Reportable Segment Information

3 Months Ended

Mar. 30, 2024

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, which includes the recently acquired Kimball International business, designs, manufactures, and markets a broad line of commercial office furniture, which includes panel-based and freestanding furniture systems, seating, storage, benching, tables, architectural products, social collaborative items, ancillary products, and hospitality products. The residential building products segment manufactures and markets a full array of gas, wood, electric, and pellet-fueled fireplaces, inserts, stoves, facings, outdoor fire pits and fire tables, 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 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:

	Three Months Ended
	March 30, 2024		April 1, 2023
Net Sales:
Workplace furnishings	$	439.8	$	299.6
Residential building products	148.2		179.4
Total	$	588.0	$	479.1
Income (Loss) Before Income Taxes:
Workplace furnishings	$	26.3	$	(4.0)
Residential building products	21.4		28.1
General corporate	(18.0)		(17.7)
Operating income	29.7		6.4
Interest expense, net	7.6		2.7
Total	$	22.0	$	3.8
Depreciation and Amortization Expense:
Workplace furnishings	$	17.8	$	11.2
Residential building products	3.5		3.3
General corporate	5.1		5.7
Total	$	26.4	$	20.1
Capital Expenditures (including capitalized software):
Workplace furnishings	$	6.2	$	13.9
Residential building products	2.5		5.0
General corporate	2.5		1.1
Total	$	11.2	$	20.0
	As of March 30, 2024		As of December 30, 2023
Identifiable Assets:
Workplace furnishings	$	1,302.9	$	1,311.4
Residential building products	471.3		467.1
General corporate	138.3		150.3
Total	$	1,912.6	$	1,928.8