v3.26.1
Acquisitions and Divestitures (Tables)
 6 Months Ended
Jul. 04, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Total Fair Market Value of Consideration
The total fair market value of consideration was $1,922.3 million, which is allocated as follows:
Steelcase SharesHNI Shares ExchangedFair Value
Cash Consideration:
Shares of Steelcase common stock issued and outstanding as of December 10, 2025114.8826.8 
Steelcase common stock equivalent shares as of December 10, 20256.937.6 
Total number of shares of Steelcase common stock for cash consideration121.7864.5 
Share Consideration:
Shares of Steelcase common stock issued and outstanding as of December 10, 2025114.825.21,012.5 
Replacement Share-Based Awards:
Outstanding awards of Steelcase restricted stock units relating to Steelcase common stock as of December 10, 20254.20.926.9 
Outstanding Steelcase performance unit awards relating to Steelcase common stock as of December 10, 20252.70.618.5 
Total acquisition date fair value of purchase consideration$1,922.3 
Schedule of Acquisition
The preliminary purchase price allocation at the date of acquisition is as follows:
December 10, 2025
Assets
Cash and cash equivalents$429.3 
Restricted cash7.3 
Receivables393.4 
Inventories351.4 
Prepaid expenses and other current assets110.3 
Property, plant, and equipment551.8 
Right-of-use operating leases175.2 
Goodwill391.2 
Identified intangible assets871.0 
Other assets229.6 
Total Assets$3,510.5 
Liabilities
Accounts payable and accrued expenses$709.7 
Current lease obligations – operating43.7 
Long Term Debt437.5 
Long-term lease obligations – operating130.4 
Other long-term liabilities129.7 
Deferred income taxes137.2 
Total Liabilities$1,588.1 
Net Assets and Liabilities$1,922.3 
The following table summarizes the results of Steelcase operations included in the Condensed Consolidated Statements of Comprehensive Income for the three and six months ended July 4, 2026, including pretax acquisition and related costs of $11.3 million and $19.9 million, respectively, and purchase accounting of $21.9 million and $86.1 million, respectively.

Three Months Ended - July 4, 2026Six Months Ended - July 4, 2026
Net sales$806.9 $1,580.8 
Net loss$(11.6)$(71.3)
Schedule of Acquired Identified Intangible Assets And Weighted Average Useful Lives
The following table summarizes the acquired identified intangible assets and weighted average useful lives:
CategoryWeighted-average useful lifeFair Value
Customer lists12.7 years330.0 
Trademarks and trade names – Definite-lived10 years36.0 
Acquired technology6 years99.0 
Software5 years90.0
Backlog1 year30.0
Trademarks and trade names – Indefinite-livedIndefinite-lived286.0 
Total identified intangible assets$871.0 
Schedule of Pro Forma Information
The following table provides, on a pro forma basis, the combined results of operations of HNI Corporation and Steelcase for the three and six months ended June 28, 2025, as though the acquisition and related financing had occurred as of December 31, 2023 the first day of the Corporation’s 2024 fiscal year. The pro forma results include certain purchase accounting adjustments such as: elimination of sales between HNI Corporation and Steelcase-owned dealers; estimated depreciation and amortization expense on acquired tangible and intangible assets; stock based compensation associated with additional 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.
Three Months Ended - June 28, 2025Six Months Ended - June 28, 2025
Net sales$1,518.0 $2,910.5 
Net income$62.2 $83.0