HNI Corp 2025年季度报告

FORM10-Q OR HNI Corporation Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange 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. HNI Corporation and Subsidiaries HNI Corporation and SubsidiariesCondensed Consolidated Statements of Comprehensive Income(In millions, except per share data)(Unaudited) HNI Corporation and SubsidiariesCondensed Consolidated Balance Sheets(In millions)(Unaudited) HNI Corporation and SubsidiariesCondensed Consolidated Balance Sheets(In millions)(Unaudited) HNI Corporation and SubsidiariesCondensedConsolidated Statements of Equity(In millions, except per share data)(Unaudited) HNI Corporation and SubsidiariesCondensed Consolidated Statements of Cash Flows(In millions)(Unaudited) HNI Corporation and Subsidiaries Notes to Condensed Consolidated Financial Statements (Unaudited)March29, 2025 Note 1.Basis of Presentation The accompanying unaudited, condensed consolidated financial statements of HNI Corporation (individually and together with itsconsolidated subsidiaries, the "Corporation") have been prepared in accordance with generally accepted accounting principles("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.Accordingly,they do not include all of the information and notes required by GAAP for complete financial statements.The December28, 2024consolidated balance sheet included in this Form 10-Q was derived from audited financial statements but does not include alldisclosures required by GAAP.In the opinion of management, all adjustments (consisting of normal recurring accruals) considered Disaggregation of RevenueRevenue from contracts with customers disaggregated by product category is as follows: Sales by product category are subject to similar economic factors and market conditions. See "Note 14. Reportable SegmentInformation" for further information about operating segments. Contract Assets and Contract Liabilities In addition to trade receivables, the Corporation has contract assets consisting of funds paid up-front to certain workplace furnishingsdealers in exchange for their multi-year commitment to market and sell the Corporation’s products. These contract assets are amortized Trade receivables (1) Balances as of March29, 2025 in the table above exclude amounts classified as held for sale, see "Note 3. Held for Sale" for furtherinformation. The decrease in customer deposits compared to the prior year end was driven by project fulfillment timing in the The index below indicates the line item in the Condensed Consolidated Balance Sheets where contract assets and contract liabilitiesare reported: (1)"Receivables"(2)"Prepaid expenses and other current assets"(3)"Other Assets"(4)"Accounts payable and accrued expenses" Contract liabilities for customer deposits paid to the Corporation prior to the satisfaction of performance obligations are recognized asrevenue upon completion of the performance obligations. The contract liability balance related to customer deposits was $42.1million Note 3.Held for Sale In April 2025, subsequent to the end of the first quarter, the Corporation closed on the sale of its HNI India business, which is acomponent of the workplace furnishings segment. Pending final adjustments, the Corporation received approximately $10million ofcash proceeds related to the sale. Based on an evaluation of the events leading up to the sale of this business, the Corporation The following table summarizes the HNI India's assets and liabilities held for sale in the workplace furnishings segment in theCondensed Consolidated Balance Sheets, by major class. As ofMarch 29, 2025 As of March29, 2025 the Corporation determined that the fair value of the HNI India business, including costs to sell, was lower thanits carrying value and recorded an approximately $6million valuation allowance against assets held for sale. The non-cash valuation In addition to the HNI India assets and liabilities, the assets held for sale as of March29, 2025 and December28, 2024 included $2.0million and $4.9million respectively related to manufacturing facilities marketed for sale. Note 4.Inventories The Corporation’s residential building products inventories, and a majority of its workplace furnishings inventories, are valued at cost,on the "last-in, first-out" (LIFO) basis. Remaining inventories are generally valued at the lower of cost, on the "first-in, first-out" Balances as of March29, 2025 in the table above exclude amounts classified as held for sale. See "Note 3. Held for Sale" for furtherinformation. In addition to the LIFO allowance, the Corporation recorded inventory allowances reducing finished products, materials, and work inprocess of $11.4million and