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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 10-Q
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(MARK ONE)
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/ X / QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended April 2, 2016
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OR
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/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from ____________________ to ____________________
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Commission File Number: 1-14225
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HNI Corporation
(Exact name of registrant as specified in its charter)
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Iowa
(State or other jurisdiction of
incorporation or organization)
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42-0617510
(I.R.S. Employer
Identification Number)
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P. O. Box 1109, 408 East Second Street
Muscatine, Iowa 52761-0071
(Address of principal executive offices)
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52761-0071
(Zip Code)
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Registrant's telephone number, including area code: 563/272-7400
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YES
x
NO
o
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Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
YES
x
NO
o
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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x
Accelerated filer
o
Non-accelerated filer
o
(Do not check if a smaller reporting company) Smaller reporting company
o
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES
o
NO
x
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Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practical date.
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Class
Common Shares, $1 Par Value
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Outstanding at April 2, 2016 45,375,427
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HNI CORPORATION AND SUBSIDIARIES
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INDEX
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PART I. FINANCIAL INFORMATION
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Page
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Item 1. Financial Statements (Unaudited)
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Condensed Consolidated Balance Sheets - April 2, 2016 and January 2, 2016
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Condensed Consolidated Statements of Comprehensive Income - Three Months Ended April 2, 2016 and April 4, 2015
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Consolidated Statements of Equity - April 2, 2016 and April 4, 2015
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Condensed Consolidated Statements of Cash Flows - Three Months Ended April 2, 2016 and April 4, 2015
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Notes to Condensed Consolidated Financial Statements
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
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Item 4. Controls and Procedures
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PART II. OTHER INFORMATION
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Item 1. Legal Proceedings
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Item 1A. Risk Factors
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
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Item 3. Defaults Upon Senior Securities - None
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-
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Item 4. Mine Safety Disclosures - Not Applicable
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-
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Item 5. Other Information - None
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-
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Item 6. Exhibits
|
|
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SIGNATURES
|
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EXHIBIT INDEX
|
|
|
HNI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
|||||||
|
|
April 2,
2016 |
|
January 2,
2016 |
||||
|
|
|
||||||
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ASSETS
|
(In thousands)
|
||||||
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CURRENT ASSETS
|
|
|
|
||||
|
Cash and cash equivalents
|
$
|
38,566
|
|
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$
|
28,548
|
|
|
Short-term investments
|
4,952
|
|
|
4,252
|
|
||
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Receivables
|
218,179
|
|
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243,409
|
|
||
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Inventories
|
147,928
|
|
|
125,228
|
|
||
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Prepaid expenses and other current assets
|
33,870
|
|
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36,933
|
|
||
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Total Current Assets
|
443,495
|
|
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438,370
|
|
||
|
|
|
|
|
||||
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PROPERTY, PLANT, AND EQUIPMENT
|
|
|
|
|
|||
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Land and land improvements
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29,240
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28,801
|
|
||
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Buildings
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303,644
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298,516
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Machinery and equipment
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530,572
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515,131
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||
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Construction in progress
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24,720
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31,986
|
|
||
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888,176
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874,434
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||
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Less accumulated depreciation
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540,867
|
|
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533,275
|
|
||
|
|
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||||
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Net Property, Plant, and Equipment
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347,309
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|
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341,159
|
|
||
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||||
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GOODWILL
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294,262
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|
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277,650
|
|
||
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||||
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DEFERRED TAX CHARGES
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332
|
|
|
—
|
|
||
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|
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||||
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OTHER ASSETS
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226,054
|
|
|
206,746
|
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||
|
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|
||||
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Total Assets
|
$
|
1,311,452
|
|
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$
|
1,263,925
|
|
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HNI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
|||||||
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|
April 2,
2016 |
|
January 2,
2016 |
||||
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|
|
||||||
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LIABILITIES AND EQUITY
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(In thousands, except share and per share value data)
|
||||||
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CURRENT LIABILITIES
|
|
|
|
||||
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Accounts payable and accrued expenses
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$
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349,841
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|
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$
|
424,405
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Note payable and current maturities of long-term
debt and capital lease obligations
|
105,293
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5,477
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|
||
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Current maturities of other long-term obligations
|
4,073
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6,018
|
|
||
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Total Current Liabilities
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459,207
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435,900
|
|
||
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||||
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LONG-TERM DEBT
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195,000
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185,000
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||||
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OTHER LONG-TERM LIABILITIES
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77,315
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76,792
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||
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||||
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DEFERRED INCOME TAXES
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91,365
|
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88,934
|
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||
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|
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|
||||
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COMMITMENTS AND CONTINGENCIES
|
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||||
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EQUITY
|
|
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|
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HNI Corporation shareholders' equity:
|
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|
||
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Capital Stock:
|
|
|
|
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|
||
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Preferred, $1 par value, authorized 2,000,000 shares, no shares outstanding
|
—
|
|
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—
|
|
||
|
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|
|
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||||
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Common, $1 par value, authorized 200,000,000 shares, outstanding -
|
|
|
|
|
|
||
|
April 2, 2016 – 44,375,427 shares;
|
|
|
|
|
|
||
|
January 2, 2016 – 44,158,256 shares
|
44,375
|
|
|
44,158
|
|
||
|
|
|
|
|
||||
|
Additional paid-in capital
|
15,689
|
|
|
4,407
|
|
||
|
Retained earnings
|
433,659
|
|
|
433,575
|
|
||
|
Accumulated other comprehensive income(loss)
|
(5,502
|
)
|
|
(5,186
|
)
|
||
|
Total HNI Corporation shareholders' equity
|
488,221
|
|
|
476,954
|
|
||
|
|
|
|
|
||||
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Noncontrolling interest
|
344
|
|
|
345
|
|
||
|
|
|
|
|
||||
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Total Equity
|
488,565
|
|
|
477,299
|
|
||
|
|
|
|
|
||||
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Total Liabilities and Equity
|
$
|
1,311,452
|
|
|
$
|
1,263,925
|
|
|
HNI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
|
|||||||
|
|
Three Months Ended
|
||||||
|
|
April 2,
2016 |
|
April 4,
2015 |
||||
|
|
|
||||||
|
|
(In thousands, except share and per share data)
|
||||||
|
Net sales
|
$
|
501,037
|
|
|
$
|
523,477
|
|
|
Cost of sales
|
315,326
|
|
|
338,977
|
|
||
|
Gross profit
|
185,711
|
|
|
184,500
|
|
||
|
Selling and administrative expenses
|
165,106
|
|
|
168,704
|
|
||
|
Restructuring charges
|
1,086
|
|
|
377
|
|
||
|
Operating income
|
19,519
|
|
|
15,419
|
|
||
|
Interest income
|
78
|
|
|
90
|
|
||
|
Interest expense
|
1,874
|
|
|
1,989
|
|
||
|
Income before income taxes
|
17,723
|
|
|
13,520
|
|
||
|
Income taxes
|
5,881
|
|
|
5,068
|
|
||
|
Net income
|
11,842
|
|
|
8,452
|
|
||
|
Less: Net loss attributable to the noncontrolling interest
|
(1
|
)
|
|
(26
|
)
|
||
|
Net income attributable to HNI Corporation
|
$
|
11,843
|
|
|
$
|
8,478
|
|
|
|
|
|
|
||||
|
Net income attributable to HNI Corporation per common share – basic
|
$
|
0.27
|
|
|
$
|
0.19
|
|
|
Average number of common shares outstanding – basic
|
44,258,357
|
|
|
44,303,788
|
|
||
|
Net income attributable to HNI Corporation per common share – diluted
|
$
|
0.26
|
|
|
$
|
0.19
|
|
|
Average number of common shares outstanding – diluted
|
45,039,918
|
|
|
45,523,785
|
|
||
|
Cash dividends per common share
|
$
|
0.265
|
|
|
$
|
0.25
|
|
|
|
|
|
|
||||
|
|
|
|
|
||||
|
Other comprehensive income/(loss), net of tax: three months 2016 $(332); 2015 $134
|
(316
|
)
|
|
319
|
|
||
|
Comprehensive income
|
11,526
|
|
|
8,771
|
|
||
|
Less: Comprehensive (loss) attributable to noncontrolling interest
|
(1
|
)
|
|
(26
|
)
|
||
|
Comprehensive income attributable to HNI Corporation
|
$
|
11,527
|
|
|
$
|
8,797
|
|
|
HNI CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
|
|||||||||||||||||||||||
|
(In thousands)
|
Common
Stock
|
|
|
Additional
Paid-in
Capital
|
|
|
Retained
Earnings
|
|
|
Accumulated Other
Comprehensive
(Loss)/Income
|
|
|
Non-
controlling
Interest
|
|
|
Total
Shareholders’
Equity
|
|
||||||
|
Balance, January 2, 2016
|
$
|
44,158
|
|
|
$
|
4,407
|
|
|
$
|
433,575
|
|
|
$
|
(5,186
|
)
|
|
$
|
345
|
|
|
$
|
477,299
|
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net income (loss)
|
—
|
|
|
—
|
|
|
11,843
|
|
|
—
|
|
|
(1
|
)
|
|
11,842
|
|
||||||
|
Other comprehensive (loss) (net of tax)
|
—
|
|
|
—
|
|
|
—
|
|
|
(316
|
)
|
|
—
|
|
|
(316
|
)
|
||||||
|
Change in ownership of noncontrolling interest
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
||||||
|
Cash dividends; $0.265 per share
|
—
|
|
|
—
|
|
|
(11,759
|
)
|
|
—
|
|
|
—
|
|
|
(11,759
|
)
|
||||||
|
Common shares – treasury:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Shares purchased
|
(49
|
)
|
|
(1,643
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,692
|
)
|
||||||
|
Shares issued under Members’ Stock Purchase Plan and stock awards
|
266
|
|
|
12,925
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,191
|
|
||||||
|
Balance, April 2, 2016
|
$
|
44,375
|
|
|
$
|
15,689
|
|
|
$
|
433,659
|
|
|
$
|
(5,502
|
)
|
|
$
|
344
|
|
|
$
|
488,565
|
|
|
(In thousands)
|
Common
Stock
|
|
|
Additional
Paid-in
Capital
|
|
|
Retained
Earnings
|
|
|
Accumulated Other
Comprehensive
(Loss)/Income
|
|
|
Non-
controlling
Interest
|
|
|
Total
Shareholders’
Equity
|
|
||||||
|
Balance, January 3, 2015
|
$
|
44,166
|
|
|
$
|
867
|
|
|
$
|
374,929
|
|
|
$
|
(5,375
|
)
|
|
$
|
(86
|
)
|
|
$
|
414,501
|
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net income (loss)
|
—
|
|
|
—
|
|
|
8,478
|
|
|
—
|
|
|
(26
|
)
|
|
8,452
|
|
||||||
|
Other comprehensive (loss) (net of tax)
|
—
|
|
|
—
|
|
|
—
|
|
|
319
|
|
|
—
|
|
|
319
|
|
||||||
|
Change in ownership of noncontrolling interest
|
—
|
|
|
—
|
|
|
(462
|
)
|
|
—
|
|
|
462
|
|
|
—
|
|
||||||
|
Cash dividends; $0.25 per share
|
—
|
|
|
—
|
|
|
(11,117
|
)
|
|
—
|
|
|
—
|
|
|
(11,117
|
)
|
||||||
|
Common shares – treasury:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Shares purchased
|
(104
|
)
|
|
(5,190
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,294
|
)
|
||||||
|
Shares issued under Members’ Stock Purchase Plan and stock awards
|
423
|
|
|
20,296
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,719
|
|
||||||
|
Balance, April 4, 2015
|
$
|
44,485
|
|
|
$
|
15,973
|
|
|
$
|
371,828
|
|
|
$
|
(5,056
|
)
|
|
$
|
350
|
|
|
$
|
427,580
|
|
|
HNI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|||||||
|
|
Three Months Ended
|
||||||
|
|
April 2, 2016
|
|
April 4, 2015
|
||||
|
|
(In thousands)
|
||||||
|
Net Cash Flows From (To) Operating Activities:
|
|
|
|
||||
|
Net income
|
$
|
11,842
|
|
|
$
|
8,452
|
|
|
Noncash items included in net income:
|
|
|
|
|
|
||
|
Depreciation and amortization
|
15,251
|
|
|
13,860
|
|
||
|
Other postretirement and post employment benefits
|
411
|
|
|
417
|
|
||
|
Stock-based compensation
|
5,340
|
|
|
3,485
|
|
||
|
Excess tax benefits from stock compensation
|
(6
|
)
|
|
(1,313
|
)
|
||
|
Deferred income taxes
|
2,711
|
|
|
2,084
|
|
||
|
(Gain) loss on sale, retirement and impairment of long-lived assets and intangibles, net
|
60
|
|
|
76
|
|
||
|
Other – net
|
1,589
|
|
|
2,405
|
|
||
|
Net increase (decrease) in operating assets and liabilities
|
(54,239
|
)
|
|
(80,938
|
)
|
||
|
Increase (decrease) in other liabilities
|
(3,189
|
)
|
|
2,155
|
|
||
|
Net cash flows from (to) operating activities
|
(20,230
|
)
|
|
(49,317
|
)
|
||
|
|
|
|
|
||||
|
Net Cash Flows From (To) Investing Activities:
|
|
|
|
|
|
||
|
Capital expenditures
|
(21,270
|
)
|
|
(20,085
|
)
|
||
|
Proceeds from sale of property, plant and equipment
|
151
|
|
|
52
|
|
||
|
Capitalized software
|
(6,187
|
)
|
|
(8,138
|
)
|
||
|
Acquisition spending, net of cash acquired
|
(34,064
|
)
|
|
—
|
|
||
|
Purchase of investments
|
(958
|
)
|
|
—
|
|
||
|
Sales or maturities of investments
|
900
|
|
|
—
|
|
||
|
Other – net
|
502
|
|
|
—
|
|
||
|
Net cash flows from (to) investing activities
|
(60,926
|
)
|
|
(28,171
|
)
|
||
|
|
|
|
|
||||
|
Net Cash Flows From (To) Financing Activities:
|
|
|
|
|
|
||
|
Proceeds from sales of HNI Corporation common stock
|
1,005
|
|
|
8,954
|
|
||
|
Purchase of HNI Corporation common stock
|
(1,692
|
)
|
|
(5,294
|
)
|
||
|
Proceeds from note and long-term debt
|
273,154
|
|
|
130,524
|
|
||
|
Payments of note and long-term debt and other financing
|
(169,540
|
)
|
|
(55,567
|
)
|
||
|
Excess tax benefits from stock compensation
|
6
|
|
|
1,313
|
|
||
|
Dividends paid
|
(11,759
|
)
|
|
(11,117
|
)
|
||
|
Net cash flows from (to) financing activities
|
91,174
|
|
|
68,813
|
|
||
|
|
|
|
|
||||
|
Net increase (decrease) in cash and cash equivalents
|
10,018
|
|
|
(8,675
|
)
|
||
|
Cash and cash equivalents at beginning of period
|
28,548
|
|
|
34,144
|
|
||
|
Cash and cash equivalents at end of period
|
$
|
38,566
|
|
|
$
|
25,469
|
|
|
(In thousands)
|
|
April 2, 2016
|
|
January 2, 2016
|
||||
|
|
|
|||||||
|
Finished products
|
|
$
|
91,794
|
|
|
$
|
68,478
|
|
|
Materials and work in process
|
|
81,244
|
|
|
81,860
|
|
||
|
LIFO allowance
|
|
(25,110
|
)
|
|
(25,110
|
)
|
||
|
|
|
$
|
147,928
|
|
|
$
|
125,228
|
|
|
(In thousands)
|
|
Foreign Currency Translation Adjustment
|
|
Unrealized Gains (Losses) on Marketable Securities
|
|
Pension Postretirement Liability
|
|
Derivative Financial Instruments
|
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||||
|
Balance at January 2, 2016
|
|
$
|
322
|
|
|
$
|
(2
|
)
|
|
$
|
(5,506
|
)
|
|
$
|
—
|
|
|
$
|
(5,186
|
)
|
|
Other comprehensive income (loss) before reclassifications
|
|
157
|
|
|
50
|
|
|
|
|
|
(582
|
)
|
|
(375
|
)
|
|||||
|
Amounts reclassified from accumulated other comprehensive (income)loss
|
|
|
|
|
|
|
|
|
|
|
59
|
|
|
59
|
|
|||||
|
Balance at April 2, 2016
|
|
$
|
479
|
|
|
$
|
48
|
|
|
$
|
(5,506
|
)
|
|
$
|
(523
|
)
|
|
$
|
(5,502
|
)
|
|
|
|
|
|
Three Months Ended
|
||||||
|
Details about Accumulated Other Comprehensive Income (Loss) Components
|
|
Affected Line Item in the Statement Where Net Income Is Presented
|
|
April 2, 2016
|
|
April 4, 2015
|
||||
|
Derivative financial instruments
|
|
|
|
|
|
|
||||
|
Interest rate swap
|
|
Selling and administrative expenses
|
|
$
|
(93
|
)
|
|
$
|
—
|
|
|
|
|
Tax (expense) or benefit
|
|
34
|
|
|
—
|
|
||
|
|
|
Net of tax
|
|
$
|
(59
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||
|
Diesel hedge
|
|
Selling and administrative expenses
|
|
$
|
—
|
|
|
$
|
(694
|
)
|
|
|
|
Tax (expense) or benefit
|
|
—
|
|
|
232
|
|
||
|
|
|
Net of tax
|
|
$
|
—
|
|
|
$
|
(462
|
)
|
|
Net
|
|
|
|
$
|
(59
|
)
|
|
$
|
(462
|
)
|
|
|
|
Three Months Ended
|
||||||
|
(In thousands, except per share data)
|
|
April 2, 2016
|
|
April 4, 2015
|
||||
|
Numerators:
|
|
|
|
|
||||
|
Numerator for both basic and diluted EPS attributable to HNI Corporation net income
|
|
$
|
11,843
|
|
|
$
|
8,478
|
|
|
Denominators:
|
|
|
|
|
|
|
||
|
Denominator for basic EPS weighted-average common shares outstanding
|
|
44,258
|
|
|
44,304
|
|
||
|
Potentially dilutive shares from stock-based compensation plans
|
|
782
|
|
|
1,220
|
|
||
|
Denominator for diluted EPS
|
|
45,040
|
|
|
45,524
|
|
||
|
Earnings per share – basic
|
|
$
|
0.27
|
|
|
$
|
0.19
|
|
|
Earnings per share – diluted
|
|
$
|
0.26
|
|
|
$
|
0.19
|
|
|
(In thousands)
|
|
Severance
|
|
Facility Exit Costs & Other
|
|
Total
|
||||||
|
Balance as of January 2, 2016
|
|
$
|
206
|
|
|
$
|
15
|
|
|
$
|
221
|
|
|
Restructuring charges
|
|
416
|
|
|
670
|
|
|
1,086
|
|
|||
|
Cash payments
|
|
(121
|
)
|
|
(670
|
)
|
|
(791
|
)
|
|||
|
Balance as of April 2, 2016
|
|
$
|
501
|
|
|
$
|
15
|
|
|
$
|
516
|
|
|
|
|
April 2, 2016
|
|
January 2, 2016
|
||||||||||||||||||||
|
(In thousands)
|
|
Gross
|
|
Accumulated Amortization
|
|
Net
|
|
Gross
|
|
Accumulated Amortization
|
|
Net
|
||||||||||||
|
Patents
|
|
$
|
18,645
|
|
|
$
|
18,617
|
|
|
$
|
28
|
|
|
$
|
18,645
|
|
|
$
|
18,615
|
|
|
$
|
30
|
|
|
Software
|
|
130,585
|
|
|
22,178
|
|
|
108,407
|
|
|
122,892
|
|
|
21,193
|
|
|
101,699
|
|
||||||
|
Trademarks and trade names
|
|
8,564
|
|
|
893
|
|
|
7,671
|
|
|
6,564
|
|
|
753
|
|
|
5,811
|
|
||||||
|
Customer lists and other
|
|
114,852
|
|
|
59,978
|
|
|
54,874
|
|
|
105,586
|
|
|
60,063
|
|
|
45,523
|
|
||||||
|
Net definite lived intangible assets
|
|
$
|
272,646
|
|
|
$
|
101,666
|
|
|
$
|
170,980
|
|
|
$
|
253,687
|
|
|
$
|
100,624
|
|
|
$
|
153,063
|
|
|
(In millions)
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
||||||||||
|
Amortization expense
|
|
$
|
13.2
|
|
|
$
|
19.7
|
|
|
$
|
19.9
|
|
|
$
|
19.0
|
|
|
$
|
18.6
|
|
|
(In thousands)
|
|
Office
Furniture
|
|
Hearth
Products
|
|
Total
|
||||||
|
Balance as of January 2, 2016
|
|
|
|
|
|
|
||||||
|
Goodwill
|
|
$
|
149,718
|
|
|
$
|
183,199
|
|
|
$
|
332,917
|
|
|
Accumulated impairment losses
|
|
(55,124
|
)
|
|
(143
|
)
|
|
(55,267
|
)
|
|||
|
Net goodwill balance as of January 2, 2016
|
|
94,594
|
|
|
183,056
|
|
|
277,650
|
|
|||
|
Goodwill acquired
|
|
16,615
|
|
|
—
|
|
|
16,615
|
|
|||
|
Foreign currency translation adjustments
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|||
|
Balance as of April 2, 2016
|
|
|
|
|
|
|
|
|
||||
|
Goodwill
|
|
166,330
|
|
|
183,199
|
|
|
349,529
|
|
|||
|
Accumulated impairment losses
|
|
(55,124
|
)
|
|
(143
|
)
|
|
(55,267
|
)
|
|||
|
Net goodwill balance as of April 2, 2016
|
|
$
|
111,206
|
|
|
$
|
183,056
|
|
|
$
|
294,262
|
|
|
|
|
Three Months Ended
|
||||||
|
(In thousands)
|
|
April 2, 2016
|
|
April 4, 2015
|
||||
|
Balance at beginning of period
|
|
$
|
16,227
|
|
|
$
|
16,719
|
|
|
Accruals for warranties issued during period
|
|
5,480
|
|
|
6,102
|
|
||
|
Adjustments related to pre-existing warranties
|
|
281
|
|
|
339
|
|
||
|
Settlements made during the period
|
|
(5,831
|
)
|
|
(6,381
|
)
|
||
|
Balance at end of period
|
|
$
|
16,157
|
|
|
$
|
16,779
|
|
|
|
|
Three Months Ended
|
||||||
|
(In thousands)
|
|
April 2, 2016
|
|
April 4, 2015
|
||||
|
Service cost
|
|
$
|
185
|
|
|
$
|
201
|
|
|
Interest cost
|
|
211
|
|
|
204
|
|
||
|
Amortization of (gain)/loss
|
|
15
|
|
|
59
|
|
||
|
Net periodic benefit cost
|
|
$
|
411
|
|
|
$
|
464
|
|
|
(In thousands)
|
|
Fair value as of measurement date
|
|
Quoted prices in active markets for identical assets
(Level 1)
|
|
Significant other observable inputs
(Level 2)
|
|
Significant unobservable inputs
(Level 3)
|
||||||||
|
Government securities
|
|
$
|
9,378
|
|
|
$
|
—
|
|
|
$
|
9,378
|
|
|
$
|
—
|
|
|
Corporate bonds
|
|
$
|
2,820
|
|
|
$
|
—
|
|
|
$
|
2,820
|
|
|
$
|
—
|
|
|
Derivative financial instruments
|
|
$
|
(1,667
|
)
|
|
$
|
—
|
|
|
$
|
(1,667
|
)
|
|
$
|
—
|
|
|
(In thousands)
|
|
Fair value as of measurement date
|
|
Quoted prices in active markets for identical assets
(Level 1)
|
|
Significant other observable inputs
(Level 2)
|
|
Significant unobservable inputs
(Level 3)
|
||||||||
|
Government securities
|
|
$
|
9,663
|
|
|
$
|
—
|
|
|
$
|
9,663
|
|
|
$
|
—
|
|
|
Corporate bonds
|
|
$
|
2,405
|
|
|
$
|
—
|
|
|
$
|
2,405
|
|
|
$
|
—
|
|
|
Derivative financial instruments
|
|
$
|
(1,252
|
)
|
|
$
|
—
|
|
|
$
|
(1,252
|
)
|
|
$
|
—
|
|
|
|
Three Months Ended
|
||||||
|
(In thousands)
|
April 2, 2016
|
|
April 4, 2015
|
||||
|
Net Sales:
|
|
|
|
||||
|
Office Furniture
|
$
|
387,339
|
|
|
$
|
407,429
|
|
|
Hearth Products
|
113,698
|
|
|
116,048
|
|
||
|
|
$
|
501,037
|
|
|
$
|
523,477
|
|
|
Operating Profit:
|
|
|
|
||||
|
Office furniture
|
21,300
|
|
|
20,152
|
|
||
|
Hearth products
|
12,561
|
|
|
12,501
|
|
||
|
Total operating profit
|
33,861
|
|
|
32,653
|
|
||
|
Unallocated corporate expense
|
(16,138
|
)
|
|
(19,133
|
)
|
||
|
Income before income taxes
|
$
|
17,723
|
|
|
$
|
13,520
|
|
|
|
|
|
|
||||
|
Depreciation & Amortization Expense:
|
|
|
|
||||
|
Office furniture
|
$
|
10,693
|
|
|
$
|
10,377
|
|
|
Hearth products
|
2,656
|
|
|
1,958
|
|
||
|
General corporate
|
1,902
|
|
|
1,525
|
|
||
|
|
$
|
15,251
|
|
|
$
|
13,860
|
|
|
|
|
|
|
||||
|
Capital Expenditures (including capitalized software):
|
|
|
|
||||
|
Office furniture
|
$
|
16,468
|
|
|
$
|
14,551
|
|
|
Hearth products
|
2,553
|
|
|
2,404
|
|
||
|
General corporate
|
8,436
|
|
|
11,268
|
|
||
|
|
$
|
27,457
|
|
|
$
|
28,223
|
|
|
|
|
|
|
||||
|
|
As of
|
|
As of
|
||||
|
(In thousands)
|
April 2,
2016 |
|
January 2,
2016 |
||||
|
Identifiable Assets:
|
|
|
|
||||
|
Office furniture
|
$
|
764,741
|
|
|
$
|
739,915
|
|
|
Hearth products
|
348,194
|
|
|
341,813
|
|
||
|
General corporate
|
198,517
|
|
|
182,197
|
|
||
|
|
$
|
1,311,452
|
|
|
$
|
1,263,925
|
|
|
|
Three Months Ended
|
|||||||||
|
(In thousands)
|
April 2, 2016
|
|
April 4, 2015
|
|
Percent
Change
|
|||||
|
Net sales
|
$
|
501,037
|
|
|
$
|
523,477
|
|
|
(4.3
|
)%
|
|
Cost of sales
|
315,326
|
|
|
338,977
|
|
|
(7.0
|
)%
|
||
|
Gross profit
|
185,711
|
|
|
184,500
|
|
|
0.7
|
%
|
||
|
Selling and administrative expenses
|
165,106
|
|
|
168,704
|
|
|
(2.1
|
)%
|
||
|
Restructuring charges
|
1,086
|
|
|
377
|
|
|
188.1
|
%
|
||
|
Operating income
|
19,519
|
|
|
15,419
|
|
|
26.6
|
%
|
||
|
Interest expense, net
|
1,796
|
|
|
1,899
|
|
|
(5.4
|
)%
|
||
|
Income before income taxes
|
17,723
|
|
|
13,520
|
|
|
31.1
|
%
|
||
|
Income taxes
|
5,881
|
|
|
5,068
|
|
|
16.0
|
%
|
||
|
Net income
|
$
|
11,842
|
|
|
$
|
8,452
|
|
|
40.1
|
%
|
|
|
|
|
|
|
|
|
|
|
||
|
•
|
a consolidated interest coverage ratio of not less than 4.0 to 1.0, based upon the ratio of (a) consolidated EBITDA (as defined in the Credit Agreement) for the last four fiscal quarters to (b) the sum of consolidated interest charges; and
|
|
•
|
a consolidated leverage ratio of not greater than 3.5 to 1.0, based upon the ratio of (a) the quarter-end consolidated funded indebtedness (as defined in the Credit Agreement) to (b) consolidated EBITDA for the last four fiscal quarters.
|
|
Period
|
|
(a) Total Number of Shares (or Units) Purchased (1)
|
|
(b) Average
Price Paid
per Share or
Unit
|
|
(c) Total Number of
Shares (or Units)
Purchased as Part of Publicly Announced
Plans or Programs
|
|
(d) Maximum
Number (or
Approximate
Dollar Value) of
Shares (or Units)
that May Yet be
Purchased Under
the Plans or
Programs
|
||||||
|
01/03/16 – 01/30/16
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
192,721,564
|
|
|
01/31/16 – 02/27/16
|
|
15,600
|
|
|
$
|
32.84
|
|
|
15,600
|
|
|
$
|
192,209,243
|
|
|
02/28/16 – 04/02/16
|
|
33,800
|
|
|
$
|
34.90
|
|
|
33,800
|
|
|
$
|
191,029,541
|
|
|
Total
|
|
49,400
|
|
|
|
|
49,400
|
|
|
|
|
|||
|
•
|
Corporation's share purchase program ("Program") announced November 9, 2007, providing share repurchase authorization of $200,000,000 with no specific expiration date, with an increase announced November 7, 2014, providing additional share repurchase authorization of $200,000,000 with no specific expiration date.
|
|
•
|
No repurchase plans expired or were terminated during the
first
quarter of fiscal
2016
, nor do any plans exist under which the Corporation does not intend to make further purchases. The Program does not obligate the Corporation to purchase any shares and the authorization for the Program may be terminated, increased or decreased by the Board at any time.
|
|
|
HNI Corporation
|
|
|
|
|
|
|
|
|
Date: May 3, 2016
|
By:
|
/s/ Kurt A. Tjaden
|
|
|
|
|
Kurt A. Tjaden
|
|
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
EXHIBIT INDEX
|
|
|
(3.1)
|
Amended and Restated Bylaws of the Corporation, as amended (incorporated herein by reference to Exhibit 3.1 to the Corporation's Current Report on Form 8-K filed with the SEC on February 18, 2016
|
|
(10.1)
|
First Amendment to Second Amended and Restated Credit Agreement, dated as of January 6, 2016, by and among the Corporation, certain domestic subsidiaries of the Corporation and Wells Fargo Bank National Association (incorporated herein by reference to Exhibit 10.1 to the Corporation's Current Report on Form 8-K filed with the SEC on January 11, 2016)
|
|
(31.1)
|
Certification of the CEO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
(31.2)
|
Certification of the CFO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
(32.1)
|
Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
101
|
The following materials from HNI Corporation's Quarterly Report on Form 10-Q for the fiscal quarter ended April 2, 2016 are formatted in XBRL (eXtensible Business Reporting Language) and filed electronically herewith: (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Comprehensive Income; (iii) Consolidated Statements of Equity; (iv) Condensed Consolidated Statements of Cash Flows; and (v) Notes to Condensed Consolidated Financial Statements
|
|
|
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|