HNI (HNI) 10-Q 2 Aug 22 2022 Q2 Quarterly report Financial data

COVER

COVER	6 Months Ended
	Jul. 02, 2022 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 02, 2022
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	41,332,773
Entity Central Index Key	0000048287
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Income Statement [Abstract]
Net sales	$ 621.7	$ 510.5	$ 1,194.1	$ 994.7
Cost of sales	401.2	322.6	776.6	626.9
Gross profit	220.6	187.9	417.5	367.8
Selling and administrative expenses	189.7	163.2	366.1	320.5
Impairment charges	1	0	1	0
Operating income	29.9	24.7	50.3	47.3
Interest expense, net	2.1	1.9	4.1	3.6
Income before income taxes	27.8	22.8	46.2	43.7
Income taxes	(2.5)	5.4	1.8	11.2
Net income	30.3	17.4	44.5	32.4
Less: Net income (loss) attributable to non-controlling interest	0	0	0	0
Net income attributable to HNI Corporation	$ 30.3	$ 17.4	$ 44.5	$ 32.4
Average number of common shares outstanding – basic (in shares)	41.8	43.8	42.1	43.5
Net income attributable to HNI Corporation per common share – basic (in dollars per share)	$ 0.73	$ 0.40	$ 1.06	$ 0.75
Average number of common shares outstanding – diluted (in shares)	42.4	44.5	42.7	44
Net income attributable to HNI Corporation per common share – diluted (in dollars per share)	$ 0.72	$ 0.39	$ 1.04	$ 0.74
Foreign currency translation adjustments	$ (1.3)	$ 0.2	$ (1.8)	$ 0.1
Change in unrealized gains (losses) on marketable securities, net of tax	(0.1)	0	(0.5)	(0.1)
Change in derivative financial instruments, net of tax	0.1	0.1	1	0.4
Other comprehensive income (loss), net of tax	(1.3)	0.3	(1.3)	0.3
Comprehensive income	29	17.7	43.1	32.8
Less: Comprehensive income (loss) attributable to non-controlling interest	0	0	0	0
Comprehensive income attributable to HNI Corporation	$ 29	$ 17.7	$ 43.1	$ 32.8

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jul. 02, 2022	Jan. 01, 2022
Current Assets:
Cash and cash equivalents	$ 19.6	$ 52.3
Short-term investments	1	1.4
Receivables	255.3	240
Allowance for doubtful accounts	(2.7)	(2.8)
Inventories, net	227	181.6
Prepaid expenses and other current assets	53.4	51.1
Assets held for sale	71.2	0
Total Current Assets	624.7	523.5
Property, Plant, and Equipment:
Land and land improvements	30.9	30.9
Buildings	291.1	294.5
Machinery and equipment	581.3	593.6
Construction in progress	26.9	29.7
Property plant and equipment	930.2	948.7
Less: Accumulated depreciation	(584)	(581.9)
Net Property, Plant, and Equipment	346.1	366.8
Right-of-use Finance Leases	11.3	10.2
Right-of-use Operating Leases	91.4	82.9
Goodwill and Other Intangible Assets	458.2	471.5
Other Assets	55.1	43.1
Total Assets	1,586.7	1,497.9
Current Liabilities:
Accounts payable and accrued expenses	423.4	473.8
Current maturities of debt	1.7	3.2
Current maturities of other long-term obligations	2.1	3.9
Current lease obligations - Finance	3.3	2.8
Current lease obligations - Operating	20.5	22.8
Liabilities held for sale	41.1	0
Total Current Liabilities	492.1	506.4
Long-Term Debt	308.7	174.6
Long-Term Lease Obligations - Finance	7.9	7.4
Long-Term Lease Obligations - Operating	75.9	63.8
Other Long-Term Liabilities	78.5	80.7
Deferred Income Taxes	61.7	75
Total Liabilities	1,024.7	907.9
Equity:
HNI Corporation shareholders' equity	561.7	589.6
Non-controlling interest	0.3	0.3
Total Equity	562	590
Total Liabilities and Equity	$ 1,586.7	$ 1,497.9

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	Dividend Declared	Dividend Paid	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Dividend Declared	Retained Earnings Dividend Paid	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interest
Beginning balance at Jan. 02, 2021	$ 590.7			$ 42.9	$ 38.7	$ 518			$ (9.2)	$ 0.3
Comprehensive income:
Net income (loss)	32.4					32.4				0
Other comprehensive income (loss), net of tax	0.3								0.3
Dividends		$ (0.5)	$ (26.8)				$ (0.5)	$ (26.8)
Common shares – treasury:
Shares purchased	(6.7)			(0.2)	(6.6)
Shares issued under Members' Stock Purchase Plan and stock awards, net of tax	45.3			1.1	44.2
Ending balance at Jul. 03, 2021	634.8			43.9	76.3	523.1			(8.8)	0.3
Beginning balance at Apr. 03, 2021	617.8			43.6	63.4	519.6			(9.1)	0.3
Comprehensive income:
Net income (loss)	17.4					17.4				0
Other comprehensive income (loss), net of tax	0.3								0.3
Dividends		(0.2)	(13.6)				(0.2)	(13.6)
Common shares – treasury:
Shares purchased	(6.7)			(0.2)	(6.6)
Shares issued under Members' Stock Purchase Plan and stock awards, net of tax	19.9			0.5	19.4
Ending balance at Jul. 03, 2021	634.8			43.9	76.3	523.1			(8.8)	0.3
Beginning balance at Jan. 01, 2022	590			42.6	39.2	514.6			(6.8)	0.3
Comprehensive income:
Net income (loss)	44.5					44.5				0
Other comprehensive income (loss), net of tax	(1.3)								(1.3)
Dividends		(0.4)	(26.5)				(0.4)	(26.5)
Common shares – treasury:
Shares purchased	(63.9)			(1.7)	(11.1)	(51.1)
Shares issued under Members' Stock Purchase Plan and stock awards, net of tax	19.7			0.4	19.3
Ending balance at Jul. 02, 2022	562			41.3	47.4	481.1			(8.1)	0.3
Beginning balance at Apr. 02, 2022	582			42.4	45.4	500.8			(6.8)	0.3
Comprehensive income:
Net income (loss)	30.3					30.3				0
Other comprehensive income (loss), net of tax	(1.3)								(1.3)
Dividends		$ (0.4)	$ (13.4)				$ (0.4)	$ (13.4)
Common shares – treasury:
Shares purchased	(40)			(1.1)	(2.6)	(36.3)
Shares issued under Members' Stock Purchase Plan and stock awards, net of tax	4.7			0.1	4.6
Ending balance at Jul. 02, 2022	$ 562			$ 41.3	$ 47.4	$ 481.1			$ (8.1)	$ 0.3

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.320	$ 0.310	$ 0.630	$ 0.615
Cash dividends (in dollars per share)	$ 0.320	$ 0.310	$ 0.630	$ 0.615

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Net Cash Flows From (To) Operating Activities:
Net income	$ 44.5	$ 32.4
Non-cash items included in net income:
Depreciation and amortization	42.4	41.1
Other post-retirement and post-employment benefits	0.7	0.7
Stock-based compensation	8.5	7.8
Reduction in carrying amount of right-of-use assets	13.2	13.1
Deferred income taxes	(13.4)	(1.4)
Other – net	0.6	3.2
Net decrease in cash from operating assets and liabilities	(118.2)	(62.9)
Increase (decrease) in other liabilities	(3.5)	3.3
Net cash flows from (to) operating activities	(25.2)	37.3
Net Cash Flows From (To) Investing Activities:
Capital expenditures	(27.9)	(26.2)
Proceeds from sale of property, plant, and equipment	0	0.2
Capitalized software	(5.3)	(6.1)
Acquisition spending, net of cash acquired	(9.3)	(1.5)
Purchase of investments	(1.8)	(2.4)
Sales or maturities of investments	1.5	2.4
Net cash flows from (to) investing activities	(42.8)	(33.7)
Net Cash Flows From (To) Financing Activities:
Payments of debt	(159.3)	(0.6)
Proceeds from debt	291.8	3.8
Dividends paid	(26.7)	(26.8)
Purchase of HNI Corporation common stock	(65.2)	(6.5)
Proceeds from sales of HNI Corporation common stock	3.4	29.3
Other – net	(2.5)	(0.3)
Net cash flows from (to) financing activities	41.5	(1.3)
Net increase (decrease) in cash and cash equivalents including cash classified within current assets held for sale	(26.5)	2.4
Less: net increase in cash classified within current assets held for sale	6.2	0
Net increase (decrease) in cash and cash equivalents	(32.7)	2.4
Cash and cash equivalents at beginning of period	52.3	116.1
Cash and cash equivalents at end of period	$ 19.6	$ 118.5

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jul. 02, 2022
Accounting Changes and Error Corrections [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 1, 2022, 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 six-month period ended July 2, 2022, are not necessarily indicative of the results expected for the fiscal year ending December 31, 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 1, 2022. All dollar amounts presented are in millions, except per share data or where otherwise indicated. Amounts may not sum due to rounding.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Jul. 02, 2022
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 Ended Six Months Ended July 2, July 3, July 2, July 3, Systems and storage $ 241.1 $ 200.7 $ 449.0 $ 383.5 Seating 129.6 116.9 239.9 217.2 Other 36.0 26.5 70.9 46.1 Total workplace furnishings 406.7 344.1 759.8 646.9 Residential building products 215.1 166.3 434.3 347.9 Net sales $ 621.7 $ 510.5 $ 1,194.1 $ 994.7 Sales by product category are subject to similar economic factors and market conditions. See "Note 14. 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 or payable 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: July 2, January 1, Trade receivables (1) $ 255.3 $ 240.0 Contract assets (current) (2) $ 2.4 $ 1.5 Contract assets (long-term) (3) $ 30.1 $ 18.2 Contract liabilities (4) $ 59.1 $ 58.7 Balances as of July 2, 2022 in the table above exclude amounts classified as held for sale. See "Note 15. Business Held for Sale" in the Notes to Condensed Consolidated Financial Statements for further information. 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 multi-year 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 $27.2 million as of January 1, 2022, of which, $23.7 million was recognized as revenue in the first six months of 2022. 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	6 Months Ended
	Jul. 02, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions In June 2022, the Corporation acquired Dickerson Hearth Products ("Dickerson"), an installing fireplace distributor in the Raleigh, North Carolina area, for approximately $8 million. The transaction, which aligns with the Corporation's vertical integration strategy, was structured as an asset acquisition and was consummated entirely in cash. The preliminary purchase price allocation includes $7.9 million of goodwill. The remaining assets and liabilities acquired were not material to the consolidated financial statements. The Corporation expects to finalize the allocation of the purchase price during 2022. In December 2021, the Corporation acquired The Outdoor GreatRoom Company ("OGC"), a leading manufacturer and supplier of premium outdoor fire tables and fire pits, for approximately $15 million. This transaction, which positions the Corporation to grow and develop a leading position in the fast-growing outdoor living market, was structured as a stock acquisition and was consummated entirely in cash. In October 2021, the Corporation acquired Trinity Hearth & Home ("Trinity"), an installing fireplace distributor in the Dallas/Fort Worth area, for approximately $31 million. This transaction, which aligns with the Corporation's vertical integration strategy in the residential building products market and provides a hub to better serve customers in the rapidly growing Southwest region, was structured as an asset acquisition and was consummated entirely in cash. The assets and liabilities of Trinity, OGC, and Dickerson are included in the Corporation's residential building products segment. The related goodwill, which is expected to be tax deductible, is assigned to the residential building products reporting unit. The purchase price allocation for Trinity and OGC, and estimated amortization periods of identified intangible assets as of the respective dates of acquisition is as follows: Trinity OGC Fair Value Amortization Period Fair Value Amortization Period Cash $ — $ 0.3 Inventories 1.9 4.5 Receivables 4.6 1.8 Prepaid expenses and other current assets — 1.2 Property, plant, and equipment 0.3 0.5 Accounts payable and accrued expenses (1.7) (2.8) Goodwill 14.2 2.4 Customer lists 12.0 13 Years 4.9 10 Years Trade names — 2.5 10 Years Total Net Assets $ 31.3 $ 15.3 As a result of further review and refinement, measurement period adjustments were recorded in the first quarter of 2022 which decreased Trinity's inventory acquired by $0.2 million and increased goodwill related to both acquisitions by $0.9 million in the aggregate. Additionally, the aggregate purchase price of the deals increased by $0.8 million as a result of post-closing working capital settlements. There were no measurement period adjustments recorded in the second quarter of 2022. As of July 2, 2022, the purchase accounting for the Trinity and OGC acquisitions is complete. All acquisitions above were accounted for using the acquisition method pursuant to ASC 805, with goodwill being recorded as a result of the purchase price exceeding the fair value of identifiable tangible and intangible assets and liabilities.

Inventories

Inventories	6 Months Ended
	Jul. 02, 2022
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: July 2, January 1, Finished products $ 166.2 $ 137.2 Materials and work in process 116.3 92.0 LIFO allowance (55.6) (47.6) Total inventories, net $ 227.0 $ 181.6 Inventory valued by the LIFO costing method 91 % 84 % Balances as of July 2, 2022 in the table above exclude amounts classified as held for sale. See "Note 15. Business Held for Sale" in the Notes to Condensed Consolidated Financial Statements for further information. In addition to the LIFO allowance, the Corporation recorded inventory allowances of $18.7 million and $19.9 million as of July 2, 2022 and January 1, 2022, respectively, to adjust for excess and obsolete inventory or otherwise reduce FIFO-basis inventory to net realizable value.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jul. 02, 2022
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: July 2, January 1, Goodwill $ 306.2 $ 297.3 Definite-lived intangible assets 136.5 147.6 Indefinite-lived intangible assets 15.5 26.5 Total goodwill and other intangible assets $ 458.2 $ 471.5 Goodwill The changes in the carrying amount of goodwill, by reporting segment, are as follows: Workplace Furnishings Residential Building Products Total Balance as of January 1, 2022 Goodwill $ 162.3 $ 213.8 $ 376.1 Accumulated impairment losses (78.6) (0.1) (78.8) Net goodwill balance as of January 1, 2022 83.6 213.7 297.3 Goodwill acquired / measurement period adjustments — 8.8 8.8 Balance as of July 2, 2022 Goodwill 162.3 222.7 384.9 Accumulated impairment losses (78.6) (0.1) (78.8) Net goodwill balance as of July 2, 2022 $ 83.6 $ 222.5 $ 306.2 See "Note 3. Acquisitions" for additional information regarding goodwill acquired and related adjustments. 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: July 2, 2022 January 1, 2022 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Software $ 200.5 $ 113.7 $ 86.8 $ 196.8 $ 102.1 $ 94.7 Trademarks and trade names 14.3 5.3 9.0 14.3 4.6 9.7 Customer lists and other 80.2 39.5 40.7 109.6 66.4 43.3 Net definite-lived intangible assets $ 294.9 $ 158.5 $ 136.5 $ 320.7 $ 173.0 $ 147.6 Balances as of July 2, 2022 in the table above exclude amounts classified as held for sale. See "Note 15. Business Held for Sale" in the Notes to Condensed Consolidated Financial Statements for further information. Amortization expense is reflected in "Selling and administrative expenses" in the Condensed Consolidated Statements of Comprehensive Income and was as follows: Three Months Ended Six Months Ended July 2, July 3, July 2, July 3, Capitalized software $ 6.1 $ 5.8 $ 12.3 $ 11.4 Other definite-lived intangibles $ 1.6 $ 1.6 $ 3.2 $ 3.3 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: 2022 2023 2024 2025 2026 Amortization expense $ 30.4 $ 26.3 $ 21.9 $ 19.1 $ 16.6 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: July 2, January 1, Trademarks and trade names $ 15.5 $ 26.5 Balances as of July 2, 2022 in the table above exclude amounts classified as held for sale. See "Note 15. Business Held for Sale" in the Notes to Condensed Consolidated Financial Statements for further information. Impairment Analysis

Product Warranties

Product Warranties	6 Months Ended
	Jul. 02, 2022
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 costs incurred could differ from the original estimates, requiring adjustments to the allowance. Activity associated with warranty obligations was as follows: Six Months Ended July 2, July 3, Balance at beginning of period $ 16.0 $ 16.1 Accruals for warranties issued during period 5.2 4.5 Settlements made during the period (5.1) (4.0) Accruals reclassified to held for sale (0.2) — Balance at end of period $ 15.9 $ 16.6 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: July 2, January 1, Current $ 5.1 $ 5.4 Long-term 10.8 10.6 Total $ 15.9 $ 16.0 Balances as of July 2, 2022 in the table above exclude amounts classified as held for sale. See "Note 15. Business Held for Sale" in the Notes to Condensed Consolidated Financial Statements for further information.

Debt

Debt	6 Months Ended
	Jul. 02, 2022
Debt Disclosure [Abstract]
Debt	Debt Debt is as follows: July 2, January 1, Revolving credit facility with interest at a variable rate (July 2, 2022 - 2.6%; January 1, 2022 - 1.1%) $ 209.0 $ 75.0 Fixed-rate notes due in 2025 with an interest rate of 4.22% 50.0 50.0 Fixed-rate notes due in 2028 with an interest rate of 4.40% 50.0 50.0 Other amounts 1.7 3.2 Deferred debt issuance costs (0.3) (0.4) Total debt 310.3 177.8 Less: Current maturities of debt 1.7 3.2 Long-term debt $ 308.7 $ 174.6 The carrying value of the Corporation's outstanding variable-rate, long-term debt obligations at July 2, 2022, was $209 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 $103 million at July 2, 2022. As of July 2, 2022, the Corporation's revolving credit facility borrowings were under the amended and restated credit agreement entered into on June 14, 2022, with a scheduled maturity of June 2027. The Corporation deferred the related debt issuance costs, which are classified as assets, and is amortizing them over the term of the credit agreement. The current portion of debt issuance costs of $0.3 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 $1.3 million is reflected in "Other Assets" in the Condensed Consolidated Balance Sheets. As of July 2, 2022, there was $209 million outstanding under the $400 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 $191 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 July 2, 2022, the deferred debt issuance costs balance of $0.3 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 July 2, 2022, 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	6 Months Ended
	Jul. 02, 2022
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 Ended Six Months Ended July 2, July 3, July 2, July 3, Income before income taxes $ 27.8 $ 22.8 $ 46.2 $ 43.7 Income taxes $ (2.5) $ 5.4 $ 1.8 $ 11.2 Effective tax rate (9.0 %) 23.7 % 3.8 % 25.7 % The Corporation's effective tax rate was lower in the three and six months ended July 2, 2022, compared to the same periods last year, primarily due to the sale of the Corporation's China- and Hong Kong-based Lamex office furniture business ("Lamex") in July 2022. This transaction created tax benefits recognized in the second quarter for valuation adjustments related to existing deferred tax assets, as well as basis differences. See "Note 15. Business Held for Sale" in the Notes to Condensed Consolidated Financial Statements for further information regarding the sale of Lamex.

Fair Value Measurements of Fina

Fair Value Measurements of Financial Instruments	6 Months Ended
	Jul. 02, 2022
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 are comprised of 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 options related to private entities, 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 date Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Balance as of July 2, 2022 Cash and cash equivalents (including money market funds) (1) $ 19.6 $ 19.6 $ — $ — Government securities (2) $ 5.8 $ — $ 5.8 $ — Corporate bonds (2) $ 7.0 $ — $ 7.0 $ — Deferred stock-based compensation (4) $ (5.5) $ — $ (5.5) $ — Put option liability (5) $ (5.1) $ — $ — $ (5.1) Balance as of January 1, 2022 Cash and cash equivalents (including money market funds) (1) $ 52.3 $ 52.3 $ — $ — Government securities (2) $ 5.5 $ — $ 5.5 $ — Corporate bonds (2) $ 7.8 $ — $ 7.8 $ — Derivative financial instruments - liability (3) $ (1.0) $ — $ (1.0) $ — Deferred stock-based compensation (4) $ (8.1) $ — $ (8.1) $ — Put option liability (5) $ (5.1) $ — $ — $ (5.1) Amounts in parentheses indicate liabilities. Balances as of July 2, 2022 in the table above exclude amounts classified as held for sale. See "Note 15. Business Held for Sale" in the Notes to Condensed Consolidated Financial Statements for further information. 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	6 Months Ended
	Jul. 02, 2022
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 Adjustment Unrealized Gains (Losses) on Debt Securities Pension and Post-retirement Liabilities Derivative Financial Instrument Accumulated Other Comprehensive Income (Loss) Balance as of January 1, 2022 $ (0.7) $ 0.1 $ (5.4) $ (0.7) $ (6.8) Other comprehensive income (loss) before reclassifications (1.8) (0.6) — 1.1 (1.3) Tax (expense) or benefit — 0.1 — (0.3) (0.1) Amounts reclassified from accumulated other comprehensive income (loss), net of tax — — — 0.1 0.1 Balance as of July 2, 2022 $ (2.5) $ (0.4) $ (5.4) $ 0.3 $ (8.1) Amounts in parentheses indicate reductions to equity. Foreign Currency Translation Adjustment Unrealized Gains (Losses) on Debt Securities Pension and Post-retirement Liabilities Derivative Financial Instrument Accumulated Other Comprehensive Income (Loss) Balance as of January 2, 2021 $ (1.1) $ 0.4 $ (6.7) $ (1.8) $ (9.2) Other comprehensive income (loss) before reclassifications 0.1 (0.2) — 0.1 (0.0) Tax (expense) or benefit — 0.0 — (0.0) 0.0 Amounts reclassified from accumulated other comprehensive income (loss), net of tax — — — 0.4 0.4 Balance as of July 3, 2021 $ (1.0) $ 0.2 $ (6.7) $ (1.4) $ (8.8) Amounts in parentheses indicate reductions to equity. Interest Rate Swap Termination In April 2022, the Corporation terminated its interest rate swap agreement and received cash proceeds of $0.4 million, the fair value of the swap on the termination date. The proceeds were recorded as cash provided by operating activities in the Condensed Consolidated Statement of Cash Flows. The $0.4 million gain from the termination of this interest rate swap agreement was recorded to "Accumulated other comprehensive income (loss)" and will be amortized to interest expense through April 2023, the remaining term of the original interest rate swap agreement. The following table details the reclassifications from accumulated other comprehensive income (loss): Three Months Ended Six Months Ended Details about Accumulated Other Comprehensive Income (Loss) Components Affected Line Item in the Statement Where Net Income is Presented July 2, July 3, July 2, July 3, Derivative financial instrument Interest rate swap Interest expense, net $ 0.1 $ (0.2) $ (0.2) $ (0.5) Income taxes (0.0) 0.1 0.0 0.1 Net of tax $ 0.0 $ (0.2) $ (0.1) $ (0.4) Amounts in parentheses indicate reductions to profit. Dividend The Corporation declared and paid cash dividends per common share as follows: Six Months Ended July 2, July 3, Dividends per common share $ 0.630 $ 0.615 Stock Repurchase The following table summarizes shares repurchased and settled by the Corporation: Six Months Ended July 2, July 3, Shares repurchased 1.7 0.2 Average price per share $ 38.11 $ 43.09 Cash purchase price $ (63.9) $ (6.7) Purchases unsettled as of quarter end — 0.2 Prior year purchases settled in current year (1.3) — Shares repurchased per cash flow $ (65.2) $ (6.5) As of July 2, 2022, approximately $234 million remained of the Corporation's Board of Directors' ("Board") current repurchase authorization.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jul. 02, 2022
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 Ended Six Months Ended July 2, July 3, July 2, July 3, Numerator: Numerator for both basic and diluted EPS attributable to HNI Corporation net income $ 30.3 $ 17.4 $ 44.5 $ 32.4 Denominators: Denominator for basic EPS weighted-average common shares outstanding 41.8 43.8 42.1 43.5 Potentially dilutive shares from stock-based compensation plans 0.6 0.7 0.6 0.5 Denominator for diluted EPS 42.4 44.5 42.7 44.0 Earnings per share – basic $ 0.73 $ 0.40 $ 1.06 $ 0.75 Earnings per share – diluted $ 0.72 $ 0.39 $ 1.04 $ 0.74 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 Ended Six Months Ended July 2, July 3, July 2, July 3, Common stock equivalents excluded because their inclusion would be anti-dilutive 2.0 1.0 1.8 1.3

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jul. 02, 2022
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: Three Months Ended Six Months Ended July 2, July 3, July 2, July 3, Compensation cost $ 2.9 $ 2.6 $ 8.5 $ 7.8 The units granted by the Corporation had fair values as follows: Six Months Ended July 2, July 3, Restricted stock units $ 6.8 $ 15.8 Performance stock units $ 6.1 $ 6.0 The following table summarizes unrecognized compensation expense and the weighted-average remaining service period for non-vested stock options and stock units as of July 2, 2022: Unrecognized Compensation Expense Weighted-Average Remaining Non-vested stock options $ 0.3 0.4 Non-vested restricted stock units $ 7.2 0.8 Non-vested performance stock units $ 7.6 1.1

Guarantees, Commitments and Con

Guarantees, Commitments and Contingencies	6 Months Ended
	Jul. 02, 2022
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 $26 million to back certain insurance policies and payment obligations. Additionally, the Corporation periodically utilizes trade letters of credit and bankers' acceptances to guarantee certain payments to overseas suppliers; as of July 2, 2022, there were no outstanding amounts related to these types of guarantees. The letters of credit, bonds, and bankers' acceptances reflect fair value as a condition of their underlying purpose and are subject to competitively determined fees. The Corporation periodically guarantees borrowing arrangements involving certain workplace furnishings dealers and third-party financial institutions. The terms of these guarantees, which range from less than one year to five years, generally require the Corporation to make payments directly to the financial institution in the event that the dealer is unable to repay its borrowings in accordance with the stated terms. The aggregate amount guaranteed by the Corporation in connection with these agreements is approximately $12 million as of July 2, 2022. The Corporation has determined the likelihood of making future payments under these guarantees is not probable and therefore no liability has been accrued. In the first quarter of 2022, the Corporation entered into an agreement to lease a new facility. The lease requires approximately $61 million of legally binding minimum payments over the approximate 15-year term of the agreement. The contractual payments and lease accounting are expected to commence in 2023 when construction of the facility is complete.

Reportable Segment Information

Reportable Segment Information	6 Months Ended
	Jul. 02, 2022
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 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: Three Months Ended Six Months Ended July 2, July 3, July 2, July 3, Net Sales: Workplace furnishings $ 406.7 $ 344.1 $ 759.8 $ 646.9 Residential building products 215.1 166.3 434.3 347.9 Total $ 621.7 $ 510.5 $ 1,194.1 $ 994.7 Income (Loss) Before Income Taxes: Workplace furnishings $ 11.9 $ 8.8 $ 5.5 $ 5.7 Residential building products 37.0 30.5 77.3 70.4 General corporate (19.0) (14.6) (32.5) (28.8) Operating income 29.9 24.7 50.3 47.3 Interest expense, net 2.1 1.9 4.1 3.6 Total $ 27.8 $ 22.8 $ 46.2 $ 43.7 Depreciation and Amortization Expense: Workplace furnishings $ 11.7 $ 12.1 $ 23.2 $ 24.0 Residential building products 3.1 2.4 6.1 4.9 General corporate 6.6 6.2 13.1 12.2 Total $ 21.3 $ 20.7 $ 42.4 $ 41.1 Capital Expenditures (including capitalized software): Workplace furnishings $ 8.2 $ 7.0 $ 16.4 $ 17.5 Residential building products 2.7 1.9 8.5 6.7 General corporate 4.1 4.4 8.4 8.1 Total $ 15.0 $ 13.3 $ 33.2 $ 32.3 As of As of Identifiable Assets: Workplace furnishings $ 889.2 $ 809.0 Residential building products 516.3 479.5 General corporate 181.2 209.5 Total $ 1,586.7 $ 1,497.9

Business Held for Sale

Business Held for Sale	6 Months Ended
	Jul. 02, 2022
Discontinued Operations and Disposal Groups [Abstract]
Business Held for Sale	Business Held for Sale In July 2022, subsequent to the end of the second fiscal quarter, the Corporation closed on the sale of its Lamex business, which is a component of the workplace furnishings segment, for approximately $75 million, subject to standard post-closing adjustments. Based on an evaluation of the events leading up to the sale of this business, the Corporation determined Lamex's assets and liabilities met the criteria for held-for-sale presentation, as established in ASC 360, as of the end of the second quarter 2022. The following table summarizes assets and liabilities held for sale in the "Condensed Consolidated Balance Sheets," by major class: As of Assets: Cash and cash equivalents $ 6.2 Receivables 20.1 Allowance for doubtful accounts (0.5) Inventories, net 7.0 Prepaid expenses and other current assets 6.1 Buildings 6.3 Machinery and equipment 26.0 Accumulated depreciation (17.0) Right-of-use Operating Leases 6.0 Goodwill and Other Intangible Assets 10.9 Total Assets held for sale $ 71.2 Liabilities: Accounts payable and accrued expenses $ 36.1 Current lease obligations - Operating 4.9 Deferred Income Taxes 0.1 Total Liabilities held for sale $ 41.1

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jul. 02, 2022
Accounting Changes and Error Corrections [Abstract]
Basis of Presentation	The 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 1, 2022, 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 six-month period ended July 2, 2022, are not necessarily indicative of the results expected for the fiscal year ending December 31, 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 1, 2022. All dollar amounts presented are in millions, except per share data or where otherwise indicated. Amounts may not sum due to rounding.
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'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 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. 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 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 are comprised of 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 options related to private entities, 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 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)	6 Months Ended
	Jul. 02, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Revenue from contracts with customers disaggregated by product category is as follows: Three Months Ended Six Months Ended July 2, July 3, July 2, July 3, Systems and storage $ 241.1 $ 200.7 $ 449.0 $ 383.5 Seating 129.6 116.9 239.9 217.2 Other 36.0 26.5 70.9 46.1 Total workplace furnishings 406.7 344.1 759.8 646.9 Residential building products 215.1 166.3 434.3 347.9 Net sales $ 621.7 $ 510.5 $ 1,194.1 $ 994.7
Contract with Customer, Asset and Liability	Contract assets and contract liabilities were as follows: July 2, January 1, Trade receivables (1) $ 255.3 $ 240.0 Contract assets (current) (2) $ 2.4 $ 1.5 Contract assets (long-term) (3) $ 30.1 $ 18.2 Contract liabilities (4) $ 59.1 $ 58.7

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jul. 02, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Asset Acquisition	The purchase price allocation for Trinity and OGC, and estimated amortization periods of identified intangible assets as of the respective dates of acquisition is as follows: Trinity OGC Fair Value Amortization Period Fair Value Amortization Period Cash $ — $ 0.3 Inventories 1.9 4.5 Receivables 4.6 1.8 Prepaid expenses and other current assets — 1.2 Property, plant, and equipment 0.3 0.5 Accounts payable and accrued expenses (1.7) (2.8) Goodwill 14.2 2.4 Customer lists 12.0 13 Years 4.9 10 Years Trade names — 2.5 10 Years Total Net Assets $ 31.3 $ 15.3

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 02, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories included in the Condensed Consolidated Balance Sheets consisted of the following: July 2, January 1, Finished products $ 166.2 $ 137.2 Materials and work in process 116.3 92.0 LIFO allowance (55.6) (47.6) Total inventories, net $ 227.0 $ 181.6 Inventory valued by the LIFO costing method 91 % 84 %

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jul. 02, 2022
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: July 2, January 1, Goodwill $ 306.2 $ 297.3 Definite-lived intangible assets 136.5 147.6 Indefinite-lived intangible assets 15.5 26.5 Total goodwill and other intangible assets $ 458.2 $ 471.5
Schedule of Goodwill	The changes in the carrying amount of goodwill, by reporting segment, are as follows: Workplace Furnishings Residential Building Products Total Balance as of January 1, 2022 Goodwill $ 162.3 $ 213.8 $ 376.1 Accumulated impairment losses (78.6) (0.1) (78.8) Net goodwill balance as of January 1, 2022 83.6 213.7 297.3 Goodwill acquired / measurement period adjustments — 8.8 8.8 Balance as of July 2, 2022 Goodwill 162.3 222.7 384.9 Accumulated impairment losses (78.6) (0.1) (78.8) Net goodwill balance as of July 2, 2022 $ 83.6 $ 222.5 $ 306.2
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: July 2, 2022 January 1, 2022 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Software $ 200.5 $ 113.7 $ 86.8 $ 196.8 $ 102.1 $ 94.7 Trademarks and trade names 14.3 5.3 9.0 14.3 4.6 9.7 Customer lists and other 80.2 39.5 40.7 109.6 66.4 43.3 Net definite-lived intangible assets $ 294.9 $ 158.5 $ 136.5 $ 320.7 $ 173.0 $ 147.6
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 Ended Six Months Ended July 2, July 3, July 2, July 3, Capitalized software $ 6.1 $ 5.8 $ 12.3 $ 11.4 Other definite-lived intangibles $ 1.6 $ 1.6 $ 3.2 $ 3.3
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: 2022 2023 2024 2025 2026 Amortization expense $ 30.4 $ 26.3 $ 21.9 $ 19.1 $ 16.6
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: July 2, January 1, Trademarks and trade names $ 15.5 $ 26.5

Product Warranties (Tables)

Product Warranties (Tables)	6 Months Ended
	Jul. 02, 2022
Product Warranties Disclosures [Abstract]
Activity Associated with Warranty Obligations	Activity associated with warranty obligations was as follows: Six Months Ended July 2, July 3, Balance at beginning of period $ 16.0 $ 16.1 Accruals for warranties issued during period 5.2 4.5 Settlements made during the period (5.1) (4.0) Accruals reclassified to held for sale (0.2) — Balance at end of period $ 15.9 $ 16.6 July 2, January 1, Current $ 5.1 $ 5.4 Long-term 10.8 10.6 Total $ 15.9 $ 16.0

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jul. 02, 2022
Debt Disclosure [Abstract]
Schedule of Debt	Debt is as follows: July 2, January 1, Revolving credit facility with interest at a variable rate (July 2, 2022 - 2.6%; January 1, 2022 - 1.1%) $ 209.0 $ 75.0 Fixed-rate notes due in 2025 with an interest rate of 4.22% 50.0 50.0 Fixed-rate notes due in 2028 with an interest rate of 4.40% 50.0 50.0 Other amounts 1.7 3.2 Deferred debt issuance costs (0.3) (0.4) Total debt 310.3 177.8 Less: Current maturities of debt 1.7 3.2 Long-term debt $ 308.7 $ 174.6

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jul. 02, 2022
Income Tax Disclosure [Abstract]
Schedule of Income Tax Provision	The following table summarizes the Corporation's income tax provision: Three Months Ended Six Months Ended July 2, July 3, July 2, July 3, Income before income taxes $ 27.8 $ 22.8 $ 46.2 $ 43.7 Income taxes $ (2.5) $ 5.4 $ 1.8 $ 11.2 Effective tax rate (9.0 %) 23.7 % 3.8 % 25.7 %

Fair Value Measurements of Fi_2

Fair Value Measurements of Financial Instruments (Tables)	6 Months Ended
	Jul. 02, 2022
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value	Financial instruments measured at fair value were as follows: Fair value as of measurement date Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Balance as of July 2, 2022 Cash and cash equivalents (including money market funds) (1) $ 19.6 $ 19.6 $ — $ — Government securities (2) $ 5.8 $ — $ 5.8 $ — Corporate bonds (2) $ 7.0 $ — $ 7.0 $ — Deferred stock-based compensation (4) $ (5.5) $ — $ (5.5) $ — Put option liability (5) $ (5.1) $ — $ — $ (5.1) Balance as of January 1, 2022 Cash and cash equivalents (including money market funds) (1) $ 52.3 $ 52.3 $ — $ — Government securities (2) $ 5.5 $ — $ 5.5 $ — Corporate bonds (2) $ 7.8 $ — $ 7.8 $ — Derivative financial instruments - liability (3) $ (1.0) $ — $ (1.0) $ — Deferred stock-based compensation (4) $ (8.1) $ — $ (8.1) $ — Put option liability (5) $ (5.1) $ — $ — $ (5.1) Amounts in parentheses indicate liabilities. Balances as of July 2, 2022 in the table above exclude amounts classified as held for sale. See "Note 15. Business Held for Sale" in the Notes to Condensed Consolidated Financial Statements for further information. 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)	6 Months Ended
	Jul. 02, 2022
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: Foreign Currency Translation Adjustment Unrealized Gains (Losses) on Debt Securities Pension and Post-retirement Liabilities Derivative Financial Instrument Accumulated Other Comprehensive Income (Loss) Balance as of January 1, 2022 $ (0.7) $ 0.1 $ (5.4) $ (0.7) $ (6.8) Other comprehensive income (loss) before reclassifications (1.8) (0.6) — 1.1 (1.3) Tax (expense) or benefit — 0.1 — (0.3) (0.1) Amounts reclassified from accumulated other comprehensive income (loss), net of tax — — — 0.1 0.1 Balance as of July 2, 2022 $ (2.5) $ (0.4) $ (5.4) $ 0.3 $ (8.1) Amounts in parentheses indicate reductions to equity. Foreign Currency Translation Adjustment Unrealized Gains (Losses) on Debt Securities Pension and Post-retirement Liabilities Derivative Financial Instrument Accumulated Other Comprehensive Income (Loss) Balance as of January 2, 2021 $ (1.1) $ 0.4 $ (6.7) $ (1.8) $ (9.2) Other comprehensive income (loss) before reclassifications 0.1 (0.2) — 0.1 (0.0) Tax (expense) or benefit — 0.0 — (0.0) 0.0 Amounts reclassified from accumulated other comprehensive income (loss), net of tax — — — 0.4 0.4 Balance as of July 3, 2021 $ (1.0) $ 0.2 $ (6.7) $ (1.4) $ (8.8) 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): Three Months Ended Six Months Ended Details about Accumulated Other Comprehensive Income (Loss) Components Affected Line Item in the Statement Where Net Income is Presented July 2, July 3, July 2, July 3, Derivative financial instrument Interest rate swap Interest expense, net $ 0.1 $ (0.2) $ (0.2) $ (0.5) Income taxes (0.0) 0.1 0.0 0.1 Net of tax $ 0.0 $ (0.2) $ (0.1) $ (0.4) 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: Six Months Ended July 2, July 3, Dividends per common share $ 0.630 $ 0.615
Schedule of Share Repurchases	The following table summarizes shares repurchased and settled by the Corporation: Six Months Ended July 2, July 3, Shares repurchased 1.7 0.2 Average price per share $ 38.11 $ 43.09 Cash purchase price $ (63.9) $ (6.7) Purchases unsettled as of quarter end — 0.2 Prior year purchases settled in current year (1.3) — Shares repurchased per cash flow $ (65.2) $ (6.5)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jul. 02, 2022
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"): Three Months Ended Six Months Ended July 2, July 3, July 2, July 3, Numerator: Numerator for both basic and diluted EPS attributable to HNI Corporation net income $ 30.3 $ 17.4 $ 44.5 $ 32.4 Denominators: Denominator for basic EPS weighted-average common shares outstanding 41.8 43.8 42.1 43.5 Potentially dilutive shares from stock-based compensation plans 0.6 0.7 0.6 0.5 Denominator for diluted EPS 42.4 44.5 42.7 44.0 Earnings per share – basic $ 0.73 $ 0.40 $ 1.06 $ 0.75 Earnings per share – diluted $ 0.72 $ 0.39 $ 1.04 $ 0.74
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: Three Months Ended Six Months Ended July 2, July 3, July 2, July 3, Common stock equivalents excluded because their inclusion would be anti-dilutive 2.0 1.0 1.8 1.3

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jul. 02, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Based Compensation Expense	The following table summarizes expense associated with these plans: Three Months Ended Six Months Ended July 2, July 3, July 2, July 3, Compensation cost $ 2.9 $ 2.6 $ 8.5 $ 7.8
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: Six Months Ended July 2, July 3, Restricted stock units $ 6.8 $ 15.8 Performance stock units $ 6.1 $ 6.0
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 July 2, 2022: Unrecognized Compensation Expense Weighted-Average Remaining Non-vested stock options $ 0.3 0.4 Non-vested restricted stock units $ 7.2 0.8 Non-vested performance stock units $ 7.6 1.1

Reportable Segment Information

Reportable Segment Information (Tables)	6 Months Ended
	Jul. 02, 2022
Segment Reporting [Abstract]
Reportable Segment Data	R eportable segment data reconciled to the Corporation's condensed consolidated financial statements was as follows: Three Months Ended Six Months Ended July 2, July 3, July 2, July 3, Net Sales: Workplace furnishings $ 406.7 $ 344.1 $ 759.8 $ 646.9 Residential building products 215.1 166.3 434.3 347.9 Total $ 621.7 $ 510.5 $ 1,194.1 $ 994.7 Income (Loss) Before Income Taxes: Workplace furnishings $ 11.9 $ 8.8 $ 5.5 $ 5.7 Residential building products 37.0 30.5 77.3 70.4 General corporate (19.0) (14.6) (32.5) (28.8) Operating income 29.9 24.7 50.3 47.3 Interest expense, net 2.1 1.9 4.1 3.6 Total $ 27.8 $ 22.8 $ 46.2 $ 43.7 Depreciation and Amortization Expense: Workplace furnishings $ 11.7 $ 12.1 $ 23.2 $ 24.0 Residential building products 3.1 2.4 6.1 4.9 General corporate 6.6 6.2 13.1 12.2 Total $ 21.3 $ 20.7 $ 42.4 $ 41.1 Capital Expenditures (including capitalized software): Workplace furnishings $ 8.2 $ 7.0 $ 16.4 $ 17.5 Residential building products 2.7 1.9 8.5 6.7 General corporate 4.1 4.4 8.4 8.1 Total $ 15.0 $ 13.3 $ 33.2 $ 32.3 As of As of Identifiable Assets: Workplace furnishings $ 889.2 $ 809.0 Residential building products 516.3 479.5 General corporate 181.2 209.5 Total $ 1,586.7 $ 1,497.9

Business Held for Sale (Tables)

Business Held for Sale (Tables)	6 Months Ended
	Jul. 02, 2022
Discontinued Operations and Disposal Groups [Abstract]
Summary of Assets and Liabilities Held For Sale in the Condensed Consolidated Balance Sheets	The following table summarizes assets and liabilities held for sale in the "Condensed Consolidated Balance Sheets," by major class: As of Assets: Cash and cash equivalents $ 6.2 Receivables 20.1 Allowance for doubtful accounts (0.5) Inventories, net 7.0 Prepaid expenses and other current assets 6.1 Buildings 6.3 Machinery and equipment 26.0 Accumulated depreciation (17.0) Right-of-use Operating Leases 6.0 Goodwill and Other Intangible Assets 10.9 Total Assets held for sale $ 71.2 Liabilities: Accounts payable and accrued expenses $ 36.1 Current lease obligations - Operating 4.9 Deferred Income Taxes 0.1 Total Liabilities held for sale $ 41.1

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Disaggregation of Revenue [Line Items]
Net Sales:	$ 621.7	$ 510.5	$ 1,194.1	$ 994.7
Workplace furnishings
Disaggregation of Revenue [Line Items]
Net Sales:	406.7	344.1	759.8	646.9
Workplace furnishings | Systems and storage
Disaggregation of Revenue [Line Items]
Net Sales:	241.1	200.7	449	383.5
Workplace furnishings | Seating
Disaggregation of Revenue [Line Items]
Net Sales:	129.6	116.9	239.9	217.2
Workplace furnishings | Other
Disaggregation of Revenue [Line Items]
Net Sales:	36	26.5	70.9	46.1
Residential building products
Disaggregation of Revenue [Line Items]
Net Sales:	$ 215.1	$ 166.3	$ 434.3	$ 347.9

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Jul. 02, 2022	Jan. 01, 2022
Revenue from Contract with Customer [Abstract]
Trade receivables	$ 255.3	$ 240
Contract assets (current)	2.4	1.5
Contract assets (long-term)	30.1	18.2
Contract liabilities	$ 59.1	$ 58.7

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 02, 2022	Jan. 01, 2022
Revenue from Contract with Customer [Abstract]
Contract liability, customer deposits		$ 27.2
Revenue recognized	$ 23.7
Payment terms	30 days

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Millions	1 Months Ended			3 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Oct. 31, 2021	Jul. 02, 2022	Apr. 02, 2022
Dickerson Heart Products
Schedule Of Asset Acquisition [Line Items]
Payments for asset acquisitions	$ 8
Goodwill	$ 7.9
OGC
Schedule Of Asset Acquisition [Line Items]
Payments for asset acquisitions		$ 15
Goodwill		$ 2.4
Trinity
Schedule Of Asset Acquisition [Line Items]
Payments for asset acquisitions			$ 31
Goodwill			$ 14.2
Increase (decrease) in inventory					$ 0.2
Trnity and OGC
Schedule Of Asset Acquisition [Line Items]
Increase (decrease) in goodwill					0.9
Increase in purchase price				$ 0	$ 0.8

Acquisitions - Purchase Price A

Acquisitions - Purchase Price Allocation and Estimated Amortization (Details) - USD ($) $ in Millions	1 Months Ended
	Dec. 31, 2021	Oct. 31, 2021
Trinity
Schedule Of Asset Acquisition [Line Items]
Cash		$ 0
Inventories		1.9
Receivables		4.6
Prepaid expenses and other current assets		0
Property, plant, and equipment		0.3
Accounts payable and accrued expenses		(1.7)
Goodwill		14.2
Total Net Assets		31.3
Trinity | Customer lists
Schedule Of Asset Acquisition [Line Items]
Intangible assets		$ 12
Amortization period		13 years
Trinity | Trade names
Schedule Of Asset Acquisition [Line Items]
Intangible assets		$ 0
OGC
Schedule Of Asset Acquisition [Line Items]
Cash	$ 0.3
Inventories	4.5
Receivables	1.8
Prepaid expenses and other current assets	1.2
Property, plant, and equipment	0.5
Accounts payable and accrued expenses	(2.8)
Goodwill	2.4
Total Net Assets	15.3
OGC | Customer lists
Schedule Of Asset Acquisition [Line Items]
Intangible assets	$ 4.9
Amortization period	10 years
OGC | Trade names
Schedule Of Asset Acquisition [Line Items]
Intangible assets	$ 2.5
Amortization period	10 years

Inventories - Schedule of Inven

Inventories - Schedule of Inventory (Details) - USD ($) $ in Millions	Jul. 02, 2022	Jan. 01, 2022
Inventories
Finished products	$ 166.2	$ 137.2
Materials and work in process	116.3	92
LIFO allowance	(55.6)	(47.6)
Total inventories, net	$ 227	$ 181.6
Inventory valued by the LIFO costing method	91%	84%

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	Jul. 02, 2022	Jan. 01, 2022
Inventory Disclosure [Abstract]
FIFO inventory allowance	$ 18.7	$ 19.9

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	Jul. 02, 2022	Jan. 01, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 306.2	$ 297.3
Definite-lived intangible assets	136.5	147.6
Indefinite-lived intangible assets	15.5	26.5
Total goodwill and other intangible assets	$ 458.2	$ 471.5

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Millions	6 Months Ended
	Jul. 02, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	$ 376.1
Accumulated impairment losses, beginning balance	(78.8)
Goodwill, net, beginning balance	297.3
Goodwill acquired / measurement period adjustments	8.8
Goodwill, gross, ending balance	384.9
Accumulated impairment losses, ending balance	(78.8)
Goodwill, net, ending balance	306.2
Workplace furnishings
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	162.3
Accumulated impairment losses, beginning balance	(78.6)
Goodwill, net, beginning balance	83.6
Goodwill acquired / measurement period adjustments	0
Goodwill, gross, ending balance	162.3
Accumulated impairment losses, ending balance	(78.6)
Goodwill, net, ending balance	83.6
Residential building products
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	213.8
Accumulated impairment losses, beginning balance	(0.1)
Goodwill, net, beginning balance	213.7
Goodwill acquired / measurement period adjustments	8.8
Goodwill, gross, ending balance	222.7
Accumulated impairment losses, ending balance	(0.1)
Goodwill, net, ending balance	$ 222.5

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions	Jul. 02, 2022	Jan. 01, 2022
Finite-Lived Intangible Assets [Line Items]
Gross	$ 294.9	$ 320.7
Accumulated Amortization	158.5	173
Net	136.5	147.6
Software
Finite-Lived Intangible Assets [Line Items]
Gross	200.5	196.8
Accumulated Amortization	113.7	102.1
Net	86.8	94.7
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross	14.3	14.3
Accumulated Amortization	5.3	4.6
Net	9	9.7
Customer lists and other
Finite-Lived Intangible Assets [Line Items]
Gross	80.2	109.6
Accumulated Amortization	39.5	66.4
Net	$ 40.7	$ 43.3

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized software	$ 6.1	$ 5.8	$ 12.3	$ 11.4
Other definite-lived intangibles	$ 1.6	$ 1.6	$ 3.2	$ 3.3

Goodwill and Other Intangible_7

Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Millions	Jul. 02, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 30.4
2023	26.3
2024	21.9
2025	19.1
2026	$ 16.6

Goodwill and Other Intangible_8

Goodwill and Other Intangible Assets - Indefinite Lived Intangible Assets (Details) - USD ($) $ in Millions	Jul. 02, 2022	Jan. 01, 2022
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 15.5	$ 26.5
Trademarks and trade names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 15.5	$ 26.5

Product Warranties - Warranty O

Product Warranties - Warranty Obligations (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 16	$ 16.1
Accruals for warranties issued during period	5.2	4.5
Settlements made during the period	(5.1)	(4)
Accruals reclassified to held for sale	(0.2)	0
Balance at end of period	$ 15.9	$ 16.6

Product Warranties - Current an

Product Warranties - Current and Long Term Warranty (Details) - USD ($) $ in Millions	Jul. 02, 2022	Jan. 01, 2022	Jul. 03, 2021	Jan. 02, 2021
Product Warranties Disclosures [Abstract]
Current	$ 5.1	$ 5.4
Long-term	10.8	10.6
Total	$ 15.9	$ 16	$ 16.6	$ 16.1

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Jul. 02, 2022	Jan. 01, 2022	May 31, 2018
Debt Instrument [Line Items]
Deferred debt issuance costs	$ (0.3)	$ (0.4)
Total debt	310.3	177.8
Less: Current maturities of debt	1.7	3.2
Long-term debt	$ 308.7	$ 174.6
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 (July 2, 2022 - 2.6%; January 1, 2022 - 1.1%)
Debt Instrument [Line Items]
Interest rate	2.60%	1.10%
Total debt	$ 209	$ 75
Fixed-rate notes due in 2025 with an interest rate of 4.22%
Debt Instrument [Line Items]
Total debt	50	50
Fixed-rate notes due in 2028 with an interest rate of 4.40%
Debt Instrument [Line Items]
Total debt	50	50
Other amounts
Debt Instrument [Line Items]
Total debt	$ 1.7	$ 3.2

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	May 31, 2018	Jul. 02, 2022	Jan. 01, 2022
Debt Instrument [Line Items]
Long-term debt obligations		$ 310,300,000	$ 177,800,000
Deferred debt issuance costs, current		300,000
Deferred debt issuance costs, noncurrent		$ 1,300,000
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 (July 2, 2022 - 2.6%; January 1, 2022 - 1.1%)
Debt Instrument [Line Items]
Long-term line of credit outstanding		$ 209,000,000
Line of credit maximum borrowing capacity		400,000,000
Line of credit remaining borrowing capacity		191,000,000
Notes Payable to Banks
Debt Instrument [Line Items]
Long-term debt obligations		209,000,000
Private Placement
Debt Instrument [Line Items]
Fair value of debt obligations		103,000,000
Deferred debt issuance costs, noncurrent		300,000
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 Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Income Tax Disclosure [Abstract]
Income before income taxes	$ 27.8	$ 22.8	$ 46.2	$ 43.7
Income taxes	$ (2.5)	$ 5.4	$ 1.8	$ 11.2
Effective tax rate	(9.00%)	23.70%	3.80%	25.70%

Fair Value Measurements of Fi_3

Fair Value Measurements of Financial Instruments - Assets (Details) - USD ($) $ in Millions	Jul. 02, 2022	Jan. 01, 2022
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents (including money market funds)	$ 19.6	$ 52.3
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)	19.6	52.3
Derivative financial instruments - liability		(1)
Deferred stock-based compensation	(5.5)	(8.1)
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)	19.6	52.3
Derivative financial instruments - liability		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)
Deferred stock-based compensation	(5.5)	(8.1)
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
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	5.8	5.5
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	5.8	5.5
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	7.8
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	7.8
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	(5.1)	(5.1)
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	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	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	$ (5.1)	$ (5.1)

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity - Components (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 590	$ 590.7
Other comprehensive income (loss) before reclassifications	(1.3)	0
Tax (expense) or benefit	(0.1)	0
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	0.1	0.4
Ending balance	562	634.8
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(0.7)	(1.1)
Other comprehensive income (loss) before reclassifications	(1.8)	0.1
Tax (expense) or benefit	0	0
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	0	0
Ending balance	(2.5)	(1)
Unrealized Gains (Losses) on Debt Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	0.1	0.4
Other comprehensive income (loss) before reclassifications	(0.6)	(0.2)
Tax (expense) or benefit	0.1	0
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	0	0
Ending balance	(0.4)	0.2
Pension and Post-retirement Liabilities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(5.4)	(6.7)
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	(5.4)	(6.7)
Derivative Financial Instrument
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(0.7)	(1.8)
Other comprehensive income (loss) before reclassifications	1.1	0.1
Tax (expense) or benefit	(0.3)	0
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	0.1	0.4
Ending balance	0.3	(1.4)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(6.8)	(9.2)
Ending balance	$ (8.1)	$ (8.8)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
	Jun. 30, 2022	Jul. 02, 2022
Common Stock
Class of Stock [Line Items]
Remaining authorized repurchase amount		$ 234
Interest rate swap
Class of Stock [Line Items]
Cash proceeds from termination of derivative	$ 0.4

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity - Reclassification (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	$ (2.1)	$ (1.9)	$ (4.1)	$ (3.6)
Income taxes	2.5	(5.4)	(1.8)	(11.2)
Net of tax	30.3	17.4	44.5	32.4
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	0.1	(0.2)	(0.2)	(0.5)
Income taxes	0	0.1	0	0.1
Net of tax	$ 0	$ (0.2)	$ (0.1)	$ (0.4)

Accumulated Other Comprehensi_6

Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity - Dividend (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Equity [Abstract]
Dividends per common share (in dollars per share)	$ 0.320	$ 0.310	$ 0.630	$ 0.615
Dividends per common share (in dollars per share)	$ 0.320	$ 0.310	$ 0.630	$ 0.615

Accumulated Other Comprehensi_7

Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity - Stock Repurchases (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares repurchased per cash flow	$ (65.2)	$ (6.5)
Common Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares repurchased (in shares)	1.7	0.2
Average price per share (in dollars per share)	$ 38.11	$ 43.09
Cash purchase price	$ (63.9)	$ (6.7)
Purchases unsettled as of quarter end	0	0.2
Prior year purchases settled in current year	(1.3)	0
Shares repurchased per cash flow	$ (65.2)	$ (6.5)

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Numerator:
Numerator for both basic and diluted EPS attributable to HNI Corporation net income	$ 30.3	$ 17.4	$ 44.5	$ 32.4
Denominators:
Denominator for basic EPS weighted-average common shares outstanding (in shares)	41.8	43.8	42.1	43.5
Potentially dilutive shares from stock-based compensation plans (in shares)	0.6	0.7	0.6	0.5
Denominator for diluted EPS (in shares)	42.4	44.5	42.7	44
Earnings per share - basic (in dollars per share)	$ 0.73	$ 0.40	$ 1.06	$ 0.75
Earnings per share - diluted (in dollars per share)	$ 0.72	$ 0.39	$ 1.04	$ 0.74

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Securities Excluded from Earnings Per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
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)	2	1	1.8	1.3

Stock-Based Compensation - Comp

Stock-Based Compensation - Compensation Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Share-Based Payment Arrangement [Abstract]
Compensation cost	$ 2.9	$ 2.6	$ 8.5	$ 7.8

Stock-Based Compensation - Shar

Stock-Based Compensation - Share-based Payment Award, Options, Grants in Period (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value	$ 6.8	$ 15.8
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value	$ 6.1	$ 6

Stock-Based Compensation - Unre

Stock-Based Compensation - Unrecognized Compensation Cost, Nonvested Awards (Details) $ in Millions	6 Months Ended
	Jul. 02, 2022 USD ($)
Non-vested stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 0.3
Weighted-average remaining service period (in years)	4 months 24 days
Non-vested restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 7.2
Weighted-average remaining service period (in years)	9 months 18 days
Non-vested performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 7.6
Weighted-average remaining service period (in years)	1 year 1 month 6 days

Guarantees, Commitments and C_2

Guarantees, Commitments and Contingencies (Details) $ in Millions	6 Months Ended
	Jul. 02, 2022 USD ($)
Line of Credit Facility [Line Items]
Aggregate amount guaranteed	$ 12
New Facility
Line of Credit Facility [Line Items]
Minimum payments	$ 61
Term of contract	15 years
Minimum
Line of Credit Facility [Line Items]
Term of guarantees	1 year
Maximum
Line of Credit Facility [Line Items]
Term of guarantees	5 years
Letter of Credit
Line of Credit Facility [Line Items]
Letters of credit	$ 26
Trade Letters Of Credit And Bankers Acceptances
Line of Credit Facility [Line Items]
Letters of credit	$ 0

Reportable Segment Informatio_2

Reportable Segment Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022 USD ($)	Jul. 03, 2021 USD ($)	Jul. 02, 2022 USD ($) segment	Jul. 03, 2021 USD ($)	Jan. 01, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			2
Net Sales:	$ 621.7	$ 510.5	$ 1,194.1	$ 994.7
Income (Loss) Before Income Taxes:	29.9	24.7	50.3	47.3
Interest expense, net	2.1	1.9	4.1	3.6
Total	27.8	22.8	46.2	43.7
Depreciation and Amortization Expense:	21.3	20.7	42.4	41.1
Capital Expenditures (including capitalized software):	15	13.3	33.2	32.3
Identifiable Assets:	1,586.7		1,586.7		$ 1,497.9
Workplace furnishings
Segment Reporting Information [Line Items]
Net Sales:	406.7	344.1	759.8	646.9
Residential building products
Segment Reporting Information [Line Items]
Net Sales:	215.1	166.3	434.3	347.9
Operating segments | Workplace furnishings
Segment Reporting Information [Line Items]
Net Sales:	406.7	344.1	759.8	646.9
Income (Loss) Before Income Taxes:	11.9	8.8	5.5	5.7
Depreciation and Amortization Expense:	11.7	12.1	23.2	24
Capital Expenditures (including capitalized software):	8.2	7	16.4	17.5
Identifiable Assets:	889.2		889.2		809
Operating segments | Residential building products
Segment Reporting Information [Line Items]
Net Sales:	215.1	166.3	434.3	347.9
Income (Loss) Before Income Taxes:	37	30.5	77.3	70.4
Depreciation and Amortization Expense:	3.1	2.4	6.1	4.9
Capital Expenditures (including capitalized software):	2.7	1.9	8.5	6.7
Identifiable Assets:	516.3		516.3		479.5
General corporate
Segment Reporting Information [Line Items]
Income (Loss) Before Income Taxes:	(19)	(14.6)	(32.5)	(28.8)
Depreciation and Amortization Expense:	6.6	6.2	13.1	12.2
Capital Expenditures (including capitalized software):	4.1	$ 4.4	8.4	$ 8.1
Identifiable Assets:	$ 181.2		$ 181.2		$ 209.5

Business Held for Sale - Narrat

Business Held for Sale - Narrative (Details) $ in Millions	Jul. 31, 2022 USD ($)
Subsequent Event | Lamex | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration from sale	$ 75

Business Held for Sale - Conden

Business Held for Sale - Condensed Consolidated Balance Sheets (Details) - Lamex - Disposal Group, Held-for-sale, Not Discontinued Operations $ in Millions	Jul. 02, 2022 USD ($)
Assets:
Cash and cash equivalents	$ 6.2
Receivables	20.1
Allowance for doubtful accounts	(0.5)
Inventories, net	7
Prepaid expenses and other current assets	6.1
Buildings	6.3
Machinery and equipment	26
Accumulated depreciation	(17)
Right-of-use Operating Leases	6
Goodwill and Other Intangible Assets	10.9
Total Assets held for sale	71.2
Liabilities:
Accounts payable and accrued expenses	36.1
Current lease obligations - Operating	4.9
Deferred Income Taxes	0.1
Total Liabilities held for sale	$ 41.1