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Held for Sale | 3 Months Ended
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Mar. 29, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Held for Sale | Held for Sale In April 2025, subsequent to the end of the first quarter, the Corporation closed on the sale of its HNI India business, which is a component of the workplace furnishings segment. Pending final adjustments, the Corporation received approximately $10 million of cash proceeds related to the sale. Based on an evaluation of the events leading up to the sale of this business, the Corporation determined that HNI India's assets and liabilities met the criteria for held-for-sale presentation, as established in ASC 360, Property, Plant and Equipment, as of March 29, 2025. The following table summarizes the HNI India's assets and liabilities held for sale in the workplace furnishings segment in the Condensed Consolidated Balance Sheets, by major class.
|  | As of March 29, 2025 |  |
Assets: |  |  |  |
Cash |  | $ | 0.6 |  |  |
Receivables |  | 9.5 |  |  |
Inventories |  | 2.7 |  |  |
Prepaid expenses and other current assets |  | 0.2 |  |  |
Property, plant & equipment |  | 4.1 |  |  |
Right-of-use operating leases |  | 0.4 |  |  |
Valuation allowance to adjust assets to estimated fair value, less costs of sale |  | $ | (6.0) |  |  |
Total Assets held for sale |  | $ | 11.5 |  |  |
Liabilities: |  |  |  |
Accounts payable and accrued expenses |  | $ | 6.2 |  |  |
Current maturities of debt |  | 0.9 |  |  |
Lease obligations - operating |  | 0.4 |  |  |
Total Liabilities held for sale |  | $ | 7.6 |  |  |
As of March 29, 2025 the Corporation determined that the fair value of the HNI India business, including costs to sell, was lower than its carrying value and recorded an approximately $6 million valuation allowance against assets held for sale. The non-cash valuation allowance was recorded as an impairment in the "Restructuring and impairment charges" line in the Condensed Consolidated Statements of Income. In addition to the HNI India assets and liabilities, the assets held for sale as of March 29, 2025 and December 28, 2024 included $2.0 million and $4.9 million respectively related to manufacturing facilities marketed for sale.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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