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Divestitures | 6 Months Ended
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Jun. 28, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Divestitures | Divestitures In April 2025, the Corporation closed on the sale of its HNI India business, which was a component of the workplace furnishings segment, to Kokuyo Co., Ltd. The Corporation received $9.5 million in gross cash proceeds, $8.5 million net of cash and transaction fees, which was structured as a stock sale. During the first three months of 2025, the Corporation recognized a $6.4 million pre-tax loss on the sale which is included in "Restructuring, impairment, and loss on divestiture" in the Condensed Consolidated Statements of Comprehensive Income. Included in the loss is a cumulative foreign currency translation loss of $5.7 million that was reclassified from accumulated other comprehensive income, and transaction-related expenses of $0.6 million. The assets and liabilities of HNI India which were included with the sale are as follows:
|  | As of April 28, 2025
Assets: |  |
Cash |  | $ | 0.8 |
Receivables |  | 9.5 |
Inventories |  | 2.7 |
Prepaid expenses and other current assets |  | 0.8 |
Property, plant & equipment |  | 4.0 |
Right-of-use operating leases |  | 0.4 |
Total Assets |  | $ | 18.2 |
Liabilities: |  |
Accounts payable and accrued expenses |  | $ | 7.4 |
Current maturities of debt |  | 0.5 |
Lease obligations - operating |  | 0.4 |
Total Liabilities |  | $ | 8.3 |

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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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