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Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity
 12 Months Ended
Jan. 01, 2022
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity Accumulated Other Comprehensive Income (Loss) and Shareholders’ Equity
Accumulated Other Comprehensive Income (Loss)
The following table summarizes the components of accumulated other comprehensive income (loss) and the changes in accumulated other comprehensive income (loss), net of tax, as applicable (in thousands):
Foreign Currency
Translation Adjustment		Unrealized Gains
(Losses) on Debt
Securities		Pension and Post-retirement
Liabilities		Derivative Financial
Instruments		Accumulated Other
Comprehensive Income (Loss)
Balance as of December 29, 2018$(2,973)$(156)$(2,929)$2,459 $(3,599)
Other comprehensive income (loss) before reclassifications61 318 (2,254)(1,739)(3,614)
Tax (expense) or benefit— (67)606 403 942 
Reclassification of stranded tax impact— — (1,185)446 (739)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax— — — (1,063)(1,063)
Balance as of December 28, 2019$(2,912)$95 $(5,762)$506 $(8,073)
Other comprehensive income (loss) before reclassifications1,439 335 (1,162)(3,242)(2,630)
Tax (expense) or benefit— (70)242 759 931 
Amounts reclassified from accumulated other comprehensive income (loss), net of tax402 — — 217 619 
Balance as of January 2, 2021$(1,071)$360 $(6,682)$(1,760)$(9,153)
Other comprehensive income (loss) before reclassifications417 (381)1,668 374 2,078 
Tax (expense) or benefit— 80 (430)(88)(438)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax— — — 738 738 
Balance as of January 1, 2022$(654)$59 $(5,444)$(736)$(6,775)
Amounts in parentheses indicate reductions to equity.

Interest Rate Swap
In 2019, the Corporation entered into an interest rate swap transaction to hedge $75 million of outstanding variable rate revolver borrowings against future interest rate volatility. Under the terms of this interest rate swap, the Corporation pays a fixed rate of 1.42 percent and receives one month LIBOR on a $75 million notional value expiring April 2023. As of January 1, 2022, the fair value of the Corporation's interest rate swap liability was $1.0 million; see "Note 9. Fair Value Measurements of Financial Instruments". The unrecognized change in value of the interest rate swap is reported net of tax as $(0.7) million in "Accumulated other comprehensive income (loss)" in the Consolidated Balance Sheets.

The following table details the reclassifications from accumulated other comprehensive income (loss) (in thousands):
Details about Accumulated Other Comprehensive Income (Loss) ComponentsAffected Line Item in the Statement Where Net Income is Presented202120202019
Derivative financial instruments
Interest rate swapInterest expense, net$(965)$(278)$1,392 
Income tax expense227 61 (329)
Foreign currency translation
   Foreign entity reorganizationSelling and administrative expenses— (402)— 
Net of tax$(738)$(619)$1,063 
Amounts in parentheses indicate reductions to profit.
Director Plan
In May 2017, the Corporation registered 300,000 shares of its common stock under its 2017 Equity Plan for Non-Employee Directors of HNI Corporation (the "2017 Director Plan"). The 2017 Director Plan permits the Corporation to issue to its non-employee directors options to purchase shares of Corporation common stock, restricted stock or restricted stock units of the Corporation, and awards of Corporation common stock.  The 2017 Director Plan also permits non-employee directors to elect to receive all or a portion of their annual retainers and other compensation in the form of shares of Corporation common stock.

Common stock was issued under the Director Plans as follows:
202120202019
Director Plan issued shares of common stock24,779 37,833 37,269 

Dividend
The Corporation declared and paid cash dividends per common share as follows (in dollars):
202120202019
Dividends per common shares$1.24 $1.22 $1.21 

Members' Stock Purchase Plan
During 2017, shareholders approved the HNI Corporation Members' Stock Purchase Plan (the "2017 MSPP"). Under the 2017 MSPP, 800,000 shares of common stock were registered for issuance to participating members.  Under the 2017 MSPP, rights to purchase stock are granted on a quarterly basis to all participating members who customarily work 20 hours or more per week and for five months or more in any calendar year.  The price of the stock purchased under the MSPP is 85 percent of the closing price on the exercise date.  No member may purchase stock under the MSPP in an amount which exceeds a maximum fair value of $25,000 in any calendar year.  The following table provides the details of stock under the MSPPs:
202120202019
Shares of common stock issued68,467 92,701 76,041 
Average price per share$34.49 $25.30 $30.67 

An additional 432,055 shares were available for issuance under the 2017 MSPP as of January 1, 2022.

Change in Control
The Corporation has entered into change in control employment agreements with certain officers.  According to the agreements, a change in control occurs when a third person or entity becomes the beneficial owner of 20 percent or more of the Corporation’s common stock, when more than one-third of the Board is composed of persons not recommended by at least three-fourths of the incumbent Board, upon certain business combinations involving the Corporation, or upon approval by the Corporation’s shareholders of a complete liquidation or dissolution.  Upon a change in control, a key member is deemed to have a two-year employment agreement with the Corporation, and all of his or her benefits vest under the Corporation’s compensation plans.  If, at any time within two years of the change in control, his or her employment is terminated by the Corporation for any reason other than cause or disability, or by the key member for good reason, as such terms are defined in the agreement, then the key member is entitled to receive, among other benefits, a severance payment equal to two times (three times for the Corporation’s Chairman, President, and Chief Executive Officer) annual salary and the average of the prior two years' bonuses.

Stock Repurchase
The par value method of accounting is used for common stock repurchases. The following table summarizes shares repurchased and settled by the Corporation (in thousands, except share and per share data):
202120202019
Shares repurchased1,515,067 214,200 2,286,200 
Average price per share$39.89 $29.83 $36.70 
Cash purchase price$(60,436)$(6,390)$(83,907)
Purchases unsettled as of year end1,269 — 374 
Prior year purchases settled in current year— (374)(354)
Shares repurchased per cash flow$(59,167)$(6,764)$(83,887)
As of January 1, 2022, approximately $97.9 million of the Board's current repurchase authorization remained unspent.