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Share Name | Share Symbol | Market | Type |
---|---|---|---|
HNI Corporation | NYSE:HNI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.63 | 1.22% | 52.45 | 52.70 | 52.04 | 52.36 | 149,772 | 01:00:00 |
HNI Corporation and Subsidiaries | ||||||||
Quarterly Report on Form 10-Q | ||||||||
Table of Contents | ||||||||
PART I. FINANCIAL INFORMATION | ||||||||
Page | ||||||||
Item 1. | Financial Statements (Unaudited) | |||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | Defaults Upon Senior Securities - None | - | ||||||
Item 4. | Mine Safety Disclosures - Not Applicable | - | ||||||
Item 5. | Other Information - None | - | ||||||
Item 6. | ||||||||
HNI Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(In thousands, except per share data)
|
|||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 2,
2021 |
September 26,
2020 |
October 2,
2021 |
September 26,
2020 |
||||||||||||||||||||
Net sales | $ | 586,750 | $ | 507,063 | $ | 1,581,498 | $ | 1,393,224 | |||||||||||||||
Cost of sales | 391,394 | 321,516 | 1,018,334 | 880,754 | |||||||||||||||||||
Gross profit | 195,356 | 185,547 | 563,164 | 512,470 | |||||||||||||||||||
Selling and administrative expenses | 169,113 | 146,785 | 489,634 | 449,933 | |||||||||||||||||||
Impairment charges | — | — | — | 32,661 | |||||||||||||||||||
Operating income | 26,243 | 38,762 | 73,530 | 29,876 | |||||||||||||||||||
Interest expense, net | 1,853 | 1,517 | 5,465 | 5,271 | |||||||||||||||||||
Income before income taxes | 24,390 | 37,245 | 68,065 | 24,605 | |||||||||||||||||||
Income taxes | 5,232 | 6,558 | 16,476 | 5,259 | |||||||||||||||||||
Net income | 19,158 | 30,687 | 51,589 | 19,346 | |||||||||||||||||||
Less: Net loss attributable to non-controlling interest | 0 | (1) | (3) | (3) | |||||||||||||||||||
Net income attributable to HNI Corporation | $ | 19,158 | $ | 30,688 | $ | 51,592 | $ | 19,349 | |||||||||||||||
Average number of common shares outstanding – basic | 43,781 | 42,684 | 43,573 | 42,651 | |||||||||||||||||||
Net income attributable to HNI Corporation per common share – basic | $ | 0.44 | $ | 0.72 | $ | 1.18 | $ | 0.45 | |||||||||||||||
Average number of common shares outstanding – diluted | 44,342 | 43,010 | 44,045 | 42,905 | |||||||||||||||||||
Net income attributable to HNI Corporation per common share – diluted | $ | 0.43 | $ | 0.71 | $ | 1.17 | $ | 0.45 | |||||||||||||||
Foreign currency translation adjustments | $ | 46 | $ | 923 | $ | 107 | $ | 368 | |||||||||||||||
Change in unrealized gains (losses) on marketable securities, net of tax | (32) | (33) | (157) | 269 | |||||||||||||||||||
Change in derivative financial instruments, net of tax | 170 | 106 | 577 | (2,393) | |||||||||||||||||||
Other comprehensive income (loss), net of tax | 184 | 996 | 527 | (1,756) | |||||||||||||||||||
Comprehensive income | 19,342 | 31,683 | 52,116 | 17,590 | |||||||||||||||||||
Less: Comprehensive loss attributable to non-controlling interest | 0 | (1) | (3) | (3) | |||||||||||||||||||
Comprehensive income attributable to HNI Corporation | $ | 19,342 | $ | 31,684 | $ | 52,119 | $ | 17,593 |
HNI Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (In thousands) |
|||||||||||
(Unaudited) | |||||||||||
October 2,
2021 |
January 2,
2021 |
||||||||||
Assets | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 126,436 | $ | 116,120 | |||||||
Short-term investments | 1,299 | 1,687 | |||||||||
Receivables | 238,620 | 207,971 | |||||||||
Allowance for doubtful accounts | (4,185) | (5,514) | |||||||||
Inventories | 188,590 | 137,811 | |||||||||
Prepaid expenses and other current assets | 44,702 | 37,660 | |||||||||
Total Current Assets | 595,462 | 495,735 | |||||||||
Property, Plant, and Equipment: | |||||||||||
Land and land improvements | 29,983 | 29,691 | |||||||||
Buildings | 294,240 | 293,708 | |||||||||
Machinery and equipment | 588,126 | 578,643 | |||||||||
Construction in progress | 26,082 | 17,750 | |||||||||
938,431 | 919,792 | ||||||||||
Less: Accumulated depreciation | 576,423 | 553,835 | |||||||||
Net Property, Plant, and Equipment | 362,008 | 365,957 | |||||||||
Right-of-use Finance Leases | 9,940 | 6,095 | |||||||||
Right-of-use Operating Leases | 80,223 | 70,219 | |||||||||
Goodwill and Other Intangible Assets | 446,758 | 458,896 | |||||||||
Other Assets | 39,975 | 21,130 | |||||||||
Total Assets | $ | 1,534,366 | $ | 1,418,032 |
HNI Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
|
|||||||||||
(Unaudited) | |||||||||||
October 2,
2021 |
January 2,
2021 |
||||||||||
Liabilities and Equity | |||||||||||
Current Liabilities: | |||||||||||
Accounts payable and accrued expenses | $ | 464,599 | $ | 413,638 | |||||||
Current maturities of long-term debt | 3,345 | 841 | |||||||||
Current maturities of other long-term obligations | 3,598 | 2,990 | |||||||||
Current lease obligations - finance | 2,632 | 1,589 | |||||||||
Current lease obligations - operating | 19,970 | 19,970 | |||||||||
Total Current Liabilities | 494,144 | 439,028 | |||||||||
Long-Term Debt | 174,587 | 174,524 | |||||||||
Long-Term Lease Obligations - Finance | 7,270 | 4,516 | |||||||||
Long-Term Lease Obligations - Operating | 64,634 | 53,249 | |||||||||
Other Long-Term Liabilities | 91,270 | 81,264 | |||||||||
Deferred Income Taxes | 72,754 | 74,706 | |||||||||
Total Liabilities | 904,659 | 827,287 | |||||||||
Equity: | |||||||||||
HNI Corporation shareholders' equity | 629,384 | 590,419 | |||||||||
Non-controlling interest | 323 | 326 | |||||||||
Total Equity | 629,707 | 590,745 | |||||||||
Total Liabilities and Equity | $ | 1,534,366 | $ | 1,418,032 |
HNI Corporation and Subsidiaries
Condensed Consolidated Statements of Equity
(In thousands, except per share data)
|
|||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended - October 2, 2021 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interest | Total Shareholders’ Equity | ||||||||||||||||||||||||||||||
Balance, July 3, 2021 | $ | 43,875 | $ | 76,275 | $ | 523,120 | $ | (8,810) | $ | 323 | $ | 634,783 | |||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | 19,158 | — | 0 | 19,158 | |||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | 184 | — | 184 | |||||||||||||||||||||||||||||
Dividends payable | — | — | (132) | — | — | (132) | |||||||||||||||||||||||||||||
Cash dividends; $0.310 per share
|
— | — | (13,578) | — | — | (13,578) | |||||||||||||||||||||||||||||
Common shares – treasury: | |||||||||||||||||||||||||||||||||||
Shares purchased | (345) | (12,712) | — | — | — | (13,057) | |||||||||||||||||||||||||||||
Shares issued under Members' Stock Purchase Plan and stock awards, net of tax | 29 | 2,320 | — | — | — | 2,349 | |||||||||||||||||||||||||||||
Balance, October 2, 2021 | $ | 43,559 | $ | 65,883 | $ | 528,568 | $ | (8,626) | $ | 323 | $ | 629,707 | |||||||||||||||||||||||
Nine Months Ended - October 2, 2021 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interest | Total Shareholders’ Equity | ||||||||||||||||||||||||||||||
Balance, January 2, 2021 | $ | 42,919 | $ | 38,659 | $ | 517,994 | $ | (9,153) | $ | 326 | $ | 590,745 | |||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | 51,592 | — | (3) | 51,589 | |||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | 527 | — | 527 | |||||||||||||||||||||||||||||
Dividends payable | — | — | (660) | — | — | (660) | |||||||||||||||||||||||||||||
Cash dividends; $0.925 per share
|
— | — | (40,358) | — | — | (40,358) | |||||||||||||||||||||||||||||
Common shares – treasury: | |||||||||||||||||||||||||||||||||||
Shares purchased | (500) | (19,274) | — | — | — | (19,774) | |||||||||||||||||||||||||||||
Shares issued under Members' Stock Purchase Plan and stock awards, net of tax | 1,140 | 46,498 | — | — | — | 47,638 | |||||||||||||||||||||||||||||
Balance, October 2, 2021 | $ | 43,559 | $ | 65,883 | $ | 528,568 | $ | (8,626) | $ | 323 | $ | 629,707 |
HNI Corporation and Subsidiaries
Condensed Consolidated Statements of Equity
(In thousands, except per share data)
|
|||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended - September 26, 2020 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interest | Total Shareholders’ Equity | ||||||||||||||||||||||||||||||
Balance, June 27, 2020 | $ | 42,675 | $ | 29,988 | $ | 490,909 | $ | (10,825) | $ | 322 | $ | 553,069 | |||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | 30,688 | — | (1) | 30,687 | |||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | 996 | — | 996 | |||||||||||||||||||||||||||||
Dividends payable | — | — | (58) | — | — | (58) | |||||||||||||||||||||||||||||
Cash dividends; $0.305 per share
|
— | — | (13,021) | — | — | (13,021) | |||||||||||||||||||||||||||||
Common shares – treasury: | |||||||||||||||||||||||||||||||||||
Shares issued under Members' Stock Purchase Plan and stock awards, net of tax | 40 | 1,877 | — | — | — | 1,917 | |||||||||||||||||||||||||||||
Balance, September 26, 2020 | $ | 42,715 | $ | 31,865 | $ | 508,518 | $ | (9,829) | $ | 321 | $ | 573,590 | |||||||||||||||||||||||
Nine Months Ended - September 26, 2020 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interest | Total Shareholders’ Equity | ||||||||||||||||||||||||||||||
Balance, December 28, 2019 | $ | 42,595 | $ | 19,799 | $ | 529,723 | $ | (8,073) | $ | 324 | $ | 584,368 | |||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | 19,349 | — | (3) | 19,346 | |||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | (1,756) | — | (1,756) | |||||||||||||||||||||||||||||
Impact of new accounting standard related to credit losses | — | — | (131) | — | — | (131) | |||||||||||||||||||||||||||||
Dividends payable | — | — | (175) | — | — | (175) | |||||||||||||||||||||||||||||
Cash dividends; $0.915 per share
|
— | — | (39,060) | — | — | (39,060) | |||||||||||||||||||||||||||||
Common shares – treasury: | |||||||||||||||||||||||||||||||||||
Shares purchased | (214) | (4,988) | (1,188) | — | — | (6,390) | |||||||||||||||||||||||||||||
Shares issued under Members' Stock Purchase Plan and stock awards, net of tax | 334 | 17,054 | — | — | — | 17,388 | |||||||||||||||||||||||||||||
Balance, September 26, 2020 | $ | 42,715 | $ | 31,865 | $ | 508,518 | $ | (9,829) | $ | 321 | $ | 573,590 |
HNI Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
|
|||||||||||
(Unaudited) | |||||||||||
Nine Months Ended | |||||||||||
October 2,
2021 |
September 26,
2020 |
||||||||||
Net Cash Flows From (To) Operating Activities: | |||||||||||
Net income | $ | 51,589 | $ | 19,346 | |||||||
Non-cash items included in net income: | |||||||||||
Depreciation and amortization | 62,010 | 57,917 | |||||||||
Other post-retirement and post-employment benefits | 996 | 1,104 | |||||||||
Stock-based compensation | 9,540 | 6,746 | |||||||||
Reduction in carrying amount of right-of-use assets | 18,964 | 16,965 | |||||||||
Deferred income taxes | (2,057) | (3,730) | |||||||||
Impairment of goodwill and intangible assets | — | 32,661 | |||||||||
Other – net | 2,640 | 815 | |||||||||
Net increase (decrease) in cash from operating assets and liabilities | (64,073) | 13,316 | |||||||||
Increase (decrease) in other liabilities | 8,925 | (1,779) | |||||||||
Net cash flows from (to) operating activities | 88,534 | 143,361 | |||||||||
Net Cash Flows From (To) Investing Activities: | |||||||||||
Capital expenditures | (38,182) | (24,751) | |||||||||
Proceeds from sale of property, plant, and equipment | 193 | 81 | |||||||||
Capitalized software | (9,613) | (7,250) | |||||||||
Acquisition spending, net of cash acquired | (1,530) | (10,857) | |||||||||
Purchase of investments | (3,273) | (3,922) | |||||||||
Sales or maturities of investments | 3,164 | 3,246 | |||||||||
Net cash flows from (to) investing activities | (49,241) | (43,453) | |||||||||
Net Cash Flows From (To) Financing Activities: | |||||||||||
Payments of long-term debt | (1,810) | (82,828) | |||||||||
Proceeds from long-term debt | 4,335 | 82,119 | |||||||||
Dividends paid | (40,419) | (39,060) | |||||||||
Purchase of HNI Corporation common stock | (18,461) | (6,764) | |||||||||
Proceeds from sales of HNI Corporation common stock | 29,944 | 2,210 | |||||||||
Other – net | (2,566) | 1,727 | |||||||||
Net cash flows from (to) financing activities | (28,977) | (42,596) | |||||||||
Net increase in cash and cash equivalents | 10,316 | 57,312 | |||||||||
Cash and cash equivalents at beginning of period | 116,120 | 52,073 | |||||||||
Cash and cash equivalents at end of period | $ | 126,436 | $ | 109,385 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 2,
2021 |
September 26,
2020 |
October 2,
2021 |
September 26,
2020 |
||||||||||||||||||||
Systems and storage | $ | 227,827 | $ | 207,549 | $ | 611,097 | $ | 578,601 | |||||||||||||||
Seating | 134,248 | 127,294 | 349,572 | 358,005 | |||||||||||||||||||
Other | 31,066 | 18,518 | 79,357 | 63,221 | |||||||||||||||||||
Total workplace furnishings | 393,141 | 353,361 | 1,040,026 | 999,827 | |||||||||||||||||||
Residential building products | 193,609 | 153,702 | 541,472 | 393,397 | |||||||||||||||||||
Net sales | $ | 586,750 | $ | 507,063 | $ | 1,581,498 | $ | 1,393,224 |
October 2,
2021 |
January 2,
2021 |
||||||||||
Trade receivables (1) | $ | 238,620 | $ | 207,971 | |||||||
Contract assets (current) (2) | $ | 1,265 | $ | 761 | |||||||
Contract assets (long-term) (3) | $ | 16,876 | $ | 2,486 | |||||||
Contract liabilities (4) | $ | 58,976 | $ | 53,070 |
Fair Value | Weighted Average Amortization Period | |||||||
Inventories | $ | 1,597 | ||||||
Receivables | 4 | |||||||
Prepaid expenses and other current assets | 467 | |||||||
Accounts payable and accrued expenses | (8,035) | |||||||
Goodwill | 33,588 | |||||||
Customer lists | 11,500 | 11 years | ||||||
Software | 5,500 | 5 years | ||||||
Trade names | 5,200 | 10 years | ||||||
Other intangible assets | 300 | 3 years | ||||||
Total net assets | $ | 50,121 |
October 2,
2021 |
January 2,
2021 |
||||||||||
Finished products | $ | 140,955 | $ | 98,527 | |||||||
Materials and work in process | 86,615 | 70,264 | |||||||||
Last-in, first-out ("LIFO") allowance | (38,980) | (30,980) | |||||||||
Total inventories | $ | 188,590 | $ | 137,811 | |||||||
Inventory valued by the LIFO costing method | 76 | % | 75 | % |
October 2,
2021 |
January 2,
2021 |
||||||||||
Goodwill | $ | 287,443 | $ | 292,434 | |||||||
Definite-lived intangible assets | 132,763 | 139,863 | |||||||||
Indefinite-lived intangible assets | 26,552 | 26,599 | |||||||||
Total goodwill and other intangible assets | $ | 446,758 | $ | 458,896 |
Workplace Furnishings | Residential Building Products | Total | |||||||||||||||
Balance as of January 2, 2021 | |||||||||||||||||
Goodwill | $ | 168,477 | $ | 196,976 | $ | 365,453 | |||||||||||
Accumulated impairment losses | (72,876) | (143) | (73,019) | ||||||||||||||
Net goodwill balance as of January 2, 2021 | 95,601 | 196,833 | 292,434 | ||||||||||||||
Goodwill acquired / measurement period adjustments | (6,211) | 1,220 | (4,991) | ||||||||||||||
Balance as of October 2, 2021 | |||||||||||||||||
Goodwill | 162,266 | 198,196 | 360,462 | ||||||||||||||
Accumulated impairment losses | (72,876) | (143) | (73,019) | ||||||||||||||
Net goodwill balance as of October 2, 2021 | $ | 89,390 | $ | 198,053 | $ | 287,443 |
October 2, 2021 | January 2, 2021 | ||||||||||||||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||||||||||||||
Software | $ | 193,634 | $ | 96,041 | $ | 97,593 | $ | 182,127 | $ | 78,619 | $ | 103,508 | |||||||||||||||||||||||
Trademarks and trade names | 11,764 | 4,337 | 7,427 | 9,964 | 3,546 | 6,418 | |||||||||||||||||||||||||||||
Customer lists and other | 92,777 | 65,034 | 27,743 | 91,002 | 61,065 | 29,937 | |||||||||||||||||||||||||||||
Net definite-lived intangible assets | $ | 298,175 | $ | 165,412 | $ | 132,763 | $ | 283,093 | $ | 143,230 | $ | 139,863 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 2,
2021 |
September 26,
2020 |
October 2,
2021 |
September 26,
2020 |
||||||||||||||||||||
Capitalized software | $ | 6,070 | $ | 4,910 | $ | 17,497 | $ | 14,288 | |||||||||||||||
Other definite-lived intangibles | $ | 1,626 | $ | 1,136 | $ | 4,881 | $ | 3,811 |
2021 | 2022 | 2023 | 2024 | 2025 | ||||||||||||||||||||||||||||
Amortization expense | $ | 29.9 | $ | 27.3 | $ | 23.1 | $ | 19.0 | $ | 17.3 |
October 2,
2021 |
January 2,
2021 |
||||||||||
Trademarks and trade names | $ | 26,552 | $ | 26,599 |
Nine Months Ended | |||||||||||
October 2,
2021 |
September 26,
2020 |
||||||||||
Balance at beginning of period | $ | 16,109 | $ | 15,865 | |||||||
Accruals for warranties issued during period | 6,580 | 5,483 | |||||||||
Adjustments related to pre-existing warranties | — | (272) | |||||||||
Settlements made during the period | (5,411) | (6,013) | |||||||||
Balance at end of period | $ | 17,278 | $ | 15,063 |
October 2,
2021 |
January 2,
2021 |
||||||||||
Current - in the next twelve months | $ | 6,080 | $ | 5,918 | |||||||
Long-term - beyond one year | 11,198 | 10,191 | |||||||||
Total | $ | 17,278 | $ | 16,109 |
October 2,
2021 |
January 2,
2021 |
||||||||||
Revolving credit facility with interest at a variable rate
(October 2, 2021 - 1.1%; January 2, 2021 - 1.2%)
|
$ | 75,000 | $ | 75,000 | |||||||
Fixed rate notes due in 2025 with an interest rate of 4.22%
|
50,000 | 50,000 | |||||||||
Fixed rate notes due in 2028 with an interest rate of 4.40%
|
50,000 | 50,000 | |||||||||
Other amounts | 3,345 | 841 | |||||||||
Deferred debt issuance costs | (413) | (476) | |||||||||
Total debt | 177,932 | 175,365 | |||||||||
Less: Current maturities of long-term debt | 3,345 | 841 | |||||||||
Long-term debt | $ | 174,587 | $ | 174,524 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 2,
2021 |
September 26,
2020 |
October 2,
2021 |
September 26,
2020 |
||||||||||||||||||||
Income before income taxes | $ | 24,390 | $ | 37,245 | $ | 68,065 | $ | 24,605 | |||||||||||||||
Income taxes | $ | 5,232 | $ | 6,558 | $ | 16,476 | $ | 5,259 | |||||||||||||||
Effective tax rate | 21.5 | % | 17.6 | % | 24.2 | % | 21.4 | % |
Fair value 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) |
||||||||||||||||||||
Balance as of October 2, 2021 | |||||||||||||||||||||||
Cash and cash equivalents (including money market funds) (1) | $ | 126,436 | $ | 126,436 | $ | — | $ | — | |||||||||||||||
Government securities (2) | $ | 5,557 | $ | — | $ | 5,557 | $ | — | |||||||||||||||
Corporate bonds (2) | $ | 7,936 | $ | — | $ | 7,936 | $ | — | |||||||||||||||
Derivative financial instruments - liability (3) | $ | 1,543 | $ | — | $ | 1,543 | $ | — | |||||||||||||||
Deferred stock-based compensation (4) | $ | 7,245 | $ | — | $ | 7,245 | $ | — | |||||||||||||||
Put option liability (5) | $ | 5,100 | $ | — | $ | — | $ | 5,100 | |||||||||||||||
Balance as of January 2, 2021 | |||||||||||||||||||||||
Cash and cash equivalents (including money market funds) (1) | $ | 116,120 | $ | 116,120 | $ | — | $ | — | |||||||||||||||
Government securities (2) | $ | 6,371 | $ | — | $ | 6,371 | $ | — | |||||||||||||||
Corporate bonds (2) | $ | 7,228 | $ | — | $ | 7,228 | $ | — | |||||||||||||||
Derivative financial instruments - liability (3) | $ | 2,328 | $ | — | $ | 2,328 | $ | — | |||||||||||||||
Deferred stock-based compensation (4) | $ | 7,207 | $ | — | $ | 7,207 | $ | — |
Foreign Currency Translation Adjustment | Unrealized Gains (Losses) on Debt Securities | Pension and Post-retirement Liabilities | Derivative Financial Instruments | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||
Balance as of January 2, 2021 | $ | (1,071) | $ | 360 | $ | (6,682) | $ | (1,760) | $ | (9,153) | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 107 | (199) | — | 42 | (50) | |||||||||||||||||||||||||||
Tax (expense) or benefit | — | 42 | — | (10) | 32 | |||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | — | — | — | 545 | 545 | |||||||||||||||||||||||||||
Balance as of October 2, 2021 | $ | (964) | $ | 203 | $ | (6,682) | $ | (1,183) | $ | (8,626) |
Foreign Currency Translation Adjustment | Unrealized Gains (Losses) on Debt Securities | Pension and Post-retirement Liabilities | Derivative Financial Instruments | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||
Balance as of December 28, 2019 | $ | (2,912) | $ | 95 | $ | (5,762) | $ | 506 | $ | (8,073) | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 368 | 341 | — | (3,236) | (2,527) | |||||||||||||||||||||||||||
Tax (expense) or benefit | — | (72) | — | 758 | 686 | |||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | — | — | — | 85 | 85 | |||||||||||||||||||||||||||
Balance as of September 26, 2020 | $ | (2,544) | $ | 364 | $ | (5,762) | $ | (1,887) | $ | (9,829) |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | Affected Line Item in the Statement Where Net Income is Presented |
October 2,
2021 |
September 26,
2020 |
October 2,
2021 |
September 26,
2020 |
|||||||||||||||||||||
Derivative financial instruments | ||||||||||||||||||||||||||
Interest rate swap | Interest expense, net | $ | (250) | $ | (147) | $ | (713) | $ | (107) | |||||||||||||||||
Income taxes | 59 | 33 | 168 | 22 | ||||||||||||||||||||||
Net of tax | $ | (191) | $ | (114) | $ | (545) | $ | (85) |
Nine Months Ended | |||||||||||
October 2,
2021 |
September 26,
2020 |
||||||||||
Dividends per common share | $ | 0.925 | $ | 0.915 |
Nine Months Ended | |||||||||||
October 2,
2021 |
September 26,
2020 |
||||||||||
Shares repurchased | 500 | 214 | |||||||||
Average price per share | $ | 39.52 | $ | 29.83 | |||||||
Cash purchase price | $ | (19,774) | $ | (6,390) | |||||||
Purchases unsettled as of quarter end | 1,313 | — | |||||||||
Prior year purchases settled in current year | — | (374) | |||||||||
Shares repurchased per cash flow | $ | (18,461) | $ | (6,764) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 2,
2021 |
September 26,
2020 |
October 2,
2021 |
September 26,
2020 |
||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Numerator for both basic and diluted EPS attributable to HNI Corporation net income | $ | 19,158 | $ | 30,688 | $ | 51,592 | $ | 19,349 | |||||||||||||||
Denominators: | |||||||||||||||||||||||
Denominator for basic EPS weighted-average common shares outstanding | 43,781 | 42,684 | 43,573 | 42,651 | |||||||||||||||||||
Potentially dilutive shares from stock-based compensation plans | 561 | 326 | 472 | 254 | |||||||||||||||||||
Denominator for diluted EPS | 44,342 | 43,010 | 44,045 | 42,905 | |||||||||||||||||||
Earnings per share – basic | $ | 0.44 | $ | 0.72 | $ | 1.18 | $ | 0.45 | |||||||||||||||
Earnings per share – diluted | $ | 0.43 | $ | 0.71 | $ | 1.17 | $ | 0.45 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 2,
2021 |
September 26,
2020 |
October 2,
2021 |
September 26,
2020 |
||||||||||||||||||||
Common stock equivalents excluded because their inclusion would be anti-dilutive | 1,768 | 3,124 | 1,671 | 3,183 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 2,
2021 |
September 26,
2020 |
October 2,
2021 |
September 26,
2020 |
||||||||||||||||||||
Compensation cost | $ | 1,752 | $ | 1,087 | $ | 9,540 | $ | 6,746 |
Nine Months Ended | |||||||||||
October 2,
2021 |
September 26,
2020 |
||||||||||
Restricted stock units | $ | 15,923 | $ | 6,431 | |||||||
Performance stock units | $ | 6,054 | $ | 5,920 |
Unrecognized Compensation Expense
(in thousands) |
Weighted-Average Remaining
Service Period (years) |
||||||||||
Non-vested stock options | $ | 709 | 0.7 | ||||||||
Non-vested restricted stock units | $ | 8,005 | 1.1 | ||||||||
Non-vested performance stock units | $ | 4,249 | 1.2 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 2,
2021 |
September 26,
2020 |
October 2,
2021 |
September 26,
2020 |
||||||||||||||||||||
Net Sales: | |||||||||||||||||||||||
Workplace furnishings | $ | 393,141 | $ | 353,361 | $ | 1,040,026 | $ | 999,827 | |||||||||||||||
Residential building products | 193,609 | 153,702 | 541,472 | 393,397 | |||||||||||||||||||
Total | $ | 586,750 | $ | 507,063 | $ | 1,581,498 | $ | 1,393,224 | |||||||||||||||
Income (Loss) Before Income Taxes: | |||||||||||||||||||||||
Workplace furnishings | $ | 3,893 | $ | 16,826 | $ | 9,578 | $ | (8,619) | |||||||||||||||
Residential building products | 33,392 | 30,197 | 103,766 | 65,232 | |||||||||||||||||||
General corporate | (11,042) | (8,261) | (39,814) | (26,737) | |||||||||||||||||||
Operating income | 26,243 | 38,762 | 73,530 | 29,876 | |||||||||||||||||||
Interest expense, net | 1,853 | 1,517 | 5,465 | 5,271 | |||||||||||||||||||
Total | $ | 24,390 | $ | 37,245 | $ | 68,065 | $ | 24,605 | |||||||||||||||
Depreciation and Amortization Expense: | |||||||||||||||||||||||
Workplace furnishings | $ | 11,882 | $ | 11,065 | $ | 35,918 | $ | 33,177 | |||||||||||||||
Residential building products | 2,545 | 2,351 | 7,403 | 6,976 | |||||||||||||||||||
General corporate | 6,443 | 5,896 | 18,689 | 17,764 | |||||||||||||||||||
Total | $ | 20,870 | $ | 19,312 | $ | 62,010 | $ | 57,917 | |||||||||||||||
Capital Expenditures (including capitalized software): | |||||||||||||||||||||||
Workplace furnishings | $ | 6,494 | $ | 6,946 | $ | 24,001 | $ | 18,340 | |||||||||||||||
Residential building products | 5,456 | 2,695 | 12,113 | 5,874 | |||||||||||||||||||
General corporate | 3,549 | 1,584 | 11,681 | 7,787 | |||||||||||||||||||
Total | $ | 15,499 | $ | 11,225 | $ | 47,795 | $ | 32,001 | |||||||||||||||
As of,
October 2, 2021 |
As of
January 2, 2021 |
||||||||||||||||||||||
Identifiable Assets: | |||||||||||||||||||||||
Workplace furnishings | $ | 832,055 | $ | 762,780 | |||||||||||||||||||
Residential building products | 415,092 | 381,550 | |||||||||||||||||||||
General corporate | 287,219 | 273,702 | |||||||||||||||||||||
Total | $ | 1,534,366 | $ | 1,418,032 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
October 2,
2021 |
September 26,
2020 |
Change |
October 2,
2021 |
September 26,
2020 |
Change | ||||||||||||||||||||||||||||||
Net sales | $ | 586,750 | $ | 507,063 | 15.7% | $ | 1,581,498 | $ | 1,393,224 | 13.5% | |||||||||||||||||||||||||
Cost of sales | 391,394 | 321,516 | 21.7% | 1,018,334 | 880,754 | 15.6% | |||||||||||||||||||||||||||||
Gross profit | 195,356 | 185,547 | 5.3% | 563,164 | 512,470 | 9.9% | |||||||||||||||||||||||||||||
Selling and administrative expenses | 169,113 | 146,785 | 15.2% | 489,634 | 449,933 | 8.8% | |||||||||||||||||||||||||||||
Impairment charges | — | — | —% | — | 32,661 | (100.0)% | |||||||||||||||||||||||||||||
Operating income | 26,243 | 38,762 | (32.3)% | 73,530 | 29,876 | 146.1% | |||||||||||||||||||||||||||||
Interest expense, net | 1,853 | 1,517 | 22.1% | 5,465 | 5,271 | 3.7% | |||||||||||||||||||||||||||||
Income before income taxes | 24,390 | 37,245 | (34.5)% | 68,065 | 24,605 | 176.6% | |||||||||||||||||||||||||||||
Income taxes | 5,232 | 6,558 | (20.2)% | 16,476 | 5,259 | 213.3% | |||||||||||||||||||||||||||||
Net loss attributable to non-controlling interest | 0 | (1) | 100.0% | (3) | (3) | 0.0% | |||||||||||||||||||||||||||||
Net income attributable to HNI Corporation | $ | 19,158 | $ | 30,688 | (37.6)% | $ | 51,592 | $ | 19,349 | 166.6% | |||||||||||||||||||||||||
As a Percentage of Net Sales: | |||||||||||||||||||||||||||||||||||
Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||||||||||||||
Gross profit | 33.3 | 36.6 | -330 | bps | 35.6 | 36.8 | -120 | bps | |||||||||||||||||||||||||||
Selling and administrative expenses | 28.8 | 28.9 | -10 | bps | 31.0 | 32.3 | -130 | bps | |||||||||||||||||||||||||||
Impairment charges | — | — | — | bps | — | 2.3 | -230 | bps | |||||||||||||||||||||||||||
Operating income | 4.5 | 7.6 | -310 | bps | 4.6 | 2.1 | 250 | bps | |||||||||||||||||||||||||||
Income taxes | 0.9 | 1.3 | -40 | bps | 1.0 | 0.4 | 60 | bps | |||||||||||||||||||||||||||
Net income attributable to HNI Corporation | 3.3 | 6.1 | -280 | bps | 3.3 | 1.4 | 190 | bps |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
October 2,
2021 |
September 26,
2020 |
Change |
October 2,
2021 |
September 26,
2020 |
Change | ||||||||||||||||||||||||||||||
Net sales | $ | 393,141 | $ | 353,361 | 11.3 | % | $ | 1,040,026 | $ | 999,827 | 4.0 | % | |||||||||||||||||||||||
Operating profit (loss) | $ | 3,893 | $ | 16,826 | (76.9 | %) | $ | 9,578 | $ | (8,619) | 211.1 | % | |||||||||||||||||||||||
Operating profit (loss) % | 1.0 | % | 4.8 | % | -380 | bps | 0.9 | % | (0.9) | % | 180 | bps |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
October 2,
2021 |
September 26,
2020 |
Change |
October 2,
2021 |
September 26,
2020 |
Change | ||||||||||||||||||||||||||||||
Net sales | $ | 193,609 | $ | 153,702 | 26.0 | % | $ | 541,472 | $ | 393,397 | 37.6 | % | |||||||||||||||||||||||
Operating profit | $ | 33,392 | $ | 30,197 | 10.6 | % | $ | 103,766 | $ | 65,232 | 59.1 | % | |||||||||||||||||||||||
Operating profit % | 17.2 | % | 19.6 | % | -240 | bps | 19.2 | % | 16.6 | % | 260 | bps |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 2,
2021 |
September 26,
2020 |
October 2,
2021 |
September 26,
2020 |
||||||||||||||||||||
Dividends per common share | $ | 0.310 | $ | 0.305 | $ | 0.925 | $ | 0.915 |
Period | Total Number of Shares (or Units) Purchased (1) |
Average Price
Paid per Share (or Unit) |
Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet be Purchased Under the Plans or Programs | ||||||||||||||||||||||
07/04/21 – 07/31/21 | 82 | $ | 40.77 | 82 | $ | 148,225 | ||||||||||||||||||||
08/01/21 – 08/28/21 | — | $ | — | — | $ | 148,225 | ||||||||||||||||||||
08/29/21 – 10/02/21 | 263 | $ | 37.00 | 263 | $ | 138,513 | ||||||||||||||||||||
Total | 345 | 345 |
31.1 | |||||
31.2 | |||||
32.1 | |||||
101 | The following materials from HNI Corporation's Quarterly Report on Form 10-Q for the fiscal quarter ended October 2, 2021 are formatted in Inline XBRL (eXtensible Business Reporting Language) and filed electronically herewith: (i) Condensed Consolidated Statements of Comprehensive Income; (ii) Condensed Consolidated Balance Sheets; (iii) Condensed Consolidated Statements of Equity; (iv) Condensed Consolidated Statements of Cash Flows; and (v) Notes to Condensed Consolidated Financial Statements+ | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
HNI Corporation | |||||||||||
Date: November 2, 2021 | By: | /s/ Marshall H. Bridges | |||||||||
Marshall H. Bridges | |||||||||||
Senior Vice President and Chief Financial Officer |
1 Year HNI Chart |
1 Month HNI Chart |
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