$MLKN
MILLERKNOLL, INC.

2023 Q2 Form 10-Q Financial Statement

#000006638223000021 Filed on April 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $956.7M $984.7M $1.067B
YoY Change -13.07% -4.35% 3.96%
Cost Of Revenue $602.0M $649.1M $699.3M
YoY Change -15.53% -6.29% 3.49%
Gross Profit $354.7M $335.6M $367.6M
YoY Change -7.27% -1.15% 4.14%
Gross Profit Margin 37.08% 34.08% 34.45%
Selling, General & Admin $274.1M $264.7M $290.8M
YoY Change -7.52% -6.23% -8.73%
% of Gross Profit 77.28% 78.87% 79.11%
Research & Development $34.70M $23.60M $23.40M
YoY Change 19.24% -15.71% -17.02%
% of Gross Profit 9.78% 7.03% 6.37%
Depreciation & Amortization $39.20M $38.20M $38.10M
YoY Change -2.73% -5.45% -24.1%
% of Gross Profit 11.05% 11.38% 10.36%
Operating Expenses $308.8M $314.4M $314.2M
YoY Change -5.13% 1.32% -9.4%
Operating Profit $45.90M $21.20M $53.40M
YoY Change -19.47% -20.0% 1305.26%
Interest Expense -$19.10M $19.10M -$17.60M
YoY Change 52.8% 87.25% -291.3%
% of Operating Profit -41.61% 90.09% -32.96%
Other Income/Expense, Net $2.000M -$19.60M $500.0K
YoY Change -766.67% -9900.0% -28.57%
Pretax Income -$5.500M $1.600M $21.60M
YoY Change -111.11% -90.64% -590.91%
Income Tax -$6.600M $500.0K $4.300M
% Of Pretax Income 31.25% 19.91%
Net Earnings -$100.0K $400.0K $16.00M
YoY Change -100.47% -97.22% -1041.18%
Net Earnings / Revenue -0.01% 0.04% 1.5%
Basic Earnings Per Share $0.01 $0.21
Diluted Earnings Per Share $0.00 $0.01 $210.9K
COMMON SHARES
Basic Shares Outstanding 75.63M shares 75.46M shares 75.56M shares
Diluted Shares Outstanding 76.07M shares 75.88M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $223.5M $217.1M $197.5M
YoY Change -2.95% -11.71% -15.85%
Cash & Equivalents $223.5M $217.1M $197.5M
Short-Term Investments
Other Short-Term Assets $101.8M $129.7M $127.3M
YoY Change 1294.52% 1408.14% 1800.0%
Inventory $487.4M $539.6M $587.1M
Prepaid Expenses $92.70M $120.7M
Receivables $363.5M $389.7M $398.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.176B $1.276B $1.310B
YoY Change -10.75% 0.39% 7.85%
LONG-TERM ASSETS
Property, Plant & Equipment $952.2M $937.8M $962.0M
YoY Change 63.75% 60.5% 62.83%
Goodwill $1.222B $1.218B
YoY Change -0.37% -5.06%
Intangibles
YoY Change
Long-Term Investments $8.500M
YoY Change -14.14%
Other Assets $122.4M $2.169B $118.9M
YoY Change 23.39% 2641.97% 61.99%
Total Long-Term Assets $3.099B $3.107B $3.138B
YoY Change -3.05% -4.31% -3.48%
TOTAL ASSETS
Total Short-Term Assets $1.176B $1.276B $1.310B
Total Long-Term Assets $3.099B $3.107B $3.138B
Total Assets $4.275B $4.383B $4.448B
YoY Change -5.3% -2.99% -0.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $269.5M $282.7M $281.6M
YoY Change -24.11% -17.05% -15.59%
Accrued Expenses $306.1M $419.6M $360.1M
YoY Change -16.75% 24.47% -4.13%
Deferred Revenue $93.80M $97.40M
YoY Change -25.14% -23.25%
Short-Term Debt $0.00 $30.90M $0.00
YoY Change -100.0% 7.29% -100.0%
Long-Term Debt Due $33.40M $30.90M $28.80M
YoY Change 13.99% 7.29% -1.71%
Total Short-Term Liabilities $702.8M $733.2M $773.2M
YoY Change -19.9% -12.04% -9.81%
LONG-TERM LIABILITIES
Long-Term Debt $1.365B $1.415B $1.435B
YoY Change -1.02% 2.18% 7.02%
Other Long-Term Liabilities $666.7M $694.0M $699.2M
YoY Change 122.09% 101.22% 96.07%
Total Long-Term Liabilities $2.032B $2.109B $2.134B
YoY Change 20.98% 21.93% 25.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $702.8M $733.2M $773.2M
Total Long-Term Liabilities $2.032B $2.109B $2.134B
Total Liabilities $2.842B $2.949B $3.014B
YoY Change -4.62% -1.5% 1.81%
SHAREHOLDERS EQUITY
Retained Earnings $676.1M $693.3M
YoY Change -2.48% -2.78%
Common Stock $15.10M $15.10M
YoY Change -0.66% -0.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.433B $1.434B $1.434B
YoY Change
Total Liabilities & Shareholders Equity $4.275B $4.383B $4.448B
YoY Change -5.3% -2.99% -0.4%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$100.0K $400.0K $16.00M
YoY Change -100.47% -97.22% -1041.18%
Depreciation, Depletion And Amortization $39.20M $38.20M $38.10M
YoY Change -2.73% -5.45% -24.1%
Cash From Operating Activities $92.50M $75.70M $59.50M
YoY Change 101.09% -25333.33% -1108.47%
INVESTING ACTIVITIES
Capital Expenditures $22.70M $20.30M -$23.00M
YoY Change -178.55% -204.1% -16.97%
Acquisitions
YoY Change
Other Investing Activities -$600.0K -$61.50M $1.200M
YoY Change -140.0% -840.96% -185.71%
Cash From Investing Activities -$23.30M -$21.20M -$21.80M
YoY Change -14.96% 89.29% -25.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -64.70M -33.70M -65.40M
YoY Change 200.93% -230.12% -292.92%
NET CHANGE
Cash From Operating Activities 92.50M 75.70M 59.50M
Cash From Investing Activities -23.30M -21.20M -21.80M
Cash From Financing Activities -64.70M -33.70M -65.40M
Net Change In Cash 4.500M 20.80M -27.70M
YoY Change -255.17% 44.44% 2418.18%
FREE CASH FLOW
Cash From Operating Activities $92.50M $75.70M $59.50M
Capital Expenditures $22.70M $20.30M -$23.00M
Free Cash Flow $69.80M $55.40M $82.50M
YoY Change -6.81% 188.54% 278.44%

Facts In Submission

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us-gaap Dividends Common Stock Cash
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CY2022Q3 us-gaap Stockholders Equity
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CY2022Q4 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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51800000 usd
CY2022Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2022Q4 us-gaap Dividends Common Stock Cash
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CY2023Q1 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
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CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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4800000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2023Q1 us-gaap Dividends Common Stock Cash
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CY2023Q1 us-gaap Stockholders Equity
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CY2021Q2 us-gaap Stockholders Equity
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CY2021Q3 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
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CY2021Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2021Q3 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2021Q3 us-gaap Stock Repurchased And Retired During Period Value
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CY2021Q3 us-gaap Stock Issued During Period Value Acquisitions
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CY2021Q3 mlkn Stock Issued During Period Value Restricted Stock Award And Performance Stock Award
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CY2021Q3 us-gaap Common Stock Dividends Per Share Declared
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CY2021Q3 us-gaap Dividends Common Stock Cash
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CY2021Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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7000000.0 usd
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CY2021Q4 us-gaap Stock Issued During Period Value Share Based Compensation
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200000 usd
CY2021Q4 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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CY2021Q4 us-gaap Stock Repurchased And Retired During Period Value
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3300000 usd
CY2021Q4 us-gaap Stock Issued During Period Value Share Based Compensation Forfeited
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100000 usd
CY2021Q4 us-gaap Noncontrolling Interest Increase From Business Combination
NoncontrollingInterestIncreaseFromBusinessCombination
500000 usd
CY2021Q4 us-gaap Common Stock Dividends Per Share Declared
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CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
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CY2021Q4 us-gaap Dividends Common Stock Cash
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CY2021Q4 us-gaap Stockholders Equity
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CY2022Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
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14400000 usd
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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15100000 usd
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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4900000 usd
CY2022Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2022Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2022Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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CY2022Q1 us-gaap Stock Issued During Period Value Issued For Services
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CY2022Q1 us-gaap Stock Issued During Period Value Share Based Compensation Forfeited
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CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
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CY2022Q1 us-gaap Dividends Common Stock Cash
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14300000 usd
CY2022Q1 us-gaap Stockholders Equity
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us-gaap Fiscal Period
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The Company's fiscal year is the 52 or 53 week period ending on the Saturday closest to May 31. The fiscal year ended May 28, 2022 ("fiscal 2022") was a 52 week period while the fiscal year ending June 3, 2023 ("fiscal 2023") will be a 53 week period. The first quarter of fiscal 2022 contained 13 weeks and the first quarter of fiscal 2023 contained 14 weeks.
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
984700000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2845500000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2845500000 usd
CY2022Q1 mlkn Contract With Customer Liability Revenue Recognized In Period
ContractWithCustomerLiabilityRevenueRecognizedInPeriod
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mlkn Contract With Customer Liability Revenue Recognized In Period
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9900000 usd
CY2023Q1 mlkn Contract With Customer Liability Revenue Recognized In Period
ContractWithCustomerLiabilityRevenueRecognizedInPeriod
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mlkn Contract With Customer Liability Revenue Recognized In Period
ContractWithCustomerLiabilityRevenueRecognizedInPeriod
114700000 usd
CY2023Q1 us-gaap Inventory Finished Goods And Work In Process Net Of Reserves
InventoryFinishedGoodsAndWorkInProcessNetOfReserves
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CY2022Q2 us-gaap Inventory Finished Goods And Work In Process Net Of Reserves
InventoryFinishedGoodsAndWorkInProcessNetOfReserves
441600000 usd
CY2023Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
142500000 usd
CY2022Q2 us-gaap Inventory Raw Materials Net Of Reserves
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CY2023Q1 us-gaap Inventory Net
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539600000 usd
CY2022Q2 us-gaap Inventory Net
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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75442780 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72356143 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
603144 shares
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1049972 shares
CY2022Q2 us-gaap Goodwill Gross
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1351700000 usd
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
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us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
125500000 usd
CY2023Q1 us-gaap Goodwill
Goodwill
1217800000 usd
CY2022Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
501000000.0 usd
us-gaap Indefinite Lived Intangible Assets Foreign Currency Translation Gain Loss
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CY2023Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
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us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
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0.0600
us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets
0.0600
CY2023Q1 us-gaap Pension Expense
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500000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
400000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
14400000 usd
us-gaap Net Income Loss
NetIncomeLoss
42200000 usd
us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
75463071 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
75461462 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
76066215 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
76511434 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
76036144 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72356143 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2562710 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
307218 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1161186 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1320891 shares
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4800000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4900000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15700000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2023Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
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CY2022Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
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us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
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us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
6600000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.312
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.156
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.195
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.198
CY2023Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
900000 usd
CY2022Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
900000 usd
CY2023Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2300000 usd
mlkn Derivative Instruments Gain Loss Reclassification From Accumulated Other Comprehensive Income To Income Estimated Gross Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOtherComprehensiveIncomeToIncomeEstimatedGrossAmountToBeTransferred
-28300000 usd
us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferred
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us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<div style="margin-bottom:6pt"><span style="color:#252525;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:130%">Derivative Instruments and Hedging Activities</span></div><div style="margin-bottom:6pt"><span style="color:#252525;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:130%">Foreign Currency Forward Contracts</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:130%">The Company transacts business in various foreign currencies and has established a program that primarily utilizes foreign currency forward contracts to reduce the risks associated with the effects of certain foreign currency exposures. Under this program, the Company's strategy is to have increases or decreases in our foreign currency exposures offset by gains or losses on the foreign currency forward contracts to mitigate the risks and volatility associated with foreign currency transaction gains or losses. Foreign currency exposures typically arise from net liability or asset exposures in non-functional currencies on the balance sheets of our foreign subsidiaries. Foreign currency forward contracts generally settle within 30 days and are not used for trading purposes. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:130%">These forward contracts are not designated as hedging instruments. Accordingly, we record the fair value of these contracts as of the end of the reporting period in the Consolidated Balance Sheets with changes in fair value recorded within the Consolidated Statements of Comprehensive Income. The balance sheet classification for the fair values of these forward contracts is to "Other current assets" for unrealized gains and to "Other accrued liabilities" for unrealized losses. The Consolidated Statements of Comprehensive Income classification for the fair values of these forward contracts is to "Other (income) expense, net", for both realized and unrealized gains and losses. </span></div><div style="margin-bottom:6pt"><span style="color:#252525;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:130%">Interest Rate Swaps</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:130%">The Company enters into interest rate swap agreements to manage its exposure to interest rate changes and its overall cost of borrowing. The Company's interest rate swap agreements exchange variable rate interest payments for fixed rate payments over the life of the agreement without the exchange of the underlying notional amounts. The notional amount of the interest rate </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:130%">swap agreements is used to measure interest to be paid or received. The differential paid or received on the interest rate swap agreements is recognized as an adjustment to interest expense.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:130%">In February 2023, the Company entered into an additional interest rate swap agreement. The interest rate swap is for an aggregate notional amount of $150.0 million with a forward start date of March 3, 2023 and a termination date of January 3, 2029. As a result of the transaction, under the terms of the agreement the Company effectively will convert one month Spread Adjusted Term SOFR floating interest rate plus applicable margin to 3.95% fixed interest rate and adjustment % plus applicable margin as of the forward start date. "Spread adjusted Term SOFR" means Term SOFR plus an adjustment % that varies with tenor. The Company typically selects a one month tenor and that is calculated as the one month Term SOFR rate plus 0.11448%.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:130%">The interest rate swaps were designated as cash flow hedges at inception and the facts and circumstances of the hedged relationships remain consistent with the initial quantitative effectiveness assessment in that the hedged instruments remain an effective accounting hedge as of March 4, 2023. Since a designated derivative meets hedge accounting criteria, the fair value of the hedge is recorded in the Consolidated Statements of Stockholders’ Equity as a component of "Accumulated other comprehensive loss, net of tax." The ineffective portion of the change in fair value of the derivatives is immediately recognized in earnings. The interest rate swap agreements are assessed for hedge effectiveness on a quarterly basis.</span></div>
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
13200000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
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CY2022Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
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CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
69900000 usd
CY2022Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
73200000 usd
CY2021Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
60100000 usd
CY2022Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2800000 usd
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
17700000 usd
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
12000000.0 usd
CY2022Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
3800000 usd
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
16400000 usd
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
13300000 usd
CY2023Q1 us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
0 usd
CY2022Q1 us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
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us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
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us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
15100000 usd
CY2023Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
74500000 usd
CY2022Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
73900000 usd
CY2023Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
74500000 usd
CY2022Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
73900000 usd
CY2023Q1 us-gaap Other Short Term Borrowings
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2100000 usd
CY2022Q2 us-gaap Other Short Term Borrowings
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3100000 usd
CY2023Q1 us-gaap Debt Longterm And Shortterm Combined Amount
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1462800000 usd
CY2022Q2 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
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CY2023Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
16800000 usd
CY2022Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
19400000 usd
CY2023Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
30900000 usd
CY2022Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
29300000 usd
CY2023Q1 us-gaap Long Term Debt
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1415100000 usd
CY2022Q2 us-gaap Long Term Debt
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1379200000 usd
CY2023Q1 us-gaap Other Short Term Borrowings
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2100000 usd
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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us-gaap Reclassification From Aoci Current Period Tax
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
1600000 usd
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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us-gaap Reclassification From Aoci Current Period Tax
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-2500000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-27900000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
984700000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1029500000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3130400000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2845500000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
110700000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-17200000 usd
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
4600000 usd
CY2022Q1 us-gaap Restructuring Charges
RestructuringCharges
0 usd
us-gaap Restructuring Charges
RestructuringCharges
19800000 usd
us-gaap Restructuring Charges
RestructuringCharges
0 usd
CY2023Q1 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
37200000 usd
CY2023Q1 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
37200000 usd

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