HNI CORP, 10-K filed on 2/27/2024
Annual Report
v3.24.0.1
Cover Page - USD ($)
 12 Months Ended
Dec. 30, 2023
Feb. 02, 2024
Jul. 01, 2023
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --12-30    
Document Period End Date Dec. 30, 2023    
Document Transition Report false    
Entity File Number 1-14225    
Entity Registrant Name HNI Corporation    
Entity Incorporation, State or Country Code IA    
Entity Tax Identification Number 42-0617510    
Entity Address, Address Line One 600 East Second Street    
Entity Address, Address Line Two P. O. Box 1109    
Entity Address, City or Town Muscatine    
Entity Address, State or Province IA    
Entity Address, Postal Zip Code 52761-0071    
City Area Code 563    
Local Phone Number 272-7400    
Title of 12(b) Security Common Stock    
Trading Symbol HNI    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 949,370,143
Entity Common Stock, Share Outstanding   46,888,790  
Documents Incorporated by Reference
Portions of the registrant's Definitive Proxy Statement on Schedule 14A for the Annual Meeting of Shareholders to be held on May 16, 2024 are incorporated by reference into Part III.
    
Entity Central Index Key 0000048287    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
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Audit Information
 12 Months Ended
Dec. 30, 2023
Audit Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location Chicago, IL
Auditor Firm ID 185
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Consolidated Statements of Comprehensive Income - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Income Statement [Abstract]      
Net sales $ 2,434.0 $ 2,361.8 $ 2,184.4
Cost of sales 1,485.7 1,526.9 1,427.0
Gross profit 948.3 834.9 757.4
Selling and administrative expenses 813.2 723.4 665.6
Gain on sale of subsidiary 0.0 (50.4) 0.0
Restructuring and impairment charges 44.8 6.7 6.3
Operating income 90.3 155.2 85.4
Interest expense, net 25.5 8.8 7.2
Income before income taxes 64.8 146.4 78.3
Income tax expense 15.6 22.5 18.5
Net income 49.2 123.9 59.8
Less: Net income (loss) attributable to non-controlling interest 0.0 (0.0) (0.0)
Net income attributable to HNI Corporation $ 49.2 $ 123.9 $ 59.8
Average number of common shares outstanding – basic (in shares) 44.5 41.7 43.4
Net income attributable to HNI Corporation per common share – basic (in dollars per share) $ 1.11 $ 2.97 $ 1.38
Average number of common shares outstanding - diluted (in shares) 45.4 42.2 44.0
Net income attributable to HNI Corporation per common share – diluted (in dollars per share) $ 1.09 $ 2.94 $ 1.36
Foreign currency translation adjustments $ (0.2) $ (5.7) $ 0.4
Change in unrealized gains (losses) on marketable securities, net of tax 0.4 (0.7) (0.3)
Change in pension and post-retirement liability, net of tax (0.0) 4.3 1.2
Change in derivative financial instruments, net of tax (2.8) 0.8 1.0
Other comprehensive income (loss), net of tax (2.6) (1.3) 2.4
Comprehensive income 46.6 122.6 62.2
Less: Comprehensive income (loss) attributable to non-controlling interest 0.0 (0.0) (0.0)
Comprehensive income attributable to HNI Corporation $ 46.6 $ 122.6 $ 62.2
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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 30, 2023
Dec. 31, 2022
Current Assets:    
Cash and cash equivalents $ 28.9 $ 17.4
Short-term investments 5.6 2.0
Receivables 247.1 218.4
Allowance for doubtful accounts (3.5) (3.2)
Inventories, net 196.6 180.1
Prepaid expenses and other current assets 61.3 54.4
Total Current Assets 535.9 469.2
Property, Plant, and Equipment:    
Land and land improvements 58.9 30.8
Buildings 406.8 275.4
Machinery and equipment 705.8 602.6
Construction in progress 22.2 34.2
Property, Plant, and Equipment 1,193.7 942.9
Less accumulated depreciation (638.5) (590.3)
Net Property, Plant, and Equipment 555.2 352.5
Right-of-use - Finance Leases 12.2 11.4
Right-of-use - Operating Leases 115.2 88.4
Goodwill and Other Intangible Assets, net 651.9 439.8
Other Assets 58.4 53.2
Total Assets 1,928.8 1,414.5
Current Liabilities:    
Accounts payable and accrued expenses 418.7 367.7
Current maturities of debt 7.5 1.3
Current maturities of other long-term obligations 7.3 2.1
Current lease obligations - Finance 4.4 3.7
Current lease obligations - Operating 25.9 20.3
Total Current Liabilities 463.7 395.1
Long-Term Debt 428.3 188.8
Long-Term Lease Obligations - Finance 7.9 7.7
Long-Term Lease Obligations - Operating 104.0 78.9
Other Long-Term Liabilities 78.0 66.3
Deferred Income Taxes 85.1 61.0
HNI Corporation shareholders’ equity:    
Preferred stock - $1 par value, authorized 2.0 million shares, no shares outstanding 0.0 0.0
Common stock - $1 par value, authorized 200.0 million shares, outstanding: December 30, 2023 - 46.9 million shares; December 31, 2022 - 41.4 million shares 46.9 41.4
Additional paid-in capital 201.6 49.1
Retained earnings 523.6 534.0
Accumulated other comprehensive loss (10.6) (8.0)
Total HNI Corporation shareholders’ equity 761.4 616.5
Non-controlling interest 0.3 0.3
Total Equity 761.8 616.8
Total Liabilities and Equity $ 1,928.8 $ 1,414.5
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Consolidated Balance Sheets (Parenthetical) - $ / shares
shares in Millions
Dec. 30, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 1 $ 1
Preferred stock, shares authorized (in shares) 2.0 2.0
Preferred stock, shares outstanding (in shares) 0.0 0.0
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, shares authorized (in shares) 200.0 200.0
Common stock, shares outstanding (in shares) 46.9 41.4
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Consolidated Statements of Equity - USD ($)
$ in Millions
Total
Dividend Declared
Dividend Paid
Common Stock
Additional Paid-in Capital
Retained Earnings
Retained Earnings
Dividend Declared
Retained Earnings
Dividend Paid
Accumulated Other Comprehensive Income (Loss)
Non-controlling Interest
Beginning Balance at Jan. 02, 2021 $ 590.7     $ 42.9 $ 38.7 $ 518.0     $ (9.2) $ 0.3
Comprehensive income:                    
Net income (loss) 59.8         59.8       (0.0)
Other comprehensive income (loss), net of tax 2.4               2.4  
Dividends   $ (1.0) $ (53.7)       $ (1.0) $ (53.7)    
Common shares – treasury:                    
Shares purchased (60.4)     (1.5) (50.4) (8.5)        
Shares issued under Members’ Stock Purchase Plan and stock awards, net of tax 52.2     1.2 51.0          
Ending Balance at Jan. 01, 2022 590.0     42.6 39.2 514.6     (6.8) 0.3
Comprehensive income:                    
Net income (loss) 123.9         123.9       (0.0)
Other comprehensive income (loss), net of tax (1.3)               (1.3)  
Dividends   (0.4) (53.0)       (0.4) (53.0)    
Common shares – treasury:                    
Shares purchased (63.9)     (1.7) (11.1) (51.1)        
Shares issued under Members’ Stock Purchase Plan and stock awards, net of tax 21.5     0.5 21.0          
Ending Balance at Dec. 31, 2022 616.8     41.4 49.1 534.0     (8.0) 0.3
Comprehensive income:                    
Net income (loss) 49.2         49.2       0.0
Other comprehensive income (loss), net of tax (2.6)               (2.6)  
Dividends   $ (1.6) $ (58.1)       $ (1.6) $ (58.1)    
Common shares – treasury:                    
Shares purchased (0.4)     (0.0) (0.4)          
Shares issued in connection with Kimball International, Inc acquisition 120.8     4.7 116.1          
Shares issued under Members’ Stock Purchase Plan and stock awards, net of tax 37.6     0.7 36.9          
Ending Balance at Dec. 30, 2023 $ 761.8     $ 46.9 $ 201.6 $ 523.6     $ (10.6) $ 0.3
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Consolidated Statements of Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Statement of Stockholders' Equity [Abstract]      
Cash dividends per share (in dollars per share) $ 1.280 $ 1.270 $ 1.235
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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Net Cash Flows From (To) Operating Activities:      
Net income $ 49.2 $ 123.9 $ 59.8
Non-cash items included in net income:      
Depreciation and amortization 94.9 84.2 83.1
Other post-retirement and post-employment benefits 1.1 1.3 1.3
Stock-based compensation 16.5 9.0 12.9
Deferred income taxes (0.6) (15.3) (0.4)
Restructuring and impairment charges 31.5 6.2 5.8
Gain on sale of subsidiary 0.0 (50.4) 0.0
Other – net 5.1 2.7 4.0
Net increase (decrease) in cash from operating assets and liabilities 76.5 (72.7) (34.4)
Decrease in other liabilities (6.6) (7.7) (0.5)
Net cash flows from (to) operating activities 267.5 81.2 131.6
Net Cash Flows From (To) Investing Activities:      
Capital expenditures (78.1) (60.0) (53.5)
Acquisition spending, net of cash acquired (369.7) (11.4) (44.6)
Capitalized software (1.0) (8.4) (13.1)
Purchase of investments (5.7) (2.8) (3.4)
Sales or maturities of investments 5.4 2.3 3.3
Net proceeds from sale of subsidiary 2.7 69.5 0.0
Other – net 1.6 0.0 0.2
Net cash flows from (to) investing activities (444.8) (10.7) (111.0)
Net Cash Flows From (To) Financing Activities:      
Payments of debt (436.0) (401.6) (2.6)
Proceeds from debt 684.0 413.9 5.0
Dividends paid (58.5) (53.2) (53.8)
Purchase of HNI Corporation common stock (0.3) (65.2) (59.2)
Proceeds from sales of HNI Corporation common stock 2.3 4.7 31.1
Other – net (2.8) (4.0) (5.1)
Net cash flows from (to) financing activities 188.8 (105.4) (84.5)
Net increase (decrease) in cash and cash equivalents 11.5 (34.8) (63.9)
Cash and cash equivalents at beginning of period 17.4 52.3 116.1
Cash and cash equivalents at end of period $ 28.9 $ 17.4 $ 52.3
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Nature of Operations
 12 Months Ended
Dec. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations Nature of Operations
HNI Corporation (individually and together with its consolidated subsidiaries the "Corporation" or "HNI") is a provider of workplace furnishings and residential building products. Refer to "Note 16. Reportable Segment Information" for further information. Workplace furnishings products include furniture systems, seating, storage, tables, architectural products, ancillary products, and hospitality products. These products are sold primarily through a national system of independent dealers, wholesalers, and office product distributors but also directly to end-user customers and federal, state, and local governments. Residential building products include a full array of gas, wood, electric, and pellet-fueled fireplaces, inserts, stoves, facings, outdoor fire pits and fire tables, and accessories. These products are sold through a national system of independent dealers and distributors, as well as Corporation-owned distribution and retail outlets. The Corporation’s products are marketed predominantly in the United States and Canada. The Corporation exports select products through its export subsidiary to a limited number of markets outside North America, principally the Caribbean, Latin America, and Mexico. The Corporation also manufactures and markets office furniture in India. All dollar amounts presented are in millions, except per share data or where otherwise indicated. Amounts may not sum due to rounding.

Fiscal year-end – The Corporation follows a 52/53-week fiscal year, which ends on the Saturday nearest December 31. Fiscal year 2023 ended on December 30, 2023, fiscal year 2022 ended on December 31, 2022, and fiscal year 2021 ended on January 1, 2022. The financial statements for fiscal years 2023, 2022, and 2021 are on a 52-week basis. A 53-week year occurs approximately every sixth year.
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Summary of Significant Accounting Policies
 12 Months Ended
Dec. 30, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Principles of Consolidation
The consolidated financial statements include the accounts and transactions of the Corporation and its subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation.

On June 1, 2023, the Corporation acquired Kimball International. The Corporation included the financial results of Kimball International in the Consolidated Financial Statements starting as of the date of acquisition. See "Note 4. Acquisitions and Divestitures" for further information.

Cash, Cash Equivalents, and Investments
Cash and cash equivalents generally consist of cash and money market accounts. The fair value approximates the carrying value due to the short duration of the securities. These securities have original maturity dates not exceeding three months. The Corporation has short-term debt securities holdings with maturities of less than one year, as well as investment holdings with maturities between one and five years. Management classifies investments in marketable securities at the time of purchase and reevaluates such classification at each balance sheet date. Debt securities, including government and corporate bonds, are classified as available-for-sale and stated at current market value with unrealized gains and losses included as a separate component of equity, net of any related tax effect. The specific identification method is used to determine realized gains and losses on the trade date. Equity investments in the current year are comprised of mutual funds, classified as trading securities recognized at fair value, in a supplemental employee retirement plan ("SERP") acquired as part of the acquisition of Kimball International. Offsetting SERP liabilities, representing the obligation to distribute SERP investments to the participants, are recorded in the "Current maturities of other long-term obligations" and "Other Long-Term Liabilities" lines of the Consolidated Balance Sheets. Realized and unrealized gains and losses on the SERP investments are fully offset by adjustments to the SERP liabilities, resulting in no impact to net income. In 2022, the Corporation held an equity investment in a private entity carried at cost; this investment was fully impaired in 2023.
Cash, cash equivalents, and investments are reflected in the Consolidated Balance Sheets and were as follows:
December 30, 2023December 31, 2022
Cash and cash equivalentsShort-term investmentsOther AssetsCash and cash equivalentsShort-term investmentsOther Assets
Debt securities$— $1.2 $12.3 $— $2.0 $10.8 
Equity investments— 4.3 7.0 — — 1.5 
Cash and money market accounts28.9 — — 17.4 — — 
Total$28.9 $5.6 $19.3 $17.4 $2.0 $12.3 

The following table summarizes the amortized cost basis of the debt securities:
December 30, 2023December 31, 2022
Amortized cost basis of debt securities$13.8 $13.7 

Immaterial unrealized gains and losses are recorded in "Accumulated other comprehensive income (loss)" in the Consolidated Balance Sheets for these debt securities. Immaterial amounts of accrued interest receivable related to the Corporation’s portfolio are recorded in "Prepaid expenses and other current assets."

Receivables
Trade receivables are recorded at amortized cost, net of an allowance for doubtful accounts. The allowance is developed based on several factors including overall customer credit quality, historical write-off experience, and specific account analyses projecting the ultimate collectability of the account. The following table summarizes the change in the allowance for doubtful accounts:
Balance at beginning of periodCurrent provision and adjustmentsAmounts written offRecoveries and otherAcquisition and divestiture of businessesBalance at end of period
Year ended December 30, 2023$3.2 $0.3 $(0.5)$0.0 $0.4 $3.5 
Year ended December 31, 2022$2.8 $1.7 $(1.0)$0.2 $(0.5)$3.2 
Year ended January 1, 2022$5.5 $(0.9)$(1.9)$0.1 $— $2.8 

Inventories
The Corporation’s residential building products inventories, and a majority of its workplace furnishings inventories, are valued at cost, on the "last-in, first-out" (LIFO) basis. Remaining inventories are generally valued at the lower of cost, on the "first-in, first-out" (FIFO) basis, or net realizable value. Inventories included in the Consolidated Balance Sheets consisted of the following:
December 30, 2023December 31, 2022
Finished products, net$112.9 $121.0 
Materials and work in process, net128.2 112.8 
LIFO allowance(44.5)(53.7)
Total inventories, net$196.6 $180.1 
Inventory valued by the LIFO costing method91 %91 %

During 2023, inventory quantities were reduced at certain business units, resulting in a liquidation of LIFO inventory quantities carried at costs prevailing in prior years as compared with the cost of current year purchases, the effect of which decreased cost of goods sold by approximately $1.3 million. There were no material liquidations of established LIFO layers in 2022. If only the FIFO method had been in use, inventories would have been $44.5 million and $53.7 million higher than reported as of December 30, 2023 and December 31, 2022, respectively. The decrease in the LIFO allowance from prior year end was primarily attributable to a decrease in inventory balances at legacy HNI businesses.
In addition to the LIFO allowance, the Corporation recorded inventory allowances reducing finished products, materials, and work in process of $14.2 million and $14.9 million as of December 30, 2023 and December 31, 2022, respectively, to adjust for excess and obsolete inventory or otherwise reduce FIFO-basis inventory to net realizable value.

Property, Plant, and Equipment
Property, plant, and equipment are carried at cost less accumulated depreciation. Expenditures for repairs and maintenance are expensed as incurred. Major improvements that materially extend the useful lives of the assets are capitalized. Depreciation has been computed using the straight-line method over estimated useful lives: land improvements, 10 – 20 years; buildings, 10 – 40 years; and machinery and equipment, 3 – 12 years.

Total depreciation expense was as follows:
202320222021
Depreciation expense$64.7 $53.3 $53.0 

Long-Lived Assets
The Corporation evaluates long-lived assets, including definite-lived intangible assets, for indicators of impairment as events or changes in circumstances occur indicating that an impairment risk may be present. The judgments regarding the existence of impairment are based on business and market conditions, operational performance, and estimated future cash flows. If the carrying value of a long-lived asset is considered impaired, an impairment charge is recorded to adjust the asset to its estimated fair value.

Goodwill and Other Intangible Assets
The Corporation evaluates its goodwill for impairment on an annual basis during the fourth quarter (using a valuation date as of the start of the Corporation's fourth quarter) or whenever indicators of impairment exist. Asset impairment charges associated with the Corporation’s goodwill impairment testing are discussed in "Note 6. Goodwill and Other Intangible Assets."

The Corporation reviews goodwill at the reporting unit level, which refers to components for which discrete financial information is available and regularly reviewed by segment management. The accounting standards for goodwill permit entities to first assess qualitative factors to determine whether it is more likely than not the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a quantitative goodwill impairment test. If the quantitative test is required, the Corporation estimates the fair value of its reporting units based on a weighted average of the income approach and the market approach. This estimated fair value is compared to the carrying value of the reporting unit, and an impairment is recorded if the estimate is less than the carrying value. In the income approach, the estimate of fair value of each reporting unit is based on management’s projection of revenues, gross margin, operating costs, and cash flows considering historical and estimated future results, general economic and market conditions, as well as the impact of planned business and operational strategies. The valuations employ present value techniques to measure fair value and consider market factors. In the market approach, the Corporation utilizes the guideline company method, which involves calculating valuation multiples based on operating data from guideline publicly-traded companies. These multiples are then applied to the operating data for the reporting units and adjusted for factors similar to those used in the discounted cash flow analysis. Management believes the assumptions used for the quantitative impairment test, if required, are consistent with those utilized by a market participant in performing similar valuations of its reporting units. Management bases its fair value estimates on assumptions they believe to be reasonable at the time, but such assumptions are subject to inherent uncertainty. Actual results may differ from those estimates.

The Corporation also evaluates the fair value of indefinite-lived trade names on an annual basis during the fourth quarter (using a valuation date as of the start of the Corporation's fourth quarter) or whenever an indication of impairment exists. Consistent with goodwill impairment testing, a qualitative assessment may be performed to determine whether it is more likely than not the fair value of indefinite-lived trade names is less than the carrying amount. If it is determined necessary to perform a quantitative test, the estimate of the fair value of the trade names is based on a discounted cash flows model using inputs which include projected revenues, assumed royalty rates that would be payable if the trade names were not owned, and discount rates.
Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses are reflected in the Consolidated Balance Sheets and were as follows:
December 30, 2023December 31, 2022
Trade accounts payable$193.7 $165.3 
Compensation65.1 47.1 
Profit sharing and retirement10.5 11.6 
Accrued marketing programs31.4 31.3 
Accrued freight12.9 12.5 
Customer deposits35.6 27.3 
Other accrued expenses69.4 72.6 
$418.7 $367.7 

Product Warranties
The Corporation issues certain warranty policies on its workplace furnishings and residential building products that provide for repair or replacement of any covered product or component that fails during normal use because of a defect in design, materials, or workmanship. The duration of warranty policies on the Corporation’s products varies based on the type of product. Allowances have been established for the anticipated future costs associated with the Corporation’s warranty programs.

A warranty allowance is determined by recording a specific allowance for known warranty issues and an additional allowance for unknown claims expected to be incurred based on historical claims experience. Actual claims incurred could differ from the original estimates, requiring adjustments to the allowance.

Activity associated with warranty obligations was as follows:
202320222021
Balance at beginning of period$14.8 $16.0 $16.1 
Accruals recognized as a result of business combination3.5 — — 
Accruals for warranties issued11.6 9.3 7.7 
Settlements and other(11.9)(10.5)(7.8)
Balance at end of period$18.0 $14.8 $16.0 

The current and long-term portions of the allowance for the estimated settlements are included within "Accounts payable and accrued expenses" and "Other Long-Term Liabilities," respectively, in the Consolidated Balance Sheets. The following table summarizes when these estimated settlements are expected to be paid:
December 30, 2023December 31, 2022
Current - in the next twelve months$6.0 $5.4 
Long-term - beyond one year12.0 9.4 
$18.0 $14.8 

Revenue Recognition
Performance Obligations - The Corporation recognizes revenue for sales of workplace furnishings and residential building products at a point in time following the transfer of control of such products to the customer, which typically occurs upon shipment of the product. In certain circumstances, transfer of control to the customer does not occur until the goods are received by the customer or upon installation and/or customer acceptance, depending on the terms of the underlying contracts. Contracts typically have a duration of less than one year and normally do not include a significant financing component. Generally, payment is due within 30 days of invoicing.

Significant Judgments - The amount of consideration the Corporation receives and revenue recognized varies with changes in rebate and marketing program incentives, as well as early pay discounts, offered to customers. The Corporation uses significant judgment throughout the year in estimating the reduction in net sales driven by variable consideration for rebate and marketing
programs. Judgments made include expected sales levels and utilization of funds. However, this judgment factor is significantly reduced at the end of each year when sales volumes and the impact to rebate and marketing programs are known and recorded as the programs typically end near the Corporation’s fiscal year end.

Accounting Policies and Practical Expedients:
•The Corporation applies the accounting policy election which allows an entity to account for shipping and handling activities that occur after control is transferred as fulfillment activities. The Corporation accrues for shipping and handling costs at the same time revenue is recognized, which is in accordance with the policy election. When shipping and handling activities occur prior to the customer obtaining control of the good(s), they are considered fulfillment activities rather than a performance obligation and the costs are accrued for as incurred.
•The Corporation applies the accounting policy election which allows an entity to exclude from the measurement of the transaction price all taxes assessed by a governmental authority associated with the transaction, including sales, use, excise, value-added, and franchise taxes (collectively referred to as sales taxes). This allows the Corporation to present revenue net of these certain types of taxes.
•The Corporation applies the practical expedient which permits an entity to recognize incremental costs to obtain a contract as an expense when incurred if the amortization period will be less than one year.
•The Corporation applies the practical expedient which allows an entity to not adjust the promised amount of consideration for the effects of a significant financing component if a contract has a duration of one year or less. As the Corporation’s contracts are typically less than one year in length, consideration will not be adjusted.
•The Corporation’s backlog orders are typically cancellable for a period of time and almost all contracts have an original duration of one year or less. As a result, the Corporation elected the practical expedient not to disclose the unsatisfied performance obligation as of period end. The backlog is typically fulfilled within a few months.

Leases
Accounting Policies and Practical Expedients:
•The Corporation has made an accounting election by class of underlying assets to not separate non-lease components of a contract from the lease components to which they relate for all classes of assets except for embedded leases.
•The Corporation has elected for all asset classes to not recognize right of use ("ROU") assets and lease liabilities for leases that at the inception date or business combination date have a remaining lease term of twelve months or less.

Research and Development Costs
Research and development costs relating to development of new products and processes, including significant improvements and refinements to existing products, are expensed as incurred. These costs include salaries, contractor fees, prototype costs, and administrative fees. The amounts charged against income and recorded in "Selling and administrative expenses" on the Consolidated Statements of Comprehensive Income were as follows:
202320222021
Research and development costs$47.2 $47.8 $39.4 

Freight Expense
Freight expense on shipments to customers was recorded in "Selling and administrative expenses" on the Consolidated Statements of Comprehensive Income as follows:
202320222021
Freight expense$137.8 $142.0 $118.2 

Stock-Based Compensation
The Corporation measures the cost of employee services in exchange for an award of equity instruments based on the grant-date fair value of the award and generally recognizes cost over the requisite service period. See "Note 11. Stock-Based Compensation" for further information.

Income Taxes
The Corporation uses an asset and liability approach that takes into account guidance related to uncertain tax positions and requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Corporation’s financial statements or tax returns. Deferred income taxes are provided to reflect differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements.
The Organisation for Economic Cooperation and Development ("OECD") issued new regulations in connection with a global minimum tax regime. Known as "Pillar Two," the new regulations are effective for income tax years commencing January 2024, and are part of the OECD’s broader plan to mitigate tax base erosion and profit shifting by large multinational enterprises ("MNE"). Pillar Two will apply to MNEs with revenues of at least EUR 750 million. Under its provisions, qualifying MNE groups would pay a 15 percent minimum tax in each of the jurisdictions in which they operate. The guidance is principally focused on the application of the transitional country-by-country reporting safe harbor and enables an MNE to avoid both completing a full global anti-base erosion model computation and paying a top-up tax for jurisdictions when they are eligible for one of three safe harbor tests: (1) de minimis; (2) simplified effective tax rate; and (3) routine profits. Based on the estimated safe harbor simplified effective tax rate computation, management does not currently expect Pillar Two minimum tax to be owed by the Corporation.

Earnings Per Share
Basic earnings per share are based on the weighted-average number of common shares outstanding during the year. Shares potentially issuable under stock options, restricted stock units, and common stock equivalents under the Corporation’s deferred compensation plans have been considered outstanding for purposes of the diluted earnings per share calculation.

The following table reconciles the numerators and denominators used in the calculation of basic and diluted earnings per share ("EPS"):
202320222021
Numerator:   
Numerator for both basic and diluted EPS attributable to HNI Corporation net income$49.2 $123.9 $59.8 
Denominators:   
Denominator for basic EPS weighted-average common shares outstanding44.5 41.7 43.4 
Potentially dilutive shares from stock-based compensation plans0.8 0.5 0.5 
Denominator for diluted EPS45.4 42.2 44.0 
Earnings per share – basic$1.11 $2.97 $1.38 
Earnings per share – diluted$1.09 $2.94 $1.36 

The year-over-year increase in shares outstanding is primarily due to the issuance of 4.7 million shares in June 2023 as part of the consideration to acquire Kimball International.

The weighted-average common stock equivalents presented above do not include the effect of the common stock equivalents in the table below because their inclusion would be anti-dilutive:
202320222021
Common stock equivalents excluded because their inclusion would be anti-dilutive2.1 2.0 1.6 

Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Areas requiring significant use of management estimates relate to goodwill and intangibles, asset valuations in connection with business combinations, accruals for self-insured medical claims, workers’ compensation, legal contingencies, general liability and auto insurance claims, valuation of long-lived assets, and estimates of income taxes. Other areas requiring use of management estimates relate to allowance for doubtful accounts, inventory allowances, marketing program accruals, warranty accruals, and useful lives for depreciation and amortization. Actual results could differ from those estimates.
Self-Insurance
The Corporation is primarily self-insured for general, auto, and product liability, workers’ compensation, and certain employee health benefits. Certain risk exposures are mitigated through the use of independent third party stop loss insurance coverages. The general, auto, product, and workers’ compensation liabilities are managed using a wholly-owned insurance captive and the related liabilities are included in the Consolidated Balance Sheets as follows:
December 30, 2023December 31, 2022
Current - "Accounts payable and accrued expenses"$5.9 $5.2 
Non-current - "Other Long-Term Liabilities"18.8 18.6 
Total general, auto, product, and workers’ compensation liabilities$24.8 $23.8 

The preceding table excludes self-insured member health and other benefits liabilities of $7.6 million and $7.2 million as of December 30, 2023 and December 31, 2022, respectively.

The Corporation’s policy is to accrue amounts in accordance with the actuarial determined liabilities. The actuarial valuations are based on historical information along with certain assumptions about future events. Changes in assumptions for such matters as legal actions, medical cost inflation, and magnitude of change in actual experience development could cause these estimates to change in the future.

Foreign Currency Translations
Foreign currency financial statements of foreign operations, where the local currency is the functional currency, are translated using exchange rates in effect at period end for assets and liabilities and average exchange rates during the period for results of operations. Related translation adjustments are reported as a component of Shareholders’ Equity. Immaterial gains and losses on foreign currency transactions are included in "Selling and administrative expenses" in the Consolidated Statements of Comprehensive Income.

Recently Adopted Accounting Standards
The Corporation adopted ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations in the first fiscal quarter of 2023, which enhances the transparency of supplier finance programs by requiring the disclosure of key terms, amounts outstanding, a rollforward of outstanding amounts, and a description of where in the financial statements outstanding amounts are presented. The rollforward disclosure is not required until fiscal 2024; however as permitted by the ASU, the Corporation has elected to early-adopt the rollforward for 2023. See "Note 18. Supplier Finance Program."
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Revenue from Contracts with Customers
 12 Months Ended
Dec. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Disaggregation of Revenue
Revenue from contracts with customers disaggregated by product category is as follows:
202320222021
Systems and storage$1,057.4 $889.6 $833.2 
Seating525.4 473.7 481.7 
Other157.5 123.0 119.0 
Total workplace furnishings1,740.3 1,486.2 1,434.0 
Residential building products693.7 875.6 750.4 
$2,434.0 $2,361.8 $2,184.4 

Sales by product category are subject to similar economic factors and market conditions. See "Note 16. Reportable Segment Information" for further information about operating segments.

Contract Assets and Contract Liabilities
In addition to trade receivables, the Corporation has contract assets consisting of funds paid up-front to certain workplace furnishings dealers in exchange for their multi-year commitment to market and sell the Corporation’s products. These contract
assets are amortized over the term of the contracts and recognized as a reduction of revenue. The Corporation has contract liabilities consisting of customer deposits and rebate and marketing program liabilities.

Contract assets and contract liabilities were as follows:
December 30,
2023		December 31,
2022
Trade receivables (1)$247.1 $218.4 
Contract assets (current) (2)$3.1 $2.9 
Contract assets (long-term) (3)$28.1 $29.8 
Contract liabilities - Customer deposits (4)$35.6 $27.3 
Contract liabilities - Accrued rebate and marketing programs (4)$31.4 $31.3 

During the current year period, increases in Trade receivables and Contract liabilities - Customer deposits balances are primarily due to the acquisition of Kimball International.

The index below indicates the line item in the Consolidated Balance Sheets where contract assets and contract liabilities are reported:

(1)     "Receivables"
(2)     "Prepaid expenses and other current assets"
(3)     "Other Assets"
(4)     "Accounts payable and accrued expenses"

Changes in contract asset and contract liability balances during the year ended December 30, 2023 were as follows:
Contract assets increase (decrease)Contract liabilities (increase) decrease
Contract assets recognized$3.8 $— 
Reclassification of contract assets to contra-revenue(5.3)— 
Contract liabilities recognized and recorded to contra-revenue as a result of performance obligations satisfied— (134.3)
Contract liabilities paid— 137.0 
Cash received in advance and not recognized as revenue— (173.8)
Reclassification of cash received in advance to revenue as a result of performance obligations satisfied— 183.0 
Impact of business combination— (20.3)
Net change$(1.5)$(8.4)
Changes in contract asset and contract liability balances during the year ended December 31, 2022 were as follows:
Contract assets increase (decrease)Contract liabilities (increase) decrease
Contract assets recognized$15.9 $— 
Reclassification of contract assets to contra-revenue(2.9)— 
Contract liabilities recognized and recorded to contra-revenue as a result of performance obligations satisfied— (115.7)
Contract liabilities paid— 116.0 
Cash received in advance and not recognized as revenue— (144.9)
Reclassification of cash received in advance to revenue as a result of performance obligations satisfied— 137.2 
Impact of divestiture of business— 7.6 
Net change$13.0 $0.1 

Contract liabilities for customer deposits paid to the Corporation prior to the satisfaction of performance obligations are recognized as revenue upon completion of the performance obligations. The amount of revenue recognized during the year ended December 30, 2023 that was included in the December 31, 2022 contract liabilities balance was $25.7 million. The amount of revenue recognized during the year ended December 31, 2022 that was included in the January 1, 2022 contract liabilities balance was $26.7 million.
v3.24.0.1
Acquisitions and Divestitures
 12 Months Ended
Dec. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisitions and Divestitures Acquisitions and Divestitures
Acquisition - Kimball International
On June 1, 2023, the Corporation completed its acquisition of Kimball International, a leading commercial furnishings company with expertise in workplace, health, and hospitality, resulting in Kimball International becoming a wholly-owned subsidiary of the Corporation. Immediately following the closing of the transaction, Kimball International shareholders owned approximately 10 percent of the combined company. The Corporation incurred acquisition-related expenses of $41.2 million in the year ended December 30, 2023, that are included in "Selling and administrative expenses" in the Consolidated Statements of Comprehensive Income. Of these expenses, $28.6 million were incurred as corporate costs and $12.5 million were recorded in the workplace furnishings segment. Additionally, acquisition-related financing costs of $2.8 million and $0.2 million were recorded to the Consolidated Balance Sheet in "Long-term debt" and "Other assets," respectively, while $0.3 million of acquisition-related stock issuance costs were recorded to "Additional paid-in capital." The acquired assets and assumed liabilities and results of Kimball International’s operations are included in the Corporation’s workplace furnishings reportable segment. The excess of purchase consideration over the fair value of net assets acquired was recorded as goodwill, which is not tax-deductible. Goodwill is primarily attributed to the assembled workforce of Kimball International and anticipated synergies.

Under the terms of the Agreement and Plan of Merger, the Corporation acquired all outstanding shares of Kimball International’s common stock and holders of Kimball International’s outstanding common stock received $9.00 in cash and 0.1301 shares of the Corporation’s common stock for each share of Kimball International’s common stock. For fair value purposes, shares of the Corporation’s common stock were valued at $25.50, the closing market price as reported on the New York Stock Exchange on May 31, 2023, the day preceding the transaction’s close.
The total fair market value of consideration was approximately $503.7 million, which is allocated as follows:

Kimball International SharesHNI Shares ExchangedFair Value
Cash Consideration:
Shares of Kimball International stock issued and outstanding as of June 1, 202336.4$327.8 
Kimball International equivalent shares0.22.3 
Total number of Kimball International shares for cash consideration36.6330.0 
Consideration for payment to settle Kimball International’s outstanding debt50.2 
Share Consideration:
Shares of Kimball International stock issued and outstanding as of June 1, 202336.44.7120.8 
Replacement Share-Based Awards:
Outstanding awards of Kimball International restricted stock units relating to Kimball International Common Stock as of June 1, 20230.50.22.6 
Total acquisition date fair value of purchase consideration$503.7 

Consideration provided in the form of HNI Corporation shares and HNI Corporation replacement share-based awards represent non-cash consideration and thus are not included in the acquisition spending presented in the Consolidated Statements of Cash Flows.
The preliminary purchase price allocation of identifiable tangible and intangible assets and liabilities as of the date of acquisition is as follows:
Fair Value
Assets
Cash and cash equivalents$10.5 
Short-term investments4.2 
Receivables47.4 
Inventories, net75.0 
Prepaid expenses and other current assets12.0 
Assets held for sale12.7 
Property, plant, and equipment200.5 
Right-of-use operating leases22.7 
Goodwill162.7 
Intangible assets110.1 
Other assets7.1 
Total Assets$665.0 
Liabilities
Accounts payable and accrued expenses$93.2 
Current lease obligations – operating3.9 
Liabilities held for sale10.0 
Long-term lease obligations – operating19.0 
Other long-term liabilities10.0 
Deferred income taxes25.3 
Total Liabilities$161.3 
Net Assets and Liabilities$503.7 

The following table summarizes the acquired identified intangible assets and weighted average useful lives:
CategoryWeighted-average useful lifeFair Value
Software3 years$5.6 
Customer lists and other12 years47.2 
Acquired technology18 years16.5 
Trademarks and trade names – Definite-lived17 years3.8 
Trademarks and trade names – Indefinite-livedIndefinite-lived37.0 
Total intangible assets$110.1 

The valuation analysis requires the use of complex management estimates and assumptions such as customer attrition rates, trade name and technology royalty rates, future cash flows, discount rates, property appraisals, and long-term growth rates. At this time, assets and liabilities are recorded based on preliminary data and assumptions as the Corporation is in the process of reviewing information related to the determination of the fair values. The provisional assets and liabilities may be adjusted to reflect the finally determined amounts, and those adjustments may be material. The Corporation expects to finalize the purchase price allocation no later than one year from the date of the acquisition. During the period since the acquisition date, revisions were made to the purchase price allocation resulting in a net decrease to goodwill of $24.6 million, primarily due to provisional valuation adjustments to inventory, intangible assets, personal property, deferred income taxes, and right-of-use operating leases.
The following table summarizes the results of Kimball International operations since the acquisition date that are included in the Corporation’s Consolidated Statements of Comprehensive Income for the year ended December 30, 2023. These amounts include the results of Poppin Furniture, Inc., a unit of Kimball International, for the respective period during which it was owned by the Corporation. Poppin was determined not to require discontinued operations presentation as this entity is not material to the consolidated results of the periods presented.
2023
Net sales$361.4 
Net loss$(3.0)

Pro Forma Results of Operations - Kimball International Acquisition (Unaudited)
The following table provides pro forma results of operations for the fiscal years ended December 30, 2023 and December 31, 2022, as if Kimball International had been acquired as of January 2, 2022, the first day of the Corporation’s 2022 fiscal year. The pro forma results include certain purchase accounting adjustments such as: reclassifications to conform Kimball International’s results to HNI’s financial statement presentation; estimated depreciation and amortization expense on acquired tangible and intangible assets; estimated share based compensation expense for Kimball International awards converted to HNI awards; interest associated with additional borrowings to finance the acquisition; non-recurring transaction costs as outlined above; and the impact to income tax expense. This pro forma information is not necessarily reflective of what the Corporation’s results would have been had the acquisition occurred on the date indicated, nor is it indicative of future results.
20232022
Net sales$2,698.1 $3,058.0 
Net income$82.8 $52.1 

Acquisition - Dickerson
In June 2022, the Corporation acquired Dickerson Hearth Products ("Dickerson"), an installing fireplace distributor in the Raleigh, North Carolina area, for approximately $8 million. The transaction, which aligned with the Corporation’s vertical integration strategy in the residential building products market, was structured as an asset acquisition and was consummated entirely in cash. The purchase price allocation included $7.6 million of goodwill and the remaining assets and liabilities acquired were not material to the consolidated financial statements. The purchase accounting was finalized in the second quarter of 2023.

Acquisition - OGC
In December 2021, the Corporation acquired The Outdoor GreatRoom Company ("OGC"), a leading manufacturer and supplier of premium outdoor fire tables and fire pits, for approximately $15 million. This transaction, which positioned the Corporation to grow and develop a leading position in the fast-growing outdoor living market, was structured as a stock acquisition and was consummated entirely in cash.

Acquisition - Trinity
In October 2021, the Corporation acquired Trinity Hearth & Home ("Trinity"), an installing fireplace distributor in the Dallas/Fort Worth area, for approximately $31 million. This transaction, which aligns with the Corporation’s vertical integration strategy in the residential building products market and provides a hub to better serve customers in the rapidly growing Southwest region, was structured as an asset acquisition and was consummated entirely in cash.

The assets and liabilities of Trinity, OGC, and Dickerson, including the tax-deductible goodwill resulting from these acquisitions, are included in the Corporation’s residential building products segment.

All acquisitions discussed above were accounted for using the acquisition method pursuant to ASC 805, with goodwill being recorded as a result of the purchase price exceeding the fair value of identifiable tangible and intangible assets and liabilities.

Divestiture - Poppin
On September 12, 2023, the Corporation closed on the sale of substantially all of the assets of Poppin for $2.7 million in cash, net of selling costs; the transaction was structured as an asset sale. Poppin had been acquired as part of the Kimball International transaction in June 2023 and was a component of the workplace furnishings segment. Balances divested include $9.7 million of inventory, $3.1 million of various other assets, $7.0 million of accounts payable and accrued expenses, and $3.0 million of operating lease obligations.
Divestiture - Lamex
In July 2022, the Corporation closed on the sale of its China- and Hong Kong-based Lamex office furniture business, which was a component of the workplace furnishings segment, to Kokuyo Co., Ltd, a leading manufacturer and provider of office furniture in Japan and across Asia, for approximately $75 million plus standard post-closing working capital adjustments, net of cash acquired by the buyer. The Corporation recorded a pre-tax gain on sale in the prior year of $50.4 million that included transaction-related expenses of approximately $6 million as well as a cumulative foreign currency translation benefit of $3.3 million that was reclassified from accumulated other comprehensive income.

The assets and liabilities of Lamex which were disposed of in conjunction with the sale are as follows:
As of
July 20, 2022
Assets:
Cash and cash equivalents$5.5 
Receivables20.1 
Allowance for doubtful accounts(0.5)
Inventories, net6.9 
Prepaid expenses and other current assets6.4 
Buildings6.2 
Machinery and equipment25.9 
Accumulated depreciation(17.0)
Right-of-use - Operating Leases5.8 
Goodwill and Other Intangible Assets, net10.9 
Total Assets$70.4 
Liabilities:
Accounts payable and accrued expenses$36.1 
Current lease obligations - Operating1.7 
Long-Term Lease Obligations - Operating4.9 
Deferred Income Taxes0.1 
Total Liabilities$42.7 
v3.24.0.1
Supplemental Cash Flow Information
 12 Months Ended
Dec. 30, 2023
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
The Corporation’s cash payments for interest, income taxes, and non-cash investing and financing activities are as follows:
202320222021
Cash paid for:
  Interest$26.5 $9.2 $7.6 
  Income taxes$25.0 $31.1 $26.4 
Changes in accrued expenses due to:
  Purchases of property and equipment$(9.3)$1.4 $0.2 
  Purchases of capitalized software$(0.4)$(1.4)$0.0 

Non-cash consideration exchanged to acquire Kimball International is not included in the Consolidated Statements of Cash Flows; see "Note 4. Acquisitions and Divestitures" for more information.
v3.24.0.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill and other intangible assets included in the Consolidated Balance Sheets consisted of the following:
December 30, 2023December 31, 2022
Goodwill, net$441.0 $305.9 
Definite-lived intangible assets, net161.7 118.4 
Indefinite-lived intangible assets49.1 15.5 
Total goodwill and other intangible assets, net$651.9 $439.8 

Goodwill
The changes in the carrying amount of goodwill, by reportable segment, are as follows:
Workplace FurnishingsResidential Building ProductsTotal
Balance as of January 1, 2022   
Goodwill$162.3 $213.8 $376.1 
Accumulated impairment losses(78.6)(0.1)(78.8)
Net goodwill balance as of January 1, 2022$83.6 $213.7 $297.3 
Goodwill acquired (disposed) / measurement period adjustments(13.6)8.6 (5.0)
Accumulated impairment losses disposed13.6 — 13.6 
Balance as of December 31, 2022   
Goodwill148.7 222.4 371.1 
Accumulated impairment losses(65.0)(0.1)(65.2)
Net goodwill balance as of December 31, 2022$83.6 $222.3 $305.9 
Goodwill acquired / measurement period adjustments162.7 — 162.7 
Impairment losses(27.6)— (27.6)
Goodwill disposed(14.1)— (14.1)
Accumulated impairment losses disposed14.1 — 14.1 
Balance as of December 30, 2023   
Goodwill297.2 222.4 519.6 
Accumulated impairment losses(78.5)(0.1)(78.6)
Net goodwill balance as of December 30, 2023$218.7 $222.3 $441.0 

Current year goodwill acquired and measurement period adjustments relate to the acquisition of Kimball International, see "Note 4. Acquisitions and Divestitures" for additional information.

Current year goodwill and accumulated impairment disposed relates to the closure of the OFM business. Prior year goodwill and accumulated impairment disposed relates to the retirement of the Maxon brand and the sale of Lamex.

See Impairment Analysis section below for additional information regarding the goodwill impairment recorded in 2023.
Definite-lived intangible assets
The table below summarizes amortizable definite-lived intangible assets, which are reflected in "Goodwill and Other Intangible Assets" in the Consolidated Balance Sheets:
December 30, 2023December 31, 2022
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Software$199.6 $143.4 $56.2 $194.4 $122.5 $71.9 
Trademarks and trade names18.1 7.3 10.8 14.3 5.9 8.4 
Customer lists and other143.9 49.2 94.7 80.2 42.1 38.1 
Net definite-lived intangible assets$361.6 $199.8 $161.7 $288.8 $170.4 $118.4 

The increase in gross definite-lived intangible assets is due to the acquisition of Kimball International.

Amortization expense is reflected in "Selling and administrative expenses" in the Consolidated Statements of Comprehensive Income and was as follows:
202320222021
Capitalized software$21.6 $24.4 $23.6 
Other definite-lived intangibles$8.5 $6.5 $6.5 

The occurrence of events such as acquisitions, dispositions, or impairments may impact future amortization expense. Over the next several years amortization expense is expected to decline due primarily to the completion of the amortization of the Corporation’s Business Systems Transformation investment. Based on the current amount of intangible assets subject to amortization, the estimated amortization expense for each of the following five fiscal years is as follows:
20242025202620272028
Amortization expense$29.8 $27.0 $22.3 $16.8 $9.0 

Indefinite-lived intangible assets
The Corporation also owns certain intangible assets, which are deemed to have indefinite useful lives because they are expected to generate cash flows indefinitely. These indefinite-lived intangible assets are reflected in "Goodwill and Other Intangible Assets" in the Consolidated Balance Sheets:
December 30, 2023December 31, 2022
Trademarks and trade names$49.1 $15.5 

The increase in indefinite-lived intangible assets in the current year was driven by the acquisition of Kimball International. In the fourth quarter of 2023, the Corporation recorded an impairment charge of $3.4 million, related to an indefinite-lived trade name in the workplace furnishings segment. See the Impairment Analysis below for additional information.

Impairment Analysis
The Corporation evaluates its goodwill and indefinite-lived intangible assets for impairment on an annual basis during the fourth quarter (using a valuation date as of the start of the Corporation's fourth quarter), or whenever indicators of impairment exist. The Corporation also evaluates long-lived assets (which include definite-lived intangible assets) for impairment if indicators exist.

The Corporation elected to perform a qualitative assessment for purposes of its annual goodwill impairment testing in each of the last three years. Based on these assessments, management concluded that for the majority of reporting units it was more likely than not that the fair value of each reporting unit was greater than its carrying value. For a small workplace furnishings reporting unit, management concluded in 2023 and 2022 that a quantitative assessment was required.

For the quantitative goodwill impairment testing, management utilized a combination of both a discounted cash flows approach and market approaches. As a result of the impairment testing in 2023, this reporting unit was determined to have a carrying value in excess of its fair value, resulting in a pretax goodwill impairment charge of $27.6 million. This reporting unit has remaining goodwill of $6.0 million. The driver of the impairment is a reduction in the short-to mid-term financial forecast for this business
as a result of softening market demand tied to macroeconomic conditions. Projections used in the impairment model reflected management’s assumptions, which are those of a market participant, regarding revenue growth rates, economic and market trends, cost structure, investments required in support of strategic initiatives, and other expectations about the anticipated short-term and long-term operating results of the reporting unit (Level 3 measurements). For this reporting unit, the Corporation assumed a discount rate of approximately 14 percent, near-term growth rates ranging from -13 percent to +10 percent, and a terminal growth rate of 3 percent.

As a result of the quantitative goodwill impairment testing in 2022, this reporting unit was determined to have a fair value that exceeded carrying value by a reasonable margin. For this testing, the corporation assumed a discount rate of 14 percent, near-term growth rates ranging from 4 percent to 12 percent, and a terminal growth rate of 3 percent. Holding other assumptions constant, a 100-basis point increase in the discount rate would have resulted in a $5 million decrease in the estimated fair value of the reporting unit. Holding other assumptions constant, a 100 basis point decrease in the terminal growth rate would have resulted in a $3 million decrease in the estimated fair value of the reporting unit. If there was both a 100-basis point decrease in the terminal growth rate and a 100-basis point increase to the discount rate, the estimated fair value of the reporting unit would still have exceeded the carrying value at that time.

Near the end of the fourth quarter of 2021, subsequent to the 2021 annual impairment testing, a triggering event occurred that resulted in a goodwill impairment charge of $5.8 million in connection with the decision to exit the Maxon office furniture brand.

The Corporation also elected to perform a qualitative assessment for purposes of its annual impairment testing for indefinite-lived intangible assets in each of the last three years. Based on these assessments, management concluded that it was more likely than not that the fair values of most of the Corporation’s indefinite-lived intangible assets were greater than their carrying values. For a small workplace furnishings brand, management concluded in each of the last three years that a quantitative assessment was required.

As a result of the quantitative impairment testing in 2023, management concluded that a pretax impairment charge of $3.4 million was required related to this indefinite-lived intangible asset. The drivers of the impairment include a reduced sales outlook for this business and a decline in the estimated royalty rate. The valuation assessment of this trade name is considered a Level 3 measurement that utilized a relief-from-royalty discounted cash flows approach. Key inputs and assumptions involved in the quantitative testing included estimated near-term growth rates ranging from -2 percent to +5 percent, a long-term growth rate of 3 percent, a royalty rate of 1 percent, and a discount rate of 16 percent.

See "Note 17. Restructuring and Impairment" for more information regarding goodwill, intangible asset, and long-lived asset impairments in the current and prior years.
v3.24.0.1
Debt
 12 Months Ended
Dec. 30, 2023
Debt Disclosure [Abstract]  
Debt Debt
Debt is as follows:
December 30, 2023December 31, 2022
Revolving credit facility with interest at a variable rate
(December 30, 2023 - 6.9%; December 31, 2022 - 5.6%)
$38.5 $89.1 
Term loan with interest at a variable rate (December 30, 2023 - 7.0%)
300.0 — 
Fixed rate notes due in 2025 with an interest rate of 4.22%
50.0 50.0 
Fixed rate notes due in 2028 with an interest rate of 4.40%
50.0 50.0 
Other amounts— 1.3 
Deferred debt issuance costs(2.7)(0.3)
Total debt435.8 190.1 
Less: Current maturities7.5 1.3 
Long-term debt$428.3 $188.8 
Aggregate maturities of debt are as follows:
20242025202620272028Thereafter
Maturities of debt$7.5 $68.8 $20.6 $66.6 $275.0 $— 

The aggregate carrying value of the Corporation’s variable-rate, long-term debt obligations under the revolving credit and term loan facilities as of December 30, 2023 was $338.5 million, which approximated fair value. The fair value of the fixed rate notes was estimated based on a discounted cash flow method (Level 2) to be $99 million as of December 30, 2023.

As of December 30, 2023, the Corporation’s revolving credit facility borrowings were under the amended and restated credit agreement entered into on June 14, 2022, as further amended on March 14, 2023 and June 1, 2023, with a scheduled maturity of June 2027. The Corporation deferred the related debt issuance costs, which are classified as assets, and is amortizing them over the term of the credit agreement. The current portion of debt issuance costs of $0.4 million is the amount to be amortized over the next twelve months based on the current credit agreement and is reflected in "Prepaid expenses and other current assets" in the Consolidated Balance Sheets. The long-term portion of debt issuance costs of $0.9 million is reflected in "Other Assets" in the Consolidated Balance Sheets.

As of December 30, 2023, there was $38.5 million outstanding under the $425 million revolving credit facility. The entire amount drawn under the revolving credit facility is considered long-term as the Corporation assumes no obligation to repay any of the amounts borrowed in the next twelve months. Based on current earnings before interest, taxes, depreciation and amortization, the Corporation can access the full remaining $386.5 million of borrowing capacity available under the revolving credit facility and maintain compliance with the financial covenants under the facility.

In addition to cash flows from operations, the revolving credit facility under the credit agreement is the primary source of daily operating capital for the Corporation and provides additional financial capacity for capital expenditures, repurchases of common stock, and strategic initiatives, such as acquisitions.

Additionally, the Corporation has borrowings outstanding under a term loan credit facility and private placement notes.

The Corporation has $300 million of borrowings outstanding under a term loan agreement entered into on March 31, 2023, as further amended on May 25, 2023. The proceeds of the term loan were used to support funding of the Corporation’s acquisition of Kimball International on June 1, 2023. The principal amount under the term loan is subject to amortization beginning June 30, 2024, with incremental amounts due each quarter until the expiration of the term loan on the fifth year of the funding date, defined as June 1, 2028, with $7.5 million due within the next twelve months. The Corporation deferred the debt issuance costs related to the agreement, which are classified as a reduction of long-term debt, and is amortizing them over the term of the agreement. The deferred debt issuance costs do not reduce the amount owed by the Corporation under the terms of the agreement. As of December 30, 2023, the deferred debt issuance costs balance of $2.5 million related to the agreement is reflected in "Long-Term Debt" in the Consolidated Balance Sheets.

The Corporation also has $100 million of borrowings outstanding under private placement note agreements entered into on May 31, 2018. Under the agreements, the Corporation issued $50 million of seven-year fixed rate notes with an interest rate of 4.22 percent, due May 31, 2025, and $50 million of ten-year fixed rate notes with an interest rate of 4.40 percent, due May 31, 2028. The Corporation deferred the debt issuance costs related to the private placement note agreements, which are classified as a reduction of long-term debt, and is amortizing them over the terms of the private placement note agreements. The deferred debt issuance costs do not reduce the amount owed by the Corporation under the terms of the private placement note agreements. As of December 30, 2023, the debt issuance costs balance of $0.2 million related to the private placement note agreements is reflected in "Long-Term Debt" in the Consolidated Balance Sheets. As of December 30, 2023, due to current market rates, the Corporation would not owe any amounts to the note holders for the make-whole provision.

The revolving credit facility, term loan credit facility, and private placement notes all contain financial and non-financial covenants. Non-compliance with covenants under the agreements could prevent the Corporation from being able to access further borrowings, require immediate repayment of all amounts outstanding, and/or increase the cost of borrowing. The covenants under all the agreements are substantially the same. In the event the private placement notes are repaid by the Corporation, the revolving credit facility and term loan credit facility include certain fall-away provisions to allow for modification of the covenant measures whereby the Corporation would have increased financial flexibility. In such an event, the definition of consolidated EBITDA and the maximum leverage under the consolidated leverage ratio would adjust to a more flexible definition while the interest coverage ratio would no longer be an included measure.
Covenants require maintenance of financial ratios as of the end of any fiscal quarter, including:
•a consolidated interest coverage ratio (as defined in the credit agreements) of not less than 4.0 to 1.0, based upon the ratio of (a) consolidated EBITDA for the last four fiscal quarters to (b) the sum of consolidated interest charges; and
•a consolidated leverage ratio (as defined in the credit agreements) of not greater than 3.5 to 1.0, based upon the ratio of (a) the quarter-end consolidated funded indebtedness to (b) consolidated EBITDA for the last four fiscal quarters.

The more restrictive of the financial covenants is the consolidated leverage ratio requirement of 3.5 to 1.0. Under the credit agreements, consolidated EBITDA is defined as consolidated net income before interest expense, income taxes, and depreciation and amortization of intangibles, as well as non-cash items that increase or decrease net income. As of December 30, 2023, the Corporation was below the maximum allowable ratio and was in compliance with the financial covenants.
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Significant components of the provision for income taxes, including those related to non-controlling interest, are as follows:
202320222021
Current:   
Federal$11.6 $29.8 $14.1 
State4.1 8.3 4.0 
Foreign0.9 0.3 0.8 
Current provision16.6 38.5 18.8 
Deferred:   
Federal(2.0)(13.1)(0.7)
State1.1 (2.8)0.4 
Foreign(0.1)0.0 (0.1)
Deferred provision(1.0)(15.9)(0.4)
Total income tax expense$15.6 $22.5 $18.5 

The differences between the actual tax expense and tax expense computed at the statutory United States federal tax rate are explained as follows:
 202320222021
Federal statutory tax expense$13.6 $30.7 $16.4 
State taxes, net of federal tax effect3.7 5.6 3.7 
Credit for research activities(5.3)(4.2)(4.0)
Valuation allowance(0.9)(7.1)(0.2)
Foreign taxes0.7 0.7 0.8 
Executive compensation limitation1.7 1.4 1.2 
Acquisition expenses1.8 — — 
Sale of foreign subsidiary— (4.2)— 
Provision to return true-up(0.8)0.1 (0.8)
Other – net1.1 (0.5)1.4 
Total income tax expense$15.6 $22.5 $18.5 

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.
Significant components of the Corporation’s deferred tax liabilities and assets are as follows:
December 30,
2023		December 31,
2022
Deferred Taxes  
Allowance for doubtful accounts$1.3 $0.7 
Compensation13.5 7.2 
Inventory differences— 1.2 
Stock-based compensation8.5 7.9 
Accrued post-retirement benefit obligations4.5 4.4 
Vacation accrual2.1 3.9 
Warranty accrual5.2 4.2 
Tax loss and tax credit carryforwards9.1 5.8 
Capital loss carryforward3.3 0.1 
Lease liability35.0 27.3 
Research and development capitalization30.9 16.3 
Other3.8 2.6 
Total deferred tax assets$117.2 $81.7 
Deferred income(5.7)(5.6)
Inventory differences(3.8)— 
Goodwill and other intangible assets(64.7)(48.1)
Prepaid expenses(7.7)(6.6)
Right of use asset(31.4)(24.7)
Tax over book depreciation(78.3)(53.0)
Total deferred tax liabilities$(191.6)$(137.9)
Valuation allowance(9.8)(4.2)
Total net deferred tax liabilities$(84.2)$(60.4)
  
Long-term net deferred tax assets0.9 0.7 
Long-term net deferred tax liabilities(85.1)(61.0)
Total net deferred tax liabilities$(84.2)$(60.4)

The valuation allowance, which primarily relates to acquired deferred tax assets, is as follows:
Balance at beginning of periodExpenses (benefits)Impact of business combinationBalance at end of period
Year ended December 30, 2023$4.2 $(0.9)$6.5 $9.8 
Year ended December 31, 2022$11.3 $(7.1)$— $4.2 
Year ended January 1, 2022$11.5 $(0.2)$— $11.3 

The current year net increase in the valuation allowance of $5.6 million primarily relates to the acquisition of Kimball International state and foreign tax credits, partially offset by the release of existing allowances. The prior year decrease of $7.1 million primarily relates to the sale of Lamex in July 2022. This transaction created tax benefits for valuation adjustments related to existing deferred tax assets, as well as basis differences.

As of December 30, 2023, the Corporation had $3.7 million of foreign net operating losses and $2.9 million of U.S. state tax credit carryforwards, which expire over the next twenty years.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
20232022
Balance at beginning of period$2.2 $2.2 
Increases in positions taken in a prior period0.8 — 
New positions taken in a current period0.6 0.5 
Decrease due to lapse of statute of limitations(0.6)(0.5)
Balance at end of period$3.0 $2.2 

As of December 30, 2023, it is reasonably possible the amount of unrecognized tax benefits may increase or decrease within the twelve months following the reporting date. These increases or decreases in the unrecognized tax benefits would be due to new positions that may be taken on income tax returns, settlement of tax positions, and the closing of statutes of limitation. It is not expected any of the changes will be material individually, or in total, to the results or financial position of the Corporation.

The Corporation recognizes interest related to unrecognized tax benefits in interest expense, and penalties in operating expenses, consistent with the recognition of these items in prior reporting periods. The expenses and liabilities recorded for interest and penalties as of and for the years ended December 30, 2023 and December 31, 2022 are immaterial.

Tax years 2020 through 2022 remain open for examination by the Internal Revenue Service ("IRS"). Tax years 2019 through 2022 remain open for examination in various state and foreign jurisdictions. The Corporation is not currently under federal or state income tax examination.
v3.24.0.1
Fair Value Measurements of Financial Instruments
 12 Months Ended
Dec. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements of Financial Instruments Fair Value Measurements of Financial Instruments
For recognition purposes, on a recurring basis, the Corporation is required to measure at fair value its marketable securities, derivative financial instruments, and put option liabilities. The marketable securities are comprised of money market funds, government securities, corporate bonds, and mutual funds. When available, the Corporation uses quoted market prices to determine fair value and classifies such measurements within Level 1. Where market prices are not available, the Corporation makes use of observable market-based inputs (prices or quotes from published exchanges and indexes) to calculate fair value using the market approach, in which case the measurements are classified within Level 2. Significant unobservable inputs, which are classified within Level 3, are used in the estimation of the fair value of put option liabilities, determined using a simulation model based on assumptions including future cash flows, discount rates, and volatility.

In connection with the Kimball International transaction in the second quarter of 2023, the Corporation acquired Kimball International’s supplemental employee retirement plan (“SERP”). SERP investment assets consist of mutual fund holdings classified as trading securities which are recognized on the Consolidated Balance Sheets at fair value, along with a corresponding liability of the same amount which represents the obligation to distribute SERP funds to participants. The SERP is structured as a rabbi trust, and therefore the assets in this plan are subject to credit claims in the event of bankruptcy.
Financial instruments measured at fair value were as follows:
Fair value as of measurement dateQuoted prices in active markets for identical assets
(Level 1)		Significant other observable inputs
(Level 2)		Significant unobservable inputs
(Level 3)
Balance as of December 30, 2023
Cash and cash equivalents (including money market funds) (1)$28.9 $28.9 $— $— 
Mutual funds in SERP (2)$11.3 $11.3 $— $— 
Government securities (2)$5.7 $— $5.7 $— 
Corporate bonds (2)$7.8 $— $7.8 $— 
Interest rate swap derivative - liability (3)$(3.5)$— $(3.5)$— 
Put option liability (5)$(5.7)$— $— $(5.7)
Balance as of December 31, 2022
Cash and cash equivalents (including money market funds) (1)$17.4 $17.4 $— $— 
Government securities (2)$5.6 $— $5.6 $— 
Corporate bonds (2)$7.2 $— $7.2 $— 
Deferred stock-based compensation (4)$(4.7)$— $(4.7)$— 
Put option liability (5)$(5.1)$— $— $(5.1)
Amounts in parentheses indicate liabilities.

The index below indicates the line item in the Consolidated Balance Sheets where the financial instruments are reported:

(1) "Cash and cash equivalents"
(2) Current portion - "Short-term investments"; Long-term portion - "Other Assets"
(3) Current portion - "Accounts payable and accrued expenses"; Long-term portion - "Other Long-Term Liabilities"
(4) Current portion - "Current maturities of other long-term obligations"; Long-term portion - "Other Long-Term Liabilities"
(5) "Other Long-Term Liabilities"
v3.24.0.1
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity
 12 Months Ended
Dec. 30, 2023
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity Accumulated Other Comprehensive Income (Loss) and Shareholders’ Equity
Accumulated Other Comprehensive Income (Loss)
The following table summarizes the components of accumulated other comprehensive income (loss) and the changes in accumulated other comprehensive income (loss), net of tax, as applicable:
Foreign Currency
Translation Adjustment		Unrealized Gains
(Losses) on Debt
Securities		Pension and Post-retirement
Liabilities		Derivative Financial
Instruments		Accumulated Other
Comprehensive Income (Loss)
Balance as of January 2, 2021$(1.1)$0.4 $(6.7)$(1.8)$(9.2)
Other comprehensive income (loss) before reclassifications0.4 (0.3)1.2 0.4 1.7 
Tax (expense) or benefit— 0.1 (0.3)(0.1)(0.3)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax— (0.0)0.3 0.7 1.1 
Balance as of January 1, 2022$(0.7)$0.1 $(5.4)$(0.7)$(6.8)
Other comprehensive income (loss) before reclassifications(2.4)(0.9)5.3 1.1 3.2 
Tax (expense) or benefit— 0.2 (1.3)(0.3)(1.3)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax(3.3)(0.0)0.2 (0.0)(3.1)
Balance as of December 31, 2022$(6.4)$(0.6)$(1.1)$0.1 $(8.0)
Other comprehensive income (loss) before reclassifications(0.2)0.3 (0.2)(3.4)(3.5)
Tax (expense) or benefit— (0.1)0.1 0.8 0.8 
Amounts reclassified from accumulated other comprehensive income (loss), net of tax— 0.1 0.1 (0.2)0.0 
Balance as of December 30, 2023$(6.5)$(0.3)$(1.2)$(2.7)$(10.6)
Amounts in parentheses indicate reductions to equity.

Interest Rate Swap
During the normal course of business, the Corporation is subjected to market risk associated with interest rate movements. Interest rate risk arises from variable interest debt obligations. Interest rate swap derivative instruments are periodically held and used by the Corporation as a tool for managing interest rate risk. They are not used for trading or speculative purposes.

In November 2023, the Corporation entered into a new interest rate swap transaction to hedge $100 million of outstanding variable rate term loan borrowings against future interest rate volatility. Under the terms of this interest rate swap, the Corporation pays a fixed rate of 4.7 percent and receives one-month SOFR on a $100 million notional value expiring June 2027. As of December 30, 2023, the fair value of the Corporation’s interest rate swap liability was $3.5 million; see "Note 9. Fair Value Measurements of Financial Instruments." The unrecognized change in value of the interest rate swap is reported net of tax as $2.7 million in "Accumulated other comprehensive income (loss)" in the Consolidated Balance Sheets.

In April 2022, the Corporation terminated its prior interest rate swap agreement and received cash proceeds of $0.4 million, the fair value of the swap on the termination date. The proceeds were recorded as cash provided by operating activities in the Consolidated Statements of Cash Flows. The $0.4 million gain from the termination of this interest rate swap agreement was recorded to "Accumulated other comprehensive income (loss)" and was amortized to interest expense through April 2023, the remaining term of the original interest rate swap agreement.
The following table details the reclassifications from accumulated other comprehensive income (loss):
Details about Accumulated Other Comprehensive Income (Loss) ComponentsAffected Line Item in the Statement Where Net Income is Presented202320222021
Derivative financial instruments
Interest rate swapsInterest expense, net$0.2 $0.1 $(1.0)
Income tax expense(0.1)(0.0)0.2 
Unrealized gains (losses) on debt securities
Gain (loss) on sale of debt securitiesSelling and administrative expenses(0.1)0.0 0.0 
Income tax expense0.0 (0.0)(0.0)
Pension and post-retirement liabilities
Amortization of lossSelling and administrative expenses(0.1)(0.3)(0.5)
Income tax expense0.0 0.1 0.1 
Foreign currency translation
Lamex divestitureGain on sale of subsidiary— 3.3 — 
Net of tax$(0.0)$3.1 $(1.1)
Amounts in parentheses indicate reductions to profit.

Director Plan
In May 2017, the Corporation registered 0.3 million shares of its common stock under its 2017 Equity Plan for Non-Employee Directors of HNI Corporation (the "2017 Director Plan"). The 2017 Director Plan permits the Corporation to issue to its non-employee directors options to purchase shares of Corporation common stock, restricted stock or restricted stock units of the Corporation, and awards of Corporation common stock. The 2017 Director Plan also permits non-employee directors to elect to receive all or a portion of their annual retainers and other compensation in the form of shares of Corporation common stock. Shares of common stock issued under the Director Plan in 2023, 2022, and 2021, were 43 thousand, 32 thousand, and 25 thousand, respectively.
Dividend
The Corporation declared and paid cash dividends per common share as follows:
202320222021
Dividends per common shares$1.28 $1.27 $1.24 

Members’ Stock Purchase Plan
During 2017, shareholders approved the HNI Corporation Members’ Stock Purchase Plan (the "2017 MSPP"). Under the 2017 MSPP, 0.8 million shares of common stock were registered for issuance to participating members. Under the 2017 MSPP, rights to purchase stock are granted on a quarterly basis to all participating members who customarily work 20 hours or more per week and for five months or more in any calendar year. The price of the stock purchased under the MSPP is 85 percent of the closing price on the exercise date. No member may purchase stock under the MSPP in an amount which exceeds a maximum fair value of $25,000 in any calendar year. Shares of common stock issued under the MSPP in 2023, 2022, and 2021, were 77 thousand, 88 thousand, and 68 thousand, respectively. The following table provides the average price per share issued under the MSPP:
202320222021
Average price per share$27.15 $26.50 $34.49 

An additional 0.3 million shares were available for issuance under the 2017 MSPP as of December 30, 2023.

Change in Control
The Corporation has entered into change in control employment agreements with certain officers. According to the agreements, a change in control occurs when a third person or entity becomes the beneficial owner of 20 percent or more of the Corporation’s common stock, when more than one-third of the Board is composed of persons not recommended by at least three-fourths of the incumbent Board, upon certain business combinations involving the Corporation, or upon approval by the Corporation’s shareholders of a complete liquidation or dissolution. Upon a change in control, a key member is deemed to have a two-year
employment agreement with the Corporation, and all of his or her benefits vest under the Corporation’s compensation plans. If, at any time within two years of the change in control, his or her employment is terminated by the Corporation for any reason other than cause or disability, or by the key member for good reason, as such terms are defined in the agreement, then the key member is entitled to receive, among other benefits, a severance payment equal to two times (three times for the Corporation’s Chairman, President, and Chief Executive Officer) annual salary and the average of the prior two years’ bonuses.

Stock Repurchase
The par value method of accounting is used for common stock repurchases. The following table summarizes shares repurchased and settled by the Corporation:
202320222021
Shares repurchased0.0 1.7 1.5 
Average price per share$41.98 $38.11 $39.89 
Cash purchase price$(0.4)$(63.9)$(60.4)
Purchases unsettled as of year end0.1 — 1.3 
Prior year purchases settled in current year— (1.3)— 
Shares repurchased per cash flow$(0.3)$(65.2)$(59.2)

As of December 30, 2023, approximately $233.5 million of the Board’s current repurchase authorization remained unspent.
v3.24.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Under the Corporation’s 2021 Stock-Based Compensation Plan (the "2021 Plan"), the Corporation may award options to purchase shares of the Corporation’s common stock and grant other stock awards to key personnel. Upon shareholder approval of the 2021 Plan in May 2021, no future awards were granted under the Corporation’s 2017 Stock-Based Compensation Plan (the "2017 Plan"), but all outstanding awards previously granted under the 2017 Plan remain outstanding in accordance with their terms. During the second quarter of 2023, the Corporation assumed the Kimball International, Inc. Stock Incentive Plan and its remaining share pool. The plan was renamed the "HNI Corporation Stock Incentive Plan for Legacy Kimball Employees" (the "2023 Kimball International Legacy Plan"). Under this plan the Corporation may grant equity compensation awards using the plan’s share pool. At inception, there were approximately 1.1 million shares of the Corporation’s stock available for issuance under this plan.

Together the 2021 Plan, the 2017 Plan, and the 2023 Kimball International Legacy Plan form the "Plans". As of December 30, 2023, there were approximately 3.2 million shares available for future issuance under the Plans. The Plans are administered by the Human Resources and Compensation Committee of the Board. Forms of awards issued under the Plans include stock options, restricted stock units based on a service condition ("RSUs"), and restricted stock units based on both financial performance and service conditions ("PSUs"). The Corporation uses common shares held in treasury to satisfy share option exercises and distributions of shares related to vested RSUs and PSUs.

RSUs awarded prior to 2020 generally cliff-vest after three years, while RSUs awarded starting in 2020 generally vest ratably over three years with the exception of RSUs awards under the 2023 Kimball International Legacy Plan, which cliff-vest three years after the original award date. PSUs were awarded starting in 2020, and generally vest at the end of a three-year period, subject to a performance metric based on the Corporation’s cumulative profitability during the period. PSUs and RSUs awarded starting in 2020 generally accrue cash dividends during the vesting periods, with payment made when earned shares are distributed to participants. Awards under the 2023 Kimball International Legacy Plan accrue share dividends during the vesting period, awarded upon vesting. Stock options awarded to members must be at exercise prices equal to or exceeding the fair market value of the Corporation’s common stock on the date of grant. Stock options are generally subject to four-year cliff vesting and must be exercised within 10 years from the date of grant.

The Corporation measures stock-based compensation expense at grant date, based on the fair value of the award, and recognizes expense over the employees’ requisite service periods, adjusted for an estimated forfeiture rate for those shares not expected to vest. Additionally, expense related to PSUs is periodically adjusted for the probable number of shares to be awarded at the end of the three-year performance period.
Compensation cost charged against operations for the Plans and the 2017 MSPP described in "Note 10. Accumulated Other Comprehensive Income (Loss) and Shareholders’ Equity" was as follows:
 202320222021
Compensation cost$16.5 $9.0 $12.9 

The total income tax benefit recognized in the Consolidated Statements of Comprehensive Income for share-based compensation arrangements was as follows:
 202320222021
Income tax benefit$4.2 $2.0 $3.1 

RSUs
The following table summarizes the changes in RSUs (shares in thousands, per share amounts in dollars):
 Number of SharesWeighted-Average Grant Date Fair Value
Nonvested as of January 2, 2021182 $36.80 
Granted430 37.02 
Vested(63)37.09 
Forfeited(5)32.90 
Nonvested as of January 1, 2022545 $36.98 
Granted164 43.05 
Vested(141)36.99 
Forfeited(32)37.75 
Nonvested as of December 31, 2022535 $38.79 
Granted246 31.44 
Assumed228 *
Vested(259)34.71 
Forfeited(39)35.05 
Nonvested as of December 30, 2023713 $33.99 

*RSUs assumed in 2023 in the above table are replacement awards issued to Kimball International employees in June 2023, and have no weighted-average grant date fair value due to being granted prior to the Corporation’s acquisition of Kimball International. The total fair value of RSUs assumed at acquisition date is $6.1 million, with approximately 48 percent of the fair value attributed to service provided by Kimball International employees prior to the acquisition by the Corporation and thus is accounted for as purchase consideration. See "Note 4. Acquisitions and Divestitures" for further information.

As of December 30, 2023, there was $4.0 million of unrecognized compensation cost related to RSUs, which the Corporation expects to recognize over a weighted-average period of 0.8 years. The total value of shares vested was as follows:
202320222021
Value of shares vested$9.0 $5.2 $2.3 
PSUs
The following table summarizes the changes in PSUs (shares in thousands, per share amounts in dollars):
 Number of SharesWeighted-Average Grant Date Fair Value
Nonvested as of January 2, 2021148 $37.62 
Granted164 36.99 
Forfeited(2)37.61 
Nonvested as of January 1, 2022309 $37.29 
Granted143 43.67 
Forfeited(24)39.60 
Nonvested as of December 31, 2022428 $39.29 
Granted200 31.50 
Expired(142)37.60 
Forfeited(32)38.38 
Nonvested as of December 30, 2023455 $36.45 

As of December 30, 2023, there was $7.4 million of unrecognized compensation cost related to PSUs, which the Corporation expects to recognize over a weighted-average period of 1.0 years. Nonvested PSUs that expired in 2023 were granted in 2020 and expired with no value due to the cumulative performance of the Corporation over the vesting period.

Stock Options
Stock-based compensation expense related to stock options was estimated on the date of grant using the Black-Scholes option-pricing model with various assumptions. Expected volatilities were based on historical volatility as the Corporation does not expect that future volatility over the expected term of the options is likely to differ from the past. The Corporation used a calculation method based on the historical daily frequency for a period of time equal to the expected term. The Corporation used the current dividend yield as there are no plans to substantially increase or decrease its dividends. The Corporation used historical exercise experience to determine the expected term. The risk-free interest rate was selected based on yields from treasury securities as published by the Federal Reserve equal to the expected term of the options. The amount of stock-based compensation expense recognized during a period is also based on the portion of the stock options that are ultimately expected to vest. The Corporation estimates pre-vesting forfeitures at the time of grant by analyzing historical data and revises those estimates in subsequent periods if actual forfeitures differ from those estimates.
There were no stock options granted in any periods presented below.

The following table summarizes the changes in outstanding stock options (shares in thousands, per share amounts in dollars):
 Number of SharesWeighted Average Exercise Price
Outstanding as of January 2, 20213,006 $39.84 
Exercised(815)35.04 
Forfeited or Expired(1)39.77 
Outstanding as of January 1, 20222,191 $41.62 
Exercised(64)33.35 
Forfeited or Expired(8)42.65 
Outstanding as of December 31, 20222,119 $41.86 
Exercised(225)36.06 
Forfeited or Expired(32)35.75 
Outstanding as of December 30, 20231,862 $42.67 
A summary of the Corporation’s non-vested stock options and changes during the year are presented below (shares in thousands, per share amounts in dollars):
Number of SharesWeighted Average Grant-Date Fair Value
Nonvested as of December 31, 2022469 $9.87 
Vested(461)9.87 
Forfeited(8)9.88 
Nonvested as of December 30, 2023— $— 

As of December 30, 2023, there was no unrecognized compensation cost related to stock option awards.

Information about stock options currently exercisable is as follows (shares in thousands, per share amounts in dollars):
December 30, 2023
Number of SharesWeighted-Average Exercise PriceWeighted-Average Remaining Exercisable Period
(years)		Aggregate Intrinsic Value
Exercisable1,862 $42.67 3.5$3.9 

Other information for the last three years is as follows:
202320222021
Total fair value of options vested$4.6 $4.7 $3.3 
Total intrinsic value of options exercised$0.8 $0.5 $5.4 
Cash received from exercise of stock options$8.1 $2.1 $28.5 
Tax benefit realized from exercise of stock options$0.2 $0.1 $1.0 

Deferred Compensation
The following table details deferred compensation and the affected line item in the Consolidated Balance Sheets where deferred compensation is presented:
December 30, 2023December 31, 2022
Current maturities of other long-term obligations$0.3 $0.5 
Other long-term liabilities2.1 6.6 
Total deferred compensation$2.4 $7.0 
v3.24.0.1
Retirement Benefits
 12 Months Ended
Dec. 30, 2023
Retirement Benefits [Abstract]  
Retirement Benefits Retirement Benefits
The Corporation has defined contribution retirement plans covering substantially all members. The Corporation’s contribution to the plans is based on member eligible earnings and/or member contributions. A portion of the contribution is also based on results of operations, and a portion is contributed in the form of common stock of the Corporation. Cash contributions by the Corporation are primarily made each payroll period, concurrent with member contributions. Stock contributions to member retirement plans are typically made in the following year.
The following table includes the Corporation’s contributions related to the respective annual period:
202320222021
Stock contribution$3.9 $5.1 $7.1 
Cash contribution25.9 25.1 17.8 
Total annual contribution$29.8 $30.1 $25.0 

In 2023, the Corporation made a cash contribution of $4.8 million to the retirement plans of Kimball International members, related to the period of July 2022 through June 2023.

As discussed in "Note 9. Fair Value Measurements of Financial Instruments," the Corporation assumed a SERP for certain executive members of Kimball International. This plan enables members to defer their cash compensation on a pre-tax basis in excess of IRS limitations. The Corporation made an immaterial contribution to the SERP in 2023.
v3.24.0.1
Post-Retirement Health Care
 12 Months Ended
Dec. 30, 2023
Retirement Benefits [Abstract]  
Post-Retirement Health Care Post-Retirement Health Care
The Corporation offers a fixed subsidy to certain retirees who choose to participate in a third-party insurance plan selected by the Corporation. Guidance on employers’ accounting for other post-retirement plans requires recognition of the overfunded or underfunded status on the balance sheet. Under this guidance, gains and losses, prior service costs and credits, and any remaining transition amounts under previous guidance not yet recognized through net periodic benefit cost are recognized in accumulated other comprehensive income (loss), net of tax effects, until they are amortized as a component of net periodic benefit cost. Also, the measurement date – the date at which the benefit obligation and plan assets are measured – is required to be the Corporation’s fiscal year-end.
The following table sets forth the activity and reporting location of the benefit obligation and plan assets:
20232022
Change in benefit obligation  
Benefit obligation at beginning of year$17.3 $23.3 
Service cost0.4 0.6 
Interest cost0.9 0.6 
Benefits paid(1.2)(1.1)
Actuarial gain0.2 (6.0)
Benefit obligation at end of year$17.5 $17.3 
Change in plan assets  
Fair value at beginning of year$— $— 
Actual return on assets— — 
Employer contribution1.2 1.1 
Transferred out— — 
Benefits paid(1.2)(1.1)
Fair value at end of year$— $— 
Funded Status of Plan$(17.5)$(17.3)
Amounts recognized in the Consolidated Balance Sheets consist of:  
Current liabilities - "Current maturities of other long-term obligations"$1.1 $1.2 
Non-current liabilities - "Other Long-Term Liabilities"$16.4 $16.2 
 
Change in Accumulated Other Comprehensive Income (Loss) (before tax):  
Amount disclosed at beginning of year$(2.8)$3.3 
Actuarial loss (gain)0.2 (6.0)
Amortization of transition amount0.1 (0.1)
Amount disclosed at end of year$(2.5)$(2.8)

Estimated future benefit payments are as follows:
Fiscal 2024$1.1 
Fiscal 2025$1.1 
Fiscal 2026$1.1 
Fiscal 2027$1.2 
Fiscal 2028$1.2 
Fiscal 2029 - 2033$6.3 

Expected contributions are as follows:
Fiscal 2024$1.1 

The discount rate is set at the measurement date to reflect the yield of a portfolio of high quality, fixed income debt instruments. The discount rate used was as follows:
202320222021
Discount rate5.0 %5.2 %2.8 %
v3.24.0.1
Leases
 12 Months Ended
Dec. 30, 2023
Leases [Abstract]  
Leases Leases
The Corporation leases certain showrooms, office space, manufacturing facilities, distribution centers, retail stores, and equipment and determines if an arrangement is a lease at inception. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets; expense for these leases is recognized on a straight-line basis over the lease term. As of December 30, 2023, approximately 88 percent of the value of the Corporation’s leased assets is for real estate. The remaining 12 percent of the value of the Corporation’s leased assets is for equipment.

As the rates implicit in its leases cannot be readily determined, the Corporation estimates secured incremental borrowing rates based on the information available at the commencement date in determining the present value of lease payments. The Corporation uses separate discount rates for its United States operations and international operations.

Certain real estate leases include one or more options to renew with renewal terms that can extend the lease term from one to ten years. The exercise of lease renewal options is at the Corporation’s sole discretion. Certain real estate leases include an option to terminate the lease term earlier than the specified lease term for a fee. These options are not included as part of the lease term unless they are reasonably certain to be exercised.

Many of the Corporation’s real estate lease agreements include periods of rent holidays and payments that escalate over the lease term by specified amounts. While not significant, certain equipment leases have variable lease payments based on machine hours and certain real estate leases have rate changes based on the Consumer Price Index. The Corporation’s lease agreements do not contain any material residual value guarantees.

The Corporation has lease agreements with lease and non-lease components, which are generally accounted for as a single lease component.

On occasion, the Corporation rents or subleases certain real estate to third parties. This sublease portfolio consists mainly of operating leases for office furniture showrooms and is not significant.

Lease costs included in the Consolidated Statements of Comprehensive Income consisted of the following:
Classification202320222021
Operating lease costs
FixedCost of sales$5.4 $2.9 $2.3 
Selling and administrative expenses24.3 22.7 23.1 
Short-term / variableCost of sales1.4 1.3 1.0 
Selling and administrative expenses1.7 1.5 0.7 
Finance lease costs
AmortizationCost of sales1.4 1.2 0.9 
Selling and administrative, and interest expense3.1 2.5 1.9 
Less: Sublease income
Cost of sales(0.0)0.0 (0.2)
Selling and administrative expenses(0.5)(0.3)(0.3)
Total lease costs$37.0 $31.9 $29.4 
Maturity of lease liabilities as of December 30, 2023 is as follows:
Operating Leases Finance LeasesTotal
2024$30.8 $4.8 $35.6 
202529.5 4.4 33.9 
202623.4 2.3 25.6 
202716.9 1.0 17.9 
202810.0 0.6 10.6 
Thereafter59.9 0.1 59.9 
Total lease payments170.4 13.2 183.6 
Less: Interest(40.5)(0.9)(41.4)
Present value of lease liabilities$129.9 $12.3 $142.2 

The increase in operating lease liabilities in the current year was primarily driven by the commencement of lease accounting for a new manufacturing facility in the second quarter of 2023, along with leases acquired as part of the Kimball International transaction.

As of December 30, 2023, there are no operating or finance lease options to extend lease terms that were reasonably certain of being exercised, and there are no material legally binding minimum lease payments for operating or finance leases signed but not yet commenced.

The following table summarizes the weighted-average discount rates and weighted-average remaining lease terms for operating and finance leases as of December 30, 2023:
Weighted-Average Discount Rate Weighted-Average Remaining Lease Term
 (years)
Operating leases6.2 %7.5
Finance leases4.1 %3.2

The following table summarizes cash paid for amounts included in the measurements of lease liabilities and the leased assets obtained in exchange for new operating and finance lease liabilities:
202320222021
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flows from operating / finance leases$29.7 $22.6 $24.7 
Financing cash flows from finance leases$4.2 $3.3 $2.7 
Leased assets obtained in exchange for new operating / finance lease liabilities$62.3 $39.2 $49.3 
Leases Leases
The Corporation leases certain showrooms, office space, manufacturing facilities, distribution centers, retail stores, and equipment and determines if an arrangement is a lease at inception. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets; expense for these leases is recognized on a straight-line basis over the lease term. As of December 30, 2023, approximately 88 percent of the value of the Corporation’s leased assets is for real estate. The remaining 12 percent of the value of the Corporation’s leased assets is for equipment.

As the rates implicit in its leases cannot be readily determined, the Corporation estimates secured incremental borrowing rates based on the information available at the commencement date in determining the present value of lease payments. The Corporation uses separate discount rates for its United States operations and international operations.

Certain real estate leases include one or more options to renew with renewal terms that can extend the lease term from one to ten years. The exercise of lease renewal options is at the Corporation’s sole discretion. Certain real estate leases include an option to terminate the lease term earlier than the specified lease term for a fee. These options are not included as part of the lease term unless they are reasonably certain to be exercised.

Many of the Corporation’s real estate lease agreements include periods of rent holidays and payments that escalate over the lease term by specified amounts. While not significant, certain equipment leases have variable lease payments based on machine hours and certain real estate leases have rate changes based on the Consumer Price Index. The Corporation’s lease agreements do not contain any material residual value guarantees.

The Corporation has lease agreements with lease and non-lease components, which are generally accounted for as a single lease component.

On occasion, the Corporation rents or subleases certain real estate to third parties. This sublease portfolio consists mainly of operating leases for office furniture showrooms and is not significant.

Lease costs included in the Consolidated Statements of Comprehensive Income consisted of the following:
Classification202320222021
Operating lease costs
FixedCost of sales$5.4 $2.9 $2.3 
Selling and administrative expenses24.3 22.7 23.1 
Short-term / variableCost of sales1.4 1.3 1.0 
Selling and administrative expenses1.7 1.5 0.7 
Finance lease costs
AmortizationCost of sales1.4 1.2 0.9 
Selling and administrative, and interest expense3.1 2.5 1.9 
Less: Sublease income
Cost of sales(0.0)0.0 (0.2)
Selling and administrative expenses(0.5)(0.3)(0.3)
Total lease costs$37.0 $31.9 $29.4 
Maturity of lease liabilities as of December 30, 2023 is as follows:
Operating Leases Finance LeasesTotal
2024$30.8 $4.8 $35.6 
202529.5 4.4 33.9 
202623.4 2.3 25.6 
202716.9 1.0 17.9 
202810.0 0.6 10.6 
Thereafter59.9 0.1 59.9 
Total lease payments170.4 13.2 183.6 
Less: Interest(40.5)(0.9)(41.4)
Present value of lease liabilities$129.9 $12.3 $142.2 

The increase in operating lease liabilities in the current year was primarily driven by the commencement of lease accounting for a new manufacturing facility in the second quarter of 2023, along with leases acquired as part of the Kimball International transaction.

As of December 30, 2023, there are no operating or finance lease options to extend lease terms that were reasonably certain of being exercised, and there are no material legally binding minimum lease payments for operating or finance leases signed but not yet commenced.

The following table summarizes the weighted-average discount rates and weighted-average remaining lease terms for operating and finance leases as of December 30, 2023:
Weighted-Average Discount Rate Weighted-Average Remaining Lease Term
 (years)
Operating leases6.2 %7.5
Finance leases4.1 %3.2

The following table summarizes cash paid for amounts included in the measurements of lease liabilities and the leased assets obtained in exchange for new operating and finance lease liabilities:
202320222021
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flows from operating / finance leases$29.7 $22.6 $24.7 
Financing cash flows from finance leases$4.2 $3.3 $2.7 
Leased assets obtained in exchange for new operating / finance lease liabilities$62.3 $39.2 $49.3 
v3.24.0.1
Guarantees, Commitments and Contingencies
 12 Months Ended
Dec. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Guarantees, Commitments and Contingencies Guarantees, Commitments, and Contingencies
The Corporation utilizes letters of credit and surety bonds in the amount of approximately $39 million to back certain insurance policies and payment obligations. Additionally, the Corporation periodically utilizes trade letters of credit and banker’s acceptances to guarantee certain payments to overseas suppliers; as of December 30, 2023, there were no outstanding amounts related to these types of guarantees. The letters of credit, bonds, and banker’s acceptances reflect fair value as a condition of their underlying purpose and are subject to competitively determined fees.

The Corporation periodically guarantees borrowing arrangements involving certain workplace furnishings dealers and third-party financial institutions. The terms of these guarantees, which range from less than one year to five years, generally require the Corporation to make payments directly to the financial institution in the event that the dealer is unable to repay its borrowings in
accordance with the stated terms. The aggregate amount guaranteed by the Corporation in connection with these agreements is approximately $5 million as of December 30, 2023. The Corporation has determined the likelihood of making future payments under these guarantees is not probable and therefore no liability has been accrued.

The Corporation has contingent liabilities which have arisen in the ordinary course of its business, including liabilities relating to pending litigation, environmental remediation, taxes, and other claims. It is the Corporation’s opinion, after consultation with legal counsel, that liabilities, if any, resulting from these matters are not expected to have a material adverse effect on the Corporation’s financial condition, cash flows, or on the Corporation’s quarterly or annual operating results when resolved in a future period.
v3.24.0.1
Reportable Segment Information
 12 Months Ended
Dec. 30, 2023
Segment Reporting [Abstract]  
Reportable Segment Information Reportable Segment Information
Management views the Corporation as two reportable segments based on industries: workplace furnishings and residential building products.

The aggregated workplace furnishings segment, which includes the newly acquired Kimball International business, manufactures and markets a broad line of commercial office furniture which includes panel-based and freestanding furniture systems, seating, storage, benching, tables, architectural products, social collaborative items, ancillary products, and hospitality products. The residential building products segment manufactures and markets a full array of gas, wood, electric, and pellet-fueled fireplaces, inserts, stoves, facings, outdoor fire pits and fire tables, and accessories.

For purposes of segment reporting, intercompany sales between segments are not material, and operating profit is income before income taxes exclusive of certain unallocated corporate expenses. These unallocated general corporate expenses include the net costs of the Corporation’s corporate operations. Management views interest income and expense as corporate financing costs and not as a reportable segment cost. In addition, management applies an effective income tax rate to its consolidated income before income taxes so income taxes are not reported or viewed internally on a segment basis. Identifiable assets by segment are those assets applicable to the respective industry segments. Corporate assets consist principally of cash and cash equivalents, short-term investments, long-term investments, IT infrastructure, and corporate office real estate and related equipment.

No geographic information for revenues from external customers or for long-lived assets is disclosed since the Corporation’s primary market and capital investments are concentrated in the United States.
Reportable segment data reconciled to the Corporation’s consolidated financial statements was as follows:
202320222021
Net Sales:   
Workplace furnishings$1,740.3 $1,486.2 $1,434.0 
Residential building products693.7 875.6 750.4 
Total$2,434.0 $2,361.8 $2,184.4 
Income (Loss) Before Income Taxes:   
Workplace furnishings$68.6 $3.4 $(0.5)
Residential building products116.6 158.7 141.9 
General corporate(94.9)(57.3)(55.9)
Gain on sale of subsidiary— 50.4 — 
Operating income90.3 155.2 85.4 
Interest expense, net25.5 8.8 7.2 
Total$64.8 $146.4 $78.3 
Depreciation and Amortization Expense:   
Workplace furnishings$59.5 $45.7 $47.8 
Residential building products13.7 12.6 10.0 
General corporate21.6 25.9 25.3 
Total$94.9 $84.2 $83.1 
Capital Expenditures (including capitalized software):   
Workplace furnishings$62.7 $40.4 $34.8 
Residential building products12.6 16.2 16.1 
General corporate3.7 11.7 15.6 
Total$79.1 $68.4 $66.5 
Identifiable Assets:   
Workplace furnishings$1,311.4 $761.5 $809.0 
Residential building products467.1 493.0 479.5 
General corporate150.3 160.0 209.5 
Total$1,928.8 $1,414.5 $1,497.9 
v3.24.0.1
Restructuring and Impairment
 12 Months Ended
Dec. 30, 2023
Restructuring and Related Activities [Abstract]  
Restructuring and Impairment Restructuring and Impairment
Restructuring costs relate to exit costs in connection with the Poppin divestiture and the closure of a small workplace furnishings eCommerce brand, as well as start-up costs at a manufacturing facility in Mexico. Long-lived asset charges relate to asset disposals in connection with closures in the current and prior year. Goodwill and intangible asset impairments were incurred at small workplace furnishings brands in the current and prior years. The corporate charges primarily consist of impairments of equity investments in private entities.
Restructuring and impairment charges were as follows:
Classification202320222021
Workplace Furnishings
Inventory valuationCost of sales$(0.3)$8.1 $7.4 
Facility set-up costsCost of sales1.2 0.7 0.2 
Long-lived asset chargesRestructuring and impairment charges2.3 5.2 — 
Exit costsRestructuring and impairment charges9.2 0.5 0.2 
Goodwill and intangible asset impairmentRestructuring and impairment charges31.0 — 5.8 
 
General Corporate 
Exit costsRestructuring and impairment charges0.8 — 0.3 
Investment impairmentRestructuring and impairment charges1.5 1.0 — 
Total$45.7 $15.5 $14.0 

As of December 30, 2023 and December 31, 2022, accrued restructuring expenses of $1.8 million and $0.5 million, respectively, were included in "Accounts payable and accrued expense" in the Consolidated Balance Sheets. Cash payments made in 2023, which primarily related to severance and other exit costs as well as facility set-up costs, totaled $9.8 million; payments made in 2022 and 2021 primarily relate to business simplification and capacity expansion actions and were not significant. Future costs connected to current initiatives are not expected to be material.
v3.24.0.1
Supplier Finance Program
 12 Months Ended
Dec. 30, 2023
Payables and Accruals [Abstract]  
Supplier Finance Program Supplier Finance Program
One of the Corporation’s third-party financial institutions offers a supply chain finance ("SCF") program by which it allows eligible Corporation suppliers the opportunity to sell their trade receivables due from the Corporation. Supplier participation in the SCF program is voluntary and requires an agreement between the supplier and the financial institution, to which the Corporation is not a party. Any sales of supplier receivables to the financial institution are at the sole discretion of the supplier and are priced at a rate that leverages the Corporation’s credit rating and thus may be more beneficial to the supplier. The Corporation’s responsibility is limited to confirming to the financial institution the invoices of participating suppliers that are valid for payment under the SCF program and making payment on the terms originally negotiated with each supplier, regardless of whether the supplier sells its receivables to the financial institution.

In the rollforward table below, new invoices confirmed represent the invoices which have been confirmed by the Corporation to the financial institution as valid for payment under the SCF program, while confirmed invoices paid represent payments made to the financial institution by the Corporation based on the original invoice terms. The balance at the end of the period represents invoices which have been confirmed as valid to the financial institution under the terms of the SCF program, but in which the Corporation has not yet made payment. This SCF program payment obligation due by the Corporation to the financial institution is recorded in "Accounts payable and accrued expenses" in the Consolidated Balance Sheets. The Corporation’s payments to the financial institution to settle obligations related to suppliers that elected to participate in the SCF program are reflected in cash flows from operating activities in the Consolidated Statements of Cash Flows.
2023
Balance at beginning of period$27.4 
Impact of business combination0.9 
New invoices confirmed during the period131.0 
Confirmed invoices paid during the period(130.9)
Balance at end of period$28.4 
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Pay vs Performance Disclosure      
Numerator for both basic and diluted EPS attributable to HNI Corporation net income $ 49.2 $ 123.9 $ 59.8
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 30, 2023
shares
Dec. 30, 2023
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
The following table presents information about each adoption and termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each such term is defined in Item 408(a) of Regulation S-K, by directors and officers of the Corporation (as "officer" is defined in Rule 16a-1(f) under the Exchange Act) during the three months ended December 30, 2023:

Trading Arrangement
Name and TitleActionDateRule 10b5-1Non-Rule 10b5-1Total Shares to be SoldExpiration Date
Donna D. Meade, Vice President, Member and Community Relations
AdoptNovember 3, 2023x4,975May 31, 2024
Larry B. Porcellato, Director
AdoptDecember 1, 2023x8,000December 13, 2024
Miguel M. Calado, Lead Director
AdoptDecember 7, 2023x5,706November 8, 2024
Vincent P. Berger, Executive Vice President, HNI Corporation, and President, Hearth & Home Technologies LLC
AdoptDecember 14, 2023x23,133February 19, 2025
Mary A. Bell, Director
AdoptDecember 15, 2023x2,898September 13, 2024
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Donna D. Meade [Member]    
Trading Arrangements, by Individual    
Name Donna D. Meade  
Title Vice President, Member and Community Relations  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date November 3, 2023  
Arrangement Duration 210 days  
Aggregate Available 4,975 4,975
Larry B. Porcellato [Member]    
Trading Arrangements, by Individual    
Name Larry B. Porcellato  
Title Director  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 1, 2023  
Arrangement Duration 378 days  
Aggregate Available 8,000 8,000
Miguel M. Calado [Member]    
Trading Arrangements, by Individual    
Name Miguel M. Calado  
Title Lead Director  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 7, 2023  
Arrangement Duration 337 days  
Aggregate Available 5,706 5,706
Vincent P. Berger [Member]    
Trading Arrangements, by Individual    
Name Vincent P. Berger  
Title Executive Vice President, HNI Corporation, and President, Hearth & Home Technologies LLC  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 14, 2023  
Arrangement Duration 433 days  
Aggregate Available 23,133 23,133
Mary A. Bell [Member]    
Trading Arrangements, by Individual    
Name Mary A. Bell  
Title Director  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 15, 2023  
Arrangement Duration 273 days  
Aggregate Available 2,898 2,898
v3.24.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 30, 2023
Accounting Policies [Abstract]  
Fiscal year-end
Fiscal year-end – The Corporation follows a 52/53-week fiscal year, which ends on the Saturday nearest December 31. Fiscal year 2023 ended on December 30, 2023, fiscal year 2022 ended on December 31, 2022, and fiscal year 2021 ended on January 1, 2022. The financial statements for fiscal years 2023, 2022, and 2021 are on a 52-week basis. A 53-week year occurs approximately every sixth year.
Principles of Consolidation
Principles of Consolidation
The consolidated financial statements include the accounts and transactions of the Corporation and its subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation.
On June 1, 2023, the Corporation acquired Kimball International. The Corporation included the financial results of Kimball International in the Consolidated Financial Statements starting as of the date of acquisition.
Cash, Cash Equivalents and Investments
Cash, Cash Equivalents, and Investments
Cash and cash equivalents generally consist of cash and money market accounts. The fair value approximates the carrying value due to the short duration of the securities. These securities have original maturity dates not exceeding three months. The Corporation has short-term debt securities holdings with maturities of less than one year, as well as investment holdings with maturities between one and five years. Management classifies investments in marketable securities at the time of purchase and reevaluates such classification at each balance sheet date. Debt securities, including government and corporate bonds, are classified as available-for-sale and stated at current market value with unrealized gains and losses included as a separate component of equity, net of any related tax effect. The specific identification method is used to determine realized gains and losses on the trade date. Equity investments in the current year are comprised of mutual funds, classified as trading securities recognized at fair value, in a supplemental employee retirement plan ("SERP") acquired as part of the acquisition of Kimball International. Offsetting SERP liabilities, representing the obligation to distribute SERP investments to the participants, are recorded in the "Current maturities of other long-term obligations" and "Other Long-Term Liabilities" lines of the Consolidated Balance Sheets. Realized and unrealized gains and losses on the SERP investments are fully offset by adjustments to the SERP liabilities, resulting in no impact to net income. In 2022, the Corporation held an equity investment in a private entity carried at cost; this investment was fully impaired in 2023.
Receivables
Receivables
Trade receivables are recorded at amortized cost, net of an allowance for doubtful accounts. The allowance is developed based on several factors including overall customer credit quality, historical write-off experience, and specific account analyses projecting the ultimate collectability of the account
Inventories
Inventories
The Corporation’s residential building products inventories, and a majority of its workplace furnishings inventories, are valued at cost, on the "last-in, first-out" (LIFO) basis. Remaining inventories are generally valued at the lower of cost, on the "first-in, first-out" (FIFO) basis, or net realizable value.
Property, Plant and Equipment
Property, Plant, and Equipment
Property, plant, and equipment are carried at cost less accumulated depreciation. Expenditures for repairs and maintenance are expensed as incurred. Major improvements that materially extend the useful lives of the assets are capitalized. Depreciation has been computed using the straight-line method over estimated useful lives: land improvements, 10 – 20 years; buildings, 10 – 40 years; and machinery and equipment, 3 – 12 years.
Long-Lived Assets
Long-Lived Assets
The Corporation evaluates long-lived assets, including definite-lived intangible assets, for indicators of impairment as events or changes in circumstances occur indicating that an impairment risk may be present. The judgments regarding the existence of impairment are based on business and market conditions, operational performance, and estimated future cash flows. If the carrying value of a long-lived asset is considered impaired, an impairment charge is recorded to adjust the asset to its estimated fair value.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
The Corporation evaluates its goodwill for impairment on an annual basis during the fourth quarter (using a valuation date as of the start of the Corporation's fourth quarter) or whenever indicators of impairment exist. Asset impairment charges associated with the Corporation’s goodwill impairment testing are discussed in "Note 6. Goodwill and Other Intangible Assets."

The Corporation reviews goodwill at the reporting unit level, which refers to components for which discrete financial information is available and regularly reviewed by segment management. The accounting standards for goodwill permit entities to first assess qualitative factors to determine whether it is more likely than not the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a quantitative goodwill impairment test. If the quantitative test is required, the Corporation estimates the fair value of its reporting units based on a weighted average of the income approach and the market approach. This estimated fair value is compared to the carrying value of the reporting unit, and an impairment is recorded if the estimate is less than the carrying value. In the income approach, the estimate of fair value of each reporting unit is based on management’s projection of revenues, gross margin, operating costs, and cash flows considering historical and estimated future results, general economic and market conditions, as well as the impact of planned business and operational strategies. The valuations employ present value techniques to measure fair value and consider market factors. In the market approach, the Corporation utilizes the guideline company method, which involves calculating valuation multiples based on operating data from guideline publicly-traded companies. These multiples are then applied to the operating data for the reporting units and adjusted for factors similar to those used in the discounted cash flow analysis. Management believes the assumptions used for the quantitative impairment test, if required, are consistent with those utilized by a market participant in performing similar valuations of its reporting units. Management bases its fair value estimates on assumptions they believe to be reasonable at the time, but such assumptions are subject to inherent uncertainty. Actual results may differ from those estimates.

The Corporation also evaluates the fair value of indefinite-lived trade names on an annual basis during the fourth quarter (using a valuation date as of the start of the Corporation's fourth quarter) or whenever an indication of impairment exists. Consistent with goodwill impairment testing, a qualitative assessment may be performed to determine whether it is more likely than not the fair value of indefinite-lived trade names is less than the carrying amount. If it is determined necessary to perform a quantitative test, the estimate of the fair value of the trade names is based on a discounted cash flows model using inputs which include projected revenues, assumed royalty rates that would be payable if the trade names were not owned, and discount rates.
Product Warranties
Product Warranties
The Corporation issues certain warranty policies on its workplace furnishings and residential building products that provide for repair or replacement of any covered product or component that fails during normal use because of a defect in design, materials, or workmanship. The duration of warranty policies on the Corporation’s products varies based on the type of product. Allowances have been established for the anticipated future costs associated with the Corporation’s warranty programs.

A warranty allowance is determined by recording a specific allowance for known warranty issues and an additional allowance for unknown claims expected to be incurred based on historical claims experience. Actual claims incurred could differ from the original estimates, requiring adjustments to the allowance.
Revenue Recognition
Revenue Recognition
Performance Obligations - The Corporation recognizes revenue for sales of workplace furnishings and residential building products at a point in time following the transfer of control of such products to the customer, which typically occurs upon shipment of the product. In certain circumstances, transfer of control to the customer does not occur until the goods are received by the customer or upon installation and/or customer acceptance, depending on the terms of the underlying contracts. Contracts typically have a duration of less than one year and normally do not include a significant financing component. Generally, payment is due within 30 days of invoicing.

Significant Judgments - The amount of consideration the Corporation receives and revenue recognized varies with changes in rebate and marketing program incentives, as well as early pay discounts, offered to customers. The Corporation uses significant judgment throughout the year in estimating the reduction in net sales driven by variable consideration for rebate and marketing
programs. Judgments made include expected sales levels and utilization of funds. However, this judgment factor is significantly reduced at the end of each year when sales volumes and the impact to rebate and marketing programs are known and recorded as the programs typically end near the Corporation’s fiscal year end.

Accounting Policies and Practical Expedients:
•The Corporation applies the accounting policy election which allows an entity to account for shipping and handling activities that occur after control is transferred as fulfillment activities. The Corporation accrues for shipping and handling costs at the same time revenue is recognized, which is in accordance with the policy election. When shipping and handling activities occur prior to the customer obtaining control of the good(s), they are considered fulfillment activities rather than a performance obligation and the costs are accrued for as incurred.
•The Corporation applies the accounting policy election which allows an entity to exclude from the measurement of the transaction price all taxes assessed by a governmental authority associated with the transaction, including sales, use, excise, value-added, and franchise taxes (collectively referred to as sales taxes). This allows the Corporation to present revenue net of these certain types of taxes.
•The Corporation applies the practical expedient which permits an entity to recognize incremental costs to obtain a contract as an expense when incurred if the amortization period will be less than one year.
•The Corporation applies the practical expedient which allows an entity to not adjust the promised amount of consideration for the effects of a significant financing component if a contract has a duration of one year or less. As the Corporation’s contracts are typically less than one year in length, consideration will not be adjusted.
•The Corporation’s backlog orders are typically cancellable for a period of time and almost all contracts have an original duration of one year or less. As a result, the Corporation elected the practical expedient not to disclose the unsatisfied performance obligation as of period end. The backlog is typically fulfilled within a few months.
Freight Expense
Freight expense on shipments to customers was recorded in "Selling and administrative expenses" on the Consolidated Statements of Comprehensive Income as follows:
202320222021
Freight expense$137.8 $142.0 $118.2 
Leases
Leases
Accounting Policies and Practical Expedients:
•The Corporation has made an accounting election by class of underlying assets to not separate non-lease components of a contract from the lease components to which they relate for all classes of assets except for embedded leases.
•The Corporation has elected for all asset classes to not recognize right of use ("ROU") assets and lease liabilities for leases that at the inception date or business combination date have a remaining lease term of twelve months or less.
Research and Development Costs
Research and Development Costs
Research and development costs relating to development of new products and processes, including significant improvements and refinements to existing products, are expensed as incurred. These costs include salaries, contractor fees, prototype costs, and administrative fees.
Stock-Based Compensation
Stock-Based Compensation
The Corporation measures the cost of employee services in exchange for an award of equity instruments based on the grant-date fair value of the award and generally recognizes cost over the requisite service period.
Income Taxes
Income Taxes
The Corporation uses an asset and liability approach that takes into account guidance related to uncertain tax positions and requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Corporation’s financial statements or tax returns. Deferred income taxes are provided to reflect differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements.
The Organisation for Economic Cooperation and Development ("OECD") issued new regulations in connection with a global minimum tax regime. Known as "Pillar Two," the new regulations are effective for income tax years commencing January 2024, and are part of the OECD’s broader plan to mitigate tax base erosion and profit shifting by large multinational enterprises ("MNE"). Pillar Two will apply to MNEs with revenues of at least EUR 750 million. Under its provisions, qualifying MNE groups would pay a 15 percent minimum tax in each of the jurisdictions in which they operate. The guidance is principally focused on the application of the transitional country-by-country reporting safe harbor and enables an MNE to avoid both completing a full global anti-base erosion model computation and paying a top-up tax for jurisdictions when they are eligible for one of three safe harbor tests: (1) de minimis; (2) simplified effective tax rate; and (3) routine profits. Based on the estimated safe harbor simplified effective tax rate computation, management does not currently expect Pillar Two minimum tax to be owed by the Corporation.
Earnings Per Share
Earnings Per Share
Basic earnings per share are based on the weighted-average number of common shares outstanding during the year. Shares potentially issuable under stock options, restricted stock units, and common stock equivalents under the Corporation’s deferred compensation plans have been considered outstanding for purposes of the diluted earnings per share calculation.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Areas requiring significant use of management estimates relate to goodwill and intangibles, asset valuations in connection with business combinations, accruals for self-insured medical claims, workers’ compensation, legal contingencies, general liability and auto insurance claims, valuation of long-lived assets, and estimates of income taxes. Other areas requiring use of management estimates relate to allowance for doubtful accounts, inventory allowances, marketing program accruals, warranty accruals, and useful lives for depreciation and amortization. Actual results could differ from those estimates.
Self-Insurance
Self-Insurance
The Corporation is primarily self-insured for general, auto, and product liability, workers’ compensation, and certain employee health benefits. Certain risk exposures are mitigated through the use of independent third party stop loss insurance coverages. The general, auto, product, and workers’ compensation liabilities are managed using a wholly-owned insurance captive and the related liabilities are included in the Consolidated Balance Sheets as follows:
December 30, 2023December 31, 2022
Current - "Accounts payable and accrued expenses"$5.9 $5.2 
Non-current - "Other Long-Term Liabilities"18.8 18.6 
Total general, auto, product, and workers’ compensation liabilities$24.8 $23.8 

The preceding table excludes self-insured member health and other benefits liabilities of $7.6 million and $7.2 million as of December 30, 2023 and December 31, 2022, respectively.

The Corporation’s policy is to accrue amounts in accordance with the actuarial determined liabilities. The actuarial valuations are based on historical information along with certain assumptions about future events. Changes in assumptions for such matters as legal actions, medical cost inflation, and magnitude of change in actual experience development could cause these estimates to change in the future.
Foreign Currency Translations
Foreign Currency Translations
Foreign currency financial statements of foreign operations, where the local currency is the functional currency, are translated using exchange rates in effect at period end for assets and liabilities and average exchange rates during the period for results of operations. Related translation adjustments are reported as a component of Shareholders’ Equity. Immaterial gains and losses on foreign currency transactions are included in "Selling and administrative expenses" in the Consolidated Statements of Comprehensive Income.
Fair Value Measurements of Financial Instruments
For recognition purposes, on a recurring basis, the Corporation is required to measure at fair value its marketable securities, derivative financial instruments, and put option liabilities. The marketable securities are comprised of money market funds, government securities, corporate bonds, and mutual funds. When available, the Corporation uses quoted market prices to determine fair value and classifies such measurements within Level 1. Where market prices are not available, the Corporation makes use of observable market-based inputs (prices or quotes from published exchanges and indexes) to calculate fair value using the market approach, in which case the measurements are classified within Level 2. Significant unobservable inputs, which are classified within Level 3, are used in the estimation of the fair value of put option liabilities, determined using a simulation model based on assumptions including future cash flows, discount rates, and volatility.
Reportable Segment Information
Management views the Corporation as two reportable segments based on industries: workplace furnishings and residential building products.

The aggregated workplace furnishings segment, which includes the newly acquired Kimball International business, manufactures and markets a broad line of commercial office furniture which includes panel-based and freestanding furniture systems, seating, storage, benching, tables, architectural products, social collaborative items, ancillary products, and hospitality products. The residential building products segment manufactures and markets a full array of gas, wood, electric, and pellet-fueled fireplaces, inserts, stoves, facings, outdoor fire pits and fire tables, and accessories.

For purposes of segment reporting, intercompany sales between segments are not material, and operating profit is income before income taxes exclusive of certain unallocated corporate expenses. These unallocated general corporate expenses include the net costs of the Corporation’s corporate operations. Management views interest income and expense as corporate financing costs and not as a reportable segment cost. In addition, management applies an effective income tax rate to its consolidated income before income taxes so income taxes are not reported or viewed internally on a segment basis. Identifiable assets by segment are those assets applicable to the respective industry segments. Corporate assets consist principally of cash and cash equivalents, short-term investments, long-term investments, IT infrastructure, and corporate office real estate and related equipment.

No geographic information for revenues from external customers or for long-lived assets is disclosed since the Corporation’s primary market and capital investments are concentrated in the United States.
Recently Adopted Accounting Standards
Recently Adopted Accounting Standards
The Corporation adopted ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations in the first fiscal quarter of 2023, which enhances the transparency of supplier finance programs by requiring the disclosure of key terms, amounts outstanding, a rollforward of outstanding amounts, and a description of where in the financial statements outstanding amounts are presented. The rollforward disclosure is not required until fiscal 2024; however as permitted by the ASU, the Corporation has elected to early-adopt the rollforward for 2023.
v3.24.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 30, 2023
Accounting Policies [Abstract]  
Schedule of Cash, Cash Equivalents and Investments
Cash, cash equivalents, and investments are reflected in the Consolidated Balance Sheets and were as follows:
December 30, 2023December 31, 2022
Cash and cash equivalentsShort-term investmentsOther AssetsCash and cash equivalentsShort-term investmentsOther Assets
Debt securities$— $1.2 $12.3 $— $2.0 $10.8 
Equity investments— 4.3 7.0 — — 1.5 
Cash and money market accounts28.9 — — 17.4 — — 
Total$28.9 $5.6 $19.3 $17.4 $2.0 $12.3 

The following table summarizes the amortized cost basis of the debt securities:
December 30, 2023December 31, 2022
Amortized cost basis of debt securities$13.8 $13.7 
Schedule of Allowance for Doubtful Accounts The following table summarizes the change in the allowance for doubtful accounts:
Balance at beginning of periodCurrent provision and adjustmentsAmounts written offRecoveries and otherAcquisition and divestiture of businessesBalance at end of period
Year ended December 30, 2023$3.2 $0.3 $(0.5)$0.0 $0.4 $3.5 
Year ended December 31, 2022$2.8 $1.7 $(1.0)$0.2 $(0.5)$3.2 
Year ended January 1, 2022$5.5 $(0.9)$(1.9)$0.1 $— $2.8 
Schedule Of Inventory Current Inventories included in the Consolidated Balance Sheets consisted of the following:
December 30, 2023December 31, 2022
Finished products, net$112.9 $121.0 
Materials and work in process, net128.2 112.8 
LIFO allowance(44.5)(53.7)
Total inventories, net$196.6 $180.1 
Inventory valued by the LIFO costing method91 %91 %
Schedule of Property, Plant and Equipment
Total depreciation expense was as follows:
202320222021
Depreciation expense$64.7 $53.3 $53.0 
Schedule of Accounts Payable and Accrued Liabilities
Accounts payable and accrued expenses are reflected in the Consolidated Balance Sheets and were as follows:
December 30, 2023December 31, 2022
Trade accounts payable$193.7 $165.3 
Compensation65.1 47.1 
Profit sharing and retirement10.5 11.6 
Accrued marketing programs31.4 31.3 
Accrued freight12.9 12.5 
Customer deposits35.6 27.3 
Other accrued expenses69.4 72.6 
$418.7 $367.7 
Schedule of Product Warranties
Activity associated with warranty obligations was as follows:
202320222021
Balance at beginning of period$14.8 $16.0 $16.1 
Accruals recognized as a result of business combination3.5 — — 
Accruals for warranties issued11.6 9.3 7.7 
Settlements and other(11.9)(10.5)(7.8)
Balance at end of period$18.0 $14.8 $16.0 
The following table summarizes when these estimated settlements are expected to be paid:
December 30, 2023December 31, 2022
Current - in the next twelve months$6.0 $5.4 
Long-term - beyond one year12.0 9.4 
$18.0 $14.8 
Schedule of Product Development Expense The amounts charged against income and recorded in "Selling and administrative expenses" on the Consolidated Statements of Comprehensive Income were as follows:
202320222021
Research and development costs$47.2 $47.8 $39.4 
Schedule of Freight Expense
Freight expense on shipments to customers was recorded in "Selling and administrative expenses" on the Consolidated Statements of Comprehensive Income as follows:
202320222021
Freight expense$137.8 $142.0 $118.2 
Schedule of Earnings Per Share, Basic and Diluted
The following table reconciles the numerators and denominators used in the calculation of basic and diluted earnings per share ("EPS"):
202320222021
Numerator:   
Numerator for both basic and diluted EPS attributable to HNI Corporation net income$49.2 $123.9 $59.8 
Denominators:   
Denominator for basic EPS weighted-average common shares outstanding44.5 41.7 43.4 
Potentially dilutive shares from stock-based compensation plans0.8 0.5 0.5 
Denominator for diluted EPS45.4 42.2 44.0 
Earnings per share – basic$1.11 $2.97 $1.38 
Earnings per share – diluted$1.09 $2.94 $1.36 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The weighted-average common stock equivalents presented above do not include the effect of the common stock equivalents in the table below because their inclusion would be anti-dilutive:
202320222021
Common stock equivalents excluded because their inclusion would be anti-dilutive2.1 2.0 1.6 
Schedule of Insurance Reserves The general, auto, product, and workers’ compensation liabilities are managed using a wholly-owned insurance captive and the related liabilities are included in the Consolidated Balance Sheets as follows:
December 30, 2023December 31, 2022
Current - "Accounts payable and accrued expenses"$5.9 $5.2 
Non-current - "Other Long-Term Liabilities"18.8 18.6 
Total general, auto, product, and workers’ compensation liabilities$24.8 $23.8 
v3.24.0.1
Revenue from Contracts with Customers (Tables)
 12 Months Ended
Dec. 30, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
Revenue from contracts with customers disaggregated by product category is as follows:
202320222021
Systems and storage$1,057.4 $889.6 $833.2 
Seating525.4 473.7 481.7 
Other157.5 123.0 119.0 
Total workplace furnishings1,740.3 1,486.2 1,434.0 
Residential building products693.7 875.6 750.4 
$2,434.0 $2,361.8 $2,184.4 
Schedule of Contract with Customer, Asset and Liability
Contract assets and contract liabilities were as follows:
December 30,
2023		December 31,
2022
Trade receivables (1)$247.1 $218.4 
Contract assets (current) (2)$3.1 $2.9 
Contract assets (long-term) (3)$28.1 $29.8 
Contract liabilities - Customer deposits (4)$35.6 $27.3 
Contract liabilities - Accrued rebate and marketing programs (4)$31.4 $31.3 
Changes in contract asset and contract liability balances during the year ended December 30, 2023 were as follows:
Contract assets increase (decrease)Contract liabilities (increase) decrease
Contract assets recognized$3.8 $— 
Reclassification of contract assets to contra-revenue(5.3)— 
Contract liabilities recognized and recorded to contra-revenue as a result of performance obligations satisfied— (134.3)
Contract liabilities paid— 137.0 
Cash received in advance and not recognized as revenue— (173.8)
Reclassification of cash received in advance to revenue as a result of performance obligations satisfied— 183.0 
Impact of business combination— (20.3)
Net change$(1.5)$(8.4)
Changes in contract asset and contract liability balances during the year ended December 31, 2022 were as follows:
Contract assets increase (decrease)Contract liabilities (increase) decrease
Contract assets recognized$15.9 $— 
Reclassification of contract assets to contra-revenue(2.9)— 
Contract liabilities recognized and recorded to contra-revenue as a result of performance obligations satisfied— (115.7)
Contract liabilities paid— 116.0 
Cash received in advance and not recognized as revenue— (144.9)
Reclassification of cash received in advance to revenue as a result of performance obligations satisfied— 137.2 
Impact of divestiture of business— 7.6 
Net change$13.0 $0.1 
v3.24.0.1
Acquisitions and Divestitures (Tables)
 12 Months Ended
Dec. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Business Acquisitions by Acquisition, Contingent Consideration
The total fair market value of consideration was approximately $503.7 million, which is allocated as follows:

Kimball International SharesHNI Shares ExchangedFair Value
Cash Consideration:
Shares of Kimball International stock issued and outstanding as of June 1, 202336.4$327.8 
Kimball International equivalent shares0.22.3 
Total number of Kimball International shares for cash consideration36.6330.0 
Consideration for payment to settle Kimball International’s outstanding debt50.2 
Share Consideration:
Shares of Kimball International stock issued and outstanding as of June 1, 202336.44.7120.8 
Replacement Share-Based Awards:
Outstanding awards of Kimball International restricted stock units relating to Kimball International Common Stock as of June 1, 20230.50.22.6 
Total acquisition date fair value of purchase consideration$503.7 
Schedule of Purchase Price Allocation of Identifiable Tangible And Intangible Assets and Liabilities
The preliminary purchase price allocation of identifiable tangible and intangible assets and liabilities as of the date of acquisition is as follows:
Fair Value
Assets
Cash and cash equivalents$10.5 
Short-term investments4.2 
Receivables47.4 
Inventories, net75.0 
Prepaid expenses and other current assets12.0 
Assets held for sale12.7 
Property, plant, and equipment200.5 
Right-of-use operating leases22.7 
Goodwill162.7 
Intangible assets110.1 
Other assets7.1 
Total Assets$665.0 
Liabilities
Accounts payable and accrued expenses$93.2 
Current lease obligations – operating3.9 
Liabilities held for sale10.0 
Long-term lease obligations – operating19.0 
Other long-term liabilities10.0 
Deferred income taxes25.3 
Total Liabilities$161.3 
Net Assets and Liabilities$503.7 

The following table summarizes the acquired identified intangible assets and weighted average useful lives:
CategoryWeighted-average useful lifeFair Value
Software3 years$5.6 
Customer lists and other12 years47.2 
Acquired technology18 years16.5 
Trademarks and trade names – Definite-lived17 years3.8 
Trademarks and trade names – Indefinite-livedIndefinite-lived37.0 
Total intangible assets$110.1 
Schedule of Assets and Liabilities Disposed Of in the Condensed Consolidated Balance Sheets
The assets and liabilities of Lamex which were disposed of in conjunction with the sale are as follows:
As of
July 20, 2022
Assets:
Cash and cash equivalents$5.5 
Receivables20.1 
Allowance for doubtful accounts(0.5)
Inventories, net6.9 
Prepaid expenses and other current assets6.4 
Buildings6.2 
Machinery and equipment25.9 
Accumulated depreciation(17.0)
Right-of-use - Operating Leases5.8 
Goodwill and Other Intangible Assets, net10.9 
Total Assets$70.4 
Liabilities:
Accounts payable and accrued expenses$36.1 
Current lease obligations - Operating1.7 
Long-Term Lease Obligations - Operating4.9 
Deferred Income Taxes0.1 
Total Liabilities$42.7 
Schedule of Business Acquisition, Pro Forma Information Poppin was determined not to require discontinued operations presentation as this entity is not material to the consolidated results of the periods presented.
2023
Net sales$361.4 
Net loss$(3.0)
This pro forma information is not necessarily reflective of what the Corporation’s results would have been had the acquisition occurred on the date indicated, nor is it indicative of future results.
20232022
Net sales$2,698.1 $3,058.0 
Net income$82.8 $52.1 
v3.24.0.1
Supplemental Cash Flow Information (Tables)
 12 Months Ended
Dec. 30, 2023
Supplemental Cash Flow Elements [Abstract]  
Schedule of Cash Flow, Supplemental Disclosures
The Corporation’s cash payments for interest, income taxes, and non-cash investing and financing activities are as follows:
202320222021
Cash paid for:
  Interest$26.5 $9.2 $7.6 
  Income taxes$25.0 $31.1 $26.4 
Changes in accrued expenses due to:
  Purchases of property and equipment$(9.3)$1.4 $0.2 
  Purchases of capitalized software$(0.4)$(1.4)$0.0 
v3.24.0.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill
Goodwill and other intangible assets included in the Consolidated Balance Sheets consisted of the following:
December 30, 2023December 31, 2022
Goodwill, net$441.0 $305.9 
Definite-lived intangible assets, net161.7 118.4 
Indefinite-lived intangible assets49.1 15.5 
Total goodwill and other intangible assets, net$651.9 $439.8 
Schedule of Goodwill
The changes in the carrying amount of goodwill, by reportable segment, are as follows:
Workplace FurnishingsResidential Building ProductsTotal
Balance as of January 1, 2022   
Goodwill$162.3 $213.8 $376.1 
Accumulated impairment losses(78.6)(0.1)(78.8)
Net goodwill balance as of January 1, 2022$83.6 $213.7 $297.3 
Goodwill acquired (disposed) / measurement period adjustments(13.6)8.6 (5.0)
Accumulated impairment losses disposed13.6 — 13.6 
Balance as of December 31, 2022   
Goodwill148.7 222.4 371.1 
Accumulated impairment losses(65.0)(0.1)(65.2)
Net goodwill balance as of December 31, 2022$83.6 $222.3 $305.9 
Goodwill acquired / measurement period adjustments162.7 — 162.7 
Impairment losses(27.6)— (27.6)
Goodwill disposed(14.1)— (14.1)
Accumulated impairment losses disposed14.1 — 14.1 
Balance as of December 30, 2023   
Goodwill297.2 222.4 519.6 
Accumulated impairment losses(78.5)(0.1)(78.6)
Net goodwill balance as of December 30, 2023$218.7 $222.3 $441.0 
Schedule of Finite-Lived Intangible Assets by Major Class
The table below summarizes amortizable definite-lived intangible assets, which are reflected in "Goodwill and Other Intangible Assets" in the Consolidated Balance Sheets:
December 30, 2023December 31, 2022
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Software$199.6 $143.4 $56.2 $194.4 $122.5 $71.9 
Trademarks and trade names18.1 7.3 10.8 14.3 5.9 8.4 
Customer lists and other143.9 49.2 94.7 80.2 42.1 38.1 
Net definite-lived intangible assets$361.6 $199.8 $161.7 $288.8 $170.4 $118.4 
Schedule of Finite-lived Intangible Assets Amortization Expense
Amortization expense is reflected in "Selling and administrative expenses" in the Consolidated Statements of Comprehensive Income and was as follows:
202320222021
Capitalized software$21.6 $24.4 $23.6 
Other definite-lived intangibles$8.5 $6.5 $6.5 
Schedule of Expected Amortization Expense Table Based on the current amount of intangible assets subject to amortization, the estimated amortization expense for each of the following five fiscal years is as follows:
20242025202620272028
Amortization expense$29.8 $27.0 $22.3 $16.8 $9.0 
Schedule of Indefinite-Lived Intangible Assets These indefinite-lived intangible assets are reflected in "Goodwill and Other Intangible Assets" in the Consolidated Balance Sheets:
December 30, 2023December 31, 2022
Trademarks and trade names$49.1 $15.5 
v3.24.0.1
Debt (Tables)
 12 Months Ended
Dec. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Debt is as follows:
December 30, 2023December 31, 2022
Revolving credit facility with interest at a variable rate
(December 30, 2023 - 6.9%; December 31, 2022 - 5.6%)
$38.5 $89.1 
Term loan with interest at a variable rate (December 30, 2023 - 7.0%)
300.0 — 
Fixed rate notes due in 2025 with an interest rate of 4.22%
50.0 50.0 
Fixed rate notes due in 2028 with an interest rate of 4.40%
50.0 50.0 
Other amounts— 1.3 
Deferred debt issuance costs(2.7)(0.3)
Total debt435.8 190.1 
Less: Current maturities7.5 1.3 
Long-term debt$428.3 $188.8 
Schedule of Maturities of Long-term Debt
Aggregate maturities of debt are as follows:
20242025202620272028Thereafter
Maturities of debt$7.5 $68.8 $20.6 $66.6 $275.0 $— 
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 30, 2023
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
Significant components of the provision for income taxes, including those related to non-controlling interest, are as follows:
202320222021
Current:   
Federal$11.6 $29.8 $14.1 
State4.1 8.3 4.0 
Foreign0.9 0.3 0.8 
Current provision16.6 38.5 18.8 
Deferred:   
Federal(2.0)(13.1)(0.7)
State1.1 (2.8)0.4 
Foreign(0.1)0.0 (0.1)
Deferred provision(1.0)(15.9)(0.4)
Total income tax expense$15.6 $22.5 $18.5 
Schedule of Effective Income Tax Rate Reconciliation
The differences between the actual tax expense and tax expense computed at the statutory United States federal tax rate are explained as follows:
 202320222021
Federal statutory tax expense$13.6 $30.7 $16.4 
State taxes, net of federal tax effect3.7 5.6 3.7 
Credit for research activities(5.3)(4.2)(4.0)
Valuation allowance(0.9)(7.1)(0.2)
Foreign taxes0.7 0.7 0.8 
Executive compensation limitation1.7 1.4 1.2 
Acquisition expenses1.8 — — 
Sale of foreign subsidiary— (4.2)— 
Provision to return true-up(0.8)0.1 (0.8)
Other – net1.1 (0.5)1.4 
Total income tax expense$15.6 $22.5 $18.5 
Schedule of Deferred Tax Assets and Liabilities
Significant components of the Corporation’s deferred tax liabilities and assets are as follows:
December 30,
2023		December 31,
2022
Deferred Taxes  
Allowance for doubtful accounts$1.3 $0.7 
Compensation13.5 7.2 
Inventory differences— 1.2 
Stock-based compensation8.5 7.9 
Accrued post-retirement benefit obligations4.5 4.4 
Vacation accrual2.1 3.9 
Warranty accrual5.2 4.2 
Tax loss and tax credit carryforwards9.1 5.8 
Capital loss carryforward3.3 0.1 
Lease liability35.0 27.3 
Research and development capitalization30.9 16.3 
Other3.8 2.6 
Total deferred tax assets$117.2 $81.7 
Deferred income(5.7)(5.6)
Inventory differences(3.8)— 
Goodwill and other intangible assets(64.7)(48.1)
Prepaid expenses(7.7)(6.6)
Right of use asset(31.4)(24.7)
Tax over book depreciation(78.3)(53.0)
Total deferred tax liabilities$(191.6)$(137.9)
Valuation allowance(9.8)(4.2)
Total net deferred tax liabilities$(84.2)$(60.4)
  
Long-term net deferred tax assets0.9 0.7 
Long-term net deferred tax liabilities(85.1)(61.0)
Total net deferred tax liabilities$(84.2)$(60.4)
Schedule of Valuation Allowance
The valuation allowance, which primarily relates to acquired deferred tax assets, is as follows:
Balance at beginning of periodExpenses (benefits)Impact of business combinationBalance at end of period
Year ended December 30, 2023$4.2 $(0.9)$6.5 $9.8 
Year ended December 31, 2022$11.3 $(7.1)$— $4.2 
Year ended January 1, 2022$11.5 $(0.2)$— $11.3 
Schedule of Income Tax Contingencies
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
20232022
Balance at beginning of period$2.2 $2.2 
Increases in positions taken in a prior period0.8 — 
New positions taken in a current period0.6 0.5 
Decrease due to lapse of statute of limitations(0.6)(0.5)
Balance at end of period$3.0 $2.2 
v3.24.0.1
Fair Value Measurements of Financial Instruments (Tables)
 12 Months Ended
Dec. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured at Fair Value
Financial instruments measured at fair value were as follows:
Fair value as of measurement dateQuoted prices in active markets for identical assets
(Level 1)		Significant other observable inputs
(Level 2)		Significant unobservable inputs
(Level 3)
Balance as of December 30, 2023
Cash and cash equivalents (including money market funds) (1)$28.9 $28.9 $— $— 
Mutual funds in SERP (2)$11.3 $11.3 $— $— 
Government securities (2)$5.7 $— $5.7 $— 
Corporate bonds (2)$7.8 $— $7.8 $— 
Interest rate swap derivative - liability (3)$(3.5)$— $(3.5)$— 
Put option liability (5)$(5.7)$— $— $(5.7)
Balance as of December 31, 2022
Cash and cash equivalents (including money market funds) (1)$17.4 $17.4 $— $— 
Government securities (2)$5.6 $— $5.6 $— 
Corporate bonds (2)$7.2 $— $7.2 $— 
Deferred stock-based compensation (4)$(4.7)$— $(4.7)$— 
Put option liability (5)$(5.1)$— $— $(5.1)
Amounts in parentheses indicate liabilities.

The index below indicates the line item in the Consolidated Balance Sheets where the financial instruments are reported:

(1) "Cash and cash equivalents"
(2) Current portion - "Short-term investments"; Long-term portion - "Other Assets"
(3) Current portion - "Accounts payable and accrued expenses"; Long-term portion - "Other Long-Term Liabilities"
(4) Current portion - "Current maturities of other long-term obligations"; Long-term portion - "Other Long-Term Liabilities"
(5) "Other Long-Term Liabilities"
v3.24.0.1
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity (Tables)
 12 Months Ended
Dec. 30, 2023
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income Loss Table
The following table summarizes the components of accumulated other comprehensive income (loss) and the changes in accumulated other comprehensive income (loss), net of tax, as applicable:
Foreign Currency
Translation Adjustment		Unrealized Gains
(Losses) on Debt
Securities		Pension and Post-retirement
Liabilities		Derivative Financial
Instruments		Accumulated Other
Comprehensive Income (Loss)
Balance as of January 2, 2021$(1.1)$0.4 $(6.7)$(1.8)$(9.2)
Other comprehensive income (loss) before reclassifications0.4 (0.3)1.2 0.4 1.7 
Tax (expense) or benefit— 0.1 (0.3)(0.1)(0.3)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax— (0.0)0.3 0.7 1.1 
Balance as of January 1, 2022$(0.7)$0.1 $(5.4)$(0.7)$(6.8)
Other comprehensive income (loss) before reclassifications(2.4)(0.9)5.3 1.1 3.2 
Tax (expense) or benefit— 0.2 (1.3)(0.3)(1.3)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax(3.3)(0.0)0.2 (0.0)(3.1)
Balance as of December 31, 2022$(6.4)$(0.6)$(1.1)$0.1 $(8.0)
Other comprehensive income (loss) before reclassifications(0.2)0.3 (0.2)(3.4)(3.5)
Tax (expense) or benefit— (0.1)0.1 0.8 0.8 
Amounts reclassified from accumulated other comprehensive income (loss), net of tax— 0.1 0.1 (0.2)0.0 
Balance as of December 30, 2023$(6.5)$(0.3)$(1.2)$(2.7)$(10.6)
Amounts in parentheses indicate reductions to equity.
Schedule of Reclassification out of Accumulated Other Comprehensive Income
The following table details the reclassifications from accumulated other comprehensive income (loss):
Details about Accumulated Other Comprehensive Income (Loss) ComponentsAffected Line Item in the Statement Where Net Income is Presented202320222021
Derivative financial instruments
Interest rate swapsInterest expense, net$0.2 $0.1 $(1.0)
Income tax expense(0.1)(0.0)0.2 
Unrealized gains (losses) on debt securities
Gain (loss) on sale of debt securitiesSelling and administrative expenses(0.1)0.0 0.0 
Income tax expense0.0 (0.0)(0.0)
Pension and post-retirement liabilities
Amortization of lossSelling and administrative expenses(0.1)(0.3)(0.5)
Income tax expense0.0 0.1 0.1 
Foreign currency translation
Lamex divestitureGain on sale of subsidiary— 3.3 — 
Net of tax$(0.0)$3.1 $(1.1)
Amounts in parentheses indicate reductions to profit.
Schedule of Dividends Declared and Paid Per Share
The Corporation declared and paid cash dividends per common share as follows:
202320222021
Dividends per common shares$1.28 $1.27 $1.24 
Schedule of Stock by Class The following table provides the average price per share issued under the MSPP:
202320222021
Average price per share$27.15 $26.50 $34.49 
Schedule of Repurchase Agreements The following table summarizes shares repurchased and settled by the Corporation:
202320222021
Shares repurchased0.0 1.7 1.5 
Average price per share$41.98 $38.11 $39.89 
Cash purchase price$(0.4)$(63.9)$(60.4)
Purchases unsettled as of year end0.1 — 1.3 
Prior year purchases settled in current year— (1.3)— 
Shares repurchased per cash flow$(0.3)$(65.2)$(59.2)
v3.24.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Compensation Costs
Compensation cost charged against operations for the Plans and the 2017 MSPP described in "Note 10. Accumulated Other Comprehensive Income (Loss) and Shareholders’ Equity" was as follows:
 202320222021
Compensation cost$16.5 $9.0 $12.9 

The total income tax benefit recognized in the Consolidated Statements of Comprehensive Income for share-based compensation arrangements was as follows:
 202320222021
Income tax benefit$4.2 $2.0 $3.1 
The following table details deferred compensation and the affected line item in the Consolidated Balance Sheets where deferred compensation is presented:
December 30, 2023December 31, 2022
Current maturities of other long-term obligations$0.3 $0.5 
Other long-term liabilities2.1 6.6 
Total deferred compensation$2.4 $7.0 
Schedule of Share-based Compensation, Restricted Stock Units Activity
The following table summarizes the changes in RSUs (shares in thousands, per share amounts in dollars):
 Number of SharesWeighted-Average Grant Date Fair Value
Nonvested as of January 2, 2021182 $36.80 
Granted430 37.02 
Vested(63)37.09 
Forfeited(5)32.90 
Nonvested as of January 1, 2022545 $36.98 
Granted164 43.05 
Vested(141)36.99 
Forfeited(32)37.75 
Nonvested as of December 31, 2022535 $38.79 
Granted246 31.44 
Assumed228 *
Vested(259)34.71 
Forfeited(39)35.05 
Nonvested as of December 30, 2023713 $33.99 

*RSUs assumed in 2023 in the above table are replacement awards issued to Kimball International employees in June 2023, and have no weighted-average grant date fair value due to being granted prior to the Corporation’s acquisition of Kimball International. The total fair value of RSUs assumed at acquisition date is $6.1 million, with approximately 48 percent of the fair value attributed to service provided by Kimball International employees prior to the acquisition by the Corporation and thus is accounted for as purchase consideration. See "Note 4. Acquisitions and Divestitures" for further information.
The total value of shares vested was as follows:
202320222021
Value of shares vested$9.0 $5.2 $2.3 
Schedule of Share-based Payment Arrangement, Performance Shares, Activity
The following table summarizes the changes in PSUs (shares in thousands, per share amounts in dollars):
 Number of SharesWeighted-Average Grant Date Fair Value
Nonvested as of January 2, 2021148 $37.62 
Granted164 36.99 
Forfeited(2)37.61 
Nonvested as of January 1, 2022309 $37.29 
Granted143 43.67 
Forfeited(24)39.60 
Nonvested as of December 31, 2022428 $39.29 
Granted200 31.50 
Expired(142)37.60 
Forfeited(32)38.38 
Nonvested as of December 30, 2023455 $36.45 
Schedule of Valuation Assumptions
Stock-based compensation expense related to stock options was estimated on the date of grant using the Black-Scholes option-pricing model with various assumptions. Expected volatilities were based on historical volatility as the Corporation does not expect that future volatility over the expected term of the options is likely to differ from the past. The Corporation used a calculation method based on the historical daily frequency for a period of time equal to the expected term. The Corporation used the current dividend yield as there are no plans to substantially increase or decrease its dividends. The Corporation used historical exercise experience to determine the expected term. The risk-free interest rate was selected based on yields from treasury securities as published by the Federal Reserve equal to the expected term of the options. The amount of stock-based compensation expense recognized during a period is also based on the portion of the stock options that are ultimately expected to vest. The Corporation estimates pre-vesting forfeitures at the time of grant by analyzing historical data and revises those estimates in subsequent periods if actual forfeitures differ from those estimates.
Schedule of Share-based Compensation, Stock Options, Activity
The following table summarizes the changes in outstanding stock options (shares in thousands, per share amounts in dollars):
 Number of SharesWeighted Average Exercise Price
Outstanding as of January 2, 20213,006 $39.84 
Exercised(815)35.04 
Forfeited or Expired(1)39.77 
Outstanding as of January 1, 20222,191 $41.62 
Exercised(64)33.35 
Forfeited or Expired(8)42.65 
Outstanding as of December 31, 20222,119 $41.86 
Exercised(225)36.06 
Forfeited or Expired(32)35.75 
Outstanding as of December 30, 20231,862 $42.67 
Schedule of Nonvested Restricted Stock Units Activity
A summary of the Corporation’s non-vested stock options and changes during the year are presented below (shares in thousands, per share amounts in dollars):
Number of SharesWeighted Average Grant-Date Fair Value
Nonvested as of December 31, 2022469 $9.87 
Vested(461)9.87 
Forfeited(8)9.88 
Nonvested as of December 30, 2023— $— 
Schedule of Stock Option Vested or Expected to Vest and are Exercisable
Information about stock options currently exercisable is as follows (shares in thousands, per share amounts in dollars):
December 30, 2023
Number of SharesWeighted-Average Exercise PriceWeighted-Average Remaining Exercisable Period
(years)		Aggregate Intrinsic Value
Exercisable1,862 $42.67 3.5$3.9 
Schedule of Share-based Compensation Arrangement Other Information
Other information for the last three years is as follows:
202320222021
Total fair value of options vested$4.6 $4.7 $3.3 
Total intrinsic value of options exercised$0.8 $0.5 $5.4 
Cash received from exercise of stock options$8.1 $2.1 $28.5 
Tax benefit realized from exercise of stock options$0.2 $0.1 $1.0 
v3.24.0.1
Retirement Benefits (Tables)
 12 Months Ended
Dec. 30, 2023
Retirement Benefits [Abstract]  
Schedule of Costs of Retirement Plans
The following table includes the Corporation’s contributions related to the respective annual period:
202320222021
Stock contribution$3.9 $5.1 $7.1 
Cash contribution25.9 25.1 17.8 
Total annual contribution$29.8 $30.1 $25.0 
v3.24.0.1
Post-Retirement Health Care (Tables)
 12 Months Ended
Dec. 30, 2023
Retirement Benefits [Abstract]  
Schedule of Activity in Benefit Obligation and Plan Assets
The following table sets forth the activity and reporting location of the benefit obligation and plan assets:
20232022
Change in benefit obligation  
Benefit obligation at beginning of year$17.3 $23.3 
Service cost0.4 0.6 
Interest cost0.9 0.6 
Benefits paid(1.2)(1.1)
Actuarial gain0.2 (6.0)
Benefit obligation at end of year$17.5 $17.3 
Change in plan assets  
Fair value at beginning of year$— $— 
Actual return on assets— — 
Employer contribution1.2 1.1 
Transferred out— — 
Benefits paid(1.2)(1.1)
Fair value at end of year$— $— 
Funded Status of Plan$(17.5)$(17.3)
Amounts recognized in the Consolidated Balance Sheets consist of:  
Current liabilities - "Current maturities of other long-term obligations"$1.1 $1.2 
Non-current liabilities - "Other Long-Term Liabilities"$16.4 $16.2 
 
Change in Accumulated Other Comprehensive Income (Loss) (before tax):  
Amount disclosed at beginning of year$(2.8)$3.3 
Actuarial loss (gain)0.2 (6.0)
Amortization of transition amount0.1 (0.1)
Amount disclosed at end of year$(2.5)$(2.8)
Schedule of Expected Benefit Payments
Estimated future benefit payments are as follows:
Fiscal 2024$1.1 
Fiscal 2025$1.1 
Fiscal 2026$1.1 
Fiscal 2027$1.2 
Fiscal 2028$1.2 
Fiscal 2029 - 2033$6.3 
Schedule of Expected Contributions
Expected contributions are as follows:
Fiscal 2024$1.1 
Schedule of Assumptions Used The discount rate used was as follows:
202320222021
Discount rate5.0 %5.2 %2.8 %
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 30, 2023
Leases [Abstract]  
Schedule of Lease Costs
Lease costs included in the Consolidated Statements of Comprehensive Income consisted of the following:
Classification202320222021
Operating lease costs
FixedCost of sales$5.4 $2.9 $2.3 
Selling and administrative expenses24.3 22.7 23.1 
Short-term / variableCost of sales1.4 1.3 1.0 
Selling and administrative expenses1.7 1.5 0.7 
Finance lease costs
AmortizationCost of sales1.4 1.2 0.9 
Selling and administrative, and interest expense3.1 2.5 1.9 
Less: Sublease income
Cost of sales(0.0)0.0 (0.2)
Selling and administrative expenses(0.5)(0.3)(0.3)
Total lease costs$37.0 $31.9 $29.4 
The following table summarizes cash paid for amounts included in the measurements of lease liabilities and the leased assets obtained in exchange for new operating and finance lease liabilities:
202320222021
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flows from operating / finance leases$29.7 $22.6 $24.7 
Financing cash flows from finance leases$4.2 $3.3 $2.7 
Leased assets obtained in exchange for new operating / finance lease liabilities$62.3 $39.2 $49.3 
Schedule of Maturities of Finance Lease Liabilities
Maturity of lease liabilities as of December 30, 2023 is as follows:
Operating Leases Finance LeasesTotal
2024$30.8 $4.8 $35.6 
202529.5 4.4 33.9 
202623.4 2.3 25.6 
202716.9 1.0 17.9 
202810.0 0.6 10.6 
Thereafter59.9 0.1 59.9 
Total lease payments170.4 13.2 183.6 
Less: Interest(40.5)(0.9)(41.4)
Present value of lease liabilities$129.9 $12.3 $142.2 
Schedule of Maturities of Operating Lease Liabilities
Maturity of lease liabilities as of December 30, 2023 is as follows:
Operating Leases Finance LeasesTotal
2024$30.8 $4.8 $35.6 
202529.5 4.4 33.9 
202623.4 2.3 25.6 
202716.9 1.0 17.9 
202810.0 0.6 10.6 
Thereafter59.9 0.1 59.9 
Total lease payments170.4 13.2 183.6 
Less: Interest(40.5)(0.9)(41.4)
Present value of lease liabilities$129.9 $12.3 $142.2 
Schedule of Weighted Average Lease Terms and Discount Rates, Lessee
The following table summarizes the weighted-average discount rates and weighted-average remaining lease terms for operating and finance leases as of December 30, 2023:
Weighted-Average Discount Rate Weighted-Average Remaining Lease Term
 (years)
Operating leases6.2 %7.5
Finance leases4.1 %3.2
v3.24.0.1
Reportable Segment Information (Tables)
 12 Months Ended
Dec. 30, 2023
Segment Reporting [Abstract]  
Schedule of Reportable Segment Data
Reportable segment data reconciled to the Corporation’s consolidated financial statements was as follows:
202320222021
Net Sales:   
Workplace furnishings$1,740.3 $1,486.2 $1,434.0 
Residential building products693.7 875.6 750.4 
Total$2,434.0 $2,361.8 $2,184.4 
Income (Loss) Before Income Taxes:   
Workplace furnishings$68.6 $3.4 $(0.5)
Residential building products116.6 158.7 141.9 
General corporate(94.9)(57.3)(55.9)
Gain on sale of subsidiary— 50.4 — 
Operating income90.3 155.2 85.4 
Interest expense, net25.5 8.8 7.2 
Total$64.8 $146.4 $78.3 
Depreciation and Amortization Expense:   
Workplace furnishings$59.5 $45.7 $47.8 
Residential building products13.7 12.6 10.0 
General corporate21.6 25.9 25.3 
Total$94.9 $84.2 $83.1 
Capital Expenditures (including capitalized software):   
Workplace furnishings$62.7 $40.4 $34.8 
Residential building products12.6 16.2 16.1 
General corporate3.7 11.7 15.6 
Total$79.1 $68.4 $66.5 
Identifiable Assets:   
Workplace furnishings$1,311.4 $761.5 $809.0 
Residential building products467.1 493.0 479.5 
General corporate150.3 160.0 209.5 
Total$1,928.8 $1,414.5 $1,497.9 
v3.24.0.1
Restructuring and Impairment (Tables)
 12 Months Ended
Dec. 30, 2023
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Impairment
Restructuring and impairment charges were as follows:
Classification202320222021
Workplace Furnishings
Inventory valuationCost of sales$(0.3)$8.1 $7.4 
Facility set-up costsCost of sales1.2 0.7 0.2 
Long-lived asset chargesRestructuring and impairment charges2.3 5.2 — 
Exit costsRestructuring and impairment charges9.2 0.5 0.2 
Goodwill and intangible asset impairmentRestructuring and impairment charges31.0 — 5.8 
 
General Corporate 
Exit costsRestructuring and impairment charges0.8 — 0.3 
Investment impairmentRestructuring and impairment charges1.5 1.0 — 
Total$45.7 $15.5 $14.0 
v3.24.0.1
Supplier Finance Program (Tables)
 12 Months Ended
Dec. 30, 2023
Payables and Accruals [Abstract]  
Schedule of Supplier Finance Program The Corporation’s payments to the financial institution to settle obligations related to suppliers that elected to participate in the SCF program are reflected in cash flows from operating activities in the Consolidated Statements of Cash Flows.
2023
Balance at beginning of period$27.4 
Impact of business combination0.9 
New invoices confirmed during the period131.0 
Confirmed invoices paid during the period(130.9)
Balance at end of period$28.4 
v3.24.0.1
Summary of Significant Accounting Policies - Cash, Cash Equivalents and Investments (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Dec. 31, 2022
Schedule of Investments [Line Items]    
Cash and cash equivalents $ 28.9 $ 17.4
Short-term investments 5.6 2.0
Other Assets 19.3 12.3
Amortized cost basis of debt securities 13.8 13.7
Debt securities    
Schedule of Investments [Line Items]    
Cash and cash equivalents 0.0 0.0
Short-term investments 1.2 2.0
Other Assets 12.3 10.8
Equity investments    
Schedule of Investments [Line Items]    
Cash and cash equivalents 0.0 0.0
Short-term investments 4.3 0.0
Other Assets 7.0 1.5
Cash and money market accounts    
Schedule of Investments [Line Items]    
Cash and cash equivalents 28.9 17.4
Short-term investments 0.0 0.0
Other Assets $ 0.0 $ 0.0
v3.24.0.1
Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - Allowance for doubtful accounts - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of period $ 3.2 $ 2.8 $ 5.5
Current provision and adjustments 0.3 1.7 (0.9)
Amounts written off (0.5) (1.0) (1.9)
Recoveries and other 0.0 0.2 0.1
Acquisition and divestiture of businesses 0.4 (0.5) 0.0
Balance at end of period $ 3.5 $ 3.2 $ 2.8
v3.24.0.1
Summary of Significant Accounting Policies - Inventories Included in Consolidated Balance Sheet (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Dec. 31, 2022
Inventory, Net [Abstract]    
Finished products, net $ 112.9 $ 121.0
Materials and work in process, net 128.2 112.8
LIFO allowance (44.5) (53.7)
Total inventories, net $ 196.6 $ 180.1
Inventory valued by the LIFO costing method 91.00% 91.00%
v3.24.0.1
Summary of Significant Accounting Policies - Inventory Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Accounting Policies [Abstract]    
Decrease in cost of goods sold $ (1,300)  
Inventory, LIFO Reserve 44,500 $ 53,700
FIFO inventory allowance $ 14,200 $ 14,900
v3.24.0.1
Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Property, Plant and Equipment [Line Items]      
Depreciation expense $ 64.7 $ 53.3 $ 53.0
Land improvements | Minimum      
Property, Plant and Equipment [Line Items]      
Useful life 10 years    
Land improvements | Maximum      
Property, Plant and Equipment [Line Items]      
Useful life 20 years    
Buildings | Minimum      
Property, Plant and Equipment [Line Items]      
Useful life 10 years    
Buildings | Maximum      
Property, Plant and Equipment [Line Items]      
Useful life 40 years    
Machinery and equipment | Minimum      
Property, Plant and Equipment [Line Items]      
Useful life 3 years    
Machinery and equipment | Maximum      
Property, Plant and Equipment [Line Items]      
Useful life 12 years    
v3.24.0.1
Summary of Significant Accounting Policies - Accounts Payable (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Dec. 31, 2022
Accounting Policies [Abstract]    
Trade accounts payable $ 193.7 $ 165.3
Compensation 65.1 47.1
Profit sharing and retirement 10.5 11.6
Accrued marketing programs 31.4 31.3
Accrued freight 12.9 12.5
Customer deposits 35.6 27.3
Other accrued expenses 69.4 72.6
Accounts payable and accrued expenses $ 418.7 $ 367.7
v3.24.0.1
Summary of Significant Accounting Policies - Product Warranties (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Product Warranty Accrual [Roll Forward]      
Balance at beginning of period $ 14.8 $ 16.0 $ 16.1
Accruals recognized as a result of business combination 3.5 0.0 0.0
Accruals for warranties issued 11.6 9.3 7.7
Settlements and other (11.9) (10.5) (7.8)
Balance at end of period 18.0 14.8 16.0
Product Warranties Disclosures [Abstract]      
Current - in the next twelve months 6.0 5.4  
Long-term - beyond one year 12.0 9.4  
Standard product warranty accrual $ 18.0 $ 14.8 $ 16.0
v3.24.0.1
Summary of Significant Accounting Policies - Research and Development Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Accounting Policies [Abstract]      
Research and development costs $ 47.2 $ 47.8 $ 39.4
v3.24.0.1
Summary of Significant Accounting Policies - Freight Expenses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Disaggregation of Revenue [Line Items]      
Cost of sales $ 1,485.7 $ 1,526.9 $ 1,427.0
Freight expense      
Disaggregation of Revenue [Line Items]      
Cost of sales $ 137.8 $ 142.0 $ 118.2
v3.24.0.1
Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Jun. 01, 2023
Jun. 30, 2023
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Numerator:          
Numerator for both basic and diluted EPS attributable to HNI Corporation net income     $ 49.2 $ 123.9 $ 59.8
Denominators:          
Denominator for basic EPS weighted-average common shares outstanding (in shares)     44.5 41.7 43.4
Potentially dilutive shares from stock-based compensation plans (in shares)     0.8 0.5 0.5
Denominator for diluted EPS (in shares)     45.4 42.2 44.0
Earnings per share - basic (in dollars per share)     $ 1.11 $ 2.97 $ 1.38
Earnings per share - diluted (in dollars per share)     $ 1.09 $ 2.94 $ 1.36
Kimball International, Inc | Common Stock          
Denominators:          
Number of shares exchanged (in shares) 4.7 4.7      
Stock Compensation Plan          
Denominators:          
Common stock equivalents excluded because their inclusion would be anti-dilutive (in shares)     2.1 2.0 1.6
v3.24.0.1
Summary of Significant Accounting Policies - Self-Insurance (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Dec. 31, 2022
Accounting Policies [Abstract]    
Current - "Accounts payable and accrued expenses" $ 5.9 $ 5.2
Non-current - "Other Long-Term Liabilities" 18.8 18.6
Total general, auto, product, and workers’ compensation liabilities 24.8 23.8
Self-insured member health benefits liabilities $ 7.6 $ 7.2
v3.24.0.1
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Disaggregation of Revenue [Line Items]      
Net sales $ 2,434.0 $ 2,361.8 $ 2,184.4
Workplace Furnishings      
Disaggregation of Revenue [Line Items]      
Net sales 1,740.3 1,486.2 1,434.0
Workplace Furnishings | Systems and storage      
Disaggregation of Revenue [Line Items]      
Net sales 1,057.4 889.6 833.2
Workplace Furnishings | Seating      
Disaggregation of Revenue [Line Items]      
Net sales 525.4 473.7 481.7
Workplace Furnishings | Other      
Disaggregation of Revenue [Line Items]      
Net sales 157.5 123.0 119.0
Residential building products      
Disaggregation of Revenue [Line Items]      
Net sales $ 693.7 $ 875.6 $ 750.4
v3.24.0.1
Revenue from Contracts with Customers - Contract Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]    
Trade receivables $ 247.1 $ 218.4
Contract assets (current) 3.1 2.9
Contract assets (long-term) 28.1 29.8
Contract liability, customer deposits 35.6 27.3
Contract liabilities - Accrued rebate and marketing programs $ 31.4 $ 31.3
v3.24.0.1
Revenue from Contracts with Customers - Change in Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Contract assets increase (decrease)    
Contract assets recognized $ 3,800 $ 15,900
Reclassification of contract assets to contra-revenue (5,300) (2,900)
Net change (1,500) 13,000
Contract liabilities (increase) decrease    
Contract liabilities recognized and recorded to contra-revenue as a result of performance obligations satisfied (134,300) (115,700)
Contract liabilities paid 137,000 116,000
Cash received in advance and not recognized as revenue (173,800) (144,900)
Reclassification of cash received in advance to revenue as a result of performance obligations satisfied 183,000 137,200
Impact of business combination (20,300)  
Impact of divestiture of business   7,600
Net change $ (8,400) $ 100
v3.24.0.1
Revenue from Contracts with Customers - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]    
Revenue recognized related to contract liabilities $ 25.7 $ 26.7
v3.24.0.1
Acquisitions and Divestitures - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Jun. 01, 2023
Jul. 31, 2022
Jun. 30, 2022
Dec. 31, 2021
Oct. 31, 2021
Dec. 30, 2023
Dec. 30, 2023
Sep. 12, 2023
May 31, 2023
Jul. 20, 2022
Business Acquisition [Line Items]                    
Increase in goodwill           $ (24.6)        
Poppin                    
Business Acquisition [Line Items]                    
Cash and cash equivalents               $ 2.7    
Poppin | Disposal Group, Disposed of by Sale, Not Discontinued Operations                    
Business Acquisition [Line Items]                    
Inventories, net               9.7    
Prepaid expenses and other current assets               3.1    
Accounts payable and accrued expenses               7.0    
Current lease obligations - Operating               $ 3.0    
Lamex | Disposal Group, Disposed of by Sale, Not Discontinued Operations                    
Business Acquisition [Line Items]                    
Cash and cash equivalents                   $ 5.5
Inventories, net                   6.9
Prepaid expenses and other current assets                   6.4
Accounts payable and accrued expenses                   36.1
Current lease obligations - Operating                   $ 1.7
Consideration   $ 75.0                
Gain on sale   50.4                
Transaction-related expenses   6.0                
Foreign currency translation benefit   $ 3.3                
Dickerson Heart Products                    
Business Acquisition [Line Items]                    
Payments for asset acquisitions     $ 8.0              
Goodwill acquired (disposed) / measurement period adjustments     $ 7.6              
Outdoor Greatroom Company                    
Business Acquisition [Line Items]                    
Payments for asset acquisitions       $ 15.0            
Trinity Fireside                    
Business Acquisition [Line Items]                    
Payments for asset acquisitions         $ 31.0          
Kimball International, Inc                    
Business Acquisition [Line Items]                    
Percent held by acquiree shareholders 10.00%                  
Transaction expenses             $ 41.2      
Share price (in dollars per share) $ 9.00                  
Number of shares issued per acquiree share (in shares) 0.1301                  
Share price (in dollars per share)                 $ 25.50  
Total acquisition date fair value of purchase consideration $ 503.7                  
Kimball International, Inc | Workplace Furnishings                    
Business Acquisition [Line Items]                    
Transaction expenses             12.5      
Kimball International, Inc | General Corporate                    
Business Acquisition [Line Items]                    
Transaction expenses             $ 28.6      
Kimball International, Inc | Long-Term Debt                    
Business Acquisition [Line Items]                    
Transaction costs 2.8                  
Kimball International, Inc | Other Noncurrent Assets                    
Business Acquisition [Line Items]                    
Transaction costs 0.2                  
Kimball International, Inc | Additional Paid-in Capital                    
Business Acquisition [Line Items]                    
Transaction costs $ 0.3                  
v3.24.0.1
Acquisitions and Divestitures - Preliminary Fair Market Value of Consideration Transferred (Details) - Kimball International, Inc - USD ($)
shares in Millions, $ in Millions
 1 Months Ended
Jun. 01, 2023
Jun. 30, 2023
Asset Acquisition [Line Items]    
Cash Consideration, shares of stock issued and outstanding (in shares) 36.4  
Cash Consideration, value of shares of stock issued and outstanding $ 327.8  
Cash Consideration, equivalent shares (in shares) 0.2  
Cash Consideration, fair value of equivalent shares $ 2.3  
Number of shares for cash consideration (in shares) 36.6  
Fair value of number of shares for cash consideration $ 330.0  
Consideration for payment to settle Kimball International’s outstanding debt 50.2  
Total acquisition date fair value of purchase consideration $ 503.7  
Common Stock    
Asset Acquisition [Line Items]    
Number of shares for cash consideration (in shares) 36.4  
Fair value of number of shares for cash consideration $ 120.8  
Number of shares exchanged (in shares) 4.7 4.7
RSUs    
Asset Acquisition [Line Items]    
Number of shares for cash consideration (in shares) 0.5  
Fair value of number of shares for cash consideration $ 2.6  
Number of shares exchanged (in shares) 0.2  
v3.24.0.1
Acquisitions and Divestitures - Purchase Price Allocation of Identifiable Tangible and Intangible Assets And Liabilities Assumed (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Jun. 01, 2023
Dec. 31, 2022
Jan. 01, 2022
Assets:        
Goodwill $ 441.0   $ 305.9 $ 297.3
Kimball International, Inc        
Assets:        
Cash and cash equivalents   $ 10.5    
Short-term investments   4.2    
Receivables   47.4    
Inventories, net   75.0    
Prepaid expenses and other current assets   12.0    
Assets held for sale   12.7    
Property, plant, and equipment   200.5    
Right-of-use operating leases   22.7    
Goodwill   162.7    
Intangible assets   110.1    
Other assets   7.1    
Total Assets   665.0    
Liabilities:        
Accounts payable and accrued expenses   93.2    
Current lease obligations – operating   3.9    
Liabilities held for sale   10.0    
Long-term lease obligations – operating   19.0    
Other long-term liabilities   10.0    
Deferred income taxes   25.3    
Total Liabilities   161.3    
Net Assets and Liabilities   $ 503.7    
v3.24.0.1
Acquisitions and Divestitures - Summary of Acquired Identifiable Assets and Weighted Average Useful Life (Details) - Kimball International, Inc
$ in Millions
Jun. 01, 2023
USD ($)
Business Acquisition [Line Items]  
Intangible assets $ 110.1
Trademarks and trade names  
Business Acquisition [Line Items]  
Intangible assets $ 37.0
Software  
Business Acquisition [Line Items]  
Weighted-average useful life 3 years
Intangible assets $ 5.6
Customer lists and other  
Business Acquisition [Line Items]  
Weighted-average useful life 12 years
Intangible assets $ 47.2
Acquired technology  
Business Acquisition [Line Items]  
Weighted-average useful life 18 years
Intangible assets $ 16.5
Trademarks and trade names  
Business Acquisition [Line Items]  
Weighted-average useful life 17 years
Intangible assets $ 3.8
v3.24.0.1
Acquisitions and Divestitures - Results of Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Business Acquisition [Line Items]      
Net sales $ 2,434.0 $ 2,361.8 $ 2,184.4
Net loss 0.0 $ (0.0) $ (0.0)
Kimball International, Inc      
Business Acquisition [Line Items]      
Net sales 361.4    
Net loss $ (3.0)    
v3.24.0.1
Acquisitions and Divestitures - Pro Forma Results of Operations (Details) - Kimball International, Inc - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Business Acquisition [Line Items]    
Net sales $ 2,698.1 $ 3,058.0
Net income $ 82.8 $ 52.1
v3.24.0.1
Acquisitions and Divestitures - Assets and Liabilities Disposed Of (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - Lamex
$ in Millions
Jul. 20, 2022
USD ($)
Assets:  
Cash and cash equivalents $ 5.5
Receivables 20.1
Allowance for doubtful accounts (0.5)
Inventories, net 6.9
Prepaid expenses and other current assets 6.4
Accumulated depreciation (17.0)
Right-of-use - Operating Leases 5.8
Goodwill and Other Intangible Assets, net 10.9
Total Assets 70.4
Liabilities:  
Accounts payable and accrued expenses 36.1
Current lease obligations - Operating 1.7
Long-Term Lease Obligations - Operating 4.9
Deferred Income Taxes 0.1
Total Liabilities 42.7
Buildings  
Assets:  
Property, plant and equipment 6.2
Machinery and equipment  
Assets:  
Property, plant and equipment $ 25.9
v3.24.0.1
Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Cash paid for:      
Interest $ 26.5 $ 9.2 $ 7.6
Income taxes 25.0 31.1 26.4
Changes in accrued expenses due to:      
Purchases of property and equipment (9.3) 1.4 0.2
Purchases of capitalized software $ (0.4) $ (1.4) $ 0.0
v3.24.0.1
Goodwill and Other Intangible Assets - Schedule of Goodwill and Other Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Goodwill and Intangible Assets Disclosure [Abstract]      
Goodwill, net $ 441.0 $ 305.9 $ 297.3
Definite-lived intangible assets, net 161.7 118.4  
Indefinite-lived intangible assets 49.1 15.5  
Total goodwill and other intangible assets, net $ 651.9 $ 439.8  
v3.24.0.1
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Goodwill [Roll Forward]      
Goodwill, gross beginning balance $ 371,100 $ 376,100  
Accumulated impairment losses, beginning balance (65,200) (78,800)  
Goodwill, net beginning balance 305,900 297,300  
Goodwill acquired / measurement period adjustments 162,700 (5,000)  
Accumulated impairment losses disposed 14,100 13,600  
Impairment losses (27,600)   $ (5,800)
Goodwill disposed (14,100)    
Goodwill, gross ending balance 519,600 371,100 376,100
Accumulated impairment losses, ending balance (78,600) (65,200) (78,800)
Goodwill, net ending balance 441,000 305,900 297,300
Workplace Furnishings      
Goodwill [Roll Forward]      
Goodwill, gross beginning balance 148,700 162,300  
Accumulated impairment losses, beginning balance (65,000) (78,600)  
Goodwill, net beginning balance 83,600 83,600  
Goodwill acquired / measurement period adjustments 162,700 (13,600)  
Accumulated impairment losses disposed 14,100 13,600  
Impairment losses (27,600)    
Goodwill disposed (14,100)    
Goodwill, gross ending balance 297,200 148,700 162,300
Accumulated impairment losses, ending balance (78,500) (65,000) (78,600)
Goodwill, net ending balance 218,700 83,600 83,600
Residential Building Products      
Goodwill [Roll Forward]      
Goodwill, gross beginning balance 222,400 213,800  
Accumulated impairment losses, beginning balance (100) (100)  
Goodwill, net beginning balance 222,300 213,700  
Goodwill acquired / measurement period adjustments 0 8,600  
Accumulated impairment losses disposed 0 0  
Impairment losses 0    
Goodwill disposed 0    
Goodwill, gross ending balance 222,400 222,400 213,800
Accumulated impairment losses, ending balance (100) (100) (100)
Goodwill, net ending balance $ 222,300 $ 222,300 $ 213,700
v3.24.0.1
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Dec. 31, 2022
Net definite-lived intangible assets    
Gross $ 361.6 $ 288.8
Accumulated Amortization 199.8 170.4
Net 161.7 118.4
Amortization expense    
2024 29.8  
2025 27.0  
2026 22.3  
2027 16.8  
2028 9.0  
Software    
Net definite-lived intangible assets    
Gross 199.6 194.4
Accumulated Amortization 143.4 122.5
Net 56.2 71.9
Trademarks and trade names    
Net definite-lived intangible assets    
Gross 18.1 14.3
Accumulated Amortization 7.3 5.9
Net 10.8 8.4
Customer lists and other    
Net definite-lived intangible assets    
Gross 143.9 80.2
Accumulated Amortization 49.2 42.1
Net $ 94.7 $ 38.1
v3.24.0.1
Goodwill and Other Intangible Assets - Schedule of Amortization Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Goodwill and Intangible Assets Disclosure [Abstract]      
Capitalized software $ 21.6 $ 24.4 $ 23.6
Other definite-lived intangibles $ 8.5 $ 6.5 $ 6.5
v3.24.0.1
Goodwill and Other Intangible Assets - Indefinite Lived Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Dec. 31, 2022
Indefinite-lived Intangible Assets [Line Items]    
Trademarks and trade names $ 49.1 $ 15.5
Trademarks and trade names    
Indefinite-lived Intangible Assets [Line Items]    
Trademarks and trade names $ 49.1 $ 15.5
v3.24.0.1
Goodwill and Other Intangible Assets - Narrative (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 30, 2023
USD ($)
Dec. 30, 2023
USD ($)
Jan. 01, 2022
USD ($)
Dec. 31, 2022
Goodwill [Line Items]        
Goodwill impairment charge   $ 27.6 $ 5.8  
Workplace Furnishings        
Goodwill [Line Items]        
Goodwill impairment charge   27.6    
Remaining goodwill $ 6.0 $ 6.0    
Trademarks and trade names | Workplace Furnishings        
Goodwill [Line Items]        
Goodwill impairment charge $ 3.4      
Measurement Input, Long Term Growth Rate | Trademarks and trade names | Workplace Furnishings        
Goodwill [Line Items]        
Intangible asset measurement input 0.03 0.03    
Measurement Input, Royalty Rate | Trademarks and trade names | Workplace Furnishings        
Goodwill [Line Items]        
Intangible asset measurement input 0.01 0.01    
Measurement Input Discount Rate | Trademarks and trade names | Workplace Furnishings        
Goodwill [Line Items]        
Intangible asset measurement input 0.16 0.16    
Valuation Discounted Cash Flow And Market | Measurement Input, Discount Rate | Workplace Furnishings        
Goodwill [Line Items]        
Goodwill, measurement input 0.14 0.14   0.14
Decrease in estimated fair value from 100 basis point decrease $ 5.0 $ 5.0    
Valuation Discounted Cash Flow And Market | Measurement Input, Terminal Growth Rate | Workplace Furnishings        
Goodwill [Line Items]        
Goodwill, measurement input 0.03 0.03   0.03
Decrease in estimated fair value from 100 basis point decrease $ (3.0) $ (3.0)    
Minimum | Measurement Input, Near-Term Growth Rates | Trademarks and trade names | Workplace Furnishings        
Goodwill [Line Items]        
Intangible asset measurement input (0.02) (0.02)    
Minimum | Valuation Discounted Cash Flow And Market | Measurement Input, Near-Term Growth Rates | Workplace Furnishings        
Goodwill [Line Items]        
Goodwill, measurement input (0.13) (0.13)   0.04
Maximum | Measurement Input, Near-Term Growth Rates | Trademarks and trade names | Workplace Furnishings        
Goodwill [Line Items]        
Intangible asset measurement input 0.05 0.05    
Maximum | Valuation Discounted Cash Flow And Market | Measurement Input, Near-Term Growth Rates | Workplace Furnishings        
Goodwill [Line Items]        
Goodwill, measurement input 0.10 0.10   0.12
v3.24.0.1
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Dec. 31, 2022
May 31, 2018
Debt Instrument [Line Items]      
Deferred debt issuance costs $ (2.7) $ (0.3)  
Total debt 435.8 190.1  
Less: Current maturities 7.5 1.3  
Long-term debt $ 428.3 $ 188.8  
Fixed rate notes due in 2025 with an interest rate of 4.22%      
Debt Instrument [Line Items]      
Interest rate 4.22%   4.22%
Fixed rate notes due in 2028 with an interest rate of 4.40%      
Debt Instrument [Line Items]      
Interest rate 4.40%   4.40%
Revolving credit facility with interest at a variable rate (December 30, 2023 - 6.9%; December 31, 2022 - 5.6%)      
Debt Instrument [Line Items]      
Interest rate 6.90% 5.60%  
Long-term debt, gross $ 38.5 $ 89.1  
Total debt $ 338.5    
Term loan with interest at a variable rate (December 30, 2023 - 7.0%)      
Debt Instrument [Line Items]      
Interest rate 7.00%    
Long-term debt, gross $ 300.0 0.0  
Fixed rate notes due in 2025 with an interest rate of 4.22%      
Debt Instrument [Line Items]      
Long-term debt, gross 50.0 50.0  
Fixed rate notes due in 2028 with an interest rate of 4.40%      
Debt Instrument [Line Items]      
Long-term debt, gross 50.0 50.0  
Other Notes      
Debt Instrument [Line Items]      
Long-term debt, gross $ 0.0 $ 1.3  
v3.24.0.1
Debt - Schedule of Maturities of Debt (Details)
$ in Millions
Dec. 30, 2023
USD ($)
Debt Disclosure [Abstract]  
2024 $ 7.5
2025 68.8
2026 20.6
2027 66.6
2028 275.0
Thereafter $ 0.0
v3.24.0.1
Debt - Narrative (Details) - USD ($)
$ in Millions
May 31, 2018
Dec. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Long-term debt   $ 435.8 $ 190.1
Debt issuance costs current   0.4  
Debt issuance cost noncurrent   0.9  
Long-term debt, due within the next twelve months   $ 7.5  
Interest coverage ratio   4.0  
Consolidated leverage ratio   3.5  
Revolving credit facility with interest at a variable rate (December 30, 2023 - 6.9%; December 31, 2022 - 5.6%)      
Debt Instrument [Line Items]      
Long-term debt   $ 338.5  
Outstanding revolving credit facility   38.5  
Maximum line of credit facility borrowing capacity   425.0  
Remaining borrowing capacity   $ 386.5  
Interest rate   6.90% 5.60%
Private Placement Notes      
Debt Instrument [Line Items]      
Fair value of debt   $ 99.0  
Debt issuance cost noncurrent   0.2  
Borrowings   $ 100.0  
Fixed rate notes due in 2025 with an interest rate of 4.22%      
Debt Instrument [Line Items]      
Borrowings $ 50.0    
Debt instrument term 7 years    
Interest rate 4.22% 4.22%  
Fixed rate notes due in 2028 with an interest rate of 4.40%      
Debt Instrument [Line Items]      
Borrowings $ 50.0    
Debt instrument term 10 years    
Interest rate 4.40% 4.40%  
Term Loan Agreement      
Debt Instrument [Line Items]      
Borrowings   $ 300.0  
Long-term debt, due within the next twelve months   7.5  
Debt issuance costs   $ 2.5  
v3.24.0.1
Income Taxes - Provision for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Current:      
Federal $ 11.6 $ 29.8 $ 14.1
State 4.1 8.3 4.0
Foreign 0.9 0.3 0.8
Current provision 16.6 38.5 18.8
Deferred:      
Federal (2.0) (13.1) (0.7)
State 1.1 (2.8) 0.4
Foreign (0.1) 0.0 (0.1)
Deferred provision (1.0) (15.9) (0.4)
Total income tax expense $ 15.6 $ 22.5 $ 18.5
v3.24.0.1
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Income Tax Disclosure [Abstract]      
Federal statutory tax expense $ 13.6 $ 30.7 $ 16.4
State taxes, net of federal tax effect 3.7 5.6 3.7
Credit for research activities (5.3) (4.2) (4.0)
Valuation allowance (0.9) (7.1) (0.2)
Foreign taxes 0.7 0.7 0.8
Executive compensation limitation 1.7 1.4 1.2
Acquisition expenses 1.8 0.0 0.0
Sale of foreign subsidiary 0.0 (4.2) 0.0
Provision to return true-up (0.8) 0.1 (0.8)
Other – net 1.1 (0.5) 1.4
Total income tax expense $ 15.6 $ 22.5 $ 18.5
v3.24.0.1
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]    
Allowance for doubtful accounts $ 1.3 $ 0.7
Compensation 13.5 7.2
Inventory differences 0.0 1.2
Stock-based compensation 8.5 7.9
Accrued post-retirement benefit obligations 4.5 4.4
Vacation accrual 2.1 3.9
Warranty accrual 5.2 4.2
Tax loss and tax credit carryforwards 9.1 5.8
Capital loss carryforward 3.3 0.1
Lease liability 35.0 27.3
Research and development capitalization 30.9 16.3
Other 3.8 2.6
Total deferred tax assets 117.2 81.7
Deferred income (5.7) (5.6)
Inventory differences (3.8) 0.0
Goodwill and other intangible assets (64.7) (48.1)
Prepaid expenses (7.7) (6.6)
Right of use asset (31.4) (24.7)
Tax over book depreciation (78.3) (53.0)
Total deferred tax liabilities (191.6) (137.9)
Valuation allowance (9.8) (4.2)
Long-term net deferred tax assets 0.9 0.7
Long-term net deferred tax liabilities (85.1) (61.0)
Total net deferred tax liabilities $ (84.2) $ (60.4)
v3.24.0.1
Income Taxes - Valuation Allowance for Deferred Tax Asset (Details) - Valuation Allowance of Deferred Tax Assets - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of period $ 4.2 $ 11.3 $ 11.5
Expenses (benefits) (0.9) (7.1) (0.2)
Impact of business combination 6.5 0.0 0.0
Balance at end of period $ 9.8 $ 4.2 $ 11.3
v3.24.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Operating Loss Carryforwards [Line Items]      
Valuation allowance $ 5.6    
Foreign Tax Authority      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards 3.7    
State and Local Jurisdiction      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards 2.9    
Valuation Allowance of Deferred Tax Assets      
Operating Loss Carryforwards [Line Items]      
Current provision and adjustments $ (0.9) $ (7.1) $ (0.2)
v3.24.0.1
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits [Roll Forward]    
Balance at beginning of period $ 2.2 $ 2.2
Increases in positions taken in a prior period 0.8 0.0
New positions taken in a current period 0.6 0.5
Decrease due to lapse of statute of limitations (0.6) (0.5)
Balance at end of period $ 3.0 $ 2.2
v3.24.0.1
Fair Value Measurements of Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Dec. 31, 2022
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents (including money market funds) $ 28.9 $ 17.4
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accounts payable and accrued expenses, Other Long-Term Liabilities  
Fair Value measurements on a recurring basis    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents (including money market funds) $ 28.9 17.4
Deferred stock-based compensation   (4.7)
Fair Value measurements on a recurring basis | Government Securities    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 5.7 5.6
Fair Value measurements on a recurring basis | Corporate Bonds    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 7.8 7.2
Fair Value measurements on a recurring basis | Interest rate swaps    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments - liability (3.5)  
Fair Value measurements on a recurring basis | Put option liability    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments - liability (5.7) (5.1)
Fair Value measurements on a recurring basis | Supplemental Employee Retirement Plan    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 11.3  
Fair Value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1)    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents (including money market funds) 28.9 17.4
Deferred stock-based compensation   0.0
Fair Value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Government Securities    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0.0 0.0
Fair Value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Corporate Bonds    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0.0 0.0
Fair Value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Interest rate swaps    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments - liability 0.0  
Fair Value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Put option liability    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments - liability 0.0 0.0
Fair Value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Supplemental Employee Retirement Plan    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 11.3  
Fair Value measurements on a recurring basis | Significant other observable inputs (Level 2)    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents (including money market funds) 0.0 0.0
Deferred stock-based compensation   (4.7)
Fair Value measurements on a recurring basis | Significant other observable inputs (Level 2) | Government Securities    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 5.7 5.6
Fair Value measurements on a recurring basis | Significant other observable inputs (Level 2) | Corporate Bonds    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 7.8 7.2
Fair Value measurements on a recurring basis | Significant other observable inputs (Level 2) | Interest rate swaps    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments - liability (3.5)  
Fair Value measurements on a recurring basis | Significant other observable inputs (Level 2) | Put option liability    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments - liability 0.0 0.0
Fair Value measurements on a recurring basis | Significant other observable inputs (Level 2) | Supplemental Employee Retirement Plan    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0.0  
Fair Value measurements on a recurring basis | Significant unobservable inputs (Level 3)    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents (including money market funds) 0.0 0.0
Deferred stock-based compensation   0.0
Fair Value measurements on a recurring basis | Significant unobservable inputs (Level 3) | Government Securities    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0.0 0.0
Fair Value measurements on a recurring basis | Significant unobservable inputs (Level 3) | Corporate Bonds    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0.0 0.0
Fair Value measurements on a recurring basis | Significant unobservable inputs (Level 3) | Interest rate swaps    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments - liability 0.0  
Fair Value measurements on a recurring basis | Significant unobservable inputs (Level 3) | Put option liability    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments - liability (5.7) $ (5.1)
Fair Value measurements on a recurring basis | Significant unobservable inputs (Level 3) | Supplemental Employee Retirement Plan    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities $ 0.0  
v3.24.0.1
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance $ 616.8 $ 590.0 $ 590.7
Other comprehensive income (loss) before reclassifications (3.5) 3.2 1.7
Tax (expense) or benefit 0.8 (1.3) (0.3)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax 0.0 (3.1) 1.1
Ending Balance 761.8 616.8 590.0
Accumulated Other Comprehensive Income (Loss)      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance (8.0) (6.8) (9.2)
Ending Balance (10.6) (8.0) (6.8)
Foreign Currency Translation Adjustment      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance (6.4) (0.7) (1.1)
Other comprehensive income (loss) before reclassifications (0.2) (2.4) 0.4
Tax (expense) or benefit 0.0 0.0 0.0
Amounts reclassified from accumulated other comprehensive income (loss), net of tax 0.0 (3.3) 0.0
Ending Balance (6.5) (6.4) (0.7)
Unrealized Gains (Losses) on Debt Securities      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance (0.6) 0.1 0.4
Other comprehensive income (loss) before reclassifications 0.3 (0.9) (0.3)
Tax (expense) or benefit (0.1) 0.2 0.1
Amounts reclassified from accumulated other comprehensive income (loss), net of tax 0.1 (0.0) (0.0)
Ending Balance (0.3) (0.6) 0.1
Pension and Post-retirement Liabilities      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance (1.1) (5.4) (6.7)
Other comprehensive income (loss) before reclassifications (0.2) 5.3 1.2
Tax (expense) or benefit 0.1 (1.3) (0.3)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax 0.1 0.2 0.3
Ending Balance (1.2) (1.1) (5.4)
Derivative Financial Instruments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance 0.1 (0.7) (1.8)
Other comprehensive income (loss) before reclassifications (3.4) 1.1 0.4
Tax (expense) or benefit 0.8 (0.3) (0.1)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax (0.2) (0.0) 0.7
Ending Balance $ (2.7) $ 0.1 $ (0.7)
v3.24.0.1
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity - Narrative (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Apr. 30, 2022
USD ($)
Dec. 30, 2023
USD ($)
hour
shares
Nov. 30, 2023
USD ($)
Dec. 30, 2017
shares
May 31, 2017
shares
Schedule of Shareholders' Equity [Line Items]          
Term of employment agreement   2 years      
Fair Value measurements on a recurring basis | Interest rate swaps          
Schedule of Shareholders' Equity [Line Items]          
Derivative financial instruments - liability   $ 3,500      
Designated as Hedging Instrument | Fair Value measurements on a recurring basis | Interest rate swaps          
Schedule of Shareholders' Equity [Line Items]          
Derivative financial instruments - liability   3,500      
Common Stock          
Schedule of Shareholders' Equity [Line Items]          
Remaining authorized repurchase amount   $ 233,500      
Certain officers          
Schedule of Shareholders' Equity [Line Items]          
Change in control percentage   20.00%      
Percent of board members   0.3333      
Term of employment agreement   2 years      
Number of times annual salary   200.00%      
Corporation's Chairman, President and CEO          
Schedule of Shareholders' Equity [Line Items]          
Number of times annual salary   300.00%      
Director plan          
Schedule of Shareholders' Equity [Line Items]          
Available for future issuance (shares) | shares         300,000
Purchase Plan          
Schedule of Shareholders' Equity [Line Items]          
Available for future issuance (shares) | shares       800,000  
Rights to purchase stock, minimum working hours per week | hour   20      
Rights to purchase stock, minimum working months per year   5 months      
Price of repurchased stock as percent of closing price on the exercise date   85.00%      
Maximum amount fair value for purchase of common stock   $ 25      
Shares available for future issuance (shares) | shares   300,000      
Interest rate swaps          
Schedule of Shareholders' Equity [Line Items]          
Change in derivative financial instruments, net of tax   $ 2,700      
Cash proceeds from termination of derivative $ 400        
Interest rate swaps | Designated as Hedging Instrument          
Schedule of Shareholders' Equity [Line Items]          
Derivative, hedged amount     $ 100,000    
Fixed interest rate     4.70%    
v3.24.0.1
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity - Reclassifications from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Income tax expense $ (15.6) $ (22.5) $ (18.5)
Gain on sale of subsidiary 0.0 50.4 0.0
Selling and administrative expenses 813.2 723.4 665.6
Net income 49.2 123.9 59.8
Reclassifications from accumulated other comprehensive income (loss)      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Net income (0.0) 3.1 (1.1)
Reclassifications from accumulated other comprehensive income (loss) | Derivative financial instruments | Interest rate swaps      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Interest expense, net 0.2 0.1 (1.0)
Income tax expense (0.1) (0.0) 0.2
Reclassifications from accumulated other comprehensive income (loss) | Unrealized Gains (Losses) on Debt Securities      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Income tax expense 0.0 (0.0) (0.0)
Selling and administrative expenses (0.1) 0.0 0.0
Reclassifications from accumulated other comprehensive income (loss) | Pension and Post-retirement Liabilities      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Income tax expense 0.0 0.1 0.1
Selling and administrative expenses (0.1) (0.3) (0.5)
Reclassifications from accumulated other comprehensive income (loss) | Foreign Currency Translation Adjustment      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Gain on sale of subsidiary $ 0.0 $ 3.3 $ 0.0
v3.24.0.1
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity - Director Plan Issued Common Stock (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Director plan      
Class of Stock [Line Items]      
Corporation common stock issued (shares) 43 32 25
v3.24.0.1
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity - Dividends Declared and Paid per Share (Details) - $ / shares
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Equity [Abstract]      
Dividends (in dollars per share) $ 1.28 $ 1.27 $ 1.24
v3.24.0.1
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity - Common Stock Issued (Details) - Purchase Plan - $ / shares
shares in Thousands
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Class of Stock [Line Items]      
Shares of common stock issued (shares) 77 88 68
Average price per share (in dollars per share) $ 27.15 $ 26.50 $ 34.49
v3.24.0.1
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity - Share Repurchase (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Class of Stock [Line Items]      
Shares repurchased per cash flow $ 0.3 $ 65.2 $ 59.2
Common Stock      
Class of Stock [Line Items]      
Stock repurchased during period (shares) 0 1,700 1,500
Average price per share (in dollars per share) $ 41.98 $ 38.11 $ 39.89
Cash purchase price $ (0.4) $ (63.9) $ (60.4)
Purchases unsettled as of year end 0.1 0.0 1.3
Prior year purchases settled in current year 0.0 (1.3) 0.0
Shares repurchased per cash flow $ 0.3 $ 65.2 $ 59.2
v3.24.0.1
Stock-Based Compensation - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Jan. 02, 2021
Dec. 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Granted (shares)   0 0 0  
RSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period (years)       3 years  
Unrecognized compensation cost $ 4.0        
Nonvested stock, weighted average recognition period 9 months 18 days        
PSU          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period (years) 3 years     3 years  
Unrecognized compensation cost $ 7.4        
Nonvested stock, weighted average recognition period 1 year        
Nonvested Awards          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unrecognized compensation cost $ 0.0        
Cliff vesting | RSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period (years)       3 years 3 years
Kimball International, Inc. Stock Incentive Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Available for future issuance (shares) 1,100,000        
The Plans          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Available for future issuance (shares) 3,200,000        
2023 Kimball International Legacy Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Exercised period (years) 10 years        
2023 Kimball International Legacy Plan | Cliff vesting          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period (years) 4 years        
v3.24.0.1
Stock-Based Compensation - Compensation Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Share-Based Payment Arrangement [Abstract]      
Compensation cost $ 16.5 $ 9.0 $ 12.9
v3.24.0.1
Stock-Based Compensation - Income Tax Benefit (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Share-Based Payment Arrangement [Abstract]      
Income tax benefit $ 4.2 $ 2.0 $ 3.1
v3.24.0.1
Stock-Based Compensation - RSU Activity (Details) - RSUs - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Number of Shares      
Nonvested, Beginning Balance (shares) 535 545 182
Granted (shares) 246 164 430
Assumed (shares) $ 228    
Vested (shares) (259) (141) (63)
Forfeited (shares) (39) (32) (5)
Nonvested, Ending Balance (shares) 713 535 545
Weighted Average Grant-Date Fair Value      
Outstanding, Beginning Balance (in dollars per share) $ 38.79 $ 36.98 $ 36.80
Granted (in dollars per share) 31.44 43.05 37.02
Vested (in dollars per share) 34.71 36.99 37.09
Forfeited (in dollars per share) 35.05 37.75 32.90
Outstanding, Ending Balance (in dollars per share) $ 33.99 $ 38.79 $ 36.98
Kimball International, Inc      
Weighted Average Grant-Date Fair Value      
RSUs assumed at acquisition date, fair value $ 6,100    
Fair value replacement awards (as a percent) 48.00%    
v3.24.0.1
Stock-Based Compensation - RSU's Vested (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Value of shares vested $ 9.0 $ 5.2 $ 2.3
v3.24.0.1
Stock-Based Compensation - PSU Stock Option Activity (Details) - PSU - $ / shares
shares in Thousands
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Number of Shares      
Nonvested, Beginning Balance (shares) 428 309 148
Granted (shares) 200 143 164
Expired (shares) (142)    
Forfeited (shares) (32) (24) (2)
Nonvested, Ending Balance (shares) 455 428 309
Weighted Average Grant-Date Fair Value      
Outstanding, Beginning Balance (in dollars per share) $ 39.29 $ 37.29 $ 37.62
Granted (in dollars per share) 31.50 43.67 36.99
Expired (in dollars per share) 37.60    
Forfeited (in dollars per share) 38.38 39.60 37.61
Outstanding, Ending Balance (in dollars per share) $ 36.45 $ 39.29 $ 37.29
v3.24.0.1
Stock-Based Compensation - Outstanding Stock Option Activity (Details) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Number of Shares      
Outstanding, Beginning Balance (shares) 2,119 2,191 3,006
Exercised (shares) (225) (64) (815)
Forfeited or Expired (shares) (32) (8) (1)
Outstanding, Ending Balance (shares) 1,862 2,119 2,191
Weighted Average Grant-Date Fair Value      
Outstanding, Beginning Balance (in dollars per share) $ 41.86 $ 41.62 $ 39.84
Exercised (in dollars per share) 36.06 33.35 35.04
Forfeited or Expired (in dollars per share) 35.75 42.65 39.77
Outstanding, Ending Balance (in dollars per share) $ 42.67 $ 41.86 $ 41.62
v3.24.0.1
Stock-Based Compensation - Non-vested Stock Option Activity (Details) - Nonvested Awards
shares in Thousands
 12 Months Ended
Dec. 30, 2023
$ / shares
shares
Number of Shares  
Nonvested, Beginning Balance (shares) | shares 469
Vested (shares) | shares (461)
Forfeited (shares) | shares (8)
Nonvested, Ending Balance (shares) | shares 0
Weighted Average Grant-Date Fair Value  
Outstanding, Beginning Balance (in dollars per share) | $ / shares $ 9.87
Vested (in dollars per share) | $ / shares 9.87
Forfeited (in dollars per share) | $ / shares 9.88
Outstanding, Ending Balance (in dollars per share) | $ / shares $ 0
v3.24.0.1
Stock-Based Compensation - Stock Option Vested or Expected to Vest and are Exercisable (Details)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 30, 2023
USD ($)
$ / shares
shares
Exercisable  
Number (shares) | shares 1,862
Weighted-Average Exercise Price (in dollars per share) | $ / shares $ 42.67
Weighted-Average Remaining Exercisable Period (years) 3 years 6 months
Aggregate Intrinsic Value | $ $ 3.9
v3.24.0.1
Stock-Based Compensation - Other Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Share-Based Payment Arrangement [Abstract]      
Total fair value of options vested $ 4.6 $ 4.7 $ 3.3
Total intrinsic value of options exercised 0.8 0.5 5.4
Cash received from exercise of stock options 8.1 2.1 28.5
Tax benefit realized from exercise of stock options $ 0.2 $ 0.1 $ 1.0
v3.24.0.1
Stock-Based Compensation - Deferred Compensation (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]    
Current maturities of other long-term obligations $ 0.3 $ 0.5
Other long-term liabilities 2.1 6.6
Total deferred compensation $ 2.4 $ 7.0
v3.24.0.1
Retirement Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock contribution $ 3.9 $ 5.1 $ 7.1
Cash contribution 25.9 25.1 17.8
Total annual contribution 29.8 $ 30.1 $ 25.0
2023 Kimball International Legacy Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Cash contribution $ 4.8    
v3.24.0.1
Post-Retirement Health Care - Schedule of Cost of Retirement Plans (Details) - Postretirement Health Coverage - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Change in benefit obligation    
Benefit obligation at beginning of year $ 17.3 $ 23.3
Service cost 0.4 0.6
Interest cost 0.9 0.6
Benefits paid (1.2) (1.1)
Actuarial gain 0.2 (6.0)
Benefit obligation at end of year 17.5 17.3
Change in plan assets    
Fair value at beginning of year 0.0 0.0
Actual return on assets 0.0 0.0
Employer contribution 1.2 1.1
Transferred out 0.0 0.0
Benefits paid (1.2) (1.1)
Fair value at end of year 0.0 0.0
Funded Status of Plan (17.5) (17.3)
Amounts recognized in the Consolidated Balance Sheets consist of:    
Current liabilities - "Current maturities of other long-term obligations" 1.1 1.2
Non-current liabilities - "Other Long-Term Liabilities" 16.4 16.2
Change in Accumulated Other Comprehensive Income (Loss) (before tax):    
Amount disclosed at beginning of year (2.8) 3.3
Actuarial loss (gain) 0.2 (6.0)
Amortization of transition amount 0.1 (0.1)
Amount disclosed at end of year $ (2.5) $ (2.8)
v3.24.0.1
Post-Retirement Health Care - Estimated Future Benefit Payments (Details) - Postretirement Health Coverage
$ in Millions
Dec. 30, 2023
USD ($)
Defined Benefit Plan Disclosure [Line Items]  
2024 $ 1.1
2025 1.1
2026 1.1
2027 1.2
2028 1.2
2029 - 2033 6.3
Expected contributions Fiscal 2024 $ 1.1
v3.24.0.1
Post-Retirement Health Care Post-Retirement Health Care - Valuation Assumptions (Details)
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Postretirement Health Coverage      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.00% 5.20% 2.80%
v3.24.0.1
Leases - Narrative (Details)
 12 Months Ended
Dec. 30, 2023
option
Real Estate  
Lessee, Lease, Description [Line Items]  
Number of options to extend 1
Real Estate | Leased Assets | Assets  
Lessee, Lease, Description [Line Items]  
Concentration risk, percentage 88.00%
Real Estate | Minimum  
Lessee, Lease, Description [Line Items]  
Renewal term 1 year
Real Estate | Maximum  
Lessee, Lease, Description [Line Items]  
Renewal term 10 years
Equipment | Leased Assets | Assets  
Lessee, Lease, Description [Line Items]  
Concentration risk, percentage 12.00%
v3.24.0.1
Leases - Lease Costs included in the Condensed Consolidated Statements on Comprehensive Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Finance lease costs      
Total lease costs $ 37.0 $ 31.9 $ 29.4
Cost of sales      
Lessee, Lease, Description [Line Items]      
Fixed 5.4 2.9 2.3
Short-term / variable 1.4 1.3 1.0
Finance lease costs      
Amortization 1.4 1.2 0.9
Less: Sublease income (0.0) 0.0 (0.2)
Selling and administrative expenses      
Lessee, Lease, Description [Line Items]      
Fixed 24.3 22.7 23.1
Short-term / variable 1.7 1.5 0.7
Finance lease costs      
Less: Sublease income (0.5) (0.3) (0.3)
Selling and administrative, and interest expense      
Finance lease costs      
Amortization $ 3.1 $ 2.5 $ 1.9
v3.24.0.1
Leases - Maturities of Lease Liabilities (Details)
$ in Millions
Dec. 30, 2023
USD ($)
Operating Leases  
2024 $ 30.8
2025 29.5
2026 23.4
2027 16.9
2028 10.0
Thereafter 59.9
Total lease payments 170.4
Less: Interest (40.5)
Present value of lease liabilities 129.9
Finance Leases  
2024 4.8
2025 4.4
2026 2.3
2027 1.0
2028 0.6
Thereafter 0.1
Total lease payments 13.2
Less: Interest (0.9)
Present value of lease liabilities 12.3
Total  
2024 35.6
2025 33.9
2026 25.6
2027 17.9
2028 10.6
Thereafter 59.9
Total lease payments 183.6
Less: Interest (41.4)
Present value of operating lease and finance lease liabilities $ 142.2
v3.24.0.1
Leases - Weighted-Average Remaining Lease Terms and Discount Rates for Operating and Finance Leases (Details)
Dec. 30, 2023
Weighted-Average Discount Rate  
Operating leases 6.20%
Finance leases 4.10%
Weighted-Average Remaining Lease Term (years)  
Operating leases 7 years 6 months
Finance leases 3 years 2 months 12 days
v3.24.0.1
Leases - Cash Paid for Amounts Included in the Measurements of Lease Liabilities and Leased Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Cash paid for amounts included in the measurements of lease liabilities      
Operating cash flows from operating / finance leases $ 29.7 $ 22.6 $ 24.7
Financing cash flows from finance leases 4.2 3.3 2.7
Leased assets obtained in exchange for new operating / finance lease liabilities $ 62.3 $ 39.2 $ 49.3
v3.24.0.1
Guarantees, Commitments and Contingencies (Details)
$ in Millions
 12 Months Ended
Dec. 30, 2023
USD ($)
Guarantor Obligations [Line Items]  
Aggregate amount guaranteed $ 5.0
Minimum  
Guarantor Obligations [Line Items]  
Term of guarantees 1 year
Maximum  
Guarantor Obligations [Line Items]  
Term of guarantees 5 years
Letter of Credit  
Guarantor Obligations [Line Items]  
Letters of credit $ 39.0
Trade Letters Of Credit And Bankers Acceptances  
Guarantor Obligations [Line Items]  
Letters of credit $ 0.0
v3.24.0.1
Reportable Segment Information - Business Segment Information (Details)
$ in Millions
 12 Months Ended
Dec. 30, 2023
USD ($)
segment
Dec. 31, 2022
USD ($)
Jan. 01, 2022
USD ($)
Segment Reporting Information [Line Items]      
Number of reportable segments | segment 2    
Net sales $ 2,434.0 $ 2,361.8 $ 2,184.4
Gain on sale of subsidiary 0.0 50.4 0.0
Operating income 90.3 155.2 85.4
Interest expense, net 25.5 8.8 7.2
Total 64.8 146.4 78.3
Depreciation and Amortization Expense: 94.9 84.2 83.1
Capital Expenditures (including capitalized software): 79.1 68.4 66.5
Identifiable Assets: 1,928.8 1,414.5 1,497.9
Workplace furnishings      
Segment Reporting Information [Line Items]      
Net sales 1,740.3 1,486.2 1,434.0
Residential building products      
Segment Reporting Information [Line Items]      
Net sales 693.7 875.6 750.4
Operating | Workplace furnishings      
Segment Reporting Information [Line Items]      
Net sales 1,740.3 1,486.2 1,434.0
Operating profit 68.6 3.4 (0.5)
Depreciation and Amortization Expense: 59.5 45.7 47.8
Capital Expenditures (including capitalized software): 62.7 40.4 34.8
Identifiable Assets: 1,311.4 761.5 809.0
Operating | Residential building products      
Segment Reporting Information [Line Items]      
Net sales 693.7 875.6 750.4
Operating profit 116.6 158.7 141.9
Depreciation and Amortization Expense: 13.7 12.6 10.0
Capital Expenditures (including capitalized software): 12.6 16.2 16.1
Identifiable Assets: 467.1 493.0 479.5
General corporate      
Segment Reporting Information [Line Items]      
General corporate (94.9) (57.3) (55.9)
Depreciation and Amortization Expense: 21.6 25.9 25.3
Capital Expenditures (including capitalized software): 3.7 11.7 15.6
Identifiable Assets: $ 150.3 $ 160.0 $ 209.5
v3.24.0.1
Restructuring and Impairment - Schedule of Restructuring and Impairment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Restructuring Cost and Reserve [Line Items]      
Restructuring costs $ 45.7 $ 15.5 $ 14.0
Inventory valuation | Workplace Furnishings      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs (0.3) 8.1 7.4
Facility set-up costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs (9.8)    
Facility set-up costs | Workplace Furnishings      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs 1.2 0.7 0.2
Long-lived asset charges | Workplace Furnishings      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs 2.3 5.2 0.0
Exit costs | Workplace Furnishings      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs 9.2 0.5 0.2
Exit costs | General Corporate      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs 0.8 0.0 0.3
Goodwill and intangible asset impairment | Workplace Furnishings      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs 31.0 0.0 5.8
Investment impairment | General Corporate      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs $ 1.5 $ 1.0 $ 0.0
v3.24.0.1
Restructuring and Impairment - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Restructuring Cost and Reserve [Line Items]      
Restructuring reserve $ 1.8 $ 0.5  
Restructuring costs 45.7 $ 15.5 $ 14.0
Facility set-up costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs $ (9.8)    
v3.24.0.1
Supplier Finance Program (Details)
$ in Millions
 12 Months Ended
Dec. 30, 2023
USD ($)
Payables and Accruals [Abstract]  
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] Accounts payable and accrued expenses
Supplier Finance Program, Obligation [Roll Forward]  
Balance at beginning of period $ 27.4
Impact of business combination 0.9
New invoices confirmed during the period 131.0
Confirmed invoices paid during the period (130.9)
Balance at end of period $ 28.4