Acquisitions and Divestitures (Tables)

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions by Acquisition, Contingent Consideration

The total preliminary fair market value of consideration was approximately $503.7 million, which is allocated as follows:

	Kimball International Shares	HNI Shares Exchanged	Fair Value
Cash Consideration:
Shares of Kimball International stock issued and outstanding as of June 1, 2023	36.4		$	327.8
Kimball International equivalent shares	0.2		2.3
Total number of Kimball International shares for cash consideration	36.6		330.0
Consideration for payment to settle Kimball International's outstanding debt			50.2
Share Consideration:
Shares of Kimball International stock issued and outstanding as of June 1, 2023	36.4	4.7	120.8
Replacement Share-Based Awards:
Outstanding awards of Kimball International restricted stock units relating to Kimball International Common Stock as of June 1, 2023	0.5	0.2	2.6
Total preliminary acquisition date fair value of purchase consideration			$	503.7

Schedule of Assets and Liabilities Held For Sale in the Condensed Consolidated Balance Sheets

The preliminary purchase price allocation of identifiable tangible and intangible assets and liabilities as of the date of acquisition is as follows:

	Fair Value
Assets
Cash and cash equivalents	$	10.5
Short-term investments	4.2
Receivables	47.2
Inventories, net	75.0
Prepaid expenses and other current assets	12.7
Assets held for sale	13.2
Property, plant, and equipment	201.4
Right-of-use operating leases	22.7
Goodwill	189.6
Intangible assets	85.5
Other assets	7.1
Total Assets	$	669.1
Liabilities
Accounts payable and accrued expenses	$	95.1
Current lease obligations - operating	3.9
Liabilities held for sale	10.1
Long-term lease obligations - operating	19.0
Other long-term liabilities	10.0
Deferred income taxes	27.3
Total Liabilities	$	165.4
Net Assets and Liabilities	$	503.7

The following table summarizes the acquired identified intangible assets and weighted average useful lives:

Category	Weighted-average useful life	Fair Value
Software	3 years	$	11.8
Customer lists and other	10 years	37.3
Acquired technology	17 years	16.5
Trademarks and trade names - Definite-lived	17 years	1.9
Trademarks and trade names - Indefinite-lived	Indefinite-lived	18.0
Total intangible assets		$	85.5

The assets and liabilities of Lamex which were disposed of in conjunction with the sale are as follows:

	As of July 20, 2022
Assets:
Cash and cash equivalents	$	5.5
Receivables	20.1
Allowance for doubtful accounts	(0.5)
Inventories, net	6.9
Prepaid expenses and other current assets	6.4
Buildings	6.2
Machinery and equipment	25.9
Accumulated depreciation	(17.0)
Right-of-use - Operating Leases	5.8
Goodwill and Other Intangible Assets, net	10.9
Total Assets	$	70.4
Liabilities:
Accounts payable and accrued expenses	$	36.1
Current lease obligations - Operating	1.7
Long-Term Lease Obligations - Operating	4.9
Deferred Income Taxes	0.1
Total Liabilities	$	42.7

Schedule of Business Acquisition, Pro Forma Information

Poppin was determined not to require discontinued operations presentation as this entity is not material to the consolidated results of the periods presented.

	Three Months Ended		Nine Months Ended
	September 30, 2023		September 30, 2023
Net sales	$	158.0	$	214.0
Net income (loss)	$	0.7	$	(20.6)

This pro forma information is not necessarily reflective of what the Corporation's results would have been had the acquisition occurred on the date indicated, nor is it indicative of future results.

	Three Months Ended				Nine Months Ended
	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Net sales	$	711.6	$	770.6	$	2,018.3	$	2,312.3
Net income	$	42.0	$	64.2	$	55.4	$	79.5