HNI Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>HNI Corp submitted its 2023 10-K, detailing its financial performance and corporate information for the fiscal year ending December 30, 2023.</b>

AI Summary

HNI CORP (HNI) filed a Annual Report (10-K) with the SEC on February 27, 2024. HNI Corp filed its 2023 10-K report on February 27, 2024, covering the fiscal year ending December 30, 2023. The company's principal executive offices are located at 600 East Second Street, Muscatine, IA. HNI Corp was formerly known as HON INDUSTRIES INC, with a name change effective July 3, 1992. The SIC code for HNI Corp is 2522 (Office Furniture, Not Wood). The filing includes financial data for the fiscal years ending December 30, 2023, December 31, 2022, and January 1, 2022.

Why It Matters

For investors and stakeholders tracking HNI CORP, this filing contains several important signals. This filing provides a comprehensive overview of HNI Corp's financial health and operational status for the past fiscal year, crucial for investors and analysts assessing the company's performance. The 10-K report contains detailed financial statements, risk factors, and management discussions, offering insights into the company's strategies and outlook within the office furniture industry.

Risk Assessment

Risk Level: medium — HNI CORP shows moderate risk based on this filing. The company operates in the office furniture sector, which can be subject to economic downturns and shifts in work environments (e.g., remote work trends), potentially impacting demand for its products.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand HNI Corp's performance drivers and potential challenges in the evolving office furniture market.

Key Numbers

• 20231230 — Conformed Period of Report (Fiscal Year End)
• 20240227 — Filed as of Date (Filing Date)
• 001-14225 — SEC File Number (HNI Corp's SEC File Number)
• 5632727400 — Business Phone (HNI Corp's contact number)

Key Players & Entities

• HNI CORP (company) — FILER
• 0000048287 (company) — CENTRAL INDEX KEY
• 2522 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• IA (company) — STATE OF INCORPORATION
• HON INDUSTRIES INC (company) — FORMER COMPANY
• HOME O NIZE CO (company) — FORMER COMPANY
• Donna D. Meade (person) — Member
• Larry B. Porcellato (person) — Member

FAQ

Industry Context

HNI Corp operates within the office furniture and building products industries, sectors influenced by commercial real estate trends, corporate spending, and evolving workplace designs.

Regulatory Implications

As a publicly traded company, HNI Corp is subject to SEC regulations and reporting requirements, including the annual filing of Form 10-K.

What Investors Should Do

1. Review HNI Corp's detailed financial statements for the fiscal year ended December 30, 2023.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing the company.
3. Compare HNI Corp's performance metrics with industry benchmarks and prior year results.

Key Dates

• 2023-12-30: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-27: Filing Date — Date HNI Corp filed its 10-K with the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 30, 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $2.4 b — 2023, the Corporation had net sales of $2.4 billion, of which $1.7 billion or 71 perc
• $1.7 billion — had net sales of $2.4 billion, of which $1.7 billion or 71 percent was attributable to the w
• $0.7 billion — o the workplace furnishings segment and $0.7 billion or 29 percent was attributable to the r
• $503.7 million — a cash and stock transaction valued at $503.7 million. The Corporation included the financial

Filing Documents

• hni-20231230.htm (10-K) — 2220KB
• ex1032legacykiirestricteds.htm (EX-10.32) — 37KB
• ex1033legacykiiperfomances.htm (EX-10.33) — 48KB
• ex2110-k2023.htm (EX-21) — 39KB
• ex23110-k2023.htm (EX-23.1) — 2KB
• ex31110-k2023.htm (EX-31.1) — 9KB
• ex31210-k2023.htm (EX-31.2) — 9KB
• ex32110-k2023.htm (EX-32.1) — 9KB
• ex97hniincentivecompensati.htm (EX-97) — 31KB
• image_0.jpg (GRAPHIC) — 67KB
• 0000048287-24-000080.txt (&nbsp;) — 14593KB
• hni-20231230.xsd (EX-101.SCH) — 100KB
• hni-20231230_cal.xml (EX-101.CAL) — 172KB
• hni-20231230_def.xml (EX-101.DEF) — 470KB
• hni-20231230_lab.xml (EX-101.LAB) — 1260KB
• hni-20231230_pre.xml (EX-101.PRE) — 852KB
• hni-20231230_htm.xml (XML) — 2545KB

Risk Factors

Item 1A. Risk Factors 9

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 20

Cybersecurity

Item 1C. Cybersecurity 20

Properties

Item 2. Properties 21

Legal Proceedings

Item 3. Legal Proceedings 21

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 21 Table I - Information about our Executive Officers 22 PART II

Market for Registrant's Common Equity, Related Shareholder Matters, and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Shareholder Matters, and Issuer Purchases of Equity Securities 23

[Reserved]

Item 6. [Reserved] 23

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 32

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 32

Changes in and Disagreements W ith Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements W ith Accountants on Accounting and Financial Disclosure 32

Controls and Procedures

Item 9A. Controls and Procedures 32

Other Information

Item 9B. Other Information 33

Disclosure Regarding Foreign Jurisdictions that Prevent Inspectio ns

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspectio ns 33 PART III

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance 34

Executive Compensation

Item 11. Executive Compensation 34

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 34

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 34

Principal Accoun t ant Fees and Services

Item 14. Principal Accoun t ant Fees and Services 34 PART IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 35

Form 10-K Summary

Item 16. Form 10-K Summary 37

Signatures

Signatures 37 Management Report on Internal Control Over Financial Reporting 39 Report of Independent Registered Public Accounting Firm 40

Financial Statements

Financial Statements 43

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 48 3 Table of Contents PART I

Business

Item 1. Business General HNI Corporation (the "Corporation," "we," "us," or "our") is a provider of workplace furnishings and residential building products, which are its two reportable segments. Workplace furnishings include furniture systems, seating, storage, tables, architectural products, ancillary products, and hospitality products. These products are sold primarily through a national system of independent dealers, office product distributors, eCommerce retailers, and wholesalers but also directly to end-user customers and federal, state, and local governments. Residential building products include a full array of gas, wood, electric, and pellet-fueled fireplaces, inserts, stoves, facings, outdoor fire pits and fire tables, and accessories. These products are sold through a national system of independent dealers and distributors, as well as Corporation-owned installing distribution and retail outlets. In fiscal 2023, the Corporation had net sales of $2.4 billion, of which $1.7 billion or 71 percent was attributable to the workplace furnishings segment and $0.7 billion or 29 percent was attributable to the residential building products segment. The Corporation is an Iowa corporation incorporated in 1944. It is organized into a corporate headquarters and operating units with offices, manufacturing plants, distribution centers, and sales showrooms primarily in the United States, India, and Mexico. See "Item 2. Properties" for additional related discussion. On June 1, 2023, the Corporation acquired Kimball International, Inc. ("Kimball International") in a cash and stock transaction valued at $503.7 million. The Corporation included the financial results of Kimball International in the Consolidated Financial Statements starting as of the date of acquisition. References to "legacy" herein exclude the impact of Kimball International. For further information with respect to acquisitions, divestitures, operating segment information, and the Corporation's oper

View Full Filing

View this 10-K filing on SEC EDGAR