MILLERKNOLL, INC.
For the period ended May 30, 2026. Filed Jul 20, 2026.
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FY2026 · Filed Jul 20, 2026
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Leases
- Leases
The Company has leases for retail stores, showrooms, manufacturing facilities, warehouses and vehicles, which expire at various dates through 2042. Certain lease agreements include contingent rental payments based on per unit usage over a contractual amount and others include rental payments adjusted periodically for inflationary indexes.
The Company's lease costs recognized in the Consolidated Statements of Comprehensive Income consist of the following:
| Year Ended | Year Ended | |
|---|---|---|
| (In millions) | May 30, 2026 | May 31, 2025 |
| Operating lease costs | $96.3 | $90.7 |
| Short-term lease costs | 4.6 | 5.2 |
| Variable lease costs | 16.5 | 16.7 |
| Total | $117.4 | $112.6 |
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:
| (In millions) | |
|---|---|
| 2027 | $111.8 |
| 2028 | 100.0 |
| 2029 | 89.9 |
| 2030 | 82.5 |
| 2031 | 70.6 |
| Thereafter | 166.8 |
| Total lease payments* | $621.6 |
| Less interest | 105.8 |
| Present value of lease liabilities | $515.8 |
*Lease payments exclude $73.5 million of legally binding minimum lease payments for leases signed but not yet commenced.
Supplemental cash flow and other lease information as of and for periods indicated, includes (dollars in millions):
| Year Ended | Year Ended | |
|---|---|---|
| May 30, 2026 | May 31, 2025 | |
| Weighted-average remaining lease term (in years) | ||
| Operating leases | 6.6 | 6.6 |
| Finance leases | 2.9 | 3.8 |
| Weighted-average discount rate | ||
| Operating leases | 5.2% | 3.6% |
| Finance leases | 6.0% | 3.3% |
| Cash paid for amounts included in the measurement of lease liabilities | ||
| Operating cash flows from operating leases | $96.8 | $148.5 |
| Operating cash flows from finance leases | 0.2 | 0.1 |
| Financing cash flows from finance leases | 0.3 | 0.3 |
| ROU assets obtained in exchange for new operating lease liabilities | ||
| Operating leases | $91.5 | $124.3 |
| Finance leases | — | — |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.