XML 33 R20.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Shareholders' Equity | 12 Months Ended
--- | ---
Dec. 31, 2016
Equity [Abstract] |
Shareholders' Equity | Shareholders’ Equity
| 2016 | 2015
Common Stock, $1 Par Value |  |
Authorized | 200,000,000 |  | 200,000,000 |
Issued and outstanding | 44,078,782 |  | 44,158,256 |
Preferred Stock, $1 Par Value |  |  |  |
Authorized | 2,000,000 |  | 2,000,000 |
Issued and outstanding | — |  | — |
The Corporation purchased 1,082,938, 550,000, and 1,665,850 shares of its common stock during 2016, 2015 and 2014, respectively. The par value method of accounting is used for common stock repurchases. The following table summarizes the components of accumulated other comprehensive income (loss) and the changes in accumulated other comprehensive income loss:
(in thousands) | Foreign Currency Translation Adjustment |  | Unrealized Gains Losses) on Marketable Securities |  | Pension and Post-retirement Liabilities |  | Derivative Financial Instruments |  | Accumulated Other Comprehensive Loss
Balance at December 28, 2013 |  | $2,913 |  |  |  | $81 |  |  |  | ($2,140 | ) |  |  | $111 |  |  |  | $965 |
Other comprehensive income before reclassifications | (690 | ) |  | (67 | ) |  | (7,280 | ) |  | (1,728 | ) |  | (9,765 | )
Tax (expense) or benefit | — |  |  | 23 |  |  | 2,657 |  |  | 631 |  |  | 3,311 |
Amounts reclassified from accumulated other comprehensive income, net of tax | — |  |  | — |  |  | — |  |  | 114 |  |  | 114 |
Balance at January 3, 2015 | 2,223 |  |  | 37 |  |  | (6,763 | ) |  | (872 | ) |  | (5,375 | )
Other comprehensive income before reclassifications | (1,901 | ) |  | (60 | ) |  | 1,975 |  |  | (1,188 | ) |  | (1,174 | )
Tax (expense) or benefit | — |  |  | 21 |  |  | (718 | ) |  | 433 |  |  | (264 | )
Amounts reclassified from accumulated other comprehensive income, net of tax | — |  |  | — |  |  | — |  |  | 1,627 |  |  | 1,627 |
Balance at January 2, 2016 | 322 |  |  | (2 | ) |  | (5,506 | ) |  | — |  |  | (5,186 | )
Other comprehensive income before reclassifications | (1,510 | ) |  | (158 | ) |  | 499 |  |  | 1,317 |  |  | 148 |
Tax (expense) or benefit | — |  |  | 55 |  |  | (160 | ) |  | (485 | ) |  | (590 | )
Amounts reclassified from accumulated other comprehensive income, net of tax | — |  |  | — |  |  | — |  |  | 628 |  |  | 628 |
Balance at December 31, 2016 |  | ($1,188 | ) |  |  | ($105 | ) |  |  | ($5,167 | ) |  |  | $1,460 |  |  |  | ($5,000 | )
The following table details the reclassifications from accumulated other comprehensive income (loss) for the years ended January 2, 2016 and December 31, 2016 (in thousands):
Details about Accumulated Other Comprehensive Income Components | Affected Line Item in the Statement Where Net Income is Presented |  | 2016 |  |  | 2015 |
Derivative financial instruments |  |  |  |  |
Interest rate swap | Interest income or (expense) |  |  | ($993 | ) |  | — |
| Tax (expense) or benefit |  | 365 |  |  | — |
| Net of Tax |  |  | ($628 | ) |  | — |
Diesel hedge | Selling and administrative expenses |  | — |  |  |  | ($2,562 | )
| Tax (expense) or benefit |  | — |  |  | 935 |
| Net of tax |  | — |  |  |  | ($1,627 | )
Net |  |  |  | ($628 | ) |  |  | ($1,627 | )
The Corporation determined in fourth quarter 2015 that the qualifications for hedge accounting treatment on the diesel hedge derivative financial instruments were not met and reversed $1.3 million recorded in accumulated other comprehensive income as a reduction to net income. In May 2007, the Corporation registered 300,000 shares of its common stock under its 2007 Equity Plan for Non-Employee Directors of HNI Corporation, as amended (the “Director Plan”). The Director Plan permits the Corporation to issue to its non-employee directors options to purchase shares of Corporation common stock, restricted stock or restricted stock units of the Corporation and awards of Corporation common stock. The Director Plan also permits non-employee directors to elect to receive all or a portion of their annual retainers and other compensation in the form of shares of Corporation common stock. During 2016, 2015, and 2014, 24,352; 20,146; and 27,272 shares, respectively, of Corporation common stock were issued under the Director Plan. Cash dividends declared and paid per share for each year are:
(In dollars) | 2016 |  | 2015 |  | 2014 |
Common shares |  | $1.090 |  |  | $1.045 |  |  | $0.990 |
During 2007, shareholders approved the 2002 Members’ Stock Purchase Plan (the "Purchase Plan"), as amended January 1, 2007. Under the plan, 800,000 shares of common stock were initially registered for issuance to participating members. On June 12, 2009, an additional 1,000,000 shares of common stock were registered for issuance to participating members. Beginning on June 30, 2002, rights to purchase stock are granted on a quarterly basis to all participating members who customarily work 20 hours or more per week and for five months or more in any calendar year. The price of the stock purchased under the Purchase Plan is 85 percent of the closing price on the exercise date. No member may purchase stock under the Purchase Plan in an amount which exceeds a maximum fair value of $25,000 in any calendar year. During 2016, 75,098 shares of common stock were issued under the Purchase Plan at an average price of $31.11. During 2015, 73,874 shares of common stock were issued under the plan at an average price of $32.18. During 2014, 84,065 shares of common stock were issued under the Purchase Plan at an average price of $27.92. An additional 298,170 shares were available for issuance under the Purchase Plan at December 31, 2016. The Corporation has entered into change in control employment agreements with certain officers. According to the agreements, a change in control occurs when a third person or entity becomes the beneficial owner of 20 percent or more of the Corporation’s common stock, when more than one-third of the Board is composed of persons not recommended by at least three-fourths of the incumbent Board, upon certain business combinations involving the Corporation or upon approval by the Corporation’s shareholders of a complete liquidation or dissolution. Upon a change in control, a key member is deemed to have a two-year employment agreement with the Corporation, and all of his or her benefits vest under the Corporation’s compensation plans. If, at any time within two years of the change in control, his or her employment is terminated by the Corporation for any reason other than cause or disability, or by the key member for good reason, as such terms are defined in the agreement, then the key member is entitled to receive, among other benefits, a severance payment equal to two times (three times for the Corporation’s Chairman, President and CEO) annual salary and the average of the prior two years’ bonuses.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(31)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(d)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration