Reportable Segment Information

3 Months Ended

Apr. 02, 2022

Segment Reporting [Abstract]

Reportable Segment Information

Reportable Segment Information

Management views the Corporation as two reportable segments based on industries: workplace furnishings and residential building products.

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 Ended
	April 2, 2022		April 3, 2021
Net Sales:
Workplace furnishings	$	353,106	$	302,748
Residential building products	219,222		181,545
Total	$	572,328	$	484,293
Income (Loss) Before Income Taxes:
Workplace furnishings	$	(6,420)	$	(3,071)
Residential building products	40,382		39,849
General corporate	(13,525)		(14,178)
Operating income	20,437		22,600
Interest expense, net	1,986		1,755
Total	$	18,451	$	20,845
Depreciation and Amortization Expense:
Workplace furnishings	$	11,524	$	11,984
Residential building products	3,063		2,410
General corporate	6,511		6,069
Total	$	21,098	$	20,463
Capital Expenditures (including capitalized software):
Workplace furnishings	$	8,217	$	10,487
Residential building products	5,754		4,710
General corporate	4,265		3,767
Total	$	18,236	$	18,964
	As of April 2, 2022		As of January 1, 2022
Identifiable Assets:
Workplace furnishings	$	850,998	$	808,963
Residential building products	498,060		479,462
General corporate	175,946		209,472
Total	$	1,525,004	$	1,497,897