Steelcase(SCS)2025-04-18 15:22Revenue and Customer Concentration - The Americas segment generated revenue with no single industry representing more than 18% of the segment's revenue in 2025[30]. - The largest independent Steelcase dealer in the Americas accounted for approximately 6% of the segment's revenue in 2025, while the five largest independent dealers collectively accounted for about 15%[31]. - The International segment's largest independent dealer accounted for approximately 4% of its revenue in 2025, with the top five dealers making up about 10%[34]. - The largest customer contributed approximately 2% to consolidated revenue in 2025, with the top five customers accounting for about 6%[37]. - Foreign revenue accounted for approximately 28% of consolidated revenue in 2025, down from 29% in 2024[196]. Financial Performance and Investments - Total investments in unconsolidated joint ventures and other equity investments amounted to 50.4 million in 2025, up from 44.4 million in 2023[47]. - Cost of sales decreased by approximately 14 million in 2024 due to changes in commodity costs[204]. - A 10% strengthening of the U.S. dollar would have increased operating income by approximately 16.5 million in 2024[197]. - A 1% increase in interest rates would have increased net income by approximately 1 million in 2024[201]. - An additional 1% increase in commodity prices would have decreased operating income by approximately 11 million in 2024[204]. Employment and Manufacturing - As of February 28, 2025, the company employed approximately 11,300 individuals, including about 6,600 in manufacturing and distribution[56]. - The company’s manufacturing model is predominantly make-to-order, with standard lead times typically ranging from four to six weeks[40]. Environmental Compliance - The company is subject to various environmental laws and believes it is in substantial compliance, with established reserves deemed adequate for anticipated remediation costs[58]. Currency and Investment Valuation - Cumulative net currency translation adjustments reduced shareholders' equity by 68.5 million as of February 23, 2024[198]. - Net foreign currency exchange losses were 1.0 million in 2024[199]. - The net cash surrender value of variable life COLI policies was 3 million in both 2025 and 2024[206].