Business Segment Information

9 Months Ended

Sep. 28, 2013

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

Management views the Corporation as operating in two business segments: office furniture and hearth products with the former being the principal business segment.

The office furniture segment manufactures and markets a broad line of metal and wood office furniture which includes storage products, desks, credenzas, chairs, tables, bookcases, classroom solutions, freestanding office partitions and panel systems and other related products.  The hearth products segment manufactures and markets a broad line of manufactured gas, electric, wood and biomass burning fireplaces, inserts and stoves, facings and accessories, principally for the home.

For purposes of segment reporting, intercompany sales transfers between segments are not material and operating profit is income before income taxes exclusive of certain unallocated corporate expenses.  These unallocated corporate expenses include the net cost of the Corporation's corporate operations, interest income and interest expense.  Management views interest income and expense as corporate financing costs rather than a business segment cost.  In addition, management applies one effective tax rate to its consolidated income before income taxes so income taxes are not reported or viewed internally on a segment basis.

The Corporation's primary market and capital investments are concentrated in the United States.

Reportable segment data reconciled to the Corporation's condensed consolidated financial statements for the three and nine month periods ended September 28, 2013, and September 29, 2012, is as follows:

	Three Months Ended						Nine Months Ended
(In thousands)	September 28, 2013			September 29, 2012			September 28, 2013			September 29, 2012
Net Sales:
Office Furniture	$	466,213		$	467,787		$	1,268,214		$	1,264,953
Hearth Products	99,493			83,068			250,487			211,514
	$	565,706		$	550,855		$	1,518,701		$	1,476,467
Operating Profit:
Office furniture
Operations before restructuring charges	$	40,811		$	38,605		$	71,759		$	69,707
Restructuring and impairment charges	(115		)	(172		)	(236		)	(1,361		)
Office furniture – net	40,696			38,433			71,523			68,346
Hearth products	14,409			9,077			23,699			11,066
Total operating profit	55,105			47,510			95,222			79,412
Unallocated corporate expense	(12,658		)	(8,270		)	(34,633		)	(29,678		)
Income before income taxes	$	42,447		$	39,240		$	60,589		$	49,734
Depreciation & Amortization Expense:
Office furniture	$	9,257		$	8,542		$	27,384		$	25,423
Hearth products	1,274			1,454			4,039			4,519
General corporate	1,201			751			3,147			2,162
	$	11,732		$	10,747		$	34,570		$	32,104
Capital Expenditures (including capitalized software):
Office furniture	$	13,225		$	10,206		$	39,402		$	25,206
Hearth products	1,335			519			3,568			1,472
General corporate	5,723			8,868			16,619			17,981
	$	20,283		$	19,593		$	59,589		$	44,659
							As of			As of
							September 28, 2013			September 29, 2012
Identifiable Assets:
Office furniture							$	733,258		$	725,763
Hearth products							275,736			272,951
General corporate							118,362			124,068
							$	1,127,356		$	1,122,782