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Hni Corp (HNI) SEC Filing 10-K Annual report for the fiscal year ending Saturday, January 2, 2021

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

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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 EARNINGS FOR
FOURTH QUARTER AND FISCAL YEAR 2020

MUSCATINE, Iowa (March 1, 2021) –
HNI Corporation (NYSE: HNI) today announced sales for the full year ended January 2, 2021 of $1.955 billion and net income of $41.9 million. GAAP net income per diluted share was $0.98, compared to $2.54 in the prior year. Non-GAAP net income per diluted share was $1.79, compared to $2.59 in the prior year. GAAP to non-GAAP reconciliations follow the financial statements in this release.

Fourth quarter sales of $562.1 million were down 9 percent from year-ago levels, and fourth quarter net income was $22.6 million. GAAP net income per diluted share was $0.52, compared to $1.10 in the prior year. Non-GAAP net income per diluted share was $0.66, compared to $1.12 in the prior year.

Fourth Quarter Highlights
Double-digit revenue and profit growth in Residential Building Products. Fourth quarter segment revenue increased 15.9 percent organically year-over-year, while operating profit was 11.4 percent higher than the year-ago period.
Solid profitability in Workplace Furnishings. Fourth quarter segment operating profit exceeded $11 million, despite an 18.6 percent year-over-year top line contraction.
Strong cash flow generation. Fourth quarter operating cash flow totaled $71 million, and full year operating cash flow was $214 million. Full year operating cash flow was only slightly below the $219 million generated in fiscal year 2019 despite year-over-year total revenue and non-GAAP operating profit declines of 13 percent and 30 percent, respectively.
High quality balance sheet. Debt at the end of the fourth quarter totaled $175 million— unchanged from last quarter and prior-year levels. The Corporation’s gross leverage ratio remained low at 1.0x. Additionally, the Corporation ended the quarter with $116 million of cash, an increase of $7 million from the end of the third quarter and a $64 million increase from the end of fiscal year 2019. The quarter-ending balance sheet reflects the impacts of the acquisition of Design Public Group at the end of fiscal year 2020.

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The following information was filed by Hni Corp (HNI) on Monday, March 1, 2021 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
Acquisitions (Tables)
Acquisitions - Additional Information (Details)
Acquisitions - Purchase Price Allocation And Estimated Amortization (Details)
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 (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 - 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 (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 (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 Stock Option Activity) (Details)
Stock-Based Compensation (Psu Stock Option Activity) (Details)
Stock-Based Compensation (Rsu 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 (Inventories) (Details)
Summary Of Significant Accounting Policies (Leases) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Product Warranties) (Details)
Summary Of Significant Accounting Policies (Property, Plant And Equipment) (Details)
Summary Of Significant Accounting Policies (Recently Adopted Accounting Standards) (Details)
Summary Of Significant Accounting Policies (Research And Development Costs) (Details)
Summary Of Significant Accounting Policies (Self-Insurance) (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: 0000048287-21-000038
Submitted to the SEC: Tue Mar 02 2021 8:33:16 AM EST
Accepted by the SEC: Tue Mar 02 2021
Period: Saturday, January 2, 2021
Industry: Office Furniture No Wood

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