HNI CORPHNI
HNI CORP Segments Disclosure
Reportable Segment Information
Management views the Corporation as two reportable segments based on industry: Workplace Furnishings and Residential Building Products. On December 10, 2025, the Corporation completed its acquisition of Steelcase, as such, Steelcase will be included in the Workplace Furnishings segment.
The Workplace Furnishings segment designs, manufactures, and markets a broad line of commercial office furniture which includes panel-based and freestanding furniture systems, seating, storage, benching, tables, architectural products, social collaborative items, ancillary products, and hospitality products. The Residential Building Products segment manufactures and markets a full array of gas, wood, electric, and pellet-fueled fireplaces, inserts, stoves, facings, outdoor fire pits and fire tables, and accessories.
For purposes of segment reporting, intercompany sales between segments are immaterial, and operating profit is income before income taxes exclusive of certain unallocated corporate expenses. These unallocated general corporate expenses include the net costs of the Corporation’s corporate operations. Management views interest income and expense as corporate financing costs and not as a reportable segment cost. In addition, management applies an effective income tax rate to its consolidated income before income taxes so income taxes are not reported or viewed internally on a segment basis. Identifiable assets by segment are those assets applicable to the respective industry segments. Corporate assets consist principally of cash and cash equivalents, short-term investments, long-term investments, IT infrastructure, and corporate office real estate and related equipment.
The Corporation's chief operating decision maker ("CODM") is the Chairman, President, and Chief Executive Officer. On a regular basis the CODM receives a reporting package that includes summarized financial results of the Corporation and its underlying operating segments. In evaluating the performance of the segments and making resource allocation decisions across the organization, the CODM is primarily focused on operating income, including analysis of trends, budget-to-actual variances, and performance against historical comparable periods.
Reportable segment data reconciled to the Corporation’s consolidated financial statements was as follows:
| 2025 | 2024 | 2023 | |||||||||||||||
| Net Sales: | |||||||||||||||||
| Workplace Furnishings | $ | 2,164.1 | $ | 1,888.0 | $ | 1,740.3 | |||||||||||
| Residential Building Products | 674.9 | 638.4 | 693.7 | ||||||||||||||
| Total | $ | 2,839.0 | $ | 2,526.4 | $ | 2,434.0 | |||||||||||
| Cost of Sales: | |||||||||||||||||
| Workplace Furnishings | $ | 1,295.7 | $ | 1,140.6 | $ | 1,091.8 | |||||||||||
| Residential Building Products | 367.3 | 352.4 | 393.9 | ||||||||||||||
| Total | $ | 1,662.9 | $ | 1,493.0 | $ | 1,485.7 | |||||||||||
| Selling and Administrative Expenses: | |||||||||||||||||
| Workplace Furnishings | $ | 667.8 | $ | 573.3 | $ | 524.8 | |||||||||||
| Residential Building Products | 185.5 | 174.0 | 183.2 | ||||||||||||||
| General Corporate | 83.7 | 73.4 | 64.0 | ||||||||||||||
| Total | $ | 937.0 | $ | 820.7 | $ | 772.0 | |||||||||||
| Acquisition Costs: | |||||||||||||||||
| Workplace Furnishings | $ | — | $ | — | $ | 12.5 | |||||||||||
| General Corporate | 94.6 | — | 28.6 | ||||||||||||||
| Total | $ | 94.6 | $ | — | $ | 41.2 | |||||||||||
| Restructuring, impairment, and loss on divestiture: | |||||||||||||||||
| Workplace Furnishings | $ | 17.6 | $ | 5.1 | $ | 42.5 | |||||||||||
| Residential Building Products | 0.4 | 1.1 | — | ||||||||||||||
| General Corporate | 0.6 | — | 2.3 | ||||||||||||||
| Total | $ | 18.5 | $ | 6.2 | $ | 44.8 | |||||||||||
| Operating Income (Loss): | |||||||||||||||||
| Workplace Furnishings | $ | 183.0 | $ | 169.1 | $ | 68.6 | |||||||||||
| Residential Building Products | 121.8 | 110.8 | 116.6 | ||||||||||||||
| General Corporate | (178.9) | (73.4) | (94.9) | ||||||||||||||
| Total | 126.0 | 206.5 | 90.3 | ||||||||||||||
| Interest Expense, Net: | 35.6 | 27.2 | 25.5 | ||||||||||||||
| Other Non-Operating Income, net: | 0.4 | — | — | ||||||||||||||
| Income Before Income Taxes: | $ | 90.8 | $ | 179.3 | $ | 64.8 | |||||||||||
| Depreciation and Amortization Expense: | |||||||||||||||||
| Workplace Furnishings | $ | 72.8 | $ | 73.5 | $ | 59.5 | |||||||||||
| Residential Building Products | 14.9 | 14.3 | 13.7 | ||||||||||||||
| General Corporate | 19.3 | 20.1 | 21.6 | ||||||||||||||
| Total | $ | 107.1 | $ | 107.8 | $ | 94.9 | |||||||||||
| Capital Expenditures (including capitalized software): | |||||||||||||||||
| Workplace Furnishings | $ | 50.8 | $ | 36.2 | $ | 62.7 | |||||||||||
| Residential Building Products | 10.0 | 8.2 | 12.6 | ||||||||||||||
| General Corporate | 7.1 | 8.4 | 3.7 | ||||||||||||||
| Total | $ | 67.8 | $ | 52.9 | $ | 79.1 | |||||||||||
| Identifiable Assets: | |||||||||||||||||
| Workplace Furnishings | $ | 3,887.4 | $ | 1,282.6 | $ | 1,311.4 | |||||||||||
| Residential Building Products | 440.6 | 465.8 | 467.1 | ||||||||||||||
| General Corporate | 557.0 | 126.7 | 150.3 | ||||||||||||||
| Total | $ | 4,885.0 | $ | 1,875.1 | $ | 1,928.8 | |||||||||||
No geographic information for revenues from external customers is disclosed since the Corporation's primary activities during the periods ended January 3, 2026, December 28, 2024, and December 30, 2023 were concentrated in the United States.
Reportable geographic information is as follows:
| 2025 | |||||
| Long-lived assets (1): | |||||
| United States | $ | 1,106.6 | |||
| Foreign locations | 316.3 | ||||
| Total | $ | 1,423.0 | |||
(1) Long-lived assets include property, plant and equipment and right-of-use lease assets.
No country outside of the United States represented greater than 10% of the Corporation's long-lived assets as of January 3, 2026. No geographic information for long-lived assets for the years ended December 28, 2024 and December 30, 2023 is disclosed since the Corporation's primary investments during the periods were concentrated in the United States.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Mar 3, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Mar 1, 2022 | |
| 2021 | Mar 2, 2021 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.