Divestitures

6 Months Ended

Jun. 28, 2025

Discontinued Operations and Disposal Groups [Abstract]

In April 2025, the Corporation closed on the sale of its HNI India business, which was a component of the workplace furnishings segment, to Kokuyo Co., Ltd. The Corporation received $9.5 million in gross cash proceeds, $8.5 million net of cash and transaction fees, which was structured as a stock sale. During the first three months of 2025, the Corporation recognized a $6.4 million pre-tax loss on the sale which is included in "Restructuring, impairment, and loss on divestiture" in the Condensed Consolidated Statements of Comprehensive Income. Included in the loss is a cumulative foreign currency translation loss of $5.7 million that was reclassified from accumulated other comprehensive income, and transaction-related expenses of $0.6 million.

The assets and liabilities of HNI India which were included with the sale are as follows:



	As of April 28, 2025
Assets:
Cash	$	0.8
Receivables	9.5
Inventories	2.7
Prepaid expenses and other current assets	0.8
Property, plant & equipment	4.0
Right-of-use operating leases	0.4

Total Assets	$	18.2

Liabilities:
Accounts payable and accrued expenses	$	7.4
Current maturities of debt	0.5
Lease obligations - operating	0.4
Total Liabilities	$	8.3

HNI CORP 10-Q