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Reportable Segment Information
9 Months Ended
Sep. 26, 2020
Segment Reporting [Abstract]  
Reportable Segment Information Reportable Segment Information
As discussed in "Note 1. Basis of Presentation", in the second quarter of 2020, the Corporation rebranded its reportable segments. These changes did not impact the Corporation's condensed consolidated financial statements or disclosures. Management views the Corporation as being in two reportable segments based on industries: workplace furnishings (formerly office furniture) and residential building products (formerly hearth products), with the former being the principal segment.

The aggregated workplace furnishings segment manufactures and markets a broad line of commercial and home office furniture which includes panel-based and freestanding furniture systems, seating, storage, tables, and architectural products.  The residential building products segment manufactures and markets a full array of gas, wood, electric, and pellet fueled fireplaces, inserts, stoves, facings, and accessories.

For purposes of segment reporting, intercompany sales between segments are not material, and operating profit is income before income taxes exclusive of certain unallocated general corporate expenses.  These unallocated general corporate expenses include the net costs of the Corporation's corporate operations.  Management views interest income and expense as corporate financing costs and not as a reportable segment cost.  In addition, management applies an effective income tax rate to its consolidated income before income taxes so income taxes are not reported or viewed internally on a segment basis. Identifiable assets by segment are those assets applicable to the respective industry segments. Corporate assets consist principally of cash and cash equivalents, short-term investments, long-term investments, IT infrastructure, and corporate office real estate and related equipment.

No geographic information for revenues from external customers or for long-lived assets is disclosed since 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 was as follows (in thousands):
 Three Months EndedNine Months Ended
September 26,
2020
September 28,
2019
September 26,
2020
September 28,
2019
Net Sales:
Workplace furnishings$353,361 $484,755 $999,827 $1,247,778 
Residential building products153,702 140,631 393,397 383,090 
Total$507,063 $625,386 $1,393,224 $1,630,868 
Income (Loss) Before Income Taxes:
Workplace furnishings$16,826 $51,162 $(8,619)$68,180 
Residential building products30,197 23,772 65,232 54,743 
General corporate(8,261)(14,278)(26,737)(35,342)
Operating income38,762 60,656 29,876 87,581 
Interest expense, net1,517 2,205 5,271 6,795 
Total$37,245 $58,451 $24,605 $80,786 
Depreciation and Amortization Expense:
Workplace furnishings$11,065 $11,232 $33,177 $33,540 
Residential building products2,351 2,291 6,976 6,521 
General corporate5,896 5,863 17,764 17,777 
Total$19,312 $19,386 $57,917 $57,838 
Capital Expenditures (including capitalized software):
Workplace furnishings$6,946 $6,524 $18,340 $29,190 
Residential building products2,695 3,204 5,874 10,779 
General corporate1,584 2,856 7,787 10,222 
Total$11,225 $12,584 $32,001 $50,191 
As of
September 26,
2020
As of
December 28, 2019
Identifiable Assets:
Workplace furnishings$714,896 $874,913 
Residential building products393,941 364,653 
General corporate265,888 212,946 
Total$1,374,725 $1,452,512