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Acquisitions and Divestitures (Tables)
 12 Months Ended
Dec. 28, 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 SharesHNI Shares ExchangedFair Value
Cash Consideration:
Shares of Kimball International common stock issued and outstanding as of June 1, 202336.4$327.8 
Kimball International equivalent shares0.22.3 
Total number of Kimball International shares for cash consideration36.6330.0 
Consideration for payment to settle Kimball International’s outstanding debt50.2 
Share Consideration:
Shares of Kimball International common stock issued and outstanding as of June 1, 202336.44.7120.8 
Replacement Share-Based Awards:
Outstanding awards of Kimball International restricted stock units relating to Kimball International common stock as of June 1, 20230.50.22.6 
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, 2023Measurement period adjustmentsFinal
Goodwill$162.7 $1.1 $163.8 
Intangible assets110.1 — 110.1 
Other assets acquired and liabilities assumed, net231.0 (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 Consolidated Statements of Comprehensive Income for the years ended December 28, 2024 and December 30, 2023. These amounts include the results of Poppin, 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 period presented.
20242023
Net sales$594.4 $361.4 
Net income (loss)$36.4 $(3.0)
Schedule of Purchase Price Allocation of Identifiable Tangible And Intangible Assets and Liabilities
The following table summarizes the acquired identified intangible assets and weighted average useful lives:
CategoryWeighted-average useful lifeFair Value
Software3 years$5.6 
Customer lists and other12 years47.2 
Acquired technology18 years16.5 
Trademarks and trade names – Definite-lived17 years3.8 
Trademarks and trade names – Indefinite-livedIndefinite-lived37.0 
Total intangible assets$110.1 
Schedule of Pro Forma Information
The following table provides, on a pro forma basis, the combined results of operations of HNI Corporation and Kimball International for the fiscal years ended December 30, 2023 and December 31, 2022, as though the acquisition and related financing had occurred as of January 2, 2022, the first day of the Corporation’s 2022 fiscal year. The pro forma results include certain purchase accounting adjustments such as: reclassifications to conform Kimball International’s results to the Corporation’s financial statement presentation; estimated depreciation and amortization expense on acquired tangible and intangible assets; estimated share-based compensation expense for Kimball International awards converted to the Corporation’s equity awards; interest associated with additional borrowings to finance the acquisition; non-recurring transaction costs as outlined above; and the impact to income tax expense. 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.
20232022
Net sales$2,698.1 $3,058.0 
Net income$82.8 $52.1