DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION | 6 Months Ended |
Jul. 02, 2016shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | HNI CORP |
Entity Central Index Key | 48,287 |
Document Type | 10-Q |
Document Period End Date | Jul. 2, 2016 |
Amendment Flag | false |
Document Fiscal Period Focus | 2,016 |
Document Fiscal Period Focus | Q2 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 44,454,811 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jul. 02, 2016 | Jan. 02, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 24,441 | $ 28,548 |
Short-term investments | 6,800 | 4,252 |
Receivables | 242,849 | 243,409 |
Inventories | 170,083 | 125,228 |
Prepaid expenses and other current assets | 31,896 | 36,933 |
Total Current Assets | 476,069 | 438,370 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Land and land improvements | 29,279 | 28,801 |
Buildings | 302,023 | 298,516 |
Machinery and equipment | 530,504 | 515,131 |
Construction in progress | 29,872 | 31,986 |
Property plant and equipment, at cost | 891,678 | 874,434 |
Less accumulated depreciation | 536,583 | 533,275 |
Net Property, Plant, and Equipment | 355,095 | 341,159 |
GOODWILL | 293,009 | 277,650 |
DEFERRED INCOME TAXES | 904 | 0 |
OTHER ASSETS | 229,653 | 206,746 |
Total Assets | 1,354,730 | 1,263,925 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 395,430 | 424,405 |
Current maturities of long-term debt | 83,241 | 5,477 |
Current maturities of other long-term obligations | 4,600 | 6,018 |
Total Current Liabilities | 483,271 | 435,900 |
LONG-TERM DEBT | 193,000 | 185,000 |
OTHER LONG-TERM LIABILITIES | 77,528 | 76,792 |
DEFERRED INCOME TAXES | 95,045 | 88,934 |
COMMITMENTS AND CONTINGENCIES | 0 | 0 |
Capital Stock: | ||
Preferred, $1 par value, authorized 2,000,000 shares, no shares outstanding | 0 | 0 |
Common, $1 par value, authorized 200,000,000 shares, outstanding - July 2, 2016 - 44,454,811 shares; January 2, 2016 – 44,158,256 shares | 44,455 | 44,158 |
Additional paid-in capital | 17,890 | 4,407 |
Retained earnings | 450,463 | 433,575 |
Accumulated other comprehensive income (loss) | (7,264) | (5,186) |
Total HNI Corporation shareholders' equity | 505,544 | 476,954 |
Noncontrolling interest | 342 | 345 |
Total Equity | 505,886 | 477,299 |
Total Liabilities and Equity | $ 1,354,730 | $ 1,263,925 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jul. 02, 2016 | Jan. 02, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares outstanding | 44,454,811 | 44,158,256 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2016 | Jul. 04, 2015 | Jul. 02, 2016 | Jul. 04, 2015 | |
Income Statement [Abstract] | ||||
Net sales | $ 536,538 | $ 568,226 | $ 1,037,575 | $ 1,091,703 |
Cost of sales | 327,618 | 362,102 | 642,944 | 701,079 |
Gross profit | 208,920 | 206,124 | 394,631 | 390,624 |
Selling and administrative expenses | 162,319 | 167,278 | 327,425 | 335,982 |
Restructuring charges | 572 | (560) | 1,658 | (183) |
Operating income | 46,029 | 39,406 | 65,548 | 54,825 |
Interest income | 63 | 119 | 141 | 209 |
Interest expense | 1,131 | 1,968 | 3,005 | 3,957 |
Income before income taxes | 44,961 | 37,557 | 62,684 | 51,077 |
Income taxes | 15,934 | 13,680 | 21,815 | 18,748 |
Net income | 29,027 | 23,877 | 40,869 | 32,329 |
Less: Net loss attributable to the noncontrolling interest | (2) | (2) | (3) | (28) |
Net income attributable to HNI Corporation | $ 29,029 | $ 23,879 | $ 40,872 | $ 32,357 |
Net income attributable to HNI Corporation per common share – basic (in dollars per share) | $ 0.65 | $ 0.54 | $ 0.92 | $ 0.73 |
Average number of common shares outstanding – basic | 44,431,198 | 44,416,008 | 44,344,778 | 44,359,898 |
Net income attributable to HNI Corporation per common share – diluted (in dollars per share) | $ 0.64 | $ 0.52 | $ 0.90 | $ 0.71 |
Average number of common shares outstanding – diluted | 45,632,284 | 45,620,984 | 45,308,306 | 45,573,952 |
Cash dividends per common share (in dollars per share) | $ 0.275 | $ 0.265 | $ 0.54 | $ 0.515 |
Other comprehensive income/(loss), net of tax: three months 2016 $(587); 2015 $185; six months 2016 $(868); 2015 $319 | $ (1,762) | $ 396 | $ (2,078) | $ 715 |
Comprehensive income | 27,265 | 24,273 | 38,791 | 33,044 |
Less: Comprehensive (loss) attributable to noncontrolling interest | (2) | (2) | (3) | (28) |
Comprehensive income attributable to HNI Corporation | $ 27,267 | $ 24,275 | $ 38,794 | $ 33,072 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2016 | Jul. 04, 2015 | Jul. 02, 2016 | Jul. 04, 2015 | |
Income Statement [Abstract] | ||||
Other comprehensive income (loss), tax | $ (587) | $ 185 | $ (868) | $ 319 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss)/Income [Member] | Non-controlling Interest [Member] |
Balance beginning of period at Jan. 03, 2015 | $ 414,501 | $ 44,166 | $ 867 | $ 374,929 | $ (5,375) | $ (86) |
Comprehensive income: | ||||||
Net income (loss) | 32,329 | 32,357 | (28) | |||
Other comprehensive (loss) (net of tax) | 715 | 715 | ||||
Change in ownership of noncontrolling interest | (462) | 462 | ||||
Cash dividends | (22,893) | (22,893) | ||||
Common shares – treasury: | ||||||
Shares purchased | (15,202) | (305) | (14,897) | |||
Shares issued under Members’ Stock Purchase Plan and stock awards | 25,686 | 489 | 25,197 | |||
Balance at ending of period at Jul. 04, 2015 | 435,136 | 44,350 | 11,167 | 383,931 | (4,660) | 348 |
Balance beginning of period at Jan. 02, 2016 | 477,299 | 44,158 | 4,407 | 433,575 | (5,186) | 345 |
Comprehensive income: | ||||||
Net income (loss) | 40,869 | 40,872 | (3) | |||
Other comprehensive (loss) (net of tax) | (2,078) | (2,078) | ||||
Cash dividends | (23,984) | (23,984) | ||||
Common shares – treasury: | ||||||
Shares purchased | (8,745) | (208) | (8,537) | |||
Shares issued under Members’ Stock Purchase Plan and stock awards | 22,525 | 505 | 22,020 | |||
Balance at ending of period at Jul. 02, 2016 | $ 505,886 | $ 44,455 | $ 17,890 | $ 450,463 | $ (7,264) | $ 342 |
CONSOLIDATED STATEMENTS OF EQU7
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - $ / shares | 6 Months Ended | |
Jul. 02, 2016 | Jul. 04, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends (in dollars per share) | $ 0.54 | $ 0.515 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 02, 2016 | Jul. 04, 2015 | |
Net Cash Flows From (To) Operating Activities: | ||
Net income | $ 40,869 | $ 32,329 |
Noncash items included in net income: | ||
Depreciation and amortization | 31,631 | 27,795 |
Other postretirement and post employment benefits | 821 | 881 |
Stock-based compensation | 6,441 | 6,262 |
Excess tax benefits from stock compensation | (485) | (1,552) |
Deferred income taxes | 6,442 | 3,437 |
(Gain) loss on sale, retirement and impairment of long-lived assets and intangibles, net | 130 | 183 |
Other – net | 5,921 | 2,012 |
Net increase (decrease) in operating assets and liabilities | (53,949) | (106,618) |
Increase (decrease) in other liabilities | (5,997) | 3,367 |
Net cash flows from (to) operating activities | 31,824 | (31,904) |
Net Cash Flows From (To) Investing Activities: | ||
Capital expenditures | (42,422) | (33,732) |
Proceeds from sale of property, plant and equipment | 499 | 124 |
Capitalized software | (13,434) | (16,150) |
Acquisition spending, net of cash acquired | (34,064) | 0 |
Purchase of investments | (4,875) | (798) |
Sales or maturities of investments | 4,758 | 1,550 |
Other – net | 501 | 0 |
Net cash flows from (to) investing activities | (89,037) | (49,006) |
Net Cash Flows From (To) Financing Activities: | ||
Proceeds from sales of HNI Corporation common stock | 5,401 | 10,457 |
Withholdings related to net share settlements of equity based awards | 0 | (171) |
Purchase of HNI Corporation common stock | (8,745) | (15,203) |
Proceeds from note and long-term debt | 506,359 | 347,929 |
Payments of note and long-term debt and other financing | (426,410) | (241,467) |
Excess tax benefits from stock compensation | 485 | 1,552 |
Dividends paid | (23,984) | (22,893) |
Net cash flows from (to) financing activities | 53,106 | 80,204 |
Net increase (decrease) in cash and cash equivalents | (4,107) | (706) |
Cash and cash equivalents at beginning of period | 28,548 | 34,144 |
Cash and cash equivalents at end of period | $ 24,441 | $ 33,438 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jul. 02, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 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 2, 2016 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, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2016 . For further information, refer to the consolidated financial statements and accompanying notes included in HNI Corporation's (the "Corporation") Annual Report on Form 10-K for the fiscal year ended January 2, 2016 . |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jul. 02, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [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, and recognizes expense over the employees' requisite service periods. For the three months and six months ended July 2, 2016 , the Corporation recognized $1.1 million and $6.4 million , respectively, of stock based compensation expense. For the three months and six months ended July 4, 2015 , the Corporation recognized $2.8 million and $6.3 million , respectively, of stock based compensation expense. Stock-based compensation expense is the cost of stock options and time-based restricted stock units issued under the HNI Corporation 2007 Stock-Based Compensation Plan and shares issued under the HNI Corporation 2002 Members' Stock Purchase Plan. The Corporation granted stock options with fair values of $7.7 million and $6.5 million and time-based restricted stock units with adjusted fair values of $0.7 million and $1.1 million in the six months ended July 2, 2016 and July 4, 2015 , respectively. At July 2, 2016 , there was $4.3 million of unrecognized compensation cost related to nonvested stock options, which the Corporation expects to recognize over a weighted-average remaining service period of 1.4 years and $1.3 million of unrecognized compensation cost related to nonvested restricted stock units, which the Corporation expects to recognize over a weighted-average remaining service period of 1.1 years. |
Inventories
Inventories | 6 Months Ended |
Jul. 02, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The Corporation values its inventory at the lower of cost or market with approximately 75 percent valued by the last-in, first-out ("LIFO") costing method. (In thousands) July 2, 2016 January 2, 2016 Finished products $ 109,068 $ 68,478 Materials and work in process 86,125 81,860 LIFO allowance (25,110 ) (25,110 ) $ 170,083 $ 125,228 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity | 6 Months Ended |
Jul. 02, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity | Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity The following table summarizes the components of accumulated other comprehensive income (loss) and the changes in accumulated other comprehensive income (loss), net of tax, as applicable for the six months ended July 2, 2016 : (In thousands) Foreign Currency Translation Adjustment Unrealized Gains (Losses) on Marketable Securities Pension Postretirement Liability Derivative Financial Instruments Accumulated Other Comprehensive Income (Loss) Balance at January 2, 2016 $ 322 $ (2 ) $ (5,506 ) $ — $ (5,186 ) Other comprehensive income (loss) before reclassifications (598 ) 73 — (1,815 ) (2,340 ) Amounts reclassified from accumulated other comprehensive (income) loss — — — 262 262 Balance at July 2, 2016 $ (276 ) $ 71 $ (5,506 ) $ (1,553 ) $ (7,264 ) All amounts are net-of tax. Amounts in parentheses indicate debits . In March 2016, the Corporation entered into an interest rate swap transaction to hedge $150 million of outstanding variable rate revolver borrowings against future interest rate volatility. Under the terms of the interest rate swap, the Corporation pays a fixed rate of 1.29 percent and receives one month LIBOR on a $150 million notional value expiring January 2021. As of July 2, 2016 , the fair value of the Corporation's interest rate swap was a liability of $2.5 million , reported net of tax as $1.6 million in accumulated other comprehensive income. The following table details the reclassifications from accumulated other comprehensive income (loss) for the three months and six months ended July 2, 2016 and July 4, 2015 (in thousands): 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, 2016 July 4, 2015 July 2, 2016 July 4, 2015 Derivative financial instruments Interest rate swap Selling and administrative expenses $ (322 ) $ — $ (415 ) $ — Tax (expense) or benefit 119 — 153 — Net of tax $ (203 ) $ — $ (262 ) $ — Diesel hedge Selling and administrative expenses $ — $ (612 ) $ — $ (1,307 ) Tax (expense) or benefit — 229 — 470 Net of tax $ — $ (383 ) $ — $ (837 ) Net $ (203 ) $ (383 ) $ (262 ) $ (837 ) Amounts in parentheses indicate reductions to profit. During the six months ended July 2, 2016 , the Corporation repurchased 208,000 shares of its common stock at a cost of approximately $8.7 million . As of July 2, 2016 , $184.0 million of the Corporation's Board of Directors' ("Board") current repurchase authorization remained unspent. During the six months ended July 2, 2016 , the Corporation paid dividends to shareholders of $0.54 per share. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jul. 02, 2016 | |
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 (In thousands, except per share data) July 2, 2016 July 4, 2015 July 2, 2016 July 4, 2015 Numerators: Numerator for both basic and diluted EPS attributable to HNI Corporation net income $ 29,029 $ 23,879 $ 40,872 $ 32,357 Denominators: Denominator for basic EPS weighted-average common shares outstanding 44,431 44,416 44,345 44,360 Potentially dilutive shares from stock-based compensation plans 1,201 1,205 963 1,214 Denominator for diluted EPS 45,632 45,621 45,308 45,574 Earnings per share – basic $ 0.65 $ 0.54 $ 0.92 $ 0.73 Earnings per share – diluted $ 0.64 $ 0.52 $ 0.90 $ 0.71 The weighted average common stock equivalents presented above do not include the effect of 444,723 and 441,211 common stock equivalents for the three months ended July 2, 2016 and July 4, 2015 , respectively, and 730,884 and 945,338 common stock equivalents for the six months ended July 2, 2016 and July 4, 2015 , respectively, because their inclusion would be anti-dilutive. |
Restructuring
Restructuring | 6 Months Ended |
Jul. 02, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring Restructuring costs during the three months ended July 2, 2016 were $2.0 million , of which $1.4 million was recorded in cost of goods sold. Restructuring costs during the six months ended July 2, 2016 were $3.1 million , of which $1.4 million was recorded in cost of goods sold. These costs in both the quarter and year to date periods were primarily incurred as part of the previously announced closure of the Paris, Kentucky, hearth manufacturing facility. During the three months and six months ended July 4, 2015 , the Corporation recorded a $0.6 million reduction and $0.2 million reduction, respectively, of restructuring costs due primarily to lower than anticipated postemployment costs related to previously announced closures of the Midwest Folding Products business located in Chicago, Illinois and an office furniture manufacturing facility in Florence, Alabama. The following is a summary of changes in restructuring accruals during the six months ended July 2, 2016 . (In thousands) Severance Facility Exit Costs & Other Total Balance as of January 2, 2016 $ 206 $ 15 $ 221 Restructuring charges 1,196 462 1,658 Cash payments (360 ) (464 ) (824 ) Balance as of July 2, 2016 $ 1,042 $ 13 $ 1,055 The portion of the restructuring reserve expected to be paid in the next twelve months was $1.1 million as of July 2, 2016 and is included in "Accounts payable and accrued expenses" in the Condensed Consolidated Balance Sheets. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jul. 02, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The table below summarizes amortizable definite-lived intangible assets as of July 2, 2016 and January 2, 2016 , which are reflected in the "Other Assets" line item in the Corporation's Condensed Consolidated Balance Sheets: July 2, 2016 January 2, 2016 (In thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Patents $ 18,645 $ 18,619 $ 26 $ 18,645 $ 18,615 $ 30 Software 137,442 23,219 114,223 122,892 21,193 101,699 Trademarks and trade names 7,564 1,058 6,506 6,564 753 5,811 Customer lists and other 117,084 61,592 55,492 105,586 60,063 45,523 Net definite lived intangible assets $ 280,735 $ 104,488 $ 176,247 $ 253,687 $ 100,624 $ 153,063 Aggregate amortization expense for the three months ended July 2, 2016 and July 4, 2015 was $2.9 million and $2.7 million , respectively. Aggregate amortization expense for the six months ended July 2, 2016 and July 4, 2015 was $5.3 million and $5.5 million , respectively. Based on the current amount of intangible assets subject to amortization, the estimated amortization expense for each of the following five fiscal years is as follows: (In millions) 2016 2017 2018 2019 2020 Amortization expense $ 11.3 $ 17.8 $ 18.0 $ 17.1 $ 16.7 As events such as acquisitions, dispositions or impairments occur in the future, these amounts may change. The Corporation also owns certain trademarks and trade names with a net carrying amount of $40.9 million and $41.0 million as of July 2, 2016 and January 2, 2016 , respectively. These trademarks and trade names, which are reflected in the "Other Assets" line item in the Corporation's Condensed Consolidated Balance Sheets, are deemed to have indefinite useful lives because they are expected to generate cash flows indefinitely. The changes in the carrying amount of goodwill since January 2, 2016 are as follows by reporting segment: (In thousands) Office Furniture Hearth Products Total Balance as of January 2, 2016 Goodwill $ 149,718 $ 183,199 $ 332,917 Accumulated impairment losses (55,124 ) (143 ) (55,267 ) Net goodwill balance as of January 2, 2016 94,594 183,056 277,650 Goodwill acquired 15,365 — 15,365 Foreign currency translation adjustments (6 ) — (6 ) Balance as of July 2, 2016 Goodwill 165,077 183,199 348,276 Accumulated impairment losses (55,124 ) (143 ) (55,267 ) Net goodwill balance as of July 2, 2016 $ 109,953 $ 183,056 $ 293,009 The Corporation evaluates its goodwill and indefinite-lived intangible assets for impairment on an annual basis during the fourth quarter, or whenever indicators of impairment exist. The Corporation estimates the fair value of its reporting units using various valuation techniques, with the primary technique being a discounted cash flow method. This method employs market participant based assumptions. |
Product Warranties
Product Warranties | 6 Months Ended |
Jul. 02, 2016 | |
Product Warranties Disclosures [Abstract] | |
Product Warranties | Product Warranties The Corporation issues certain warranty policies on its office furniture and hearth products that provide for repair or replacement of any covered product or component that fails during normal use because of a defect in design or workmanship. Reserves have been established for the various costs associated with the Corporation's warranty programs. A warranty reserve is determined by recording a specific reserve for known warranty issues and an additional reserve for unknown claims that are expected to be incurred based on historical claims experience. Actual claims incurred could differ from the original estimates, requiring adjustments to the reserve. Activity associated with warranty obligations was as follows during the periods noted: (In thousands) July 2, 2016 July 4, 2015 Balance at beginning of period $ 16,227 $ 16,719 Accruals for warranties issued during period 10,159 10,535 Adjustments related to pre-existing warranties 276 349 Settlements made during the period (10,586 ) (11,139 ) Balance at end of period $ 16,076 $ 16,464 The portion of the reserve for estimated settlements expected to be paid in the next twelve months was $7.9 million and $8.2 million as of July 2, 2016 and January 2, 2016 , respectively, and is included in "Accounts payable and accrued expenses" in the Condensed Consolidated Balance Sheets. The portion of the reserve for settlements expected to be paid beyond one year was $8.1 million and $8.0 million as of July 2, 2016 and January 2, 2016 , respectively, and is included in "Other Long-Term Liabilities" in the Condensed Consolidated Balance Sheets. |
Postretirement Health Care
Postretirement Health Care | 6 Months Ended |
Jul. 02, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Postretirement Health Care | Postretirement Health Care The following table sets forth the components of net periodic benefit costs included in the Corporation's Condensed Consolidated Statements of Comprehensive Income for: Three Months Ended Six Months Ended (In thousands) July 2, 2016 July 4, 2015 July 2, 2016 July 4, 2015 Service cost $ 184 $ 201 $ 369 $ 402 Interest cost 211 204 422 408 Amortization of (gain)/loss 15 12 30 71 Net periodic benefit cost $ 410 $ 417 $ 821 $ 881 |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 02, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Corporation's income tax provision for the three months ended July 2, 2016 was $15.9 million on pre-tax income of $45.0 million or an effective tax rate of 35.4 percent . For the three months ended July 4, 2015 , the Corporation's income tax provision was $13.7 million on pre-tax income of $37.6 million or an effective tax rate of 36.4 percent . The effective tax rate was lower in the three months ended July 2, 2016 principally due to timing of the enactment of the R&D tax credit and change in mix related to foreign earnings. The provision for income taxes for the six months ended July 2, 2016 reflects an effective tax rate of 34.8 percent compared to 36.7 percent for the same period last year. The drivers of the change in effective tax rate for the first six months were the same as those for the quarter. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 02, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements For recognition purposes, on a recurring basis the Corporation is required to measure at fair value its marketable securities and derivative instruments. The marketable securities are comprised of government securities, corporate bonds and money market funds. When available the Corporation uses quoted market prices to determine fair value and classifies such measurements within Level 1. Where market prices are not available, the Corporation makes use of observable market-based inputs (prices or quotes from published exchanges and indexes) to calculate fair value using the market approach, in which case the measurements are classified within Level 2. Assets measured at fair value as of July 2, 2016 were as follows: (In thousands) Fair value as of measurement date Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Government securities $ 8,846 $ — $ 8,846 $ — Corporate bonds $ 3,696 $ — $ 3,696 $ — Derivative financial instruments $ (2,582 ) $ — $ (2,582 ) $ — Assets measured at fair value as of January 2, 2016 were as follows: (In thousands) Fair value as of measurement date Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Government securities $ 9,663 $ — $ 9,663 $ — Corporate bonds $ 2,405 $ — $ 2,405 $ — Derivative financial instruments $ (1,252 ) $ — $ (1,252 ) $ — In addition to the methods and assumptions the Corporation uses to record the fair value of financial instruments as discussed above in this section, it uses the following methods and assumptions to estimate the fair value of its financial instruments. Cash and cash equivalents - Level 1 The carrying amount approximated fair value and includes money market funds. Long-term debt (including current portion) - Level 2 The carrying value of the Corporation's outstanding variable-rate debt obligations at July 2, 2016 and January 2, 2016 , the end of the Corporation's 2015 fiscal year, was $276 million and $40 million , respectively, which approximated the fair value. The Corporation paid off its outstanding fixed-rate, long-term debt obligations on April 6, 2016 with revolving credit facility borrowings. The value of these senior notes was estimated based on a discounted cash flow method to be $148 million at January 2, 2016 , compared to the carrying value of $150 million . The Corporation, certain domestic subsidiaries of the Corporation, the lenders and Wells Fargo Bank, National Association, as administrative agent, entered into the First Amendment to Second Amended and Restated Credit Agreement (the "Credit Agreement") on January 6, 2016. The Credit Agreement amends the Second Amended and Restated Credit Agreement dated as of June 9, 2015. The Credit Agreement was amended to increase the revolving commitment of the lenders from $250 million to $400 million (while retaining the Corporation's option under the Credit Agreement to increase its borrowing capacity by an additional $150 million ) in order to provide funding for the pay off of its maturing senior notes on April 6, 2016 and to extend the maturity date of the Credit Agreement from June 2020 to January 2021. The Corporation deferred the debt issuance costs related to the Credit Agreement, which were classified as assets, and is amortizing them over the term of the Credit Agreement. As of July 2, 2016 , there was $276 million outstanding under the $400 million revolving credit facility of which $193 million was classified as long-term since the Corporation does not expect to repay the borrowings within a year and the remaining $83 million was classified as current. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 02, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Corporation utilizes letters of credit in the amount of $9 million to back certain insurance policies and payment obligations. The Corporation utilizes trade letters of credit and bankers acceptances in the amount of $5 million to guarantee certain payments to overseas suppliers. The letters of credit and bankers acceptances reflect fair value as a condition of their underlying purpose and are subject to competitively determined fees. The Corporation has contingent liabilities which have arisen in the ordinary course of its business, including liabilities relating to pending litigation, environmental remediation, taxes, and other claims. It is the Corporation's opinion that liabilities, if any, resulting from these matters are not expected to have a material adverse effect on the Corporation's financial condition, cash flows or on the Corporation's quarterly or annual operating results when resolved in a future period. |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Jul. 02, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | New Accounting Standards In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2015-05, Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement . The ASU applies to cloud computing arrangements including software as a service, platform as a service, infrastructure as a service, and other similar hosting arrangements, and was issued to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. The ASU provides guidance about whether the arrangement includes a software license. The core principle of the ASU is that if a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance did not change U.S. GAAP for a customer’s accounting for service contracts. The Corporation adopted the guidance effective January 3, 2016, the beginning of the Corporation's 2016 fiscal year. The guidance did not have a material impact on the Corporation's financial statements. The FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying Presentation of Debt Issuance Costs in April 2015, which was further clarified by ASU No. 2015-15 in August 2015. The core principle of the ASUs is that an entity should present debt issuance costs as a direct deduction from the face amount of that debt in the balance sheet similar to the manner in which a debt discount or premium is presented, and not reflected as a deferred charge or deferred credit. The ASU requires additional disclosure about the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted and the effect of the change on the financial statement line item (that is, the debt issuance cost asset and the debt liability). Debt issuance costs related to line-of-credit arrangements can still be presented as assets and subsequently amortized. The Corporation adopted the guidance effective January 3, 2016, the beginning of the Corporation's 2016 fiscal year. The guidance did not have an impact on the Corporation's financial statements. |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jul. 02, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information Management views the Corporation as being in two reportable segments based on industries: office furniture and hearth products, with the former being the principal business segment. The aggregated office furniture segment manufactures and markets a broad line of office furniture which includes storage products, desks, credenzas, chairs, tables, bookcases, classroom solutions, freestanding office partitions and panel systems and other related products. The hearth products segment manufactures and markets a broad line of manufactured gas, electric, wood and pellet fireplaces, inserts and 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 corporate expenses. These unallocated corporate expenses include the net cost of the Corporation's corporate operations, interest income and interest expense. 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 and corporate office real estate and related equipment. No geographic information for revenues from external customers or for long-lived assets is disclosed since the Corporation's primary market and capital investments are concentrated in the United States. Reportable segment data reconciled to the Corporation's condensed consolidated financial statements for the three months and six months ended July 2, 2016 and July 4, 2015 , is as follows: Three Months Ended Six Months Ended (In thousands) July 2, 2016 July 4, 2015 July 2, 2016 July 4, 2015 Net Sales: Office Furniture $ 428,113 $ 450,624 $ 815,452 $ 858,053 Hearth Products 108,425 117,602 222,123 233,650 $ 536,538 $ 568,226 $ 1,037,575 $ 1,091,703 Operating Profit: Office furniture $ 43,367 $ 39,791 $ 64,667 $ 59,943 Hearth products 9,954 11,162 22,515 23,663 Total operating profit 53,321 50,953 87,182 83,606 Unallocated corporate expense (8,360 ) (13,396 ) (24,498 ) (32,529 ) Income before income taxes $ 44,961 $ 37,557 $ 62,684 $ 51,077 Depreciation & Amortization Expense: Office furniture $ 11,127 $ 10,263 $ 21,820 $ 20,640 Hearth products 3,322 2,047 5,978 4,005 General corporate 1,931 1,625 3,833 3,150 $ 16,380 $ 13,935 $ 31,631 $ 27,795 Capital Expenditures (including capitalized software): Office furniture $ 13,580 $ 11,848 $ 30,048 $ 26,399 Hearth products 4,459 1,993 7,012 4,397 General corporate 10,360 7,818 18,796 19,086 $ 28,399 $ 21,659 $ 55,856 $ 49,882 As of As of (In thousands) July 2, January 2, Identifiable Assets: Office furniture $ 804,955 $ 739,915 Hearth products 356,142 341,813 General corporate 193,633 182,197 $ 1,354,730 $ 1,263,925 |
Business Combinations
Business Combinations | 6 Months Ended |
Jul. 02, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations On January 29, 2016, the Corporation acquired a small office furniture company with annual sales of approximately $30 million at a purchase price of approximately $34 million , net of cash acquired. The Corporation will finalize the allocation of purchase price during 2016 based on final purchase price and fair value adjustments. Based on the preliminary allocation, there are approximately $14 million of intangible assets other than goodwill associated with this acquisition with estimated useful lives ranging from three to twelve years with amortization recorded on a straight line basis based on the projected cash flow associated with the respective intangible assets. There was approximately $15 million of goodwill associated with this acquisition. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jul. 02, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Stock-Based Compensation | The Corporation measures stock-based compensation expense at grant date, based on the fair value of the award, and recognizes expense over the employees' requisite service periods. |
Inventories | The Corporation values its inventory at the lower of cost or market with approximately 75 percent valued by the last-in, first-out ("LIFO") costing method. |
Goodwill and Other Intangible Assets | The Corporation evaluates its goodwill and indefinite-lived intangible assets for impairment on an annual basis during the fourth quarter, or whenever indicators of impairment exist. The Corporation estimates the fair value of its reporting units using various valuation techniques, with the primary technique being a discounted cash flow method. This method employs market participant based assumptions. |
Product Warranties | The Corporation issues certain warranty policies on its office furniture and hearth products that provide for repair or replacement of any covered product or component that fails during normal use because of a defect in design or workmanship. Reserves have been established for the various costs associated with the Corporation's warranty programs. A warranty reserve is determined by recording a specific reserve for known warranty issues and an additional reserve for unknown claims that are expected to be incurred based on historical claims experience. Actual claims incurred could differ from the original estimates, requiring adjustments to the reserve. |
Fair Value Measurements | For recognition purposes, on a recurring basis the Corporation is required to measure at fair value its marketable securities and derivative instruments. The marketable securities are comprised of government securities, corporate bonds and money market funds. When available the Corporation uses quoted market prices to determine fair value and classifies such measurements within Level 1. Where market prices are not available, the Corporation makes use of observable market-based inputs (prices or quotes from published exchanges and indexes) to calculate fair value using the market approach, in which case the measurements are classified within Level 2. |
New Accounting Standards | In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2015-05, Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement . The ASU applies to cloud computing arrangements including software as a service, platform as a service, infrastructure as a service, and other similar hosting arrangements, and was issued to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. The ASU provides guidance about whether the arrangement includes a software license. The core principle of the ASU is that if a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance did not change U.S. GAAP for a customer’s accounting for service contracts. The Corporation adopted the guidance effective January 3, 2016, the beginning of the Corporation's 2016 fiscal year. The guidance did not have a material impact on the Corporation's financial statements. The FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying Presentation of Debt Issuance Costs in April 2015, which was further clarified by ASU No. 2015-15 in August 2015. The core principle of the ASUs is that an entity should present debt issuance costs as a direct deduction from the face amount of that debt in the balance sheet similar to the manner in which a debt discount or premium is presented, and not reflected as a deferred charge or deferred credit. The ASU requires additional disclosure about the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted and the effect of the change on the financial statement line item (that is, the debt issuance cost asset and the debt liability). Debt issuance costs related to line-of-credit arrangements can still be presented as assets and subsequently amortized. The Corporation adopted the guidance effective January 3, 2016, the beginning of the Corporation's 2016 fiscal year. The guidance did not have an impact on the Corporation's financial statements. |
Business Segment Information | Management views the Corporation as being in two reportable segments based on industries: office furniture and hearth products, with the former being the principal business segment. The aggregated office furniture segment manufactures and markets a broad line of office furniture which includes storage products, desks, credenzas, chairs, tables, bookcases, classroom solutions, freestanding office partitions and panel systems and other related products. The hearth products segment manufactures and markets a broad line of manufactured gas, electric, wood and pellet fireplaces, inserts and 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 corporate expenses. These unallocated corporate expenses include the net cost of the Corporation's corporate operations, interest income and interest expense. 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 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. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jul. 02, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The Corporation values its inventory at the lower of cost or market with approximately 75 percent valued by the last-in, first-out ("LIFO") costing method. (In thousands) July 2, 2016 January 2, 2016 Finished products $ 109,068 $ 68,478 Materials and work in process 86,125 81,860 LIFO allowance (25,110 ) (25,110 ) $ 170,083 $ 125,228 |
Accumulated Other Comprehensi26
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity (Tables) | 6 Months Ended |
Jul. 02, 2016 | |
Equity [Abstract] | |
Schedule of Components of Accumulated Other Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income, Net of Tax | The following table summarizes the components of accumulated other comprehensive income (loss) and the changes in accumulated other comprehensive income (loss), net of tax, as applicable for the six months ended July 2, 2016 : (In thousands) Foreign Currency Translation Adjustment Unrealized Gains (Losses) on Marketable Securities Pension Postretirement Liability Derivative Financial Instruments Accumulated Other Comprehensive Income (Loss) Balance at January 2, 2016 $ 322 $ (2 ) $ (5,506 ) $ — $ (5,186 ) Other comprehensive income (loss) before reclassifications (598 ) 73 — (1,815 ) (2,340 ) Amounts reclassified from accumulated other comprehensive (income) loss — — — 262 262 Balance at July 2, 2016 $ (276 ) $ 71 $ (5,506 ) $ (1,553 ) $ (7,264 ) All amounts are net-of tax. Amounts in parentheses indicate debits . |
Schedule of Reclassification from Accumulated Other Comprehensive Income (Loss) | The following table details the reclassifications from accumulated other comprehensive income (loss) for the three months and six months ended July 2, 2016 and July 4, 2015 (in thousands): 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, 2016 July 4, 2015 July 2, 2016 July 4, 2015 Derivative financial instruments Interest rate swap Selling and administrative expenses $ (322 ) $ — $ (415 ) $ — Tax (expense) or benefit 119 — 153 — Net of tax $ (203 ) $ — $ (262 ) $ — Diesel hedge Selling and administrative expenses $ — $ (612 ) $ — $ (1,307 ) Tax (expense) or benefit — 229 — 470 Net of tax $ — $ (383 ) $ — $ (837 ) Net $ (203 ) $ (383 ) $ (262 ) $ (837 ) Amounts in parentheses indicate reductions to profit. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jul. 02, 2016 | |
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 (In thousands, except per share data) July 2, 2016 July 4, 2015 July 2, 2016 July 4, 2015 Numerators: Numerator for both basic and diluted EPS attributable to HNI Corporation net income $ 29,029 $ 23,879 $ 40,872 $ 32,357 Denominators: Denominator for basic EPS weighted-average common shares outstanding 44,431 44,416 44,345 44,360 Potentially dilutive shares from stock-based compensation plans 1,201 1,205 963 1,214 Denominator for diluted EPS 45,632 45,621 45,308 45,574 Earnings per share – basic $ 0.65 $ 0.54 $ 0.92 $ 0.73 Earnings per share – diluted $ 0.64 $ 0.52 $ 0.90 $ 0.71 |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jul. 02, 2016 | |
Restructuring and Related Activities [Abstract] | |
Summary of Changes in Restructuring Accruals | The following is a summary of changes in restructuring accruals during the six months ended July 2, 2016 . (In thousands) Severance Facility Exit Costs & Other Total Balance as of January 2, 2016 $ 206 $ 15 $ 221 Restructuring charges 1,196 462 1,658 Cash payments (360 ) (464 ) (824 ) Balance as of July 2, 2016 $ 1,042 $ 13 $ 1,055 |
Goodwill and Other Intangible29
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jul. 02, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets by Major Class | The table below summarizes amortizable definite-lived intangible assets as of July 2, 2016 and January 2, 2016 , which are reflected in the "Other Assets" line item in the Corporation's Condensed Consolidated Balance Sheets: July 2, 2016 January 2, 2016 (In thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Patents $ 18,645 $ 18,619 $ 26 $ 18,645 $ 18,615 $ 30 Software 137,442 23,219 114,223 122,892 21,193 101,699 Trademarks and trade names 7,564 1,058 6,506 6,564 753 5,811 Customer lists and other 117,084 61,592 55,492 105,586 60,063 45,523 Net definite lived intangible assets $ 280,735 $ 104,488 $ 176,247 $ 253,687 $ 100,624 $ 153,063 |
Schedule of Expected Amortization Expense | Based on the current amount of intangible assets subject to amortization, the estimated amortization expense for each of the following five fiscal years is as follows: (In millions) 2016 2017 2018 2019 2020 Amortization expense $ 11.3 $ 17.8 $ 18.0 $ 17.1 $ 16.7 |
Schedule of Goodwill | The changes in the carrying amount of goodwill since January 2, 2016 are as follows by reporting segment: (In thousands) Office Furniture Hearth Products Total Balance as of January 2, 2016 Goodwill $ 149,718 $ 183,199 $ 332,917 Accumulated impairment losses (55,124 ) (143 ) (55,267 ) Net goodwill balance as of January 2, 2016 94,594 183,056 277,650 Goodwill acquired 15,365 — 15,365 Foreign currency translation adjustments (6 ) — (6 ) Balance as of July 2, 2016 Goodwill 165,077 183,199 348,276 Accumulated impairment losses (55,124 ) (143 ) (55,267 ) Net goodwill balance as of July 2, 2016 $ 109,953 $ 183,056 $ 293,009 |
Product Warranties (Tables)
Product Warranties (Tables) | 6 Months Ended |
Jul. 02, 2016 | |
Product Warranties Disclosures [Abstract] | |
Activity Associated with Warranty Obligations | Activity associated with warranty obligations was as follows during the periods noted: (In thousands) July 2, 2016 July 4, 2015 Balance at beginning of period $ 16,227 $ 16,719 Accruals for warranties issued during period 10,159 10,535 Adjustments related to pre-existing warranties 276 349 Settlements made during the period (10,586 ) (11,139 ) Balance at end of period $ 16,076 $ 16,464 |
Postretirement Health Care (Tab
Postretirement Health Care (Tables) | 6 Months Ended |
Jul. 02, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost | The following table sets forth the components of net periodic benefit costs included in the Corporation's Condensed Consolidated Statements of Comprehensive Income for: Three Months Ended Six Months Ended (In thousands) July 2, 2016 July 4, 2015 July 2, 2016 July 4, 2015 Service cost $ 184 $ 201 $ 369 $ 402 Interest cost 211 204 422 408 Amortization of (gain)/loss 15 12 30 71 Net periodic benefit cost $ 410 $ 417 $ 821 $ 881 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jul. 02, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value | Assets measured at fair value as of July 2, 2016 were as follows: (In thousands) Fair value as of measurement date Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Government securities $ 8,846 $ — $ 8,846 $ — Corporate bonds $ 3,696 $ — $ 3,696 $ — Derivative financial instruments $ (2,582 ) $ — $ (2,582 ) $ — Assets measured at fair value as of January 2, 2016 were as follows: (In thousands) Fair value as of measurement date Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Government securities $ 9,663 $ — $ 9,663 $ — Corporate bonds $ 2,405 $ — $ 2,405 $ — Derivative financial instruments $ (1,252 ) $ — $ (1,252 ) $ — |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jul. 02, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Information | Reportable segment data reconciled to the Corporation's condensed consolidated financial statements for the three months and six months ended July 2, 2016 and July 4, 2015 , is as follows: Three Months Ended Six Months Ended (In thousands) July 2, 2016 July 4, 2015 July 2, 2016 July 4, 2015 Net Sales: Office Furniture $ 428,113 $ 450,624 $ 815,452 $ 858,053 Hearth Products 108,425 117,602 222,123 233,650 $ 536,538 $ 568,226 $ 1,037,575 $ 1,091,703 Operating Profit: Office furniture $ 43,367 $ 39,791 $ 64,667 $ 59,943 Hearth products 9,954 11,162 22,515 23,663 Total operating profit 53,321 50,953 87,182 83,606 Unallocated corporate expense (8,360 ) (13,396 ) (24,498 ) (32,529 ) Income before income taxes $ 44,961 $ 37,557 $ 62,684 $ 51,077 Depreciation & Amortization Expense: Office furniture $ 11,127 $ 10,263 $ 21,820 $ 20,640 Hearth products 3,322 2,047 5,978 4,005 General corporate 1,931 1,625 3,833 3,150 $ 16,380 $ 13,935 $ 31,631 $ 27,795 Capital Expenditures (including capitalized software): Office furniture $ 13,580 $ 11,848 $ 30,048 $ 26,399 Hearth products 4,459 1,993 7,012 4,397 General corporate 10,360 7,818 18,796 19,086 $ 28,399 $ 21,659 $ 55,856 $ 49,882 As of As of (In thousands) July 2, January 2, Identifiable Assets: Office furniture $ 804,955 $ 739,915 Hearth products 356,142 341,813 General corporate 193,633 182,197 $ 1,354,730 $ 1,263,925 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2016 | Jul. 04, 2015 | Jul. 02, 2016 | Jul. 04, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 1.1 | $ 2.8 | $ 6.4 | $ 6.3 |
Share-based compensation arrangement by share-based payment award, granted in period, fair value | 7.7 | 6.5 | ||
Share-based compensation arrangement by share-based payment award, granted in period, adjusted fair vale | 0.7 | $ 1.1 | ||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | 4.3 | $ 4.3 | ||
Remaining requisite service period for unrecognized compensation cost (in years) | 1 year 4 months 24 days | |||
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | $ 1.3 | $ 1.3 | ||
Remaining requisite service period for unrecognized compensation cost (in years) | 1 year 1 month 6 days |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jul. 02, 2016 | Jan. 02, 2016 |
Inventory Disclosure [Abstract] | ||
Percentage of LIFO Inventory | 75.00% | |
Inventory, Net [Abstract] | ||
Finished products | $ 109,068 | $ 68,478 |
Materials and work in process | 86,125 | 81,860 |
LIFO allowance | (25,110) | (25,110) |
Inventories | $ 170,083 | $ 125,228 |
Accumulated Other Comprehensi36
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity (Components) (Details) $ in Thousands | 6 Months Ended |
Jul. 02, 2016USD ($) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance beginning of period | $ 477,299 |
Balance at ending of period | 505,886 |
Accumulated Other Comprehensive Income (Loss) [Member] | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance beginning of period | (5,186) |
Other comprehensive income (loss) before reclassifications | (2,340) |
Amounts reclassified from accumulated other comprehensive (income) loss | 262 |
Balance at ending of period | (7,264) |
Foreign Currency Translation Adjustment [Member] | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance beginning of period | 322 |
Other comprehensive income (loss) before reclassifications | (598) |
Amounts reclassified from accumulated other comprehensive (income) loss | 0 |
Balance at ending of period | (276) |
Unrealized Gains (Losses) on Marketable Securities [Member] | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance beginning of period | (2) |
Other comprehensive income (loss) before reclassifications | 73 |
Amounts reclassified from accumulated other comprehensive (income) loss | 0 |
Balance at ending of period | 71 |
Pension Postretirement Liability [Member] | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance beginning of period | (5,506) |
Other comprehensive income (loss) before reclassifications | 0 |
Amounts reclassified from accumulated other comprehensive (income) loss | 0 |
Balance at ending of period | (5,506) |
Derivative Financial Instruments [Member] | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance beginning of period | 0 |
Other comprehensive income (loss) before reclassifications | (1,815) |
Amounts reclassified from accumulated other comprehensive (income) loss | 262 |
Balance at ending of period | $ (1,553) |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 02, 2016 | Jul. 04, 2015 | Jul. 02, 2016 | Jul. 04, 2015 | Mar. 31, 2016 | Jan. 02, 2016 | |
Class of Stock [Line Items] | ||||||
Accumulated other comprehensive income (loss) | $ (7,264) | $ (7,264) | $ (5,186) | |||
Cash dividends per common share (in dollars per share) | $ 0.275 | $ 0.265 | $ 0.54 | $ 0.515 | ||
Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Repurchased common stock, shares | 208,000 | |||||
Repurchased common stock, value | $ 8,700 | |||||
Stock repurchase program, remaining authorized repurchase amount | $ 184,000 | 184,000 | ||||
Interest Rate Swap [Member] | ||||||
Class of Stock [Line Items] | ||||||
Derivative, notional amount | $ 150,000 | |||||
Derivative, fixed interest rate | 1.29% | |||||
Derivative liability | 2,500 | 2,500 | ||||
Accumulated other comprehensive income (loss) | $ 1,600 | $ 1,600 |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity (Reclassification) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2016 | Jul. 04, 2015 | Jul. 02, 2016 | Jul. 04, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Selling and administrative expenses | $ (162,319) | $ (167,278) | $ (327,425) | $ (335,982) |
Tax (expense) or benefit | (15,934) | (13,680) | (21,815) | (18,748) |
Net income attributable to HNI Corporation | 29,029 | 23,879 | 40,872 | 32,357 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Derivative Financial Instruments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income attributable to HNI Corporation | (203) | (383) | (262) | (837) |
Interest Rate Swap [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Derivative Financial Instruments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Selling and administrative expenses | (322) | 0 | (415) | 0 |
Tax (expense) or benefit | 119 | 0 | 153 | 0 |
Net income attributable to HNI Corporation | (203) | 0 | (262) | 0 |
Diesel Hedge [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Derivative Financial Instruments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Selling and administrative expenses | 0 | (612) | 0 | (1,307) |
Tax (expense) or benefit | 0 | 229 | 0 | 470 |
Net income attributable to HNI Corporation | $ 0 | $ (383) | $ 0 | $ (837) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2016 | Jul. 04, 2015 | Jul. 02, 2016 | Jul. 04, 2015 | |
Numerators: | ||||
Numerator for both basic and diluted EPS attributable to HNI Corporation net income | $ 29,029 | $ 23,879 | $ 40,872 | $ 32,357 |
Denominators: | ||||
Denominator for basic EPS weighted-average common shares outstanding (shares) | 44,431,198 | 44,416,008 | 44,344,778 | 44,359,898 |
Potentially dilutive shares from stock-based compensation plans (shares) | 1,201,000 | 1,205,000 | 963,000 | 1,214,000 |
Denominator for diluted EPS (shares) | 45,632,284 | 45,620,984 | 45,308,306 | 45,573,952 |
Earnings per share - basic (in dollars per share) | $ 0.65 | $ 0.54 | $ 0.92 | $ 0.73 |
Earnings per share - diluted (in dollars per share) | $ 0.64 | $ 0.52 | $ 0.90 | $ 0.71 |
Earnings Per Share, Diluted, Other Disclosures [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share (shares) | 444,723 | 441,211 | 730,884 | 945,338 |
Restructuring (Narrative) (Deta
Restructuring (Narrative) (Details) - Realignment of Office Furniture Facilities and Exit of Business Line [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2016 | Jul. 04, 2015 | Jul. 02, 2016 | Jul. 04, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | $ 2 | $ (0.6) | $ 3.1 | $ (0.2) |
Restructuring reserve, current | 1.1 | 1.1 | ||
Cost of goods sold [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | $ 1.4 | $ 1.4 |
Restructuring (Changes in Restr
Restructuring (Changes in Restructuring Accruals) (Details) - Realignment of Office Furniture Facilities and Exit of Business Line [Member] $ in Thousands | 6 Months Ended |
Jul. 02, 2016USD ($) | |
Restructuring Reserve [Roll Forward] | |
Balance as of beginning of period | $ 221 |
Restructuring charges | 1,658 |
Cash payments | (824) |
Balance as of end of period | 1,055 |
Severance [Member] | |
Restructuring Reserve [Roll Forward] | |
Balance as of beginning of period | 206 |
Restructuring charges | 1,196 |
Cash payments | (360) |
Balance as of end of period | 1,042 |
Facility Exit Costs & Other [Member] | |
Restructuring Reserve [Roll Forward] | |
Balance as of beginning of period | 15 |
Restructuring charges | 462 |
Cash payments | (464) |
Balance as of end of period | $ 13 |
Goodwill and Other Intangible42
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 02, 2016 | Jul. 04, 2015 | Jul. 02, 2016 | Jul. 04, 2015 | Jan. 02, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill | $ 293,009 | $ 293,009 | $ 277,650 | ||
Aggregated amortization expense | 2,900 | $ 2,700 | 5,300 | $ 5,500 | |
Trademarks and Trade Names [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived intangible assets (excluding goodwill) | $ 40,900 | $ 40,900 | $ 41,000 |
Goodwill and Other Intangible43
Goodwill and Other Intangible Assets (Other Intangible Assets) (Details) - USD ($) $ in Thousands | Jul. 02, 2016 | Jan. 02, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 280,735 | $ 253,687 |
Accumulated Amortization | 104,488 | 100,624 |
Net | 176,247 | 153,063 |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||
2,016 | 11,300 | |
2,017 | 17,800 | |
2,018 | 18,000 | |
2,019 | 17,100 | |
2,020 | 16,700 | |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 18,645 | 18,645 |
Accumulated Amortization | 18,619 | 18,615 |
Net | 26 | 30 |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 137,442 | 122,892 |
Accumulated Amortization | 23,219 | 21,193 |
Net | 114,223 | 101,699 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 7,564 | 6,564 |
Accumulated Amortization | 1,058 | 753 |
Net | 6,506 | 5,811 |
Customer Lists and Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 117,084 | 105,586 |
Accumulated Amortization | 61,592 | 60,063 |
Net | $ 55,492 | $ 45,523 |
Goodwill and Other Intangible44
Goodwill and Other Intangible Assets (Goodwill) (Details) $ in Thousands | 6 Months Ended |
Jul. 02, 2016USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, gross, beginning balance | $ 332,917 |
Accumulated impairment losses, beginning balance | (55,267) |
Goodwill, net, beginning balance | 277,650 |
Goodwill acquired | 15,365 |
Foreign currency translation adjustments | (6) |
Goodwill, gross, ending balance | 348,276 |
Accumulated impairment losses, ending balance | (55,267) |
Goodwill, net, ending balance | 293,009 |
Office Furniture [Member] | |
Goodwill [Roll Forward] | |
Goodwill, gross, beginning balance | 149,718 |
Accumulated impairment losses, beginning balance | (55,124) |
Goodwill, net, beginning balance | 94,594 |
Goodwill acquired | 15,365 |
Foreign currency translation adjustments | (6) |
Goodwill, gross, ending balance | 165,077 |
Accumulated impairment losses, ending balance | (55,124) |
Goodwill, net, ending balance | 109,953 |
Hearth Products [Member] | |
Goodwill [Roll Forward] | |
Goodwill, gross, beginning balance | 183,199 |
Accumulated impairment losses, beginning balance | (143) |
Goodwill, net, beginning balance | 183,056 |
Goodwill acquired | 0 |
Foreign currency translation adjustments | 0 |
Goodwill, gross, ending balance | 183,199 |
Accumulated impairment losses, ending balance | (143) |
Goodwill, net, ending balance | $ 183,056 |
Product Warranties (Details)
Product Warranties (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jul. 02, 2016 | Jul. 04, 2015 | Jan. 02, 2016 | |
Product Warranty Accrual [Roll Forward] | |||
Balance at beginning of period | $ 16,227 | $ 16,719 | |
Accruals for warranties issued during period | 10,159 | 10,535 | |
Adjustments related to pre-existing warranties | 276 | 349 | |
Settlements made during the period | (10,586) | (11,139) | |
Balance at end of period | 16,076 | $ 16,464 | |
Standard product warranty accrual, current | 7,900 | $ 8,200 | |
Standard product warranty accrual, noncurrent | $ 8,100 | $ 8,000 |
Postretirement Health Care (Det
Postretirement Health Care (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2016 | Jul. 04, 2015 | Jul. 02, 2016 | Jul. 04, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||||
Service cost | $ 184 | $ 201 | $ 369 | $ 402 |
Interest cost | 211 | 204 | 422 | 408 |
Amortization of (gain)/loss | 15 | 12 | 30 | 71 |
Net periodic benefit cost | $ 410 | $ 417 | $ 821 | $ 881 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2016 | Jul. 04, 2015 | Jul. 02, 2016 | Jul. 04, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Income tax provision | $ 15,934 | $ 13,680 | $ 21,815 | $ 18,748 |
Income before income taxes | $ 44,961 | $ 37,557 | $ 62,684 | $ 51,077 |
Effective income tax rate | 35.40% | 36.40% | 34.80% | 36.70% |
Fair Value Measurements (Assets
Fair Value Measurements (Assets) (Details) - Fair value as of measurement date [Member] - USD ($) $ in Thousands | Jul. 02, 2016 | Jan. 02, 2016 |
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | $ (2,582) | $ (1,252) |
Quoted prices in active markets for identical assets (Level 1) [Member] | ||
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | 0 | 0 |
Significant other observable inputs (Level 2) [Member] | ||
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | (2,582) | (1,252) |
Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | 0 | 0 |
Government securities [Member] | ||
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 8,846 | 9,663 |
Government securities [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | ||
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 0 | 0 |
Government securities [Member] | Significant other observable inputs (Level 2) [Member] | ||
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 8,846 | 9,663 |
Government securities [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 0 | 0 |
Corporate bonds [Member] | ||
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 3,696 | 2,405 |
Corporate bonds [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | ||
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 0 | 0 |
Corporate bonds [Member] | Significant other observable inputs (Level 2) [Member] | ||
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 3,696 | 2,405 |
Corporate bonds [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | $ 0 | $ 0 |
Fair Value Measurements (Long-t
Fair Value Measurements (Long-term Debt) (Details) - USD ($) | Jul. 02, 2016 | Jan. 06, 2016 | Jan. 02, 2016 |
Variable rate debt instruments [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 276,000,000 | $ 40,000,000 | |
Fixed rate debt instruments [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 150,000,000 | ||
Long-term debt, fair value | 148,000,000 | ||
Revolving credit facility [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding balance | 276,000,000 | ||
Maximum borrowing capacity | 400,000,000 | $ 400,000,000 | $ 250,000,000 |
Increase limit in maximum borrowing capacity | 150,000,000 | ||
Long-term [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 193,000,000 | ||
Short-term [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 83,000,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Jul. 02, 2016USD ($) |
Letter of credit [Member] | |
Line of Credit Facility [Line Items] | |
Letters of credit | $ 9 |
Trade letters of credit and bankers acceptances [Member] | |
Line of Credit Facility [Line Items] | |
Letters of credit | $ 5 |
Business Segment Information (D
Business Segment Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 02, 2016USD ($) | Jul. 04, 2015USD ($) | Jul. 02, 2016USD ($)segment | Jul. 04, 2015USD ($) | Jan. 02, 2016USD ($) | |
Segment Reporting [Abstract] | |||||
Number of reportable segments | segment | 2 | ||||
Segment Reporting Information [Line Items] | |||||
Net Sales | $ 536,538 | $ 568,226 | $ 1,037,575 | $ 1,091,703 | |
Operating Profit | 44,961 | 37,557 | 62,684 | 51,077 | |
Depreciation & Amortization Expense | 16,380 | 13,935 | 31,631 | 27,795 | |
Capital Expenditures (including capitalized software) | 28,399 | 21,659 | 55,856 | 49,882 | |
Identifiable Assets | 1,354,730 | 1,354,730 | $ 1,263,925 | ||
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Profit | 53,321 | 50,953 | 87,182 | 83,606 | |
Operating Segments [Member] | Office Furniture [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 428,113 | 450,624 | 815,452 | 858,053 | |
Operating Profit | 43,367 | 39,791 | 64,667 | 59,943 | |
Depreciation & Amortization Expense | 11,127 | 10,263 | 21,820 | 20,640 | |
Capital Expenditures (including capitalized software) | 13,580 | 11,848 | 30,048 | 26,399 | |
Identifiable Assets | 804,955 | 804,955 | 739,915 | ||
Operating Segments [Member] | Hearth Products [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 108,425 | 117,602 | 222,123 | 233,650 | |
Operating Profit | 9,954 | 11,162 | 22,515 | 23,663 | |
Depreciation & Amortization Expense | 3,322 | 2,047 | 5,978 | 4,005 | |
Capital Expenditures (including capitalized software) | 4,459 | 1,993 | 7,012 | 4,397 | |
Identifiable Assets | 356,142 | 356,142 | 341,813 | ||
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Profit | (8,360) | (13,396) | (24,498) | (32,529) | |
Depreciation & Amortization Expense | 1,931 | 1,625 | 3,833 | 3,150 | |
Capital Expenditures (including capitalized software) | 10,360 | $ 7,818 | 18,796 | $ 19,086 | |
Identifiable Assets | $ 193,633 | $ 193,633 | $ 182,197 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Thousands | Jan. 29, 2016 | Jul. 02, 2016 | Jan. 02, 2016 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 293,009 | $ 277,650 | |
Small Office Furniture Company [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Annual sales | $ 30,000 | ||
Cost of acquisition | 34,000 | ||
Intangible assets | 14,000 | ||
Goodwill | $ 15,000 | ||
Small Office Furniture Company [Member] | Minimum [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible asset other than goodwill, useful life | 3 years | ||
Small Office Furniture Company [Member] | Maximum [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible asset other than goodwill, useful life | 12 years |