HNI CORP, 10-Q filed on 7/30/2024
Quarterly Report
v3.24.2
Cover
 6 Months Ended
Jun. 29, 2024
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Jun. 29, 2024
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 Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 47,138,842
Entity Central Index Key 0000048287
Amendment Flag false
Document Fiscal Year Focus 2024
Document Fiscal Period Focus Q2
Current Fiscal Year End Date --12-28
v3.24.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Income Statement [Abstract]        
Net sales $ 623.7 $ 563.5 $ 1,211.7 $ 1,042.5
Cost of sales 362.4 347.9 717.5 652.7
Gross profit 261.3 215.5 494.2 389.8
Selling and administrative expenses 205.9 211.0 409.0 378.9
Restructuring and impairment charges 2.0 8.1 2.1 8.1
Operating income (loss) 53.4 (3.6) 83.1 2.9
Interest expense, net 7.4 5.5 15.1 8.2
Income (loss) before income taxes 46.0 (9.0) 68.0 (5.3)
Income tax expense 10.0 3.8 14.3 6.0
Net income (loss) 36.0 (12.8) 53.7 (11.3)
Less: Net income (loss) attributable to non-controlling interest 0.0 0.0 0.0 0.0
Net income (loss) attributable to HNI Corporation $ 36.0 $ (12.8) $ 53.7 $ (11.3)
Average number of common shares outstanding – basic (in shares) 47.2 43.3 47.1 42.4
Net income (loss) attributable to HNI Corporation per common share – basic (in dollars per share) $ 0.76 $ (0.30) $ 1.14 $ (0.27)
Average number of common shares outstanding – diluted (in shares) 48.2 43.3 48.2 42.4
Net income (loss) attributable to HNI Corporation per common share – diluted (in dollars per share) $ 0.75 $ (0.30) $ 1.11 $ (0.27)
Foreign currency translation adjustments $ (0.1) $ 0.0 $ (0.1) $ 0.0
Change in unrealized gains (losses) on marketable securities, net of tax 0.0 (0.1) 0.0 0.1
Change in derivative financial instruments, net of tax 0.3 0.0 1.7 (0.1)
Other comprehensive income (loss), net of tax 0.3 (0.1) 1.7 0.0
Comprehensive income (loss) 36.3 (12.9) 55.4 (11.2)
Less: Comprehensive income (loss) attributable to non-controlling interest 0.0 0.0 0.0 0.0
Comprehensive income (loss) attributable to HNI Corporation $ 36.3 $ (12.9) $ 55.4 $ (11.2)
v3.24.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 29, 2024
Dec. 30, 2023
Current Assets:    
Cash and cash equivalents $ 28.2 $ 28.9
Short-term investments 5.3 5.6
Receivables 258.9 247.1
Allowance for doubtful accounts (2.3) (3.5)
Inventories, net 222.8 196.6
Prepaid expenses and other current assets 55.1 61.3
Total Current Assets 568.1 535.9
Property, Plant, and Equipment:    
Land and land improvements 59.2 58.9
Buildings 413.4 406.8
Machinery and equipment 708.1 705.8
Construction in progress 23.3 22.2
Property plant and equipment 1,204.1 1,193.7
Less accumulated depreciation (656.0) (638.5)
Net Property, Plant, and Equipment 548.1 555.2
Right-of-use - Finance Leases 12.7 12.2
Right-of-use - Operating Leases 111.5 115.2
Goodwill and Other Intangible Assets, net 638.7 651.9
Other Assets 61.8 58.4
Total Assets 1,940.8 1,928.8
Current Liabilities:    
Accounts payable and accrued expenses 390.9 418.7
Current maturities of debt 50.7 7.5
Current maturities of other long-term obligations 2.2 7.3
Current lease obligations - Finance 4.8 4.4
Current lease obligations - Operating 25.7 25.9
Total Current Liabilities 474.2 463.7
Long-Term Debt 411.7 428.3
Long-Term Lease Obligations - Finance 7.9 7.9
Long-Term Lease Obligations - Operating 101.6 104.0
Other Long-Term Liabilities 79.6 78.0
Deferred Income Taxes 77.7 85.1
Total Liabilities 1,152.7 1,167.0
Equity:    
HNI Corporation shareholders’ equity 787.8 761.4
Non-controlling interest 0.3 0.3
Total Equity 788.1 761.8
Total Liabilities and Equity $ 1,940.8 $ 1,928.8
v3.24.2
Condensed Consolidated Statements of Equity - USD ($)
$ in Millions
Total
Dividends payable
Cash dividends
Common Stock
Additional Paid-in Capital
Retained Earnings
Retained Earnings
Dividends payable
Retained Earnings
Cash dividends
Accumulated Other Comprehensive Income (Loss)
Non-controlling Interest
Beginning balance at Dec. 31, 2022 $ 616.8     $ 41.4 $ 49.1 $ 534.0     $ (8.0) $ 0.3
Comprehensive income:                    
Net income (loss) (11.3)         (11.3)       0.0
Other comprehensive income (loss), net of tax 0.0               0.0  
Dividends   $ (0.6) $ (28.2)       $ (0.6) $ (28.2)    
Common shares – treasury:                    
Shares issued under Members’ Stock Purchase Plan and stock awards, net of tax 17.8     0.4 17.3          
Shares issued in connection with Kimball International, Inc. acquisition 120.8     4.7 116.1          
Ending balance at Jul. 01, 2023 715.3     46.5 182.5 493.9     (8.0) 0.3
Beginning balance at Apr. 01, 2023 613.2     41.7 57.1 522.0     (7.9) 0.3
Comprehensive income:                    
Net income (loss) (12.8)         (12.8)       0.0
Other comprehensive income (loss), net of tax (0.1)               (0.1)  
Dividends   (0.3) (14.9)       (0.3) (14.9)    
Common shares – treasury:                    
Shares issued under Members’ Stock Purchase Plan and stock awards, net of tax 9.5     0.1 9.4          
Shares issued in connection with Kimball International, Inc. acquisition 120.8     4.7 116.1          
Ending balance at Jul. 01, 2023 715.3     46.5 182.5 493.9     (8.0) 0.3
Beginning balance at Dec. 30, 2023 761.8     46.9 201.6 523.6     (10.6) 0.3
Comprehensive income:                    
Net income (loss) 53.7         53.7       0.0
Other comprehensive income (loss), net of tax 1.7               1.7  
Dividends   (0.9) (30.7)       (0.9) (30.7)    
Common shares – treasury:                    
Shares purchased (13.6)     (0.3) (13.2)          
Shares issued under Members’ Stock Purchase Plan and stock awards, net of tax 16.2     0.6 15.6          
Ending balance at Jun. 29, 2024 788.1     47.1 204.0 545.7     (9.0) 0.3
Beginning balance at Mar. 30, 2024 771.8     47.3 208.1 525.4     (9.3) 0.3
Comprehensive income:                    
Net income (loss) 36.0         36.0       0.0
Other comprehensive income (loss), net of tax 0.3               0.3  
Dividends   $ (0.2) $ (15.6)       $ (0.2) $ (15.6)    
Common shares – treasury:                    
Shares purchased (11.0)     (0.3) (10.8)          
Shares issued under Members’ Stock Purchase Plan and stock awards, net of tax 6.8     0.1 6.7          
Ending balance at Jun. 29, 2024 $ 788.1     $ 47.1 $ 204.0 $ 545.7     $ (9.0) $ 0.3
v3.24.2
Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Statement of Stockholders' Equity [Abstract]        
Cash dividends, cash paid (in dollars per share) $ 0.33 $ 0.32 $ 0.65 $ 0.64
v3.24.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Net Cash Flows From (To) Operating Activities:    
Net income (loss) $ 53.7 $ (11.3)
Non-cash items included in net income:    
Depreciation and amortization 52.8 42.7
Other post-retirement and post-employment benefits 0.5 0.5
Stock-based compensation 11.7 7.6
Deferred income taxes (7.6) (9.5)
Other – net 2.3 2.3
Net increase (decrease) in cash from operating assets and liabilities (61.2) 4.8
Increase (decrease) in other liabilities (5.1) 2.7
Net cash flows from (to) operating activities 47.0 39.8
Net Cash Flows From (To) Investing Activities:    
Capital expenditures (27.3) (37.7)
Capitalized software (1.4) (3.4)
Acquisition spending, net of cash acquired 0.0 (369.8)
Purchase of investments (1.9) (3.1)
Sales or maturities of investments 3.4 3.0
Other – net 0.2 0.2
Net cash flows from (to) investing activities (26.9) (410.8)
Net Cash Flows From (To) Financing Activities:    
Payments of debt (202.4) (161.7)
Proceeds from debt 228.6 572.3
Dividends paid (32.1) (28.6)
Purchase of HNI Corporation common stock (13.4) 0.0
Proceeds from sales of HNI Corporation common stock 1.2 1.2
Other – net (2.7) (5.9)
Net cash flows from (to) financing activities (20.8) 377.3
Net increase (decrease) in cash and cash equivalents (0.7) 6.3
Cash and cash equivalents at beginning of period 28.9 17.4
Cash and cash equivalents at end of period $ 28.2 $ 23.8
v3.24.2
Basis of Presentation
 6 Months Ended
Jun. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying unaudited, condensed consolidated financial statements of HNI Corporation (individually and together with its consolidated subsidiaries, the "Corporation") have been prepared in accordance with generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The December 30, 2023 consolidated balance sheet included in this Form 10-Q was derived from audited financial statements but does not include all disclosures required by GAAP. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement have been included. Operating results for the six-month period ended June 29, 2024, are not necessarily indicative of the results expected for the fiscal year ending December 28, 2024 or for any other period. For further information, refer to the consolidated financial statements and accompanying notes included in the Corporation's Annual Report on Form 10-K for the fiscal year ended December 30, 2023. All dollar amounts presented are in millions, except per share data or where otherwise indicated. Amounts may not sum due to rounding.

On June 1, 2023, the Corporation acquired Kimball International, Inc. ("Kimball International"). The Corporation included the financial results of Kimball International in the Condensed Consolidated Financial Statements starting as of the date of acquisition. See "Note 3. Acquisition and Divestitures" for further information.
v3.24.2
Revenue from Contracts with Customers
 6 Months Ended
Jun. 29, 2024
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:
Three Months EndedSix Months Ended
June 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Systems and storage$290.7 $251.4 $570.3 $433.7 
Seating145.4 123.4 271.4 216.9 
Other44.0 38.3 78.3 62.1 
Total workplace furnishings480.2 413.0 920.0 712.7 
Residential building products143.5 150.4 291.7 329.8 
Net sales$623.7 $563.5 $1,211.7 $1,042.5 

Sales by product category are subject to similar economic factors and market conditions. See "Note 14. 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:
June 29,
2024		December 30,
2023
Trade receivables (1)$258.9 $247.1 
Contract assets (current) (2)$3.2 $3.1 
Contract assets (long-term) (3)$26.8 $28.1 
Contract liabilities - Customer deposits (4)$39.7 $35.6 
Contract liabilities - Accrued rebate and marketing programs (4)$29.5 $31.4 

The index below indicates the line item in the Condensed 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"

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 contract liability balance related to customer deposits was $35.6 million as of December 30, 2023, of which $33.9 million was recognized as revenue in the first six months of 2024.
v3.24.2
Acquisitions and Divestitures
 6 Months Ended
Jun. 29, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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. The Corporation has incurred aggregate acquisition-related expenses of $41.1 million to date, of which $28.6 million were incurred as corporate costs and $12.5 million were recorded in the workplace furnishings segment. Of these expenses, corporate costs of $24.4 million and workplace furnishings costs of $10.3 million were incurred in the six-month period ended July 1, 2023, and are included in "Selling and administrative expenses" in the Condensed Consolidated Statements of Comprehensive Income. Additionally, acquisition-related financing costs of $2.8 million and $0.2 million were recorded to the Condensed Consolidated Balance Sheets 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 acquisition was 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. Goodwill, which is not tax-deductible, is primarily attributable to the assembled workforce of Kimball International and anticipated synergies.
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 common 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 common 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 represents non-cash consideration.

The purchase price allocation at the date of acquisition, including measurement period adjustments made in the first quarter of 2024, is shown below. The one-year accounting measurement period closed in the second quarter of 2024, and the purchase price allocation was finalized with no additional adjustments recorded.
Preliminary at December 30, 2023Measurement period adjustmentsFinal
Goodwill$162.7 $1.1 $163.8 
Intangible assets110.1 — 110.1 
Other assets acquired and liabilities assumed, net231.0 (1.1)229.9 
Net Assets and Liabilities$503.7 $— $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 following table summarizes the results of Kimball International operations that are included in the Corporation's Condensed Consolidated Statement of Comprehensive Income for the three- and six-month periods ended June 29, 2024 and July 1, 2023. These amounts include the results of Poppin Furniture, Inc. ("Poppin") for the prior-year period during which it was owned by the Corporation. Poppin was determined not to require discontinued operations presentation as this entity was not material to the consolidated results of the prior periods presented.
Three Months EndedSix Months Ended
June 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Net sales$139.6 $56.0 $287.1 $56.0 
Net income (loss)$10.1 $(21.3)$16.3 $(21.3)

Pro Forma Results of Operations
The following table provides, on a pro forma basis, the combined results of operations of HNI Corporation and Kimball International for the three- and six-month periods ended July 1, 2023, as though the acquisition and related financing had occurred 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 the Corporation's financial statement presentation; estimated depreciation and amortization expense on acquired tangible and intangible assets; estimated share-based compensation expense for Kimball International equity awards converted to the Corporation's equity 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.
Three Months EndedSix Months Ended
July 1,
2023		July 1,
2023
Net sales$666.3 $1,306.6 
Net income$10.4 $14.7 

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, which 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.
v3.24.2
Inventories
 6 Months Ended
Jun. 29, 2024
Inventory Disclosure [Abstract]  
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. Inventories included in the Condensed Consolidated Balance Sheets consisted of the following:
June 29,
2024		December 30,
2023
Finished products, net$143.9 $112.9 
Materials and work in process, net123.4 128.2 
LIFO allowance(44.5)(44.5)
Total inventories, net$222.8 $196.6 
Inventory valued by the LIFO costing method93 %91 %

The year-to-date increase in the net inventory balance was driven by seasonality in both the workplace furnishings and residential building products segments.
In addition to the LIFO allowance, the Corporation recorded inventory allowances reducing finished products, materials, and work in process of $15.0 million and $14.2 million as of June 29, 2024 and December 30, 2023, respectively, to adjust for excess and obsolete inventory or otherwise reduce FIFO-basis inventory to net realizable value.
v3.24.2
Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill and other intangible assets included in the Condensed Consolidated Balance Sheets consisted of the following:
June 29,
2024		December 30,
2023
Goodwill, net$442.1 $441.0 
Definite-lived intangible assets, net147.4 161.7 
Indefinite-lived intangible assets49.1 49.1 
Total goodwill and other intangible assets, net$638.7 $651.9 

Goodwill
The activity in the carrying amount of goodwill, by reporting segment, was as follows:
Workplace FurnishingsResidential Building ProductsTotal
Balance as of December 30, 2023   
Goodwill$297.2 $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 
Goodwill measurement period adjustments1.1 — 1.1 
Balance as of June 29, 2024  
Goodwill298.3 222.4 520.7 
Accumulated impairment losses(78.5)(0.1)(78.6)
Net goodwill balance as of June 29, 2024
$219.8 $222.3 $442.1 

Goodwill measurement period adjustments were made in the first quarter of 2024 related to the acquisition of Kimball International. The measurement period was closed during the second quarter of 2024. See "Note 3. Acquisitions and Divestitures" for further information.

Definite-lived intangible assets
The table below summarizes amortizable definite-lived intangible assets, which are reflected in "Goodwill and Other Intangible Assets, net" in the Condensed Consolidated Balance Sheets:
June 29, 2024December 30, 2023
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Software$192.0 $144.8 $47.2 $199.6 $143.4 $56.2 
Trademarks and trade names17.9 7.7 10.2 18.1 7.3 10.8 
Customer lists and other139.7 49.7 90.1 143.9 49.2 94.7 
Net definite-lived intangible assets$349.6 $202.1 $147.4 $361.6 $199.8 $161.7 
Amortization expense is reflected in "Selling and administrative expenses" in the Condensed Consolidated Statements of Comprehensive Income and was as follows:
Three Months EndedSix Months Ended
June 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Capitalized software$5.2 $5.5 $10.4 $10.9 
Other definite-lived intangibles$2.6 $1.9 $5.2 $3.4 

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 years is as follows:
20242025202620272028
Amortization expense$30.2 $27.5 $22.9 $16.9 $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, net" in the Condensed Consolidated Balance Sheets:
June 29,
2024		December 30,
2023
Trademarks and trade names$49.1 $49.1 

Impairment Analysis
The Corporation evaluates its goodwill and indefinite-lived intangible assets for impairment on an annual basis during the 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. No impairment triggers were identified that warranted further impairment analysis in the current period.
v3.24.2
Product Warranties
 6 Months Ended
Jun. 29, 2024
Product Warranties Disclosures [Abstract]  
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 materially from the original estimates, requiring adjustments to the allowance. 

Activity associated with warranty obligations was as follows:
Six Months Ended
June 29,
2024		July 1,
2023
Balance at beginning of period$18.0 $14.8 
Accruals related to acquisitions— 3.5 
Accruals for warranties issued8.1 6.2 
Settlements and other(7.1)(5.6)
Balance at end of period$19.0 $19.0 
The current and long-term portions of the allowance for estimated settlements are included within "Accounts payable and accrued expenses" and "Other Long-Term Liabilities," respectively, in the Condensed Consolidated Balance Sheets. The following table summarizes when these estimated settlements are expected to be paid:
June 29,
2024		December 30,
2023
Current - in the next twelve months$6.7 $6.0 
Long-term - beyond one year12.4 12.0 
Total$19.0 $18.0 
v3.24.2
Debt
 6 Months Ended
Jun. 29, 2024
Debt Disclosure [Abstract]  
Debt Debt
Debt is as follows:
June 29,
2024		December 30,
2023
Revolving credit facility with interest at a variable rate
 (June 29, 2024 - 6.7%; December 30, 2023 - 6.9%)
$114.0 $38.5 
Term loan with interest at a variable rate
 (June 29, 2024 - 6.8%; December 30, 2023 - 7.0%)
250.0 300.0 
Fixed-rate notes due in 2025 with an interest rate of 4.2%
50.0 50.0 
Fixed-rate notes due in 2028 with an interest rate of 4.4%
50.0 50.0 
Other amounts0.7 — 
Deferred debt issuance costs(2.4)(2.7)
Total debt462.3 435.8 
Less: Current maturities of debt50.7 7.5 
Long-term debt$411.7 $428.3 

The aggregate carrying value of the Corporation’s variable-rate, long-term debt obligations under the revolving credit and term loan facilities at June 29, 2024, was $364 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 $95 million at June 29, 2024.

As of June 29, 2024, the Corporation’s revolving credit facility borrowings were incurred 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 14, 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 Condensed Consolidated Balance Sheets. The long-term portion of debt issuance costs of $0.7 million is reflected in "Other Assets" in the Condensed Consolidated Balance Sheets.

As of June 29, 2024, there was $114 million of borrowings 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 consolidated EBITDA, as defined in the credit agreement, for the last four fiscal quarters, the Corporation can access the full $425 million of borrowing capacity available under the revolving credit facility, which includes the $114 million currently outstanding, and maintain compliance with the financial covenants under the facility described below.

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.

As of June 29, 2024, the Corporation had $250 million principal amount of borrowings outstanding under a term loan agreement entered into on March 31, 2023, as amended on May 25, 2023. The initial $300 million of proceeds from the term loan were used to support funding of the Corporation's acquisition of Kimball International on June 1, 2023. In May 2024, the Corporation executed a $50 million early repayment of the outstanding principal balance on the term loan. Borrowings under the revolving credit facility were used to finance the early repayment. The term loan is subject to principal amortization which
was scheduled to begin on June 30, 2024. As a result of the early repayment executed by the Corporation, a portion of the principal amortization requirements were satisfied. No principal amortization is due to be repaid prior to March 2027, with incremental amounts due each subsequent quarter until the expiration of the term loan on the fifth year of the funding date, defined as June 1, 2028. 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 June 29, 2024, the deferred debt issuance costs balance of $2.2 million related to the agreement is reflected in "Long-Term Debt" in the Condensed Consolidated Balance Sheets.

As of June 29, 2024, the Corporation also had $100 million principal amount 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 4.2 percent, due May 31, 2025, and $50 million of ten-year fixed-rate notes with an interest rate of 4.4 percent, due May 31, 2028. The principal amounts due on May 31, 2025 are classified as "Current maturities of debt" and the principal amounts due May 31, 2028 are classified as "Long-Term Debt" in the Condensed Consolidated Balance Sheets. The Corporation deferred the debt issuance costs related to the private placement note agreements, which are classified as reductions of current maturities of debt and long-term debt based on note maturity, 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 June 29, 2024, the current portion of the deferred debt issuance costs balance related to the private placement note agreements is not material and is reflected in "Current maturities of debt" in the Condensed Consolidated Balance Sheets, and the long term portion of the deferred debt issuance costs balance related to the private placement note agreements is $0.2 million and is reflected in "Long-Term Debt" in the Condensed Consolidated Balance Sheets. As of June 29, 2024, due to current market rates, the Corporation would not owe any amounts to the note holders under a 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 definitions 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.

The Corporation is subject to financial covenants requiring it to maintain the following financial ratios as of the end of any fiscal quarter:

•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 June 29, 2024, the Corporation was in compliance with the financial covenants.
v3.24.2
Income Taxes
 6 Months Ended
Jun. 29, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Corporation’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items. The following table summarizes the Corporation’s income tax provision:
Three Months EndedSix Months Ended
June 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Income (loss) before income taxes$46.0 $(9.0)$68.0 $(5.3)
Income taxes$10.0 $3.8 $14.3 $6.0 
Effective tax rate21.7  %(41.8) %21.0  %(113.1) %

The Corporation’s income tax expense was higher in the three- and six-month periods ended June 29, 2024 compared to the same periods last year. The variation in the effective tax rates was primarily due to lower pre-tax income in the comparable prior-year periods impacted by non-deductible transaction costs in connection with the acquisition of Kimball International.
v3.24.2
Fair Value Measurements of Financial Instruments
 6 Months Ended
Jun. 29, 2024
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.

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 June 29, 2024
Cash and cash equivalents (including money market funds) (1)$28.2 $28.2 $— $— 
Mutual funds (2)$10.9 $10.9 $— $— 
Government securities (2)$5.5 $— $5.5 $— 
Corporate bonds (2)$7.9 $— $7.9 $— 
Interest rate swap derivative - asset (3)$0.2 $— $0.2 $— 
Interest rate swap derivative - liability (4)$(1.5)$— $(1.5)$— 
Put option liability (4)$(5.7)$— $— $(5.7)
Balance as of December 30, 2023
Cash and cash equivalents (including money market funds) (1)$28.9 $28.9 $— $— 
Mutual funds (2)$11.3 $11.3 $— $— 
Government securities (2)$5.7 $— $5.7 $— 
Corporate bonds (2)$7.8 $— $7.8 $— 
Interest rate swap derivative - liability (4)$(3.5)$— $(3.5)$— 
Put option liability (4)$(5.7)$— $— $(5.7)
Amounts in parentheses indicate liabilities.
The index below indicates the line item in the Condensed 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) "Prepaid expenses and other current assets"
(4) "Other Long-Term Liabilities"
v3.24.2
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity
 6 Months Ended
Jun. 29, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity Accumulated Other Comprehensive Income (Loss) and Shareholders’ Equity
The following tables summarize 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 AdjustmentUnrealized Gains (Losses) on Debt SecuritiesPension and Post-retirement LiabilitiesDerivative Financial InstrumentAccumulated Other Comprehensive Income (Loss)
Balance as of December 30, 2023$(6.5)$(0.3)$(1.2)$(2.7)$(10.6)
Other comprehensive income (loss) before reclassifications(0.1)(0.0)— 2.6 2.5 
Tax (expense) or benefit— 0.0 — (0.6)(0.6)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax— 0.0 — (0.2)(0.2)
Balance as of June 29, 2024$(6.6)$(0.3)$(1.2)$(1.0)$(9.0)
Amounts in parentheses indicate reductions to equity.

Foreign Currency Translation AdjustmentUnrealized Gains (Losses) on Debt SecuritiesPension and Post-retirement LiabilitiesDerivative Financial InstrumentAccumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2022$(6.4)$(0.6)$(1.1)$0.1 $(8.0)
Other comprehensive income (loss) before reclassifications0.0 0.0 — — 0.1 
Tax (expense) or benefit— (0.0)— — (0.0)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax— 0.1 — (0.1)(0.0)
Balance as of July 1, 2023$(6.3)$(0.5)$(1.1)$— $(8.0)
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 an 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 14, 2027. As of June 29, 2024, the fair value of the Corporation’s interest rate swap was comprised of a current asset of $0.2 million and a non-current liability of $1.5 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 $(1.0) million in "Accumulated other comprehensive income (loss)" in the Condensed Consolidated Balance Sheets.
The following table details the reclassifications from accumulated other comprehensive income (loss):
Three Months EndedSix Months Ended
Details about Accumulated Other Comprehensive Income (Loss) ComponentsAffected Line Item in the Statement Where Net Income is PresentedJune 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Derivative financial instrument
Interest rate swapInterest expense, net$0.2 $— $0.3 $0.1 
Income taxes(0.0)— (0.1)(0.0)
Unrealized gains (losses) on debt securities
Gain (loss) on sale of debt securitiesSelling and administrative expenses(0.0)0.0 (0.0)(0.1)
Income taxes0.0 (0.0)0.0 0.0 
Net of tax$0.1 $0.0 $0.2 $0.0 
Amounts in parentheses indicate reductions to profit.

Dividend
The Corporation declared and paid cash dividends per common share as follows:
Six Months Ended
June 29,
2024		July 1,
2023
Dividends per common share$0.65 $0.64 

Stock Repurchase
The following table summarizes shares repurchased and settled by the Corporation:
Six Months Ended
June 29,
2024		July 1,
2023
Shares repurchased0.3 — 
Average price per share$43.53 $— 
Cash purchase price$(13.6)$— 
Purchases unsettled as of quarter end0.3 — 
Prior year purchases settled in current year(0.1)— 
Shares repurchased per cash flow$(13.4)$— 

As of June 29, 2024, $220.0 million of the Corporation’s stock repurchase authorization by the Board of Directors remained available.
v3.24.2
Earnings Per Share
 6 Months Ended
Jun. 29, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table reconciles the numerators and denominators used in the calculation of basic and diluted earnings per share ("EPS"):
 Three Months EndedSix Months Ended
June 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Numerator:  
Numerator for both basic and diluted EPS attributable to HNI Corporation net income (loss)$36.0 $(12.8)$53.7 $(11.3)
Denominators:  
Denominator for basic EPS weighted-average common shares outstanding47.2 43.3 47.1 42.4 
Potentially dilutive shares from stock-based compensation plans1.0 — 1.1 — 
Denominator for diluted EPS48.2 43.3 48.2 42.4 
Earnings per share – basic$0.76 $(0.30)$1.14 $(0.27)
Earnings per share – diluted$0.75 $(0.30)$1.11 $(0.27)

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. See "Note 3. Acquisition and Divestitures" for further information.

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:
Three Months EndedSix Months Ended
June 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Common stock equivalents excluded because their inclusion would be anti-dilutive0.8 3.0 0.8 2.8 
v3.24.2
Stock-Based Compensation
 6 Months Ended
Jun. 29, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Corporation measures stock-based compensation expense at grant date, based on the fair value of the award. Forms of awards issued under shareholder approved plans include stock options, restricted stock units based on a service condition ("restricted stock units"), restricted stock units based on both performance and service conditions ("performance stock units"), and shares issued under member stock purchase plans. Stock-based compensation expense related to stock options, restricted stock units, and performance stock units is recognized over the employees’ requisite service periods, adjusted for an estimated forfeiture rate for those shares not expected to vest. Additionally, expense related to performance stock units is periodically adjusted for the probable number of shares to be awarded based on Corporation achievement within an established target range of cumulative profitability over a multi-year period.

The following table summarizes expense associated with these plans:
Three Months EndedSix Months Ended
June 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Compensation cost$4.0 $3.1 $11.7 $7.6 

The increase in stock compensation cost was driven by higher forecasted Corporation achievement relative to performance stock unit targets, as well as an increase in members participating in stock-based incentive plans as a result of the Kimball International acquisition.
The units granted by the Corporation had fair values as follows:
Six Months Ended
June 29,
2024		July 1,
2023
Restricted stock units$7.3 $12.1 
Performance stock units$7.2 $6.0 

The decrease in the fair value of restricted stock units granted compared to the prior-year period was driven by replacement awards issued in the second quarter of 2023 in connection with the Kimball International acquisition. See "Note 3.
Acquisitions and Divestitures" for further information.

The following table summarizes unrecognized compensation expense and the weighted-average remaining service period for non-vested stock units as of June 29, 2024:
Unrecognized Compensation ExpenseWeighted-Average Remaining
Service Period (years)
Non-vested restricted stock units$4.2 0.8
Non-vested performance stock units$14.2 1.1
v3.24.2
Guarantees, Commitments, and Contingencies
 6 Months Ended
Jun. 29, 2024
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 $38 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 June 29, 2024, 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 remaining terms of these guarantees, which range from less than one year to three 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 June 29, 2024. 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 quarterly or annual operating results when resolved in a future period.
v3.24.2
Reportable Segment Information
 6 Months Ended
Jun. 29, 2024
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 designs, 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 condensed consolidated financial statements was as follows:
 Three Months EndedSix Months Ended
June 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Net Sales:
Workplace furnishings$480.2 $413.0 $920.0 $712.7 
Residential building products143.5 150.4 291.7 329.8 
Total$623.7 $563.5 $1,211.7 $1,042.5 
Income (Loss) Before Income Taxes:
Workplace furnishings$54.3 $15.9 $80.6 $11.9 
Residential building products19.8 15.6 41.1 43.6 
General corporate(20.7)(35.0)(38.6)(52.7)
Operating income (loss)53.4 (3.6)83.1 2.9 
Interest expense, net7.4 5.5 15.1 8.2 
Total$46.0 $(9.0)$68.0 $(5.3)
Depreciation and Amortization Expense:
Workplace furnishings$17.8 $13.8 $35.6 $25.0 
Residential building products3.6 3.4 7.1 6.7 
General corporate5.0 5.4 10.1 11.0 
Total$26.4 $22.6 $52.8 $42.7 
Capital Expenditures (including capitalized software):
Workplace furnishings$12.3 $17.9 $18.4 $31.8 
Residential building products1.8 2.4 4.3 7.4 
General corporate3.4 0.9 5.9 2.0 
Total$17.5 $21.1 $28.7 $41.2 
As of
June 29, 2024		As of
December 30, 2023
Identifiable Assets:
Workplace furnishings$1,321.8 $1,311.4 
Residential building products476.3 467.1 
General corporate142.7 150.3 
Total$1,940.8 $1,928.8 
v3.24.2
Supplier Finance Programs
 6 Months Ended
Jun. 29, 2024
Equity [Abstract]  
Supplier Finance Programs Supplier Finance Programs
Some of the Corporation’s third-party financial institutions offer supply chain finance ("SCF") programs by which they allow eligible Corporation suppliers the opportunity to sell their trade receivables due from the Corporation. Supplier participation in the SCF programs 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 institutions 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 making payment on the terms originally negotiated with each supplier.

The Corporation’s payments to the financial institutions to settle obligations related to suppliers that elected to participate in the SCF programs are reflected in cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows. Additionally, SCF programs payment obligations due by the Corporation to the financial institutions are recorded in "Accounts payable and accrued expenses" in the Condensed Consolidated Balance Sheets as follows:
June 29, 2024December 30, 2023
Supplier finance programs obligations$37.3 $28.4 
v3.24.2
Restructuring and Impairment
 6 Months Ended
Jun. 29, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Impairment Restructuring and Impairment
Restructuring and impairment activity relates to: cash set-up costs at a new manufacturing facility in Mexico in the current and prior periods; non-cash inventory valuation adjustments related to the closure of a small workplace furnishings eCommerce brand in the prior period; non-cash long-lived asset valuation charges in connection with closures in the prior period; cash exit costs tied to workplace furnishings manufacturing facility consolidation actions in the current year; and cash exit costs in connection with the divestiture of Poppin in the prior year.
Three Months EndedSix Months Ended
ClassificationJune 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Workplace Furnishings
Inventory valuationCost of sales$— $(0.4)$— $(0.3)
Facility set-up costsCost of sales0.6 0.2 0.7 0.5 
Long-lived asset chargesRestructuring and impairment charges— 2.1 — 2.1 
Exit costsRestructuring and impairment charges2.0 6.0 2.1 6.0 
Total$2.6 $7.8 $2.8 $8.3 

As of June 29, 2024 and December 30, 2023, accrued restructuring expenses of $2.4 million and $1.8 million, respectively, were included in "Accounts payable and accrued expenses" in the Condensed Consolidated Balance Sheets. Cash payments related to these charges in the current year-to-date period were $2.1 million. In the prior year-to-date period, cash payments were not significant. Future restructuring costs connected to current initiatives are estimated to be $4.0 million.
v3.24.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Pay vs Performance Disclosure        
Numerator for both basic and diluted EPS attributable to HNI Corporation net income (loss) $ 36.0 $ (12.8) $ 53.7 $ (11.3)
v3.24.2
Insider Trading Arrangements
 3 Months Ended 6 Months Ended
Jun. 29, 2024
shares
Jun. 29, 2024
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 June 29, 2024:

Trading Arrangement
Name and TitleActionDate Rule 10b5-1Non-
Rule 10b5-1		Total Shares to be SoldExpiration Date
Jeffrey D. Lorenger,
Chairman, President,
and Chief Executive
Officer		AdoptMay 10, 2024x97,999February 17, 2026
Vincent P. Berger,
Executive Vice President, HNI
Corporation, and
President, Hearth & Home
Technologies LLC		AmendMay 20, 2024x109,329February 19, 2025
Mary A. Bell, DirectorAdoptMay 23, 2024x5,000February 21, 2025
Miguel M. Calado, Lead DirectorAdoptMay 28, 2024x5,299February 28, 2025
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Jeffrey D. Lorenger [Member]    
Trading Arrangements, by Individual    
Name Jeffrey D. Lorenger  
Title Chairman, President,and Chief ExecutiveOfficer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date May 10, 2024  
Expiration Date February 17, 2026  
Arrangement Duration 648 days  
Aggregate Available 97,999 97,999
Vincent P. Berger [Member]    
Trading Arrangements, by Individual    
Name Vincent P. Berger  
Title Executive Vice President, HNICorporation, and President, Hearth & HomeTechnologies LLC  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date May 20, 2024  
Expiration Date February 19, 2025  
Arrangement Duration 275 days  
Aggregate Available 109,329 109,329
Mary A. Bell [Member]    
Trading Arrangements, by Individual    
Name Mary A. Bell  
Title Director  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date May 23, 2024  
Expiration Date February 21, 2025  
Arrangement Duration 274 days  
Aggregate Available 5,000 5,000
Miguel M. Calado [Member]    
Trading Arrangements, by Individual    
Name Miguel M. Calado  
Title Lead Director  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date May 28, 2024  
Expiration Date February 28, 2025  
Arrangement Duration 276 days  
Aggregate Available 5,299 5,299
v3.24.2
Basis of Presentation (Policies)
 6 Months Ended
Jun. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
The accompanying unaudited, condensed consolidated financial statements of HNI Corporation (individually and together with its consolidated subsidiaries, the "Corporation") have been prepared in accordance with generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The December 30, 2023 consolidated balance sheet included in this Form 10-Q was derived from audited financial statements but does not include all disclosures required by GAAP. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement have been included. Operating results for the six-month period ended June 29, 2024, are not necessarily indicative of the results expected for the fiscal year ending December 28, 2024 or for any other period. For further information, refer to the consolidated financial statements and accompanying notes included in the Corporation's Annual Report on Form 10-K for the fiscal year ended December 30, 2023. All dollar amounts presented are in millions, except per share data or where otherwise indicated. Amounts may not sum due to rounding.
On June 1, 2023, the Corporation acquired Kimball International, Inc. ("Kimball International"). The Corporation included the financial results of Kimball International in the Condensed Consolidated Financial Statements starting as of the date of acquisition.
Revenue
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.
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.
Goodwill and Other Intangible Assets
Impairment Analysis
The Corporation evaluates its goodwill and indefinite-lived intangible assets for impairment on an annual basis during the 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. No impairment triggers were identified that warranted further impairment analysis in the current period.
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 materially from the original estimates, requiring adjustments to the allowance.
Fair Value Measurements
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.
Stock-Based Compensation
The Corporation measures stock-based compensation expense at grant date, based on the fair value of the award. Forms of awards issued under shareholder approved plans include stock options, restricted stock units based on a service condition ("restricted stock units"), restricted stock units based on both performance and service conditions ("performance stock units"), and shares issued under member stock purchase plans. Stock-based compensation expense related to stock options, restricted stock units, and performance stock units is recognized over the employees’ requisite service periods, adjusted for an estimated forfeiture rate for those shares not expected to vest. Additionally, expense related to performance stock units is periodically adjusted for the probable number of shares to be awarded based on Corporation achievement within an established target range of cumulative profitability over a multi-year period.
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 designs, 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.
v3.24.2
Revenue from Contracts with Customers (Tables)
 6 Months Ended
Jun. 29, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
Revenue from contracts with customers disaggregated by product category is as follows:
Three Months EndedSix Months Ended
June 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Systems and storage$290.7 $251.4 $570.3 $433.7 
Seating145.4 123.4 271.4 216.9 
Other44.0 38.3 78.3 62.1 
Total workplace furnishings480.2 413.0 920.0 712.7 
Residential building products143.5 150.4 291.7 329.8 
Net sales$623.7 $563.5 $1,211.7 $1,042.5 
Schedule of Contract Assets and Contract Liabilities
Contract assets and contract liabilities were as follows:
June 29,
2024		December 30,
2023
Trade receivables (1)$258.9 $247.1 
Contract assets (current) (2)$3.2 $3.1 
Contract assets (long-term) (3)$26.8 $28.1 
Contract liabilities - Customer deposits (4)$39.7 $35.6 
Contract liabilities - Accrued rebate and marketing programs (4)$29.5 $31.4 
v3.24.2
Acquisitions and Divestitures (Tables)
 6 Months Ended
Jun. 29, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Total Fair Market Value of 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 common 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 common 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 Acquisition
The purchase price allocation at the date of acquisition, including measurement period adjustments made in the first quarter of 2024, is shown below. The one-year accounting measurement period closed in the second quarter of 2024, and the purchase price allocation was finalized with no additional adjustments recorded.
Preliminary at December 30, 2023Measurement period adjustmentsFinal
Goodwill$162.7 $1.1 $163.8 
Intangible assets110.1 — 110.1 
Other assets acquired and liabilities assumed, net231.0 (1.1)229.9 
Net Assets and Liabilities$503.7 $— $503.7 
The following table summarizes the results of Kimball International operations that are included in the Corporation's Condensed Consolidated Statement of Comprehensive Income for the three- and six-month periods ended June 29, 2024 and July 1, 2023. These amounts include the results of Poppin Furniture, Inc. ("Poppin") for the prior-year period during which it was owned by the Corporation. Poppin was determined not to require discontinued operations presentation as this entity was not material to the consolidated results of the prior periods presented.
Three Months EndedSix Months Ended
June 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Net sales$139.6 $56.0 $287.1 $56.0 
Net income (loss)$10.1 $(21.3)$16.3 $(21.3)
Schedule of Acquired Identified Intangible Assets and Weighted Average Useful Lives
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 Pro Forma Information 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.
Three Months EndedSix Months Ended
July 1,
2023		July 1,
2023
Net sales$666.3 $1,306.6 
Net income$10.4 $14.7 
v3.24.2
Inventories (Tables)
 6 Months Ended
Jun. 29, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventories Inventories included in the Condensed Consolidated Balance Sheets consisted of the following:
June 29,
2024		December 30,
2023
Finished products, net$143.9 $112.9 
Materials and work in process, net123.4 128.2 
LIFO allowance(44.5)(44.5)
Total inventories, net$222.8 $196.6 
Inventory valued by the LIFO costing method93 %91 %
v3.24.2
Goodwill and Other Intangible Assets (Tables)
 6 Months Ended
Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill and Other Intangible Assets
Goodwill and other intangible assets included in the Condensed Consolidated Balance Sheets consisted of the following:
June 29,
2024		December 30,
2023
Goodwill, net$442.1 $441.0 
Definite-lived intangible assets, net147.4 161.7 
Indefinite-lived intangible assets49.1 49.1 
Total goodwill and other intangible assets, net$638.7 $651.9 
Schedule of Activity in Carrying Amount of Goodwill
The activity in the carrying amount of goodwill, by reporting segment, was as follows:
Workplace FurnishingsResidential Building ProductsTotal
Balance as of December 30, 2023   
Goodwill$297.2 $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 
Goodwill measurement period adjustments1.1 — 1.1 
Balance as of June 29, 2024  
Goodwill298.3 222.4 520.7 
Accumulated impairment losses(78.5)(0.1)(78.6)
Net goodwill balance as of June 29, 2024
$219.8 $222.3 $442.1 
Schedule of Definite-Lived Intangible Assets
The table below summarizes amortizable definite-lived intangible assets, which are reflected in "Goodwill and Other Intangible Assets, net" in the Condensed Consolidated Balance Sheets:
June 29, 2024December 30, 2023
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Software$192.0 $144.8 $47.2 $199.6 $143.4 $56.2 
Trademarks and trade names17.9 7.7 10.2 18.1 7.3 10.8 
Customer lists and other139.7 49.7 90.1 143.9 49.2 94.7 
Net definite-lived intangible assets$349.6 $202.1 $147.4 $361.6 $199.8 $161.7 
Schedule of Finite-Lived Intangible Assets Amortization Expense
Amortization expense is reflected in "Selling and administrative expenses" in the Condensed Consolidated Statements of Comprehensive Income and was as follows:
Three Months EndedSix Months Ended
June 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Capitalized software$5.2 $5.5 $10.4 $10.9 
Other definite-lived intangibles$2.6 $1.9 $5.2 $3.4 
Schedule of Estimated Amortization Expense Based on the current amount of intangible assets subject to amortization, the estimated amortization expense for each of the following five years is as follows:
20242025202620272028
Amortization expense$30.2 $27.5 $22.9 $16.9 $9.0 
Schedule of Indefinite Lived Intangible Assets These indefinite-lived intangible assets are reflected in "Goodwill and Other Intangible Assets, net" in the Condensed Consolidated Balance Sheets:
June 29,
2024		December 30,
2023
Trademarks and trade names$49.1 $49.1 
v3.24.2
Product Warranties (Tables)
 6 Months Ended
Jun. 29, 2024
Product Warranties Disclosures [Abstract]  
Schedule of Activity Associated with Warranty Obligations and Estimated Settlements Expected to be Paid
Activity associated with warranty obligations was as follows:
Six Months Ended
June 29,
2024		July 1,
2023
Balance at beginning of period$18.0 $14.8 
Accruals related to acquisitions— 3.5 
Accruals for warranties issued8.1 6.2 
Settlements and other(7.1)(5.6)
Balance at end of period$19.0 $19.0 
The following table summarizes when these estimated settlements are expected to be paid:
June 29,
2024		December 30,
2023
Current - in the next twelve months$6.7 $6.0 
Long-term - beyond one year12.4 12.0 
Total$19.0 $18.0 
v3.24.2
Debt (Tables)
 6 Months Ended
Jun. 29, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
Debt is as follows:
June 29,
2024		December 30,
2023
Revolving credit facility with interest at a variable rate
 (June 29, 2024 - 6.7%; December 30, 2023 - 6.9%)
$114.0 $38.5 
Term loan with interest at a variable rate
 (June 29, 2024 - 6.8%; December 30, 2023 - 7.0%)
250.0 300.0 
Fixed-rate notes due in 2025 with an interest rate of 4.2%
50.0 50.0 
Fixed-rate notes due in 2028 with an interest rate of 4.4%
50.0 50.0 
Other amounts0.7 — 
Deferred debt issuance costs(2.4)(2.7)
Total debt462.3 435.8 
Less: Current maturities of debt50.7 7.5 
Long-term debt$411.7 $428.3 
v3.24.2
Income Taxes (Tables)
 6 Months Ended
Jun. 29, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision The following table summarizes the Corporation’s income tax provision:
Three Months EndedSix Months Ended
June 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Income (loss) before income taxes$46.0 $(9.0)$68.0 $(5.3)
Income taxes$10.0 $3.8 $14.3 $6.0 
Effective tax rate21.7  %(41.8) %21.0  %(113.1) %
v3.24.2
Fair Value Measurements of Financial Instruments (Tables)
 6 Months Ended
Jun. 29, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments 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 June 29, 2024
Cash and cash equivalents (including money market funds) (1)$28.2 $28.2 $— $— 
Mutual funds (2)$10.9 $10.9 $— $— 
Government securities (2)$5.5 $— $5.5 $— 
Corporate bonds (2)$7.9 $— $7.9 $— 
Interest rate swap derivative - asset (3)$0.2 $— $0.2 $— 
Interest rate swap derivative - liability (4)$(1.5)$— $(1.5)$— 
Put option liability (4)$(5.7)$— $— $(5.7)
Balance as of December 30, 2023
Cash and cash equivalents (including money market funds) (1)$28.9 $28.9 $— $— 
Mutual funds (2)$11.3 $11.3 $— $— 
Government securities (2)$5.7 $— $5.7 $— 
Corporate bonds (2)$7.8 $— $7.8 $— 
Interest rate swap derivative - liability (4)$(3.5)$— $(3.5)$— 
Put option liability (4)$(5.7)$— $— $(5.7)
Amounts in parentheses indicate liabilities.
The index below indicates the line item in the Condensed 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) "Prepaid expenses and other current assets"
(4) "Other Long-Term Liabilities"
v3.24.2
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity (Tables)
 6 Months Ended
Jun. 29, 2024
Equity [Abstract]  
Schedule of Components of Accumulated Other Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax
The following tables summarize 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 AdjustmentUnrealized Gains (Losses) on Debt SecuritiesPension and Post-retirement LiabilitiesDerivative Financial InstrumentAccumulated Other Comprehensive Income (Loss)
Balance as of December 30, 2023$(6.5)$(0.3)$(1.2)$(2.7)$(10.6)
Other comprehensive income (loss) before reclassifications(0.1)(0.0)— 2.6 2.5 
Tax (expense) or benefit— 0.0 — (0.6)(0.6)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax— 0.0 — (0.2)(0.2)
Balance as of June 29, 2024$(6.6)$(0.3)$(1.2)$(1.0)$(9.0)
Amounts in parentheses indicate reductions to equity.

Foreign Currency Translation AdjustmentUnrealized Gains (Losses) on Debt SecuritiesPension and Post-retirement LiabilitiesDerivative Financial InstrumentAccumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2022$(6.4)$(0.6)$(1.1)$0.1 $(8.0)
Other comprehensive income (loss) before reclassifications0.0 0.0 — — 0.1 
Tax (expense) or benefit— (0.0)— — (0.0)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax— 0.1 — (0.1)(0.0)
Balance as of July 1, 2023$(6.3)$(0.5)$(1.1)$— $(8.0)
Amounts in parentheses indicate reductions to equity.
Schedule of Reclassification from Accumulated Other Comprehensive Income (Loss)
The following table details the reclassifications from accumulated other comprehensive income (loss):
Three Months EndedSix Months Ended
Details about Accumulated Other Comprehensive Income (Loss) ComponentsAffected Line Item in the Statement Where Net Income is PresentedJune 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Derivative financial instrument
Interest rate swapInterest expense, net$0.2 $— $0.3 $0.1 
Income taxes(0.0)— (0.1)(0.0)
Unrealized gains (losses) on debt securities
Gain (loss) on sale of debt securitiesSelling and administrative expenses(0.0)0.0 (0.0)(0.1)
Income taxes0.0 (0.0)0.0 0.0 
Net of tax$0.1 $0.0 $0.2 $0.0 
Amounts in parentheses indicate reductions to profit.
Schedule of Dividends Declared and Paid Cash Dividends Per Common Share
The Corporation declared and paid cash dividends per common share as follows:
Six Months Ended
June 29,
2024		July 1,
2023
Dividends per common share$0.65 $0.64 
Schedule of Shares Repurchased and Settled
The following table summarizes shares repurchased and settled by the Corporation:
Six Months Ended
June 29,
2024		July 1,
2023
Shares repurchased0.3 — 
Average price per share$43.53 $— 
Cash purchase price$(13.6)$— 
Purchases unsettled as of quarter end0.3 — 
Prior year purchases settled in current year(0.1)— 
Shares repurchased per cash flow$(13.4)$— 
v3.24.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 29, 2024
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Earnings Per Share
The following table reconciles the numerators and denominators used in the calculation of basic and diluted earnings per share ("EPS"):
 Three Months EndedSix Months Ended
June 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Numerator:  
Numerator for both basic and diluted EPS attributable to HNI Corporation net income (loss)$36.0 $(12.8)$53.7 $(11.3)
Denominators:  
Denominator for basic EPS weighted-average common shares outstanding47.2 43.3 47.1 42.4 
Potentially dilutive shares from stock-based compensation plans1.0 — 1.1 — 
Denominator for diluted EPS48.2 43.3 48.2 42.4 
Earnings per share – basic$0.76 $(0.30)$1.14 $(0.27)
Earnings per share – diluted$0.75 $(0.30)$1.11 $(0.27)
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:
Three Months EndedSix Months Ended
June 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Common stock equivalents excluded because their inclusion would be anti-dilutive0.8 3.0 0.8 2.8 
v3.24.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 29, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
The following table summarizes expense associated with these plans:
Three Months EndedSix Months Ended
June 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Compensation cost$4.0 $3.1 $11.7 $7.6 
Schedule of Units Granted by Fair Values
The units granted by the Corporation had fair values as follows:
Six Months Ended
June 29,
2024		July 1,
2023
Restricted stock units$7.3 $12.1 
Performance stock units$7.2 $6.0 
Schedule of Unrecognized Compensation Expense and Weighted-Average Remaining Service Period for Non-Vested Stock Units
The following table summarizes unrecognized compensation expense and the weighted-average remaining service period for non-vested stock units as of June 29, 2024:
Unrecognized Compensation ExpenseWeighted-Average Remaining
Service Period (years)
Non-vested restricted stock units$4.2 0.8
Non-vested performance stock units$14.2 1.1
v3.24.2
Reportable Segment Information (Tables)
 6 Months Ended
Jun. 29, 2024
Segment Reporting [Abstract]  
Schedule of Reportable Segment Data
Reportable segment data reconciled to the Corporation’s condensed consolidated financial statements was as follows:
 Three Months EndedSix Months Ended
June 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Net Sales:
Workplace furnishings$480.2 $413.0 $920.0 $712.7 
Residential building products143.5 150.4 291.7 329.8 
Total$623.7 $563.5 $1,211.7 $1,042.5 
Income (Loss) Before Income Taxes:
Workplace furnishings$54.3 $15.9 $80.6 $11.9 
Residential building products19.8 15.6 41.1 43.6 
General corporate(20.7)(35.0)(38.6)(52.7)
Operating income (loss)53.4 (3.6)83.1 2.9 
Interest expense, net7.4 5.5 15.1 8.2 
Total$46.0 $(9.0)$68.0 $(5.3)
Depreciation and Amortization Expense:
Workplace furnishings$17.8 $13.8 $35.6 $25.0 
Residential building products3.6 3.4 7.1 6.7 
General corporate5.0 5.4 10.1 11.0 
Total$26.4 $22.6 $52.8 $42.7 
Capital Expenditures (including capitalized software):
Workplace furnishings$12.3 $17.9 $18.4 $31.8 
Residential building products1.8 2.4 4.3 7.4 
General corporate3.4 0.9 5.9 2.0 
Total$17.5 $21.1 $28.7 $41.2 
As of
June 29, 2024		As of
December 30, 2023
Identifiable Assets:
Workplace furnishings$1,321.8 $1,311.4 
Residential building products476.3 467.1 
General corporate142.7 150.3 
Total$1,940.8 $1,928.8 
v3.24.2
Supplier Finance Programs (Tables)
 6 Months Ended
Jun. 29, 2024
Equity [Abstract]  
Schedule of Supplier Finance Programs Obligations
The Corporation’s payments to the financial institutions to settle obligations related to suppliers that elected to participate in the SCF programs are reflected in cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows. Additionally, SCF programs payment obligations due by the Corporation to the financial institutions are recorded in "Accounts payable and accrued expenses" in the Condensed Consolidated Balance Sheets as follows:
June 29, 2024December 30, 2023
Supplier finance programs obligations$37.3 $28.4 
v3.24.2
Restructuring and Impairment (Tables)
 6 Months Ended
Jun. 29, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Related Costs
Three Months EndedSix Months Ended
ClassificationJune 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Workplace Furnishings
Inventory valuationCost of sales$— $(0.4)$— $(0.3)
Facility set-up costsCost of sales0.6 0.2 0.7 0.5 
Long-lived asset chargesRestructuring and impairment charges— 2.1 — 2.1 
Exit costsRestructuring and impairment charges2.0 6.0 2.1 6.0 
Total$2.6 $7.8 $2.8 $8.3 
v3.24.2
Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Disaggregation of Revenue [Line Items]        
Net sales $ 623.7 $ 563.5 $ 1,211.7 $ 1,042.5
Workplace furnishings        
Disaggregation of Revenue [Line Items]        
Net sales 480.2 413.0 920.0 712.7
Workplace furnishings | Systems and storage        
Disaggregation of Revenue [Line Items]        
Net sales 290.7 251.4 570.3 433.7
Workplace furnishings | Seating        
Disaggregation of Revenue [Line Items]        
Net sales 145.4 123.4 271.4 216.9
Workplace furnishings | Other        
Disaggregation of Revenue [Line Items]        
Net sales 44.0 38.3 78.3 62.1
Residential building products        
Disaggregation of Revenue [Line Items]        
Net sales $ 143.5 $ 150.4 $ 291.7 $ 329.8
v3.24.2
Revenue from Contracts with Customers - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($)
$ in Millions
Jun. 29, 2024
Dec. 30, 2023
Revenue from Contract with Customer [Abstract]    
Trade receivables $ 258.9 $ 247.1
Contract assets (current) 3.2 3.1
Contract assets (long-term) 26.8 28.1
Contract liabilities - customer deposits 39.7 35.6
Contract liabilities - accrued rebate and marketing programs $ 29.5 $ 31.4
v3.24.2
Revenue from Contracts with Customers - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 29, 2024
Dec. 30, 2023
Revenue from Contract with Customer [Abstract]    
Contract liability, customer deposits $ 39.7 $ 35.6
Revenue recognized $ 33.9  
v3.24.2
Acquisitions and Divestitures - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended 13 Months Ended
Jul. 01, 2023
Jun. 29, 2024
Sep. 12, 2023
Poppin      
Schedule Of Asset Acquisition [Line Items]      
Cash and cash equivalents     $ 2.7
Poppin | Disposal Group, Disposed of by Sale, Not Discontinued Operations      
Schedule Of Asset Acquisition [Line Items]      
Inventories     9.7
Prepaid expenses and other current assets     3.1
Accounts payable and accrued expenses     7.0
Current lease obligations - operating     $ 3.0
Kimball International, Inc      
Schedule Of Asset Acquisition [Line Items]      
Transaction expenses   $ 41.1  
Kimball International, Inc | General Corporate      
Schedule Of Asset Acquisition [Line Items]      
Transaction expenses $ 24.4 28.6  
Kimball International, Inc | Workplace furnishings      
Schedule Of Asset Acquisition [Line Items]      
Transaction expenses $ 10.3 12.5  
Kimball International, Inc | Long-Term Debt      
Schedule Of Asset Acquisition [Line Items]      
Transaction costs   2.8  
Kimball International, Inc | Other Noncurrent Assets      
Schedule Of Asset Acquisition [Line Items]      
Transaction costs   0.2  
Kimball International, Inc | Additional Paid-in Capital      
Schedule Of Asset Acquisition [Line Items]      
Transaction costs   $ 0.3  
v3.24.2
Acquisitions and Divestitures - Schedule of Total Fair Market Value of Consideration (Details) - Kimball International, Inc
shares in Millions, $ in Millions
 1 Months Ended
Jun. 30, 2023
USD ($)
shares
Schedule Of Asset Acquisition [Line Items]  
Cash consideration, common stock issued and outstanding (in shares) | shares 36.4
Cash consideration, fair value of common stock issued and outstanding | $ $ 327.8
Cash consideration, equivalent shares (in shares) | shares 0.2
Cash consideration, fair value of equivalent shares | $ $ 2.3
Total number of shares for cash consideration (in shares) | shares 36.6
Fair value of total 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  
Schedule Of Asset Acquisition [Line Items]  
Total number of shares for cash consideration (in shares) | shares 36.4
Fair value of total number of shares for cash consideration | $ $ 120.8
Number of shares exchanged (in shares) | shares 4.7
Non-vested restricted stock units  
Schedule Of Asset Acquisition [Line Items]  
Total number of shares for cash consideration (in shares) | shares 0.5
Fair value of total number of shares for cash consideration | $ $ 2.6
Number of shares exchanged (in shares) | shares 0.2
v3.24.2
Acquisitions and Divestitures - Schedule of Purchase Price Allocation (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 29, 2024
Dec. 30, 2023
Business Acquisition [Line Items]    
Goodwill, net $ 442.1 $ 441.0
Kimball International, Inc    
Business Acquisition [Line Items]    
Goodwill, net 163.8 162.7
Measurement period adjustments, goodwill 1.1  
Intangible assets 110.1 110.1
Measurement period adjustments, intangible assets 0.0  
Other assets acquired and liabilities assumed, net 229.9 231.0
Measurement period adjustments, other assets acquired and liabilities assumed, net (1.1)  
Other assets acquired and liabilities assumed, net 503.7 $ 503.7
Measurement period adjustments, net assets and liabilities $ 0.0  
v3.24.2
Acquisitions and Divestitures - Schedule of Acquired Identified Intangible Assets and Weighted Average Useful Lives (Details) - Kimball International, Inc
$ in Millions
Jun. 01, 2023
USD ($)
Schedule Of Asset Acquisition [Line Items]  
Fair Value $ 110.1
Trademarks and trade names  
Schedule Of Asset Acquisition [Line Items]  
Fair Value $ 37.0
Software  
Schedule Of Asset Acquisition [Line Items]  
Weighted-average useful life 3 years
Fair Value $ 5.6
Customer lists and other  
Schedule Of Asset Acquisition [Line Items]  
Weighted-average useful life 12 years
Fair Value $ 47.2
Acquired technology  
Schedule Of Asset Acquisition [Line Items]  
Weighted-average useful life 18 years
Fair Value $ 16.5
Trademarks and trade names  
Schedule Of Asset Acquisition [Line Items]  
Weighted-average useful life 17 years
Fair Value $ 3.8
v3.24.2
Acquisitions and Divestitures - Schedule of Results of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Schedule Of Asset Acquisition [Line Items]        
Net sales $ 623.7 $ 563.5 $ 1,211.7 $ 1,042.5
Net income (loss) 0.0 0.0 0.0 0.0
Kimball International, Inc        
Schedule Of Asset Acquisition [Line Items]        
Net sales 139.6 56.0 287.1 56.0
Net income (loss) $ 10.1 $ (21.3) $ 16.3 $ (21.3)
v3.24.2
Acquisitions and Divestitures - Schedule of Pro Forma Information of Future Results of Operations (Details) - Kimball International, Inc - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jul. 01, 2023
Jul. 01, 2023
Schedule Of Asset Acquisition [Line Items]    
Net sales $ 666.3 $ 1,306.6
Net income $ 10.4 $ 14.7
v3.24.2
Inventories - Schedule of Inventories (Details) - USD ($)
$ in Millions
Jun. 29, 2024
Dec. 30, 2023
Inventories    
Finished products, net $ 143.9 $ 112.9
Materials and work in process, net 123.4 128.2
LIFO allowance (44.5) (44.5)
Total inventories, net $ 222.8 $ 196.6
Inventory valued by the LIFO costing method 93.00% 91.00%
v3.24.2
Inventories - Narrative (Details) - USD ($)
$ in Millions
Jun. 29, 2024
Dec. 30, 2023
Inventory Disclosure [Abstract]    
FIFO inventory allowance $ 15.0 $ 14.2
v3.24.2
Goodwill and Other Intangible Assets - Schedule of Goodwill and Other Intangible Assets (Details) - USD ($)
$ in Millions
Jun. 29, 2024
Dec. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill, net $ 442.1 $ 441.0
Definite-lived intangible assets, net 147.4 161.7
Indefinite-lived intangible assets 49.1 49.1
Total goodwill and other intangible assets, net $ 638.7 $ 651.9
v3.24.2
Goodwill and Other Intangible Assets - Schedule of Activity in Carrying Amount of Goodwill (Details)
$ in Millions
 6 Months Ended
Jun. 29, 2024
USD ($)
Goodwill [Roll Forward]  
Goodwill, gross, beginning balance $ 519.6
Accumulated impairment losses (78.6)
Goodwill, net, beginning balance 441.0
Goodwill measurement period adjustments 1.1
Goodwill, gross, ending balance 520.7
Accumulated impairment losses (78.6)
Goodwill, net, ending balance 442.1
Workplace Furnishings  
Goodwill [Roll Forward]  
Goodwill, gross, beginning balance 297.2
Accumulated impairment losses (78.5)
Goodwill, net, beginning balance 218.7
Goodwill measurement period adjustments 1.1
Goodwill, gross, ending balance 298.3
Accumulated impairment losses (78.5)
Goodwill, net, ending balance 219.8
Residential Building Products  
Goodwill [Roll Forward]  
Goodwill, gross, beginning balance 222.4
Accumulated impairment losses (0.1)
Goodwill, net, beginning balance 222.3
Goodwill measurement period adjustments 0.0
Goodwill, gross, ending balance 222.4
Accumulated impairment losses (0.1)
Goodwill, net, ending balance $ 222.3
v3.24.2
Goodwill and Other Intangible Assets - Schedule of Definite-Lived Intangible Assets (Details) - USD ($)
$ in Millions
Jun. 29, 2024
Dec. 30, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross $ 349.6 $ 361.6
Accumulated Amortization 202.1 199.8
Net 147.4 161.7
Software    
Finite-Lived Intangible Assets [Line Items]    
Gross 192.0 199.6
Accumulated Amortization 144.8 143.4
Net 47.2 56.2
Trademarks and trade names    
Finite-Lived Intangible Assets [Line Items]    
Gross 17.9 18.1
Accumulated Amortization 7.7 7.3
Net 10.2 10.8
Customer lists and other    
Finite-Lived Intangible Assets [Line Items]    
Gross 139.7 143.9
Accumulated Amortization 49.7 49.2
Net $ 90.1 $ 94.7
v3.24.2
Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets Amortization Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]        
Capitalized software $ 5.2 $ 5.5 $ 10.4 $ 10.9
Other definite-lived intangibles $ 2.6 $ 1.9 $ 5.2 $ 3.4
v3.24.2
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense (Details)
$ in Millions
Jun. 29, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2024 $ 30.2
2025 27.5
2026 22.9
2027 16.9
2028 $ 9.0
v3.24.2
Goodwill and Other Intangible Assets - Schedule of Indefinite Lived Intangible Assets (Details) - USD ($)
$ in Millions
Jun. 29, 2024
Dec. 30, 2023
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets $ 49.1 $ 49.1
Trademarks and trade names    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets $ 49.1 $ 49.1
v3.24.2
Product Warranties - Schedule of Activity Associated with Warranty Obligations (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Product Warranty Accrual [Roll Forward]    
Balance at beginning of period $ 18.0 $ 14.8
Accruals related to acquisitions 0.0 3.5
Accruals for warranties issued 8.1 6.2
Settlements and other (7.1) (5.6)
Balance at end of period $ 19.0 $ 19.0
v3.24.2
Product Warranties - Schedule of Estimated Settlements Expected to be Paid (Details) - USD ($)
$ in Millions
Jun. 29, 2024
Dec. 30, 2023
Jul. 01, 2023
Dec. 31, 2022
Product Warranties Disclosures [Abstract]        
Current - in the next twelve months $ 6.7 $ 6.0    
Long-term - beyond one year 12.4 12.0    
Total $ 19.0 $ 18.0 $ 19.0 $ 14.8
v3.24.2
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Jun. 29, 2024
Dec. 30, 2023
May 31, 2018
Debt Instrument [Line Items]      
Deferred debt issuance costs $ (2.4) $ (2.7)  
Total debt 462.3 435.8  
Less: Current maturities of debt 50.7 7.5  
Long-term debt $ 411.7 $ 428.3  
Fixed-rate notes due in 2025 with an interest rate of 4.2%      
Debt Instrument [Line Items]      
Interest rate 4.20%   4.20%
Fixed-rate notes due in 2028 with an interest rate of 4.4%      
Debt Instrument [Line Items]      
Interest rate 4.40%   4.40%
Revolving credit facility with interest at a variable rate (June 29, 2024 - 6.7%; December 30, 2023 - 6.9%)      
Debt Instrument [Line Items]      
Interest rate 6.70% 6.90%  
Total debt, gross $ 114.0 $ 38.5  
Term loan with interest at a variable rate (June 29, 2024 - 6.8%; December 30, 2023 - 7.0%)      
Debt Instrument [Line Items]      
Interest rate 6.80% 7.00%  
Total debt, gross $ 250.0 $ 300.0  
Fixed-rate notes due in 2025 with an interest rate of 4.2%      
Debt Instrument [Line Items]      
Total debt, gross 50.0 50.0  
Fixed-rate notes due in 2028 with an interest rate of 4.4%      
Debt Instrument [Line Items]      
Total debt, gross 50.0 50.0  
Other amounts      
Debt Instrument [Line Items]      
Total debt, gross $ 0.7 $ 0.0  
v3.24.2
Debt - Narrative (Details) - USD ($)
 6 Months Ended
May 31, 2018
Jun. 29, 2024
Jul. 01, 2023
Dec. 30, 2023
Debt Instrument [Line Items]        
Long-term debt obligations   $ 462,300,000   $ 435,800,000
Deferred debt issuance costs, current   400,000    
Deferred debt issuance costs   700,000    
Proceeds from debt   $ 228,600,000 $ 572,300,000  
Maximum ratio of interest coverage to earnings for the last four fiscal quarters   4.0    
Maximum ratio of leverage to earnings for the last four fiscal quarters   3.5    
Term loan with interest at a variable rate (June 29, 2024 - 6.8%; December 30, 2023 - 7.0%)        
Debt Instrument [Line Items]        
Proceeds from debt   $ 300,000,000    
Repayments of long-term debt   $ 50,000,000    
Interest rate   6.80%   7.00%
Revolving credit facility with interest at a variable rate (June 29, 2024 - 6.7%; December 30, 2023 - 6.9%)        
Debt Instrument [Line Items]        
Long-term line of credit outstanding   $ 114,000,000    
Line of credit maximum borrowing capacity   425,000,000    
Notes Payable to Banks        
Debt Instrument [Line Items]        
Long-term debt obligations   364,000,000    
Private Placement        
Debt Instrument [Line Items]        
Fair value of debt obligations   95,000,000    
Deferred debt issuance costs, current   0    
Deferred debt issuance costs   200,000    
Borrowings   100,000,000    
Term Loan Agreement        
Debt Instrument [Line Items]        
Borrowings   250,000,000    
Deferred debt issuance costs   $ 2,200,000    
Fixed-rate notes due in 2025 with an interest rate of 4.2%        
Debt Instrument [Line Items]        
Borrowings $ 50,000,000      
Note term 7 years      
Interest rate 4.20% 4.20%    
Fixed-rate notes due in 2028 with an interest rate of 4.4%        
Debt Instrument [Line Items]        
Borrowings $ 50,000,000      
Note term 10 years      
Interest rate 4.40% 4.40%    
v3.24.2
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Income Tax Disclosure [Abstract]        
Income (loss) before income taxes $ 46.0 $ (9.0) $ 68.0 $ (5.3)
Income taxes $ 10.0 $ 3.8 $ 14.3 $ 6.0
Effective tax rate 21.70% (41.80%) 21.00% (113.10%)
v3.24.2
Fair Value Measurements of Financial Instruments (Details) - USD ($)
$ in Millions
Jun. 29, 2024
Dec. 30, 2023
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents (including money market funds) $ 28.2 $ 28.9
Fair Value, Recurring    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents (including money market funds) 28.2 28.9
Fair Value, Recurring | 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) 28.2 28.9
Fair Value, Recurring | 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
Fair Value, Recurring | 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
Fair Value, Recurring | Mutual Funds    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 10.9 11.3
Fair Value, Recurring | Mutual Funds | Quoted prices in active markets for identical assets (Level 1)    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 10.9 11.3
Fair Value, Recurring | Mutual Funds | Significant other observable inputs (Level 2)    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0.0 0.0
Fair Value, Recurring | Mutual Funds | Significant unobservable inputs (Level 3)    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0.0 0.0
Fair Value, Recurring | Government Securities    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 5.5 5.7
Fair Value, Recurring | Government Securities | Quoted prices in active markets for identical assets (Level 1)    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0.0 0.0
Fair Value, Recurring | Government Securities | Significant other observable inputs (Level 2)    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 5.5 5.7
Fair Value, Recurring | Government Securities | Significant unobservable inputs (Level 3)    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0.0 0.0
Fair Value, Recurring | Corporate Bonds    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 7.9 7.8
Fair Value, Recurring | Corporate Bonds | Quoted prices in active markets for identical assets (Level 1)    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0.0 0.0
Fair Value, Recurring | Corporate Bonds | Significant other observable inputs (Level 2)    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 7.9 7.8
Fair Value, Recurring | Corporate Bonds | Significant unobservable inputs (Level 3)    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0.0 0.0
Fair Value, Recurring | Interest rate swap    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments - asset 0.2  
Derivative financial instruments - liability (1.5) (3.5)
Fair Value, Recurring | Interest rate swap | Quoted prices in active markets for identical assets (Level 1)    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments - asset 0.0  
Derivative financial instruments - liability 0.0 0.0
Fair Value, Recurring | Interest rate swap | Significant other observable inputs (Level 2)    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments - asset 0.2  
Derivative financial instruments - liability (1.5) (3.5)
Fair Value, Recurring | Interest rate swap | Significant unobservable inputs (Level 3)    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments - asset 0.0  
Derivative financial instruments - liability 0.0 0.0
Fair Value, Recurring | Put Option Liability    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments - liability (5.7) (5.7)
Fair Value, Recurring | Put Option Liability | Quoted prices in active markets for identical assets (Level 1)    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments - liability 0.0 0.0
Fair Value, Recurring | Put Option Liability | Significant other observable inputs (Level 2)    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments - liability 0.0 0.0
Fair Value, Recurring | Put Option Liability | Significant unobservable inputs (Level 3)    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments - liability $ (5.7) $ (5.7)
v3.24.2
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity - Schedule of Components of Accumulated Other Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance $ 761.8 $ 616.8
Other comprehensive income (loss) before reclassifications 2.5 0.1
Tax (expense) or benefit (0.6) (0.0)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax (0.2) (0.0)
Ending balance 788.1 715.3
Accumulated Other Comprehensive Income (Loss)    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance (10.6) (8.0)
Ending balance (9.0) (8.0)
Foreign Currency Translation Adjustment    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance (6.5) (6.4)
Other comprehensive income (loss) before reclassifications (0.1) 0.0
Tax (expense) or benefit 0.0 0.0
Amounts reclassified from accumulated other comprehensive income (loss), net of tax 0.0 0.0
Ending balance (6.6) (6.3)
Unrealized Gains (Losses) on Debt Securities    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance (0.3) (0.6)
Other comprehensive income (loss) before reclassifications 0.0 0.0
Tax (expense) or benefit (0.0) (0.0)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax (0.0) 0.1
Ending balance (0.3) (0.5)
Pension and Post-retirement Liabilities    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance (1.2) (1.1)
Other comprehensive income (loss) before reclassifications 0.0 0.0
Tax (expense) or benefit 0.0 0.0
Amounts reclassified from accumulated other comprehensive income (loss), net of tax 0.0 0.0
Ending balance (1.2) (1.1)
Derivative Financial Instrument    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance (2.7) 0.1
Other comprehensive income (loss) before reclassifications 2.6 0.0
Tax (expense) or benefit (0.6) 0.0
Amounts reclassified from accumulated other comprehensive income (loss), net of tax (0.2) (0.1)
Ending balance $ (1.0) $ 0.0
v3.24.2
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity - Narrative (Details) - USD ($)
$ in Millions
Jun. 29, 2024
Nov. 30, 2023
Designated as Hedging Instrument | Fair Value, Recurring | Interest rate swap    
Class of Stock [Line Items]    
Derivative asset $ 0.2  
Derivative liability 1.5  
Common Stock    
Class of Stock [Line Items]    
Remaining authorized repurchase amount 220.0  
Interest rate swap    
Class of Stock [Line Items]    
Change in derivative financial instruments, net of tax $ (1.0)  
Interest rate swap | Designated as Hedging Instrument    
Class of Stock [Line Items]    
Derivative, notional amount   $ 100.0
Derivative, fixed interest rate   4.70%
v3.24.2
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity - Schedule of Reclassification from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Interest expense, net $ (7.4) $ (5.5) $ (15.1) $ (8.2)
Income taxes (10.0) (3.8) (14.3) (6.0)
Selling and administrative expenses 205.9 211.0 409.0 378.9
Net of tax 36.0 (12.8) 53.7 (11.3)
Reclassifications from Accumulated Other Comprehensive Income (Loss)        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net of tax 0.1 0.0 0.2 0.0
Reclassifications from Accumulated Other Comprehensive Income (Loss) | Unrealized Gains (Losses) on Debt Securities        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Income taxes (0.0) (0.0) (0.0) (0.0)
Selling and administrative expenses 0.0 0.0 0.0 (0.1)
Interest rate swap | Reclassifications from Accumulated Other Comprehensive Income (Loss) | Derivative Financial Instrument        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Interest expense, net 0.2 0.0 0.3 0.1
Income taxes $ (0.0) $ 0.0 $ (0.1) $ (0.0)
v3.24.2
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity - Schedule of Dividends Declared and Paid Cash Dividends Per Common Share (Details) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Equity [Abstract]        
Dividends per common share (in dollars per share) $ 0.33 $ 0.32 $ 0.65 $ 0.64
v3.24.2
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity - Schedule of Shares Repurchased and Settled (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Shares repurchased per cash flow $ (13.4) $ 0.0
Common Stock    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Shares repurchased (in shares) 0.3 0.0
Average price per share (in dollars per share) $ 43.53 $ 0
Cash purchase price $ (13.6) $ 0.0
Purchases unsettled as of quarter end 0.3 0.0
Prior year purchases settled in current year (0.1) 0.0
Shares repurchased per cash flow $ (13.4) $ 0.0
v3.24.2
Earnings Per Share - Schedule of Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Numerator:        
Numerator for both basic and diluted EPS attributable to HNI Corporation net income (loss) $ 36.0 $ (12.8) $ 53.7 $ (11.3)
Denominators:        
Denominator for basic EPS weighted-average common shares outstanding (in shares) 47.2 43.3 47.1 42.4
Potentially dilutive shares from stock-based compensation plans (in shares) 1.0 0.0 1.1 0.0
Denominator for diluted EPS (in shares) 48.2 43.3 48.2 42.4
Earnings per share - basic (in dollars per share) $ 0.76 $ (0.30) $ 1.14 $ (0.27)
Earnings per share - diluted (in dollars per share) $ 0.75 $ (0.30) $ 1.11 $ (0.27)
v3.24.2
Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Common stock equivalents excluded because their inclusion would be anti-dilutive        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Common stock equivalents excluded because their inclusion would be anti-dilutive (in shares) 0.8 3.0 0.8 2.8
v3.24.2
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Share-Based Payment Arrangement [Abstract]        
Compensation cost $ 4.0 $ 3.1 $ 11.7 $ 7.6
v3.24.2
Stock-Based Compensation - Schedule of Units Granted by Fair Values (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Restricted stock units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Fair value $ 7.3 $ 12.1
Performance stock units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Fair value $ 7.2 $ 6.0
v3.24.2
Stock-Based Compensation - Schedule of Unrecognized Compensation Expense and Weighted-Average Remaining Service Period for Non-Vested Stock Units (Details)
$ in Millions
 6 Months Ended
Jun. 29, 2024
USD ($)
Non-vested restricted stock units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Expense $ 4.2
Weighted-Average Remaining Service Period (years) 9 months 18 days
Non-vested performance stock units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Expense $ 14.2
Weighted-Average Remaining Service Period (years) 1 year 1 month 6 days
v3.24.2
Guarantees, Commitments, and Contingencies (Details)
 6 Months Ended
Jun. 29, 2024
USD ($)
Line of Credit Facility [Line Items]  
Aggregate amount guaranteed $ 5,000,000
Minimum  
Line of Credit Facility [Line Items]  
Term of guarantees 1 year
Maximum  
Line of Credit Facility [Line Items]  
Term of guarantees 3 years
Letter of Credit  
Line of Credit Facility [Line Items]  
Letters of credit $ 38,000,000
Trade Letters of Credit and Bankers Acceptances  
Line of Credit Facility [Line Items]  
Letters of credit $ 0
v3.24.2
Reportable Segment Information - Narrative (Details)
 6 Months Ended
Jun. 29, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.24.2
Reportable Segment Information - Schedule of Reportable Segment Data (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Dec. 30, 2023
Segment Reporting Information [Line Items]          
Net sales $ 623.7 $ 563.5 $ 1,211.7 $ 1,042.5  
Income (Loss) Before Income Taxes: 53.4 (3.6) 83.1 2.9  
Interest expense, net 7.4 5.5 15.1 8.2  
Income (loss) before income taxes 46.0 (9.0) 68.0 (5.3)  
Depreciation and Amortization Expense: 26.4 22.6 52.8 42.7  
Capital Expenditures (including capitalized software): 17.5 21.1 28.7 41.2  
Identifiable Assets: 1,940.8   1,940.8   $ 1,928.8
Workplace furnishings          
Segment Reporting Information [Line Items]          
Net sales 480.2 413.0 920.0 712.7  
Residential building products          
Segment Reporting Information [Line Items]          
Net sales 143.5 150.4 291.7 329.8  
Operating segments | Workplace furnishings          
Segment Reporting Information [Line Items]          
Net sales 480.2 413.0 920.0 712.7  
Income (Loss) Before Income Taxes: 54.3 15.9 80.6 11.9  
Depreciation and Amortization Expense: 17.8 13.8 35.6 25.0  
Capital Expenditures (including capitalized software): 12.3 17.9 18.4 31.8  
Identifiable Assets: 1,321.8   1,321.8   1,311.4
Operating segments | Residential building products          
Segment Reporting Information [Line Items]          
Net sales 143.5 150.4 291.7 329.8  
Income (Loss) Before Income Taxes: 19.8 15.6 41.1 43.6  
Depreciation and Amortization Expense: 3.6 3.4 7.1 6.7  
Capital Expenditures (including capitalized software): 1.8 2.4 4.3 7.4  
Identifiable Assets: 476.3   476.3   467.1
General corporate          
Segment Reporting Information [Line Items]          
Income (Loss) Before Income Taxes: (20.7) (35.0) (38.6) (52.7)  
Depreciation and Amortization Expense: 5.0 5.4 10.1 11.0  
Capital Expenditures (including capitalized software): 3.4 $ 0.9 5.9 $ 2.0  
Identifiable Assets: $ 142.7   $ 142.7   $ 150.3
v3.24.2
Supplier Finance Programs (Details) - USD ($)
$ in Millions
Jun. 29, 2024
Dec. 30, 2023
Equity [Abstract]    
Supplier finance programs obligations $ 37.3 $ 28.4
v3.24.2
Restructuring and Impairment - Schedule of Restructuring and Related Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Restructuring Cost and Reserve [Line Items]        
Restructuring costs $ 2.6 $ 7.8 $ 2.8 $ 8.3
Inventory valuation | Workplace furnishings        
Restructuring Cost and Reserve [Line Items]        
Restructuring costs 0.0 (0.4) 0.0 (0.3)
Facility set-up costs | Workplace furnishings        
Restructuring Cost and Reserve [Line Items]        
Restructuring costs 0.6 0.2 0.7 0.5
Long-lived asset charges | Workplace furnishings        
Restructuring Cost and Reserve [Line Items]        
Restructuring costs 0.0 2.1 0.0 2.1
Exit costs | Workplace furnishings        
Restructuring Cost and Reserve [Line Items]        
Restructuring costs $ 2.0 $ 6.0 $ 2.1 $ 6.0
v3.24.2
Restructuring and Impairment - Narrative (Details) - USD ($)
 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Dec. 30, 2023
Restructuring and Related Activities [Abstract]      
Restructuring reserve $ 2,400,000   $ 1,800,000
Cash payments 2,100,000 $ 0  
Future restructuring costs $ 4,000,000