Acquisitions and Divestitures (Tables)

6 Months Ended

Jun. 29, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Total Fair Market Value of Consideration

The total 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 common 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 common 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 acquisition date fair value of purchase consideration			$	503.7

Schedule of Acquisition

The purchase price allocation at the date of acquisition, including measurement period adjustments made in the first quarter of 2024, is shown below. The one-year accounting measurement period closed in the second quarter of 2024, and the purchase price allocation was finalized with no additional adjustments recorded.

	Preliminary at December 30, 2023		Measurement period adjustments		Final
Goodwill	$	162.7	$	1.1	$	163.8
Intangible assets	110.1		—		110.1
Other assets acquired and liabilities assumed, net	231.0		(1.1)		229.9
Net Assets and Liabilities	$	503.7	$	—	$	503.7

The following table summarizes the results of Kimball International operations that are included in the Corporation's Condensed Consolidated Statement of Comprehensive Income for the three- and six-month periods ended June 29, 2024 and July 1, 2023. These amounts include the results of Poppin Furniture, Inc. ("Poppin") for the prior-year period during which it was owned by the Corporation. Poppin was determined not to require discontinued operations presentation as this entity was not material to the consolidated results of the prior periods presented.

	Three Months Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Net sales	$	139.6	$	56.0	$	287.1	$	56.0
Net income (loss)	$	10.1	$	(21.3)	$	16.3	$	(21.3)

Schedule of Acquired Identified Intangible Assets and Weighted Average Useful Lives

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

Category	Weighted-average useful life	Fair Value
Software	3 years	$	5.6
Customer lists and other	12 years	47.2
Acquired technology	18 years	16.5
Trademarks and trade names - Definite-lived	17 years	3.8
Trademarks and trade names - Indefinite-lived	Indefinite-lived	37.0
Total intangible assets		$	110.1

Schedule of Pro Forma Information

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		Six Months Ended
	July 1, 2023		July 1, 2023
Net sales	$	666.3	$	1,306.6
Net income	$	10.4	$	14.7