
During the six months ended November 30, 2024, net Other expense was $34.5 million, representing a decrease of $0.8 million compared to the same period in the prior year. This change is driven primarily by increased interest income in the current year offset in part by increased interest expense as compared to the same period of the prior year.
Current report
For the three month comparative period, Net sales increased 5.9%, or 6.2%(*) on an organic basis, over the prior year period due to:
Current report
•Price increases, net of incremental discounting of $4 million; offset in part by
Current report
For the six month comparative period, Net sales decreased 0.8%, or 0.5%(*) on an organic basis, over the prior year period due to:
Current report
•Price increases, net of incremental discounting of $19 million; and
Current report
For the three month comparative period, operating earnings increased $12.4 million, or 35.3%, over the prior year period due to:
Current report
•Increased Gross margin of $10.5 million due to the increase in net sales discussed above and an increase in gross margin percentage of 20 basis points. The increase in gross margin percentage was due primarily to:
Current report
◦Leverage of fixed costs on increased production volumes which had a positive impact on margin of approximately 70 basis points. These increases were offset by:
Current report
◦Unfavorable product mix which had a negative impact on margin of approximately 100 basis points.
Current report
•Decreased Operating expenses of $1.9 million driven primarily by:
Current report
◦Decrease in acquisition related integration costs of approximately $6 million in the current period. Offset in part by:
Current report
◦Increase of $4 million related to costs associated with distribution channel and technology initiatives.
Current report
For the six month comparative period, operating earnings decreased $11.9 million, or 15.6%, over the prior year period due to:
Current report
◦The impact of incremental list price increases, net of contract price discounting, that increased gross margin percentage by 130 basis points.
Current report
•Increased Operating expenses of $2 million. The following factors contributed to the change:
Current report
◦A decrease of approximately $4 million in restructuring charges related to reductions in the Company's workforce taken in the prior year;
Current report
◦A decrease of approximately $4 million in compensation and benefit costs.
Showing the first 40 of 71 passages. Open the source sections for the rest.
Removed paragraphs (23)
Previous report
•Gross margin in the first quarter was 39.0% which is flat when compared to the same quarter of the prior year. Benefits from pricing actions, favorable business and product mix and the realization of synergies associated with the Knoll acquisition offset the loss of leverage of fixed operating costs on lower sales volumes.
Previous report
•Operating expenses increased by $3.3 million or 1.0% as compared to the same quarter of the prior year. The increase was driven primarily by higher Knoll integration costs as compared to the same period in the prior year, offset in part by a reduction in restructuring costs, reduced variable-selling costs on lower sales volume and the realization of savings related to integration and restructuring actions.
Previous report
•The effective tax rate was 66.2% compared to 24.4% for the same quarter of the prior year. The current quarter rate resulted from the current quarter reflecting a pre-tax loss along with return to provision true-ups recorded in the current period compared to the prior year.
Previous report
•MillerKnoll finished the first quarter of fiscal year 2025 with demand improvement within the Americas Contract and International Contract & Specialty segments. This improvement in order volume was driven by a general increase in day-to-day and project activity, including a ramp-up in larger project opportunities in the Americas and Asia. Demand in the Global Retail segment continues to reflect the impact of a tepid housing market, though the segment saw margin improvement in the quarter driven by investments in strengthening operational capabilities.
Previous report
•Decrease of $6 million related to the closure of the HAY eCommerce channel in North America that occurred in the prior year.
Previous report
•Favorable business and product mix contributed to margin improvement of approximately 60 basis points.
Previous report
•Compensation and benefit costs, which decreased approximately $3 million, driven by changes in variable-based compensation and incentives.
Previous report
For the three month comparative period, Net sales decreased 7.3%, or 7.0%(*) on an organic basis, over the prior year period due to:
Previous report
•Price increases, net of incremental discounting of $16 million.
Previous report
For the three month comparative period, operating earnings decreased $24.3 million, or 58.7%, over the prior year period due to:
Previous report
◦The favorable impact of realization of synergies associated with the Knoll acquisition.
Previous report
•Increased Operating expenses of $3.6 million driven primarily by:
Previous report
◦Decreased restructuring charges of $4 million; and
Previous report
For the three month comparative period, Net sales decreased 6.5%, or 6.3%(*) on an organic basis, over the prior year period due to:
Previous report
•Incremental promotional discounting, net of price increases, which decreased sales by $4 million; and
Previous report
•Operating expenses remained relatively flat to the prior year. The factors that most significantly impacted operating expenses during the quarter were:
Previous report
For the three month comparative period, Net sales decreased 2.8%, and increased 0.4%(*)on an organic basis, over the prior year period due to:
Previous report
•Decrease of $6 million related to the closure of the HAY eCommerce channel in North America that occurred in the prior year;
Previous report
•Incremental discounting, net of price increases which decreased sales by $2 million; and
Previous report
For the three month comparative period, Operating earnings increased $2.3 million or 104.5% over the prior year period due to:
Previous report
◦The impact of reduced costs as compared to the prior year associated with product distribution and inventory paired with operational efficiencies.
Previous report
•Decreased Operating expenses of $1.6 million primarily related to lower variable selling and marketing costs driven bythe impact of cost synergies achieved through the acquisition of Knoll.
Previous report
The Company has taken actions to safeguard its cash flow and liquidity position in the current environment. The Company is closely managing spending levels, capital investments, and working capital.
Reworded paragraphs (48)
Previous wording
•Net sales were $861.5 million and orders were $935.9 million, representing a decrease of 6.1% and increase of 2.4%, respectively, when compared to the same quarter of the prior year. On an organic basis, which excludes the impact of foreign currency translation and the impact of the closure of the HAY eCommerce channel in North America, Net sales were $864.3 million()and orders were $940.4 million(), representing an organic decrease of 5.3%() and increase of 3.5%(), respectively, when compared to the same quarter of the prior year.
Current wording
•Net sales were $970.4 million and orders were $921.9 million, representing an increase of 2.2% and decrease of 2.3%, respectively, when compared to the same quarter of the prior year. This increase in sales for the current quarter marked the first period of year-over-year sales growth in two years. On an organic basis, which excludes the impact of foreign currency translation and the impact of the closure of the HAY eCommerce channel in North America, Net sales were $968.1 million()and orders were $921.5 million(), representing an organic increase of 2.4%() and decrease of 1.9%(), respectively, when compared to the same quarter of the prior year.
Previous wording
•Diluted loss per share was $0.02 as compared to diluted earnings per share of $0.22 in the prior year. Adjusted diluted earnings per share was $0.36(), a 2.7%() decrease as compared to prior year adjusted diluted earnings per share.
Current wording
•Diluted earnings per share was $0.49 as compared to diluted earnings per share of $0.45 in the prior year. Adjusted diluted earnings per share was $0.55(), a 6.8%() decrease as compared to prior year adjusted diluted earnings per share.
Previous wording
•The Americas Contract segment in the first quarter reported Net sales totaling $454.6 million, down 7.3% compared to the prior year period on a reported basis and down 7.0%() organically. Americas Contract had new orders of $512.7 million, which was an increase of 5.2% from the prior year and and increase of 5.7%() on an organic basis.
Current wording
•The Americas Contract segment in the second quarter reported Net sales totaling $504.2 million, up 5.9% compared to the prior year period on a reported basis and up 6.2%() organically. Americas Contract had new orders of $456.8 million, which was an increase of 4.4% from the prior year and and increase of 4.9%() on an organic basis. This quarter marked our third consecutive period of order growth in the Americas Contract segment.
Previous wording
•The International Contract & Specialty segment delivered Net sales in the first quarter of $213.5 million, a decrease of 6.5% from the year-ago period on a reported basis and a decrease of 6.3%() organically. New orders in this segment totaled $234.1 million, representing a year-over-year increase of 2.7% on a reported basis and an increase of 3.1%() organically.
Current wording
•The International Contract & Specialty segment delivered Net sales in the second quarter of $246.3 million, an increase of 2.1% from the year-ago period on a reported basis and an increase of 1.1%() organically. New orders in this segment totaled $218.7 million, representing a year-over-year decrease of 6.5% on a reported basis and a decrease of 7.2%() organically.
Previous wording
•Net sales in the first quarter for the Global Retail segment totaled $193.4 million, a decrease of 2.8% over the same quarter last year on a reported basis and an increase of 0.4%() organically. Orders in the quarter totaled $189.1 million, down 4.7% compared to the same period last year on a reported basis and down 1.6%() organically.
Current wording
•Net sales in the second quarter for the Global Retail segment totaled $219.9 million, a decrease of 5.3% over the same quarter last year on a reported basis and an decrease of 4.0%() organically. Orders in the quarter totaled $246.4 million, down 9.6% compared to the same period last year on a reported basis and down 8.4%() organically. Both sales and orders were impacted by a shift in timing of the cyber week holiday promotion period, which fell into both the second and third quarters of fiscal year 2025 and fell entirely within the second quarter last fiscal year. The timing of this cyber week holiday promotion period shifted approximately $12 million in Net sales, and $27 million in orders from our fiscal second quarter into the third quarter.
Previous wording
The remaining sections within Item 2 include additional analysis of the three months ended August 31, 2024, including discussion of significant variances compared to the prior year periods.
Current wording
The remaining sections within Item 2 include additional analysis of the three and six months ended November 30, 2024, including discussion of significant variances compared to the prior year periods.
Previous wording
•Integration Charges: Knoll integration-related costs include severance, accelerated stock-based compensation expenses, asset impairment charges associated with lease and operations facility consolidation activity, and expenses related to synergy realization efforts and reorganization initiatives.
Current wording
•Integration Charges: Knoll integration-related costs include severance, asset impairment charges associated with lease and operations facility consolidation activity, and expenses related to synergy realization efforts and reorganization initiatives.
Previous wording
The following tables reconciles Net sales to Net sales, organic for the periods ended as indicated below:
Current wording
The following tables reconcile Net sales to Net sales, organic for the periods ended as indicated below:
Previous wording
The following table presents certain key highlights from the results of operations for the three months ended:
Current wording
The following table presents certain key highlights from the results of operations for the three and six months ended:
Previous wording
The following table presents select components of the Company's Condensed Consolidated Statements of Comprehensive (Loss) Income as a percentage of Net sales, for the three months ended:
Current wording
The following table presents select components of the Company's Condensed Consolidated Statements of Comprehensive (Loss) Income as a percentage of Net sales, for the three and six months ended:
Previous wording
The following chart presents graphically the primary drivers of the year-over-year change in Net sales for the three months ended August 31, 2024. The amounts presented in the graph are expressed in millions and have been rounded.
Current wording
The following chart presents graphically the primary drivers of the year-over-year change in Net sales for the three and six months ended November 30, 2024. The amounts presented in the graph are expressed in millions and have been rounded.
Previous wording
•Decreased sales volume within the Americas Contract and International Contract & Specialty segments of approximately $50 million and $10 million, respectively.
Current wording
•Increased sales volume within the Americas Contract and International Contract & Specialty segments of approximately $26 million and $6 million, respectively; and
Previous wording
•Increased sales volume within the Global Retail segment of approximately $3 million.
Current wording
•Decreased sales volume within the Global Retail segment of approximately $13 million, driven primarily by a shift in the timing of the holiday cyber promotional period, which fell across both the second and third quarters of the current year.
Previous wording
Net sales decreased $56.2 million or 6.1% in the first quarter of fiscal 2025 compared to the first quarter of fiscal 2024. The following items contributed to the change:
Current wording
Net sales decreased $35.3 million or 1.9% in the first six months of fiscal 2025 compared to the first six months of fiscal 2024. The following items contributed to the change:
Previous wording
•Foreign currency translation decreased Net sales by approximately $3 million. Offset in part by:
Current wording
•Foreign currency translation decreased Net sales by approximately $1 million. Offset in part by:
Previous wording
•Price increases, net of incremental discounting, which drove an increase in Net sales of approximately $10 million.
Current wording
•Price increases, net of incremental discounting, which drove an increase in Net sales of approximately $13 million.
Previous wording
•Price increases, net of incremental discounting, contributed to margin improvement of approximately 60 basis points.
Current wording
•Price increases, net of incremental discounting, contributed to margin improvement of approximately 20 basis points.
Previous wording
•Loss of leverage on lower sales volumes negatively impacted margin by approximately 120 basis points.
Current wording
•Loss of leverage on lower sales volumes negatively impacted margin by approximately 40 basis points.
Previous wording
The following chart presents graphically the primary drivers of the year-over-year change in Operating expenses for the three months ended August 31, 2024. The amounts presented in the graphs are expressed in millions and have been rounded.
Current wording
The following chart presents graphically the primary drivers of the year-over-year change in Operating expenses for the three and six months ended November 30, 2024. The amounts presented in the graphs are expressed in millions and have been rounded.
Previous wording
Operating expenses increased by $3.3 million or 1.0% in the first quarter of fiscal 2025 compared to the prior year period. The following factors contributed to the change:
Current wording
Operating expenses increased by $2.9 million or 0.9% in the second quarter of fiscal 2025 compared to the prior year period. The following factors contributed to the change:
Previous wording
•Restructuring charges related to reductions in the Company's workforce in the prior year of approximately $5 million that did not occur in the current year; and
Current wording
•Restructuring charges related to reductions in the Company's workforce in the prior year of approximately $2 million that did not occur in the current year.
Previous wording
•Acquisition related integration charges contributed an increase in Operating expenses as compared to the same period of the prior year of approximately $24 million; This was offset in part by:
Current wording
•Acquisition related integration charges contributed an increase in Operating expenses as compared to the same period of the prior year of approximately $18 million;
Previous wording
•Variable selling and marketing costs decreased by approximately $13 million driven by variability on lower net sales and the impact of cost synergies achieved through the acquisition of Knoll and restructuring actions taken in the prior year;
Current wording
•Variable selling and marketing costs, which decreased by approximately $7 million driven by variability on lower net sales and the impact of cost synergies achieved through the acquisition of Knoll; and
Previous wording
During the three months ended August 31, 2024, net Other expense was $16.9 million, representing a decrease of $2.3 million compared to the same period in the prior year, driven primarily by reductions in foreign currency losses.
Current wording
During the three months ended November 30, 2024, net Other expense was $17.6 million, representing an increase of $1.5 million compared to the same period in the prior year, driven primarily by increased foreign currency losses.
Previous wording
The charts below present the relative mix of Net sales and Operating earnings across each of the Company's segments during the three month period ended August 31, 2024. This is followed by a discussion of the Company's results, by reportable segment. The amounts presented in the charts are in millions and have been rounded.
Current wording
The charts below present the relative mix of Net sales and Operating earnings across each of the Company's segments during the three and six month periods ended November 30, 2024. This is followed by a discussion of the Company's results, by reportable segment. The amounts presented in the charts are in millions and have been rounded.
Previous wording
•Decreased sales volumes within the segment of approximately $50 million. Although the segment experienced growth in order volume during the quarter, the timing of orders during the quarter and customer requests to ship product further out from order entry drove a year over year decrease in sales; and
Current wording
•Increased sales volumes within the segment of approximately $26 million; and
Previous wording
◦The impact of incremental list price increases, net of contract price discounting which provided an approximately 230 basis point improvement over the prior year; as well as
Current wording
◦The impact of incremental list price increases, net of contract price discounting which provided an approximately 50 basis point improvement over the prior year; as well as
Previous wording
•Decreased Gross margin of $20.7 million due to the decrease in net sales discussed above and a decrease in gross margin percentage of 170 basis points. The decrease in gross margin percentage was due primarily to:
Current wording
•Decreased Gross margin of $10.2 million due to the decrease in sales discussed above and a decrease in gross margin percentage of 70 basis points. The decrease in gross margin percentage was due primarily to:
Previous wording
◦Loss of leverage of fixed costs due to reduced production volumes which had a negative impact on margin of approximately 270 basis points; and
Current wording
◦Loss of leverage of fixed costs due to reduced production volumes as well as unfavorable product mixwhich had a negative impact on margin of approximately 170 basis points; and
Previous wording
◦Increased commodity and product distribution costs which had a negative impact on margin of 130 basis points. These increases were offset by:
Current wording
◦Increased commodity and product distribution costs which had a negative impact on margin of 30 basis points. These changes were offset in part by:
Previous wording
◦Increase acquisition related integration costs of approximately $19 million in the current period. This increase was offset by:
Current wording
◦Increase in acquisition related integration costs of approximately $13 million in the current period. Offset in part by:
Previous wording
Gross margin was 39.0% in both the first quarter of fiscal 2025 and the first quarter of fiscal 2024. Although Gross margin was flat to the prior year, summarized below are factors that most significantly impacted gross margin during the quarter:
Current wording
Operating earnings were $23.8 million in both the second quarter of fiscal 2025 and the second quarter of fiscal 2024. Although Operating earnings were flat to the prior year, summarized below are factors that most significantly impacted Operating earnings during the quarter:
Previous wording
◦Decreased variable compensation and benefit costs and cost synergies achieved through the acquisition of Knoll.
Current wording
◦Decreased variable compensation and benefit costs and benefits from cost synergies achieved through the acquisition of Knoll.
Previous wording
For the three month comparative period, operating earnings decreased $2.1 million, or 18.4% over the prior year period due to:
Current wording
For the six month comparative period, operating earnings decreased $2.1 million, or 6.0%, over the prior year period due to:
Previous wording
◦Increase in integration related charges in the current year of $5 million. This increase was offset by:
Current wording
•Increased Operating expenses of $1 million which was largely due to an increase in integration related charges in the current year of $4 million. This increase was offset in part by a decrease of $3 million in variable compensation and benefit costs and cost synergies achieved through the acquisition of Knoll.
Previous wording
•Increased Gross margin of $0.7 million due to the gross margin percentage increase of 160 basis points which was attributable to:
Current wording
•Decreased Gross margin of $6.3 million due to decrease in net sales discussed above and the gross margin percentage decrease of 30 basis points which was attributable to:
Previous wording
•Decreased Gross margin of $1.8 million due to the decrease in net sales discussed above, offset by an increase in gross margin percentage of 210 basis points due primarily to favorable product mix.
Current wording
•Decreased Gross margin of $5.6 million due to the decrease in net sales discussed above, offset by an increase in gross margin percentage of 60 basis points. The increase in gross margin percentage was due primarily to:
Previous wording
Corporate unallocated expenses totaled $15.7 million for the first quarter of fiscal 2025, an increase of $1.0 million from the first quarter of fiscal 2024.
Current wording
Corporate unallocated expenses totaled $17.5 million for the second quarter of fiscal 2025, an increase of $4.3 million from the second quarter of fiscal 2024 related primarily to higher stock based compensation expense.
Previous wording
The table below summarizes the net change in Cash and cash equivalents for the three months ended as indicated.
Current wording
The table below summarizes the net change in Cash and cash equivalents for the six months ended as indicated.
Previous wording
Net cash provided by operating activities for the three months ended August 31, 2024, totaled $21.1 million compared to $130.9 million in the same period of the prior year. The decrease in cash inflow is due primarily to lower net income and changes in working capital. Our working capital consists primarily of receivables from customers, inventory, prepaid expenses, accounts payable, accrued compensation, and accrued other expenses. Working capital changes were primarily affected by payment of variable compensation in the current quarter as well as timing of collection of our receivables.
Current wording
Net cash provided by operating activities for the six months ended November 30, 2024, totaled $76.4 million compared to $213.4 million in the same period of the prior year. The decrease in cash inflow is due primarily to lower net income and changes in working capital. Our working capital consists primarily of receivables from customers, inventory, prepaid expenses, accounts payable, accrued compensation, and accrued other expenses. Working capital changes were primarily affected by payment of variable compensation in the six months ended November 30, 2024, as well as timing of collection of our receivables.
Showing the first 40 of 48 pairs. Open the source sections for the rest.
Rearranged current paragraphs (9)
Current report — wording carried from elsewhere
•Price increases, net of incremental discounting, which drove an increase in Net sales of approximately $4 million; and
Current report — wording carried from elsewhere
•Price increases, net of incremental discounting, contributed to margin improvement of approximately 50 basis points.
Current report — wording carried from elsewhere
•Acquisition related integration charges contributed a decrease in Operating expenses as compared to the same period of the prior year of approximately $7 million; and
Current report — wording carried from elsewhere
•Decreased volumes within the segment of approximately $24 million; and
Current report — wording carried from elsewhere
•Unfavorable foreign currency translation of approximately $3 million; offset in part by
Current report — wording carried from elsewhere
•Decrease of approximately $5 million related to the closure of the HAY eCommerce channel in North America that occurred in the prior year; offset in part by:
Current report — wording carried from elsewhere
•Favorable foreign currency translation of approximately $1 million.
Current report — wording carried from elsewhere
•Decrease of approximately $10 million related to the closure of the HAY eCommerce channel in North America that occurred in the prior year; and
Current report — wording carried from elsewhere
•A decrease in the total volume of notes receivable entered into with certain independently owned dealers in the current quarter as compared to the same period of the prior year; and
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
•Unfavorable foreign currency translation of approximately $2 million; offset in part by
Previous report — wording carried elsewhere
◦Decreased variable compensation and benefit costs of $4 million.
Previous report — wording carried elsewhere
•Decline in sales volume of approximately $10 million;
Previous report — wording carried elsewhere
•Unfavorable foreign currency translation of approximately $1 million; offset in part by
Previous report — wording carried elsewhere
•An increase in sales volume of approximately $3 million.