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Reportable Segment Information | 6 Months Ended
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Jul. 01, 2023
Segment Reporting [Abstract] |
Reportable Segment Information | Reportable Segment Information Management views the Corporation as two reportable segments based on industries: workplace furnishings and residential building products. The aggregated workplace furnishings segment, which includes the newly acquired Kimball International business, manufactures and markets a broad line of commercial furniture, which includes panel-based and freestanding furniture systems, seating, storage, tables, and architectural products. The residential building products segment manufactures and markets a full array of gas, wood, electric, and pellet fueled fireplaces, inserts, stoves, facings, and accessories. For purposes of segment reporting, intercompany sales between segments are not material, and operating profit is income before income taxes exclusive of certain unallocated general corporate expenses. These unallocated general corporate expenses include the net costs of the Corporation’s corporate operations. Management views interest income and expense as corporate financing costs and not as a reportable segment cost. In addition, management applies an effective income tax rate to its consolidated income before income taxes so income taxes are not reported or viewed internally on a segment basis. Identifiable assets by segment are those assets applicable to the respective industry segments. Corporate assets consist principally of cash and cash equivalents, short-term investments, long-term investments, IT infrastructure, and corporate office real estate and related equipment. No geographic information for revenues from external customers or for long-lived assets is disclosed since the Corporation’s primary market and capital investments are concentrated in the United States. Reportable segment data reconciled to the Corporation’s condensed consolidated financial statements was as follows:
| Three Months Ended |  | Six Months Ended
| July 1, 2023 |  | July 2, 2022 |  | July 1, 2023 |  | July 2, 2022
Net Sales: |  |  |  |  |  |  |
Workplace furnishings | $ | 413.0 |  |  | $ | 406.7 |  |  | $ | 712.7 |  |  | $ | 759.8 |
Residential building products | 150.4 |  |  | 215.1 |  |  | 329.8 |  |  | 434.3 |
Total | $ | 563.5 |  |  | $ | 621.7 |  |  | $ | 1,042.5 |  |  | $ | 1,194.1 |
Income (Loss) Before Income Taxes: |  |  |  |  |  |  |
Workplace furnishings | $ | 15.9 |  |  | $ | 11.9 |  |  | $ | 11.9 |  |  | $ | 5.5 |
Residential building products | 15.6 |  |  | 37.0 |  |  | 43.6 |  |  | 77.3 |
General corporate | (35.0) |  |  | (19.0) |  |  | (52.7) |  |  | (32.5) |
Operating income (loss) | (3.6) |  |  | 29.9 |  |  | 2.9 |  |  | 50.3 |
Interest expense, net | 5.5 |  |  | 2.1 |  |  | 8.2 |  |  | 4.1 |
Total | $ | (9.0) |  |  | $ | 27.8 |  |  | $ | (5.3) |  |  | $ | 46.2 |
Depreciation and Amortization Expense: |  |  |  |  |  |  |
Workplace furnishings | $ | 13.8 |  |  | $ | 11.7 |  |  | $ | 25.0 |  |  | $ | 23.2 |
Residential building products | 3.4 |  |  | 3.1 |  |  | 6.7 |  |  | 6.1 |
General corporate | 5.4 |  |  | 6.6 |  |  | 11.0 |  |  | 13.1 |
Total | $ | 22.6 |  |  | $ | 21.3 |  |  | $ | 42.7 |  |  | $ | 42.4 |
Capital Expenditures (including capitalized software): |  |  |  |  |  |  |
Workplace furnishings | $ | 17.9 |  |  | $ | 8.2 |  |  | $ | 31.8 |  |  | $ | 16.4 |
Residential building products | 2.4 |  |  | 2.7 |  |  | 7.4 |  |  | 8.5 |
General corporate | 0.9 |  |  | 4.1 |  |  | 2.0 |  |  | 8.4 |
Total | $ | 21.1 |  |  | $ | 15.0 |  |  | $ | 41.2 |  |  | $ | 33.2 |
|  |  |  |  | As of July 1, 2023 |  | As of December 31, 2022
Identifiable Assets: |  |  |  |  |  |  |
Workplace furnishings |  |  |  |  | $ | 1,440.8 |  |  | $ | 761.5 |
Residential building products |  |  |  |  | 491.5 |  |  | 493.0 |
General corporate |  |  |  |  | 143.3 |  |  | 160.0 |
Total |  |  |  |  | $ | 2,075.6 |  |  | $ | 1,414.5 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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