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Hni Corp (HNI) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, January 1, 2022

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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 2021

MUSCATINE, Iowa (February 28, 2022) –
HNI Corporation (NYSE: HNI) today announced sales for the full year ended January 1, 2022 of $2.184 billion and net income of $59.8 million. GAAP net income per diluted share was $1.36, compared to $0.98 in the prior year. Non-GAAP net income per diluted share was $1.63, compared to $1.79 in the prior year. GAAP to non-GAAP reconciliations follow the financial statements in this release.

Fourth quarter sales of $602.9 million were up 7 percent from year-ago levels, and fourth quarter net income was $8.2 million. GAAP net income per diluted share was $0.19, compared to $0.52 in the prior year. Non-GAAP net income per diluted share was $0.43, compared to $0.66 in the prior year.

Fourth Quarter Highlights
Multiple actions to improve long-term profitability in Workplace Furnishings. Segment profitability in Workplace Furnishings declined in the fourth quarter primarily driven by unfavorable price-cost. During the quarter, the Corporation took several actions to simplify its business and drive long-term profitability:
Business simplification. The Corporation implemented plans to exit a small office furniture brand and restructure an eCommerce business—both moves are consistent with the Corporation’s broader business simplification and margin-enhancement efforts.
Price-cost. The Corporation also implemented additional price increases across its brands to address inflationary pressures. As a result, the Corporation expects price-cost to be neutral in the first quarter and a positive contributor to second half 2022 profitability.
Labor capacity. The Corporation continued efforts to expand capacity, including the start-up of a seating manufacturing facility in Mexico. These efforts are expected to increasingly benefit segment revenue and profit as 2022 progresses.
High-teens operating profit in Residential Building Products. Production output and revenue in the Residential Building Products segment continued to be negatively impacted by labor availability, supply chain pressures, and COVID outbreaks. Despite these pressures, the segment posted operating profit margin above 18%. For the year, segment operating profit increased 30% to $142 million.
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The following information was filed by Hni Corp (HNI) on Monday, February 28, 2022 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

Audit Information
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 (Tables)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity - Changes In 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 - Share Repurchase (Details)
Acquisitions
Acquisitions (Tables)
Acquisitions - Narrative (Details)
Acquisitions - Purchase Price Allocation And Estimated Amortization (Details)
Debt
Debt (Tables)
Debt - Narrative (Details)
Debt - Schedule Of Debt (Details)
Debt - Schedule Of Maturities Of Debt (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 (Tables)
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)
Guarantees, Commitments And Contingencies
Guarantees, Commitments And Contingencies (Details)
Income Taxes
Income Taxes (Tables)
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 - 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 - Maturities Of Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Weighted-Average Remaining Lease Terms And Discount Rates For Operating And Finance Leases (Details)
Nature Of Operations
Post-Retirement Health Care
Post-Retirement Health Care (Tables)
Post-Retirement Health Care - Estimated Future Benefit Payments (Details)
Post-Retirement Health Care - Schedule Of Cost Of Retirement Plans (Details)
Post-Retirement Health Care Post-Retirement Health Care - Valuation Assumptions (Details)
Reportable Segment Information
Reportable Segment Information (Tables)
Reportable Segment Information - Business Segment Information (Details)
Restructuring
Restructuring - Narrative (Details)
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 - Contract Assets And Liabilities (Details)
Revenue From Contracts With Customers - Disaggregation Of Revenue (Details)
Revenue From Contracts With Customers - Narrative (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
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 - Valuation Assumptions (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
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 - Product Warranties (Details)
Summary Of Significant Accounting Policies - Property, Plant And Equipment (Details)
Summary Of Significant Accounting Policies - Research And Development Costs (Details)
Summary Of Significant Accounting Policies - Self-Insurance (Details)
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: 0000048287-22-000071
Submitted to the SEC: Tue Mar 01 2022 8:35:05 AM EST
Accepted by the SEC: Tue Mar 01 2022
Period: Saturday, January 1, 2022
Industry: Office Furniture No Wood

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