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Acquisitions and Divestitures (Tables) | 12 Months Ended
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Dec. 28, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Total Fair Market Value of 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 common 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 Acquisition | The purchase price allocation at the date of acquisition, including measurement period adjustments made in the first quarter of 2024 is shown below. The one-year accounting measurement period closed in the second quarter of 2024 and the purchase price allocation was finalized with no additional adjustments recorded.
| Preliminary at December 30, 2023 |  | Measurement period adjustments |  | Final
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 |
The following table summarizes the results of Kimball International operations that are included in the Corporation’s Consolidated Statements of Comprehensive Income for the years ended December 28, 2024 and December 30, 2023. These amounts include the results of Poppin, Inc. ("Poppin") for the prior-year period during which it was owned by the Corporation. Poppin was determined not to require discontinued operations presentation as this entity was not material to the consolidated results of the prior period presented.
| 2024 |  | 2023
Net sales | $ | 594.4 |  |  | $ | 361.4 |
Net income (loss) | $ | 36.4 |  |  | $ | (3.0) |
Schedule of Purchase Price Allocation of Identifiable Tangible And Intangible Assets and Liabilities | 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 Pro Forma Information | The following table provides, on a pro forma basis, the combined results of operations of HNI Corporation and Kimball International for the fiscal years ended December 30, 2023 and December 31, 2022, as though the acquisition and related financing had occurred as of January 2, 2022, the first day of the Corporation’s 2022 fiscal year. The pro forma results include certain purchase accounting adjustments such as: reclassifications to conform Kimball International’s results to the Corporation’s financial statement presentation; estimated depreciation and amortization expense on acquired tangible and intangible assets; estimated share-based compensation expense for Kimball International awards converted to the Corporation’s equity awards; interest associated with additional borrowings to finance the acquisition; non-recurring transaction costs as outlined above; and the impact to income tax expense. 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.
|  |  | 2023 |  | 2022
Net sales |  |  | $ | 2,698.1 |  |  | $ | 3,058.0 |
Net income |  |  | $ | 82.8 |  |  | $ | 52.1 |

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- Definition Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments. + References No definition available. + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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