Hni Corp 10-K for FY2024

Hni Corp (HNI)

10-K 2025-02-25 For: 2024-12-28

Added on April 10, 2026

About this 10-K

Hni Corp filed this 10-K on February 25, 2025, covering the fiscal year ended December 28, 2024 (FY2024).

Headline figures

Fiscal year ended December 28, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $2.53B; up 3.8% from $2.43B a year earlier
Net income: $139.5M; up 183.5% from net income of $49.2M a year earlier
Diluted EPS: $2.88; up 164.2% from $1.09 a year earlier

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HNI Corporation and Subsidiaries
Annual Report on Form 10-K

Table of Contents

PART I
		Page
Item 1.	Business	4
Item 1A.	Risk Factors	9
Item 1B.	Unresolved Staff Comments	19
Item 1C.	Cybersecurity	19
Item 2.	Properties	20
Item 3.	Legal Proceedings	21
Item 4.	Mine Safety Disclosures	21
	Table I - Information about our Executive Officers	22

PART II

Item 5.	Market for Registrant’s Common Equity, Related S tock holder Matters and Issuer Purchases of Equity Securities	23

Item 6.	[Reserved]	23
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 8.	Financial Statements and Supplementary Data	31
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	31
Item 9A.	Controls and Procedures	31
Item 9B.	Other Information	32
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	32

PART III


Item 10.	Directors, Executive Officers and Corporate Governance	33
Item 11.	Executive Compensation	33
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related S tock holder Matters	33
Item 13.	Certain Relationships and Related Transactions, and Director Independence	33
Item 14.	Principal Accountant Fees and Services	33

PART IV

Item 15.	Exhibit s and Financial Statement Schedules	34
Item 16.	Form 10-K Summary	36
Signatures		36
Management Report on Internal Control Over Financial Reporting		38
Report of Independent Registered Public Accounting Firm		39
Financial Statements		42
Notes to Consolidated Financial Statements		47


	Number of Facilities		Square Feet (in thousands)
Location	Workplace Furnishings	Residential Building Products	Owned	Leased
Muscatine, IA	6	—	2,211	—
Jasper, IN	5	—	1,223	—
Santa Claus, IN	2	—	684	—
Lake City, MN	—	2	342	—
Other U.S.	11	6	2,669	1,550
Outside U.S.	2	—	355	540



Period	Total Number of Shares (or Units) Purchased (in thousands) (1)	Average Price Paid per Share (or Unit)		Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs (in thousands)	Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet be Purchased Under the Plans or Programs (in millions)
09/29/24 - 10/26/24	259.4	$	53.28	259.4	$	194.3
10/27/24 - 11/23/24	264.5	$	53.69	264.5	$	180.1
11/24/24 - 12/28/24	227.0	$	55.33	227.0	$	167.6
Total	750.9			750.9


	2024		2023		Change
Net sales	$	2,526.4	$	2,434.0	3.8	%
Cost of sales	1,493.0		1,485.7		0.5	%
Gross profit	1,033.4		948.3		9.0	%
Selling and administrative expenses	820.7		813.2		0.9	%

Restructuring and impairment charges	6.2		44.8		(86.2)	%
Operating income	206.5		90.3		129	%
Interest expense, net	27.2		25.5		6.9	%
Income before income taxes	179.3		64.8		177	%
Income tax expense	39.8		15.6		155	%
Net income attributable to non-controlling interest	0.0		0.0		NM
Net income attributable to HNI Corporation	$	139.5	$	49.2	183	%


As a Percentage of Net Sales:
Net sales	100.0	%	100.0	%
Gross profit	40.9		39.0		190	bps
Selling and administrative expenses	32.5		33.4		-90	bps

Restructuring and impairment charges	0.2		1.8		-160	bps
Operating income	8.2		3.7		450	bps
Income tax expense	1.6		0.6		100	bps
Net income attributable to HNI Corporation	5.5		2.0		350	bps


(3.1)			Amended and Restated Articles of Incorporation of HNI Corporation (incorporated by reference to Exhibit 3.1 to the Registrant’s Annual Report on Form 10-K for the year ended January 2, 2010)
(3.2)			Amended and Restated By-laws of HNI Corporation, effective May 10, 2021 (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed May 11, 2021)
(4.1)			Description of Securities of HNI Corporation (incorporated by reference to Exhibit 4.1 to the Registrant’s Annual Report on Form 10-K for the year ended December 28, 2019)
(10.1)			Fourth Amended and Restated Credit Agreement, dated as of June 14, 2022, by and among HNI Corporation, as borrower, certain domestic subsidiaries of HNI Corporation, as guarantors, certain lenders and Wells Fargo Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed June 17, 2022)
(10.2)			First Amendment to the Fourth Amended and Restated Credit Agreement, dated as of March 14, 2023, among HNI Corporation, as borrower, certain domestic subsidiaries of HNI Corporation, as guarantors, certain lenders and Wells Fargo Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed March 16, 2023)
(10.3)			First Additional Loan Amendment to Fourth Amended and Restated Credit Agreement, by and among HNI Corporation, certain domestic subsidiaries of HNI Corporation, as guarantors, certain lenders and Wells Fargo Bank, National Association, as administrative agent, dated as of June 1, 2023 (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed June 1, 2023)
(10.4)			Term Loan Credit Agreement, dated as of March 31, 2023, among HNI Corporation, as borrower, certain domestic subsidiaries of HNI Corporation, as guarantors, certain lenders and Wells Fargo Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed April 4, 2023)
(10.5)			First Additional Loan Amendment to Term Loan Credit Agreement, by and among HNI Corporation, certain domestic subsidiaries of HNI Corporation, as guarantors, certain lenders and Wells Fargo Bank, National Association, as administrative agent, dated as of May 25, 2023 (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed June 1, 2023)
(10.6)			Note Purchase Agreement, dated May 31, 2018, among HNI Corporation and the purchasers named therein (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed May 31, 2018)
(10.7)			Guaranty Agreement, dated May 31, 2018, made by each of the guarantors named therein (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed May 31, 2018)


(10.8)			HNI Corporation 2007 Stock-Based Compensation Plan, as amended (incorporated by reference to Appendix A to the Registrant’s Definitive Proxy Statement filed with the SEC March 23, 2015)*
(10.9)			Amended form of HNI Corporation 2007 Stock-Based Compensation Plan Stock Option Award Agreement (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed March 22, 2018)*
(10.10)			HNI Corporation 2017 Stock-Based Compensation Plan (incorporated by reference to Exhibit 4.3 to the Registrant’s Form S-8 filed May 9, 2017)*
(10.11)			Amended form of HNI Corporation 2017 Stock-Based Compensation Plan Stock Option Award Agreement (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed March 22, 2018)*
(10.12)			Form of HNI Corporation 2017 Stock-Based Compensation Plan Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017)*
(10.13)			2017 Equity Plan for Non-Employee Directors of HNI Corporation (incorporated by reference to Exhibit 4.4 to the Registrant’s Form S-8 filed May 9, 2017)*
(10.14)			Form of 2017 Equity Plan for Non-Employee Directors of HNI Corporation Participation Agreement (incorporated by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017)*
(10.15)			Form of HNI Corporation Change In Control Employment Agreement (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed June 29, 2018)*
(10.16)			Form of HNI Corporation Amended and Restated Indemnity Agreement (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed November 14, 2007)*
(10.17)			HNI Corporation Supplemental Income Plan (f/k/a HNI Corporation ERISA Supplemental Retirement Plan), as amended and restated (incorporated by reference to Exhibit 10.4 to the Registrant’s Current Report on Form 8-K filed February 22, 2010)*
(10.18)			HNI Annual Incentive Plan, as amended (incorporated by reference to Appendix B to the Registrant’s Definitive Proxy Statement filed with the SEC March 23, 2015)*
(10.19)			HNI Corporation Long-Term Performance Plan, as amended (incorporated by reference to Appendix C to the Registrant’s Definitive Proxy Statement filed with the SEC March 23, 2015)*
(10.20)			HNI Corporation Executive Deferred Compensation Plan, as amended (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended July 4, 2015)*
(10.21)			Form of HNI Corporation Executive Deferred Compensation Plan Deferral Election Agreement (incorporated by reference to Exhibit 10.25 to the Registrant’s Annual Report on Form 10-K for the year ended January 2, 2010)*
(10.22)			HNI Corporation Directors Deferred Compensation Plan, as amended (incorporated by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended July 4, 2015)*
(10.23)			Form of HNI Corporation Directors Deferred Compensation Plan Deferral Election Agreement (incorporated by reference to Exhibit 10.6 to the Registrant’s Annual Report on Form 10-K for the year ended January 2, 2010)*
(10.24)			Amended form of HNI Corporation 2017 Stock-Based Compensation Plan Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.22 to the Registrant’s Annual Report on Form 10-K for the year ended December 28, 2019)*
(10.25)			Form of HNI Corporation 2017 Stock-Based Compensation Plan Performance Share Unit Award Agreement (incorporated by reference to Exhibit 10.23 to the Registrant’s Annual Report on Form 10-K for the year ended December 28, 2019)*
(10.26)			Amended form of HNI Corporation 2017 Stock-Based Compensation Plan Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.24 to the Registrant’s Annual Report on Form 10-K for the year ended January 2, 2021*
(10.27)			HNI Corporation 2021 Stock-Based Compensation Plan (incorporated by reference from Appendix A to the Registrant’s Proxy Statement filed on April 12, 2021)*
(10.28)			Form of HNI Corporation 2021 Stock-Based Compensation Plan Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended July 3, 2021)*
(10.29)			Form of HNI Corporation 2021 Stock-Based Compensation Plan Restricted Stock Unit Award Agreement (CEO) (incorporated by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended July 3, 2021)*


(10.30)			Form of HNI Corporation 2021 Stock-Based Compensation Performance Share Unit Award Agreement (incorporated by reference to Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended July 3, 2021)*
(10.31)			HNI Corporation Stock Incentive Plan for Legacy Kimball Employees (incorporated by reference to Exhibit 99.1 to the Registrant's Form S-8 filed June 1, 2023)*
(10.32)			Form of HNI Corporation Stock Incentive Plan for Legacy Kimball Employees Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.32 to the Registrant’s Annual Report on Form 10-K for the year ended December 30, 2023 )*
(10.33)			Form of HNI Corporation Stock Incentive Plan for Legacy Kimball Employees Performance Stock Unit Award Agreement (incorporated by reference to Exhibit 10.33 to the Registrant’s Annual Report on Form 10-K for the year ended December 30, 2023 )*
(10.34)			HNI Corporation 2017 Equity Plan for Non-Employee Directors (incorporated by reference to Exhibit 4.3 to the Registrant's Form S-8 filed May 20, 2024 )*
(19)			HNI Corporation Insider Trading Policy+
(21)			Subsidiaries of the Registrant+
(23.1)			Consent of Independent Registered Public Accounting Firm+
(24)			Powers of Attorney (included on the signatures page of this Annual Report on Form 10-K)
(31.1)			Certification of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002+
(31.2)			Certification of 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+
(97)			HNI Corporation Incentive Compensation Recovery Policy+
(101)			The following materials from HNI Corporation’s Annual Report on Form 10-K for the fiscal year ended December 28, 2024 are formatted in Inline XBRL (eXtensible Business Reporting Language) and filed electronically herewith: (i) Consolidated Statements of Comprehensive Income; (ii) Consolidated Balance Sheets; (iii) Consolidated Statements of Equity; (iv) Consolidated Statements of Cash Flows; and (v) Notes to Consolidated Financial Statements
(104)			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


	HNI Corporation

Date: February 25, 2025	By:	/s/ Jeffrey D. Lorenger
		Name: Jeffrey D. Lorenger
		Title: Chairman, President, and Chief Executive Officer


HNI Corporation and Subsidiaries Consolidated Statements of Comprehensive Income (In millions, except per share data)

	2024		2023		2022
Net sales	$	2,526.4	$	2,434.0	$	2,361.8
Cost of sales	1,493.0		1,485.7		1,526.9
Gross profit	1,033.4		948.3		834.9
Selling and administrative expenses	820.7		813.2		723.4
Gain on sale of subsidiary	—		—		(50.4)
Restructuring and impairment charges	6.2		44.8		6.7
Operating income	206.5		90.3		155.2
Interest expense, net	27.2		25.5		8.8
Income before income taxes	179.3		64.8		146.4
Income tax expense	39.8		15.6		22.5
Net income	139.5		49.2		123.9
Less: Net income (loss) attributable to non-controlling interest	0.0		0.0		(0.0)
Net income attributable to HNI Corporation	$	139.5	$	49.2	$	123.9

Average number of common shares outstanding – basic	47.4		44.5		41.7
Net income attributable to HNI Corporation per common share – basic	$	2.95	$	1.11	$	2.97
Average number of common shares outstanding – diluted	48.5		45.4		42.2
Net income attributable to HNI Corporation per common share – diluted	$	2.88	$	1.09	$	2.94


Foreign currency translation adjustments	$	(0.4)	$	(0.2)	$	(5.7)
Change in unrealized gains (losses) on marketable securities, net of tax	0.1		0.4		(0.7)
Change in pension and post-retirement liability, net of tax	1.1		(0.0)		4.3
Change in derivative financial instruments, net of tax	1.6		(2.8)		0.8
Other comprehensive income (loss), net of tax	2.4		(2.6)		(1.3)
Comprehensive income	141.9		46.6		122.6
Less: Comprehensive income (loss) attributable to non-controlling interest	0.0		0.0		(0.0)
Comprehensive income attributable to HNI Corporation	$	141.9	$	46.6	$	122.6


HNI Corporation and Subsidiaries Consolidated Balance Sheets (In millions)

	December 28, 2024		December 30, 2023
Assets
Current Assets:
Cash and cash equivalents	$	22.5	$	28.9
Short-term investments	6.4		5.6
Receivables	248.4		247.1
Allowance for doubtful accounts	(2.0)		(3.5)
Inventories, net	194.3		196.6

Prepaid expenses and other current assets	54.9		61.3

Total Current Assets	524.5		535.9

Property, Plant, and Equipment:
Land and land improvements	58.5		58.9
Buildings	407.9		406.8
Machinery and equipment	685.9		705.8
Construction in progress	25.9		22.2
	1,178.2		1,193.7
Less accumulated depreciation	(648.6)		(638.5)
Net Property, Plant, and Equipment	529.6		555.2

Right-of-use - Finance Leases	14.3		12.2
Right-of-use - Operating Leases	121.8		115.2

Goodwill and Other Intangible Assets, net	624.3		651.9



Other Assets	60.7		58.4

Total Assets	$	1,875.1	$	1,928.8


	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Non-controlling Interest		Total Shareholders’ Equity
Balance, January 1, 2022	$	42.6	$	39.2	$	514.6	$	(6.8)	$	0.3	$	590.0
Comprehensive income:
Net income (loss)	—		—		123.9		—		(0.0)		123.9
Other comprehensive income (loss), net of tax	—		—		—		(1.3)		—		(1.3)


Dividends payable	—		—		(0.4)		—		—		(0.4)
Cash dividends; $1.27 per share	—		—		(53.0)		—		—		(53.0)
Common shares – treasury:
Shares purchased	(1.7)		(11.1)		(51.1)		—		—		(63.9)
Shares issued under Members’ Stock Purchase Plan and stock awards, net of tax	0.5		21.0		—		—		—		21.5
Balance, December 31, 2022	$	41.4	$	49.1	$	534.0	$	(8.0)	$	0.3	$	616.8
Comprehensive income:
Net income (loss)	—		—		49.2		—		0.0		49.2
Other comprehensive income (loss), net of tax	—		—		—		(2.6)		—		(2.6)


Dividends payable	—		—		(1.6)		—		—		(1.6)
Cash dividends; $1.28 per share	—		—		(58.1)		—		—		(58.1)
Common shares – treasury:
Shares purchased	(0.0)		(0.4)		—		—		—		(0.4)
Shares issued in connection with Kimball International, Inc acquisition	4.7		116.1		—		—		—		120.8
Shares issued under Members’ Stock Purchase Plan and stock awards, net of tax	0.7		36.9		—		—		—		37.6
Balance, December 30, 2023	$	46.9	$	201.6	$	523.6	$	(10.6)	$	0.3	$	761.8
Comprehensive income:
Net income	—		—		139.5		—		0.0		139.5
Other comprehensive income (loss), net of tax	—		—		—		2.4		—		2.4


Dividends payable	—		—		(1.3)		—		—		(1.3)
Cash dividends; $1.31 per share	—		—		(62.2)		—		—		(62.2)
Common shares – treasury:
Shares purchased	(1.3)		(64.7)		—		—		—		(66.0)

Shares issued under Members’ Stock Purchase Plan and stock awards, net of tax	1.6		64.5		—		—		—		66.2
Balance, December 28, 2024	$	47.2	$	201.5	$	599.6	$	(8.3)	$	0.3	$	840.4


	December 28, 2024		December 30, 2023
Amortized cost basis of debt securities	$	14.1	$	13.8


	Balance at beginning of period		Current provision and adjustments		Amounts written off		Recoveries and other		Acquisition and divestiture of businesses		Balance at end of period
Year ended December 28, 2024	$	3.5	$	(0.7)	$	(0.9)	$	0.1	$	—	$	2.0
Year ended December 30, 2023	$	3.2	$	0.3	$	(0.5)	$	0.0	$	0.4	$	3.5
Year ended December 31, 2022	$	2.8	$	1.7	$	(1.0)	$	0.2	$	(0.5)	$	3.2


	December 28, 2024			December 30, 2023
Finished products, net	$	122.4		$	112.9
Materials and work in process, net	119.5			128.2
LIFO allowance	(47.5)			(44.5)
Total inventories, net	$	194.3		$	196.6


Inventory valued by the LIFO costing method	91		%	91		%


	2024		2023		2022
Depreciation expense	$	76.9	$	64.7	$	53.3


	December 28, 2024		December 30, 2023
Trade accounts payable	$	190.4	$	193.7
Compensation	50.8		65.1
Profit sharing and retirement	9.1		10.5
Accrued marketing programs	25.4		31.4
Accrued freight	11.0		12.9
Customer deposits	42.1		35.6
Other accrued expenses	62.4		69.4
Total accounts payable and accrued expenses	$	391.2	$	418.7


	2024		2023		2022
Balance at beginning of period	$	18.0	$	14.8	$	16.0
Accruals related to acquisitions	—		3.5		—
Accruals for warranties issued	13.0		11.6		9.3

Settlements and other	(13.6)		(11.9)		(10.5)
Balance at end of period	$	17.5	$	18.0	$	14.8


	December 28, 2024		December 30, 2023
Current - in the next twelve months	$	6.6	$	6.0
Long-term - beyond one year	10.9		12.0
Total	$	17.5	$	18.0


	December 28, 2024		December 30, 2023
Current - "Accounts payable and accrued expenses"	$	5.4	$	5.9
Non-current - "Other Long-Term Liabilities"	18.0		18.8
Total general, auto, product, and workers’ compensation liabilities	$	23.4	$	24.8


	December 28, 2024		December 30, 2023
Trade receivables (1)	$	248.4	$	247.1
Contract assets (current) (2)	$	3.2	$	3.1
Contract assets (long-term) (3)	$	26.2	$	28.1
Contract liabilities - Customer deposits (4)	$	42.1	$	35.6
Contract liabilities - Accrued rebate and marketing programs (4)	$	25.4	$	31.4


	Contract assets increase (decrease)		Contract liabilities (increase) decrease
Contract assets recognized	$	2.0	$	—
Reclassification of contract assets to contra-revenue	(3.8)		—

Contract liabilities recognized and recorded to contra-revenue as a result of performance obligations satisfied	—		(128.3)
Contract liabilities paid	—		134.4
Cash received in advance and not recognized as revenue	—		(195.8)
Reclassification of cash received in advance to revenue as a result of performance obligations satisfied	—		189.3

Net change	$	(1.7)	$	(0.5)


	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


	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


	December 28, 2024		December 30, 2023
Goodwill, net	$	442.1	$	441.0
Definite-lived intangible assets, net	133.1		161.7
Indefinite-lived intangible assets	49.1		49.1
Total goodwill and other intangible assets, net	$	624.3	$	651.9


	December 28, 2024						December 30, 2023
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net

Software	$	189.3	$	151.3	$	38.0	$	199.6	$	143.4	$	56.2
Trademarks and trade names	17.9		8.3		9.5		18.1		7.3		10.8
Customer lists and other	139.7		54.3		85.5		143.9		49.2		94.7
Net definite-lived intangible assets	$	346.9	$	213.9	$	133.1	$	361.6	$	199.8	$	161.7


	2025		2026		2027		2028		2029
Amortization expense	$	28.4	$	23.5	$	17.2	$	9.0	$	8.9


	December 28, 2024		December 30, 2023
Revolving credit facility with interest at a variable rate (December 28, 2024 - 6.4%; December 30, 2023 - 6.9%)	$	45.7	$	38.5
Term loan with interest at a variable rate (December 28, 2024 - 5.9%; December 30, 2023 - 7.0%)	200.0		300.0
Fixed rate notes due in 2025 with an interest rate of 4.2%	50.0		50.0
Fixed rate notes due in 2028 with an interest rate of 4.4%	50.0		50.0
Other amounts	0.3		—
Deferred debt issuance costs	(1.4)		(2.7)
Total debt	344.6		435.8
Less: Current maturities	50.3		7.5
Long-term debt	$	294.3	$	428.3


	December 28, 2024		December 30, 2023
Deferred Taxes
Allowance for doubtful accounts	$	0.8	$	1.3
Compensation	11.1		13.5


Stock-based compensation	5.6		8.5
Accrued post-retirement benefit obligations	4.1		4.5
Vacation accrual	0.0		2.1
Warranty accrual	4.6		5.2

Tax loss and tax credit carryforwards	8.8		9.1
Capital loss carryforward	0.8		3.3
Lease liability	37.1		35.0

Research and development capitalization	43.0		30.9
Other – net	2.8		3.8
Total deferred tax assets	$	118.8	$	117.2
Deferred income	(5.2)		(5.7)
Inventory differences	(4.7)		(3.8)
Goodwill and other intangible assets	(64.6)		(64.7)
Prepaid expenses	(8.1)		(7.7)
Right of use asset	(33.2)		(31.4)
Tax over book depreciation	(65.7)		(78.3)
Total deferred tax liabilities	$	(181.5)	$	(191.6)
Valuation allowance	(7.9)		(9.8)
Total net deferred tax liabilities	$	(70.6)	$	(84.2)

Long-term net deferred tax assets	1.1		0.9
Long-term net deferred tax liabilities	(71.6)		(85.1)
Total net deferred tax liabilities	$	(70.6)	$	(84.2)


	Balance at beginning of period		Expenses (benefits)		Impact of business combination		Balance at end of period
Year ended December 28, 2024	$	9.8	$	0.3	$	(2.2)	$	7.9
Year ended December 30, 2023	$	4.2	$	(0.9)	$	6.5	$	9.8
Year ended December 31, 2022	$	11.3	$	(7.1)	$	—	$	4.2


	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)
Balance as of December 28, 2024
Cash and cash equivalents (including money market funds) (1)	$	22.5	$	22.5	$	—	$	—
Mutual funds (2)	$	11.6	$	11.6	$	—	$	—
Government securities (2)	$	6.1	$	—	$	6.1	$	—
Corporate bonds (2)	$	7.8	$	—	$	7.8	$	—

Interest rate swap derivative - liability (3)	$	(1.5)	$	—	$	(1.5)	$	—


Put option liability (4)	$	(5.9)	$	—	$	—	$	(5.9)


Balance as of December 30, 2023
Cash and cash equivalents (including money market funds) (1)	$	28.9	$	28.9	$	—	$	—
Mutual funds (2)	$	11.3	$	11.3	$	—	$	—
Government securities (2)	$	5.7	$	—	$	5.7	$	—
Corporate bonds (2)	$	7.8	$	—	$	7.8	$	—
Interest rate swap derivative - liability (3)	$	(3.5)	$	—	$	(3.5)	$	—

Put option liability (4)	$	(5.7)	$	—	$	—	$	(5.7)


	Foreign Currency Translation Adjustment		Unrealized Gains (Losses) on Debt Securities		Pension and Post-retirement Liabilities		Derivative Financial Instruments		Accumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2022	$	(0.7)	$	0.1	$	(5.4)	$	(0.7)	$	(6.8)
Other comprehensive income (loss) before reclassifications	(2.4)		(0.9)		5.3		1.1		3.2
Tax (expense) or benefit	—		0.2		(1.3)		(0.3)		(1.3)

Amounts reclassified from accumulated other comprehensive income (loss), net of tax	(3.3)		(0.0)		0.2		(0.0)		(3.1)
Balance as of December 31, 2022	$	(6.4)	$	(0.6)	$	(1.1)	$	0.1	$	(8.0)
Other comprehensive income (loss) before reclassifications	(0.2)		0.3		(0.2)		(3.4)		(3.5)
Tax (expense) or benefit	—		(0.1)		0.1		0.8		0.8

Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		0.1		0.1		(0.2)		0.0
Balance as of December 30, 2023	$	(6.5)	$	(0.3)	$	(1.2)	$	(2.7)	$	(10.6)
Other comprehensive income (loss) before reclassifications	(0.4)		0.1		1.3		2.5		3.5
Tax (expense) or benefit	—		(0.0)		(0.3)		(0.6)		(0.9)

Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		0.0		0.1		(0.4)		(0.2)
Balance as of December 28, 2024	$	(6.9)	$	(0.1)	$	(0.1)	$	(1.1)	$	(8.3)


Details about Accumulated Other Comprehensive Income (Loss) Components	Affected Line Item in the Statement Where Net Income is Presented	2024		2023		2022
Derivative financial instruments
Interest rate swap	Interest expense, net	$	0.5	$	0.2	$	0.1
	Income tax expense	(0.1)		(0.1)		(0.0)
Unrealized gains (losses) on debt securities
Gain (loss) on sale of debt securities	Selling and administrative expenses	(0.1)		(0.1)		0.0
	Income tax expense	0.0		0.0		(0.0)
Pension and post-retirement liabilities
Amortization of loss	Selling and administrative expenses	(0.1)		(0.1)		(0.3)
	Income tax expense	0.0		0.0		0.1
Foreign currency translation
Lamex divestiture	Gain on sale of subsidiary	—		—		3.3

	Net of tax	$	0.2	$	(0.0)	$	3.1


	Number of Shares	Weighted-Average Grant Date Fair Value
Nonvested as of January 1, 2022	545	$	36.98
Granted	164	43.05
Vested	(141)	36.99
Forfeited	(32)	37.75
Nonvested as of December 31, 2022	535	$	38.79
Granted	246	31.44
Assumed	228	*
Vested	(259)	34.71
Forfeited	(39)	35.05
Nonvested as of December 30, 2023	713	$	33.99
Granted	191	43.82

Vested	(419)	35.32
Forfeited	(28)	32.58
Nonvested as of December 28, 2024	456	$	36.85


	Number of Shares	Weighted Average Exercise Price
Outstanding as of January 1, 2022	2,191	$	41.62

Exercised	(64)	33.35
Forfeited or Expired	(8)	42.65
Outstanding as of December 31, 2022	2,119	$	41.86

Exercised	(225)	36.06
Forfeited or Expired	(32)	35.75
Outstanding as of December 30, 2023	1,862	$	42.67

Exercised	(1,115)	44.31


Outstanding as of December 28, 2024	747	$	40.22


	December 28, 2024
	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Exercisable Period (years)	Aggregate Intrinsic Value

Exercisable	747	$	40.22	3.5	$	8.0


	December 28, 2024		December 30, 2023
Current maturities of other long-term obligations	$	0.3	$	0.3
Other long-term liabilities	3.0		2.1
Total deferred compensation	$	3.3	$	2.4


	2024		2023
Change in benefit obligation
Benefit obligation at beginning of year	$	17.5	$	17.3
Service cost	0.3		0.4
Interest cost	0.8		0.9
Benefits paid	(1.0)		(1.2)
Actuarial (gain) loss	(1.2)		0.2
Benefit obligation at end of year	$	16.6	$	17.5
Change in plan assets
Fair value at beginning of year	$	—	$	—
Actual return on assets	—		—
Employer contribution	1.0		1.2
Transferred out	—		—
Benefits paid	(1.0)		(1.2)
Fair value at end of year	$	—	$	—
Funded Status of Plan	$	(16.6)	$	(17.5)

Amounts recognized in the Consolidated Balance Sheets consist of:
Current liabilities - "Current maturities of other long-term obligations"	$	1.1	$	1.1
Non-current liabilities - "Other Long-Term Liabilities"	$	15.4	$	16.4






Change in Accumulated Other Comprehensive Income (before tax):
Net (gain) loss at beginning of year	$	(2.5)	$	(2.8)
Actuarial (gain) loss	(1.2)		0.2

Amortization of actuarial gain (loss)	0.1		0.1

Net (gain) loss at end of year	$	(3.5)	$	(2.5)


Fiscal 2025	$	1.1
Fiscal 2026	$	1.1
Fiscal 2027	$	1.1
Fiscal 2028	$	1.2
Fiscal 2029	$	1.2
Fiscal 2030 - 2034	$	6.2