Company Quick10K Filing
Miller Herman
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 59 $2,258
10-Q 2020-01-06 Quarter: 2019-11-30
10-Q 2019-10-08 Quarter: 2019-08-31
10-K 2019-07-30 Annual: 2019-06-01
10-Q 2019-04-10 Quarter: 2019-03-02
10-Q 2019-01-09 Quarter: 2018-12-01
10-Q 2018-10-10 Quarter: 2018-09-01
10-K 2018-07-31 Annual: 2018-06-02
10-Q 2018-04-11 Quarter: 2018-03-03
10-Q 2018-01-10 Quarter: 2017-12-02
10-Q 2017-10-11 Quarter: 2017-09-02
10-K 2017-08-01 Annual: 2017-06-03
10-Q 2017-04-12 Quarter: 2017-03-04
10-Q 2017-01-11 Quarter: 2016-12-03
10-Q 2016-10-12 Quarter: 2016-09-03
10-K 2016-07-26 Annual: 2016-05-28
10-Q 2016-04-06 Quarter: 2016-02-27
10-Q 2016-01-06 Quarter: 2015-11-28
10-Q 2015-10-07 Quarter: 2015-08-29
10-K 2015-07-28 Annual: 2015-05-30
10-Q 2015-04-08 Quarter: 2015-02-28
10-Q 2015-01-07 Quarter: 2014-11-29
10-Q 2014-10-08 Quarter: 2014-08-30
10-K 2014-07-29 Annual: 2014-05-31
10-Q 2014-04-08 Quarter: 2014-03-01
10-Q 2014-01-07 Quarter: 2013-11-30
10-Q 2013-10-09 Quarter: 2013-08-31
10-K 2013-07-30 Annual: 2013-06-01
10-Q 2013-04-11 Quarter: 2013-03-02
10-Q 2013-01-09 Quarter: 2012-12-01
10-Q 2012-10-11 Quarter: 2012-09-01
10-K 2012-07-31 Annual: 2012-06-02
10-Q 2012-04-11 Quarter: 2012-03-03
10-Q 2012-01-11 Quarter: 2011-12-03
10-Q 2011-10-12 Quarter: 2011-09-03
10-K 2011-07-26 Annual: 2011-05-28
10-Q 2011-04-06 Quarter: 2011-02-26
10-Q 2011-01-06 Quarter: 2010-11-27
10-Q 2010-10-06 Quarter: 2010-08-28
10-K 2010-07-27 Annual: 2010-05-29
10-Q 2010-04-07 Quarter: 2010-02-27
10-Q 2010-01-06 Quarter: 2009-11-28
8-K 2019-12-18 Earnings, Exhibits
8-K 2019-12-09 Regulation FD, Exhibits
8-K 2019-11-05 Regulation FD, Exhibits
8-K 2019-10-29 Regulation FD
8-K 2019-10-29 Regulation FD, Exhibits
8-K 2019-10-14
8-K 2019-10-08 Enter Agreement, Regulation FD, Exhibits
8-K 2019-10-07 Regulation FD, Exhibits
8-K 2019-09-20 Other Events
8-K 2019-09-18 Earnings, Exhibits
8-K 2019-08-28 Off-BS Arrangement, Exhibits
8-K 2019-07-15 Officers, Exhibits
8-K 2019-06-26 Earnings, Other Events, Exhibits
8-K 2019-06-19 Other Events, Exhibits
8-K 2019-05-16 Officers
8-K 2019-05-09 Regulation FD, Exhibits
8-K 2019-05-06 Accountant, Exhibits
8-K 2019-04-09 Amend Bylaw, Exhibits
8-K 2019-03-20 Earnings, Exhibits
8-K 2019-02-19 Other Events, Exhibits
8-K 2019-01-16 Other Events
8-K 2019-01-16 Officers, Exhibits
8-K 2018-12-19 Earnings, Exhibits
8-K 2018-10-11 Shareholder Rights, Amend Bylaw, Shareholder Vote, Exhibits
8-K 2018-09-19 Earnings, Exhibits
8-K 2018-08-17 Officers
8-K 2018-07-02 Earnings, Exhibits
8-K 2018-07-02 Other Events
8-K 2018-06-07 Enter Agreement, Regulation FD
8-K 2018-06-06 Regulation FD
8-K 2018-03-21 Earnings, Exhibits
8-K 2018-03-05 Regulation FD, Exhibits
8-K 2018-03-02 Officers
8-K 2018-03-01 Regulation FD
8-K 2018-02-05 Officers, Regulation FD, Exhibits
MLHR 2019-11-30
Part I - Financial Information
Item 1: Financial Statements
Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3: Quantitative and Qualitative Disclosures About Market Risk
Item 4: Controls and Procedures
Part II - Other Information
Item 1: Legal Proceedings
Item 1A: Risk Factors
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
Item 3: Defaults Upon Senior Securities
Item 4: Mine Safety Disclosures
Item 5: Other Information
Item 6: Exhibits
EX-31.1 hmi10q11302019ex311.htm
EX-31.2 hmi10q11302019ex312.htm
EX-32.1 hmi10q11302019ex321.htm
EX-32.2 hmi10q11302019ex322.htm

Miller Herman Earnings 2019-11-30

MLHR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
MLHR 2,258 1,569 830 2,567 930 161 285 2,380 36% 8.4 10%
SCS 2,166 2,395 1,506 3,636 1,153 138 306 2,476 32% 8.1 6%
HNI 1,498 1,442 913 2,215 819 89 201 1,756 37% 8.7 6%
KNL 1,083 1,334 925 1,382 519 85 151 1,531 38% 10.1 6%
PBI 820 5,758 5,705 3,509 421 143 454 3,320 12% 7.3 2%
DBD 678 4,104 4,433 4,587 973 -518 44 2,592 21% 59.3 -13%
EBF 500 386 94 415 126 38 63 443 30% 7.0 10%
USAT 491 191 75 128 36 -11 3 497 28% 174.7 -6%
PAR 457 155 99 182 34 -27 -6 458 18% -72.7 -17%
AEY 16 41 10 59 13 -5 -5 13 22% -2.8 -12%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended November 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 001-15141
__________________________________________
logomarknormalsreda04.jpg
HERMAN MILLER, INC.
(Exact name of registrant as specified in its charter)
__________________________________________
Michigan
 
38-0837640
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer Identification No.)
855 East Main Avenue
Zeeland, MI 49464
(Address of principal executive offices and zip code)
(616) 654-3000
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
MLHR
NASDAQ

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  o 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x
Accelerated filer
o
Non-accelerated filer  
o
Smaller reporting company
Emerging growth company
                
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes    No  x

As of January 2, 2020, Herman Miller, Inc. had 59,062,349 shares of common stock outstanding.





Herman Miller, Inc. Form 10-Q
Table of Contents
 
 
Page No.
Part I — Financial Information
 
 
Item 1 Financial Statements (Unaudited)
 
 
Condensed Consolidated Statements of Comprehensive Income — Three and Six Months Ended November 30, 2019 and December 1, 2018
 
Condensed Consolidated Balance Sheets — November 30, 2019 and June 1, 2019
 
Condensed Consolidated Statements of Cash Flows — Six Months Ended November 30, 2019 and December 1, 2018
 
Condensed Consolidated Statements of Stockholders' Equity — Six Months Ended November 30, 2019 and December 1, 2018
 
Notes to Condensed Consolidated Financial Statements
 
 
 
 
 
Note 4 - Leases
 
Note 5 - Acquisitions
 
 
 
 
 
 
Note 11 - Income Taxes
 
 
 
Note 14 - Debt
 
 
 
 
 
Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations
 
Item 3 Quantitative and Qualitative Disclosures about Market Risk
 
Item 4 Controls and Procedures
Part II — Other Information
 
 
Item 1   Legal Proceedings
 
Item 1A Risk Factors
 
Item 2   Unregistered Sales of Equity Securities and Use of Proceeds
 
Item 3   Defaults upon Senior Securities
 
Item 4   Mine Safety Disclosures
 
Item 5   Other Information
 
Item 6   Exhibits
 
Signatures
 

2



PART I - FINANCIAL INFORMATION

Item 1: Financial Statements

Herman Miller, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Dollars in millions, except share data)
(Unaudited)
 
Three Months Ended
 
Six Months Ended
 
November 30, 2019
 
December 1, 2018
 
November 30, 2019
 
December 1, 2018
Net sales
$
674.2

 
$
652.6

 
$
1,345.2

 
$
1,277.3

Cost of sales
418.7

 
417.0

 
843.6

 
816.6

Gross margin
255.5

 
235.6

 
501.6

 
460.7

Operating expenses:
 
 
 
 
 
 
 
Selling, general and administrative
169.5

 
163.2

 
334.3

 
322.7

Restructuring expense
4.2

 
0.3

 
6.1

 
1.4

Design and research
19.4

 
19.0

 
38.6

 
37.5

Total operating expenses
193.1

 
182.5

 
379.0

 
361.6

Operating earnings
62.4

 
53.1

 
122.6

 
99.1

Gain on consolidation of equity method investment
30.5

 

 
30.5

 

Interest expense
3.0

 
3.1

 
6.0

 
6.0

Other (income) expense, net
(0.4
)
 
0.7

 
(1.3
)
 
(0.3
)
Earnings before income taxes and equity income
90.3

 
49.3

 
148.4

 
93.4

Income tax expense
12.9

 
11.2

 
25.2

 
20.0

Equity income from nonconsolidated affiliates, net of tax
1.2

 
1.2

 
3.4

 
1.8

Net earnings
78.6

 
39.3

 
126.6

 
75.2

Net (loss) earnings attributable to noncontrolling interests

 

 
(0.2
)
 
0.1

Net earnings attributable to Herman Miller, Inc.
$
78.6

 
$
39.3

 
$
126.8

 
$
75.1

 
 
 
 
 
 
 
 
Earnings per share — basic
$
1.33

 
$
0.66

 
$
2.15

 
$
1.27

Earnings per share — diluted
$
1.32

 
$
0.66

 
$
2.14

 
$
1.26

 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax
 
 
 
 
 
 
 
Foreign currency translation adjustments
$
13.7

 
$
(4.5
)
 
$
4.4

 
$
(12.4
)
Pension and other post-retirement plans
0.7

 
0.4

 
1.4

 
1.1

Interest rate swaps
3.4

 
1.0

 
(5.3
)
 
0.5

Unrealized holding loss

 

 

 
(0.1
)
Other comprehensive income (loss), net of tax
17.8

 
(3.1
)
 
0.5

 
(10.9
)
Comprehensive income
96.4

 
36.2

 
127.1

 
64.3

Comprehensive (loss) income attributable to noncontrolling interests

 

 
(0.2
)
 
0.1

Comprehensive income attributable to Herman Miller, Inc.
$
96.4

 
$
36.2

 
$
127.3

 
$
64.2


See accompanying notes to Condensed Consolidated Financial Statements.


3



Herman Miller, Inc.
Condensed Consolidated Balance Sheets
(Dollars in millions, except per share data)
(Unaudited)
 
November 30, 2019
 
June 1, 2019
ASSETS
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
177.0

 
$
159.2

Short-term investments
9.0

 
8.8

Accounts receivable, net of allowances of $3.8 and $3.8
208.9

 
218.0

Unbilled accounts receivable
35.7

 
34.3

Inventories, net
184.4

 
184.2

Prepaid expenses
37.7

 
45.8

Other current assets
14.1

 
11.0

Total current assets
666.8

 
661.3

Property and equipment, at cost
1,106.3

 
1,084.7

Less — accumulated depreciation
(766.5
)
 
(736.1
)
Net property and equipment
339.8

 
348.6

Right of use assets
232.5

 

Goodwill
363.9

 
303.8

Indefinite-lived intangibles
82.5

 
78.1

Other amortizable intangibles, net of accumulated amortization of $49.8 and $46.2
69.9

 
41.1

Other noncurrent assets
122.6

 
136.4

Total Assets
$
1,878.0

 
$
1,569.3

 
 
 
 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS & STOCKHOLDERS' EQUITY
 
 
 
Current Liabilities:
 
 
 
Accounts payable
$
166.7

 
$
177.7

Accrued compensation and benefits
82.4

 
85.5

Accrued warranty
54.6

 
53.1

Customer deposits
33.7

 
30.7

Other accrued liabilities
144.0

 
99.1

Total current liabilities
481.4

 
446.1

Long-term debt
275.0

 
281.9

Pension and post-retirement benefits
24.0

 
24.5

Lease liabilities
198.1

 

Other liabilities
54.9

 
77.0

Total Liabilities
1,033.4

 
829.5

Redeemable noncontrolling interests

 
20.6

Stockholders' Equity:
 
 
 
Preferred stock, no par value (10,000,000 shares authorized, none issued)

 

Common stock, $0.20 par value (240,000,000 shares authorized, 59,075,241 and 58,794,148 shares issued and outstanding in 2020 and 2019, respectively)
11.8

 
11.7

Additional paid-in capital
100.4

 
89.8

Retained earnings
826.7

 
712.7

Accumulated other comprehensive loss
(93.7
)
 
(94.2
)
Deferred compensation plan
(0.6
)
 
(0.8
)
Total Stockholders' Equity
844.6

 
719.2

Total Liabilities, Redeemable Noncontrolling Interests, and Stockholders' Equity
$
1,878.0

 
$
1,569.3


See accompanying notes to Condensed Consolidated Financial Statements.

4



Herman Miller, Inc.
Condensed Consolidated Statements of Cash Flows
(Dollars in millions)
(Unaudited)

Six Months Ended
November 30, 2019

December 1, 2018
Cash Flows from Operating Activities:



Net earnings
$
126.6

 
$
75.2

Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
Depreciation and amortization
37.9

 
37.6

Stock-based compensation
5.4

 
5.0

Earnings from nonconsolidated affiliates net of dividends received
(3.3
)
 
(0.7
)
Gain on consolidation of equity method investment
(30.5
)
 

Restructuring expenses
6.1

 
1.4

Decrease (increase) in current assets
16.5

 
(44.2
)
(Decrease) increase in current liabilities
(21.1
)
 
15.1

Other, net
4.8

 
2.1

Net Cash Provided by Operating Activities
142.4

 
91.5

 
 
 
 
Cash Flows from Investing Activities:
 
 
 
Capital expenditures
(38.6
)
 
(41.1
)
Equity investment in non-controlled entities
(3.3
)
 
(71.6
)
Acquisition of naughtone, net of cash received
(40.0
)
 

Purchase of HAY licensing agreement

 
(4.8
)
Other, net
(0.2
)
 
(1.2
)
Net Cash Used in Investing Activities
(82.1
)
 
(118.7
)
 
 
 
 
Cash Flows from Financing Activities:
 
 
 
Dividends paid
(24.0
)
 
(22.4
)
Common stock issued
13.3

 
10.4

Common stock repurchased and retired
(8.1
)
 
(37.4
)
Purchase of redeemable noncontrolling interests
(20.3
)
 
(10.1
)
Other, net
(1.5
)
 
(0.3
)
Net Cash Used in Financing Activities
(40.6
)
 
(59.8
)
 
 
 
 
Effect of Exchange Rate Changes on Cash and Cash Equivalents
(1.9
)
 
(3.3
)
Net Increase (Decrease) in Cash and Cash Equivalents
17.8

 
(90.3
)
 
 
 
 
Cash and Cash Equivalents, Beginning of Period
159.2

 
203.9

Cash and Cash Equivalents, End of Period
$
177.0

 
$
113.6


See accompanying notes to Condensed Consolidated Financial Statements.

5



Herman Miller, Inc.
Condensed Consolidated Statements of Stockholders' Equity
(Dollars in millions, except share data)
(Unaudited)

 
Six Months Ended November 30, 2019
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Deferred Compensation Plan
 
Herman Miller, Inc. Stockholders' Equity
 
Noncontrolling Interests
 
Total
Stockholders' Equity
 
Shares
 
Amount
 
 
 
 
 
 
 
June 1, 2019
58,794,148

 
$
11.7

 
$
89.8

 
$
712.7

 
$
(94.2
)
 
$
(0.8
)
 
$
719.2

 
$

 
$
719.2

Net earnings

 

 

 
48.2

 

 

 
48.2

 
(0.2
)
 
48.0

Other comprehensive loss, net of tax

 

 

 

 
(17.3
)
 

 
(17.3
)
 

 
(17.3
)
Stock-based compensation expense

 

 
2.6

 

 

 

 
2.6

 

 
2.6

Exercise of stock options
382,898

 
0.1

 
12.1

 

 

 

 
12.2

 

 
12.2

Restricted and performance stock units released
45,105

 

 

 

 

 

 

 

 

Employee stock purchase plan issuances
14,750

 

 
0.5

 

 

 

 
0.5

 

 
0.5

Repurchase and retirement of common stock
(173,001
)
 

 
(7.6
)
 

 

 

 
(7.6
)
 

 
(7.6
)
Deferred compensation plan

 

 

 

 

 
0.2

 
0.2

 

 
0.2

Dividends declared ($0.21 per share)

 

 

 
(12.5
)
 

 

 
(12.5
)
 

 
(12.5
)
Redemption value adjustment

 

 

 
(0.2
)
 

 

 
(0.2
)
 
0.2

 

August 31, 2019
59,063,900

 
$
11.8

 
$
97.4

 
$
748.2

 
$
(111.5
)
 
$
(0.6
)
 
$
745.3

 
$

 
$
745.3

Net earnings

 

 

 
78.6

 

 

 
78.6

 

 
78.6

Other comprehensive income, net of tax

 

 

 

 
17.8

 

 
17.8

 

 
17.8

Stock-based compensation expense

 

 
2.8

 

 

 

 
2.8

 

 
2.8

Exercise of stock options
5,227

 

 
0.1

 

 

 

 
0.1

 

 
0.1

Restricted and performance stock units released
3,653

 

 

 

 

 

 

 

 

Employee stock purchase plan issuances
12,467

 

 
0.5

 

 

 

 
0.5

 

 
0.5

Repurchase and retirement of common stock
(10,006
)
 

 
(0.4
)
 

 

 

 
(0.4
)
 

 
(0.4
)
Dividends declared ($0.21 per share)

 

 

 
(0.1
)
 

 

 
(0.1
)
 

 
(0.1
)
November 30, 2019
59,075,241

 
$
11.8

 
$
100.4

 
$
826.7

 
$
(93.7
)
 
$
(0.6
)
 
$
844.6

 
$

 
$
844.6



6



 
Six Months Ended December 1, 2018
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Deferred Compensation Plan
 
Herman Miller, Inc. Stockholders' Equity
 
Noncontrolling Interests
 
Total Stockholders' Equity
 
Shares
 
Amount
 
 
 
 
 
 
 
June 2, 2018
59,230,974

 
$
11.7

 
$
116.6

 
$
598.3

 
$
(61.3
)
 
$
(0.7
)
 
$
664.6

 
$
0.2

 
$
664.8

Net earnings

 

 

 
35.8

 

 

 
35.8

 

 
35.8

Other comprehensive loss, net of tax

 

 

 

 
(7.8
)
 

 
(7.8
)
 

 
(7.8
)
Stock-based compensation expense

 

 
2.2

 

 

 

 
2.2

 

 
2.2

Exercise of stock options
265,739

 
0.2

 
7.9

 

 

 

 
8.1

 

 
8.1

Restricted and performance stock units released
335,266

 
0.1

 

 

 

 

 
0.1

 

 
0.1

Employee stock purchase plan issuances
16,805

 

 
0.5

 

 

 

 
0.5

 

 
0.5

Repurchase and retirement of common stock
(545,866
)
 
(0.1
)
 
(20.7
)
 

 

 

 
(20.8
)
 

 
(20.8
)
Dividends declared ($0.1975 per share)

 

 

 
(11.6
)
 

 

 
(11.6
)
 

 
(11.6
)
Cumulative effect of accounting changes

 

 

 
2.0

 
(0.1
)
 

 
1.9

 

 
1.9

September 1, 2018
59,302,918

 
$
11.9

 
$
106.5

 
$
624.5

 
$
(69.2
)
 
$
(0.7
)
 
$
673.0

 
$
0.2

 
$
673.2

Net earnings

 

 

 
39.3

 

 

 
39.3

 

 
39.3

Other comprehensive loss, net of tax

 

 

 

 
(3.1
)
 

 
(3.1
)
 

 
(3.1
)
Stock-based compensation expense

 

 
2.5

 

 

 

 
2.5

 

 
2.5

Exercise of stock options
53,614

 

 
1.3

 

 

 

 
1.3

 

 
1.3

Restricted and performance stock units released
7,511

 

 

 

 

 

 

 

 

Employee stock purchase plan issuances
14,813

 

 
0.5

 

 

 

 
0.5

 

 
0.5

Repurchase and retirement of common stock
(476,854
)
 
(0.1
)
 
(16.5
)
 

 

 

 
(16.6
)
 

 
(16.6
)
Dividends declared ($0.1975 per share)

 

 

 
(11.7
)
 

 

 
(11.7
)
 

 
(11.7
)
Cumulative effect of accounting changes

 

 

 
(1.5
)
 
1.5

 

 

 

 

December 1, 2018
58,902,002

 
$
11.8

 
$
94.3

 
$
650.6

 
$
(70.8
)
 
$
(0.7
)
 
$
685.2

 
$
0.2

 
$
685.4


See accompanying notes to Condensed Consolidated Financial Statements.


7



Notes to Condensed Consolidated Financial Statements
(Dollars in millions, except share data)
(unaudited)

1. Basis of Presentation


The Condensed Consolidated Financial Statements have been prepared by Herman Miller, Inc. (“the Company”) in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Management believes the disclosures made in this document are adequate with respect to interim reporting requirements. Unless otherwise noted or indicated by the context, all references to "Herman Miller," "we," "our," "Company" and similar references are to Herman Miller, Inc., its predecessors, and controlled subsidiaries. 

The accompanying unaudited Condensed Consolidated Financial Statements, taken as a whole, contain all adjustments that are of a normal recurring nature necessary to present fairly the financial position of the Company as of November 30, 2019. Operating results for the three and six months ended November 30, 2019 are not necessarily indicative of the results that may be expected for the year ending May 30, 2020. It is suggested that these Condensed Consolidated Financial Statements be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended June 1, 2019. All intercompany transactions have been eliminated in the Condensed Consolidated Financial Statements. The financial statements of equity method investments are not consolidated.

2. Recently Issued Accounting Standards

Recently Adopted Accounting Standards

On June 2, 2019, the Company adopted Accounting Standards Update ("ASU") No. 2016-02, "Leases (Topic 842)" using the modified retrospective method. Under the updated standard, a lessee's rights and obligations under most leases, including existing and new arrangements, are recognized as assets and liabilities, respectively, on the balance sheet. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information regarding the adoption of the standard.

On June 2, 2019, the Company adopted ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities" using the prospective method. This update amends the hedge accounting recognition and presentation with the objectives of improving the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities and simplifying the application of hedge accounting. The update expands the strategies eligible for hedge accounting, relaxes the timing requirements of hedge documentation and effectiveness assessments and permits the use of qualitative assessments on an ongoing basis to assess hedge effectiveness. The new guidance also requires new disclosures and presentation. The adoption did not have a material impact on the Company's financial statements. Refer to Note 12 to the Condensed Consolidated Financial Statements for further information.

Recently Issued Accounting Standards Not Yet Adopted

The Company is currently evaluating the impact of adopting the following relevant standards issued by the FASB:
Standard
 
Description
 
Effective Date
 
 
 
 
 
 
2016-13
Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
 
This guidance replaces the existing incurred loss impairment model with an expected loss model and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates.
 
May 31, 2020
2018-13
Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement
 
This update eliminates, adds and modifies certain disclosure requirements for fair value measurements. Early adoption is permitted.
 
May 31, 2020
2018-14
Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans
 
This update eliminates, adds and clarifies certain disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans. Early adoption is permitted.
 
May 30, 2021

All other issued and not yet effective accounting standards are not relevant to the Company.

8



3. Revenue from Contracts with Customers


Disaggregated Revenue

Revenue disaggregated by contract type has been provided in the table below:
 
Three Months Ended
 
Six Months Ended
(In millions)
November 30, 2019
 
December 1, 2018
 
November 30, 2019
 
December 1, 2018
Net Sales:
 
 
 
 
 
 
 
Single performance obligation
 
 
 
 
 
 
 
Product revenue
$
572.7

 
$
539.4

 
$
1,138.9

 
$
1,074.6

Multiple performance obligations
 
 
 
 
 
 
 
Product revenue
95.8

 
107.9

 
195.7

 
192.7

Service revenue
2.9

 
3.2

 
5.2

 
5.9

Other
2.8

 
2.1

 
5.4

 
4.1

Total
$
674.2

 
$
652.6

 
$
1,345.2

 
$
1,277.3


Revenue disaggregated by product type and reportable segment has been provided in the table below:
 
Three Months Ended
 
Six Months Ended
(In millions)
November 30, 2019
 
December 1, 2018
 
November 30, 2019
 
December 1, 2018
North America Contract:
 
 
 
 
 
 
 
Systems
$
145.3

 
$
145.3

 
$
292.6

 
$
291.4

Seating
129.7

 
126.9

 
259.9

 
252.5

Freestanding and storage
108.5

 
98.0

 
220.8

 
185.5

Textiles
29.8

 
29.5

 
76.3

 
58.3

Other
37.3

 
35.1

 
59.7

 
68.1

Total North America Contract
$
450.6

 
$
434.8

 
$
909.3

 
$
855.8

 
 
 
 
 
 
 
 
International Contract:
 
 
 
 
 
 
 
Systems
$