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Hni Corp (HNI) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 28, 2019

Hni Corp

CIK: 48287 Ticker: HNI
                                    
HNI Corporation 600 East Second Street, Muscatine, Iowa 52761, Tel 563 272 7400, Fax 563 272 7347, www.hnicorp.com

hni_logoa06.gif
News Release
                                
For Information Contact:
Marshall H. Bridges, Senior Vice President and Chief Financial Officer (563) 272-7400
Matthew S. McCall, Vice President, Investor Relations and Corporate Development (563) 275-8898

HNI CORPORATION REPORTS STRONG PROFITABILITY FOR
FOURTH QUARTER FISCAL YEAR 2019

MUSCATINE, Iowa (February 19, 2020) – HNI Corporation (NYSE: HNI) today announced sales for the full year ended December 28, 2019 of $2.247 billion and net income of $111 million. GAAP net income per diluted share was $2.54, compared to $2.11 in the prior year. Non-GAAP net income per diluted share was $2.59, compared to $2.41 in the prior year. GAAP to non-GAAP reconciliations follow the financial statements in this release.

Fourth quarter sales of $616 million were up 3% from year-ago levels, and fourth quarter net income was $48 million. GAAP net income per diluted share was $1.10, compared to $0.73 in the prior year. Non-GAAP net income per diluted share was $1.12, compared to $0.97 in the prior year.

Highlights
Fourth quarter non-GAAP operating margin expanded 80 basis points year-over-year, driven by solid cost control.
Fourth quarter free cash flow exceeded expectations, strengthening the Corporation’s financial flexibility.
Fiscal year 2020 guidance assumes relatively stable domestic end markets, benefits of annual productivity and cost savings, and significant investments in future growth and margin expansion.

Fourth Quarter Summary Comments
“Our teams delivered a strong fourth quarter. We generated our best top line growth rate of the year and expanded operating margins despite choppy demand and tariff challenges. Our annual productivity and cost savings initiatives continue to gain momentum and drive improved profitability. Overall, our results show the performance our organization can drive and I am optimistic about what we can accomplish in the future,” said Jeff Lorenger, HNI Corporation, Chairman, President, and Chief Executive Officer.

1

The following information was filed by Hni Corp (HNI) on Wednesday, February 19, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Hni Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Equity
Consolidated Statements Of Equity (Parenthetical)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity (Accumulated Other Comprehensive Loss) (Details)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity (Common Stock Issued) (Details)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity (Director Plan Issued Common Stock) (Details)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity (Dividends Declared And Paid Per Share) (Details)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity (Narrative) (Details)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity (Reclassifications From Accumulated Other Comprehensive Income (Loss)) (Details)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity (Tables)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity (Share Repurchase) (Details)
Acquisitions And Divestitures
Fair Value Measurements Of Financial Instruments
Fair Value Measurements Of Financial Instruments (Details)
Fair Value Measurements Of Financial Instruments (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Goodwill) (Details)
Goodwill And Other Intangible Assets (Indefinite Lived Intangible Assets) (Details)
Goodwill And Other Intangible Assets (Narrative) (Details)
Goodwill And Other Intangible Assets (Other Intangible Assets) (Details)
Goodwill And Other Intangible Assets (Schedule Of Goodwill And Other Intangible Assets) (Details)
Goodwill And Other Intangible Assets (Tables)
Guarantees, Commitments And Contingencies
Guarantees, Commitments And Contingencies (Details)
Income Taxes
Income Taxes (Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Effective Income Tax Rate Reconciliation) (Details)
Income Taxes (Interest And Penalties) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Provision For Income Taxes) (Details)
Income Taxes (Tables)
Income Taxes (Unrecognized Tax Benefits) (Details)
Income Taxes (Valuation Allowance For Deferred Tax Asset) (Details)
Leases
Leases (Tables)
Leases - Cash Paid For Amounts Included In The Measurements Of Lease Liabilities And Leased Assets (Details)
Leases - Disclosures Under Topic 840 (Details)
Leases - Lease Costs Included In The Condensed Consolidated Statements On Comprehensive Income (Details)
Leases - Leases Included In The Condensed Consolidated Balance Sheets (Details)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Weighted-Average Remaining Lease Terms And Discount Rates For Operating And Finance Leases (Details)
Long-Term Debt
Long-Term Debt (Narrative) (Details)
Long-Term Debt (Schedule Of Long-Term Debt) (Details)
Long-Term Debt (Schedule Of Maturities Of Long-Term Debt) (Details)
Long-Term Debt (Tables)
Nature Of Operations
Post-Retirement Health Care
Post-Retirement Health Care (Components Of Net Periodic Post-Retirement Benefit Cost) (Details)
Post-Retirement Health Care (Estimated Future Benefit Payments) (Details)
Post-Retirement Health Care (Schedule Of Cost Of Retirement Plans) (Details)
Post-Retirement Health Care (Tables)
Post-Retirement Health Care Post-Retirement Health Care (Valuation Assumptions) (Details)
Reportable Segment Information
Reportable Segment Information (Business Segment Information) (Details)
Reportable Segment Information (Net Sales By Product Category) (Details)
Reportable Segment Information (Tables)
Restructuring And Impairment Charges
Restructuring And Impairment Charges (Schedule Of Restructuring And Related Costs) (Details)
Restructuring And Impairment Charges (Schedule Of Restructuring Reserve By Type Of Cost) (Details)
Restructuring And Impairment Charges (Tables)
Retirement Benefits
Retirement Benefits (Details)
Retirement Benefits (Tables)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers Change In Contract Assets And Liabilities (Details)
Revenue From Contracts With Customers Comprehensive Income Related To Contract Liabilities (Details)
Revenue From Contracts With Customers Contract Assets And Liabilities (Details)
Revenue From Contracts With Customers Disaggregation Of Revenue (Details)
Stock-Based Compensation
Stock-Based Compensation (Compensation Cost) (Details)
Stock-Based Compensation (Deferred Compensation) (Details)
Stock-Based Compensation (Income Tax Benefit) (Details)
Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Non-Vested Stock Option Activity) (Details)
Stock-Based Compensation (Other Information) (Details)
Stock-Based Compensation (Outstanding Rsu Activity) (Details)
Stock-Based Compensation (Outstanding Stock Option Activity) (Details)
Stock-Based Compensation (Rsu's Vested) (Details)
Stock-Based Compensation (Stock Option Vested Or Expected To Vest And Are Exercisable) (Details)
Stock-Based Compensation (Tables)
Stock-Based Compensation (Valuation Assumptions) (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Accounts Payable) (Details)
Summary Of Significant Accounting Policies (Allowance For Doubtful Accounts) (Details)
Summary Of Significant Accounting Policies (Cash, Cash Equivalents And Investments) (Details)
Summary Of Significant Accounting Policies (Earnings Per Share) (Details)
Summary Of Significant Accounting Policies (Freight Expenses) (Details)
Summary Of Significant Accounting Policies (Insurance Liabilities) (Details)
Summary Of Significant Accounting Policies (Inventories) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Product Development Costs) (Details)
Summary Of Significant Accounting Policies (Product Warranties) (Details)
Summary Of Significant Accounting Policies (Property, Plant And Equipment) (Details)
Summary Of Significant Accounting Policies (Tables)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Ticker: HNI
CIK: 48287
Form Type: 10-K Annual Report
Accession Number: 0000048287-20-000045
Submitted to the SEC: Tue Feb 25 2020 5:14:38 PM EST
Accepted by the SEC: Tue Feb 25 2020
Period: Saturday, December 28, 2019
Industry: Office Furniture No Wood

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