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Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity
 12 Months Ended
Dec. 28, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity Accumulated Other Comprehensive Income (Loss) and Shareholders’ Equity
Accumulated Other Comprehensive Income (Loss)
The following table summarizes the components of accumulated other comprehensive income (loss) and the changes in accumulated other comprehensive income (loss), net of tax, as applicable:
Foreign Currency
Translation Adjustment		Unrealized Gains
(Losses) on Debt
Securities		Pension and Post-retirement
Liabilities		Derivative Financial
Instruments		Accumulated Other
Comprehensive Income (Loss)
Balance as of January 1, 2022$(0.7)$0.1 $(5.4)$(0.7)$(6.8)
Other comprehensive income (loss) before reclassifications(2.4)(0.9)5.3 1.1 3.2 
Tax (expense) or benefit— 0.2 (1.3)(0.3)(1.3)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax(3.3)(0.0)0.2 (0.0)(3.1)
Balance as of December 31, 2022$(6.4)$(0.6)$(1.1)$0.1 $(8.0)
Other comprehensive income (loss) before reclassifications(0.2)0.3 (0.2)(3.4)(3.5)
Tax (expense) or benefit— (0.1)0.1 0.8 0.8 
Amounts reclassified from accumulated other comprehensive income (loss), net of tax— 0.1 0.1 (0.2)0.0 
Balance as of December 30, 2023$(6.5)$(0.3)$(1.2)$(2.7)$(10.6)
Other comprehensive income (loss) before reclassifications(0.4)0.1 1.3 2.5 3.5 
Tax (expense) or benefit— (0.0)(0.3)(0.6)(0.9)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax— 0.0 0.1 (0.4)(0.2)
Balance as of December 28, 2024$(6.9)$(0.1)$(0.1)$(1.1)$(8.3)
Amounts in parentheses indicate reductions to equity.

Interest Rate Swap
During the normal course of business, the Corporation is subjected to market risk associated with interest rate movements. Interest rate risk arises from variable interest debt obligations. Interest rate swap derivative instruments are periodically held and used by the Corporation as a tool for managing interest rate risk. They are not used for trading or speculative purposes.

In November 2023, the Corporation entered into an interest rate swap transaction to hedge $100 million of outstanding variable-rate term loan borrowings against future interest rate volatility. Under the terms of this interest rate swap, the Corporation pays a fixed rate of 4.7 percent and receives one-month Secured Overnight Financing Rate (SOFR) on a $100 million notional value expiring June 14, 2027. As of December 28, 2024, the fair value of the Corporation’s interest rate swap liability was $1.5 million. See "Note 9. Fair Value Measurements of Financial Instruments." The unrecognized change in value of the interest rate swap is reported net of tax as $(1.1) million in "Accumulated other comprehensive income (loss)" in the Consolidated Balance Sheets.
The following table details the reclassifications from accumulated other comprehensive income (loss):
Details about Accumulated Other Comprehensive Income (Loss) ComponentsAffected Line Item in the Statement Where Net Income is Presented202420232022
Derivative financial instruments
Interest rate swapInterest expense, net$0.5 $0.2 $0.1 
Income tax expense(0.1)(0.1)(0.0)
Unrealized gains (losses) on debt securities
Gain (loss) on sale of debt securitiesSelling and administrative expenses(0.1)(0.1)0.0 
Income tax expense0.0 0.0 (0.0)
Pension and post-retirement liabilities
Amortization of lossSelling and administrative expenses(0.1)(0.1)(0.3)
Income tax expense0.0 0.0 0.1 
Foreign currency translation
Lamex divestitureGain on sale of subsidiary— — 3.3 
Net of tax$0.2 $(0.0)$3.1 
Amounts in parentheses indicate reductions to profit.

Director Plan
In May 2017, the Corporation authorized 0.3 million shares of its common stock under its 2017 Equity Plan for Non-Employee Directors of HNI Corporation (the "2017 Director Plan"). The 2017 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 2017 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. Shares of common stock issued under the Director Plan in 2024, 2023, and 2022, were 27 thousand, 43 thousand, and 32 thousand, respectively.
Dividend
The Corporation declared and paid cash dividends per common share as follows:
202420232022
Dividends per common shares$1.31 $1.28 $1.27 

Members’ Stock Purchase Plan
During 2017, shareholders approved the HNI Corporation Members’ Stock Purchase Plan (the "2017 MSPP"). Under the 2017 MSPP, 0.8 million shares of common stock were authorized for issuance to participating members. Under the 2017 MSPP, 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 MSPP is 85 percent of the closing price on the exercise date. No member may purchase stock under the MSPP in an amount which exceeds a maximum fair value of $25,000 in any calendar year. Shares of common stock issued under the MSPP in 2024, 2023, and 2022, were 39 thousand, 77 thousand, and 88 thousand, respectively. The following table provides the average price per share issued under the MSPP:
202420232022
Average price per share$40.11 $27.15 $26.50 

As of December 28, 2024, 0.2 million shares were available for issuance under the 2017 MSPP.

Change in Control
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 Chief Executive Officer) annual salary and the average of the prior two years’ bonuses.

Stock Repurchase
The par value method of accounting is used for common stock repurchases. The following table summarizes shares repurchased and settled by the Corporation:
202420232022
Shares repurchased1.3 0.0 1.7 
Average price per share$50.86 $41.98 $38.11 
Cash purchase price$(66.0)$(0.4)$(63.9)
Purchases unsettled as of year end0.2 0.1 — 
Prior year purchases settled in current year(0.1)— (1.3)
Shares repurchased per cash flow$(65.8)$(0.3)$(65.2)

As of December 28, 2024, approximately $167.6 million of the Board’s current repurchase authorization remained available for future repurchases.