MILLERKNOLL, INC.
For the period ended May 31, 2025. Filed Jul 21, 2025.
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FY2025 · Filed Jul 21, 2025
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Investments in Nonconsolidated Affiliates
- 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 inone 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.
Maars
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 | $— | $— |
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