HNI (HNI) 10-Q 2 Nov 21 2021 Q3 Quarterly report Financial data

COVER PAGE

COVER PAGE	9 Months Ended
	Oct. 02, 2021shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 2, 2021
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	43,559,359
Entity Central Index Key	0000048287
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--01-01

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Income Statement [Abstract]
Net sales	$ 586,750	$ 507,063	$ 1,581,498	$ 1,393,224
Cost of sales	391,394	321,516	1,018,334	880,754
Gross profit	195,356	185,547	563,164	512,470
Selling and administrative expenses	169,113	146,785	489,634	449,933
Impairment charges	0	0	0	32,661
Operating income	26,243	38,762	73,530	29,876
Interest expense, net	1,853	1,517	5,465	5,271
Income before income taxes	24,390	37,245	68,065	24,605
Income taxes	5,232	6,558	16,476	5,259
Net income	19,158	30,687	51,589	19,346
Less: Net loss attributable to non-controlling interest	0	(1)	(3)	(3)
Net income attributable to HNI Corporation	$ 19,158	$ 30,688	$ 51,592	$ 19,349
Average number of common shares outstanding – basic (in shares)	43,781	42,684	43,573	42,651
Net income attributable to HNI Corporation per common share – basic (in dollars per share)	$ 0.44	$ 0.72	$ 1.18	$ 0.45
Average number of common shares outstanding – diluted (in shares)	44,342	43,010	44,045	42,905
Net income attributable to HNI Corporation per common share – diluted (in dollars per share)	$ 0.43	$ 0.71	$ 1.17	$ 0.45
Foreign currency translation adjustments	$ 46	$ 923	$ 107	$ 368
Change in unrealized gains (losses) on marketable securities, net of tax	(32)	(33)	(157)	269
Change in derivative financial instruments, net of tax	170	106	577	(2,393)
Other comprehensive income (loss), net of tax	184	996	527	(1,756)
Comprehensive income	19,342	31,683	52,116	17,590
Less: Comprehensive loss attributable to non-controlling interest	0	(1)	(3)	(3)
Comprehensive income attributable to HNI Corporation	$ 19,342	$ 31,684	$ 52,119	$ 17,593

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 02, 2021	Jan. 02, 2021
Current Assets:
Cash and cash equivalents	$ 126,436	$ 116,120
Short-term investments	1,299	1,687
Receivables	238,620	207,971
Allowance for doubtful accounts	(4,185)	(5,514)
Inventories	188,590	137,811
Prepaid expenses and other current assets	44,702	37,660
Total Current Assets	595,462	495,735
Property, Plant, and Equipment:
Land and land improvements	29,983	29,691
Buildings	294,240	293,708
Machinery and equipment	588,126	578,643
Construction in progress	26,082	17,750
Property plant and equipment, at cost	938,431	919,792
Less: Accumulated depreciation	576,423	553,835
Net Property, Plant, and Equipment	362,008	365,957
Right-of-use Finance Leases	9,940	6,095
Right-of-use Operating Leases	80,223	70,219
Goodwill and Other Intangible Assets	446,758	458,896
Other Assets	39,975	21,130
Total Assets	1,534,366	1,418,032
Current Liabilities:
Accounts payable and accrued expenses	464,599	413,638
Current maturities of long-term debt	3,345	841
Current maturities of other long-term obligations	3,598	2,990
Current lease obligations - finance	2,632	1,589
Current lease obligations - operating	19,970	19,970
Total Current Liabilities	494,144	439,028
Long-Term Debt	174,587	174,524
Long-Term Lease Obligations - Finance	7,270	4,516
Long-Term Lease Obligations - Operating	64,634	53,249
Other Long-Term Liabilities	91,270	81,264
Deferred Income Taxes	72,754	74,706
Total Liabilities	904,659	827,287
Equity:
HNI Corporation shareholders' equity	629,384	590,419
Non-controlling interest	323	326
Total Equity	629,707	590,745
Total Liabilities and Equity	$ 1,534,366	$ 1,418,032

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period Of Adoption, Adjustment	Dividend Declared	Dividend Paid	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained EarningsCumulative Effect, Period Of Adoption, Adjustment	Retained EarningsDividend Declared	Retained EarningsDividend Paid	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interest
Beginning balance at Dec. 28, 2019	$ 584,368	$ (131)			$ 42,595	$ 19,799	$ 529,723	$ (131)			$ (8,073)	$ 324
Comprehensive income:
Net income (loss)	19,346						19,349					(3)
Other comprehensive income (loss), net of tax	(1,756)										(1,756)
Dividends			$ (175)	$ (39,060)					$ (175)	$ (39,060)
Common shares – treasury:
Shares purchased	(6,390)				(214)	(4,988)	(1,188)
Shares issued under Members' Stock Purchase Plan and stock awards, net of tax	17,388				334	17,054
Ending balance at Sep. 26, 2020	573,590				42,715	31,865	508,518				(9,829)	321
Beginning balance at Jun. 27, 2020	553,069				42,675	29,988	490,909				(10,825)	322
Comprehensive income:
Net income (loss)	30,687						30,688					(1)
Other comprehensive income (loss), net of tax	996										996
Dividends			(58)	(13,021)					(58)	(13,021)
Common shares – treasury:
Shares issued under Members' Stock Purchase Plan and stock awards, net of tax	1,917				40	1,877
Ending balance at Sep. 26, 2020	573,590				42,715	31,865	508,518				(9,829)	321
Beginning balance at Jan. 02, 2021	590,745				42,919	38,659	517,994				(9,153)	326
Comprehensive income:
Net income (loss)	51,589						51,592					(3)
Other comprehensive income (loss), net of tax	527										527
Dividends			(660)	(40,358)					(660)	(40,358)
Common shares – treasury:
Shares purchased	(19,774)				(500)	(19,274)
Shares issued under Members' Stock Purchase Plan and stock awards, net of tax	47,638				1,140	46,498
Ending balance at Oct. 02, 2021	629,707				43,559	65,883	528,568				(8,626)	323
Beginning balance at Jul. 03, 2021	634,783				43,875	76,275	523,120				(8,810)	323
Comprehensive income:
Net income (loss)	19,158						19,158					0
Other comprehensive income (loss), net of tax	184										184
Dividends			$ (132)	$ (13,578)					$ (132)	$ (13,578)
Common shares – treasury:
Shares purchased	(13,057)				(345)	(12,712)
Shares issued under Members' Stock Purchase Plan and stock awards, net of tax	2,349				29	2,320
Ending balance at Oct. 02, 2021	$ 629,707				$ 43,559	$ 65,883	$ 528,568				$ (8,626)	$ 323

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.310	$ 0.305	$ 0.925	$ 0.915
Cash dividends (in dollars per share)	$ 0.310	$ 0.305	$ 0.925	$ 0.915

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020
Net Cash Flows From (To) Operating Activities:
Net income	$ 51,589	$ 19,346
Non-cash items included in net income:
Depreciation and amortization	62,010	57,917
Other post-retirement and post-employment benefits	996	1,104
Stock-based compensation	9,540	6,746
Reduction in carrying amount of right-of-use assets	18,964	16,965
Deferred income taxes	(2,057)	(3,730)
Impairment of goodwill and intangible assets	0	32,661
Other – net	2,640	815
Net increase (decrease) in cash from operating assets and liabilities	(64,073)	13,316
Increase (decrease) in other liabilities	8,925	(1,779)
Net cash flows from (to) operating activities	88,534	143,361
Net Cash Flows From (To) Investing Activities:
Capital expenditures	(38,182)	(24,751)
Proceeds from sale of property, plant, and equipment	193	81
Capitalized software	(9,613)	(7,250)
Acquisition spending, net of cash acquired	(1,530)	(10,857)
Purchase of investments	(3,273)	(3,922)
Sales or maturities of investments	3,164	3,246
Net cash flows from (to) investing activities	(49,241)	(43,453)
Net Cash Flows From (To) Financing Activities:
Payments of long-term debt	(1,810)	(82,828)
Proceeds from long-term debt	4,335	82,119
Dividends paid	(40,419)	(39,060)
Purchase of HNI Corporation common stock	(18,461)	(6,764)
Proceeds from sales of HNI Corporation common stock	29,944	2,210
Other – net	(2,566)	1,727
Net cash flows from (to) financing activities	(28,977)	(42,596)
Net increase in cash and cash equivalents	10,316	57,312
Cash and cash equivalents at beginning of period	116,120	52,073
Cash and cash equivalents at end of period	$ 126,436	$ 109,385

Basis of Presentation

Basis of Presentation	9 Months Ended
	Oct. 02, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying unaudited, condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles 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 generally accepted accounting principles for complete financial statements.  The January 2, 2021, consolidated balance sheet included in this Form 10-Q was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles.  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 nine-month period ended October 2, 2021, are not necessarily indicative of the results expected for the fiscal year ending January 1, 2022.  For further information, refer to the consolidated financial statements and accompanying notes included in HNI Corporation's (the "Corporation") Annual Report on Form 10-K for the fiscal year ended January 2, 2021.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Oct. 02, 2021
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 (in thousands): Three Months Ended Nine Months Ended October 2, September 26, October 2, September 26, Systems and storage $ 227,827 $ 207,549 $ 611,097 $ 578,601 Seating 134,248 127,294 349,572 358,005 Other 31,066 18,518 79,357 63,221 Total workplace furnishings 393,141 353,361 1,040,026 999,827 Residential building products 193,609 153,702 541,472 393,397 Net sales $ 586,750 $ 507,063 $ 1,581,498 $ 1,393,224 Sales by product category are subject to similar economic factors and market conditions. See “Note 16. Reportable Segment Information” in the Notes to Condensed Consolidated Financial Statements 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 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. For contracts with a duration of less than one year, the Corporation has elected the practical expedient to recognize incremental costs to obtain a contract as an expense when incurred. The Corporation has contract liabilities consisting of customer deposits and rebate and marketing program liabilities. Contract assets and contract liabilities were as follows (in thousands): October 2, January 2, Trade receivables (1) $ 238,620 $ 207,971 Contract assets (current) (2) $ 1,265 $ 761 Contract assets (long-term) (3) $ 16,876 $ 2,486 Contract liabilities (4) $ 58,976 $ 53,070 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" The increase in long-term contract assets is related to distribution agreements in the workplace furnishings segment. 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 $21.1 million as of January 2, 2021, all of which was recognized as revenue in the first quarter of 2021. Performance Obligations The Corporation recognizes revenue for sales of workplace furnishings and residential building products at a point in time following the transfer of control of such products to the customer, which typically occurs upon shipment of the product. In certain circumstances, transfer of control to the customer does not occur until the goods are received by the customer or upon installation and/or customer acceptance, depending on the terms of the underlying contracts. Contracts typically have a duration of less than one year and normally do not include a significant financing component. Generally, payment is due within 30 days of invoicing. The Corporation's backlog orders are typically cancellable for a period of time and almost all contracts have an original duration of one year or less. As a result, the Corporation has elected the practical expedient permitted in the revenue accounting standard not to disclose the unsatisfied performance obligation as of period end. The backlog is typically fulfilled within a few months. Significant Judgments The amount of consideration the Corporation receives and revenue recognized varies with changes in rebate and marketing program incentives, as well as early pay discounts, offered to customers. The Corporation uses significant judgment throughout the year in estimating the reduction in net sales driven by variable consideration for rebate and marketing programs. Judgments made include expected sales levels and utilization of funds. However, this judgment factor is significantly reduced at the end of each year when sales volumes and the impact to rebate and marketing programs are known and recorded as the programs typically end near the Corporation's fiscal year end.

Acquisitions

Acquisitions	9 Months Ended
	Oct. 02, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions During the first quarter of 2021, the Corporation acquired the assets of a residential building products installing distributor in an all-cash deal. The aggregate purchase price was approximately $1.6 million, and includes $1.2 million of tax deductible goodwill. The purchase accounting is complete, and the remaining assets and liabilities acquired were not material. On December 31, 2020, the Corporation acquired Design Public Group ("DPG"), a leading e-Commerce distributor of high-design furniture and accessories for the office and home. This transaction, which was structured as an asset acquisition and consummated entirely in cash of approximately $50 million, aligns with the Corporation's long-term strategies related to digital and e-Commerce initiatives. DPG's assets and liabilities are included in the Corporation's workplace furnishings segment, and goodwill, which is tax-deductible, is assigned to its own reporting unit. The DPG purchase price allocation and weighted average amortization periods of identified intangible assets as of the date of acquisition is as follows (dollars in thousands): Fair Value Weighted Average Amortization Period Inventories $ 1,597 Receivables 4 Prepaid expenses and other current assets 467 Accounts payable and accrued expenses (8,035) Goodwill 33,588 Customer lists 11,500 11 years Software 5,500 5 years Trade names 5,200 10 years Other intangible assets 300 3 years Total net assets $ 50,121 The valuation analysis required the use of complex management estimates and assumptions such as future cash flows, discount rates, royalty rates, long-term growth rates, and technology build costs. As a result of further reviews, measurement period adjustments were recorded in the third quarter of 2021 that increased working capital and decreased goodwill by $0.5 million. As of October 2, 2021, the DPG purchase accounting is complete. All transactions disclosed above were deemed to be acquisitions of businesses, and were accounted for using the acquisition method pursuant to ASC 805, with goodwill being recorded as a result of future cash flows and related fair value exceeding the fair value of the identified assets and liabilities.

Inventories

Inventories	9 Months Ended
	Oct. 02, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories The Corporation values its inventory at the lower of cost or net realizable value. Inventories included in the Condensed Consolidated Balance Sheets consisted of the following (in thousands): October 2, January 2, Finished products $ 140,955 $ 98,527 Materials and work in process 86,615 70,264 Last-in, first-out ("LIFO") allowance (38,980) (30,980) Total inventories $ 188,590 $ 137,811 Inventory valued by the LIFO costing method 76 % 75 %

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Oct. 02, 2021
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 (in thousands): October 2, January 2, Goodwill $ 287,443 $ 292,434 Definite-lived intangible assets 132,763 139,863 Indefinite-lived intangible assets 26,552 26,599 Total goodwill and other intangible assets $ 446,758 $ 458,896 Goodwill The changes in the carrying amount of goodwill, by reporting segment, are as follows (in thousands): Workplace Furnishings Residential Building Products Total Balance as of January 2, 2021 Goodwill $ 168,477 $ 196,976 $ 365,453 Accumulated impairment losses (72,876) (143) (73,019) Net goodwill balance as of January 2, 2021 95,601 196,833 292,434 Goodwill acquired / measurement period adjustments (6,211) 1,220 (4,991) Balance as of October 2, 2021 Goodwill 162,266 198,196 360,462 Accumulated impairment losses (72,876) (143) (73,019) Net goodwill balance as of October 2, 2021 $ 89,390 $ 198,053 $ 287,443 See "Note 3. Acquisitions" for additional information regarding goodwill acquired and related adjustments in the year-to-date period. Definite-lived intangible assets The table below summarizes amortizable definite-lived intangible assets, which are reflected in "Goodwill and Other Intangible Assets" in the Condensed Consolidated Balance Sheets (in thousands): October 2, 2021 January 2, 2021 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Software $ 193,634 $ 96,041 $ 97,593 $ 182,127 $ 78,619 $ 103,508 Trademarks and trade names 11,764 4,337 7,427 9,964 3,546 6,418 Customer lists and other 92,777 65,034 27,743 91,002 61,065 29,937 Net definite-lived intangible assets $ 298,175 $ 165,412 $ 132,763 $ 283,093 $ 143,230 $ 139,863 Amortization expense is reflected in "Selling and administrative expenses" in the Condensed Consolidated Statements of Comprehensive Income and was as follows (in thousands): Three Months Ended Nine Months Ended October 2, September 26, October 2, September 26, Capitalized software $ 6,070 $ 4,910 $ 17,497 $ 14,288 Other definite-lived intangibles $ 1,626 $ 1,136 $ 4,881 $ 3,811 The occurrence of events such as acquisitions, dispositions, or impairments may impact future 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 (in millions): 2021 2022 2023 2024 2025 Amortization expense $ 29.9 $ 27.3 $ 23.1 $ 19.0 $ 17.3 Indefinite-lived intangible assets The Corporation also owns certain intangible assets, which are deemed to have indefinite useful lives because they are expected to generate cash flows indefinitely. These indefinite-lived intangible assets are reflected in "Goodwill and Other Intangible Assets" in the Condensed Consolidated Balance Sheets (in thousands): October 2, January 2, Trademarks and trade names $ 26,552 $ 26,599 The immaterial change in the indefinite-lived intangible assets balances shown above is related to foreign currency translation impacts. Impairment Analysis

Product Warranties

Product Warranties	9 Months Ended
	Oct. 02, 2021
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. 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 costs incurred could differ from the original estimates, requiring adjustments to the allowance. Activity associated with warranty obligations was as follows (in thousands): Nine Months Ended October 2, September 26, Balance at beginning of period $ 16,109 $ 15,865 Accruals for warranties issued during period 6,580 5,483 Adjustments related to pre-existing warranties — (272) Settlements made during the period (5,411) (6,013) Balance at end of period $ 17,278 $ 15,063 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 (in thousands): October 2, January 2, Current - in the next twelve months $ 6,080 $ 5,918 Long-term - beyond one year 11,198 10,191 Total $ 17,278 $ 16,109

Long-Term Debt

Long-Term Debt	9 Months Ended
	Oct. 02, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt is as follows (in thousands): October 2, January 2, Revolving credit facility with interest at a variable rate (October 2, 2021 - 1.1%; January 2, 2021 - 1.2%) $ 75,000 $ 75,000 Fixed rate notes due in 2025 with an interest rate of 4.22% 50,000 50,000 Fixed rate notes due in 2028 with an interest rate of 4.40% 50,000 50,000 Other amounts 3,345 841 Deferred debt issuance costs (413) (476) Total debt 177,932 175,365 Less: Current maturities of long-term debt 3,345 841 Long-term debt $ 174,587 $ 174,524 The carrying value of the Corporation's outstanding variable-rate, long-term debt obligations at October 2, 2021, was $75 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 $116 million at October 2, 2021. As of October 2, 2021, the Corporation’s revolving credit facility borrowings were under the credit agreement entered into on April 20, 2018, with a scheduled maturity of April 20, 2023. The Corporation deferred the debt issuance costs related to the credit agreement, 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 $0.2 million is reflected in "Other Assets" in the Condensed Consolidated Balance Sheets. As of October 2, 2021, there was $75 million outstanding under the $450 million revolving credit facility. The entire amount drawn under the revolving credit facility is considered long-term as the Corporation assumes no obligation to repay any of the amounts borrowed in the next twelve months. Based on current earnings before interest, taxes, depreciation and amortization, the Corporation can access the full remaining $375 million of borrowing capacity available under the revolving credit facility and maintain compliance with applicable covenants. 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. In addition to the revolving credit facility, the Corporation also has $100 million of borrowings outstanding under private placement note agreements entered into on May 31, 2018. Under the agreements, the Corporation issued $50 million of seven-year fixed rate notes with an interest rate of 4.22 percent, due May 31, 2025, and $50 million of ten-year fixed rate notes with an interest rate of 4.40 percent, due May 31, 2028. The Corporation deferred the debt issuance costs related to the private placement note agreements, which are classified as a reduction of long-term debt, and is amortizing them over the terms of the private placement note agreements. The deferred debt issuance costs do not reduce the amount owed by the Corporation under the terms of the private placement note agreements. As of October 2, 2021, the debt issuance costs balance of $0.4 million related to the private placement note agreements is reflected in "Long-Term Debt" in the Condensed Consolidated Balance Sheets. The credit agreement and private placement notes both contain financial and non-financial covenants. The covenants under both are substantially the same. 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. Covenants require maintenance of financial ratios as of the end of any fiscal quarter, including: • a consolidated interest coverage ratio (as defined in the credit agreement) 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 agreement) 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 most restrictive of the financial covenants is the consolidated leverage ratio requirement of 3.5 to 1.0. Under the credit agreement, 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 October 2, 2021, the Corporation was below the maximum allowable ratio and was in compliance with all of the covenants and other restrictions in the credit agreement. The Corporation expects to remain in compliance with all of the covenants and other restrictions in the credit agreement over the next twelve months.

Income Taxes

Income Taxes	9 Months Ended
	Oct. 02, 2021
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 (dollars in thousands): Three Months Ended Nine Months Ended October 2, September 26, October 2, September 26, Income before income taxes $ 24,390 $ 37,245 $ 68,065 $ 24,605 Income taxes $ 5,232 $ 6,558 $ 16,476 $ 5,259 Effective tax rate 21.5 % 17.6 % 24.2 % 21.4 %

Fair Value Measurements of Fina

Fair Value Measurements of Financial Instruments	9 Months Ended
	Oct. 02, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements of Financial Instruments	Fair Value Measurements of Financial InstrumentsFor recognition purposes, on a recurring basis, the Corporation is required to measure at fair value its marketable securities, derivative financial instruments, put option liabilities and deferred stock-based compensation. The marketable securities comprise money market funds, government securities, and corporate bonds. 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 (in thousands): Fair value as of measurement date Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Balance as of October 2, 2021 Cash and cash equivalents (including money market funds) (1) $ 126,436 $ 126,436 $ — $ — Government securities (2) $ 5,557 $ — $ 5,557 $ — Corporate bonds (2) $ 7,936 $ — $ 7,936 $ — Derivative financial instruments - liability (3) $ 1,543 $ — $ 1,543 $ — Deferred stock-based compensation (4) $ 7,245 $ — $ 7,245 $ — Put option liability (5) $ 5,100 $ — $ — $ 5,100 Balance as of January 2, 2021 Cash and cash equivalents (including money market funds) (1) $ 116,120 $ 116,120 $ — $ — Government securities (2) $ 6,371 $ — $ 6,371 $ — Corporate bonds (2) $ 7,228 $ — $ 7,228 $ — Derivative financial instruments - liability (3) $ 2,328 $ — $ 2,328 $ — Deferred stock-based compensation (4) $ 7,207 $ — $ 7,207 $ — 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) Current portion - "Accounts payable and accrued expenses"; Long-term portion - "Other Long-Term Liabilities" (4) Current portion - "Current maturities of other long-term obligations"; Long-term portion - "Other Long-Term Liabilities" (5) "Other Long-Term Liabilities"

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity	9 Months Ended
	Oct. 02, 2021
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 (in thousands): Foreign Currency Translation Adjustment Unrealized Gains (Losses) on Debt Securities Pension and Post-retirement Liabilities Derivative Financial Instruments Accumulated Other Comprehensive Income (Loss) Balance as of January 2, 2021 $ (1,071) $ 360 $ (6,682) $ (1,760) $ (9,153) Other comprehensive income (loss) before reclassifications 107 (199) — 42 (50) Tax (expense) or benefit — 42 — (10) 32 Amounts reclassified from accumulated other comprehensive income (loss), net of tax — — — 545 545 Balance as of October 2, 2021 $ (964) $ 203 $ (6,682) $ (1,183) $ (8,626) Amounts in parentheses indicate reductions to equity. Foreign Currency Translation Adjustment Unrealized Gains (Losses) on Debt Securities Pension and Post-retirement Liabilities Derivative Financial Instruments Accumulated Other Comprehensive Income (Loss) Balance as of December 28, 2019 $ (2,912) $ 95 $ (5,762) $ 506 $ (8,073) Other comprehensive income (loss) before reclassifications 368 341 — (3,236) (2,527) Tax (expense) or benefit — (72) — 758 686 Amounts reclassified from accumulated other comprehensive income (loss), net of tax — — — 85 85 Balance as of September 26, 2020 $ (2,544) $ 364 $ (5,762) $ (1,887) $ (9,829) Amounts in parentheses indicate reductions to equity. Interest Rate Swap In 2019, the Corporation entered into an interest rate swap transaction to hedge $75 million of outstanding variable rate revolver borrowings against future interest rate volatility. Under the terms of this interest rate swap, the Corporation pays a fixed rate of 1.42 percent and receives one month LIBOR on a $75 million notional value expiring April 2023. As of October 2, 2021, the fair value of the Corporation's interest rate swap liability was $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 $(1.2) million in "HNI Corporation Shareholders' Equity" in the Condensed Consolidated Balance Sheets. The following table details the reclassifications from accumulated other comprehensive income (loss) (in thousands): Three Months Ended Nine Months Ended Details about Accumulated Other Comprehensive Income (Loss) Components Affected Line Item in the Statement Where Net Income is Presented October 2, September 26, October 2, September 26, Derivative financial instruments Interest rate swap Interest expense, net $ (250) $ (147) $ (713) $ (107) Income taxes 59 33 168 22 Net of tax $ (191) $ (114) $ (545) $ (85) Amounts in parentheses indicate reductions to profit. Dividend The Corporation declared and paid cash dividends per common share as follows (in dollars): Nine Months Ended October 2, September 26, Dividends per common share $ 0.925 $ 0.915 Stock Repurchase The following table summarizes shares repurchased and settled by the Corporation (in thousands, except per share data): Nine Months Ended October 2, September 26, Shares repurchased 500 214 Average price per share $ 39.52 $ 29.83 Cash purchase price $ (19,774) $ (6,390) Purchases unsettled as of quarter end 1,313 — Prior year purchases settled in current year — (374) Shares repurchased per cash flow $ (18,461) $ (6,764)

Earnings Per Share

Earnings Per Share	9 Months Ended
	Oct. 02, 2021
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") (in thousands, except per share data): Three Months Ended Nine Months Ended October 2, September 26, October 2, September 26, Numerator: Numerator for both basic and diluted EPS attributable to HNI Corporation net income $ 19,158 $ 30,688 $ 51,592 $ 19,349 Denominators: Denominator for basic EPS weighted-average common shares outstanding 43,781 42,684 43,573 42,651 Potentially dilutive shares from stock-based compensation plans 561 326 472 254 Denominator for diluted EPS 44,342 43,010 44,045 42,905 Earnings per share – basic $ 0.44 $ 0.72 $ 1.18 $ 0.45 Earnings per share – diluted $ 0.43 $ 0.71 $ 1.17 $ 0.45 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 (in thousands): Three Months Ended Nine Months Ended October 2, September 26, October 2, September 26, Common stock equivalents excluded because their inclusion would be anti-dilutive 1,768 3,124 1,671 3,183

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Oct. 02, 2021
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 adjusted for the probability that the Corporation will perform within an established target range of cumulative profitability over a multi-year period. The following table summarizes expense associated with these plans (in thousands): Three Months Ended Nine Months Ended October 2, September 26, October 2, September 26, Compensation cost $ 1,752 $ 1,087 $ 9,540 $ 6,746 The units granted by the Corporation had fair values as follows (in thousands): Nine Months Ended October 2, September 26, Restricted stock units $ 15,923 $ 6,431 Performance stock units $ 6,054 $ 5,920 The following table summarizes unrecognized compensation expense and the weighted-average remaining service period for non-vested stock options and stock units as of October 2, 2021: Unrecognized Compensation Expense Weighted-Average Remaining Non-vested stock options $ 709 0.7 Non-vested restricted stock units $ 8,005 1.1 Non-vested performance stock units $ 4,249 1.2

Recently Adopted Accounting Sta

Recently Adopted Accounting Standards	9 Months Ended
	Oct. 02, 2021
Accounting Changes and Error Corrections [Abstract]
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes . This update simplifies various aspects related to accounting for income taxes, removes certain exceptions to the general principles in ASC 740, and clarifies and amends existing guidance to improve consistent application. The Corporation adopted ASC 740 in the first quarter of fiscal 2021, with no material effect on the Condensed Consolidated Financial Statements and related footnote disclosures.

Guarantees, Commitments and Con

Guarantees, Commitments and Contingencies	9 Months Ended
	Oct. 02, 2021
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 $31 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 October 2, 2021, 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 has contingent liabilities which have arisen in the ordinary course of its business, including liabilities relating to pending litigation, environmental remediation, taxes, and other claims. It is the Corporation's opinion, after consultation with legal counsel, that liabilities, if any, resulting from these matters are not expected to have a material adverse effect on the Corporation's financial condition, cash flows, or on the Corporation's quarterly or annual operating results when resolved in a future period.

Subsequent Events

Subsequent Events	9 Months Ended
	Oct. 02, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In October 2021, the Corporation acquired a residential building products installing distributor at a purchase price of approximately $30 million. The acquired company builds on the Corporation's strategy to expand the Fireside Hearth & Home owned-distribution component of the residential building products segment. Due to the recent timing of the close of the acquisition, the Corporation has not yet allocated the purchase price to the fair value of the assets acquired and the liabilities assumed at the acquisition date.

Reportable Segment Information

Reportable Segment Information	9 Months Ended
	Oct. 02, 2021
Segment Reporting [Abstract]
Reportable Segment Information	Reportable Segment Information Management views the Corporation as having two reportable segments based on industries: workplace furnishings and residential building products. The aggregated workplace furnishings segment manufactures and markets a broad line of commercial and home office furniture which includes panel-based and freestanding furniture systems, seating, storage, tables, and architectural products. The residential building products segment manufactures and markets a full array of gas, wood, electric, and pellet fueled fireplaces, inserts, stoves, facings, 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 general 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. R eportable segment data reconciled to the Corporation's condensed consolidated financial statements was as follows (in thousands): Three Months Ended Nine Months Ended October 2, September 26, October 2, September 26, Net Sales: Workplace furnishings $ 393,141 $ 353,361 $ 1,040,026 $ 999,827 Residential building products 193,609 153,702 541,472 393,397 Total $ 586,750 $ 507,063 $ 1,581,498 $ 1,393,224 Income (Loss) Before Income Taxes: Workplace furnishings $ 3,893 $ 16,826 $ 9,578 $ (8,619) Residential building products 33,392 30,197 103,766 65,232 General corporate (11,042) (8,261) (39,814) (26,737) Operating income 26,243 38,762 73,530 29,876 Interest expense, net 1,853 1,517 5,465 5,271 Total $ 24,390 $ 37,245 $ 68,065 $ 24,605 Depreciation and Amortization Expense: Workplace furnishings $ 11,882 $ 11,065 $ 35,918 $ 33,177 Residential building products 2,545 2,351 7,403 6,976 General corporate 6,443 5,896 18,689 17,764 Total $ 20,870 $ 19,312 $ 62,010 $ 57,917 Capital Expenditures (including capitalized software): Workplace furnishings $ 6,494 $ 6,946 $ 24,001 $ 18,340 Residential building products 5,456 2,695 12,113 5,874 General corporate 3,549 1,584 11,681 7,787 Total $ 15,499 $ 11,225 $ 47,795 $ 32,001 As of, As of Identifiable Assets: Workplace furnishings $ 832,055 $ 762,780 Residential building products 415,092 381,550 General corporate 287,219 273,702 Total $ 1,534,366 $ 1,418,032

Recently Adopted Accounting S_2

Recently Adopted Accounting Standards (Policies)	9 Months Ended
	Oct. 02, 2021
Accounting Changes and Error Corrections [Abstract]
Revenue	Performance Obligations The Corporation recognizes revenue for sales of workplace furnishings and residential building products at a point in time following the transfer of control of such products to the customer, which typically occurs upon shipment of the product. In certain circumstances, transfer of control to the customer does not occur until the goods are received by the customer or upon installation and/or customer acceptance, depending on the terms of the underlying contracts. Contracts typically have a duration of less than one year and normally do not include a significant financing component. Generally, payment is due within 30 days of invoicing. The Corporation's backlog orders are typically cancellable for a period of time and almost all contracts have an original duration of one year or less. As a result, the Corporation has elected the practical expedient permitted in the revenue accounting standard not to disclose the unsatisfied performance obligation as of period end. The backlog is typically fulfilled within a few months. Significant Judgments The amount of consideration the Corporation receives and revenue recognized varies with changes in rebate and marketing program incentives, as well as early pay discounts, offered to customers. The Corporation uses significant judgment throughout the year in estimating the reduction in net sales driven by variable consideration for rebate and marketing programs. Judgments made include expected sales levels and utilization of funds. However, this judgment factor is significantly reduced at the end of each year when sales volumes and the impact to rebate and marketing programs are known and recorded as the programs typically end near the Corporation's fiscal year end.
Inventories	The Corporation values its inventory at the lower of cost or net realizable value.
Goodwill and Other Intangible Assets	Impairment AnalysisThe 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.
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. 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 costs incurred could differ 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, put option liabilities and deferred stock-based compensation.  The marketable securities comprise money market funds, government securities, and corporate bonds. 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.
Share-based Compensation, Option and Incentive Plans	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 adjusted for the probability that the Corporation will perform within an established target range of cumulative profitability over a multi-year period.
Business Segment Information	Management views the Corporation as having two reportable segments based on industries: workplace furnishings and residential building products. The aggregated workplace furnishings segment manufactures and markets a broad line of commercial and home office furniture which includes panel-based and freestanding furniture systems, seating, storage, tables, and architectural products. The residential building products segment manufactures and markets a full array of gas, wood, electric, and pellet fueled fireplaces, inserts, stoves, facings, 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 general 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.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Oct. 02, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Revenue from contracts with customers disaggregated by product category is as follows (in thousands): Three Months Ended Nine Months Ended October 2, September 26, October 2, September 26, Systems and storage $ 227,827 $ 207,549 $ 611,097 $ 578,601 Seating 134,248 127,294 349,572 358,005 Other 31,066 18,518 79,357 63,221 Total workplace furnishings 393,141 353,361 1,040,026 999,827 Residential building products 193,609 153,702 541,472 393,397 Net sales $ 586,750 $ 507,063 $ 1,581,498 $ 1,393,224
Contract with Customer, Asset and Liability	Contract assets and contract liabilities were as follows (in thousands): October 2, January 2, Trade receivables (1) $ 238,620 $ 207,971 Contract assets (current) (2) $ 1,265 $ 761 Contract assets (long-term) (3) $ 16,876 $ 2,486 Contract liabilities (4) $ 58,976 $ 53,070 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"

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Oct. 02, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Asset Acquisition	The DPG purchase price allocation and weighted average amortization periods of identified intangible assets as of the date of acquisition is as follows (dollars in thousands): Fair Value Weighted Average Amortization Period Inventories $ 1,597 Receivables 4 Prepaid expenses and other current assets 467 Accounts payable and accrued expenses (8,035) Goodwill 33,588 Customer lists 11,500 11 years Software 5,500 5 years Trade names 5,200 10 years Other intangible assets 300 3 years Total net assets $ 50,121

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Oct. 02, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories included in the Condensed Consolidated Balance Sheets consisted of the following (in thousands): October 2, January 2, Finished products $ 140,955 $ 98,527 Materials and work in process 86,615 70,264 Last-in, first-out ("LIFO") allowance (38,980) (30,980) Total inventories $ 188,590 $ 137,811 Inventory valued by the LIFO costing method 76 % 75 %

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Oct. 02, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	Goodwill and other intangible assets included in the Condensed Consolidated Balance Sheets consisted of the following (in thousands): October 2, January 2, Goodwill $ 287,443 $ 292,434 Definite-lived intangible assets 132,763 139,863 Indefinite-lived intangible assets 26,552 26,599 Total goodwill and other intangible assets $ 446,758 $ 458,896
Schedule of Goodwill	The changes in the carrying amount of goodwill, by reporting segment, are as follows (in thousands): Workplace Furnishings Residential Building Products Total Balance as of January 2, 2021 Goodwill $ 168,477 $ 196,976 $ 365,453 Accumulated impairment losses (72,876) (143) (73,019) Net goodwill balance as of January 2, 2021 95,601 196,833 292,434 Goodwill acquired / measurement period adjustments (6,211) 1,220 (4,991) Balance as of October 2, 2021 Goodwill 162,266 198,196 360,462 Accumulated impairment losses (72,876) (143) (73,019) Net goodwill balance as of October 2, 2021 $ 89,390 $ 198,053 $ 287,443
Schedule of Finite-Lived Intangible Assets by Major Class	The table below summarizes amortizable definite-lived intangible assets, which are reflected in "Goodwill and Other Intangible Assets" in the Condensed Consolidated Balance Sheets (in thousands): October 2, 2021 January 2, 2021 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Software $ 193,634 $ 96,041 $ 97,593 $ 182,127 $ 78,619 $ 103,508 Trademarks and trade names 11,764 4,337 7,427 9,964 3,546 6,418 Customer lists and other 92,777 65,034 27,743 91,002 61,065 29,937 Net definite-lived intangible assets $ 298,175 $ 165,412 $ 132,763 $ 283,093 $ 143,230 $ 139,863
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 (in thousands): Three Months Ended Nine Months Ended October 2, September 26, October 2, September 26, Capitalized software $ 6,070 $ 4,910 $ 17,497 $ 14,288 Other definite-lived intangibles $ 1,626 $ 1,136 $ 4,881 $ 3,811
Schedule of Expected Amortization Expense Table	Based on the current amount of intangible assets subject to amortization, the estimated amortization expense for each of the following five years is as follows (in millions): 2021 2022 2023 2024 2025 Amortization expense $ 29.9 $ 27.3 $ 23.1 $ 19.0 $ 17.3
Schedule of Indefinite Lived Intangible Assets and Goodwill	These indefinite-lived intangible assets are reflected in "Goodwill and Other Intangible Assets" in the Condensed Consolidated Balance Sheets (in thousands): October 2, January 2, Trademarks and trade names $ 26,552 $ 26,599

Product Warranties (Tables)

Product Warranties (Tables)	9 Months Ended
	Oct. 02, 2021
Product Warranties Disclosures [Abstract]
Activity Associated with Warranty Obligations	Activity associated with warranty obligations was as follows (in thousands): Nine Months Ended October 2, September 26, Balance at beginning of period $ 16,109 $ 15,865 Accruals for warranties issued during period 6,580 5,483 Adjustments related to pre-existing warranties — (272) Settlements made during the period (5,411) (6,013) Balance at end of period $ 17,278 $ 15,063 October 2, January 2, Current - in the next twelve months $ 6,080 $ 5,918 Long-term - beyond one year 11,198 10,191 Total $ 17,278 $ 16,109

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Oct. 02, 2021
Debt Disclosure [Abstract]
Schedule of Debt	Long-term debt is as follows (in thousands): October 2, January 2, Revolving credit facility with interest at a variable rate (October 2, 2021 - 1.1%; January 2, 2021 - 1.2%) $ 75,000 $ 75,000 Fixed rate notes due in 2025 with an interest rate of 4.22% 50,000 50,000 Fixed rate notes due in 2028 with an interest rate of 4.40% 50,000 50,000 Other amounts 3,345 841 Deferred debt issuance costs (413) (476) Total debt 177,932 175,365 Less: Current maturities of long-term debt 3,345 841 Long-term debt $ 174,587 $ 174,524

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Oct. 02, 2021
Income Tax Disclosure [Abstract]
Schedule of Income Tax Provision	The following table summarizes the Corporation's income tax provision (dollars in thousands): Three Months Ended Nine Months Ended October 2, September 26, October 2, September 26, Income before income taxes $ 24,390 $ 37,245 $ 68,065 $ 24,605 Income taxes $ 5,232 $ 6,558 $ 16,476 $ 5,259 Effective tax rate 21.5 % 17.6 % 24.2 % 21.4 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Oct. 02, 2021
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value	Financial instruments measured at fair value were as follows (in thousands): Fair value as of measurement date Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Balance as of October 2, 2021 Cash and cash equivalents (including money market funds) (1) $ 126,436 $ 126,436 $ — $ — Government securities (2) $ 5,557 $ — $ 5,557 $ — Corporate bonds (2) $ 7,936 $ — $ 7,936 $ — Derivative financial instruments - liability (3) $ 1,543 $ — $ 1,543 $ — Deferred stock-based compensation (4) $ 7,245 $ — $ 7,245 $ — Put option liability (5) $ 5,100 $ — $ — $ 5,100 Balance as of January 2, 2021 Cash and cash equivalents (including money market funds) (1) $ 116,120 $ 116,120 $ — $ — Government securities (2) $ 6,371 $ — $ 6,371 $ — Corporate bonds (2) $ 7,228 $ — $ 7,228 $ — Derivative financial instruments - liability (3) $ 2,328 $ — $ 2,328 $ — Deferred stock-based compensation (4) $ 7,207 $ — $ 7,207 $ — 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) Current portion - "Accounts payable and accrued expenses"; Long-term portion - "Other Long-Term Liabilities" (4) Current portion - "Current maturities of other long-term obligations"; Long-term portion - "Other Long-Term Liabilities" (5) "Other Long-Term Liabilities"

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity (Tables)	9 Months Ended
	Oct. 02, 2021
Equity [Abstract]
Schedule of Components of Accumulated Other Comprehensive Income and Changes in Accumulated Other Comprehensive Income, 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 (in thousands): Foreign Currency Translation Adjustment Unrealized Gains (Losses) on Debt Securities Pension and Post-retirement Liabilities Derivative Financial Instruments Accumulated Other Comprehensive Income (Loss) Balance as of January 2, 2021 $ (1,071) $ 360 $ (6,682) $ (1,760) $ (9,153) Other comprehensive income (loss) before reclassifications 107 (199) — 42 (50) Tax (expense) or benefit — 42 — (10) 32 Amounts reclassified from accumulated other comprehensive income (loss), net of tax — — — 545 545 Balance as of October 2, 2021 $ (964) $ 203 $ (6,682) $ (1,183) $ (8,626) Amounts in parentheses indicate reductions to equity. Foreign Currency Translation Adjustment Unrealized Gains (Losses) on Debt Securities Pension and Post-retirement Liabilities Derivative Financial Instruments Accumulated Other Comprehensive Income (Loss) Balance as of December 28, 2019 $ (2,912) $ 95 $ (5,762) $ 506 $ (8,073) Other comprehensive income (loss) before reclassifications 368 341 — (3,236) (2,527) Tax (expense) or benefit — (72) — 758 686 Amounts reclassified from accumulated other comprehensive income (loss), net of tax — — — 85 85 Balance as of September 26, 2020 $ (2,544) $ 364 $ (5,762) $ (1,887) $ (9,829) Amounts in parentheses indicate reductions to equity.
Schedule of Reclassification from Accumulated Other Comprehensive Income	The following table details the reclassifications from accumulated other comprehensive income (loss) (in thousands): Three Months Ended Nine Months Ended Details about Accumulated Other Comprehensive Income (Loss) Components Affected Line Item in the Statement Where Net Income is Presented October 2, September 26, October 2, September 26, Derivative financial instruments Interest rate swap Interest expense, net $ (250) $ (147) $ (713) $ (107) Income taxes 59 33 168 22 Net of tax $ (191) $ (114) $ (545) $ (85) Amounts in parentheses indicate reductions to profit.
Schedule of Dividends Declared and Paid Per Share	The Corporation declared and paid cash dividends per common share as follows (in dollars): Nine Months Ended October 2, September 26, Dividends per common share $ 0.925 $ 0.915
Schedule of Share Repurchases	The following table summarizes shares repurchased and settled by the Corporation (in thousands, except per share data): Nine Months Ended October 2, September 26, Shares repurchased 500 214 Average price per share $ 39.52 $ 29.83 Cash purchase price $ (19,774) $ (6,390) Purchases unsettled as of quarter end 1,313 — Prior year purchases settled in current year — (374) Shares repurchased per cash flow $ (18,461) $ (6,764)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Oct. 02, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share Basic and Diluted	The following table reconciles the numerators and denominators used in the calculation of basic and diluted earnings per share ("EPS") (in thousands, except per share data): Three Months Ended Nine Months Ended October 2, September 26, October 2, September 26, Numerator: Numerator for both basic and diluted EPS attributable to HNI Corporation net income $ 19,158 $ 30,688 $ 51,592 $ 19,349 Denominators: Denominator for basic EPS weighted-average common shares outstanding 43,781 42,684 43,573 42,651 Potentially dilutive shares from stock-based compensation plans 561 326 472 254 Denominator for diluted EPS 44,342 43,010 44,045 42,905 Earnings per share – basic $ 0.44 $ 0.72 $ 1.18 $ 0.45 Earnings per share – diluted $ 0.43 $ 0.71 $ 1.17 $ 0.45
Schedule of Anti-Dilutive Weighted Average Number of Shares	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 (in thousands): Three Months Ended Nine Months Ended October 2, September 26, October 2, September 26, Common stock equivalents excluded because their inclusion would be anti-dilutive 1,768 3,124 1,671 3,183

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Oct. 02, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock Based Compensation Expense	The following table summarizes expense associated with these plans (in thousands): Three Months Ended Nine Months Ended October 2, September 26, October 2, September 26, Compensation cost $ 1,752 $ 1,087 $ 9,540 $ 6,746
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period	The units granted by the Corporation had fair values as follows (in thousands): Nine Months Ended October 2, September 26, Restricted stock units $ 15,923 $ 6,431 Performance stock units $ 6,054 $ 5,920
Schedule of Unrecognized Compensation Cost, Nonvested Awards	The following table summarizes unrecognized compensation expense and the weighted-average remaining service period for non-vested stock options and stock units as of October 2, 2021: Unrecognized Compensation Expense Weighted-Average Remaining Non-vested stock options $ 709 0.7 Non-vested restricted stock units $ 8,005 1.1 Non-vested performance stock units $ 4,249 1.2

Reportable Segment Information

Reportable Segment Information (Tables)	9 Months Ended
	Oct. 02, 2021
Segment Reporting [Abstract]
Reportable Segment Data	R eportable segment data reconciled to the Corporation's condensed consolidated financial statements was as follows (in thousands): Three Months Ended Nine Months Ended October 2, September 26, October 2, September 26, Net Sales: Workplace furnishings $ 393,141 $ 353,361 $ 1,040,026 $ 999,827 Residential building products 193,609 153,702 541,472 393,397 Total $ 586,750 $ 507,063 $ 1,581,498 $ 1,393,224 Income (Loss) Before Income Taxes: Workplace furnishings $ 3,893 $ 16,826 $ 9,578 $ (8,619) Residential building products 33,392 30,197 103,766 65,232 General corporate (11,042) (8,261) (39,814) (26,737) Operating income 26,243 38,762 73,530 29,876 Interest expense, net 1,853 1,517 5,465 5,271 Total $ 24,390 $ 37,245 $ 68,065 $ 24,605 Depreciation and Amortization Expense: Workplace furnishings $ 11,882 $ 11,065 $ 35,918 $ 33,177 Residential building products 2,545 2,351 7,403 6,976 General corporate 6,443 5,896 18,689 17,764 Total $ 20,870 $ 19,312 $ 62,010 $ 57,917 Capital Expenditures (including capitalized software): Workplace furnishings $ 6,494 $ 6,946 $ 24,001 $ 18,340 Residential building products 5,456 2,695 12,113 5,874 General corporate 3,549 1,584 11,681 7,787 Total $ 15,499 $ 11,225 $ 47,795 $ 32,001 As of, As of Identifiable Assets: Workplace furnishings $ 832,055 $ 762,780 Residential building products 415,092 381,550 General corporate 287,219 273,702 Total $ 1,534,366 $ 1,418,032

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 586,750	$ 507,063	$ 1,581,498	$ 1,393,224
Workplace furnishings
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	393,141	353,361	1,040,026	999,827
Workplace furnishings | Systems and storage
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	227,827	207,549	611,097	578,601
Workplace furnishings | Seating
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	134,248	127,294	349,572	358,005
Workplace furnishings | Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	31,066	18,518	79,357	63,221
Residential building products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 193,609	$ 153,702	$ 541,472	$ 393,397

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Jan. 02, 2021
Revenue from Contract with Customer [Abstract]
Trade receivables	$ 238,620	$ 207,971
Contract assets (current)	1,265	761
Contract assets (long-term)	16,876	2,486
Contract liabilities	$ 58,976	$ 53,070

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Apr. 03, 2021	Oct. 02, 2021
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 21.1
Payment terms		30 days

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Oct. 02, 2021	Apr. 03, 2021	Jan. 02, 2021
Schedule Of Asset Acquisition [Line Items]
Goodwill		$ 287,443		$ 292,434
Increase in working capital		$ 500
Assets of Residential Building Products Companies
Schedule Of Asset Acquisition [Line Items]
Payments for asset acquisitions			$ 1,600
Goodwill			$ 1,200
Design Public Group
Schedule Of Asset Acquisition [Line Items]
Payments for asset acquisitions	$ 50,121
Goodwill	$ 33,588

Acquisitions - Purchase Price A

Acquisitions - Purchase Price Allocation and Estimated Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Oct. 02, 2021	Jan. 02, 2021
Schedule Of Asset Acquisition [Line Items]
Goodwill		$ 287,443	$ 292,434
Design Public Group
Schedule Of Asset Acquisition [Line Items]
Inventories	$ 1,597
Receivables	4
Prepaid expenses and other current assets	467
Accounts payable and accrued expenses	(8,035)
Goodwill	33,588
Total net assets	50,121
Design Public Group | Customer lists
Schedule Of Asset Acquisition [Line Items]
Intangible assets	$ 11,500
Weighted Average Amortization Period	11 years
Design Public Group | Software
Schedule Of Asset Acquisition [Line Items]
Intangible assets	$ 5,500
Weighted Average Amortization Period	5 years
Design Public Group | Trade names
Schedule Of Asset Acquisition [Line Items]
Intangible assets	$ 5,200
Weighted Average Amortization Period	10 years
Design Public Group | Other intangible assets
Schedule Of Asset Acquisition [Line Items]
Intangible assets	$ 300
Weighted Average Amortization Period	3 years

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Jan. 02, 2021
Inventories
Finished products	$ 140,955	$ 98,527
Materials and work in process	86,615	70,264
Last-in, first-out ("LIFO") allowance	(38,980)	(30,980)
Total inventories	$ 188,590	$ 137,811
Inventory valued by the LIFO costing method	76.00%	75.00%

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Jan. 02, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 287,443	$ 292,434
Definite-lived intangible assets	132,763	139,863
Indefinite-lived intangible assets	26,552	26,599
Goodwill and Other Intangible Assets	$ 446,758	$ 458,896

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	9 Months Ended
	Oct. 02, 2021USD ($)
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	$ 365,453
Accumulated impairment losses, beginning balance	(73,019)
Goodwill, net, beginning balance	292,434
Goodwill acquired / measurement period adjustments	(4,991)
Goodwill, gross, ending balance	360,462
Accumulated impairment losses, ending balance	(73,019)
Goodwill, net, ending balance	287,443
Workplace furnishings
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	168,477
Accumulated impairment losses, beginning balance	(72,876)
Goodwill, net, beginning balance	95,601
Goodwill acquired / measurement period adjustments	(6,211)
Goodwill, gross, ending balance	162,266
Accumulated impairment losses, ending balance	(72,876)
Goodwill, net, ending balance	89,390
Residential building products
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	196,976
Accumulated impairment losses, beginning balance	(143)
Goodwill, net, beginning balance	196,833
Goodwill acquired / measurement period adjustments	1,220
Goodwill, gross, ending balance	198,196
Accumulated impairment losses, ending balance	(143)
Goodwill, net, ending balance	$ 198,053

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Jan. 02, 2021
Finite-Lived Intangible Assets [Line Items]
Gross	$ 298,175	$ 283,093
Accumulated Amortization	165,412	143,230
Net	132,763	139,863
Software
Finite-Lived Intangible Assets [Line Items]
Gross	193,634	182,127
Accumulated Amortization	96,041	78,619
Net	97,593	103,508
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross	11,764	9,964
Accumulated Amortization	4,337	3,546
Net	7,427	6,418
Customer lists and other
Finite-Lived Intangible Assets [Line Items]
Gross	92,777	91,002
Accumulated Amortization	65,034	61,065
Net	$ 27,743	$ 29,937

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized software	$ 6,070	$ 4,910	$ 17,497	$ 14,288
Other definite-lived intangibles	$ 1,626	$ 1,136	$ 4,881	$ 3,811

Goodwill and Other Intangible_7

Goodwill and Other Intangible Assets - Future Amortization Expense (Details)	Oct. 02, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 29,900
2022	27,300
2023	23,100
2024	19,000
2025	$ 17,300

Goodwill and Other Intangible_8

Goodwill and Other Intangible Assets - Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Jan. 02, 2021
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 26,552	$ 26,599
Trademarks and trade names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 26,552	$ 26,599

Product Warranties (Details)

Product Warranties (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020
Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 16,109	$ 15,865
Accruals for warranties issued during period	6,580	5,483
Adjustments related to pre-existing warranties	0	(272)
Settlements made during the period	(5,411)	(6,013)
Balance at end of period	$ 17,278	$ 15,063

Product Warranties - Current an

Product Warranties - Current and Long Term Warranty (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Jan. 02, 2021	Sep. 26, 2020	Dec. 28, 2019
Product Warranties Disclosures [Abstract]
Current - in the next twelve months	$ 6,080	$ 5,918
Long-term - beyond one year	11,198	10,191
Total	$ 17,278	$ 16,109	$ 15,063	$ 15,865

Long-Term Debt Schedule of Long

Long-Term Debt Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Jan. 02, 2021	May 31, 2018
Debt Instrument [Line Items]
Total debt	$ 177,932	$ 175,365
Deferred debt issuance costs	(413)	(476)
Current maturities of long-term debt	3,345	841
Long-term debt	$ 174,587	$ 174,524
Fixed rate notes due in 2025 with an interest rate of 4.22%
Debt Instrument [Line Items]
Interest rate	4.22%		4.22%
Fixed rate notes due in 2028 with an interest rate of 4.40%
Debt Instrument [Line Items]
Interest rate	4.40%		4.40%
Revolving credit facility with interest at a variable rate (October 2, 2021 - 1.1%; January 2, 2021 - 1.2%)
Debt Instrument [Line Items]
Interest rate	1.10%	1.20%
Total debt	$ 75,000	$ 75,000
Fixed rate notes due in 2025 with an interest rate of 4.22%
Debt Instrument [Line Items]
Total debt	50,000	50,000
Fixed rate notes due in 2028 with an interest rate of 4.40%
Debt Instrument [Line Items]
Total debt	50,000	50,000
Other amounts
Debt Instrument [Line Items]
Total debt	$ 3,345	$ 841

Long-Term Debt Narrative (Detai

Long-Term Debt Narrative (Details) - USD ($)	May 31, 2018	Oct. 02, 2021	Jan. 02, 2021
Debt Instrument [Line Items]
Long-term debt obligations		$ 177,932,000	$ 175,365,000
Deferred debt issuance costs, current		400,000
Deferred debt issuance costs, noncurrent		$ 200,000
Maximum ratio of interest coverage to earnings for the last four fiscal quarters		4
Maximum ratio of leverage to earnings for the last four fiscal quarters		3.5
Revolving credit facility with interest at a variable rate (October 2, 2021 - 1.1%; January 2, 2021 - 1.2%)
Debt Instrument [Line Items]
Long-term line of credit outstanding		$ 75,000,000
Line of credit maximum borrowing capacity		450,000,000
Line of credit remaining borrowing capacity		375,000,000
Notes Payable to Banks
Debt Instrument [Line Items]
Long-term debt obligations		75,000,000
Private Placement
Debt Instrument [Line Items]
Fair value of debt obligations		116,000,000
Deferred debt issuance costs, noncurrent		$ 400,000
Borrowings	$ 100,000,000
Fixed rate notes due in 2025 with an interest rate of 4.22%
Debt Instrument [Line Items]
Borrowings	$ 50,000,000
Note term	7 years
Interest rate	4.22%	4.22%
Fixed rate notes due in 2028 with an interest rate of 4.40%
Debt Instrument [Line Items]
Borrowings	$ 50,000,000
Note term	10 years
Interest rate	4.40%	4.40%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Income Tax Disclosure [Abstract]
Income before income taxes	$ 24,390	$ 37,245	$ 68,065	$ 24,605
Income taxes	$ 5,232	$ 6,558	$ 16,476	$ 5,259
Effective tax rate	21.50%	17.60%	24.20%	21.40%

Fair Value Measurements - Asset

Fair Value Measurements - Assets (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Jan. 02, 2021
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents (including money market funds)	$ 126,436	$ 116,120
Fair value, measurements, recurring
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents (including money market funds)	126,436	116,120
Derivative financial instruments - liability	1,543	2,328
Deferred stock-based compensation	7,245	7,207
Fair value, measurements, 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)	126,436	116,120
Derivative financial instruments - liability	0	0
Deferred stock-based compensation	0	0
Fair value, measurements, 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
Derivative financial instruments - liability	1,543	2,328
Deferred stock-based compensation	7,245	7,207
Fair value, measurements, 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
Derivative financial instruments - liability	0	0
Deferred stock-based compensation	0	0
Fair value, measurements, recurring | Government securities
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	5,557	6,371
Fair value, measurements, 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
Fair value, measurements, 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	5,557	6,371
Fair value, measurements, 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
Fair value, measurements, recurring | Corporate bonds
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	7,936	7,228
Fair value, measurements, 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
Fair value, measurements, 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	7,936	7,228
Fair value, measurements, 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
Fair value, measurements, recurring | Put option
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments - liability	5,100
Fair value, measurements, recurring | Put option | 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
Fair value, measurements, recurring | Put option | Significant other observable inputs (Level 2)
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments - liability	0
Fair value, measurements, recurring | Put option | Significant unobservable inputs (Level 3)
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments - liability	$ 5,100

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity - Components (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 590,745	$ 584,368
Ending balance	629,707	573,590
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(1,071)	(2,912)
Other comprehensive income (loss) before reclassifications	107	368
Tax (expense) or benefit	0	0
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	0	0
Ending balance	(964)	(2,544)
Unrealized Gains (Losses) on Debt Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	360	95
Other comprehensive income (loss) before reclassifications	(199)	341
Tax (expense) or benefit	42	(72)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	0	0
Ending balance	203	364
Pension and Post-retirement Liabilities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(6,682)	(5,762)
Other comprehensive income (loss) before reclassifications	0	0
Tax (expense) or benefit	0	0
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	0	0
Ending balance	(6,682)	(5,762)
Derivative Financial Instruments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(1,760)	506
Other comprehensive income (loss) before reclassifications	42	(3,236)
Tax (expense) or benefit	(10)	758
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	545	85
Ending balance	(1,183)	(1,887)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(9,153)	(8,073)
Other comprehensive income (loss) before reclassifications	(50)	(2,527)
Tax (expense) or benefit	32	686
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	545	85
Ending balance	$ (8,626)	$ (9,829)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity - Narrative (Details) - USD ($)	Oct. 02, 2021	Dec. 28, 2019
Common Stock
Class of Stock [Line Items]
Remaining authorized repurchase amount	$ 138,500,000
Interest rate swap
Class of Stock [Line Items]
Derivative, notional amount		$ 75,000,000
Derivative, fixed interest rate		1.42%
Derivative liability	1,500,000
Accumulated other comprehensive income (loss)	$ (1,200,000)

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity - Reclassification (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	$ (1,853)	$ (1,517)	$ (5,465)	$ (5,271)
Income taxes	(5,232)	(6,558)	(16,476)	(5,259)
Net of tax	19,158	30,688	51,592	19,349
Interest rate swap | Reclassifications from accumulated other comprehensive income (loss) | Derivative Financial Instruments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	(250)	(147)	(713)	(107)
Income taxes	59	33	168	22
Net of tax	$ (191)	$ (114)	$ (545)	$ (85)

Accumulated Other Comprehensi_6

Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity - Dividend (Details) - $ / shares	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Equity [Abstract]
Dividends per common share (in dollars per share)	$ 0.310	$ 0.305	$ 0.925	$ 0.915
Dividends per common share (in dollars per share)	$ 0.310	$ 0.305	$ 0.925	$ 0.915

Accumulated Other Comprehensi_7

Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity (Stock Repurchases) (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Average price per share (in dollars per share)	$ 39.52	$ 29.83
Shares repurchased per cash flow	$ (18,461)	$ (6,764)
Common Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares repurchased (in shares)	500,000	214,000
Cash purchase price	$ (19,774)	$ (6,390)
Purchases unsettled as of quarter end	1,313	0
Prior year purchases settled in current year	0	(374)
Shares repurchased per cash flow	$ (18,461)	$ (6,764)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Numerator:
Numerator for both basic and diluted EPS attributable to HNI Corporation net income	$ 19,158	$ 30,688	$ 51,592	$ 19,349
Denominators:
Denominator for basic EPS weighted-average common shares outstanding (in shares)	43,781	42,684	43,573	42,651
Potentially dilutive shares from stock-based compensation plans (in shares)	561	326	472	254
Denominator for diluted EPS (in shares)	44,342	43,010	44,045	42,905
Earnings per share - basic (in dollars per share)	$ 0.44	$ 0.72	$ 1.18	$ 0.45
Earnings per share - diluted (in dollars per share)	$ 0.43	$ 0.71	$ 1.17	$ 0.45

Earnings Per Share Antidilutive

Earnings Per Share Antidilutive Securities Excluded from Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
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)	1,768	3,124	1,671	3,183

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	$ 1,752	$ 1,087	$ 9,540	$ 6,746
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Expense	709		$ 709
Weighted-Average Remaining Service Period (years)			8 months 12 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value			$ 15,923	6,431
Unrecognized Compensation Expense	8,005		$ 8,005
Weighted-Average Remaining Service Period (years)			1 year 1 month 6 days
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value			$ 6,054	$ 5,920
Unrecognized Compensation Expense	$ 4,249		$ 4,249
Weighted-Average Remaining Service Period (years)			1 year 2 months 12 days

Guarantees, Commitments and C_2

Guarantees, Commitments and Contingencies (Details) $ in Millions	Oct. 02, 2021USD ($)
Letter of Credit
Line of Credit Facility [Line Items]
Letters of credit	$ 31
Trade Letters Of Credit And Bankers Acceptances
Line of Credit Facility [Line Items]
Letters of credit	$ 0

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) $ in Millions	1 Months Ended
	Oct. 31, 2021USD ($)
Subsequent Event
Subsequent Event [Line Items]
Payment to acquire building	$ 30

Reportable Segment Informatio_2

Reportable Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021USD ($)	Sep. 26, 2020USD ($)	Oct. 02, 2021USD ($)segment	Sep. 26, 2020USD ($)	Jan. 02, 2021USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			2
Net sales	$ 586,750	$ 507,063	$ 1,581,498	$ 1,393,224
Income (loss) before income taxes	26,243	38,762	73,530	29,876
Interest expense, net	1,853	1,517	5,465	5,271
Income before income taxes	24,390	37,245	68,065	24,605
Depreciation and amortization expense	20,870	19,312	62,010	57,917
Capital expenditures (including capitalized software)	15,499	11,225	47,795	32,001
Identifiable assets	1,534,366		1,534,366		$ 1,418,032
Workplace furnishings
Segment Reporting Information [Line Items]
Net sales	393,141	353,361	1,040,026	999,827
Residential building products
Segment Reporting Information [Line Items]
Net sales	193,609	153,702	541,472	393,397
Operating segments | Workplace furnishings
Segment Reporting Information [Line Items]
Net sales	393,141	353,361	1,040,026	999,827
Income (loss) before income taxes	3,893	16,826	9,578	(8,619)
Depreciation and amortization expense	11,882	11,065	35,918	33,177
Capital expenditures (including capitalized software)	6,494	6,946	24,001	18,340
Identifiable assets	832,055		832,055		762,780
Operating segments | Residential building products
Segment Reporting Information [Line Items]
Net sales	193,609	153,702	541,472	393,397
Income (loss) before income taxes	33,392	30,197	103,766	65,232
Depreciation and amortization expense	2,545	2,351	7,403	6,976
Capital expenditures (including capitalized software)	5,456	2,695	12,113	5,874
Identifiable assets	415,092		415,092		381,550
General corporate
Segment Reporting Information [Line Items]
Income (loss) before income taxes	(11,042)	(8,261)	(39,814)	(26,737)
Depreciation and amortization expense	6,443	5,896	18,689	17,764
Capital expenditures (including capitalized software)	3,549	$ 1,584	11,681	$ 7,787
Identifiable assets	$ 287,219		$ 287,219		$ 273,702

Uncategorized Items - hni-20211

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]