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Acquisitions and Divestitures (Tables)

3 Months Ended

Mar. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Business Acquisitions by Acquisition, Contingent Consideration

The total fair market value of consideration was approximately $503.7 million, which is allocated as follows:

			Kimball International Shares						HNI Shares Exchanged						Fair Value
Cash Consideration:
Shares of Kimball International common stock issued and outstanding as of June 1, 2023			36.4												$	327.8
Kimball International equivalent shares			0.2												2.3
Total number of Kimball International shares for cash consideration			36.6												330.0
Consideration for payment to settle Kimball International's outstanding debt															50.2
Share Consideration:
Shares of Kimball International stock issued and outstanding as of June 1, 2023			36.4						4.7						120.8
Replacement Share-Based Awards:
Outstanding awards of Kimball International restricted stock units relating to Kimball International common stock as of June 1, 2023			0.5						0.2						2.6
Total acquisition date fair value of purchase consideration															$	503.7

Schedule of Preliminary Purchase Price Allocation

The preliminary purchase price allocation at the date of acquisition, as updated, is as follows:

			Preliminary at December 30, 2023						Measurement period adjustments						As adjusted at March 30, 2024
Goodwill			$	162.7					$	1.1					$	163.8
Intangible assets			110.1						—						110.1
Other assets acquired and liabilities assumed, net			231.0						(1.1)						229.9
Net Assets and Liabilities			$	503.7					$	—					$	503.7

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the acquired identified intangible assets and weighted average useful lives:

Category

Weighted-average useful life

Fair Value

Software

3 years

$

5.6

Customer lists and other

12 years

47.2

Acquired technology

18 years

16.5

Trademarks and trade names - Definite-lived

17 years

3.8

Trademarks and trade names - Indefinite-lived

Indefinite-lived

37.0

Total intangible assets

$

110.1

Schedule of Business Acquisition, Pro Forma Information

The following table summarizes the results of Kimball International operations that are included in the Corporation's Condensed Consolidated Statement of Comprehensive Income for the three-month period ended March 30, 2024.

			Three Months Ended
			March 30, 2024
Net sales			$	147.5
Net income			$	6.2

This pro forma information is not necessarily reflective of what the Corporation's results would have been had the acquisition occurred on the date indicated, nor is it indicative of future results.

									Three Months Ended
									April 1, 2023
Net sales									$	640.4
Net income									$	4.3

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

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