HNI Corp Files 8-K on Disposals and Impairments
Ticker: HNI · Form: 8-K · Filed: May 20, 2024 · CIK: 48287
| Field | Detail |
|---|---|
| Company | Hni CORP (HNI) |
| Form Type | 8-K |
| Filed Date | May 20, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: restructuring, impairment, disposal
TL;DR
HNI Corp filed an 8-K detailing exit costs and impairments. Expect potential shifts in operations.
AI Summary
HNI Corporation filed an 8-K on May 16, 2024, reporting on cost-associated exit or disposal activities and material impairments. The filing also included information on matters submitted to a vote of security holders and financial statements and exhibits. The company, formerly known as HON INDUSTRIES INC, is based in Muscatine, Iowa.
Why It Matters
This filing indicates potential restructuring or asset sales by HNI Corporation, which could impact future financial performance and operational focus.
Risk Assessment
Risk Level: medium — Disposal activities and impairments can signal underlying business challenges or strategic shifts that may carry financial risks.
Key Players & Entities
- HNI Corporation (company) — Filer of the 8-K
- HON INDUSTRIES INC (company) — Former company name
- May 16, 2024 (date) — Date of earliest event reported
- Muscatine, Iowa (location) — Company headquarters
FAQ
What specific exit or disposal activities are detailed in the filing?
The filing indicates that HNI Corporation is reporting on 'Cost Associated with Exit or Disposal Activities' but does not provide specific details within the provided text.
What type of material impairments is HNI Corporation reporting?
The filing lists 'Material Impairments' as an item of disclosure, but the specific nature or amount of these impairments is not detailed in the provided text.
When was HNI Corporation previously known by another name?
HNI Corporation was formerly known as HON INDUSTRIES INC, with a date of name change on July 3, 1992.
What is the primary business of HNI Corporation based on its SIC code?
HNI Corporation's Standard Industrial Classification (SIC) code is 2522, which corresponds to 'OFFICE FURNITURE (NO WOOD)'.
What is the physical address of HNI Corporation's headquarters?
HNI Corporation's business address is 600 East Second Street, Muscatine, Iowa, 52761-7109.
Filing Stats: 947 words · 4 min read · ~3 pages · Grade level 8.3 · Accepted 2024-05-20 16:30:31
Filing Documents
- ef20029475_8k.htm (8-K) — 53KB
- ef20029475_ex99-1.htm (EX-99.1) — 28KB
- image00003.jpg (GRAPHIC) — 2KB
- 0001140361-24-026875.txt ( ) — 225KB
- hni-20240516.xsd (EX-101.SCH) — 4KB
- hni-20240516_lab.xml (EX-101.LAB) — 21KB
- hni-20240516_pre.xml (EX-101.PRE) — 16KB
- ef20029475_8k_htm.xml (XML) — 4KB
05
Item 2.05 Costs Associated with Exit or Disposal Activities. On May 16, 2024, HNI Corporation (the "Corporation") committed to an operational improvement plan to reduce structural cost and streamline customer fulfillment in its workplace furnishings business. A copy of the press release describing the plan is filed as Exhibit 99.1 to this report and incorporated by reference into this Item 2.05.
06
Item 2.06 Material Impairments The disclosure under Item 2.05 is incorporated by reference into this Item 2.06. Section 5 Corporate Governance and Management
07
Item 5.07 Submission of Matters to a Vote of Security Holders. At the annual meeting of shareholders of the Corporation held on May 16, 2024 (the "2024 Annual Meeting"), the proposals listed below were submitted to a vote of the shareholders. The proposals are described in the Corporation's definitive proxy statement filed with the Securities and Exchange Commission on March 19, 2024 (the "Proxy Statement"), and incorporated herein by reference. As of March 15, 2024, the record date for the 2024 Annual Meeting, there were 47,287,164 outstanding shares of the Corporation's common stock eligible to vote, and 41,896,082.319 shares were present virtually or represented by proxy at the 2024 Annual Meeting. The final voting results with respect to each proposal voted upon at the 2024 Annual Meeting are set forth below. Proposal No. 1 – Election of Directors. The Corporation's shareholders approved three nominees, Mary A. Bell, Mary K.W. Jones, and Patrick D. Hallinan, for election to the Board of Directors of the Corporation for a term expiring at the Corporation's 2027 Annual Meeting of Shareholders and until their respective successors are elected and qualified, subject to their prior death, resignation, or removal, with votes as follows: Director % For 1 For Against Abstain Broker Non- Votes Mary A. Bell 90.65% 34,570,015.059 3,564,417.690 59,800.570 3,701,849.000 Mary K.W. Jones 95.97% 36,597,567.546 1,538,386.203 58,279.570 3,701,849.000 Patrick D. Hallinan 99.25% 37,853,236.713 286,378.036 54,618.570 3,701,849.000 1 Percentage of votes cast, which excludes abstentions (in accordance with Iowa law) and broker non-votes. Proposal No. 2 – Ratification of KPMG LLP as the Corporation's Independent Registered Public Accounting Firm for Fiscal 2024. The Corporation's shareholders ratified the selection of KPMG LLP as the Corporation's independent registered public accounting firm for the fiscal year ending December 28, 2024, with vot
Financial Statements and Exhibits
Financial Statements and Exhibits.
Financial Statements and Exhibits
Financial Statements and Exhibits. The following exhibits are filed as part of this Current Report on Form 8-K. Exhibit No. Description 99.1 Text of press release of HNI Corporation dated as of May 20, 2024. 104 The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HNI CORPORATION Date: May 20, 2024 By: /s/ Steven M. Bradford Steven M. Bradford Senior Vice President, General Counsel, and Secretary Exhibit Index Exhibit No. Description 99.1 Text of press release of HNI Corporation dated as of May 20, 2024.