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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Jan. 01, 2022
Accounting Policies [Abstract] |
Schedule of Cash, Cash Equivalents and Investments | Cash, cash equivalents, and investments are reflected in the Consolidated Balance Sheets and were as follows (in thousands):
| January 1, 2022 |  | January 2, 2021
| Cash and cash equivalents |  | Short-term investments |  | Other Assets |  | Cash and cash equivalents |  | Short-term investments |  | Other Assets
Debt securities | $ | — |  |  | $ | 1,392 |  |  | $ | 11,913 |  |  | $ | — |  |  | $ | 1,687 |  |  | $ | 11,912 |
Equity investment | — |  |  | — |  |  | 2,500 |  |  | — |  |  | — |  |  | 1,500 |
Cash and money market accounts | 52,270 |  |  | — |  |  | — |  |  | 116,120 |  |  | — |  |  | — |
Total | $ | 52,270 |  |  | $ | 1,392 |  |  | $ | 14,413 |  |  | $ | 116,120 |  |  | $ | 1,687 |  |  | $ | 13,412 |
The following table summarizes the amortized cost basis of the debt securities (in thousands):
| January 1, 2022 |  | January 2, 2021
Amortized cost basis of debt securities | $ | 13,231 |  |  | $ | 13,143 |
Allowance for Doubtful Accounts | The following table summarizes the change in the allowance for doubtful accounts (in thousands):
|  | Balance at beginning of period |  | Current provision and adjustments |  | Amounts written off |  | Recoveries and other |  |  |  | Balance at end of period
Year ended January 1, 2022 |  | $ | 5,514 |  |  | $ | (879) |  |  | $ | (1,911) |  |  | $ | 89 |  |  |  |  | $ | 2,813 |
Year ended January 2, 2021 |  | $ | 3,559 |  |  | $ | 3,625 |  |  | $ | (1,685) |  |  | $ | 15 |  |  |  |  | $ | 5,514 |
Year ended December 28, 2019 |  | $ | 3,867 |  |  | $ | 508 |  |  | $ | (1,099) |  |  | $ | 283 |  |  |  |  | $ | 3,559 |
Schedule Of Inventory Current Table | Inventories included in the Consolidated Balance Sheets consisted of the following (in thousands):
| January 1, 2022 |  | January 2, 2021
Finished products | $ | 137,187 |  |  | $ | 98,527 |
Materials and work in process | 91,996 |  |  | 70,264 |
Last-in, first-out ("LIFO") allowance | (47,592) |  |  | (30,980) |
Total inventories, net | $ | 181,591 |  |  | $ | 137,811 |
Inventory valued by the LIFO costing method | 84 | % |  | 75 | %
Schedule of Property, Plant and Equipment | Total depreciation expense was as follows (in thousands):
| 2021 |  | 2020 |  | 2019
Depreciation expense | $ | 52,990 |  |  | $ | 53,420 |  |  | $ | 53,022 |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued expenses are reflected in the Consolidated Balance Sheets and were as follows (in thousands):
| January 1, 2022 |  | January 2, 2021
Trade accounts payable | $ | 233,759 |  |  | $ | 190,527 |
Compensation | 55,404 |  |  | 49,439 |
Profit sharing and retirement | 22,861 |  |  | 26,414 |
Accrued marketing | 31,498 |  |  | 31,969 |
Accrued freight | 19,129 |  |  | 15,288 |
Customer deposits | 27,218 |  |  | 21,101 |
Other accrued expenses | 83,884 |  |  | 78,900 |
| $ | 473,753 |  |  | $ | 413,638 |
Schedule of Product Warranties | Activity associated with warranty obligations was as follows (in thousands):
| 2021 |  | 2020 |  | 2019
Balance at beginning of period | $ | 16,109 |  |  | $ | 15,865 |  |  | $ | 15,450 |
Accruals for warranties issued during period | 7,723 |  |  | 9,380 |  |  | 11,035 |
Adjustments related to pre-existing warranties | (189) |  |  | 127 |  |  | 906 |
Settlements made during the period | (7,602) |  |  | (9,263) |  |  | (11,526) |
Balance at end of period | $ | 16,041 |  |  | $ | 16,109 |  |  | $ | 15,865 |
The following table summarizes when these estimated settlements are expected to be paid (in thousands):
| January 1, 2022 |  | January 2, 2021
Current - in the next twelve months | $ | 5,442 |  |  | $ | 5,918 |
Long-term - beyond one year | 10,599 |  |  | 10,191 |
| $ | 16,041 |  |  | $ | 16,109 |
Schedule of Product Development Expense | The amounts charged against income and recorded in "Selling and administrative expenses" on the Consolidated Statements of Comprehensive Income were as follows (in thousands):
| 2021 |  | 2020 |  | 2019
Research and development costs | $ | 39,415 |  |  | $ | 35,318 |  |  | $ | 34,699 |
Schedule of Freight Expense | Freight expense on shipments to customers was recorded in "Selling and administrative expenses" on the Consolidated Statements of Comprehensive Income as follows (in thousands):
| 2021 |  | 2020 |  | 2019
Freight expense | $ | 118,196 |  |  | $ | 98,417 |  |  | $ | 123,667 |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles the numerators and denominators used in the calculation of basic and diluted earnings per share ("EPS") (in thousands, except per share data):
| 2021 |  | 2020 |  | 2019
Numerator: |  |  |  |  |
Numerator for both basic and diluted EPS attributable to HNI Corporation net income | $ | 59,814 |  |  | $ | 41,917 |  |  | $ | 110,505 |
Denominators: |  |  |  |  |
Denominator for basic EPS weighted-average common shares outstanding | 43,438 |  |  | 42,689 |  |  | 43,101 |
Potentially dilutive shares from stock-based compensation plans | 526 |  |  | 267 |  |  | 394 |
Denominator for diluted EPS | 43,964 |  |  | 42,956 |  |  | 43,495 |
Earnings per share – basic | $ | 1.38 |  |  | $ | 0.98 |  |  | $ | 2.56 |
Earnings per share – diluted | $ | 1.36 |  |  | $ | 0.98 |  |  | $ | 2.54 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The weighted-average common stock equivalents presented above do not include the effect of the common stock equivalents in the table below because their inclusion would be anti-dilutive (in thousands):
| 2021 |  | 2020 |  | 2019
Common stock equivalents excluded because their inclusion would be anti-dilutive | 1,606 |  |  | 3,110 |  |  | 2,131 |
Schedule of Insurance Reserves | The general, auto, product, and workers’ compensation liabilities are managed using a wholly-owned insurance captive and the related liabilities are included in the Consolidated Balance Sheets as follows (in thousands):
| January 1, 2022 |  | January 2, 2021
General, auto, product, and workers' compensation liabilities | $ | 26,300 |  |  | $ | 25,666 |

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